COVER
COVER - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 | 319,337,462 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
REVENUES | ||||
Utilities operating revenue | $ 2,560 | $ 2,301 | $ 7,839 | $ 7,199 |
Energy-related businesses | 453 | 343 | 1,174 | 1,000 |
Total revenues | 3,013 | 2,644 | 9,013 | 8,199 |
Operating expenses | ||||
Operation and maintenance | (1,073) | (1,018) | (3,098) | (2,767) |
Aliso Canyon litigation and regulatory matters | (1,571) | (27) | (1,571) | (127) |
Depreciation and amortization | (471) | (418) | (1,376) | (1,242) |
Franchise fees and other taxes | (151) | (139) | (442) | (397) |
Operating expenses | ||||
Aliso Canyon litigation and regulatory matters | 1,571 | 27 | 1,571 | 127 |
Other (expense) income, net | (55) | 29 | 52 | (163) |
Interest income | 16 | 27 | 50 | 76 |
Interest expense | (259) | (264) | (776) | (818) |
(Loss) income from continuing operations before income taxes and equity earnings | (1,365) | 201 | (316) | 1,061 |
Income tax benefit (expense) | 342 | (99) | 45 | (60) |
Equity earnings | 391 | 326 | 1,022 | 822 |
(Loss) income from continuing operations, net of income tax | (632) | 428 | 751 | 1,823 |
(Loss) income from discontinued operations, net of income tax | 0 | (7) | 0 | 1,850 |
Net (loss) income | (632) | 421 | 751 | 3,673 |
Earnings attributable to noncontrolling interests | (5) | (22) | (48) | (201) |
Preferred dividends | (11) | (48) | (52) | (121) |
Preferred dividends of subsidiary | 0 | 0 | (1) | (1) |
(Losses) earnings attributable to common shares | $ (648) | $ 351 | $ 650 | $ 3,350 |
Basic EPS: | ||||
(Losses) earnings from continuing operations (in dollars per share) | $ (2.03) | $ 1.23 | $ 2.10 | $ 5.17 |
(Losses) earnings from discontinued operations (in dollars per share) | 0 | (0.02) | 0 | 6.31 |
(Losses) earnings (in dollars per share) | $ (2.03) | $ 1.21 | $ 2.10 | $ 11.48 |
Weighted-average common shares outstanding | 319,144 | 289,490 | 309,350 | 291,771 |
Diluted EPS: | ||||
(Losses) earnings from continuing operations (in dollars per share) | $ (2.03) | $ 1.23 | $ 2.09 | $ 5.15 |
(Losses) earnings from discontinued operations (in dollars per share) | 0 | (0.02) | 0 | 6.28 |
(Losses) earnings from continuing operations attributable to common shares (in dollars per share) | $ (2.03) | $ 1.21 | $ 2.09 | $ 11.43 |
Weighted-average common shares outstanding, diluted (in shares) | 319,144 | 290,582 | 310,854 | 292,935 |
Natural gas [Member] | ||||
Operating expenses | ||||
Operating expenses | $ (282) | $ (114) | $ (892) | $ (582) |
Electric fuel and purchased power [Member] | ||||
Operating expenses | ||||
Operating expenses | (312) | (429) | (828) | (918) |
Energy-related businesses [Member] | ||||
Operating expenses | ||||
Operating expenses | (220) | (90) | (448) | (200) |
San Diego Gas and Electric Company [Member] | ||||
REVENUES | ||||
Electric | 1,307 | 1,338 | 3,534 | 3,478 |
Natural gas | 157 | 134 | 585 | 498 |
Utilities operating revenue | 1,464 | 1,472 | 4,119 | 3,976 |
Operating expenses | ||||
Cost of electric fuel and purchased power | 324 | 430 | 869 | 921 |
Cost of natural gas | 37 | 27 | 159 | 118 |
Operation and maintenance | 389 | 414 | 1,152 | 1,050 |
Depreciation and amortization | 226 | 200 | 659 | 598 |
Franchise fees and other taxes | 93 | 86 | 264 | 237 |
Total operating expenses | 1,069 | 1,157 | 3,103 | 2,924 |
Operating income | 395 | 315 | 1,016 | 1,052 |
Other (expense) income, net | 4 | (2) | 61 | 47 |
Interest income | 0 | 1 | 1 | 2 |
Interest expense | (104) | (103) | (307) | (307) |
(Loss) income from continuing operations before income taxes and equity earnings | 295 | 211 | 771 | 794 |
Income tax benefit (expense) | (90) | (33) | (168) | (161) |
Net (loss) income | 603 | 633 | ||
(Losses) earnings attributable to common shares | 205 | 178 | 603 | 633 |
Southern California Gas Company [Member] | ||||
REVENUES | ||||
Utilities operating revenue | 1,106 | 842 | 3,738 | 3,247 |
Operating expenses | ||||
Aliso Canyon litigation and regulatory matters | (1,571) | (27) | (1,571) | (127) |
Operating expenses | ||||
Cost of natural gas | 240 | 92 | 736 | 476 |
Operation and maintenance | 546 | 494 | 1,574 | 1,399 |
Aliso Canyon litigation and regulatory matters | 1,571 | 27 | 1,571 | 127 |
Depreciation and amortization | 180 | 165 | 533 | 486 |
Franchise fees and other taxes | 54 | 48 | 163 | 142 |
Total operating expenses | 2,591 | 826 | 4,577 | 2,630 |
Operating income | (1,485) | 16 | (839) | 617 |
Other (expense) income, net | (39) | (7) | (2) | 21 |
Interest income | 0 | 0 | 0 | 2 |
Interest expense | (39) | (39) | (118) | (119) |
(Loss) income from continuing operations before income taxes and equity earnings | (1,563) | (30) | (959) | 521 |
Income tax benefit (expense) | 437 | 6 | 335 | (95) |
Net (loss) income | (1,126) | (24) | (624) | 426 |
Preferred dividends | 0 | 0 | (1) | (1) |
(Losses) earnings attributable to common shares | $ (1,126) | $ (24) | $ (625) | $ 425 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net (loss) income | $ (632) | $ 421 | $ 751 | $ 3,673 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (6) | 8 | (6) | 517 |
Financial instruments | 29 | 25 | 118 | (135) |
Pension and other postretirement benefits | (5) | 5 | 9 | 24 |
Total other comprehensive (loss) income | 18 | 38 | 121 | 406 |
Comprehensive (loss) income | (614) | 459 | 872 | 4,079 |
Preferred dividends of subsidiary | (1) | (1) | ||
Comprehensive (loss) income, after preferred dividends of subsidiary | 871 | 4,078 | ||
Pretax amount [Member] | ||||
Net (loss) income | (979) | 489 | 658 | 4,718 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (4) | 9 | (4) | 533 |
Financial instruments | 38 | 36 | 145 | (167) |
Pension and other postretirement benefits | (7) | 6 | 11 | 27 |
Total other comprehensive (loss) income | 27 | 51 | 152 | 393 |
Comprehensive (loss) income | (952) | 540 | 810 | 5,111 |
Preferred dividends of subsidiary | (1) | (1) | ||
Comprehensive (loss) income, after preferred dividends of subsidiary | 809 | 5,110 | ||
Income tax (expense) benefit [Member] | ||||
Net (loss) income | 342 | (90) | 45 | (1,246) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 |
Financial instruments | (9) | (16) | (36) | 41 |
Pension and other postretirement benefits | 2 | (1) | (2) | (3) |
Total other comprehensive (loss) income | (7) | (17) | (38) | 38 |
Comprehensive (loss) income | 335 | (107) | 7 | (1,208) |
Preferred dividends of subsidiary | 0 | 0 | ||
Comprehensive (loss) income, after preferred dividends of subsidiary | 7 | (1,208) | ||
Net-of-tax amount [Member] | ||||
Net (loss) income | (637) | 399 | 703 | 3,472 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (4) | 9 | (4) | 533 |
Financial instruments | 29 | 20 | 109 | (126) |
Pension and other postretirement benefits | (5) | 5 | 9 | 24 |
Total other comprehensive (loss) income | 20 | 34 | 114 | 431 |
Comprehensive (loss) income | (617) | 433 | 817 | 3,903 |
Preferred dividends of subsidiary | (1) | (1) | ||
Comprehensive (loss) income, after preferred dividends of subsidiary | 816 | 3,902 | ||
Noncontrolling Interests (after-tax) [Member] | ||||
Net (loss) income | 5 | 22 | 48 | 201 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (2) | (1) | (2) | (16) |
Financial instruments | 0 | 5 | 9 | (9) |
Pension and other postretirement benefits | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) income | (2) | 4 | 7 | (25) |
Comprehensive (loss) income | 3 | 26 | 55 | 176 |
Preferred dividends of subsidiary | 0 | 0 | ||
Comprehensive (loss) income, after preferred dividends of subsidiary | 55 | 176 | ||
San Diego Gas and Electric Company [Member] | ||||
Net (loss) income | 603 | 633 | ||
San Diego Gas and Electric Company [Member] | Pretax amount [Member] | ||||
Net (loss) income | 295 | 211 | 771 | 794 |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 1 | 1 | 5 | |
Total other comprehensive (loss) income | 1 | 1 | 5 | |
Comprehensive (loss) income, after preferred dividends of subsidiary | 296 | 211 | 772 | 799 |
San Diego Gas and Electric Company [Member] | Income tax (expense) benefit [Member] | ||||
Net (loss) income | (90) | (33) | (168) | (161) |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 0 | 0 | (1) | |
Total other comprehensive (loss) income | 0 | 0 | (1) | |
Comprehensive (loss) income, after preferred dividends of subsidiary | (90) | (33) | (168) | (162) |
San Diego Gas and Electric Company [Member] | Net-of-tax amount [Member] | ||||
Net (loss) income | 205 | 178 | 603 | 633 |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 1 | 1 | 4 | |
Total other comprehensive (loss) income | 1 | 1 | 4 | |
Comprehensive (loss) income, after preferred dividends of subsidiary | 206 | 178 | 604 | 637 |
Southern California Gas Company [Member] | ||||
Net (loss) income | (1,126) | (24) | (624) | 426 |
Other comprehensive income (loss): | ||||
Total other comprehensive (loss) income | 1 | 2 | 1 | |
Southern California Gas Company [Member] | Pretax amount [Member] | ||||
Net (loss) income | (1,563) | (30) | (959) | 521 |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 1 | 2 | 1 | |
Total other comprehensive (loss) income | 1 | 2 | 1 | |
Comprehensive (loss) income, after preferred dividends of subsidiary | (1,562) | (30) | (957) | 522 |
Southern California Gas Company [Member] | Income tax (expense) benefit [Member] | ||||
Net (loss) income | 437 | 6 | 335 | (95) |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 0 | 0 | 0 | |
Total other comprehensive (loss) income | 0 | 0 | 0 | |
Comprehensive (loss) income, after preferred dividends of subsidiary | 437 | 6 | 335 | (95) |
Southern California Gas Company [Member] | Net-of-tax amount [Member] | ||||
Net (loss) income | (1,126) | (24) | (624) | 426 |
Other comprehensive income (loss): | ||||
Pension and other postretirement benefits | 1 | 2 | 1 | |
Total other comprehensive (loss) income | 1 | 2 | 1 | |
Comprehensive (loss) income, after preferred dividends of subsidiary | $ (1,125) | $ (24) | $ (622) | $ 427 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 873 | $ 960 | [1] |
Restricted cash | 31 | 22 | [1] |
Accounts receivable – trade, net | 1,416 | 1,578 | [1] |
Accounts receivable – other, net | 470 | 403 | [1] |
Due from unconsolidated affiliates | 30 | 20 | [1] |
Income taxes receivable | 93 | 113 | [1] |
Inventories | 371 | 308 | [1] |
Regulatory assets | 290 | 190 | [1] |
Greenhouse gas allowances | 546 | 553 | [1] |
Other current assets | 473 | 364 | [1] |
Total current assets | 4,593 | 4,511 | [1] |
Other assets: | |||
Restricted cash | 3 | 3 | [1] |
Due from unconsolidated affiliates | 684 | 780 | [1] |
Regulatory assets | 2,280 | 1,822 | [1] |
Nuclear decommissioning trusts | 1,003 | 1,019 | [1] |
Investment in Oncor Holdings | 12,475 | 12,440 | [1] |
Other investments | 1,483 | 1,388 | [1] |
Goodwill | 1,602 | 1,602 | [1] |
Other intangible assets | 376 | 202 | [1] |
Dedicated assets in support of certain benefit plans | 539 | 512 | [1] |
Insurance receivable for Aliso Canyon costs | 414 | 445 | [1] |
Deferred income taxes | 151 | 136 | [1] |
Greenhouse gas allowances | 356 | 101 | [1] |
Right-of-use assets – operating leases | 499 | 543 | [1] |
Wildfire fund | 342 | 363 | [1] |
Other long-term assets | 914 | 753 | [1] |
Total other assets | 23,121 | 22,109 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 57,474 | 53,928 | [1] |
Less accumulated depreciation and amortization | (14,716) | (13,925) | [1] |
Property, plant and equipment, net | 42,758 | 40,003 | [1] |
Total assets | 70,472 | 66,623 | [1] |
Current liabilities: | |||
Short-term debt | 3,068 | 885 | [1] |
Accounts payable – trade | 1,400 | 1,359 | [1] |
Accounts payable – other | 179 | 154 | [1] |
Due to unconsolidated affiliates | 42 | 45 | [1] |
Dividends and interest payable | 592 | 551 | [1] |
Accrued compensation and benefits | 454 | 446 | [1] |
Regulatory liabilities | 515 | 140 | [1] |
Current portion of long-term debt and finance leases | 2,994 | 1,540 | [1] |
Reserve for Aliso Canyon costs | 1,962 | 150 | [1] |
Greenhouse gas obligations | 546 | 553 | [1] |
Other current liabilities | 1,192 | 1,016 | [1] |
Total current liabilities | 12,944 | 6,839 | [1] |
Long-term debt and finance leases | 20,042 | 21,781 | [1] |
Deferred credits and other liabilities: | |||
Due to unconsolidated affiliates | 286 | 234 | [1] |
Pension and other postretirement benefit plan obligations, net of plan assets | 964 | 1,059 | [1] |
Deferred income taxes | 2,882 | 2,871 | [1] |
Regulatory liabilities | 3,378 | 3,372 | [1] |
Reserve for Aliso Canyon costs | 14 | 301 | [1] |
Greenhouse gas obligations | 190 | 0 | [1] |
Asset retirement obligations | 3,187 | 3,113 | [1] |
Deferred credits and other | 1,981 | 2,119 | [1] |
Total deferred credits and other liabilities | 12,882 | 13,069 | [1] |
Commitments and contingencies (Note 11) | [1] | ||
Equity: | |||
Common stock | 10,791 | 7,053 | [1] |
Retained earnings | 13,292 | 13,673 | [1] |
Accumulated other comprehensive income (loss) | (418) | (500) | [1] |
Total shareholders’ equity | 24,554 | 23,373 | [1] |
Preferred stock of subsidiary | 20 | 20 | [1] |
Other noncontrolling interests | 30 | 1,541 | [1] |
Total equity | 24,604 | 24,934 | [1] |
Total liabilities and equity | 70,472 | 66,623 | [1] |
San Diego Gas and Electric Company [Member] | |||
Current assets: | |||
Cash and cash equivalents | 239 | 262 | [1] |
Accounts receivable – trade, net | 642 | 573 | [1] |
Accounts receivable – other, net | 96 | 143 | [1] |
Due from unconsolidated affiliates | 1 | 0 | |
Income taxes receivable | 18 | 0 | [1] |
Inventories | 112 | 104 | [1] |
Prepaid expenses | 197 | 153 | [1] |
Regulatory assets | 253 | 174 | [1] |
Fixed-price contracts and other derivatives | 73 | 56 | [1] |
Greenhouse gas allowances | 113 | 113 | [1] |
Other current assets | 4 | 22 | [1] |
Total current assets | 1,748 | 1,600 | [1] |
Other assets: | |||
Regulatory assets | 751 | 534 | [1] |
Nuclear decommissioning trusts | 1,003 | 1,019 | [1] |
Greenhouse gas allowances | 83 | 83 | [1] |
Right-of-use assets – operating leases | 82 | 102 | [1] |
Wildfire fund | 342 | 363 | [1] |
Other long-term assets | 213 | 189 | [1] |
Total other assets | 2,474 | 2,290 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 25,824 | 24,436 | [1] |
Less accumulated depreciation and amortization | (6,263) | (6,015) | [1] |
Property, plant and equipment, net | 19,561 | 18,421 | [1] |
Total assets | 23,783 | 22,311 | [1] |
Current liabilities: | |||
Short-term debt | 375 | 0 | [1] |
Accounts payable | 602 | 553 | [1] |
Due to unconsolidated affiliates | 61 | 64 | [1] |
Interest payable | 74 | 46 | [1] |
Accrued compensation and benefits | 138 | 135 | [1] |
Accrued franchise fees | 59 | 56 | [1] |
Regulatory liabilities | 53 | 61 | [1] |
Current portion of long-term debt and finance leases | 48 | 611 | [1] |
Customer deposits | 33 | 56 | [1] |
Greenhouse gas obligations | 113 | 113 | [1] |
Asset retirement obligations | 130 | 117 | [1] |
Other current liabilities | 233 | 199 | [1] |
Total current liabilities | 1,919 | 2,011 | [1] |
Long-term debt and finance leases | 7,587 | 6,866 | [1] |
Deferred credits and other liabilities: | |||
Pension and other postretirement benefit plan obligations, net of plan assets | 61 | 92 | [1] |
Deferred income taxes | 2,203 | 2,019 | [1] |
Deferred investment tax credits | 13 | 13 | [1] |
Regulatory liabilities | 2,311 | 2,195 | [1] |
Greenhouse gas obligations | 30 | 0 | [1] |
Asset retirement obligations | 744 | 759 | [1] |
Deferred credits and other | 581 | 626 | [1] |
Total deferred credits and other liabilities | 5,943 | 5,704 | [1] |
Commitments and contingencies (Note 11) | [1] | ||
Equity: | |||
Preferred stock | 0 | 0 | [1] |
Common stock | 1,660 | 1,660 | [1] |
Retained earnings | 6,683 | 6,080 | [1] |
Accumulated other comprehensive income (loss) | (9) | (10) | [1] |
Total shareholders’ equity | 8,334 | 7,730 | [1] |
Total liabilities and equity | 23,783 | 22,311 | [1] |
Southern California Gas Company [Member] | |||
Current assets: | |||
Cash and cash equivalents | 226 | 4 | [1] |
Accounts receivable – trade, net | 462 | 786 | [1] |
Accounts receivable – other, net | 86 | 64 | [1] |
Due from unconsolidated affiliates | 11 | 22 | [1] |
Income taxes receivable | 16 | 0 | |
Inventories | 168 | 153 | [1] |
Regulatory assets | 37 | 16 | [1] |
Greenhouse gas allowances | 384 | 390 | [1] |
Other current assets | 62 | 47 | [1] |
Total current assets | 1,452 | 1,482 | [1] |
Other assets: | |||
Regulatory assets | 1,449 | 1,208 | [1] |
Insurance receivable for Aliso Canyon costs | 414 | 445 | [1] |
Greenhouse gas allowances | 262 | 9 | [1] |
Right-of-use assets – operating leases | 61 | 74 | [1] |
Other long-term assets | 575 | 499 | [1] |
Total other assets | 2,761 | 2,235 | [1] |
Property, plant and equipment: | |||
Property, plant and equipment | 22,445 | 21,180 | [1] |
Less accumulated depreciation and amortization | (6,739) | (6,437) | [1] |
Property, plant and equipment, net | 15,706 | 14,743 | [1] |
Total assets | 19,919 | 18,460 | [1] |
Current liabilities: | |||
Short-term debt | 0 | 113 | [2] |
Accounts payable – trade | 488 | 600 | [2] |
Accounts payable – other | 133 | 122 | [2] |
Due to unconsolidated affiliates | 45 | 31 | [2] |
Accrued compensation and benefits | 203 | 189 | [2] |
Regulatory liabilities | 462 | 79 | [2] |
Current portion of long-term debt and finance leases | 10 | 10 | [2] |
Customer deposits | 15 | 48 | |
Reserve for Aliso Canyon costs | 1,962 | 150 | [2] |
Greenhouse gas obligations | 384 | 390 | [2] |
Asset retirement obligations | 58 | 59 | [2] |
Other current liabilities | 310 | 291 | [2] |
Total current liabilities | 4,070 | 2,082 | [2] |
Long-term debt and finance leases | 4,769 | 4,763 | [2] |
Deferred credits and other liabilities: | |||
Pension and other postretirement benefit plan obligations, net of plan assets | 784 | 853 | [2] |
Deferred income taxes | 1,032 | 1,406 | [2] |
Deferred investment tax credits | 7 | 8 | [2] |
Regulatory liabilities | 1,067 | 1,177 | [2] |
Reserve for Aliso Canyon costs | 14 | 301 | [2] |
Greenhouse gas obligations | 140 | 0 | [2] |
Asset retirement obligations | 2,377 | 2,309 | [2] |
Deferred credits and other | 413 | 417 | [1] |
Total deferred credits and other liabilities | 5,834 | 6,471 | [1] |
Commitments and contingencies (Note 11) | [2] | ||
Equity: | |||
Preferred stock | 22 | 22 | [2] |
Common stock | 1,666 | 866 | [2] |
Retained earnings | 3,587 | 4,287 | [2] |
Accumulated other comprehensive income (loss) | (29) | (31) | [2] |
Total shareholders’ equity | 5,246 | 5,144 | [1] |
Total equity | 5,246 | 5,144 | |
Total liabilities and equity | 19,919 | 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 | 0 | 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 | Sep. 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) | 319,000,000 | 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 | |
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ 751 | $ 3,673 |
Less: Income from discontinued operations, net of income tax | 0 | (1,850) |
(Loss) income from continuing operations, net of income tax | 751 | 1,823 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,376 | 1,242 |
Deferred income taxes and investment tax credits | (159) | (12) |
Equity earnings | (1,022) | (822) |
Foreign currency transaction losses, net | 10 | 95 |
Share-based compensation expense | 48 | 57 |
Fixed-price contracts and other derivatives | 338 | 25 |
Other | 70 | 107 |
Reserve for Aliso Canyon costs | 1,525 | 259 |
Net change in other working capital components | (186) | (396) |
Distributions from investments | 727 | 429 |
Insurance receivable for Aliso Canyon costs | 31 | (165) |
Changes in other noncurrent assets and liabilities, net | (528) | 38 |
Net cash provided by continuing operations | 2,981 | 2,680 |
Net cash used in discontinued operations | 0 | (1,051) |
Net cash provided by operating activities | 2,981 | 1,629 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (3,606) | (3,313) |
Expenditures for investments and acquisitions | (216) | (229) |
Proceeds from sale of assets | 0 | 22 |
Distributions from investments | 365 | 761 |
Purchases of nuclear decommissioning trust assets | (729) | (1,091) |
Proceeds from sales of nuclear decommissioning trust assets | 729 | 1,091 |
Advances to unconsolidated affiliates | (8) | (32) |
Repayments of advances to unconsolidated affiliates | 0 | 7 |
Other | 9 | 13 |
Net cash used in continuing operations | (3,456) | (2,771) |
Net cash provided by discontinued operations | 0 | 5,186 |
Net cash (used in) provided by investing activities | (3,456) | 2,415 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common dividends paid | (981) | (872) |
Preferred dividends paid | (77) | (107) |
Issuances of preferred stock | 0 | 890 |
Issuances of common stock | 5 | 10 |
Repurchases of common stock | (39) | (565) |
Issuances of debt (maturities greater than 90 days) | 1,992 | 5,934 |
Payments on debt (maturities greater than 90 days) and finance leases | (2,315) | (4,387) |
Increase (decrease) in short-term, debt, net | 1,999 | (1,871) |
Advances from unconsolidated affiliates | 40 | 64 |
Proceeds from sales of noncontrolling interests | 7 | 0 |
Purchases of noncontrolling interests | (221) | (178) |
Other | (13) | (29) |
Net cash provided by (used in) continuing operations | 397 | (1,111) |
Net cash provided by discontinued operations | 0 | 401 |
Net cash provided by (used in) financing activities | 397 | (710) |
Effect of exchange rate changes in continuing operations | 0 | (2) |
Effect of exchange rate changes in discontinued operations | 0 | (3) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | (5) |
(Decrease) increase in cash, cash equivalents and restricted cash, including discontinued operations | (78) | 3,329 |
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 985 | 217 |
Cash, cash equivalents and restricted cash, including discontinued operations, September 30 | 907 | 3,546 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 741 | 781 |
Income tax payments, including discontinued operations, net of refunds | 101 | 1,376 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Increase in Cameron LNG JV investment for guarantee | 22 | 0 |
Accrued capital expenditures | 572 | 460 |
Increase in ARO for investment in PP&E | 33 | 0 |
Increase in finance lease obligations for investment in PP&E | 35 | 72 |
Derecognized PP&E for net investment in sales-type lease | 44 | 0 |
Issuance of common stock in exchange for NCI and related AOCI | 1,373 | 0 |
Contribution to Cameron LNG JV | 0 | 50 |
Distribution from Cameron LNG JV | 0 | 50 |
Distribution from Oncor Holdings | 8 | 0 |
Equitization of long-term debt for deficit held by NCI | 0 | 22 |
Conversion of mandatory convertible preferred stock | 2,258 | 0 |
Common dividends issued in stock | 0 | 23 |
Preferred stock [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Dividends declared but not paid | 22 | 50 |
Common Stock [Member] | ||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Dividends declared but not paid | 351 | 301 |
San Diego Gas and Electric Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | 603 | 633 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 659 | 598 |
Deferred income taxes and investment tax credits | 133 | 36 |
Other | (1) | 13 |
Net change in other working capital components | (187) | (184) |
Changes in other noncurrent assets and liabilities, net | (183) | (113) |
Net cash provided by operating activities | 1,024 | 983 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (1,560) | (1,323) |
Purchases of nuclear decommissioning trust assets | (729) | (1,091) |
Proceeds from sales of nuclear decommissioning trust assets | 729 | 1,091 |
Other | 7 | 8 |
Net cash (used in) provided by investing activities | (1,553) | (1,315) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common dividends paid | 0 | (200) |
Issuances of debt (maturities greater than 90 days) | 1,120 | 1,598 |
Payments on debt (maturities greater than 90 days) and finance leases | (606) | (252) |
Increase (decrease) in short-term, debt, net | 0 | (80) |
Debt issuance costs | (8) | (11) |
Net cash provided by (used in) financing activities | 506 | 1,055 |
(Decrease) increase in cash, cash equivalents and restricted cash, including discontinued operations | (23) | 723 |
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 262 | 10 |
Cash, cash equivalents and restricted cash, including discontinued operations, September 30 | 239 | 733 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 275 | 276 |
Income tax payments, including discontinued operations, net of refunds | 64 | 20 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures | 217 | 184 |
Increase in ARO for investment in PP&E | 18 | 0 |
Increase in finance lease obligations for investment in PP&E | 23 | 26 |
Southern California Gas Company [Member] | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | (624) | 426 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 533 | 486 |
Deferred income taxes and investment tax credits | (467) | (38) |
Other | 47 | 42 |
Reserve for Aliso Canyon costs | 1,525 | 259 |
Net change in other working capital components | 385 | 254 |
Insurance receivable for Aliso Canyon costs | 31 | (165) |
Changes in other noncurrent assets and liabilities, net | (393) | 124 |
Net cash provided by operating activities | 1,037 | 1,388 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Expenditures for property, plant and equipment | (1,417) | (1,345) |
Net cash (used in) provided by investing activities | (1,417) | (1,345) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Common dividends paid | (75) | (50) |
Preferred dividends paid | (1) | (1) |
Equity contribution from Sempra Energy | 800 | 0 |
Issuances of debt (maturities greater than 90 days) | 0 | 949 |
Payments on finance leases | (9) | (9) |
Increase (decrease) in short-term, debt, net | (113) | (630) |
Debt issuance costs | 0 | (8) |
Net cash provided by (used in) financing activities | 602 | 251 |
(Decrease) increase in cash, cash equivalents and restricted cash, including discontinued operations | 222 | 294 |
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 4 | 10 |
Cash, cash equivalents and restricted cash, including discontinued operations, September 30 | 226 | 304 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest payments, net of amounts capitalized | 119 | 114 |
Income tax payments, including discontinued operations, net of refunds | 170 | 1 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Accrued capital expenditures | 205 | 146 |
Increase in finance lease obligations for investment in PP&E | 12 | 46 |
Dividends declared but not paid | $ 0 | $ 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 A Preferred Stock [Member] | Preferred stock [Member]Series B Preferred Stock [Member] | Preferred stock [Member]Series C Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member]Series B Preferred 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) | 3,673 | 3,472 | 3,472 | 201 | $ 633 | 633 | 633 | 426 | 426 | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 406 | 431 | 431 | (25) | 4 | 4 | 1 | 1 | |||||||||||||||||||||||||||||||||||
Share-based compensation expense | 57 | 57 | 57 | ||||||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | $ (78) | $ (29) | $ (14) | $ (78) | $ (29) | $ (14) | $ (78) | $ (29) | $ (14) | (1) | (1) | ||||||||||||||||||||||||||||||||
Common stock dividends declared | (913) | (913) | (913) | (200) | (200) | (100) | (100) | ||||||||||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||
Issuances of stock | 33 | 889 | $ 889 | 33 | 33 | 889 | |||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (565) | (565) | (565) | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest activities: | |||||||||||||||||||||||||||||||||||||||||||
Purchases | (184) | 29 | (5) | 24 | (208) | ||||||||||||||||||||||||||||||||||||||
Distributions | (1) | (1) | |||||||||||||||||||||||||||||||||||||||||
Acquisition | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||
Equitization of long-term debt for deficit held by NCI | 22 | 22 | |||||||||||||||||||||||||||||||||||||||||
Deconsolidation | (236) | (236) | |||||||||||||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 24,856 | 3,147 | 7,034 | 13,560 | (513) | 23,228 | 1,628 | 1,660 | 5,889 | (12) | 7,537 | 5,074 | 22 | 866 | 4,208 | (22) | |||||||||||||||||||||||||||
