COVER
COVER - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-14201 | |
Entity Registrant Name | SEMPRA ENERGY | |
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 | 319,328,331 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001032208 | |
San Diego Gas and Electric Company [Member] | ||
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 | 8326 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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000086521 | |
Southern California Gas Company [Member] | ||
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 Fifth 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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000092108 | |
Common Stock [Member] | ||
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 [Member] | ||
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES | ||||
Utilities operating revenue | $ 2,434 | $ 2,233 | $ 5,279 | $ 4,898 |
Energy-related businesses | 307 | 293 | 721 | 657 |
Total revenues | 2,741 | 2,526 | 6,000 | 5,555 |
Operating expenses | ||||
Operation and maintenance | (1,024) | (898) | (2,025) | (1,749) |
Aliso Canyon litigation and regulatory matters | 0 | 0 | 0 | (100) |
Depreciation and amortization | (463) | (412) | (905) | (824) |
Franchise fees and other taxes | (138) | (121) | (291) | (258) |
Operating expenses | ||||
Other income (expense), net | 72 | 62 | 107 | (192) |
Interest income | 15 | 22 | 34 | 49 |
Interest expense | (258) | (274) | (517) | (554) |
Income from continuing operations before income taxes and equity earnings | 281 | 463 | 1,049 | 860 |
Income tax (expense) benefit | (139) | (168) | (297) | 39 |
Equity earnings | 313 | 233 | 631 | 496 |
Income from continuing operations, net of income tax | 455 | 528 | 1,383 | 1,395 |
Income from discontinued operations, net of income tax | 0 | 1,777 | 0 | 1,857 |
Net income | 455 | 2,305 | 1,383 | 3,252 |
Earnings attributable to noncontrolling interests | (10) | (28) | (43) | (179) |
Preferred dividends | (20) | (37) | (41) | (73) |
Preferred dividends of subsidiary | (1) | (1) | (1) | (1) |
Earnings attributable to common shares | $ 424 | $ 2,239 | $ 1,298 | $ 2,999 |
Basic EPS: | ||||
Earnings from continuing operations (in dollars per share) | $ 1.38 | $ 1.58 | $ 4.27 | $ 3.93 |
Earnings from discontinued operations (in dollars per share) | 0 | 6.06 | 0 | 6.31 |
Earnings attributable to common shares (in dollars per share) | $ 1.38 | $ 7.64 | $ 4.27 | $ 10.24 |
Weighted-average common shares outstanding | 307,800 | 293,060 | 304,372 | 292,925 |
Diluted EPS: | ||||
Earnings from continuing operations (in dollars per share) | $ 1.37 | $ 1.58 | $ 4.24 | $ 3.91 |
Earnings from discontinued operations (in dollars per share) | 0 | 6.03 | 0 | 6 |
Earnings from continuing operations attributable to common shares (in dollars per share) | $ 1.37 | $ 7.61 | $ 4.24 | $ 9.91 |
Weighted-average common shares outstanding, diluted (in shares) | 308,607 | 294,155 | 306,284 | 307,962 |
Natural gas [Member] | ||||
Operating expenses | ||||
Operating expenses | $ (261) | $ (131) | $ (610) | $ (468) |
Electric fuel and purchased power [Member] | ||||
Operating expenses | ||||
Operating expenses | (284) | (260) | (516) | (489) |
Energy-related businesses [Member] | ||||
Operating expenses | ||||
Operating expenses | (119) | (51) | (228) | (110) |
San Diego Gas and Electric Company [Member] | ||||
REVENUES | ||||
Electric | 1,158 | 1,090 | 2,227 | 2,140 |
Natural gas | 160 | 145 | 428 | 364 |
Utilities operating revenue | 1,318 | 1,235 | 2,655 | 2,504 |
Operating expenses | ||||
Cost of electric fuel and purchased power | 304 | 260 | 545 | 491 |
Cost of natural gas | 40 | 31 | 122 | 91 |
Operation and maintenance | 373 | 326 | 763 | 636 |
Depreciation and amortization | 220 | 197 | 433 | 398 |
Franchise fees and other taxes | 83 | 73 | 171 | 151 |
Total operating expenses | 1,020 | 887 | 2,034 | 1,767 |
Operating income | 298 | 348 | 621 | 737 |
Other income (expense), net | 22 | 18 | 57 | 49 |
Interest income | 0 | 0 | 1 | 1 |
Interest expense | (101) | (103) | (203) | (204) |
Income from continuing operations before income taxes and equity earnings | 219 | 263 | 476 | 583 |
Income tax (expense) benefit | (33) | (70) | (78) | (128) |
Net income | 398 | 455 | ||
Earnings attributable to common shares | 186 | 193 | 398 | 455 |
Southern California Gas Company [Member] | ||||
REVENUES | ||||
Utilities operating revenue | 1,124 | 1,010 | 2,632 | 2,405 |
Operating expenses | ||||
Aliso Canyon litigation and regulatory matters | 0 | 0 | 0 | (100) |
Operating expenses | ||||
Cost of natural gas | 223 | 106 | 496 | 384 |
Operation and maintenance | 525 | 462 | 1,028 | 905 |
Depreciation and amortization | 180 | 162 | 353 | 321 |
Franchise fees and other taxes | 51 | 43 | 109 | 94 |
Total operating expenses | 979 | 773 | 1,986 | 1,804 |
Operating income | 145 | 237 | 646 | 601 |
Other income (expense), net | (2) | (2) | 37 | 28 |
Interest income | 0 | 1 | 0 | 2 |
Interest expense | (40) | (40) | (79) | (80) |
Income from continuing operations before income taxes and equity earnings | 103 | 196 | 604 | 551 |
Income tax (expense) benefit | (8) | (49) | (102) | (101) |
Net income | 95 | 147 | 502 | 450 |
Preferred dividends | (1) | (1) | (1) | (1) |
Earnings attributable to common shares | $ 94 | $ 146 | $ 501 | $ 449 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 455 | $ 2,305 | $ 1,383 | $ 3,252 |
Other comprehensive income (loss): | ||||
Total other comprehensive (loss) income | (12) | 651 | 103 | 368 |
Pretax amount [Member] | ||||
Net income | 584 | 3,619 | 1,637 | 4,229 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 5 | 662 | 524 | |
Financial instruments | (14) | (15) | 107 | (203) |
Pension and other postretirement benefits | 1 | (3) | 18 | 21 |
Total other comprehensive (loss) income | (8) | 644 | 125 | 342 |
Comprehensive income | 576 | 4,263 | 1,762 | 4,571 |
Preferred dividends of subsidiary | (1) | (1) | (1) | (1) |
Comprehensive (loss) income, after preferred dividends of subsidiary | 575 | 4,262 | 1,761 | 4,570 |
Income tax (expense) benefit [Member] | ||||
Net income | (139) | (1,342) | (297) | (1,156) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | |
Financial instruments | 2 | 4 | (27) | 57 |
Pension and other postretirement benefits | (1) | 0 | (4) | (2) |
Total other comprehensive (loss) income | 1 | 4 | (31) | 55 |
Comprehensive income | (138) | (1,338) | (328) | (1,101) |
Preferred dividends of subsidiary | 0 | 0 | 0 | 0 |
Comprehensive (loss) income, after preferred dividends of subsidiary | (138) | (1,338) | (328) | (1,101) |
Net-of-tax amount [Member] | ||||
Net income | 445 | 2,277 | 1,340 | 3,073 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 5 | 662 | 524 | |
Financial instruments | (12) | (11) | 80 | (146) |
Pension and other postretirement benefits | 0 | (3) | 14 | 19 |
Total other comprehensive (loss) income | (7) | 648 | 94 | 397 |
Comprehensive income | 438 | 2,925 | 1,434 | 3,470 |
Preferred dividends of subsidiary | (1) | (1) | (1) | (1) |
Comprehensive (loss) income, after preferred dividends of subsidiary | 437 | 2,924 | 1,433 | 3,469 |
Noncontrolling Interests (after-tax) [Member] | ||||
Net income | 10 | 28 | 43 | 179 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 1 | 5 | (15) | |
Financial instruments | (6) | (2) | 9 | (14) |
Pension and other postretirement benefits | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income | (5) | 3 | 9 | (29) |
Comprehensive income | 5 | 31 | 52 | 150 |
Preferred dividends of subsidiary | 0 | 0 | 0 | 0 |
Comprehensive (loss) income, after preferred dividends of subsidiary | 5 | 31 | 52 | 150 |
Total [Member] | ||||
Net income | 455 | 2,305 | 1,383 | 3,252 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 6 | 667 | 509 | |
Financial instruments | (18) | (13) | 89 | (160) |
Pension and other postretirement benefits | 0 | (3) | 14 | 19 |
Total other comprehensive (loss) income | (12) | 651 | 103 | 368 |
Comprehensive income | 443 | 2,956 | 1,486 | 3,620 |
Preferred dividends of subsidiary | (1) | (1) | (1) | (1) |
Comprehensive (loss) income, after preferred dividends of subsidiary | 442 | 2,955 | 1,485 | 3,619 |
San Diego Gas and Electric Company [Member] | ||||
Net income | 398 | 455 | ||
San Diego Gas and Electric Company [Member] | Pretax amount [Member] | ||||
Net income | 219 | 263 | 476 | 583 |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 5 | 5 | ||
Total other comprehensive (loss) income | 5 | 5 | ||
Comprehensive (loss) income, after preferred dividends of subsidiary | 219 | 268 | 476 | 588 |
San Diego Gas and Electric Company [Member] | Income tax (expense) benefit [Member] | ||||
Net income | (33) | (70) | (78) | (128) |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | (1) | (1) | ||
Total other comprehensive (loss) income | (1) | (1) | ||
Comprehensive (loss) income, after preferred dividends of subsidiary | (33) | (71) | (78) | (129) |
San Diego Gas and Electric Company [Member] | Net-of-tax amount [Member] | ||||
Net income | 186 | 193 | 398 | 455 |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 4 | 4 | ||
Total other comprehensive (loss) income | 4 | 4 | ||
Comprehensive (loss) income, after preferred dividends of subsidiary | 186 | 197 | 398 | 459 |
Southern California Gas Company [Member] | ||||
Net income | 95 | 147 | 502 | 450 |
Other comprehensive income (loss): | ||||
Total other comprehensive (loss) income | 1 | 1 | 1 | 1 |
Southern California Gas Company [Member] | Pretax amount [Member] | ||||
Net income | 103 | 196 | 604 | 551 |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 1 | 1 | 1 | 1 |
Total other comprehensive (loss) income | 1 | 1 | 1 | 1 |
Comprehensive (loss) income, after preferred dividends of subsidiary | 104 | 197 | 605 | 552 |
Southern California Gas Company [Member] | Income tax (expense) benefit [Member] | ||||
Net income | (8) | (49) | (102) | (101) |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income | 0 | 0 | 0 | 0 |
Comprehensive (loss) income, after preferred dividends of subsidiary | (8) | (49) | (102) | (101) |
Southern California Gas Company [Member] | Net-of-tax amount [Member] | ||||
Net income | 95 | 147 | 502 | 450 |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 1 | 1 | 1 | 1 |
Total other comprehensive (loss) income | 1 | 1 | 1 | 1 |
Comprehensive (loss) income, after preferred dividends of subsidiary | $ 96 | $ 148 | $ 503 | $ 451 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 335 | $ 960 | [1] |
Restricted cash | 33 | 22 | [1] |
Accounts receivable – trade, net | 1,441 | 1,578 | [1] |
Accounts receivable – other, net | 413 | 403 | [1] |
Due from unconsolidated affiliates | 11 | 20 | [1] |
Income taxes receivable | 74 | 113 | [1] |
Inventories | 339 | 308 | [1] |
Regulatory assets | 251 | 190 | [1] |
Greenhouse gas allowances | 555 | 553 | [1] |
Other current assets | 308 | 364 | [1] |
Total current assets | 3,760 | 4,511 | [1] |
Other assets: | |||
Restricted cash | 3 | 3 | [1] |
Due from unconsolidated affiliates | 702 | 780 | [1] |
Regulatory assets | 2,216 | 1,822 | [1] |
Nuclear decommissioning trusts | 1,024 | 1,019 | [1] |
Investment in Oncor Holdings | 12,655 | 12,440 | [1] |
Other investments | 1,393 | 1,388 | [1] |
Goodwill | 1,602 | 1,602 | [1] |
Other intangible assets | 382 | 202 | [1] |
Dedicated assets in support of certain benefit plans | 523 | 512 | [1] |
Insurance receivable for Aliso Canyon costs | 414 | 445 | [1] |
Deferred income taxes | 167 | 136 | [1] |
Greenhouse gas allowances | 259 | 101 | [1] |
Right-of-use assets – operating leases | 513 | 543 | [1] |
Wildfire fund | 349 | 363 | [1] |
Other long-term assets | 730 | 753 | [1] |
Total other assets | 22,932 | 22,109 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 56,466 | 53,928 | [1] |
Less accumulated depreciation and amortization | (14,550) | (13,925) | [1] |
Property, plant and equipment, net | 41,916 | 40,003 | [1] |
Total assets | 68,608 | 66,623 | [1] |
Current liabilities: | |||
Short-term debt | 2,266 | 885 | [1] |
Accounts payable – trade | 1,291 | 1,359 | [1] |
Accounts payable – other | 168 | 154 | [1] |
Due to unconsolidated affiliates | 42 | 45 | [1] |
Dividends and interest payable | 588 | 551 | [1] |
Accrued compensation and benefits | 365 | 446 | [1] |
Regulatory liabilities | 426 | 140 | [1] |
Current portion of long-term debt and finance leases | 507 | 1,540 | [1] |
Reserve for Aliso Canyon costs | 153 | 150 | [1] |
Greenhouse gas obligations | 555 | 553 | [1] |
Other current liabilities | 951 | 1,016 | [1] |
Total current liabilities | 7,312 | 6,839 | [1] |
Long-term debt and finance leases | 22,090 | 21,781 | [1] |
Deferred credits and other liabilities: | |||
Due to unconsolidated affiliates | 262 | 234 | [1] |
Pension and other postretirement benefit plan obligations, net of plan assets | 1,037 | 1,059 | [1] |
Deferred income taxes | 3,325 | 2,871 | [1] |
Regulatory liabilities | 3,352 | 3,372 | [1] |
Reserve for Aliso Canyon costs | 269 | 301 | [1] |
Asset retirement obligations | 3,150 | 3,113 | [1] |
Greenhouse gas obligations | 104 | 0 | [1] |
Deferred credits and other | 2,015 | 2,119 | [1] |
Total deferred credits and other liabilities | 13,514 | 13,069 | [1] |
Commitments and contingencies (Note 11) | [1] | ||
Equity: | |||
Common stock | 10,150 | 7,053 | [1] |
Retained earnings | 14,291 | 13,673 | [1] |
Accumulated other comprehensive income (loss) | (444) | (500) | [1] |
Total shareholders’ equity | 25,451 | 23,373 | [1] |
Preferred stock of subsidiary | 20 | 20 | [1] |
Other noncontrolling interests | 221 | 1,541 | [1] |
Total equity | 25,692 | 24,934 | [1] |
Total liabilities and equity | 68,608 | 66,623 | [1] |
San Diego Gas and Electric Company [Member] | |||
Current assets: | |||
Cash and cash equivalents | 13 | 262 | [1] |
Accounts receivable – trade, net | 635 | 573 | [1] |
Accounts receivable – other, net | 83 | 143 | [1] |
Inventories | 109 | 104 | [1] |
Prepaid expenses | 105 | 153 | [1] |
Regulatory assets | 243 | 174 | [1] |
Fixed-price contracts and other derivatives | 67 | 56 | [1] |
Greenhouse gas allowances | 113 | 113 | [1] |
Other current assets | 15 | 22 | [1] |
Total current assets | 1,383 | 1,600 | [1] |
Other assets: | |||
Regulatory assets | 706 | 534 | [1] |
Nuclear decommissioning trusts | 1,024 | 1,019 | [1] |
Greenhouse gas allowances | 83 | 83 | [1] |
Right-of-use assets – operating leases | 89 | 102 | [1] |
Wildfire fund | 349 | 363 | [1] |
Other long-term assets | 156 | 189 | [1] |
Total other assets | 2,407 | 2,290 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 25,464 | 24,436 | [1] |
Less accumulated depreciation and amortization | (6,274) | (6,015) | [1] |
Property, plant and equipment, net | 19,190 | 18,421 | [1] |
Total assets | 22,980 | 22,311 | [1] |
Current liabilities: | |||
Short-term debt | 437 | 0 | [1] |
Accounts payable | 539 | 553 | [1] |
Due to unconsolidated affiliates | 44 | 64 | [1] |
Interest payable | 46 | 46 | [1] |
Accrued compensation and benefits | 104 | 135 | [1] |
Accrued franchise fees | 44 | 56 | [1] |
Regulatory liabilities | 67 | 61 | [1] |
Current portion of long-term debt and finance leases | 414 | 611 | [1] |
Customer deposits | 36 | 56 | [1] |
Greenhouse gas obligations | 113 | 113 | [1] |
Asset retirement obligations | 128 | 117 | [1] |
Other current liabilities | 173 | 199 | [1] |
Total current liabilities | 2,145 | 2,011 | [1] |
Long-term debt and finance leases | 6,848 | 6,866 | [1] |
Deferred credits and other liabilities: | |||
Pension and other postretirement benefit plan obligations, net of plan assets | 83 | 92 | [1] |
Deferred income taxes | 2,124 | 2,019 | [1] |
Deferred investment tax credits | 13 | 13 | [1] |
Regulatory liabilities | 2,274 | 2,195 | [1] |
Asset retirement obligations | 755 | 759 | [1] |
Greenhouse gas obligations | 15 | 0 | [1] |
Deferred credits and other | 595 | 626 | [1] |
Total deferred credits and other liabilities | 5,859 | 5,704 | [1] |
Commitments and contingencies (Note 11) | [1] | ||
Equity: | |||
Preferred stock | 0 | 0 | [1] |
Common stock | 1,660 | 1,660 | [1] |
Retained earnings | 6,478 | 6,080 | [1] |
Accumulated other comprehensive income (loss) | (10) | (10) | [1] |
Total shareholders’ equity | 8,128 | 7,730 | [1] |
Total liabilities and equity | 22,980 | 22,311 | [1] |
Southern California Gas Company [Member] | |||
Current assets: | |||
Cash and cash equivalents | 4 | 4 | [1] |
Accounts receivable – trade, net | 541 | 786 | [1] |
Accounts receivable – other, net | 86 | 64 | [1] |
Due from unconsolidated affiliates | 13 | 22 | [1] |
Inventories | 126 | 153 | [1] |
Regulatory assets | 8 | 16 | [1] |
Greenhouse gas allowances | 392 | 390 | [1] |
Other current assets | 26 | 47 | [1] |
Total current assets | 1,196 | 1,482 | [1] |
Other assets: | |||
Regulatory assets | 1,430 | 1,208 | [1] |
Insurance receivable for Aliso Canyon costs | 414 | 445 | [1] |
Greenhouse gas allowances | 167 | 9 | [1] |
Right-of-use assets – operating leases | 65 | 74 | [1] |
Other long-term assets | 503 | 499 | [1] |
Total other assets | 2,579 | 2,235 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 21,935 | 21,180 | [1] |
Less accumulated depreciation and amortization | (6,619) | (6,437) | [1] |
Property, plant and equipment, net | 15,316 | 14,743 | [1] |
Total assets | 19,091 | 18,460 | [1] |
Current liabilities: | |||
Short-term debt | 143 | 113 | [2] |
Accounts payable – trade | 424 | 600 | [2] |
Accounts payable – other | 121 | 122 | [2] |
Due to unconsolidated affiliates | 61 | 31 | [2] |
Accrued compensation and benefits | 180 | 189 | [2] |
Regulatory liabilities | 359 | 79 | [2] |
Current portion of long-term debt and finance leases | 10 | 10 | [2] |
Customer deposits | 16 | 48 | |
Reserve for Aliso Canyon costs | 153 | 150 | [2] |
Greenhouse gas obligations | 392 | 390 | [2] |
Asset retirement obligations | 58 | 59 | [2] |
Other current liabilities | 272 | 291 | [2] |
Total current liabilities | 2,189 | 2,082 | [2] |
Long-term debt and finance leases | 4,770 | 4,763 | [2] |
Deferred credits and other liabilities: | |||
Pension and other postretirement benefit plan obligations, net of plan assets | 846 | 853 | [2] |
Deferred income taxes | 1,520 | 1,406 | [2] |
Deferred investment tax credits | 7 | 8 | [2] |
Regulatory liabilities | 1,078 | 1,177 | [2] |
Reserve for Aliso Canyon costs | 269 | 301 | [2] |
Asset retirement obligations | 2,345 | 2,309 | [2] |
Greenhouse gas obligations | 78 | 0 | [2] |
Deferred credits and other | 418 | 417 | [1] |
Total deferred credits and other liabilities | 6,561 | 6,471 | [1] |
Commitments and contingencies (Note 11) | [2] | ||
Equity: | |||
Preferred stock | 22 | 22 | [2] |
Common stock | 866 | 866 | [2] |
Retained earnings | 4,713 | 4,287 | [2] |
Accumulated other comprehensive income (loss) | (30) | (31) | [2] |
Total shareholders’ equity | 5,571 | 5,144 | [1] |
Total equity | 5,571 | 5,144 | |
Total liabilities and equity | 19,091 | 18,460 | [2] |
Convertible Preferred Stock Series A [Member] | |||
Equity: | |||
Preferred stock | 0 | 1,693 | [1] |
Convertible Preferred Stock Series B [Member] | |||
Equity: | |||
Preferred stock | 565 | 565 | [1] |
Series C Preferred Stock [Member] | |||
Equity: | |||
Preferred stock | $ 889 | $ 889 | [1] |
[1] | Derived from audited financial statements. | ||
[2] | Derived from audited financial statements. |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares outstanding (in shares) | 315,000,000 | 288,000,000 |
San Diego Gas and Electric Company [Member] | ||
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) | 117,000,000 | 117,000,000 |
Southern California Gas Company [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 11,000,000 | 11,000,000 |
Preferred stock, shares outstanding (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares outstanding (in shares) | 91,000,000 | 91,000,000 |
Convertible Preferred Stock Series A [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares outstanding (in shares) | 17,250,000 | |
Convertible Preferred Stock Series B [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares outstanding (in shares) | 5,750,000 | 5,750,000 |
Series C Preferred Stock [Member] | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares outstanding (in shares) | 900,000 | 900,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 1,383 | $ 3,252 |
Less: Income from discontinued operations, net of income tax | 0 | (1,857) |
Income from continuing operations, net of income tax | 1,383 | 1,395 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 905 | 824 |
Deferred income taxes and investment tax credits | 193 | (94) |
Equity earnings | (631) | (496) |
Foreign currency transaction (gains) losses, net | (7) | 110 |
Share-based compensation expense | 34 | 36 |
Fixed-price contracts and other derivatives | 199 | 7 |
Other | 54 | 42 |
Net change in working capital components | (63) | 375 |
Distributions from investments | 532 | 220 |
Insurance receivable for Aliso Canyon costs | 31 | (166) |
Changes in other noncurrent assets and liabilities, net | (375) | (185) |
Net cash provided by continuing operations | 2,255 | 2,068 |
Net cash used in discontinued operations | 0 | (1,041) |
Net cash provided by operating activities | 2,255 | 1,027 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (2,424) | (2,198) |
Expenditures for investments and acquisitions | (165) | (140) |
Proceeds from sale of assets | 0 | 5 |
Purchases of nuclear decommissioning trust assets | (542) | (797) |
Proceeds from sales of nuclear decommissioning trust assets | 542 | 797 |
Advances to unconsolidated affiliates | (8) | (25) |
Other | 9 | 17 |
Net cash used in continuing operations | (2,588) | (2,341) |
Net cash provided by discontinued operations | 0 | 5,195 |
Net cash (used in) provided by investing activities | (2,588) | 2,854 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common dividends paid | (634) | (567) |
Preferred dividends paid | (68) | (71) |
Issuances of preferred stock | 0 | 891 |
Issuances of common stock | 5 | 13 |
Repurchases of common stock | (38) | (64) |
Issuances of debt (maturities greater than 90 days) | 285 | 4,059 |
Payments on debt (maturities greater than 90 days) and finance leases | (1,432) | (1,970) |
Increase (decrease) in short-term debt, net | 1,584 | (1,871) |
Advances from unconsolidated affiliates | 20 | 64 |
Proceeds from sale of noncontrolling interests | 7 | 0 |
Purchases of noncontrolling interests | (10) | (27) |
Other | (1) | (16) |
Net cash (used in) provided by continuing operations | (282) | 441 |
Net cash provided by discontinued operations | 0 | 401 |
Net cash (used in) provided by financing activities | (282) | 842 |
Effect of exchange rate changes in continuing operations | 1 | (7) |
Effect of exchange rate changes in discontinued operations | 0 | (3) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1 | (10) |
(Decrease) increase in cash, cash equivalents and restricted cash, including discontinued operations | (614) | 4,713 |
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 985 | 217 |
Cash, cash equivalents and restricted cash, including discontinued operations, June 30 | 371 | 4,930 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 488 | 540 |
Income tax payments, including discontinued operations, net of refunds | 73 | 1,303 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Increase in Cameron LNG JV investment for guarantee | 22 | 0 |
Accrued capital expenditures | 526 | 434 |
Increase in finance lease obligations for investment in PP&E | 24 | 56 |
Issuance of common stock in exchange for NCI and related AOCI | 1,373 | 0 |
Distribution from Oncor Holdings | 8 | 0 |
Equitization of long-term debt for deficit held by NCI | 0 | 22 |
Conversion of mandatory convertible preferred stock | 1,693 | 0 |
Common dividends issued in stock | 0 | 22 |
Preferred stock [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Dividends declared but not paid | 20 | 37 |
Common Stock [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Dividends declared but not paid | 347 | 305 |
San Diego Gas and Electric Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 398 | 455 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 433 | 398 |
Deferred income taxes and investment tax credits | 41 | 29 |
Other | (13) | (13) |
Net change in working capital components | (136) | (36) |
Changes in other noncurrent assets and liabilities, net | (113) | (95) |
Net cash provided by operating activities | 610 | 738 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (1,072) | (850) |
Purchases of nuclear decommissioning trust assets | (542) | (797) |
Proceeds from sales of nuclear decommissioning trust assets | 542 | 797 |
Other | 7 | 8 |
Net cash (used in) provided by investing activities | (1,065) | (842) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common dividends paid | 0 | (200) |
Issuances of debt (maturities greater than 90 days) | 0 | 799 |
Payments on debt (maturities greater than 90 days) and finance leases | (231) | (229) |
Increase (decrease) in short-term debt, net | 437 | (80) |
Debt issuance costs | 0 | (4) |
Net cash (used in) provided by financing activities | 206 | 286 |
(Decrease) increase in cash, cash equivalents and restricted cash, including discontinued operations | (249) | 182 |
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 262 | 10 |
Cash, cash equivalents and restricted cash, including discontinued operations, June 30 | 13 | 192 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 201 | 198 |
Income tax payments, including discontinued operations, net of refunds | 58 | 0 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures | 192 | 136 |
Increase in ARO for investment in PP&E | 18 | 0 |
Increase in finance lease obligations for investment in PP&E | 13 | 20 |
Southern California Gas Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | 502 | 450 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 353 | 321 |
Deferred income taxes and investment tax credits | 18 | (17) |
Other | 42 | 14 |
Net change in working capital components | 297 | 713 |
Insurance receivable for Aliso Canyon costs | 31 | (166) |
Changes in other noncurrent assets and liabilities, net | (280) | (117) |
Net cash provided by operating activities | 963 | 1,198 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (936) | (885) |
Net cash (used in) provided by investing activities | (936) | (885) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common dividends paid | (50) | 0 |
Preferred dividends paid | (1) | (1) |
Issuances of debt (maturities greater than 90 days) | 0 | 649 |
Payments on finance leases | (6) | (5) |
Increase (decrease) in short-term debt, net | 30 | (630) |
Debt issuance costs | 0 | (6) |
Net cash (used in) provided by financing activities | (27) | 7 |
(Decrease) increase in cash, cash equivalents and restricted cash, including discontinued operations | 0 | 320 |
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 4 | 10 |
Cash, cash equivalents and restricted cash, including discontinued operations, June 30 | 4 | 330 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 76 | 70 |
Income tax payments, including discontinued operations, net of refunds | 82 | 0 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures | 156 | 158 |
Increase in finance lease obligations for investment in PP&E | 11 | 36 |
Dividends declared but not paid | $ 25 | $ 50 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Preferred stock [Member] | Preferred stock [Member]Series C Preferred Stock [Member] | Common Stock [Member] | Retained earnings [Member] | Retained earnings [Member]Series A Preferred Stock [Member] | Retained earnings [Member]Series B Preferred Stock [Member] | Retained earnings [Member]Series C Preferred Stock [Member] | Accumulated other comprehensive income (loss) [Member] | Shareholders' equity [Member] | Shareholders' equity [Member]Series A Preferred Stock [Member] | Shareholders' equity [Member]Series B Preferred Stock [Member] | Shareholders' equity [Member]Series C Preferred Stock [Member] | Noncontrolling Interest [Member] | San Diego Gas and Electric Company [Member] | San Diego Gas and Electric Company [Member]Common Stock [Member] | San Diego Gas and Electric Company [Member]Retained earnings [Member] | San Diego Gas and Electric Company [Member]Accumulated other comprehensive income (loss) [Member] | San Diego Gas and Electric Company [Member]Shareholders' equity [Member] | Southern California Gas Company [Member] | Southern California Gas Company [Member]Preferred stock [Member] | Southern California Gas Company [Member]Common Stock [Member] | Southern California Gas Company [Member]Retained earnings [Member] | Southern California Gas Company [Member]Accumulated other comprehensive income (loss) [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Shareholders' equity [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Preferred stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Accumulated other comprehensive income (loss) [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Shareholders' equity [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interest [Member] | |
Beginning Balance at Dec. 31, 2019 | $ 21,805 | $ 2,258 | $ 7,480 | $ 11,130 | $ (939) | $ 19,929 | $ 1,876 | $ 1,660 | $ 5,456 | $ (16) | $ 7,100 | $ 4,748 | $ 22 | $ 866 | $ 3,883 | $ (23) | $ (9) | $ (7) | $ (7) | $ (2) | $ 21,796 | $ 2,258 | $ 7,480 | $ 11,123 | $ (939) | $ 19,922 | $ 1,874 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 3,252 | 3,073 | 3,073 | 179 | $ 455 | 455 | 455 | 450 | 450 | ||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 368 | 397 | 397 | (29) | 4 | 4 | 1 | 1 | |||||||||||||||||||||||||||||||
Share-based compensation expense | 36 | 36 | 36 | ||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||
Preferred dividends | $ (52) | $ (19) | $ (2) | $ (52) | $ (19) | $ (2) | $ (52) | $ (19) | $ (2) | (1) | (1) | ||||||||||||||||||||||||||||
Common stock dividends declared | (611) | (611) | (611) | (200) | (200) | (50) | (50) | ||||||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Issuances of stock | 35 | 889 | $ 889 | 35 | 35 | 889 | |||||||||||||||||||||||||||||||||
Repurchases of common stock | (64) | (64) | (64) | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest activities: | |||||||||||||||||||||||||||||||||||||||
Purchases | (27) | 3 | 3 | (30) | |||||||||||||||||||||||||||||||||||
Distributions | (1) | (1) | |||||||||||||||||||||||||||||||||||||
Acquisition | 1 | 1 | |||||||||||||||||||||||||||||||||||||
Equitization of long-term debt for deficit held by NCI | 22 | 22 | |||||||||||||||||||||||||||||||||||||
Deconsolidation | (236) | (236) | |||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 25,386 | 3,147 | 7,490 | 13,511 | (542) | 23,606 | 1,780 | 1,660 | 5,711 | (12) | 7,359 | 5,148 | 22 | 866 | 4,282 | (22) | |||||||||||||||||||||||
Beginning Balance at Mar. 31, 2020 | 22,115 | 2,258 | 7,472 | 11,577 | (1,190) | 20,117 | 1,998 | 1,660 | 5,518 | (16) | 7,162 | 5,051 | 22 | 866 | 4,186 | (23) | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 2,305 | 2,277 | 2,277 | 28 | 193 | 193 | 147 | 147 | |||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 651 | 648 | 648 | 3 | 4 | 4 | 1 | 1 | |||||||||||||||||||||||||||||||
Share-based compensation expense | 14 | 14 | 14 | ||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||
Preferred dividends | $ (26) | (9) | (2) | $ (26) | (9) | (2) | $ (26) | (9) | (2) | (1) | (1) | ||||||||||||||||||||||||||||
Common stock dividends declared | (305) | (305) | (305) | (50) | (50) | ||||||||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Issuances of stock | 10 | 889 | $ 889 | 10 | 10 | 889 | |||||||||||||||||||||||||||||||||
Repurchases of common stock | (7) | (7) | (7) | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest activities: | |||||||||||||||||||||||||||||||||||||||
Purchases | (11) | 1 | 1 | (12) | |||||||||||||||||||||||||||||||||||
Distributions | (1) | (1) | |||||||||||||||||||||||||||||||||||||
Deconsolidation | (236) | (236) | |||||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 25,386 | 3,147 | 7,490 | 13,511 | (542) | 23,606 | 1,780 | 1,660 | 5,711 | (12) | 7,359 | 5,148 | 22 | 866 | 4,282 | (22) | |||||||||||||||||||||||
Beginning Balance at Dec. 31, 2020 | 24,934 | [1] | 3,147 | 7,053 | 13,673 | (500) | 23,373 | 1,561 | 1,660 | 6,080 | (10) | 7,730 | 5,144 | 22 | 866 | 4,287 | (31) | ||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 1,383 | 1,340 | 1,340 | 43 | $ 398 | 398 | 398 | 502 | 502 | ||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 103 | 94 | 94 | 9 | 1 | 1 | |||||||||||||||||||||||||||||||||
Share-based compensation expense | 34 | 34 | 34 | ||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||
Preferred dividends | (19) | (22) | (19) | (22) | (19) | (22) | (1) | (1) | |||||||||||||||||||||||||||||||
Common stock dividends declared | (680) | (680) | (680) | (75) | (75) | ||||||||||||||||||||||||||||||||||
Conversion of series A preferred stock | 0 | (1,693) | 1,693 | 0 | |||||||||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Issuances of stock | 5 | 5 | 5 | ||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (38) | (38) | (38) | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest activities: | |||||||||||||||||||||||||||||||||||||||
Purchases | (12) | 1,399 | (38) | 1,361 | (1,373) | ||||||||||||||||||||||||||||||||||
Sale | 5 | 4 | 4 | 1 | |||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 25,692 | 1,454 | 10,150 | 14,291 | (444) | 25,451 | 241 | 1,660 | 6,478 | (10) | 8,128 | 5,571 | 22 | 866 | 4,713 | (30) | |||||||||||||||||||||||
Beginning Balance at Mar. 31, 2021 | 25,608 | 1,454 | 8,730 | 14,214 | (399) | 23,999 | 1,609 | 1,660 | 6,292 | (10) | 7,942 | 5,501 | 22 | 866 | 4,644 | (31) | |||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 455 | 445 | 445 | 10 | 186 | 186 | 95 | 95 | |||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (12) | (7) | (7) | (5) | 1 | 1 | |||||||||||||||||||||||||||||||||
Share-based compensation expense | 17 | 17 | 17 | ||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||
Preferred dividends | $ (9) | $ (11) | $ (9) | $ (11) | $ (9) | $ (11) | (1) | (1) | |||||||||||||||||||||||||||||||
Common stock dividends declared | (347) | (347) | (347) | (25) | (25) | ||||||||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Issuances of stock | 5 | 5 | 5 | ||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Noncontrolling interest activities: | |||||||||||||||||||||||||||||||||||||||
Purchases | (12) | 1,399 | (38) | 1,361 | (1,373) | ||||||||||||||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | $ 25,692 | $ 1,454 | $ 10,150 | $ 14,291 | $ (444) | $ 25,451 | $ 241 | $ 1,660 | $ 6,478 | $ (10) | $ 8,128 | $ 5,571 | $ 22 | $ 866 | $ 4,713 | $ (30) | |||||||||||||||||||||||
[1] | Derived from audited financial statements. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Dividends declared per share of common stock (in dollars per share) | $ 1.10 | $ 1.04 | $ 2.20 | $ 2.09 |
San Diego Gas and Electric Company [Member] | ||||
Dividends declared per share of common stock (in dollars per share) | 1.72 | |||
Southern California Gas Company [Member] | ||||
Dividends declared per share of preferred stock (in dollars per share) | 0.37 | 0.37 | 0.75 | 0.75 |
Dividends declared per share of common stock (in dollars per share) | 0.27 | 0.55 | 0.82 | 0.55 |
Series A Preferred Stock [Member] | ||||
Dividends declared per share of preferred stock (in dollars per share) | 1.50 | 3 | ||
Series B Preferred Stock [Member] | ||||
Dividends declared per share of preferred stock (in dollars per share) | 1.69 | 1.69 | 3.38 | 3.38 |
Series C Preferred Stock [Member] | ||||
Dividends declared per share of preferred stock (in dollars per share) | $ 12.19 | $ 1.63 | $ 24.38 | $ 1.63 |
GENERAL INFORMATION AND OTHER F
GENERAL INFORMATION AND OTHER FINANCIAL DATA | 6 Months Ended |
Jun. 30, 2021 | |