Beginning 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) | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 421 | 399 | 399 | 22 | 178 | 178 | (24) | (24) | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 38 | 34 | 34 | 4 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 19 | 19 | 19 | ||||||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (26) | (10) | (12) | $ (26) | (10) | (12) | (26) | (10) | (12) | 0 | 0 | ||||||||||||||||||||||||||||||||
Common stock dividends declared | (302) | (302) | (302) | (50) | (50) | ||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (501) | (501) | (501) | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest activities: | |||||||||||||||||||||||||||||||||||||||||||
Purchases | (157) | 26 | (5) | 21 | (178) | ||||||||||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 24,856 | 3,147 | 7,034 | 13,560 | (513) | 23,228 | 1,628 | 1,660 | 5,889 | (12) | 7,537 | 5,074 | 22 | 866 | 4,208 | (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) | 751 | 703 | 703 | 48 | $ 603 | 603 | 603 | (624) | (624) | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 121 | 114 | 114 | 7 | 1 | 1 | 2 | 2 | |||||||||||||||||||||||||||||||||||
Share-based compensation expense | 48 | 48 | 48 | ||||||||||||||||||||||||||||||||||||||||
Equity contribution from Sempra Energy | 800 | 800 | |||||||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | (19) | (33) | $ (19) | (33) | $ (19) | (33) | (1) | (1) | |||||||||||||||||||||||||||||||||||
Common stock dividends declared | (1,031) | (1,031) | (1,031) | (75) | (75) | ||||||||||||||||||||||||||||||||||||||
Conversion of stock | $ 0 | 0 | $ (1,693) | $ (565) | $ 1,693 | $ 565 | $ 0 | ||||||||||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||
Issuances of stock | 5 | 5 | 5 | ||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (39) | (39) | (39) | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest activities: | |||||||||||||||||||||||||||||||||||||||||||
Purchases | (137) | 1,462 | (32) | 1,430 | (1,567) | ||||||||||||||||||||||||||||||||||||||
Sale | 5 | 4 | 4 | 1 | |||||||||||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2021 | 24,604 | 889 | 10,791 | 13,292 | (418) | 24,554 | 50 | 1,660 | 6,683 | (9) | 8,334 | 5,246 | 22 | 1,666 | 3,587 | (29) | |||||||||||||||||||||||||||
Beginning 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) | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (632) | (637) | (637) | 5 | 205 | 205 | (1,126) | (1,126) | |||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 18 | 20 | 20 | (2) | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||||||||||
Share-based compensation expense | 14 | 14 | 14 | ||||||||||||||||||||||||||||||||||||||||
Equity contribution from Sempra Energy | 800 | 800 | |||||||||||||||||||||||||||||||||||||||||
Dividends declared: | |||||||||||||||||||||||||||||||||||||||||||
Preferred dividends | $ (11) | $ (11) | $ (11) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Common stock dividends declared | (351) | (351) | (351) | ||||||||||||||||||||||||||||||||||||||||
Conversion of stock | $ 0 | $ (565) | $ 565 | ||||||||||||||||||||||||||||||||||||||||
Repurchases of common stock | (1) | (1) | (1) | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest activities: | |||||||||||||||||||||||||||||||||||||||||||
Purchases | (125) | 63 | 6 | 69 | (194) | ||||||||||||||||||||||||||||||||||||||
Ending balance at Sep. 30, 2021 | $ 24,604 | $ 889 | $ 10,791 | $ 13,292 | $ (418) | $ 24,554 | $ 50 | $ 1,660 | $ 6,683 | $ (9) | $ 8,334 | $ 5,246 | $ 22 | $ 1,666 | $ 3,587 | $ (29) | |||||||||||||||||||||||||||
[1] | Derived from audited financial statements. |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Dividends declared per share of common stock (in dollars per share) | $ 1.10 | $ 1.05 | $ 3.30 | $ 3.14 |
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) | 0.38 | 0.38 | 1.13 | 1.13 |
Dividends declared per share of common stock (in dollars per share) | 0.55 | 0.82 | 1.10 | |
Series A Preferred Stock [Member] | ||||
Dividends declared per share of preferred stock (in dollars per share) | 1.50 | 4.50 | ||
Series B Preferred Stock [Member] | ||||
Dividends declared per share of preferred stock (in dollars per share) | 1.68 | 3.38 | 5.06 | |
Series C Preferred Stock [Member] | ||||
Dividends declared per share of preferred stock (in dollars per share) | $ 12.19 | $ 14.08 | $ 36.57 | $ 15.71 |
GENERAL INFORMATION AND OTHER F
GENERAL INFORMATION AND OTHER FINANCIAL DATA | 9 Months Ended |
Sep. 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 Infrastructure Partners (formerly 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 September 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) September 30, December 31, 2021 2020 Cash and cash equivalents $ 873 $ 960 Restricted cash, current 31 22 Restricted cash, noncurrent 3 3 Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows $ 907 $ 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. Such measures ended on June 30, 2021, except for the suspension of service disconnections that ended on September 30, 2021. At the CPUC’s direction, the California Utilities have started to automatically enroll residential and small business customers with past-due balances 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. 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 96 84 Write-offs (28) (11) Allowances for credit losses at September 30 (1) $ 206 $ 103 SDG&E: Allowances for credit losses at January 1 $ 69 $ 14 Provisions for expected credit losses 30 44 Write-offs (16) (6) Allowances for credit losses at September 30 (2) $ 83 $ 52 SoCalGas: Allowances for credit losses at January 1 $ 68 $ 15 Provisions for expected credit losses 64 40 Write-offs (12) (5) Allowances for credit losses at September 30 (3) $ 120 $ 50 (1) At September 30, 2021, includes $146 million in Accounts Receivable – Trade, Net, $50 million in Accounts Receivable – Other, Net and $10 million in Other Long-Term Assets. (2) At September 30, 2021, includes $58 million in Accounts Receivable – Trade, Net, $21 million in Accounts Receivable – Other, Net and $4 million in Other Long-Term Assets. (3) At September 30, 2021, includes $85 million in Accounts Receivable – Trade, Net, $29 million in Accounts Receivable – Other, Net and $6 million in Other Long-Term Assets. 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) 2021 2020 Sempra: Allowances for credit losses at January 1 $ 3 $ — Allowance established upon adoption of ASU 2016-13 — 6 Reductions to expected credit losses (2) (3) Allowances for credit losses at September 30 (1) $ 1 $ 3 (1) At September 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 below 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 September 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Sempra $ 169 $ 118 $ 17 $ 7 $ 185 $ 183 $ 371 $ 308 SDG&E — — — — 112 104 112 104 SoCalGas 110 94 — — 58 59 168 153 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. SDG&E submitted its request to OEIS for a 2021 wildfire safety certification in September 2021. OEIS has until December 7, 2021 to issue the certification or provide written notice explaining why additional time is needed. SDG&E’s existing safety certification remains valid until this pending request is resolved. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Sempra $ 52 $ 51 $ 166 $ 149 SDG&E 24 26 82 79 SoCalGas 18 14 49 39 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) September 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 (38) (32) O&M agreement (11) (9) PPA (7) — Other (8) (7) (64) (48) $ 376 $ 202 Other Intangible Assets at September 30, 2021 primarily include: ▪ 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 $6 million, including $4 million recorded against revenues, and $3 million in the three months ended September 30, 2021 and 2020, respectively, and $16 million, including $7 million recorded against revenues, and $8 million in the nine months ended September 30, 2021 and 2020, respectively. We estimate the remaining amortization expense in 2021 to be $7 million, including $3 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 September 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 $1,223 million and $1,237 million at September 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 this VIE because of the structural and operational ring-fencing and governance measures in place that prevent us from having the power to direct the significant activities of Oncor Holdings. As a result, we do not consolidate Oncor Holdings and instead account for our ownership interest as an equity method investment. See Note 6 of the Notes to Consolidated Financial Statements in the Annual Report for additional information about our equity method investment in Oncor Holdings and restrictions on our ability to influence its activities. Our maximum exposure to loss, which fluctuates over time, from our interest in Oncor Holdings does not exceed the carrying value of our investment, which was $12,475 million at September 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 this VIE because we do not have the power to direct the most significant activities of Cameron LNG JV, including LNG production and operation and maintenance activities at the liquefaction facility. Therefore, we account for our investment in Cameron LNG JV under the equity method. The carrying value of our investment, including amounts recognized in AOCI related to interest-rate cash flow hedges at Cameron LNG JV, was $454 million at September 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. Sempra is not the primary beneficiary of this VIE because we do not have the power to direct the most significant activities of CFIN, including modification, prepayment, and refinance decisions related to the financing arrangement with external lenders and Cameron LNG JV’s four project owners as well as the ability to determine and enforce remedies in the event of default. The conditional obligations of the Support Agreement represent a variable interest that we measure at fair value on a recurring basis (see Note 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 this VIE because we have the power to direct the development activities related to the construction of the liquefaction facility, which we consider to be the most significant activities of ECA LNG Phase 1 during the construction phase of its natural gas liquefaction export project. As a result, we consolidate ECA LNG Phase 1. Sempra LNG consolidated $522 million and $207 million of assets at September 30, 2021 and December 31, 2020, respectively, consisting primarily of PP&E, net, attributable to ECA LNG Phase 1 that could be used only to settle obligations of this VIE and that are not available to settle obligations of Sempra, and $367 million and $49 million of liabilities at September 30, 2021 and December 31, 2020, respectively, consisting primarily of long-term debt and accounts payable attributable to ECA LNG Phase 1 for which creditors do not have recourse to the general credit of Sempra. Additionally, as we discuss in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report, Sempra, IEnova and TOTAL SE have provided guarantees for the loan facility supporting construction of the liquefaction facility based on their respective proportionate ownership interest in ECA LNG Phase 1. PENSION AND OTHER POSTRETIREMENT BENEFITS Settlement Accounting for Lump Sum Payments Sempra recorded settlement charges of $7 million in the nine months ended September 30, 2021 and $13 million and $22 million in the three months and nine months ended September 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 September 30, 2021 2020 2021 2020 Service cost $ 36 $ 31 $ 6 $ 5 Interest cost 28 32 7 8 Expected return on assets (44) (41) (14) (14) Amortization of: Prior service cost (credit) 3 3 (1) (1) Actuarial loss (gain) 12 9 (3) (2) Settlement charges — 13 — — Net periodic benefit cost (credit) 35 47 (5) (4) Regulatory adjustments 73 37 5 4 Total expense recognized $ 108 $ 84 $ — $ — Nine months ended September 30, 2021 2020 2021 2020 Service cost $ 109 $ 97 $ 17 $ 14 Interest cost 84 97 21 24 Expected return on assets (130) (126) (44) (41) Amortization of: Prior service cost (credit) 8 9 (2) (2) Actuarial loss (gain) 34 26 (7) (7) Settlement charges 7 22 — — Net periodic benefit cost (credit) 112 125 (15) (12) Regulatory adjustments 66 31 15 12 Total expense recognized $ 178 $ 156 $ — $ — NET PERIODIC BENEFIT COST – SDG&E (Dollars in millions) Pension benefits Other postretirement benefits Three months ended September 30, 2021 2020 2021 2020 Service cost $ 9 $ 7 $ 2 $ 1 Interest cost 6 7 1 2 Expected return on assets (11) (12) (2) (3) Amortization of: Prior service cost — 1 — — Actuarial loss (gain) 1 1 (1) (1) Net periodic benefit cost (credit) 5 4 — (1) Regulatory adjustments 21 22 — 1 Total expense recognized $ 26 $ 26 $ — $ — Nine months ended September 30, 2021 2020 2021 2020 Service cost $ 26 $ 23 $ 4 $ 3 Interest cost 18 22 4 5 Expected return on assets (36) (37) (7) (8) Amortization of: Prior service cost — 2 — — Actuarial loss (gain) 2 3 (2) (2) Net periodic benefit cost (credit) 10 13 (1) (2) Regulatory adjustments 30 28 1 2 Total expense recognized $ 40 $ 41 $ — $ — NET PERIODIC BENEFIT COST – SOCALGAS (Dollars in millions) Pension benefits Other postretirement benefits Three months ended September 30, 2021 2020 2021 2020 Service cost $ 23 $ 20 $ 5 $ 3 Interest cost 19 22 5 7 Expected return on assets (27) (27) (12) (11) Amortization of: Prior service cost (credit) 2 2 (1) (1) Actuarial loss (gain) 8 6 (2) (1) Net periodic benefit cost (credit) 25 23 (5) (3) Regulatory adjustments 52 15 5 3 Total expense recognized $ 77 $ 38 $ — $ — Nine months ended September 30, 2021 2020 2021 2020 Service cost $ 73 $ 64 $ 13 $ 10 Interest cost 59 66 16 19 Expected return on assets (85) (81) (36) (32) Amortization of: Prior service cost (credit) 6 6 (2) (2) Actuarial loss (gain) 27 19 (5) (5) Net periodic benefit cost (credit) 80 74 (14) (10) Regulatory adjustments 36 3 14 10 Total expense recognized $ 116 $ 77 $ — $ — RABBI TRUST In support of its Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans, Sempra maintains dedicated assets, including a Rabbi Trust and investments in life insurance contracts, which totaled $539 million and $512 million at September 30, 2021 and December 31, 2020, respectively. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator for continuing operations: (Loss) income from continuing operations, net of income tax $ (632) $ 428 $ 751 $ 1,823 Earnings attributable to noncontrolling interests (5) (22) (48) (191) Preferred dividends (11) (48) (52) (121) Preferred dividends of subsidiary — — (1) (1) (Losses) earnings from continuing operations attributable to common shares $ (648) $ 358 $ 650 $ 1,510 Numerator for discontinued operations: (Loss) income from discontinued operations, net of income tax $ — $ (7) $ — $ 1,850 Earnings attributable to noncontrolling interests — — — (10) (Losses) earnings from discontinued operations attributable to common shares $ — $ (7) $ — $ 1,840 Numerator for (losses) earnings: (Losses) earnings attributable to common shares $ (648) $ 351 $ 650 $ 3,350 Denominator: Weighted-average common shares outstanding for basic EPS (1) 319,144 289,490 309,350 291,771 Dilutive effect of stock options and RSUs (2)(3) — 1,092 797 1,164 Dilutive effect of mandatory convertible preferred stock — — 707 — Weighted-average common shares outstanding for diluted EPS 319,144 290,582 310,854 292,935 Basic EPS: (Losses) earnings from continuing operations $ (2.03) $ 1.23 $ 2.10 $ 5.17 (Losses) earnings from discontinued operations $ — $ (0.02) $ — $ 6.31 (Losses) earnings $ (2.03) $ 1.21 $ 2.10 $ 11.48 Diluted EPS: (Losses) earnings from continuing operations $ (2.03) $ 1.23 $ 2.09 $ 5.15 (Losses) earnings from discontinued operations $ — $ (0.02) $ — $ 6.28 (Losses) earnings $ (2.03) $ 1.21 $ 2.09 $ 11.43 (1) Includes 451 and 535 fully vested RSUs held in our Deferred Compensation Plan for the three months ended September 30, 2021 and 2020, respectively, and 453 and 536 of such RSUs for the nine months ended September 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. (2) In the three months ended September 30, 2021, the total weighted-average number of potentially dilutive stock options and RSUs was 699. However, these securities were not included in the computation of EPS because to do so would have decreased losses per share. (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 nine months ended September 30, 2021 excludes 147,840 and 240,654 potentially dilutive shares, respectively, because to include them would be antidilutive for the period. The |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 30, 2021 By major service line: Utilities $ 1,369 $ 966 $ 17 $ — $ (27) $ 2,325 Energy-related businesses — — 324 144 (145) 323 Revenues from contracts with customers $ 1,369 $ 966 $ 341 $ 144 $ (172) $ 2,648 By market: Gas $ 145 $ 966 $ 231 $ 143 $ (165) $ 1,320 Electric 1,224 — 110 1 (7) 1,328 Revenues from contracts with customers $ 1,369 $ 966 $ 341 $ 144 $ (172) $ 2,648 Revenues from contracts with customers $ 1,369 $ 966 $ 341 $ 144 $ (172) $ 2,648 Utilities regulatory revenues 95 140 — — — 235 Other revenues — — 256 (25) (101) 130 Total revenues $ 1,464 $ 1,106 $ 597 $ 119 $ (273) $ 3,013 Nine months ended September 30, 2021 By major service line: Utilities $ 3,755 $ 3,685 $ 61 $ — $ (79) $ 7,422 Energy-related businesses — — 859 260 (282) 837 Revenues from contracts with customers $ 3,755 $ 3,685 $ 920 $ 260 $ (361) $ 8,259 By market: Gas $ 580 $ 3,685 $ 635 $ 257 $ (334) $ 4,823 Electric 3,175 — 285 3 (27) 3,436 Revenues from contracts with customers $ 3,755 $ 3,685 $ 920 $ 260 $ (361) $ 8,259 Revenues from contracts with customers $ 3,755 $ 3,685 $ 920 $ 260 $ (361) $ 8,259 Utilities regulatory revenues 364 53 — — — 417 Other revenues — — 448 107 (218) 337 Total revenues $ 4,119 $ 3,738 $ 1,368 $ 367 $ (579) $ 9,013 DISAGGREGATED REVENUES (CONTINUED) (Dollars in millions) SDG&E SoCalGas Sempra Mexico Sempra LNG Consolidating adjustments and Parent and other Sempra Three months ended September 30, 2020 By major service line: Utilities $ 1,301 $ 813 $ 12 $ — $ (25) $ 2,101 Energy-related businesses — — 244 35 (32) 247 Revenues from contracts with customers $ 1,301 $ 813 $ 256 $ 35 $ (57) $ 2,348 By market: Gas $ 126 $ 813 $ 159 $ 33 $ (54) $ 1,077 Electric 1,175 — 97 2 (3) 1,271 Revenues from contracts with customers $ 1,301 $ 813 $ 256 $ 35 $ (57) $ 2,348 Revenues from contracts with customers $ 1,301 $ 813 $ 256 $ 35 $ (57) $ 2,348 Utilities regulatory revenues 171 29 — — — 200 Other revenues — — 95 28 (27) 96 Total revenues $ 1,472 $ 842 $ 351 $ 63 $ (84) $ 2,644 Nine months ended September 30, 2020 By major service line: Utilities $ 3,610 $ 3,261 $ 42 $ — $ (66) $ 6,847 Energy-related businesses — — 616 56 (40) 632 Revenues from contracts with customers $ 3,610 $ 3,261 $ 658 $ 56 $ (106) $ 7,479 By market: Gas $ 518 $ 3,261 $ 439 $ 51 $ (98) $ 4,171 Electric 3,092 — 219 5 (8) 3,308 Revenues from contracts with customers $ 3,610 $ 3,261 $ 658 $ 56 $ (106) $ 7,479 Revenues from contracts with customers $ 3,610 $ 3,261 $ 658 $ 56 $ (106) $ 7,479 Utilities regulatory revenues 366 (14) — — — 352 Other revenues — — 277 199 (108) 368 Total revenues $ 3,976 $ 3,247 $ 935 $ 255 $ (214) $ 8,199 Remaining Performance Obligations For contracts greater than one year, at September 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 September 30, 2021. REMAINING PERFORMANCE OBLIGATIONS (1) (Dollars in millions) Sempra SDG&E 2021 (excluding first nine months of 2021) $ 88 $ 1 2022 368 4 2023 367 4 2024 367 4 2025 364 4 Thereafter 4,129 67 Total revenues to be recognized $ 5,683 $ 84 (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 nine months ended September 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 36 3 Payments received in advance (1) — Contract liabilities at September 30 (1) $ (172) $ (160) SDG&E: Contract liabilities at January 1 $ (87) $ (91) Revenue from performance obligations satisfied during reporting period 3 3 Contract liabilities at September 30 (1) $ (84) $ (88) (1) At September 30, 2021, includes $8 million and $4 million in Other Current Liabilities and $164 million and $80 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) September 30, 2021 December 31, 2020 Sempra: Accounts receivable – trade, net $ 1,216 $ 1,447 Accounts receivable – other, net 17 12 Due from unconsolidated affiliates – current (1) 2 3 Other long-term assets 115 — Total $ 1,350 $ 1,462 SDG&E: Accounts receivable – trade, net $ 642 $ 573 Accounts receivable – other, net 11 8 Due from unconsolidated affiliates – current (1) 3 2 Other long-term assets 47 — Total $ 703 $ 583 SoCalGas: Accounts receivable – trade, net $ 462 $ 786 Accounts receivable – other, net 6 4 Other long-term assets 68 — Total $ 536 $ 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 | 9 Months Ended |
Sep. 30, 2021 | |
Regulated Operations [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERSWe discuss regulatory matters in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report and provide updates to those discussions and information about new regulatory matters below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which currently approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset. REGULATORY ASSETS AND LIABILITIES We show the details of regulatory assets and liabilities in the following table. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) September 30, December 31, SDG&E: Fixed-price contracts and other derivatives $ (88) $ (53) Deferred income taxes recoverable in rates 72 22 Pension and other postretirement benefit plan obligations 19 50 Removal obligations (2,228) (2,121) Environmental costs 55 56 Sunrise Powerlink fire mitigation 121 121 Regulatory balancing accounts (1)(2) Commodity – electric 85 72 Gas transportation 23 35 Safety and reliability 60 67 Public purpose programs (138) (158) 2019 GRC retroactive impacts 14 56 Other balancing accounts 535 233 Other regulatory assets, net (2) 110 72 Total SDG&E (1,360) (1,548) SoCalGas: Deferred income taxes recoverable (refundable) in rates 9 (82) Pension and other postretirement benefit plan obligations 342 417 Employee benefit costs 37 37 Removal obligations (649) (685) Environmental costs 35 36 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (138) (56) Safety and reliability 299 335 Public purpose programs (274) (253) 2019 GRC retroactive impacts 51 202 Other balancing accounts 85 (58) Other regulatory assets, net (2) 160 75 Total SoCalGas (43) (32) Sempra Mexico: Deferred income taxes recoverable in rates 80 80 Total Sempra $ (1,323) $ (1,500) (1) At September 30, 2021 and December 31, 2020, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $331 million and $139 million, respectively, and for SoCalGas was $472 million and $218 million, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which currently approximates the three-month commercial paper rate. CALIFORNIA UTILITIES COVID-19 Pandemic Protections 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. Such measures ended on June 30, 2021, except for the suspension of service disconnections that ended on September 30, 2021. At the CPUC’s direction, the California Utilities have started to automatically enroll residential and small business customers with past-due balances 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. 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. CPUC Cost of Capital A CPUC cost of capital proceeding determines a utility’s authorized capital structure and authorized return on rate base. In December 2019, the CPUC approved the cost of capital and rate structures for SDG&E and SoCalGas that became effective on January 1, 2020 and will remain in effect through December 31, 2022, subject to the CCM. The CCM considers changes in interest rates based on the applicable utility bond index published by Moody’s (the CCM benchmark rate) for each 12-month period ending September 30 (the measurement period). The CCM benchmark rate is the basis of comparison to determine if the CCM is triggered, which occurs if the change in the applicable Moody’s utility bond index relative to the CCM benchmark rate is larger than plus or minus 1.000% at the end of the measurement period. The index applicable to SDG&E and SoCalGas is based on each utility’s credit rating. SDG&E’s CCM benchmark rate is 4.498% based on Moody’s Baa- utility bond index, and SoCalGas’ CCM benchmark rate is 4.029% based on Moody’s A- utility bond index. Alternatively, under the CCM, each of the California Utilities is permitted to file a cost of capital application in an interim year in which an extraordinary or catastrophic event materially impacts its cost of capital. In August 2021, SDG&E filed an application with the CPUC to update its cost of capital effective January 1, 2022 due to the ongoing effects of the COVID-19 pandemic. In this application, SDG&E proposed to adjust its authorized capital structure by increasing its common equity ratio from 52% to 54%. SDG&E also proposed to increase its authorized ROE from 10.20% to 10.55% and decrease its authorized cost of debt from 4.59% to 3.84%. As a result, SDG&E’s proposed return on rate base would decrease from 7.55% to 7.46% if such application is approved by the CPUC as filed. SDG&E filed a joint motion with PG&E and Edison to consolidate all three utilities’ cost of capital applications given the overlapping issues of law and fact, which joint motion was granted in October 2021. For the measurement period ended September 30, 2021, the CCM would trigger for SDG&E because the average Moody’s Baa- utility bond index between October 1, 2020 and September 30, 2021 was 1.17% below SDG&E’s CCM benchmark rate of 4.498%. However, SDG&E’s application to update its cost of capital effective January 1, 2022, if accepted by the CPUC, would supersede the CCM from applying. If such application is not accepted, the CCM would be effective January 1, 2022 and would automatically adjust SDG&E’s authorized ROE from 10.20% to 9.62% and adjust its authorized cost of debt to reflect the then current embedded cost and projected interest rate. SDG&E has requested that a final CPUC decision on its interim cost of capital application be issued in the first half of 2022. For the measurement period ended September 30, 2021, the CCM was not triggered for SoCalGas. SoCalGas expects to file its next cost of capital application in April 2022 for a January 1, 2023 effective date. 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 three months and nine months ended September 30, 2020, SDG&E reduced revenues by $36 million and $51 million, respectively, and recorded a fine of $6 million in Other (Expense) Income, Net, on the SDG&E and Sempra Condensed Consolidated Statements of Operations. The after-tax impact for the three months and nine months ended September 30, 2020 was $29 million and $44 million, respectively. In October 2020, SDG&E executed a settlement agreement with intervenors consistent with these concessions. In September 2021, the CPUC approved 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 are awaiting a CPUC decision. 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 precludes 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. The petition was denied in September 2021. 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 September 30, 2021: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 52 $ — $ — $ 52 Municipal bonds (2) 307 14 (1) 320 Other securities (3) 261 10 (1) 270 Total debt securities 620 24 (2) 642 Equity securities 103 255 (2) 356 Cash and cash equivalents 7 — — 7 Payables, net (2) — — (2) Total $ 728 $ 279 $ (4) $ 1,003 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 2021-2051. (2) Maturity dates are 2022-2056. (3) Maturity dates are 2021-2072. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Proceeds from sales $ 187 $ 294 $ 729 $ 1,091 Gross realized gains 9 9 48 108 Gross realized losses (1) (2) (4) (13) 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 $551 million at September 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 | 9 Months Ended |
Sep. 30, 2021 | |
Business Combinations [Abstract] | |
ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS | ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS ACQUISITION Sempra Mexico ESJ In March 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 $2,216 million, net of transaction costs and as adjusted for post-closing adjustments, and recorded a pretax gain of $628 million ($248 million after tax). In the three months and nine months ended September 30, 2020, the pretax gains from the sales of our South American businesses are included in (Loss) Gain on Sale of Discontinued Operations in the table below and the after-tax gains are included in (Loss) 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 September 30, 2020 (1) Nine months ended September 30, 2020 (2) Revenues $ — $ 570 Cost of sales — (364) (Loss) gain on sale of discontinued operations (16) 2,899 Operating expenses — (66) Interest and other — (3) Income before income taxes (16) 3,036 Income tax benefit (expense) 9 (1,186) (Loss) income from discontinued operations, net of income tax (7) 1,850 Earnings attributable to noncontrolling interests — (10) (Losses) earnings from discontinued operations attributable to Sempra $ (7) $ 1,840 (1) Represents post-closing adjustments related to the sale of our equity interests in our Chilean businesses. (2) Results include activity until the sale of our Peruvian businesses on April 24, 2020 and Chilean businesses on June 24, 2020. As a result of the sales of our South American businesses, in the second quarter of 2020, we reclassified $645 million of cumulative foreign currency translation losses from AOCI to (Loss) Gain on Sale of Discontinued Operations, which is included in (Loss) Income from Discontinued Operations, Net of Income Tax, on Sempra’s Condensed Consolidated Statements of Operations. |
INVESTMENTS IN UNCONSOLIDATED E
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021 and 2020, Sempra contributed $151 million and $209 million, respectively, to Oncor Holdings, and Oncor Holdings distributed $239 million and $220 million, respectively, to Sempra. Additionally, in the nine months ended September 30, 2021, Oncor Holdings distributed a $361 million return of investment 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Operating revenues $ 1,286 $ 1,232 $ 3,572 $ 3,394 Operating expenses (866) (819) (2,531) (2,387) Income from operations 420 413 1,041 1,007 Interest expense (104) (102) (308) (305) Income tax expense (54) (50) (124) (115) Net income 255 255 587 557 Noncontrolling interest held by TTI (51) (50) (118) (111) Earnings attributable to Sempra (1) 204 205 469 446 (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, in March 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 the nine months ended September 30, 2021 and 2020, ESJ distributed a $4 million and $8 million, respectively, return of investment to IEnova. SEMPRA LNG Cameron LNG JV In the nine months ended September 30, 2021, Cameron LNG JV distributed to Sempra LNG $496 million, of which $165 million relates to the distribution from Cameron LNG JV’s SDSRA that we discuss below. In the nine months ended September 30, 2020, Sempra LNG contributed $54 million to Cameron LNG JV, and Cameron LNG JV distributed to Sempra LNG $209 million and a return of investment of $803 million . 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 $22 million in June 2021, with an associated carrying value of $22 million at September 30, 2021, for the fair value of the promissory note, which is being 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 September 30, 2021, the fair value of the Support Agreement was $5 million, of which $7 million is included in Other Current Assets offset by $2 million included in Deferred Credits and Other on Sempra’s Condensed Consolidated Balance Sheet. PARENT AND OTHER RBS Sempra Commodities |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 9 Months Ended |
Sep. 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 September 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) September 30, 2021 Total facility Commercial paper outstanding (1)(2) Available unused credit Sempra (3) $ 4,435 $ (2,112) $ 2,323 SDG&E (4) 1,500 — 1,500 SoCalGas (4) 750 — 750 Total $ 6,685 $ (2,112) $ 4,573 (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 September 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 September 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 September 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 committed lines of credit with an aggregate capacity of $1.9 billion at September 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) September 30, 2021 Expiration date of facility Total facility Amounts outstanding Available unused credit February 2024 $ 1,500 $ — $ 1,500 September 2023 (1) 350 (294) 56 Total $ 1,850 $ (294) $ 1,556 (1) In September 2021, IEnova amended this revolving credit facility to increase the amount available under the facility from $280 million to $350 million and extend the expiration of the facility from September 2021 to September 2023. Borrowings continue to bear interest at a per annum rate equal to 3-month LIBOR plus 54 bps. Foreign Uncommitted Lines of Credit In addition to our committed lines of credit, our foreign operations in Mexico have uncommitted lines of credit with an aggregate capacity of $470 million at September 30, 2021, which are generally used for working capital requirements. FOREIGN UNCOMMITTED LINES OF CREDIT (U.S. dollar equivalent in millions) September 30, 2021 Expiration date of facility Borrowing denomination Total facility Amounts outstanding Available unused credit September 2022 (1) U.S. dollars $ 250 $ (250) $ — August 2023 (2) U.S. dollars or Mexican pesos 100 (37) 63 October 2023 (3) U.S. dollars 100 — 100 October 2023 (4) U.S. dollars or Mexican pesos 20 — 20 Total $ 470 $ (287) $ 183 (1) IEnova’s one-year credit agreement under which borrowings bear interest at a per annum rate equal to 3-month LIBOR plus 10 bps. (2) ECA LNG Phase 1’s two-year credit agreement under which outstanding amounts were borrowed in Mexican pesos and bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus 105 bps and are before reductions from negligible unamortized discount. Borrowings made in U.S. dollars bear interest at a variable rate based on the 1-month or 3-month LIBOR plus 105 bps. (3) IEnova’s three-year credit agreement under which borrowings bear interest at a per annum rate equal to 6-month LIBOR plus 52 bps. (4) IEnova’s three-year credit agreement under which borrowings made in Mexican pesos bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus an applicable margin. Borrowings made in U.S. dollars bear interest at a variable rate based on 1-month LIBOR plus an applicable margin. The applicable margin is determined on the date of borrowing. 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 September 30, 2021, we had approximately $697 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 September 30, 2021, $375 million, net of negligible issuance costs, was outstanding 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 September 30, 2021 and December 31, 2020 were as follows: WEIGHTED-AVERAGE INTEREST RATES September 30, 2021 December 31, 2020 Sempra 0.39 % 0.83 % SDG&E 0.76 — SoCalGas — 0.14 LONG-TERM DEBT SDG&E In August 2021, SDG&E issued $750 million of 2.95% green first mortgage bonds maturing in 2051 and received proceeds of $737 million (net of debt discount, underwriting discounts and debt issuance costs of $13 million). SDG&E intends to use the net proceeds to finance or refinance eligible projects that fall into one or more of the following categories: climate change adaptation, clean energy solutions and clean transportation. 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 September 30, 2021). On October 8, 2021, Sempra Mexico used proceeds from borrowings against its committed and uncommitted lines of credit to fully repay $175 million of outstanding principal plus accrued and unpaid interest on the ESJ loan prior to its scheduled maturity in 2033, and recognized approximately $16 million ($10 million after tax and NCI) in charges associated with hedge termination costs and a write-off of unamortized debt issuance costs. On October 13, 2021, Sempra Mexico used proceeds from borrowings against its committed and uncommitted lines of credit to fully repay $375 million of outstanding principal plus accrued and unpaid interest on the Ventika fixed- and variable-rate loans prior to scheduled maturity dates through 2032, and recognized approximately $34 million ($20 million after tax and NCI) in charges associated with hedge termination costs and a write-off of unamortized debt issuance costs. 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 September 30, 2021 and December 31, 2020, $291 million and $17 million, respectively, was outstanding, with a weighted-average interest rate of 2.84% and 2.82%, respectively. We discuss the details of this agreement in Note 7 of the Notes to Consolidated Financial Statements in the Annual Report. Parent and Other On November 1, 2021, Sempra issued notices to redeem, at respective make-whole redemption prices, an aggregate principal amount of $2.35 billion of senior unsecured notes prior to scheduled maturities in 2022 through 2025. Upon redemption, which is scheduled to occur in December 2021, we expect to recognize approximately $128 million ($93 million after tax) in charges associated with the make-whole premiums from the early redemptions and write-off of unamortized discount and debt issuance costs. As a result of our expected early redemption, this debt was classified as Current Portion of Long-Term Debt and Finance Leases on Sempra’s Condensed Consolidated Balance Sheet at September 30, 2021. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 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. ▪ 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 September 30, 2021 December 31, 2020 Sempra: Natural gas MMBtu (14) 5 Electricity MWh 1 1 Congestion revenue rights MWh 48 43 SDG&E: Natural gas MMBtu 10 16 Electricity MWh 1 1 Congestion revenue rights MWh 48 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) September 30, 2021 December 31, 2020 Notional debt Maturities Notional debt Maturities Sempra: Cash flow hedges $ 747 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) September 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 130 2021-2023 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) September 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 $ — $ 6 $ (42) $ (134) Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 252 19 (300) (21) Associated offsetting commodity contracts (225) (15) 225 15 Associated offsetting cash collateral — — 11 — Commodity contracts subject to rate recovery 50 76 (52) (3) Associated offsetting commodity contracts (4) — 4 — Net amounts presented on the balance sheet 73 86 (154) (143) Additional cash collateral for commodity contracts not subject to rate recovery 47 — — — Additional cash collateral for commodity contracts subject to rate recovery 30 — — — Total (2) $ 150 $ 86 $ (154) $ (143) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 47 $ 76 $ (18) $ (2) Associated offsetting commodity contracts (3) — 3 — Net amounts presented on the balance sheet 44 76 (15) (2) Additional cash collateral for commodity contracts subject to rate recovery 28 — — — Total (2) $ 72 $ 76 $ (15) $ (2) SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 3 $ — $ (34) $ (1) Associated offsetting commodity contracts (1) — 1 — Net amounts presented on the balance sheet 2 — (33) (1) Additional cash collateral for commodity contracts subject to rate recovery 2 — — — Total $ 4 $ — $ (33) $ (1) (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 gain (loss) Pretax gain (loss) reclassified Three months ended September 30, Three months ended September 30, 2021 2020 Location 2021 2020 Sempra: Interest rate instruments $ 7 $ 8 Interest Expense $ 1 $ (3) Interest rate instruments 3 25 Equity Earnings (1) (19) (5) Foreign exchange instruments 5 (2) Revenues: Energy- Related Businesses — — Foreign exchange instruments 3 (1) Equity Earnings (1) — — Interest rate and foreign exchange instruments (3) 6 Other (Expense) Income, Net (5) 4 Total $ 15 $ 36 $ (23) $ (4) Nine months ended September 30, Nine months ended September 30, 2021 2020 Location 2021 2020 Sempra: Interest rate instruments $ 27 $ (42) Interest Expense $ — $ (6) Interest rate instruments 54 (175) Equity Earnings (1) (57) (8) Foreign exchange instruments 7 14 Revenues: Energy- Related Businesses (1) 2 Other (Expense) Income, Net — 1 Foreign exchange instruments 5 9 Equity Earnings (1) (1) 2 Interest rate and foreign exchange instruments (2) (31) Interest Expense — (1) Other (Expense) Income, Net (4) (33) Total $ 91 $ (225) $ (63) $ (43) (1) Equity earnings at Sempra Mexico are recognized after tax. For Sempra, we expect that net losses of $104 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 September 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 Nine months ended Location 2021 2020 2021 2020 Sempra: Commodity contracts not subject to rate recovery Revenues: Energy-Related Businesses $ (154) $ (39) $ (344) $ 25 Commodity contracts subject to rate recovery Cost of Natural Gas (26) — (24) (6) Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power 8 41 51 41 Foreign exchange instruments Other (Expense) Income, Net 2 15 (22) (97) Total $ (170) $ 17 $ (339) $ (37) SDG&E: Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power $ 8 $ 41 $ 51 $ 41 SoCalGas: Commodity contracts subject to rate recovery Cost of Natural Gas $ (26) $ — $ (24) $ (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 September 30, 2021 and December 31, 2020 was $63 million and $16 million, respectively. For SoCalGas, the total fair value of this group of derivative instruments in a liability position at September 30, 2021 and December 31, 2020 was $34 million and $6 million, respectively. At September 30, 2021, if the credit ratings of Sempra or SoCalGas were reduced below investment grade, $63 million and $34 million, respectively, of additional assets could be required to be posted as collateral for these derivative contracts. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 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 September 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 September 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 September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 350 $ 6 $ — $ 356 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 40 12 — 52 Municipal bonds — 320 — 320 Other securities — 270 — 270 Total debt securities 40 602 — 642 Total nuclear decommissioning trusts (1) 390 608 — 998 Interest rate and foreign exchange instruments — 6 — 6 Commodity contracts not subject to rate recovery — 31 — 31 Effect of netting and allocation of collateral (2) 47 — — 47 Commodity contracts subject to rate recovery 32 2 88 122 Effect of netting and allocation of collateral (2) 24 — 6 30 Support Agreement, net of related guarantee fees — — 7 7 Total $ 493 $ 647 $ 101 $ 1,241 Liabilities: Interest rate and foreign exchange instruments $ — $ 176 $ — $ 176 Commodity contracts not subject to rate recovery — 81 — 81 Effect of netting and allocation of collateral (2) — (11) — (11) Commodity contracts subject to rate recovery — 35 16 51 Support Agreement, net of related guarantee fees — — 2 2 Total $ — $ 281 $ 18 $ 299 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 September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 350 $ 6 $ — $ 356 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 40 12 — 52 Municipal bonds — 320 — 320 Other securities — 270 — 270 Total debt securities 40 602 — 642 Total nuclear decommissioning trusts (1) 390 608 — 998 Commodity contracts subject to rate recovery 32 — 88 120 Effect of netting and allocation of collateral (2) 22 — 6 28 Total $ 444 $ 608 $ 94 $ 1,146 Liabilities: Commodity contracts subject to rate recovery $ — $ 1 $ 16 $ 17 Total $ — $ 1 $ 16 $ 17 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 September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ — $ 2 $ — $ 2 Effect of netting and allocation of collateral (1) 2 — — 2 Total $ 2 $ 2 $ — $ 4 Liabilities: Commodity contracts subject to rate recovery $ — $ 34 $ — $ 34 Total $ — $ 34 $ — $ 34 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 September 30, 2021 2020 Balance at July 1 $ 80 $ 17 Realized and unrealized losses (35) (4) Allocated transmission instruments 1 1 Settlements 26 19 Balance at September 30 $ 72 $ 33 Change in unrealized gains (losses) relating to instruments still held at September 30 $ 9 $ 7 Nine months ended September 30, 2021 2020 Balance at January 1 $ 69 $ 28 Realized and unrealized losses (29) (18) Allocated transmission instruments (1) 2 Settlements 33 21 Balance at September 30 $ 72 $ 33 Change in unrealized gains (losses) relating to instruments still held at September 30 $ 5 $ (1) (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 September 30 were as follows: LONG-TERM, FIXED-PRICE ELECTRICITY POSITIONS PRICE INPUTS Settlement year Price per MWh Weighted-average 2021 $ 24.05 to $ 130.40 $ 57.36 2020 19.45 to 71.25 38.14 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 September 30, 2021 2020 Balance at July 1 $ 4 $ — Realized and unrealized gains (1) 3 7 Settlements (2) (1) Balance at September 30 (2) $ 5 $ 6 Change in unrealized gains (losses) relating to instruments still held at September 30 $ 3 $ 6 Nine months ended September 30, 2021 2020 Balance at January 1 $ 3 $ — Realized and unrealized gains (1) 8 7 Settlements (6) (1) Balance at September 30 (2) $ 5 $ 6 Change in unrealized gains (losses) relating to instruments still held at September 30 $ 7 $ 6 (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 $2 million in Deferred Credits and Other at September 30, 2021 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. |
SAN ONOFRE NUCLEAR GENERATING S
SAN ONOFRE NUCLEAR GENERATING STATION | 9 Months Ended |
Sep. 30, 2021 | |
Regulated Operations [Abstract] | |
SAN ONOFRE NUCLEAR GENERATING STATION | REGULATORY MATTERSWe discuss regulatory matters in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report and provide updates to those discussions and information about new regulatory matters below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which currently approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset. REGULATORY ASSETS AND LIABILITIES We show the details of regulatory assets and liabilities in the following table. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) September 30, December 31, SDG&E: Fixed-price contracts and other derivatives $ (88) $ (53) Deferred income taxes recoverable in rates 72 22 Pension and other postretirement benefit plan obligations 19 50 Removal obligations (2,228) (2,121) Environmental costs 55 56 Sunrise Powerlink fire mitigation 121 121 Regulatory balancing accounts (1)(2) Commodity – electric 85 72 Gas transportation 23 35 Safety and reliability 60 67 Public purpose programs (138) (158) 2019 GRC retroactive impacts 14 56 Other balancing accounts 535 233 Other regulatory assets, net (2) 110 72 Total SDG&E (1,360) (1,548) SoCalGas: Deferred income taxes recoverable (refundable) in rates 9 (82) Pension and other postretirement benefit plan obligations 342 417 Employee benefit costs 37 37 Removal obligations (649) (685) Environmental costs 35 36 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (138) (56) Safety and reliability 299 335 Public purpose programs (274) (253) 2019 GRC retroactive impacts 51 202 Other balancing accounts 85 (58) Other regulatory assets, net (2) 160 75 Total SoCalGas (43) (32) Sempra Mexico: Deferred income taxes recoverable in rates 80 80 Total Sempra $ (1,323) $ (1,500) (1) At September 30, 2021 and December 31, 2020, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $331 million and $139 million, respectively, and for SoCalGas was $472 million and $218 million, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which currently approximates the three-month commercial paper rate. CALIFORNIA UTILITIES COVID-19 Pandemic Protections 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. Such measures ended on June 30, 2021, except for the suspension of service disconnections that ended on September 30, 2021. At the CPUC’s direction, the California Utilities have started to automatically enroll residential and small business customers with past-due balances 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. 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. CPUC Cost of Capital A CPUC cost of capital proceeding determines a utility’s authorized capital structure and authorized return on rate base. In December 2019, the CPUC approved the cost of capital and rate structures for SDG&E and SoCalGas that became effective on January 1, 2020 and will remain in effect through December 31, 2022, subject to the CCM. The CCM considers changes in interest rates based on the applicable utility bond index published by Moody’s (the CCM benchmark rate) for each 12-month period ending September 30 (the measurement period). The CCM benchmark rate is the basis of comparison to determine if the CCM is triggered, which occurs if the change in the applicable Moody’s utility bond index relative to the CCM benchmark rate is larger than plus or minus 1.000% at the end of the measurement period. The index applicable to SDG&E and SoCalGas is based on each utility’s credit rating. SDG&E’s CCM benchmark rate is 4.498% based on Moody’s Baa- utility bond index, and SoCalGas’ CCM benchmark rate is 4.029% based on Moody’s A- utility bond index. Alternatively, under the CCM, each of the California Utilities is permitted to file a cost of capital application in an interim year in which an extraordinary or catastrophic event materially impacts its cost of capital. In August 2021, SDG&E filed an application with the CPUC to update its cost of capital effective January 1, 2022 due to the ongoing effects of the COVID-19 pandemic. In this application, SDG&E proposed to adjust its authorized capital structure by increasing its common equity ratio from 52% to 54%. SDG&E also proposed to increase its authorized ROE from 10.20% to 10.55% and decrease its authorized cost of debt from 4.59% to 3.84%. As a result, SDG&E’s proposed return on rate base would decrease from 7.55% to 7.46% if such application is approved by the CPUC as filed. SDG&E filed a joint motion with PG&E and Edison to consolidate all three utilities’ cost of capital applications given the overlapping issues of law and fact, which joint motion was granted in October 2021. For the measurement period ended September 30, 2021, the CCM would trigger for SDG&E because the average Moody’s Baa- utility bond index between October 1, 2020 and September 30, 2021 was 1.17% below SDG&E’s CCM benchmark rate of 4.498%. However, SDG&E’s application to update its cost of capital effective January 1, 2022, if accepted by the CPUC, would supersede the CCM from applying. If such application is not accepted, the CCM would be effective January 1, 2022 and would automatically adjust SDG&E’s authorized ROE from 10.20% to 9.62% and adjust its authorized cost of debt to reflect the then current embedded cost and projected interest rate. SDG&E has requested that a final CPUC decision on its interim cost of capital application be issued in the first half of 2022. For the measurement period ended September 30, 2021, the CCM was not triggered for SoCalGas. SoCalGas expects to file its next cost of capital application in April 2022 for a January 1, 2023 effective date. 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 three months and nine months ended September 30, 2020, SDG&E reduced revenues by $36 million and $51 million, respectively, and recorded a fine of $6 million in Other (Expense) Income, Net, on the SDG&E and Sempra Condensed Consolidated Statements of Operations. The after-tax impact for the three months and nine months ended September 30, 2020 was $29 million and $44 million, respectively. In October 2020, SDG&E executed a settlement agreement with intervenors consistent with these concessions. In September 2021, the CPUC approved 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 are awaiting a CPUC decision. 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 precludes 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. The petition was denied in September 2021. 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 September 30, 2021: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 52 $ — $ — $ 52 Municipal bonds (2) 307 14 (1) 320 Other securities (3) 261 10 (1) 270 Total debt securities 620 24 (2) 642 Equity securities 103 255 (2) 356 Cash and cash equivalents 7 — — 7 Payables, net (2) — — (2) Total $ 728 $ 279 $ (4) $ 1,003 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 2021-2051. (2) Maturity dates are 2022-2056. (3) Maturity dates are 2021-2072. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Proceeds from sales $ 187 $ 294 $ 729 $ 1,091 Gross realized gains 9 9 48 108 Gross realized losses (1) (2) (4) (13) 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 $551 million at September 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 | 9 Months Ended |
Sep. 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, and in some cases have exceeded, 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 or a range of losses in excess of any amounts accrued. At September 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 $2,076 million for Sempra, including $1,998 million for SoCalGas. Amounts for Sempra and SoCalGas include $1,973 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, 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 – Litigation Subject to Agreements to Resolve. As of November 1, 2021, 416 lawsuits including approximately 36,000 plaintiffs (the Individual Plaintiffs) were pending against SoCalGas and Sempra related to the Leak. All these cases are coordinated before a single court in the LA Superior Court for pretrial management. In November 2017, in the coordinated proceeding, a Third Amended Consolidated Master Case Complaint for Individual Actions was filed on behalf of the Individual Plaintiffs, through which their separate lawsuits are 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 (excluding the Proposition 65 claims, the Individual Plaintiff Litigation). 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, 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. These complaints are included in the coordinated proceeding and the Individual Plaintiff Litigation. On September 26, 2021, SoCalGas and Sempra entered into an agreement with counsel representing over 80% of the plaintiffs in the Individual Plaintiff Litigation to resolve the claims of all Individual Plaintiffs for a payment of up to $1.8 billion. The agreement is subject to acceptance by no fewer than roughly 97% of all plaintiffs in the Individual Plaintiff Litigation by June 1, 2022, although SoCalGas and Sempra have the right to waive such condition. The agreement, which requires each plaintiff who accepts a settlement to release all such plaintiff’s claims against SoCalGas, Sempra and their respective affiliates related to the Individual Plaintiff Litigation and the Leak, provides that the settlement amount will be reduced based on the number of plaintiffs who do not accept. The agreement is further subject to LA Superior Court approval of the process to allocate payments among the plaintiffs and a stay of the Individual Plaintiff Litigation. The plaintiffs who do not agree to participate in the settlement will be able to continue to pursue their claims. 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. On September 26, 2021, SoCalGas and Sempra entered into an agreement to settle the Property Class Action for a total amount of $40 million. If, following a fairness hearing at which any objections to the settlement will be heard, the LA Superior Court gives final approval of the settlement, the agreement provides for a release of SoCalGas, Sempra and their respective affiliates from all claims related to the Leak by all property class members who do not opt out of the class. Members of the property class who opt out of the settlement will have the right to pursue their claims on an individual basis. On September 27, 2021, SoCalGas and Sempra entered into an agreement to settle the individual claims of the named plaintiffs in the Business Class Action for a total amount of $100,000 in exchange for a dismissal and release of SoCalGas, Sempra and their respective affiliates from all claims related to the Leak. The Third Amended Consolidated Master Case Complaint for Individual Actions includes claims for violation of Proposition 65 seeking penalties for alleged violation of requirements to warn about certain chemical exposures as a result of the Leak. On November 4, 2021, SoCalGas entered into an agreement to settle these claims for a payment of approximately $2 million; in addition, SoCalGas agreed to implement certain measures to reduce emissions at the Aliso Canyon natural gas storage facility and to provide warnings to residents if benzene measured at the facility’s fence line exceeds certain levels. The settlement of these claims requires the approval of the LA Superior Court. An adverse ruling in any of the lawsuits in the Individual Plaintiff Litigation filed by plaintiffs who do not agree to settle, any lawsuits filed by property class members who opt out of the Property Class Action settlement or by members of the putative Business Class Action, or the Proposition 65 claims described above if that settlement is not approved by the court, could have a material adverse effect on SoCalGas’ and Sempra’s cash flows, financial condition and results of operations. In addition, there can be no assurance that the conditions to resolve the Individual Plaintiff Litigation will be satisfied or that the LA Superior Court will approve the settlement for the Property Class Action. 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. The time for appeal has passed and, as a result, this represents the final judgment in this proceeding. Civil Litigation – Unresolved Litigation. 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. The LA Superior Court has scheduled a trial for one or more of the developers in February 2022. 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. 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. 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 in the first phase, 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, 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 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. In November 2020, the CPUC issued a decision on the interim range of gas inventory levels at the Aliso Canyon natural gas storage facility, setting the interim range between 0 Bcf and 34 Bcf. In November 2021, the CPUC issued a decision approving a new interim range of gas inventory levels of up to 41.16 Bcf. The CPUC may issue future changes to this interim range of authorized gas inventory levels before issuing a final inventory determination within the SB 380 OII proceeding. At September 30, 2021, the Aliso Canyon natural gas storage facility had a net book value of $863 million. If the Aliso Canyon natural gas storage facility were to be permanently closed or if future cash flows from its operation were otherwise insufficient to recover its carrying value, we may record an impairment of the facility, incur higher than expected operating costs and/or be required to make additional capital expenditures (any or all of which may not be recoverable in rates), and natural gas reliability and electric generation could be jeopardized. Any such outcome could have a material adverse effect on SoCalGas’ and Sempra’s results of operations, financial condition and cash flows. Cost Estimate, 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 September 30, 2021, SoCalGas estimates these costs related to the Leak are $3,199 million (the cost estimate), which includes $1,279 million of costs recovered or probable of recovery from insurance. This cost estimate may increase significantly as more information becomes available. A portion of the cost estimate has been paid, and $1,976 million is accrued as Reserve for Aliso Canyon Costs at September 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. 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. In the third quarter of 2020, SoCalGas recorded an additional charge of $27 million ($22 million after tax) related to the OII described above in “Regulatory Proceedings.” As a result of entering into the September 26 and 27, 2021 agreements described above, SoCalGas recorded an additional charge of $1.57 billion ($1.13 billion after tax) in the third quarter of 2021 in Aliso Canyon Litigation and Regulatory Matters on the SoCalGas and Sempra Condensed Consolidated Statements of Operations. Sempra has elected to make equity contributions to SoCalGas that are sufficient to maintain SoCalGas’ approved capital structure in connection with the accruals related to these agreements. In connection with this election, in September 2021, Sempra made an initial equity contribution of $800 million to SoCalGas. Except for the amounts paid or estimated to settle certain legal and regulatory matters as described above, the cost estimate does not include the matters that we describe above in “Civil Litigation – Unresolved Litigation” and “Regulatory Proceedings.” to the extent it is not possible to predict at this time the outcome of these actions or reasonably estimate the possible costs or a range of possible costs for damages, restitution, civil or administrative fines or penalties, defense, settlement 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. Further, we are not able to reasonably estimate the possible loss or a range of possible losses in excess of the amounts accrued. These costs or losses 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 categories of 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. At September 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 September 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 We describe below certain land and customer disputes and permit challenges affecting our ECA Regas Facility and our proposed ECA LNG liquefaction projects. One or more unfavorable final decisions on these disputes or challenges could materially adversely affect our existing natural gas regasification operations and proposed natural gas liquefaction projects at the site of the ECA Regas Facility and have a material adverse effect on Sempra’s business, cash flows, financial condition, results of operations and/or prospects. Land Disputes. 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. In addition, four 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 proceeding, which seeks an order that SEDATU annul the ECA Regas Facility’s competing property title, was initiated in 2006 and, in July 2021, a decision was issued in favor of the ECA Regas Facility. We expect the plaintiff may appeal. ▪ 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 federal Agrarian Court and two claims in Mexican civil courts. The ECA Regas Facility first bought the property from the federal government in 2003; however, to resolve an ownership controversy, the ECA Regas Facility bought the property a second time in 2008 from the plaintiff. Nevertheless, the plaintiff sued in 2013 for the nullity of both titles. The Agrarian Court ruled in favor of the plaintiff in May 2021, nullifying the first property title. IEnova appealed the ruling in July 2021, which is pending resolution. The ECA Regas Facility continues to hold the second property title to the land. The two civil court proceedings, which seek to invalidate the contract by which the ECA Regas Facility purchased for the second time 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, the court ruled in favor of the ECA Regas Facility, and the decision was affirmed on appeal. The descendants of the same plaintiff filed the second civil case in 2019, which was dismissed by the court. However, the dismissal has been appealed. Certain of these land disputes involve land on which portions of the ECA LNG liquefaction facilities, including ECA LNG Phase 1 currently under construction, 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. Environmental and Social Impact Permits. Several administrative challenges are pending before Mexico’s Secretariat of Environment and Natural Resources (the Mexican environmental protection agency) and Federal Tax and Administrative Courts, seeking revocation of the environmental impact authorization issued to the ECA Regas Facility in 2003. These cases generally allege that the conditions and mitigation measures in the environmental impact authorization are inadequate and challenge findings that the activities of the terminal are consistent with regional development guidelines. In 2018 and 2021, three related claimants filed separate challenges in the federal district court in Ensenada, Baja California in relation to the environmental and social impact permits issued by each of ASEA and SENER to ECA LNG authorizing natural gas liquefaction activities at the ECA Regas Facility, as follows: ▪ In the first case, the court issued a provisional injunction 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 permits that were 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 the third case, a group of residents filed a complaint in June 2021 against various federal and state authorities alleging deficiencies in the public consultation process for the issuance of the permits. The case is awaiting proceedings. Customer Dispute. 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 upheld on appeal. A decision on the merits is pending. The claim regarding the liquefaction permit issuance was denied in March 2021 and upheld on appeal. A hearing on the merits of the arbitration case was held in October 2021. One or more unfavorable final decisions on these disputes or challenges could materially adversely affect our existing natural gas regasification operations and proposed natural gas liquefaction projects at the site of the ECA Regas Facility and have a material adverse effect on Sempra’s business, cash flows, financial condition, results of operations and/or prospects. Sonora Pipeline Guaymas-El Oro Segment. 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 multiple times, most recently to March 14, 2022. 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 March 14, 2022, 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 September 30, 2021, Sempra Mexico had $436 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 effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects. Sasabe-Puerto Libertad-Guaymas Segment. In June 2014, IEnova and a landowne |
SEGMENT INFORMATION
SEGMENT INFORMATION | 9 Months Ended |
Sep. 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, L.P., which owns Sharyland Utilities, L.L.C., 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 REVENUES SDG&E $ 1,464 $ 1,472 $ 4,119 $ 3,976 SoCalGas 1,106 842 3,738 3,247 Sempra Mexico 597 351 1,368 935 Sempra LNG 119 63 367 255 All other 2 — 4 1 Adjustments and eliminations — 2 (1) — Intersegment revenues (1) (275) (86) (582) (215) Total $ 3,013 $ 2,644 $ 9,013 $ 8,199 INTEREST EXPENSE SDG&E $ 104 $ 103 $ 307 $ 307 SoCalGas 39 39 118 119 Sempra Mexico 43 31 122 95 Sempra LNG 4 8 10 39 All other 77 93 240 304 Intercompany eliminations (8) (10) (21) (46) Total $ 259 $ 264 $ 776 $ 818 INTEREST INCOME SDG&E $ — $ 1 $ 1 $ 2 SoCalGas — — — 2 Sempra Mexico 12 14 36 47 Sempra LNG 6 25 23 65 All other 1 — 2 3 Intercompany eliminations (3) (13) (12) (43) Total $ 16 $ 27 $ 50 $ 76 DEPRECIATION AND AMORTIZATION SDG&E $ 226 $ 200 $ 659 $ 598 SoCalGas 180 165 533 486 Sempra Mexico 60 47 168 141 Sempra LNG 3 2 8 7 All other 2 4 8 10 Total $ 471 $ 418 $ 1,376 $ 1,242 INCOME TAX EXPENSE (BENEFIT) SDG&E $ 90 $ 33 $ 168 $ 161 SoCalGas (437) (6) (335) 95 Sempra Mexico 24 92 145 (161) Sempra LNG (11) 18 19 59 All other (8) (38) (42) (94) Total $ (342) $ 99 $ (45) $ 60 EQUITY EARNINGS (LOSSES) Equity earnings (losses), before income tax: Sempra Texas Utilities $ — $ 1 $ 3 $ 1 Sempra LNG 137 116 404 257 All other — — 50 (100) 137 117 457 158 Equity earnings, net of income tax: Sempra Texas Utilities 207 208 480 457 Sempra Mexico 47 1 85 207 254 209 565 664 Total $ 391 $ 326 $ 1,022 $ 822 SEGMENT INFORMATION (CONTINUED) (Dollars in millions) Three months ended Nine months ended 2021 2020 2021 2020 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES SDG&E $ 205 $ 178 $ 603 $ 633 SoCalGas (1,126) (24) (625) 425 Sempra Texas Utilities 206 209 479 458 Sempra Mexico 164 50 225 302 Sempra LNG 1 71 194 207 Discontinued operations — (7) — 1,840 All other (98) (126) (226) (515) Total $ (648) $ 351 $ 650 $ 3,350 EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT SDG&E $ 1,560 $ 1,323 SoCalGas 1,417 1,345 Sempra Mexico 260 443 Sempra LNG 362 196 All other 7 6 Total $ 3,606 $ 3,313 September 30, December 31, ASSETS SDG&E $ 23,783 $ 22,311 SoCalGas 19,919 18,460 Sempra Texas Utilities 12,580 12,542 Sempra Mexico 11,339 10,752 Sempra LNG 3,335 2,205 All other 1,094 1,209 Intersegment receivables (1,578) (856) Total $ 70,472 $ 66,623 EQUITY METHOD AND OTHER INVESTMENTS Sempra Texas Utilities $ 12,580 $ 12,542 Sempra Mexico 924 852 Sempra LNG 454 433 All other — 1 Total $ 13,958 $ 13,828 (1) Revenues for reportable segments include intersegment revenues of $3 million, $24 million, $52 million and $196 million for the three months ended September 30, 2021; $7 million, $72 million, $114 million and $389 million for the nine months ended September 30, 2021; $1 million, $23 million, $18 million and $44 million for the three months ended September 30, 2020 and $4 million, $61 million, $69 million and $81 million for the nine months ended September 30, 2020 for SDG&E, SoCalGas, Sempra Mexico and Sempra LNG, respectively. |
GENERAL INFORMATION AND OTHER_2
GENERAL INFORMATION AND OTHER FINANCIAL DATA (Policies) | 9 Months Ended |
Sep. 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 Infrastructure Partners (formerly 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 September 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 OperationsIn 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. |
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. ▪ 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. 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. 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. |
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 September 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. |
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, and in some cases have exceeded, 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 or a range of 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, L.P., which owns Sharyland Utilities, L.L.C., 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) | 9 Months Ended |
Sep. 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) September 30, December 31, 2021 2020 Cash and cash equivalents $ 873 $ 960 Restricted cash, current 31 22 Restricted cash, noncurrent 3 3 Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows $ 907 $ 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 96 84 Write-offs (28) (11) Allowances for credit losses at September 30 (1) $ 206 $ 103 SDG&E: Allowances for credit losses at January 1 $ 69 $ 14 Provisions for expected credit losses 30 44 Write-offs (16) (6) Allowances for credit losses at September 30 (2) $ 83 $ 52 SoCalGas: Allowances for credit losses at January 1 $ 68 $ 15 Provisions for expected credit losses 64 40 Write-offs (12) (5) Allowances for credit losses at September 30 (3) $ 120 $ 50 (1) At September 30, 2021, includes $146 million in Accounts Receivable – Trade, Net, $50 million in Accounts Receivable – Other, Net and $10 million in Other Long-Term Assets. (2) At September 30, 2021, includes $58 million in Accounts Receivable – Trade, Net, $21 million in Accounts Receivable – Other, Net and $4 million in Other Long-Term Assets. |
Financing Receivable, Allowance for Credit Loss | AMOUNTS DUE FROM UNCONSOLIDATED AFFILIATES – ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) 2021 2020 Sempra: Allowances for credit losses at January 1 $ 3 $ — Allowance established upon adoption of ASU 2016-13 — 6 Reductions to expected credit losses (2) (3) Allowances for credit losses at September 30 (1) $ 1 $ 3 (1) At September 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Sempra $ 169 $ 118 $ 17 $ 7 $ 185 $ 183 $ 371 $ 308 SDG&E — — — — 112 104 112 104 SoCalGas 110 94 — — 58 59 168 153 |
Capitalized Financing Costs Table | The table below summarizes capitalized interest and AFUDC. CAPITALIZED FINANCING COSTS (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Sempra $ 52 $ 51 $ 166 $ 149 SDG&E 24 26 82 79 SoCalGas 18 14 49 39 |
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) September 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 (38) (32) O&M agreement (11) (9) PPA (7) — Other (8) (7) (64) (48) $ 376 $ 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 September 30, 2021 2020 2021 2020 Service cost $ 36 $ 31 $ 6 $ 5 Interest cost 28 32 7 8 Expected return on assets (44) (41) (14) (14) Amortization of: Prior service cost (credit) 3 3 (1) (1) Actuarial loss (gain) 12 9 (3) (2) Settlement charges — 13 — — Net periodic benefit cost (credit) 35 47 (5) (4) Regulatory adjustments 73 37 5 4 Total expense recognized $ 108 $ 84 $ — $ — Nine months ended September 30, 2021 2020 2021 2020 Service cost $ 109 $ 97 $ 17 $ 14 Interest cost 84 97 21 24 Expected return on assets (130) (126) (44) (41) Amortization of: Prior service cost (credit) 8 9 (2) (2) Actuarial loss (gain) 34 26 (7) (7) Settlement charges 7 22 — — Net periodic benefit cost (credit) 112 125 (15) (12) Regulatory adjustments 66 31 15 12 Total expense recognized $ 178 $ 156 $ — $ — NET PERIODIC BENEFIT COST – SDG&E (Dollars in millions) Pension benefits Other postretirement benefits Three months ended September 30, 2021 2020 2021 2020 Service cost $ 9 $ 7 $ 2 $ 1 Interest cost 6 7 1 2 Expected return on assets (11) (12) (2) (3) Amortization of: Prior service cost — 1 — — Actuarial loss (gain) 1 1 (1) (1) Net periodic benefit cost (credit) 5 4 — (1) Regulatory adjustments 21 22 — 1 Total expense recognized $ 26 $ 26 $ — $ — Nine months ended September 30, 2021 2020 2021 2020 Service cost $ 26 $ 23 $ 4 $ 3 Interest cost 18 22 4 5 Expected return on assets (36) (37) (7) (8) Amortization of: Prior service cost — 2 — — Actuarial loss (gain) 2 3 (2) (2) Net periodic benefit cost (credit) 10 13 (1) (2) Regulatory adjustments 30 28 1 2 Total expense recognized $ 40 $ 41 $ — $ — NET PERIODIC BENEFIT COST – SOCALGAS (Dollars in millions) Pension benefits Other postretirement benefits Three months ended September 30, 2021 2020 2021 2020 Service cost $ 23 $ 20 $ 5 $ 3 Interest cost 19 22 5 7 Expected return on assets (27) (27) (12) (11) Amortization of: Prior service cost (credit) 2 2 (1) (1) Actuarial loss (gain) 8 6 (2) (1) Net periodic benefit cost (credit) 25 23 (5) (3) Regulatory adjustments 52 15 5 3 Total expense recognized $ 77 $ 38 $ — $ — Nine months ended September 30, 2021 2020 2021 2020 Service cost $ 73 $ 64 $ 13 $ 10 Interest cost 59 66 16 19 Expected return on assets (85) (81) (36) (32) Amortization of: Prior service cost (credit) 6 6 (2) (2) Actuarial loss (gain) 27 19 (5) (5) Net periodic benefit cost (credit) 80 74 (14) (10) Regulatory adjustments 36 3 14 10 Total expense recognized $ 116 $ 77 $ — $ — |
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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator for continuing operations: (Loss) income from continuing operations, net of income tax $ (632) $ 428 $ 751 $ 1,823 Earnings attributable to noncontrolling interests (5) (22) (48) (191) Preferred dividends (11) (48) (52) (121) Preferred dividends of subsidiary — — (1) (1) (Losses) earnings from continuing operations attributable to common shares $ (648) $ 358 $ 650 $ 1,510 Numerator for discontinued operations: (Loss) income from discontinued operations, net of income tax $ — $ (7) $ — $ 1,850 Earnings attributable to noncontrolling interests — — — (10) (Losses) earnings from discontinued operations attributable to common shares $ — $ (7) $ — $ 1,840 Numerator for (losses) earnings: (Losses) earnings attributable to common shares $ (648) $ 351 $ 650 $ 3,350 Denominator: Weighted-average common shares outstanding for basic EPS (1) 319,144 289,490 309,350 291,771 Dilutive effect of stock options and RSUs (2)(3) — 1,092 797 1,164 Dilutive effect of mandatory convertible preferred stock — — 707 — Weighted-average common shares outstanding for diluted EPS 319,144 290,582 310,854 292,935 Basic EPS: (Losses) earnings from continuing operations $ (2.03) $ 1.23 $ 2.10 $ 5.17 (Losses) earnings from discontinued operations $ — $ (0.02) $ — $ 6.31 (Losses) earnings $ (2.03) $ 1.21 $ 2.10 $ 11.48 Diluted EPS: (Losses) earnings from continuing operations $ (2.03) $ 1.23 $ 2.09 $ 5.15 (Losses) earnings from discontinued operations $ — $ (0.02) $ — $ 6.28 (Losses) earnings $ (2.03) $ 1.21 $ 2.09 $ 11.43 (1) Includes 451 and 535 fully vested RSUs held in our Deferred Compensation Plan for the three months ended September 30, 2021 and 2020, respectively, and 453 and 536 of such RSUs for the nine months ended September 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. (2) In the three months ended September 30, 2021, the total weighted-average number of potentially dilutive stock options and RSUs was 699. However, these securities were not included in the computation of EPS because to do so would have decreased losses per share. |
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 September 30, 2021 and 2020 Sempra: Balance at June 30, 2021 $ (88) $ (265) $ (91) $ (444) OCI before reclassifications — 15 (8) 7 Amounts reclassified from AOCI — 16 3 19 Net OCI (2) — 31 (5) 26 Balance at September 30, 2021 $ (88) $ (234) $ (96) $ (418) Balance at June 30, 2020 $ (83) $ (361) $ (98) $ (542) OCI before reclassifications 6 14 (7) 13 Amounts reclassified from AOCI — 4 12 16 Net OCI (2) 6 18 5 29 Balance at September 30, 2020 $ (77) $ (343) $ (93) $ (513) SDG&E: Balance at June 30, 2021 $ (10) $ (10) Amounts reclassified from AOCI 1 1 Net OCI 1 1 Balance at September 30, 2021 $ (9) $ (9) Balance as of June 30, 2020 and September 30, 2020 $ (12) $ (12) SoCalGas: Balance at June 30, 2021 $ (13) $ (17) $ (30) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance at September 30, 2021 $ (13) $ (16) $ (29) Balance as of June 30, 2020 and September 30, 2020 $ (13) $ (9) $ (22) (1) All amounts are net of income tax, if subject to tax, and exclude NCI. (2) Total AOCI includes $(4) million and $3 million of foreign currency translation adjustments and $(2) million and $2 million of financial instruments associated with the IEnova cash tender offer in 2021 and purchases of NCI in 2020, respectively, which we discuss below in “Other Noncontrolling Interests – Sempra Mexico,” and which do not impact the Condensed Consolidated Statement of Comprehensive Income (Loss). CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT (1) (CONTINUED) (Dollars in millions) Foreign Financial Pension Total Nine months ended September 30, 2021 and 2020 Sempra (2) : Balance as of December 31, 2020 $ (64) $ (331) $ (105) $ (500) OCI before reclassifications (24) 52 (3) 25 Amounts reclassified from AOCI — 45 12 57 Net OCI (3) (24) 97 9 82 Balance as of September 30, 2021 $ (88) $ (234) $ (96) $ (418) Balance as of December 31, 2019 $ (607) $ (215) $ (117) $ (939) OCI before reclassifications (4) (115) (153) (5) (273) Amounts reclassified from AOCI (4) 645 25 29 699 Net OCI (3) 530 (128) 24 426 Balance as of September 30, 2020 $ (77) $ (343) $ (93) $ (513) SDG&E: Balance as of December 31, 2020 $ (10) $ (10) Amounts reclassified from AOCI 1 1 Net OCI 1 1 Balance at September 30, 2021 $ (9) $ (9) Balance as of December 31, 2019 $ (16) $ (16) Amounts reclassified from AOCI (4) 4 4 Net OCI 4 4 Balance as of September 30, 2020 $ (12) $ (12) SoCalGas: Balance as of December 31, 2020 $ (13) $ (18) $ (31) Amounts reclassified from AOCI — 2 2 Net OCI — 2 2 Balance as of September 30, 2021 $ (13) $ (16) $ (29) Balance as of December 31, 2019 $ (13) $ (10) $ (23) Amounts reclassified from AOCI — 1 1 Net OCI — 1 1 Balance as of September 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 $20 million and $3 million of foreign currency translation adjustments and $12 million and $2 million of financial instruments associated with the IEnova exchange and cash tender offers in 2021 and purchases of NCI in 2020, respectively, which we discuss below in “Other Noncontrolling Interests – Sempra Mexico,” and which do 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 September 30, 2021 2020 Sempra: Financial instruments: Interest rate instruments $ (1) $ 3 Interest Expense Interest rate instruments 19 5 Equity Earnings (1) Interest rate and foreign exchange instruments 5 (4) Other (Expense) Income, Net Total before income tax 23 4 (7) — Income Tax Benefit (Expense) Net of income tax $ 16 $ 4 Pension and other postretirement benefits (2) : Amortization of actuarial loss $ 3 $ 3 Other (Expense) Income, Net Amortization of prior service cost 1 1 Other (Expense) Income, Net Settlement charges — 13 Other (Expense) Income, Net Total before income tax 4 17 (1) (5) Income Tax Benefit (Expense) Net of income tax $ 3 $ 12 Total reclassifications for the period, net of tax $ 19 $ 16 SDG&E: Pension and other postretirement benefits (2) : Amortization of prior service cost $ 1 $ — Other Income (Expense), Net Total reclassifications for the period, net of tax $ 1 $ — SoCalGas: Pension and other postretirement benefits (2) : Amortization of actuarial loss $ 1 $ — Other (Expense) Income, Net Total reclassifications for the period, net of tax $ 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 Nine months ended September 30, 2021 2020 Sempra: Foreign currency translation adjustments $ — $ 645 (Loss) Income from Discontinued Operations, Net of Income Tax Financial instruments: Interest rate instruments $ — $ 6 Interest Expense Interest rate instruments 57 8 Equity Earnings (1) Foreign exchange instruments 1 (2) Revenues: Energy-Related Businesses — (1) Other (Expense) Income, Net Foreign exchange instruments 1 (2) Equity Earnings (1) Interest rate and foreign exchange instruments — 1 Interest Expense 4 33 Other (Expense) Income, Net Total before income tax 63 43 (16) (12) Income Tax Benefit (Expense) Net of income tax 47 31 (2) (6) Earnings Attributable to Noncontrolling Interests $ 45 $ 25 Pension and other postretirement benefits (2) : Amortization of actuarial loss $ 6 $ 6 Other (Expense) Income, Net Amortization of actuarial loss — 6 (Loss) Income from Discontinued Operations, Net of Income Tax Amortization of prior service cost 3 3 Other (Expense) Income, Net Settlement charges 7 22 Other (Expense) Income, Net Total before income tax 16 37 — (2) (Loss) Income from Discontinued Operations, Net of Income Tax (4) (9) Income Tax Benefit (Expense) Net of income tax $ 12 $ 26 Total reclassifications for the period, net of tax $ 57 $ 696 SDG&E: Pension and other postretirement benefits (2) : Amortization of prior service cost $ 1 $ 1 Other Income (Expense), Net Total reclassifications for the period, net of tax $ 1 $ 1 SoCalGas: Pension and other postretirement benefits (2) : Amortization of actuarial loss $ 1 $ — Other (Expense) Income, Net Amortization of prior service cost 1 1 Other (Expense) Income, Net Total reclassifications for the period, net of tax $ 2 $ 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). |
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 September 30, December 31, September 30, December 31, Sempra Mexico: IEnova 0.1 % 29.8 % $ 2 $ 1,487 ICM Ventures Holdings B.V. — 17.5 — 7 Sempra LNG: ECA LNG Phase 1 16.6 29.0 28 46 Parent and other: PXiSE 20.0 20.0 — 1 Total Sempra $ 30 $ 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) September 30, December 31, Sempra: Total due from various unconsolidated affiliates – current $ 30 $ 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 September 30, 2021 and December 31, 2020, respectively (3) 684 695 Total due from unconsolidated affiliates – noncurrent $ 684 $ 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 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 $ (71) $ (68) 5.5% Note due January 14, 2025 (21) — 5.5% Note due July 16, 2025 (20) — TAG JV – 5.74% Note due December 17, 2029 (174) (166) Total due to unconsolidated affiliates – noncurrent $ (286) $ (234) SDG&E: Total due from various unconsolidated affiliates – current $ 1 $ — Sempra $ (45) $ (38) SoCalGas (9) (21) Various affiliates (7) (5) Total due to unconsolidated affiliates – current $ (61) $ (64) Income taxes due from Sempra (6) $ 29 $ — SoCalGas: SDG&E $ 9 $ 21 Various affiliates 2 1 Total due from unconsolidated affiliates – current $ 11 $ 22 Sempra $ (45) $ (31) Total due to unconsolidated affiliates – current $ (45) $ (31) Income taxes due from (to) Sempra (6) $ 1 $ (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 $689 million U.S. dollar-equivalent at September 30, 2021, at a variable interest rate based on the 91-day Interbank Equilibrium Interest Rate plus 220 bps (7.02% at September 30, 2021), to finance construction of a natural gas marine pipeline. At both September 30, 2021 and December 31, 2020, $2 million of accrued interest receivable is included in Due from Unconsolidated Affiliates – Current. At September 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 September 30, 2021). (5) U.S. dollar-denominated loans at fixed interest rates. (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 September 30, Nine months ended 2021 2020 2021 2020 Sempra: Revenues $ 7 $ 9 $ 22 $ 31 Cost of sales — 9 11 35 Interest income 11 12 38 44 Interest expense 4 4 11 11 SDG&E: Revenues $ 3 $ 1 $ 7 $ 4 Cost of sales 20 17 75 56 SoCalGas: Revenues $ 24 $ 23 $ 72 $ 61 Cost of sales (1) (2) 2 1 2 (1) Includes net commodity costs from natural gas transactions with unconsolidated affiliates. |