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 Energy, a California-based holding company doing business as Sempra, and its consolidated entities. Sempra’s business activities are organized under five reportable segments, which we discuss in Note 12. 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. SoCalGas SoCalGas’ common stock is wholly owned by Pacific Enterprises, which is a wholly owned subsidiary of Sempra. 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. References in this report to “we,” “our,” “us” and “Sempra” are to Sempra and its consolidated entities, collectively, unless otherwise stated or indicated by the context. We refer to SDG&E and SoCalGas collectively as the California Utilities. Sempra Global is the holding company for our subsidiaries that are not subject to California or Texas utility regulation. We have eliminated intercompany accounts and transactions within the consolidated financial statements of each reporting entity. Throughout these Notes, we refer to the following as Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements when discussed together or collectively: ▪ the Condensed Consolidated Financial Statements and related Notes of Sempra; ▪ the Condensed Financial Statements and related Notes of SDG&E; and ▪ the Condensed Financial Statements and related Notes of SoCalGas. 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 June 30, 2021 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, 2020 balance sheet information in the Condensed Consolidated Financial Statements has been derived from our audited 2020 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. You should read the information in this report in conjunction with the Annual Report. Discontinued Operations In January 2019, our board of directors approved a plan to sell our South American businesses based on our strategic focus on North America. We determined that these businesses, which previously constituted the Sempra South American Utilities segment, and certain activities associated with these businesses, met the held-for-sale criteria. These businesses are presented as discontinued operations, which we discuss further in Note 5. We completed the sales of our South American businesses in the second quarter of 2020. Our discussions in the Notes below relate only to our continuing operations unless otherwise noted. Regulated Operations The California Utilities and Sempra Mexico’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 Mexico segment includes the operating companies of our subsidiary, IEnova, as well as certain holding companies and risk management activity. Certain business activities at IEnova are regulated by the CRE and meet the regulatory accounting requirements of U.S. GAAP. Pipeline projects under construction at IEnova that meet the regulatory accounting requirements of U.S. GAAP record the impact of AFUDC related to equity. We discuss AFUDC below and in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report. 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) June 30, December 31, 2021 2020 Cash and cash equivalents $ 335 $ 960 Restricted cash, current 33 22 Restricted cash, noncurrent 3 3 Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows $ 371 $ 985 CREDIT LOSSES We are exposed to credit losses from financial assets measured at amortized cost, including trade and other accounts receivable and amounts due from unconsolidated affiliates. 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 6. 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 receivable, historical and industry trends, counterparty creditworthiness, economic conditions and specific events, such as bankruptcies. 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. In connection with the COVID-19 pandemic, the California Utilities implemented certain measures to assist customers, including suspending service disconnections due to nonpayment for all customers (except for SoCalGas’ noncore customers), waiving late payment fees, and offering flexible payment plans to customers experiencing difficulty paying their electric or gas bills. Such measures ended on June 30, 2021, except for the suspension of service disconnections that will continue through September 30, 2021. As we discuss in Note 4, the CPUC authorized each of the California Utilities to track and request recovery of incremental costs, including uncollectible expenses, associated with complying with customer protection measures ordered by the CPUC related to the COVID-19 pandemic. In connection with a separate CPUC decision addressing residential service disconnections, the California Utilities each established a two-way balancing account to record the uncollectible expenses associated with residential customers’ inability to pay their electric or gas bills, including as a result of the relief from outstanding utility bill amounts provided under the AMP. We discuss the AMP in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report. The California Utilities have recorded increases in their allowances for expected credit losses primarily related to expected forgiveness of outstanding utility bill amounts, including increases due to the effect of the COVID-19 pandemic, for participating, income-qualified residential customers eligible under the AMP. Our businesses will continue to monitor macroeconomic factors and customer payment patterns when evaluating their allowances for credit losses, which may increase significantly due to the effects of the COVID-19 pandemic or other factors. We provide below allowances and changes in allowances for credit losses for trade and other accounts receivable. The California Utilities record changes in the allowances for credit losses related to Accounts Receivable – Trade in regulatory accounts. TRADE AND OTHER ACCOUNTS RECEIVABLE – ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) 2021 2020 Sempra: Allowances for credit losses at January 1 $ 138 $ 29 Incremental allowance upon adoption of ASU 2016-13 — 1 Provisions for expected credit losses 66 21 Write-offs (12) (7) Allowances for credit losses at June 30 (1) $ 192 $ 44 SDG&E: Allowances for credit losses at January 1 $ 69 $ 14 Provisions for expected credit losses 13 9 Write-offs (7) (4) Allowances for credit losses at June 30 (2) $ 75 $ 19 SoCalGas: Allowances for credit losses at January 1 $ 68 $ 15 Provisions for expected credit losses 52 12 Write-offs (5) (3) Allowances for credit losses at June 30 (3) $ 115 $ 24 (1) At June 30, 2021, includes $153 million in Accounts Receivable – Trade, Net and $39 million in Accounts Receivable – Other, Net. (2) At June 30, 2021, includes $60 million in Accounts Receivable – Trade, Net and $15 million in Accounts Receivable – Other, Net. (3) At June 30, 2021, includes $91 million in Accounts Receivable – Trade, Net and $24 million in Accounts Receivable – Other, Net. For amounts due from unconsolidated affiliates, on a quarterly basis, we evaluate credit losses and record allowances for expected credit losses, if necessary, based on credit quality indicators such as external credit ratings, published default rate studies, the maturity date of the instrument and past delinquencies. However, we do not record allowances for expected credit losses related to accrued interest receivable on loans due from unconsolidated affiliates because we write off such amounts, if any, through a reversal of interest income in the period we determine such amounts are uncollectible. In the absence of external credit ratings, we may utilize an internally developed credit rating based on our analysis of a counterparty’s financial statements to determine our expected credit losses. As we discuss below in “Transactions with Affiliates,” Sempra has loans due from unconsolidated affiliates with varying tenors, interest rates and currencies. We provide below the allowances and changes in allowances for credit losses for loans and other amounts due from unconsolidated affiliates. AMOUNTS DUE FROM UNCONSOLIDATED AFFILIATES – ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) Sempra 2021 2020 Allowances for credit losses at January 1 $ 3 $ — Allowance established upon adoption of ASU 2016-13 — 6 Provisions for expected credit losses (2) (3) Allowances for credit losses at June 30 (1) $ 1 $ 3 (1) At June 30, 2021, $1 million is included in Due from Unconsolidated Affiliates – Noncurrent. As we discuss in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report, Sempra previously provided guarantees for the benefit of Cameron LNG JV related to its construction-period debt obligations for a maximum aggregate amount of $4.0 billion. In March 2021, Cameron LNG JV reached financial completion of the three-train liquefaction project, which terminated the guarantees. There are no longer any expected credit losses related to these terminated guarantees. As we discuss in Note 6, Sempra provided a guarantee for the benefit of Cameron LNG JV related to amounts withdrawn by Sempra LNG from the SDSRA. At June 30, 2021, expected credit losses of $7 million related to this guarantee are included in Deferred Credits and Other on Sempra’s Condensed Consolidated Balance Sheet. INVENTORIES The components of inventories are as follows: INVENTORY BALANCES (Dollars in millions) Natural gas LNG Materials and supplies Total June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Sempra $ 139 $ 118 $ 13 $ 7 $ 187 $ 183 $ 339 $ 308 SDG&E — — — — 109 104 109 104 SoCalGas 62 94 — — 64 59 126 153 WILDFIRE FUND In July 2019, the Wildfire Legislation was signed into law to address certain issues related to catastrophic wildfires in the State of California and their impact on electric IOUs. We discuss the Wildfire Legislation further in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report. In July 2021, the CPUC approved SDG&E’s 2021 Wildfire Mitigation Plan Update. In July 2021, the CPUC’s Wildfire Safety Division became the Office of Energy Infrastructure Safety (OEIS) under the California Natural Resources Agency. As successor to the Wildfire Safety Division, OEIS maintains the duties and responsibilities of the former Wildfire Safety Division with respect to Wildfire Mitigation Plans. In a complaint filed in U.S. District Court for the Northern District of California in July 2019, plaintiffs seek to invalidate AB 1054 based on allegations that the legislation violates federal law. The district court dismissed the complaint and the plaintiffs have petitioned the U.S. Court of Appeals for the Ninth Circuit for review. 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 interest and AFUDC. CAPITALIZED FINANCING COSTS (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Sempra $ 55 $ 50 $ 114 $ 98 SDG&E 28 26 58 53 SoCalGas 15 14 31 25 OTHER INTANGIBLE ASSETS Other Intangible Assets included on Sempra’s Condensed Consolidated Balance Sheets are as follows: OTHER INTANGIBLE ASSETS (Dollars in millions) Amortization period (years) June 30, December 31, Renewable energy transmission and consumption permits 15 to 19 $ 169 $ 169 O&M agreement 23 66 66 PPA 14 190 — Other 10 to indefinite 15 15 440 250 Less accumulated amortization: Renewable energy transmission and consumption permits (37) (32) O&M agreement (10) (9) PPA (3) — Other (8) (7) (58) (48) $ 382 $ 202 Other Intangible Assets at June 30, 2021 primarily includes: ▪ renewable energy transmission and consumption permits previously granted by the CRE at the Ventika wind power generation facilities, Don Diego Solar and Border Solar; ▪ a favorable O&M agreement acquired in connection with the acquisition of Ductos y Energéticos del Norte, S. de R.L. de C.V.; and ▪ an intangible asset of $190 million, representing the relative fair value of the PPA that was acquired in connection with the acquisition of ESJ in March 2021. Intangible assets subject to amortization are amortized over their estimated useful lives. Amortization expense for intangible assets was $7 million, including $3 million recorded against revenues, and $2 million in the three months ended June 30, 2021 and 2020, respectively, and $10 million, including $3 million recorded against revenues, and $5 million in the six months ended June 30, 2021 and 2020, respectively. We estimate the remaining amortization expense in 2021 to be $13 million, including $7 million recorded against revenues, and amortization expense of $26 million per year for the next four years, including $13 million recorded against revenues. 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 June 30, 2021 and December 31, 2020. 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 $1,228 million and $1,237 million at June 30, 2021 and December 31, 2020, 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. Sempra Texas Utilities Our 100% interest in Oncor Holdings is a VIE that owns an 80.25% interest in Oncor. Sempra is not the primary beneficiary of the 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 $12,655 million at June 30, 2021 and $12,440 million at December 31, 2020. Sempra LNG 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 the 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 $416 million at June 30, 2021 and $433 million at December 31, 2020. 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 6. CFIN As we discuss in Note 6, in July 2020, Sempra entered into a Support Agreement, which was amended in June 2021, for the benefit of CFIN, which is a VIE. Since we do not have the power to direct the most significant activities of the VIE, we are not the primary beneficiary. The conditional obligations of the Support Agreement represent a variable interest that we measure at fair value on a recurring basis (see Note 9). 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 the VIE because we have the power to direct the PENSION AND OTHER POSTRETIREMENT BENEFITS Settlement Accounting for Lump Sum Payments Sempra recorded settlement charges of $7 million in the six months ended June 30, 2021 and $4 million and $9 million in the three months and six months ended June 30, 2020, respectively, in net periodic benefit cost for lump sum payments from its nonqualified pension plan that were in excess of the plan’s service cost plus interest cost. Net Periodic Benefit Cost The following three tables provide the components of net periodic benefit cost. NET PERIODIC BENEFIT COST – SEMPRA (Dollars in millions) Pension benefits Other postretirement benefits Three months ended June 30, 2021 2020 2021 2020 Service cost $ 36 $ 33 $ 5 $ 4 Interest cost 28 33 7 8 Expected return on assets (43) (43) (15) (14) Amortization of: Prior service cost 2 3 — — Actuarial loss (gain) 11 8 (2) (2) Settlement charges — 4 — — Net periodic benefit cost (credit) 34 38 (5) (4) Regulatory adjustments 22 22 5 4 Total expense recognized $ 56 $ 60 $ — $ — Six months ended June 30, 2021 2020 2021 2020 Service cost $ 73 $ 66 $ 11 $ 9 Interest cost 56 65 14 16 Expected return on assets (86) (85) (30) (27) Amortization of: Prior service cost (credit) 5 6 (1) (1) Actuarial loss (gain) 22 17 (4) (5) Settlement charges 7 9 — — Net periodic benefit cost (credit) 77 78 (10) (8) Regulatory adjustments (7) (6) 10 8 Total expense recognized $ 70 $ 72 $ — $ — NET PERIODIC BENEFIT COST – SDG&E (Dollars in millions) Pension benefits Other postretirement benefits Three months ended June 30, 2021 2020 2021 2020 Service cost $ 9 $ 8 $ 1 $ 1 Interest cost 6 8 2 1 Expected return on assets (13) (12) (3) (2) Amortization of: Actuarial loss (gain) 1 1 (1) — Net periodic benefit cost (credit) 3 5 (1) — Regulatory adjustments 11 9 1 — Total expense recognized $ 14 $ 14 $ — $ — Six months ended June 30, 2021 2020 2021 2020 Service cost $ 17 $ 16 $ 2 $ 2 Interest cost 12 15 3 3 Expected return on assets (25) (25) (5) (5) Amortization of: Prior service cost — 1 — — Actuarial loss (gain) 1 2 (1) (1) Net periodic benefit cost (credit) 5 9 (1) (1) Regulatory adjustments 9 6 1 1 Total expense recognized $ 14 $ 15 $ — $ — NET PERIODIC BENEFIT COST – SOCALGAS (Dollars in millions) Pension benefits Other postretirement benefits Three months ended June 30, 2021 2020 2021 2020 Service cost $ 25 $ 22 $ 4 $ 4 Interest cost 20 22 6 6 Expected return on assets (30) (27) (12) (11) Amortization of: Prior service cost (credit) 2 2 — (1) Actuarial loss (gain) 10 7 (2) (2) Net periodic benefit cost (credit) 27 26 (4) (4) Regulatory adjustments 11 13 4 4 Total expense recognized $ 38 $ 39 $ — $ — Six months ended June 30, 2021 2020 2021 2020 Service cost $ 50 $ 44 $ 8 $ 7 Interest cost 40 44 11 12 Expected return on assets (58) (54) (24) (21) Amortization of: Prior service cost (credit) 4 4 (1) (1) Actuarial loss (gain) 19 13 (3) (4) Net periodic benefit cost (credit) 55 51 (9) (7) Regulatory adjustments (16) (12) 9 7 Total expense recognized $ 39 $ 39 $ — $ — SEMPRA EARNINGS PER COMMON SHARE Basic EPS is calculated by dividing earnings attributable to common shares (from both continuing and discontinued operations) 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 June 30, Six months ended June 30, 2021 2020 2021 2020 Numerator for continuing operations: Income from continuing operations, net of income tax $ 455 $ 528 $ 1,383 $ 1,395 Earnings attributable to noncontrolling interests (10) (26) (43) (169) Preferred dividends (20) (37) (41) (73) Preferred dividends of subsidiary (1) (1) (1) (1) Earnings from continuing operations attributable to common shares for basic EPS 424 464 1,298 1,152 Add back dividends for dilutive mandatory convertible preferred stock (1) — — — 52 Earnings from continuing operations attributable to common shares for diluted EPS $ 424 $ 464 $ 1,298 $ 1,204 Numerator for discontinued operations: Income from discontinued operations, net of income tax $ — $ 1,777 $ — $ 1,857 Earnings attributable to noncontrolling interests — (2) — (10) Earnings from discontinued operations attributable to common shares $ — $ 1,775 $ — $ 1,847 Numerator for earnings: Earnings attributable to common shares for basic EPS $ 424 $ 2,239 $ 1,298 $ 2,999 Add back dividends for dilutive mandatory convertible preferred stock (1) — — — 52 Earnings attributable to common shares for diluted EPS $ 424 $ 2,239 $ 1,298 $ 3,051 Denominator: Weighted-average common shares outstanding for basic EPS (2) 307,800 293,060 304,372 292,925 Dilutive effect of stock options and RSUs (3) 807 1,095 846 1,199 Dilutive effect of mandatory convertible preferred stock — — 1,066 13,838 Weighted-average common shares outstanding for diluted EPS 308,607 294,155 306,284 307,962 Basic EPS: Earnings from continuing operations $ 1.38 $ 1.58 $ 4.27 $ 3.93 Earnings from discontinued operations $ — $ 6.06 $ — $ 6.31 Earnings $ 1.38 $ 7.64 $ 4.27 $ 10.24 Diluted EPS: Earnings from continuing operations $ 1.37 $ 1.58 $ 4.24 $ 3.91 Earnings from discontinued operations $ — $ 6.03 $ — $ 6.00 Earnings $ 1.37 $ 7.61 $ 4.24 $ 9.91 (1) In the six months ended June 30, 2020, due to the dilutive effect of the series A preferred stock, the numerator used to calculate diluted EPS included an add-back of dividends declared on our series A preferred stock. (2) Includes 447 and 530 fully vested RSUs held in our Deferred Compensation Plan for the three months ended June 30, 2021 and 2020, respectively, and 454 and 536 of such RSUs for the six months ended June 30, 2021 and 2020, 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. (3) 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 and six months ended June 30, 2021 excludes 145,247 and 287,061 potentially dilutive shares, respectively, because to include them would be antidilutive for the period. The computation of diluted EPS for the three months and six months ended June 30, 2020 excludes 216,922 and 235,589 potentially dilutive shares, respectively, of such potentially dilutive shares. However, these shares could potentially dilute basic EPS in the future. The potentially dilutive impact from mandatory convertible preferred stock is calculated under the if-converted method until the mandatory conversion date. After the mandatory conversion date, the converted shares are included in weighted-average common shares outstanding for basic EPS. As we discuss below in “Shareholders’ Equity and Noncontrolling Interests,” we converted our series A preferred stock into common stock on January 15, 2021. The computation of diluted EPS for both the three months and six months ended June 30, 2021 excludes 4,256,725 potentially dilutive shares. The computation of diluted EPS for the three months and six months ended June 30, 2020 excludes 18,450,579 and 4,612,645 potentially dilutive shares, respectively. We discuss the conversion of the series B preferred stock into common stock on July 15, 2021 below in “Shareholders’ Equity and Noncontrolling Interests.” Pursuant to Sempra’s share-based compensation plans, the Compensation and Talent Committee of Sempra’s board of directors granted 222,620 nonqualified stock options, 323,889 performance-based RSUs and 142,105 service-based RSUs in the six months ended June 30, 2021, primarily in January. 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. COMPREHENSIVE INCOME The following tables present the changes in AOCI by component and amounts reclassified out of AOCI to net income, excluding amounts attributable to NCI. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT (1) (Dollars in millions) Foreign Financial Pension Total Three months ended June 30, 2021 and 2020 Sempra (2) : Balance at March 31, 2021 $ (69) $ (239) $ (91) $ (399) OCI before reclassifications (19) (36) (2) (57) Amounts reclassified from AOCI — 10 2 12 Net OCI (3) (19) (26) — (45) Balance at June 30, 2021 $ (88) $ (265) $ (91) $ (444) Balance at March 31, 2020 $ (745) $ (350) $ (95) $ (1,190) OCI before reclassifications (4) 17 (13) (14) (10) Amounts reclassified from AOCI (4) 645 2 11 658 Net OCI 662 (11) (3) 648 Balance at June 30, 2020 $ (83) $ (361) $ (98) $ (542) SDG&E: Balance a |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2021 | |
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 financial condition, results of operations, cash flows or disclosures. ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”: ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. In addition to other changes, this standard amends ASC 470-20, “Debt with Conversion and Other Options,” by removing the accounting models for instruments with beneficial conversion and cash conversion features. The standard also amends ASC 260, “Earnings Per Share,” as follows: ▪ requires an entity to apply the if-converted method when calculating diluted EPS for convertible instruments and no longer use the treasury stock method, which was previously allowed for certain convertible instruments; ▪ requires an entity to include the effect of potential share settlement in the diluted EPS calculation when an instrument may be settled in cash or shares, and no longer allows an entity to rebut the presumption of share settlement if it has a history or policy of cash settlement; ▪ requires an entity to include equity-classified convertible preferred stock that contains down-round features whereby, if the down-round feature is triggered, its effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS; ▪ clarifies that the average market price should be used to calculate the diluted EPS denominator when the exercise price or the number of shares that may be issued is variable, except for certain contingently issuable shares; and ▪ clarifies that the weighted-average share count from each quarter should be used when calculating the year-to-date weighted-average share count. For public entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods therein, with early adoption permitted for fiscal years beginning after December 15, 2020. An entity can use either a full or modified retrospective approach to adopt ASU 2020-06 and must disclose, in the period of adoption, EPS transition information about the effect of the change on affected per-share amounts. We plan to adopt the standard on January 1, 2022 and are currently evaluating the effect of the standard on our ongoing financial reporting. |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2021 | |
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 table disaggregates our revenues from contracts with customers by major service line and market and provides a reconciliation to total revenues by segment. The majority of our revenue is recognized over time. DISAGGREGATED REVENUES (Dollars in millions) SDG&E SoCalGas Sempra Mexico Sempra LNG Consolidating adjustments and Parent and Other Sempra Three months ended June 30, 2021 By major service line: Utilities $ 1,170 $ 1,062 $ 17 $ — $ (25) $ 2,224 Energy-related businesses — — 254 48 (56) 246 Revenues from contracts with customers $ 1,170 $ 1,062 $ 271 $ 48 $ (81) $ 2,470 By market: Gas $ 162 $ 1,062 $ 180 $ 47 $ (66) $ 1,385 Electric 1,008 — 91 1 (15) 1,085 Revenues from contracts with customers $ 1,170 $ 1,062 $ 271 $ 48 $ (81) $ 2,470 Revenues from contracts with customers $ 1,170 $ 1,062 $ 271 $ 48 $ (81) $ 2,470 Utilities regulatory revenues 148 62 — — — 210 Other revenues — — 133 4 (76) 61 Total revenues $ 1,318 $ 1,124 $ 404 $ 52 $ (157) $ 2,741 Six months ended June 30, 2021 By major service line: Utilities $ 2,386 $ 2,719 $ 44 $ — $ (52) $ 5,097 Energy-related businesses — — 535 116 (137) 514 Revenues from contracts with customers $ 2,386 $ 2,719 $ 579 $ 116 $ (189) $ 5,611 By market: Gas $ 435 $ 2,719 $ 404 $ 114 $ (169) $ 3,503 Electric 1,951 — 175 2 (20) 2,108 Revenues from contracts with customers $ 2,386 $ 2,719 $ 579 $ 116 $ (189) $ 5,611 Revenues from contracts with customers $ 2,386 $ 2,719 $ 579 $ 116 $ (189) $ 5,611 Utilities regulatory revenues 269 (87) — — — 182 Other revenues — — 192 132 (117) 207 Total revenues $ 2,655 $ 2,632 $ 771 $ 248 $ (306) $ 6,000 DISAGGREGATED REVENUES (CONTINUED) (Dollars in millions) SDG&E SoCalGas Sempra Mexico Sempra LNG Consolidating adjustments and Parent and other Sempra Three months ended June 30, 2020 By major service line: Utilities $ 1,050 $ 904 $ 10 $ — $ (22) $ 1,942 Energy-related businesses — — 174 9 (1) 182 Revenues from contracts with customers $ 1,050 $ 904 $ 184 $ 9 $ (23) $ 2,124 By market: Gas $ 138 $ 904 $ 133 $ 7 $ (21) $ 1,161 Electric 912 — 51 2 (2) 963 Revenues from contracts with customers $ 1,050 $ 904 $ 184 $ 9 $ (23) $ 2,124 Revenues from contracts with customers $ 1,050 $ 904 $ 184 $ 9 $ (23) $ 2,124 Utilities regulatory revenues 185 106 — — — 291 Other revenues — — 91 60 (40) 111 Total revenues $ 1,235 $ 1,010 $ 275 $ 69 $ (63) $ 2,526 Six months ended June 30, 2020 By major service line: Utilities $ 2,309 $ 2,448 $ 30 $ — $ (41) $ 4,746 Energy-related businesses — — 372 21 (8) 385 Revenues from contracts with customers $ 2,309 $ 2,448 $ 402 $ 21 $ (49) $ 5,131 By market: Gas $ 392 $ 2,448 $ 280 $ 18 $ (44) $ 3,094 Electric 1,917 — 122 3 (5) 2,037 Revenues from contracts with customers $ 2,309 $ 2,448 $ 402 $ 21 $ (49) $ 5,131 Revenues from contracts with customers $ 2,309 $ 2,448 $ 402 $ 21 $ (49) $ 5,131 Utilities regulatory revenues 195 (43) — — — 152 Other revenues — — 182 171 (81) 272 Total revenues $ 2,504 $ 2,405 $ 584 $ 192 $ (130) $ 5,555 Remaining Performance Obligations For contracts greater than one year, at June 30, 2021, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. SoCalGas did not have any such performance obligations at June 30, 2021. REMAINING PERFORMANCE OBLIGATIONS (1) (Dollars in millions) Sempra SDG&E 2021 (excluding first six months of 2021) $ 180 $ 2 2022 406 4 2023 407 4 2024 351 4 2025 351 4 Thereafter 4,389 67 Total revenues to be recognized $ 6,084 $ 85 (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 six months ended June 30, 2021 or 2020. CONTRACT LIABILITIES (Dollars in millions) 2021 2020 Sempra: Contract liabilities at January 1 $ (207) $ (163) Revenue from performance obligations satisfied during reporting period 49 2 Payments received in advance (1) — Contract liabilities at June 30 (1) $ (159) $ (161) SDG&E: Contract liabilities at January 1 $ (87) $ (91) Revenue from performance obligations satisfied during reporting period 2 2 Contract liabilities at June 30 (1) $ (85) $ (89) (1) At June 30, 2021, includes $6 million and $4 million in Other Current Liabilities and $153 million and $81 million in Deferred Credits and Other on Sempra’s and SDG&E’s Condensed Consolidated Balance Sheets, respectively. Receivables from Revenues from Contracts with Customers The table below shows receivable balances associated with revenues from contracts with customers on the Condensed Consolidated Balance Sheets. RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Dollars in millions) June 30, 2021 December 31, 2020 Sempra: Accounts receivable – trade, net $ 1,265 $ 1,447 Accounts receivable – other, net 15 12 Due from unconsolidated affiliates – current (1) 2 3 Total $ 1,282 $ 1,462 SDG&E: Accounts receivable – trade, net $ 635 $ 573 Accounts receivable – other, net 8 8 Due from unconsolidated affiliates – current (1) 3 2 Total $ 646 $ 583 SoCalGas: Accounts receivable – trade, net $ 541 $ 786 Accounts receivable – other, net 7 4 Total $ 548 $ 790 (1) Amount is presented net of amounts due to unconsolidated affiliates on the Condensed Consolidated Balance Sheets, when right of offset exists. |
REGULATORY MATTERS
REGULATORY MATTERS | 6 Months Ended |
Jun. 30, 2021 | |
Regulated Operations [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS 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. REGULATORY ASSETS AND LIABILITIES We show the details of regulatory assets and liabilities in the following table. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) June 30, December 31, SDG&E: Fixed-price contracts and other derivatives $ (82) $ (53) Deferred income taxes recoverable in rates 86 22 Pension and other postretirement benefit plan obligations 41 50 Removal obligations (2,199) (2,121) Environmental costs 55 56 Sunrise Powerlink fire mitigation 120 121 Regulatory balancing accounts (1)(2) Commodity – electric 175 72 Gas transportation 10 35 Safety and reliability 61 67 Public purpose programs (110) (158) 2019 GRC retroactive impacts 28 56 Other balancing accounts 328 233 Other regulatory assets, net (2) 95 72 Total SDG&E (1,392) (1,548) SoCalGas: Deferred income taxes recoverable (refundable) in rates 13 (82) Pension and other postretirement benefit plan obligations 406 417 Employee benefit costs 37 37 Removal obligations (662) (685) Environmental costs 35 36 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (127) (56) Safety and reliability 305 335 Public purpose programs (176) (253) 2019 GRC retroactive impacts 101 202 Other balancing accounts (52) (58) Other regulatory assets, net (2) 121 75 Total SoCalGas 1 (32) Sempra Mexico: Deferred income taxes recoverable in rates 80 80 Total Sempra $ (1,311) $ (1,500) (1) At June 30, 2021 and December 31, 2020, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $256 million and $139 million, respectively, and for SoCalGas was $388 million and $218 million, respectively. (2) Includes regulatory assets earning a return. CALIFORNIA UTILITIES COVID-19 Pandemic Protections In March 2020, the CPUC required that all energy companies under its jurisdiction, including the California Utilities, take action to implement several emergency customer protection measures to support California customers affected by the COVID-19 pandemic for up to one year. The customer protection measures were mandatory for all residential and small business customers. In February 2021, the CPUC extended the customer protection measures through June 2021. In June 2021, the CPUC further extended the suspension of service disconnections for nonpayment by these customers through September 2021, which provides time for the California Utilities to notify residential and small business customers in arrears and enroll such customers in long-term repayment plans. The CPUC is continuing to consider the impacts of any state or federal relief programs on customer arrearages and if further debt relief is warranted. In April 2021, the CPUC expanded suspension of service disconnections to medium-large commercial and industrial customers through June 2021, thereby including the entire customer population except SoCalGas’ noncore customers. The measures were effective December 30, 2020. In June 2021, the CPUC extended suspensions of service disconnections for nonpayment by these customers through September 2021. Each of the California Utilities has been authorized to track and request recovery of incremental costs associated with complying with customer protection measures implemented by the CPUC related to the COVID-19 pandemic, including costs associated with suspending service disconnections and uncollectible expenses that arise from customers’ failure to pay. The California Utilities expect to pursue recovery of small and medium-large commercial and industrial customers’ tracked costs in rates in a future CPUC proceeding, which recovery is not assured. Uncollectible expenses related to residential customers are recorded in a two-way balancing account as we discuss below. Disconnection OIR In June 2020, the CPUC issued a decision to adopt certain customer protections to reduce residential customer disconnections and improve reconnection processes, including, among other things, imposing limitations on service disconnections, elimination of deposit requirements and reconnection fees, establishment of the AMP that provides successfully participating, income-qualified residential customers with relief from outstanding utility bill amounts, and increased outreach and marketing efforts. As permitted by the decision, each of the California Utilities has established a two-way balancing account to record the uncollectible expenses associated with residential customers’ inability to pay their electric or gas bills, including as a result of the relief from outstanding utility bill amounts provided under the AMP. CPUC GRC The CPUC uses GRCs to set rates designed to allow the California Utilities to recover their reasonable operating costs and to provide the opportunity to realize their authorized rates of return on their investments. In January 2020, the CPUC issued a final decision implementing a four-year GRC cycle for California IOUs and the California Utilities were directed to file a petition for modification to revise their 2019 GRC to add two additional attrition years, resulting in a transitional five-year GRC period (2019-2023). The California Utilities filed the petition in April 2020. In May 2021, the CPUC issued a final decision approving the California Utilities’ request to continue their authorized post-test year mechanisms for 2022 and 2023. For SDG&E, the decision authorizes revenue requirement increases of $87 million (3.92%) for 2022 and $86 million (3.70%) for 2023. For SoCalGas, the decision authorizes revenue requirement increases of $142 million (4.53%) for 2022 and $130 million (3.97%) for 2023. The 2019 GRC FD clarified that differences between incurred and forecasted income tax expense due to forecasting differences are not subject to tracking in the income tax expense memorandum account beginning in 2019. SDG&E and SoCalGas previously recorded regulatory liabilities, inclusive of interest, associated with the 2016 through 2018 tracked forecasting differences of $86 million and $89 million, respectively. In April 2020, the CPUC confirmed treatment of the two-way income tax expense memorandum account for these 2016 through 2018 balances, at which time the California Utilities released these regulatory liability balances to revenues and regulatory interest. We provide additional information concerning the 2019 GRC FD in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report. SDG&E FERC Rate Matters and Cost of Capital SDG&E files separately with the FERC for its authorized ROE on FERC-regulated electric transmission operations and assets. SDG&E’s TO4 ROE of 10.05% was the basis of SDG&E’s FERC-related revenue recognition until March 2020, when the FERC approved the settlement terms that SDG&E and all settling parties reached in October 2019 on SDG&E’s TO5 filing. The settlement agreement provided 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) if such a refund is determined to be required by the terms of the TO5 settlement. The TO5 term is effective June 1, 2019 and shall remain in effect each calendar year until terminated by a notice at least six months before the end of a calendar year. In the first quarter of 2020, SDG&E recorded retroactive revenues of $12 million related to 2019, and additional FERC revenues of $17 million to conclude a rate base matter, net of certain refunds to be paid to CPUC-jurisdictional customers. Energy Efficiency Program Inquiry In January 2020, the CPUC issued a ruling seeking comments on a report prepared by its consultant regarding SDG&E’s Upstream Lighting Program for the program year 2017. The CPUC subsequently expanded the scope of the comments to cover the program year 2018. The Upstream Lighting Program was one of SDG&E’s Energy Efficiency Programs designed to produce energy efficiency savings for which SDG&E could earn a performance-based incentive. Pursuant to the CPUC ruling, intervenors representing ratepayers questioned SDG&E’s management of the program and alleged that certain program expenditures did not benefit the purpose of the program. As a result of the inquiry, SDG&E voluntarily expanded its review to include the program year 2019. Based on this review, SDG&E concluded some concessions were appropriate, which included refunding certain costs to customers and reducing certain performance-based incentives. Accordingly, in the second quarter of 2020, SDG&E reduced revenues by $15 million for aggregate amounts recognized in program years 2017, 2018 and 2019. In the third quarter of 2020, SDG&E reduced revenues by an additional $36 million and recorded a fine of $6 million. The after-tax impact for the year ended December 31, 2020 was $44 million. In October 2020, SDG&E executed a settlement agreement with intervenors consistent with these concessions. In August 2021, the CPUC issued a proposed decision approving the settlement agreement. SOCALGAS OSCs – Energy Efficiency and Advocacy In October 2019, the CPUC issued an OSC to determine whether SoCalGas should be sanctioned for violation of certain CPUC code sections and orders. The OSC stemmed from a short period of transitional energy efficiency (EE) codes and standards advocacy activities undertaken by SoCalGas in 2018, following a CPUC decision disallowing SoCalGas’ future engagement in EE statewide codes and standards advocacy. We expect a CPUC decision on this OSC in the fourth quarter of 2021. In December 2019, the CPUC issued a second OSC to determine whether SoCalGas is entitled to the EE program’s shareholder incentives for codes and standards advocacy in 2016 and 2017, whether its shareholders should bear the costs of those advocacy activities, and to address whether any other remedies are appropriate. The scope of this OSC was later expanded to include EE program years 2014 and 2015, and SoCalGas’ engagement with local governments on proposed reach codes. In April 2021, the assigned Administrative Law Judge issued a Presiding Officer’s Decision (POD) on the second OSC. The POD finds no violations and assesses no fines or penalties but finds that SoCalGas spent ratepayer funds on activities that were not aligned with the CPUC’s intent for EE codes and standards advocacy. The POD, which is currently under appeal by intervenors, orders customer refunds that SoCalGas expects will be negligible (subject to a CPUC audit). Additionally, the POD proposed precluding SoCalGas from seeking cost recovery associated with EE codes and standards advocacy programs until lifted by the CPUC, and orders certain nonfinancial remedies. Intervenors in these OSCs have suggested the CPUC order various financial and non-financial penalties. If the CPUC were to assess fines or penalties on SoCalGas associated with these OSCs, they could be material. 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 take approximately 10 years. 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, as we discuss below. SDG&E is responsible for approximately 20% of the total decommissioning cost. The Samuel Lawrence Foundation filed a writ petition under the California Coastal Act in LA Superior Court in December 2019 seeking to invalidate the coastal development permit and to obtain injunctive relief to stop decommissioning work. A tentative ruling was issued in June 2021, denying the petition. In September 2020, the foundation filed another writ petition under the California Coastal Act in LA Superior Court seeking to set aside the California Coastal Commission’s July 2020 approval of the inspection and maintenance plan for the SONGS’ canisters and to obtain injunctive relief to stop decommissioning work. A trial date for this petition has been set for April 2022. To date, decommissioning work has not been interrupted as a result of these writ petitions. 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. The amounts 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 2020, SDG&E received authorization from the CPUC to access NDT funds of up to $89 million for forecasted 2021 costs. The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT. We provide additional fair value disclosures for the NDT in Note 9. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated At June 30, 2021: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 61 $ — $ — $ 61 Municipal bonds (2) 308 16 — 324 Other securities (3) 257 12 (1) 268 Total debt securities 626 28 (1) 653 Equity securities 104 264 (1) 367 Cash and cash equivalents 8 — — 8 Payables, net (4) — — (4) Total $ 734 $ 292 $ (2) $ 1,024 At December 31, 2020: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies $ 64 $ 1 $ — $ 65 Municipal bonds 308 18 — 326 Other securities 253 17 — 270 Total debt securities 625 36 — 661 Equity securities 112 254 (2) 364 Cash and cash equivalents 3 — — 3 Payables, net (9) — — (9) Total $ 731 $ 290 $ (2) $ 1,019 (1) Maturity dates are 2022-2051. (2) Maturity dates are 2021-2056. (3) Maturity dates are 2022-2072. 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 NDT (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Proceeds from sales $ 254 $ 245 $ 542 $ 797 Gross realized gains 18 7 39 99 Gross realized losses (1) (6) (3) (11) 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 AND SPENT NUCLEAR FUEL The present value of SDG&E’s ARO related to decommissioning costs for the SONGS units was $563 million at June 30, 2021. That amount includes the cost to decommission Units 2 and 3, and the remaining cost to complete the decommissioning of Unit 1, which is substantially complete. The ARO for all three units is based on a cost study prepared in 2017 that is pending CPUC approval. The ARO for Units 2 and 3 reflects the acceleration of the start of decommissioning of these units as a result of the early closure of the plant. SDG&E’s share of total decommissioning costs in 2021 dollars is approximately $886 million. 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 $450 million in coverage limits, the maximum amount available, including coverage for acts of terrorism. In addition, the Price-Anderson Act provides an additional $110 million of coverage. If a nuclear liability loss occurs at SONGS and exceeds the $450 million insurance limit, this additional coverage would be available to provide a total of $560 million in coverage limits per incident. The SONGS co-owners have nuclear property damage insurance of $130 million, which exceeds the minimum federal requirements 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 $4.3 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. |
ACQUISITIONS, DIVESTITURES AND
ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS | ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS ACQUISITION We consolidate assets acquired and liabilities assumed as of the purchase date and include earnings from acquisitions in consolidated earnings after the purchase date. Sempra Mexico ESJ On March 19, 2021, IEnova completed the acquisition of Saavi Energía’s 50% equity interest in ESJ for a purchase price of approximately $65 million (net of $14 million of acquired cash and cash equivalents) plus the assumption of $277 million in debt (including $94 million owed from ESJ to IEnova that eliminates upon consolidation). IEnova previously accounted for its 50% interest in ESJ as an equity method investment. This acquisition increased IEnova’s ownership interest in ESJ from 50% to 100%. We accounted for this asset acquisition using a cost accumulation model whereby the cost of the acquisition and carrying value of our previously held interest in ESJ ($34 million) were allocated to assets acquired ($458 million) and liabilities assumed ($345 million) based on their relative fair values. ESJ owns a fully operating wind power generation facility with a nameplate capacity of 155 MW that is fully contracted by SDG&E under a long-term PPA. IEnova recorded a $190 million intangible asset for the relative fair value of the PPA that will be amortized over a period of 14 years against revenues. ESJ is constructing a second wind power generation facility with a nameplate capacity of 108 MW that we expect will be completed in the first quarter of 2022. DISCONTINUED OPERATIONS In April 2020, we completed the sale of our equity interests in our Peruvian businesses, including our 83.6% interest in Luz del Sur and its interest in Tecsur, to an affiliate of China Yangtze Power International (Hongkong) Co., Limited for cash proceeds of $3,549 million, net of transaction costs and as adjusted for post-closing adjustments, and recorded a pretax gain of $2,271 million ($1,499 million after tax). In June 2020, we completed the sale of our equity interests in our Chilean businesses, including our 100% interest in Chilquinta Energía and Tecnored and our 50% interest in Eletrans, to State Grid International Development Limited for cash proceeds of $2,232 million, net of transaction costs and subject to post-closing adjustments, and recorded a pretax gain of $644 million ($255 million after tax). In the three months and six months ended June 30, 2020, the pretax gains from the sales of our South American businesses are included in Gain on Sale of Discontinued Operations in the table below and the after-tax gains are included in Income from Discontinued Operations, Net of Income Tax, on Sempra’s Condensed Consolidated Statements of Operations. Summarized results from discontinued operations were as follows: DISCONTINUED OPERATIONS (Dollars in millions) Three months ended June 30, 2020 (1) Six months ended June 30, 2020 (1) Revenues $ 170 $ 570 Cost of sales (111) (364) Gain on sale of discontinued operations 2,915 2,915 Operating expenses (20) (66) Interest and other (3) (3) Income before income taxes 2,951 3,052 Income tax expense (1,174) (1,195) Income from discontinued operations, net of income tax 1,777 1,857 Earnings attributable to noncontrolling interests (2) (10) Earnings from discontinued operations attributable to Sempra $ 1,775 $ 1,847 (1) Results include activity until the sale of our Peruvian businesses on April 24, 2020 and Chilean businesses on June 24, 2020. |
INVESTMENTS IN UNCONSOLIDATED E
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments [Abstract] | |
Investments in Unconsolidated Entities | 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. 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 Notes 5 and 6 of the Notes to Consolidated Financial Statements in the Annual Report. SEMPRA TEXAS UTILITIES Oncor Holdings We account for our 100% 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 six months ended June 30, 2021 and 2020, Sempra contributed $100 million and $139 million, respectively, to Oncor Holdings, and Oncor Holdings distributed $162 million and $146 million, respectively, in dividends 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 June 30, Six months ended June 30, 2021 2020 2021 2020 Operating revenues $ 1,147 $ 1,090 $ 2,286 $ 2,162 Operating expenses (836) (767) (1,665) (1,568) Income from operations 311 323 621 594 Interest expense (102) (102) (204) (203) Income tax expense (34) (37) (70) (65) Net income 167 173 332 302 Noncontrolling interest held by TTI (34) (35) (67) (61) Earnings attributable to Sempra (1) 133 138 265 241 (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. SEMPRA MEXICO ESJ As we discuss in Note 5, on March 19, 2021, IEnova completed the acquisition of the remaining 50% equity interest in ESJ and ESJ became a wholly owned, consolidated subsidiary. Prior to the acquisition date, IEnova owned 50% of ESJ and accounted for its interest as an equity method investment. In each of the six months ended June 30, 2021 and 2020, ESJ distributed a $4 million return of investment to IEnova. SEMPRA LNG Cameron LNG JV In the six months ended June 30, 2021 and 2020, Cameron LNG JV distributed to Sempra LNG dividends of $378 million, of which $165 million relates to the distribution from Cameron LNG JV’s SDSRA that we discuss below, and $74 million, respectively. In March 2021, Cameron LNG JV reached financial completion of the three-train liquefaction project, and Sempra’s related guarantees for a maximum aggregate amount of $4.0 billion were terminated. We discuss these guarantees in Note 6 of the Notes to Consolidated Financial Statements in the Annual Report. 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 LNG 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 LNG from the SDSRA, or $165 million. We recorded a guarantee liability of $1 million and $21 million in Other Current Liabilities and Deferred Credits and Other, respectively, on Sempra’s Condensed Consolidated Balance Sheet for the fair value of the promissory note, which will be reduced over the duration of the guarantee through Sempra LNG’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 LNG 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 will be 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 used its $753 million share of the proceeds for working capital and other general corporate purposes, including the repayment of indebtedness. Sempra LNG’s $753 million proportionate share of the affiliate loans, based on its 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, as amended on June 29, 2021, 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 LNG 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 LNG 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 LNG 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 LNG. In exchange for this guarantee, the external lenders will 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 LNG will recognize 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 9). At June 30, 2021, the fair value of the Support Agreement was $4 million, of which $7 million is included in Other Current Assets offset by $3 million included in Deferred Credits and Other on Sempra’s Condensed Consolidated Balance Sheet. |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT AND CREDIT FACILITIES | DEBT AND CREDIT FACILITIES LINES OF CREDIT Primary U.S. Committed Lines of Credit In May 2021, Sempra Global assigned its $3.2 billion, five-year committed line of credit facility to Sempra and Sempra assumed all rights and responsibilities under the credit agreement. Also, in May 2021, Sempra established a commercial paper program to replace Sempra Global’s commercial paper program that was terminated in June 2021. At June 30, 2021, Sempra had an aggregate capacity of $6.7 billion from primary U.S. committed lines of credit, which provide liquidity and support commercial paper. The principal terms of these committed lines of credit, which expire in May 2024, are described below and in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report. PRIMARY U.S. COMMITTED LINES OF CREDIT (Dollars in millions) June 30, 2021 Total facility Commercial paper outstanding (1)(2) Available unused credit Sempra (3) $ 4,435 $ (1,117) $ 3,318 SDG&E (4) 1,500 (437) 1,063 SoCalGas (4) 750 (143) 607 Total $ 6,685 $ (1,697) $ 4,988 (1) Because the commercial paper programs are supported by these lines, we reflect the amount of commercial paper outstanding as a reduction to the available unused credit. (2) Commercial paper outstanding is before reductions of a negligible amount of unamortized discount. (3) The facility also provides for issuance of $200 million of letters of credit on behalf of Sempra with the amount of borrowings otherwise available under the facility reduced by the amount of outstanding letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra has the right to increase the letter of credit commitment up to $500 million. No letters of credit were outstanding at June 30, 2021. (4) The facility also provides for issuance of $100 million of letters of credit on behalf of the borrowing utility with the amount of borrowings otherwise available under the facility reduced by the amount of outstanding letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, the borrowing utility has the right to increase the letter of credit commitment up to $250 million. No letters of credit were outstanding at June 30, 2021. 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 June 30, 2021, each entity was in compliance with this ratio under its respective credit facility. Foreign Committed Lines of Credit Our foreign operations in Mexico have additional committed lines of credit aggregating $1.8 billion at June 30, 2021. The principal terms of these committed lines of credit are described in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report. FOREIGN COMMITTED LINES OF CREDIT (U.S. dollar equivalent in millions) June 30, 2021 Expiration date of facility Total facility Amounts outstanding Available unused credit February 2024 $ 1,500 $ (189) $ 1,311 September 2021 280 (280) — Total $ 1,780 $ (469) $ 1,311 In addition to its committed lines of credit, IEnova has a three-year $20 million uncommitted revolving credit facility with Scotiabank Inverlat S.A. (borrowings may be made in either U.S. dollars or Mexican pesos) and a three-year $100 million uncommitted revolving credit facility with The Bank of Nova Scotia (borrowings may only be made in U.S. dollars). Both credit facilities expire in October 2023. At June 30, 2021, available unused credit on these lines was $20 million. Letters of Credit Outside of our domestic and foreign committed credit facilities, we have bilateral unsecured standby letter of credit capacity with select lenders that is uncommitted and supported by reimbursement agreements. At June 30, 2021, we had approximately $680 million in standby letters of credit outstanding under these agreements. TERM LOAN In June 2021, SDG&E entered into a $375 million, 364-day term loan with a maturity date of June 27, 2022. At June 30, 2021, there were no borrowings outstanding under this agreement. In July 2021, SDG&E borrowed $200 million, net of negligible issuance costs, under the term loan. The borrowing bears interest at benchmark rates plus 62.5 bps. The term loan provides SDG&E with additional liquidity outside of its line of credit. WEIGHTED-AVERAGE INTEREST RATES The weighted-average interest rates on the total short-term debt at June 30, 2021 and December 31, 2020 were as follows: WEIGHTED-AVERAGE INTEREST RATES June 30, 2021 December 31, 2020 Sempra 0.34 % 0.83 % SDG&E 0.19 — SoCalGas 0.11 0.14 LONG-TERM DEBT Sempra Mexico As we discuss in Note 5, through its acquisition of ESJ, Sempra Mexico assumed a $177 million (net of $6 million in unamortized debt issuance costs) variable rate loan payable to a syndicate of five lenders that matures in June 2033. To moderate exposure to interest rate and associated cash flow variability, ESJ entered into floating-to-fixed rate swaps for 90% of the principal balance, resulting in a fixed rate of 6.13%. The remaining 10% of the principal balance bears interest at 6-month LIBOR plus a margin of 2.63% with an increase of 25 bps every four years (2.80% at June 30, 2021). Sempra LNG In December 2020, ECA LNG Phase 1 entered into a five-year loan agreement with a syndicate of nine banks for an aggregate principal amount of up to $1.6 billion. At June 30, 2021 and December 31, 2020, $202 million and $17 million, respectively, was |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2021 | |
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 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 have derivatives that are (1) cash flow hedges, (2) fair value hedges, or (3) undesignated. Depending on the applicability of hedge accounting and, for the California Utilities 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 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 that the future cash flows of a given revenue or expense item may vary, 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: ▪ The California Utilities use natural gas and electricity derivatives, for the benefit of customers, with the objective of managing price risk and basis risks, 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 that have been filed with and approved by the CPUC. 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 Electric Fuel and Purchased Power or in Cost of Natural Gas. ▪ 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 Mexico and Sempra LNG may use natural gas and electricity derivatives, as appropriate, in an effort to optimize the earnings of their assets which support the following businesses: LNG, natural gas transportation 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. Certain of these derivatives may also be designated as cash flow hedges. Sempra Mexico may also use natural gas energy derivatives with the objective of managing price risk and lowering natural gas prices at its distribution operations. These derivatives, which are recorded as commodity costs that are offset by regulatory account balances and recovered in rates, are recognized in Cost of Natural Gas on the Condensed Consolidated Statements of Operations. ▪ From time to time, our various businesses, including the California Utilities, may use other energy derivatives to hedge exposures such as the price of vehicle fuel and greenhouse gas allowances. The following table summarizes net energy derivative volumes. NET ENERGY DERIVATIVE VOLUMES (Quantities in millions) Commodity Unit of measure June 30, 2021 December 31, 2020 Sempra: Natural gas MMBtu (34) 5 Electricity MWh 1 1 Congestion revenue rights MWh 43 43 SDG&E: Natural gas MMBtu 14 16 Electricity MWh 1 1 Congestion revenue rights MWh 43 43 SoCalGas: Natural gas MMBtu — 1 In addition to the amounts noted above, we use commodity derivatives to manage risks associated with the physical locations of contractual obligations and assets, such as natural gas purchases and sales. INTEREST RATE DERIVATIVES We are exposed to interest rates primarily as a result of our current and expected use of financing. The California Utilities, 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 JVs. INTEREST RATE DERIVATIVES (Dollars in millions) June 30, 2021 December 31, 2020 Notional debt Maturities Notional debt Maturities Sempra: Cash flow hedges $ 763 2021-2034 $ 1,486 2021-2034 FOREIGN CURRENCY DERIVATIVES We 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 variable interest rates for U.S. fixed interest rates. From time to time, Sempra Mexico 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. We also utilized foreign currency derivatives in 2020 to hedge exposure to fluctuations in the Peruvian sol and Chilean peso related to the sales of our operations in Peru and Chile, respectively. The following table presents the net notional amounts of our foreign currency derivatives, excluding JVs. FOREIGN CURRENCY DERIVATIVES (Dollars in millions) June 30, 2021 December 31, 2020 Notional amount Maturities Notional amount Maturities Sempra: Cross-currency swaps $ 306 2021-2023 $ 306 2021-2023 Other foreign currency derivatives 64 2021-2022 1,764 2021-2022 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) June 30, 2021 Other current assets (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate and foreign exchange instruments $ — $ 5 $ (25) $ (158) Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 125 19 (153) (23) Associated offsetting commodity contracts (122) (18) 122 18 Commodity contracts subject to rate recovery 57 77 (21) (12) Associated offsetting commodity contracts (8) (1) 8 1 Net amounts presented on the balance sheet 52 82 (69) (174) Additional cash collateral for commodity contracts not subject to rate recovery 59 — — — Additional cash collateral for commodity contracts subject to rate recovery 27 — — — Total (2) $ 138 $ 82 $ (69) $ (174) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 48 $ 77 $ (15) $ (10) Associated offsetting commodity contracts (8) (1) 8 1 Net amounts presented on the balance sheet 40 76 (7) (9) Additional cash collateral for commodity contracts subject to rate recovery 26 — — — Total (2) $ 66 $ 76 $ (7) $ (9) SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 9 $ — $ (6) $ (2) Net amounts presented on the balance sheet 9 — (6) (2) Additional cash collateral for commodity contracts subject to rate recovery 1 — — — Total $ 10 $ — $ (6) $ (2) (1) Included in Current Assets: Fixed-Price Contracts and Other Derivatives for SDG&E. (2) Normal purchase contracts previously measured at fair value are excluded. DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) December 31, 2020 Other current assets (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate and foreign exchange instruments $ — $ 1 $ (26) $ (160) Derivatives not designated as hedging instruments: Foreign exchange instruments 24 — — — Commodity contracts not subject to rate recovery 82 17 (95) (16) Associated offsetting commodity contracts (82) (13) 82 13 Commodity contracts subject to rate recovery 35 95 (35) (25) Associated offsetting commodity contracts (2) — 2 — Net amounts presented on the balance sheet 57 100 (72) (188) Additional cash collateral for commodity contracts not subject to rate recovery 21 — — — Additional cash collateral for commodity contracts subject to rate recovery 30 — — — Total (2) $ 108 $ 100 $ (72) $ (188) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 32 $ 95 $ (28) $ (25) Associated offsetting commodity contracts (1) — 1 — Net amounts presented on the balance sheet 31 95 (27) (25) Additional cash collateral for commodity contracts subject to rate recovery 24 — — — Total (2) $ 55 $ 95 $ (27) $ (25) SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 3 $ — $ (7) $ — Associated offsetting commodity contracts (1) — 1 — Net amounts presented on the balance sheet 2 — (6) — Additional cash collateral for commodity contracts subject to rate recovery 6 — — — Total $ 8 $ — $ (6) $ — (1) Included in Current Assets: Fixed-Price Contracts and Other Derivatives for SDG&E. (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 (loss) gain Pretax gain (loss) reclassified Three months ended June 30, Three months ended June 30, 2021 2020 Location 2021 2020 Sempra: Interest rate instruments $ (6) $ (3) Interest Expense $ 1 $ (1) Interest rate instruments (32) (15) Equity Earnings (1) (19) (1) Foreign exchange instruments (1) (5) Revenues: Energy- Related Businesses — — Other Income (Expense), Net — (1) Foreign exchange instruments (1) (3) Equity Earnings (1) — — Interest rate and foreign exchange instruments 7 8 Interest Expense — (1) Other Income (Expense), Net 7 4 Total $ (33) $ (18) $ (11) $ — Six months ended June 30, Six months ended June 30, 2021 2020 Location 2021 2020 Sempra: Interest rate instruments $ 20 $ (50) Interest Expense $ (1) $ (3) Interest rate instruments 51 (200) Equity Earnings (1) (38) (3) Foreign exchange instruments 2 16 Revenues: Energy- Related Businesses (1) 2 Other Income (Expense), Net — 1 Foreign exchange instruments 2 10 Equity Earnings (1) (1) 2 Interest rate and foreign exchange instruments 1 (37) Interest Expense — (1) Other Income (Expense), Net 1 (37) Total $ 76 $ (261) $ (40) $ (39) (1) Equity earnings at Sempra Mexico are recognized after tax. For Sempra, we expect that losses of $82 million, which are 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. 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 June 30, 2021 is approximately 13 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 18 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 (loss) gain on derivatives recognized in earnings Three months ended Six months ended Location 2021 2020 2021 2020 Sempra: Commodity contracts not subject to rate recovery Revenues: Energy-Related Businesses $ (142) $ 13 $ (190) $ 64 Commodity contracts subject to rate recovery Cost of Natural Gas — (3) 2 (6) Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power 41 9 43 — Foreign exchange instruments Other Income (Expense), Net — 2 (24) (112) Total $ (101) $ 21 $ (169) $ (54) SDG&E: Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power $ 41 $ 9 $ 43 $ — SoCalGas: Commodity contracts subject to rate recovery Cost of Natural Gas $ — $ (3) $ 2 $ (6) 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 June 30, 2021 and December 31, 2020 was $26 million and $16 million, respectively. For SoCalGas, the total fair value of this group of derivative instruments in a liability position at June 30, 2021 and December 31, 2020 was $8 million and $6 million, respectively. At June 30, 2021, if the credit ratings of Sempra or SoCalGas were reduced below investment grade, $26 million and $8 million, respectively, of additional assets could be required to be posted as collateral for these derivative contracts. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTSWe 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 three tables below, by level within the fair value hierarchy, set forth our financial assets and liabilities that were accounted for at fair value on a recurring basis at June 30, 2021 and December 31, 2020. 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, 2020. The fair value of commodity derivative assets and liabilities is presented in accordance with our netting policy, as we discuss in Note 8 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 cash balances, 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 derivatives 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 and long-term, fixed-price electricity positions at SDG&E, as we discuss below in “Level 3 Information – SDG&E.” ▪ Rabbi Trust investments include marketable securities 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). These investments in marketable securities were negligible at both June 30, 2021 and December 31, 2020. ▪ As we discuss in Note 6, 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 – Sempra LNG.” RECURRING FAIR VALUE MEASURES – SEMPRA (Dollars in millions) Fair value at June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 361 $ 6 $ — $ 367 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 48 13 — 61 Municipal bonds — 324 — 324 Other securities — 268 — 268 Total debt securities 48 605 — 653 Total nuclear decommissioning trusts (1) 409 611 — 1,020 Interest rate and foreign exchange instruments — 5 — 5 Commodity contracts not subject to rate recovery — 4 — 4 Effect of netting and allocation of collateral (2) 59 — — 59 Commodity contracts subject to rate recovery 14 15 96 125 Effect of netting and allocation of collateral (2) 21 — 6 27 Support Agreement, net of related guarantee fees — — 7 7 Total $ 503 $ 635 $ 109 $ 1,247 Liabilities: Interest rate and foreign exchange instruments $ — $ 183 $ — $ 183 Commodity contracts not subject to rate recovery — 36 — 36 Commodity contracts subject to rate recovery — 8 16 24 Support Agreement, net of related guarantee fees — — 3 3 Total $ — $ 227 $ 19 $ 246 Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 358 $ 6 $ — $ 364 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 41 24 — 65 Municipal bonds — 326 — 326 Other securities — 270 — 270 Total debt securities 41 620 — 661 Total nuclear decommissioning trusts (1) 399 626 — 1,025 Interest rate and foreign exchange instruments — 25 — 25 Commodity contracts not subject to rate recovery — 4 — 4 Effect of netting and allocation of collateral (2) 21 — — 21 Commodity contracts subject to rate recovery 6 1 121 128 Effect of netting and allocation of collateral (2) 19 5 6 30 Support Agreement, net of related guarantee fees — — 7 7 Total $ 445 $ 661 $ 134 $ 1,240 Liabilities: Interest rate and foreign exchange instruments $ — $ 186 $ — $ 186 Commodity contracts not subject to rate recovery — 16 — 16 Commodity contracts subject to rate recovery — 6 52 58 Support Agreement, net of related guarantee fees — — 4 4 Total $ — $ 208 $ 56 $ 264 (1) Excludes cash, cash equivalents and 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 – SDG&E (Dollars in millions) Fair value at June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 361 $ 6 $ — $ 367 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 48 13 — 61 Municipal bonds — 324 — 324 Other securities — 268 — 268 Total debt securities 48 605 — 653 Total nuclear decommissioning trusts (1) 409 611 — 1,020 Commodity contracts subject to rate recovery 14 6 96 116 Effect of netting and allocation of collateral (2) 20 — 6 26 Total $ 443 $ 617 $ 102 $ 1,162 Liabilities: Commodity contracts subject to rate recovery $ — $ — $ 16 $ 16 Total $ — $ — $ 16 $ 16 Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 358 $ 6 $ — $ 364 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 41 24 — 65 Municipal bonds — 326 — 326 Other securities — 270 — 270 Total debt securities 41 620 — 661 Total nuclear decommissioning trusts (1) 399 626 — 1,025 Commodity contracts subject to rate recovery 5 — 121 126 Effect of netting and allocation of collateral (2) 18 — 6 24 Total $ 422 $ 626 $ 127 $ 1,175 Liabilities: Commodity contracts subject to rate recovery $ — $ — $ 52 $ 52 Total $ — $ — $ 52 $ 52 (1) Excludes cash, cash equivalents and 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 – SOCALGAS (Dollars in millions) Fair value at June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ — $ 9 $ — $ 9 Effect of netting and allocation of collateral (1) 1 — — 1 Total $ 1 $ 9 $ — $ 10 Liabilities: Commodity contracts subject to rate recovery $ — $ 8 $ — $ 8 Total $ — $ 8 $ — $ 8 Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ 1 $ 1 $ — $ 2 Effect of netting and allocation of collateral (1) 1 5 — 6 Total $ 2 $ 6 $ — $ 8 Liabilities: Commodity contracts subject to rate recovery $ — $ 6 $ — $ 6 Total $ — $ 6 $ — $ 6 (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 and long-term, fixed-price electricity positions classified as Level 3 in the fair value hierarchy for Sempra and SDG&E. LEVEL 3 RECONCILIATIONS (1) (Dollars in millions) Three months ended June 30, 2021 2020 Balance at April 1 $ 62 $ 16 Realized and unrealized gains (losses) 8 (9) Allocated transmission instruments (2) 1 Settlements 12 9 Balance at June 30 $ 80 $ 17 Change in unrealized gains (losses) relating to instruments still held at June 30 $ 14 $ (5) Six months ended June 30, 2021 2020 Balance at January 1 $ 69 $ 28 Realized and unrealized gains (losses) 6 (14) Allocated transmission instruments (2) 1 Settlements 7 2 Balance at June 30 $ 80 $ 17 Change in unrealized gains (losses) relating to instruments still held at June 30 $ 12 $ (13) (1) Excludes the effect of the contractual ability to settle contracts under master netting agreements. Inputs used to determine the fair value of CRRs and fixed-price electricity positions are reviewed and compared with market conditions to determine reasonableness. SDG&E expects all costs related to these instruments to be recoverable through customer rates. As such, there is no impact to earnings from changes in the fair value of these instruments. 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 2021 $ (1.81) to $ 14.11 $ (0.12) 2020 (3.77) to 6.03 (1.58) The impact associated with discounting is negligible. 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 higher (lower) fair value measurement. We summarize CRR volumes in Note 8. Long-term, fixed-price electricity positions that are valued using significant unobservable data are classified as Level 3 because the contract terms relate to a delivery location or tenor for which observable market rate information is not available. The fair value of the net electricity positions classified as Level 3 is derived from a discounted cash flow model using market electricity forward price inputs. The range and weighted-average price of these inputs at June 30 were as follows: LONG-TERM, FIXED-PRICE ELECTRICITY POSITIONS PRICE INPUTS Settlement year Price per MWh Weighted-average price per MWh 2021 $ 22.45 to $ 151.90 $ 49.27 2020 20.35 to 51.60 34.68 A significant increase (decrease) in market electricity forward prices would result in a significantly higher (lower) fair value. We summarize long-term, fixed-price electricity position volumes in Note 8. Realized gains and losses associated with CRRs and long-term, fixed-price electricity positions, 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. Sempra LNG The table below sets forth a reconciliation 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 for Sempra. LEVEL 3 RECONCILIATION (Dollars in millions) Three months ended June 30, 2021 Balance at April 1 $ 3 Realized and unrealized gains (1) 3 Settlements (2) Balance at June 30 (2) $ 4 Change in unrealized gains (losses) relating to instruments still held at June 30 $ 2 Six months ended June 30, 2021 Balance at January 1 $ 3 Realized and unrealized gains (1) 5 Settlements (4) Balance at June 30 (2) $ 4 Change in unrealized gains (losses) relating to instruments still held at June 30 $ 4 (1) Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Condensed Consolidated Statement of Operations. (2) Includes $7 million in Other Current Assets offset by $3 million in Deferred Credits and Other 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, short-term amounts due to/from unconsolidated affiliates, 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) June 30, 2021 Carrying Fair value Level 1 Level 2 Level 3 Total Sempra: Long-term amounts due from unconsolidated affiliates (1) $ 705 $ — $ 722 $ — $ 722 Long-term amounts due to unconsolidated affiliates 304 — 325 — 325 Total long-term debt (2) 21,520 — 24,003 — 24,003 SDG&E: Total long-term debt (3) $ 6,036 $ — $ 6,948 $ — $ 6,948 SoCalGas: Total long-term debt (4) $ 4,759 $ — $ 5,424 $ — $ 5,424 December 31, 2020 Carrying Fair value Level 1 Level 2 Level 3 Total Sempra: Long-term amounts due from unconsolidated affiliates (1) $ 786 $ — $ 817 $ — $ 817 Long-term amounts due to unconsolidated affiliates 275 — 266 — 266 Total long-term debt (2) 22,259 — 25,478 — 25,478 SDG&E: Total long-term debt (3) $ 6,253 $ — $ 7,384 $ — $ 7,384 SoCalGas: Total long-term debt (4) $ 4,759 $ — $ 5,655 $ — $ 5,655 (1) Before allowances for credit losses of $1 million and $3 million at June 30, 2021 and December 31, 2020, respectively. Includes $2 million and $3 million in Due From Unconsolidated Affiliates – Current at June 30, 2021 and December 31, 2020, respectively. (2) Before reductions of unamortized discount and debt issuance costs of $258 million and $268 million at June 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $1,335 million and $1,330 million at June 30, 2021 and December 31, 2020, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $50 million and $52 million at June 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $1,276 million at both June 30, 2021 and December 31, 2020. (4) Before reductions of unamortized discount and debt issuance costs of $38 million and $40 million at June 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $59 million and $54 million at June 30, 2021 and December 31, 2020, respectively. We provide the fair values for the securities held in the NDT related to SONGS in Note 10. |
SAN ONOFRE NUCLEAR GENERATING S
SAN ONOFRE NUCLEAR GENERATING STATION | 6 Months Ended |
Jun. 30, 2021 | |
Regulated Operations [Abstract] | |
SAN ONOFRE NUCLEAR GENERATING STATION | REGULATORY MATTERS 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. REGULATORY ASSETS AND LIABILITIES We show the details of regulatory assets and liabilities in the following table. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) June 30, December 31, SDG&E: Fixed-price contracts and other derivatives $ (82) $ (53) Deferred income taxes recoverable in rates 86 22 Pension and other postretirement benefit plan obligations 41 50 Removal obligations (2,199) (2,121) Environmental costs 55 56 Sunrise Powerlink fire mitigation 120 121 Regulatory balancing accounts (1)(2) Commodity – electric 175 72 Gas transportation 10 35 Safety and reliability 61 67 Public purpose programs (110) (158) 2019 GRC retroactive impacts 28 56 Other balancing accounts 328 233 Other regulatory assets, net (2) 95 72 Total SDG&E (1,392) (1,548) SoCalGas: Deferred income taxes recoverable (refundable) in rates 13 (82) Pension and other postretirement benefit plan obligations 406 417 Employee benefit costs 37 37 Removal obligations (662) (685) Environmental costs 35 36 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (127) (56) Safety and reliability 305 335 Public purpose programs (176) (253) 2019 GRC retroactive impacts 101 202 Other balancing accounts (52) (58) Other regulatory assets, net (2) 121 75 Total SoCalGas 1 (32) Sempra Mexico: Deferred income taxes recoverable in rates 80 80 Total Sempra $ (1,311) $ (1,500) (1) At June 30, 2021 and December 31, 2020, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $256 million and $139 million, respectively, and for SoCalGas was $388 million and $218 million, respectively. (2) Includes regulatory assets earning a return. CALIFORNIA UTILITIES COVID-19 Pandemic Protections In March 2020, the CPUC required that all energy companies under its jurisdiction, including the California Utilities, take action to implement several emergency customer protection measures to support California customers affected by the COVID-19 pandemic for up to one year. The customer protection measures were mandatory for all residential and small business customers. In February 2021, the CPUC extended the customer protection measures through June 2021. In June 2021, the CPUC further extended the suspension of service disconnections for nonpayment by these customers through September 2021, which provides time for the California Utilities to notify residential and small business customers in arrears and enroll such customers in long-term repayment plans. The CPUC is continuing to consider the impacts of any state or federal relief programs on customer arrearages and if further debt relief is warranted. In April 2021, the CPUC expanded suspension of service disconnections to medium-large commercial and industrial customers through June 2021, thereby including the entire customer population except SoCalGas’ noncore customers. The measures were effective December 30, 2020. In June 2021, the CPUC extended suspensions of service disconnections for nonpayment by these customers through September 2021. Each of the California Utilities has been authorized to track and request recovery of incremental costs associated with complying with customer protection measures implemented by the CPUC related to the COVID-19 pandemic, including costs associated with suspending service disconnections and uncollectible expenses that arise from customers’ failure to pay. The California Utilities expect to pursue recovery of small and medium-large commercial and industrial customers’ tracked costs in rates in a future CPUC proceeding, which recovery is not assured. Uncollectible expenses related to residential customers are recorded in a two-way balancing account as we discuss below. Disconnection OIR In June 2020, the CPUC issued a decision to adopt certain customer protections to reduce residential customer disconnections and improve reconnection processes, including, among other things, imposing limitations on service disconnections, elimination of deposit requirements and reconnection fees, establishment of the AMP that provides successfully participating, income-qualified residential customers with relief from outstanding utility bill amounts, and increased outreach and marketing efforts. As permitted by the decision, each of the California Utilities has established a two-way balancing account to record the uncollectible expenses associated with residential customers’ inability to pay their electric or gas bills, including as a result of the relief from outstanding utility bill amounts provided under the AMP. CPUC GRC The CPUC uses GRCs to set rates designed to allow the California Utilities to recover their reasonable operating costs and to provide the opportunity to realize their authorized rates of return on their investments. In January 2020, the CPUC issued a final decision implementing a four-year GRC cycle for California IOUs and the California Utilities were directed to file a petition for modification to revise their 2019 GRC to add two additional attrition years, resulting in a transitional five-year GRC period (2019-2023). The California Utilities filed the petition in April 2020. In May 2021, the CPUC issued a final decision approving the California Utilities’ request to continue their authorized post-test year mechanisms for 2022 and 2023. For SDG&E, the decision authorizes revenue requirement increases of $87 million (3.92%) for 2022 and $86 million (3.70%) for 2023. For SoCalGas, the decision authorizes revenue requirement increases of $142 million (4.53%) for 2022 and $130 million (3.97%) for 2023. The 2019 GRC FD clarified that differences between incurred and forecasted income tax expense due to forecasting differences are not subject to tracking in the income tax expense memorandum account beginning in 2019. SDG&E and SoCalGas previously recorded regulatory liabilities, inclusive of interest, associated with the 2016 through 2018 tracked forecasting differences of $86 million and $89 million, respectively. In April 2020, the CPUC confirmed treatment of the two-way income tax expense memorandum account for these 2016 through 2018 balances, at which time the California Utilities released these regulatory liability balances to revenues and regulatory interest. We provide additional information concerning the 2019 GRC FD in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report. SDG&E FERC Rate Matters and Cost of Capital SDG&E files separately with the FERC for its authorized ROE on FERC-regulated electric transmission operations and assets. SDG&E’s TO4 ROE of 10.05% was the basis of SDG&E’s FERC-related revenue recognition until March 2020, when the FERC approved the settlement terms that SDG&E and all settling parties reached in October 2019 on SDG&E’s TO5 filing. The settlement agreement provided 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) if such a refund is determined to be required by the terms of the TO5 settlement. The TO5 term is effective June 1, 2019 and shall remain in effect each calendar year until terminated by a notice at least six months before the end of a calendar year. In the first quarter of 2020, SDG&E recorded retroactive revenues of $12 million related to 2019, and additional FERC revenues of $17 million to conclude a rate base matter, net of certain refunds to be paid to CPUC-jurisdictional customers. Energy Efficiency Program Inquiry In January 2020, the CPUC issued a ruling seeking comments on a report prepared by its consultant regarding SDG&E’s Upstream Lighting Program for the program year 2017. The CPUC subsequently expanded the scope of the comments to cover the program year 2018. The Upstream Lighting Program was one of SDG&E’s Energy Efficiency Programs designed to produce energy efficiency savings for which SDG&E could earn a performance-based incentive. Pursuant to the CPUC ruling, intervenors representing ratepayers questioned SDG&E’s management of the program and alleged that certain program expenditures did not benefit the purpose of the program. As a result of the inquiry, SDG&E voluntarily expanded its review to include the program year 2019. Based on this review, SDG&E concluded some concessions were appropriate, which included refunding certain costs to customers and reducing certain performance-based incentives. Accordingly, in the second quarter of 2020, SDG&E reduced revenues by $15 million for aggregate amounts recognized in program years 2017, 2018 and 2019. In the third quarter of 2020, SDG&E reduced revenues by an additional $36 million and recorded a fine of $6 million. The after-tax impact for the year ended December 31, 2020 was $44 million. In October 2020, SDG&E executed a settlement agreement with intervenors consistent with these concessions. In August 2021, the CPUC issued a proposed decision approving the settlement agreement. SOCALGAS OSCs – Energy Efficiency and Advocacy In October 2019, the CPUC issued an OSC to determine whether SoCalGas should be sanctioned for violation of certain CPUC code sections and orders. The OSC stemmed from a short period of transitional energy efficiency (EE) codes and standards advocacy activities undertaken by SoCalGas in 2018, following a CPUC decision disallowing SoCalGas’ future engagement in EE statewide codes and standards advocacy. We expect a CPUC decision on this OSC in the fourth quarter of 2021. In December 2019, the CPUC issued a second OSC to determine whether SoCalGas is entitled to the EE program’s shareholder incentives for codes and standards advocacy in 2016 and 2017, whether its shareholders should bear the costs of those advocacy activities, and to address whether any other remedies are appropriate. The scope of this OSC was later expanded to include EE program years 2014 and 2015, and SoCalGas’ engagement with local governments on proposed reach codes. In April 2021, the assigned Administrative Law Judge issued a Presiding Officer’s Decision (POD) on the second OSC. The POD finds no violations and assesses no fines or penalties but finds that SoCalGas spent ratepayer funds on activities that were not aligned with the CPUC’s intent for EE codes and standards advocacy. The POD, which is currently under appeal by intervenors, orders customer refunds that SoCalGas expects will be negligible (subject to a CPUC audit). Additionally, the POD proposed precluding SoCalGas from seeking cost recovery associated with EE codes and standards advocacy programs until lifted by the CPUC, and orders certain nonfinancial remedies. Intervenors in these OSCs have suggested the CPUC order various financial and non-financial penalties. If the CPUC were to assess fines or penalties on SoCalGas associated with these OSCs, they could be material. 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 take approximately 10 years. 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, as we discuss below. SDG&E is responsible for approximately 20% of the total decommissioning cost. The Samuel Lawrence Foundation filed a writ petition under the California Coastal Act in LA Superior Court in December 2019 seeking to invalidate the coastal development permit and to obtain injunctive relief to stop decommissioning work. A tentative ruling was issued in June 2021, denying the petition. In September 2020, the foundation filed another writ petition under the California Coastal Act in LA Superior Court seeking to set aside the California Coastal Commission’s July 2020 approval of the inspection and maintenance plan for the SONGS’ canisters and to obtain injunctive relief to stop decommissioning work. A trial date for this petition has been set for April 2022. To date, decommissioning work has not been interrupted as a result of these writ petitions. 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. The amounts 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 2020, SDG&E received authorization from the CPUC to access NDT funds of up to $89 million for forecasted 2021 costs. The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT. We provide additional fair value disclosures for the NDT in Note 9. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated At June 30, 2021: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 61 $ — $ — $ 61 Municipal bonds (2) 308 16 — 324 Other securities (3) 257 12 (1) 268 Total debt securities 626 28 (1) 653 Equity securities 104 264 (1) 367 Cash and cash equivalents 8 — — 8 Payables, net (4) — — (4) Total $ 734 $ 292 $ (2) $ 1,024 At December 31, 2020: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies $ 64 $ 1 $ — $ 65 Municipal bonds 308 18 — 326 Other securities 253 17 — 270 Total debt securities 625 36 — 661 Equity securities 112 254 (2) 364 Cash and cash equivalents 3 — — 3 Payables, net (9) — — (9) Total $ 731 $ 290 $ (2) $ 1,019 (1) Maturity dates are 2022-2051. (2) Maturity dates are 2021-2056. (3) Maturity dates are 2022-2072. 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 NDT (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Proceeds from sales $ 254 $ 245 $ 542 $ 797 Gross realized gains 18 7 39 99 Gross realized losses (1) (6) (3) (11) 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 AND SPENT NUCLEAR FUEL The present value of SDG&E’s ARO related to decommissioning costs for the SONGS units was $563 million at June 30, 2021. That amount includes the cost to decommission Units 2 and 3, and the remaining cost to complete the decommissioning of Unit 1, which is substantially complete. The ARO for all three units is based on a cost study prepared in 2017 that is pending CPUC approval. The ARO for Units 2 and 3 reflects the acceleration of the start of decommissioning of these units as a result of the early closure of the plant. SDG&E’s share of total decommissioning costs in 2021 dollars is approximately $886 million. 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 $450 million in coverage limits, the maximum amount available, including coverage for acts of terrorism. In addition, the Price-Anderson Act provides an additional $110 million of coverage. If a nuclear liability loss occurs at SONGS and exceeds the $450 million insurance limit, this additional coverage would be available to provide a total of $560 million in coverage limits per incident. The SONGS co-owners have nuclear property damage insurance of $130 million, which exceeds the minimum federal requirements 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 $4.3 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 | 6 Months Ended |