Other Income and Expense Table | Other (expense) income, net, consists of the following: OTHER (EXPENSE) INCOME, NET (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Sempra: Allowance for equity funds used during construction $ 31 $ 34 $ 103 $ 96 Investment gains, net (1) — 16 28 9 (Losses) gains on interest rate and foreign exchange instruments, net (3) 19 (26) (129) Foreign currency transaction (losses) gains, net (2) (17) 15 (10) (95) Non-service component of net periodic benefit cost (66) (48) (52) (45) Fine related to Energy Efficiency Program inquiry — (6) — (6) Interest on regulatory balancing accounts, net 2 — 5 13 Sundry, net (2) (1) 4 (6) Total $ (55) $ 29 $ 52 $ (163) SDG&E: Allowance for equity funds used during construction $ 18 $ 21 $ 63 $ 61 Non-service component of net periodic benefit cost (15) (18) (10) (15) Fine related to Energy Efficiency Program inquiry — (6) — (6) Interest on regulatory balancing accounts, net 2 — 5 8 Sundry, net (1) 1 3 (1) Total $ 4 $ (2) $ 61 $ 47 SoCalGas: Allowance for equity funds used during construction $ 13 $ 11 $ 36 $ 29 Non-service component of net periodic benefit cost (49) (15) (30) (3) Interest on regulatory balancing accounts, net — — — 5 Sundry, net (3) (3) (8) (10) Total $ (39) $ (7) $ (2) $ 21 (1) Represents net investment gains on dedicated assets in support of our executive retirement and deferred compensation plans. These amounts are offset by corresponding changes in compensation expense related to the plans, recorded in O&M on the Condensed Consolidated Statements of Operations. (2) Includes losses of $18 million and $13 million in the three months and nine months ended September 30, 2021, respectively, and gains of $15 million and losses of $120 million in the three months and nine months ended September 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 (BENEFIT) EXPENSE AND EFFECTIVE INCOME TAX RATES (Dollars in millions) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Sempra: Income tax (benefit) expense from continuing operations $ (342) $ 99 $ (45) $ 60 (Loss) income from continuing operations before income taxes and equity earnings $ (1,365) $ 201 $ (316) $ 1,061 Equity earnings, before income tax (1) 137 117 457 158 Pretax (loss) income $ (1,228) $ 318 $ 141 $ 1,219 Effective income tax rate 28 % 31 % (32) % 5 % SDG&E: Income tax expense $ 90 $ 33 $ 168 $ 161 Income before income taxes $ 295 $ 211 $ 771 $ 794 Effective income tax rate 31 % 16 % 22 % 20 % SoCalGas: Income tax (benefit) expense $ (437) $ (6) $ (335) $ 95 (Loss) income before income taxes $ (1,563) $ (30) $ (959) $ 521 Effective income tax rate 28 % 20 % 35 % 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) | 9 Months Ended |
Sep. 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 September 30, 2021 By major service line: Utilities $ 1,369 $ 966 $ 17 $ — $ (27) $ 2,325 Energy-related businesses — — 324 144 (145) 323 Revenues from contracts with customers $ 1,369 $ 966 $ 341 $ 144 $ (172) $ 2,648 By market: Gas $ 145 $ 966 $ 231 $ 143 $ (165) $ 1,320 Electric 1,224 — 110 1 (7) 1,328 Revenues from contracts with customers $ 1,369 $ 966 $ 341 $ 144 $ (172) $ 2,648 Revenues from contracts with customers $ 1,369 $ 966 $ 341 $ 144 $ (172) $ 2,648 Utilities regulatory revenues 95 140 — — — 235 Other revenues — — 256 (25) (101) 130 Total revenues $ 1,464 $ 1,106 $ 597 $ 119 $ (273) $ 3,013 Nine months ended September 30, 2021 By major service line: Utilities $ 3,755 $ 3,685 $ 61 $ — $ (79) $ 7,422 Energy-related businesses — — 859 260 (282) 837 Revenues from contracts with customers $ 3,755 $ 3,685 $ 920 $ 260 $ (361) $ 8,259 By market: Gas $ 580 $ 3,685 $ 635 $ 257 $ (334) $ 4,823 Electric 3,175 — 285 3 (27) 3,436 Revenues from contracts with customers $ 3,755 $ 3,685 $ 920 $ 260 $ (361) $ 8,259 Revenues from contracts with customers $ 3,755 $ 3,685 $ 920 $ 260 $ (361) $ 8,259 Utilities regulatory revenues 364 53 — — — 417 Other revenues — — 448 107 (218) 337 Total revenues $ 4,119 $ 3,738 $ 1,368 $ 367 $ (579) $ 9,013 DISAGGREGATED REVENUES (CONTINUED) (Dollars in millions) SDG&E SoCalGas Sempra Mexico Sempra LNG Consolidating adjustments and Parent and other Sempra Three months ended September 30, 2020 By major service line: Utilities $ 1,301 $ 813 $ 12 $ — $ (25) $ 2,101 Energy-related businesses — — 244 35 (32) 247 Revenues from contracts with customers $ 1,301 $ 813 $ 256 $ 35 $ (57) $ 2,348 By market: Gas $ 126 $ 813 $ 159 $ 33 $ (54) $ 1,077 Electric 1,175 — 97 2 (3) 1,271 Revenues from contracts with customers $ 1,301 $ 813 $ 256 $ 35 $ (57) $ 2,348 Revenues from contracts with customers $ 1,301 $ 813 $ 256 $ 35 $ (57) $ 2,348 Utilities regulatory revenues 171 29 — — — 200 Other revenues — — 95 28 (27) 96 Total revenues $ 1,472 $ 842 $ 351 $ 63 $ (84) $ 2,644 Nine months ended September 30, 2020 By major service line: Utilities $ 3,610 $ 3,261 $ 42 $ — $ (66) $ 6,847 Energy-related businesses — — 616 56 (40) 632 Revenues from contracts with customers $ 3,610 $ 3,261 $ 658 $ 56 $ (106) $ 7,479 By market: Gas $ 518 $ 3,261 $ 439 $ 51 $ (98) $ 4,171 Electric 3,092 — 219 5 (8) 3,308 Revenues from contracts with customers $ 3,610 $ 3,261 $ 658 $ 56 $ (106) $ 7,479 Revenues from contracts with customers $ 3,610 $ 3,261 $ 658 $ 56 $ (106) $ 7,479 Utilities regulatory revenues 366 (14) — — — 352 Other revenues — — 277 199 (108) 368 Total revenues $ 3,976 $ 3,247 $ 935 $ 255 $ (214) $ 8,199 |
Schedule of Timing of Remaining Performance Obligations | For contracts greater than one year, at September 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 September 30, 2021. REMAINING PERFORMANCE OBLIGATIONS (1) (Dollars in millions) Sempra SDG&E 2021 (excluding first nine months of 2021) $ 88 $ 1 2022 368 4 2023 367 4 2024 367 4 2025 364 4 Thereafter 4,129 67 Total revenues to be recognized $ 5,683 $ 84 (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 nine months ended September 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 36 3 Payments received in advance (1) — Contract liabilities at September 30 (1) $ (172) $ (160) SDG&E: Contract liabilities at January 1 $ (87) $ (91) Revenue from performance obligations satisfied during reporting period 3 3 Contract liabilities at September 30 (1) $ (84) $ (88) (1) At September 30, 2021, includes $8 million and $4 million in Other Current Liabilities and $164 million and $80 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) September 30, 2021 December 31, 2020 Sempra: Accounts receivable – trade, net $ 1,216 $ 1,447 Accounts receivable – other, net 17 12 Due from unconsolidated affiliates – current (1) 2 3 Other long-term assets 115 — Total $ 1,350 $ 1,462 SDG&E: Accounts receivable – trade, net $ 642 $ 573 Accounts receivable – other, net 11 8 Due from unconsolidated affiliates – current (1) 3 2 Other long-term assets 47 — Total $ 703 $ 583 SoCalGas: Accounts receivable – trade, net $ 462 $ 786 Accounts receivable – other, net 6 4 Other long-term assets 68 — Total $ 536 $ 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) | 9 Months Ended |
Sep. 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) September 30, December 31, SDG&E: Fixed-price contracts and other derivatives $ (88) $ (53) Deferred income taxes recoverable in rates 72 22 Pension and other postretirement benefit plan obligations 19 50 Removal obligations (2,228) (2,121) Environmental costs 55 56 Sunrise Powerlink fire mitigation 121 121 Regulatory balancing accounts (1)(2) Commodity – electric 85 72 Gas transportation 23 35 Safety and reliability 60 67 Public purpose programs (138) (158) 2019 GRC retroactive impacts 14 56 Other balancing accounts 535 233 Other regulatory assets, net (2) 110 72 Total SDG&E (1,360) (1,548) SoCalGas: Deferred income taxes recoverable (refundable) in rates 9 (82) Pension and other postretirement benefit plan obligations 342 417 Employee benefit costs 37 37 Removal obligations (649) (685) Environmental costs 35 36 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (138) (56) Safety and reliability 299 335 Public purpose programs (274) (253) 2019 GRC retroactive impacts 51 202 Other balancing accounts 85 (58) Other regulatory assets, net (2) 160 75 Total SoCalGas (43) (32) Sempra Mexico: Deferred income taxes recoverable in rates 80 80 Total Sempra $ (1,323) $ (1,500) (1) At September 30, 2021 and December 31, 2020, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $331 million and $139 million, respectively, and for SoCalGas was $472 million and $218 million, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which currently approximates the three-month commercial paper rate. |
Schedule of Regulatory Liabilities | We show the details of regulatory assets and liabilities in the following table. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) September 30, December 31, SDG&E: Fixed-price contracts and other derivatives $ (88) $ (53) Deferred income taxes recoverable in rates 72 22 Pension and other postretirement benefit plan obligations 19 50 Removal obligations (2,228) (2,121) Environmental costs 55 56 Sunrise Powerlink fire mitigation 121 121 Regulatory balancing accounts (1)(2) Commodity – electric 85 72 Gas transportation 23 35 Safety and reliability 60 67 Public purpose programs (138) (158) 2019 GRC retroactive impacts 14 56 Other balancing accounts 535 233 Other regulatory assets, net (2) 110 72 Total SDG&E (1,360) (1,548) SoCalGas: Deferred income taxes recoverable (refundable) in rates 9 (82) Pension and other postretirement benefit plan obligations 342 417 Employee benefit costs 37 37 Removal obligations (649) (685) Environmental costs 35 36 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (138) (56) Safety and reliability 299 335 Public purpose programs (274) (253) 2019 GRC retroactive impacts 51 202 Other balancing accounts 85 (58) Other regulatory assets, net (2) 160 75 Total SoCalGas (43) (32) Sempra Mexico: Deferred income taxes recoverable in rates 80 80 Total Sempra $ (1,323) $ (1,500) (1) At September 30, 2021 and December 31, 2020, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $331 million and $139 million, respectively, and for SoCalGas was $472 million and $218 million, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which currently approximates the three-month commercial paper rate. |
ACQUISITIONS, DIVESTITURES AN_2
ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS (Tables) | 9 Months Ended |
Sep. 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 September 30, 2020 (1) Nine months ended September 30, 2020 (2) Revenues $ — $ 570 Cost of sales — (364) (Loss) gain on sale of discontinued operations (16) 2,899 Operating expenses — (66) Interest and other — (3) Income before income taxes (16) 3,036 Income tax benefit (expense) 9 (1,186) (Loss) income from discontinued operations, net of income tax (7) 1,850 Earnings attributable to noncontrolling interests — (10) (Losses) earnings from discontinued operations attributable to Sempra $ (7) $ 1,840 (1) Represents post-closing adjustments related to the sale of our equity interests in our Chilean businesses. (2) 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) | 9 Months Ended |
Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Operating revenues $ 1,286 $ 1,232 $ 3,572 $ 3,394 Operating expenses (866) (819) (2,531) (2,387) Income from operations 420 413 1,041 1,007 Interest expense (104) (102) (308) (305) Income tax expense (54) (50) (124) (115) Net income 255 255 587 557 Noncontrolling interest held by TTI (51) (50) (118) (111) Earnings attributable to Sempra (1) 204 205 469 446 |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | PRIMARY U.S. COMMITTED LINES OF CREDIT (Dollars in millions) September 30, 2021 Total facility Commercial paper outstanding (1)(2) Available unused credit Sempra (3) $ 4,435 $ (2,112) $ 2,323 SDG&E (4) 1,500 — 1,500 SoCalGas (4) 750 — 750 Total $ 6,685 $ (2,112) $ 4,573 (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 September 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 September 30, 2021. FOREIGN COMMITTED LINES OF CREDIT (U.S. dollar equivalent in millions) September 30, 2021 Expiration date of facility Total facility Amounts outstanding Available unused credit February 2024 $ 1,500 $ — $ 1,500 September 2023 (1) 350 (294) 56 Total $ 1,850 $ (294) $ 1,556 (1) In September 2021, IEnova amended this revolving credit facility to increase the amount available under the facility from $280 million to $350 million and extend the expiration of the facility from September 2021 to September 2023. Borrowings continue to bear interest at a per annum rate equal to 3-month LIBOR plus 54 bps. FOREIGN UNCOMMITTED LINES OF CREDIT (U.S. dollar equivalent in millions) September 30, 2021 Expiration date of facility Borrowing denomination Total facility Amounts outstanding Available unused credit September 2022 (1) U.S. dollars $ 250 $ (250) $ — August 2023 (2) U.S. dollars or Mexican pesos 100 (37) 63 October 2023 (3) U.S. dollars 100 — 100 October 2023 (4) U.S. dollars or Mexican pesos 20 — 20 Total $ 470 $ (287) $ 183 (1) IEnova’s one-year credit agreement under which borrowings bear interest at a per annum rate equal to 3-month LIBOR plus 10 bps. (2) ECA LNG Phase 1’s two-year credit agreement under which outstanding amounts were borrowed in Mexican pesos and bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus 105 bps and are before reductions from negligible unamortized discount. Borrowings made in U.S. dollars bear interest at a variable rate based on the 1-month or 3-month LIBOR plus 105 bps. (3) IEnova’s three-year credit agreement under which borrowings bear interest at a per annum rate equal to 6-month LIBOR plus 52 bps. (4) IEnova’s three-year credit agreement under which borrowings made in Mexican pesos bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus an applicable margin. Borrowings made in U.S. dollars bear interest at a variable rate based on 1-month LIBOR plus an applicable margin. The applicable margin is determined on the date of borrowing. The weighted-average interest rates on the total short-term debt at September 30, 2021 and December 31, 2020 were as follows: WEIGHTED-AVERAGE INTEREST RATES September 30, 2021 December 31, 2020 Sempra 0.39 % 0.83 % SDG&E 0.76 — SoCalGas — 0.14 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 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 September 30, 2021 December 31, 2020 Sempra: Natural gas MMBtu (14) 5 Electricity MWh 1 1 Congestion revenue rights MWh 48 43 SDG&E: Natural gas MMBtu 10 16 Electricity MWh 1 1 Congestion revenue rights MWh 48 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) September 30, 2021 December 31, 2020 Notional debt Maturities Notional debt Maturities Sempra: Cash flow hedges $ 747 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) September 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 130 2021-2023 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) September 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 $ — $ 6 $ (42) $ (134) Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 252 19 (300) (21) Associated offsetting commodity contracts (225) (15) 225 15 Associated offsetting cash collateral — — 11 — Commodity contracts subject to rate recovery 50 76 (52) (3) Associated offsetting commodity contracts (4) — 4 — Net amounts presented on the balance sheet 73 86 (154) (143) Additional cash collateral for commodity contracts not subject to rate recovery 47 — — — Additional cash collateral for commodity contracts subject to rate recovery 30 — — — Total (2) $ 150 $ 86 $ (154) $ (143) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 47 $ 76 $ (18) $ (2) Associated offsetting commodity contracts (3) — 3 — Net amounts presented on the balance sheet 44 76 (15) (2) Additional cash collateral for commodity contracts subject to rate recovery 28 — — — Total (2) $ 72 $ 76 $ (15) $ (2) SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 3 $ — $ (34) $ (1) Associated offsetting commodity contracts (1) — 1 — Net amounts presented on the balance sheet 2 — (33) (1) Additional cash collateral for commodity contracts subject to rate recovery 2 — — — Total $ 4 $ — $ (33) $ (1) (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 gain (loss) Pretax gain (loss) reclassified Three months ended September 30, Three months ended September 30, 2021 2020 Location 2021 2020 Sempra: Interest rate instruments $ 7 $ 8 Interest Expense $ 1 $ (3) Interest rate instruments 3 25 Equity Earnings (1) (19) (5) Foreign exchange instruments 5 (2) Revenues: Energy- Related Businesses — — Foreign exchange instruments 3 (1) Equity Earnings (1) — — Interest rate and foreign exchange instruments (3) 6 Other (Expense) Income, Net (5) 4 Total $ 15 $ 36 $ (23) $ (4) Nine months ended September 30, Nine months ended September 30, 2021 2020 Location 2021 2020 Sempra: Interest rate instruments $ 27 $ (42) Interest Expense $ — $ (6) Interest rate instruments 54 (175) Equity Earnings (1) (57) (8) Foreign exchange instruments 7 14 Revenues: Energy- Related Businesses (1) 2 Other (Expense) Income, Net — 1 Foreign exchange instruments 5 9 Equity Earnings (1) (1) 2 Interest rate and foreign exchange instruments (2) (31) Interest Expense — (1) Other (Expense) Income, Net (4) (33) Total $ 91 $ (225) $ (63) $ (43) (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 Nine months ended Location 2021 2020 2021 2020 Sempra: Commodity contracts not subject to rate recovery Revenues: Energy-Related Businesses $ (154) $ (39) $ (344) $ 25 Commodity contracts subject to rate recovery Cost of Natural Gas (26) — (24) (6) Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power 8 41 51 41 Foreign exchange instruments Other (Expense) Income, Net 2 15 (22) (97) Total $ (170) $ 17 $ (339) $ (37) SDG&E: Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power $ 8 $ 41 $ 51 $ 41 SoCalGas: Commodity contracts subject to rate recovery Cost of Natural Gas $ (26) $ — $ (24) $ (6) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measures Table | RECURRING FAIR VALUE MEASURES – SEMPRA (Dollars in millions) Fair value at September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 350 $ 6 $ — $ 356 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 40 12 — 52 Municipal bonds — 320 — 320 Other securities — 270 — 270 Total debt securities 40 602 — 642 Total nuclear decommissioning trusts (1) 390 608 — 998 Interest rate and foreign exchange instruments — 6 — 6 Commodity contracts not subject to rate recovery — 31 — 31 Effect of netting and allocation of collateral (2) 47 — — 47 Commodity contracts subject to rate recovery 32 2 88 122 Effect of netting and allocation of collateral (2) 24 — 6 30 Support Agreement, net of related guarantee fees — — 7 7 Total $ 493 $ 647 $ 101 $ 1,241 Liabilities: Interest rate and foreign exchange instruments $ — $ 176 $ — $ 176 Commodity contracts not subject to rate recovery — 81 — 81 Effect of netting and allocation of collateral (2) — (11) — (11) Commodity contracts subject to rate recovery — 35 16 51 Support Agreement, net of related guarantee fees — — 2 2 Total $ — $ 281 $ 18 $ 299 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 September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Equity securities $ 350 $ 6 $ — $ 356 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 40 12 — 52 Municipal bonds — 320 — 320 Other securities — 270 — 270 Total debt securities 40 602 — 642 Total nuclear decommissioning trusts (1) 390 608 — 998 Commodity contracts subject to rate recovery 32 — 88 120 Effect of netting and allocation of collateral (2) 22 — 6 28 Total $ 444 $ 608 $ 94 $ 1,146 Liabilities: Commodity contracts subject to rate recovery $ — $ 1 $ 16 $ 17 Total $ — $ 1 $ 16 $ 17 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 September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ — $ 2 $ — $ 2 Effect of netting and allocation of collateral (1) 2 — — 2 Total $ 2 $ 2 $ — $ 4 Liabilities: Commodity contracts subject to rate recovery $ — $ 34 $ — $ 34 Total $ — $ 34 $ — $ 34 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 September 30, 2021 2020 Balance at July 1 $ 80 $ 17 Realized and unrealized losses (35) (4) Allocated transmission instruments 1 1 Settlements 26 19 Balance at September 30 $ 72 $ 33 Change in unrealized gains (losses) relating to instruments still held at September 30 $ 9 $ 7 Nine months ended September 30, 2021 2020 Balance at January 1 $ 69 $ 28 Realized and unrealized losses (29) (18) Allocated transmission instruments (1) 2 Settlements 33 21 Balance at September 30 $ 72 $ 33 Change in unrealized gains (losses) relating to instruments still held at September 30 $ 5 $ (1) (1) Excludes the effect of the contractual ability to settle contracts under master netting agreements. LEVEL 3 RECONCILIATION (Dollars in millions) Three months ended September 30, 2021 2020 Balance at July 1 $ 4 $ — Realized and unrealized gains (1) 3 7 Settlements (2) (1) Balance at September 30 (2) $ 5 $ 6 Change in unrealized gains (losses) relating to instruments still held at September 30 $ 3 $ 6 Nine months ended September 30, 2021 2020 Balance at January 1 $ 3 $ — Realized and unrealized gains (1) 8 7 Settlements (6) (1) Balance at September 30 (2) $ 5 $ 6 Change in unrealized gains (losses) relating to instruments still held at September 30 $ 7 $ 6 (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 $2 million in Deferred Credits and Other at September 30, 2021 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. |
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 2021 $ 24.05 to $ 130.40 $ 57.36 2020 19.45 to 71.25 38.14 |
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) September 30, 2021 Carrying Fair value Level 1 Level 2 Level 3 Total Sempra: Long-term amounts due from unconsolidated affiliates (1) $ 687 $ — $ 697 $ — $ 697 Long-term amounts due to unconsolidated affiliates 328 — 347 — 347 Total long-term debt (2) 21,966 — 24,288 — 24,288 SDG&E: Total long-term debt (3) $ 6,418 $ — $ 7,263 $ — $ 7,263 SoCalGas: Total long-term debt (4) $ 4,759 $ — $ 5,373 $ — $ 5,373 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 September 30, 2021 and December 31, 2020, respectively. Includes $2 million and $3 million in Due From Unconsolidated Affiliates – Current at September 30, 2021 and December 31, 2020, respectively. (2) Before reductions of unamortized discount and debt issuance costs of $266 million and $268 million at September 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $1,336 million and $1,330 million at September 30, 2021 and December 31, 2020, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $62 million and $52 million at September 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $1,279 million and $1,276 million at September 30, 2021 and December 31, 2020, respectively. (4) Before reductions of unamortized discount and debt issuance costs of $37 million and $40 million at September 30, 2021 and December 31, 2020, respectively, and excluding finance lease obligations of $57 million and $54 million at September 30, 2021 and December 31, 2020, respectively. |
SAN ONOFRE NUCLEAR GENERATING_2
SAN ONOFRE NUCLEAR GENERATING STATION (Tables) | 9 Months Ended |
Sep. 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 September 30, 2021: Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 52 $ — $ — $ 52 Municipal bonds (2) 307 14 (1) 320 Other securities (3) 261 10 (1) 270 Total debt securities 620 24 (2) 642 Equity securities 103 255 (2) 356 Cash and cash equivalents 7 — — 7 Payables, net (2) — — (2) Total $ 728 $ 279 $ (4) $ 1,003 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 2021-2051. (2) Maturity dates are 2022-2056. (3) Maturity dates are 2021-2072. |
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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Proceeds from sales $ 187 $ 294 $ 729 $ 1,091 Gross realized gains 9 9 48 108 Gross realized losses (1) (2) (4) (13) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Payments Received, Lease Income Table | LESSOR INFORMATION ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – SEMPRA (Dollars in millions) Three months ended Nine months ended 2021 2020 2021 2020 Sales-type leases: Income recognized at lease commencement $ 16 $ — $ 16 $ 1 Interest income 2 — 2 1 Total revenues from sales-type leases (1) $ 18 $ — $ 18 $ 2 Operating leases: Fixed lease payments $ 80 $ 48 $ 192 $ 145 Variable lease payments 2 1 3 1 Total revenues from operating leases (1) $ 82 $ 49 $ 195 $ 146 Depreciation expense $ 13 $ 10 $ 35 $ 29 (1) Included in Revenues: Energy-Related Businesses on the Condensed Consolidated Statements of Operations. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 REVENUES SDG&E $ 1,464 $ 1,472 $ 4,119 $ 3,976 SoCalGas 1,106 842 3,738 3,247 Sempra Mexico 597 351 1,368 935 Sempra LNG 119 63 367 255 All other 2 — 4 1 Adjustments and eliminations — 2 (1) — Intersegment revenues (1) (275) (86) (582) (215) Total $ 3,013 $ 2,644 $ 9,013 $ 8,199 INTEREST EXPENSE SDG&E $ 104 $ 103 $ 307 $ 307 SoCalGas 39 39 118 119 Sempra Mexico 43 31 122 95 Sempra LNG 4 8 10 39 All other 77 93 240 304 Intercompany eliminations (8) (10) (21) (46) Total $ 259 $ 264 $ 776 $ 818 INTEREST INCOME SDG&E $ — $ 1 $ 1 $ 2 SoCalGas — — — 2 Sempra Mexico 12 14 36 47 Sempra LNG 6 25 23 65 All other 1 — 2 3 Intercompany eliminations (3) (13) (12) (43) Total $ 16 $ 27 $ 50 $ 76 DEPRECIATION AND AMORTIZATION SDG&E $ 226 $ 200 $ 659 $ 598 SoCalGas 180 165 533 486 Sempra Mexico 60 47 168 141 Sempra LNG 3 2 8 7 All other 2 4 8 10 Total $ 471 $ 418 $ 1,376 $ 1,242 INCOME TAX EXPENSE (BENEFIT) SDG&E $ 90 $ 33 $ 168 $ 161 SoCalGas (437) (6) (335) 95 Sempra Mexico 24 92 145 (161) Sempra LNG (11) 18 19 59 All other (8) (38) (42) (94) Total $ (342) $ 99 $ (45) $ 60 EQUITY EARNINGS (LOSSES) Equity earnings (losses), before income tax: Sempra Texas Utilities $ — $ 1 $ 3 $ 1 Sempra LNG 137 116 404 257 All other — — 50 (100) 137 117 457 158 Equity earnings, net of income tax: Sempra Texas Utilities 207 208 480 457 Sempra Mexico 47 1 85 207 254 209 565 664 Total $ 391 $ 326 $ 1,022 $ 822 SEGMENT INFORMATION (CONTINUED) (Dollars in millions) Three months ended Nine months ended 2021 2020 2021 2020 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES SDG&E $ 205 $ 178 $ 603 $ 633 SoCalGas (1,126) (24) (625) 425 Sempra Texas Utilities 206 209 479 458 Sempra Mexico 164 50 225 302 Sempra LNG 1 71 194 207 Discontinued operations — (7) — 1,840 All other (98) (126) (226) (515) Total $ (648) $ 351 $ 650 $ 3,350 EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT SDG&E $ 1,560 $ 1,323 SoCalGas 1,417 1,345 Sempra Mexico 260 443 Sempra LNG 362 196 All other 7 6 Total $ 3,606 $ 3,313 September 30, December 31, ASSETS SDG&E $ 23,783 $ 22,311 SoCalGas 19,919 18,460 Sempra Texas Utilities 12,580 12,542 Sempra Mexico 11,339 10,752 Sempra LNG 3,335 2,205 All other 1,094 1,209 Intersegment receivables (1,578) (856) Total $ 70,472 $ 66,623 EQUITY METHOD AND OTHER INVESTMENTS Sempra Texas Utilities $ 12,580 $ 12,542 Sempra Mexico 924 852 Sempra LNG 454 433 All other — 1 Total $ 13,958 $ 13,828 (1) Revenues for reportable segments include intersegment revenues of $3 million, $24 million, $52 million and $196 million for the three months ended September 30, 2021; $7 million, $72 million, $114 million and $389 million for the nine months ended September 30, 2021; $1 million, $23 million, $18 million and $44 million for the three months ended September 30, 2020 and $4 million, $61 million, $69 million and $81 million for the nine months ended September 30, 2020 for SDG&E, SoCalGas, Sempra Mexico and Sempra LNG, respectively. |