Jun. 30, 2021 | |
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 applicable insurance coverage and could materially adversely affect our business, cash flows, results of operations, financial condition and/or prospects. Unless otherwise indicated, we are unable to estimate reasonably possible losses in excess of any amounts accrued. At June 30, 2021, loss contingency accruals for legal matters, including associated legal fees and regulatory matters related to the Leak, that are probable and estimable were $523 million for Sempra, including $445 million for SoCalGas. Amounts for Sempra and SoCalGas include $419 million for matters related to the Leak, which we discuss below. 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. As described below in “Civil Litigation” and “Regulatory Proceedings,” numerous lawsuits, investigations and regulatory proceedings have been initiated in response to the Leak, resulting in significant costs, which together with other Leak-related costs are discussed below in “Cost Estimates, Accounting Impact and Insurance.” Civil Litigation. As of August 2, 2021, 396 lawsuits, including approximately 36,000 plaintiffs, are pending against SoCalGas and Sempra related to the Leak. All these cases, other than the federal securities class action discussed below, which named only Sempra, are coordinated before a single court in the LA Superior Court for pretrial management. In November 2017, in the coordinated proceeding, individuals and business entities filed a Third Amended Consolidated Master Case Complaint for Individual Actions, through which their separate lawsuits will be managed for pretrial purposes. The consolidated complaint asserts causes of action for negligence, negligence per se, private and public nuisance (continuing and permanent), trespass, inverse condemnation, strict liability, negligent and intentional infliction of emotional distress, fraudulent concealment, loss of consortium, wrongful death and violations of Proposition 65 against SoCalGas and Sempra. The consolidated complaint seeks compensatory and punitive damages for personal injuries, lost wages and/or lost profits, property damage and diminution in property value, injunctive relief, costs of future medical monitoring, civil penalties (including penalties associated with Proposition 65 claims alleging violation of requirements for warning about certain chemical exposures), and attorneys’ fees. The court has scheduled trial for a small number of individual plaintiffs for February 2022. In January 2017, two consolidated class action complaints were filed against SoCalGas and Sempra, one on behalf of a putative class of persons and businesses who own or lease real property within a five-mile radius of the well (the Property Class Action), and a second on behalf of a putative class of all persons and entities conducting business within five miles of the facility (the Business Class Action). The Property Class Action asserts claims for strict liability for ultra-hazardous activities, negligence, negligence per se, violation of the California Unfair Competition Law, trespass, permanent and continuing public and private nuisance, and inverse condemnation. The Business Class Action asserts a claim for violation of the California Unfair Competition Law. Both complaints seek compensatory, statutory and punitive damages, injunctive relief and attorneys’ fees. Five property developers filed complaints in July and October of 2018 against SoCalGas and Sempra alleging causes of action for strict liability, negligence per se, negligence, continuing nuisance, permanent nuisance and violation of the California Unfair Competition Law, as well as claims for negligence against certain directors of SoCalGas. The complaints seek compensatory, statutory and punitive damages, injunctive relief and attorneys’ fees. In October 2018 and January 2019, complaints were filed on behalf of 51 firefighters stationed near the Aliso Canyon natural gas storage facility who allege they were injured by exposure to chemicals released during the Leak. The complaints against SoCalGas and Sempra assert causes of actions for negligence, negligence per se, private and public nuisance (continuing and permanent), trespass, inverse condemnation, strict liability, negligent and intentional infliction of emotional distress, fraudulent concealment and loss of consortium. The complaints seek compensatory and punitive damages for personal injuries, lost wages and/or lost profits, property damage and diminution in property value, and attorneys’ fees. Four shareholder derivative actions were filed alleging breach of fiduciary duties against certain officers and certain directors of Sempra and/or SoCalGas. Three of the actions were joined in an Amended Consolidated Shareholder Derivative Complaint, which was dismissed with prejudice in January 2021. The plaintiffs have filed a notice of appeal. The remaining action was also dismissed but plaintiffs were given leave to amend their complaint. In addition, a federal securities class action alleging violation of the federal securities laws was filed against Sempra and certain of its officers in July 2017 in the U.S. District Court for the Southern District of California. In March 2018, the court dismissed the action with prejudice, and in February 2021, the U.S. Court of Appeals for the Ninth Circuit affirmed the dismissal. Regulatory Proceedings. In January 2016, CalGEM and the CPUC directed an independent analysis of the technical root cause of the Leak to be conducted by Blade. In May 2019, Blade released its report, which concluded that the Leak was caused by a failure of the production casing of the well due to corrosion and that attempts to stop the Leak were not effectively conducted, but did not identify any instances of non-compliance by SoCalGas. Blade concluded that SoCalGas’ compliance activities conducted prior to the Leak did not find indications of a casing integrity issue. Blade opined, however, that there were measures, none of which were required by gas storage regulations at the time, that could have been taken to aid in the early identification of corrosion and that, in Blade’s opinion, would have prevented or mitigated the Leak. The report also identified well safety practices and regulations that have since been adopted by CalGEM and implemented by SoCalGas, which address most of the root cause of the Leak identified during Blade’s investigation. In June 2019, the CPUC opened an OII to consider penalties against SoCalGas for the Leak, which it later bifurcated into two phases. The first phase will consider whether SoCalGas violated California Public Utilities Code Section 451 or other laws, CPUC orders or decisions, rules or requirements, whether SoCalGas engaged in unreasonable and/or imprudent practices with respect to its operation and maintenance of the Aliso Canyon natural gas storage facility or its related record-keeping practices, whether SoCalGas cooperated sufficiently with the Safety Enforcement Division (SED) of the CPUC and Blade during the pre-formal investigation, and whether any of the mitigation measures proposed by Blade should be implemented to the extent not already done. The SED, based largely on the Blade report, has alleged a total of 324 violations, asserting that SoCalGas violated California Public Utilities Code Section 451 and failed to cooperate in the investigation and to keep proper records. Hearings on a subset of issues began in March 2021. The second phase will consider whether SoCalGas should be sanctioned for the Leak and what damages, fines or other penalties or sanctions, if any, should be imposed for any violations, unreasonable or imprudent practices, or failure to sufficiently cooperate with the SED as determined by the CPUC in the first phase. In addition, the second phase will determine the amounts of various costs incurred by SoCalGas and other parties in connection with the Leak and the ratemaking treatment or other disposition of such costs, which could result in little or no recovery of such costs by SoCalGas. SoCalGas has engaged in settlement discussions with the SED in connection with this proceeding. In February 2017, the CPUC opened a proceeding pursuant to the 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 CPUC issued a decision on the interim range of gas inventory levels at the Aliso Canyon natural gas storage facility in November 2020 with a final determination to be made within the SB 380 OII proceeding. 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. Phase 2 of the proceeding, which is evaluating the impacts of reducing or eliminating the Aliso Canyon natural gas storage facility using the established framework and models, began in the first quarter of 2019. In December 2019, the CPUC added a third phase of the proceeding and engaged a consultant who is analyzing alternative means for meeting or avoiding the demand for the facility’s services if it were eliminated in either the 2027 or 2035 timeframe. In July 2021, the CPUC combined Phase 2 and Phase 3 and modified the scope of Phase 3 to also 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. 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, it could result in an impairment of the facility and significantly higher than expected operating costs and/or additional capital expenditures, and natural gas reliability and electric generation could be jeopardized. At June 30, 2021, the Aliso Canyon natural gas storage facility had a net book value of $858 million. Any significant impairment of this asset, or higher operating costs and additional capital expenditures incurred by SoCalGas that may not be recoverable in customer rates, could have a material adverse effect on SoCalGas’ and Sempra’s results of operations, financial condition and cash flows. Cost Estimates, Accounting Impact and Insurance. SoCalGas has incurred significant costs for temporary relocation of community residents; to control the well and stop the Leak; to mitigate the natural gas released; to purchase natural gas to replace what was lost through the Leak; to defend against and, in certain cases, settle, civil and criminal litigation arising from the Leak; to pay the costs of the government-ordered response to the Leak, including the costs for Blade to conduct the root cause analysis described above; to respond to various government and agency investigations regarding the Leak; and to comply with increased regulation imposed as a result of the Leak. At June 30, 2021, SoCalGas estimates these costs related to the Leak are $1,627 million (the cost estimate), which includes the $1,279 million of costs recovered or probable of recovery from insurance. This cost estimate may increase significantly as more information becomes available. A substantial portion of the cost estimate has been paid, and $422 million is accrued as Reserve for Aliso Canyon Costs as of June 30, 2021 on SoCalGas’ and Sempra’s Condensed Consolidated Balance Sheets. In the first quarter of 2020, SoCalGas recorded $277 million in costs, inclusive of estimated legal costs, related to settlement discussions in connection with civil litigation described above in “Civil Litigation.” Of this amount, $177 million was recorded in Insurance Receivable for Aliso Canyon Costs on the SoCalGas and Sempra Condensed Consolidated Balance Sheets and $100 million ($72 million after tax) was recorded in Aliso Canyon Litigation and Regulatory Matters on the SoCalGas and Sempra Condensed Consolidated Statements of Operations. These accruals are included in the cost estimate that we describe above. Except for the amounts paid or estimated to settle certain legal and regulatory matters as described above, the cost estimate does not include litigation, regulatory proceedings or regulatory costs to the extent it is not possible to predict, at this time, the outcome of these actions or reasonably estimate the costs to defend or resolve the actions or the amount of damages, restitution, civil or administrative fines, sanctions, penalties or other costs or remedies that may be imposed or incurred. The cost estimate also does not include certain other costs incurred by Sempra associated with defending against shareholder derivative lawsuits and other potential costs that we currently do not anticipate incurring or that we cannot reasonably estimate. These costs not included in the cost estimate could be significant and could have a material adverse effect on SoCalGas’ and Sempra’s cash flows, financial condition and results of operations. We have received insurance payments for many of the costs included in the cost estimate, including temporary relocation and associated processing costs, control-of-well expenses, costs of the government-ordered response to the Leak, certain legal costs and lost gas. As of June 30, 2021, we recorded the expected recovery of the cost estimate related to the Leak of $414 million as Insurance Receivable for Aliso Canyon Costs on SoCalGas’ and Sempra’s Condensed Consolidated Balance Sheets. This amount is exclusive of insurance retentions and $865 million of insurance proceeds we received through June 30, 2021. We intend to pursue the full extent of our insurance coverage for the costs we have incurred. Other than insurance for certain future defense costs we may incur as well as directors’ and officers’ liability, we have exhausted all of our insurance in this matter. We continue to pursue other sources of insurance coverage for costs related to this matter, but we may not be successful in obtaining additional insurance recovery for any of these costs. If we are not able to secure additional insurance recovery, if any costs we have recorded as an insurance receivable are not collected, if there are delays in receiving insurance recoveries, or if the insurance recoveries are subject to income taxes while the associated costs are not tax deductible, such amounts, which could be significant, could have a material adverse effect on SoCalGas’ and Sempra’s cash flows, financial condition and results of operations. Sempra Mexico Energía Costa Azul IEnova has been engaged in a long-running land dispute 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: ▪ A 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 IEnova 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 was previously dismissed. In April 2021, the Agrarian Court ordered that the administrative procedure be restarted. Four other cases involving two adjacent areas of real property on which part of the ECA Regas Facility is situated, each brought by a single plaintiff or her descendants, remain pending against the facility, as follows: ▪ The first disputed area is subject to a claim in the federal Agrarian Court that has been ongoing since 2006, in which the plaintiff 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 Agrarian Court proceeding, which seeks an order that SEDATU annul the ECA Regas Facility’s competing property title, was initiated in 2013 and, in May 2021, a decision was issued in favor of the plaintiff. IEnova appealed the ruling, which is pending resolution. ▪ The second disputed area is one parcel adjacent to the ECA Regas Facility that allegedly overlaps with land on which the ECA Regas Facility is situated, which is subject to a claim in the Agrarian Court and two claims in civil courts. The Agrarian Court ruled in favor of the plaintiff. IEnova appealed the ruling, which is pending resolution. The ECA Regas Facility continues to hold a separate property title over the land. The two civil court proceedings, which seek to invalidate the contract by which the ECA Regas Facility purchased the applicable parcel of land on which the ECA Regas Facility is situated on the grounds that the purchase price was allegedly unfair, are progressing at different stages. In the first civil case, initiated in 2013, a lower court ruled in favor of the ECA Regas Facility, and the ruling has been appealed by the plaintiff. The descendants of the same plaintiff filed the second civil case in 2019, which was dismissed by the court. However, we expect the descendants of the plaintiff will appeal the dismissal. Certain of these land disputes involve land on which portions of the ECA LNG liquefaction facilities are proposed to be situated or on which portions of the ECA Regas Facility that would be necessary for the operation of the proposed ECA LNG liquefaction facilities are situated. 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, two related claimants filed separate challenges in the federal district court in Ensenada, Baja California in relation to the environmental and social impact permits issued by each of Agencia de Seguridad, Energía y Ambiente (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 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 canceling the injunction, but was not successful. The claimant’s underlying challenge to the permits remains pending. ▪ In the second case, the initial request for a provisional injunction was denied. That decision was reversed on appeal in January 2020, resulting in the issuance of a new injunction against the same environmental and social impact permits that were already issued by ASEA and SENER. This injunction has uncertain application absent clarification by the court; therefore, the natural gas liquefaction activities have not been affected. In May 2020, the two third-party capacity customers at the ECA Regas Facility, Shell Mexico and Gazprom, asserted that a 2019 update of the general terms and conditions for service at the facility, as approved by the CRE, resulted in a breach of contract by IEnova and a force majeure event. Citing these circumstances, the customers subsequently stopped making payments of amounts due under their respective LNG storage and regasification agreements. IEnova has rejected the customers’ assertions and has drawn on the customers’ letters of credit provided as payment security. The parties engaged in discussions under the applicable contractual dispute resolution procedures without coming to a mutually acceptable resolution. In July 2020, Shell Mexico submitted a request for arbitration of the dispute and although Gazprom has joined the proceeding, Gazprom has since replenished the amounts drawn on its letter of credit and has resumed making regular monthly payments under its LNG storage and regasification agreement. As a consequence, IEnova is not currently drawing on Gazprom’s letter of credit but expects to continue to draw on Shell Mexico’s letter of credit. IEnova intends to avail itself of its available claims, defenses, rights and remedies in the arbitration proceeding, including seeking dismissal of the customers’ claims. In addition to the arbitration proceeding, Shell Mexico also filed a constitutional challenge to the CRE’s approval of the update to the general terms and conditions and an additional constitutional claim against the issuance of the liquefaction permit. Shell Mexico’s request to stay the CRE’s approval of the general terms and conditions was denied in October 2020, and the claim regarding the liquefaction permit issuance was denied in March 2021. Shell Mexico has appealed both decisions. One or more unfavorable final decisions on these disputes or challenges could materially and 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, cash flows, financial condition, results of operations and/or prospects. Guaymas-El Oro Segment of the Sonora Pipeline IEnova’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. In 2015, the Yaqui tribe, with the exception of some members living in the Bácum community, granted its consent and a right-of-way easement agreement for the construction of the Guaymas-El Oro segment of the Sonora natural gas pipeline that crosses its territory. Representatives of the Bácum community filed a legal challenge in Mexican federal court demanding the right to withhold consent for the project, the stoppage of work in the Yaqui territory and damages. In 2016, the judge granted a suspension order that prohibited the construction of such segment through the Bácum community territory. Because the pipeline does not pass through the Bácum community, IEnova did not believe the 2016 suspension order prohibited construction in the remainder of the Yaqui territory. Construction of the Guaymas-El Oro segment was completed, and commercial operations began in May 2017. Following the start of commercial operations of the Guaymas-El Oro segment, IEnova reported damage to the Guaymas-El Oro segment of the Sonora pipeline in the Yaqui territory that has made that section inoperable since August 2017 and, as a result, IEnova declared a force majeure event. In 2017, an appellate court ruled that the scope of the 2016 suspension order encompassed the wider Yaqui territory, which has prevented IEnova from making repairs to put the pipeline back in service. In July 2019, a federal district court ruled in favor of IEnova and held that the Yaqui tribe was properly consulted and that consent from the Yaqui tribe was properly received. Representatives of the Bácum community appealed this decision, causing the suspension order preventing IEnova from repairing the damage to the Guaymas-El Oro segment of the Sonora pipeline in the Yaqui territory to remain in place until the appeals process is exhausted. IEnova exercised its rights under the contract, which included seeking force majeure payments for the two-year period such force majeure payments were required to be made, which ended in August 2019. In July 2019, the CFE filed a request for arbitration generally to nullify certain contract terms that provide for fixed capacity payments in instances of force majeure and made a demand for substantial damages in connection with the force majeure event. In September 2019, the arbitration process ended when IEnova and the CFE reached an agreement to restart natural gas transportation service on the earlier of completion of repair of the damaged pipeline or January 15, 2020, and to modify the tariff structure and extend the term of the contract by 10 years. Subsequently, IEnova and the CFE agreed to extend the service start date to September 14, 2021. Under the revised agreement, the CFE will resume making payments only when the damaged section of the Guaymas-El Oro segment of the Sonora pipeline is repaired. If the pipeline is not repaired by September 14, 2021, and the parties do not agree on a new service start date, IEnova retains the right to terminate the contract and seek to recover its reasonable and documented costs and lost profits. At June 30, 2021, Sempra Mexico had $439 million in PP&E, net, related to the Guaymas-El Oro segment of the Sonora pipeline, which could be subject to impairment if IEnova is unable to make such repairs (which have not commenced) or re-route the pipeline (which has not been agreed to by the parties) and resume operations in the Guaymas-El Oro segment of the Sonora pipeline or if IEnova terminates the contract and is unable to obtain recovery, which in each case could have a material adverse impact on Sempra’s results of operations, financial condition, cash flows and/or prospects. The Sasabe-Puerto Libertad-Guaymas segment of the Sonora pipeline remains in full operation and is not impacted by these developments. Regulatory Actions by the Mexican Government In April 2020, CENACE issued an order that it claims would safeguard Mexico’s national power grid from interruptions that may be caused by renewable energy projects. A primary provision of the order suspends all legally mandated pre-operative testing that would be needed for new renewable energy projects to commence operations and prevents such projects from connecting to the national power grid until further notice. IEnova’s renewable energy projects affected by the order filed for legal protection through amparo claims (constitutional protection lawsuits) and, in June 2020, received injunctive relief until the claims are resolved by the courts. IEnova has since achieved commercial operations on its solar power generation projects that were impacted by the order. The second phase of ESJ is not impacted by the order because it is not interconnected to Mexico’s electric grid. In May 2020, the CRE approved an update to the transmission rates included in legacy renewable and cogeneration energy contracts based on the claim that the legacy transmission rates did not reflect fair and proportional costs for providing the applicable services and, therefore, created inequitable competitive conditions. Three of IEnova’s renewable energy facilities (Don Diego Solar, Border Solar and Ventika) are currently holders of contracts with such legacy rates, and any increases in the transmission rates would be passed through directly to their customers. These renewable energy facilities have obtained injunctive relief but are required to guarantee the difference in tariffs until the claims are definitively resolved by the courts, which could be material. The three facilities obtained favorable resolutions from a lower court and the CRE has appealed one of these decisions. We anticipate that the CRE will challenge the other two decisions in a higher court. In October 2020, the CRE approved a resolution to amend the rules for the inclusion of new offtakers of legacy generation and self-supply permits (the Offtaker Resolution), which became effective immediately. The Offtaker Resolution prohibits self-supply permit holders from adding new offtakers that were not included in the original development or expansion plans, making modifications to the amount of energy allocated to the named offtakers, and including load centers that have entered into a supply arrangement under Mexico’s Electricity Industry Law. Don Diego Solar, Border Solar and Ventika are holders of self-supply permits and are impacted by the Offtaker Resolution. If IEnova is not able to obtain legal protection for these impacted facilities, IEnova expects it will sell Border Solar’s capacity and a portion of Don Diego Solar’s capacity affected by the Offtaker Resolution into the spot market. Currently, prices in the spot market are significantly lower than the fixed prices in the PPAs that were entered into through self-supply permits. At June 30, 2021, Sempra Mexico had $15 million in other intangible assets, net, related to these self-supply permits previously granted by the CRE and impacted by the Offtaker Resolution that could be subject to impairment if IEnova is unable to obtain adequate legal protection. IEnova has filed lawsuits against the Offtaker Resolution and received injunctive relief pending final resolution. IEnova and other companies affected by these resolutions, orders and regulations have challenged them by filing amparo and other claims, some of which have been granted injunctive relief. The court-ordered injunctions provide temporary relief until Mexico’s Federal District Court or Supreme Court ultimately resolves the amparo and other claims. An unfavorable decision on one or more of these amparo or other challenges, or the potential for an extended dispute, may impact our ability to operate our wind and solar facilities at existing levels or at all, may result in increased costs for IEnova and its customers, and may adversely affect our ability to develop new projects, any of which may have a material adverse impact on our business, financial condition, results of operations, cash flows and/or prospects, as well as our ability to recover the carrying values of our renewable energy investments in Mexico. 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. According to the decree, these amendments were to become effective on March 10, 2021, and SENER, the CRE and CENACE 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. However, a Mexican court issued a suspension of the amendments on March 19, 2021, and it is expected that Mexico’s Supreme Court will ultimately settle the matter. If the proposed changes are affirmed by the Supreme Court, the CRE may be required to revoke self-supply permits granted under the former electricity law, which were grandfathered when the new Electricity Industry Law was enacted, under a legal standard that is ambiguous and not well defined under the law. In May 2021, amendments to Mexico’s Hydrocarbons Law were published and became effective. The amendments grant SENER and the CRE additional powers to suspend and revoke permits related to the midstream and downstream sectors. Suspension of permits will be determined by SENER or the CRE when a danger to national security, energy security, or to the national economy is foreseen. Likewise, new grounds for the revocation of permits are in place if the permit holder (i) carries out its activity with illegally impo |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We have five separately managed reportable segments, as follows: ▪ SDG&E provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. ▪ SoCalGas is a natural gas distribution utility, serving customers throughout most of Southern California and part of central California. ▪ 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, which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border. ▪ Sempra Mexico develops, owns and operates, or holds interests in, natural gas, electric, LNG, LPG, ethane and liquid fuels infrastructure, and has marketing operations for the purchase of LNG and the purchase and sale of natural gas in Mexico. ▪ Sempra LNG develops, builds, operates and invests in natural gas liquefaction export facilities, including natural gas pipelines and infrastructure, and buys, sells and transports natural gas through its marketing operations, all within North America. As we discuss in Note 5, the financial information related to our businesses that constituted the Sempra South American Utilities segment is presented as discontinued operations for all periods presented. The information in the tables below excludes amounts from discontinued operations unless otherwise noted. We completed the sales of our discontinued operations in the second quarter of 2020. We evaluate each segment’s performance based on its contribution to Sempra’s reported earnings and cash flows. The California Utilities operate in essentially separate service territories, under separate regulatory frameworks and rate structures set by the CPUC and, for SDG&E, the FERC. We describe the accounting policies of all of our segments in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report. 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 Statements of Operations and Condensed Consolidated Balance Sheets. Amounts labeled as “All other” in the following tables consist primarily of activities of parent organizations and include certain nominal amounts from our South American businesses that did not qualify for treatment as discontinued operations. SEGMENT INFORMATION (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 REVENUES SDG&E $ 1,318 $ 1,235 $ 2,655 $ 2,504 SoCalGas 1,124 1,010 2,632 2,405 Sempra Mexico 404 275 771 584 Sempra LNG 52 69 248 192 All other 1 — 2 1 Adjustments and eliminations (1) (1) (1) (2) Intersegment revenues (1) (157) (62) (307) (129) Total $ 2,741 $ 2,526 $ 6,000 $ 5,555 INTEREST EXPENSE SDG&E $ 101 $ 103 $ 203 $ 204 SoCalGas 40 40 79 80 Sempra Mexico 41 32 79 64 Sempra LNG 3 15 6 31 All other 80 102 163 211 Intercompany eliminations (7) (18) (13) (36) Total $ 258 $ 274 $ 517 $ 554 INTEREST INCOME SDG&E $ — $ — $ 1 $ 1 SoCalGas — 1 — 2 Sempra Mexico 12 15 24 33 Sempra LNG 8 18 17 40 All other 1 3 1 3 Intercompany eliminations (6) (15) (9) (30) Total $ 15 $ 22 $ 34 $ 49 DEPRECIATION AND AMORTIZATION SDG&E $ 220 $ 197 $ 433 $ 398 SoCalGas 180 162 353 321 Sempra Mexico 57 47 108 94 Sempra LNG 2 3 5 5 All other 4 3 6 6 Total $ 463 $ 412 $ 905 $ 824 INCOME TAX EXPENSE (BENEFIT) SDG&E $ 33 $ 70 $ 78 $ 128 SoCalGas 8 49 102 101 Sempra Mexico 113 54 121 (253) Sempra LNG (19) 18 30 41 All other 4 (23) (34) (56) Total $ 139 $ 168 $ 297 $ (39) EQUITY EARNINGS (LOSSES) Equity earnings (losses), before income tax: Sempra Texas Utilities $ 2 $ — $ 3 $ — Sempra LNG 133 84 267 141 All other 50 — 50 (100) 185 84 320 41 Equity earnings (losses), net of income tax: Sempra Texas Utilities 137 143 273 249 Sempra Mexico (9) 6 38 206 128 149 311 455 Total $ 313 $ 233 $ 631 $ 496 SEGMENT INFORMATION (CONTINUED) (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES SDG&E $ 186 $ 193 $ 398 $ 455 SoCalGas 94 146 501 449 Sempra Texas Utilities 138 144 273 249 Sempra Mexico 4 61 61 252 Sempra LNG 47 61 193 136 Discontinued operations — 1,775 — 1,847 All other (45) (141) (128) (389) Total $ 424 $ 2,239 $ 1,298 $ 2,999 EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT SDG&E $ 1,072 $ 850 SoCalGas 936 885 Sempra Mexico 166 321 Sempra LNG 249 136 All other 1 6 Total $ 2,424 $ 2,198 June 30, December 31, ASSETS SDG&E $ 22,980 $ 22,311 SoCalGas 19,091 18,460 Sempra Texas Utilities 12,760 12,542 Sempra Mexico 11,114 10,752 Sempra LNG 3,078 2,205 All other 1,029 1,209 Intersegment receivables (1,444) (856) Total $ 68,608 $ 66,623 EQUITY METHOD AND OTHER INVESTMENTS Sempra Texas Utilities $ 12,760 $ 12,542 Sempra Mexico 871 852 Sempra LNG 416 433 All other 1 1 Total $ 14,048 $ 13,828 (1) Revenues for reportable segments include intersegment revenues of $2 million, $23 million, $52 million and $80 million for the three months ended June 30, 2021; $4 million, $48 million, $62 million and $193 million for the six months ended June 30, 2021; $2 million, $20 million, $29 million and $11 million for the three months ended June 30, 2020 and $3 million, $38 million, $51 million and $37 million for the six months ended June 30, 2020 for SDG&E, SoCalGas, Sempra Mexico and Sempra LNG, respectively. |
GENERAL INFORMATION AND OTHER_2
GENERAL INFORMATION AND OTHER FINANCIAL DATA (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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 Energy, a California-based holding company doing business as Sempra, and its consolidated entities. Sempra’s business activities are organized under five reportable segments, which we discuss in Note 12. 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. SoCalGas |
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. References in this report to “we,” “our,” “us” and “Sempra” are to Sempra and its consolidated entities, collectively, unless otherwise stated or indicated by the context. We refer to SDG&E and SoCalGas collectively as the California Utilities. Sempra Global is the holding company for our subsidiaries that are not subject to California or Texas utility regulation. We have eliminated intercompany accounts and transactions within the consolidated financial statements of each reporting entity. Throughout these Notes, we refer to the following as Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements when discussed together or collectively: ▪ the Condensed Consolidated Financial Statements and related Notes of Sempra; ▪ the Condensed Financial Statements and related Notes of SDG&E; and ▪ the Condensed Financial Statements and related Notes of SoCalGas. 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 June 30, 2021 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, 2020 balance sheet information in the Condensed Consolidated Financial Statements has been derived from our audited 2020 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. You should read the information in this report in conjunction with the Annual Report. |
Discontinued Operations | Discontinued Operations In January 2019, our board of directors approved a plan to sell our South American businesses based on our strategic focus on North America. We determined that these businesses, which previously constituted the Sempra South American Utilities segment, |
Credit Loss Policy | 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 receivable, historical and industry trends, counterparty creditworthiness, economic conditions and specific events, such as bankruptcies. 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.For amounts due from unconsolidated affiliates, on a quarterly basis, we evaluate credit losses and record allowances for expected credit losses, if necessary, based on credit quality indicators such as external credit ratings, published default rate studies, the maturity date of the instrument and past delinquencies. However, we do not record allowances for expected credit losses related to accrued interest receivable on loans due from unconsolidated affiliates because we write off such amounts, if any, through a reversal of interest income in the period we determine such amounts are uncollectible. In the absence of external credit ratings, we may utilize an internally developed credit rating based on our analysis of a counterparty’s financial statements to determine our expected credit losses. |
Variable Interest Entity Policy | 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. |
Earnings Per Share Policy | Basic EPS is calculated by dividing earnings attributable to common shares (from both continuing and discontinued operations) 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.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 potentially dilutive impact from mandatory convertible preferred stock is calculated under the if-converted method until the mandatory conversion date. After the mandatory conversion date, the converted shares are included in weighted-average common shares outstanding for basic EPS. |
Interim period effective tax rate policy | 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 policy | 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 The AFUDC related to equity recorded for regulated construction projects at Sempra Mexico has similar flow-through treatment. We record income tax (expense) benefit from the transactional effects of foreign currency and inflation. Through the first quarter of 2021, such effects were offset by net gains (losses) from foreign currency derivatives that were hedging Sempra Mexico parent’s exposure to movements in the Mexican peso from its controlling interest in IEnova. |
New Accounting Standards | ASU 2020-06, “Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity”: ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. In addition to other changes, this standard amends ASC 470-20, “Debt with Conversion and Other Options,” by removing the accounting models for instruments with beneficial conversion and cash conversion features. The standard also amends ASC 260, “Earnings Per Share,” as follows: ▪ requires an entity to apply the if-converted method when calculating diluted EPS for convertible instruments and no longer use the treasury stock method, which was previously allowed for certain convertible instruments; ▪ requires an entity to include the effect of potential share settlement in the diluted EPS calculation when an instrument may be settled in cash or shares, and no longer allows an entity to rebut the presumption of share settlement if it has a history or policy of cash settlement; ▪ requires an entity to include equity-classified convertible preferred stock that contains down-round features whereby, if the down-round feature is triggered, its effect is treated as a dividend and as a reduction of income available to common shareholders in basic EPS; ▪ clarifies that the average market price should be used to calculate the diluted EPS denominator when the exercise price or the number of shares that may be issued is variable, except for certain contingently issuable shares; and ▪ clarifies that the weighted-average share count from each quarter should be used when calculating the year-to-date weighted-average share count. For public entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, including interim periods therein, with early adoption permitted for fiscal years beginning after December 15, 2020. An entity can use either a full or modified retrospective approach to adopt ASU 2020-06 and must disclose, in the period of adoption, EPS transition information about the effect of the change on affected per-share amounts. We plan to adopt the standard on January 1, 2022 and are currently evaluating the effect of the standard on our ongoing financial reporting. |
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 that the future cash flows of a given revenue or expense item may vary, 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: ▪ The California Utilities use natural gas and electricity derivatives, for the benefit of customers, with the objective of managing price risk and basis risks, 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 that have been filed with and approved by the CPUC. 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 Electric Fuel and Purchased Power or in Cost of Natural Gas. ▪ 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 Mexico and Sempra LNG may use natural gas and electricity derivatives, as appropriate, in an effort to optimize the earnings of their assets which support the following businesses: LNG, natural gas transportation 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. Certain of these derivatives may also be designated as cash flow hedges. Sempra Mexico may also use natural gas energy derivatives with the objective of managing price risk and lowering natural gas prices at its distribution operations. These derivatives, which are recorded as commodity costs that are offset by regulatory account balances and recovered in rates, are recognized in Cost of Natural Gas on the Condensed Consolidated Statements of Operations. ▪ From time to time, our various businesses, including the California Utilities, may use other energy derivatives to hedge exposures such as the price of vehicle fuel and greenhouse gas allowances. In addition to the amounts noted above, we use commodity derivatives to manage risks associated with the physical locations of contractual obligations and assets, such as natural gas purchases and sales. INTEREST RATE DERIVATIVES We are exposed to interest rates primarily as a result of our current and expected use of financing. The California Utilities, 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 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 variable interest rates for U.S. fixed interest rates. From time to time, Sempra Mexico 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. |
Fair Value Measurement Policy | 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, 2020. The fair value of commodity derivative assets and liabilities is presented in accordance with our netting policy, as we discuss in Note 8 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 cash balances, 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 derivatives 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 and long-term, fixed-price electricity positions at SDG&E, as we discuss below in “Level 3 Information – SDG&E.” ▪ Rabbi Trust investments include marketable securities 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). These investments in marketable securities were negligible at both June 30, 2021 and December 31, 2020. ▪ As we discuss in Note 6, 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 – Sempra LNG.” A significant increase (decrease) in market electricity forward prices would result in a significantly higher (lower) fair value. We summarize long-term, fixed-price electricity position volumes in Note 8. Realized gains and losses associated with CRRs and long-term, fixed-price electricity positions, 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. 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 |
Legal Costs Policy | 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 applicable insurance coverage and could materially adversely affect our business, cash flows, results of operations, financial condition and/or prospects. Unless otherwise indicated, we are unable to estimate reasonably possible losses in excess of any amounts accrued. |
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. |
Lessee, Leases Policy | Some of our lease agreements contain nonlease components, which represent activities that transfer a separate good or service to the lessee. As the lessee for both operating and finance leases, we have elected to combine lease and nonlease components as a single lease component for real estate, fleet vehicles, power generating facilities, and pipelines, whereby fixed or in-substance fixed payments allocable to the nonlease component are accounted for as part of the related lease liability and ROU asset. As the lessor, we have elected to combine lease and nonlease components as a single lease component for real estate, power generating facilities and terminals if the timing and pattern of transfer of the lease and nonlease components are the same and the lease component would be classified as an operating lease if accounted for separately. |
Lessor, Leases Policy | Generally, we recognize operating lease income on a straight-line basis over the lease term and evaluate the underlying asset for impairment. Certain of our leases contain rate adjustments or are based on foreign currency exchange rates that may result in lease payments received that vary in amount from one period to the next. |
Segment Information | We have five separately managed reportable segments, as follows: ▪ SDG&E provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. ▪ SoCalGas is a natural gas distribution utility, serving customers throughout most of Southern California and part of central California. ▪ 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, which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border. ▪ Sempra Mexico develops, owns and operates, or holds interests in, natural gas, electric, LNG, LPG, ethane and liquid fuels infrastructure, and has marketing operations for the purchase of LNG and the purchase and sale of natural gas in Mexico. ▪ Sempra LNG develops, builds, operates and invests in natural gas liquefaction export facilities, including natural gas pipelines and infrastructure, and buys, sells and transports natural gas through its marketing operations, all within North America. As we discuss in Note 5, the financial information related to our businesses that constituted the Sempra South American Utilities segment is presented as discontinued operations for all periods presented. The information in the tables below excludes amounts from discontinued operations unless otherwise noted. We completed the sales of our discontinued operations in the second quarter of 2020. We evaluate each segment’s performance based on its contribution to Sempra’s reported earnings and cash flows. The California Utilities operate in essentially separate service territories, under separate regulatory frameworks and rate structures set by the CPUC and, for SDG&E, the FERC. We describe the accounting policies of all of our segments in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report. 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) | 6 Months Ended |
Jun. 30, 2021 | |
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) June 30, December 31, 2021 2020 Cash and cash equivalents $ 335 $ 960 Restricted cash, current 33 22 Restricted cash, noncurrent 3 3 Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows $ 371 $ 985 |
Accounts Receivable, Allowance for Credit Loss Table | TRADE AND OTHER ACCOUNTS RECEIVABLE – ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) 2021 2020 Sempra: Allowances for credit losses at January 1 $ 138 $ 29 Incremental allowance upon adoption of ASU 2016-13 — 1 Provisions for expected credit losses 66 21 Write-offs (12) (7) Allowances for credit losses at June 30 (1) $ 192 $ 44 SDG&E: Allowances for credit losses at January 1 $ 69 $ 14 Provisions for expected credit losses 13 9 Write-offs (7) (4) Allowances for credit losses at June 30 (2) $ 75 $ 19 SoCalGas: Allowances for credit losses at January 1 $ 68 $ 15 Provisions for expected credit losses 52 12 Write-offs (5) (3) Allowances for credit losses at June 30 (3) $ 115 $ 24 (1) At June 30, 2021, includes $153 million in Accounts Receivable – Trade, Net and $39 million in Accounts Receivable – Other, Net. (2) At June 30, 2021, includes $60 million in Accounts Receivable – Trade, Net and $15 million in Accounts Receivable – Other, Net. |
Financing Receivable, Allowance for Credit Loss | AMOUNTS DUE FROM UNCONSOLIDATED AFFILIATES – ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) Sempra 2021 2020 Allowances for credit losses at January 1 $ 3 $ — Allowance established upon adoption of ASU 2016-13 — 6 Provisions for expected credit losses (2) (3) Allowances for credit losses at June 30 (1) $ 1 $ 3 (1) At June 30, 2021, $1 million is included in Due from Unconsolidated Affiliates – Noncurrent. |
Inventory Table | The components of inventories are as follows: INVENTORY BALANCES (Dollars in millions) Natural gas LNG Materials and supplies Total June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020 Sempra $ 139 $ 118 $ 13 $ 7 $ 187 $ 183 $ 339 $ 308 SDG&E — — — — 109 104 109 104 SoCalGas 62 94 — — 64 59 126 153 |
Capitalized Financing Costs Table | The table below summarizes capitalized interest and AFUDC. CAPITALIZED FINANCING COSTS (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Sempra $ 55 $ 50 $ 114 $ 98 SDG&E 28 26 58 53 SoCalGas 15 14 31 25 |
Schedule of Finite-Lived Intangible Assets | Other Intangible Assets included on Sempra’s Condensed Consolidated Balance Sheets are as follows: OTHER INTANGIBLE ASSETS (Dollars in millions) Amortization period (years) June 30, December 31, Renewable energy transmission and consumption permits 15 to 19 $ 169 $ 169 O&M agreement 23 66 66 PPA 14 190 — Other 10 to indefinite 15 15 440 250 Less accumulated amortization: Renewable energy transmission and consumption permits (37) (32) O&M agreement (10) (9) PPA (3) — Other (8) (7) (58) (48) $ 382 $ 202 |
Net Periodic Benefit Cost Table | The following three tables provide the components of net periodic benefit cost. NET PERIODIC BENEFIT COST – SEMPRA (Dollars in millions) Pension benefits Other postretirement benefits Three months ended June 30, 2021 2020 2021 2020 Service cost $ 36 $ 33 $ 5 $ 4 Interest cost 28 33 7 8 Expected return on assets (43) (43) (15) (14) Amortization of: Prior service cost 2 3 — — Actuarial loss (gain) 11 8 (2) (2) Settlement charges — 4 — — Net periodic benefit cost (credit) 34 38 (5) (4) Regulatory adjustments 22 22 5 4 Total expense recognized $ 56 $ 60 $ — $ — Six months ended June 30, 2021 2020 2021 2020 Service cost $ 73 $ 66 $ 11 $ 9 Interest cost 56 65 14 16 Expected return on assets (86) (85) (30) (27) Amortization of: Prior service cost (credit) 5 6 (1) (1) Actuarial loss (gain) 22 17 (4) (5) Settlement charges 7 9 — — Net periodic benefit cost (credit) 77 78 (10) (8) Regulatory adjustments (7) (6) 10 8 Total expense recognized $ 70 $ 72 $ — $ — NET PERIODIC BENEFIT COST – SDG&E (Dollars in millions) Pension benefits Other postretirement benefits Three months ended June 30, 2021 2020 2021 2020 Service cost $ 9 $ 8 $ 1 $ 1 Interest cost 6 8 2 1 Expected return on assets (13) (12) (3) (2) Amortization of: Actuarial loss (gain) 1 1 (1) — Net periodic benefit cost (credit) 3 5 (1) — Regulatory adjustments 11 9 1 — Total expense recognized $ 14 $ 14 $ — $ — Six months ended June 30, 2021 2020 2021 2020 Service cost $ 17 $ 16 $ 2 $ 2 Interest cost 12 15 3 3 Expected return on assets (25) (25) (5) (5) Amortization of: Prior service cost — 1 — — Actuarial loss (gain) 1 2 (1) (1) Net periodic benefit cost (credit) 5 9 (1) (1) Regulatory adjustments 9 6 1 1 Total expense recognized $ 14 $ 15 $ — $ — NET PERIODIC BENEFIT COST – SOCALGAS (Dollars in millions) Pension benefits Other postretirement benefits Three months ended June 30, 2021 2020 2021 2020 Service cost $ 25 $ 22 $ 4 $ 4 Interest cost 20 22 6 6 Expected return on assets (30) (27) (12) (11) Amortization of: Prior service cost (credit) 2 2 — (1) Actuarial loss (gain) 10 7 (2) (2) Net periodic benefit cost (credit) 27 26 (4) (4) Regulatory adjustments 11 13 4 4 Total expense recognized $ 38 $ 39 $ — $ — Six months ended June 30, 2021 2020 2021 2020 Service cost $ 50 $ 44 $ 8 $ 7 Interest cost 40 44 11 12 Expected return on assets (58) (54) (24) (21) Amortization of: Prior service cost (credit) 4 4 (1) (1) Actuarial loss (gain) 19 13 (3) (4) Net periodic benefit cost (credit) 55 51 (9) (7) Regulatory adjustments (16) (12) 9 7 Total expense recognized $ 39 $ 39 $ — $ — |
Earnings Per Share Computations Table | Basic EPS is calculated by dividing earnings attributable to common shares (from both continuing and discontinued operations) 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 June 30, Six months ended June 30, 2021 2020 2021 2020 Numerator for continuing operations: Income from continuing operations, net of income tax $ 455 $ 528 $ 1,383 $ 1,395 Earnings attributable to noncontrolling interests (10) (26) (43) (169) Preferred dividends (20) (37) (41) (73) Preferred dividends of subsidiary (1) (1) (1) (1) Earnings from continuing operations attributable to common shares for basic EPS 424 464 1,298 1,152 Add back dividends for dilutive mandatory convertible preferred stock (1) — — — 52 Earnings from continuing operations attributable to common shares for diluted EPS $ 424 $ 464 $ 1,298 $ 1,204 Numerator for discontinued operations: Income from discontinued operations, net of income tax $ — $ 1,777 $ — $ 1,857 Earnings attributable to noncontrolling interests — (2) — (10) Earnings from discontinued operations attributable to common shares $ — $ 1,775 $ — $ 1,847 Numerator for earnings: Earnings attributable to common shares for basic EPS $ 424 $ 2,239 $ 1,298 $ 2,999 Add back dividends for dilutive mandatory convertible preferred stock (1) — — — 52 Earnings attributable to common shares for diluted EPS $ 424 $ 2,239 $ 1,298 $ 3,051 Denominator: Weighted-average common shares outstanding for basic EPS (2) 307,800 293,060 304,372 292,925 Dilutive effect of stock options and RSUs (3) 807 1,095 846 1,199 Dilutive effect of mandatory convertible preferred stock — — 1,066 13,838 Weighted-average common shares outstanding for diluted EPS 308,607 294,155 306,284 307,962 Basic EPS: Earnings from continuing operations $ 1.38 $ 1.58 $ 4.27 $ 3.93 Earnings from discontinued operations $ — $ 6.06 $ — $ 6.31 Earnings $ 1.38 $ 7.64 $ 4.27 $ 10.24 Diluted EPS: Earnings from continuing operations $ 1.37 $ 1.58 $ 4.24 $ 3.91 Earnings from discontinued operations $ — $ 6.03 $ — $ 6.00 Earnings $ 1.37 $ 7.61 $ 4.24 $ 9.91 (1) In the six months ended June 30, 2020, due to the dilutive effect of the series A preferred stock, the numerator used to calculate diluted EPS included an add-back of dividends declared on our series A preferred stock. (2) Includes 447 and 530 fully vested RSUs held in our Deferred Compensation Plan for the three months ended June 30, 2021 and 2020, respectively, and 454 and 536 of such RSUs for the six months ended June 30, 2021 and 2020, 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. |
Schedule of Accumulated Other Comprehensive Income (Loss) Table | The following tables present the changes in AOCI by component and amounts reclassified out of AOCI to net income, excluding amounts attributable to NCI. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT (1) (Dollars in millions) Foreign Financial Pension Total Three months ended June 30, 2021 and 2020 Sempra (2) : Balance at March 31, 2021 $ (69) $ (239) $ (91) $ (399) OCI before reclassifications (19) (36) (2) (57) Amounts reclassified from AOCI — 10 2 12 Net OCI (3) (19) (26) — (45) Balance at June 30, 2021 $ (88) $ (265) $ (91) $ (444) Balance at March 31, 2020 $ (745) $ (350) $ (95) $ (1,190) OCI before reclassifications (4) 17 (13) (14) (10) Amounts reclassified from AOCI (4) 645 2 11 658 Net OCI 662 (11) (3) 648 Balance at June 30, 2020 $ (83) $ (361) $ (98) $ (542) SDG&E: Balance at March 31, 2021 and June 30, 2021 $ (10) $ (10) Balance at March 31, 2020 $ (16) $ (16) Amounts reclassified from AOCI (4) 4 4 Net OCI 4 4 Balance at June 30, 2020 $ (12) $ (12) SoCalGas: Balance at March 31, 2021 $ (13) $ (18) $ (31) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance at June 30, 2021 $ (13) $ (17) $ (30) Balance at March 31, 2020 $ (13) $ (10) $ (23) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance at June 30, 2020 $ (13) $ (9) $ (22) (1) All amounts are net of income tax, if subject to tax, and exclude NCI. (2) Includes discontinued operations in 2020. (3) Total AOCI includes $24 million of foreign currency translation adjustments and $14 million of financial instruments associated with the IEnova exchange offer, which we discuss below in “Other Noncontrolling Interests – Sempra Mexico,” and which does not impact the Condensed Consolidated Statement of Comprehensive Income (Loss). (4) Pension and Other Postretirement Benefits and Total AOCI include $3 million in transfers of liabilities from SDG&E to Sempra in 2020 related to the nonqualified pension plans. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT (1) (CONTINUED) (Dollars in millions) Foreign Financial Pension Total Six months ended June 30, 2021 and 2020 Sempra (2) : Balance as of December 31, 2020 $ (64) $ (331) $ (105) $ (500) OCI before reclassifications (24) 37 5 18 Amounts reclassified from AOCI — 29 9 38 Net OCI (3) (24) 66 14 56 Balance as of June 30, 2021 $ (88) $ (265) $ (91) $ (444) Balance as of December 31, 2019 $ (607) $ (215) $ (117) $ (939) OCI before reclassifications (4) (121) (167) 2 (286) Amounts reclassified from AOCI (4) 645 21 17 683 Net OCI 524 (146) 19 397 Balance as of June 30, 2020 $ (83) $ (361) $ (98) $ (542) SDG&E: Balance at December 31, 2020 and June 30, 2021 $ (10) $ (10) Balance as of December 31, 2019 $ (16) $ (16) Amounts reclassified from AOCI (4) 4 4 Net OCI 4 4 Balance as of June 30, 2020 $ (12) $ (12) SoCalGas: Balance as of December 31, 2020 $ (13) $ (18) $ (31) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance as of June 30, 2021 $ (13) $ (17) $ (30) Balance as of December 31, 2019 $ (13) $ (10) $ (23) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance as of June 30, 2020 $ (13) $ (9) $ (22) (1) All amounts are net of income tax, if subject to tax, and exclude NCI. (2) Includes discontinued operations in 2020. (3) Total AOCI includes $24 million of foreign currency translation adjustments and $14 million of financial instruments associated with the IEnova exchange offer, which we discuss below in “Other Noncontrolling Interests – Sempra Mexico,” and which does not impact the Condensed Consolidated Statement of Comprehensive Income (Loss). (4) Pension and Other Postretirement Benefits and Total AOCI include $3 million in transfers of liabilities from SDG&E to Sempra in 2020 related to the nonqualified pension plans. |
Reclassifications out of AOCI Table | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Details about accumulated other Amounts reclassified Affected line item on Condensed Three months ended June 30, 2021 2020 Sempra: Foreign currency translation adjustments $ — $ 645 Income from Discontinued Operations, Net of Income Tax Financial instruments: Interest rate instruments $ (1) $ 1 Interest Expense Interest rate instruments 19 1 Equity Earnings (1) Foreign exchange instruments — 1 Other Income (Expense), Net Interest rate and foreign exchange instruments — 1 Interest Expense (7) (4) Other Income (Expense), Net Total before income tax 11 — (1) — Income Tax (Expense) Benefit Net of income tax 10 — — 2 Earnings Attributable to Noncontrolling Interests $ 10 $ 2 Pension and other postretirement benefits (2) : Amortization of actuarial loss $ 1 $ 1 Other Income (Expense), Net Amortization of actuarial loss — 6 Income from Discontinued Operations, Net of Income Tax Amortization of prior service cost 1 1 Other Income (Expense), Net Settlement charges — 4 Other Income (Expense), Net Total before income tax 2 12 — (2) Income from Discontinued Operations, Net of Income Tax — (2) Income Tax (Expense) Benefit Net of income tax $ 2 $ 8 Total reclassifications for the period, net of tax $ 12 $ 655 SDG&E: Pension and other postretirement benefits (2) : Amortization of prior service cost $ — $ 1 Other Income, Net Total reclassifications for the period, net of tax $ — $ 1 SoCalGas: Pension and other postretirement benefits (2) : Amortization of prior service cost $ 1 $ 1 Other Income, Net Total reclassifications for the period, net of tax $ 1 $ 1 (1) Equity earnings at Sempra Mexico are recognized after tax. (2) Amounts are included in the computation of net periodic benefit cost (see “Pension and Other Postretirement Benefits” above). RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (CONTINUED) (Dollars in millions) Details about accumulated other Amounts reclassified Affected line item on Condensed Six months ended June 30, 2021 2020 Sempra: Foreign currency translation adjustments $ — $ 645 Income from Discontinued Operations, Net of Income Tax Financial instruments: Interest rate instruments $ 1 $ 3 Interest Expense Interest rate instruments 38 3 Equity Earnings (1) Foreign exchange instruments 1 (2) Revenues: Energy-Related Businesses — (1) Other Income (Expense), Net Foreign exchange instruments 1 (2) Equity Earnings (1) Interest rate and foreign exchange instruments — 1 Interest Expense (1) 37 Other Income (Expense), Net Total before income tax 40 39 (9) (12) Income Tax (Expense) Benefit Net of income tax 31 27 (2) (6) Earnings Attributable to Noncontrolling Interests $ 29 $ 21 Pension and other postretirement benefits (2) : Amortization of actuarial loss $ 3 $ 3 Other Income (Expense), Net Amortization of actuarial loss — 6 Income from Discontinued Operations, Net of Income Tax Amortization of prior service cost 2 2 Other Income (Expense), Net Settlement charges 7 9 Other Income (Expense), Net Total before income tax 12 20 — (2) Income from Discontinued Operations, Net of Income Tax (3) (4) Income Tax (Expense) Benefit Net of income tax $ 9 $ 14 Total reclassifications for the period, net of tax $ 38 $ 680 SDG&E: Pension and other postretirement benefits (2) : Amortization of prior service cost $ — $ 1 Other Income, Net Total reclassifications for the period, net of tax $ — $ 1 SoCalGas: Pension and other postretirement benefits (2) : Amortization of prior service cost $ 1 $ 1 Other Income, Net Total reclassifications for the period, net of tax $ 1 $ 1 (1) Equity earnings at Sempra Mexico are recognized after tax. (2) Amounts are included in the computation of net periodic benefit cost (see “Pension and Other Postretirement Benefits” above). |
Schedule of Conversions of Stock | These adjustments, which resulted from the incremental impact of our second quarter dividend declared on our common stock and which became effective as of July 6, 2021, the ex-dividend date for such dividend, included adjustments to the minimum and maximum conversion rates and the related initial and threshold appreciation prices as shown in the following table: CONVERSION RATES Applicable market value per share of Conversion rate (number of shares of our common stock to be received upon Greater than $135.0804 (which is the adjusted threshold appreciation price) 0.7403 shares (equal to $100.00 divided by the adjusted threshold appreciation price) Equal to or less than $135.0804 but greater than or equal to $112.5746 Between 0.7403 and 0.8883 shares, determined by dividing $100.00 by the applicable market value of our common stock Less than $112.5746 (which is the adjusted initial price) 0.8883 shares (equal to $100.00 divided by the adjusted initial price) |
Ownership Interests Held By Others Table | The following table provides information about NCI held by others in subsidiaries or entities consolidated by us and recorded in Other Noncontrolling Interests in Total Equity on Sempra’s Condensed Consolidated Balance Sheets. OTHER NONCONTROLLING INTERESTS (Dollars in millions) Percent ownership held by noncontrolling interests Equity held by June 30, December 31, June 30, December 31, Sempra Mexico: IEnova 3.6 % 29.8 % $ 184 $ 1,487 ICM Ventures Holdings B.V. 17.5 17.5 6 7 Sempra LNG: ECA LNG Phase 1 18.1 29.0 31 46 Parent and other: PXiSE Energy Solutions, LLC 20.0 20.0 — 1 Total Sempra $ 221 $ 1,541 |
Transactions with Affiliates Table | We summarize amounts due from and to unconsolidated affiliates at Sempra, SDG&E and SoCalGas in the following table. AMOUNTS DUE FROM (TO) UNCONSOLIDATED AFFILIATES (Dollars in millions) June 30, December 31, Sempra: Total due from various unconsolidated affiliates – current $ 11 $ 20 Sempra Mexico (1) : ESJ – Note due December 31, 2022, net of negligible allowance for credit losses at December 31, 2020 (2) $ — $ 85 IMG JV – Note due March 15, 2022, net of allowance for credit losses of $1 and $3 at June 30, 2021 and December 31, 2020, respectively (3) 702 695 Total due from unconsolidated affiliates – noncurrent $ 702 $ 780 Sempra Mexico – TAG Pipelines Norte, S. de. R.L. de C.V. – Note due December 20, 2021 (1)(4) $ (42) $ (41) Various affiliates — (4) Total due to various unconsolidated affiliates – current $ (42) $ (45) Sempra Mexico (1)(5) : TAG Pipelines Norte, S. de. R.L. de C.V.: 5.5% Note due January 9, 2024 $ (70) $ (68) 5.5% Note due January 14, 2025 (21) — TAG JV – 5.74% Note due December 17, 2029 (171) (166) Total due to unconsolidated affiliates – noncurrent $ (262) $ (234) SDG&E: Sempra $ (22) $ (38) SoCalGas (12) (21) Various affiliates (10) (5) Total due to unconsolidated affiliates – current $ (44) $ (64) Income taxes due from Sempra (6) $ 21 $ — SoCalGas: SDG&E $ 12 $ 21 Various affiliates 1 1 Total due from unconsolidated affiliates – current $ 13 $ 22 Sempra $ (36) $ (31) Pacific Enterprises (25) — Total due to unconsolidated affiliates – current $ (61) $ (31) Income taxes due to Sempra (6) $ (39) $ (37) (1) Amounts include principal balances plus accumulated interest outstanding. (2) U.S. dollar-denominated loan at a variable interest rate based on 1-month LIBOR plus 196 bps (2.11% at December 31, 2020). At December 31, 2020, $1 million of accrued interest receivable is included in Due from Unconsolidated Affiliates – Current. In March 2021, IEnova acquired the 50% equity interest in ESJ that it did not already own and ESJ became a wholly owned, consolidated subsidiary, resulting in the elimination of this note receivable. (3) Mexican peso-denominated revolving line of credit for up to 14.2 billion Mexican pesos or approximately $711 million U.S. dollar-equivalent at June 30, 2021, at a variable interest rate based on the 91-day Interbank Equilibrium Interest Rate plus 220 bps (6.79% at June 30, 2021), to finance construction of a natural gas marine pipeline. At both June 30, 2021 and December 31, 2020, $2 million of accrued interest receivable is included in Due from Unconsolidated Affiliates – Current. At June 30, 2021, we classified this revolving line of credit as noncurrent because we expect to extend the maturity date on a long-term basis prior to its stated maturity date. (4) U.S. dollar-denominated loan at a variable interest rate based on 6-month LIBOR plus 290 bps (3.06% at June 30, 2021). (5) U.S. dollar-denominated loan at a fixed interest rate. (6) 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. The following table summarizes income statement information from unconsolidated affiliates. INCOME STATEMENT IMPACT FROM UNCONSOLIDATED AFFILIATES (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Sempra: Revenues $ 7 $ 10 $ 15 $ 22 Cost of sales — 15 11 26 Interest income 12 15 27 32 Interest expense 3 4 7 7 SDG&E: Revenues $ 2 $ 2 $ 4 $ 3 Cost of sales 27 22 55 39 SoCalGas: Revenues $ 23 $ 20 $ 48 $ 38 Cost of sales — — 3 — |
Other Income and Expense Table | Other income (expense), net, consists of the following: OTHER INCOME (EXPENSE), NET (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Sempra: Allowance for equity funds used during construction $ 34 $ 31 $ 72 $ 62 Investment gains (losses) (1) 19 30 28 (7) Gains (losses) on interest rate and foreign exchange instruments, net 7 5 (23) (148) Foreign currency transaction gains (losses), net (2) 26 13 7 (110) Non-service component of net periodic benefit (cost) credit (15) (23) 14 3 Interest on regulatory balancing accounts, net 2 11 3 13 Sundry, net (1) (5) 6 (5) Total $ 72 $ 62 $ 107 $ (192) SDG&E: Allowance for equity funds used during construction $ 22 $ 19 $ 45 $ 40 Non-service component of net periodic benefit (cost) credit (4) (5) 5 3 Interest on regulatory balancing accounts, net 2 6 3 8 Sundry, net 2 (2) 4 (2) Total $ 22 $ 18 $ 57 $ 49 SoCalGas: Allowance for equity funds used during construction $ 11 $ 10 $ 23 $ 18 Non-service component of net periodic benefit (cost) credit (9) (13) 19 12 Interest on regulatory balancing accounts, net — 5 — 5 Sundry, net (4) (4) (5) (7) Total $ (2) $ (2) $ 37 $ 28 (1) Represents investment gains (losses) 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. (2) Includes gains of $28 million and $5 million in the three months and six months ended June 30, 2021, respectively, and gains of $14 million and losses of $135 million in the three months and six months ended June 30, 2020, respectively, from translation to U.S. dollars of a Mexican peso-denominated loan to IMG JV, which are offset by corresponding amounts included in Equity Earnings on the Condensed Consolidated Statements of Operations. |
Income Tax Expense and Effective Income Tax Rates Table | We provide our calculations of ETRs in the following table. INCOME TAX EXPENSE (BENEFIT) AND EFFECTIVE INCOME TAX RATES (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Sempra: Income tax expense (benefit) from continuing operations $ 139 $ 168 $ 297 $ (39) Income from continuing operations before income taxes and equity earnings $ 281 $ 463 $ 1,049 $ 860 Equity earnings, before income tax (1) 185 84 320 41 Pretax income $ 466 $ 547 $ 1,369 $ 901 Effective income tax rate 30 % 31 % 22 % (4) % SDG&E: Income tax expense $ 33 $ 70 $ 78 $ 128 Income before income taxes $ 219 $ 263 $ 476 $ 583 Effective income tax rate 15 % 27 % 16 % 22 % SoCalGas: Income tax expense $ 8 $ 49 $ 102 $ 101 Income before income taxes $ 103 $ 196 $ 604 $ 551 Effective income tax rate 8 % 25 % 17 % 18 % (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) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table disaggregates our revenues from contracts with customers by major service line and market and provides a reconciliation to total revenues by segment. The majority of our revenue is recognized over time. DISAGGREGATED REVENUES (Dollars in millions) SDG&E SoCalGas Sempra Mexico Sempra LNG Consolidating adjustments and Parent and Other Sempra Three months ended June 30, 2021 By major service line: Utilities $ 1,170 $ 1,062 $ 17 $ — $ (25) $ 2,224 Energy-related businesses — — 254 48 (56) 246 Revenues from contracts with customers $ 1,170 $ 1,062 $ 271 $ 48 $ (81) $ 2,470 By market: Gas $ 162 $ 1,062 $ 180 $ 47 $ (66) $ 1,385 Electric 1,008 — 91 1 (15) 1,085 Revenues from contracts with customers $ 1,170 $ 1,062 $ 271 $ 48 $ (81) $ 2,470 Revenues from contracts with customers $ 1,170 $ 1,062 $ 271 $ 48 $ (81) $ 2,470 Utilities regulatory revenues 148 62 — — — 210 Other revenues — — 133 4 (76) 61 Total revenues $ 1,318 $ 1,124 $ 404 $ 52 $ (157) $ 2,741 Six months ended June 30, 2021 By major service line: Utilities $ 2,386 $ 2,719 $ 44 $ — $ (52) $ 5,097 Energy-related businesses — — 535 116 (137) 514 Revenues from contracts with customers $ 2,386 $ 2,719 $ 579 $ 116 $ (189) $ 5,611 By market: Gas $ 435 $ 2,719 $ 404 $ 114 $ (169) $ 3,503 Electric 1,951 — 175 2 (20) 2,108 Revenues from contracts with customers $ 2,386 $ 2,719 $ 579 $ 116 $ (189) $ 5,611 Revenues from contracts with customers $ 2,386 $ 2,719 $ 579 $ 116 $ (189) $ 5,611 Utilities regulatory revenues 269 (87) — — — 182 Other revenues — — 192 132 (117) 207 Total revenues $ 2,655 $ 2,632 $ 771 $ 248 $ (306) $ 6,000 DISAGGREGATED REVENUES (CONTINUED) (Dollars in millions) SDG&E SoCalGas Sempra Mexico Sempra LNG Consolidating adjustments and Parent and other Sempra Three months ended June 30, 2020 By major service line: Utilities $ 1,050 $ 904 $ 10 $ — $ (22) $ 1,942 Energy-related businesses — — 174 9 (1) 182 Revenues from contracts with customers $ 1,050 $ 904 $ 184 $ 9 $ (23) $ 2,124 By market: Gas $ 138 $ 904 $ 133 $ 7 $ (21) $ 1,161 Electric 912 — 51 2 (2) 963 Revenues from contracts with customers $ 1,050 $ 904 $ 184 $ 9 $ (23) $ 2,124 Revenues from contracts with customers $ 1,050 $ 904 $ 184 $ 9 $ (23) $ 2,124 Utilities regulatory revenues 185 106 — — — 291 Other revenues — — 91 60 (40) 111 Total revenues $ 1,235 $ 1,010 $ 275 $ 69 $ (63) $ 2,526 Six months ended June 30, 2020 By major service line: Utilities $ 2,309 $ 2,448 $ 30 $ — $ (41) $ 4,746 Energy-related businesses — — 372 21 (8) 385 Revenues from contracts with customers $ 2,309 $ 2,448 $ 402 $ 21 $ (49) $ 5,131 By market: Gas $ 392 $ 2,448 $ 280 $ 18 $ (44) $ 3,094 Electric 1,917 — 122 3 (5) 2,037 Revenues from contracts with customers $ 2,309 $ 2,448 $ 402 $ 21 $ (49) $ 5,131 Revenues from contracts with customers $ 2,309 $ 2,448 $ 402 $ 21 $ (49) $ 5,131 Utilities regulatory revenues 195 (43) — — — 152 Other revenues — — 182 171 (81) 272 Total revenues $ 2,504 $ 2,405 $ 584 $ 192 $ (130) $ 5,555 |
Schedule of Timing of Remaining Performance Obligations | For contracts greater than one year, at June 30, 2021, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. SoCalGas did not have any such performance obligations at June 30, 2021. REMAINING PERFORMANCE OBLIGATIONS (1) (Dollars in millions) Sempra SDG&E 2021 (excluding first six months of 2021) $ 180 $ 2 2022 406 4 2023 407 4 2024 351 4 2025 351 4 Thereafter 4,389 67 Total revenues to be recognized $ 6,084 $ 85 (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 six months ended June 30, 2021 or 2020. CONTRACT LIABILITIES (Dollars in millions) 2021 2020 Sempra: Contract liabilities at January 1 $ (207) $ (163) Revenue from performance obligations satisfied during reporting period 49 2 Payments received in advance (1) — Contract liabilities at June 30 (1) $ (159) $ (161) SDG&E: Contract liabilities at January 1 $ (87) $ (91) Revenue from performance obligations satisfied during reporting period 2 2 Contract liabilities at June 30 (1) $ (85) $ (89) (1) At June 30, 2021, includes $6 million and $4 million in Other Current Liabilities and $153 million and $81 million in Deferred Credits and Other on Sempra’s and SDG&E’s Condensed Consolidated Balance Sheets, respectively. |
Schedule of Contract Accounts Receivable | The table below shows receivable balances associated with revenues from contracts with customers on the Condensed Consolidated Balance Sheets. RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Dollars in millions) June 30, 2021 December 31, 2020 Sempra: Accounts receivable – trade, net $ 1,265 $ 1,447 Accounts receivable – other, net 15 12 Due from unconsolidated affiliates – current (1) 2 3 Total $ 1,282 $ 1,462 SDG&E: Accounts receivable – trade, net $ 635 $ 573 Accounts receivable – other, net 8 8 Due from unconsolidated affiliates – current (1) 3 2 Total $ 646 $ 583 SoCalGas: Accounts receivable – trade, net $ 541 $ 786 Accounts receivable – other, net 7 4 Total $ 548 $ 790 (1) Amount is presented net of amounts due to unconsolidated affiliates on the Condensed Consolidated Balance Sheets, when right of offset exists. |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | We show the details of regulatory assets and liabilities in the following table. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) June 30, December 31, SDG&E: Fixed-price contracts and other derivatives $ (82) $ (53) Deferred income taxes recoverable in rates 86 22 Pension and other postretirement benefit plan obligations 41 50 Removal obligations (2,199) (2,121) Environmental costs 55 56 Sunrise Powerlink fire mitigation 120 121 Regulatory balancing accounts (1)(2) Commodity – electric 175 72 Gas transportation 10 35 Safety and reliability 61 67 Public purpose programs (110) (158) 2019 GRC retroactive impacts 28 56 Other balancing accounts 328 233 Other regulatory assets, net (2) 95 72 Total SDG&E (1,392) (1,548) SoCalGas: Deferred income taxes recoverable (refundable) in rates 13 (82) Pension and other postretirement benefit plan obligations 406 417 Employee benefit costs 37 37 Removal obligations (662) (685) Environmental costs 35 36 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (127) (56) Safety and reliability 305 335 Public purpose programs (176) (253) 2019 GRC retroactive impacts 101 202 Other balancing accounts (52) (58) Other regulatory assets, net (2) 121 75 Total SoCalGas 1 (32) Sempra Mexico: Deferred income taxes recoverable in rates 80 80 Total Sempra $ (1,311) $ (1,500) (1) At June 30, 2021 and December 31, 2020, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $256 million and $139 million, respectively, and for SoCalGas was $388 million and $218 million, respectively. (2) Includes regulatory assets earning a return. |
Schedule of Regulatory Liabilities | We show the details of regulatory assets and liabilities in the following table. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) June 30, December 31, SDG&E: Fixed-price contracts and other derivatives $ (82) $ (53) Deferred income taxes recoverable in rates 86 22 Pension and other postretirement benefit plan obligations 41 50 Removal obligations (2,199) (2,121) Environmental costs 55 56 Sunrise Powerlink fire mitigation 120 121 Regulatory balancing accounts (1)(2) Commodity – electric 175 72 Gas transportation 10 35 Safety and reliability 61 67 Public purpose programs (110) (158) 2019 GRC retroactive impacts 28 56 Other balancing accounts 328 233 Other regulatory assets, net (2) 95 72 Total SDG&E (1,392) (1,548) SoCalGas: Deferred income taxes recoverable (refundable) in rates 13 (82) Pension and other postretirement benefit plan obligations 406 417 Employee benefit costs 37 37 Removal obligations (662) (685) Environmental costs 35 36 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (127) (56) Safety and reliability 305 335 Public purpose programs (176) (253) 2019 GRC retroactive impacts 101 202 Other balancing accounts (52) (58) Other regulatory assets, net (2) 121 75 Total SoCalGas 1 (32) Sempra Mexico: Deferred income taxes recoverable in rates 80 80 Total Sempra $ (1,311) $ (1,500) (1) At June 30, 2021 and December 31, 2020, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $256 million and $139 million, respectively, and for SoCalGas was $388 million and $218 million, respectively. (2) Includes regulatory assets earning a return. |
ACQUISITIONS, DIVESTITURES AN_2
ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Summarized Results from Discontinued Operations | Summarized results from discontinued operations were as follows: DISCONTINUED OPERATIONS (Dollars in millions) Three months ended June 30, 2020 (1) Six months ended June 30, 2020 (1) Revenues $ 170 $ 570 Cost of sales (111) (364) Gain on sale of discontinued operations 2,915 2,915 Operating expenses (20) (66) Interest and other (3) (3) Income before income taxes 2,951 3,052 Income tax expense (1,174) (1,195) Income from discontinued operations, net of income tax 1,777 1,857 Earnings attributable to noncontrolling interests (2) (10) Earnings from discontinued operations attributable to Sempra $ 1,775 $ 1,847 (1) Results include activity until the sale of our Peruvian businesses on April 24, 2020 and Chilean businesses on June 24, 2020. |
INVESTMENT IN UNCONSOLIDATED EN
INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, Six months ended June 30, 2021 2020 2021 2020 Operating revenues $ 1,147 $ 1,090 $ 2,286 $ 2,162 Operating expenses (836) (767) (1,665) (1,568) Income from operations 311 323 621 594 Interest expense (102) (102) (204) (203) Income tax expense (34) (37) (70) (65) Net income 167 173 332 302 Noncontrolling interest held by TTI (34) (35) (67) (61) Earnings attributable to Sempra (1) 133 138 265 241 |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | PRIMARY U.S. COMMITTED LINES OF CREDIT (Dollars in millions) June 30, 2021 Total facility Commercial paper outstanding (1)(2) Available unused credit Sempra (3) $ 4,435 $ (1,117) $ 3,318 SDG&E (4) 1,500 (437) 1,063 SoCalGas (4) 750 (143) 607 Total $ 6,685 $ (1,697) $ 4,988 (1) Because the commercial paper programs are supported by these lines, we reflect the amount of commercial paper outstanding as a reduction to the available unused credit. (2) Commercial paper outstanding is before reductions of a negligible amount of unamortized discount. (3) The facility also provides for issuance of $200 million of letters of credit on behalf of Sempra with the amount of borrowings otherwise available under the facility reduced by the amount of outstanding letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra has the right to increase the letter of credit commitment up to $500 million. No letters of credit were outstanding at June 30, 2021. (4) The facility also provides for issuance of $100 million of letters of credit on behalf of the borrowing utility with the amount of borrowings otherwise available under the facility reduced by the amount of outstanding letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, the borrowing utility has the right to increase the letter of credit commitment up to $250 million. No letters of credit were outstanding at June 30, 2021. FOREIGN COMMITTED LINES OF CREDIT (U.S. dollar equivalent in millions) June 30, 2021 Expiration date of facility Total facility Amounts outstanding Available unused credit February 2024 $ 1,500 $ (189) $ 1,311 September 2021 280 (280) — Total $ 1,780 $ (469) $ 1,311 The weighted-average interest rates on the total short-term debt at June 30, 2021 and December 31, 2020 were as follows: WEIGHTED-AVERAGE INTEREST RATES June 30, 2021 December 31, 2020 Sempra 0.34 % 0.83 % SDG&E 0.19 — SoCalGas 0.11 0.14 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 December 31, 2020 Sempra: Natural gas MMBtu (34) 5 Electricity MWh 1 1 Congestion revenue rights MWh 43 43 SDG&E: Natural gas MMBtu 14 16 Electricity MWh 1 1 Congestion revenue rights MWh 43 43 SoCalGas: Natural gas MMBtu — 1 |