GENERAL INFORMATION AND OTHER_4
GENERAL INFORMATION AND OTHER FINANCIAL DATA - PRINCIPLES OF CONSOLIDATION (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 5 |
GENERAL INFORMATION AND OTHER_5
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Cash and cash equivalents | $ 873 | $ 960 | [1] | ||
Restricted cash, current | 31 | 22 | [1] | ||
Restricted cash, noncurrent | 3 | 3 | [1] | ||
Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of Cash Flows | $ 907 | $ 985 | $ 3,546 | $ 217 | |
[1] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHER_6
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CREDIT LOSSES (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 138 | $ 29 | |
Provisions for expected credit losses | 96 | 84 | |
Write-offs | (28) | (11) | |
Ending balance | 206 | 103 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3 | 0 | |
Reductions to 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 | 30 | 44 | |
Write-offs | (16) | (6) | |
Ending balance | 83 | 52 | |
Southern California Gas Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 68 | 15 | |
Provisions for expected credit losses | 64 | 40 | |
Write-offs | (12) | (5) | |
Ending balance | 120 | 50 | |
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 | $ 6 | ||
Allowance for credit losses | |||
Accounts Receivable, Trade, Net [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 146 | ||
Accounts Receivable, Trade, Net [Member] | San Diego Gas and Electric Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 58 | ||
Accounts Receivable, Trade, Net [Member] | Southern California Gas Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 85 | ||
Accounts receivable – other, net [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 50 | ||
Accounts receivable – other, net [Member] | San Diego Gas and Electric Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 21 | ||
Accounts receivable – other, net [Member] | Southern California Gas Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 29 | ||
Other long-term assets [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 10 | ||
Other long-term assets [Member] | San Diego Gas and Electric Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 4 | ||
Other long-term assets [Member] | Southern California Gas Company [Member] | |||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Ending balance | 6 | ||
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 | Sep. 30, 2021 | Dec. 31, 2020 | |
Inventory [Line Items] | |||
Natural gas | $ 169 | $ 118 | |
LNG | 17 | 7 | |
Materials and supplies | 185 | 183 | |
Inventory | 371 | 308 | [1] |
San Diego Gas and Electric Company [Member] | |||
Inventory [Line Items] | |||
Natural gas | 0 | 0 | |
LNG | 0 | 0 | |
Materials and supplies | 112 | 104 | |
Inventory | 112 | 104 | [1] |
Southern California Gas Company [Member] | |||
Inventory [Line Items] | |||
Natural gas | 110 | 94 | |
LNG | 0 | 0 | |
Materials and supplies | 58 | 59 | |
Inventory | $ 168 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Capitalized Financing Costs Disclosure [Line Items] | ||||
Capitalized interest costs | $ 52 | $ 51 | $ 166 | $ 149 |
San Diego Gas and Electric Company [Member] | ||||
Capitalized Financing Costs Disclosure [Line Items] | ||||
Capitalized interest costs | 24 | 26 | 82 | 79 |
Southern California Gas Company [Member] | ||||
Capitalized Financing Costs Disclosure [Line Items] | ||||
Capitalized interest costs | $ 18 | $ 14 | $ 49 | $ 39 |
GENERAL INFORMATION AND OTHER_9
GENERAL INFORMATION AND OTHER FINANCIAL DATA - OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Gross intangible assets | $ 440 | $ 440 | $ 250 | ||
Accumulated amortization | (64) | (64) | (48) | ||
Net intangible assets | 376 | 376 | 202 | ||
Amortization expense | 6 | $ 3 | 16 | $ 8 | |
Amortization expense recorded against revenue | 4 | 7 | |||
Future amortization expense per year | 7 | ||||
Expected amortization charged against revenue | 3 | ||||
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 | (38) | $ (38) | (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 | (11) | $ (11) | (9) | ||
PPA [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization period (years) | 14 years | ||||
Gross intangible assets | 190 | $ 190 | 0 | ||
Accumulated amortization | (7) | (7) | 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 | 9 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | ||
Variable Interest Entities [Line Items] | ||||
Property plant and equipment, net | $ 42,758 | $ 40,003 | [1] | |
Finance lease obligations | 1,336 | 1,330 | ||
Equity method investment | 12,475 | 12,440 | [1] | |
Assets | 70,472 | 66,623 | [1] | |
Sempra Texas Utilities [Member] | Oncor Holdings [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Equity method investment | 12,475 | 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 | 454 | 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 | 19,561 | 18,421 | [1] | |
Finance lease obligations | 1,279 | 1,276 | ||
Assets | 23,783 | 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 | 1,223 | 1,237 | ||
Finance lease obligations | 1,223 | 1,237 | ||
Sempra Energy [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ECA LNGJV [Member] | ||||
Variable Interest Entities [Line Items] | ||||
Assets | 522 | 207 | ||
Liabilities | $ 367 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Settlement charges | $ 13 | $ 7 | $ 22 | |
Amortization of: | ||||
Settlement charges | 13 | 7 | 22 | |
Pension benefits [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Settlement charges | $ 0 | 13 | 7 | 22 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 36 | 31 | 109 | 97 |
Interest cost | 28 | 32 | 84 | 97 |
Expected return on assets | (44) | (41) | (130) | (126) |
Amortization of: | ||||
Prior service cost (credit) | 3 | 3 | 8 | 9 |
Actuarial loss (gain) | 12 | 9 | 34 | 26 |
Settlement charges | 0 | 13 | 7 | 22 |
Net periodic benefit cost (credit) | 35 | 47 | 112 | 125 |
Regulatory adjustments | 73 | 37 | 66 | 31 |
Total expense recognized | 108 | 84 | 178 | 156 |
Pension benefits [Member] | San Diego Gas and Electric Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 9 | 7 | 26 | 23 |
Interest cost | 6 | 7 | 18 | 22 |
Expected return on assets | (11) | (12) | (36) | (37) |
Amortization of: | ||||
Prior service cost (credit) | 0 | 1 | 0 | 2 |
Actuarial loss (gain) | 1 | 1 | 2 | 3 |
Net periodic benefit cost (credit) | 5 | 4 | 10 | 13 |
Regulatory adjustments | 21 | 22 | 30 | 28 |
Total expense recognized | 26 | 26 | 40 | 41 |
Pension benefits [Member] | Southern California Gas Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 23 | 20 | 73 | 64 |
Interest cost | 19 | 22 | 59 | 66 |
Expected return on assets | (27) | (27) | (85) | (81) |
Amortization of: | ||||
Prior service cost (credit) | 2 | 2 | 6 | 6 |
Actuarial loss (gain) | 8 | 6 | 27 | 19 |
Net periodic benefit cost (credit) | 25 | 23 | 80 | 74 |
Regulatory adjustments | 52 | 15 | 36 | 3 |
Total expense recognized | 77 | 38 | 116 | 77 |
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 | 6 | 5 | 17 | 14 |
Interest cost | 7 | 8 | 21 | 24 |
Expected return on assets | (14) | (14) | (44) | (41) |
Amortization of: | ||||
Prior service cost (credit) | (1) | (1) | (2) | (2) |
Actuarial loss (gain) | (3) | (2) | (7) | (7) |
Settlement charges | 0 | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (5) | (4) | (15) | (12) |
Regulatory adjustments | 5 | 4 | 15 | 12 |
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 | 2 | 1 | 4 | 3 |
Interest cost | 1 | 2 | 4 | 5 |
Expected return on assets | (2) | (3) | (7) | (8) |
Amortization of: | ||||
Prior service cost (credit) | 0 | 0 | 0 | 0 |
Actuarial loss (gain) | (1) | (1) | (2) | (2) |
Net periodic benefit cost (credit) | 0 | (1) | (1) | (2) |
Regulatory adjustments | 0 | 1 | 1 | 2 |
Total expense recognized | 0 | 0 | 0 | 0 |
Other postretirement benefits [Member] | Southern California Gas Company [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 3 | 13 | 10 |
Interest cost | 5 | 7 | 16 | 19 |
Expected return on assets | (12) | (11) | (36) | (32) |
Amortization of: | ||||
Prior service cost (credit) | (1) | (1) | (2) | (2) |
Actuarial loss (gain) | (2) | (1) | (5) | (5) |
Net periodic benefit cost (credit) | (5) | (3) | (14) | (10) |
Regulatory adjustments | 5 | 3 | 14 | 10 |
Total expense recognized | $ 0 | $ 0 | $ 0 | $ 0 |
GENERAL INFORMATION AND OTHE_12
GENERAL INFORMATION AND OTHER FINANCIAL DATA - RABBI TRUST (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Rabbi trust | $ 539 | $ 512 | [1] |
[1] | Derived from audited financial statements. |
GENERAL INFORMATION AND OTHE_13
GENERAL INFORMATION AND OTHER FINANCIAL DATA - EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
(Loss) income from continuing operations, net of income tax | $ (632) | $ 428 | $ 751 | $ 1,823 |
Earnings attributable to noncontrolling interests | (5) | (22) | (48) | (191) |
Preferred dividends | (11) | (48) | (52) | (121) |
Preferred dividends of subsidiary | 0 | 0 | (1) | (1) |
Earnings from continuing operations attributable to common shares for diluted EPS | (648) | 358 | 650 | 1,510 |
(Loss) income from discontinued operations, net of income tax | 0 | (7) | 0 | 1,850 |
Earnings attributable to noncontrolling interests | 0 | 0 | 0 | (10) |
(Losses) earnings from discontinued operations attributable to Sempra | 0 | (7) | 0 | 1,840 |
(Losses) earnings attributable to common shares | $ (648) | $ 351 | $ 650 | $ 3,350 |
Weighted-average common shares outstanding for basic EPS | 319,144,000 | 289,490,000 | 309,350,000 | 291,771,000 |
Dilutive effect of stock options and RSUs (in shares) | 0 | 1,092,000 | 797,000 | 1,164,000 |
Dilutive effect of mandatory convertible preferred stock (in shares) | 0 | 0 | 707,000 | 0 |
Weighted-average common shares outstanding for diluted EPS (in shares) | 319,144,000 | 290,582,000 | 310,854,000 | 292,935,000 |
(Losses) earnings from continuing operations (in dollars per share) | $ (2.03) | $ 1.23 | $ 2.10 | $ 5.17 |
(Losses) earnings from discontinued operations (in dollars per share) | 0 | (0.02) | 0 | 6.31 |
(Losses) earnings (in dollars per share) | (2.03) | 1.21 | 2.10 | 11.48 |
(Losses) earnings from continuing operations (in dollars per share) | (2.03) | 1.23 | 2.09 | 5.15 |
(Losses) earnings from discontinued operations (in dollars per share) | 0 | (0.02) | 0 | 6.28 |
(Losses) earnings (in dollars per share) | $ (2.03) | $ 1.21 | $ 2.09 | $ 11.43 |
Vested RSUs included in basic WASO (in shares) | 451,000 | 535,000 | 453,000 | 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) | 143,980 | |||
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 and Restricted Stock Units | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Antidilutive securities excluded from earnings per share (in shares) | 699 | |||
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) | 147,840 | 142,100 | 240,654 | 204,426 |
Convertible Preferred Stock Series A [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Antidilutive securities excluded from earnings per share (in shares) | 639,733 | 3,037,812 | ||
Convertible Preferred Stock [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Antidilutive securities excluded from earnings per share (in shares) | 19,292,641 | 19,292,641 |
GENERAL INFORMATION AND OTHE_14
GENERAL INFORMATION AND OTHER FINANCIAL DATA - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | [1] | $ 23,373 | |||
Ending balance | $ 24,554 | 24,554 | |||
Total accumulated other comprehensive income (loss) [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (444) | $ (542) | (500) | $ (939) | |
OCI before reclassifications | 7 | 13 | 25 | (273) | |
Amounts reclassified from AOCI | 19 | 16 | 57 | 699 | |
Net OCI | 26 | 29 | 82 | 426 | |
Ending balance | (418) | (513) | (418) | (513) | |
Foreign currency translation adjustments [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (88) | (83) | (64) | (607) | |
OCI before reclassifications | 0 | 6 | (24) | (115) | |
Amounts reclassified from AOCI | 0 | 0 | 0 | 645 | |
Net OCI | 0 | 6 | (24) | 530 | |
Ending balance | (88) | (77) | (88) | (77) | |
Foreign currency translation adjustments [Member] | IEnova [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
AOCI associated with noncontrolling interests | (4) | 3 | 20 | 3 | |
Financial instruments [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (265) | (361) | (331) | (215) | |
OCI before reclassifications | 15 | 14 | 52 | (153) | |
Amounts reclassified from AOCI | 16 | 4 | 45 | 25 | |
Net OCI | 31 | 18 | 97 | (128) | |
Ending balance | (234) | (343) | (234) | (343) | |
Financial instruments [Member] | IEnova [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
AOCI associated with noncontrolling interests | (2) | 2 | 12 | 2 | |
Pension and other postretirement benefits [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Beginning balance | (91) | (98) | (105) | (117) | |
OCI before reclassifications | (8) | (7) | (3) | (5) | |
Amounts reclassified from AOCI | 3 | 12 | 12 | 29 | |
Net OCI | (5) | 5 | 9 | 24 | |
Ending balance | (96) | (93) | (96) | (93) | |
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 | ||||
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 | 8,334 | 8,334 | |||
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) | (12) | (10) | (16) | |
Amounts reclassified from AOCI | 1 | 1 | 4 | ||
Net OCI | (1) | 1 | 4 | ||
Ending balance | (9) | 12 | (9) | 12 | |
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) | (12) | (10) | (16) | |
Amounts reclassified from AOCI | 1 | 1 | 4 | ||
Net OCI | (1) | 1 | 4 | ||
Ending balance | (9) | 12 | (9) | 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 | 5,246 | 5,246 | |||
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 | (30) | (22) | (31) | (23) | |
Amounts reclassified from AOCI | 1 | 2 | 1 | ||
Net OCI | (1) | (2) | 1 | ||
Ending balance | (29) | (22) | (29) | (22) | |
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 | ||
Net OCI | 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 | (17) | (9) | (18) | (10) | |
Amounts reclassified from AOCI | 1 | 2 | 1 | ||
Net OCI | (1) | (2) | 1 | ||
Ending balance | $ (16) | $ (9) | $ (16) | $ (9) | |
[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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | $ (259) | $ (264) | $ (776) | $ (818) |
Equity earnings | 391 | 326 | 1,022 | 822 |
Energy-related businesses | 453 | 343 | 1,174 | 1,000 |
Other Income (Expense), Net | 55 | (29) | (52) | 163 |
(Loss) income from continuing operations before income taxes and equity earnings | (1,365) | 201 | (316) | 1,061 |
(Losses) earnings from discontinued operations attributable to Sempra | 0 | (7) | 0 | 1,840 |
Income tax benefit (expense) | 342 | (99) | 45 | (60) |
Net (loss) income | (632) | 421 | 751 | 3,673 |
Earnings attributable to noncontrolling interest | (5) | (22) | (48) | (201) |
San Diego Gas and Electric Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | (104) | (103) | (307) | (307) |
Other Income (Expense), Net | (4) | 2 | (61) | (47) |
(Loss) income from continuing operations before income taxes and equity earnings | 295 | 211 | 771 | 794 |
Income tax benefit (expense) | (90) | (33) | (168) | (161) |
Net (loss) income | 603 | 633 | ||
Southern California Gas Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense | (39) | (39) | (118) | (119) |
Other Income (Expense), Net | 39 | 7 | 2 | (21) |
(Loss) income from continuing operations before income taxes and equity earnings | (1,563) | (30) | (959) | 521 |
Income tax benefit (expense) | 437 | 6 | 335 | (95) |
Net (loss) income | (1,126) | (24) | (624) | 426 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Earnings attributable to common shares | 19 | 16 | 57 | 696 |
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 | 1 | 0 | 1 | 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 | 0 | 2 | 1 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign currency translation adjustments [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
(Losses) earnings from discontinued operations attributable to Sempra | 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] | ||||
(Loss) income from continuing operations before income taxes and equity earnings | 23 | 4 | 63 | 43 |
Income tax benefit (expense) | (7) | 0 | (16) | (12) |
Net (loss) income | 47 | 31 | ||
Earnings attributable to common shares | 16 | 4 | 45 | 25 |
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) | 3 | 0 | 6 |
Equity earnings | 19 | 5 | 57 | 8 |
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) | ||
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 | ||
Other Income (Expense), Net | 5 | (4) | 4 | 33 |
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 | (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 | 3 | 3 | 6 | 6 |
(Losses) earnings from discontinued operations attributable to Sempra | 0 | 6 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gain (Loss) on Pension and Other Postretirement Benefits [Member] | Southern California Gas Company [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other Income (Expense), Net | 1 | 0 | 1 | 0 |
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 | 3 | 3 |
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 (Expense), Net | 1 | 0 | 1 | 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 (Expense), Net | 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 | 13 | 7 | 22 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and Other Postretirement Benefits [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
(Loss) income from continuing operations before income taxes and equity earnings | 4 | 17 | 16 | 37 |
(Losses) earnings from discontinued operations attributable to Sempra | 0 | (2) | ||
Income tax benefit (expense) | (1) | (5) | (4) | (9) |
Net (loss) income | $ 3 | $ 12 | $ 12 | $ 26 |
GENERAL INFORMATION AND OTHE_16
GENERAL INFORMATION AND OTHER FINANCIAL DATA - SHAREHOLDER'S EQUITY AND NONCONTROLLING INTEREST (Details) $ / shares in Units, $ / shares in Units, $ in Billions | Nov. 01, 2021USD ($) | Oct. 01, 2021USD ($) | Apr. 04, 2021USD ($) | Aug. 04, 2020$ / sharesshares | Jul. 01, 2020USD ($) | Jun. 19, 2020USD ($)$ / sharesshares | Oct. 31, 2021USD ($) | Sep. 30, 2021USD ($)class$ / sharesshares | Sep. 30, 2021MXN ($)class$ / sharesshares | Jul. 31, 2021USD ($) | May 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)classshares | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)classshares | Sep. 30, 2020USD ($)shares | Jul. 15, 2021shares | Jul. 06, 2021 | Apr. 30, 2021 | Jan. 15, 2021shares | Jul. 06, 2020USD ($)shares | Mar. 30, 2020 | Dec. 31, 2019 | Sep. 11, 2007USD ($)shares |
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Shares issued (in shares) | shares | 12,306,777 | ||||||||||||||||||||||||
Repurchases of common stock | $ 1,000,000 | $ 501,000,000 | $ 39,000,000 | $ 565,000,000 | |||||||||||||||||||||
Equitization of long-term debt for deficit held by NCI | 22,000,000 | ||||||||||||||||||||||||
Income Tax Expense (Benefit) | $ (342,000,000) | $ 99,000,000 | $ (45,000,000) | $ 60,000,000 | |||||||||||||||||||||
Limited Partnership distributions (as a percent) | 85.00% | ||||||||||||||||||||||||
Number of authorized classes of units | class | 2 | 2 | 2 | 2 | |||||||||||||||||||||
Limited Partnership Agreement, Ownership Percentage | 80.00% | 80.00% | 80.00% | 80.00% | |||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | $ 2,000,000,000 | |||||||||||||||||||||||
Stock repurchase program, authorized number of shares (in shares) | shares | 0 | 0 | 0 | 0 | 25,000,000 | 40,000,000 | |||||||||||||||||||
Accelerated share repurchase program, prepaid amount | $ 500,000,000 | ||||||||||||||||||||||||
Share repurchase program, number of shares repurchased (in shares) | shares | 4,089,375 | ||||||||||||||||||||||||
Common stock repurchased, average price (in dollars per share) | $ / shares | $ 122.27 | ||||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Shares converted | shares | 5,750,000 | ||||||||||||||||||||||||
Convertible Preferred Stock Series B [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Shares converted | shares | 4,256,720 | ||||||||||||||||||||||||
Preferred stock, conversion ratio | 0.7403 | ||||||||||||||||||||||||
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 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 | $ 889,000,000 | ||||||||||||||||||||||||
Preferred stock, discount | $ 11,000,000 | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||||||||||||||||||||||||
Forecast [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Direct and indirect net debt at closing | $ 8,370,000,000 | ||||||||||||||||||||||||
Subsequent Event [Member] | KKR [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Disbursements to be paid | $ 300,000,000 | ||||||||||||||||||||||||
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 | 51,014,545 | 51,014,545 | 381,015,194 | ||||||||||||||||||||||
Common stock exchange ratio | 0.0323 | ||||||||||||||||||||||||
Value of shares acquired | $ 202,000,000 | $ 4 | |||||||||||||||||||||||
Common Shares Repurchased, Share Price | (per share) | $ 3.95 | $ 78.97 | |||||||||||||||||||||||
Increase in stockholders' equity | $ 84,000,000 | ||||||||||||||||||||||||
Infraestructura Energética Nova [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Income Tax Expense (Benefit) | $ 72,000,000 | ||||||||||||||||||||||||
Sempra Energy [Member] | Series B Preferred Stock [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Percentage of common shares held (as a percent) | 1.00% | ||||||||||||||||||||||||
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 | 14,000,000 | $ 1,361,000,000 | |||||||||||||||||||||||
Transaction costs | $ 1,000,000 | $ 12,000,000 | |||||||||||||||||||||||
Ownership interest (as a percent) | 99.90% | 99.90% | 96.40% | 99.90% | 99.90% | 70.20% | |||||||||||||||||||
Noncontrolling Interest, Remaining Shares Of Noncontrolling Interest | shares | 1,212,981 | 1,212,981 | 1,212,981 | 1,212,981 | |||||||||||||||||||||
IEnova [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Ownership interest (as a percent) | 99.90% | ||||||||||||||||||||||||
Sempra Global | KKR [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Purchase price of equity interests | $ 3,370,000,000 | ||||||||||||||||||||||||
Sempra Global | Subsequent Event [Member] | KKR [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Noncontrolling Interest, Payment For Reimbursement of Expenses | $ 149,000,000 | ||||||||||||||||||||||||
Sale of Noncontrolling Interest, Downward Price Adjustment | $ 1,000,000 | ||||||||||||||||||||||||
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 | $ 7,000,000 | ||||||||||||||||||||||||
Equitization of long-term debt for deficit held by NCI | 22,000,000 | ||||||||||||||||||||||||
Increase from equity of noncontrolling interest | $ 2,000,000 | ||||||||||||||||||||||||
Sempra Mexico [Member] | ICM Ventures Holdings B.V. [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 | 57,547,381 | ||||||||||||||||||||||||
Repurchases of common stock | $ 167,000,000 | ||||||||||||||||||||||||
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 | $ 7,000,000 | $ 9,000,000 | |||||||||||||||||||||||
Sempra Mexico [Member] | IEnova [Member] | |||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||
Ownership interest (as a percent) | 69.20% | 69.20% | 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% |
GENERAL INFORMATION AND OTHE_17
GENERAL INFORMATION AND OTHER FINANCIAL DATA - OTHER NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | |||
Other noncontrolling interests | $ 30 | $ 1,541 | [1] |
IEnova [Member] | Sempra Mexico [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 0.10% | 29.80% | |
Other noncontrolling interests | $ 2 | $ 1,487 | |
IEnova subsidiaries [Member] | Sempra Mexico [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 0.00% | 17.50% | |
Other noncontrolling interests | $ 0 | $ 7 | |
ECA LNG Proposed Liquefaction Project [Member] | Sempra LNG [Member] | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage | 16.60% | 29.00% | |
Other noncontrolling interests | $ 28 | $ 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) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2021MXN ($) | Mar. 31, 2021 | ||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - current | $ 30,000,000 | $ 20,000,000 | [1] | ||
Due from unconsolidated affiliates - noncurrent | 684,000,000 | 780,000,000 | [1] | ||
Due to unconsolidated affiliates, current | (42,000,000) | (45,000,000) | [1] | ||
Due to unconsolidated affiliates - noncurrent | (286,000,000) | $ (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 from unconsolidated affiliates - current | 1,000,000 | 0 | |||
Due to unconsolidated affiliates, current | (61,000,000) | (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 | (45,000,000) | (38,000,000) | |||
Income taxes due (to) from Sempra Energy | 29,000,000 | 0 | |||
San Diego Gas and Electric Company [Member] | Due to/from SoCalGas [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates, current | (9,000,000) | (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 | (7,000,000) | (5,000,000) | |||
Southern California Gas Company [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - current | 11,000,000 | 22,000,000 | [1] | ||
Due to unconsolidated affiliates, current | (45,000,000) | (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 | (45,000,000) | (31,000,000) | |||
Income taxes due (to) from Sempra Energy | 1,000,000 | (37,000,000) | |||
Southern California Gas Company [Member] | Due to/from Other affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - current | 2,000,000 | 1,000,000 | |||
Southern California Gas Company [Member] | Due to/from SDG&E | |||||
Related Party Transaction [Line Items] | |||||
Due from unconsolidated affiliates - current | 9,000,000 | 21,000,000 | |||
Sempra Mexico [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates - noncurrent | (286,000,000) | (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 | 684,000,000 | 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 | $ 689,000,000 | $ 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 | 7.02% | ||||
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 | $ (174,000,000) | (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 | (71,000,000) | (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 | |||
Five Point Five Percent Notes Due 2029 | Sempra Mexico [Member] | TAG Pipeline Norte [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to unconsolidated affiliates - noncurrent | $ (20,000,000) | $ 0 | |||
Stated rate of debt (as a percent) | 5.50% | 5.50% | |||
[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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 7 | $ 9 | $ 22 | $ 31 |
Costs of sales to related parties | 0 | 9 | 11 | 35 |
Interest income | 11 | 12 | 38 | 44 |
Interest expense | 4 | 4 | 11 | 11 |
San Diego Gas and Electric Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 3 | 1 | 7 | 4 |
Costs of sales to related parties | 20 | 17 | 75 | 56 |
Southern California Gas Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | 24 | 23 | 72 | 61 |
Costs of sales to related parties | $ (2) | $ 2 | $ 1 | $ 2 |
GENERAL INFORMATION AND OTHE_20
GENERAL INFORMATION AND OTHER FINANCIAL DATA - OTHER (EXPENSE) INCOME, NET (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income [Line Items] | ||||
Allowance for equity funds used during construction | $ 31 | $ 34 | $ 103 | $ 96 |
Investment gains | 0 | 16 | 28 | 9 |
(Losses) gains on interest rate and foreign exchange instruments, net | (3) | 19 | (26) | (129) |
Foreign currency transaction (losses) gains, net(2) | (17) | 15 | (10) | (95) |
Non-service component of net periodic benefit cost | (66) | (48) | (52) | (45) |
Fine related to Energy Efficiency Program inquiry | 0 | (6) | 0 | (6) |
Interest on regulatory balancing accounts, net | 2 | 0 | 5 | 13 |
Sundry, net | (2) | (1) | 4 | (6) |
Total | (55) | 29 | 52 | (163) |
San Diego Gas and Electric Company [Member] | ||||
Other Income [Line Items] | ||||
Allowance for equity funds used during construction | 18 | 21 | 63 | 61 |
Non-service component of net periodic benefit cost | (15) | (18) | (10) | (15) |
Fine related to Energy Efficiency Program inquiry | 0 | (6) | 0 | (6) |
Interest on regulatory balancing accounts, net | 2 | 0 | 5 | 8 |
Sundry, net | (1) | 1 | 3 | (1) |
Total | 4 | (2) | 61 | 47 |
Southern California Gas Company [Member] | ||||
Other Income [Line Items] | ||||
Allowance for equity funds used during construction | 13 | 11 | 36 | 29 |
Non-service component of net periodic benefit cost | (49) | (15) | (30) | (3) |
Interest on regulatory balancing accounts, net | 0 | 0 | 0 | 5 |
Sundry, net | (3) | (3) | (8) | (10) |
Total | (39) | (7) | (2) | 21 |
Sempra Mexico [Member] | IMG [Member] | ||||
Other Income [Line Items] | ||||
Foreign currency transaction (losses) gains, net(2) | $ (18) | $ 15 | $ (13) | $ (120) |
GENERAL INFORMATION AND OTHE_21
GENERAL INFORMATION AND OTHER FINANCIAL DATA - INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||||
Income tax (benefit) expense from continuing operations | $ (342) | $ 99 | $ (45) | $ 60 |
(Loss) income from continuing operations before income taxes and equity earnings | (1,365) | 201 | (316) | 1,061 |
Equity earnings (losses), before income tax: | 137 | 117 | 457 | 158 |
Pretax (loss) income | $ (1,228) | $ 318 | $ 141 | $ 1,219 |
Effective income tax rate (as a percent) | 28.00% | 31.00% | (32.00%) | 5.00% |
Income tax benefit related to the increase in outside basis differences | $ 7 | |||
San Diego Gas and Electric Company [Member] | ||||
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||||
Income tax (benefit) expense from continuing operations | $ 90 | $ 33 | $ 168 | 161 |
(Loss) income from continuing operations before income taxes and equity earnings | $ 295 | $ 211 | $ 771 | $ 794 |
Effective income tax rate (as a percent) | 31.00% | 16.00% | 22.00% | 20.00% |
Southern California Gas Company [Member] | ||||
Income Tax Expense And Effective Income Tax Rates Disclosure [Line Items] | ||||
Income tax (benefit) expense from continuing operations | $ (437) | $ (6) | $ (335) | $ 95 |
(Loss) income from continuing operations before income taxes and equity earnings | $ (1,563) | $ (30) | $ (959) | $ 521 |
Effective income tax rate (as a percent) | 28.00% | 20.00% | 35.00% | 18.00% |
REVENUES - DISAGGREGATION OF RE
REVENUES - DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ 2,648 | $ 2,348 | $ 8,259 | $ 7,479 |
Utilities regulatory revenues | 235 | 200 | 417 | 352 |
Other revenues | 130 | 96 | 337 | 368 |
Total revenues | 3,013 | 2,644 | 9,013 | 8,199 |
Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 2,325 | 2,101 | 7,422 | 6,847 |
Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 323 | 247 | 837 | 632 |
Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,320 | 1,077 | 4,823 | 4,171 |
Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,328 | 1,271 | 3,436 | 3,308 |
Operating Segments [Member] | San Diego Gas and Electric Company [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,369 | 1,301 | 3,755 | 3,610 |
Utilities regulatory revenues | 95 | 171 | 364 | 366 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 1,464 | 1,472 | 4,119 | 3,976 |
Operating Segments [Member] | San Diego Gas and Electric Company [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,369 | 1,301 | 3,755 | 3,610 |
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 | 145 | 126 | 580 | 518 |
Operating Segments [Member] | San Diego Gas and Electric Company [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1,224 | 1,175 | 3,175 | 3,092 |
Operating Segments [Member] | Southern California Gas Company [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 966 | 813 | 3,685 | 3,261 |
Utilities regulatory revenues | 140 | 29 | 53 | (14) |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 1,106 | 842 | 3,738 | 3,247 |
Operating Segments [Member] | Southern California Gas Company [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 966 | 813 | 3,685 | 3,261 |
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 | 966 | 813 | 3,685 | 3,261 |
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 | 341 | 256 | 920 | 658 |
Utilities regulatory revenues | 0 | 0 | 0 | 0 |
Other revenues | 256 | 95 | 448 | 277 |
Total revenues | 597 | 351 | 1,368 | 935 |
Operating Segments [Member] | Sempra Mexico [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 17 | 12 | 61 | 42 |
Operating Segments [Member] | Sempra Mexico [Member] | Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 324 | 244 | 859 | 616 |
Operating Segments [Member] | Sempra Mexico [Member] | Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 231 | 159 | 635 | 439 |
Operating Segments [Member] | Sempra Mexico [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 110 | 97 | 285 | 219 |
Operating Segments [Member] | Sempra LNG [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 144 | 35 | 260 | 56 |
Utilities regulatory revenues | 0 | 0 | 0 | 0 |
Other revenues | (25) | 28 | 107 | 199 |
Total revenues | 119 | 63 | 367 | 255 |
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 | 144 | 35 | 260 | 56 |
Operating Segments [Member] | Sempra LNG [Member] | Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 143 | 33 | 257 | 51 |
Operating Segments [Member] | Sempra LNG [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | 1 | 2 | 3 | 5 |
Consolidation, Eliminations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (172) | (57) | (361) | (106) |
Utilities regulatory revenues | 0 | 0 | 0 | 0 |
Other revenues | (101) | (27) | (218) | (108) |
Total revenues | (273) | (84) | (579) | (214) |
Consolidation, Eliminations [Member] | Utilities service line [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (27) | (25) | (79) | (66) |
Consolidation, Eliminations [Member] | Energy-Related Businesses [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (145) | (32) | (282) | (40) |
Consolidation, Eliminations [Member] | Gas market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | (165) | (54) | (334) | (98) |
Consolidation, Eliminations [Member] | Electric market [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers | $ (7) | $ (3) | $ (27) | $ (8) |
REVENUES - PERFORMANCE OBLIGATI
REVENUES - PERFORMANCE OBLIGATIONS (Details) $ in Millions | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 5,683 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 88 |
Revenues to be recognized, period of recognition | 3 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 | $ 368 |
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 | $ 367 |
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 | $ 367 |
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 | $ 364 |
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 | $ 4,129 |
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 | $ 84 |
San Diego Gas and Electric Company [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 1 |
Revenues to be recognized, period of recognition | 3 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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, opening balance | $ (207) | $ (163) |
Revenue from performance obligations satisfied during reporting period | 36 | 3 |
Payments received in advance | (1) | 0 |
Contract liabilities, closing balance | (172) | (160) |
Other Current Liabilities [Member] | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | (8) | |
Deferred Credits and Other [Member] | ||
Contract with Customer, Liability [Roll Forward] | ||
Contract liabilities, closing balance | (164) | |
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 | 3 | 3 |
Contract liabilities, closing balance | (84) | $ (88) |
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 | $ (80) |
REVENUES - RECEIVABLES FROM REV
REVENUES - RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | $ 1,350 | $ 1,462 |
Accounts receivable – trade, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 1,216 | 1,447 |
Accounts receivable – other, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 17 | 12 |
Due from unconsolidated affiliates – current [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 2 | 3 |
Other long-term assets [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 115 | 0 |
San Diego Gas and Electric Company [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 703 | 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 | 642 | 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 | 11 | 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 |
San Diego Gas and Electric Company [Member] | Other long-term assets [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 47 | 0 |
Southern California Gas Company [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 536 | 790 |
Southern California Gas Company [Member] | Accounts receivable – trade, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 462 | 786 |
Southern California Gas Company [Member] | Accounts receivable – other, net [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 6 | 4 |
Southern California Gas Company [Member] | Other long-term assets [Member] | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | $ 68 | $ 0 |
REGULATORY MATTERS - REGULATORY
REGULATORY MATTERS - REGULATORY ACCOUNTS (Details) - USD ($) $ in Millions | Sep. 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) | $ (1,323) | $ (1,500) |
San Diego Gas and Electric Company [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Regulatory balancing accounts - net undercollected, Noncurrent | 331 | 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) | (88) | (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) | 72 | 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) | 19 | 50 |
San Diego Gas and Electric Company [Member] | Removal obligations [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (2,228) | (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) | 121 | 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) | 85 | 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) | 23 | 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) | 60 | 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) | (138) | (158) |
San Diego Gas and Electric Company [Member] | GRC retroactive impacts [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 14 | 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) | 535 | 233 |
San Diego Gas and Electric Company [Member] | Other regulatory assets [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 110 | 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) | (1,360) | (1,548) |
Southern California Gas Company [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Regulatory balancing accounts - net undercollected, Noncurrent | 472 | 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) | 9 | (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) | 342 | 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) | (649) | (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) | (138) | (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) | 299 | 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) | (274) | (253) |
Southern California Gas Company [Member] | GRC retroactive impacts [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 51 | 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) | 85 | (58) |
Southern California Gas Company [Member] | Other regulatory assets [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | 160 | 75 |
Southern California Gas Company [Member] | Net Regulatory Assets (Liabilities) SoCalGas [Member] | ||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | ||
Net regulatory assets (liabilities) | (43) | (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) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2020 | Oct. 31, 2019 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2021 | Dec. 31, 2019 | Jan. 01, 2022 | Aug. 31, 2021 | |
California Public Utilities Commission [Member] | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
CCM Benchmark Rate, Variable Rate | 1.00% | ||||||||||
San Diego Gas and Electric Company [Member] | |||||||||||
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 | ||||||||||
San Diego Gas and Electric Company [Member] | California Public Utilities Commission [Member] | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
CCM Benchmark Rate | 4.498% | ||||||||||
Authorized Capital Structure, Common Equity Ratio | 52.00% | 54.00% | |||||||||
Authorized Capital Structure, Authorized ROE | 10.20% | 10.55% | |||||||||
Authorized Capital Structure, Cost of Debt | 4.59% | 3.84% | |||||||||
Authorized Capital Structure, Proposed Return on Base Rate | 7.55% | 7.46% | |||||||||
Percentage below CCM benchmark rate | 1.17% | ||||||||||
San Diego Gas and Electric Company [Member] | California Public Utilities Commission [Member] | Forecast [Member] | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Authorized Capital Structure, Authorized ROE | 9.62% | ||||||||||
San Diego Gas and Electric Company [Member] | California Public Utilities Commission [Member] | Energy Efficiency Program Inquiry [Member] | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Equity losses on investment | $ 36 | $ 51 | |||||||||
Litigation fines | $ 6 | $ 6 | |||||||||
Loss contingency, loss in period, after tax | $ 29 | $ 44 | |||||||||
San Diego Gas and Electric Company [Member] | Federal Energy Regulatory Commission [Member] | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Additional FERC revenues | $ 17 | ||||||||||
San Diego Gas and Electric Company [Member] | Common Equity [Member] | Federal Energy Regulatory Commission [Member] | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
Approved return on equity, percentage | 10.05% | ||||||||||
Southern California Gas Company [Member] | California Public Utilities Commission [Member] | |||||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||||
CCM Benchmark Rate | 4.029% |
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 | 9 Months Ended | |||
Jun. 30, 2020 | Apr. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
(Loss) income from discontinued operations, net of income tax | $ 0 | $ (7) | $ 0 | $ 1,850 | ||
Earnings attributable to noncontrolling interests | 0 | 0 | 0 | (10) | ||
(Losses) earnings from discontinued operations attributable to Sempra | $ 0 | (7) | $ 0 | 1,840 | ||
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] | ||||||
(Loss) gain on sale of discontinued operations | (16) | 2,899 | ||||
Revenues | 0 | 570 | ||||
Cost of sales | 0 | (364) | ||||
Operating expenses | 0 | (66) | ||||
Interest and other | 0 | (3) | ||||
Income before income taxes | (16) | 3,036 | ||||
Income tax benefit (expense) | 9 | (1,186) | ||||
(Loss) income from discontinued operations, net of income tax | (7) | 1,850 | ||||
(Losses) earnings from discontinued operations attributable to Sempra | $ (7) | $ 1,840 | ||||
Cumulative foreign translation adjustments | $ 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 | |||||
(Loss) 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% | |||||
Consideration to be received | $ 2,216 | |||||
Pretax gain on sale | 628 | |||||
(Loss) gain on sale of discontinued operations | $ 248 | |||||
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% |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED ENTITIES - NARRATIVE (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jul. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jul. 31, 2021bank | Mar. 31, 2021USD ($) | Mar. 19, 2021 | Mar. 18, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Distributions from investments | $ 365,000,000 | $ 761,000,000 | ||||||||
Charge to equity earnings | $ (391,000,000) | $ (326,000,000) | (1,022,000,000) | (822,000,000) | ||||||
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 | |||||||||
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 | 151,000,000 | 209,000,000 | 151,000,000 | 209,000,000 | ||||||
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 | 5,000,000 | 5,000,000 | ||||||||
Corporate Joint Venture [Member] | Sempra LNG [Member] | Cameron LNG [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Contribution | $ 54,000,000 | 54,000,000 | ||||||||
Proceeds from dividends received | $ 496,000,000 | 209,000,000 | ||||||||
Distributions from investments | 803,000,000 | |||||||||
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] | ||||||||||
Distributions from investments | 753,000,000 | |||||||||
Proceeds from related party debt | $ 753,000,000 | |||||||||
Number of banks | bank | 8 | |||||||||
Oncor Holdings [Member] | Sempra Texas Utilities [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Proceeds from dividends received | 239,000,000 | 220,000,000 | ||||||||
Distributions from investments | $ 361,000,000 | |||||||||
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 | $ 8,000,000 | ||||||||
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% | |||||||||
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 | $ 2,000,000 | 2,000,000 | ||||||||
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] | ||||||||||
Guarantees, carrying value | 22,000,000 | 22,000,000 | ||||||||
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 | $ 22,000,000 | $ 22,000,000 |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED ENTITIES - SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Operating revenues | $ 2,560 | $ 2,301 | $ 7,839 | $ 7,199 |
Other (expense) income, net | (55) | 29 | 52 | (163) |
Net income (loss) | (632) | 421 | 751 | 3,673 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | Oncor Holdings [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating revenues | 1,286 | 1,232 | 3,572 | 3,394 |
Operating expenses | (866) | (819) | (2,531) | (2,387) |
Operating income | 420 | 413 | 1,041 | 1,007 |
Interest expense | (104) | (102) | (308) | (305) |
Income tax expense | (54) | (50) | (124) | (115) |
Net income (loss) | 255 | 255 | 587 | 557 |
Noncontrolling interest held by TTI | (51) | (50) | (118) | (111) |
Earnings attributable to Sempra Energy | $ 204 | $ 205 | $ 469 | $ 446 |
DEBT AND CREDIT FACILITIES - LI
DEBT AND CREDIT FACILITIES - LINES OF CREDIT (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jul. 31, 2021 | May 31, 2021 | Sep. 30, 2021 | Nov. 01, 2021 | Jun. 30, 2021 | |
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 6,685,000,000 | $ 6,685,000,000 | ||||
Capacity for issuance of letters of credit | $ 200,000,000 | $ 200,000,000 | ||||
Maximum ratio of indebtedness to total capitalization | 65.00% | 65.00% | ||||
Standby letters of credit outstanding | $ 697,000,000 | $ 697,000,000 | ||||
Sempra U.S. Businesses [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 6,700,000,000 | 6,700,000,000 | ||||
Available unused credit | 4,573,000,000 | 4,573,000,000 | ||||
Sempra Energy [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 4,435,000,000 | $ 3,200,000,000 | 4,435,000,000 | |||
Term of debt instrument | 5 years | |||||
Available unused credit | 2,323,000,000 | 2,323,000,000 | ||||
Option to request | 500,000,000 | 500,000,000 | ||||
Sempra Energy [Member] | Subsequent Event [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt amount | $ 2,350,000,000 | |||||
San Diego Gas and Electric Company [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 1,500,000,000 | 1,500,000,000 | ||||
Available unused credit | 1,500,000,000 | 1,500,000,000 | ||||
Capacity for issuance of letters of credit | 100,000,000 | 100,000,000 | ||||
Option to request | $ 250,000,000 | $ 250,000,000 | ||||
Maximum ratio of indebtedness to total capitalization | 65.00% | 65.00% | ||||
San Diego Gas and Electric Company [Member] | Term Loan Due 2022 | Secured Debt | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt amount | $ 375,000,000 | |||||
Proceeds from debt issuance | $ 375,000,000 | |||||
Spread on variable rate (as a percent) | 0.625% | |||||
Southern California Gas Company [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 750,000,000 | $ 750,000,000 | ||||
Available unused credit | 750,000,000 | 750,000,000 | ||||
Capacity for issuance of letters of credit | 100,000,000 | 100,000,000 | ||||
Option to request | $ 250,000,000 | $ 250,000,000 | ||||
Maximum ratio of indebtedness to total capitalization | 65.00% | 65.00% | ||||
Commercial Paper | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount outstanding | $ (2,112,000,000) | $ (2,112,000,000) | ||||
Commercial Paper | Sempra Energy [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount outstanding | (2,112,000,000) | (2,112,000,000) | ||||
Commercial Paper | San Diego Gas and Electric Company [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount outstanding | 0 | 0 | ||||
Commercial Paper | Southern California Gas Company [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount outstanding | 0 | 0 | ||||
Foreign Line of Credit [Member] | Sempra Mexico [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 1,850,000,000 | 1,850,000,000 | ||||
Amount outstanding | (294,000,000) | (294,000,000) | ||||
Available unused credit | 1,556,000,000 | 1,556,000,000 | ||||
Foreign Unsecured Line of Credit | Sempra Mexico [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 470,000,000 | 470,000,000 | ||||
Amount outstanding | (287,000,000) | (287,000,000) | ||||
Available unused credit | 183,000,000 | 183,000,000 | ||||
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 | 1,500,000,000 | ||||
Amount outstanding | 0 | 0 | ||||
Available unused credit | 1,500,000,000 | 1,500,000,000 | ||||
Foreign Committed Lines of Credit, Due September 2023 [Member] | Foreign Line of Credit [Member] | Sempra Mexico [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 350,000,000 | 350,000,000 | ||||
Amount outstanding | (294,000,000) | (294,000,000) | ||||
Available unused credit | 56,000,000 | 56,000,000 | ||||
Foreign Committed Lines of Credit, Due September 2023 [Member] | Foreign Line of Credit [Member] | IEnova [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | $ 280,000,000 | |||
Spread on variable rate (as a percent) | 0.54% | |||||
Foreign Uncommitted Revolving Credit Facility September 2022 | IEnova [Member] | LIBOR [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Spread on variable rate (as a percent) | 0.10% | |||||
Foreign Uncommitted Revolving Credit Facility September 2022 | Foreign Line of Credit [Member] | Sempra Mexico [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | ||||
Amount outstanding | (250,000,000) | (250,000,000) | ||||
Available unused credit | 0 | 0 | ||||
Foreign Uncommitted Revolving Credit Facility Due August 2023 | Foreign Line of Credit [Member] | Sempra LNG [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 100,000,000 | 100,000,000 | ||||
Amount outstanding | (37,000,000) | (37,000,000) | ||||
Available unused credit | 63,000,000 | $ 63,000,000 | ||||
Foreign Uncommitted Revolving Credit Facility Due August 2023 | Foreign Unsecured Line of Credit | Sempra LNG [Member] | LIBOR [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Spread on variable rate (as a percent) | 1.05% | |||||
Foreign Uncommitted Revolving Credit Facility Due October 2023 | IEnova [Member] | LIBOR [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Spread on variable rate (as a percent) | 0.52% | |||||
Foreign Uncommitted Revolving Credit Facility Due October 2023 | Foreign Line of Credit [Member] | Sempra Mexico [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 100,000,000 | $ 100,000,000 | ||||
Amount outstanding | 0 | 0 | ||||
Available unused credit | 100,000,000 | 100,000,000 | ||||
Foreign Uncommitted Revolving Credit Facility Due October 2023-2 | Foreign Line of Credit [Member] | Sempra Mexico [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Maximum borrowing capacity | 20,000,000 | 20,000,000 | ||||
Amount outstanding | 0 | 0 | ||||
Available unused credit | $ 20,000,000 | $ 20,000,000 |
DEBT AND CREDIT FACILITIES - WE
DEBT AND CREDIT FACILITIES - WEIGHTED-AVERAGE INTEREST RATES AND INTEREST RATE SWAPS (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Sempra Energy Consolidated [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding | 0.39% | 0.83% |
San Diego Gas and Electric Company [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding | 0.76% | 0.00% |
Southern California Gas Company [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding | 0.00% | 0.14% |
DEBT AND CREDIT FACILITIES - LO
DEBT AND CREDIT FACILITIES - LONG-TERM DEBT (Details) | Nov. 01, 2021USD ($) | Oct. 13, 2021USD ($) | Oct. 08, 2021USD ($) | Mar. 19, 2021USD ($) | Aug. 31, 2021USD ($) | May 31, 2021USD ($) | Dec. 31, 2020USD ($)bank | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 6,685,000,000 | |||||||
San Diego Gas and Electric Company [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,500,000,000 | |||||||
San Diego Gas and Electric Company [Member] | Green First Mortgage Bonds Due 2051 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt amount | $ 750,000,000 | |||||||
Proceeds from debt issuance | 737,000,000 | |||||||
Unamortized debt issuance costs | $ 13,000,000 | |||||||
Stated rate of debt (as a percent) | 2.95% | |||||||
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 | |||||||
Percentage of loan bearing fixed rate | 90.00% | |||||||
Stated rate of debt (as a percent) | 6.13% | |||||||
Percentage of loan bearing variable rate | 10.00% | |||||||
Sempra Mexico [Member] | Variable Rate Loan Payable Maturing 2033 | ESJ [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off of unamortized debt issuance costs | $ 16,000,000 | |||||||
Write off of unamortized debt issuance costs, after tax and NCI | 10,000,000 | |||||||
Repayments of Debt | $ 175,000,000 | |||||||
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 Mexico [Member] | Variable Rate Loan Payable Maturing 2033 | Ventika [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Write off of unamortized debt issuance costs | $ 34,000,000 | |||||||
Write off of unamortized debt issuance costs, after tax and NCI | 20,000,000 | |||||||
Repayments of Debt | $ 375,000,000 | |||||||
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% | 2.84% | ||||||
Term of debt instrument | 5 years | |||||||
Maximum borrowing capacity | $ 1,600,000,000 | |||||||
Long-term Debt | $ 17,000,000 | $ 291,000,000 | ||||||
Number of banks | bank | 9 | |||||||
Sempra Energy [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of debt instrument | 5 years | |||||||
Maximum borrowing capacity | $ 3,200,000,000 | $ 4,435,000,000 | ||||||
Sempra Energy [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt amount | $ 2,350,000,000 | |||||||
Write off of unamortized debt issuance costs | 128,000,000 | |||||||
Write off of unamortized debt issuance costs, after tax and NCI | $ 93,000,000 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE COMMODITY VOLUMES (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021MWhMMBTU | Dec. 31, 2020MMBTUMWh | |
Natural Gas Derivative [Member] | Short | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | (14) | |
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 | (48) | (43) |
SDG&E [Member] | Natural Gas Derivative [Member] | Long | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount | MMBTU | (10) | (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 | (48) | (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 | Sep. 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 | 130 | 1,764 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivative | $ 747 | $ 1,486 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE INSTRUMENTS ON THE CONDENSED BALANCE SHEET (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Other current assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | $ 73 | $ 57 |
Additional cash collateral for commodity contracts not subject to rate recovery | 47 | 21 |
Additional cash collateral for commodity contracts subject to rate recovery | 30 | 30 |
Total | 150 | 108 |
Other long-term assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 86 | 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 | 86 | 100 |
Other Current Liabilities [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (154) | (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 | (154) | (72) |
Deferred credits and other [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (143) | (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 | (143) | (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 | 6 | 1 |
Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | ||
Derivatives designated as hedging instruments: | ||
Interest rate and foreign exchange instruments | (42) | (26) |
Designated as Hedging Instrument [Member] | Deferred credits and other [Member] | ||
Derivatives designated as hedging instruments: | ||