Notional Amounts of Derivatives Table | The following table presents the net notional amounts of our interest rate derivatives, excluding JVs. INTEREST RATE DERIVATIVES (Dollars in millions) June 30, 2021 December 31, 2020 Notional debt Maturities Notional debt Maturities Sempra: Cash flow hedges $ 763 2021-2034 $ 1,486 2021-2034 The following table presents the net notional amounts of our foreign currency derivatives, excluding JVs. FOREIGN CURRENCY DERIVATIVES (Dollars in millions) June 30, 2021 December 31, 2020 Notional amount Maturities Notional amount Maturities Sempra: Cross-currency swaps $ 306 2021-2023 $ 306 2021-2023 Other foreign currency derivatives 64 2021-2022 1,764 2021-2022 |
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) June 30, 2021 Other current assets (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate and foreign exchange instruments $ — $ 5 $ (25) $ (158) Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 125 19 (153) (23) Associated offsetting commodity contracts (122) (18) 122 18 Commodity contracts subject to rate recovery 57 77 (21) (12) Associated offsetting commodity contracts (8) (1) 8 1 Net amounts presented on the balance sheet 52 82 (69) (174) Additional cash collateral for commodity contracts not subject to rate recovery 59 — — — Additional cash collateral for commodity contracts subject to rate recovery 27 — — — Total (2) $ 138 $ 82 $ (69) $ (174) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 48 $ 77 $ (15) $ (10) Associated offsetting commodity contracts (8) (1) 8 1 Net amounts presented on the balance sheet 40 76 (7) (9) Additional cash collateral for commodity contracts subject to rate recovery 26 — — — Total (2) $ 66 $ 76 $ (7) $ (9) SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 9 $ — $ (6) $ (2) Net amounts presented on the balance sheet 9 — (6) (2) Additional cash collateral for commodity contracts subject to rate recovery 1 — — — Total $ 10 $ — $ (6) $ (2) (1) Included in Current Assets: Fixed-Price Contracts and Other Derivatives for SDG&E. (2) Normal purchase contracts previously measured at fair value are excluded. DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) December 31, 2020 Other current assets (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate and foreign exchange instruments $ — $ 1 $ (26) $ (160) Derivatives not designated as hedging instruments: Foreign exchange instruments 24 — — — Commodity contracts not subject to rate recovery 82 17 (95) (16) Associated offsetting commodity contracts (82) (13) 82 13 Commodity contracts subject to rate recovery 35 95 (35) (25) Associated offsetting commodity contracts (2) — 2 — Net amounts presented on the balance sheet 57 100 (72) (188) Additional cash collateral for commodity contracts not subject to rate recovery 21 — — — Additional cash collateral for commodity contracts subject to rate recovery 30 — — — Total (2) $ 108 $ 100 $ (72) $ (188) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 32 $ 95 $ (28) $ (25) Associated offsetting commodity contracts (1) — 1 — Net amounts presented on the balance sheet 31 95 (27) (25) Additional cash collateral for commodity contracts subject to rate recovery 24 — — — Total (2) $ 55 $ 95 $ (27) $ (25) SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 3 $ — $ (7) $ — Associated offsetting commodity contracts (1) — 1 — Net amounts presented on the balance sheet 2 — (6) — Additional cash collateral for commodity contracts subject to rate recovery 6 — — — Total $ 8 $ — $ (6) $ — (1) Included in Current Assets: Fixed-Price Contracts and Other Derivatives for SDG&E. (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 (loss) gain Pretax gain (loss) reclassified Three months ended June 30, Three months ended June 30, 2021 2020 Location 2021 2020 Sempra: Interest rate instruments $ (6) $ (3) Interest Expense $ 1 $ (1) Interest rate instruments (32) (15) Equity Earnings (1) (19) (1) Foreign exchange instruments (1) (5) Revenues: Energy- Related Businesses — — Other Income (Expense), Net — (1) Foreign exchange instruments (1) (3) Equity Earnings (1) — — Interest rate and foreign exchange instruments 7 8 Interest Expense — (1) Other Income (Expense), Net 7 4 Total $ (33) $ (18) $ (11) $ — Six months ended June 30, Six months ended June 30, 2021 2020 Location 2021 2020 Sempra: Interest rate instruments $ 20 $ (50) Interest Expense $ (1) $ (3) Interest rate instruments 51 (200) Equity Earnings (1) (38) (3) Foreign exchange instruments 2 16 Revenues: Energy- Related Businesses (1) 2 Other Income (Expense), Net — 1 Foreign exchange instruments 2 10 Equity Earnings (1) (1) 2 Interest rate and foreign exchange instruments 1 (37) Interest Expense — (1) Other Income (Expense), Net 1 (37) Total $ 76 $ (261) $ (40) $ (39) (1) Equity earnings at Sempra Mexico 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 (loss) gain on derivatives recognized in earnings Three months ended Six months ended Location 2021 2020 2021 2020 Sempra: Commodity contracts not subject to rate recovery Revenues: Energy-Related Businesses $ (142) $ 13 $ (190) $ 64 Commodity contracts subject to rate recovery Cost of Natural Gas — (3) 2 (6) Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power 41 9 43 — Foreign exchange instruments Other Income (Expense), Net — 2 (24) (112) Total $ (101) $ 21 $ (169) $ (54) SDG&E: Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power $ 41 $ 9 $ 43 $ — SoCalGas: Commodity contracts subject to rate recovery Cost of Natural Gas $ — $ (3) $ 2 $ (6) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measures Table | RECURRING FAIR VALUE MEASURES – SEMPRA (Dollars in millions) Fair value at June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 361 $ 6 $ — $ 367 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 48 13 — 61 Municipal bonds — 324 — 324 Other securities — 268 — 268 Total debt securities 48 605 — 653 Total nuclear decommissioning trusts (1) 409 611 — 1,020 Interest rate and foreign exchange instruments — 5 — 5 Commodity contracts not subject to rate recovery — 4 — 4 Effect of netting and allocation of collateral (2) 59 — — 59 Commodity contracts subject to rate recovery 14 15 96 125 Effect of netting and allocation of collateral (2) 21 — 6 27 Support Agreement, net of related guarantee fees — — 7 7 Total $ 503 $ 635 $ 109 $ 1,247 Liabilities: Interest rate and foreign exchange instruments $ — $ 183 $ — $ 183 Commodity contracts not subject to rate recovery — 36 — 36 Commodity contracts subject to rate recovery — 8 16 24 Support Agreement, net of related guarantee fees — — 3 3 Total $ — $ 227 $ 19 $ 246 Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 358 $ 6 $ — $ 364 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 41 24 — 65 Municipal bonds — 326 — 326 Other securities — 270 — 270 Total debt securities 41 620 — 661 Total nuclear decommissioning trusts (1) 399 626 — 1,025 Interest rate and foreign exchange instruments — 25 — 25 Commodity contracts not subject to rate recovery — 4 — 4 Effect of netting and allocation of collateral (2) 21 — — 21 Commodity contracts subject to rate recovery 6 1 121 128 Effect of netting and allocation of collateral (2) 19 5 6 30 Support Agreement, net of related guarantee fees — — 7 7 Total $ 445 $ 661 $ 134 $ 1,240 Liabilities: Interest rate and foreign exchange instruments $ — $ 186 $ — $ 186 Commodity contracts not subject to rate recovery — 16 — 16 Commodity contracts subject to rate recovery — 6 52 58 Support Agreement, net of related guarantee fees — — 4 4 Total $ — $ 208 $ 56 $ 264 (1) Excludes cash, cash equivalents and 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 – SDG&E (Dollars in millions) Fair value at June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 361 $ 6 $ — $ 367 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 48 13 — 61 Municipal bonds — 324 — 324 Other securities — 268 — 268 Total debt securities 48 605 — 653 Total nuclear decommissioning trusts (1) 409 611 — 1,020 Commodity contracts subject to rate recovery 14 6 96 116 Effect of netting and allocation of collateral (2) 20 — 6 26 Total $ 443 $ 617 $ 102 $ 1,162 Liabilities: Commodity contracts subject to rate recovery $ — $ — $ 16 $ 16 Total $ — $ — $ 16 $ 16 Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 358 $ 6 $ — $ 364 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 41 24 — 65 Municipal bonds — 326 — 326 Other securities — 270 — 270 Total debt securities 41 620 — 661 Total nuclear decommissioning trusts (1) 399 626 — 1,025 Commodity contracts subject to rate recovery 5 — 121 126 Effect of netting and allocation of collateral (2) 18 — 6 24 Total $ 422 $ 626 $ 127 $ 1,175 Liabilities: Commodity contracts subject to rate recovery $ — $ — $ 52 $ 52 Total $ — $ — $ 52 $ 52 (1) Excludes cash, cash equivalents and 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 – SOCALGAS (Dollars in millions) Fair value at June 30, 2021 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ — $ 9 $ — $ 9 Effect of netting and allocation of collateral (1) 1 — — 1 Total $ 1 $ 9 $ — $ 10 Liabilities: Commodity contracts subject to rate recovery $ — $ 8 $ — $ 8 Total $ — $ 8 $ — $ 8 Fair value at December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ 1 $ 1 $ — $ 2 Effect of netting and allocation of collateral (1) 1 5 — 6 Total $ 2 $ 6 $ — $ 8 Liabilities: Commodity contracts subject to rate recovery $ — $ 6 $ — $ 6 Total $ — $ 6 $ — $ 6 (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 Table | The table below sets forth reconciliations of changes in the fair value of CRRs and long-term, fixed-price electricity positions classified as Level 3 in the fair value hierarchy for Sempra and SDG&E. LEVEL 3 RECONCILIATIONS (1) (Dollars in millions) Three months ended June 30, 2021 2020 Balance at April 1 $ 62 $ 16 Realized and unrealized gains (losses) 8 (9) Allocated transmission instruments (2) 1 Settlements 12 9 Balance at June 30 $ 80 $ 17 Change in unrealized gains (losses) relating to instruments still held at June 30 $ 14 $ (5) Six months ended June 30, 2021 2020 Balance at January 1 $ 69 $ 28 Realized and unrealized gains (losses) 6 (14) Allocated transmission instruments (2) 1 Settlements 7 2 Balance at June 30 $ 80 $ 17 Change in unrealized gains (losses) relating to instruments still held at June 30 $ 12 $ (13) (1) Excludes the effect of the contractual ability to settle contracts under master netting agreements. LEVEL 3 RECONCILIATION (Dollars in millions) Three months ended June 30, 2021 Balance at April 1 $ 3 Realized and unrealized gains (1) 3 Settlements (2) Balance at June 30 (2) $ 4 Change in unrealized gains (losses) relating to instruments still held at June 30 $ 2 Six months ended June 30, 2021 Balance at January 1 $ 3 Realized and unrealized gains (1) 5 Settlements (4) Balance at June 30 (2) $ 4 Change in unrealized gains (losses) relating to instruments still held at June 30 $ 4 (1) Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Condensed Consolidated Statement of Operations. (2) Includes $7 million in Other Current Assets offset by $3 million in Deferred Credits and Other 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 2021 $ (1.81) to $ 14.11 $ (0.12) 2020 (3.77) to 6.03 (1.58) LONG-TERM, FIXED-PRICE ELECTRICITY POSITIONS PRICE INPUTS Settlement year Price per MWh Weighted-average price per MWh 2021 $ 22.45 to $ 151.90 $ 49.27 2020 20.35 to 51.60 34.68 |
Fair Value of Financial Instruments Table | 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) June 30, 2021 Carrying Fair value Level 1 Level 2 Level 3 Total Sempra: Long-term amounts due from unconsolidated affiliates (1) $ 705 $ — $ 722 $ — $ 722 Long-term amounts due to unconsolidated affiliates 304 — 325 — 325 Total long-term debt (2) 21,520 — 24,003 — 24,003 SDG&E: Total long-term debt (3) $ 6,036 $ — $ 6,948 $ — $ 6,948 SoCalGas: Total long-term debt (4) $ 4,759 $ — $ 5,424 $ — $ 5,424 December 31, 2020 Carrying Fair value Level 1 Level 2 Level 3 Total Sempra: Long-term amounts due from unconsolidated affiliates (1) $ 786 $ — $ 817 $ — $ 817 Long-term amounts due to unconsolidated affiliates 275 — 266 — 266 Total long-term debt (2) 22,259 — 25,478 — 25,478 SDG&E: Total long-term debt (3) $ 6,253 $ — $ 7,384 $ — $ 7,384 SoCalGas: Total long-term debt (4) $ 4,759 $ — $ 5,655 $ — $ 5,655 (1) Before allowances for credit losses of $1 million and $3 million at June 30, 2021 and December 31, 2020, respectively. Includes $2 million and $3 million in Due From Unconsolidated Affiliates – Current at June 30, 2021 and December 31, 2020, respectively. (2) Before reductions of unamortized discount and debt issuance costs of $258 million and $268 million at June 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $1,335 million and $1,330 million at June 30, 2021 and December 31, 2020, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $50 million and $52 million at June 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $1,276 million at both June 30, 2021 and December 31, 2020. (4) Before reductions of unamortized discount and debt issuance costs of $38 million and $40 million at June 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $59 million and $54 million at June 30, 2021 and December 31, 2020, respectively. |
SAN ONOFRE NUCLEAR GENERATING_2
SAN ONOFRE NUCLEAR GENERATING STATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Public Utilities, General Disclosures [Abstract] | |
Schedule of Nuclear Decommissioning Trusts Investments | The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT. We provide additional fair value disclosures for the NDT in Note 9. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated At June 30, 2021: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 61 $ — $ — $ 61 Municipal bonds (2) 308 16 — 324 Other securities (3) 257 12 (1) 268 Total debt securities 626 28 (1) 653 Equity securities 104 264 (1) 367 Cash and cash equivalents 8 — — 8 Payables, net (4) — — (4) Total $ 734 $ 292 $ (2) $ 1,024 At December 31, 2020: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies $ 64 $ 1 $ — $ 65 Municipal bonds 308 18 — 326 Other securities 253 17 — 270 Total debt securities 625 36 — 661 Equity securities 112 254 (2) 364 Cash and cash equivalents 3 — — 3 Payables, net (9) — — (9) Total $ 731 $ 290 $ (2) $ 1,019 (1) Maturity dates are 2022-2051. (2) Maturity dates are 2021-2056. (3) Maturity dates are 2022-2072. |
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 NDT (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Proceeds from sales $ 254 $ 245 $ 542 $ 797 Gross realized gains 18 7 39 99 Gross realized losses (1) (6) (3) (11) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Payments Received, Lease Income Table | We provide information below for leases for which we are the lessor. LESSOR INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – SEMPRA (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Fixed lease payments $ 59 $ 47 $ 112 $ 97 Variable lease payments 1 — 1 — Total revenues from operating leases (1) $ 60 $ 47 $ 113 $ 97 Depreciation expense $ 12 $ 9 $ 22 $ 19 (1) Included in Revenues: Energy-Related Businesses on the Condensed Consolidated Statements of Operations. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | The following tables show selected information by segment from our Condensed Consolidated Statements of Operations and Condensed Consolidated Balance Sheets. Amounts labeled as “All other” in the following tables consist primarily of activities of parent organizations and include certain nominal amounts from our South American businesses that did not qualify for treatment as discontinued operations. SEGMENT INFORMATION (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 REVENUES SDG&E $ 1,318 $ 1,235 $ 2,655 $ 2,504 SoCalGas 1,124 1,010 2,632 2,405 Sempra Mexico 404 275 771 584 Sempra LNG 52 69 248 192 All other 1 — 2 1 Adjustments and eliminations (1) (1) (1) (2) Intersegment revenues (1) (157) (62) (307) (129) Total $ 2,741 $ 2,526 $ 6,000 $ 5,555 INTEREST EXPENSE SDG&E $ 101 $ 103 $ 203 $ 204 SoCalGas 40 40 79 80 Sempra Mexico 41 32 79 64 Sempra LNG 3 15 6 31 All other 80 102 163 211 Intercompany eliminations (7) (18) (13) (36) Total $ 258 $ 274 $ 517 $ 554 INTEREST INCOME SDG&E $ — $ — $ 1 $ 1 SoCalGas — 1 — 2 Sempra Mexico 12 15 24 33 Sempra LNG 8 18 17 40 All other 1 3 1 3 Intercompany eliminations (6) (15) (9) (30) Total $ 15 $ 22 $ 34 $ 49 DEPRECIATION AND AMORTIZATION SDG&E $ 220 $ 197 $ 433 $ 398 SoCalGas 180 162 353 321 Sempra Mexico 57 47 108 94 Sempra LNG 2 3 5 5 All other 4 3 6 6 Total $ 463 $ 412 $ 905 $ 824 INCOME TAX EXPENSE (BENEFIT) SDG&E $ 33 $ 70 $ 78 $ 128 SoCalGas 8 49 102 101 Sempra Mexico 113 54 121 (253) Sempra LNG (19) 18 30 41 All other 4 (23) (34) (56) Total $ 139 $ 168 $ 297 $ (39) EQUITY EARNINGS (LOSSES) Equity earnings (losses), before income tax: Sempra Texas Utilities $ 2 $ — $ 3 $ — Sempra LNG 133 84 267 141 All other 50 — 50 (100) 185 84 320 41 Equity earnings (losses), net of income tax: Sempra Texas Utilities 137 143 273 249 Sempra Mexico (9) 6 38 206 128 149 311 455 Total $ 313 $ 233 $ 631 $ 496 SEGMENT INFORMATION (CONTINUED) (Dollars in millions) Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES SDG&E $ 186 $ 193 $ 398 $ 455 SoCalGas 94 146 501 449 Sempra Texas Utilities 138 144 273 249 Sempra Mexico 4 61 61 252 Sempra LNG 47 61 193 136 Discontinued operations — 1,775 — 1,847 All other (45) (141) (128) (389) Total $ 424 $ 2,239 $ 1,298 $ 2,999 EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT SDG&E $ 1,072 $ 850 SoCalGas 936 885 Sempra Mexico 166 321 Sempra LNG 249 136 All other 1 6 Total $ 2,424 $ 2,198 June 30, December 31, ASSETS SDG&E $ 22,980 $ 22,311 SoCalGas 19,091 18,460 Sempra Texas Utilities 12,760 12,542 Sempra Mexico 11,114 10,752 Sempra LNG 3,078 2,205 All other 1,029 1,209 Intersegment receivables (1,444) (856) Total $ 68,608 $ 66,623 EQUITY METHOD AND OTHER INVESTMENTS Sempra Texas Utilities $ 12,760 $ 12,542 Sempra Mexico 871 852 Sempra LNG 416 433 All other 1 1 Total $ 14,048 $ 13,828 (1) Revenues for reportable segments include intersegment revenues of $2 million, $23 million, $52 million and $80 million for the three months ended June 30, 2021; $4 million, $48 million, $62 million and $193 million for the six months ended June 30, 2021; $2 million, $20 million, $29 million and $11 million for the three months ended June 30, 2020 and $3 million, $38 million, $51 million and $37 million for the six months ended June 30, 2020 for SDG&E, SoCalGas, Sempra Mexico and Sempra LNG, respectively. |
GENERAL INFORMATION AND OTHER_4
GENERAL INFORMATION AND OTHER FINANCIAL DATA - PRINCIPLES OF CONSOLIDATION (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 5 |
GENERAL INFORMATION AND OTHER_5
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Cash and cash equivalents | $ 335 | $ 960 | [1] | ||
Restricted cash, current | 33 | 22 | [1] | ||
Restricted cash, noncurrent | 3 | 3 | [1] | ||
Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows | $ 371 | $ 985 | $ 4,930 | $ 217 | |
[1] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHER_6
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CREDIT LOSSES (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 138 | $ 29 | |
Provisions for expected credit losses | 66 | 21 | |
Write-offs | (12) | (7) | |
Ending balance | 192 | 44 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3 | 0 | |
Provisions for expected credit losses | (2) | (3) | |
Ending balance | 1 | 3 | |
Allowance for credit losses | 1 | 3 | |
San Diego Gas and Electric Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 69 | 14 | |
Provisions for expected credit losses | 13 | 9 | |
Write-offs | (7) | (4) | |
Ending balance | 75 | 19 | |
Southern California Gas Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 68 | 15 | |
Provisions for expected credit losses | 52 | 12 | |
Write-offs | (5) | (3) | |
Ending balance | 115 | 24 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 0 | $ 6 | |
Allowance for credit losses | |||
Accounts Receivable, Trade, Net [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 153 | ||
Accounts Receivable, Trade, Net [Member] | San Diego Gas and Electric Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 60 | ||
Accounts Receivable, Trade, Net [Member] | Southern California Gas Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 91 | ||
Accounts receivable – other, net [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 39 | ||
Accounts receivable – other, net [Member] | San Diego Gas and Electric Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 15 | ||
Accounts receivable – other, net [Member] | Southern California Gas Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 24 | ||
Due from Unconsolidated Affiliates - Noncurrent [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 1 | ||
Allowance for credit losses | 1 | ||
Sempra LNG [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Maximum exposure under guarantor obligations | $ 4,000 | ||
Sempra LNG [Member] | Deferred Credits and Other [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 7 | ||
Allowance for credit losses | $ 7 |
GENERAL INFORMATION AND OTHER_7
GENERAL INFORMATION AND OTHER FINANCIAL DATA - INVENTORIES (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||
Natural gas | $ 139 | $ 118 | |
LNG | 13 | 7 | |
Materials and supplies | 187 | 183 | |
Inventory | 339 | 308 | [1] |
San Diego Gas and Electric Company [Member] | |||
Inventory [Line Items] | |||
Natural gas | 0 | 0 | |
LNG | 0 | 0 | |
Materials and supplies | 109 | 104 | |
Inventory | 109 | 104 | [1] |
Southern California Gas Company [Member] | |||
Inventory [Line Items] | |||
Natural gas | 62 | 94 | |
LNG | 0 | 0 | |
Materials and supplies | 64 | 59 | |
Inventory | $ 126 | $ 153 | [1] |
[1] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHER_8
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CAPITALIZED FINANCING COSTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Capitalized Financing Costs Disclosure [Line Items] | ||||
Capitalized interest costs | $ 55 | $ 50 | $ 114 | $ 98 |
San Diego Gas and Electric Company [Member] | ||||
Capitalized Financing Costs Disclosure [Line Items] | ||||
Capitalized interest costs | 28 | 26 | 58 | 53 |
Southern California Gas Company [Member] | ||||
Capitalized Financing Costs Disclosure [Line Items] | ||||
Capitalized interest costs | $ 15 | $ 14 | $ 31 | $ 25 |
GENERAL INFORMATION AND OTHER_9
GENERAL INFORMATION AND OTHER FINANCIAL DATA - OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | $ 440 | $ 440 | $ 250 | ||
Accumulated amortization | (58) | (58) | (48) | ||
Net intangible assets | 382 | 382 | 202 | ||
Amortization expense | 7 | $ 2 | 10 | $ 5 | |
Amortization expense recorded against revenue | 3 | 3 | |||
Future amortization expense per year | 13 | ||||
Expected amortization charged against revenue | 7 | ||||
Future amortization expense, per year, next four years | 26 | ||||
Expected amortization expense, recorded in revenue, next four years | 13 | ||||
Renewable energy transmission and consumption permit [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 169 | 169 | 169 | ||
Accumulated amortization | (37) | $ (37) | (32) | ||
Renewable energy transmission and consumption permit [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization period (years) | 15 years | ||||
Renewable energy transmission and consumption permit [Member] | Maximum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization period (years) | 19 years | ||||
O&M agreement [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization period (years) | 23 years | ||||
Gross intangible assets | 66 | $ 66 | 66 | ||
Accumulated amortization | (10) | $ (10) | (9) | ||
PPA [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization period (years) | 14 years | ||||
Gross intangible assets | 190 | $ 190 | 0 | ||
Accumulated amortization | 3 | 3 | 0 | ||
Other [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | 15 | 15 | 15 | ||
Accumulated amortization | (8) | $ (8) | $ (7) | ||
Other [Member] | Minimum [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization period (years) | 10 years | ||||
Sempra Mexico [Member] | PPA [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | $ 190 | $ 190 |
GENERAL INFORMATION AND OTHE_10
GENERAL INFORMATION AND OTHER FINANCIAL DATA - VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Variable Interest Entities [Line Items] | ||||
Property plant and equipment, net | $ 41,916 | $ 40,003 | [1] | |
Finance lease obligations | 1,335 | 1,330 | ||
Equity method investment | 12,655 | 12,440 | [1] | |
Assets | 68,608 | 66,623 | [1] | |
Sempra Texas Utilities [Member] | Oncor Holdings [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Equity method investment | 12,655 | 12,440 | ||
Sempra LNG [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Maximum exposure under guarantor obligations | $ 4,000 | |||
Sempra LNG [Member] | Cameron LNG Holdings [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Equity method investment | 416 | 433 | ||
Sempra LNG [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Maximum exposure under guarantor obligations | 979 | |||
San Diego Gas and Electric Company [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Property plant and equipment, net | 19,190 | 18,421 | [1] | |
Finance lease obligations | 1,276 | 1,276 | ||
Assets | 22,980 | 22,311 | [1] | |
San Diego Gas and Electric Company [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Property plant and equipment, net | 1,228 | 1,237 | ||
Finance lease obligations | 1,228 | 1,237 | ||
Sempra Energy [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ECA LNGJV [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Assets | 425 | 207 | ||
Liabilities | $ 267 | $ 49 | ||
Oncor Electric Delivery Company LLC. [Member] | Oncor Holdings [Member] | Sempra Texas Utilities [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Ownership interest (as a percent) | 80.25% | |||
Sempra Texas Holdings Corp [Member] | Oncor Holdings [Member] | Sempra Texas Intermediate Holding Company LLC [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Ownership percentage in consolidated entity | 100.00% | |||
[1] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_11
GENERAL INFORMATION AND OTHER FINANCIAL DATA - PENSION AND OTHER POSTRETIREMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Settlement charges | $ 4 | $ 7 | $ 9 | |
Amortization of: | ||||
Settlement charges | 4 | 7 | 9 | |
Pension benefits [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Settlement charges | $ 0 | 4 | 7 | 9 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 36 | 33 | 73 | 66 |
Interest cost | 28 | 33 | 56 | 65 |
Expected return on assets | (43) | (43) | (86) | (85) |
Amortization of: | ||||
Prior service cost (credit) | 2 | 3 | 5 | 6 |
Actuarial loss (gain) | 11 | 8 | 22 | 17 |
Settlement charges | 0 | 4 | 7 | 9 |
Net periodic benefit cost (credit) | 34 | 38 | 77 | 78 |
Regulatory adjustments | 22 | 22 | (7) | (6) |
Total expense recognized | 56 | 60 | 70 | 72 |
Pension benefits [Member] | San Diego Gas and Electric Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 9 | 8 | 17 | 16 |
Interest cost | 6 | 8 | 12 | 15 |
Expected return on assets | (13) | (12) | (25) | (25) |
Amortization of: | ||||
Prior service cost (credit) | 0 | 1 | ||
Actuarial loss (gain) | 1 | 1 | 1 | 2 |
Net periodic benefit cost (credit) | 3 | 5 | 5 | 9 |
Regulatory adjustments | 11 | 9 | 9 | 6 |
Total expense recognized | 14 | 14 | 14 | 15 |
Pension benefits [Member] | Southern California Gas Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 25 | 22 | 50 | 44 |
Interest cost | 20 | 22 | 40 | 44 |
Expected return on assets | (30) | (27) | (58) | (54) |
Amortization of: | ||||
Prior service cost (credit) | 2 | 2 | 4 | 4 |
Actuarial loss (gain) | 10 | 7 | 19 | 13 |
Net periodic benefit cost (credit) | 27 | 26 | 55 | 51 |
Regulatory adjustments | 11 | 13 | (16) | (12) |
Total expense recognized | 38 | 39 | 39 | 39 |
Other postretirement benefits [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Settlement charges | 0 | 0 | 0 | 0 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 4 | 11 | 9 |
Interest cost | 7 | 8 | 14 | 16 |
Expected return on assets | (15) | (14) | (30) | (27) |
Amortization of: | ||||
Prior service cost (credit) | 0 | 0 | (1) | (1) |
Actuarial loss (gain) | (2) | (2) | (4) | (5) |
Settlement charges | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (5) | (4) | (10) | (8) |
Regulatory adjustments | 5 | 4 | 10 | 8 |
Total expense recognized | 0 | 0 | 0 | 0 |
Other postretirement benefits [Member] | San Diego Gas and Electric Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1 | 1 | 2 | 2 |
Interest cost | 2 | 1 | 3 | 3 |
Expected return on assets | (3) | (2) | (5) | (5) |
Amortization of: | ||||
Prior service cost (credit) | 0 | 0 | ||
Actuarial loss (gain) | (1) | 0 | (1) | (1) |
Net periodic benefit cost (credit) | (1) | 0 | (1) | (1) |
Regulatory adjustments | 1 | 0 | 1 | 1 |
Total expense recognized | 0 | 0 | 0 | 0 |
Other postretirement benefits [Member] | Southern California Gas Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 4 | 4 | 8 | 7 |
Interest cost | 6 | 6 | 11 | 12 |
Expected return on assets | (12) | (11) | (24) | (21) |
Amortization of: | ||||
Prior service cost (credit) | 0 | (1) | (1) | (1) |
Actuarial loss (gain) | (2) | (2) | (3) | (4) |
Net periodic benefit cost (credit) | (4) | (4) | (9) | (7) |
Regulatory adjustments | 4 | 4 | 9 | 7 |
Total expense recognized | $ 0 | $ 0 | $ 0 | $ 0 |
GENERAL INFORMATION AND OTHE_12
GENERAL INFORMATION AND OTHER FINANCIAL DATA - RABBI TRUST (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Rabbi trust | $ 523 | $ 512 | [1] |
[1] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_13
GENERAL INFORMATION AND OTHER FINANCIAL DATA - EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Income from continuing operations, net of income tax | $ 455 | $ 528 | $ 1,383 | $ 1,395 |
Earnings attributable to noncontrolling interests | (10) | (26) | (43) | (169) |
Preferred dividends | (20) | (37) | (41) | (73) |
Preferred dividends of subsidiary | (1) | (1) | (1) | (1) |
Earnings from continuing operations attributable to common shares for basic EPS | 424 | 464 | 1,298 | 1,152 |
Add back dividends for dilutive mandatory convertible preferred stock | 0 | 0 | 0 | 52 |
Earnings from continuing operations attributable to common shares for diluted EPS | 424 | 464 | 1,298 | 1,204 |
Income from discontinued operations, net of income tax | 0 | 1,777 | 0 | 1,857 |
Earnings attributable to noncontrolling interests | 0 | (2) | 0 | (10) |
Earnings from discontinued operations attributable to Sempra | 0 | 1,775 | 0 | 1,847 |
Earnings attributable to common shares for basic EPS | 424 | 2,239 | 1,298 | 2,999 |
Earnings attributable to common shares | $ 424 | $ 2,239 | $ 1,298 | $ 3,051 |
Weighted-average common shares outstanding for basic EPS | 307,800,000 | 293,060,000 | 304,372,000 | 292,925,000 |
Dilutive effect of stock options, RSAs and RSUs (in shares) | 807,000 | 1,095,000 | 846,000 | 1,199,000 |
Dilutive effect of mandatory convertible preferred stock (in shares) | 0 | 0 | 1,066,000 | 13,838,000 |
Weighted-average common shares outstanding for diluted EPS (in shares) | 308,607,000 | 294,155,000 | 306,284,000 | 307,962,000 |
Earnings from continuing operations (in dollars per share) | $ 1.38 | $ 1.58 | $ 4.27 | $ 3.93 |
Earnings from discontinued operations (in dollars per share) | 0 | 6.06 | 0 | 6.31 |
Earnings attributable to common shares (in dollars per share) | 1.38 | 7.64 | 4.27 | 10.24 |
Earnings from continuing operations (in dollars per share) | 1.37 | 1.58 | 4.24 | 3.91 |
Earnings from discontinued operations (in dollars per share) | 0 | 6.03 | 0 | 6 |
Earnings from continuing operations attributable to common shares (in dollars per share) | $ 1.37 | $ 7.61 | $ 4.24 | $ 9.91 |
Vested RSUs included in basic WASO (in shares) | 447,000 | 530,000 | 454,000 | 536,000 |
Performance-based RSUs [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Equity awards, granted (in shares) | 323,889 | |||
Service-based RSUs [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Equity awards, granted (in shares) | 142,105 | |||
Stock options, RSAs and RSUs [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Non-qualified stock options granted (in shares) | 222,620 | |||
Stock options, RSAs and RSUs [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Antidilutive securities excluded from earnings per share (in shares) | 145,247 | 216,922 | 287,061 | 235,589 |
Convertible Preferred Stock [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Antidilutive securities excluded from earnings per share (in shares) | 4,256,725 | 18,450,579 | 4,256,725 | 4,612,645 |
GENERAL INFORMATION AND OTHE_14
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | [1] | $ 23,373 | |||
Ending balance | $ 25,451 | 25,451 | |||
Foreign currency translation adjustments [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (69) | $ (745) | (64) | $ (607) | |
OCI before reclassifications | (19) | 17 | (24) | (121) | |
Amounts reclassified from AOCI | 0 | 645 | 0 | 645 | |
Net OCI | (19) | 662 | (24) | 524 | |
Ending balance | (88) | (83) | (88) | (83) | |
Foreign currency translation adjustments [Member] | IEnova [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
AOCI associated with noncontrolling interests | 24 | 24 | |||
Financial instruments [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (239) | (350) | (331) | (215) | |
OCI before reclassifications | (36) | (13) | 37 | (167) | |
Amounts reclassified from AOCI | 10 | 2 | 29 | 21 | |
Net OCI | (26) | (11) | 66 | (146) | |
Ending balance | (265) | (361) | (265) | (361) | |
Financial instruments [Member] | IEnova [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
AOCI associated with noncontrolling interests | 14 | 14 | |||
Pension and other postretirement benefits [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (91) | (95) | (105) | (117) | |
OCI before reclassifications | (2) | (14) | 5 | 2 | |
Amounts reclassified from AOCI | 2 | 11 | 9 | 17 | |
Net OCI | 0 | (3) | 14 | 19 | |
Ending balance | (91) | (98) | (91) | (98) | |
Pension and other postretirement benefits [Member] | San Diego Gas and Electric Company [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Amounts reclassified from AOCI | 3 | 3 | |||
Total accumulated other comprehensive income (loss) [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (399) | (1,190) | (500) | (939) | |
OCI before reclassifications | (57) | (10) | 18 | (286) | |
Amounts reclassified from AOCI | 12 | 658 | 38 | 683 | |
Net OCI | (45) | 648 | 56 | 397 | |
Ending balance | (444) | (542) | (444) | (542) | |
San Diego Gas and Electric Company [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | [1] | 7,730 | |||
Ending balance | 8,128 | 8,128 | |||
San Diego Gas and Electric Company [Member] | Pension and other postretirement benefits [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (10) | (16) | (10) | (16) | |
Amounts reclassified from AOCI | 4 | 4 | |||
Net OCI | 4 | 4 | |||
Ending balance | (10) | 12 | (10) | 12 | |
San Diego Gas and Electric Company [Member] | Total accumulated other comprehensive income (loss) [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (10) | (16) | (10) | (16) | |
Amounts reclassified from AOCI | 4 | 4 | |||
Net OCI | 4 | 4 | |||
Ending balance | (10) | 12 | (10) | 12 | |
Southern California Gas Company [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | [1] | 5,144 | |||
Ending balance | 5,571 | 5,571 | |||
Southern California Gas Company [Member] | Financial instruments [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (13) | (13) | (13) | (13) | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |
Net OCI | 0 | 0 | 0 | 0 | |
Ending balance | (13) | (13) | (13) | (13) | |
Southern California Gas Company [Member] | Pension and other postretirement benefits [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (18) | (10) | (18) | (10) | |
Amounts reclassified from AOCI | 1 | 1 | 1 | 1 | |
Net OCI | (1) | 1 | (1) | 1 | |
Ending balance | (17) | (9) | (17) | (9) | |
Southern California Gas Company [Member] | Total accumulated other comprehensive income (loss) [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (31) | (23) | (31) | (23) | |
Amounts reclassified from AOCI | 1 | 1 | 1 | 1 | |
Net OCI | (1) | 1 | (1) | 1 | |
Ending balance | $ (30) | $ (22) | $ (30) | $ (22) | |
[1] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_15
GENERAL INFORMATION AND OTHER FINANCIAL DATA - RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $ (258) | $ (274) | $ (517) | $ (554) |
Equity earnings | 313 | 233 | 631 | 496 |
Energy-related businesses | 307 | 293 | 721 | 657 |
Other Income (Expense), Net | (72) | (62) | (107) | 192 |
Income from continuing operations before income taxes and equity earnings | 281 | 463 | 1,049 | 860 |
Earnings from discontinued operations attributable to Sempra | 0 | 1,775 | 0 | 1,847 |
Income tax (expense) benefit | (139) | (168) | (297) | 39 |
Net income | 455 | 2,305 | 1,383 | 3,252 |
Earnings attributable to noncontrolling interest | (10) | (28) | (43) | (179) |
San Diego Gas and Electric Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | (101) | (103) | (203) | (204) |
Other Income (Expense), Net | (22) | (18) | (57) | (49) |
Income from continuing operations before income taxes and equity earnings | 219 | 263 | 476 | 583 |
Income tax (expense) benefit | (33) | (70) | (78) | (128) |
Net income | 398 | 455 | ||
Southern California Gas Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | (40) | (40) | (79) | (80) |
Other Income (Expense), Net | 2 | 2 | (37) | (28) |
Income from continuing operations before income taxes and equity earnings | 103 | 196 | 604 | 551 |
Income tax (expense) benefit | (8) | (49) | (102) | (101) |
Net income | 95 | 147 | 502 | 450 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings attributable to common shares | 12 | 655 | 38 | 680 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | San Diego Gas and Electric Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings attributable to common shares | 0 | 1 | 0 | 1 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Southern California Gas Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings attributable to common shares | 1 | 1 | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign currency translation adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings from discontinued operations attributable to Sempra | 0 | 645 | 0 | 645 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income from continuing operations before income taxes and equity earnings | 11 | 0 | 40 | 39 |
Income tax (expense) benefit | (1) | 0 | (9) | (12) |
Net income | 10 | 0 | 31 | 27 |
Earnings attributable to common shares | 10 | 2 | 29 | 21 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest rate instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | (1) | 1 | 1 | 3 |
Equity earnings | 19 | 1 | 38 | 3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Foreign exchange instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Equity earnings | 1 | (2) | ||
Energy-related businesses | 1 | (2) | ||
Other Income (Expense), Net | 0 | 1 | 0 | (1) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | Interest rate and foreign exchange instruments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | 0 | 1 | 0 | 1 |
Other Income (Expense), Net | (7) | (4) | (1) | 37 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains (Losses) on Cash Flow hedges Attributable to Noncontrolling Interests [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings attributable to noncontrolling interest | 0 | 2 | (2) | (6) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Pension and Other Postretirement Benefits [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Income (Expense), Net | 1 | 1 | 3 | 3 |
Earnings from discontinued operations attributable to Sempra | 0 | 6 | 0 | 6 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Income (Expense), Net | 1 | 1 | 2 | 2 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | San Diego Gas and Electric Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Income, Net | 0 | 1 | 0 | 1 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | Southern California Gas Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Income, Net | 1 | 1 | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Settlements Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Income (Expense), Net | 0 | 4 | 7 | 9 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Benefits [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income from continuing operations before income taxes and equity earnings | 2 | 12 | 12 | 20 |
Earnings from discontinued operations attributable to Sempra | 0 | (2) | 0 | (2) |
Income tax (expense) benefit | 0 | (2) | (3) | (4) |
Net income | $ 2 | $ 8 | $ 9 | $ 14 |
GENERAL INFORMATION AND OTHE_16
GENERAL INFORMATION AND OTHER FINANCIAL DATA - SHAREHOLDER'S EQUITY AND NONCONTROLLING INTEREST (Details) $ / shares in Units, $ in Millions | Jul. 06, 2021$ / shares | Apr. 04, 2021USD ($) | Jun. 19, 2020USD ($)$ / sharesshares | Jul. 31, 2021USD ($) | May 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)shares | Jun. 30, 2021USD ($)class | Jun. 30, 2020USD ($)shares | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($)class | Jun. 30, 2020USD ($) | Jul. 15, 2021shares | Apr. 30, 2021 | Jan. 15, 2021shares | Mar. 30, 2020 | Dec. 31, 2019 |
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Shares issued (in shares) | shares | 12,306,777 | ||||||||||||||||
Repurchases of common stock | $ 1 | $ 7 | $ 38 | $ 64 | |||||||||||||
Equitization of long-term debt for deficit held by NCI | $ 22 | ||||||||||||||||
Limited Partnership distributions (as a percent) | 85.00% | ||||||||||||||||
Number of authorized classes of units | class | 2 | 2 | |||||||||||||||
Forecast [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Direct and indirect net debt at closing | $ 8,370 | ||||||||||||||||
KKR [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Termination fee received | $ 134.8 | ||||||||||||||||
Expenses paid in connection with transaction | 150 | ||||||||||||||||
Disbursements to be paid | $ 300 | ||||||||||||||||
Repayment of disbursements, rate (as a percent) | 5.00% | ||||||||||||||||
Infraestructura Energética Nova [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock acquired (in shares) | shares | 381,015,194 | ||||||||||||||||
Common stock exchange ratio | 0.0323 | ||||||||||||||||
Infraestructura Energética Nova [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock acquired (in shares) | shares | 52,227,526 | ||||||||||||||||
LA Storage [Member] | Liberty Gas Storage, LLC [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Ownership percentage | 100.00% | 100.00% | |||||||||||||||
IEnova [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Purchase price of equity interests | $ 1,361 | ||||||||||||||||
Transaction costs | $ 12 | ||||||||||||||||
Ownership interest (as a percent) | 96.40% | 96.40% | 96.40% | 70.20% | |||||||||||||
Sempra Global | KKR [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Purchase price of equity interests | $ 3,370 | ||||||||||||||||
Sempra Global | KKR [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Ownership percentage | 20.00% | ||||||||||||||||
Liberty Gas Storage, LLC [Member] | Sempra LNG [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Payment to acquire remaining interest | $ 7 | ||||||||||||||||
Equitization of long-term debt for deficit held by NCI | 22 | ||||||||||||||||
Increase from equity of noncontrolling interest | $ 2 | ||||||||||||||||
Sempra Mexico [Member] | ICM Ventures Holdings B.V. [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Additional ownership percentage | 17.50% | ||||||||||||||||
Sempra Mexico [Member] | Infraestructura Energética Nova [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Common stock repurchased (in shares) | shares | 3,694,156 | ||||||||||||||||
Repurchases of common stock | $ 10 | ||||||||||||||||
Sempra Mexico [Member] | ICM Ventures Holdings B.V. [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Ownership interest (as a percent) | 82.50% | 82.50% | 53.70% | ||||||||||||||
Payment to acquire remaining interest | $ 9 | ||||||||||||||||
Sempra Mexico [Member] | ICM Ventures Holdings B.V. [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Payment to acquire remaining interest | $ 7 | ||||||||||||||||
Sempra Mexico [Member] | IEnova [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Ownership interest (as a percent) | 66.80% | 66.80% | 66.60% | ||||||||||||||
Sempra LNG [Member] | Liberty Gas Storage, LLC [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Ownership percentage | 24.60% | ||||||||||||||||
Sempra LNG [Member] | Liberty Gas Storage, LLC [Member] | Liberty Gas Storage, LLC [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Ownership percentage | 100.00% | 100.00% | |||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Shares converted | shares | 17,250,000 | ||||||||||||||||
Convertible Preferred Stock Series A [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Shares converted | shares | 13,781,025 | ||||||||||||||||
Preferred stock, conversion ratio | 0.7989 | ||||||||||||||||
Series B Preferred Stock [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Shares converted | shares | 5,750,000 | ||||||||||||||||
Series B Preferred Stock [Member] | Sempra Energy [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Percentage of common shares held (as a percent) | 1.00% | 1.00% | |||||||||||||||
Series B Preferred Stock [Member] | Sempra Energy [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Stock price trigger amount | $ / shares | $ 135.0804 | ||||||||||||||||
Conversion ratio (in shares) | 0.8883 | ||||||||||||||||
Conversion price | $ / shares | $ 100 | ||||||||||||||||
Series B Preferred Stock [Member] | Sempra Energy [Member] | Subsequent Event [Member] | Minimum [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Stock price trigger amount | $ / shares | $ 112.5746 | ||||||||||||||||
Conversion ratio (in shares) | 0.7403 | ||||||||||||||||
Series B Preferred Stock [Member] | Sempra Energy [Member] | Subsequent Event [Member] | Maximum [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Stock price trigger amount | $ / shares | $ 112.5746 | ||||||||||||||||
Conversion ratio (in shares) | 0.8883 | ||||||||||||||||
Convertible Preferred Stock Series B [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Shares converted | shares | 4,256,720 | ||||||||||||||||
Preferred stock, conversion ratio | 0.7403 | ||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||
Preferred stock, shares issued (in shares) | shares | 900,000 | ||||||||||||||||
Preferred stock, redemption price per share (in dollars per share) | $ / shares | $ 1,000 | ||||||||||||||||
Proceeds from issuance of preferred stock | $ 889 | ||||||||||||||||
Preferred stock, discount | $ 11 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% |
GENERAL INFORMATION AND OTHE_17
GENERAL INFORMATION AND OTHER FINANCIAL DATA - OTHER NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | |||
Other noncontrolling interests | $ 221 | $ 1,541 | [1] |
IEnova [Member] | Sempra Mexico [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 3.60% | 29.80% | |
Other noncontrolling interests | $ 184 | $ 1,487 | |
IEnova subsidiaries [Member] | Sempra Mexico [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 17.50% | 17.50% | |
Other noncontrolling interests | $ 6 | $ 7 | |
ECA LNG Proposed Liquefaction Project [Member] | Sempra LNG [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 18.10% | 29.00% | |
Other noncontrolling interests | $ 31 | $ 46 | |
PXISE Energy Solutions LLC [Member] | Parent and Other [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 20.00% | 20.00% | |
Other noncontrolling interests | $ 0 | $ 1 | |
[1] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_18
GENERAL INFORMATION AND OTHER FINANCIAL DATA - DUE TO DUE FROM AFFILIATES (Details) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Jun. 30, 2021MXN ($) | Mar. 31, 2021 | ||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - current | $ 11,000,000 | $ 20,000,000 | [1] | ||
Due from unconsolidated affiliates - noncurrent | 702,000,000 | 780,000,000 | [1] | ||
Due to unconsolidated affiliates, current | (42,000,000) | (45,000,000) | [1] | ||
Due to unconsolidated affiliates - noncurrent | (262,000,000) | $ (234,000,000) | [1] | ||
Maximum borrowing capacity | $ 6,685,000,000 | ||||
ESJ joint venture [Member] | ESJ [Member] | |||||
Related Party Transaction [Line Items] | |||||
Additional ownership percentage | 50.00% | ||||
ESJ joint venture [Member] | LIBOR [Member] | |||||
Related Party Transaction [Line Items] | |||||
Spread on variable rate (as a percent) | 1.96% | ||||
Interest rate on due from affiliate, noncurrent | 2.11% | ||||
TAG Pipeline Norte [Member] | |||||
Related Party Transaction [Line Items] | |||||
Interest rate on due from affiliate, noncurrent | 3.06% | ||||
TAG Pipeline Norte [Member] | LIBOR [Member] | |||||
Related Party Transaction [Line Items] | |||||
Spread on variable rate (as a percent) | 2.90% | ||||
Various Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | $ 0 | $ (4,000,000) | |||
San Diego Gas and Electric Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | (44,000,000) | (64,000,000) | [1] | ||
Maximum borrowing capacity | 1,500,000,000 | ||||
San Diego Gas and Electric Company [Member] | Due to/from Sempra Energy [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | (22,000,000) | (38,000,000) | |||
Income taxes due (to) from Sempra Energy | 21,000,000 | 0 | |||
San Diego Gas and Electric Company [Member] | Due to/from SoCalGas [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | (12,000,000) | (21,000,000) | |||
San Diego Gas and Electric Company [Member] | Due to/from Other affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | (10,000,000) | (5,000,000) | |||
Southern California Gas Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - current | 13,000,000 | 22,000,000 | [1] | ||
Due to unconsolidated affiliates, current | (61,000,000) | (31,000,000) | [2] | ||
Maximum borrowing capacity | 750,000,000 | ||||
Southern California Gas Company [Member] | Due to/from Sempra Energy [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | (36,000,000) | (31,000,000) | |||
Income taxes due (to) from Sempra Energy | (39,000,000) | (37,000,000) | |||
Southern California Gas Company [Member] | Due to/from Other affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - current | 1,000,000 | 1,000,000 | |||
Southern California Gas Company [Member] | Due to/from SDG&E | |||||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - current | 12,000,000 | 21,000,000 | |||
Southern California Gas Company [Member] | Pacific Enterprises [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | (25,000,000) | 0 | |||
Sempra Mexico [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates - noncurrent | (262,000,000) | (234,000,000) | |||
Sempra Mexico [Member] | ESJ joint venture [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - noncurrent | 0 | 85,000,000 | |||
Accrued interest receivable | 1,000,000 | ||||
Sempra Mexico [Member] | IMG [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - noncurrent | 702,000,000 | 695,000,000 | |||
Due from affiliates, allowance for credit loss | 1,000,000 | 3,000,000 | |||
Accrued interest receivable | 2,000,000 | 2,000,000 | |||
Maximum borrowing capacity | $ 711,000,000 | $ 14,200,000,000 | |||
Sempra Mexico [Member] | IMG [Member] | Interbank Equilibrium Rate [Member] | |||||
Related Party Transaction [Line Items] | |||||
Spread on variable rate (as a percent) | 2.20% | ||||
Interest rate on due from affiliate, noncurrent | 6.79% | ||||
Sempra Mexico [Member] | TAG Pipeline Norte [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stated rate of debt (as a percent) | 5.50% | 5.50% | |||
Sempra Mexico [Member] | TAG JV Notes [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates - noncurrent | $ (171,000,000) | (166,000,000) | |||
Stated rate of debt (as a percent) | 5.74% | 5.74% | |||
Other Long term Debt Currently Through December 2021 [Member] | Sempra Mexico [Member] | TAG Pipeline Norte [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | $ (42,000,000) | (41,000,000) | |||
Due to unconsolidated affiliates - noncurrent | (70,000,000) | (68,000,000) | |||
Other Long term Debt Currently Through January 2024 [Member] | Sempra Mexico [Member] | TAG Pipeline Norte [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates - noncurrent | $ (21,000,000) | $ 0 | |||
[1] | Derived from audited financial statements. | ||||
[2] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_19
GENERAL INFORMATION AND OTHER FINANCIAL DATA - AFFILIATES REVENUE AND COST OF SALES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 7 | $ 10 | $ 15 | $ 22 |
Costs of sales to related parties | 0 | 15 | 11 | 26 |
Interest income | 12 | 15 | 27 | 32 |
Interest expense | 3 | 4 | 7 | 7 |
San Diego Gas and Electric Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 2 | 2 | 4 | 3 |
Costs of sales to related parties | 27 | 22 | 55 | 39 |
Southern California Gas Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 23 | 20 | 48 | 38 |
Costs of sales to related parties | $ 0 | $ 0 | $ 3 | $ 0 |
GENERAL INFORMATION AND OTHE_20
GENERAL INFORMATION AND OTHER FINANCIAL DATA - OTHER (EXPENSE) INCOME, NET (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Income [Line Items] | ||||
Allowance for equity funds used during construction | $ 34 | $ 31 | $ 72 | $ 62 |
Investment gains | 19 | 30 | 28 | (7) |
Gains (losses) on interest rate and foreign exchange instruments, net | 7 | 5 | (23) | (148) |
Foreign currency transaction gains (losses), net(2) | 26 | 13 | 7 | (110) |
Non-service component of net periodic benefit (cost) credit | (15) | (23) | 14 | 3 |
Interest on regulatory balancing accounts, net | 2 | 11 | 3 | 13 |
Sundry, net | (1) | (5) | 6 | (5) |
Total | 72 | 62 | 107 | (192) |
San Diego Gas and Electric Company [Member] | ||||
Other Income [Line Items] | ||||
Allowance for equity funds used during construction | 22 | 19 | 45 | 40 |
Non-service component of net periodic benefit (cost) credit | (4) | (5) | 5 | 3 |
Interest on regulatory balancing accounts, net | 2 | 6 | 3 | 8 |
Sundry, net | 2 | (2) | 4 | (2) |
Total | 22 | 18 | 57 | 49 |
Southern California Gas Company [Member] | ||||
Other Income [Line Items] | ||||
Allowance for equity funds used during construction | 11 | 10 | 23 | 18 |
Non-service component of net periodic benefit (cost) credit | (9) | (13) | 19 | 12 |
Interest on regulatory balancing accounts, net | 0 | 5 | 0 | 5 |
Sundry, net | (4) | (4) | (5) | (7) |
Total | (2) | (2) | 37 | 28 |
Sempra Mexico [Member] | IMG [Member] | ||||
Other Income [Line Items] | ||||
Foreign currency transaction gains (losses), net(2) | $ 28 | $ 14 | $ 5 | $ (135) |
GENERAL INFORMATION AND OTHE_21
GENERAL INFORMATION AND OTHER FINANCIAL DATA - INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||||
Income tax expense (benefit) from continuing operations | $ 139 | $ 168 | $ 297 | $ (39) |
Income from continuing operations before income taxes and equity earnings | 281 | 463 | 1,049 | 860 |
Equity earnings (losses), before income tax: | 185 | 84 | 320 | 41 |
Pretax income | $ 466 | $ 547 | $ 1,369 | $ 901 |
Effective income tax rate (as a percent) | 30.00% | 31.00% | 22.00% | (4.00%) |
Income tax benefit related to the increase in outside basis differences from 2019 earnings since January 25, 2019 | $ 7 | |||
San Diego Gas and Electric Company [Member] | ||||
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||||
Income tax expense (benefit) from continuing operations | $ 33 | $ 70 | $ 78 | 128 |
Income from continuing operations before income taxes and equity earnings | $ 219 | $ 263 | $ 476 | $ 583 |
Effective income tax rate (as a percent) | 15.00% | 27.00% | 16.00% | 22.00% |
Southern California Gas Company [Member] | ||||
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||||
Income tax expense (benefit) from continuing operations | $ 8 | $ 49 | $ 102 | $ 101 |
Income from continuing operations before income taxes and equity earnings | $ 103 | $ 196 | $ 604 | $ 551 |
Effective income tax rate (as a percent) | 8.00% | 25.00% | 17.00% | 18.00% |
REVENUES - DISAGGREGATION OF RE
REVENUES - DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 2,470 | $ 2,124 | $ 5,611 | $ 5,131 |
Utilities regulatory revenues | 210 | 291 | 182 | 152 |
Other revenues | 61 | 111 | 207 | 272 |
Total revenues | 2,741 | 2,526 | 6,000 | 5,555 |
Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 2,224 | 1,942 | 5,097 | 4,746 |
Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 246 | 182 | 514 | 385 |
Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,385 | 1,161 | 3,503 | 3,094 |
Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,085 | 963 | 2,108 | 2,037 |
Operating Segments [Member] | San Diego Gas and Electric Company [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,170 | 1,050 | 2,386 | 2,309 |
Utilities regulatory revenues | 148 | 185 | 269 | 195 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 1,318 | 1,235 | 2,655 | 2,504 |
Operating Segments [Member] | San Diego Gas and Electric Company [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,170 | 1,050 | 2,386 | 2,309 |
Operating Segments [Member] | San Diego Gas and Electric Company [Member] | Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments [Member] | San Diego Gas and Electric Company [Member] | Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 162 | 138 | 435 | 392 |
Operating Segments [Member] | San Diego Gas and Electric Company [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,008 | 912 | 1,951 | 1,917 |
Operating Segments [Member] | Southern California Gas Company [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,062 | 904 | 2,719 | 2,448 |
Utilities regulatory revenues | 62 | 106 | (87) | (43) |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 1,124 | 1,010 | 2,632 | 2,405 |
Operating Segments [Member] | Southern California Gas Company [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,062 | 904 | 2,719 | 2,448 |
Operating Segments [Member] | Southern California Gas Company [Member] | Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Southern California Gas Company [Member] | Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,062 | 904 | 2,719 | 2,448 |
Operating Segments [Member] | Southern California Gas Company [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Sempra Mexico [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 271 | 184 | 579 | 402 |
Utilities regulatory revenues | 0 | 0 | 0 | 0 |
Other revenues | 133 | 91 | 192 | 182 |
Total revenues | 404 | 275 | 771 | 584 |
Operating Segments [Member] | Sempra Mexico [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 17 | 10 | 44 | 30 |
Operating Segments [Member] | Sempra Mexico [Member] | Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 254 | 174 | 535 | 372 |
Operating Segments [Member] | Sempra Mexico [Member] | Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 180 | 133 | 404 | 280 |
Operating Segments [Member] | Sempra Mexico [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 91 | 51 | 175 | 122 |
Operating Segments [Member] | Sempra LNG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 48 | 9 | 116 | 21 |
Utilities regulatory revenues | 0 | 0 | 0 | 0 |
Other revenues | 4 | 60 | 132 | 171 |
Total revenues | 52 | 69 | 248 | 192 |
Operating Segments [Member] | Sempra LNG [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | 0 | 0 |
Operating Segments [Member] | Sempra LNG [Member] | Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 48 | 9 | 116 | 21 |
Operating Segments [Member] | Sempra LNG [Member] | Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 47 | 7 | 114 | 18 |
Operating Segments [Member] | Sempra LNG [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1 | 2 | 2 | 3 |
Consolidation, Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (81) | (23) | (189) | (49) |
Utilities regulatory revenues | 0 | 0 | 0 | 0 |
Other revenues | (76) | (40) | (117) | (81) |
Total revenues | (157) | (63) | (306) | (130) |
Consolidation, Eliminations [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (25) | (22) | (52) | (41) |
Consolidation, Eliminations [Member] | Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (56) | (1) | (137) | (8) |
Consolidation, Eliminations [Member] | Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (66) | (21) | (169) | (44) |
Consolidation, Eliminations [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ (15) | $ (2) | $ (20) | $ (5) |
REVENUES - PERFORMANCE OBLIGATI
REVENUES - PERFORMANCE OBLIGATIONS (Details) $ in Millions | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 6,084 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 180 |
Revenues to be recognized, period of recognition | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 406 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 407 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 351 |
Revenues to be recognized, period of recognition | 1 year |
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 | $ 351 |
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 | $ 4,389 |
Revenues to be recognized, period of recognition | |
San Diego Gas and Electric Company [Member] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 85 |
San Diego Gas and Electric Company [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 2 |
Revenues to be recognized, period of recognition | 6 months |
San Diego Gas and Electric Company [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
San Diego Gas and Electric Company [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
San Diego Gas and Electric Company [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
San Diego Gas and Electric Company [Member] | 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 | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
San Diego Gas and Electric Company [Member] | 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 | $ 67 |
Revenues to be recognized, period of recognition |
REVENUES - CONTRACT LIABILITIES
REVENUES - CONTRACT LIABILITIES (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, opening balance | $ (207) | $ (163) |
Revenue from performance obligations satisfied during reporting period | 49 | 2 |
Payments received in advance | (1) | 0 |
Contract liabilities, closing balance | (159) | (161) |
Other Current Liabilities [Member] | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | (6) | |
Deferred Credits and Other [Member] | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | (153) | |
San Diego Gas and Electric Company [Member] | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, opening balance | (87) | (91) |
Revenue from performance obligations satisfied during reporting period | 2 | 2 |
Contract liabilities, closing balance | (85) | $ (89) |
San Diego Gas and Electric Company [Member] | Other Current Liabilities [Member] | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | (4) | |
San Diego Gas and Electric Company [Member] | Deferred Credits and Other [Member] | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | $ (81) |
REVENUES - RECEIVABLES FROM REV
REVENUES - RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | $ 1,282 | $ 1,462 |
Accounts receivable – trade, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 1,265 | 1,447 |
Accounts receivable – other, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 15 | 12 |
Due from unconsolidated affiliates – current [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 2 | 3 |
San Diego Gas and Electric Company [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 646 | 583 |
San Diego Gas and Electric Company [Member] | Accounts receivable – trade, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 635 | 573 |
San Diego Gas and Electric Company [Member] | Accounts receivable – other, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 8 | 8 |
San Diego Gas and Electric Company [Member] | Due from unconsolidated affiliates – current [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 3 | 2 |
Southern California Gas Company [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 548 | 790 |
Southern California Gas Company [Member] | Accounts receivable – trade, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 541 | 786 |
Southern California Gas Company [Member] | Accounts receivable – other, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | $ 7 | $ 4 |
REGULATORY MATTERS - REGULATORY
REGULATORY MATTERS - REGULATORY ACCOUNTS (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Net Regulatory Assets (Liabilities) Sempra Energy Consolidated [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | $ (1,311) | $ (1,500) |
San Diego Gas and Electric Company [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Regulatory balancing accounts - net undercollected, Noncurrent | 256 | 139 |
San Diego Gas and Electric Company [Member] | Fixed-price contracts and other derivatives [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (82) | (53) |
San Diego Gas and Electric Company [Member] | Deferred income taxes (refundable) recoverable in rates [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 86 | 22 |
San Diego Gas and Electric Company [Member] | Pension and other postretirement benefit plan obligations [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 41 | 50 |
San Diego Gas and Electric Company [Member] | Removal obligations [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (2,199) | (2,121) |
San Diego Gas and Electric Company [Member] | Environmental costs [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 55 | 56 |
San Diego Gas and Electric Company [Member] | Sunrise Powerlink fire mitigation [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 120 | 121 |
San Diego Gas and Electric Company [Member] | Regulatory Balancing Accounts, Commodity – electric [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 175 | 72 |
San Diego Gas and Electric Company [Member] | Regulatory Balancing Accounts, Gas transportation [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 10 | 35 |
San Diego Gas and Electric Company [Member] | Regulatory Balancing Accounts, Safety and reliability [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 61 | 67 |
San Diego Gas and Electric Company [Member] | Regulatory Balancing Accounts, Public purpose programs [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (110) | (158) |
San Diego Gas and Electric Company [Member] | GRC retroactive impacts [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 28 | 56 |
San Diego Gas and Electric Company [Member] | Regulatory Balancing Accounts, Other balancing accounts [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 328 | 233 |
San Diego Gas and Electric Company [Member] | Other regulatory assets [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 95 | 72 |
San Diego Gas and Electric Company [Member] | Net Regulatory Assets (Liabilities) SDGE [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (1,392) | (1,548) |
Southern California Gas Company [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Regulatory balancing accounts - net undercollected, Noncurrent | 388 | 218 |
Southern California Gas Company [Member] | Deferred income taxes (refundable) recoverable in rates [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 13 | (82) |
Southern California Gas Company [Member] | Pension and other postretirement benefit plan obligations [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 406 | 417 |
Southern California Gas Company [Member] | Employee benefit costs [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 37 | 37 |
Southern California Gas Company [Member] | Removal obligations [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (662) | (685) |
Southern California Gas Company [Member] | Environmental costs [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 35 | 36 |
Southern California Gas Company [Member] | Regulatory Balancing Accounts, Commodity - gas including transportation [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (127) | (56) |
Southern California Gas Company [Member] | Regulatory Balancing Accounts, Safety and reliability [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 305 | 335 |
Southern California Gas Company [Member] | Regulatory Balancing Accounts, Public purpose programs [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (176) | (253) |
Southern California Gas Company [Member] | GRC retroactive impacts [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 101 | 202 |
Southern California Gas Company [Member] | Regulatory Balancing Accounts, Other balancing accounts [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (52) | (58) |
Southern California Gas Company [Member] | Other regulatory assets [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 121 | 75 |
Southern California Gas Company [Member] | Net Regulatory Assets (Liabilities) SoCalGas [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 1 | (32) |
Sempra Mexico [Member] | Deferred income taxes (refundable) recoverable in rates [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | $ 80 | $ 80 |
REGULATORY MATTERS - GENERAL RA
REGULATORY MATTERS - GENERAL RATE CASE (Details) - General Rate Case [Member] - USD ($) $ in Millions | 1 Months Ended | |
May 31, 2021 | Apr. 30, 2020 | |
San Diego Gas and Electric Company [Member] | ||
General Rate Case [Line Items] | ||
Tracked income tax expense liability | $ 86 | |
Southern California Gas Company [Member] | ||
General Rate Case [Line Items] | ||
Tracked income tax expense liability | $ 89 | |
2019 GRC FD - 2022 Requirement [Member] | San Diego Gas and Electric Company [Member] | ||
General Rate Case [Line Items] | ||
Revenue increase | $ 87 | |
Percent increase | 3.92% | |
2019 GRC FD - 2022 Requirement [Member] | Southern California Gas Company [Member] | ||
General Rate Case [Line Items] | ||
Revenue increase | $ 142 | |
Percent increase | 4.53% | |
2019 GRC FD - 2023 Requirement [Member] | San Diego Gas and Electric Company [Member] | ||
General Rate Case [Line Items] | ||
Revenue increase | $ 86 | |
Percent increase | 3.70% | |
2019 GRC FD - 2023 Requirement [Member] | Southern California Gas Company [Member] | ||
General Rate Case [Line Items] | ||
Revenue increase | $ 130 | |
Percent increase | 3.97% |
REGULATORY MATTERS - COST OF CA
REGULATORY MATTERS - COST OF CAPITAL & FERC (Details) - San Diego Gas and Electric Company [Member] - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Oct. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | |
Public Utilities, General Disclosures [Line Items] | ||||||
FERC requirement to maintain common equity ratio, at or above (percent) | 10.60% | |||||
Base ROE | 10.10% | |||||
Additional Bps | 0.50% | |||||
Additional FERC revenues | $ 12 | |||||
Federal Energy Regulatory Commission [Member] | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Additional FERC revenues | $ 17 | |||||
California Public Utilities Commission [Member] | Energy Efficiency Program Inquiry [Member] | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Equity losses on investment | $ 36 | $ 15 | ||||
Litigation fines | $ 6 | |||||
Loss contingency, loss in period, after tax | $ 44 | |||||
Common Equity [Member] | Federal Energy Regulatory Commission [Member] | ||||||
Public Utilities, General Disclosures [Line Items] | ||||||
Approved return on equity, percentage | 10.05% |
ACQUISITIONS, DIVESTITURES AN_3
ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS - ACQUISITION ACTIVITY (Details) $ in Millions | Mar. 19, 2021USD ($)MW | Mar. 18, 2021 | Dec. 31, 2020 |
Saavi Energia [Member] | ESJ [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 50.00% | ||
IEnova [Member] | Saavi Energia Asset Acquisition [Member] | Sempra Mexico [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 65 | ||
Cash acquired | 14 | ||
Debt assumed | 277 | ||
Related party note payable assumed | $ 94 | ||
Subsequent acquisition, percentage | 100.00% | ||
Equity interest in acquiree, fair value | $ 34 | ||
Assets acquired | 458 | ||
Liabilities assumed | $ 345 | ||
Power generation facility, nameplate capacity (in MW) | MW | 155 | ||
Intangible assets acquired | $ 190 | ||
Intangible assets acquired, useful life | 14 years | ||
Second power generation facility, nameplate capacity (in MW) | MW | 108 | ||
IEnova [Member] | ESJ [Member] | Sempra Mexico [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage | 50.00% | 50.00% |
ACQUISITIONS, DIVESTITURES AN_4
ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS - DISCONTINUED OPERATIONS (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Apr. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income from discontinued operations, net of income tax | $ 0 | $ 1,777 | $ 0 | $ 1,857 | ||
Earnings attributable to noncontrolling interests | 0 | (2) | 0 | (10) | ||
Earnings from discontinued operations attributable to Sempra | $ 0 | 1,775 | $ 0 | 1,847 | ||
Discontinued Operations, Held-for-sale [Member] | Sempra South American Utilities [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Revenues | 170 | 570 | ||||
Cost of sales | (111) | (364) | ||||
Gain on sale of discontinued operations | 2,915 | 2,915 | ||||
Operating expenses | (20) | (66) | ||||
Interest and other | (3) | (3) | ||||
Income before income taxes | 2,951 | 3,052 | ||||
Income tax expense | (1,174) | (1,195) | ||||
Income from discontinued operations, net of income tax | 1,777 | 1,857 | ||||
Earnings from discontinued operations attributable to Sempra | 1,775 | 1,847 | ||||
Cumulative foreign translation adjustments | $ 645 | $ 645 | $ 645 | |||
Luz Del Sur [Member] | Discontinued Operations, Held-for-sale [Member] | Sempra South American Utilities [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (as a percent) | 83.60% | |||||
Consideration to be received | $ 3,549 | |||||
Pretax gain on sale | 2,271 | |||||
Gain on sale of discontinued operations | $ 1,499 | |||||
Chilquinta Energia [Member] | Discontinued Operations, Held-for-sale [Member] | Sempra South American Utilities [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (as a percent) | 100.00% | 100.00% | 100.00% | |||
Consideration to be received | $ 2,232 | $ 2,232 | $ 2,232 | |||
Pretax gain on sale | 644 | |||||
Gain on sale of discontinued operations | $ 255 | |||||
Eletrans | Discontinued Operations, Held-for-sale [Member] | Sempra South American Utilities [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Ownership interest (as a percent) | 50.00% | 50.00% | 50.00% |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED ENTITIES - NARRATIVE (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jul. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 19, 2021 | Mar. 18, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Charge to equity earnings | $ (313,000,000) | $ (233,000,000) | $ (631,000,000) | $ (496,000,000) | ||||||
Cameron LNG [Member] | Other Long Term Debt, Due July 2030 | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Maximum exposure under guarantor obligations | 4,000,000,000 | 4,000,000,000 | ||||||||
R B S Sempra Commodities [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Charge to equity earnings | 50,000,000 | $ 100,000,000 | ||||||||
Sempra Texas Utilities [Member] | Oncor Holdings [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Contribution | 100,000,000 | $ 139,000,000 | 100,000,000 | 139,000,000 | ||||||
Sempra LNG [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Maximum exposure under guarantor obligations | $ 4,000,000,000 | |||||||||
Sempra LNG [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Maximum exposure under guarantor obligations | 979,000,000 | 979,000,000 | ||||||||
Guarantees, carrying value | 4,000,000 | 4,000,000 | ||||||||
Corporate Joint Venture [Member] | Sempra LNG [Member] | Cameron LNG [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Proceeds from dividends received | $ 378,000,000 | 74,000,000 | ||||||||
Proceeds from related party debt | $ 1,500,000,000 | |||||||||
Liability cap (as a percent) | 130.00% | |||||||||
Liability cap, amount | $ 979,000,000 | $ 979,000,000 | ||||||||
Corporate Joint Venture [Member] | Sempra LNG [Member] | Cameron LNG [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Proceeds from related party debt | 753,000,000 | |||||||||
Distribution from equity method investment | $ 753,000,000 | |||||||||
Oncor Holdings [Member] | Sempra Texas Utilities [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Proceeds from dividends received | $ 162,000,000 | 146,000,000 | ||||||||
ESJ [Member] | IEnova [Member] | Sempra Mexico [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Acquired percentage interest | 50.00% | |||||||||
Oncor Holdings [Member] | Sempra Texas Holdings Corp [Member] | Sempra Texas Intermediate Holding Company LLC [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in consolidated entity | 100.00% | |||||||||
Oncor Electric Delivery Company LLC. [Member] | Oncor Holdings [Member] | Sempra Texas Utilities [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Acquired percentage interest | 80.25% | 80.25% | ||||||||
Cameron LNG [Member] | Sempra LNG [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage in consolidated entity | 50.20% | |||||||||
ESJ [Member] | Sempra Mexico [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Proceeds from dividends received | $ 4,000,000 | $ 4,000,000 | ||||||||
ESJ [Member] | IEnova [Member] | Sempra Mexico [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 50.00% | 50.00% | ||||||||
ESJ [Member] | ESJ [Member] | IEnova [Member] | Sempra Mexico [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Other Current Liabilities [Member] | R B S Sempra Commodities [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Charge to equity earnings | 50,000,000 | |||||||||
Deferred Credits and Other [Member] | Sempra LNG [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Guarantees, carrying value | $ 3,000,000 | 3,000,000 | ||||||||
Other current assets [Member] | Sempra LNG [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Guarantees, carrying value | 7,000,000 | 7,000,000 | ||||||||
Promissory Note for SDSRA Distribution [Member] | Corporate Joint Venture [Member] | Sempra LNG [Member] | Cameron LNG [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Proceeds from dividends received | 165,000,000 | |||||||||
Promissory Note for SDSRA Distribution [Member] | Other Current Liabilities [Member] | Corporate Joint Venture [Member] | Sempra LNG [Member] | Cameron LNG [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Senior note, liability | 1,000,000 | 1,000,000 | ||||||||
Promissory Note for SDSRA Distribution [Member] | Deferred Credits and Other [Member] | Corporate Joint Venture [Member] | Sempra LNG [Member] | Cameron LNG [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Senior note, liability | $ 21,000,000 | $ 21,000,000 |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED ENTITIES - SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Operating revenues | $ 2,434 | $ 2,233 | $ 5,279 | $ 4,898 |
Other income (expense), net | 72 | 62 | 107 | (192) |
Net income (loss) | 455 | 2,305 | 1,383 | 3,252 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Oncor Holdings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating revenues | 1,147 | 1,090 | 2,286 | 2,162 |
Operating expenses | (836) | (767) | (1,665) | (1,568) |
Operating income | 311 | 323 | 621 | 594 |
Interest expense | (102) | (102) | (204) | (203) |
Income tax expense | (34) | (37) | (70) | (65) |
Net income (loss) | 167 | 173 | 332 | 302 |
Noncontrolling interest held by TTI | (34) | (35) | (67) | (61) |
Earnings attributable to Sempra Energy | $ 133 | $ 138 | $ 265 | $ 241 |
DEBT AND CREDIT FACILITIES - LI
DEBT AND CREDIT FACILITIES - LINES OF CREDIT (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jul. 31, 2021 | May 31, 2021 | Jun. 30, 2021 | |
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 6,685,000,000 | ||
Capacity for issuance of letters of credit | $ 200,000,000 | ||
Maximum ratio of indebtedness to total capitalization | 65.00% | ||
Standby letters of credit outstanding | $ 680,000,000 | ||
Sempra U.S. Businesses [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 6,700,000,000 | ||
Available unused credit | 4,988,000,000 | ||
Sempra Energy [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 3,200,000,000 | 4,435,000,000 | |
Term of debt instrument | 5 years | ||
Available unused credit | 3,318,000,000 | ||
Option to request | 500,000,000 | ||
San Diego Gas and Electric Company [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 1,500,000,000 | ||
Available unused credit | 1,063,000,000 | ||
Capacity for issuance of letters of credit | 100,000,000 | ||
Option to request | $ 250,000,000 | ||
Maximum ratio of indebtedness to total capitalization | 65.00% | ||
Southern California Gas Company [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 750,000,000 | ||
Available unused credit | 607,000,000 | ||
Capacity for issuance of letters of credit | 100,000,000 | ||
Option to request | $ 250,000,000 | ||
Maximum ratio of indebtedness to total capitalization | 65.00% | ||
Commercial Paper | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | $ (1,697,000,000) | ||
Commercial Paper | Sempra Energy [Member] | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | (1,117,000,000) | ||
Commercial Paper | San Diego Gas and Electric Company [Member] | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | (437,000,000) | ||
Commercial Paper | Southern California Gas Company [Member] | |||
Line of Credit Facility [Line Items] | |||
Amount outstanding | (143,000,000) | ||
Foreign Line of Credit [Member] | Sempra Mexico [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 1,780,000,000 | ||
Amount outstanding | (469,000,000) | ||
Available unused credit | 1,311,000,000 | ||
Secured Debt | San Diego Gas and Electric Company [Member] | Term Loan Due 2022 | |||
Line of Credit Facility [Line Items] | |||
Debt amount | 375,000,000 | ||
Secured Debt | San Diego Gas and Electric Company [Member] | Term Loan Due 2022 | Subsequent Event [Member] | |||
Line of Credit Facility [Line Items] | |||
Proceeds from debt issuance | $ 200,000,000 | ||
Spread on variable rate (as a percent) | 0.625% | ||
Foreign Committed Lines of Credit, Due February 2024 [Member] | Foreign Line of Credit [Member] | Sempra Mexico [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 1,500,000,000 | ||
Amount outstanding | (189,000,000) | ||
Available unused credit | 1,311,000,000 | ||
Foreign Committed Lines of Credit, Due September 2021 [Member] | Foreign Line of Credit [Member] | Sempra Mexico [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 280,000,000 | ||
Amount outstanding | (280,000,000) | ||
Available unused credit | 0 | ||
Uncommitted Revolving Credit Facility with Scotiabank Inverlat S.A. [Member] | Foreign Line of Credit [Member] | Sempra Mexico [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 20,000,000 | ||
Term of debt instrument | 3 years | ||
Uncommitted Revolving Credit Facility with Bank of Nova Scotia [Member] | Foreign Line of Credit [Member] | Sempra Mexico [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 100,000,000 | ||
Term of debt instrument | 3 years | ||
Foreign Uncommitted Revolving Credit Facility Due April 2022 [Member] | Foreign Line of Credit [Member] | Sempra Mexico [Member] | |||