Interest rate and foreign exchange instruments | (134) | (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 | 252 | 82 |
Associated offsetting commodity contracts | (225) | (82) |
Associated offsetting cash collateral | 0 | |
Commodity contracts subject to rate recovery | 50 | 35 |
Associated offsetting commodity contracts | (4) | (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 | (15) | (13) |
Associated offsetting cash collateral | 0 | |
Commodity contracts subject to rate recovery | 76 | 95 |
Associated offsetting commodity contracts | 0 | 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 | (300) | (95) |
Associated offsetting commodity contracts | 225 | 82 |
Associated offsetting cash collateral | 11 | |
Commodity contracts subject to rate recovery | (52) | (35) |
Associated offsetting commodity contracts | 4 | 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 | (21) | (16) |
Associated offsetting commodity contracts | 15 | 13 |
Associated offsetting cash collateral | 0 | |
Commodity contracts subject to rate recovery | (3) | (25) |
Associated offsetting commodity contracts | 0 | 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 | 44 | 31 |
Additional cash collateral for commodity contracts subject to rate recovery | 28 | 24 |
Total | 72 | 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 | (15) | (27) |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (15) | (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 | (2) | (25) |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (2) | (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 | 47 | 32 |
Associated offsetting commodity contracts | (3) | (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 | 76 | 95 |
Associated offsetting commodity contracts | 0 | 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 | (18) | (28) |
Associated offsetting commodity contracts | 3 | 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 | (2) | (25) |
Associated offsetting commodity contracts | 0 | 0 |
Southern California Gas Company [Member] | Other current assets [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | 2 | 2 |
Additional cash collateral for commodity contracts subject to rate recovery | 2 | 6 |
Total | 4 | 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 | (33) | (6) |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (33) | (6) |
Southern California Gas Company [Member] | Deferred credits and other [Member] | ||
Derivatives not designated as hedging instruments: | ||
Net amounts presented on the balance sheet | (1) | 0 |
Additional cash collateral for commodity contracts subject to rate recovery | 0 | 0 |
Total | (1) | 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 | 3 | 3 |
Associated offsetting commodity contracts | (1) | (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 | 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 | (34) | (7) |
Associated offsetting commodity contracts | 1 | 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 | (1) | 0 |
Associated offsetting commodity contracts | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - DERIVATIVE IMPACT ON INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Pretax gain (loss) reclassified from AOCI into earnings | $ 29 | $ 25 | $ 118 | $ (135) |
Pretax (loss) gain on derivatives recognized in earnings | (3) | 19 | (26) | (129) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Pretax gain (loss) recognized in OCI | 15 | 36 | 91 | (225) |
Pretax gain (loss) reclassified from AOCI into earnings | (23) | (4) | (63) | (43) |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Pretax gain (loss) recognized in OCI | 7 | 8 | 27 | (42) |
Pretax gain (loss) reclassified from AOCI into earnings | 1 | (3) | 0 | (6) |
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Interest rate and foreign exchange instruments [Member] | ||||
Derivative [Line Items] | ||||
Pretax gain (loss) recognized in OCI | (3) | 6 | (2) | (31) |
Pretax gain (loss) reclassified from AOCI into earnings | 0 | (1) | ||
Designated as Hedging Instrument [Member] | Equity Earnings [Member] | Cash Flow Hedging [Member] | Interest Rate Contract [Member] | ||||
Derivative [Line Items] | ||||
Pretax gain (loss) recognized in OCI | 3 | 25 | 54 | (175) |
Pretax gain (loss) reclassified from AOCI into earnings | (19) | (5) | (57) | (8) |
Designated as Hedging Instrument [Member] | Equity Earnings [Member] | Cash Flow Hedging [Member] | Foreign Exchange Instruments [Member] | ||||
Derivative [Line Items] | ||||
Pretax gain (loss) recognized in OCI | 3 | (1) | 5 | 9 |
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 gain (loss) recognized in OCI | 5 | (2) | 7 | 14 |
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 | ||
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 | (5) | 4 | (4) | (33) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Pretax (loss) gain on derivatives recognized in earnings | (170) | 17 | (339) | (37) |
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 | (154) | (39) | (344) | 25 |
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 | 2 | 15 | (22) | (97) |
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 | 8 | 41 | 51 | 41 |
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 | (26) | 0 | (24) | (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 | 8 | 41 | 51 | 41 |
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 | $ (26) | $ 0 | $ (24) | $ (6) |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - CASH FLOW HEDGES NARRATIVE (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative [Line Items] | |
Cash flow hedge gain (loss) to be reclassified | $ (104) |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Derivative fair value | $ 63 | $ 16 |
Collateral | 63 | |
Southern California Gas Company [Member] | ||
Derivative [Line Items] | ||
Derivative fair value | 34 | $ 6 |
Collateral | $ 34 |
FAIR VALUE MEASUREMENTS - RECUR
FAIR VALUE MEASUREMENTS - RECURRING FAIR VALUE MEASURES (Details) - Recurring [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | $ 356 | $ 364 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 52 | 65 |
Nuclear decommissioning trusts - Municipal bonds | 320 | 326 |
Nuclear decommissioning trusts - Other securities | 270 | 270 |
Nuclear decommissioning trusts - Total debt securities | 642 | 661 |
Total nuclear decommissioning trusts | 998 | 1,025 |
Support Agreement, net of related guarantee fees | 7 | 7 |
Total Assets Measured at Fair Value | 1,241 | 1,240 |
Support Agreement, net of related guarantee fees | 2 | 4 |
Total Liabilities Measured at Fair Value | 299 | 264 |
Interest rate and foreign exchange instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 6 | 25 |
Derivative liabilities | 176 | 186 |
Commodity contracts not subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 31 | 4 |
Effect of netting and allocation of collateral | 47 | 21 |
Derivative liabilities | 81 | 16 |
Effect of netting and allocation of collateral | (11) | |
Commodity contracts subject to rate recovery [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 122 | 128 |
Effect of netting and allocation of collateral | 30 | 30 |
Derivative liabilities | 51 | 58 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nuclear decommissioning trusts - equity securities | 350 | 358 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 40 | 41 |
Nuclear decommissioning trusts - Municipal bonds | 0 | 0 |
Nuclear decommissioning trusts - Other securities | 0 | 0 |
Nuclear decommissioning trusts - Total debt securities | 40 | 41 |
Total nuclear decommissioning trusts | 390 | 399 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total Assets Measured at Fair Value | 493 | 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 | 47 | 21 |
Derivative liabilities | 0 | 0 |
Effect of netting and allocation of collateral | 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 | 32 | 6 |
Effect of netting and allocation of collateral | 24 | 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 | 12 | 24 |
Nuclear decommissioning trusts - Municipal bonds | 320 | 326 |
Nuclear decommissioning trusts - Other securities | 270 | 270 |
Nuclear decommissioning trusts - Total debt securities | 602 | 620 |
Total nuclear decommissioning trusts | 608 | 626 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total Assets Measured at Fair Value | 647 | 661 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Total Liabilities Measured at Fair Value | 281 | 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 | 6 | 25 |
Derivative liabilities | 176 | 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 | 31 | 4 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 81 | 16 |
Effect of netting and allocation of collateral | (11) | |
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 | 2 | 1 |
Effect of netting and allocation of collateral | 0 | 5 |
Derivative liabilities | 35 | 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 | 101 | 134 |
Support Agreement, net of related guarantee fees | 2 | 4 |
Total Liabilities Measured at Fair Value | 18 | 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 |
Effect of netting and allocation of collateral | 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 | 88 | 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 | 356 | 364 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 52 | 65 |
Nuclear decommissioning trusts - Municipal bonds | 320 | 326 |
Nuclear decommissioning trusts - Other securities | 270 | 270 |
Nuclear decommissioning trusts - Total debt securities | 642 | 661 |
Total nuclear decommissioning trusts | 998 | 1,025 |
Total Assets Measured at Fair Value | 1,146 | 1,175 |
Total Liabilities Measured at Fair Value | 17 | 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 | 120 | 126 |
Effect of netting and allocation of collateral | 28 | 24 |
Derivative liabilities | 17 | 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 | 350 | 358 |
Nuclear decommissioning trusts - Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 40 | 41 |
Nuclear decommissioning trusts - Municipal bonds | 0 | 0 |
Nuclear decommissioning trusts - Other securities | 0 | 0 |
Nuclear decommissioning trusts - Total debt securities | 40 | 41 |
Total nuclear decommissioning trusts | 390 | 399 |
Total Assets Measured at Fair Value | 444 | 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 | 32 | 5 |
Effect of netting and allocation of collateral | 22 | 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 | 12 | 24 |
Nuclear decommissioning trusts - Municipal bonds | 320 | 326 |
Nuclear decommissioning trusts - Other securities | 270 | 270 |
Nuclear decommissioning trusts - Total debt securities | 602 | 620 |
Total nuclear decommissioning trusts | 608 | 626 |
Total Assets Measured at Fair Value | 608 | 626 |
Total Liabilities Measured at Fair Value | 1 | 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 | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liabilities | 1 | 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 | 94 | 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 | 88 | 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 | 4 | 8 |
Total Liabilities Measured at Fair Value | 34 | 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 | 2 | 2 |
Effect of netting and allocation of collateral | 2 | 6 |
Derivative liabilities | 34 | 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 | 2 | 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 | 2 | 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 | 2 | 6 |
Total Liabilities Measured at Fair Value | 34 | 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 | 2 | 1 |
Effect of netting and allocation of collateral | 0 | 5 |
Derivative liabilities | 34 | 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 | 9 Months Ended | ||
Sep. 30, 2021USD ($)$ / MWh | Sep. 30, 2020USD ($)$ / MWh | Sep. 30, 2021USD ($)$ / MWh | Sep. 30, 2020USD ($)$ / MWh | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | $ 80 | $ 17 | $ 69 | $ 28 |
Realized and unrealized losses | (35) | (4) | (29) | (18) |
Allocated transmission instruments | 1 | 1 | (1) | 2 |
Settlements | 26 | 19 | 33 | 21 |
Ending balance | 72 | 33 | 72 | 33 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | 9 | 7 | 5 | (1) |
Sempra LNG [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 4 | 0 | 3 | 0 |
Realized and unrealized gains | 3 | 7 | 8 | 7 |
Settlements | (2) | (1) | (6) | (1) |
Ending balance | 5 | 6 | 5 | 6 |
Change in unrealized gains (losses) relating to instruments still held at the end of the period | 3 | 6 | 7 | 6 |
Sempra LNG [Member] | Other current assets [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
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 | 2 | 2 | ||
San Diego Gas and Electric Company [Member] | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 80 | 17 | 69 | 28 |
Realized and unrealized losses | (35) | (4) | (29) | (18) |
Allocated transmission instruments | 1 | 1 | (1) | 2 |
Settlements | 26 | 19 | 33 | 21 |
Ending balance | 72 | 33 | 72 | 33 |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 9 | $ 7 | $ 5 | $ (1) |
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 | 24.05 | 19.45 | 24.05 | 19.45 |
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 | 130.40 | 71.25 | 130.40 | 71.25 |
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 | 57.36 | 38.14 | 57.36 | 38.14 |
FAIR VALUE MEASUREMENTS - FINAN
FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | Sep. 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 | 266 | 268 |
Finance lease obligations | 1,336 | 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 | 687 | 786 |
Long-term amounts due to unconsolidated affiliate | 328 | 275 |
Total long-term debt | 21,966 | 22,259 |
Fair value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term amounts due from unconsolidated affiliates | 697 | 817 |
Long-term amounts due to unconsolidated affiliate | 347 | 266 |
Total long-term debt | 24,288 | 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 | 697 | 817 |
Long-term amounts due to unconsolidated affiliate | 347 | 266 |
Total long-term debt | 24,288 | 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 | 62 | 52 |
Finance lease obligations | 1,279 | 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 | 6,418 | 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 | 7,263 | 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 | 7,263 | 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 | 37 | 40 |
Finance lease obligations | 57 | 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 | 5,373 | 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 | 5,373 | 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) - San Diego Gas and Electric Company [Member] - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Jointly Owned Utility Plant Interests [Line Items] | ||
Anticipated term of dismantlement work | 10 years | |
Percent of dismantlement work expense (as a percent) | 20.00% | |
ARO related to decommissioning costs | $ 551 | |
Cost study estimate decommissioning escalated | $ 886 | |
Jointly Owned Nuclear Power Plant [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] | ||
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 | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | $ 728 | $ 728 | $ 731 | ||
Gross unrealized gains | 279 | 279 | 290 | ||
Gross unrealized losses | (4) | (4) | (2) | ||
Estimated fair value | 1,003 | 1,003 | 1,019 | ||
Proceeds from sales | 187 | $ 294 | 729 | $ 1,091 | |
Gross realized gains | 9 | 9 | 48 | 108 | |
Gross realized losses | (1) | $ (2) | (4) | $ (13) | |
Total debt securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 620 | 620 | 625 | ||
Gross unrealized gains | 24 | 24 | 36 | ||
Gross unrealized losses | (2) | (2) | 0 | ||
Estimated fair value | 642 | 642 | 661 | ||
U.S. government corporations and agencies [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 52 | 52 | 64 | ||
Gross unrealized gains | 0 | 0 | 1 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Estimated fair value | 52 | 52 | 65 | ||
Municipal bonds [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 307 | 307 | 308 | ||
Gross unrealized gains | 14 | 14 | 18 | ||
Gross unrealized losses | (1) | (1) | 0 | ||
Estimated fair value | 320 | 320 | 326 | ||
Other securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 261 | 261 | 253 | ||
Gross unrealized gains | 10 | 10 | 17 | ||
Gross unrealized losses | (1) | (1) | 0 | ||
Estimated fair value | 270 | 270 | 270 | ||
Equity securities [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 103 | 103 | 112 | ||
Gross unrealized gains | 255 | 255 | 254 | ||
Gross unrealized losses | (2) | (2) | (2) | ||
Estimated fair value | 356 | 356 | 364 | ||
Cash and cash equivalents [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | 7 | 7 | 3 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Estimated fair value | 7 | 7 | 3 | ||
Receivables (payables), net [Member] | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Cost | (2) | (2) | (9) | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Estimated fair value | $ (2) | $ (2) | $ (9) |
SAN ONOFRE NUCLEAR GENERATING_5
SAN ONOFRE NUCLEAR GENERATING STATION - NUCLEAR INSURANCE (Details) - San Diego Gas and Electric Company [Member] $ in Millions | Sep. 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) | Nov. 02, 2021USD ($) | Nov. 01, 2021lawsuitplaintiff | Sep. 30, 2021USD ($)lawsuit | Nov. 30, 2019violation | Jan. 31, 2017lawsuit | Jan. 31, 2019plaintiff | Sep. 30, 2021USD ($)lawsuit | Sep. 30, 2020USD ($) | Sep. 27, 2021USD ($) | Sep. 26, 2021USD ($) | Mar. 31, 2020USD ($) |
Loss Contingencies [Line Items] | |||||||||||
Liability for legal proceedings | $ 2,076,000,000 | $ 2,076,000,000 | |||||||||
Number of alleged violations | violation | 324 | ||||||||||
Guaymas-El Oro Segment, Sonora Pipeline [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Net book value of pipeline | 436,000,000 | 436,000,000 | |||||||||
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 | 1,998,000,000 | 1,998,000,000 | |||||||||
Insurance settlements receivable | 1,279,000,000 | 1,279,000,000 | |||||||||
Equity contribution from Sempra Energy | 800,000,000 | 800,000,000 | $ 0 | ||||||||
Southern California Gas Company [Member] | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Liability for legal proceedings | 1,973,000,000 | 1,973,000,000 | |||||||||
Estimate of costs | 3,199,000,000 | 3,199,000,000 | |||||||||
Net book value of Aliso Canyon facility | 863,000,000 | 863,000,000 | |||||||||
Reserve for Aliso Canyon costs | 1,976,000,000 | 1,976,000,000 | |||||||||
Loss contingency accrual | $ 277,000,000 | ||||||||||
Receivable related to natural gas leak | $ 414,000,000 | 414,000,000 | |||||||||
Insurance proceeds | $ 865,000,000 | ||||||||||
Southern California Gas Company [Member] | Shareholder Derivative Complaint [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of lawsuits | lawsuit | 4 | 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 | ||||||||||
Southern California Gas Company [Member] | Individual Plaintiff Litigation | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Percentage of plaintiffs represented | 80.00% | ||||||||||
Estimate of costs | $ 1,800,000,000 | ||||||||||
Acceptance rate of plaintiffs (as a percent) | 97.00% | ||||||||||
Southern California Gas Company [Member] | Property Class Action [Member] | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Estimate of costs | $ 40,000,000 | ||||||||||
Southern California Gas Company [Member] | Business Class Action | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Estimate of costs | $ 100,000 | ||||||||||
Sempra Mexico [Member] | Regulatory Actions by the Mexican Government | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Other intangible assets, net | $ 14,000,000 | $ 14,000,000 | |||||||||
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 | 416 | ||||||||||
Number of plaintiffs | plaintiff | 36,000 | ||||||||||
Subsequent Event [Member] | Southern California Gas Company [Member] | Proposition 65 Claims | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Payments for losses | $ 2,000,000 | ||||||||||
Insurance Receivable [Member] | Southern California Gas Company [Member] | Aliso Canyon Natural Gas Storage Facility Gas Leak [Member] | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Loss contingency accrual | 177,000,000 | ||||||||||
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 | 1,570,000,000 | 1,570,000,000 | 27,000,000 | 100,000,000 | |||||||
Loss contingency accrual, after tax | $ 1,130,000,000 | $ 1,130,000,000 | $ 22,000,000 | $ 72,000,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - OTHER LITIGATION (Details) claim in Thousands, £ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2020GBP (£) | Mar. 31, 2020GBP (£) | Jun. 30, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($) | Nov. 01, 2021claimlawsuit | Oct. 01, 2014USD ($) | 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 | $ 61 | ||||||
Cost and interest assessed | £ 21 | $ 28 | ||||||
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 | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | |||||
Reduction in carrying value | $ 44 | ||||
Net investment in sales-type lease | 60 | ||||
Selling profit | $ 16 | ||||
Income recognized at lease commencement | $ 16 | $ 0 | $ 16 | $ 1 | |
Interest income | 2 | 0 | 2 | 1 | |
Total revenues from sales-type leases(1) | 18 | 0 | 18 | 2 | |
Fixed lease payments | 80 | 48 | 192 | 145 | |
Variable lease payments | 2 | 1 | 3 | 1 | |
Total revenues from operating leases(1) | 82 | 49 | 195 | 146 | |
Depreciation expense | $ 13 | $ 10 | 35 | $ 29 | |
San Diego Gas and Electric Company [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease not yet commenced, 2021 | 1 | ||||
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 | $ 103 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - CONTRACTUAL COMMITMENTS (Details) - USD ($) $ in Millions | Jun. 08, 2021 | Sep. 30, 2021 |
Sempra LNG [Member] | Liquefied Natural Gas Contracts [Member] | ||
Loss Contingencies [Line Items] | ||
Change in 2021 | $ (277) | |
Change in 2022 | 496 | |
Change in 2023 | 279 | |
Change in 2024 | 197 | |
Change in 2025 | 153 | |
Change thereafter | 499 | |
San Diego Gas and Electric Company [Member] | ||
Loss Contingencies [Line Items] | ||
Potential monetary sanctions threshold, actual amount | 17 | |
San Diego Gas and Electric Company [Member] | Natural Gas and Electric Franchise | ||
Loss Contingencies [Line Items] | ||
Principle payments | $ 110 | |
Other Commitments, Interest Payments | $ 13 | |
Other Commitments, Payments | 11 | |
Other Commitment, to be Paid, Year One | 14 | |
Other Commitment, to be Paid, Year Two | 14 | |
Other Commitment, to be Paid, Year Three | 14 | |
Other Commitment, to be Paid, Year Four | 14 | |
Other Commitment, to be Paid, Year Five | 15 | |
Other Commitment, to be Paid, after Year Five | 55 | |
Sempra Energy [Member] | ||
Loss Contingencies [Line Items] | ||
Potential monetary sanctions threshold, actual amount | 46 | |
Southern California Gas Company [Member] | ||
Loss Contingencies [Line Items] | ||
Potential monetary sanctions threshold, actual amount | $ 15 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | ||
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | segment | 5 | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | $ 3,013 | $ 2,644 | $ 9,013 | $ 8,199 | ||
INTEREST EXPENSE | 259 | 264 | 776 | 818 | ||
INTEREST INCOME | 16 | 27 | 50 | 76 | ||
DEPRECIATION AND AMORTIZATION | 471 | 418 | 1,376 | 1,242 | ||
Income Tax Expense (Benefit) | (342) | 99 | (45) | 60 | ||
Equity earnings (losses), before income tax: | 137 | 117 | 457 | 158 | ||
Equity earnings, net of income tax: | 254 | 209 | 565 | 664 | ||
Equity earnings | 391 | 326 | 1,022 | 822 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | (648) | 351 | 650 | 3,350 | ||
Discontinued operations | 0 | (7) | 0 | 1,840 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 3,606 | 3,313 | ||||
ASSETS | 70,472 | 70,472 | $ 66,623 | [1] | ||
EQUITY METHOD AND OTHER INVESTMENTS | 13,958 | 13,958 | 13,828 | |||
Operating Segments [Member] | SDG&E [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 1,464 | 1,472 | 4,119 | 3,976 | ||
INTEREST EXPENSE | 104 | 103 | 307 | 307 | ||
INTEREST INCOME | 0 | 1 | 1 | 2 | ||
DEPRECIATION AND AMORTIZATION | 226 | 200 | 659 | 598 | ||
Income Tax Expense (Benefit) | 90 | 33 | 168 | 161 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 205 | 178 | 603 | 633 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 1,560 | 1,323 | ||||
ASSETS | 23,783 | 23,783 | 22,311 | |||
Operating Segments [Member] | SoCalGas [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 1,106 | 842 | 3,738 | 3,247 | ||
INTEREST EXPENSE | 39 | 39 | 118 | 119 | ||
INTEREST INCOME | 0 | 0 | 0 | 2 | ||
DEPRECIATION AND AMORTIZATION | 180 | 165 | 533 | 486 | ||
Income Tax Expense (Benefit) | (437) | (6) | (335) | 95 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | (1,126) | (24) | (625) | 425 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 1,417 | 1,345 | ||||
ASSETS | 19,919 | 19,919 | 18,460 | |||
Operating Segments [Member] | Sempra Texas Utilities [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
Equity earnings (losses), before income tax: | 0 | 1 | 3 | 1 | ||
Equity earnings, net of income tax: | 207 | 208 | 480 | 457 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 206 | 209 | 479 | 458 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
ASSETS | 12,580 | 12,580 | 12,542 | |||
EQUITY METHOD AND OTHER INVESTMENTS | 12,580 | 12,580 | 12,542 | |||
Operating Segments [Member] | Sempra Mexico [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 597 | 351 | 1,368 | 935 | ||
INTEREST EXPENSE | 43 | 31 | 122 | 95 | ||
INTEREST INCOME | 12 | 14 | 36 | 47 | ||
DEPRECIATION AND AMORTIZATION | 60 | 47 | 168 | 141 | ||
Income Tax Expense (Benefit) | 24 | 92 | 145 | (161) | ||
Equity earnings, net of income tax: | 47 | 1 | 85 | 207 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 164 | 50 | 225 | 302 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 260 | 443 | ||||
ASSETS | 11,339 | 11,339 | 10,752 | |||
EQUITY METHOD AND OTHER INVESTMENTS | 924 | 924 | 852 | |||
Operating Segments [Member] | Sempra LNG [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 119 | 63 | 367 | 255 | ||
INTEREST EXPENSE | 4 | 8 | 10 | 39 | ||
INTEREST INCOME | 6 | 25 | 23 | 65 | ||
DEPRECIATION AND AMORTIZATION | 3 | 2 | 8 | 7 | ||
Income Tax Expense (Benefit) | (11) | 18 | 19 | 59 | ||
Equity earnings (losses), before income tax: | 137 | 116 | 404 | 257 | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | 1 | 71 | 194 | 207 | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 362 | 196 | ||||
ASSETS | 3,335 | 3,335 | 2,205 | |||
EQUITY METHOD AND OTHER INVESTMENTS | 454 | 454 | 433 | |||
Corporate, Non-Segment [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 2 | 0 | 4 | 1 | ||
INTEREST EXPENSE | 77 | 93 | 240 | 304 | ||
INTEREST INCOME | 1 | 0 | 2 | 3 | ||
DEPRECIATION AND AMORTIZATION | 2 | 4 | 8 | 10 | ||
Income Tax Expense (Benefit) | (8) | (38) | (42) | (94) | ||
Equity earnings (losses), before income tax: | 0 | 0 | 50 | (100) | ||
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES | (98) | (126) | (226) | (515) | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 7 | 6 | ||||
ASSETS | 1,094 | 1,094 | 1,209 | |||
EQUITY METHOD AND OTHER INVESTMENTS | 0 | 0 | 1 | |||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 0 | 2 | (1) | 0 | ||
Discontinued operations | 0 | (7) | 0 | 1,840 | ||
Intersegment eliminations [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | (275) | (86) | (582) | (215) | ||
INTEREST EXPENSE | (8) | (10) | (21) | (46) | ||
INTEREST INCOME | (3) | (13) | (12) | (43) | ||
Segment Reporting Information, Additional Information [Abstract] | ||||||
ASSETS | (1,578) | (1,578) | $ (856) | |||
Intersegment eliminations [Member] | SDG&E [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 3 | 1 | 7 | 4 | ||
Intersegment eliminations [Member] | SoCalGas [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 24 | 23 | 72 | 61 | ||
Intersegment eliminations [Member] | Sempra Mexico [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 52 | 18 | 114 | 69 | ||
Intersegment eliminations [Member] | Sempra LNG [Member] | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | $ 196 | $ 44 | $ 389 | $ 81 | ||
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] |