Line of Credit Facility [Line Items] | |||
Available unused credit | $ 20,000,000 |
DEBT AND CREDIT FACILITIES - WE
DEBT AND CREDIT FACILITIES - WEIGHTED-AVERAGE INTEREST RATES AND INTEREST RATE SWAPS (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Sempra Energy Consolidated [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding | 0.34% | 0.83% |
San Diego Gas and Electric Company [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding | 0.19% | 0.00% |
Southern California Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding | 0.11% | 0.14% |
DEBT AND CREDIT FACILITIES - LO
DEBT AND CREDIT FACILITIES - LONG-TERM DEBT (Details) - USD ($) | Mar. 19, 2021 | Dec. 31, 2020 | Jun. 30, 2021 |
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 6,685,000,000 | ||
Sempra Mexico [Member] | Variable Rate Loan Payable Maturing 2033 | ESJ [Member] | |||
Debt Instrument [Line Items] | |||
Loans payable acquired in acquisition | $ 177,000,000 | ||
Unamortized debt issuance costs | $ 6,000,000 | ||
Stated rate of debt (as a percent) | 6.13% | ||
Percentage of loan bearing fixed rate | 90.00% | ||
Percentage of loan bearing variable rate | 10.00% | ||
Sempra Mexico [Member] | Variable Rate Loan Payable Maturing 2033 | ESJ [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Spread on variable rate (as a percent) | 2.63% | 2.80% | |
Basis spread, increase every four years (as a percent) | 0.25% | ||
Sempra LNG [Member] | Loan Agreement To Finance Natural Gas Liquefaction Export Facility | |||
Debt Instrument [Line Items] | |||
Stated rate of debt (as a percent) | 2.82% | 2.85% | |
Term of debt instrument | 5 years | ||
Long-term Debt | $ 17,000,000 | $ 202,000,000 | |
Maximum borrowing capacity | $ 1,600,000,000 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE COMMODITY VOLUMES (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021MMBTUMWh | Dec. 31, 2020MMBTUMWh | |
Natural Gas Derivative [Member] | Short | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 34 | |
Natural Gas Derivative [Member] | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 5 | |
Electric Energy Derivative [Member] | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MWh | 1 | 1 |
Congestion Revenue Rights Derivative [Member] | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MWh | 43 | 43 |
SDG&E [Member] | Natural Gas Derivative [Member] | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 14 | 16 |
SDG&E [Member] | Electric Energy Derivative [Member] | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MWh | 1 | 1 |
SDG&E [Member] | Congestion Revenue Rights Derivative [Member] | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MWh | 43 | 43 |
SoCalGas [Member] | Natural Gas Derivative [Member] | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | 0 | 1 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE NOTIONALS (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Interest rate and foreign exchange instruments [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 306 | $ 306 |
Foreign Exchange [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivative | 64 | 1,764 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 763 | $ 1,486 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE INSTRUMENTS ON THE CONDENSED BALANCE SHEET (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Other current assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | $ 52 | $ 57 |
Additional cash collateral for commodity contracts not subject to rate recovery | 59 | 21 |
Additional cash collateral for commodity contracts subject to rate recovery | 27 | 30 |
Total | 138 | 108 |
Other long-term assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 82 | 100 |
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 | 82 | 100 |
Other Current Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (69) | (72) |
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 | (69) | (72) |
Deferred credits and other [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (174) | (188) |
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 | (174) | (188) |
Designated as Hedging Instrument [Member] | Other current assets [Member] | ||
Derivatives designated as hedging instruments: | ||
Interest rate and foreign exchange instruments | 0 | 0 |
Designated as Hedging Instrument [Member] | Other long-term assets [Member] | ||
Derivatives designated as hedging instruments: | ||
Interest rate and foreign exchange instruments | 5 | 1 |
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives designated as hedging instruments: | ||
Interest rate and foreign exchange instruments | (25) | (26) |
Designated as Hedging Instrument [Member] | Deferred credits and other [Member] | ||
Derivatives designated as hedging instruments: | ||
Interest rate and foreign exchange instruments | (158) | (160) |
Not Designated as Hedging Instrument [Member] | Other current assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Foreign exchange instruments | 24 | |
Commodity contracts not subject to rate recovery | 125 | 82 |
Associated offsetting commodity contracts | (122) | (82) |
Commodity contracts subject to rate recovery | 57 | 35 |
Associated offsetting commodity contracts | (8) | (2) |
Not Designated as Hedging Instrument [Member] | Other long-term assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Foreign exchange instruments | 0 | |
Commodity contracts not subject to rate recovery | 19 | 17 |
Associated offsetting commodity contracts | (18) | (13) |
Commodity contracts subject to rate recovery | 77 | 95 |
Associated offsetting commodity contracts | (1) | 0 |
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Foreign exchange instruments | 0 | |
Commodity contracts not subject to rate recovery | (153) | (95) |
Associated offsetting commodity contracts | 122 | 82 |
Commodity contracts subject to rate recovery | (21) | (35) |
Associated offsetting commodity contracts | 8 | 2 |
Not Designated as Hedging Instrument [Member] | Deferred credits and other [Member] | ||
Derivatives not designated as hedging instruments: | ||
Foreign exchange instruments | 0 | |
Commodity contracts not subject to rate recovery | (23) | (16) |
Associated offsetting commodity contracts | 18 | 13 |
Commodity contracts subject to rate recovery | (12) | (25) |
Associated offsetting commodity contracts | 1 | 0 |
San Diego Gas and Electric Company [Member] | Other current assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 40 | 31 |
Additional cash collateral for commodity contracts subject to rate recovery | 26 | 24 |
Total | 66 | 55 |
San Diego Gas and Electric Company [Member] | Other long-term assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 76 | 95 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | 76 | 95 |
San Diego Gas and Electric Company [Member] | Other Current Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (7) | (27) |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (7) | (27) |
San Diego Gas and Electric Company [Member] | Deferred credits and other [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (9) | (25) |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (9) | (25) |
San Diego Gas and Electric Company [Member] | Not Designated as Hedging Instrument [Member] | Other current assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | 48 | 32 |
Associated offsetting commodity contracts | (8) | (1) |
San Diego Gas and Electric Company [Member] | Not Designated as Hedging Instrument [Member] | Other long-term assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | 77 | 95 |
Associated offsetting commodity contracts | (1) | 0 |
San Diego Gas and Electric Company [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | (15) | (28) |
Associated offsetting commodity contracts | 8 | 1 |
San Diego Gas and Electric Company [Member] | Not Designated as Hedging Instrument [Member] | Deferred credits and other [Member] | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | (10) | (25) |
Associated offsetting commodity contracts | 1 | 0 |
Southern California Gas Company [Member] | Other current assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 9 | 2 |
Additional cash collateral for commodity contracts subject to rate recovery | 1 | 6 |
Total | 10 | 8 |
Southern California Gas Company [Member] | Other long-term assets [Member] | ||
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 |
Southern California Gas Company [Member] | Other Current Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (6) | (6) |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (6) | (6) |
Southern California Gas Company [Member] | Deferred credits and other [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (2) | 0 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (2) | 0 |
Southern California Gas Company [Member] | Not Designated as Hedging Instrument [Member] | Other current assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | 9 | 3 |
Associated offsetting commodity contracts | (1) | |
Southern California Gas Company [Member] | Not Designated as Hedging Instrument [Member] | Other long-term assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | 0 | 0 |
Associated offsetting commodity contracts | 0 | |
Southern California Gas Company [Member] | Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | (6) | (7) |
Associated offsetting commodity contracts | 1 | |
Southern California Gas Company [Member] | Not Designated as Hedging Instrument [Member] | Deferred credits and other [Member] | ||
Derivatives not designated as hedging instruments: | ||
Commodity contracts subject to rate recovery | $ (2) | 0 |
Associated offsetting commodity contracts | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE IMPACT ON INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | $ 7 | $ 5 | $ (23) | $ (148) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain recognized in OCI | (33) | (18) | 76 | (261) |
Pretax gain (loss) reclassified from AOCI into earnings | (11) | 0 | (40) | (39) |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain recognized in OCI | (6) | (3) | 20 | (50) |
Pretax gain (loss) reclassified from AOCI into earnings | 1 | (1) | (1) | (3) |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Interest rate and foreign exchange instruments [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain recognized in OCI | 7 | 8 | 1 | (37) |
Pretax gain (loss) reclassified from AOCI into earnings | 0 | (1) | 0 | (1) |
Designated as Hedging Instrument [Member] | Equity Earnings [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain recognized in OCI | (32) | (15) | 51 | (200) |
Pretax gain (loss) reclassified from AOCI into earnings | (19) | (1) | (38) | (3) |
Designated as Hedging Instrument [Member] | Equity Earnings [Member] | Cash Flow Hedging [Member] | Foreign Exchange Instruments [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain recognized in OCI | (1) | (3) | 2 | 10 |
Pretax gain (loss) reclassified from AOCI into earnings | 0 | 0 | (1) | 2 |
Designated as Hedging Instrument [Member] | Revenues: Energy-Related Businesses [Member] | Cash Flow Hedging [Member] | Foreign Exchange Instruments [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain recognized in OCI | (1) | (5) | 2 | 16 |
Pretax gain (loss) reclassified from AOCI into earnings | 0 | 0 | (1) | 2 |
Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | Cash Flow Hedging [Member] | Foreign Exchange Instruments [Member] | ||||
Derivative [Line Items] | ||||
Pretax gain (loss) reclassified from AOCI into earnings | 0 | (1) | 0 | 1 |
Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | Cash Flow Hedging [Member] | Interest rate and foreign exchange instruments [Member] | ||||
Derivative [Line Items] | ||||
Pretax gain (loss) reclassified from AOCI into earnings | 7 | 4 | 1 | (37) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | (101) | 21 | (169) | (54) |
Not Designated as Hedging Instrument [Member] | Revenues: Energy-Related Businesses [Member] | Commodity Contracts not subject to rate recovery [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | (142) | 13 | (190) | 64 |
Not Designated as Hedging Instrument [Member] | Other Income (Expense), Net [Member] | Foreign Exchange Instruments [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | 0 | 2 | (24) | (112) |
Not Designated as Hedging Instrument [Member] | Cost of Electric Fuel and Purchased Power [Member] | Commodity Contracts Subject To Rate Recovery [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | 41 | 9 | 43 | 0 |
Not Designated as Hedging Instrument [Member] | Cost of Natural Gas [Member] | Commodity Contracts Subject To Rate Recovery [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | 0 | (3) | 2 | (6) |
San Diego Gas and Electric Company [Member] | Not Designated as Hedging Instrument [Member] | Cost of Electric Fuel and Purchased Power [Member] | Commodity Contracts Subject To Rate Recovery [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | 41 | 9 | 43 | 0 |
Southern California Gas Company [Member] | Not Designated as Hedging Instrument [Member] | Cost of Natural Gas [Member] | Commodity Contracts Subject To Rate Recovery [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | $ 0 | $ (3) | $ 2 | $ (6) |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - CASH FLOW HEDGES NARRATIVE (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Derivative [Line Items] | |
Cash flow hedge gain (loss) to be reclassified | $ (82) |
Term of interest rate cash flow hedge | 13 years |
Southern California Gas Company [Member] | |
Derivative [Line Items] | |
Cash flow hedge gain (loss) to be reclassified | $ (1) |
Equity Method Investee [Member] | |
Derivative [Line Items] | |
Term of interest rate cash flow hedge | 18 years |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE INSTRUMENTS WITH CONTINGENT FEATURES (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative fair value | $ 26 | $ 16 |
Collateral | 26 | |
Southern California Gas Company [Member] | ||
Derivative [Line Items] | ||
Derivative fair value | 8 | $ 6 |
Collateral | $ 8 |
FAIR VALUE MEASUREMENTS - RECUR
FAIR VALUE MEASUREMENTS - RECURRING FAIR VALUE MEASURES (Details) - Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | $ 367 | $ 364 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 61 | 65 |
Nuclear decommissioning trusts - Municipal bonds | 324 | 326 |
Nuclear decommissioning trusts - Other securities | 268 | 270 |
Nuclear decommissioning trusts - Total debt securities | 653 | 661 |
Total nuclear decommissioning trusts | 1,020 | 1,025 |
Support Agreement, net of related guarantee fees | 7 | 7 |
Total Assets Measured at Fair Value | 1,247 | 1,240 |
Support Agreement, net of related guarantee fees | 3 | 4 |
Total Liabilities Measured at Fair Value | 246 | 264 |
Interest rate and foreign exchange instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5 | 25 |
Derivative liabilities | 183 | 186 |
Commodity contracts not subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4 | 4 |
Effect of netting and allocation of collateral | 59 | 21 |
Derivative liabilities | 36 | 16 |
Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 125 | 128 |
Effect of netting and allocation of collateral | 27 | 30 |
Derivative liabilities | 24 | 58 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | 361 | 358 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 48 | 41 |
Nuclear decommissioning trusts - Municipal bonds | 0 | 0 |
Nuclear decommissioning trusts - Other securities | 0 | 0 |
Nuclear decommissioning trusts - Total debt securities | 48 | 41 |
Total nuclear decommissioning trusts | 409 | 399 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total Assets Measured at Fair Value | 503 | 445 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total Liabilities Measured at Fair Value | 0 | 0 |
Level 1 [Member] | Interest rate and foreign exchange instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 1 [Member] | Commodity contracts not subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Effect of netting and allocation of collateral | 59 | 21 |
Derivative liabilities | 0 | 0 |
Level 1 [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 14 | 6 |
Effect of netting and allocation of collateral | 21 | 19 |
Derivative liabilities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | 6 | 6 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 13 | 24 |
Nuclear decommissioning trusts - Municipal bonds | 324 | 326 |
Nuclear decommissioning trusts - Other securities | 268 | 270 |
Nuclear decommissioning trusts - Total debt securities | 605 | 620 |
Total nuclear decommissioning trusts | 611 | 626 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total Assets Measured at Fair Value | 635 | 661 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total Liabilities Measured at Fair Value | 227 | 208 |
Level 2 [Member] | Interest rate and foreign exchange instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5 | 25 |
Derivative liabilities | 183 | 186 |
Level 2 [Member] | Commodity contracts not subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4 | 4 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 36 | 16 |
Level 2 [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 15 | 1 |
Effect of netting and allocation of collateral | 0 | 5 |
Derivative liabilities | 8 | 6 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | 0 | 0 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 0 | 0 |
Nuclear decommissioning trusts - Municipal bonds | 0 | 0 |
Nuclear decommissioning trusts - Other securities | 0 | 0 |
Nuclear decommissioning trusts - Total debt securities | 0 | 0 |
Total nuclear decommissioning trusts | 0 | 0 |
Support Agreement, net of related guarantee fees | 7 | 7 |
Total Assets Measured at Fair Value | 109 | 134 |
Support Agreement, net of related guarantee fees | 3 | 4 |
Total Liabilities Measured at Fair Value | 19 | 56 |
Level 3 [Member] | Interest rate and foreign exchange instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 3 [Member] | Commodity contracts not subject to rate recovery [Member] | ||
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 [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 96 | 121 |
Effect of netting and allocation of collateral | 6 | 6 |
Derivative liabilities | 16 | 52 |
San Diego Gas and Electric Company [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | 367 | 364 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 61 | 65 |
Nuclear decommissioning trusts - Municipal bonds | 324 | 326 |
Nuclear decommissioning trusts - Other securities | 268 | 270 |
Nuclear decommissioning trusts - Total debt securities | 653 | 661 |
Total nuclear decommissioning trusts | 1,020 | 1,025 |
Total Assets Measured at Fair Value | 1,162 | 1,175 |
Total Liabilities Measured at Fair Value | 16 | 52 |
San Diego Gas and Electric Company [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 116 | 126 |
Effect of netting and allocation of collateral | 26 | 24 |
Derivative liabilities | 16 | 52 |
San Diego Gas and Electric Company [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | 361 | 358 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 48 | 41 |
Nuclear decommissioning trusts - Municipal bonds | 0 | 0 |
Nuclear decommissioning trusts - Other securities | 0 | 0 |
Nuclear decommissioning trusts - Total debt securities | 48 | 41 |
Total nuclear decommissioning trusts | 409 | 399 |
Total Assets Measured at Fair Value | 443 | 422 |
Total Liabilities Measured at Fair Value | 0 | 0 |
San Diego Gas and Electric Company [Member] | Level 1 [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 14 | 5 |
Effect of netting and allocation of collateral | 20 | 18 |
Derivative liabilities | 0 | 0 |
San Diego Gas and Electric Company [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | 6 | 6 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 13 | 24 |
Nuclear decommissioning trusts - Municipal bonds | 324 | 326 |
Nuclear decommissioning trusts - Other securities | 268 | 270 |
Nuclear decommissioning trusts - Total debt securities | 605 | 620 |
Total nuclear decommissioning trusts | 611 | 626 |
Total Assets Measured at Fair Value | 617 | 626 |
Total Liabilities Measured at Fair Value | 0 | 0 |
San Diego Gas and Electric Company [Member] | Level 2 [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 6 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 0 | 0 |
San Diego Gas and Electric Company [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | 0 | 0 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 0 | 0 |
Nuclear decommissioning trusts - Municipal bonds | 0 | 0 |
Nuclear decommissioning trusts - Other securities | 0 | 0 |
Nuclear decommissioning trusts - Total debt securities | 0 | 0 |
Total nuclear decommissioning trusts | 0 | 0 |
Total Assets Measured at Fair Value | 102 | 127 |
Total Liabilities Measured at Fair Value | 16 | 52 |
San Diego Gas and Electric Company [Member] | Level 3 [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 96 | 121 |
Effect of netting and allocation of collateral | 6 | 6 |
Derivative liabilities | 16 | 52 |
Southern California Gas Company [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured at Fair Value | 10 | 8 |
Total Liabilities Measured at Fair Value | 8 | 6 |
Southern California Gas Company [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 9 | 2 |
Effect of netting and allocation of collateral | 1 | 6 |
Derivative liabilities | 8 | 6 |
Southern California Gas Company [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured at Fair Value | 1 | 2 |
Total Liabilities Measured at Fair Value | 0 | 0 |
Southern California Gas Company [Member] | Level 1 [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 1 |
Effect of netting and allocation of collateral | 1 | 1 |
Derivative liabilities | 0 | 0 |
Southern California Gas Company [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured at Fair Value | 9 | 6 |
Total Liabilities Measured at Fair Value | 8 | 6 |
Southern California Gas Company [Member] | Level 2 [Member] | Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 9 | 1 |
Effect of netting and allocation of collateral | 0 | 5 |
Derivative liabilities | 8 | 6 |
Southern California Gas Company [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Assets Measured at Fair Value | 0 | 0 |
Total Liabilities Measured at Fair Value | 0 | 0 |
Southern California Gas Company [Member] | Level 3 [Member] | Commodity contracts subject to rate recovery [Member] | ||
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 | 6 Months Ended | ||
Jun. 30, 2021USD ($)$ / MWh | Jun. 30, 2020USD ($)$ / MWh | Jun. 30, 2021USD ($)$ / MWh | Jun. 30, 2020USD ($)$ / MWh | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 62 | $ 16 | $ 69 | $ 28 |
Realized and unrealized gains (losses) | 8 | (9) | 6 | (14) |
Allocated transmission instruments | (2) | 1 | (2) | 1 |
Settlements | 12 | 9 | 7 | 2 |
Ending balance | 80 | 17 | 80 | 17 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | 14 | (5) | 12 | (13) |
Sempra LNG [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 3 | 3 | ||
Realized and unrealized gains | 3 | 5 | ||
Settlements | (2) | (4) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 4 | 4 | ||
Change in unrealized gains (losses) relating to instruments still held at the end of the period | 2 | 4 | ||
Sempra LNG [Member] | Other current assets [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance | 7 | 7 | ||
Sempra LNG [Member] | Deferred Credits and Other [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 3 | 3 | ||
San Diego Gas and Electric Company [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 62 | 16 | 69 | 28 |
Realized and unrealized gains (losses) | 8 | (9) | 6 | (14) |
Allocated transmission instruments | (2) | 1 | (2) | 1 |
Settlements | 12 | 9 | 7 | 2 |
Ending balance | 80 | 17 | 80 | 17 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 14 | $ (5) | $ 12 | $ (13) |
Level 3 [Member] | San Diego Gas and Electric Company [Member] | Minimum [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | (1.81) | (3.77) | ||
Market electricity forward price inputs ( in dollars per MWH) | $ / MWh | 22.45 | 20.35 | 22.45 | 20.35 |
Level 3 [Member] | San Diego Gas and Electric Company [Member] | Maximum [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | 14.11 | 6.03 | ||
Market electricity forward price inputs ( in dollars per MWH) | $ / MWh | 151.90 | 51.60 | 151.90 | 51.60 |
Level 3 [Member] | San Diego Gas and Electric Company [Member] | Weighted Average [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | (0.12) | (1.58) | ||
Market electricity forward price inputs ( in dollars per MWH) | $ / MWh | 49.27 | 34.68 | 49.27 | 34.68 |
FAIR VALUE MEASUREMENTS - FINAN
FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term amounts due from unconsolidated affiliates, allowance for credit losses | $ 1 | $ 3 |
Unamortized discount and debt issuance costs | 258 | 268 |
Finance lease obligations | 1,335 | 1,330 |
Due from Unconsolidated Affiliates - Current | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term amounts due from unconsolidated affiliates, allowance for credit losses | 2 | 3 |
Carrying amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term amounts due from unconsolidated affiliates | 705 | 786 |
Long-term amounts due to unconsolidated affiliate | 304 | 275 |
Total long-term debt | 21,520 | 22,259 |
Fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term amounts due from unconsolidated affiliates | 722 | 817 |
Long-term amounts due to unconsolidated affiliate | 325 | 266 |
Total long-term debt | 24,003 | 25,478 |
Fair value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term amounts due from unconsolidated affiliates | 0 | 0 |
Long-term amounts due to unconsolidated affiliate | 0 | 0 |
Total long-term debt | 0 | 0 |
Fair value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term amounts due from unconsolidated affiliates | 722 | 817 |
Long-term amounts due to unconsolidated affiliate | 325 | 266 |
Total long-term debt | 24,003 | 25,478 |
Fair value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term amounts due from unconsolidated affiliates | 0 | 0 |
Long-term amounts due to unconsolidated affiliate | 0 | 0 |
Total long-term debt | 0 | 0 |
San Diego Gas and Electric Company [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized discount and debt issuance costs | 50 | 52 |
Finance lease obligations | 1,276 | 1,276 |
San Diego Gas and Electric Company [Member] | Carrying amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 6,036 | 6,253 |
San Diego Gas and Electric Company [Member] | Fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 6,948 | 7,384 |
San Diego Gas and Electric Company [Member] | Fair value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
San Diego Gas and Electric Company [Member] | Fair value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 6,948 | 7,384 |
San Diego Gas and Electric Company [Member] | Fair value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
Southern California Gas Company [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized discount and debt issuance costs | 38 | 40 |
Finance lease obligations | 59 | 54 |
Southern California Gas Company [Member] | Carrying amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 4,759 | 4,759 |
Southern California Gas Company [Member] | Fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 5,424 | 5,655 |
Southern California Gas Company [Member] | Fair value [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
Southern California Gas Company [Member] | Fair value [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 5,424 | 5,655 |
Southern California Gas Company [Member] | Fair value [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | $ 0 | $ 0 |
SAN ONOFRE NUCLEAR GENERATING_3
SAN ONOFRE NUCLEAR GENERATING STATION (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Jointly Owned Utility Plant Interests [Line Items] | ||
Anticipated term of dismantlement work | 10 years | |
San Diego Gas and Electric Company [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Percent of dismantlement work expense (as a percent) | 20.00% | |
ARO related to decommissioning costs | $ 563 | |
Cost study estimate decommissioning escalated | $ 886 | |
Jointly Owned Nuclear Power Plant [Member] | San Diego Gas and Electric Company [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Jointly owned utility plant, proportionate ownership share (as a percent) | 20.00% | |
SONGS 2 and 3 Decommissioning [Member] | San Diego Gas and Electric Company [Member] | ||
Jointly Owned Utility Plant Interests [Line Items] | ||
Nuclear decommissioning trust authorized withdrawal amount | $ 89 |
SAN ONOFRE NUCLEAR GENERATING_4
SAN ONOFRE NUCLEAR GENERATING STATION - NUCLEAR DECOMMISSIONING TRUSTS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | $ 734 | $ 734 | $ 731 | ||
Gross unrealized gains | 292 | 292 | 290 | ||
Gross unrealized losses | (2) | (2) | (2) | ||
Estimated fair value | 1,024 | 1,024 | 1,019 | ||
Proceeds from sales | 254 | $ 245 | 542 | $ 797 | |
Gross realized gains | 18 | 7 | 39 | 99 | |
Gross realized losses | (1) | $ (6) | (3) | $ (11) | |
Total debt securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 626 | 626 | 625 | ||
Gross unrealized gains | 28 | 28 | 36 | ||
Gross unrealized losses | (1) | (1) | 0 | ||
Estimated fair value | 653 | 653 | 661 | ||
U.S. government corporations and agencies [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 61 | 61 | 64 | ||
Gross unrealized gains | 0 | 0 | 1 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Estimated fair value | 61 | 61 | 65 | ||
Municipal bonds [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 308 | 308 | 308 | ||
Gross unrealized gains | 16 | 16 | 18 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Estimated fair value | 324 | 324 | 326 | ||
Other securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 257 | 257 | 253 | ||
Gross unrealized gains | 12 | 12 | 17 | ||
Gross unrealized losses | (1) | (1) | 0 | ||
Estimated fair value | 268 | 268 | 270 | ||
Equity securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 104 | 104 | 112 | ||
Gross unrealized gains | 264 | 264 | 254 | ||
Gross unrealized losses | (1) | (1) | (2) | ||
Estimated fair value | 367 | 367 | 364 | ||
Cash and cash equivalents [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 8 | 8 | 3 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Estimated fair value | 8 | 8 | 3 | ||
Receivables (payables), net [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | (4) | (4) | (9) | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Estimated fair value | $ (4) | $ (4) | $ (9) |
SAN ONOFRE NUCLEAR GENERATING_5
SAN ONOFRE NUCLEAR GENERATING STATION - NUCLEAR INSURANCE (Details) - San Diego Gas and Electric Company [Member] $ in Millions | Jun. 30, 2021USD ($) |
Schedule Of Nuclear Insurance [Line Items] | |
Maximum nuclear liability insurance coverage | $ 450 |
Maximum secondary financial protection | 110 |
Maximum nuclear liability loss coverage per incident | 560 |
Nuclear property damage insurance | 130 |
Federal nuclear property damage insurance, minimum required | 50 |
Maximum premium assessment under nuclear property damage insurance | 4.3 |
Maximum nuclear property insurance terrorism coverage | $ 3,240 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - LEGAL PROCEEDINGS (Details) $ in Millions | Aug. 02, 2021lawsuitplaintiff | Nov. 30, 2019customer | Jan. 31, 2017lawsuit | Jan. 31, 2019plaintiff | Jun. 30, 2021USD ($)lawsuit | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Liability for legal proceedings | $ 523 | |||||||
Number of alleged violations | customer | 324 | |||||||
Reserve for Aliso Canyon costs | 269 | $ 301 | [1] | |||||
Guaymas-El Oror Segment, Sonora Pipeline [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Net book value of pipeline | 439 | |||||||
Consolidated Class Action Complaints [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits filed | lawsuit | 2 | |||||||
Property Class Action [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits filed | lawsuit | 1 | |||||||
Southern California Gas Company [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Liability for legal proceedings | 445 | |||||||
Insurance settlements receivable | 1,279 | |||||||
Reserve for Aliso Canyon costs | 269 | $ 301 | [2] | |||||
Southern California Gas Company [Member] | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Liability for legal proceedings | 419 | |||||||
Net book value of Aliso Canyon facility | 858 | |||||||
Estimate of costs | 1,627 | |||||||
Reserve for Aliso Canyon costs | 422 | |||||||
Loss contingency accrual | $ 277 | |||||||
Receivable related to natural gas leak | 414 | |||||||
Insurance proceeds | $ 865 | |||||||
Southern California Gas Company [Member] | Shareholder Derivative Complaint [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits | lawsuit | 4 | |||||||
Southern California Gas Company [Member] | Complaints Filed by Firefighters [Member] | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of plaintiffs | plaintiff | 51 | |||||||
Sempra Mexico [Member] | Regulatory Actions by the Mexican Government | ||||||||
Loss Contingencies [Line Items] | ||||||||
Other intangible assets, net | $ 15 | |||||||
Subsequent Event [Member] | Southern California Gas Company [Member] | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits | lawsuit | 396 | |||||||
Number of plaintiffs | plaintiff | 36,000 | |||||||
Insurance Receivable [Member] | Southern California Gas Company [Member] | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency accrual | 177 | |||||||
Aliso Canyon Litigation and Regulatory Matters | Southern California Gas Company [Member] | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss contingency accrual | 100 | |||||||
Loss contingency accrual, after tax | $ 72 | |||||||
[1] | Derived from audited financial statements. | |||||||
[2] | Derived from audited financial statements. |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - OTHER LITIGATION (Details) claim in Thousands, £ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Oct. 31, 2020GBP (£) | Mar. 31, 2020GBP (£) | Jun. 30, 2021USD ($) | Mar. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Aug. 02, 2021claimlawsuit | Oct. 01, 2014USD ($) | Oct. 01, 2014GBP (£) | |
R B S Sempra Commodities [Member] | HMRC VAT Claim [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
VAT tax claim paid upon appeal | $ 138 | £ 86 | ||||||
Plaintiffs [Member] | HMRC VAT Claim [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages awarded | £ 45 | $ 62 | ||||||
Cost and interest assessed | £ 21 | $ 29 | ||||||
Energy Future Holdings Corp. [Member] | Subsequent Event [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of lawsuits | lawsuit | 3 | |||||||
Number of proof of claims | claim | 28 | |||||||
R B S Sempra Commodities [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Equity losses on investment | $ | $ 50 | $ 100 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - LEASE INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Fixed lease payments | $ 59 | $ 47 | $ 112 | $ 97 |
Variable lease payments | 1 | 0 | 1 | 0 |
Operating Lease, Lease Income | 60 | 47 | 113 | 97 |
Depreciation expense | $ 12 | $ 9 | 22 | $ 19 |
San Diego Gas and Electric Company [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease not yet commenced, 2021 | 3 | |||
Lease not yet commenced, 2022 | 10 | |||
Lease not yet commenced, 2023 | 10 | |||
Lease not yet commenced, 2024 | 10 | |||
Lease not yet commenced, 2025 | 10 | |||
Lease not yet commenced, thereafter | $ 101 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - CONTRACTUAL COMMITMENTS (Details) - Sempra LNG [Member] - Liquefied Natural Gas Contracts [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Loss Contingencies [Line Items] | |
Change in 2021 | $ (106) |
Change in 2022 | 150 |
Change in 2023 | 89 |
Change in 2024 | 70 |
Change in 2025 | 70 |
Change thereafter | $ 219 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | segment | 5 | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | $ 2,741 | $ 2,526 | $ 6,000 | $ 5,555 | ||
INTEREST EXPENSE | 258 | 274 | 517 | 554 | ||
INTEREST INCOME | 15 | 22 | 34 | 49 | ||
DEPRECIATION AND AMORTIZATION | 463 | 412 | 905 | 824 | ||
Income tax expense (benefit) from continuing operations | 139 | 168 | 297 | (39) | ||
Equity earnings (losses), before income tax: | 185 | 84 | 320 | 41 | ||
Equity earnings (losses), net of income tax: | 128 | 149 | 311 | 455 | ||
Equity earnings | 313 | 233 | 631 | 496 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 424 | 2,239 | 1,298 | 2,999 | ||
Discontinued operations | 0 | 1,775 | 0 | 1,847 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 2,424 | 2,198 | ||||
ASSETS | 68,608 | 68,608 | $ 66,623 | [1] | ||
EQUITY METHOD AND OTHER INVESTMENTS | 14,048 | 14,048 | 13,828 | |||
Operating Segments [Member] | SDG&E [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 1,318 | 1,235 | 2,655 | 2,504 | ||
INTEREST EXPENSE | 101 | 103 | 203 | 204 | ||
INTEREST INCOME | 0 | 0 | 1 | 1 | ||
DEPRECIATION AND AMORTIZATION | 220 | 197 | 433 | 398 | ||
Income tax expense (benefit) from continuing operations | 33 | 70 | 78 | 128 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 186 | 193 | 398 | 455 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 1,072 | 850 | ||||
ASSETS | 22,980 | 22,980 | 22,311 | |||
Operating Segments [Member] | SoCalGas [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 1,124 | 1,010 | 2,632 | 2,405 | ||
INTEREST EXPENSE | 40 | 40 | 79 | 80 | ||
INTEREST INCOME | 0 | 1 | 0 | 2 | ||
DEPRECIATION AND AMORTIZATION | 180 | 162 | 353 | 321 | ||
Income tax expense (benefit) from continuing operations | 8 | 49 | 102 | 101 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 94 | 146 | 501 | 449 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 936 | 885 | ||||
ASSETS | 19,091 | 19,091 | 18,460 | |||
Operating Segments [Member] | Sempra Texas Utilities [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
Equity earnings (losses), before income tax: | 2 | 0 | 3 | 0 | ||
Equity earnings (losses), net of income tax: | 137 | 143 | 273 | 249 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 138 | 144 | 273 | 249 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
ASSETS | 12,760 | 12,760 | 12,542 | |||
EQUITY METHOD AND OTHER INVESTMENTS | 12,760 | 12,760 | 12,542 | |||
Operating Segments [Member] | Sempra Mexico [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 404 | 275 | 771 | 584 | ||
INTEREST EXPENSE | 41 | 32 | 79 | 64 | ||
INTEREST INCOME | 12 | 15 | 24 | 33 | ||
DEPRECIATION AND AMORTIZATION | 57 | 47 | 108 | 94 | ||
Income tax expense (benefit) from continuing operations | 113 | 54 | 121 | (253) | ||
Equity earnings (losses), net of income tax: | (9) | 6 | 38 | 206 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 4 | 61 | 61 | 252 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 166 | 321 | ||||
ASSETS | 11,114 | 11,114 | 10,752 | |||
EQUITY METHOD AND OTHER INVESTMENTS | 871 | 871 | 852 | |||
Operating Segments [Member] | Sempra LNG [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 52 | 69 | 248 | 192 | ||
INTEREST EXPENSE | 3 | 15 | 6 | 31 | ||
INTEREST INCOME | 8 | 18 | 17 | 40 | ||
DEPRECIATION AND AMORTIZATION | 2 | 3 | 5 | 5 | ||
Income tax expense (benefit) from continuing operations | (19) | 18 | 30 | 41 | ||
Equity earnings (losses), before income tax: | 133 | 84 | 267 | 141 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 47 | 61 | 193 | 136 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 249 | 136 | ||||
ASSETS | 3,078 | 3,078 | 2,205 | |||
EQUITY METHOD AND OTHER INVESTMENTS | 416 | 416 | 433 | |||
Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 1 | 0 | 2 | 1 | ||
INTEREST EXPENSE | 80 | 102 | 163 | 211 | ||
INTEREST INCOME | 1 | 3 | 1 | 3 | ||
DEPRECIATION AND AMORTIZATION | 4 | 3 | 6 | 6 | ||
Income tax expense (benefit) from continuing operations | 4 | (23) | (34) | (56) | ||
Equity earnings (losses), before income tax: | 50 | 0 | 50 | (100) | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | (45) | (141) | (128) | (389) | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 1 | 6 | ||||
ASSETS | 1,029 | 1,029 | 1,209 | |||
EQUITY METHOD AND OTHER INVESTMENTS | 1 | 1 | 1 | |||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | (1) | (1) | (1) | (2) | ||
Discontinued operations | 0 | 1,775 | 0 | 1,847 | ||
Intersegment eliminations [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | (157) | (62) | (307) | (129) | ||
INTEREST EXPENSE | (7) | (18) | (13) | (36) | ||
INTEREST INCOME | (6) | (15) | (9) | (30) | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
ASSETS | (1,444) | (1,444) | $ (856) | |||
Intersegment eliminations [Member] | SDG&E [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 2 | 2 | 4 | 3 | ||
Intersegment eliminations [Member] | SoCalGas [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 23 | 20 | 48 | 38 | ||
Intersegment eliminations [Member] | Sempra Mexico [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 52 | 29 | 62 | 51 | ||
Intersegment eliminations [Member] | Sempra LNG [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | $ 80 | $ 11 | $ 193 | $ 37 | ||
Oncor Electric Delivery Company LLC Additional Acquisition [Member] | Sempra Texas Utilities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Acquired percentage interest | 80.25% | 80.25% | ||||
Sharyland Holdings, LP [Member] | Sempra Texas Utilities [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Acquired percentage interest | 50.00% | 50.00% | ||||
[1] | Derived from audited financial statements. |
Uncategorized Items - sre-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |