Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2022 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 47,200,000,000 | ||
Entity Common Stock, Shares Outstanding | 314,569,519 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the Sempra Energy proxy statement to be filed for its May 2023 annual meeting of shareholders are incorporated by reference into Part III of this annual report on Form 10-K. Portions of the Southern California Gas Company information statement to be filed for its May 2023 annual meeting of shareholders are incorporated by reference into Part III of this annual report on Form 10-K. | ||
Entity Central Index Key | 0001032208 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
San Diego Gas and Electric Company | |||
Document And Entity Information [Line Items] | |||
Entity File Number | 1-03779 | ||
Entity Registrant Name | SAN DIEGO GAS & ELECTRIC COMPANY | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-1184800 | ||
Entity Address, Address Line One | 8330 Century Park Court | ||
Entity Address, City or Town | San Diego | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92123 | ||
City Area Code | (619) | ||
Local Phone Number | 696-2000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | 0 | ||
Entity Central Index Key | 0000086521 | ||
SoCalGas | |||
Document And Entity Information [Line Items] | |||
Entity File Number | 1-01402 | ||
Entity Registrant Name | SOUTHERN CALIFORNIA GAS COMPANY | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-1240705 | ||
Entity Address, Address Line One | 555 West 5th Street | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90013 | ||
City Area Code | (213) | ||
Local Phone Number | 244-1200 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Central Index Key | 0000092108 | ||
Common Stock | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, without par value | ||
Trading Symbol | SRE | ||
Security Exchange Name | NYSE | ||
5.75% Junior Subordinated Notes Due 2079 | |||
Document And Entity 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 | ||
Preferred stock | SoCalGas | |||
Document And Entity Information [Line Items] | |||
Title of 12(g) Security | 6% Preferred Stock, $25 par value | ||
Preferred Stock Series A | SoCalGas | |||
Document And Entity Information [Line Items] | |||
Title of 12(g) Security | 6% Preferred Stock, Series A, $25 par value |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | San Diego, California |
Auditor Firm ID | 34 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Natural Gas | $ 7,868 | $ 6,333 | $ 5,411 |
Electric | 4,783 | 4,658 | 4,614 |
Energy-related businesses | 1,788 | 1,866 | 1,345 |
Total revenues | 14,439 | 12,857 | 11,370 |
EXPENSES AND OTHER INCOME | |||
Operation and maintenance | (4,746) | (4,341) | (3,941) |
Aliso canyon litigation and regulatory matters | (259) | (1,593) | (307) |
Depreciation and amortization | (2,019) | (1,855) | (1,666) |
Franchise fees and other taxes | (635) | (596) | (543) |
Gain (loss) on sale of assets | 0 | 36 | (3) |
Other income (expense), net | 24 | 58 | (48) |
Interest income | 75 | 69 | 96 |
Interest expense | (1,054) | (1,198) | (1,081) |
Income from continuing operations before income taxes and equity earnings | 1,343 | 219 | 1,489 |
Income tax expense | (556) | (99) | (249) |
Equity earnings | 1,498 | 1,343 | 1,015 |
Income from continuing operations, net of tax | 2,285 | 1,463 | 2,255 |
Income from discontinued operations, net of income tax | 0 | 0 | 1,850 |
Net income | 2,285 | 1,463 | 4,105 |
Earnings attributable to noncontrolling interest | (146) | (145) | (172) |
Preferred dividends | (44) | (63) | (168) |
Preferred dividends of subsidiary | (1) | (1) | (1) |
Earnings attributable to common shares | $ 2,094 | $ 1,254 | $ 3,764 |
Basic EPS: | |||
Earnings from continuing operations attributable to common shares | $ 6.65 | $ 4.03 | $ 6.61 |
Earning from discontinued operations | 0 | 0 | 6.32 |
Earnings | $ 6.65 | $ 4.03 | $ 12.93 |
Weighted-average common shares outstanding for basic EPS (in shares) | 315,159 | 311,755 | 291,077 |
Diluted EPS: | |||
Earnings from continuing operations - Diluted EPS (in dollars per share) | $ 6.62 | $ 4.01 | $ 6.58 |
Earnings from discontinued operations | 0 | 0 | 6.30 |
Earnings | $ 6.62 | $ 4.01 | $ 12.88 |
Weighted Average Common Shares Outstanding | 316,378 | 313,036 | 292,252 |
Cost of natural gas | |||
EXPENSES AND OTHER INCOME | |||
Operating expenses | $ (2,603) | $ (1,597) | $ (925) |
Cost of electric fuel and purchased power | |||
EXPENSES AND OTHER INCOME | |||
Operating expenses | (937) | (1,010) | (1,187) |
Energy-related businesses cost of sales | |||
EXPENSES AND OTHER INCOME | |||
Operating expenses | $ (942) | $ (611) | $ (276) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 2,285 | $ 1,463 | $ 4,105 |
Other comprehensive income (loss): | |||
Total other comprehensive (loss) income | 228 | 171 | 422 |
Preferred dividends of subsidiary | (1) | (1) | (1) |
Pretax amount | |||
Net income | 2,695 | 1,417 | 5,368 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 11 | (6) | 547 |
Financial instruments | 221 | 191 | (146) |
Pension and other postretirement benefits | 3 | 28 | 11 |
Total other comprehensive (loss) income | 235 | 213 | 412 |
Comprehensive income | 2,930 | 1,630 | 5,780 |
Preferred dividends of subsidiary | (1) | (1) | (1) |
Total comprehensive income, after preferred dividends of subsidiaries | 2,929 | 1,629 | 5,779 |
Income tax (expense) benefit | |||
Net income | (556) | (99) | (1,435) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 0 | 0 | 0 |
Financial instruments | (55) | (47) | 33 |
Pension and other postretirement benefits | (6) | (6) | 1 |
Total other comprehensive (loss) income | (61) | (53) | 34 |
Comprehensive income | (617) | (152) | (1,401) |
Preferred dividends of subsidiary | 0 | 0 | 0 |
Total comprehensive income, after preferred dividends of subsidiaries | (617) | (152) | (1,401) |
Net-of-tax amount | |||
Net income | 2,139 | 1,318 | 3,933 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 11 | (6) | 547 |
Financial instruments | 166 | 144 | (113) |
Pension and other postretirement benefits | (3) | 22 | 12 |
Total other comprehensive (loss) income | 174 | 160 | 446 |
Comprehensive income | 2,313 | 1,478 | 4,379 |
Preferred dividends of subsidiary | (1) | (1) | (1) |
Total comprehensive income, after preferred dividends of subsidiaries | 2,312 | 1,477 | 4,378 |
Noncontrolling interests (after tax) | |||
Net income | 146 | 145 | 172 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 4 | (3) | (12) |
Financial instruments | 50 | 14 | (12) |
Pension and other postretirement benefits | 0 | 0 | 0 |
Total other comprehensive (loss) income | 54 | 11 | (24) |
Comprehensive income | 200 | 156 | 148 |
Preferred dividends of subsidiary | 0 | 0 | 0 |
Total comprehensive income, after preferred dividends of subsidiaries | 200 | 156 | 148 |
Total | |||
Net income | 2,285 | 1,463 | 4,105 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 15 | (9) | 535 |
Financial instruments | 216 | 158 | (125) |
Pension and other postretirement benefits | (3) | 22 | 12 |
Total other comprehensive (loss) income | 228 | 171 | 422 |
Comprehensive income | 2,513 | 1,634 | 4,527 |
Preferred dividends of subsidiary | (1) | (1) | (1) |
Total comprehensive income, after preferred dividends of subsidiaries | $ 2,512 | $ 1,633 | $ 4,526 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 370 | $ 559 |
Restricted cash | 40 | 19 |
Accounts receivable – trade, net | 2,635 | 2,071 |
Accounts receivable – other, net | 685 | 398 |
Due from unconsolidated affiliates | 54 | 23 |
Income taxes receivable | 113 | 79 |
Inventories | 403 | 389 |
Prepaid expenses | 268 | 260 |
Regulatory assets | 351 | 271 |
Fixed-price contracts and other derivatives | 803 | 179 |
Greenhouse gas allowances | 141 | 97 |
Other current assets | 49 | 30 |
Total current assets | 5,912 | 4,375 |
Other assets: | ||
Restricted cash | 52 | 3 |
Due from unconsolidated affiliates | 0 | 637 |
Regulatory assets | 2,588 | 2,011 |
Insurance receivable for Aliso Canyon costs | 0 | 360 |
Greenhouse gas allowances | 796 | 422 |
Nuclear decommissioning trusts | 841 | 1,012 |
Dedicated assets in support of certain benefit plans | 505 | 567 |
Deferred income taxes | 135 | 151 |
Right-of-use assets – operating leases | 655 | 594 |
Investment in Oncor Holdings | 13,665 | 12,947 |
Other investments | 2,012 | 1,525 |
Goodwill | 1,602 | 1,602 |
Other intangible assets | 344 | 370 |
Wildfire fund | 303 | 331 |
Other long-term assets | 1,382 | 1,244 |
Total other assets | 24,880 | 23,776 |
Property, plant and equipment: | ||
Property, plant and equipment | 63,893 | 58,940 |
Less accumulated depreciation and amortization | (16,111) | (15,046) |
Property, plant and equipment, net | 47,782 | 43,894 |
Total assets | 78,574 | 72,045 |
Current liabilities: | ||
Short-term debt | 3,352 | 3,471 |
Accounts payable – trade | 1,994 | 1,671 |
Accounts payable – other | 275 | 178 |
Dividends and interest payable | 621 | 563 |
Accrued compensation and benefits | 484 | 479 |
Regulatory liabilities | 504 | 359 |
Current portion of long-term debt and finance leases | 1,019 | 106 |
Reserve for Aliso Canyon costs | 129 | 1,980 |
Greenhouse gas obligations | 141 | 97 |
Other current liabilities | 1,380 | 1,131 |
Total current liabilities | 9,899 | 10,035 |
Long-term debt and finance leases | 24,548 | 21,068 |
Deferred credits and other liabilities: | ||
Due to unconsolidated affiliates | 301 | 287 |
Regulatory liabilities | 3,341 | 3,402 |
Greenhouse gas obligations | 565 | 225 |
Pension and other postretirement benefit plan obligations, net of plan assets | 410 | 687 |
Deferred income taxes | 4,591 | 3,477 |
Asset retirement obligations | 3,546 | 3,375 |
Deferred credits and other | 2,117 | 2,070 |
Total deferred credits and other liabilities | 14,871 | 13,523 |
Commitments and contingencies | ||
Equity: | ||
Common stock | 12,160 | 11,862 |
Retained earnings | 14,201 | 13,548 |
Accumulated other comprehensive income (loss) | (135) | (318) |
Total shareholders’ equity | 27,115 | 25,981 |
Preferred stock of subsidiary | 20 | 20 |
Other noncontrolling interests | 2,121 | 1,418 |
Total equity | 29,256 | 27,419 |
Total liabilities and shareholders’ equity | 78,574 | 72,045 |
Preferred Class C | ||
Equity: | ||
Preferred stock | $ 889 | $ 889 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
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) | 314,334,678 | 316,919,782 | 288,470,244 | 291,712,925 |
Preferred Class C | ||||
Stockholders' Equity Attributable to Parent [Abstract] | ||||
Preferred stock, shares outstanding (in shares) | 900,000 | 900,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 2,285 | $ 1,463 | $ 4,105 |
Less: Income from discontinued operations, net of income tax | 0 | 0 | (1,850) |
Income from continuing operations, net of income tax | 2,285 | 1,463 | 2,255 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,019 | 1,855 | 1,666 |
Deferred income taxes and investment tax credits | 392 | (78) | 159 |
(Gain) loss on sale of assets | 0 | (36) | 3 |
Equity earnings | (1,498) | (1,343) | (1,015) |
Foreign currency transaction losses, net | 24 | 18 | 25 |
Share-based compensation expense | 71 | 63 | 71 |
Fixed-price contracts and other derivatives | 863 | 206 | (7) |
Other | 154 | 170 | 140 |
Net change in other working capital components: | |||
Accounts receivable | (976) | (599) | (328) |
Due to/from unconsolidated affiliates, net | (31) | (1) | 12 |
Income taxes receivable/payable, net | (29) | (38) | (94) |
Inventories | (17) | (87) | (35) |
Other current assets | (1,608) | (220) | 38 |
Accounts payable | 430 | 263 | 74 |
Regulatory balancing accounts, net | 36 | 249 | (231) |
Reserve for Aliso Canyon costs | (1,851) | 1,532 | 141 |
Other current liabilities | 228 | (105) | (127) |
Insurance receivable for Aliso Canyon costs | 360 | 85 | (106) |
Distributions from investments | 854 | 941 | 651 |
Reserve for Aliso Canyon costs, noncurrent | 1 | 0 | 294 |
Changes in other noncurrent assets and liabilities, net | (565) | (496) | 56 |
Net cash provided by continuing operations | 1,142 | 3,842 | 3,642 |
Net cash used in discontinued operations | 0 | 0 | (1,051) |
Net cash provided by operating activities | 1,142 | 3,842 | 2,591 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (5,357) | (5,015) | (4,676) |
Expenditures for investments and acquisitions | (376) | (633) | (652) |
Proceeds from sale of assets | 0 | 38 | 19 |
Distributions from investments | 366 | 761 | |
Purchases of nuclear decommissioning and other trust assets | (700) | (961) | (1,439) |
Proceeds from sales of nuclear decommissioning and other trust assets | 762 | 961 | 1,439 |
Advances to unconsolidated affiliates | 0 | (8) | (92) |
Repayments of advances to unconsolidated affiliates | 626 | 38 | 7 |
Disbursement for note receivable | 0 | (305) | 0 |
Other | 6 | 11 | 15 |
Net cash used in continuing operations | (5,039) | (5,508) | (4,618) |
Net cash provided by discontinued operations | 0 | 0 | 5,171 |
Net cash (used in) provided by investing activities | (5,039) | (5,508) | 553 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Common dividends paid | (1,430) | (1,331) | (1,174) |
Preferred dividends paid | (44) | (99) | (157) |
Issuances of preferred stock, net | 0 | 0 | 891 |
Issuances of common stock, net | 4 | 5 | 11 |
Repurchases of common stock | (478) | (339) | (566) |
Issuances of debt (maturities greater than 90 days) | 9,984 | 3,773 | 6,051 |
Payments on debt (maturities greater than 90 days) and finance leases | (4,510) | (5,489) | (5,864) |
(Decrease) increase in short-term debt, net | (1,266) | 1,913 | (1,759) |
Advances from unconsolidated affiliates | 28 | 40 | 64 |
Proceeds from sales of noncontrolling interests, net | 1,732 | 3,206 | 26 |
Purchases of noncontrolling interests | 0 | (224) | (248) |
Distributions to noncontrolling interests | (237) | 0 | 0 |
Contributions from noncontrolling interests | 31 | 4 | 1 |
Other | (35) | (199) | (50) |
Net cash provided by (used in) continuing operations | 3,779 | 1,260 | (2,774) |
Net cash provided by discontinued operations | 0 | 0 | 401 |
Net cash provided by (used in) financing activities | 3,779 | 1,260 | (2,373) |
Effect of exchange rate changes in continuing operations | (1) | 2 | 0 |
Effect of exchange rate changes in discontinued operations | 0 | 0 | (3) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) | 2 | (3) |
(Decrease) increase in cash and cash equivalents | (119) | (404) | 768 |
Cash, cash equivalents and restricted cash, including discontinued operations, January 1 | 581 | 985 | 217 |
Cash, cash equivalents and restricted cash, including discontinued operations, December 31 | 462 | 581 | 985 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest payments, net of amounts capitalized | 1,014 | 1,163 | 1,046 |
Income tax payments, including discontinued operations, net of refunds | 284 | 230 | 1,385 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Contribution to Cameron LNG JV | 0 | 0 | 50 |
Distribution from Cameron LNG JV | 0 | 0 | 50 |
Increase in Cameron LNG JV investment for guarantee | 0 | 22 | 0 |
Repayment of advances from unconsolidated affiliate in lieu of distribution | 32 | 45 | 0 |
Accrued capital expenditures | 590 | 591 | 535 |
Increase in finance lease obligations for investment in PP&E | 57 | 43 | 77 |
Derecognized PP&E for net investment in sales-type lease | 0 | 44 | 0 |
Increase in ARO for investment in PP&E | 91 | 153 | 142 |
Equitization of long-term debt for deficit held by NCI | 0 | 0 | 22 |
Accrued purchase price adjustment for sale of NCI | 0 | 13 | 0 |
Issuance of common stock in exchange for NCI and related AOCI | 0 | 1,373 | 0 |
Common dividends issued in stock | 0 | 0 | 22 |
Conversion of mandatory convertible preferred stock | 0 | 2,258 | 0 |
Common Stock | |||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Dividends declared but not paid | 360 | 349 | 301 |
Preferred stock | |||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Dividends declared but not paid | $ 11 | $ 11 | $ 47 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred stock | Preferred stock Cumulative Effect, Period of Adoption, Adjusted Balance | Common stock | Common stock Cumulative Effect, Period of Adoption, Adjusted Balance | Retained earnings | Retained earnings Cumulative Effect, Period of Adoption, Adjustment | Retained earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Sempra Energy shareholders' equity | Sempra Energy shareholders' equity Cumulative Effect, Period of Adoption, Adjustment | Sempra Energy shareholders' equity Cumulative Effect, Period of Adoption, Adjusted Balance | Non- controlling interests | Non- controlling interests Cumulative Effect, Period of Adoption, Adjustment | Non- controlling interests Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred Class A | Preferred Class A Preferred stock | Preferred Class A Common stock | Preferred Class A Retained earnings | Preferred Class A Sempra Energy shareholders' equity | Preferred Class B | Preferred Class B Preferred stock | Preferred Class B Common stock | Preferred Class B Retained earnings | Preferred Class B Sempra Energy shareholders' equity | Preferred Class C | Preferred Class C Preferred stock | Preferred Class C Retained earnings | Preferred Class C Sempra Energy shareholders' equity |
Beginning Balance at Dec. 31, 2019 | $ 21,805 | $ 21,796 | $ 2,258 | $ 2,258 | $ 7,480 | $ 7,480 | $ 11,130 | $ 11,123 | $ (939) | $ (939) | $ 19,929 | $ 19,922 | $ 1,876 | $ 1,874 | ||||||||||||||||||
Beginning Balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 | $ (9) | $ (7) | $ (7) | $ (2) | ||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income | 4,105 | 3,933 | 3,933 | 172 | ||||||||||||||||||||||||||||
Other comprehensive income | 422 | 446 | 446 | (24) | ||||||||||||||||||||||||||||
Share-based compensation expense | 71 | 71 | 71 | |||||||||||||||||||||||||||||
Preferred stock dividends declared | $ (104) | $ (104) | $ (104) | $ (39) | $ (39) | $ (39) | $ (25) | $ (25) | $ (25) | |||||||||||||||||||||||
Common stock dividends declared | (1,214) | (1,214) | (1,214) | |||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | |||||||||||||||||||||||||||||
Issuances of stock | 33 | 33 | 33 | 889 | $ 889 | 889 | ||||||||||||||||||||||||||
Repurchases of common stock | (566) | (566) | (566) | |||||||||||||||||||||||||||||
Contributions | 1 | 1 | ||||||||||||||||||||||||||||||
Distributions | (1) | (1) | ||||||||||||||||||||||||||||||
Purchases | (248) | 34 | (7) | 27 | (275) | |||||||||||||||||||||||||||
Sale | 28 | 1 | 1 | 27 | ||||||||||||||||||||||||||||
Acquisition | 1 | 1 | ||||||||||||||||||||||||||||||
Equitization of long-term debt for deficit held by NCI | 22 | 22 | ||||||||||||||||||||||||||||||
Deconsolidation | (236) | (236) | ||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 24,934 | 3,147 | 7,053 | 13,673 | (500) | 23,373 | 1,561 | |||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income | 1,463 | 1,318 | 1,318 | 145 | ||||||||||||||||||||||||||||
Other comprehensive income | 171 | 160 | 160 | 11 | ||||||||||||||||||||||||||||
Share-based compensation expense | 63 | 63 | 63 | |||||||||||||||||||||||||||||
Preferred stock dividends declared | $ (19) | $ (19) | $ (19) | (44) | (44) | (44) | ||||||||||||||||||||||||||
Common stock dividends declared | (1,379) | (1,379) | (1,379) | |||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | |||||||||||||||||||||||||||||
Conversion of stock | $ (1,693) | $ 1,693 | $ (565) | $ 565 | ||||||||||||||||||||||||||||
Issuances of stock | 5 | 5 | 5 | |||||||||||||||||||||||||||||
Repurchases of common stock | (339) | (339) | (339) | |||||||||||||||||||||||||||||
Contributions | 4 | 4 | ||||||||||||||||||||||||||||||
Purchases | (152) | 1,459 | (44) | 1,415 | (1,567) | |||||||||||||||||||||||||||
Sale | 2,712 | 1,363 | 66 | 1,429 | 1,283 | |||||||||||||||||||||||||||
Deconsolidation | 1 | 1 | ||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | 27,419 | 889 | 11,862 | 13,548 | (318) | 25,981 | 1,438 | |||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||
Net income | 2,285 | 2,139 | 2,139 | 146 | ||||||||||||||||||||||||||||
Other comprehensive income | 228 | 174 | 174 | 54 | ||||||||||||||||||||||||||||
Share-based compensation expense | 71 | 71 | 71 | |||||||||||||||||||||||||||||
Preferred stock dividends declared | $ (44) | $ (44) | $ (44) | |||||||||||||||||||||||||||||
Common stock dividends declared | (1,441) | (1,441) | (1,441) | |||||||||||||||||||||||||||||
Preferred dividends of subsidiary | (1) | (1) | (1) | |||||||||||||||||||||||||||||
Issuances of stock | 4 | 4 | 4 | |||||||||||||||||||||||||||||
Repurchases of common stock | (478) | (478) | (478) | |||||||||||||||||||||||||||||
Contributions | 31 | 31 | ||||||||||||||||||||||||||||||
Distributions | (237) | (237) | ||||||||||||||||||||||||||||||
Sale | 1,419 | 701 | 9 | 710 | 709 | |||||||||||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 29,256 | $ 889 | $ 12,160 | $ 14,201 | $ (135) | $ 27,115 | $ 2,141 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock dividends declared (USD per share) | $ 4.58 | $ 4.40 | $ 4.18 |
Preferred Class A | |||
Preferred stock, dividends declared per share (USD per share) | 6 | ||
Preferred Class B | |||
Preferred stock, dividends declared per share (USD per share) | 3.38 | 6.75 | |
Preferred Class C | |||
Preferred stock, dividends declared per share (USD per share) | $ 48.75 | $ 48.75 | $ 27.90 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS - SDG&E - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Electric | $ 4,783 | $ 4,658 | $ 4,614 |
Natural Gas | 7,868 | 6,333 | 5,411 |
Operating expenses | |||
Other income, net | 24 | 58 | (48) |
Interest income | 75 | 69 | 96 |
Interest expense | (1,054) | (1,198) | (1,081) |
Income (loss) before income taxes | 1,343 | 219 | 1,489 |
Income tax expense | (556) | (99) | (249) |
Earnings attributable to common shares | 2,094 | 1,254 | 3,764 |
San Diego Gas and Electric Company | |||
Revenues | |||
Electric | 4,795 | 4,666 | 4,619 |
Natural Gas | 1,043 | 838 | 694 |
Total operating revenues | 5,838 | 5,504 | 5,313 |
Operating expenses | |||
Cost of electric fuel and purchased power | 994 | 1,069 | 1,191 |
Cost of natural gas | 363 | 242 | 162 |
Operation and maintenance | 1,677 | 1,587 | 1,455 |
Depreciation and amortization | 982 | 889 | 801 |
Franchise fees and other taxes | 373 | 350 | 331 |
Total operating expenses | 4,389 | 4,137 | 3,940 |
Operating Income | 1,449 | 1,367 | 1,373 |
Other income, net | 92 | 64 | 52 |
Interest income | 5 | 1 | 2 |
Interest expense | (449) | (412) | (413) |
Income (loss) before income taxes | 1,097 | 1,020 | 1,014 |
Income tax expense | (182) | (201) | (190) |
Earnings attributable to common shares | $ 915 | $ 819 | $ 824 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - SDG&E - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 2,285 | $ 1,463 | $ 4,105 |
Other comprehensive income (loss): | |||
Total other comprehensive (loss) income | 228 | 171 | 422 |
Pretax amount | |||
Net income | 2,695 | 1,417 | 5,368 |
Other comprehensive income (loss): | |||
Pension and other postretirement benefits | 3 | 28 | 11 |
Total other comprehensive (loss) income | 235 | 213 | 412 |
Comprehensive income | 2,929 | 1,629 | 5,779 |
Income tax (expense) benefit | |||
Net income | (556) | (99) | (1,435) |
Other comprehensive income (loss): | |||
Pension and other postretirement benefits | (6) | (6) | 1 |
Total other comprehensive (loss) income | (61) | (53) | 34 |
Comprehensive income | (617) | (152) | (1,401) |
Net-of-tax amount | |||
Net income | 2,139 | 1,318 | 3,933 |
Other comprehensive income (loss): | |||
Pension and other postretirement benefits | (3) | 22 | 12 |
Total other comprehensive (loss) income | 174 | 160 | 446 |
Comprehensive income | 2,312 | 1,477 | 4,378 |
Noncontrolling interests (after tax) | |||
Net income | 146 | 145 | 172 |
Other comprehensive income (loss): | |||
Pension and other postretirement benefits | 0 | 0 | 0 |
Total other comprehensive (loss) income | 54 | 11 | (24) |
Comprehensive income | 200 | 156 | 148 |
Total | |||
Net income | 2,285 | 1,463 | 4,105 |
Other comprehensive income (loss): | |||
Pension and other postretirement benefits | (3) | 22 | 12 |
Total other comprehensive (loss) income | 228 | 171 | 422 |
Comprehensive income | 2,512 | 1,633 | 4,526 |
San Diego Gas and Electric Company | |||
Net income | 915 | 819 | 824 |
San Diego Gas and Electric Company | Pretax amount | |||
Net income | 1,097 | 1,020 | 1,014 |
Other comprehensive income (loss): | |||
Pension and other postretirement benefits | 4 | 8 | |
Total other comprehensive (loss) income | 4 | 8 | |
Comprehensive income | 1,101 | 1,020 | 1,022 |
San Diego Gas and Electric Company | Income tax (expense) benefit | |||
Net income | (182) | (201) | (190) |
Other comprehensive income (loss): | |||
Pension and other postretirement benefits | (1) | (2) | |
Total other comprehensive (loss) income | (1) | (2) | |
Comprehensive income | (183) | (201) | (192) |
San Diego Gas and Electric Company | Net-of-tax amount | |||
Net income | 915 | 819 | 824 |
Other comprehensive income (loss): | |||
Pension and other postretirement benefits | 3 | 6 | |
Total other comprehensive (loss) income | 3 | 6 | |
Comprehensive income | $ 918 | $ 819 | $ 830 |
CONSOLIDATED BALANCE SHEETS - S
CONSOLIDATED BALANCE SHEETS - SDG&E - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 370 | $ 559 |
Accounts receivable – trade, net | 2,635 | 2,071 |
Accounts receivable – other, net | 685 | 398 |
Income taxes receivable, net | 113 | 79 |
Inventories | 403 | 389 |
Prepaid expenses | 268 | 260 |
Regulatory assets | 351 | 271 |
Greenhouse gas allowances | 141 | 97 |
Other current assets | 49 | 30 |
Total current assets | 5,912 | 4,375 |
Other assets: | ||
Regulatory assets | 2,588 | 2,011 |
Greenhouse gas allowances | 796 | 422 |
Nuclear decommissioning trusts | 841 | 1,012 |
Right-of-use assets – operating leases | 655 | 594 |
Wildfire fund | 303 | 331 |
Other long-term assets | 1,382 | 1,244 |
Total other assets | 24,880 | 23,776 |
Property, plant and equipment: | ||
Property, plant and equipment | 63,893 | 58,940 |
Less accumulated depreciation and amortization | (16,111) | (15,046) |
Property, plant and equipment, net | 47,782 | 43,894 |
Total assets | 78,574 | 72,045 |
Current liabilities: | ||
Short-term debt | 3,352 | 3,471 |
Accounts payable | 1,994 | 1,671 |
Accrued compensation and benefits | 484 | 479 |
Regulatory liabilities | 504 | 359 |
Current portion of long-term debt and finance leases | 1,019 | 106 |
Greenhouse gas obligations | 141 | 97 |
Other current liabilities | 1,380 | 1,131 |
Total current liabilities | 9,899 | 10,035 |
Long-term debt and finance leases | 24,548 | 21,068 |
Deferred credits and other liabilities: | ||
Regulatory liabilities | 3,341 | 3,402 |
Greenhouse gas obligations | 565 | 225 |
Pension obligation, net of plan assets | 410 | 687 |
Deferred income taxes | 4,591 | 3,477 |
Asset retirement obligations | 3,546 | 3,375 |
Deferred credits and other | 2,117 | 2,070 |
Total deferred credits and other liabilities | 14,871 | 13,523 |
Commitments and contingencies | ||
Equity: | ||
Common stock | 12,160 | 11,862 |
Retained earnings | 14,201 | 13,548 |
Accumulated other comprehensive income (loss) | (135) | (318) |
Total shareholders’ equity | 27,115 | 25,981 |
Total liabilities and shareholders’ equity | 78,574 | 72,045 |
San Diego Gas and Electric Company | ||
Current assets: | ||
Cash and cash equivalents | 7 | 25 |
Accounts receivable – trade, net | 799 | 715 |
Accounts receivable – other, net | 110 | 78 |
Income taxes receivable, net | 0 | 9 |
Inventories | 134 | 123 |
Prepaid expenses | 179 | 174 |
Regulatory assets | 247 | 231 |
Fixed-price contracts and other derivatives | 113 | 58 |
Greenhouse gas allowances | 22 | 13 |
Other current assets | 19 | 5 |
Total current assets | 1,630 | 1,431 |
Other assets: | ||
Regulatory assets | 1,219 | 786 |
Greenhouse gas allowances | 196 | 111 |
Nuclear decommissioning trusts | 841 | 1,012 |
Right-of-use assets – operating leases | 281 | 185 |
Wildfire fund | 303 | 331 |
Other long-term assets | 146 | 154 |
Total other assets | 2,986 | 2,579 |
Property, plant and equipment: | ||
Property, plant and equipment | 28,574 | 26,456 |
Less accumulated depreciation and amortization | (6,768) | (6,408) |
Property, plant and equipment, net | 21,806 | 20,048 |
Total assets | 26,422 | 24,058 |
Current liabilities: | ||
Short-term debt | 205 | 776 |
Accounts payable | 744 | 588 |
Due to unconsolidated affiliates | 135 | 97 |
Interest payable | 63 | 50 |
Accrued compensation and benefits | 140 | 148 |
Accrued franchise fees | 120 | 74 |
Regulatory liabilities | 110 | 14 |
Current portion of long-term debt and finance leases | 489 | 49 |
Greenhouse gas obligations | 22 | 13 |
Asset retirement obligations | 98 | 86 |
Other current liabilities | 193 | 216 |
Total current liabilities | 2,319 | 2,111 |
Long-term debt and finance leases | 8,497 | 7,581 |
Deferred credits and other liabilities: | ||
Regulatory liabilities | 2,298 | 2,302 |
Greenhouse gas obligations | 81 | 31 |
Pension obligation, net of plan assets | 42 | 25 |
Deferred income taxes | 2,540 | 2,275 |
Asset retirement obligations | 789 | 804 |
Deferred credits and other | 789 | 680 |
Total deferred credits and other liabilities | 6,539 | 6,117 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock | 0 | 0 |
Common stock | 1,660 | 1,660 |
Retained earnings | 7,414 | 6,599 |
Accumulated other comprehensive income (loss) | (7) | (10) |
Total shareholders’ equity | 9,067 | 8,249 |
Total liabilities and shareholders’ equity | $ 26,422 | $ 24,058 |
CONSOLIDATED BALANCE SHEETS -_2
CONSOLIDATED BALANCE SHEETS - SDG&E (Parentheticals) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
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) | 314,334,678 | 316,919,782 |
San Diego Gas and Electric Company | ||
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 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - SDG&E - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 2,285 | $ 1,463 | $ 4,105 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income taxes and investment tax credits | 392 | (78) | 159 |
Other | 154 | 170 | 140 |
Net change in other working capital components: | |||
Accounts receivable | (976) | (599) | (328) |
Due to/from unconsolidated affiliates, net | (31) | (1) | 12 |
Income taxes receivable/payable, net | (29) | (38) | (94) |
Inventories | (17) | (87) | (35) |
Other current assets | (1,608) | (220) | 38 |
Accounts payable | 430 | 263 | 74 |
Regulatory balancing accounts, net | 36 | 249 | (231) |
Other current liabilities | 228 | (105) | (127) |
Changes in other noncurrent assets and liabilities, net | (565) | (496) | 56 |
Net cash provided by operating activities | 1,142 | 3,842 | 2,591 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (5,357) | (5,015) | (4,676) |
Other | 6 | 11 | 15 |
Net cash (used in) provided by investing activities | (5,039) | (5,508) | 553 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Common dividends paid | (1,430) | (1,331) | (1,174) |
Issuances of debt (maturities greater than 90 days) | 9,984 | 3,773 | 6,051 |
Payments on debt (maturities greater than 90 days) and finance leases | (4,510) | (5,489) | (5,864) |
(Decrease) increase in short-term debt, net | (1,266) | 1,913 | (1,759) |
Net cash provided by (used in) financing activities | 3,779 | 1,260 | (2,373) |
(Decrease) increase in cash and cash equivalents | (119) | (404) | 768 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest payments, net of amounts capitalized | 1,014 | 1,163 | 1,046 |
Income tax payments, including discontinued operations, net of refunds | 284 | 230 | 1,385 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures | 590 | 591 | 535 |
Increase in finance lease obligations for investment in PP&E | 57 | 43 | 77 |
Increase in ARO for investment in PP&E | 91 | 153 | 142 |
San Diego Gas and Electric Company | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 915 | 819 | 824 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 982 | 889 | 801 |
Deferred income taxes and investment tax credits | 93 | 153 | 35 |
Other | 12 | (14) | 27 |
Net change in other working capital components: | |||
Accounts receivable | (163) | (105) | (134) |
Due to/from unconsolidated affiliates, net | 38 | 33 | 11 |
Income taxes receivable/payable, net | 9 | (20) | 129 |
Inventories | (11) | (19) | (10) |
Other current assets | (80) | 0 | 4 |
Accounts payable | 153 | 7 | 31 |
Regulatory balancing accounts, net | (10) | (57) | (71) |
Other current liabilities | 62 | (92) | (100) |
Changes in other noncurrent assets and liabilities, net | (271) | (218) | (158) |
Net cash provided by operating activities | 1,729 | 1,376 | 1,389 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (2,473) | (2,220) | (1,942) |
Purchases of nuclear decommissioning trust assets | (586) | (961) | (1,439) |
Proceeds from sales of nuclear decommissioning trust assets | 639 | 961 | 1,439 |
Other | 8 | 7 | 8 |
Net cash (used in) provided by investing activities | (2,412) | (2,213) | (1,934) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Common dividends paid | (100) | (300) | (200) |
Issuances of debt (maturities greater than 90 days) | 1,395 | 1,120 | 1,598 |
Payments on debt (maturities greater than 90 days) and finance leases | (425) | (613) | (510) |
(Decrease) increase in short-term debt, net | (196) | 401 | (80) |
Debt issuance costs | (9) | (8) | (11) |
Net cash provided by (used in) financing activities | 665 | 600 | 797 |
(Decrease) increase in cash and cash equivalents | (18) | (237) | 252 |
Cash and cash equivalents, January 1 | 25 | 262 | 10 |
Cash and cash equivalents, December 31 | 7 | 25 | 262 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest payments, net of amounts capitalized | 431 | 402 | 404 |
Income tax payments, including discontinued operations, net of refunds | 79 | 67 | 25 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures | 231 | 228 | 199 |
Increase in finance lease obligations for investment in PP&E | 16 | 24 | 30 |
Increase in ARO for investment in PP&E | $ 15 | $ 14 | $ 31 |
CONSOLIDATED STATEMENTS OF CH_3
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - SDG&E - USD ($) $ in Millions | Total | Common stock | Retained earnings | Accumulated other comprehensive income (loss) | Sempra Energy shareholders' equity | San Diego Gas and Electric Company | San Diego Gas and Electric Company Common stock | San Diego Gas and Electric Company Retained earnings | San Diego Gas and Electric Company Accumulated other comprehensive income (loss) | San Diego Gas and Electric Company Sempra Energy shareholders' equity |
Beginning Balance at Dec. 31, 2019 | $ 21,805 | $ 7,480 | $ 11,130 | $ (939) | $ 19,929 | $ 1,660 | $ 5,456 | $ (16) | $ 7,100 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 4,105 | 3,933 | 3,933 | $ 824 | 824 | 824 | ||||
Other comprehensive income | 422 | 446 | 446 | 6 | 6 | |||||
Common stock dividends declared | (1,214) | (1,214) | (1,214) | (200) | (200) | |||||
Ending balance at Dec. 31, 2020 | 24,934 | 7,053 | 13,673 | (500) | 23,373 | 1,660 | 6,080 | (10) | 7,730 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,463 | 1,318 | 1,318 | 819 | 819 | 819 | ||||
Other comprehensive income | 171 | 160 | 160 | |||||||
Common stock dividends declared | (1,379) | (1,379) | (1,379) | (300) | (300) | |||||
Ending balance at Dec. 31, 2021 | 27,419 | 11,862 | 13,548 | (318) | 25,981 | 1,660 | 6,599 | (10) | 8,249 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 2,285 | 2,139 | 2,139 | $ 915 | 915 | 915 | ||||
Other comprehensive income | 228 | 174 | 174 | 3 | 3 | |||||
Common stock dividends declared | (1,441) | (1,441) | (1,441) | (100) | (100) | |||||
Ending balance at Dec. 31, 2022 | $ 29,256 | $ 12,160 | $ 14,201 | $ (135) | $ 27,115 | $ 1,660 | $ 7,414 | $ (7) | $ 9,067 |
CONSOLIDATED STATEMENTS OF CH_4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - SDG&E (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock dividends declared (USD per share) | $ 4.58 | $ 4.40 | $ 4.18 |
San Diego Gas and Electric Company | |||
Common stock dividends declared (USD per share) | $ 0.86 | $ 2.57 | $ 1.72 |
CONSOLIDATED STATEMENTS OF OP_3
CONSOLIDATED STATEMENTS OF OPERATIONS - SCG - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses | |||
Aliso canyon litigation and regulatory matters | $ 259 | $ 1,593 | $ 307 |
Other income (expense), net | 24 | 58 | (48) |
Interest income | 75 | 69 | 96 |
Interest expense | (1,054) | (1,198) | (1,081) |
Income (loss) before income taxes | 1,343 | 219 | 1,489 |
Income tax benefit (expense) | (556) | (99) | (249) |
Net income | 2,285 | 1,463 | 4,105 |
Preferred dividends | (44) | (63) | (168) |
Earnings attributable to common shares | 2,094 | 1,254 | 3,764 |
SoCalGas | |||
Operating revenue | 6,840 | 5,515 | 4,748 |
Operating expenses | |||
Cost of natural gas | 2,233 | 1,369 | 783 |
Operation and maintenance | 2,402 | 2,180 | 2,029 |
Aliso canyon litigation and regulatory matters | 259 | 1,593 | 307 |
Depreciation and amortization | 761 | 716 | 654 |
Franchise fees and other taxes | 247 | 223 | 190 |
Total operating expenses | 5,902 | 6,081 | 3,963 |
Operating (loss) income | 938 | (566) | 785 |
Other income (expense), net | (8) | (14) | (28) |
Interest income | 6 | 1 | 2 |
Interest expense | (198) | (157) | (158) |
Income (loss) before income taxes | 738 | (736) | 601 |
Income tax benefit (expense) | (138) | 310 | (96) |
Net income | 600 | (426) | 505 |
Preferred dividends | (1) | (1) | (1) |
Earnings attributable to common shares | $ 599 | $ (427) | $ 504 |
CONSOLIDATED STATEMENTS OF CO_3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - SCG - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net (loss) income | $ 2,285 | $ 1,463 | $ 4,105 |
Other comprehensive income (loss): | |||
Total other comprehensive (loss) income | 228 | 171 | 422 |
Pretax amount | |||
Net (loss) income | 2,695 | 1,417 | 5,368 |
Other comprehensive income (loss): | |||
Financial instruments | 221 | 191 | (146) |
Pension and other postretirement benefits | 3 | 28 | 11 |
Total other comprehensive (loss) income | 235 | 213 | 412 |
Total comprehensive income, after preferred dividends of subsidiaries | 2,929 | 1,629 | 5,779 |
Income tax (expense) benefit | |||
Net (loss) income | (556) | (99) | (1,435) |
Other comprehensive income (loss): | |||
Financial instruments | (55) | (47) | 33 |
Pension and other postretirement benefits | (6) | (6) | 1 |
Total other comprehensive (loss) income | (61) | (53) | 34 |
Total comprehensive income, after preferred dividends of subsidiaries | (617) | (152) | (1,401) |
Net-of-tax amount | |||
Net (loss) income | 2,139 | 1,318 | 3,933 |
Other comprehensive income (loss): | |||
Financial instruments | 166 | 144 | (113) |
Pension and other postretirement benefits | (3) | 22 | 12 |
Total other comprehensive (loss) income | 174 | 160 | 446 |
Total comprehensive income, after preferred dividends of subsidiaries | 2,312 | 1,477 | 4,378 |
SoCalGas | |||
Net (loss) income | 600 | (426) | 505 |
Other comprehensive income (loss): | |||
Total other comprehensive (loss) income | 7 | (8) | |
SoCalGas | Pretax amount | |||
Net (loss) income | 738 | (736) | 601 |
Other comprehensive income (loss): | |||
Financial instruments | 1 | ||
Pension and other postretirement benefits | 8 | (12) | |
Total other comprehensive (loss) income | 9 | (12) | |
Total comprehensive income, after preferred dividends of subsidiaries | 747 | (736) | 589 |
SoCalGas | Income tax (expense) benefit | |||
Net (loss) income | (138) | 310 | (96) |
Other comprehensive income (loss): | |||
Financial instruments | 0 | ||
Pension and other postretirement benefits | (2) | 4 | |
Total other comprehensive (loss) income | (2) | 4 | |
Total comprehensive income, after preferred dividends of subsidiaries | (140) | 310 | (92) |
SoCalGas | Net-of-tax amount | |||
Net (loss) income | 600 | (426) | 505 |
Other comprehensive income (loss): | |||
Financial instruments | 1 | ||
Pension and other postretirement benefits | 6 | (8) | |
Total other comprehensive (loss) income | 7 | (8) | |
Total comprehensive income, after preferred dividends of subsidiaries | $ 607 | $ (426) | $ 497 |
CONSOLIDATED BALANCE SHEETS -_3
CONSOLIDATED BALANCE SHEETS - SCG - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 370 | $ 559 |
Accounts receivable – trade, net | 2,635 | 2,071 |
Accounts receivable – other, net | 685 | 398 |
Due from unconsolidated affiliates | 54 | 23 |
Income taxes receivable, net | 113 | 79 |
Inventories | 403 | 389 |
Regulatory assets | 351 | 271 |
Greenhouse gas allowances | 141 | 97 |
Other current assets | 49 | 30 |
Total current assets | 5,912 | 4,375 |
Other assets: | ||
Regulatory assets | 2,588 | 2,011 |
Insurance receivable for Aliso Canyon costs | 0 | 360 |
Greenhouse gas allowances | 796 | 422 |
Right-of-use assets – operating leases | 655 | 594 |
Other long-term assets | 1,382 | 1,244 |
Total other assets | 24,880 | 23,776 |
Property, plant and equipment: | ||
Property, plant and equipment | 63,893 | 58,940 |
Less accumulated depreciation and amortization | (16,111) | (15,046) |
Property, plant and equipment, net | 47,782 | 43,894 |
Total assets | 78,574 | 72,045 |
Current liabilities: | ||
Short-term debt | 3,352 | 3,471 |
Accounts payable – trade | 1,994 | 1,671 |
Accounts payable – other | 275 | 178 |
Accrued compensation and benefits | 484 | 479 |
Regulatory liabilities | 504 | 359 |
Current portion of long-term debt and finance leases | 1,019 | 106 |
Reserve for Aliso Canyon costs | 129 | 1,980 |
Greenhouse gas obligations | 141 | 97 |
Other current liabilities | 1,380 | 1,131 |
Total current liabilities | 9,899 | 10,035 |
Long-term debt and finance leases | 24,548 | 21,068 |
Deferred credits and other liabilities: | ||
Regulatory liabilities | 3,341 | 3,402 |
Greenhouse gas obligations | 565 | 225 |
Pension and other postretirement benefit plan obligations, net of plan assets | 410 | 687 |
Deferred income taxes | 4,591 | 3,477 |
Asset retirement obligations | 3,546 | 3,375 |
Deferred credits and other | 2,117 | 2,070 |
Total deferred credits and other liabilities | 14,871 | 13,523 |
Commitments and contingencies | ||
Equity: | ||
Common stock | 12,160 | 11,862 |
Retained earnings | 14,201 | 13,548 |
Accumulated other comprehensive income (loss) | (135) | (318) |
Total shareholders’ equity | 27,115 | 25,981 |
Total liabilities and shareholders’ equity | 78,574 | 72,045 |
SoCalGas | ||
Current assets: | ||
Cash and cash equivalents | 21 | 37 |
Accounts receivable – trade, net | 1,295 | 1,084 |
Accounts receivable – other, net | 293 | 58 |
Due from unconsolidated affiliates | 77 | 49 |
Income taxes receivable, net | 0 | 23 |
Inventories | 159 | 172 |
Regulatory assets | 104 | 40 |
Greenhouse gas allowances | 111 | 75 |
Other current assets | 69 | 61 |
Total current assets | 2,129 | 1,599 |
Other assets: | ||
Regulatory assets | 1,291 | 1,148 |
Insurance receivable for Aliso Canyon costs | 0 | 360 |
Greenhouse gas allowances | 551 | 290 |
Right-of-use assets – operating leases | 42 | 57 |
Other long-term assets | 583 | 627 |
Total other assets | 2,467 | 2,482 |
Property, plant and equipment: | ||
Property, plant and equipment | 25,058 | 23,104 |
Less accumulated depreciation and amortization | (7,308) | (6,861) |
Property, plant and equipment, net | 17,750 | 16,243 |
Total assets | 22,346 | 20,324 |
Current liabilities: | ||
Short-term debt | 900 | 385 |
Accounts payable – trade | 953 | 775 |
Accounts payable – other | 176 | 142 |
Due to unconsolidated affiliates | 36 | 36 |
Accrued compensation and benefits | 209 | 202 |
Regulatory liabilities | 394 | 345 |
Current portion of long-term debt and finance leases | 318 | 11 |
Reserve for Aliso Canyon costs | 129 | 1,980 |
Greenhouse gas obligations | 111 | 75 |
Asset retirement obligations | 68 | 77 |
Other current liabilities | 429 | 284 |
Total current liabilities | 3,723 | 4,312 |
Long-term debt and finance leases | 5,780 | 4,773 |
Deferred credits and other liabilities: | ||
Regulatory liabilities | 1,043 | 1,100 |
Greenhouse gas obligations | 443 | 174 |
Pension and other postretirement benefit plan obligations, net of plan assets | 277 | 551 |
Deferred income taxes | 1,306 | 1,039 |
Asset retirement obligations | 2,675 | 2,505 |
Deferred credits and other | 401 | 428 |
Total deferred credits and other liabilities | 6,145 | 5,797 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock | 22 | 22 |
Common stock | 2,316 | 1,666 |
Retained earnings | 4,384 | 3,785 |
Accumulated other comprehensive income (loss) | (24) | (31) |
Total shareholders’ equity | 6,698 | 5,442 |
Total liabilities and shareholders’ equity | 22,346 | 20,324 |
San Diego Gas and Electric Company | ||
Current assets: | ||
Cash and cash equivalents | 7 | 25 |
Accounts receivable – trade, net | 799 | 715 |
Accounts receivable – other, net | 110 | 78 |
Income taxes receivable, net | 0 | 9 |
Inventories | 134 | 123 |
Regulatory assets | 247 | 231 |
Greenhouse gas allowances | 22 | 13 |
Other current assets | 19 | 5 |
Total current assets | 1,630 | 1,431 |
Other assets: | ||
Regulatory assets | 1,219 | 786 |
Greenhouse gas allowances | 196 | 111 |
Right-of-use assets – operating leases | 281 | 185 |
Other long-term assets | 146 | 154 |
Total other assets | 2,986 | 2,579 |
Property, plant and equipment: | ||
Property, plant and equipment | 28,574 | 26,456 |
Less accumulated depreciation and amortization | (6,768) | (6,408) |
Property, plant and equipment, net | 21,806 | 20,048 |
Total assets | 26,422 | 24,058 |
Current liabilities: | ||
Short-term debt | 205 | 776 |
Accounts payable – trade | 744 | 588 |
Due to unconsolidated affiliates | 135 | 97 |
Accrued compensation and benefits | 140 | 148 |
Regulatory liabilities | 110 | 14 |
Current portion of long-term debt and finance leases | 489 | 49 |
Greenhouse gas obligations | 22 | 13 |
Asset retirement obligations | 98 | 86 |
Other current liabilities | 193 | 216 |
Total current liabilities | 2,319 | 2,111 |
Long-term debt and finance leases | 8,497 | 7,581 |
Deferred credits and other liabilities: | ||
Regulatory liabilities | 2,298 | 2,302 |
Greenhouse gas obligations | 81 | 31 |
Pension and other postretirement benefit plan obligations, net of plan assets | 42 | 25 |
Deferred income taxes | 2,540 | 2,275 |
Asset retirement obligations | 789 | 804 |
Deferred credits and other | 789 | 680 |
Total deferred credits and other liabilities | 6,539 | 6,117 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock | 0 | 0 |
Common stock | 1,660 | 1,660 |
Retained earnings | 7,414 | 6,599 |
Accumulated other comprehensive income (loss) | (7) | (10) |
Total shareholders’ equity | 9,067 | 8,249 |
Total liabilities and shareholders’ equity | 26,422 | 24,058 |
Preferred Class C | ||
Equity: | ||
Preferred stock | $ 889 | $ 889 |
CONSOLIDATED BALANCE SHEETS -_4
CONSOLIDATED BALANCE SHEETS - SCG (Parentheticals) - shares | Dec. 31, 2022 | Dec. 31, 2021 |
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) | 314,334,678 | 316,919,782 |
SoCalGas | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares authorized (in shares) | 11,000,000 | 11,000,000 |
Preferred stock, shares outstanding (in shares) | 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 |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CASH FLOWS - SCG - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ 2,285 | $ 1,463 | $ 4,105 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income taxes and investment tax credits | 392 | (78) | 159 |
Other | 154 | 170 | 140 |
Net change in other working capital components: | |||
Accounts receivable | (976) | (599) | (328) |
Due to/from unconsolidated affiliates, net | (31) | (1) | 12 |
Income taxes receivable/payable, net | (29) | (38) | (94) |
Inventories | (17) | (87) | (35) |
Other current assets | (1,608) | (220) | 38 |
Accounts payable | 430 | 263 | 74 |
Regulatory balancing accounts, net | 36 | 249 | (231) |
Reserve for Aliso Canyon costs | (1,851) | 1,532 | 141 |
Other current liabilities | 228 | (105) | (127) |
Insurance receivable for Aliso Canyon costs | 360 | 85 | (106) |
Reserve for Aliso Canyon costs, noncurrent | 1 | 0 | 294 |
Changes in other noncurrent assets and liabilities, net | (565) | (496) | 56 |
Net cash provided by operating activities | 1,142 | 3,842 | 2,591 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (5,357) | (5,015) | (4,676) |
Net cash used in investing activities | (5,039) | (5,508) | 553 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Common dividends paid | (1,430) | (1,331) | (1,174) |
Preferred dividends paid | (44) | (99) | (157) |
Issuances of debt (maturities greater than 90 days) | 9,984 | 3,773 | 6,051 |
Payments on debt (maturities greater than 90 days) and finance leases | (4,510) | (5,489) | (5,864) |
(Decrease) increase in short-term debt, net | (1,266) | 1,913 | (1,759) |
Net cash provided by (used in) financing activities | 3,779 | 1,260 | (2,373) |
(Decrease) increase in cash and cash equivalents | (119) | (404) | 768 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest payments, net of amounts capitalized | 1,014 | 1,163 | 1,046 |
Income tax payments, including discontinued operations, net of refunds | 284 | 230 | 1,385 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures | 590 | 591 | 535 |
Increase in finance lease obligations for investment in PP&E | 57 | 43 | 77 |
Increase in ARO for investment in PP&E | 91 | 153 | 142 |
SoCalGas | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | 600 | (426) | 505 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 761 | 716 | 654 |
Deferred income taxes and investment tax credits | 146 | (494) | (112) |
Other | 58 | 19 | 59 |
Net change in other working capital components: | |||
Accounts receivable | (512) | (383) | (101) |
Due to/from unconsolidated affiliates, net | (28) | (25) | (27) |
Income taxes receivable/payable, net | 23 | (43) | 189 |
Inventories | 13 | (18) | (19) |
Other current assets | (139) | (21) | (12) |
Accounts payable | 191 | 181 | 64 |
Regulatory balancing accounts, net | 46 | 306 | (160) |
Reserve for Aliso Canyon costs | (1,851) | 1,532 | 141 |
Other current liabilities | 185 | (92) | (21) |
Insurance receivable for Aliso Canyon costs | 360 | 85 | (106) |
Reserve for Aliso Canyon costs, noncurrent | 1 | 0 | 294 |
Changes in other noncurrent assets and liabilities, net | (308) | (304) | 178 |
Net cash provided by operating activities | (454) | 1,033 | 1,526 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Expenditures for property, plant and equipment | (1,993) | (1,984) | (1,843) |
Net cash used in investing activities | (1,993) | (1,984) | (1,843) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Common dividends paid | 0 | (75) | (100) |
Preferred dividends paid | (1) | (1) | (1) |
Equity contributions from Sempra Energy | 650 | 800 | 0 |
Issuances of debt (maturities greater than 90 days) | 2,094 | 0 | 949 |
Payments on debt (maturities greater than 90 days) and finance leases | (15) | (12) | (12) |
(Decrease) increase in short-term debt, net | (285) | 272 | (517) |
Debt issuance costs | (12) | 0 | (8) |
Net cash provided by (used in) financing activities | 2,431 | 984 | 311 |
(Decrease) increase in cash and cash equivalents | (16) | 33 | (6) |
Cash and cash equivalents, January 1 | 37 | 4 | 10 |
Cash and cash equivalents, December 31 | 21 | 37 | 4 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||
Interest payments, net of amounts capitalized | 173 | 151 | 146 |
Income tax payments, including discontinued operations, net of refunds | (31) | 227 | 19 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES | |||
Accrued capital expenditures | 245 | 222 | 208 |
Increase in finance lease obligations for investment in PP&E | 41 | 19 | 47 |
Increase in ARO for investment in PP&E | $ 63 | $ 125 | $ 107 |
CONSOLIDATED STATEMENTS OF CH_5
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - SCG - USD ($) $ in Millions | Total | Preferred stock | Common stock | Retained earnings | Accumulated other comprehensive income (loss) | SoCalGas | SoCalGas Preferred stock | SoCalGas Common stock | SoCalGas Retained earnings | SoCalGas Accumulated other comprehensive income (loss) |
Beginning Balance at Dec. 31, 2019 | $ 21,805 | $ 2,258 | $ 7,480 | $ 11,130 | $ (939) | $ 4,748 | $ 22 | $ 866 | $ 3,883 | $ (23) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | 4,105 | 3,933 | 505 | 505 | ||||||
Other comprehensive income | 422 | 446 | (8) | (8) | ||||||
Preferred stock dividends declared | (1) | (1) | ||||||||
Common stock dividends declared | (1,214) | (1,214) | (100) | (100) | ||||||
Ending balance at Dec. 31, 2020 | 24,934 | 3,147 | 7,053 | 13,673 | (500) | 5,144 | 22 | 866 | 4,287 | (31) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | 1,463 | 1,318 | (426) | (426) | ||||||
Other comprehensive income | 171 | 160 | ||||||||
Preferred stock dividends declared | (1) | (1) | ||||||||
Common stock dividends declared | (1,379) | (1,379) | (75) | (75) | ||||||
Equity contribution from Sempra Energy | 800 | 800 | ||||||||
Ending balance at Dec. 31, 2021 | 27,419 | 889 | 11,862 | 13,548 | (318) | 5,442 | 22 | 1,666 | 3,785 | (31) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net (loss) income | 2,285 | 2,139 | 600 | 600 | ||||||
Other comprehensive income | 228 | 174 | 7 | 7 | ||||||
Preferred stock dividends declared | (1) | (1) | ||||||||
Common stock dividends declared | (1,441) | (1,441) | ||||||||
Equity contribution from Sempra Energy | 650 | 650 | ||||||||
Ending balance at Dec. 31, 2022 | $ 29,256 | $ 889 | $ 12,160 | $ 14,201 | $ (135) | $ 6,698 | $ 22 | $ 2,316 | $ 4,384 | $ (24) |
CONSOLIDATED STATEMENTS OF CH_6
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - SCG (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock dividends declared (USD per share) | $ 4.58 | $ 4.40 | $ 4.18 |
SoCalGas | |||
Preferred stock, dividends declared per share (USD per share) | $ 1.50 | 1.50 | 1.50 |
Common stock dividends declared (USD per share) | $ 0.82 | $ 1.10 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies And Other Financial Data | SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA PRINCIPLES OF CONSOLIDATION Sempra Sempra’s Consolidated Financial Statements include the accounts of Sempra Energy, a California-based holding company doing business as Sempra, and its consolidated entities. We have four separate reportable segments, which we discuss in Note 17. 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, which is a wholly owned subsidiary of Sempra. SoCalGas SoCalGas’ common stock is wholly owned by PE, 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. We have eliminated intercompany accounts and transactions within the consolidated financial statements of each reporting entity. Use of Estimates in the Preparation of the Financial Statements We have prepared our Consolidated Financial Statements in conformity with U.S. GAAP. This requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, including the disclosure of contingent assets and liabilities at the date of the financial statements. Although we believe the estimates and assumptions are reasonable, actual amounts ultimately may differ significantly from those estimates. Discontinued Operations We completed the sales of our equity interests in our Peruvian businesses in April 2020 and our Chilean businesses in June 2020. 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 upon our decision to sell them in January 2019. These businesses are presented as discontinued operations, which we discuss further in Note 5. Our discussions in the Notes below relate only to our continuing operations unless otherwise noted. Subsequent Events We evaluated events and transactions that occurred after December 31, 2022 through the date the financial statements were issued, and in the opinion of management, the accompanying statements reflect all adjustments and disclosures necessary for a fair presentation. REGULATED OPERATIONS SDG&E’s and SoCalGas’ accounting policies and financial statements reflect the application of U.S. GAAP provisions governing rate-regulated operations and the policies of the CPUC and the FERC. Under these provisions, a regulated utility records regulatory assets, which are generally costs that would otherwise be charged to expense, if it is probable that, through the ratemaking process, the utility will recover those assets from customers. To the extent that recovery is no longer probable, the related regulatory assets are written off. Regulatory liabilities generally represent amounts collected from customers in advance of the actual expenditure by the utility. If the actual expenditures are less than amounts previously collected from ratepayers, the excess would be refunded to customers, generally by reducing future rates. Regulatory liabilities may also arise from other transactions such as unrealized gains on fixed price contracts and other derivatives or certain deferred income tax benefits that are passed through to customers in future rates. In addition, SDG&E and SoCalGas record regulatory liabilities when the CPUC or, in the case of SDG&E, the FERC, requires a refund to be made to customers or has required that a gain or other transaction of net allowable costs be given to customers over future periods. Determining probability of recovery of regulatory assets requires judgment by management and may include, but is not limited to, consideration of: ▪ the nature of the event giving rise to the assessment ▪ existing statutes and regulatory code ▪ legal precedents ▪ regulatory principles and analogous regulatory actions ▪ testimony presented in regulatory hearings ▪ regulatory orders ▪ a commission-authorized mechanism established for the accumulation of costs ▪ status of applications for rehearings or state court appeals ▪ specific approval from a commission ▪ historical experience Sempra Infrastructure’s natural gas distribution utility, Ecogas, also applies U.S. GAAP provisions for rate-regulated operations, including the same evaluation of probability of recovery of regulatory assets described above. Our Sempra Texas Utilities segment is comprised of our equity method investments in Oncor Holdings, which owns an 80.25% interest in Oncor, and Sharyland Holdings, which owns 100% of Sharyland Utilities. Oncor and Sharyland Utilities are regulated electric transmission and distribution utilities in Texas and their rates are regulated by the PUCT and, in the case of Oncor, certain cities and are subject to regulatory rate-setting processes and earnings oversight. Oncor and Sharyland Utilities prepare their financial statements in accordance with the provisions of U.S. GAAP governing rate-regulated operations. Our Sempra Infrastructure 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 currently 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 in “Property, Plant and Equipment.” FAIR VALUE MEASUREMENTS We measure certain assets and liabilities at fair value on a recurring basis, primarily NDT and benefit plan trust assets and derivatives. We also measure certain assets at fair value on a non-recurring basis in certain circumstances. A fair value measurement reflects the assumptions market participants would use in pricing an asset or liability based on the best available information. These assumptions include the risk inherent in a particular valuation technique (such as a pricing model) and the risks inherent in the inputs to the model. Also, we consider an issuer’s credit standing when measuring its liabilities at fair value. We establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Pricing inputs are unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Our Level 1 financial instruments primarily consist of listed equities, short-term investments, and U.S. government treasury securities, primarily in the NDT and benefit plan trusts, and exchange-traded derivatives. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including: ▪ quoted forward prices for commodities ▪ time value ▪ current market and contractual prices for the underlying instruments ▪ volatility factors ▪ other relevant economic measures Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument and can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Our financial instruments in this category include listed equities, domestic corporate bonds, municipal bonds and other foreign bonds, primarily in the NDT and benefit plan trusts, and non-exchange-traded derivatives such as interest rate instruments and over-the-counter forwards and options. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. Our Level 3 financial instruments consist of CRRs and fixed-price electricity positions at SDG&E and the Support Agreement at Sempra Infrastructure. CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash equivalents are highly liquid investments with original maturities of three months or less at the date of purchase. Restricted cash includes: ▪ for Sempra Infrastructure, funds fully drawn against Gazprom’s letters of credit, including draws associated with its LNG storage and regasification agreement that we discuss in Note 16, and funds denominated in Mexican pesos to pay for rights-of-way, license fees, permits, topographic surveys and other costs pursuant to trust and debt agreements related to pipeline projects ▪ for Parent and other, funds held in a delisting trust for the purpose of purchasing the remaining publicly owned IEnova shares The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Sempra’s Consolidated Balance Sheets to the sum of such amounts reported on Sempra’s Consolidated Statements of Cash Flows. RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Dollars in millions) December 31, 2022 2021 Cash and cash equivalents $ 370 $ 559 Restricted cash, current 40 19 Restricted cash, noncurrent 52 3 Total cash, cash equivalents and restricted cash on the Consolidated Statements of Cash Flows $ 462 $ 581 CREDIT LOSSES We are exposed to credit losses from financial assets measured at amortized cost, including trade and other accounts receivable, amounts due from unconsolidated affiliates, our net investment in a sales-type lease and a note receivable. We are also exposed to credit losses from off-balance sheet arrangements through Sempra’s guarantee related to Cameron LNG JV’s SDSRA, which we discuss in Note 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 receivables and customer payment patterns, historical and industry trends, counterparty creditworthiness, economic conditions and specific events, such as bankruptcies, pandemics and other factors. We write off financial assets measured at amortized cost in the period in which we determine they are not recoverable. We record recoveries of amounts previously written off when it is known that they will be recovered. In 2021, SDG&E and SoCalGas applied, on behalf of their customers, for financial assistance from the California Department of Community Services and Development under the 2021 California Arrearage Payment Program, which provided funds of $63 million and $79 million for SDG&E and SoCalGas, respectively. In the first quarter of 2022, SDG&E and SoCalGas received and applied the amounts directly to eligible customer accounts to reduce past due balances. In June 2022, AB 205 was approved establishing, among other things, the 2022 California Arrearage Payment Program. In December 2022, SDG&E and SoCalGas received funding of $51 million and $59 million, respectively, related to this program and, in January 2023, applied the amounts directly to eligible customer accounts to reduce past due balances. We provide below the changes in allowances for credit losses for trade receivables and other receivables. SDG&E and SoCalGas record changes in the allowances for credit losses related to Accounts Receivable – Trade in regulatory accounts. CHANGES IN ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) 2022 2021 2020 Sempra: Allowances for credit losses at January 1 $ 136 $ 138 $ 29 Incremental allowance upon adoption of ASU 2016-13 — — 1 Provisions for expected credit losses 123 45 124 Write-offs (78) (47) (16) Allowances for credit losses at December 31 $ 181 $ 136 $ 138 SDG&E: Allowances for credit losses at January 1 $ 66 $ 69 $ 14 Provisions for expected credit losses 54 23 65 Write-offs (42) (26) (10) Allowances for credit losses at December 31 $ 78 $ 66 $ 69 SoCalGas: Allowances for credit losses at January 1 $ 69 $ 68 $ 15 Provisions for expected credit losses 65 22 59 Write-offs (36) (21) (6) Allowances for credit losses at December 31 $ 98 $ 69 $ 68 Allowances for credit losses related to trade receivables and other receivables are included in the Consolidated Balance Sheets as follows: ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) December 31, 2022 2021 Sempra: Accounts receivable – trade, net $ 140 $ 94 Accounts receivable – other, net 40 39 Other long-term assets 1 3 Total allowances for credit losses $ 181 $ 136 SDG&E: Accounts receivable – trade, net $ 52 $ 42 Accounts receivable – other, net 25 22 Other long-term assets 1 2 Total allowances for credit losses $ 78 $ 66 SoCalGas: Accounts receivable – trade, net $ 83 $ 51 Accounts receivable – other, net 15 17 Other long-term assets — 1 Total allowances for credit losses $ 98 $ 69 As we discuss below in “Transactions with Affiliates,” we had a loan due from an unconsolidated affiliate that was paid in full in July 2022. At December 31, 2021, $1 million of expected credit losses are included in noncurrent Due From Unconsolidated Affiliates on Sempra’s Consolidated Balance Sheet. As we discuss below in “Note Receivable,” we have an interest-bearing promissory note due from KKR. On a quarterly basis, we evaluate credit losses and record allowances for expected credit losses on this note receivable, including compounded interest and unamortized transaction costs, based on published default rate studies, the maturity date of the instrument and an internally developed credit rating. At December 31, 2022 and 2021, $7 million and $8 million, respectively, of expected credit losses is included in Other Long-Term Assets on Sempra’s Consolidated Balance Sheets. As we discuss below in Note 6, Sempra provided a guarantee for the benefit of Cameron LNG JV related to amounts withdrawn by Sempra Infrastructure from the SDSRA. On a quarterly basis, we evaluate credit losses and record liabilities for expected credit losses on this off-balance sheet arrangement based on external credit ratings, published default rate studies and the maturity date of the arrangement. At December 31, 2022 and 2021, $6 million and $7 million, respectively, of expected credit losses are included in Deferred Credits and Other on Sempra’s Consolidated Balance Sheets. CONCENTRATION OF CREDIT RISK Credit risk is the risk of loss that would be incurred as a result of nonperformance by our counterparties on their contractual obligations. We have policies governing the management of credit risk that are administered by the respective credit departments at each of our segments and overseen by their separate risk management committees. This oversight includes calculating current and potential credit risk on a regular basis and monitoring actual balances in comparison to approved limits. We establish credit limits based on risk and return considerations under terms customarily available in the industry. We avoid concentration of counterparties whenever possible, and we believe our credit policies significantly reduce overall credit risk. These policies include an evaluation of: ▪ prospective counterparties’ financial condition (including credit ratings) ▪ collateral requirements ▪ the use of standardized agreements that allow for the netting of positive and negative exposures associated with a single counterparty ▪ downgrade triggers We believe that we have provided adequate reserves for counterparty nonperformance in our allowances for credit losses. When our development projects become operational, we rely significantly on the ability of suppliers to perform under long-term agreements and on our ability to enforce contract terms in the event of nonperformance. Also, the factors that we consider in evaluating a development project include negotiating customer and supplier agreements and, therefore, we rely on these agreements for future performance. We also may condition our decision to go forward on development projects on first obtaining these customer and supplier agreements. INVENTORIES SDG&E and SoCalGas value natural gas inventory using the last-in first-out method. As inventories are sold, differences between the last-in first-out valuation and the estimated replacement cost are reflected in customer rates. These differences are generally temporary, but may become permanent if the natural gas inventory withdrawn from storage during the year is not replaced by year end. SDG&E and SoCalGas generally value materials and supplies at the lower of average cost or net realizable value. Sempra Infrastructure values natural gas inventory and materials and supplies at the lower of average cost or net realizable value, and LNG inventory using the first-in first-out method. The components of inventories are as follows: INVENTORY BALANCES AT DECEMBER 31 (Dollars in millions) Sempra SDG&E SoCalGas 2022 2021 2022 2021 2022 2021 Natural gas $ 106 $ 164 $ 1 $ — $ 74 $ 114 LNG 62 27 — — — — Materials and supplies 235 198 133 123 85 58 Total $ 403 $ 389 $ 134 $ 123 $ 159 $ 172 WILDFIRE FUND In July 2019, the Wildfire Legislation was signed into law to address certain issues related to catastrophic wildfires in California and their impact on electric IOUs. Investor-owned gas distribution utilities such as SoCalGas are not covered by this legislation. The issues addressed include wildfire mitigation, cost recovery standards and requirements, a wildfire fund, a cap on liability, and the establishment of a wildfire safety board. The Wildfire Legislation established a revised legal standard for the recovery of wildfire costs (Revised Prudent Manager Standard) and established a fund (the Wildfire Fund) designed to provide liquidity to SDG&E, PG&E and Edison to pay IOU wildfire-related claims in the event that the governmental agency responsible for determining causation determines the applicable IOU’s equipment caused the ignition of a wildfire, primary insurance coverage is exceeded and certain other conditions are satisfied. A primary purpose of the Wildfire Fund is to pool resources provided by shareholders and ratepayers of the IOUs and make those resources available to reimburse the IOUs for third-party wildfire claims incurred after July 12, 2019, the effective date of the Wildfire Legislation, subject to certain limitations. An IOU may seek payment from the Wildfire Fund for settled or adjudicated third-party damage claims arising from certain wildfires that exceed, in aggregate in a calendar year, the greater of $1.0 billion or the IOU’s required amount of insurance coverage as recommended by the Wildfire Fund’s administrator. Wildfire claims approved by the Wildfire Fund’s administrator will be paid by the Wildfire Fund to the IOU to the extent funds are available. These utilized funds will be subject to review by the CPUC, which will make a determination as to the degree an IOU’s conduct related to an ignition of a wildfire was prudent or imprudent. The Revised Prudent Manager Standard requires that the CPUC apply clear standards when reviewing wildfire liability losses paid when determining the reasonableness of an IOU’s conduct related to an ignition. Under this standard, the conduct under review related to the ignition may include factors within and beyond the IOU’s control, including humidity, temperature and winds. Costs and expenses may be allocated for cost recovery in full or in part. Also, under this standard, an IOU’s conduct will be deemed reasonable if a valid annual safety certification is in place at the time of the ignition, unless a serious doubt is raised, in which case the burden shifts to the utility to dispel that doubt. The IOUs will receive an annual safety certification from OEIS if they meet various requirements. If an IOU has maintained a valid annual safety certification, to the extent it is found to be imprudent, claims will be reimbursable by the IOU to the Wildfire Fund up to a cap based on the IOU’s rate base. The aggregate requirement to reimburse the Wildfire Fund over a trailing three calendar year period is capped at 20% of the equity portion of an IOU’s electric transmission and distribution rate base in the year of the prudency determination. Based on its 2022 rate base, the liability cap for SDG&E is approximately $1.2 billion, which is adjusted annually. The liability cap will apply on a rolling three-year basis so long as future annual safety certifications are received and the Wildfire Fund has not been terminated, which could occur if funds are exhausted. Amounts in excess of the liability cap and amounts that are determined to be prudently incurred do not need to be reimbursed by an IOU to the Wildfire Fund. The Wildfire Fund does not have a specified term and coverage will continue until the assets of the Wildfire Fund are exhausted and the Wildfire Fund is terminated, in which case, the remaining funds, if any, will be transferred to California’s general fund to be used for fire risk mitigation programs. In August 2022, the OEIS approved SDG&E’s 2022 Wildfire Mitigation Plan, which is effective until the OEIS approves a new plan. SDG&E received its annual wildfire safety certification from the OEIS in December 2022. The Wildfire Fund was initially funded up to $10.5 billion by a loan from the California Surplus Money Investment Fund. The loan is financed through a DWR bond, which was put in place in October 2020 and is securitized through a dedicated surcharge on ratepayers’ bills attributable to the DWR. In October 2019, the CPUC adopted a decision authorizing a non-bypassable charge to be collected by the IOUs to support the anticipated DWR bond issuance authorized by AB 1054. The CPUC decision also determined that ratepayers of non-participating electrical corporations shall not pay the non-bypassable charge. The Wildfire Fund was also funded by initial shareholder contributions from the IOUs totaling $7.5 billion. SDG&E’s share was $322.5 million. The IOUs are also required to make annual shareholder contributions to the Wildfire Fund with an aggregate value of $3 billion over a 10-year period starting in 2019. SDG&E’s share is $129 million. The contributions are not subject to rate recovery. Wildfire Fund Asset and Obligation In 2019, SDG&E recorded both a Wildfire Fund asset and a related obligation for its commitment to make shareholder contributions of $451.5 million to the Wildfire Fund, measured at present value as of July 25, 2019 (the date by which both Edison and SDG&E opted to contribute to the Wildfire Fund). SDG&E paid its initial shareholder contribution of $322.5 million to the Wildfire Fund in September 2019. SDG&E funded this contribution with proceeds from an equity contribution from Sempra. SDG&E expects to continue to make annual shareholder contributions of $12.9 million through December 31, 2028. SDG&E is accreting the present value of the Wildfire Fund obligation until the liability is settled. SDG&E is amortizing the Wildfire Fund asset on a straight-line basis over the estimated period of benefit, as adjusted for utilization by the IOUs. The estimated period of benefit of the Wildfire Fund asset is 15 years and is based on several assumptions, including, but not limited to: ▪ historical wildfire experience of each IOU in California, including frequency and severity of the wildfires ▪ the value of property potentially damaged by wildfires ▪ the effectiveness of wildfire risk mitigation efforts by each IOU ▪ liability cap of each IOU ▪ IOU prudency determination levels ▪ FERC jurisdictional allocation levels ▪ insurance coverage levels The use of different assumptions, or changes to the assumptions used, could have a significant impact on the estimated period of benefit of the Wildfire Fund asset. SDG&E periodically evaluates the estimated period of benefit of the Wildfire Fund asset based on actual experience and changes in these assumptions. SDG&E recognizes a reduction of its Wildfire Fund asset and records a charge against earnings in the period when there is a reduction of the available coverage due to recoverable claims from any of the participating IOUs. Wildfire claims that are recoverable from the Wildfire Fund, net of anticipated or actual reimbursement to the Wildfire Fund by the responsible IOU, decrease the Wildfire Fund asset and remaining available coverage. The following table summarizes the location of balances related to the Wildfire Fund on Sempra’s and SDG&E’s Consolidated Balance Sheets and Consolidated Statements of Operations. WILDFIRE FUND (Dollars in millions) December 31, Location 2022 2021 Wildfire Fund asset: Current Prepaid Expenses $ 29 $ 29 Noncurrent Wildfire Fund 303 331 Wildfire Fund obligation: Current Other Current Liabilities $ 13 $ 13 Noncurrent Deferred Credits and Other 53 64 Years ended December 31, 2022 2021 2020 Amortization of Wildfire Fund asset Operation and Maintenance $ 29 $ 29 $ 29 Impairment of Wildfire Fund asset Operation and Maintenance — 3 — Accretion of Wildfire Fund obligation Operation and Maintenance 2 2 2 . INCOME TAXES Income tax expense includes current and deferred income taxes. We record deferred income taxes for temporary differences between the book and the tax basis of assets and liabilities. Investment tax credits from prior years are amortized to income by SDG&E and SoCalGas over the estimated service lives of the properties as required by the CPUC. Under the regulatory accounting treatment required for flow-through temporary differences, SDG&E, SoCalGas and Sempra Infrastructure recognize: ▪ regulatory assets to offset deferred income tax liabilities if it is probable that the amounts will be recovered from customers; and ▪ regulatory liabilities to offset deferred income tax assets if it is probable that the amounts will be returned to customers. When there are uncertainties related to potential income tax benefits, in order to qualify for recognition, the position we take has to have at least a more-likely-than-not chance of being sustained (based on the position’s technical merits) upon challenge by the respective authorities. The term “more-likely-than-not” means a likelihood of more than 50%. Otherwise, we may not recognize any of the potential tax benefit associated with the position. We recognize a benefit for a tax position that meets the more-likely-than-not criterion at the largest amount of tax benefit that is greater than 50% likely of being realized upon its effective resolution. Unrecognized income tax benefits involve management’s judgment regarding the likelihood of the benefit being sustained. The final resolution of uncertain tax positions could result in adjustments to recorded amounts and may affect our ETR. We accrue income tax to the extent we intend to repatriate cash to the U.S. from our continuing international operations. We currently do not record deferred income taxes for other basis differences between financial statement and income tax investment amounts in non-U.S. subsidiaries because they are indefinitely reinvested. We recognize income tax expense for basis differences related to global intangible low-taxed income as a period cost if and when incurred. We provide additional information about income taxes in Note 8. GREENHOUSE GAS ALLOWANCES AND OBLIGATIONS SDG&E, SoCalGas and Sempra Infrastructure are required by AB 32 to acquire GHG allowances for every metric ton of carbon dioxide equivalent emitted into the atmosphere during electric generation and natural gas consumption. At SDG&E and SoCalGas, many GHG allowances are allocated to us on behalf of our customers at no cost and we purchase any additional allowances required. We record purchased and allocated GHG allowances at the lower of weighted-average cost or market. We measure the compliance obligation, which is based on emissions, at the carrying value of allowances held plus the fair value of additional allowances necessary to satisfy the obligation. SDG&E and SoCalGas balance costs and revenues associated with the GHG program through regulatory balancing accounts. Sempra Infrastructure records the cost of GHG obligations in cost of sales. We remove the assets and liabilities from the balance sheets as the allowances are surrendered. RENEWABLE ENERGY CERTIFICATES RECs are energy rights established by governmental agencies for the environmental and social promotion of renewable electricity generation. A REC, and its associated attributes and benefits, can be sold separately from the underlying physical electricity associated with a renewable-based generation source in certain markets. Retail sellers of electricity obtain RECs through renewable energy PPAs, internal generation or separate purchases in the market to comply with the RPS Program established by the governmental agencies. RECs provide documentation for the generation of a unit of renewable energy that is used to verify compliance with the RPS Program. The cost of RECs at SDG&E, which is recoverable in rates, is recorded in Cost of Electric Fuel and Purchased Power on the Statements of Operations. PROPERTY, PLANT AND EQUIPMENT PP&E is recorded at cost and primarily represents the buildings, equipment and other facilities used by SDG&E and SoCalGas to provide natural gas and electric utility services, and by the Sempra Infrastructure businesses in their operations, including construction work in progress. PP&E also includes lease improvements and other equipment at Parent and other. Our plant costs include labor, materials and contract services and expenditures for replacement parts incurred during a major maintenance outage of a plant. In addition, the cost of utility plant at our rate-regulated businesses and PP&E under regulated projects that meet the regulatory accounting requirements of U.S. GAAP includes AFUDC. The cost of PP&E for our non-regulated projects includes capitalized interest. Maintenance costs are expensed as incurred. The cost of most retired depreciable utility plant assets less salvage value is charged to accumulated depreciation. We discuss assets collateralized as security for certain indebtedness in Note 7. PROPERTY, PLANT AND EQUIPMENT BY MAJOR FUNCTIONAL CATEGORY (Dollars in millions) December 31, Depreciation rates for years ended 2022 2021 2022 2021 2020 SDG&E: Natural gas operations $ 3,707 $ 3,200 2.57 % 2.55 % 2.51 % Electric distribution 10,271 9,471 3.94 3.93 3.90 Electric transmission (1) 8,061 7,577 3.03 3.02 3.10 Electric generation 2,461 2,446 5.11 4.74 4.56 Other electric 2,211 2,100 7.03 7.23 6.92 Construction work in progress (1) 1,863 1,662 N/A N/A N/A Total SDG&E 28,574 26,456 SoCalGas: Natural gas operations 23,646 21,894 3.57 3.65 3.63 Other non-utility 50 50 1.54 2.23 3.80 Construction work in progress 1,362 1,160 N/A N/A N/A Total SoCalGas 25,058 23,104 Sempra Infrastructure and parent (2) : Estimated useful lives Weighted-average useful life Land and land rights 476 291 16 to 44 years (3) 37 Machinery and equipment: Pipelines and storage 3,813 3,698 41 to 49 years 42 Generating plants 1,803 1,659 11 to 28 years 26 LNG terminals 1,138 1,138 43 years 43 Refined products terminals 643 420 38 years 38 Other 344 370 1 to 22 years 3 Construction work in progress 1,757 1,494 N/A N/A Other 287 310 4 to 34 years 16 10,261 9,380 Total Sempra $ 63,893 $ 58,940 (1) At December 31, 2022, includes $554 in electric transmission assets and $7 in construction work in progress related to SDG&E’s 86% interest in the Southwest Powerlink transmission line, jointly owned by SDG&E with other utilities. SDG&E, and each of the other owners, holds its undivided interest as a tenant in common in the property. Each owner is responsible for its share of the project and participates in decisions concerning operations and capital expenditures. SDG&E’s share of operating expenses is included in Sempra’s and SDG&E’s Consolidated Statements of Operations. (2) Includes $246 and $211 at December 31, 2022 and 2021, respectively, of utility plant, primarily pipelines and o |
New Accounting Standards | NEW ACCOUNTING STANDARDS We describe below recent accounting pronouncements that have had or may have a significant effect on our results of operations, financial condition, cash flows or disclosures. ASU 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 and cash conversion features. The standard also amends certain guidance in ASC 260, “Earnings Per Share,” for the computation of EPS for convertible instruments and contracts on an entity’s own equity. For public entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. 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 adopted the standard on January 1, 2022 using a modified retrospective approach and the adoption did not materially impact our financial statements or per-share amounts. ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2022-06, “Deferral of the Sunset Date of Topic 848”: ASU 2022-06 extends the time when entities can utilize the reference rate reform relief provided by ASU 2020-04 from December 31, 2022 to December 31, 2024. Under ASU 2020-04, we elected to apply certain optional expedients for contract modifications to financial instruments that were impacted by the discontinuance of LIBOR. We will continue to apply various optional expedients for contract modifications for our financial instruments affected by the reference rate reform through December 31, 2024 as extended by ASU 2022-06. The application of these practical expedients does not impact our financial statements. |
NEW ACCOUNTING STANDARDS
NEW ACCOUNTING STANDARDS | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS We describe below recent accounting pronouncements that have had or may have a significant effect on our results of operations, financial condition, cash flows or disclosures. ASU 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 and cash conversion features. The standard also amends certain guidance in ASC 260, “Earnings Per Share,” for the computation of EPS for convertible instruments and contracts on an entity’s own equity. For public entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. 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 adopted the standard on January 1, 2022 using a modified retrospective approach and the adoption did not materially impact our financial statements or per-share amounts. ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2022-06, “Deferral of the Sunset Date of Topic 848”: ASU 2022-06 extends the time when entities can utilize the reference rate reform relief provided by ASU 2020-04 from December 31, 2022 to December 31, 2024. Under ASU 2020-04, we elected to apply certain optional expedients for contract modifications to financial instruments that were impacted by the discontinuance of LIBOR. We will continue to apply various optional expedients for contract modifications for our financial instruments affected by the reference rate reform through December 31, 2024 as extended by ASU 2022-06. The application of these practical expedients does not impact our financial statements. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES 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 Infrastructure Consolidating adjustments and Parent Sempra Year ended December 31, 2022 By major service line: Utilities $ 5,586 $ 6,459 $ 89 $ (116) $ 12,018 Energy-related businesses — — 1,760 (56) 1,704 Revenues from contracts with customers $ 5,586 $ 6,459 $ 1,849 $ (172) $ 13,722 By market: Gas $ 899 $ 6,459 $ 1,270 $ (103) $ 8,525 Electric 4,687 — 579 (69) 5,197 Revenues from contracts with customers $ 5,586 $ 6,459 $ 1,849 $ (172) $ 13,722 Revenues from contracts with customers $ 5,586 $ 6,459 $ 1,849 $ (172) $ 13,722 Utilities regulatory revenues 252 381 — — 633 Other revenues — — 70 14 84 Total revenues $ 5,838 $ 6,840 $ 1,919 $ (158) $ 14,439 Year ended December 31, 2021 By major service line: Utilities $ 5,144 $ 5,424 $ 81 $ (109) $ 10,540 Energy-related businesses — — 1,165 (29) 1,136 Revenues from contracts with customers $ 5,144 $ 5,424 $ 1,246 $ (138) $ 11,676 By market: Gas $ 790 $ 5,424 $ 856 $ (101) $ 6,969 Electric 4,354 — 390 (37) 4,707 Revenues from contracts with customers $ 5,144 $ 5,424 $ 1,246 $ (138) $ 11,676 Revenues from contracts with customers $ 5,144 $ 5,424 $ 1,246 $ (138) $ 11,676 Utilities regulatory revenues 360 91 — — 451 Other revenues — — 751 (21) 730 Total revenues $ 5,504 $ 5,515 $ 1,997 $ (159) $ 12,857 Year ended December 31, 2020 By major service line: Utilities $ 4,920 $ 4,571 $ 58 $ (94) $ 9,455 Energy-related businesses — — 854 1 855 Revenues from contracts with customers $ 4,920 $ 4,571 $ 912 $ (93) $ 10,310 By market: Gas $ 692 $ 4,571 $ 623 $ (90) $ 5,796 Electric 4,228 — 289 (3) 4,514 Revenues from contracts with customers $ 4,920 $ 4,571 $ 912 $ (93) $ 10,310 Revenues from contracts with customers $ 4,920 $ 4,571 $ 912 $ (93) $ 10,310 Utilities regulatory revenues 393 177 — — 570 Other revenues — — 488 2 490 Total revenues $ 5,313 $ 4,748 $ 1,400 $ (91) $ 11,370 REVENUES FROM CONTRACTS WITH CUSTOMERS Revenues from contracts with customers are primarily related to the transmission, distribution and storage of natural gas and the generation, transmission and distribution of electricity through our regulated utilities. We also provide other midstream and renewable energy-related services. We assess our revenues on a contract-by-contract basis as well as a portfolio basis to determine the nature, amount, timing and uncertainty, if any, of revenues being recognized. We generally recognize revenues when performance of the promised commodity service is provided to customers and invoices are issued for an amount that reflects the consideration we are entitled to in exchange for those services. We consider the delivery and transmission of natural gas and electricity and providing of natural gas storage services as ongoing and integrated services. Generally, natural gas or electricity services are received and consumed by the customer simultaneously. Performance obligations related to these services are satisfied over time and represent a series of distinct services that are substantially the same and that have the same pattern of transfer to the customers. We recognize revenue based on units delivered, as the satisfaction of respective performance obligations can be directly measured by the amount of natural gas or electricity delivered to the customer. In most cases, the right to consideration from the customer directly corresponds to the value transferred to the customer and we recognize revenue in the amount that we have the right to invoice. The payment terms in customer contracts vary. Typically, we have an unconditional right to customer payments, which are due after the performance obligation to the customer is satisfied. The term between invoicing and when payment is due is typically between 10 and 90 days. We exclude sales and usage-based taxes from revenues. In addition, SDG&E and SoCalGas pay franchise fees to operate in various municipalities. SDG&E and SoCalGas bill these franchise fees to their customers based on a CPUC-authorized rate. These franchise fees, which are required to be paid regardless of SDG&E’s and SoCalGas’ ability to collect from the customer, are accounted for on a gross basis and reflected in utilities revenues from contracts with customers and operating expense. Utilities Revenues Utilities revenues represent the majority of our consolidated revenues from contracts with customers and include: ▪ The transmission, distribution and storage of natural gas at: ◦ SDG&E ◦ SoCalGas ◦ Sempra Infrastructure’s Ecogas ▪ The generation, transmission and distribution of electricity at SDG&E. Utilities revenues are derived from and recognized upon the delivery of natural gas or electricity services to customers. Amounts that we bill customers are based on tariffs set by regulators within the respective state or country. For SDG&E and SoCalGas, which follow the provisions of U.S. GAAP governing rate-regulated operations as we discuss in Note 1, amounts that we bill to customers also include adjustments for previously recognized regulatory revenues. SDG&E, SoCalGas and Ecogas recognize revenues based on regulator-approved revenue requirements, which allow the utilities to recover their reasonable operating costs and provides the opportunity to realize their authorized rates of return on their investments. While SDG&E’s and SoCalGas’ revenues are not affected by actual sales volumes, the pattern of their revenue recognition during the year is affected by seasonality. SDG&E and SoCalGas recognize annual authorized revenue for customers using seasonal factors established in applicable proceedings. This generally results in a significant portion of operating revenues being recognized in the third quarter of each year for SDG&E and in the first and fourth quarters of each year for SoCalGas. SDG&E has an arrangement to provide the California ISO with the ability to control its high-voltage transmission lines for prices approved by the FERC. Revenue is recognized over time as access is provided to the California ISO. Factors that can affect the amount, timing and uncertainty of revenues and cash flows include weather, seasonality and timing of customer billings, which may result in unbilled revenues that can vary significantly from month to month and generally approximate one-half month’s deliveries. SDG&E and SoCalGas recognize revenues from the sale of allocated California GHG emission allowances at quarterly auctions administered by CARB. GHG allowances are delivered to CARB in advance of the quarterly auctions, and SDG&E and SoCalGas have the right to payment when the GHG allowances are sold at auction. GHG revenue is recognized on a point in time basis within the quarter the auction is held. SDG&E and SoCalGas balance costs and revenues associated with the GHG program through regulatory balancing accounts. Energy-Related Businesses Revenues Revenues at Sempra Infrastructure typically represent revenues from long-term, U.S. dollar-based contracts with customers for the sale of natural gas and LNG, as well as storage and transportation of natural gas. Invoiced amounts are based on the volume of natural gas delivered and contracted prices. We recognize storage revenue from firm capacity reservation agreements, under which we collect a fee for reserving storage capacity for customers in our storage facilities. Under these firm agreements, customers pay a monthly fixed reservation fee based on the storage capacity reserved rather than the actual volumes stored. For the fixed-fee component, revenue is recognized on a straight-line basis over the term of the contract. We bill customers for any capacity used in excess of the contracted capacity and such revenues are recognized in the month of occurrence. We also recognize revenue for interruptible storage services. We generate pipeline transportation revenues from firm agreements, under which customers pay a fee for reserving transportation capacity. Revenue is recognized when the volumes are delivered to the customers’ agreed upon delivery point. We recognize revenues for our stand-ready obligation to provide capacity and transportation services throughout the contractual delivery period, as the benefits are received and consumed simultaneously as customers utilize pipeline capacity for the transport and receipt of natural gas and LPG. Invoiced amounts are based on a variable usage fee and a fixed capacity charge, adjusted for the Consumer Price Index, the effects of any foreign currency impacts and the actual quantity of commodity transported. Sempra Infrastructure develops, invests in and operates solar and wind facilities that have long-term PPAs to sell the electricity and the related green energy attributes they generate to customers, generally load serving entities, industrial and other customers. Load serving entities will sell electric service to their end-users and wholesale customers immediately upon receipt of our power delivery, and industrial and other customers immediately consume the electricity to run their facilities, and thus, we recognize the revenue under the PPAs as the electricity is generated and delivered. We invoice customers based on the volume of energy delivered at rates pursuant to the PPAs. TdM is a natural gas-fired power plant that generates revenues from selling electricity and/or resource adequacy to the California ISO and to governmental, public utility and wholesale power marketing entities, as the power is delivered at the interconnection point. Sempra Infrastructure sells natural gas to the CFE and other customers under supply agreements. Sempra Infrastructure recognizes the revenue from the sale of natural gas upon transfer of the natural gas via pipelines to customers at the agreed upon delivery points, and in the case of the CFE, at its thermoelectric power plants. Remaining Performance Obligations We do not disclose information about remaining performance obligations for (a) contracts with an original expected length of one year or less, (b) variable consideration recognized at the amount at which we have the right to invoice for services performed, or (c) variable consideration allocated to wholly unsatisfied performance obligations. For contracts greater than one year, at December 31, 2022, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. Sempra’s remaining performance obligations primarily relate to capacity agreements for natural gas storage and transportation at Sempra Infrastructure and transmission line projects at SDG&E. SoCalGas did not have any remaining performance obligations at December 31, 2022. REMAINING PERFORMANCE OBLIGATIONS (1) (Dollars in millions) Sempra SDG&E 2023 $ 396 $ 4 2024 361 4 2025 359 4 2026 358 4 2027 355 4 Thereafter 4,134 60 Total revenues to be recognized $ 5,963 $ 80 (1) Excludes intercompany transactions. Contract Liabilities from Revenues from Contracts with Customers From time to time, we receive payments in advance of satisfying the performance obligations associated with customer contracts. We defer such revenues as contract liabilities and recognize them in earnings as the performance obligations are satisfied. Activities within Sempra’s and SDG&E’s contract liabilities are presented below. There were no contract liabilities at SoCalGas in 2022, 2021 or 2020. As we discuss in Note 16, Sempra Infrastructure drew against and fully exhausted Gazprom’s letters of credit in April 2022 due to Gazprom’s non-renewal of such letters of credit as required under its LNG storage and regasification agreement. Sempra Infrastructure recorded a contract liability for the funds drawn from the letters of credit as payments received in advance. Gazprom did not pay its invoices from March 2022 through July 2022, so funds drawn from the letters of credit were used to fully offset such nonpayment, which have been reflected as revenue from performance obligations satisfied during the reporting period. CONTRACT LIABILITIES (Dollars in millions) 2022 2021 2020 Sempra: Contract liabilities at January 1 $ (278) $ (207) $ (163) Revenue from performance obligations satisfied during reporting period 131 52 4 Payments received in advance (105) (123) (48) Contract liabilities at December 31 (1) $ (252) $ (278) $ (207) SDG&E: Contract liabilities at January 1 $ (83) $ (87) $ (91) Revenue from performance obligations satisfied during reporting period 4 4 4 Contract liabilities at December 31 (2) $ (79) $ (83) $ (87) (1) Balances at December 31, 2022, 2021 and 2020 include $45, $116 and $52, respectively, in Other Current Liabilities and $207, $162 and $155, respectively, in Deferred Credits and Other. (2) Balances at December 31, 2022, 2021 and 2020 include $4 in Other Current Liabilities and $75, $79 and $83, respectively, in Deferred Credits and Other. Receivables from Revenues from Contracts with Customers The table below shows receivable balances associated with revenues from contracts with customers on the Consolidated Balance Sheets. RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Dollars in millions) December 31, 2022 2021 Sempra: Accounts receivable – trade, net (1) $ 2,291 $ 1,886 Accounts receivable – other, net 25 19 Due from unconsolidated affiliates – current (2) 9 2 Other long-term assets (3) 9 70 Total $ 2,334 $ 1,977 SDG&E: Accounts receivable – trade, net (1) $ 799 $ 715 Accounts receivable – other, net 12 9 Due from unconsolidated affiliates – current (2) 2 2 Other long-term assets (3) 6 25 Total $ 819 $ 751 SoCalGas: Accounts receivable – trade, net $ 1,295 $ 1,084 Accounts receivable – other, net 13 10 Other long-term assets (3) 3 45 Total $ 1,311 $ 1,139 (1) At December 31, 2022 and 2021, includes $72 and $24, respectively, of receivables due from customers that were billed on behalf of CCAs, which are not included in revenues. (2) Amount is presented net of amounts due to unconsolidated affiliates on the Consolidated Balance Sheets, when right of offset exists. (3) In connection with the COVID-19 pandemic and at the direction of the CPUC, SDG&E and SoCalGas enrolled residential and small business customers with past-due balances in long-term repayment plans. REVENUES FROM SOURCES OTHER THAN CONTRACTS WITH CUSTOMERS Certain of our revenues are derived from sources other than contracts with customers and are accounted for under other accounting standards outside the scope of ASC 606. Utilities Regulatory Revenues Alternative Revenue Programs We recognize revenues from alternative revenue programs when the regulator-specified conditions for recognition have been met and adjust these revenues as they are recovered or refunded through future utility service. Decoupled Revenues. As we discuss above, the regulatory framework requires SDG&E and SoCalGas to recover authorized revenue based on estimated annual demand forecasts approved in regular proceedings before the CPUC. However, actual demand for natural gas and electricity will generally vary from CPUC-approved forecasted demand due to the impacts from weather volatility, energy efficiency programs, rooftop solar and other factors affecting consumption. The CPUC regulatory framework provides for SDG&E and SoCalGas to use a “decoupling” mechanism, which allows SDG&E and SoCalGas to record revenue shortfalls or excess revenues resulting from any difference between actual and forecasted demand to be recovered or refunded in authorized revenue in a subsequent period based on the nature of the account. Incentive Mechanisms. The CPUC applies performance-based measures and incentive mechanisms to all California IOUs, under which SDG&E and SoCalGas have earnings potential above authorized base margins if they achieve or exceed specific performance and operating goals. Generally, for performance-based awards, if performance is above or below specific benchmarks, the utility is eligible for financial awards or subject to financial penalties. Incentive awards are included in revenues when we receive required CPUC approval of the award, the timing of which may not be consistent from year to year. We would record penalties for results below the specified benchmarks against revenues when we believe it is probable that the CPUC would assess a penalty. Other Cost-Based Regulatory Recovery The CPUC, and the FERC as it relates to SDG&E, authorize SDG&E and SoCalGas to collect revenue requirements for operating costs and capital related costs (depreciation, taxes and return on rate base) from customers, including: ▪ costs to purchase natural gas and electricity; ▪ costs associated with administering public purpose, demand response, and customer energy efficiency programs; ▪ other programmatic activities, such as gas distribution, gas transmission, gas storage integrity management and wildfire mitigation; and ▪ costs associated with third party liability insurance premiums. Authorized costs are recovered as the commodity service is delivered. To the extent authorized amounts collected vary from actual costs, the differences are generally recovered or refunded in a subsequent period based on the nature of the balancing account mechanism. In general, the revenue recognition criteria for balanced costs billed to customers are met at the time the costs are incurred. Because these costs are substantially recovered in rates through a balancing account mechanism, changes in these costs are reflected as changes in revenues. The CPUC and the FERC may impose various review procedures before authorizing recovery or refund of amounts accumulated for authorized programs, including limitations on the program’s total cost, revenue requirement limits or reviews of costs for reasonableness. These procedures could result in disallowances of recovery from ratepayers. We discuss balancing accounts and their effects further in Note 4. Other Revenues Sempra Infrastructure generates lease revenues from certain of its natural gas and ethane pipelines, compressor stations, LPG storage facilities, a rail facility and refined products terminals. We discuss the recognition of lease income in Note 16. Sempra Infrastructure has an agreement with Tangguh PSC to supply LNG to the ECA Regas Facility. Under the terms of the agreement, Tangguh PSC must either deliver the contracted number of cargoes or pay a diversion fee for non-delivery of LNG cargoes. Sempra Infrastructure also recognizes other revenues associated with derivatives related to the sales of natural gas and electricity under short-term and long-term contracts and into the spot market and other competitive markets. Revenues include the net |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS REGULATORY ASSETS AND LIABILITIES We show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) December 31, 2022 2021 SDG&E: Fixed-price contracts and other derivatives $ (110) $ (50) Deferred income taxes recoverable in rates 296 125 Pension and PBOP plan obligations 11 (7) Removal obligations (2,248) (2,251) Environmental costs 107 62 Sunrise Powerlink fire mitigation 123 122 Regulatory balancing accounts (1)(2) Commodity – electric 220 77 Gas transportation 60 49 Safety and reliability 107 67 Public purpose programs (69) (107) Wildfire mitigation plan 375 178 Liability insurance premium 99 110 Other balancing accounts (50) 207 Other regulatory assets, net (2) 137 119 Total SDG&E (942) (1,299) SoCalGas: Deferred income taxes recoverable in rates 161 44 Pension and PBOP plan obligations (170) 51 Employee benefit costs 24 31 Removal obligations (616) (627) Environmental costs 38 34 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (257) (146) Safety and reliability 575 339 Public purpose programs (158) (183) Liability insurance premium 23 16 Other balancing accounts 115 42 Other regulatory assets, net (2) 223 142 Total SoCalGas (42) (257) Sempra Infrastructure: Deferred income taxes recoverable in rates 78 77 Total Sempra $ (906) $ (1,479) (1) At December 31, 2022 and 2021, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $562 and $358, respectively, and for SoCalGas was $692 and $410, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. Regulatory Assets Not Earning a Return ▪ Regulatory assets arising from fixed-price contracts and other derivatives are offset by corresponding liabilities arising from purchased power and natural gas commodity and transportation contracts. The regulatory asset is increased/decreased based on changes in the fair market value of the contracts. It is also reduced as payments are made for commodities and services under these contracts. The related amounts are recovered in rates once these contracts are settled, generally within three years. ▪ Deferred income taxes recoverable/refundable in rates are based on current regulatory ratemaking and income tax laws. SDG&E, SoCalGas and Sempra Infrastructure expect to recover/refund net regulatory assets/liabilities related to deferred income taxes over the lives of the assets, ranging from 5 to 69 years, that give rise to the related accumulated deferred income tax balances. Regulatory assets and liabilities include excess deferred income taxes resulting from statutory income tax rate changes and certain income tax benefits and expenses associated with flow-through items, which we discuss in Note 8. ▪ Regulatory assets/liabilities related to pension and PBOP plan obligations are offset by corresponding liabilities/assets. The assets are recovered in rates as the plans are funded. ▪ The regulatory asset related to employee benefit costs represents our liability associated with long-term disability insurance that will be recovered from customers in future rates as expenditures are made. ▪ Regulatory liabilities from removal obligations represent cumulative amounts collected in rates for future asset removal costs in excess of cumulative amounts incurred (or paid). ▪ Regulatory assets related to environmental costs represent the portion of our environmental liability recognized at the end of the period in excess of the amount that has been recovered through rates charged to customers. We expect this amount to be recovered in future rates as expenditures are made. ▪ The regulatory asset related to Sunrise Powerlink fire mitigation is offset by a corresponding liability for the funding of a trust to cover the mitigation costs. SDG&E expects to recover the regulatory asset in rates as the trust is funded over a remaining 47-year period. Regulatory Assets Earning a Return ▪ Over- and undercollected regulatory balancing accounts and other regulatory assets, net, reflect the difference between customer billings and recorded or CPUC-authorized amounts. Depreciation, taxes and return on rate base may also be included in certain accounts. Amounts in the balancing accounts are recoverable (receivable) or refundable (payable) in future rates, subject to CPUC approval. SDG&E and SoCalGas periodically make requests to the CPUC to true up their revenue requirement for amounts accumulated in the regulatory balancing accounts and in other regulatory assets, net. The CPUC may impose various review procedures before authorizing recovery or refund of amounts accumulated for authorized programs, including limitations on the program’s total cost, revenue requirement limits or reviews of costs for reasonableness. These procedures could result in delays or disallowances of recovery from ratepayers. Amortization expense on certain regulatory assets for the years ended December 31, 2022, 2021 and 2020 was $11 million, $10 million and $9 million, respectively, at Sempra, $5 million, $5 million and $4 million, respectively, at SDG&E, and $6 million, $5 million and $5 million, respectively, at SoCalGas. SEMPRA CALIFORNIA COVID-19 Pandemic Protections In connection with the COVID-19 pandemic and at the direction of the CPUC, SDG&E and SoCalGas 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. At the CPUC’s direction, SDG&E and SoCalGas enrolled residential and small business customers with past-due balances in long-term repayment plans. In 2021, SDG&E and SoCalGas applied, on behalf of their customers, for financial assistance from the California Department of Community Services and Development under the 2021 California Arrearage Payment Program, which provided funds of $63 million and $79 million for SDG&E and SoCalGas, respectively. In the first quarter of 2022, SDG&E and SoCalGas received and applied the amounts directly to eligible customer accounts to reduce past due balances. In June 2022, AB 205 was approved establishing, among other things, the 2022 California Arrearage Payment Program. In December 2022, SDG&E and SoCalGas received funding of $51 million and $59 million, respectively, related to this program and, in January 2023, applied the amounts directly to eligible customer accounts to reduce past due balances. SDG&E and SoCalGas have 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. SDG&E and SoCalGas expect to pursue recovery of small and medium-large commercial and industrial customers’ tracked costs in rates in future CPUC proceedings, which recovery is not assured. SDG&E and SoCalGas have 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 Arrearage Management Payment Plan. CPUC GRC The CPUC uses GRCs to set revenues to allow SDG&E and SoCalGas to recover their reasonable operating costs and to provide the opportunity to realize their authorized rates of return on their investments. In September 2019, the CPUC issued a final decision in the 2019 GRC approving SDG&E’s and SoCalGas’ test year revenues for 2019 and attrition year adjustments for 2020 and 2021, which was effective retroactively to January 1, 2019. This is the first GRC that includes revenues authorized for risk assessment mitigation phase activities. In January 2020, the CPUC issued a final decision implementing a four-year GRC cycle for California IOUs. SDG&E and SoCalGas 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). In May 2021, the CPUC issued a final decision approving SDG&E’s and SoCalGas’ 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. In May 2022, SDG&E and SoCalGas filed their 2024 GRC applications requesting CPUC approval of test year revenue requirements for 2024 and attrition year adjustments for 2025 through 2027. SDG&E and SoCalGas requested revenue requirements for 2024 of $3.0 billion and $4.4 billion, respectively. SDG&E and SoCalGas are proposing post-test year revenue requirement changes using various mechanisms that are estimated to result in annual increases of approximately 8% to 11% at SDG&E and approximately 6% to 8% at SoCalGas. In October 2022, the CPUC issued a scoping ruling that set a schedule for the proceeding, including the expected issuance of a proposed decision in the second quarter of 2024. SDG&E and SoCalGas expect the final decision will be effective retroactive to January 1, 2024. SDG&E expects to submit separate requests in its GRC for review and recovery of its wildfire mitigation plan costs in mid-2023 for costs incurred from 2019 through 2022 and in mid-2024 for costs incurred in 2023. CPUC Cost of Capital A CPUC cost of capital proceeding determines a utility’s authorized capital structure and authorized return on rate base. The CCM applies in the interim years between required cost of capital applications and considers changes in the cost of capital based on 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 index applicable to SDG&E and SoCalGas is based on each utility’s credit rating. The CCM benchmark rate is the basis of comparison to determine if the CCM is triggered in each measurement period, 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 CCM, if triggered, would automatically update the authorized cost of debt based on actual costs and update the authorized ROE upward or downward by one-half of the difference between the CCM benchmark rate and the applicable Moody’s utility bond index. Alternatively, each of SDG&E and SoCalGas are 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 and affects utilities differently than the market as a whole to have its cost of capital determined in lieu of the CCM. In December 2019, the CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2020 and remained in effect through December 31, 2022, subject to the CCM. CPUC AUTHORIZED COST OF CAPITAL FOR 2020 – 2022 SDG&E SoCalGas Authorized weighting Return on Weighted Authorized weighting Return on Weighted 45.25 % 4.59 % 2.08 % Long-Term Debt 45.60 % 4.23 % 1.93 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 10.20 5.30 Common Equity 52.00 10.05 5.23 100.00 % 7.55 % 100.00 % 7.30 % For the measurement period that ended September 30, 2021, SDG&E’s CCM benchmark rate was 4.498% based on Moody’s Baa- utility bond index and SoCalGas’ CCM benchmark rate was 4.029% based on Moody’s A- utility bond index. For this measurement period, the CCM would have triggered for SDG&E if the CPUC determined that the CCM should be implemented 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%. In August 2021, SDG&E filed an application with the CPUC to update its cost of capital for 2022 due to the ongoing effects of the COVID-19 pandemic rather than have the CCM apply. In November 2022, the CPUC issued a final decision that found there was an extraordinary event, the CCM will be suspended for 2022 and SDG&E’s current authorized cost of capital for 2022 will be preserved. In December 2022, the CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2023 and will remain in effect through December 31, 2025, subject to the CCM. The CPUC will open a second phase of this cost of capital proceeding to evaluate the CCM. For the measurement period that ends on September 30, 2023, SDG&E’s CCM benchmark rate is 4.367% based on Moody’s Baa- utility bond index and SoCalGas’ CCM benchmark rate is 4.074% based on Moody’s A- utility bond index. SDG&E did not propose a 2023 cost of preferred equity in this proceeding. In January 2023, SDG&E filed an advice letter to continue the cost of preferred equity for test year 2023 at 6.22%, which the CPUC approved in February 2023. CPUC AUTHORIZED COST OF CAPITAL FOR 2023 – 2025 SDG&E SoCalGas Authorized weighting Return on Weighted return on rate base (1) Authorized weighting Return on Weighted 45.25 % 4.05 % 1.83 % Long-Term Debt 45.60 % 4.07 % 1.86 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 9.95 5.17 Common Equity 52.00 9.80 5.10 100.00 % 7.18 % 100.00 % 7.10 % (1) Total weighted return on rate base does not sum due to rounding differences. SDG&E FERC Rate Matters SDG&E files separately with the FERC for its authorized ROE on FERC-regulated electric transmission operations and assets. SDG&E’s currently effective TO5 settlement provides for a ROE of 10.60%, consisting of a base ROE of 10.10% plus an additional 50 bps for participation in the California ISO (the California ISO adder). If the FERC issues an order ruling that California IOUs are no longer eligible for the California ISO adder, SDG&E would refund the California ISO adder as of the refund effective date (June 1, 2019) 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 until terminated by a notice provided at least six months before the end of the calendar year. Following such notice, SDG&E would file an updated rate request with an effective date of January 1 of the following year. 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 relating to energy efficiency (EE) codes and standards advocacy activities, which were undertaken by SoCalGas following a CPUC decision disallowing SoCalGas’ future engagement in advocacy around such EE codes and standards. In March 2022, the CPUC issued a final decision that found that SoCalGas did undertake prohibited EE codes and standards advocacy activities using ratepayer funds. The final decision imposed on SoCalGas a financial penalty of $10 million; customer refunds for certain ratepayer expenditures and shareholder incentives that SoCalGas estimates will be negligible; and a prohibition from recovering from ratepayers costs of proposed codes and standards advocacy activities until SoCalGas demonstrates policies, practices and procedures that adhere to the CPUC’s intent for codes and standards advocacy. 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 activities in 2016 and 2017 (later expanded to include 2014 and 2015), whether its shareholders should bear the costs of those advocacy activities, and to address whether any other remedies are appropriate. In April 2022, the CPUC issued a final decision that found there were violations of certain legal principles and imposed a financial penalty of $150,000. SDG&E has a 20% ownership interest in SONGS, a nuclear generating facility near San Clemente, California, which permanently ceased operations in June 2013 after an extended outage as a result of issues with the steam generators used in the facility. Edison, the majority owner and operator of SONGS, notified SDG&E that it had reached a decision to permanently retire SONGS and seek approval from the NRC to start the decommissioning activities for the entire facility. SONGS is subject to the jurisdiction of the NRC and the CPUC. SDG&E, and each of the other owners, holds its undivided interest as a tenant in common in the property. Each owner is responsible for financing its share of costs. SDG&E’s share of operating expenses is included in Sempra’s and SDG&E’s Consolidated Statements of Operations. 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 December 2021, the Samuel Lawrence Foundation filed a notice of appeal. In August 2022, the court dismissed the case based on the Samuel Lawrence Foundation’s request for dismissal, which finally resolves the writ petition. Decommissioning work was not interrupted as a result of this writ petition. In accordance with state and federal requirements and regulations, SDG&E has assets held in the NDT to fund its share of decommissioning costs for SONGS Units 1, 2 and 3. Amounts that were collected in rates for SONGS’ decommissioning are invested in the NDT, which is comprised of externally managed trust funds. Amounts held by the NDT are invested in accordance with CPUC regulations. SDG&E classifies debt and equity securities held in the NDT as available-for-sale. The NDT assets are presented on the Sempra and SDG&E 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 2022, the CPUC granted SDG&E authorization to access NDT funds of up to $81 million for forecasted 2023 costs. In September 2020, the IRS and the U.S. Department of the Treasury published final regulations that clarify the definition of “nuclear decommissioning costs,” which are costs that may be paid for or reimbursed from a qualified trust fund. The final regulations adopted most of the provisions of the proposed regulations issued in December 2016. The final regulations apply to taxable years ending on or after September 4, 2020 and confirm that the definition of “nuclear decommissioning costs” includes amounts related to the storage of spent nuclear fuel at both on-site and off-site ISFSIs. The final regulations also clarify that costs incurred for ISFSIs that may be or are expected to be reimbursed by the DOE may be paid or reimbursed from a qualified trust fund. Accordingly, the final regulations allow SDG&E the option to access qualified trust funds to recover spent fuel storage costs before Edison reaches final settlement with the DOE regarding the DOE’s reimbursement of these costs. Historically, the DOE’s reimbursements of spent fuel storage costs have not resulted in timely or complete recovery of these costs. We discuss the DOE’s responsibility for spent nuclear fuel below. Nuclear Decommissioning Trusts The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT on the Sempra and SDG&E Consolidated Balance Sheets. We provide additional fair value disclosures for the NDT in Note 12. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated December 31, 2022 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 40 $ 1 $ (1) $ 40 Municipal bonds (2) 283 1 (14) 270 Other securities (3) 248 — (21) 227 Total debt securities 571 2 (36) 537 Equity securities 111 194 (8) 297 Short-term investments, primarily cash equivalents 11 — — 11 Receivables (payables), net (4) — — (4) Total $ 689 $ 196 $ (44) $ 841 December 31, 2021 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies $ 56 $ — $ — $ 56 Municipal bonds 309 13 (1) 321 Other securities 255 7 (2) 260 Total debt securities 620 20 (3) 637 Equity securities 104 262 (2) 364 Short-term investments, primarily cash equivalents 3 — — 3 Receivables (payables), net 8 — — 8 Total $ 735 $ 282 $ (5) $ 1,012 (1) Maturity dates are 2023-2053. (2) Maturity dates are 2023-2056. (3) Maturity dates are 2023-2072. The following table shows the proceeds from sales of securities in the NDT and gross realized gains and losses on those sales. SALES OF SECURITIES IN THE NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Years ended December 31, 2022 2021 2020 Proceeds from sales $ 639 $ 961 $ 1,439 Gross realized gains 18 67 156 Gross realized losses (20) (5) (17) 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 Consolidated Balance Sheets. We determine the cost of securities in the trusts on the basis of specific identification. ASSET RETIREMENT OBLIGATION The present value of SDG&E’s ARO related to decommissioning costs for all three SONGS units was $540 million at December 31, 2022 and is based on a cost study prepared in 2020 that is pending CPUC approval, which SDG&E expects to receive in 2023. 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. We expect SDG&E’s undiscounted SONGS decommissioning payments to be $92 million in 2023, $77 million in 2024, $46 million in 2025, $52 million in 2026, $32 million in 2027, and $686 million thereafter. U.S. DEPARTMENT OF ENERGY NUCLEAR FUEL DISPOSAL Spent nuclear fuel from SONGS is currently stored on-site in an ISFSI licensed by the NRC. The ISFSI will operate until 2051, when it is assumed that the DOE will have taken custody of all the SONGS spent fuel. The ISFSI would then be decommissioned, and the site restored to its original environmental state. Until then, SONGS owners are responsible for interim storage of spent nuclear fuel at SONGS. The Nuclear Waste Policy Act of 1982 made the DOE responsible for accepting, transporting, and disposing of spent nuclear fuel. However, it is uncertain when the DOE will begin accepting spent nuclear fuel from SONGS. This delay will lead to increased costs for spent fuel storage. In November 2019, Edison filed a claim for spent fuel management costs in the U.S. Court of Federal Claims for the time period from January 2017 through July 2018, which is pending DOE approval. It is unclear when Edison will pursue litigation claims for spent fuel management costs incurred on or after August 1, 2018. SDG&E will continue to support Edison in its pursuit of claims on behalf of the SONGS co-owners against the DOE for its failure to timely accept the spent nuclear fuel. 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 owners have nuclear property damage insurance of $130 million, which exceeds the minimum federal requirement of $50 million. This insurance coverage is provided through NEIL. The NEIL policies have specific exclusions and limitations that can result in reduced coverage. Insured members as a group are subject to retrospective premium assessments to cover losses sustained by NEIL under all issued policies. SDG&E could be assessed up to $4.1 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. |
ACQUISTIONS, DIVESTITURES AND D
ACQUISTIONS, DIVESTITURES AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISTIONS, DIVESTITURES AND DISCONTINUED OPERATIONS | ACQUISITIONS, DIVESTITURES AND DISCONTINUED OPERATIONS ACQUISITION Sempra Infrastructure ESJ In March 2021, Sempra Infrastructure completed the acquisition of Saavi Energía S. de R.L. de C.V.’s 50% equity interest in ESJ for a purchase price of $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 Sempra Infrastructure that eliminates upon consolidation). Sempra Infrastructure previously accounted for its 50% interest in ESJ as an equity method investment. This acquisition increased Sempra Infrastructure’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. Sempra Infrastructure 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. On January 15, 2022, ESJ completed construction and began commercial operation of a second wind power generation facility with a nameplate capacity of 108 MW that is also fully contracted by SDG&E under a long-term PPA. DIVESTITURE Parent and Other PXiSE In December 2021, Parent and other completed the sale of its 80% interest in PXiSE for total cash proceeds of $38 million, net of transaction costs totaling $4 million, and recorded a $36 million ($26 million after tax) gain, which is included in Gain (Loss) on Sale of Assets DISCONTINUED OPERATIONS In January 2019, our board of directors approved a plan to sell our South American businesses. We present these businesses, which previously constituted the Sempra South American Utilities segment, and certain activities associated with those businesses as 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 our 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 year ended December 31, 2020, the pretax gains from the sales of our South American businesses are included in Gain on Sale of Discontinued Operations in the table below and the after-tax gains are included in Income from Discontinued Operations, Net of Income Tax, on Sempra’s Consolidated Statement of Operations. Summarized results from discontinued operations were as follows: DISCONTINUED OPERATIONS (Dollars in millions) Year ended December 31, 2020 (1) Revenues $ 570 Cost of sales (364) Gain on sale of discontinued operations 2,899 Operating expenses (66) Interest and other (3) Income before income taxes and equity earnings 3,036 Income tax expense (1,186) Equity earnings — Income from discontinued operations, net of income tax 1,850 Earnings attributable to noncontrolling interests (10) Earnings from discontinued operations attributable to common shares $ 1,840 (1) Results include activity until deconsolidation of our Peruvian businesses on April 24, 2020 and Chilean businesses on June 24, 2020 and post-closing adjustments related to the sales of these businesses. As a result of the sales of our South American businesses, in 2020, we reclassified $645 million of cumulative foreign currency translation losses from AOCI to Gain on Sale of Discontinued Operations, which is included in Income from Discontinued Operations, Net of Income Tax, on Sempra’s Consolidated Statement of Operations. |
INVESTMENTS IN UNCONSOLIDATED E
INVESTMENTS IN UNCONSOLIDATED ENTITIES | 12 Months Ended |
Dec. 31, 2022 | |
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 Consolidated Statements of Operations. Our equity method investments include various domestic and foreign entities. Our domestic equity method investees are typically partnerships that are pass-through entities for income tax purposes and therefore they do not record income tax. Sempra’s income tax on earnings from these equity method investees, other than Oncor Holdings as we discuss below, is included in Income Tax Expense on the Consolidated Statements of Operations. Our foreign equity method investees are generally corporations whose operations are taxable on a standalone basis in the countries in which they operate, and we recognize our equity in such income or loss net of investee income tax. See Note 8 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 the carrying values of our investments and earnings (losses) on these investments in the following tables. EQUITY METHOD AND OTHER INVESTMENT BALANCES (1) (Dollars in millions) Percent ownership December 31, December 31, 2022 2021 2022 2021 Sempra Texas Utilities: Oncor Holdings (2) 100 % 100 % $ 13,665 $ 12,947 Sempra Texas Utilities: Sharyland Holdings (3) 50 % 50 % $ 107 $ 100 Sempra Infrastructure: Cameron LNG JV (4) 50.2 50.2 886 514 IMG (5) 40 40 591 523 TAG (6) 50 50 428 388 Total other investments $ 2,012 $ 1,525 (1) All amounts are before NCI, where applicable. (2) The carrying value of our equity method investment is $2,856 and $2,844 higher than the underlying equity in the net assets of the investee at December 31, 2022 and 2021, respectively, due to $2,868 of equity method goodwill and $69 in basis differences in AOCI, offset by $81 and $93 at December 31, 2022 and 2021, respectively, due to a tax sharing liability to TTI under a tax sharing agreement. (3) The carrying value of our equity method investment is $41 higher than the underlying equity in the net assets of the investee due to equity method goodwill. (4) The carrying value of our equity method investment is $270 and $276 higher than the underlying equity in the net assets of the investee at December 31, 2022 and 2021, respectively, primarily due to guarantees, which we discuss below, interest capitalized on the investment prior to the JV commencing its planned principal operations in August 2019 and amortization of guarantee fees and capitalized interest thereafter. (5) The carrying value of our equity method investment is $5 higher than the underlying equity in the net assets of the investee due to guarantees. (6) The carrying value of our equity method investment is $130 higher than the underlying equity in the net assets of the investee due to equity method goodwill. EARNINGS (LOSSES) FROM EQUITY METHOD INVESTMENTS (1) (Dollars in millions) Years ended December 31, 2022 2021 2020 EARNINGS (LOSSES) RECORDED BEFORE INCOME TAX (2) : Sempra Texas Utilities: Sharyland Holdings $ 7 $ 5 $ 3 Sempra Infrastructure: Cameron LNG JV (3) 659 559 391 Parent and other: RBS Sempra Commodities — 50 (100) 666 614 294 EARNINGS RECORDED NET OF INCOME TAX: Sempra Texas Utilities: Oncor Holdings 735 617 577 Sempra Infrastructure: ESJ — 2 5 IMG 68 83 103 TAG 29 27 36 832 729 721 Total $ 1,498 $ 1,343 $ 1,015 (1) All amounts are before NCI, where applicable. (2) We provide our ETR calculation in Note 8. (3) Includes $12 and $3 of basis differences in equity earnings related to AOCI in 2022 and 2021, respectively. We disclose distributions received from our investments, by segment, in the table below. DISTRIBUTIONS FROM INVESTMENTS (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra Texas Utilities $ 345 $ 688 $ 286 Sempra Infrastructure 541 672 1,176 Total $ 886 $ 1,360 $ 1,462 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. Sempra does not control Oncor Holdings or Oncor, and the ring-fencing measures, governance mechanisms and commitments in effect limit our ability to direct the management, policies and operations of Oncor Holdings and Oncor, including the deployment or disposition of their assets, declarations of dividends, strategic planning and other important corporate issues and actions. We also have limited representation on the Oncor Holdings and Oncor boards of directors. Oncor is a domestic partnership for U.S. federal income tax purposes and is not included in the consolidated income tax return of Sempra. Rather, only our pretax equity earnings from our investment in Oncor Holdings (a disregarded entity for tax purposes) are included in our consolidated income tax return. A tax sharing agreement with TTI, Oncor Holdings and Oncor provides for the calculation of an income tax liability substantially as if Oncor Holdings and Oncor were taxed as corporations and requires tax payments determined on that basis. While partnerships are not subject to income taxes, in consideration of the tax sharing agreement and Oncor being subject to the provisions of U.S. GAAP governing rate-regulated operations, Oncor recognizes amounts determined under cost-based regulatory rate-setting processes (with such costs including income taxes), as if it were taxed as a corporation. As a result, since Oncor Holdings consolidates Oncor, we recognize equity earnings from our investment in Oncor Holdings net of its recorded income tax. In 2022, 2021 and 2020, Sempra contributed $341 million, $566 million and $632 million, respectively, to Oncor Holdings. We provide summarized income statement and balance sheet information for Oncor Holdings in the following table. SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS (Dollars in millions) Years ended December 31, 2022 2021 2020 Operating revenues $ 5,243 $ 4,764 $ 4,511 Operating expense (3,682) (3,397) (3,224) Income from operations 1,561 1,367 1,287 Interest expense (445) (413) (405) Income tax expense (203) (163) (146) Net income 893 760 703 Noncontrolling interest held by TTI (179) (152) (141) Earnings attributable to Sempra (1) 714 608 562 December 31, 2022 2021 Current assets $ 1,223 $ 1,039 Noncurrent assets 31,703 29,481 Current liabilities 1,579 2,220 Noncurrent liabilities 17,405 15,281 Noncontrolling interest held by TTI 3,141 2,916 (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. Sharyland Holdings We account for our 50% ownership interest in Sharyland Holdings, a JV with SU Investment Partners, L.P. that owns a 100% interest in Sharyland Utilities, as an equity method investment. In 2022, Sempra contributed $5 million to Sharyland Holdings. SEMPRA INFRASTRUCTURE Cameron LNG JV Cameron LNG JV is a JV between Sempra and three project partners, TotalEnergies SE, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha. We account for our 50.2% investment in Cameron LNG JV under the equity method. In 2022, 2021 and 2020, Sempra Infrastructure contributed $30 million, $2 million and $54 million, respectively, to Cameron LNG JV. Sempra Promissory Note for SDSRA Distribution Cameron LNG JV’s debt agreements require Cameron LNG JV to maintain the SDSRA, which is an additional reserve account beyond the Senior Debt Service Accrual Account, where funds accumulate from operations to satisfy senior debt obligations due and payable on the next payment date. Both accounts can be funded with cash or authorized investments. In June 2021, Sempra Infrastructure received a distribution of $165 million based on its proportionate share of the SDSRA, for which Sempra provided a promissory note and letters of credit to secure a proportionate share of Cameron LNG JV’s obligation to fund the SDSRA. Sempra’s maximum exposure to loss is replenishment of the amount withdrawn by Sempra Infrastructure from the SDSRA, or $165 million. We recorded a guarantee liability of $22 million in June 2021, with an associated carrying value of $20 million at December 31, 2022, for the fair value of the promissory note, which is being reduced over the duration of the guarantee through Sempra Infrastructure’s investment in Cameron LNG JV. The guarantee will terminate upon full repayment of Cameron LNG JV’s debt, scheduled to occur in 2039, or replenishment of the amount withdrawn by Sempra Infrastructure from the SDSRA. Sempra Support Agreement for CFIN In July 2020, CFIN entered into a financing arrangement with Cameron LNG JV’s four project owners and received aggregate proceeds of $1.5 billion from two project owners and from external lenders on behalf of the other two project owners (collectively, the affiliate loans), based on their proportionate ownership interest in Cameron LNG JV. CFIN used the proceeds from the affiliate loans to provide a loan to Cameron LNG JV. The affiliate loans mature in 2039. Principal and interest 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 Infrastructure’s $753 million proportionate share of the affiliate loans, based on SI Partners’ 50.2% ownership interest in Cameron LNG JV, was funded by external lenders comprised of a syndicate of eight banks (the bank debt) to whom Sempra has provided a guarantee pursuant to a Support Agreement under which: ▪ Sempra has severally guaranteed repayment of the bank debt plus accrued and unpaid interest if CFIN fails to pay the external lenders; ▪ the external lenders may exercise an option to put the bank debt to Sempra Infrastructure upon the occurrence of certain events, including a failure by CFIN to meet its payment obligations under the bank debt; ▪ the external lenders will put some or all of the bank debt to Sempra Infrastructure on the fifth, tenth, or fifteenth anniversary date of the affiliate loans, except the portion of the debt owed to any external lender that has elected not to participate in the put option six months prior to the respective anniversary date; ▪ Sempra Infrastructure also has a right to call the bank debt back from, or to refinance the bank debt with, the external lenders at any time; and ▪ the Support Agreement will terminate upon full repayment of the bank debt, including repayment following an event in which the bank debt is put to Sempra Infrastructure. In exchange for this guarantee, the external lenders 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 Infrastructure 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 12). At December 31, 2022, the fair value of the Support Agreement was $17 million, of which $7 million is included in Other Current Assets and $10 million is included in Other Long-Term Assets on Sempra’s Consolidated Balance Sheet. ESJ As we discuss in Note 5, in March 2021, Sempra Infrastructure completed the acquisition of the remaining 50% equity interest in ESJ and ESJ became a consolidated subsidiary. Prior to the acquisition date, Sempra Infrastructure owned 50% of ESJ and accounted for its interest as an equity method investment. IMG Sempra Infrastructure has a 40% interest in IMG, a JV with a subsidiary of TC Energy Corporation, and accounts for its interest as an equity method investment. IMG owns and operates the Sur de Texas-Tuxpan natural gas marine pipeline, which is fully contracted under a 35-year natural gas transportation service contract with the CFE. TAG Sempra Infrastructure has a 50% beneficial ownership interest in TAG, a JV with TETL JV Mexico Norte, S. de R.L. de C.V. and Bravo N Mergeco, S. de R.L. de C.V. that holds a 50% interest in the Los Ramones Norte pipeline. Sempra Infrastructure accounts for its 50% interest in TAG as an equity method investment. PARENT AND OTHER RBS Sempra Commodities RBS Sempra Commodities is a United Kingdom limited liability partnership formed by Sempra and RBS in 2008 to own and operate the commodities-marketing businesses previously operated through wholly owned subsidiaries of Sempra. We and RBS sold substantially all of the partnership’s businesses and assets in four separate transactions completed in 2010 and 2011. Since 2011, our investment balance has reflected our share of the remaining partnership assets, including amounts retained by the partnership to help offset unanticipated future general and administrative costs necessary to complete the dissolution of the partnership and the distribution of the partnership’s remaining assets, if any. We account for our investment in RBS Sempra Commodities under the equity method. In 2018, we fully impaired our remaining equity method investment in RBS Sempra Commodities. In 2020, we recorded a charge of $100 million in Equity Earnings on Sempra’s Consolidated Statement of Operations for losses from our investment in RBS SUMMARIZED FINANCIAL INFORMATION We present summarized financial information below, aggregated for all other equity method investments (excluding Oncor Holdings and RBS Sempra Commodities) for the periods in which we were invested in the entities. The amounts below represent the results of operations and aggregate financial position of 100% of each of Sempra’s other equity method investments. SUMMARIZED FINANCIAL INFORMATION – OTHER EQUITY METHOD INVESTMENTS (Dollars in millions) Years ended December 31, 2022 2021 (1) 2020 Gross revenues $ 2,959 $ 2,721 $ 2,341 Operating expense (772) (719) (706) Income from operations 2,187 2,002 1,635 Interest expense (505) (548) (514) Net income/Earnings (2)(3) 1,537 1,388 1,132 December 31, 2022 2021 (1) Current assets $ 1,008 $ 788 Noncurrent assets 14,786 14,686 Current liabilities 1,147 1,230 Noncurrent liabilities 11,130 11,807 (1) In March 2021, Sempra Infrastructure completed the acquisition of the remaining 50% equity interest in ESJ and ESJ became a consolidated subsidiary. (2) Except for our investments in Mexico, there was no income tax recorded by the entities, as they are primarily domestic partnerships. (3) Amounts for Cameron LNG JV exclude adjustments to equity earnings related to amortization of capitalized interest and guarantee fees within the carrying value of our equity method investment and changes in basis differences in equity earnings related to AOCI. |
DEBT AND CREDIT FACILITIES
DEBT AND CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES SHORT-TERM DEBT Committed Lines of Credit At December 31, 2022, Sempra had an aggregate capacity of $9.7 billion under seven primary committed lines of credit, which provide liquidity and support our commercial paper programs. Because our commercial paper programs are supported by some of these lines of credit, we reflect the amount of commercial paper outstanding, before reductions of any unamortized discounts, and any letters of credit outstanding as a reduction to the available unused credit capacity in the following table. COMMITTED LINES OF CREDIT (Dollars in millions) December 31, 2022 Borrower Expiration date of facility Total facility Commercial paper outstanding Amounts outstanding Available unused credit Sempra October 2027 $ 4,000 $ (454) $ — $ 3,546 SDG&E October 2027 1,500 (205) — 1,295 SoCalGas October 2027 1,200 (100) — 1,100 SI Partners November 2024 1,000 — (510) 490 IEnova and SI Partners September 2023 350 — (264) 86 IEnova and SI Partners December 2023 150 — — 150 IEnova and SI Partners February 2024 1,500 — (970) 530 Total $ 9,700 $ (759) $ (1,744) $ 7,197 The principal terms of Sempra’s, SDG&E’s and SoCalGas’ lines of credit reflected in the table above include the following: ▪ Each facility has a syndicate of 23 lenders. No single lender has greater than a 6% share in any facility. ▪ Sempra’s, SDG&E’s and SoCalGas’ facilities provide for the issuance of $200 million, $100 million and $150 million, respectively, of letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra, SDG&E and SoCalGas each has the right to increase its letter of credit commitment to up to $500 million, $250 million and $250 million, respectively. ▪ Borrowings bear interest at a benchmark rate plus a margin that varies with the borrower’s credit rating. ▪ Each borrower 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 December 31, 2022, each entity was in compliance with this ratio under its respective credit facility. The principal terms of SI Partners’ line of credit reflected in the table above include the following: ▪ A syndication of 12 lenders each having an 8.33% share in the facility. ▪ The facility provides for issuance of $200 million of letters of credit. ▪ The facility includes a $100 million swingline loan sub-limit, whereby any outstanding amounts would reduce available unused credit. No swingline loan borrowings were outstanding at December 31, 2022. ▪ Borrowings are issued in U.S. dollars and letters of credit can be issued in U.S. dollars or Mexican pesos. ▪ Borrowings bear interest at a benchmark rate plus a margin that varies with SI Partners’ credit rating. ▪ SI Partners must maintain a ratio of consolidated adjusted net indebtedness to consolidated earnings before interest, taxes, depreciation and amortization (as defined in its credit facility) of no more than 5.25 to 1.00 as of the end of each quarter. At December 31, 2022, SI Partners was in compliance with this ratio. The principal terms of the three lines of credit reflected in the table above that are shared by IEnova and SI Partners include the following: ▪ The $350 million revolving credit facility has a single lender and borrowings bear interest at a per annum rate equal to 3-month LIBOR plus 54 bps through December 29, 2022. On December 30, 2022, the facility was amended to replace the interest rate to Term SOFR plus 64 bps. ▪ The $150 million revolving credit facility has a single lender and borrowings bear interest at a per annum rate equal to Term SOFR plus 70 bps. ▪ The $1.5 billion revolving credit facility has a syndicate of 10 lenders and borrowings bear interest at a per annum rate equal to 3-month LIBOR plus 80 bps through December 29, 2022. On December 30, 2022, the facility was amended to replace the interest rate to Term SOFR plus 90 bps. ▪ Borrowings can be issued in U.S. dollars only. Uncommitted Line of Credit ECA LNG Phase 1 has an uncommitted line of credit, which is generally used for working capital requirements, with an aggregate capacity of $200 million of which $49 million was outstanding at December 31, 2022. The amount outstanding is before reductions of any unamortized discounts. The facility expires in August 2023 and borrowings can be in U.S. dollars or Mexican pesos. At December 31, 2022, outstanding amounts were borrowed in Mexican pesos and bear interest at a variable rate based on the 28-day Interbank Equilibrium Interest Rate plus 105 bps. Borrowings made in U.S. dollars bear interest at a variable rate based on the 1-month or 3-month LIBOR plus 105 bps. Uncommitted Letters of Credit Outside of our domestic and foreign credit facilities, we have bilateral unsecured standby letter of credit capacity with select lenders that is uncommitted and supported by reimbursement agreements. At December 31, 2022, we had $594 million in standby letters of credit outstanding under these agreements. UNCOMMITTED LETTERS OF CREDIT (Dollars in millions) December 31, 2022 Expiration date range Uncommitted letters of credit outstanding SDG&E May 2023 - January 2024 $ 15 SoCalGas March 2023 - November 2023 20 Sempra Infrastructure January 2023 - October 2043 391 Parent and other March 2023 - November 2023 168 Total $ 594 Term Loan In July 2022, SoCalGas entered into an $800 million, 364-day term loan agreement with a maturity date of July 6, 2023. In August 2022, SoCalGas borrowed $800 million, net of negligible debt issuance costs, under the term loan agreement. The borrowing bears interest at benchmark rates plus 70 bps and is due in full upon maturity. SoCalGas used the proceeds for payment of a portion of the costs relating to litigation pertaining to the Leak. Weighted-Average Interest Rates The weighted-average interest rates on all short-term debt were as follows: WEIGHTED-AVERAGE INTEREST RATES December 31, 2022 2021 Sempra 5.57 % 0.60 % SDG&E 4.76 0.65 SoCalGas 4.71 0.21 LONG-TERM DEBT The following tables show the detail and maturities of long-term debt outstanding. LONG-TERM DEBT AND FINANCE LEASES (Dollars in millions) December 31, 2022 2021 SDG&E: First mortgage bonds (collateralized by plant assets): 1.914% payable 2015 through February 2022 $ — $ 17 3.6% September 1, 2023 450 450 2.5% May 15, 2026 500 500 6% June 1, 2026 250 250 1.7% October 1, 2030 800 800 3% March 15, 2032 500 — 5.35% May 15, 2035 250 250 6.125% September 15, 2037 250 250 6% June 1, 2039 300 300 5.35% May 15, 2040 250 250 4.5% August 15, 2040 500 500 3.95% November 15, 2041 250 250 4.3% April 1, 2042 250 250 3.75% June 1, 2047 400 400 4.15% May 15, 2048 400 400 4.1% June 15, 2049 400 400 3.32% April 15, 2050 400 400 2.95% August 15, 2051 750 750 3.7% March 15, 2052 500 — 7,400 6,417 Other long-term debt (uncollateralized): Notes at variable rates (5.17% at December 31, 2022) February 18, 2024 (1) 400 — Finance lease obligations: Purchased-power contracts 1,194 1,217 Other 62 57 1,656 1,274 9,056 7,691 Current portion of long-term debt (489) (49) Unamortized discount on long-term debt (20) (17) Unamortized debt issuance costs (50) (44) Total SDG&E $ 8,497 $ 7,581 SoCalGas: First mortgage bonds (collateralized by plant assets): 3.15% September 15, 2024 $ 500 $ 500 3.2% June 15, 2025 350 350 2.6% June 15, 2026 500 500 2.55% February 1, 2030 650 650 5.75% November 15, 2035 250 250 5.125% November 15, 2040 300 300 3.75% September 15, 2042 350 350 4.45% March 15, 2044 250 250 4.125% June 1, 2048 400 400 4.3% January 15, 2049 550 550 3.95% February 15, 2050 350 350 6.35% November 15, 2052 600 — 5,050 4,450 Other long-term debt (uncollateralized): Notes at variable rates (5.10% at December 31, 2022) September 14, 2023 (1) 300 300 1.875% Notes May 14, 2026 (1) 4 4 2.95% Notes April 15, 2027 700 — 5.67% Notes January 18, 2028 (2) 5 5 Finance lease obligations 87 61 1,096 370 6,146 4,820 Current portion of long-term debt (318) (11) Unamortized discount on long-term debt (12) (7) Unamortized debt issuance costs (36) (29) Total SoCalGas $ 5,780 $ 4,773 LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) (Dollars in millions) December 31, 2022 2021 Sempra: Other long-term debt (uncollateralized): 3.3% Notes April 1, 2025 $ 750 $ — 3.25% Notes June 15, 2027 750 750 3.4% Notes February 1, 2028 1,000 1,000 3.7% Notes April 1, 2029 500 — 3.8% Notes February 1, 2038 1,000 1,000 6% Notes October 15, 2039 750 750 4% Notes February 1, 2048 800 800 4.125% Junior Subordinated Notes April 1, 2052 (1) 1,000 1,000 5.75% Junior Subordinated Notes July 1, 2079 (1) 758 758 Sempra Infrastructure: Other long-term debt (uncollateralized unless otherwise noted): 6.3% Notes (4.124% after cross-currency swap effective 2013) February 2, 2023 201 189 Loan at variable rates (7.54% at December 31, 2022) December 9, 2025 575 341 Notes at variable rates (5.13% after floating-to-fixed rate swaps effective 2014), payable December 15, 2016 through December 15, 2026, collateralized by plant assets (2) — 154 3.75% Notes January 14, 2028 300 300 3.25% Notes January 15, 2032 400 — Loan at variable rates (4.0275% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034 (1) 196 200 2.9% Loan payable June 15, 2022 through November 19, 2034 (1) 236 241 Loan at variable rates (2.38% after floating-to-fixed rate swap effective 2020) payable June 15, 2022 through November 19, 2034 (1) 98 100 4.875% Notes January 14, 2048 540 540 4.75% Notes January 15, 2051 800 800 10,654 8,923 Current portion of long-term debt (212) (46) Unamortized discount on long-term debt (62) (65) Unamortized debt issuance costs (109) (98) Total other Sempra 10,271 8,714 Total Sempra $ 24,548 $ 21,068 (1) Callable long-term debt not subject to make-whole provisions. (2) Debt is not callable. At December 31, 2022, scheduled maturities of long-term debt are as follows: MATURITIES OF LONG-TERM DEBT (1) (Dollars in millions) SDG&E SoCalGas Other Total 2023 $ 450 $ 300 $ 212 $ 962 2024 400 500 30 930 2025 — 350 1,374 1,724 2026 750 504 49 1,303 2027 — 700 799 1,499 Thereafter 6,200 3,705 8,190 18,095 Total $ 7,800 $ 6,059 $ 10,654 $ 24,513 (1) Excludes finance lease obligations, discounts, and debt issuance costs. Various long-term obligations totaling $12.1 billion at Sempra at December 31, 2022 are unsecured. This includes unsecured long-term obligations totaling $400 million at SDG&E and $1.0 billion at SoCalGas. Callable Long-Term Debt At the option of Sempra, SDG&E and SoCalGas, certain debt at December 31, 2022 is callable subject to premiums: CALLABLE LONG-TERM DEBT (Dollars in millions) SDG&E SoCalGas Other Total Not subject to make-whole provisions $ 400 $ 304 $ 2,288 $ 2,992 Subject to make-whole provisions 7,400 5,750 8,366 21,516 First Mortgage Bonds SDG&E and SoCalGas issue first mortgage bonds secured by liens on their respective utility plant assets. SDG&E and SoCalGas may issue additional first mortgage bonds if in compliance with the provisions of their bond agreements (indentures). These indentures require, among other things, the satisfaction of pro forma earnings-coverage tests on first mortgage bond interest and the availability of sufficient mortgaged property to support the additional bonds, after giving effect to prior bond redemptions. The most restrictive of these tests (the property test) would permit the issuance, subject to CPUC authorization, of additional first mortgage bonds of $7.8 billion at SDG&E and $1.9 billion at SoCalGas at December 31, 2022. SDG&E In March 2022, SDG&E issued $500 million aggregate principal amount of 3.00% first mortgage bonds due in full upon maturity on March 15, 2032 and received proceeds of $494 million (net of debt discount, underwriting discounts and debt issuance costs of $6 million), and $500 million aggregate principal amount of 3.70% first mortgage bonds due in full upon maturity on March 15, 2052 and received proceeds of $492 million (net of debt discount, underwriting discounts and debt issuance costs of $8 million). Each series of first mortgage bonds is redeemable prior to maturity, subject to its terms, and in certain circumstances subject to make-whole provisions. SDG&E used the net proceeds for repayment of commercial paper and its 364-day term loan and for capital expenditures and other general corporate purposes. SoCalGas In November 2022, SoCalGas issued $600 million aggregate principal amount of 6.35% green first mortgage bonds due in full upon maturity on November 15, 2052 and received proceeds of $592 million (net of debt discount, underwriting discounts and debt issuance costs of $8 million). The first mortgage bonds are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SoCalGas intends to use the net proceeds to finance or refinance eligible projects that fall into one or more of the following categories: pollution prevention and control, green buildings and clean transportation. Other Long-Term Debt Sempra In March 2022, we issued $750 million aggregate principal amount of 3.30% senior unsecured notes due in full upon maturity on April 1, 2025 and received proceeds of $745 million (net of debt discount, underwriting discounts and debt issuance costs of $5 million), and $500 million of 3.70% senior unsecured notes due in full upon maturity on April 1, 2029 and received proceeds of $494 million (net of debt discount, underwriting discounts and debt issuance costs of $6 million). Each series of notes is redeemable prior to maturity, subject to its terms, and in certain circumstances subject to make-whole provisions. We used the net proceeds for general corporate purposes and repayment of commercial paper. SDG&E In February 2022, SDG&E entered into a $400 million, two-year term loan with a maturity date of February 18, 2024. SDG&E borrowed $200 million in the three months ended March 31, 2022 and an additional $200 million in the three months ended June 30, 2022. The borrowings bear interest at benchmark rates plus 62.5 bps and are due in full upon maturity. The margin is based on SDG&E’s long-term senior unsecured credit rating. SDG&E used the net proceeds for repayment of commercial paper and for general corporate purposes. SoCalGas In March 2022, SoCalGas issued $700 million aggregate principal amount of 2.95% senior unsecured notes due in full upon maturity on April 15, 2027 and received proceeds of $691 million (net of debt discount, underwriting discounts and debt issuance costs of $9 million). The notes are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. SoCalGas used the net proceeds for repayment of commercial paper and general corporate purposes. Sempra Infrastructure SI Partners. In January 2022, SI Partners completed a private offering of $400 million in aggregate principal of 3.25% senior unsecured notes due in full upon maturity on January 15, 2032 to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and non-U.S. persons outside the U.S. under Regulation S under the Securities Act. The notes are redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions, and holders of the notes have the right to require SI Partners to offer to purchase some or all of the notes at a premium upon the occurrence of specific kinds of change of control events that result in a downgrade of SI Partners’ credit ratings. Sempra Infrastructure received proceeds of $390 million (net of debt discount, underwriting discounts and debt issuance costs of $10 million). Sempra Infrastructure used the net proceeds for general corporate purposes, including the repayment of certain indebtedness of its subsidiaries. ECA LNG Phase 1. In December 2020, ECA LNG Phase 1 entered into a five-year loan agreement with a syndicate of nine external lenders for an aggregate principal amount of up to $1.5 billion. Sempra, IEnova and TotalEnergies SE provided guarantees for repayment of the loans plus accrued and unpaid interest based on their proportionate ownership interest in ECA LNG Phase 1 of 41.7%, 41.7% and 16.6%, respectively. At issuance, borrowings under the loan agreement bore interest at a weighted-average blended rate of 2.70% plus a benchmark interest rate per annum equal to (a) the LIBOR for such interest period, divided by (b) one minus the Eurodollar Reserve Percentage, provided that in no event shall the benchmark interest rate at any time be less than 0% per annum. In July 2022, ECA LNG Phase 1 replaced Sempra with IEnova as the guarantor and replaced two of the nine external lenders and their combined principal commitment of $203 million (of which $64 million was outstanding and repaid) with a shareholder loan from IEnova, thereby reducing the syndicate to seven external lenders, increasing the weighted-average blended rate to 2.86% and reducing the aggregate principal amount of borrowing capacity from external lenders to $1.3 billion. In December 2022, the loan agreement was amended to change the benchmark interest rate per annum to (a) the Term SOFR based on a tenor comparable to the applicable interest period, plus (b) a 0.10% margin per annum, for any interest period beginning on or after December 30, 2022. At December 31, 2022 and December 31, 2021, $575 million and $341 million, respectively, of borrowings from external lenders were outstanding under the loan agreement, with a weighted-average interest rate of 7.54% and 2.93%, respectively. IEnova Pipelines. In September 2022, Sempra Infrastructure used proceeds from borrowings against IEnova’s committed and uncommitted lines of credit to fully repay $141 million of outstanding principal plus accrued and unpaid interest on the IEnova Pipelines variable-rate loans prior to scheduled maturity dates through 2026, and recognized approximately $2 million ($1 million after tax and NCI) in charges associated with the write-off of acquisition-related fair value adjustments offset by a hedge termination benefit. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We provide our calculations of ETRs in the following table. INCOME TAX EXPENSE (BENEFIT) AND EFFECTIVE INCOME TAX RATES (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra: Income tax expense from continuing operations $ 556 $ 99 $ 249 Income from continuing operations before income taxes and equity earnings $ 1,343 $ 219 $ 1,489 Equity earnings, before income tax (1) 666 614 294 Pretax income $ 2,009 $ 833 $ 1,783 Effective income tax rate 28 % 12 % 14 % SDG&E: Income tax expense $ 182 $ 201 $ 190 Income before income taxes $ 1,097 $ 1,020 $ 1,014 Effective income tax rate 17 % 20 % 19 % SoCalGas: Income tax expense (benefit) $ 138 $ (310) $ 96 Income (loss) before income taxes $ 738 $ (736) $ 601 Effective income tax rate 19 % 42 % 16 % (1) We discuss how we recognize equity earnings in Note 6. 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 Infrastructure has similar flow-through treatment. We present in the table below reconciliations of net U.S. statutory federal income tax rates to our ETRs. RECONCILIATION OF FEDERAL INCOME TAX RATES TO EFFECTIVE INCOME TAX RATES Years ended December 31, 2022 2021 2020 Sempra: U.S. federal statutory income tax rate 21 % 21 % 21 % Foreign exchange and inflation effects (1) 9 1 (3) Outside basis differences 6 9 — Utility depreciation 4 8 3 Non-U.S. earnings taxed at rates different from the U.S. statutory income tax rate (2) 3 5 2 State income taxes, net of federal income tax benefit 1 (4) 1 Compensation-related items — (1) (1) Impairment losses — (1) 1 Noncontrolling interests — (2) — Utility self-developed software expenditures — (5) (3) Allowance for equity funds used during construction (1) (3) (1) Tax credits (1) — (1) Amortization of excess deferred income taxes (2) (3) (1) Resolution of prior years’ income tax items (2) — — Valuation allowances (2) 1 (1) Remeasurement of deferred taxes (3) (4) — Utility repairs expenditures (5) (9) (4) Other, net — (1) 1 Effective income tax rate 28 % 12 % 14 % SDG&E: U.S. federal statutory income tax rate 21 % 21 % 21 % State income taxes, net of federal income tax benefit 4 5 5 Depreciation 3 3 3 Self-developed software expenditures — (1) (4) Amortization of excess deferred income taxes (2) (2) (1) Allowance for equity funds used during construction (2) (2) (2) Resolution of prior years’ income tax items (2) — — Repairs expenditures (5) (4) (3) Effective income tax rate 17 % 20 % 19 % SoCalGas: U.S. federal statutory income tax rate 21 % 21 % 21 % Depreciation 5 (5) 5 State income taxes, net of federal income tax benefit 2 11 2 Nondeductible expenditures 2 — 2 Self-developed software expenditures — 5 (4) Amortization of excess deferred income taxes (2) 2 (1) Allowance for equity funds used during construction (2) 1 (1) Repairs expenditures (6) 5 (7) Other, net (1) 2 (1) Effective income tax rate 19 % 42 % 16 % (1) Due to fluctuation of the Mexican peso against the U.S. dollar. We record income tax expense (benefit) from the transactional effects of foreign currency and inflation because of appreciation (depreciation) of the Mexican peso. In 2021 and 2020, we also recognized gains (losses) in Other Income (Expense), Net, on the Consolidated Statements of Operations from foreign currency derivatives that were partially hedging Sempra Infrastructure’s exposure to movements in the Mexican peso from its controlling interest in IEnova. (2) Related to operations in Mexico. In the year ended December 31, 2022, we recognized income tax expense of $120 million for a deferred income tax liability related to outside basis differences in our foreign subsidiaries that we had previously considered to be indefinitely reinvested. We have not recorded deferred income taxes with respect to remaining basis differences of approximately $600 million between financial statement and income tax investment amounts in our non-U.S. subsidiaries because we consider them to be indefinitely reinvested as of December 31, 2022. The remaining basis differences are calculated pursuant to U.S. federal tax law, which may differ from tax law in California and foreign jurisdictions. It is currently not practicable to determine the hypothetical amount of tax that might be payable if the underlying basis differences were realized. The table below presents the geographic components of pretax income. PRETAX INCOME – SEMPRA (Dollars in millions) Years ended December 31, 2022 2021 2020 By geographic components: U.S. $ 1,449 $ 346 $ 1,461 Non-U.S. 560 487 322 Total (1) $ 2,009 $ 833 $ 1,783 (1) See the Income Tax Expense (Benefit) and Effective Income Tax Rates table above for the calculation of pretax income. U.S. pretax income was lower in 2021 compared to 2022 and 2020 primarily due to the 2021 charges at SoCalGas related to civil litigation pertaining to the Leak, which we describe in Note 16. The components of income tax expense are as follows. INCOME TAX EXPENSE (BENEFIT) (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra: Current: U.S. state $ (1) $ (6) $ (22) Non-U.S. 165 183 112 Total 164 177 90 Deferred: U.S. federal 248 (9) 157 U.S. state 50 (37) 36 Non-U.S. 94 (31) (34) Total 392 (77) 159 Deferred investment tax credits — (1) — Total income tax expense $ 556 $ 99 $ 249 SDG&E: Current: U.S. federal $ 76 $ 35 $ 121 U.S. state 13 13 34 Total 89 48 155 Deferred: U.S. federal 54 99 11 U.S. state 38 54 25 Total 92 153 36 Deferred investment tax credits 1 — (1) Total income tax expense $ 182 $ 201 $ 190 SoCalGas: Current: U.S. federal $ (5) $ 134 $ 163 U.S. state (3) 50 45 Total (8) 184 208 Deferred: U.S. federal 125 (334) (85) U.S. state 22 (159) (28) Total 147 (493) (113) Deferred investment tax credits (1) (1) 1 Total income tax expense (benefit) $ 138 $ (310) $ 96 The tables below present the components of deferred income taxes: DEFERRED INCOME TAXES (Dollars in millions) December 31, 2022 2021 Sempra: Deferred income tax liabilities: Differences in financial and tax bases of fixed assets, investments and other assets (1) $ 5,533 $ 5,230 U.S. state and non-U.S. withholding tax on repatriation of foreign earnings 53 47 Regulatory balancing accounts 632 538 Right-of-use assets – operating leases 177 160 Property taxes 60 52 Postretirement benefits 31 — Other deferred income tax liabilities 55 50 Total deferred income tax liabilities 6,541 6,077 Deferred income tax assets: Tax credits 1,210 1,135 Net operating losses 579 706 Postretirement benefits — 30 Compensation-related items 144 164 Operating lease liabilities 164 140 Other deferred income tax assets 40 130 State income taxes — 21 Bad debt allowance 48 33 Accrued expenses not yet deductible 92 575 Deferred income tax assets before valuation allowances 2,277 2,934 Less: valuation allowances 192 183 Total deferred income tax assets 2,085 2,751 Net deferred income tax liability (2) $ 4,456 $ 3,326 (1) In addition to the financial over tax basis differences in fixed assets, the amount also includes financial over tax basis differences in various interests in partnerships and certain subsidiaries. (2) At December 31, 2022 and 2021, includes $135 and $151, respectively, recorded as a noncurrent asset and $4,591 and $3,477, respectively, recorded as a noncurrent liability on the Consolidated Balance Sheets. DEFERRED INCOME TAXES (Dollars in millions) SDG&E SoCalGas December 31, December 31, 2022 2021 2022 2021 Deferred income tax liabilities: Differences in financial and tax bases of utility plant and other assets $ 2,157 $ 1,970 $ 1,568 $ 1,444 Regulatory balancing accounts 397 323 236 215 Right-of-use assets – operating leases 79 52 12 16 Property taxes 38 35 21 17 Postretirement benefits — — 45 — Other — 1 — 1 Total deferred income tax liabilities 2,671 2,381 1,882 1,693 Deferred income tax assets: Tax credits 5 5 2 3 Postretirement benefits — — — 18 Compensation-related items 9 12 27 33 Operating lease liabilities 79 52 12 16 Bad debt allowance 19 16 23 15 State income taxes 5 4 — 12 Accrued expenses not yet deductible 10 16 59 539 Net operating losses — — 441 — Other 4 1 12 18 Total deferred income tax assets 131 106 576 654 Net deferred income tax liability $ 2,540 $ 2,275 $ 1,306 $ 1,039 The following table summarizes our unused NOLs and tax credit carryforwards. NET OPERATING LOSSES AND TAX CREDIT CARRYFORWARDS (Dollars in millions) Unused amount at December 31, 2022 Year expiration begins Sempra: U.S. federal: NOLs (1) $ 2,192 Indefinite General business tax credits (1) 450 2032 Foreign tax credits (2) 766 2024 U.S. state (2) : NOLs 3,662 2023 General business tax credits 35 2023 Non-U.S. NOLs (2) 164 2023 SoCalGas: U.S. federal NOLs (1) $ 1,540 Indefinite U.S. state NOLs (1) 1,729 2042 (1) We have recorded deferred income tax benefits on these NOLs and tax credits, in total, because we currently believe they will be realized on a more-likely-than-not-basis. (2) We have not recorded deferred income tax benefits on a portion of these NOLs and tax credits because we currently believe they will not be realized on a more-likely-than-not-basis, as discussed below. A valuation allowance is recorded when, based on more-likely-than-not criteria, negative evidence outweighs positive evidence with regard to our ability to realize a deferred income tax asset in the future. Of the valuation allowances recorded to date, the negative evidence outweighs the positive evidence primarily due to cumulative pretax losses in various U.S. state and non-U.S. jurisdictions resulting in deferred income tax assets that we currently do not believe will be realized on a more-likely-than-not basis. The following table provides the valuation allowances that we recorded against a portion of our total deferred income tax assets shown above in the “Deferred Income Taxes – Sempra” table. VALUATION ALLOWANCES (Dollars in millions) December 31, 2022 2021 Sempra: U.S. federal $ 115 $ 128 U.S. state 51 31 Non-U.S. 26 24 $ 192 $ 183 Following is a reconciliation of the changes in unrecognized income tax benefits and the potential effect on our ETR for the years ended December 31: RECONCILIATION OF UNRECOGNIZED INCOME TAX BENEFITS (Dollars in millions) 2022 2021 2020 Sempra: Balance at January 1 $ 304 $ 99 $ 93 Increase in prior period tax positions 16 3 3 Decrease in prior period tax positions (2) (2) (1) Settlements with tax authorities (43) — — Expiration of statutes of limitations (1) — — Increase in current period tax positions 4 204 4 Balance at December 31 $ 278 $ 304 $ 99 Of December 31 balance, amounts related to tax positions that if recognized in future years would decrease the effective tax rate (1) (117) $ (105) $ (87) increase the effective tax rate (1) 38 34 31 SDG&E: Balance at January 1 $ 14 $ 13 $ 12 Increase in prior period tax positions — 1 1 Balance at December 31 $ 14 $ 14 $ 13 Of December 31 balance, amounts related to tax positions that if recognized in future years would decrease the effective tax rate (1) $ (11) $ (11) $ (10) increase the effective tax rate (1) 1 1 1 SoCalGas: Balance at January 1 $ 72 $ 68 $ 64 Increase in prior period tax positions 1 1 1 Increase in current period tax positions 4 3 3 Balance at December 31 $ 77 $ 72 $ 68 Of December 31 balance, amounts related to tax positions that if recognized in future years would decrease the effective tax rate (1) $ (67) $ (63) $ (59) increase the effective tax rate (1) 37 33 30 (1) Includes temporary book and tax differences that are treated as flow-through for ratemaking purposes, as discussed above. It is reasonably possible that within the next 12 months, unrecognized income tax benefits could decrease due to the following: POSSIBLE DECREASES IN UNRECOGNIZED INCOME TAX BENEFITS WITHIN 12 MONTHS (Dollars in millions) December 31, 2022 2021 2020 Sempra: Potential resolution of audit issues with various U.S. federal, state and local $ 8 $ 8 $ 8 SDG&E: Potential resolution of audit issues with various U.S. federal, state and local $ 6 $ 6 $ 6 SoCalGas: Potential resolution of audit issues with various U.S. federal, state and local taxing authorities $ 2 $ 2 $ 2 Amounts accrued for interest and penalties associated with unrecognized income tax benefits are included in Income Tax Expense (Benefit) on the Consolidated Statements of Operations. Sempra, SDG&E and SoCalGas each accrued negligible amounts for interest expense and penalties at December 31, 2022 and 2021 on the Consolidated Balance Sheets, and recorded negligible amounts for interest expense and penalties on the Consolidated Statements of Operations for all periods presented. INCOME TAX AUDITS Sempra is subject to U.S. federal income tax as well as income tax of multiple state and non-U.S. jurisdictions. We remain subject to examination for U.S. federal tax years after 2018. We are subject to examination by major state tax jurisdictions for tax years after 2012. Certain major non-U.S. income tax returns for tax years 2013 through the present are open to examination. SDG&E and SoCalGas are subject to U.S. federal income tax and state income tax. They remain subject to examination for U.S. federal tax years after 2018 and state tax years after 2012. In addition, Sempra has filed protests to contest proposed state audit adjustments for tax years 2009 through 2012. The pre-2013 tax years for our major state tax jurisdictions are closed to new issues; therefore, no additional tax may be assessed by the taxing authorities for these tax years. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS For our employee benefit plans, we: ▪ recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status in the balance sheet; ▪ measure a plan’s assets and its obligations that determine its funded status as of the end of the fiscal year; and ▪ recognize changes in the funded status of pension and PBOP plans in the year in which the changes occur. Generally, those changes are reported in OCI and as a separate component of shareholders’ equity. The detailed information presented below covers the employee benefit plans of primarily Sempra and its consolidated entities. Sempra has funded and unfunded noncontributory traditional defined benefit and cash balance plans, including separate plans for SDG&E and SoCalGas, which collectively cover all eligible employees. Pension benefits under the traditional defined benefit plans are based on service and final average earnings, while the cash balance plans provide benefits using a career average earnings methodology. IEnova has an unfunded noncontributory defined benefit plan covering all employees that provides defined benefits to retirees based on date of hire, years of service and final average earnings. Sempra also has PBOP plans, including separate plans for SDG&E and SoCalGas, which collectively cover all domestic and certain foreign employees. The life insurance plans are both contributory and noncontributory, and the health care plans are contributory. Participants’ contributions are adjusted annually. PBOP plans include medical benefits. DEDICATED ASSETS IN SUPPORT OF CERTAIN BENEFITS PLANS In support of its Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans, Sempra maintains dedicated assets, including a Rabbi Trust and investments in life insurance contracts, which totaled $505 million and $567 million at December 31, 2022 and 2021, respectively. PENSION AND PBOP PLANS Oncor In 2022 and 2021, we had $26 million and $7 million, respectively, in AOCI representing an actuarial loss related to Oncor’s pension plans. Benefit Obligations and Assets The following three tables provide a reconciliation of the changes in the plans’ projected benefit obligations and the fair value of assets during 2022 and 2021, and a statement of the funded status at December 31, 2022 and 2021. PROJECTED BENEFIT OBLIGATION, FAIR VALUE OF ASSETS AND FUNDED STATUS (Dollars in millions) Pension (1) PBOP 2022 2021 2022 2021 Sempra: CHANGE IN PROJECTED BENEFIT OBLIGATION Net obligation at January 1 $ 3,857 $ 4,077 $ 940 $ 989 Service cost 146 145 23 23 Interest cost 118 112 28 28 Contributions from plan participants — — 23 21 Actuarial gain (925) (76) (282) (53) Benefit payments (89) (98) (69) (68) Settlements (301) (303) — — Net obligation at December 31 2,806 3,857 663 940 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 3,182 3,002 1,408 1,399 Actual return on plan assets (625) 340 (271) 51 Employer contributions 223 241 5 5 Contributions from plan participants — — 23 21 Benefit payments (89) (98) (69) (68) Settlements (301) (303) — — Fair value of plan assets at December 31 2,390 3,182 1,096 1,408 Funded status at December 31 $ (416) $ (675) $ 433 $ 468 Net recorded (liability) asset at December 31 $ (416) $ (675) $ 433 $ 468 (1) The accumulated benefit obligation was $2,574 and $3,419 at December 31, 2022 and 2021, respectively. PROJECTED BENEFIT OBLIGATION, FAIR VALUE OF ASSETS AND FUNDED STATUS (Dollars in millions) Pension (1) PBOP 2022 2021 2022 2021 SDG&E: CHANGE IN PROJECTED BENEFIT OBLIGATION Net obligation at January 1 $ 885 $ 913 $ 188 $ 193 Service cost 37 35 5 5 Interest cost 26 25 6 5 Contributions from plan participants — — 8 7 Actuarial gain (135) (2) (54) (3) Benefit payments (17) (17) (19) (19) Settlements (82) (69) — — Net obligation at December 31 714 885 134 188 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 859 819 197 213 Actual return on plan assets (142) 73 (40) (5) Employer contributions 52 53 1 1 Contributions from plan participants — — 8 7 Benefit payments (17) (17) (19) (19) Settlements (82) (69) — — Fair value of plan assets at December 31 670 859 147 197 Funded status at December 31 $ (44) $ (26) $ 13 $ 9 Net recorded (liability) asset at December 31 $ (44) $ (26) $ 13 $ 9 (1) The accumulated benefit obligation was $678 and $824 at December 31, 2022 and 2021, respectively. PROJECTED BENEFIT OBLIGATION, FAIR VALUE OF ASSETS AND FUNDED STATUS (Dollars in millions) Pension (1) PBOP (Dollars in millions) 2022 2021 2022 2021 SoCalGas: CHANGE IN PROJECTED BENEFIT OBLIGATION Net obligation at January 1 $ 2,647 $ 2,829 $ 706 $ 749 Service cost 96 97 17 17 Interest cost 81 78 21 22 Contributions from plan participants — — 14 13 Actuarial gain (748) (83) (215) (49) Benefit payments (58) (63) (46) (46) Settlements (204) (211) — — Net obligation at December 31 1,814 2,647 497 706 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 2,095 1,969 1,178 1,159 Actual return on plan assets (449) 243 (224) 51 Employer contributions 151 157 1 1 Contributions from plan participants — — 14 13 Benefit payments (58) (63) (46) (46) Settlements (204) (211) — — Fair value of plan assets at December 31 1,535 2,095 923 1,178 Funded status at December 31 $ (279) $ (552) $ 426 $ 472 Net recorded (liability) asset at December 31 $ (279) $ (552) $ 426 $ 472 (1) The accumulated benefit obligation was $1,644 and $2,306 at December 31, 2022 and 2021, respectively. Actuarial (gains) losses fluctuate based on changes in assumptions that we describe below in “Assumptions for Pension and PBOP Plans” and updates to census data. In 2021, the Society of Actuaries released updated mortality improvement projection scales, reflecting changes to projected observed longevity improvements in its mortality tables. There was no update in 2022. We have incorporated these assumptions, adjusted for the Sempra companies’ actual mortality experience, in our calculations for each of those years. ▪ Actuarial gains in pension plans at Sempra in 2022 were driven primarily by an increase in discount rates at SoCalGas, SDG&E and Sempra, a change in the rates used to convert traditional pension benefits to lump-sums at SoCalGas, and administrative changes in the long-term disability plan at SoCalGas. These actuarial gains were partially offset by actuarial losses due to an increase in the interest crediting rate for the cash balance plans at SDG&E, SoCalGas and Sempra, changes in the rates used to convert cash balance accounts to traditional pension benefit distributions at SDG&E, and updated census data at SoCalGas and Sempra. ▪ Actuarial gains in PBOP plans at Sempra in 2022 were driven primarily by an increase in discount rates at SoCalGas, SDG&E and Sempra. Net Assets and Liabilities The assets and liabilities of the pension and PBOP plans are affected by changing market conditions as well as when actual plan experience is different than assumed. Such events result in investment gains and losses, which we defer and recognize in pension and PBOP costs over a period of years. Our funded pension and PBOP plans use the asset smoothing method, except for those at SDG&E. This method develops an asset value that recognizes realized and unrealized investment gains and losses over a three-year period. This adjusted asset value, known as the market-related value of assets, is used in conjunction with an expected long-term rate of return to determine the expected return-on-assets component of net periodic benefit cost. SDG&E does not use the asset smoothing method, but rather recognizes realized and unrealized investment gains and losses during the current year. The 10% corridor accounting method is used at Sempra, SDG&E and SoCalGas. Under the corridor accounting method, if as of the beginning of a year unrecognized net gain or loss exceeds 10% of the greater of the projected benefit obligation or the market-related value of plan assets, the excess is amortized over the average remaining service period of active participants (or, for plans where participants are substantially inactive employees, the average remaining lifetime of all participants or the period for which benefits will be paid, whichever is shorter). The asset smoothing and 10% corridor accounting methods help mitigate volatility of net periodic benefit costs from year to year. Defined benefit pension and PBOP plans with an aggregated overfunded status are recognized as an asset and with an aggregated underfunded status are recognized as a liability; unrecognized changes in these assets and/or liabilities are normally recorded in AOCI on the balance sheet. SDG&E and SoCalGas record regulatory assets and liabilities that offset the funded pension and PBOP plans’ assets or liabilities, as these costs are expected to be recovered in future utility rates based on decisions by regulatory agencies. SDG&E and SoCalGas record annual pension and PBOP net periodic benefit costs equal to the contributions to their qualified plans as authorized by the CPUC. The annual contributions to the pension plans are the greater of: ▪ a minimum required funding amount as required by the IRS; ▪ the amount required to maintain an 85% Adjusted Funding Target Attainment Percentage as defined by the Pension Protection Act of 2006, as amended; or ▪ beginning January 1, 2019 and for the duration of the 2019 GRC cycle, a fixed amount equal to the estimated annual service cost as defined by U.S. GAAP plus one year of a 14-year amortization of the unfunded projected benefit obligation of the pension plan as of January 1, 2019, and limited to an annual amount that keeps the fair value of the pension plan assets from exceeding 110% of the pension benefit obligation of the plan. The annual contributions to PBOP plans are equal to the lesser of the maximum tax deductible amount or the net periodic benefit cost calculated in accordance with U.S. GAAP for pension and PBOP plans. Any differences between booked net periodic benefit cost and amounts contributed to the pension and PBOP plans for SDG&E and SoCalGas are disclosed as regulatory adjustments in accordance with U.S. GAAP for rate-regulated entities. The net (liability) asset is included in the following categories on the Consolidated Balance Sheets. PENSION AND PBOP OBLIGATIONS, NET OF PLAN ASSETS (Dollars in millions) Pension PBOP December 31, December 31, 2022 2021 2022 2021 Sempra: Noncurrent assets $ 8 $ 19 $ 443 $ 481 Current liabilities (23) (19) (1) (1) Noncurrent liabilities (401) (675) (9) (12) Net recorded (liability) asset $ (416) $ (675) $ 433 $ 468 SDG&E: Noncurrent assets $ — $ — $ 13 $ 9 Current liabilities (2) (1) — — Noncurrent liabilities (42) (25) — — Net recorded (liability) asset $ (44) $ (26) $ 13 $ 9 SoCalGas: Noncurrent assets $ — $ — $ 426 $ 472 Current liabilities (2) (1) — — Noncurrent liabilities (277) (551) — — Net recorded (liability) asset $ (279) $ (552) $ 426 $ 472 Amounts recorded in AOCI, net of income tax effects and amounts recorded as regulatory assets, are as follows. AMOUNTS IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Pension PBOP December 31, December 31, 2022 2021 2022 2021 Sempra: Net actuarial (loss) gain $ (95) $ (86) $ 14 $ 11 Prior service cost (5) (8) — — Total $ (100) $ (94) $ 14 $ 11 SDG&E: Net actuarial loss $ (6) $ (9) Prior service cost (1) (1) Total $ (7) $ (10) SoCalGas: Net actuarial loss $ (9) $ (15) Prior service cost (3) (3) Total $ (12) $ (18) Sempra, SDG&E and SoCalGas each have a funded pension plan. The following table shows the obligations of funded pension plans with benefit obligations in excess of plan assets. OBLIGATIONS OF FUNDED PENSION PLANS (Dollars in millions) December 31, 2022 2021 Sempra: Projected benefit obligation $ 2,476 $ 2,612 Accumulated benefit obligation 2,277 2,277 Fair value of plan assets 2,205 2,095 SDG&E: Projected benefit obligation $ 691 Accumulated benefit obligation 658 Fair value of plan assets 670 SoCalGas: Projected benefit obligation $ 1,785 $ 2,612 Accumulated benefit obligation 1,619 2,277 Fair value of plan assets 1,535 2,095 We also have unfunded pension plans at Sempra, SDG&E, SoCalGas and IEnova. The following table shows the obligations of unfunded pension plans. OBLIGATIONS OF UNFUNDED PENSION PLANS (Dollars in millions) December 31, 2022 2021 Sempra: Projected benefit obligation $ 153 $ 178 Accumulated benefit obligation 124 139 SDG&E: Projected benefit obligation $ 23 $ 26 Accumulated benefit obligation 20 22 SoCalGas: Projected benefit obligation $ 29 $ 35 Accumulated benefit obligation 25 29 Sempra, SDG&E and SoCalGas each have a funded PBOP plan. The following table shows the obligations of funded PBOP plans with accumulated postretirement benefit obligations in excess of plan assets. OBLIGATIONS OF FUNDED PBOP PLANS (Dollars in millions) December 31, 2021 Sempra: Accumulated postretirement benefit obligation $ 34 Fair value of plan assets 33 We also have unfunded PBOP plans at Sempra. The following table shows the obligations of unfunded PBOP plans. OBLIGATIONS OF UNFUNDED PBOP PLANS (Dollars in millions) December 31, 2022 2021 Sempra: Accumulated postretirement benefit obligation $ 10 $ 12 Net Periodic Benefit Cost The following tables provide the components of net periodic benefit cost and pretax amounts recognized in OCI: NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI (Dollars in millions) Pension PBOP Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 Sempra: NET PERIODIC BENEFIT COST Service cost $ 146 $ 145 $ 129 $ 23 $ 23 $ 18 Interest cost 118 112 129 28 28 33 Expected return on assets (183) (173) (169) (64) (61) (55) Amortization of: Prior service cost (credit) 10 11 12 (2) (2) (2) Actuarial loss (gain) 25 45 35 (15) (9) (10) Settlement charges 28 38 22 — — — Net periodic benefit cost (credit) 144 178 158 (30) (21) (16) Regulatory adjustment 84 57 91 30 21 16 Total expense recognized 228 235 249 — — — CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI (1) Net loss (gain) 12 (5) 28 (4) (4) 1 Amortization of actuarial loss (8) (8) (14) 1 — — Amortization of prior service cost (4) (4) (4) — — — Settlements — (7) (22) — — — Total recognized in OCI — (24) (12) (3) (4) 1 Total recognized in net periodic benefit cost and OCI $ 228 $ 211 $ 237 $ (3) $ (4) $ 1 (1) Includes discontinued operations in 2020. NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI (Dollars in millions) Pension PBOP Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 SDG&E: NET PERIODIC BENEFIT COST Service cost $ 37 $ 35 $ 31 $ 5 $ 5 $ 4 Interest cost 26 25 30 6 5 6 Expected return on assets (46) (50) (49) (10) (10) (10) Amortization of: Prior service cost 1 1 2 — — — Actuarial loss (gain) 1 2 3 (2) (2) (3) Settlement charges 14 6 — — — — Net periodic benefit cost (credit) 33 19 17 (1) (2) (3) Regulatory adjustment 20 34 38 1 2 3 Total expense recognized 53 53 55 $ — $ — $ — CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI Net (gain) loss (3) 1 6 Transfer of actuarial gain — — (7) Transfer of prior service credit — — (5) Amortization of actuarial loss (1) — (1) Amortization of prior service cost — (1) (1) Total recognized in OCI (4) — (8) Total recognized in net periodic benefit cost and OCI $ 49 $ 53 $ 47 NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI (Dollars in millions) Pension PBOP Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 SoCalGas: NET PERIODIC BENEFIT COST Service cost $ 96 $ 97 $ 86 $ 17 $ 17 $ 14 Interest cost 81 78 88 21 22 25 Expected return on assets (126) (113) (107) (53) (48) (43) Amortization of: Prior service cost (credit) 8 8 8 (2) (3) (2) Actuarial loss (gain) 18 36 26 (12) (7) (7) Settlement charges 14 25 — — — — Net periodic benefit cost (credit) 91 131 101 (29) (19) (13) Regulatory adjustment 64 23 53 29 19 13 Total expense recognized 155 154 154 $ — $ — $ — CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI Net (gain) loss (5) 2 6 Transfer of actuarial loss — — 5 Transfer of prior service cost — — 3 Amortization of actuarial loss (2) (1) (1) Amortization of prior service cost (1) (1) (1) Total recognized in OCI (8) — 12 Total recognized in net periodic benefit cost and OCI $ 147 $ 154 $ 166 Assumptions for Pension and PBOP Plans Benefit Obligation and Net Periodic Benefit Cost Except for the IEnova plans, we develop the discount rate assumptions using a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flows to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of corporate bonds with a Bloomberg Composite of AA or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plans’ projected benefit payments discounted at this rate with the market value of the bonds selected. We develop the discount rate assumptions for the plans at IEnova by constructing a synthetic government zero coupon bond yield curve from the available market data, based on duration matching, and we add a risk spread to allow for the yields of high-quality corporate bonds. Such method is required when there is no deep market for high quality corporate bonds. Long-term return on assets is based on the weighted average of the plans’ investment allocation as of the measurement date and the expected returns for those asset types. Interest crediting rate is based on an average 30-year Treasury bond from the month of November of the preceding year. We amortize prior service cost using straight line amortization over average future service (or average expected lifetime for plans where participants are substantially inactive employees), which is an alternative method allowed under U.S. GAAP. The significant assumptions affecting benefit obligation and net periodic benefit cost are as follows: WEIGHTED-AVERAGE ASSUMPTIONS USED TO DETERMINE BENEFIT OBLIGATION Pension PBOP December 31, December 31, 2022 2021 2022 2021 Sempra: Discount rate 5.63 % 3.04 % 5.65 % 3.04 % Interest crediting rate (1)(2) 3.99 1.94 3.99 1.94 Rate of compensation increase 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 SDG&E: Discount rate 5.60 % 2.99 % 5.65 % 3.05 % Interest crediting rate (1)(2) 3.99 1.94 3.99 1.94 Rate of compensation increase 3.50-10.00 3.50-10.00 3.50-10.00 3.50-10.00 SoCalGas: Discount rate 5.60 % 3.04 % 5.65 % 3.05 % Interest crediting rate (1)(2) 3.99 1.94 3.99 1.94 Rate of compensation increase 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 (1) Interest crediting rate for pension benefits applies only to funded cash balance plans. (2) Interest crediting rate for PBOP applies only to interest bearing health retirement accounts at SDG&E and SoCalGas. WEIGHTED-AVERAGE ASSUMPTIONS USED TO DETERMINE NET PERIODIC BENEFIT COST Pension PBOP Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 Sempra: Discount rate 3.04 % 2.78 % 3.49 % 3.04 % 2.88 % 3.54 % Expected return on plan assets 6.27 6.47 7.00 4.77 4.76 4.64 Interest crediting rate (1)(2) 1.94 1.62 2.28 1.94 1.62 2.28 Rate of compensation increase 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 SDG&E: Discount rate 2.99 % 2.73 % 3.44 % 3.05 % 2.85 % 3.55 % Expected return on plan assets 5.50 6.25 7.00 4.80 4.81 5.51 Interest crediting rate (1)(2) 1.94 1.62 2.28 1.94 1.62 2.28 Rate of compensation increase 3.50-10.00 2.70-10.00 2.70-10.00 3.50-10.00 2.70-10.00 2.70-10.00 SoCalGas: Discount rate 3.04 % 2.79 % 3.50 % 3.05 % 2.90 % 3.55 % Expected return on plan assets 6.75 6.75 7.00 4.71 4.70 4.41 Interest crediting rate (1)(2) 1.94 1.62 2.28 1.94 1.62 2.28 Rate of compensation increase 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 (1) Interest crediting rate for pension benefits applies only to funded cash balance plans. (2) Interest crediting rate for PBOP applies only to interest bearing health retirement accounts at SDG&E and SoCalGas. Health Care Cost Trend Rates Assumed health care cost trend rates have a significant effect on the amounts that Sempra, SDG&E and SoCalGas report for the health care plan costs. Following are the health care cost trend rates applicable to our PBOP plans: ASSUMED HEALTH CARE COST TREND RATES PBOP Pre-65 retirees Retirees aged 65 years and older Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 Health care cost trend rate assumed for next year 6.00 % 6.00 % 6.00 % 4.50 % 4.75 % 4.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend) 4.75 % 4.75 % 4.75 % 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend 2028 2025 2025 2022 2022 2022 Plan Assets Investment Allocation Strategy for Sempra’s Pension Master Trust Sempra’s pension master trust holds the investments for our pension plans and a portion of the investments for our PBOP plans. We maintain additional trusts, as we discuss below, for certain of SDGE’s and SoCalGas’ PBOP plans. Other than through indexing strategies, the trusts do not invest in securities of Sempra. The current asset allocation objective for the pension master trust is to protect the funded status of the plans while generating sufficient returns to cover future benefit payments and accruals. A portion of the pension master trust is invested in accordance with plan specific de-risking glidepaths designed to reduce the assets’ exposure to risk as the plans become better funded. We assess the portfolio performance by comparing actual returns with relevant benchmarks. The target asset allocations for Sempra’s pension master trust are between return-seeking assets (i.e., generally, equity securities, high-yield fixed income securities and other instruments with a similar risk profile) and risk-mitigating assets (i.e., generally, government and corporate fixed income securities) as follows: TARGET ASSET ALLOCATIONS FOR SEMPRA’S PENSION MASTER TRUST (Dollars in millions) Sempra SDG&E SoCalGas Return-seeking assets 34 % 42 % 65 % Risk-mitigating assets 66 % 58 % 35 % We maintain asset allocations at strategic levels within reasonable bands of variance. The asset allocations are reviewed by our Plan Funding Committee and our Pension and Benefits Investment Committee (the Committees) on a regular basis to help ensure that plan assets are positioned to meet plan obligations. When evaluating strategic asset allocations, the Committees consider many variables, including: ▪ long-term cost ▪ variability and level of contributions ▪ funded status ▪ a range of expected outcomes over varying confidence levels In accordance with the Sempra pension investment guidelines, derivative financial instruments may be used by the pension master trust’s equity and fixed income portfolio investment managers to equitize cash, hedge certain exposures, and as substitutes for certain types of fixed income securities. Rate of Return Assumption The expected return on assets in our pension and PBOP plans is based on the weighted-average of the plans’ investment allocations to specific asset classes as of the measurement date. We expect a return of between 4% and 12% on return-seeking assets and between 1% and 4% for risk-mitigating assets. Certain trusts that hold assets for SDG&E’s and SoCalGas’ PBOP plans are subject to taxation, which impacts the expected after-tax return on assets in the plan. Concentration of Risk Plan assets are diversified across global equity and bond markets, and concentration of risk in any one economic, industry, maturity or geographic sector is limited. Investment Strategy for Sempra’s, SDG&E’s and SoCalGas’ PBOP Plans Sempra’s PBOP plan is funded by cash contributions from Sempra. SDG&E’s and SoCalGas’ PBOP plans are funded by cash contributions from SDG&E and SoCalGas and their current retirees. The assets of these plans are placed into the pension master trust and other Voluntary Employee Beneficiary Association trusts and are invested in accordance with a de-risking glidepath designed to reduce the assets’ exposure to risk as the trusts become better funded. These specific allocations are periodically reviewed to help ensure that plan assets are positioned to meet plan obligations. The target asset allocations for the PBOP plans are between return-seeking assets and risk-mitigating assets as follows: TARGET ASSET ALLOCATIONS FOR PBOP PLANS (Dollars in millions) Sempra SDG&E and SoCalGas Assets held in pension master trust Assets held in pension master trust Assets held in Voluntary Employee Beneficiary Association trusts Return-seeking assets 74 % 38 % 30 % Risk-mitigating assets 26 % 62 % 70 % Fair Value of Pension and PBOP Plan Assets We classify the investments in Sempra’s pension master trust and the trusts for SDG&E’s and SoCalGas’ PBOP plans based on the fair value hierarchy, except for certain investments measured at NAV. The following are descriptions of the valuation methods and assumptions we use to estimate the fair values of investments held by pension and PBOP plan trusts. Equity Securities – Equity securities are valued using quoted prices listed on nationally recognized securities exchanges. Registered Investment Companies – Investments in mutual funds sponsored by a registered investment company are valued based on exchange listed prices. Where the value is a quoted price in an active market, the investment is classified within Level 1 of the fair value hierarchy. Other investments are valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Fixed Income Securities – Certain fixed income securities are valued at the closing price reported in the active market in which the security is traded. Other fixed income securities are valued based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar securities, the security is valued under a discounted cash flow approach that maximizes observable inputs, such as current yields of similar instruments, but includes adjustments for certain risks that may not be observable, such as credit and liquidity risks. Certain high yield fixed-income securities are valued by applying a price adjustment to the bid side to calculate a mean and ask value. Adjustments can vary based on maturity, credit standing, and reported trade frequencies. The bid to ask spread is determined by the investment manager based on the review of the available market information. Common/Collective Trusts – Investments in common/collective trust funds are valued based on the NAV of units owned, which is based on the current fair value of the funds’ underlying assets. Derivative Financial Instruments – Futures contracts that are publicly traded in active markets are valued at closing prices as of the last business day of the year. Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies, and unrealized gain (loss) is recorded daily. Fixed income futures and options are marked to market daily. Equity index futures contracts are valued at the last sales price quoted on the exchange on which they primarily trade. While management believes the valuation methods described above are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. We provide more discussion of fair value measurements in Notes 1 and 12. The following tables set forth by level within the fair value hierarchy a summary of the investments in our pension and PBOP plan trusts measured at fair value on a recurring basis. The fair values by asset category of the PBOP plan assets held in the pension master trust and in the additional trusts for SoCalGas’ PBOP plans and SDG&E’s PBOP plan trusts are as follows: FAIR VALUE MEASUREMENTS – INVESTMENT ASSETS OF PBOP PLANS (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Total SDG&E: Equity securities: Domestic $ 10 $ — $ 10 International 5 — 5 Registered investment companies: Domestic 65 — 65 International 7 — 7 Fixed income securities: Domestic government and government agencies 9 2 11 Domestic corporate bonds — 6 6 International corporate bonds — 1 1 Total investment assets in the fair value hierarchy 96 9 105 Investments measured at NAV – Common/collective trusts 42 Total SDG&E investment assets 147 SoCalGas: Cash and cash equivalents 1 — 1 Equity securities: Domestic 46 — 46 International 24 — 24 Registered investment companies: Domestic 80 72 152 International 3 — 3 Fixed income securities: Domestic government and government agencies 151 14 165 International government bonds 1 8 9 Domestic corporate bonds — 269 269 International corporate bonds — 37 37 Total investment assets in the fair value hierarchy 306 400 706 Accounts receivable/payable, net (4) Investments measured at NAV: Common/collective trusts 218 Other 3 Total SoCalGas investment assets 923 Other Sempra: Equity securities: Domestic 6 — 6 International 3 — 3 Registered investment companies – Domestic 2 — 2 Fixed income securities: Domestic government and government agencies 2 — 2 Domestic corporate bonds — 4 4 Total investment assets in the fair value hierarchy 13 4 17 Investments measured at NAV: Common/collective trusts 7 Other 2 Total other Sempra investment assets 26 Total Sempra investment assets in the fair value hierarchy $ 415 $ 413 Total Sempra investment assets $ 1,096 Future Payments We expect to contribute the following amounts to our pension and PBOP plans in 2023: EXPECTED CONTRIBUTIONS (Dollars in millions) Sempra SDG&E SoCalGas Pension plans $ 233 $ 53 $ 153 PBOP plans 5 1 1 The following table shows the total benefits we expect to pay for the next 10 years to current employees and retirees from the plans or from company assets. EXPECTED BENEFIT PAYMENTS (Dollars in millions) Sempra SDG&E SoCalGas Pension PBOP Pension PBOP Pension PBOP 2023 $ 223 $ 46 $ 58 $ 10 $ 130 $ 33 2024 220 45 58 10 129 33 2025 216 45 59 10 131 32 2026 220 47 57 10 132 32 2027 220 44 56 10 129 32 2028-2032 1,062 220 285 47 654 161 SAVINGS PLANS Sempra, SDG&E and SoCalGas offer trusteed savings plans to all employees. Employee participation, employee contributions and employer matching contributions are subject to the provisions of the respective plans, and for employee contributions, limits imposed by the respective governmental authorities. Employer contributions to the savings plans were as follows: EMPLOYER CONTRIBUTIONS TO SAVINGS PLANS (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra $ 64 $ 52 $ 47 SDG&E 19 18 16 SoCalGas 30 28 25 The market value of Sempra common stock held by the savings plans was $1.1 billion and $1.0 billion at December 31, 2022 and 2021, respectively. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Compensation | SHARE-BASED COMPENSATION SEMPRA EQUITY COMPENSATION PLANS Sempra has share-based compensation plans intended to align employee and shareholder objectives related to the long-term growth of Sempra. The plans permit a wide variety of share-based awards, including: ▪ nonqualified stock options ▪ incentive stock options ▪ restricted stock awards ▪ restricted stock units ▪ stock appreciation rights ▪ performance awards ▪ stock payments ▪ dividend equivalents Eligible employees, including those from SDG&E and SoCalGas, participate in Sempra’s share-based compensation plans as a component of their compensation package. In the three years ended December 31, 2022, Sempra had the following types of equity awards outstanding: ▪ Nonqualified Stock Options : Options to purchase common stock have an exercise price equal to the market price of the common stock at the date of grant, are service-based, become exercisable over a three ▪ Performance-Based Restricted Stock Units : These RSU awards generally vest in Sempra common stock at the end of three ◦ If Sempra’s total return to shareholders or EPS growth is below the target levels but above threshold performance levels, shares are subject to partial vesting on a pro rata basis. If Sempra’s total return to shareholders or EPS growth exceeds target levels, up to an additional 100% of the granted RSUs may be issued. ◦ For certain awards granted in 2018 that vest based on Sempra’s total return to shareholders, a modifier adds 20% to the award’s payout (as initially calculated based on total return to shareholders relative to that of specified market indices) for total shareholder return performance in the top quartile relative to historical benchmark data for Sempra and reduces the award’s payout by 20% for performance in the bottom quartile. However, in no event will more than an additional 100% of the granted RSUs be issued. If performance falls within the second or third quartiles, the modifier is not triggered, and the payout is based solely on total return to shareholders relative to that of specified market indices. ▪ Service-Based Restricted Stock Units: RSUs may also be service-based; these generally vest ratably over three three For awards that would otherwise be forfeited upon termination of employment, the Compensation and Talent Development Committee of Sempra’s board of directors may waive the forfeiture requirement and, with respect to options and service-based RSUs, may accelerate vesting. Awards are also subject to accelerated vesting under certain circumstances upon a change in control under the applicable LTIP, in accordance with severance pay agreements or to the extent otherwise required by the terms of the applicable award. Dividend equivalents on shares subject to RSUs are reinvested to purchase additional common shares that become subject to the same vesting conditions as the RSUs to which the dividends relate. SHARE-BASED AWARDS AND COMPENSATION EXPENSE At December 31, 2022, 5,056,550 common shares were authorized and available for future grants of share-based awards. Our practice is to satisfy share-based awards by issuing new shares rather than by open-market purchases. We measure and recognize compensation expense for all share-based payment awards made to our employees and directors based on estimated fair values on the date of grant. We recognize compensation costs net of an estimated forfeiture rate (based on historical experience) and recognize the compensation costs for nonqualified stock options and RSUs on a straight-line basis over the requisite service period of the award, which is generally three Sempra subsidiaries record an expense for the plans to the extent that subsidiary employees participate in the plans and/or the subsidiaries are allocated a portion of the Sempra plans’ corporate staff costs. Total share-based compensation expense for all of Sempra’s share-based awards was comprised as follows: SHARE-BASED COMPENSATION EXPENSE (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra: Share-based compensation expense, before income taxes (1) $ 61 $ 58 $ 62 Income tax benefit (1) (17) (16) (17) $ 44 $ 42 $ 45 Capitalized share-based compensation cost $ 11 $ 9 $ 11 Excess income tax (benefit) deficiency $ (3) $ (9) $ (19) SDG&E: Share-based compensation expense, before income taxes $ 11 $ 10 $ 11 Income tax benefit (3) (3) (3) $ 8 $ 7 $ 8 Capitalized share-based compensation cost $ 6 $ 5 $ 7 Excess income tax (benefit) deficiency $ — $ (1) $ (3) SoCalGas: Share-based compensation expense, before income taxes $ 17 $ 14 $ 14 Income tax benefit (5) (4) (4) $ 12 $ 10 $ 10 Capitalized share-based compensation cost $ 5 $ 4 $ 4 Excess income tax (benefit) deficiency $ — $ (1) $ (3) (1) Includes activity of awards issued from the IEnova 2013 LTIP, which settled in cash upon vesting based on the price of IEnova’s common stock. SEMPRA NONQUALIFIED STOCK OPTIONS We use a Black-Scholes option-pricing model to estimate the fair value of each nonqualified stock option grant. The use of a valuation model requires us to make certain assumptions about selected model inputs. Expected volatility is calculated based on a blend of the historical and implied volatility of Sempra’s common stock price. The average expected term for options is based on the vesting schedule, contractual term of the option, expected employee exercise and post-termination behavior. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term estimated at the date of the grant. In 2022, 2021 and 2020, Sempra’s board of directors granted 219,898, 222,620 and 154,860 nonqualified stock options, respectively, that become exercisable over a three-year period. The weighted-average per-share fair value for options granted was $21.98, $19.07 and $19.76 in 2022, 2021 and 2020, respectively. To calculate this fair value, we used the Black-Scholes model with the following weighted-average assumptions: KEY ASSUMPTIONS FOR STOCK OPTIONS GRANTED Years ended December 31, 2022 2021 2020 Sempra: Stock price volatility 26.08 % 26.57 % 18.78 % Expected term 5.36 years 5.36 years 5.34 years Risk-free rate of return 1.40 % 0.41 % 1.68 % Annual dividend yield 3.33 % 3.38 % 2.60 % The following table shows a summary of nonqualified stock options at December 31, 2022 and activity for the year then ended: NONQUALIFIED STOCK OPTIONS Common shares under options Weighted- average exercise price Weighted- average remaining contractual term (in years) Aggregate intrinsic value (in millions) Sempra: Outstanding at January 1, 2022 537,344 $ 123.45 Granted 219,898 $ 131.99 Exercised (40,630) $ 106.76 Outstanding at December 31, 2022 716,612 $ 127.02 7.72 $ 20 Vested or expected to vest at December 31, 2022 716,612 $ 127.02 7.72 $ 20 Exercisable at December 31, 2022 307,563 $ 122.09 6.75 $ 10 The aggregate intrinsic value at December 31, 2022 is the total of the difference between Sempra’s closing common stock price and the exercise price for all in-the-money options. The aggregate intrinsic value for nonqualified stock options exercised in the last three years was: ▪ $1.7 million in 2022 ▪ $1.4 million in 2021 ▪ $0.4 million in 2020 All compensation cost related to stock options had been recognized as of December 31, 2022. The weighted-average exercise price for nonqualified stock options granted in 2021 and 2020 was $123.80 and $149.12, respectively. We received cash of $4 million, $5 million and a negligible amount from stock option exercises in 2022, 2021 and 2020, respectively. SEMPRA RESTRICTED STOCK UNITS We use Sempra’s common stock price at the grant date to estimate the fair value of our service-based RSUs and our RSUs that vest based on the compound annual growth rate of Sempra’s EPS. We use a Monte-Carlo simulation model to estimate the fair value of our RSUs that vest based on Sempra’s total return to shareholders. Our determination of fair value is affected by the historical volatility of the common stock price for Sempra and its peer group companies. The valuation also is affected by the risk-free rates of return and a number of other variables. Below are key assumptions for RSUs granted in the last three years: KEY ASSUMPTIONS FOR RSUs GRANTED Years ended December 31, 2022 2021 2020 Sempra: Stock price volatility 32.82 % 33.39 % 16.35 % Risk-free rate of return 1.05 % 0.16 % 1.55 % The following table shows a summary of RSUs at December 31, 2022 and activity for the year then ended: RESTRICTED STOCK UNITS Performance-based restricted stock units Service-based restricted stock units Units Weighted- average grant-date fair value Units Weighted- average grant-date fair value Sempra: Nonvested at January 1, 2022 870,777 $ 131.64 277,300 $ 127.54 Granted 341,139 $ 146.94 153,243 $ 132.64 Vested (317,956) $ 113.66 (139,020) $ 126.41 Forfeited (54,165) $ 134.65 (15,886) $ 139.01 Nonvested at December 31, 2022 (1) 839,795 $ 144.39 275,637 $ 130.86 Expected to vest at December 31, 2022 823,418 $ 144.46 267,778 $ 130.90 (1) Each RSU represents the right to receive one share of our common stock if applicable performance conditions are satisfied. For all performance-based RSUs, up to an additional 100% of the shares represented by the RSUs may be issued if Sempra exceeds target performance conditions. In 2022, 2021 and 2020, the total fair value of RSU shares vested during the year was $54 million, $57 million and $70 million, respectively. We expect $43 million of total compensation cost related to nonvested RSUs not yet recognized as of December 31, 2022 to be recognized over a weighted-average period of 1.6 years. The weighted-average per-share fair values for performance-based RSUs granted were $133.03 and $155.62 in 2021 and 2020, respectively. The weighted-average per-share fair values for service-based RSUs granted were $124.84 and $138.91 in 2021 and 2020, respectively. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
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 Consolidated Balance Sheets. We may have derivatives that are (1) cash flow hedges, (2) fair value hedges, or (3) undesignated. Depending on the applicability of hedge accounting and, for SDG&E and SoCalGas and other operations subject to regulatory accounting, the requirement to pass impacts through to customers, the impact of derivative instruments may be offset in OCI (cash flow hedges), on the balance sheet (regulatory offsets), or recognized in earnings (fair value hedges and undesignated derivatives not subject to rate recovery). We classify cash flows from the principal settlements of cross-currency swaps that hedge exposure related to Mexican peso-denominated debt and hedge termination costs on interest rate swaps as financing activities and settlements of other derivative instruments as operating activities on the 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: ▪ SDG&E and SoCalGas use natural gas derivatives and SDG&E uses electricity derivatives, for the benefit of customers, with the objective of managing price risk and basis risk, and stabilizing and lowering natural gas and electricity costs. These derivatives include fixed-price natural gas and electricity positions, options, and basis risk instruments, which are either exchange-traded or over-the-counter financial instruments, or bilateral physical transactions. This activity is governed by risk management and transacting activity plans limited by company policy. SDGE’s risk management and transacting activity plans for electricity derivatives are also required to be filed with, and have been approved by, the CPUC. SoCalGas is also subject to certain regulatory requirements and thresholds related to natural gas procurement under the GCIM. Natural gas and electricity derivative activities are recorded as commodity costs that are offset by regulatory account balances and are recovered in rates. Net commodity cost impacts on the Consolidated Statements of Operations are reflected in Cost of Natural Gas or in Cost of Electric Fuel and Purchased Power. ▪ SDG&E is allocated and may purchase CRRs, which serve to reduce the regional electricity price volatility risk that may result from local transmission capacity constraints. Unrealized gains and losses do not impact earnings, as they are offset by regulatory account balances. Realized gains and losses associated with CRRs, which are recoverable in rates, are recorded in Cost of Electric Fuel and Purchased Power on the Consolidated Statements of Operations. ▪ Sempra Infrastructure may use natural gas and electricity derivatives, as appropriate, in an effort to optimize the earnings of its assets which support the following businesses: LNG, natural gas pipelines and storage, and power generation. Gains and losses associated with undesignated derivatives are recognized in Energy-Related Businesses Revenues on the Consolidated Statements of Operations. ▪ From time to time, our various businesses, including SDG&E and SoCalGas, may use other energy derivatives to hedge exposures such as GHG allowances. The following table summarizes net energy derivative volumes. NET ENERGY DERIVATIVE VOLUMES (Quantities in millions) December 31, Commodity Unit of measure 2022 2021 Sempra: Natural gas MMBtu 254 184 Electricity MWh 1 1 Congestion revenue rights MWh 42 45 SDG&E: Natural gas MMBtu 15 7 Electricity MWh — 1 Congestion revenue rights MWh 42 45 SoCalGas: Natural gas MMBtu 224 201 INTEREST RATE DERIVATIVES We are exposed to interest rates primarily as a result of our current and expected use of financing. SDG&E and SoCalGas, as well as Sempra and its other subsidiaries and JVs, periodically enter into interest rate derivative agreements intended to moderate our exposure to interest rates and to lower our overall costs of borrowing. In addition, we may utilize interest rate swaps, typically designated as cash flow hedges, to lock in interest rates on outstanding debt or in anticipation of future financings. In December 2022, Sempra Infrastructure entered into an undesignated contingent interest rate swap to lock in interest rates on up to $3.5 billion of the variable rate indebtedness from anticipated future project-level debt financing that would be used to pay for construction costs of the proposed PA LNG Phase 1 project. The contingent interest rate swap has a 25-year tenor, and its settlement is conditional upon the closing of project-level debt financing with respect to the proposed PA LNG Phase 1 project. We may elect to (i) cash settle the contingent interest rate swap five days after reaching the closing of project-level debt financing, or (ii) terminate the contingent interest rate swap and enter into new long-term interest rate swaps that are adjusted for the termination value of the contingent interest rate swap. We expect to close the project-level debt financing in the first quarter of 2023. The following table presents the net notional amounts of our interest rate derivatives, excluding those in our equity method investments and the contingent interest rate swap. INTEREST RATE DERIVATIVES (Dollars in millions) December 31, 2022 December 31, 2021 Notional debt Maturities Notional debt Maturities Sempra: Cash flow hedges $ 294 2023-2034 $ 462 2022-2034 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 fixed interest rates for U.S. fixed interest rates. From time to time, Sempra Infrastructure and its JVs may use other foreign currency derivatives to hedge exposures related to cash flows associated with revenues from contracts denominated in Mexican pesos that are indexed to the U.S. dollar. We are also exposed to exchange rate movements at our Mexican subsidiaries and JVs, which have U.S. dollar-denominated cash balances, receivables, payables and debt (monetary assets and liabilities) that give rise to Mexican currency exchange rate movements for Mexican income tax purposes. They also have deferred income tax assets and liabilities denominated in the Mexican peso, which must be translated to U.S. dollars for financial reporting purposes. In addition, monetary assets and liabilities and certain nonmonetary assets and liabilities are adjusted for Mexican inflation for Mexican income tax purposes. We may utilize foreign currency derivatives as a means to manage the risk of exposure to significant fluctuations in our income tax expense and equity earnings from these impacts; however, we generally do not hedge our deferred income tax assets and liabilities or for inflation. 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 those in our equity method investments. FOREIGN CURRENCY DERIVATIVES (Dollars in millions) December 31, 2022 December 31, 2021 Notional amount Maturities Notional amount Maturities Sempra: Cross-currency swaps $ 306 2023 $ 306 2022-2023 Other foreign currency derivatives 111 2023-2024 106 2022-2023 FINANCIAL STATEMENT PRESENTATION The 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 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 CONSOLIDATED BALANCE SHEETS (Dollars in millions) December 31, 2022 Current assets: Fixed-price contracts and other derivatives (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate instruments $ 10 $ 33 $ — $ — Foreign exchange instruments — — (7) (1) Interest rate and foreign exchange instruments — — (105) — Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 480 133 (399) (132) Associated offsetting commodity contracts (301) (39) 301 39 Commodity contracts subject to rate recovery 138 27 (97) (2) Associated offsetting commodity contracts (27) (2) 27 2 Interest rate instrument 33 — — — Net amounts presented on the balance sheet 333 152 (280) (94) Additional cash collateral for commodity contracts not subject to rate recovery 451 — — — Additional cash collateral for commodity contracts subject to rate recovery 18 — — — Total (2) $ 802 $ 152 $ (280) $ (94) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 107 $ 27 $ (13) $ (2) Associated offsetting commodity contracts (12) (2) 12 2 Net amounts presented on the balance sheet 95 25 (1) — Additional cash collateral for commodity contracts subject to rate recovery 17 — — — Total (2) $ 112 $ 25 $ (1) $ — SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 31 $ — $ (84) $ — Associated offsetting commodity contracts (15) — 15 — Net amounts presented on the balance sheet 16 — (69) — Additional cash collateral for commodity contracts subject to rate recovery 1 — — — Total $ 17 $ — $ (69) $ — (1) Included in Current Assets: Other for SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded. DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED BALANCE SHEETS (Dollars in millions) December 31, 2021 Current assets: Fixed-price contracts and other derivatives (1) Other long-term assets Other current Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate instruments $ — $ 6 $ (6) $ (2) Foreign exchange instruments 1 1 (1) — Interest rate and foreign exchange instruments — — (1) (130) Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 136 11 (122) (10) Associated offsetting commodity contracts (93) (8) 93 8 Commodity contracts subject to rate recovery 38 52 (58) — Associated offsetting commodity contracts (8) — 8 — Net amounts presented on the balance sheet 74 62 (87) (134) Additional cash collateral for commodity contracts not subject to rate recovery 58 — — — Additional cash collateral for commodity contracts subject to rate recovery 46 — — — Total (2) $ 178 $ 62 $ (87) $ (134) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 34 $ 52 $ (20) $ — Associated offsetting commodity contracts (5) — 5 — Net amounts presented on the balance sheet 29 52 (15) — Additional cash collateral for commodity contracts subject to rate recovery 28 — — — Total (2) $ 57 $ 52 $ (15) $ — SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 4 $ — $ (38) $ — Associated offsetting commodity contracts (3) — 3 — Net amounts presented on the balance sheet 1 — (35) — Additional cash collateral for commodity contracts subject to rate recovery 18 — — — Total $ 19 $ — $ (35) $ — (1) Included in Current Assets: Other for SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded. The following table includes the effects of derivative instruments designated as cash flow hedges on the Consolidated Statements of Operations and in OCI and AOCI. CASH FLOW HEDGE IMPACTS (Dollars in millions) Pretax gain (loss) Pretax (loss) gain reclassified Years ended December 31, Years ended December 31, 2022 2021 2020 Location 2022 2021 2020 Sempra: Interest rate instruments $ 40 $ 29 $ (34) Interest Expense $ (1) $ (11) $ (10) Interest rate instruments 205 71 (185) Equity Earnings (1) (29) (73) (46) Foreign exchange instruments (8) 11 (4) Revenues: Energy- Related Businesses 1 (1) 1 Other Income (Expense), Net (1) — — Foreign exchange instruments (5) 8 (3) Equity Earnings (1) — — — Interest rate and foreign exchange instruments 25 (4) (6) Interest Expense 2 (1) (1) Other Income (Expense), Net 12 (6) (11) Total $ 257 $ 115 $ (232) $ (16) $ (92) $ (67) SoCalGas: Interest rate instruments $ — $ — $ — Interest Expense $ (1) $ — $ — (1) Equity earnings at our foreign equity method investees are recognized after tax. For Sempra, we expect that net gains before NCI of $31 million, which are net of income tax expense, that are currently recorded in AOCI (with net gains of $18 million attributable to NCI) related to cash flow hedges will be reclassified into earnings during the next 12 months as the hedged items affect earnings. SoCalGas expects that $1 million of losses, net of income tax benefit, that are currently recorded in AOCI related to cash flow hedges will be reclassified into earnings during the next 12 months as the hedged items affect earnings. Actual amounts ultimately reclassified into earnings depend on the interest rates in effect when derivative contracts mature. For all forecasted transactions, the maximum remaining term over which we are hedging exposure to the variability of cash flows at December 31, 2022 is approximately 12 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 17 years. The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Operations. UNDESIGNATED DERIVATIVE IMPACTS (Dollars in millions) Pretax (loss) gain on derivatives recognized in earnings Years ended December 31, Location 2022 2021 2020 Sempra: Commodity contracts not subject to rate recovery Revenues: Energy-Related Businesses $ (1,116) $ (203) $ 17 Commodity contracts subject to rate recovery Cost of Natural Gas (56) (25) (7) Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power 202 31 88 Interest rate instrument Interest Expense 33 — — Foreign exchange instruments Other Income (Expense), Net — (22) (56) Total $ (937) $ (219) $ 42 SDG&E: Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power $ 202 $ 31 $ 88 SoCalGas: Commodity contracts subject to rate recovery Cost of Natural Gas $ (56) $ (25) $ (7) CREDIT RISK RELATED CONTINGENT FEATURES For Sempra, SDG&E and SoCalGas, certain of our derivative instruments contain credit limits which vary depending on our credit ratings. Generally, these provisions, if applicable, may reduce our credit limit if a specified credit rating agency reduces our ratings. In certain cases, if our credit ratings were to fall below investment grade, the counterparty to these derivative liability instruments could request immediate payment or demand immediate and ongoing full collateralization. For Sempra, the total fair value of this group of derivative instruments in a liability position at December 31, 2022 and 2021 was $106 million and $88 million, respectively. For SoCalGas, the total fair value of this group of derivative instruments in a liability position at December 31, 2022 and 2021 was $69 million and $36 million, respectively. SDG&E did not have this group of derivative instruments in a liability position at December 31, 2022 or 2021. At December 31, 2022, if the credit ratings of Sempra or SoCalGas were reduced below investment grade, $106 million and $69 million, respectively, of additional assets could be required to be posted as collateral for these derivative contracts. For Sempra, SDG&E and SoCalGas, some of our derivative contracts contain a provision that would permit the counterparty, in certain circumstances, to request adequate assurance of our performance under the contracts. Such additional assurance, if needed, is not material and is not included in the amounts above. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS 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 December 31, 2022 and 2021. 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. The fair value of commodity derivative assets and liabilities is presented in accordance with our netting policy, as we discuss in Note 11 under “Financial Statement Presentation.” The determination of fair values, shown in the tables below, incorporates various factors, including but not limited to, the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits, letters of credit and priority interests). Our financial assets and liabilities that were accounted for at fair value on a recurring basis in the tables below include the following: ▪ Nuclear decommissioning trusts reflect the assets of SDG&E’s NDT, excluding accounts receivable and accounts payable. A third-party trustee values the trust assets using prices from a pricing service based on a market approach. We validate these prices by comparison to prices from other independent data sources. Securities are valued using quoted prices listed on nationally recognized securities exchanges or based on closing prices reported in the active market in which the identical security is traded (Level 1). Other securities are valued based on yields that are currently available for comparable securities of issuers with similar credit ratings (Level 2). ▪ For commodity contracts, interest rate instruments and foreign exchange instruments, we primarily use a market or income approach with market participant assumptions to value these derivatives. Market participant assumptions include those about risk, and the risk inherent in the inputs to the valuation techniques. These inputs can be readily observable, market corroborated, or generally unobservable. We have exchange-traded derivatives that are valued based on quoted prices in active markets for the identical instruments (Level 1). We also may have other commodity derivatives that are valued using industry standard models that consider quoted forward prices for commodities, time value, current market and contractual prices for the underlying instruments, volatility factors, and other relevant economic measures (Level 2). Level 3 recurring items relate to CRRs and long-term, fixed-price electricity positions at SDG&E, as we discuss below in “Level 3 Information – SDG&E.” ▪ Rabbi Trust investments include short-term investments that consist of money market and mutual funds that we value using a market approach based on closing prices reported in the active market in which the identical security is traded (Level 1). ▪ As we discuss in Note 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. RECURRING FAIR VALUE MEASURES – SEMPRA (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 10 $ 1 $ — $ 11 Equity securities 293 4 — 297 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 27 13 — 40 Municipal bonds — 270 — 270 Other securities — 227 — 227 Total debt securities 27 510 — 537 Total nuclear decommissioning trusts (1) 330 515 — 845 Short-term investments held in Rabbi Trust 55 — — 55 Interest rate instruments — 76 — 76 Commodity contracts not subject to rate recovery — 273 — 273 Effect of netting and allocation of collateral (2) 451 — — 451 Commodity contracts subject to rate recovery 82 19 35 136 Effect of netting and allocation of collateral (2) 12 — 6 18 Support Agreement, net of related guarantee fees — — 17 17 Total $ 930 $ 883 $ 58 $ 1,871 Liabilities: Foreign exchange instruments $ — $ 8 $ — $ 8 Interest rate and foreign exchange instruments — 105 — 105 Commodity contracts not subject to rate recovery — 191 — 191 Commodity contracts subject to rate recovery — 70 — 70 Total $ — $ 374 $ — $ 374 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES – SEMPRA (CONTINUED) (Dollars in millions) Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 13 $ (10) $ — $ 3 Equity securities 358 6 — 364 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 48 8 — 56 Municipal bonds — 321 — 321 Other securities — 260 — 260 Total debt securities 48 589 — 637 Total nuclear decommissioning trusts (1) 419 585 — 1,004 Short-term investments held in Rabbi Trust 81 — — 81 Interest rate instruments — 6 — 6 Foreign exchange instruments — 2 — 2 Commodity contracts not subject to rate recovery — 46 — 46 Effect of netting and allocation of collateral (2) 58 — — 58 Commodity contracts subject to rate recovery 12 1 69 82 Effect of netting and allocation of collateral (2) 31 9 6 46 Support Agreement, net of related guarantee fees — — 7 7 Total $ 601 $ 649 $ 82 $ 1,332 Liabilities: Interest rate instruments $ — $ 8 $ — $ 8 Foreign exchange instruments — 1 — 1 Interest rate and foreign exchange instruments — 131 — 131 Commodity contracts not subject to rate recovery — 31 — 31 Commodity contracts subject to rate recovery — 35 15 50 Total $ — $ 206 $ 15 $ 221 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES – SDG&E (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 10 $ 1 $ — $ 11 Equity securities 293 4 — 297 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 27 13 — 40 Municipal bonds — 270 — 270 Other securities — 227 — 227 Total debt securities 27 510 — 537 Total nuclear decommissioning trusts (1) 330 515 — 845 Commodity contracts subject to rate recovery 82 3 35 120 Effect of netting and allocation of collateral (2) 11 — 6 17 Total $ 423 $ 518 $ 41 $ 982 Liabilities: Commodity contracts subject to rate recovery $ — $ 1 $ — $ 1 Total $ — $ 1 $ — $ 1 Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 13 $ (10) $ — $ 3 Equity securities 358 6 — 364 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 48 8 — 56 Municipal bonds — 321 — 321 Other securities — 260 — 260 Total debt securities 48 589 — 637 Total nuclear decommissioning trusts (1) 419 585 — 1,004 Commodity contracts subject to rate recovery 12 — 69 81 Effect of netting and allocation of collateral (2) 22 — 6 28 Total $ 453 $ 585 $ 75 $ 1,113 Liabilities: Commodity contracts subject to rate recovery $ — $ — $ 15 $ 15 Total $ — $ — $ 15 $ 15 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES – SOCALGAS (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ — $ 16 $ — $ 16 Effect of netting and allocation of collateral (1) 1 — — 1 Total $ 1 $ 16 $ — $ 17 Liabilities: Commodity contracts subject to rate recovery $ — $ 69 $ — $ 69 Total $ — $ 69 $ — $ 69 Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ — $ 1 $ — $ 1 Effect of netting and allocation of collateral (1) 9 9 — 18 Total $ 9 $ 10 $ — $ 19 Liabilities: Commodity contracts subject to rate recovery $ — $ 35 $ — $ 35 Total $ — $ 35 $ — $ 35 (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) 2022 2021 2020 Balance at January 1 $ 54 $ 69 $ 28 Realized and unrealized (losses) gains (56) (50) 19 Allocated transmission instruments (4) 3 6 Settlements 41 32 16 Balance at December 31 $ 35 $ 54 $ 69 Change in unrealized (losses) gains relating to instruments still held at December 31 $ (10) $ (16) $ 34 (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 2023 $ (3.09) to $ 10.71 $ (0.56) 2022 (3.67) to 6.96 (0.70) 2021 (1.81) to 14.11 (0.12) 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 significantly higher (lower) fair value measurement. We summarize CRR volumes in Note 11. 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 December 31 were as follows: LONG-TERM, FIXED-PRICE ELECTRICITY POSITIONS PRICE INPUTS Settlement year Price per MWh Weighted-average price per MWh 2022 $ 33.45 to $ 274.70 $ 85.64 2021 24.10 to 105.00 53.57 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 11. 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 Consolidated Statements of Operations. Because unrealized gains and losses are recorded as regulatory assets and liabilities, they do not affect earnings. Sempra Infrastructure The table below sets forth reconciliations of changes in the fair value of Sempra’s Support Agreement for the benefit of CFIN classified as Level 3 in the fair value hierarchy for Sempra. LEVEL 3 RECONCILIATIONS (Dollars in millions) 2022 2021 2020 Balance at January 1 $ 7 $ 3 $ — Realized and unrealized gains (1) 19 11 6 Settlements (9) (7) (3) Balance at December 31 (2) $ 17 $ 7 $ 3 Change in unrealized gains relating to instruments still held at December 31 $ 18 $ 11 $ 3 (1) Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Consolidated Statements of Operations. (2) Balance at December 31, 2022 includes $7 in Other Current Assets and $10 in Other Long-Term Assets. Balances at December 31, 2021 and 2020 include $7 in Other Current Assets, offset by a negligible amount and $4, respectively, in Deferred Credits and Other on Sempra’s Consolidated Balance Sheets. The fair value of the Support Agreement, net of related guarantee fees, is based on a discounted cash flow model using a probability of default and survival methodology. Our estimate of fair value considers inputs such as third-party default rates, credit ratings, recovery rates, and risk-adjusted discount rates, which may be readily observable, market corroborated or generally unobservable inputs. Because CFIN’s credit rating and related default and survival rates are unobservable inputs that are significant to the valuation, the Support Agreement, net of related guarantee fees, is classified as Level 3. We assigned CFIN an internally developed credit rating of A3 and relied on default rate data published by Moody’s to assign a probability of default. A hypothetical change in the credit rating up or down one notch could result in a significant change in the fair value of the Support Agreement. Fair Value of Financial Instruments The fair values of certain of our financial instruments (cash, accounts receivable, amounts due to/from unconsolidated affiliates with original maturities of less than 90 days, dividends and accounts payable, short-term debt and customer deposits) approximate their carrying amounts because of the short-term nature of these instruments. Investments in life insurance contracts that we hold in support of our Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans are carried at cash surrender values, which represent the amount of cash that could be realized under the contracts. The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Consolidated Balance Sheets. FAIR VALUE OF FINANCIAL INSTRUMENTS (Dollars in millions) Carrying Fair value amount Level 1 Level 2 Level 3 Total December 31, 2022 Sempra: Long-term note receivable (1) $ 318 $ — $ — $ 286 $ 286 Long-term amounts due to unconsolidated affiliates 301 — 263 — 263 Total long-term debt (2) 24,513 — 21,549 — 21,549 SDG&E: Total long-term debt (3) $ 7,800 $ — $ 6,726 $ — $ 6,726 SoCalGas: Total long-term debt (4) $ 6,059 $ — $ 5,538 $ — $ 5,538 December 31, 2021 Sempra: Long-term note receivable (1) $ 300 $ — $ — $ 327 $ 327 Long-term amounts due from unconsolidated affiliates (5) 640 — 642 — 642 Long-term amounts due to unconsolidated affiliates 287 — 295 — 295 Total long-term debt (2) 20,099 — 22,126 — 22,126 SDG&E: Total long-term debt (3) $ 6,417 $ — $ 7,236 $ — $ 7,236 SoCalGas: Total long-term debt (4) $ 4,759 $ — $ 5,367 $ — $ 5,367 (1) Before allowances for credit losses of $7 and $8 at December 31, 2022 and 2021, respectively. Excludes unamortized transaction costs of $5 at both December 31, 2022 and 2021. (2) Before reductions of unamortized discount and debt issuance costs of $289 and $260 at December 31, 2022 and 2021, respectively, and excluding finance lease obligations of $1,343 and $1,335 at December 31, 2022 and 2021, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $70 and $61 at December 31, 2022 and 2021, respectively, and excluding finance lease obligations of $1,256 and $1,274 at December 31, 2022 and 2021, respectively. (4) Before reductions of unamortized discount and debt issuance costs of $48 and $36 at December 31, 2022 and 2021, respectively, and excluding finance lease obligations of $87 and $61 at December 31, 2022 and 2021, respectively. (5) Before allowances for credit losses of $1 at December 31, 2021. Includes $2 of accrued interest receivable at December 31, 2021 in Due From Unconsolidated Affiliate – Current. We provide the fair values for the securities held in the NDT related to SONGS in Note 15. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Preferred Stock | PREFERRED STOCK Sempra and SDG&E are authorized to issue up to 50 million and 45 million shares of preferred stock, respectively. At December 31, 2022 and 2021, SDG&E had no preferred stock outstanding. The rights, preferences, privileges and restrictions for any new series of preferred stock would be established by each company’s board of directors at the time of issuance. We discuss SoCalGas preferred stock below. SEMPRA MANDATORY CONVERTIBLE PREFERRED STOCK On January 15, 2021, we converted 17,250,000 shares of series A preferred stock into 13,781,025 shares of our common stock based on a conversion rate of 0.7989 shares of our common stock for each issued and outstanding share of series A preferred stock. As a consequence, no shares of series A preferred stock were outstanding after January 15, 2021 and the 17,250,000 shares that were formerly series A preferred stock have returned to the status of authorized and unissued shares of preferred stock. As of July 15, 2021, we had converted, pursuant to either early conversions at the election of the holder or the mandatory conversion of all outstanding shares, all 5,750,000 shares of series B preferred stock into an aggregate of 4,256,720 shares of our common stock and a nominal amount of cash in lieu of fractional share interests, based on a conversion rate of 0.7403 shares of our common stock for each issued and outstanding share of series B preferred stock. As a consequence, no shares of series B preferred stock were outstanding after July 15, 2021 and the 5,750,000 shares that were formerly series B preferred stock have returned to the status of authorized and unissued shares of preferred stock. SEMPRA SERIES C PREFERRED STOCK At December 31, 2022 and 2021, Sempra had 900,000 shares of 4.875% fixed-rate reset cumulative redeemable perpetual preferred stock, series C (series C preferred stock) outstanding. Liquidation Preference Each share of series C preferred stock has a liquidation preference of $1,000 plus any accumulated and unpaid dividends (whether or not declared) on such share. Redemption at the Option of Sempra The shares of series C preferred stock are perpetual and have no maturity date. However, we may, at our option, redeem the series C preferred stock in whole or in part, from time to time, on any day during the period from and including the July 15 immediately preceding October 15, 2025 and October 15 of every fifth year after 2025 through and including such October 15 at a redemption price in cash equal to $1,000 per share. Additionally, in the event that a credit rating agency then publishing a rating for us makes certain amendments, clarifications or changes to the criteria it uses to assign equity credit to securities such as the series C preferred stock (Ratings Event), we may redeem the series C preferred stock, in whole but not in part, at any time within 120 days after the conclusion of any review or appeal process instituted by us following the occurrence of the Ratings Event or, if no such review or appeal process is available or sought, the occurrence of such Ratings Event, at a redemption price in cash equal to $1,020 per share (102% of the liquidation preference per share). Dividends Dividends on the series C preferred stock, when, as and if declared by our board of directors or an authorized committee thereof, are payable in cash, on a cumulative basis, semi-annually in arrears. Dividends on the series C preferred stock will be cumulative whether or not: ▪ we have earnings; ▪ the payment of such dividends is then permitted under California law; ▪ such dividends are authorized or declared; and ▪ any agreements to which we are a party prohibit the current payment of dividends, including any agreement relating to our indebtedness. We accrue dividends on the series C preferred stock on a monthly basis. The dividend rate from and including June 19, 2020 to, but excluding, October 15, 2025 is 4.875% per annum of the $1,000 liquidation preference per share. The dividend rate will reset on October 15, 2025 and on October 15 of every fifth year after 2025 and, for each five-year period following such reset dates, will be a per annum rate equal to the Five-year U.S. Treasury Rate (as defined in the certificate of determination of preferences of the series C preferred stock) as of the second business day prior to such reset date, plus a spread of 4.550%, of the $1,000 liquidation preference per share. Voting Rights The holders of series C preferred stock do not have any voting rights, except with respect to any authorization, creation or increase in the authorized amount of any class or series of capital stock ranking senior to the series C preferred stock, certain amendments to the terms of the series C preferred stock, in certain other limited circumstances and as otherwise specifically required by California law. In addition, whenever dividends on any shares of series C preferred stock have not been declared and paid or have been declared but not paid for three or more dividend periods, whether or not consecutive, the authorized number of directors on our board of directors will automatically be increased by two and the holders of the series C preferred stock, voting together as a single class with holders of any and all other outstanding series of preferred stock of equal rank having similar voting rights, will be entitled to elect two directors who satisfy certain requirements to fill such two newly created directorships. This voting right will terminate when all accumulated and unpaid dividends on the series C preferred stock have been paid in full and, upon such termination and the termination of the same voting rights of all other holders of outstanding series of preferred stock that have such voting rights, the term of office of each director elected pursuant to such rights will terminate and the authorized number of directors will automatically decrease by two, subject to the revesting of such rights in the event of each subsequent nonpayment. Ranking The series C preferred stock ranks, with respect to dividend rights and distribution rights upon our liquidation, winding-up or dissolution: ▪ senior to our common stock and each other class or series of our capital stock established in the future, unless the terms of such capital stock expressly provide otherwise; ▪ on parity with each class or series of our capital stock established in the future, if the terms of such capital stock provide that it ranks on parity with the series C preferred stock; ▪ junior to each class or series of our capital stock established in the future, if the terms of such capital stock provide that it ranks senior to the series C preferred stock; ▪ junior to our existing and future indebtedness and other liabilities; and ▪ structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries and capital stock of our subsidiaries held by third parties. SOCALGAS PREFERRED STOCK SoCalGas is authorized to issue up to an aggregate of 11 million shares of preferred stock, series preferred stock and preference stock. The table below presents preferred stock outstanding at SoCalGas: PREFERRED STOCK OUTSTANDING (Dollars in millions, except per share amounts) December 31, 2022 2021 $25 par value, authorized 1,000,000 shares: 6% Series, 79,011 shares outstanding $ 3 $ 3 6% Series A, 783,032 shares outstanding 19 19 SoCalGas - Total preferred stock 22 22 Less: 50,970 shares of the 6% Series outstanding owned by PE (2) (2) Sempra - Total preferred stock of subsidiary $ 20 $ 20 None of SoCalGas’ outstanding preferred stock is callable, and no shares are subject to mandatory redemption. All outstanding shares have one vote per share, cumulative preferences as to dividends and liquidation preferences of $25 per share plus any unpaid dividends. In addition to the outstanding preferred stock above, SoCalGas’ articles of incorporation authorize 5 million shares of series preferred stock and 5 million shares of preference stock, both without par value and with cumulative preferences as to dividends and liquidation value. The preference stock would rank junior to all series of preferred stock and series preferred stock. Other rights and privileges of any new series of such stock would be established by the SoCalGas board of directors at the time of issuance. |
SEMPRA - SHAREHOLDERS' EQUITY A
SEMPRA - SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
SEMPRA - SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE | SEMPRA – SHAREHOLDERS’ EQUITY AND EARNINGS PER COMMON SHARE SEMPRA COMMON STOCK REPURCHASES On September 11, 2007, our board of directors authorized the repurchase of shares of our common stock, provided that the amounts spent for such purpose do not exceed the greater of $2 billion or amounts spent to purchase no more than 40 million shares. On July 1, 2020, we entered into an ASR program under which we prepaid $500 million to repurchase shares of our common stock in a share forward transaction. The total number of shares purchased was determined by dividing the $500 million purchase price by the arithmetic average of the volume-weighted average trading prices of shares of our common stock during the valuation period of July 2, 2020 through August 4, 2020, minus a fixed discount. The ASR program was completed on August 4, 2020 with an aggregate of 4,089,375 shares of Sempra common stock repurchased at an average price of $122.27 per share. Following the completion of the ASR program, the aggregate dollar amount authorized by the September 11, 2007 share repurchase authorization was exhausted. On July 6, 2020, our board of directors authorized the repurchase of shares of our common stock at any time and from time to time in an aggregate amount not to exceed the lesser of $2 billion or amounts spent to purchase no more than 25 million shares. No shares were repurchased under this authorization in 2020. Beginning on November 17, 2021, we executed a series of open market repurchases for which we paid $300 million to repurchase shares of our common stock in the open market. The repurchases were completed on December 7, 2021 with an aggregate of 2,422,758 shares of Sempra common stock repurchased at a weighted-average purchase price of $123.83 per share, excluding commissions. On January 11, 2022, we entered into an ASR program under which we prepaid $200 million to repurchase shares of our common stock in a share forward transaction. A total of 1,472,756 shares were purchased under this program at an average price of $135.80 per share. The total number of shares purchased was determined by dividing the $200 million purchase price by the arithmetic average of the volume-weighted average trading prices of shares of our common stock during the valuation period of January 12, 2022 through February 11, 2022, minus a fixed discount. The ASR program was completed on February 11, 2022. On April 6, 2022, we entered into an ASR program under which we prepaid $250 million to repurchase shares of our common stock in a share forward transaction. A total of 1,471,957 shares were purchased under this program at an average price of $169.84 per share. The total number of shares purchased was determined by dividing the $250 million purchase price by the arithmetic average of the volume-weighted average trading prices of shares of our common stock during the valuation period of April 7, 2022 through April 25, 2022, minus a fixed discount. The ASR program was completed on April 25, 2022. As of February 28, 2023, a maximum of $1.25 billion and no more than 19,632,529 shares may yet be purchased under the July 6, 2020 repurchase authorization. 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) Years ended December 31, 2022 2021 2020 Sempra: Numerator for continuing operations: Income from continuing operations, net of income tax $ 2,285 $ 1,463 $ 2,255 Earnings attributable to noncontrolling interests (146) (145) (162) Preferred dividends (44) (63) (168) Preferred dividends of subsidiary (1) (1) (1) Earnings from continuing operations attributable to common shares $ 2,094 $ 1,254 $ 1,924 Numerator for discontinued operations: Income from discontinued operations, net of income tax $ — $ — $ 1,850 Earnings attributable to noncontrolling interests — — (10) Earnings from discontinued operations attributable to common shares $ — $ — $ 1,840 Numerator for earnings: Earnings attributable to common shares $ 2,094 $ 1,254 $ 3,764 Denominator: Weighted-average common shares outstanding for basic EPS (1) 315,159 311,755 291,077 Dilutive effect of stock options and RSUs (2) 1,219 752 1,175 Dilutive effect of mandatory convertible preferred stock — 529 — Weighted-average common shares outstanding for diluted EPS 316,378 313,036 292,252 Basic EPS: Earnings from continuing operations $ 6.65 $ 4.03 $ 6.61 Earnings from discontinued operations $ — $ — $ 6.32 Earnings $ 6.65 $ 4.03 $ 12.93 Diluted EPS: Earnings from continuing operations $ 6.62 $ 4.01 $ 6.58 Earnings from discontinued operations $ — $ — $ 6.30 Earnings $ 6.62 $ 4.01 $ 12.88 (1) Includes fully vested RSUs held in our Deferred Compensation Plan of 403 in 2022, 453 in 2021 and 537 in 2020. These fully vested RSUs are included in weighted-average common shares outstanding for basic EPS because there are no conditions under which the corresponding shares will not be issued. (2) Due to market fluctuations of both Sempra common stock and the comparative indices used to determine the vesting percentage of our total shareholder return performance-based RSUs, which we discuss in Note 10, 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 2022, 2021 and 2020 excludes potentially dilutive shares related to stock options and RSUs of 86,532, 211,155 and 187,028, respectively, because to include them would be antidilutive for the period. However, these shares could potentially dilute basic EPS in the future. In 2021, the potentially dilutive impact from mandatory convertible preferred stock was calculated under the if-converted method until the mandatory conversion date. After the mandatory conversion date, the converted shares are included in weighted-average common shares outstanding for basic EPS. As we discuss in Note 13, we converted our series A preferred stock into common stock on January 15, 2021 and our series B preferred stock into common stock on July 15, 2021. The computation of diluted EPS for the years ended December 31, 2021 and 2020 excludes potentially dilutive shares related to our mandatory convertible preferred stock of 2,272,117 and 17,889,365, respectively, because to include them would be antidilutive for those periods. We are authorized to issue 750 million shares of no par value common stock. The following table provides common stock activity for the last three years. COMMON STOCK ACTIVITY 2022 2021 2020 Sempra: Common shares outstanding, January 1 316,919,782 288,470,244 291,712,925 Conversion of mandatory convertible preferred stock — 18,037,745 — Shares issued in IEnova exchange offer — 12,306,777 — RSUs vesting (1) 457,222 686,916 896,839 Stock options exercised 40,630 50,671 4,400 Savings plan issuance — — 201,431 Common stock investment plan (2) — — 42,955 Issuance of RSUs held in our Deferred Compensation Plan 65,013 102,238 103,552 Shares repurchased (3) (3,147,969) (2,734,809) (4,491,858) Common shares outstanding, December 31 314,334,678 316,919,782 288,470,244 (1) Includes dividend equivalents. (2) Participants in the Direct Stock Purchase Plan may reinvest dividends to purchase newly issued shares. (3) Includes shares repurchased under the repurchase programs that we discuss above. Generally, we purchase shares of our common stock or units from LTIP participants who elect to sell to us a sufficient number of vested RSUs to meet minimum statutory tax withholding requirements. |
SAN ONOFRE NUCLEAR GENERATING S
SAN ONOFRE NUCLEAR GENERATING STATION | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
SAN ONOFRE NUCLEAR GENERATING STATION | REGULATORY MATTERS REGULATORY ASSETS AND LIABILITIES We show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) December 31, 2022 2021 SDG&E: Fixed-price contracts and other derivatives $ (110) $ (50) Deferred income taxes recoverable in rates 296 125 Pension and PBOP plan obligations 11 (7) Removal obligations (2,248) (2,251) Environmental costs 107 62 Sunrise Powerlink fire mitigation 123 122 Regulatory balancing accounts (1)(2) Commodity – electric 220 77 Gas transportation 60 49 Safety and reliability 107 67 Public purpose programs (69) (107) Wildfire mitigation plan 375 178 Liability insurance premium 99 110 Other balancing accounts (50) 207 Other regulatory assets, net (2) 137 119 Total SDG&E (942) (1,299) SoCalGas: Deferred income taxes recoverable in rates 161 44 Pension and PBOP plan obligations (170) 51 Employee benefit costs 24 31 Removal obligations (616) (627) Environmental costs 38 34 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (257) (146) Safety and reliability 575 339 Public purpose programs (158) (183) Liability insurance premium 23 16 Other balancing accounts 115 42 Other regulatory assets, net (2) 223 142 Total SoCalGas (42) (257) Sempra Infrastructure: Deferred income taxes recoverable in rates 78 77 Total Sempra $ (906) $ (1,479) (1) At December 31, 2022 and 2021, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $562 and $358, respectively, and for SoCalGas was $692 and $410, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. Regulatory Assets Not Earning a Return ▪ Regulatory assets arising from fixed-price contracts and other derivatives are offset by corresponding liabilities arising from purchased power and natural gas commodity and transportation contracts. The regulatory asset is increased/decreased based on changes in the fair market value of the contracts. It is also reduced as payments are made for commodities and services under these contracts. The related amounts are recovered in rates once these contracts are settled, generally within three years. ▪ Deferred income taxes recoverable/refundable in rates are based on current regulatory ratemaking and income tax laws. SDG&E, SoCalGas and Sempra Infrastructure expect to recover/refund net regulatory assets/liabilities related to deferred income taxes over the lives of the assets, ranging from 5 to 69 years, that give rise to the related accumulated deferred income tax balances. Regulatory assets and liabilities include excess deferred income taxes resulting from statutory income tax rate changes and certain income tax benefits and expenses associated with flow-through items, which we discuss in Note 8. ▪ Regulatory assets/liabilities related to pension and PBOP plan obligations are offset by corresponding liabilities/assets. The assets are recovered in rates as the plans are funded. ▪ The regulatory asset related to employee benefit costs represents our liability associated with long-term disability insurance that will be recovered from customers in future rates as expenditures are made. ▪ Regulatory liabilities from removal obligations represent cumulative amounts collected in rates for future asset removal costs in excess of cumulative amounts incurred (or paid). ▪ Regulatory assets related to environmental costs represent the portion of our environmental liability recognized at the end of the period in excess of the amount that has been recovered through rates charged to customers. We expect this amount to be recovered in future rates as expenditures are made. ▪ The regulatory asset related to Sunrise Powerlink fire mitigation is offset by a corresponding liability for the funding of a trust to cover the mitigation costs. SDG&E expects to recover the regulatory asset in rates as the trust is funded over a remaining 47-year period. Regulatory Assets Earning a Return ▪ Over- and undercollected regulatory balancing accounts and other regulatory assets, net, reflect the difference between customer billings and recorded or CPUC-authorized amounts. Depreciation, taxes and return on rate base may also be included in certain accounts. Amounts in the balancing accounts are recoverable (receivable) or refundable (payable) in future rates, subject to CPUC approval. SDG&E and SoCalGas periodically make requests to the CPUC to true up their revenue requirement for amounts accumulated in the regulatory balancing accounts and in other regulatory assets, net. The CPUC may impose various review procedures before authorizing recovery or refund of amounts accumulated for authorized programs, including limitations on the program’s total cost, revenue requirement limits or reviews of costs for reasonableness. These procedures could result in delays or disallowances of recovery from ratepayers. Amortization expense on certain regulatory assets for the years ended December 31, 2022, 2021 and 2020 was $11 million, $10 million and $9 million, respectively, at Sempra, $5 million, $5 million and $4 million, respectively, at SDG&E, and $6 million, $5 million and $5 million, respectively, at SoCalGas. SEMPRA CALIFORNIA COVID-19 Pandemic Protections In connection with the COVID-19 pandemic and at the direction of the CPUC, SDG&E and SoCalGas 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. At the CPUC’s direction, SDG&E and SoCalGas enrolled residential and small business customers with past-due balances in long-term repayment plans. In 2021, SDG&E and SoCalGas applied, on behalf of their customers, for financial assistance from the California Department of Community Services and Development under the 2021 California Arrearage Payment Program, which provided funds of $63 million and $79 million for SDG&E and SoCalGas, respectively. In the first quarter of 2022, SDG&E and SoCalGas received and applied the amounts directly to eligible customer accounts to reduce past due balances. In June 2022, AB 205 was approved establishing, among other things, the 2022 California Arrearage Payment Program. In December 2022, SDG&E and SoCalGas received funding of $51 million and $59 million, respectively, related to this program and, in January 2023, applied the amounts directly to eligible customer accounts to reduce past due balances. SDG&E and SoCalGas have 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. SDG&E and SoCalGas expect to pursue recovery of small and medium-large commercial and industrial customers’ tracked costs in rates in future CPUC proceedings, which recovery is not assured. SDG&E and SoCalGas have 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 Arrearage Management Payment Plan. CPUC GRC The CPUC uses GRCs to set revenues to allow SDG&E and SoCalGas to recover their reasonable operating costs and to provide the opportunity to realize their authorized rates of return on their investments. In September 2019, the CPUC issued a final decision in the 2019 GRC approving SDG&E’s and SoCalGas’ test year revenues for 2019 and attrition year adjustments for 2020 and 2021, which was effective retroactively to January 1, 2019. This is the first GRC that includes revenues authorized for risk assessment mitigation phase activities. In January 2020, the CPUC issued a final decision implementing a four-year GRC cycle for California IOUs. SDG&E and SoCalGas 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). In May 2021, the CPUC issued a final decision approving SDG&E’s and SoCalGas’ 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. In May 2022, SDG&E and SoCalGas filed their 2024 GRC applications requesting CPUC approval of test year revenue requirements for 2024 and attrition year adjustments for 2025 through 2027. SDG&E and SoCalGas requested revenue requirements for 2024 of $3.0 billion and $4.4 billion, respectively. SDG&E and SoCalGas are proposing post-test year revenue requirement changes using various mechanisms that are estimated to result in annual increases of approximately 8% to 11% at SDG&E and approximately 6% to 8% at SoCalGas. In October 2022, the CPUC issued a scoping ruling that set a schedule for the proceeding, including the expected issuance of a proposed decision in the second quarter of 2024. SDG&E and SoCalGas expect the final decision will be effective retroactive to January 1, 2024. SDG&E expects to submit separate requests in its GRC for review and recovery of its wildfire mitigation plan costs in mid-2023 for costs incurred from 2019 through 2022 and in mid-2024 for costs incurred in 2023. CPUC Cost of Capital A CPUC cost of capital proceeding determines a utility’s authorized capital structure and authorized return on rate base. The CCM applies in the interim years between required cost of capital applications and considers changes in the cost of capital based on 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 index applicable to SDG&E and SoCalGas is based on each utility’s credit rating. The CCM benchmark rate is the basis of comparison to determine if the CCM is triggered in each measurement period, 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 CCM, if triggered, would automatically update the authorized cost of debt based on actual costs and update the authorized ROE upward or downward by one-half of the difference between the CCM benchmark rate and the applicable Moody’s utility bond index. Alternatively, each of SDG&E and SoCalGas are 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 and affects utilities differently than the market as a whole to have its cost of capital determined in lieu of the CCM. In December 2019, the CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2020 and remained in effect through December 31, 2022, subject to the CCM. CPUC AUTHORIZED COST OF CAPITAL FOR 2020 – 2022 SDG&E SoCalGas Authorized weighting Return on Weighted Authorized weighting Return on Weighted 45.25 % 4.59 % 2.08 % Long-Term Debt 45.60 % 4.23 % 1.93 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 10.20 5.30 Common Equity 52.00 10.05 5.23 100.00 % 7.55 % 100.00 % 7.30 % For the measurement period that ended September 30, 2021, SDG&E’s CCM benchmark rate was 4.498% based on Moody’s Baa- utility bond index and SoCalGas’ CCM benchmark rate was 4.029% based on Moody’s A- utility bond index. For this measurement period, the CCM would have triggered for SDG&E if the CPUC determined that the CCM should be implemented 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%. In August 2021, SDG&E filed an application with the CPUC to update its cost of capital for 2022 due to the ongoing effects of the COVID-19 pandemic rather than have the CCM apply. In November 2022, the CPUC issued a final decision that found there was an extraordinary event, the CCM will be suspended for 2022 and SDG&E’s current authorized cost of capital for 2022 will be preserved. In December 2022, the CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2023 and will remain in effect through December 31, 2025, subject to the CCM. The CPUC will open a second phase of this cost of capital proceeding to evaluate the CCM. For the measurement period that ends on September 30, 2023, SDG&E’s CCM benchmark rate is 4.367% based on Moody’s Baa- utility bond index and SoCalGas’ CCM benchmark rate is 4.074% based on Moody’s A- utility bond index. SDG&E did not propose a 2023 cost of preferred equity in this proceeding. In January 2023, SDG&E filed an advice letter to continue the cost of preferred equity for test year 2023 at 6.22%, which the CPUC approved in February 2023. CPUC AUTHORIZED COST OF CAPITAL FOR 2023 – 2025 SDG&E SoCalGas Authorized weighting Return on Weighted return on rate base (1) Authorized weighting Return on Weighted 45.25 % 4.05 % 1.83 % Long-Term Debt 45.60 % 4.07 % 1.86 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 9.95 5.17 Common Equity 52.00 9.80 5.10 100.00 % 7.18 % 100.00 % 7.10 % (1) Total weighted return on rate base does not sum due to rounding differences. SDG&E FERC Rate Matters SDG&E files separately with the FERC for its authorized ROE on FERC-regulated electric transmission operations and assets. SDG&E’s currently effective TO5 settlement provides for a ROE of 10.60%, consisting of a base ROE of 10.10% plus an additional 50 bps for participation in the California ISO (the California ISO adder). If the FERC issues an order ruling that California IOUs are no longer eligible for the California ISO adder, SDG&E would refund the California ISO adder as of the refund effective date (June 1, 2019) 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 until terminated by a notice provided at least six months before the end of the calendar year. Following such notice, SDG&E would file an updated rate request with an effective date of January 1 of the following year. 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 relating to energy efficiency (EE) codes and standards advocacy activities, which were undertaken by SoCalGas following a CPUC decision disallowing SoCalGas’ future engagement in advocacy around such EE codes and standards. In March 2022, the CPUC issued a final decision that found that SoCalGas did undertake prohibited EE codes and standards advocacy activities using ratepayer funds. The final decision imposed on SoCalGas a financial penalty of $10 million; customer refunds for certain ratepayer expenditures and shareholder incentives that SoCalGas estimates will be negligible; and a prohibition from recovering from ratepayers costs of proposed codes and standards advocacy activities until SoCalGas demonstrates policies, practices and procedures that adhere to the CPUC’s intent for codes and standards advocacy. 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 activities in 2016 and 2017 (later expanded to include 2014 and 2015), whether its shareholders should bear the costs of those advocacy activities, and to address whether any other remedies are appropriate. In April 2022, the CPUC issued a final decision that found there were violations of certain legal principles and imposed a financial penalty of $150,000. SDG&E has a 20% ownership interest in SONGS, a nuclear generating facility near San Clemente, California, which permanently ceased operations in June 2013 after an extended outage as a result of issues with the steam generators used in the facility. Edison, the majority owner and operator of SONGS, notified SDG&E that it had reached a decision to permanently retire SONGS and seek approval from the NRC to start the decommissioning activities for the entire facility. SONGS is subject to the jurisdiction of the NRC and the CPUC. SDG&E, and each of the other owners, holds its undivided interest as a tenant in common in the property. Each owner is responsible for financing its share of costs. SDG&E’s share of operating expenses is included in Sempra’s and SDG&E’s Consolidated Statements of Operations. 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 December 2021, the Samuel Lawrence Foundation filed a notice of appeal. In August 2022, the court dismissed the case based on the Samuel Lawrence Foundation’s request for dismissal, which finally resolves the writ petition. Decommissioning work was not interrupted as a result of this writ petition. In accordance with state and federal requirements and regulations, SDG&E has assets held in the NDT to fund its share of decommissioning costs for SONGS Units 1, 2 and 3. Amounts that were collected in rates for SONGS’ decommissioning are invested in the NDT, which is comprised of externally managed trust funds. Amounts held by the NDT are invested in accordance with CPUC regulations. SDG&E classifies debt and equity securities held in the NDT as available-for-sale. The NDT assets are presented on the Sempra and SDG&E 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 2022, the CPUC granted SDG&E authorization to access NDT funds of up to $81 million for forecasted 2023 costs. In September 2020, the IRS and the U.S. Department of the Treasury published final regulations that clarify the definition of “nuclear decommissioning costs,” which are costs that may be paid for or reimbursed from a qualified trust fund. The final regulations adopted most of the provisions of the proposed regulations issued in December 2016. The final regulations apply to taxable years ending on or after September 4, 2020 and confirm that the definition of “nuclear decommissioning costs” includes amounts related to the storage of spent nuclear fuel at both on-site and off-site ISFSIs. The final regulations also clarify that costs incurred for ISFSIs that may be or are expected to be reimbursed by the DOE may be paid or reimbursed from a qualified trust fund. Accordingly, the final regulations allow SDG&E the option to access qualified trust funds to recover spent fuel storage costs before Edison reaches final settlement with the DOE regarding the DOE’s reimbursement of these costs. Historically, the DOE’s reimbursements of spent fuel storage costs have not resulted in timely or complete recovery of these costs. We discuss the DOE’s responsibility for spent nuclear fuel below. Nuclear Decommissioning Trusts The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT on the Sempra and SDG&E Consolidated Balance Sheets. We provide additional fair value disclosures for the NDT in Note 12. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated December 31, 2022 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 40 $ 1 $ (1) $ 40 Municipal bonds (2) 283 1 (14) 270 Other securities (3) 248 — (21) 227 Total debt securities 571 2 (36) 537 Equity securities 111 194 (8) 297 Short-term investments, primarily cash equivalents 11 — — 11 Receivables (payables), net (4) — — (4) Total $ 689 $ 196 $ (44) $ 841 December 31, 2021 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies $ 56 $ — $ — $ 56 Municipal bonds 309 13 (1) 321 Other securities 255 7 (2) 260 Total debt securities 620 20 (3) 637 Equity securities 104 262 (2) 364 Short-term investments, primarily cash equivalents 3 — — 3 Receivables (payables), net 8 — — 8 Total $ 735 $ 282 $ (5) $ 1,012 (1) Maturity dates are 2023-2053. (2) Maturity dates are 2023-2056. (3) Maturity dates are 2023-2072. The following table shows the proceeds from sales of securities in the NDT and gross realized gains and losses on those sales. SALES OF SECURITIES IN THE NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Years ended December 31, 2022 2021 2020 Proceeds from sales $ 639 $ 961 $ 1,439 Gross realized gains 18 67 156 Gross realized losses (20) (5) (17) 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 Consolidated Balance Sheets. We determine the cost of securities in the trusts on the basis of specific identification. ASSET RETIREMENT OBLIGATION The present value of SDG&E’s ARO related to decommissioning costs for all three SONGS units was $540 million at December 31, 2022 and is based on a cost study prepared in 2020 that is pending CPUC approval, which SDG&E expects to receive in 2023. 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. We expect SDG&E’s undiscounted SONGS decommissioning payments to be $92 million in 2023, $77 million in 2024, $46 million in 2025, $52 million in 2026, $32 million in 2027, and $686 million thereafter. U.S. DEPARTMENT OF ENERGY NUCLEAR FUEL DISPOSAL Spent nuclear fuel from SONGS is currently stored on-site in an ISFSI licensed by the NRC. The ISFSI will operate until 2051, when it is assumed that the DOE will have taken custody of all the SONGS spent fuel. The ISFSI would then be decommissioned, and the site restored to its original environmental state. Until then, SONGS owners are responsible for interim storage of spent nuclear fuel at SONGS. The Nuclear Waste Policy Act of 1982 made the DOE responsible for accepting, transporting, and disposing of spent nuclear fuel. However, it is uncertain when the DOE will begin accepting spent nuclear fuel from SONGS. This delay will lead to increased costs for spent fuel storage. In November 2019, Edison filed a claim for spent fuel management costs in the U.S. Court of Federal Claims for the time period from January 2017 through July 2018, which is pending DOE approval. It is unclear when Edison will pursue litigation claims for spent fuel management costs incurred on or after August 1, 2018. SDG&E will continue to support Edison in its pursuit of claims on behalf of the SONGS co-owners against the DOE for its failure to timely accept the spent nuclear fuel. 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 owners have nuclear property damage insurance of $130 million, which exceeds the minimum federal requirement of $50 million. This insurance coverage is provided through NEIL. The NEIL policies have specific exclusions and limitations that can result in reduced coverage. Insured members as a group are subject to retrospective premium assessments to cover losses sustained by NEIL under all issued policies. SDG&E could be assessed up to $4.1 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 | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES LEGAL PROCEEDINGS We accrue losses for a legal proceeding when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the uncertainties inherent in legal proceedings make it difficult to reasonably estimate the costs and effects of resolving these matters. Accordingly, actual costs incurred may differ materially from amounts accrued, may exceed, and in some cases have exceeded, applicable insurance coverage and could materially adversely affect our business, results of operations, financial condition, cash flows and/or prospects. Unless otherwise indicated, we are unable to reasonably estimate possible losses or a range of losses in excess of any amounts accrued. At December 31, 2022, loss contingency accruals for legal matters, including associated legal fees and regulatory matters related to the Leak, that are probable and estimable were $281 million for Sempra, including $205 million for SoCalGas. Amounts for Sempra and SoCalGas include $130 million for matters related to the Leak, which we discuss below. We discuss our policy regarding accrual of legal fees in Note 1. Sempra Infrastructure Energía Costa Azul We describe below certain land and customer disputes and permit challenges affecting our ECA Regas Facility. Certain of these land disputes involve land on which portions of the ECA LNG liquefaction facilities under construction and in development are expected to be situated or on which portions of the ECA Regas Facility that would be necessary for the operation of such ECA LNG liquefaction facilities are situated. One or more unfavorable final decisions on these disputes or challenges could materially adversely affect our existing natural gas regasification operations and proposed natural gas liquefaction projects at the site of the ECA Regas Facility and have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects. Land Disputes – Unresolved. Sempra Infrastructure 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 Sempra Infrastructure challenged the ruling due to lack of notification of the underlying process. In May 2019, a federal court in Mexico reversed the ruling and ordered a retrial, which is pending resolution. ▪ In a separate proceeding, the claimant filed suit to reinitiate an administrative procedure at SEDATU to obtain the property title that was previously dismissed. In April 2021, the Agrarian Court ordered that the administrative procedure be restarted. The proceeding in the Agrarian Court has concluded; however, the administrative procedure at SEDATU may continue if SEDATU decides to reopen the matter. In addition, a case involving an area of real property on which part of the ECA Regas Facility is situated is subject to a claim in the federal Agrarian Court, 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. The plaintiff appealed, and in February 2022, the appellate court confirmed the ruling in favor of the ECA Regas Facility and dismissed the appeal. The plaintiff filed a federal appeal against the appellate court ruling. A ruling from the Federal Collegiate Circuit Court is pending. Land Disputes – Resolved. Three cases involving an area of real property on which part of the ECA Regas Facility is situated, each brought by a single plaintiff or her descendants, were filed against the facility. The disputed area, which is a parcel adjacent to the ECA Regas Facility that allegedly overlaps with land on which the ECA Regas Facility is situated and also adjacent to the parcel subject to the unresolved Agrarian Court proceeding described in the preceding paragraph, 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, in 2008, the ECA Regas Facility reached a financial settlement with the plaintiff to eliminate an adverse claim to its title. 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. Sempra Infrastructure appealed the ruling in July 2021. In May 2022, Sempra Infrastructure won the appeal and the plaintiff’s claims were dismissed, thereby concluding the Agrarian Court proceeding. The ECA Regas Facility continues to hold the second property title to the land. The two civil court proceedings 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. In the first civil case, initiated in 2013, the court ruled in favor of the ECA Regas Facility, and the final decision was affirmed on a federal appeal, thereby concluding the first civil case. The descendants of the same plaintiff filed the second civil case in 2019, which was dismissed by the court. However, the dismissal was appealed. In April 2022, the ECA Regas Facility entered into a settlement agreement with the plaintiff, whereby the plaintiff has agreed to recognize the ECA Regas Facility as the sole owner of the property and waive any current or future rights over the property, or any other properties related Environmental and Social Impact Permits – Unresolved. 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. The claimants petitioned the court to rule that construction of natural gas liquefaction facilities violated the injunction, and in February 2022, the court ruled in favor of the ECA Regas Facility, holding that the natural gas liquefaction activities did not violate the injunction. The claimants have appealed this ruling. ▪ In the third case, a group of residents filed a complaint in June 2021 against various federal and state authorities alleging deficiencies in the public consultation process for the issuance of the permits. The request for an initial injunction was denied and the claimants have appealed, which is pending the appellate court’s ruling. Customer Dispute – Resolved. 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 Sempra Infrastructure and a force majeure event. In July 2020, Shell Mexico submitted a request for arbitration of the dispute, and Gazprom joined the proceeding, and a hearing was held in October 2021. The International Court of Arbitration issued a final, non-appealable decision in April 2022 in favor of Sempra Infrastructure dismissing all claims and confirming the contracts remain in force. In August 2022, the International Court of Arbitration issued an additional decision dismissing a request by Shell Mexico and Gazprom to consider additional arguments. Citing the alleged breach, Shell Mexico stopped making payments under its LNG storage and regasification agreement. Due to nonpayment, Sempra Infrastructure drew against Shell Mexico’s letters of credit provided as payment security until they were fully exhausted in March 2022. In September 2022, Shell Mexico paid its invoices from March 2022 through August 2022, bringing its account to current, resumed paying invoices as they come due, and renewed its letters of credit. Although Gazprom had previously been making regular monthly payments under its LNG storage and regasification agreement, Sempra Infrastructure drew against and fully exhausted Gazprom’s letters of credit in April 2022 due to Gazprom’s non-renewal of such letters of credit as required under the agreement. Gazprom did not pay its invoices from March 2022 through July 2022, so funds drawn from the letters of credit were used to fully offset such nonpayment. In September 2022, Gazprom paid its August 2022 invoice, bringing its account to current, and resumed paying invoices as they come due. Subsequent invoices, if not paid by Gazprom, will be offset by funds drawn from the letters of credit. In November 2022, the German government nationalized the parent company of Gazprom, Gazprom Germania (rebranded as “Securing Energy for Europe”), to help stabilize Gazprom’s finances. In addition to the arbitration proceeding, Shell Mexico also filed constitutional claims against the CRE’s approval of the general terms and conditions for service at the facility and against the issuance of the liquefaction permit. Shell Mexico’s request for an injunction against the general terms and conditions was denied, and the ruling was upheld on appeal. The request for an injunction against the liquefaction permit was denied, and the decision was vacated and remanded on appeal to the First District Court in Administrative Matters, which again denied the injunction. The case on the injunction request was then heard again by the appellate court and was denied, making the decision final. Sonora Pipeline Guaymas-El Oro Segment – Unresolved. Sempra Infrastructure’s Sonora natural gas pipeline consists of two segments, the Sasabe-Puerto Libertad-Guaymas segment and the Guaymas-El Oro segment. Each segment has its own service agreement with the CFE. 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, Sempra Infrastructure 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, Sempra Infrastructure 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, Sempra Infrastructure 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 Sempra Infrastructure from making repairs to put the pipeline back in service. In July 2019, a federal district court ruled in favor of Sempra Infrastructure 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 Sempra Infrastructure 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. In December 2021, the court of appeals referred the matter to Mexico’s Supreme Court. In June 2022, the Supreme Court remanded the case back to the court of appeals for final resolution. The CFE asked the court of appeals to dismiss the Bácum community’s appeal based on the plan to re-route the portion of the pipeline that is in the Yaqui territory. In December 2022, the court of appeals reversed the federal district court’s ruling and ordered the district court to issue a new ruling that takes into account the planned re-routing of the pipeline. Sempra Infrastructure 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 Sempra Infrastructure and the CFE reached an agreement to restart natural gas transportation service in January 2020 as the new service start date, and to modify the tariff structure and extend the term of the contract by 10 years. Subsequently, Sempra Infrastructure and the CFE agreed to extend the service start date multiple times, most recently to May 31, 2023. 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 back in service. If the pipeline is not back in service or the parties do not agree on a new service start date by May 31, 2023, Sempra Infrastructure retains the right to terminate the contract and seek to recover its reasonable and documented costs and lost profits. Discussions with the CFE regarding the future of the pipeline are underway in accordance with a non-binding MOU announced in January 2022 that, among other matters, addresses efforts to restart service on the pipeline. In July 2022, Sempra Infrastructure and the CFE entered into a Shareholders’ Agreement that establishes a framework for a JV between the parties to work on restarting service on the pipeline, including the re-routing of a portion of the pipeline. This agreement is subject to a number of conditions to be satisfied before it becomes effective, including regulatory and corporate authorizations. At December 31, 2022, Sempra Infrastructure had $420 million in PP&E, net, related to the Guaymas-El Oro segment of the Sonora pipeline, which could be subject to impairment if Sempra Infrastructure is unable to re-route a portion of the pipeline (which has not been agreed to by the parties, but is subject to negotiation pursuant to a non-binding MOU and a Shareholders’ Agreement, as described above) and resume operations or if Sempra Infrastructure 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 – Resolved. In June 2014, Sempra Infrastructure and a landowner agreed to enter into a voluntary right-of-way easement agreement for the construction and operation of a seven-mile section of the 314-mile Sasabe-Puerto Libertad-Guaymas segment of the Sonora natural gas pipeline on the landowner’s property. However, in 2015, the landowner filed a complaint demanding the easement agreement be nullified. In September 2021, a definitive and non-appealable judgment was issued declaring the easement agreement nullified and ordering the removal of the pipeline from the landowner’s property. The execution of the judgment was suspended as a result of an amparo lawsuit filed by the CFE as an interested third party that did not participate in the litigation. Sempra Infrastructure filed a special judicial action asking the civil court to acknowledge the existence of the easement and to determine the consideration the landowner should receive in exchange for the easement. In July 2022, Sempra Infrastructure and the landowner entered into a new easement agreement approved by the court for the seven-mile section on the landowner’s property, thus bringing this case to definitive conclusion. Litigation Related to Regulatory and Other Actions by the Mexican Government – Unresolved Amendments to Mexico’s Electricity Industry Law. In March 2021, the Mexican government published a decree with amendments to Mexico’s Electricity Industry Law that include some public policy changes, including establishing priority of dispatch for CFE plants over privately owned plants. According to the decree, these amendments were to become effective on March 10, 2021, and SENER, the CRE and Centro Nacional de Control de Energía (Mexico’s National Center for Energy Control) were to have 180 calendar days to modify, as necessary, all resolutions, policies, criteria, manuals and other regulations applicable to the power industry to conform with this decree. However, a Mexican court issued a suspension of the amendments on March 19, 2021. In April 2022, the Mexican Supreme Court resolved an action of unconstitutionality filed by a group of senators against the amended Electricity Industry Law, but the qualified majority of eight votes out of 11 as is required in matters involving constitutionality was not reached and the proceeding was dismissed, which means that the Mexican Supreme Court did not issue a binding precedent and the amended Electricity Industry Law remains in force. Sempra Infrastructure filed three lawsuits against the amendments to the Electricity Industry Law and, in each of them, Sempra Infrastructure obtained a favorable judgment in the lower courts, which has been appealed. If the proposed amendments are affirmed by the lower courts or by the Mexican Supreme Court (which in these cases would only require a simple majority vote), the CRE may be required to revoke self-supply permits granted under the former electricity law, which were grandfathered when the new Electricity Industry Law was enacted, under a legal standard that is ambiguous and not well defined under the law. If such self-supply permits granted under the former electricity law are revoked, it may result in increased costs for Sempra Infrastructure and its customers, may adversely affect our ability to develop new projects, may result in decreased revenues and cash flows, and may negatively impact our ability to recover the carrying values of our investments in Mexico, any of which could have a material adverse effect on Sempra’s business, results of operations, financial condition, cash flows and/or prospects. Transmission Rates for Legacy Generation Facilities. In May 2020, the CRE approved an update to the transmission rates included in legacy renewable and cogeneration energy contracts based on the claim that the legacy transmission rates did not reflect fair and proportional costs for providing the applicable services and, therefore, created inequitable competitive conditions. Three of Sempra Infrastructure’s renewable energy facilities (Don Diego Solar, Border Solar and Ventika) are currently holders of contracts with such legacy rates, and under the terms of these contracts any increases in the transmission rates would be passed through directly to their customers. These renewable energy facilities sought and obtained injunctive relief but were required to guarantee the difference in tariffs. The three facilities obtained favorable resolutions from a lower court and the CRE appealed those decisions, which were definitively affirmed in favor of the Don Diego Solar, Border Solar and Ventika facilities, whereby the injunctions were made permanent, the regulations were declared unconstitutional, and the guarantee was determined to not be required. There are no further opportunities to appeal and therefore these resolutions are final. Amendments to Mexico’s Hydrocarbons Law. In May 2021, amendments to Mexico’s Hydrocarbons Law were published and became effective. The amendments grant SENER and the CRE additional powers to suspend and revoke permits related to the midstream and downstream sectors. Suspension of permits will be determined by SENER or the CRE when a danger to national security, energy security, or to the national economy is foreseen. Likewise, new grounds for the revocation of permits are in place if the permit holder (i) carries out its activity with illegally imported products; (ii) fails, on more than one occasion, to comply with the provisions applicable to quantity, quality and measurement of the products; or (iii) modifies the technical conditions of its infrastructure without authorization. Additionally, in the case of existing permits, authorities will revoke those permits that fail to comply with the minimum storage requirements established by SENER or fail to comply with requirements or violate provisions established by the amended Hydrocarbons Law. All the Sempra Infrastructure entities participating in the Mexico hydrocarbons sector filed lawsuits against the initiative to reform the Hydrocarbons Law. In 2021, district courts issued judgments that the amendments do not affect the interests of the companies at this time and, as a result, dismissed the amparo lawsuits, including the lawsuits filed by the Sempra Infrastructure entities. The Sempra Infrastructure entities have appealed these Other Litigation – Unresolved RBS Sempra Commodities Sempra holds an equity method investment in RBS Sempra Commodities, a limited liability partnership in the process of being liquidated. In 2015, liquidators filed a claim in the High Court of Justice against RBS (now NatWest Markets plc, our partner in the JV) and Mercuria Energy Europe Trading Limited (the Defendants) on behalf of 10 companies (the Liquidating Companies) that engaged in carbon credit trading via chains that included a company that traded directly with RBS SEE, a subsidiary of RBS Sempra Commodities. The claim alleges that the Defendants’ participation in the purchase and sale of carbon credits resulted in the Liquidating Companies’ carbon credit trading transactions creating a VAT liability they were unable to pay, and that the Defendants are liable to provide for equitable compensation due to dishonest assistance and compensation under the U.K. Insolvency Act of 1986. Trial on the matter was held in June and July of 2018. In March 2020, the High Court of Justice rendered its judgment mostly in favor of the Liquidating Companies and awarded damages of approximately £45 million (approximately $54 million in U.S. dollars at December 31, 2022), plus costs and interest. In October 2020, the High Court of Justice assessed costs and interest to be approximately £21 million (approximately $25 million in U.S. dollars at December 31, 2022) as of that date, with interest continuing to accrue. The Defendants appealed and, in May 2021, the Court of Appeal set aside the High Court of Justice’s decision and ordered a retrial. In July 2022, the Supreme Court of the U.K. denied the Liquidating Companies application for permission to appeal the Court of Appeal’s decision. No date has been scheduled for the retrial. J.P. Morgan Chase & Co., which acquired RBS SEE and later sold it to Mercuria Energy Group, Ltd., previously notified us that Mercuria Energy Group, Ltd. has sought indemnity for the claim, and J.P. Morgan Chase & Co. has in turn sought indemnity from Sempra and RBS. We recorded $100 million in equity losses from our investment in RBS Sempra Commodities in Equity Earnings on Sempra’s Consolidated Statement of Operations in 2020, which represented an estimate of our obligations to settle pending VAT matters and related legal costs. In 2021, we reduced this estimate by $50 million based on a related settlement with HMRC on the First-Tier Tribunal case and revised assumptions on the High Court of Justice case. Asbestos Claims Against EFH Subsidiaries Certain EFH subsidiaries that we acquired as part of the merger of EFH with an indirect subsidiary of Sempra were defendants in personal injury lawsuits brought in state courts throughout the U.S. These cases alleged illness or death as a result of exposure to asbestos in power plants designed and/or built by companies whose assets were purchased by predecessor entities to the EFH subsidiaries, and generally assert claims for product defects, negligence, strict liability and wrongful death. They sought compensatory and punitive damages. As of February 21, 2023, two lawsuits are pending. Additionally, in connection with a December 2015 deadline in the EFH bankruptcy proceeding, approximately 28,000 proofs of claim were filed on behalf of persons who allege exposure to asbestos under similar circumstances and assert the right to file such lawsuits in the future. None of these claims or lawsuits were discharged in the EFH bankruptcy proceeding. The costs to defend or resolve these lawsuits or claims and the amount of damages that may be imposed or incurred could have a material adverse effect on Sempra’s results of operations, financial condition, cash flows and/or prospects. Ordinary Course Litigation We are also defendants in ordinary routine litigation incidental to our businesses, including personal injury, employment litigation, product liability, property damage and other claims. Juries have demonstrated an increasing willingness to grant large awards, including punitive damages, in these types of cases. LEASES A lease exists when a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. We determine if an arrangement is or contains a lease at inception of the contract. 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 and refined products 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. Lessee Accounting We have operating and finance leases for real and personal property (including office space, land, fleet vehicles, machinery and equipment, warehouses and other operational facilities) and PPAs with renewable energy, energy storage and peaker plant facilities. Some of our leases include options to extend the lease terms for up to 25 years, or to terminate the lease within one year. Our lease liabilities and ROU assets are based on lease terms that may include such options when it is reasonably certain that we will exercise the option. Certain of our contracts are short-term leases, which have a lease term of 12 months or less at lease commencement. We do not recognize a lease liability or ROU asset arising from short-term leases for all existing classes of underlying assets. In such cases, we recognize short-term lease costs on a straight-line basis over the lease term. Our short-term lease costs for the period reasonably reflect our short-term lease commitments. Certain of our leases contain escalation clauses requiring annual increases in rent ranging from 2% to 7% or based on the Consumer Price Index. The rentals payable under these leases may increase by a fixed amount each year or by a percentage of a base year. Variable lease payments that are based on an index or rate are included in the initial measurement of our lease liability and ROU asset based on the index or rate at lease commencement and are not remeasured because of changes to the index or rate. Rather, changes to the index or rate are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. Similarly, PPAs for the purchase of renewable energy at SDG&E require lease payments based on a stated rate per MWh produced by the facilities, and we are required to purchase substantially all the output from the facilities. SDG&E is required to pay additional amounts for capacity charges and actual purchases of energy that exceed the minimum energy commitments. Under these contracts, we do not recognize a lease liability or ROU asset for leases for which there are no fixed lease payments. Rather, these variable lease payments are recognized separately as variable lease costs. SDG&E estimates these variable lease payments to be $297 million in each of 2023 and 2024, $296 million in 2025, $290 million in 2026, $289 million in 2027 and $2,496 million thereafter. As of the lease commencement date, we recognize a lease liability for our obligation to make future lease payments, which we initially measure at present value using our incremental borrowing rate at the date of lease commencement, unless the rate implicit in the lease is readily determinable. We determine our incremental borrowing rate based on the rate of interest that we would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. We also record a corresponding ROU asset, initially equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. We test ROU assets for recoverability whenever events or changes in circumstances have occurred that may affect the recoverability or the estimated useful lives of the ROU assets. For our operating leases, our non-regulated entities recognize a single lease cost on a straight-line basis over the lease term in operating expenses. SDG&E and SoCalGas recognize this single lease cost on a basis that is consistent with the recovery of such costs in accordance with U.S. GAAP governing rate-regulated operations. For our finance leases, the interest expense on the lease liability and amortization of the ROU asset are accounted for separately. Our non-regulated entities use the effective interest rate method to account for the imputed interest on the lease liability and amortize the ROU asset on a straight-line basis over the lease term. SDG&E and SoCalGas recognize amortization of the ROU asset on a basis that is consistent with the recovery of such costs in accordance with U.S. GAAP governing rate-regulated operations. Our leases do not contain any material residual value guarantees, r |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION We have four separately managed reportable segments, as follows: ▪ SDG&E provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. ▪ SoCalGas is a natural gas distribution utility, serving customers throughout most of Southern California and part of central California. ▪ Sempra Texas Utilities holds our investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electric transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our indirect, 50% interest in Sharyland Holdings, which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border. ▪ Sempra Infrastructure includes the operating companies of our subsidiary, SI Partners, as well as a holding company and certain services companies. Sempra Infrastructure develops, builds, operates and invests in energy infrastructure to help enable the energy transition in North American markets and globally. Sempra Infrastructure owns a 70% interest in SI Partners, which held a 100% ownership interest in Sempra LNG Holding, LP and a 99.9% ownership interest in IEnova at December 31, 2022. 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. SDG&E and SoCalGas operate in essentially separate service territories, under separate regulatory frameworks and rate structures set by the CPUC and, in the case of SDG&E, the FERC. We describe the accounting policies of all of our segments in Note 1. 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 Consolidated Statements of Operations and Consolidated Balance Sheets. We provide information about our equity method investments by segment in Note 6. 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) Years ended December 31, 2022 2021 2020 REVENUES SDG&E $ 5,838 $ 5,504 $ 5,313 SoCalGas 6,840 5,515 4,748 Sempra Infrastructure 1,919 1,997 1,400 All other 1 5 2 Adjustments and eliminations (1) (1) (3) Intersegment revenues (1) (158) (163) (90) Total $ 14,439 $ 12,857 $ 11,370 DEPRECIATION AND AMORTIZATION SDG&E $ 982 $ 889 $ 801 SoCalGas 761 716 654 Sempra Infrastructure 268 239 198 All other 8 11 13 Total $ 2,019 $ 1,855 $ 1,666 INTEREST INCOME SDG&E $ 5 $ 1 $ 2 SoCalGas 6 1 2 Sempra Infrastructure 44 75 141 All other 20 3 7 Intercompany eliminations — (11) (56) Total $ 75 $ 69 $ 96 INTEREST EXPENSE SDG&E $ 449 $ 412 $ 413 SoCalGas 198 157 158 Sempra Infrastructure 104 205 174 All other 306 444 390 Intercompany eliminations (3) (20) (54) Total $ 1,054 $ 1,198 $ 1,081 INCOME TAX EXPENSE (BENEFIT) SDG&E $ 182 $ 201 $ 190 SoCalGas 138 (310) 96 Sempra Texas Utilities — — 1 Sempra Infrastructure 249 238 149 All other (13) (30) (187) Total $ 556 $ 99 $ 249 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES SDG&E $ 915 $ 819 $ 824 SoCalGas 599 (427) 504 Sempra Texas Utilities 736 616 579 Sempra Infrastructure 310 682 580 Discontinued operations — — 1,840 All other (466) (436) (563) Total $ 2,094 $ 1,254 $ 3,764 SEGMENT INFORMATION (CONTINUED) (Dollars in millions) Years ended December 31, 2022 2021 2020 EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT SDG&E $ 2,473 $ 2,220 $ 1,942 SoCalGas 1,993 1,984 1,843 Sempra Infrastructure 884 802 879 All other 7 9 12 Total $ 5,357 $ 5,015 $ 4,676 GEOGRAPHIC INFORMATION Long-lived assets (2) : United States $ 55,035 $ 50,657 $ 46,902 Mexico 8,423 7,708 6,929 Asia 1 1 — Total $ 63,459 $ 58,366 $ 53,831 Revenues (3) : United States $ 13,015 $ 11,154 $ 10,205 Mexico 1,424 1,703 1,165 Total $ 14,439 $ 12,857 $ 11,370 December 31, 2022 2021 ASSETS SDG&E $ 26,422 $ 24,058 SoCalGas 22,346 20,324 Sempra Texas Utilities 13,781 13,047 Sempra Infrastructure 15,760 14,408 All other 1,376 1,399 Intersegment receivables (1,111) (1,191) Total $ 78,574 $ 72,045 (1) Revenues for reportable segments include intersegment revenues of $15, $100, and $43 for 2022; $10, $98, and $55 for 2021; and $5, $88, and $(3) for 2020 for SDG&E, SoCalGas, and Sempra Infrastructure, respectively. (2) Includes net PP&E and investments. (3) Amounts are based on where the revenue originated, after intercompany eliminations. |
SCHEDULE I - CONDENSED FINANCIA
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule I - Condensed Financial Information of Parent | SEMPRA ENERGY CONDENSED STATEMENTS OF OPERATIONS (Dollars in millions, except per share amounts; shares in thousands) Years ended December 31, 2022 2021 2020 Interest income $ 35 $ 11 $ 4 Interest expense (326) (576) (495) Operating expenses (92) (92) (86) Other (expense) income, net (58) 20 (38) Income tax benefit 111 190 176 Loss before equity in earnings of subsidiaries (330) (447) (439) Equity in earnings of subsidiaries, net of income taxes 2,468 1,764 4,371 Net income 2,138 1,317 3,932 Preferred dividends (44) (63) (168) Earnings $ 2,094 $ 1,254 $ 3,764 Basic EPS: Earnings $ 6.65 $ 4.03 $ 12.93 Weighted-average common shares outstanding 315,159 311,755 291,077 Diluted EPS: Earnings $ 6.62 $ 4.01 $ 12.88 Weighted-average common shares outstanding 316,378 313,036 292,252 See Notes to Condensed Financial Information of Parent. SEMPRA ENERGY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Years ended December 31, 2022, 2021 and 2020 Pretax Income tax benefit (expense) Net-of-tax 2022: Net income $ 2,027 $ 111 $ 2,138 Other comprehensive income (loss): Foreign currency translation adjustments 11 — 11 Financial instruments 221 (55) 166 Pension and other postretirement benefits 3 (6) (3) Total other comprehensive income 235 (61) 174 Comprehensive income $ 2,262 $ 50 $ 2,312 2021: Net income $ 1,127 $ 190 $ 1,317 Other comprehensive income (loss): Foreign currency translation adjustments (6) — (6) Financial instruments 191 (47) 144 Pension and other postretirement benefits 28 (6) 22 Total other comprehensive income 213 (53) 160 Comprehensive income $ 1,340 $ 137 $ 1,477 2020: Net income $ 3,756 $ 176 $ 3,932 Other comprehensive income (loss): Foreign currency translation adjustments 547 — 547 Financial instruments (146) 33 (113) Pension and other postretirement benefits 11 1 12 Total other comprehensive income 412 34 446 Comprehensive income $ 4,168 $ 210 $ 4,378 See Notes to Condensed Financial Information of Parent. SEMPRA ENERGY CONDENSED BALANCE SHEETS (Dollars in millions) December 31, 2022 2021 Assets: Cash and cash equivalents $ 219 $ 186 Restricted cash 1 2 Due from affiliates 102 446 Income taxes receivable, net 104 — Other current assets 17 31 Total current assets 443 665 Investments in subsidiaries 35,209 33,308 Due from affiliates 20 21 Deferred income taxes 233 626 Other long-term assets 1,050 1,090 Total assets $ 36,955 $ 35,710 Liabilities and shareholders’ equity: Short-term debt $ 454 $ 1,240 Due to affiliates 226 185 Other current liabilities 566 535 Total current liabilities 1,246 1,960 Long-term debt 7,215 5,969 Due to affiliates 776 1,151 Other long-term liabilities 603 649 Commitments and contingencies (Note 4) Shareholders’ equity 27,115 25,981 Total liabilities and shareholders’ equity $ 36,955 $ 35,710 See Notes to Condensed Financial Information of Parent. SEMPRA ENERGY CONDENSED STATEMENTS OF CASH FLOWS (Dollars in millions) Years ended December 31, 2022 2021 2020 Net cash provided by (used in) operating activities $ 775 $ (255) $ (978) Expenditures for property, plant and equipment (7) (8) (9) Capital contributions to investees (661) (1,005) (364) Disbursement for note receivable — (305) — Distributions from investments — 1,552 3,616 Purchases of trust assets (114) — — Proceeds from sales of trust assets 123 — — (Increase) decrease in loans to affiliates, net (92) (20) 2 Other (3) — — Net cash (used in) provided by investing activities (754) 214 3,245 Common dividends paid (1,430) (1,331) (1,174) Preferred dividends paid (44) (99) (157) Issuances of preferred stock, net — — 891 Issuances of common stock, net 4 5 11 Repurchases of common stock (478) (339) (566) Issuances of debt (maturities greater than 90 days) 1,569 990 1,599 Payments on debt (maturities greater than 90 days) (322) (3,200) (3,700) (Decrease) increase in short-term debt (785) 1,240 — (Decrease) increase in loans from affiliates, net (226) 1,092 1,194 Purchases of noncontrolling interests — (217) — Proceeds from sale of noncontrolling interests 1,732 1,846 — Equity transaction costs with third parties — — (4) Make-whole premiums related to early redemptions of debt — (121) — Other (8) (2) (1) Net cash provided by (used in) financing activities 12 (136) (1,907) Effect of exchange rate changes on cash and cash equivalents (1) (1) — Increase (decrease) in cash and cash equivalents 32 (178) 360 Cash and cash equivalents, January 1 188 366 6 Cash, cash equivalents and restricted cash, December 31 $ 220 $ 188 $ 366 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES Issuance of common stock in exchange for NCI and related AOCI $ — $ 1,373 $ — Common dividends declared but not paid 360 349 301 Conversion of mandatory convertible preferred stock — 2,258 — Preferred dividends declared but not paid 11 11 47 Equitization of amounts due from affiliates 93 4,351 — See Notes to Condensed Financial Information of Parent. The condensed financial information of Sempra Energy has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04. We apply the same accounting policies as in the consolidated financial statements of Sempra, except that Sempra Energy accounts for the earnings of its subsidiaries under the equity method in this unconsolidated financial information. This financial information should be read in conjunction with Sempra’s consolidated financial statements and the accompanying notes thereto included in this Form 10-K. Sempra Energy received cash dividends from its subsidiaries totaling $832 million, $375 million and $300 million in 2022, 2021 and 2020, respectively. SHORT-TERM DEBT Committed Line of Credit At December 31, 2022, Sempra Energy had capacity of $4.0 billion under a committed line of credit with available unused credit of $3.5 billion, which provides liquidity and supports its commercial paper program. The principal terms of Sempra Energy’s committed line of credit include the following: ▪ The facility has a syndicate of 23 lenders. No single lender has greater than a 6% share in the facility. ▪ The facility provides for the issuance of $200 million of letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra Energy has the right to increase its letter of credit commitment to up to $500 million. No letters of credit were outstanding at December 31, 2022. ▪ Borrowings bear interest at a benchmark rate plus a margin that varies with Sempra Energy’s credit rating. ▪ Sempra Energy must maintain a ratio of indebtedness to total capitalization (as defined in its credit facility) of no more than 65% at the end of each quarter. At December 31, 2022, Sempra Energy was in compliance with this ratio under its credit facility. LONG-TERM DEBT The following table shows the detail and maturities of uncollateralized long-term debt outstanding. LONG-TERM DEBT (Dollars in millions) December 31, 2022 2021 3.3% Notes April 1, 2025 $ 750 $ — 3.25% Notes June 15, 2027 750 750 3.4% Notes February 1, 2028 1,000 1,000 3.7% Notes April 1, 2029 500 — 3.8% Notes February 1, 2038 1,000 1,000 6% Notes October 15, 2039 750 750 4% Notes February 1, 2048 800 800 4.125% Junior Subordinated Notes April 1, 2052 (1) 1,000 1,000 5.75% Junior Subordinated Notes July 1, 2079 (1) 758 758 7,308 6,058 Unamortized discount on long-term debt (28) (37) Unamortized debt issuance costs (65) (52) Total long-term debt $ 7,215 $ 5,969 (1) Callable long-term debt not subject to make-whole provisions. In March 2022, we issued $750 million aggregate principal amount of 3.30% senior unsecured notes due in full upon maturity on April 1, 2025 and received proceeds of $745 million (net of debt discount, underwriting discounts and debt issuance costs of $5 million), and $500 million of 3.70% senior unsecured notes due in full upon maturity on April 1, 2029 and received proceeds of $494 million (net of debt discount, underwriting discounts and debt issuance costs of $6 million). Each series of the notes is redeemable prior to maturity, subject to their terms, and in certain circumstances subject to make-whole provisions. We used the net proceeds for general corporate purposes and repayment of commercial paper. At December 31, 2022, Sempra Energy had long-term debt maturities of $750 million in 2025, $750 million in 2027 and $5.8 billion thereafter. Additional information on Sempra Energy’s short-term and long-term debt is provided in Note 7 of the Notes to Consolidated Financial Statements. Sempra Energy has an operating lease commitment related to its corporate headquarters building of approximately $241 million. Sempra Energy expects payments for its operating lease to be $12 million in each of 2023 and 2024, $13 million in each of 2025 through 2027 and $178 million thereafter. For other contingencies and guarantees related to Sempra Energy, refer to Notes 6 and 16 of the Notes to Consolidated Financial Statements. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION Sempra Sempra’s Consolidated Financial Statements include the accounts of Sempra Energy, a California-based holding company doing business as Sempra, and its consolidated entities. We have four separate reportable segments, which we discuss in Note 17. 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, which is a wholly owned subsidiary of Sempra. SoCalGas SoCalGas’ common stock is wholly owned by PE, which is a wholly owned subsidiary of Sempra. |
Basis of Presentation | BASIS OF PRESENTATIONThis is a combined report of Sempra, SDG&E and SoCalGas. We provide separate information for SDG&E and SoCalGas as required. We have eliminated intercompany accounts and transactions within the consolidated financial statements of each reporting entity. |
Use of Estimates in the Preparation of the Financial Statements | Use of Estimates in the Preparation of the Financial Statements We have prepared our Consolidated Financial Statements in conformity with U.S. GAAP. This requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes, including the disclosure of contingent assets and liabilities at the date of the financial statements. Although we believe the estimates and assumptions are reasonable, actual amounts ultimately may differ significantly from those estimates. |
Discontinued Operations | Discontinued Operations We completed the sales of our equity interests in our Peruvian businesses in April 2020 and our Chilean businesses in June 2020. 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 upon our decision to sell them in January 2019. These businesses are presented as discontinued operations, which we discuss further in Note 5. Our discussions in the Notes below relate only to our continuing operations unless otherwise noted. |
Subsequent Events | Subsequent Events We evaluated events and transactions that occurred after December 31, 2022 through the date the financial statements were issued, and in the opinion of management, the accompanying statements reflect all adjustments and disclosures necessary for a fair presentation. |
Regulated Operations | REGULATED OPERATIONS SDG&E’s and SoCalGas’ accounting policies and financial statements reflect the application of U.S. GAAP provisions governing rate-regulated operations and the policies of the CPUC and the FERC. Under these provisions, a regulated utility records regulatory assets, which are generally costs that would otherwise be charged to expense, if it is probable that, through the ratemaking process, the utility will recover those assets from customers. To the extent that recovery is no longer probable, the related regulatory assets are written off. Regulatory liabilities generally represent amounts collected from customers in advance of the actual expenditure by the utility. If the actual expenditures are less than amounts previously collected from ratepayers, the excess would be refunded to customers, generally by reducing future rates. Regulatory liabilities may also arise from other transactions such as unrealized gains on fixed price contracts and other derivatives or certain deferred income tax benefits that are passed through to customers in future rates. In addition, SDG&E and SoCalGas record regulatory liabilities when the CPUC or, in the case of SDG&E, the FERC, requires a refund to be made to customers or has required that a gain or other transaction of net allowable costs be given to customers over future periods. Determining probability of recovery of regulatory assets requires judgment by management and may include, but is not limited to, consideration of: ▪ the nature of the event giving rise to the assessment ▪ existing statutes and regulatory code ▪ legal precedents ▪ regulatory principles and analogous regulatory actions ▪ testimony presented in regulatory hearings ▪ regulatory orders ▪ a commission-authorized mechanism established for the accumulation of costs ▪ status of applications for rehearings or state court appeals ▪ specific approval from a commission ▪ historical experience Sempra Infrastructure’s natural gas distribution utility, Ecogas, also applies U.S. GAAP provisions for rate-regulated operations, including the same evaluation of probability of recovery of regulatory assets described above. Our Sempra Texas Utilities segment is comprised of our equity method investments in Oncor Holdings, which owns an 80.25% interest in Oncor, and Sharyland Holdings, which owns 100% of Sharyland Utilities. Oncor and Sharyland Utilities are regulated electric transmission and distribution utilities in Texas and their rates are regulated by the PUCT and, in the case of Oncor, certain cities and are subject to regulatory rate-setting processes and earnings oversight. Oncor and Sharyland Utilities prepare their financial statements in accordance with the provisions of U.S. GAAP governing rate-regulated operations. Our Sempra Infrastructure 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 currently 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 in “Property, Plant and Equipment.” |
Fair Value Measurements | FAIR VALUE MEASUREMENTS We measure certain assets and liabilities at fair value on a recurring basis, primarily NDT and benefit plan trust assets and derivatives. We also measure certain assets at fair value on a non-recurring basis in certain circumstances. A fair value measurement reflects the assumptions market participants would use in pricing an asset or liability based on the best available information. These assumptions include the risk inherent in a particular valuation technique (such as a pricing model) and the risks inherent in the inputs to the model. Also, we consider an issuer’s credit standing when measuring its liabilities at fair value. We establish a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Pricing inputs are unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Our Level 1 financial instruments primarily consist of listed equities, short-term investments, and U.S. government treasury securities, primarily in the NDT and benefit plan trusts, and exchange-traded derivatives. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including: ▪ quoted forward prices for commodities ▪ time value ▪ current market and contractual prices for the underlying instruments ▪ volatility factors ▪ other relevant economic measures Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument and can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Our financial instruments in this category include listed equities, domestic corporate bonds, municipal bonds and other foreign bonds, primarily in the NDT and benefit plan trusts, and non-exchange-traded derivatives such as interest rate instruments and over-the-counter forwards and options. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. Our Level 3 financial instruments consist of CRRs and fixed-price electricity positions at SDG&E and the Support Agreement at Sempra Infrastructure. The fair value of commodity derivative assets and liabilities is presented in accordance with our netting policy, as we discuss in Note 11 under “Financial Statement Presentation.” The determination of fair values, shown in the tables below, incorporates various factors, including but not limited to, the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits, letters of credit and priority interests). Our financial assets and liabilities that were accounted for at fair value on a recurring basis in the tables below include the following: ▪ Nuclear decommissioning trusts reflect the assets of SDG&E’s NDT, excluding accounts receivable and accounts payable. A third-party trustee values the trust assets using prices from a pricing service based on a market approach. We validate these prices by comparison to prices from other independent data sources. Securities are valued using quoted prices listed on nationally recognized securities exchanges or based on closing prices reported in the active market in which the identical security is traded (Level 1). Other securities are valued based on yields that are currently available for comparable securities of issuers with similar credit ratings (Level 2). ▪ For commodity contracts, interest rate instruments and foreign exchange instruments, we primarily use a market or income approach with market participant assumptions to value these derivatives. Market participant assumptions include those about risk, and the risk inherent in the inputs to the valuation techniques. These inputs can be readily observable, market corroborated, or generally unobservable. We have exchange-traded derivatives that are valued based on quoted prices in active markets for the identical instruments (Level 1). We also may have other commodity derivatives that are valued using industry standard models that consider quoted forward prices for commodities, time value, current market and contractual prices for the underlying instruments, volatility factors, and other relevant economic measures (Level 2). Level 3 recurring items relate to CRRs and long-term, fixed-price electricity positions at SDG&E, as we discuss below in “Level 3 Information – SDG&E.” ▪ Rabbi Trust investments include short-term investments that consist of money market and mutual funds that we value using a market approach based on closing prices reported in the active market in which the identical security is traded (Level 1). ▪ As we discuss in Note 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. Fair Value of Financial Instruments The fair values of certain of our financial instruments (cash, accounts receivable, amounts due to/from unconsolidated affiliates with original maturities of less than 90 days, dividends and accounts payable, short-term debt and customer deposits) approximate their carrying amounts because of the short-term nature of these instruments. Investments in life insurance contracts that we hold |
Cash and Cash Equivalents and Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASH Cash equivalents are highly liquid investments with original maturities of three months or less at the date of purchase. Restricted cash includes: ▪ for Sempra Infrastructure, funds fully drawn against Gazprom’s letters of credit, including draws associated with its LNG storage and regasification agreement that we discuss in Note 16, and funds denominated in Mexican pesos to pay for rights-of-way, license fees, permits, topographic surveys and other costs pursuant to trust and debt agreements related to pipeline projects ▪ for Parent and other, funds held in a delisting trust for the purpose of purchasing the remaining publicly owned IEnova shares |
Credit Losses | CREDIT LOSSES We are exposed to credit losses from financial assets measured at amortized cost, including trade and other accounts receivable, amounts due from unconsolidated affiliates, our net investment in a sales-type lease and a note receivable. We are also exposed to credit losses from off-balance sheet arrangements through Sempra’s guarantee related to Cameron LNG JV’s SDSRA, which we discuss in Note 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 receivables and customer payment patterns, historical and industry trends, counterparty creditworthiness, economic conditions and specific events, such as bankruptcies, pandemics and other factors. We write off financial assets measured at amortized cost in the period in which we determine they are not recoverable. We record recoveries of amounts previously written off when it is known that they will be recovered. |
Concentration of Credit Risk | CONCENTRATION OF CREDIT RISK Credit risk is the risk of loss that would be incurred as a result of nonperformance by our counterparties on their contractual obligations. We have policies governing the management of credit risk that are administered by the respective credit departments at each of our segments and overseen by their separate risk management committees. This oversight includes calculating current and potential credit risk on a regular basis and monitoring actual balances in comparison to approved limits. We establish credit limits based on risk and return considerations under terms customarily available in the industry. We avoid concentration of counterparties whenever possible, and we believe our credit policies significantly reduce overall credit risk. These policies include an evaluation of: ▪ prospective counterparties’ financial condition (including credit ratings) ▪ collateral requirements ▪ the use of standardized agreements that allow for the netting of positive and negative exposures associated with a single counterparty ▪ downgrade triggers We believe that we have provided adequate reserves for counterparty nonperformance in our allowances for credit losses. When our development projects become operational, we rely significantly on the ability of suppliers to perform under long-term agreements and on our ability to enforce contract terms in the event of nonperformance. Also, the factors that we consider in evaluating a development project include negotiating customer and supplier agreements and, therefore, we rely on these agreements for future performance. We also may condition our decision to go forward on development projects on first obtaining these customer and supplier agreements. |
Inventories | INVENTORIES SDG&E and SoCalGas value natural gas inventory using the last-in first-out method. As inventories are sold, differences between the last-in first-out valuation and the estimated replacement cost are reflected in customer rates. These differences are generally temporary, but may become permanent if the natural gas inventory withdrawn from storage during the year is not replaced by year end. SDG&E and SoCalGas generally value materials and supplies at the lower of average cost or net realizable value. Sempra Infrastructure values natural gas inventory and materials and supplies at the lower of average cost or net realizable value, and LNG inventory using the first-in first-out method. |
Income Taxes | INCOME TAXES Income tax expense includes current and deferred income taxes. We record deferred income taxes for temporary differences between the book and the tax basis of assets and liabilities. Investment tax credits from prior years are amortized to income by SDG&E and SoCalGas over the estimated service lives of the properties as required by the CPUC. Under the regulatory accounting treatment required for flow-through temporary differences, SDG&E, SoCalGas and Sempra Infrastructure recognize: ▪ regulatory assets to offset deferred income tax liabilities if it is probable that the amounts will be recovered from customers; and ▪ regulatory liabilities to offset deferred income tax assets if it is probable that the amounts will be returned to customers. When there are uncertainties related to potential income tax benefits, in order to qualify for recognition, the position we take has to have at least a more-likely-than-not chance of being sustained (based on the position’s technical merits) upon challenge by the respective authorities. The term “more-likely-than-not” means a likelihood of more than 50%. Otherwise, we may not recognize any of the potential tax benefit associated with the position. We recognize a benefit for a tax position that meets the more-likely-than-not criterion at the largest amount of tax benefit that is greater than 50% likely of being realized upon its effective resolution. Unrecognized income tax benefits involve management’s judgment regarding the likelihood of the benefit being sustained. The final resolution of uncertain tax positions could result in adjustments to recorded amounts and may affect our ETR. |
Greenhouse Gas Allowances and Obligations and Emissions and Renewable Energy Certificates | GREENHOUSE GAS ALLOWANCES AND OBLIGATIONS SDG&E, SoCalGas and Sempra Infrastructure are required by AB 32 to acquire GHG allowances for every metric ton of carbon dioxide equivalent emitted into the atmosphere during electric generation and natural gas consumption. At SDG&E and SoCalGas, many GHG allowances are allocated to us on behalf of our customers at no cost and we purchase any additional allowances required. We record purchased and allocated GHG allowances at the lower of weighted-average cost or market. We measure the compliance obligation, which is based on emissions, at the carrying value of allowances held plus the fair value of additional allowances necessary to satisfy the obligation. SDG&E and SoCalGas balance costs and revenues associated with the GHG program through regulatory balancing accounts. Sempra Infrastructure records the cost of GHG obligations in cost of sales. We remove the assets and liabilities from the balance sheets as the allowances are surrendered. RENEWABLE ENERGY CERTIFICATES RECs are energy rights established by governmental agencies for the environmental and social promotion of renewable electricity generation. A REC, and its associated attributes and benefits, can be sold separately from the underlying physical electricity associated with a renewable-based generation source in certain markets. Retail sellers of electricity obtain RECs through renewable energy PPAs, internal generation or separate purchases in the market to comply with the RPS Program established by the governmental agencies. RECs provide documentation for the generation of a unit of renewable energy that is used to verify compliance with the RPS Program. The cost of RECs at SDG&E, which is recoverable in rates, is recorded in Cost of Electric Fuel and Purchased Power on the Statements of Operations. |
Property, Plant and Equipment (PP&E) | PROPERTY, PLANT AND EQUIPMENTPP&E is recorded at cost and primarily represents the buildings, equipment and other facilities used by SDG&E and SoCalGas to provide natural gas and electric utility services, and by the Sempra Infrastructure businesses in their operations, including construction work in progress. PP&E also includes lease improvements and other equipment at Parent and other. Our plant costs include labor, materials and contract services and expenditures for replacement parts incurred during a major maintenance outage of a plant. In addition, the cost of utility plant at our rate-regulated businesses and PP&E under regulated projects that meet the regulatory accounting requirements of U.S. GAAP includes AFUDC. The cost of PP&E for our non-regulated projects includes capitalized interest. Maintenance costs are expensed as incurred. The cost of most retired depreciable utility plant assets less salvage value is charged to accumulated depreciation. Depreciation expense is computed using the straight-line method over the asset’s estimated composite useful life, the CPUC-prescribed period for SDG&E and SoCalGas, or the remaining term of the site leases, whichever is shortest. |
Capitalized Finance Costs | SDG&E and SoCalGas finance construction projects with debt and equity funds. The CPUC and the FERC allow the recovery of the cost of these funds by the capitalization of AFUDC, calculated using rates authorized by the CPUC and the FERC, as a cost component of PP&E. SDG&E and SoCalGas earn a return on the capitalized AFUDC after the utility property is placed in service and recover the AFUDC from their customers over the expected useful lives of the assets. Pipeline projects under construction by Sempra Infrastructure that are both subject to certain regulation and meet U.S. GAAP regulatory accounting requirements record the impact of AFUDC. |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill is the excess of the purchase price over the fair value of the identifiable net assets of acquired companies measured at the time of acquisition. Goodwill is not amortized, but we test it for impairment annually on October 1 or whenever events or changes in circumstances necessitate an evaluation. If the carrying value of the reporting unit, including goodwill, exceeds its fair value, we record a goodwill impairment loss as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the carrying amount of goodwill. Other Intangible Assets at December 31, 2022 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 DEN; and ▪ the relative fair value of the PPA that was acquired in connection with the acquisition of ESJ. |
Long-lived Assets | LONG-LIVED ASSETS We test long-lived assets for recoverability whenever events or changes in circumstances have occurred that may affect the recoverability or the estimated useful lives of long-lived assets. Long-lived assets include intangible assets subject to amortization, but do not include investments in unconsolidated entities. A long-lived asset may be impaired when the estimated future undiscounted cash flows are less than the carrying amount of the asset. If that comparison indicates that the asset’s carrying value may not be recoverable, the impairment is measured based on the difference between the carrying amount and the fair value of the asset. This evaluation is performed at the lowest level for which separately identifiable cash flows exist. |
Variable Interest Entities | 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. |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS For tangible long-lived assets, we record AROs for the present value of liabilities of future costs expected to be incurred when assets are retired from service, if the retirement process is legally required and if a reasonable estimate of fair value can be made. We also record a liability if a legal obligation to perform an asset retirement exists and can be reasonably estimated, but performance is conditional upon a future event. We record the estimated retirement cost using the present value of the obligation at the time the asset is placed into service, and recognize that cost over the life of the related asset by depreciating the asset retirement cost and accreting the obligation until the liability is settled. Our rate-regulated entities record regulatory assets or liabilities as a result of the timing difference between the recognition of costs in accordance with U.S. GAAP and costs recovered through the rate-making process. |
Contingencies | CONTINGENCIES We accrue losses for the estimated impacts of various conditions, situations or circumstances involving uncertain outcomes. For loss contingencies, we accrue the loss if an event has occurred on or before the balance sheet date and if: ▪ information available through the date we file our financial statements indicates it is probable that a loss has been incurred, given the likelihood of uncertain future events; and ▪ the amount of the loss or a range of possible losses can be reasonably estimated. We do not accrue contingencies that might result in gains. We continuously assess contingencies for litigation claims, environmental remediation and other events. |
Legal Fees | LEGAL FEES Legal fees that are associated with a past event for which a liability has been recorded are accrued when it is probable that fees also will be incurred and amounts are estimable. LEGAL PROCEEDINGS We accrue losses for a legal proceeding when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the uncertainties inherent in legal proceedings make it difficult to reasonably estimate the costs and effects of resolving these matters. Accordingly, actual costs incurred may differ materially from amounts accrued, may exceed, and in some cases have exceeded, applicable insurance coverage and could materially adversely affect our business, results of operations, financial condition, cash flows and/or prospects. Unless otherwise indicated, we are unable to reasonably estimate possible losses or a range of losses in excess of any amounts accrued. |
Comprehensive Income | COMPREHENSIVE INCOME Comprehensive income includes all changes in the equity of a business enterprise (except those resulting from investments by owners and distributions to owners), including: ▪ foreign currency translation adjustments ▪ certain hedging activities ▪ changes in unamortized net actuarial gain or loss and prior service cost related to pension and PBOP plans |
Noncontrolling Interests | NONCONTROLLING INTERESTS Ownership interests in a consolidated entity that are held by unconsolidated owners are accounted for and reported as NCI. |
Operation and Maintenance Expenses | OPERATION AND MAINTENANCE EXPENSES Operation and Maintenance includes O&M and general and administrative costs, consisting primarily of personnel costs, purchased materials and services, insurance, rent and litigation expense (except for litigation expense included in Aliso Canyon Litigation and Regulatory Matters). |
Foreign Currency Translation | FOREIGN CURRENCY TRANSLATION AND TRANSACTIONS Our natural gas distribution utility in Mexico, Ecogas, and the majority of our former operations in South America (until our sale of these operations in 2020) use their local currency as their functional currency. The assets and liabilities of their foreign operations are translated into U.S. dollars at current exchange rates at the end of the reporting period, and revenues and expenses are translated at average exchange rates for the year. The resulting noncash translation adjustments do not enter into the calculation of earnings or retained earnings, but are reflected in OCI and in AOCI. |
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 and cash conversion features. The standard also amends certain guidance in ASC 260, “Earnings Per Share,” for the computation of EPS for convertible instruments and contracts on an entity’s own equity. For public entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. 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 adopted the standard on January 1, 2022 using a modified retrospective approach and the adoption did not materially impact our financial statements or per-share amounts. ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2022-06, “Deferral of the Sunset Date of Topic 848”: ASU 2022-06 extends the time when entities can utilize the reference rate reform relief provided by ASU 2020-04 from December 31, 2022 to December 31, 2024. Under ASU 2020-04, we elected to apply certain optional expedients for contract modifications to financial instruments that were impacted by the discontinuance of LIBOR. We will continue to apply various optional expedients for contract modifications for our financial instruments affected by the reference rate reform through December 31, 2024 as extended by ASU 2022-06. The application of these practical expedients does not impact our financial statements. |
Revenue from Contract with Customer | Revenues from contracts with customers are primarily related to the transmission, distribution and storage of natural gas and the generation, transmission and distribution of electricity through our regulated utilities. We also provide other midstream and renewable energy-related services. We assess our revenues on a contract-by-contract basis as well as a portfolio basis to determine the nature, amount, timing and uncertainty, if any, of revenues being recognized. We generally recognize revenues when performance of the promised commodity service is provided to customers and invoices are issued for an amount that reflects the consideration we are entitled to in exchange for those services. We consider the delivery and transmission of natural gas and electricity and providing of natural gas storage services as ongoing and integrated services. Generally, natural gas or electricity services are received and consumed by the customer simultaneously. Performance obligations related to these services are satisfied over time and represent a series of distinct services that are substantially the same and that have the same pattern of transfer to the customers. We recognize revenue based on units delivered, as the satisfaction of respective performance obligations can be directly measured by the amount of natural gas or electricity delivered to the customer. In most cases, the right to consideration from the customer directly corresponds to the value transferred to the customer and we recognize revenue in the amount that we have the right to invoice. The payment terms in customer contracts vary. Typically, we have an unconditional right to customer payments, which are due after the performance obligation to the customer is satisfied. The term between invoicing and when payment is due is typically between 10 and 90 days. We exclude sales and usage-based taxes from revenues. In addition, SDG&E and SoCalGas pay franchise fees to operate in various municipalities. SDG&E and SoCalGas bill these franchise fees to their customers based on a CPUC-authorized rate. These franchise fees, which are required to be paid regardless of SDG&E’s and SoCalGas’ ability to collect from the customer, are accounted for on a gross basis and reflected in utilities revenues from contracts with customers and operating expense. Utilities Revenues Utilities revenues represent the majority of our consolidated revenues from contracts with customers and include: ▪ The transmission, distribution and storage of natural gas at: ◦ SDG&E ◦ SoCalGas ◦ Sempra Infrastructure’s Ecogas ▪ The generation, transmission and distribution of electricity at SDG&E. Utilities revenues are derived from and recognized upon the delivery of natural gas or electricity services to customers. Amounts that we bill customers are based on tariffs set by regulators within the respective state or country. For SDG&E and SoCalGas, which follow the provisions of U.S. GAAP governing rate-regulated operations as we discuss in Note 1, amounts that we bill to customers also include adjustments for previously recognized regulatory revenues. SDG&E, SoCalGas and Ecogas recognize revenues based on regulator-approved revenue requirements, which allow the utilities to recover their reasonable operating costs and provides the opportunity to realize their authorized rates of return on their investments. While SDG&E’s and SoCalGas’ revenues are not affected by actual sales volumes, the pattern of their revenue recognition during the year is affected by seasonality. SDG&E and SoCalGas recognize annual authorized revenue for customers using seasonal factors established in applicable proceedings. This generally results in a significant portion of operating revenues being recognized in the third quarter of each year for SDG&E and in the first and fourth quarters of each year for SoCalGas. SDG&E has an arrangement to provide the California ISO with the ability to control its high-voltage transmission lines for prices approved by the FERC. Revenue is recognized over time as access is provided to the California ISO. Factors that can affect the amount, timing and uncertainty of revenues and cash flows include weather, seasonality and timing of customer billings, which may result in unbilled revenues that can vary significantly from month to month and generally approximate one-half month’s deliveries. SDG&E and SoCalGas recognize revenues from the sale of allocated California GHG emission allowances at quarterly auctions administered by CARB. GHG allowances are delivered to CARB in advance of the quarterly auctions, and SDG&E and SoCalGas have the right to payment when the GHG allowances are sold at auction. GHG revenue is recognized on a point in time basis within the quarter the auction is held. SDG&E and SoCalGas balance costs and revenues associated with the GHG program through regulatory balancing accounts. Energy-Related Businesses Revenues Revenues at Sempra Infrastructure typically represent revenues from long-term, U.S. dollar-based contracts with customers for the sale of natural gas and LNG, as well as storage and transportation of natural gas. Invoiced amounts are based on the volume of natural gas delivered and contracted prices. We recognize storage revenue from firm capacity reservation agreements, under which we collect a fee for reserving storage capacity for customers in our storage facilities. Under these firm agreements, customers pay a monthly fixed reservation fee based on the storage capacity reserved rather than the actual volumes stored. For the fixed-fee component, revenue is recognized on a straight-line basis over the term of the contract. We bill customers for any capacity used in excess of the contracted capacity and such revenues are recognized in the month of occurrence. We also recognize revenue for interruptible storage services. We generate pipeline transportation revenues from firm agreements, under which customers pay a fee for reserving transportation capacity. Revenue is recognized when the volumes are delivered to the customers’ agreed upon delivery point. We recognize revenues for our stand-ready obligation to provide capacity and transportation services throughout the contractual delivery period, as the benefits are received and consumed simultaneously as customers utilize pipeline capacity for the transport and receipt of natural gas and LPG. Invoiced amounts are based on a variable usage fee and a fixed capacity charge, adjusted for the Consumer Price Index, the effects of any foreign currency impacts and the actual quantity of commodity transported. Sempra Infrastructure develops, invests in and operates solar and wind facilities that have long-term PPAs to sell the electricity and the related green energy attributes they generate to customers, generally load serving entities, industrial and other customers. Load serving entities will sell electric service to their end-users and wholesale customers immediately upon receipt of our power delivery, and industrial and other customers immediately consume the electricity to run their facilities, and thus, we recognize the revenue under the PPAs as the electricity is generated and delivered. We invoice customers based on the volume of energy delivered at rates pursuant to the PPAs. TdM is a natural gas-fired power plant that generates revenues from selling electricity and/or resource adequacy to the California ISO and to governmental, public utility and wholesale power marketing entities, as the power is delivered at the interconnection point. Sempra Infrastructure sells natural gas to the CFE and other customers under supply agreements. Sempra Infrastructure recognizes the revenue from the sale of natural gas upon transfer of the natural gas via pipelines to customers at the agreed upon delivery points, and in the case of the CFE, at its thermoelectric power plants. Remaining Performance Obligations We do not disclose information about remaining performance obligations for (a) contracts with an original expected length of one year or less, (b) variable consideration recognized at the amount at which we have the right to invoice for services performed, or (c) variable consideration allocated to wholly unsatisfied performance obligations. For contracts greater than one year, at December 31, 2022, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. Sempra’s remaining performance obligations primarily relate to capacity agreements for natural gas storage and transportation at Sempra Infrastructure and transmission line projects at SDG&E. SoCalGas did not have any remaining performance obligations at December 31, 2022. REVENUES FROM SOURCES OTHER THAN CONTRACTS WITH CUSTOMERS Certain of our revenues are derived from sources other than contracts with customers and are accounted for under other accounting standards outside the scope of ASC 606. Utilities Regulatory Revenues Alternative Revenue Programs We recognize revenues from alternative revenue programs when the regulator-specified conditions for recognition have been met and adjust these revenues as they are recovered or refunded through future utility service. Decoupled Revenues. As we discuss above, the regulatory framework requires SDG&E and SoCalGas to recover authorized revenue based on estimated annual demand forecasts approved in regular proceedings before the CPUC. However, actual demand for natural gas and electricity will generally vary from CPUC-approved forecasted demand due to the impacts from weather volatility, energy efficiency programs, rooftop solar and other factors affecting consumption. The CPUC regulatory framework provides for SDG&E and SoCalGas to use a “decoupling” mechanism, which allows SDG&E and SoCalGas to record revenue shortfalls or excess revenues resulting from any difference between actual and forecasted demand to be recovered or refunded in authorized revenue in a subsequent period based on the nature of the account. Incentive Mechanisms. The CPUC applies performance-based measures and incentive mechanisms to all California IOUs, under which SDG&E and SoCalGas have earnings potential above authorized base margins if they achieve or exceed specific performance and operating goals. Generally, for performance-based awards, if performance is above or below specific benchmarks, the utility is eligible for financial awards or subject to financial penalties. Incentive awards are included in revenues when we receive required CPUC approval of the award, the timing of which may not be consistent from year to year. We would record penalties for results below the specified benchmarks against revenues when we believe it is probable that the CPUC would assess a penalty. Other Cost-Based Regulatory Recovery The CPUC, and the FERC as it relates to SDG&E, authorize SDG&E and SoCalGas to collect revenue requirements for operating costs and capital related costs (depreciation, taxes and return on rate base) from customers, including: ▪ costs to purchase natural gas and electricity; ▪ costs associated with administering public purpose, demand response, and customer energy efficiency programs; ▪ other programmatic activities, such as gas distribution, gas transmission, gas storage integrity management and wildfire mitigation; and ▪ costs associated with third party liability insurance premiums. Authorized costs are recovered as the commodity service is delivered. To the extent authorized amounts collected vary from actual costs, the differences are generally recovered or refunded in a subsequent period based on the nature of the balancing account mechanism. In general, the revenue recognition criteria for balanced costs billed to customers are met at the time the costs are incurred. Because these costs are substantially recovered in rates through a balancing account mechanism, changes in these costs are reflected as changes in revenues. The CPUC and the FERC may impose various review procedures before authorizing recovery or refund of amounts accumulated for authorized programs, including limitations on the program’s total cost, revenue requirement limits or reviews of costs for reasonableness. These procedures could result in disallowances of recovery from ratepayers. We discuss balancing accounts and their effects further in Note 4. Other Revenues Sempra Infrastructure generates lease revenues from certain of its natural gas and ethane pipelines, compressor stations, LPG storage facilities, a rail facility and refined products terminals. We discuss the recognition of lease income in Note 16. Sempra Infrastructure has an agreement with Tangguh PSC to supply LNG to the ECA Regas Facility. Under the terms of the agreement, Tangguh PSC must either deliver the contracted number of cargoes or pay a diversion fee for non-delivery of LNG cargoes. Sempra Infrastructure also recognizes other revenues associated with derivatives related to the sales of natural gas and electricity under short-term and long-term contracts and into the spot market and other competitive markets. Revenues include the net |
Investments in Noncontrolling Interests | 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 Consolidated Statements of Operations. Our equity method investments include various domestic and foreign entities. Our domestic equity method investees are typically partnerships that are pass-through entities for income tax purposes and therefore they do not record income tax. Sempra’s income tax on earnings from these equity method investees, other than Oncor Holdings as we discuss below, is included in Income Tax Expense on the Consolidated Statements of Operations. Our foreign equity method investees are generally corporations whose operations are taxable on a standalone basis in the countries in which they operate, and we recognize our equity in such income or loss net of investee income tax. See Note 8 for information on how equity earnings and losses before income taxes are factored into the calculations of our pretax income or loss and ETR. |
Share-based Compensation | Our practice is to satisfy share-based awards by issuing new shares rather than by open-market purchases.We measure and recognize compensation expense for all share-based payment awards made to our employees and directors based on estimated fair values on the date of grant. We recognize compensation costs net of an estimated forfeiture rate (based on historical experience) and recognize the compensation costs for nonqualified stock options and RSUs on a straight-line basis over the requisite service period of the award, which is generally three SEMPRA RESTRICTED STOCK UNITS We use Sempra’s common stock price at the grant date to estimate the fair value of our service-based RSUs and our RSUs that vest based on the compound annual growth rate of Sempra’s EPS. |
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: ▪ SDG&E and SoCalGas use natural gas derivatives and SDG&E uses electricity derivatives, for the benefit of customers, with the objective of managing price risk and basis risk, and stabilizing and lowering natural gas and electricity costs. These derivatives include fixed-price natural gas and electricity positions, options, and basis risk instruments, which are either exchange-traded or over-the-counter financial instruments, or bilateral physical transactions. This activity is governed by risk management and transacting activity plans limited by company policy. SDGE’s risk management and transacting activity plans for electricity derivatives are also required to be filed with, and have been approved by, the CPUC. SoCalGas is also subject to certain regulatory requirements and thresholds related to natural gas procurement under the GCIM. Natural gas and electricity derivative activities are recorded as commodity costs that are offset by regulatory account balances and are recovered in rates. Net commodity cost impacts on the Consolidated Statements of Operations are reflected in Cost of Natural Gas or in Cost of Electric Fuel and Purchased Power. ▪ SDG&E is allocated and may purchase CRRs, which serve to reduce the regional electricity price volatility risk that may result from local transmission capacity constraints. Unrealized gains and losses do not impact earnings, as they are offset by regulatory account balances. Realized gains and losses associated with CRRs, which are recoverable in rates, are recorded in Cost of Electric Fuel and Purchased Power on the Consolidated Statements of Operations. ▪ Sempra Infrastructure may use natural gas and electricity derivatives, as appropriate, in an effort to optimize the earnings of its assets which support the following businesses: LNG, natural gas pipelines and storage, and power generation. Gains and losses associated with undesignated derivatives are recognized in Energy-Related Businesses Revenues on the Consolidated Statements of Operations. ▪ From time to time, our various businesses, including SDG&E and SoCalGas, may use other energy derivatives to hedge exposures such as GHG allowances. INTEREST RATE DERIVATIVES We are exposed to interest rates primarily as a result of our current and expected use of financing. SDG&E and SoCalGas, as well as Sempra and its other subsidiaries and JVs, periodically enter into interest rate derivative agreements intended to moderate our exposure to interest rates and to lower our overall costs of borrowing. In addition, we may utilize interest rate swaps, typically designated as cash flow hedges, to lock in interest rates on outstanding debt or in anticipation of future financings. In December 2022, Sempra Infrastructure entered into an undesignated contingent interest rate swap to lock in interest rates on up to $3.5 billion of the variable rate indebtedness from anticipated future project-level debt financing that would be used to pay for construction costs of the proposed PA LNG Phase 1 project. The contingent interest rate swap has a 25-year tenor, and its settlement is conditional upon the closing of project-level debt financing with respect to the proposed PA LNG Phase 1 project. We may elect to (i) cash settle the contingent interest rate swap five days after reaching the closing of project-level debt financing, or (ii) terminate the contingent interest rate swap and enter into new long-term interest rate swaps that are adjusted for the termination value of the contingent interest rate swap. We expect to close the project-level debt financing in the first quarter of 2023. 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 fixed interest rates for U.S. fixed interest rates. From time to time, Sempra Infrastructure and its JVs may use other foreign currency derivatives to hedge exposures related to cash flows associated with revenues from contracts denominated in Mexican pesos that are indexed to the U.S. dollar. We are also exposed to exchange rate movements at our Mexican subsidiaries and JVs, which have U.S. dollar-denominated cash balances, receivables, payables and debt (monetary assets and liabilities) that give rise to Mexican currency exchange rate movements for Mexican income tax purposes. They also have deferred income tax assets and liabilities denominated in the Mexican peso, which must be translated to U.S. dollars for financial reporting purposes. In addition, monetary assets and liabilities and certain nonmonetary assets and liabilities are adjusted for Mexican inflation for Mexican income tax purposes. We may utilize foreign currency derivatives as a means to manage the risk of exposure to significant fluctuations in our income tax expense and equity earnings from these impacts; however, we generally do not hedge our deferred income tax assets and liabilities or for inflation. 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. |
Earnings Per 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.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. |
Leases | 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 and refined products 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.Certain of our contracts are short-term leases, which have a lease term of 12 months or less at lease commencement. We do not recognize a lease liability or ROU asset arising from short-term leases for all existing classes of underlying assets. In such cases, we recognize short-term lease costs on a straight-line basis over the lease term. Our short-term lease costs for the period reasonably reflect our short-term lease commitments. As of the lease commencement date, we recognize a lease liability for our obligation to make future lease payments, which we initially measure at present value using our incremental borrowing rate at the date of lease commencement, unless the rate implicit in the lease is readily determinable. We determine our incremental borrowing rate based on the rate of interest that we would have to pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. We also record a corresponding ROU asset, initially equal to the lease liability and adjusted for lease payments made at or before lease commencement, lease incentives, and any initial direct costs. We test ROU assets for recoverability whenever events or changes in circumstances have occurred that may affect the recoverability or the estimated useful lives of the ROU assets. For our operating leases, our non-regulated entities recognize a single lease cost on a straight-line basis over the lease term in operating expenses. SDG&E and SoCalGas recognize this single lease cost on a basis that is consistent with the recovery of such costs in accordance with U.S. GAAP governing rate-regulated operations. For our finance leases, the interest expense on the lease liability and amortization of the ROU asset are accounted for separately. Our non-regulated entities use the effective interest rate method to account for the imputed interest on the lease liability and amortize the ROU asset on a straight-line basis over the lease term. SDG&E and SoCalGas recognize amortization of the ROU asset on a basis that is consistent with the recovery of such costs in accordance with U.S. GAAP governing rate-regulated operations. Our leases do not contain any material residual value guarantees, restrictions or covenants. |
Lessor, Leases | Generally, we recognize operating lease income on a straight-line basis over the lease term, and sales-type lease income based on the effective interest method over the lease term. 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. In addition to minimum fixed payments, our refined products terminals receive variable lease payments for barrels delivered that exceed minimum delivery requirements. |
Environmental Costs | We generally capitalize the significant costs we incur to mitigate or prevent future environmental contamination or extend the life, increase the capacity, or improve the safety or efficiency of property used in current operations. The following table shows our capital expenditures (including construction work in progress) in order to comply with environmental laws and regulations: At SDG&E and SoCalGas, costs that relate to current operations or an existing condition caused by past operations are generally recorded as a regulatory asset due to the probability that these costs will be recovered in rates. The environmental issues currently facing us, except for those related to the Leak as we discuss above or resolved during the last three years, include (1) investigation and remediation of SDG&E’s and SoCalGas’ manufactured-gas sites, (2) cleanup of third-party waste-disposal sites used by SDG&E and SoCalGas at which we have been identified as a PRP and (3) mitigation of damage to the marine environment caused by the cooling-water discharge from SONGS. |
Segment Reporting | We have four separately managed reportable segments, as follows: ▪ SDG&E provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. ▪ SoCalGas is a natural gas distribution utility, serving customers throughout most of Southern California and part of central California. ▪ Sempra Texas Utilities holds our investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electric transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our indirect, 50% interest in Sharyland Holdings, which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border. ▪ Sempra Infrastructure includes the operating companies of our subsidiary, SI Partners, as well as a holding company and certain services companies. Sempra Infrastructure develops, builds, operates and invests in energy infrastructure to help enable the energy transition in North American markets and globally. Sempra Infrastructure owns a 70% interest in SI Partners, which held a 100% ownership interest in Sempra LNG Holding, LP and a 99.9% ownership interest in IEnova at December 31, 2022. 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. SDG&E and SoCalGas operate in essentially separate service territories, under separate regulatory frameworks and rate structures set by the CPUC and, in the case of SDG&E, the FERC. We describe the accounting policies of all of our segments in Note 1. |
Employee Benefit Plans | Plan Assets Investment Allocation Strategy for Sempra’s Pension Master Trust Sempra’s pension master trust holds the investments for our pension plans and a portion of the investments for our PBOP plans. We maintain additional trusts, as we discuss below, for certain of SDGE’s and SoCalGas’ PBOP plans. Other than through indexing strategies, the trusts do not invest in securities of Sempra. We maintain asset allocations at strategic levels within reasonable bands of variance. The asset allocations are reviewed by our Plan Funding Committee and our Pension and Benefits Investment Committee (the Committees) on a regular basis to help ensure that plan assets are positioned to meet plan obligations. When evaluating strategic asset allocations, the Committees consider many variables, including: ▪ long-term cost ▪ variability and level of contributions ▪ funded status ▪ a range of expected outcomes over varying confidence levels In accordance with the Sempra pension investment guidelines, derivative financial instruments may be used by the pension master trust’s equity and fixed income portfolio investment managers to equitize cash, hedge certain exposures, and as substitutes for certain types of fixed income securities. Rate of Return Assumption The expected return on assets in our pension and PBOP plans is based on the weighted-average of the plans’ investment allocations to specific asset classes as of the measurement date. We expect a return of between 4% and 12% on return-seeking assets and between 1% and 4% for risk-mitigating assets. Certain trusts that hold assets for SDG&E’s and SoCalGas’ PBOP plans are subject to taxation, which impacts the expected after-tax return on assets in the plan. Concentration of Risk Plan assets are diversified across global equity and bond markets, and concentration of risk in any one economic, industry, maturity or geographic sector is limited. Investment Strategy for Sempra’s, SDG&E’s and SoCalGas’ PBOP Plans |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Sempra’s Consolidated Balance Sheets to the sum of such amounts reported on Sempra’s Consolidated Statements of Cash Flows. RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Dollars in millions) December 31, 2022 2021 Cash and cash equivalents $ 370 $ 559 Restricted cash, current 40 19 Restricted cash, noncurrent 52 3 Total cash, cash equivalents and restricted cash on the Consolidated Statements of Cash Flows $ 462 $ 581 |
Schedule of Accounts Receivable, Allowance for Credit Loss | We provide below the changes in allowances for credit losses for trade receivables and other receivables. SDG&E and SoCalGas record changes in the allowances for credit losses related to Accounts Receivable – Trade in regulatory accounts. CHANGES IN ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) 2022 2021 2020 Sempra: Allowances for credit losses at January 1 $ 136 $ 138 $ 29 Incremental allowance upon adoption of ASU 2016-13 — — 1 Provisions for expected credit losses 123 45 124 Write-offs (78) (47) (16) Allowances for credit losses at December 31 $ 181 $ 136 $ 138 SDG&E: Allowances for credit losses at January 1 $ 66 $ 69 $ 14 Provisions for expected credit losses 54 23 65 Write-offs (42) (26) (10) Allowances for credit losses at December 31 $ 78 $ 66 $ 69 SoCalGas: Allowances for credit losses at January 1 $ 69 $ 68 $ 15 Provisions for expected credit losses 65 22 59 Write-offs (36) (21) (6) Allowances for credit losses at December 31 $ 98 $ 69 $ 68 Allowances for credit losses related to trade receivables and other receivables are included in the Consolidated Balance Sheets as follows: ALLOWANCES FOR CREDIT LOSSES (Dollars in millions) December 31, 2022 2021 Sempra: Accounts receivable – trade, net $ 140 $ 94 Accounts receivable – other, net 40 39 Other long-term assets 1 3 Total allowances for credit losses $ 181 $ 136 SDG&E: Accounts receivable – trade, net $ 52 $ 42 Accounts receivable – other, net 25 22 Other long-term assets 1 2 Total allowances for credit losses $ 78 $ 66 SoCalGas: Accounts receivable – trade, net $ 83 $ 51 Accounts receivable – other, net 15 17 Other long-term assets — 1 Total allowances for credit losses $ 98 $ 69 |
Schedule of Inventory | The components of inventories are as follows: INVENTORY BALANCES AT DECEMBER 31 (Dollars in millions) Sempra SDG&E SoCalGas 2022 2021 2022 2021 2022 2021 Natural gas $ 106 $ 164 $ 1 $ — $ 74 $ 114 LNG 62 27 — — — — Materials and supplies 235 198 133 123 85 58 Total $ 403 $ 389 $ 134 $ 123 $ 159 $ 172 |
Wildfire Fund | The following table summarizes the location of balances related to the Wildfire Fund on Sempra’s and SDG&E’s Consolidated Balance Sheets and Consolidated Statements of Operations. WILDFIRE FUND (Dollars in millions) December 31, Location 2022 2021 Wildfire Fund asset: Current Prepaid Expenses $ 29 $ 29 Noncurrent Wildfire Fund 303 331 Wildfire Fund obligation: Current Other Current Liabilities $ 13 $ 13 Noncurrent Deferred Credits and Other 53 64 Years ended December 31, 2022 2021 2020 Amortization of Wildfire Fund asset Operation and Maintenance $ 29 $ 29 $ 29 Impairment of Wildfire Fund asset Operation and Maintenance — 3 — Accretion of Wildfire Fund obligation Operation and Maintenance 2 2 2 . A CPUC cost of capital proceeding determines a utility’s authorized capital structure and authorized return on rate base. The CCM applies in the interim years between required cost of capital applications and considers changes in the cost of capital based on 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 index applicable to SDG&E and SoCalGas is based on each utility’s credit rating. The CCM benchmark rate is the basis of comparison to determine if the CCM is triggered in each measurement period, 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 CCM, if triggered, would automatically update the authorized cost of debt based on actual costs and update the authorized ROE upward or downward by one-half of the difference between the CCM benchmark rate and the applicable Moody’s utility bond index. Alternatively, each of SDG&E and SoCalGas are 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 and affects utilities differently than the market as a whole to have its cost of capital determined in lieu of the CCM. In December 2019, the CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2020 and remained in effect through December 31, 2022, subject to the CCM. CPUC AUTHORIZED COST OF CAPITAL FOR 2020 – 2022 SDG&E SoCalGas Authorized weighting Return on Weighted Authorized weighting Return on Weighted 45.25 % 4.59 % 2.08 % Long-Term Debt 45.60 % 4.23 % 1.93 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 10.20 5.30 Common Equity 52.00 10.05 5.23 100.00 % 7.55 % 100.00 % 7.30 % CPUC AUTHORIZED COST OF CAPITAL FOR 2023 – 2025 SDG&E SoCalGas Authorized weighting Return on Weighted return on rate base (1) Authorized weighting Return on Weighted 45.25 % 4.05 % 1.83 % Long-Term Debt 45.60 % 4.07 % 1.86 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 9.95 5.17 Common Equity 52.00 9.80 5.10 100.00 % 7.18 % 100.00 % 7.10 % (1) Total weighted return on rate base does not sum due to rounding differences. |
Schedule of Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT BY MAJOR FUNCTIONAL CATEGORY (Dollars in millions) December 31, Depreciation rates for years ended 2022 2021 2022 2021 2020 SDG&E: Natural gas operations $ 3,707 $ 3,200 2.57 % 2.55 % 2.51 % Electric distribution 10,271 9,471 3.94 3.93 3.90 Electric transmission (1) 8,061 7,577 3.03 3.02 3.10 Electric generation 2,461 2,446 5.11 4.74 4.56 Other electric 2,211 2,100 7.03 7.23 6.92 Construction work in progress (1) 1,863 1,662 N/A N/A N/A Total SDG&E 28,574 26,456 SoCalGas: Natural gas operations 23,646 21,894 3.57 3.65 3.63 Other non-utility 50 50 1.54 2.23 3.80 Construction work in progress 1,362 1,160 N/A N/A N/A Total SoCalGas 25,058 23,104 Sempra Infrastructure and parent (2) : Estimated useful lives Weighted-average useful life Land and land rights 476 291 16 to 44 years (3) 37 Machinery and equipment: Pipelines and storage 3,813 3,698 41 to 49 years 42 Generating plants 1,803 1,659 11 to 28 years 26 LNG terminals 1,138 1,138 43 years 43 Refined products terminals 643 420 38 years 38 Other 344 370 1 to 22 years 3 Construction work in progress 1,757 1,494 N/A N/A Other 287 310 4 to 34 years 16 10,261 9,380 Total Sempra $ 63,893 $ 58,940 (1) At December 31, 2022, includes $554 in electric transmission assets and $7 in construction work in progress related to SDG&E’s 86% interest in the Southwest Powerlink transmission line, jointly owned by SDG&E with other utilities. SDG&E, and each of the other owners, holds its undivided interest as a tenant in common in the property. Each owner is responsible for its share of the project and participates in decisions concerning operations and capital expenditures. SDG&E’s share of operating expenses is included in Sempra’s and SDG&E’s Consolidated Statements of Operations. (2) Includes $246 and $211 at December 31, 2022 and 2021, respectively, of utility plant, primarily pipelines and other distribution assets at Ecogas. (3) Estimated useful lives are for land rights. DEPRECIATION EXPENSE (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra $ 1,995 $ 1,833 $ 1,646 SDG&E 977 884 797 SoCalGas 755 711 649 ACCUMULATED DEPRECIATION AND AMORTIZATION (Dollars in millions) December 31, 2022 2021 SDG&E: Accumulated depreciation: Natural gas operations $ 979 $ 919 Electric transmission, distribution and generation (1) 5,789 5,489 Total SDG&E 6,768 6,408 SoCalGas: Accumulated depreciation: Natural gas operations 7,291 6,845 Other non-utility 17 16 Total SoCalGas 7,308 6,861 Sempra Infrastructure and parent: Accumulated depreciation – other (2) 2,035 1,777 Total Sempra $ 16,111 $ 15,046 (1) Includes $307 at December 31, 2022 related to SDG&E’s 86% interest in the Southwest Powerlink transmission line, jointly owned by SDG&E and other utilities. |
Schedule Of Capitalized Financing Costs | The table below summarizes capitalized financing costs, comprised of AFUDC and capitalized interest. CAPITALIZED FINANCING COSTS (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra $ 255 $ 217 $ 202 SDG&E 116 106 104 SoCalGas 73 64 55 |
Schedule Of Other Intangible Assets | Other Intangible Assets included on Sempra’s Consolidated Balance Sheets are as follows: OTHER INTANGIBLE ASSETS (Dollars in millions) Amortization period December 31, 2022 2021 Renewable energy transmission and consumption permits 15 to 19 $ 169 $ 169 O&M agreement 23 66 66 ESJ PPA 14 190 190 Other 10 to indefinite 15 15 440 440 Less accumulated amortization: Renewable energy transmission and consumption permits (50) (40) O&M agreement (15) (12) ESJ PPA (23) (10) Other (8) (8) (96) (70) $ 344 $ 370 |
Schedule Of Asset Retirement Obligations | The changes in AROs are as follows: CHANGES IN ASSET RETIREMENT OBLIGATIONS (Dollars in millions) Sempra SDG&E SoCalGas 2022 2021 2020 2022 2021 2020 2022 2021 2020 Balance as of January 1 (1) $ 3,538 $ 3,289 $ 3,083 $ 890 $ 876 $ 866 $ 2,582 $ 2,368 $ 2,177 Accretion expense 141 133 127 37 38 39 101 92 86 Liabilities incurred and acquired 21 20 2 6 2 — — — — Payments (57) (63) (63) (54) (60) (60) (3) (3) (2) Revisions (2) 69 159 140 8 34 31 63 125 107 Balance at December 31 (1) $ 3,712 $ 3,538 $ 3,289 $ 887 $ 890 $ 876 $ 2,743 $ 2,582 $ 2,368 (1) Current portion of the ARO for Sempra is included in Other Current Liabilities on the Consolidated Balance Sheets. (2) SDG&E’s change in ARO in 2022 and 2021 includes $1 and $22, respectively, due to a revised estimate that is offset in noncurrent Regulatory Liabilities and Regulatory Assets, respectively, on the Consolidated Balance Sheets. |
Schedule Of Changes In Accumulated Other Comprehensive Income By Component | 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 and PBOP Total AOCI Sempra (2) : Balance as of December 31, 2019 $ (607) $ (215) $ (117) $ (939) OCI before reclassifications (3)(4) (102) (163) (26) (291) Amounts reclassified from AOCI (3) 645 47 38 730 Net OCI (4) 543 (116) 12 439 Balance as of December 31, 2020 (64) (331) (105) (500) OCI before reclassifications (4) (34) 62 8 36 Amounts reclassified from AOCI (5) 19 113 14 146 Net OCI (4)(5) (15) 175 22 182 Balance as of December 31, 2021 (79) (156) (83) (318) OCI before reclassifications 10 147 (11) 146 Amounts reclassified from AOCI (6) 10 19 8 37 Net OCI (6) 20 166 (3) 183 Balance as of December 31, 2022 $ (59) $ 10 $ (86) $ (135) SDG&E: Balance as of December 31, 2019 $ (16) $ (16) OCI before reclassifications (3) (4) (4) Amounts reclassified from AOCI (3) 10 10 Net OCI 6 6 Balance as of December 31, 2020 (10) (10) OCI before reclassifications (1) (1) Amounts reclassified from AOCI 1 1 Net OCI — — Balance as of December 31, 2021 (10) (10) OCI before reclassifications 2 2 Amounts reclassified from AOCI 1 1 Net OCI 3 3 Balance as of December 31, 2022 $ (7) $ (7) SoCalGas: Balance as of December 31, 2019 $ (13) $ (10) $ (23) OCI before reclassifications (3) — (10) (10) Amounts reclassified from AOCI (3) — 2 2 Net OCI — (8) (8) Balance as of December 31, 2020 (13) (18) (31) OCI before reclassifications — (2) (2) Amounts reclassified from AOCI — 2 2 Net OCI — — — Balance as of December 31, 2021 (13) (18) (31) OCI before reclassifications — 4 4 Amounts reclassified from AOCI 1 2 3 Net OCI 1 6 7 Balance as of December 31, 2022 $ (12) $ (12) $ (24) (1) All amounts are net of income tax, if subject to tax, and after NCI. (2) Includes discontinued operations in 2020. (3) Pension and PBOP and Total AOCI include $6 in transfers of liabilities from SDG&E to SoCalGas and $3 in transfers of liabilities from SDG&E to Sempra in 2020. (4) Total AOCI includes $(28) of foreign currency translation adjustments and $(16) of financial instruments associated with the IEnova exchange and cash tender offers in 2021. Total AOCI includes $(4) of foreign currency translation adjustments and $(3) of financial instruments associated with IEnova’s repurchases of NCI in 2020. We discuss these transactions below in “Other Noncontrolling Interests – Sempra Infrastructure.” These transactions do not impact the Consolidated Statements of Comprehensive Income (Loss). (5) Total AOCI includes $19 of foreign currency translation adjustments and $47 of financial instruments associated with the sale of NCI to KKR in 2021. We discuss this transaction below in “Other Noncontrolling Interests – Sempra Infrastructure.” This transaction does not impact the Consolidated Statement of Comprehensive Income (Loss). (6) Total AOCI includes $9 of foreign currency translation adjustments associated with the sale of NCI to ADIA in 2022. We discuss this transaction below in “Other Noncontrolling Interests – Sempra Infrastructure.” This transaction does not impact the Consolidated Statement of Comprehensive Income (Loss). |
Schedule Of Reclassifications Out Of Accumulated Other Comprehensive Income | RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Details about accumulated Amounts reclassified from accumulated Affected line item on Years ended December 31, 2022 2021 2020 Sempra: Foreign currency translation adjustments $ 1 $ — $ — Operation and Maintenance Foreign currency translation adjustments — — 645 Income from Discontinued Operations, Net of Income Tax Total, net of income tax $ 1 $ — $ 645 Financial instruments: Interest rate instruments $ 1 $ 11 $ 10 Interest Expense Interest rate instruments 29 73 46 Equity Earnings (1) Foreign exchange instruments (1) 1 (1) Revenues: Energy-Related Businesses 1 — — Other Income (Expense), Net Interest rate and foreign exchange instruments (2) 1 1 Interest Expense (12) 6 11 Other Income (Expense), Net Total, before income tax 16 92 67 (6) (24) (19) Income Tax Expense Total, net of income tax 10 68 48 9 (2) (1) Earnings Attributable to Noncontrolling Interests Total, net of income tax and after NCI $ 19 $ 66 $ 47 Pension and PBOP (2) : Amortization of actuarial loss $ 7 $ 8 $ 8 Other Income (Expense), Net Amortization of actuarial loss — — 6 Income from Discontinued Operations, Net of Income Tax Amortization of prior service cost 4 4 4 Other Income (Expense), Net Settlement charges — 7 22 Other Income (Expense), Net Total, before income tax 11 19 40 — — (2) Income from Discontinued Operations, Net of Income Tax (3) (5) (9) Income Tax Expense Total, net of income tax $ 8 $ 14 $ 29 Total reclassifications for the period, net of income tax and after NCI $ 28 $ 80 $ 721 SDG&E: Pension and PBOP (2) : Amortization of actuarial loss $ 1 $ — $ 1 Other Income, Net Amortization of prior service cost — 1 1 Other Income, Net Total, before income tax 1 1 2 — — (1) Income Tax Expense Total reclassifications for the period, net of income tax $ 1 $ 1 $ 1 SoCalGas: Financial instruments: Interest rate instruments $ 1 $ — $ — Interest Expense Pension and PBOP (2) : Amortization of actuarial loss $ 2 $ 1 $ 1 Other Expense, Net Amortization of prior service cost 1 1 1 Other Expense, Net Total, before income tax 3 2 2 (1) — — Income Tax Expense Total, net of income tax $ 2 $ 2 $ 2 Total reclassifications for the period, net of income tax $ 3 $ 2 $ 2 (1) Equity earnings at our foreign equity method investees are recognized after tax. (2) Amounts are included in the computation of net periodic benefit cost (see “Net Periodic Benefit Cost” in Note 9). |
Schedule Of Noncontrolling Interests | 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 Consolidated Balance Sheets. OTHER NONCONTROLLING INTERESTS (Dollars in millions) Percent ownership held by Equity held by December 31, December 31, 2022 2021 2022 2021 Sempra Infrastructure: SI Partners 30.0 % 20.0 % $ 2,060 $ 1,384 SI Partners subsidiaries (1) 0.1 - 16.6 0.1 - 16.6 61 34 Total Sempra $ 2,121 $ 1,418 (1) SI Partners has subsidiaries with NCI held by others. Percentage range reflects the highest and lowest ownership percentages among these subsidiaries. |
Schedule of Related Party Transactions | TRANSACTIONS WITH AFFILIATES 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) December 31, 2022 2021 Sempra: Tax sharing arrangement with Oncor Holdings $ 41 $ 18 Various affiliates 13 5 Total due from unconsolidated affiliates – current $ 54 $ 23 Sempra Infrastructure – IMG – Note due March 15, 2022, net of allowance for credit losses of $1 at December 31, 2021 (1) $ — $ 637 Total due from unconsolidated affiliates – noncurrent $ — $ 637 Sempra Infrastructure (2) : TAG Pipelines Norte, S. de R.L. de C.V.: 5.5% Note due January 9, 2024 $ (40) $ (69) 5.5% Note due January 14, 2025 (23) (21) 5.5% Note due July 16, 2025 (21) (20) 5.5% Note due January 14, 2026 (19) — 5.5% Note due July 14, 2026 (11) — TAG – 5.74% Note due December 17, 2029 (187) (177) Total due to unconsolidated affiliates – noncurrent $ (301) $ (287) SDG&E: Sempra $ (49) $ (40) SoCalGas (72) (48) Various affiliates (14) (9) Total due to unconsolidated affiliates – current $ (135) $ (97) Income taxes due from Sempra (3) $ 10 $ 19 SoCalGas: SDG&E $ 72 $ 48 Various affiliates 5 1 Total due from unconsolidated affiliates – current $ 77 $ 49 Sempra $ (36) $ (36) Total due to unconsolidated affiliates – current $ (36) $ (36) Income taxes due (to) from Sempra (3) $ (16) $ 6 (1) At December 31, 2021, represents a Mexican peso-denominated revolving line of credit for up to 14.2 billion Mexican pesos or approximately $691 U.S. dollar-equivalent at a variable interest rate based on the 91-day Interbank Equilibrium Interest Rate plus 220 bps (8.06% at December 31, 2021). At December 31, 2021, $2 of accrued interest receivable is included in Due from Unconsolidated Affiliates – Current. In March 2022, Sempra Infrastructure amended and restated the revolving line of credit to a U.S. dollar-denominated note in the amount of $625 at a variable interest rate based on the adjusted 1-month SOFR plus 180 bps and extended the maturity date to March 15, 2023. In July 2022, this note receivable was paid in full. (2) U.S. dollar-denominated loans at fixed interest rates. Amounts include principal balances plus accumulated interest outstanding. (3) SDG&E and SoCalGas are included in the consolidated income tax return of Sempra, and their respective income tax expense is computed as an amount equal to that which would result from each company having always filed a separate return. Amounts include current and noncurrent income taxes due to/from Sempra. The following table summarizes income statement information from unconsolidated affiliates. INCOME STATEMENT IMPACT FROM UNCONSOLIDATED AFFILIATES (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra: Revenues $ 41 $ 31 $ 37 Cost of sales — 11 45 Interest income 16 50 56 Interest expense 15 15 14 SDG&E: Revenues $ 16 $ 11 $ 6 Cost of sales 92 103 79 SoCalGas: Revenues $ 100 $ 98 $ 88 Cost of sales (1) (9) 1 — |
Schedule Of Other Income (Expense) | Other Income (Expense), Net on the Consolidated Statements of Operations consists of the following: OTHER INCOME (EXPENSE), NET (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra: Allowance for equity funds used during construction $ 143 $ 133 $ 128 Investment (losses) gains, net (1) (42) 50 41 Gains (losses) on interest rate and foreign exchange instruments, net 11 (28) (67) Foreign currency transaction losses, net (2) (24) (18) (25) Non-service component of net periodic benefit cost (59) (67) (102) Interest on regulatory balancing accounts, net 26 6 14 Sundry, net (31) (18) (37) Total $ 24 $ 58 $ (48) SDG&E: Allowance for equity funds used during construction $ 88 $ 81 $ 79 Non-service component of net periodic benefit cost (11) (13) (20) Interest on regulatory balancing accounts, net 18 6 9 Sundry, net (3) (10) (16) Total $ 92 $ 64 $ 52 SoCalGas: Allowance for equity funds used during construction $ 55 $ 48 $ 41 Non-service component of net periodic benefit cost (42) (40) (54) Interest on regulatory balancing accounts, net 8 — 5 Sundry, net (29) (22) (20) Total $ (8) $ (14) $ (28) (1) Represents net investment (losses) 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 Consolidated Statements of Operations. (2) Includes losses of $11, $23 and $42 in 2022, 2021 and 2020, respectively, from translation to U.S. dollars of a Mexican peso-denominated loan to IMG, which are offset by corresponding amounts included in Equity Earnings on the Consolidated Statements of Operations. |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 Infrastructure Consolidating adjustments and Parent Sempra Year ended December 31, 2022 By major service line: Utilities $ 5,586 $ 6,459 $ 89 $ (116) $ 12,018 Energy-related businesses — — 1,760 (56) 1,704 Revenues from contracts with customers $ 5,586 $ 6,459 $ 1,849 $ (172) $ 13,722 By market: Gas $ 899 $ 6,459 $ 1,270 $ (103) $ 8,525 Electric 4,687 — 579 (69) 5,197 Revenues from contracts with customers $ 5,586 $ 6,459 $ 1,849 $ (172) $ 13,722 Revenues from contracts with customers $ 5,586 $ 6,459 $ 1,849 $ (172) $ 13,722 Utilities regulatory revenues 252 381 — — 633 Other revenues — — 70 14 84 Total revenues $ 5,838 $ 6,840 $ 1,919 $ (158) $ 14,439 Year ended December 31, 2021 By major service line: Utilities $ 5,144 $ 5,424 $ 81 $ (109) $ 10,540 Energy-related businesses — — 1,165 (29) 1,136 Revenues from contracts with customers $ 5,144 $ 5,424 $ 1,246 $ (138) $ 11,676 By market: Gas $ 790 $ 5,424 $ 856 $ (101) $ 6,969 Electric 4,354 — 390 (37) 4,707 Revenues from contracts with customers $ 5,144 $ 5,424 $ 1,246 $ (138) $ 11,676 Revenues from contracts with customers $ 5,144 $ 5,424 $ 1,246 $ (138) $ 11,676 Utilities regulatory revenues 360 91 — — 451 Other revenues — — 751 (21) 730 Total revenues $ 5,504 $ 5,515 $ 1,997 $ (159) $ 12,857 Year ended December 31, 2020 By major service line: Utilities $ 4,920 $ 4,571 $ 58 $ (94) $ 9,455 Energy-related businesses — — 854 1 855 Revenues from contracts with customers $ 4,920 $ 4,571 $ 912 $ (93) $ 10,310 By market: Gas $ 692 $ 4,571 $ 623 $ (90) $ 5,796 Electric 4,228 — 289 (3) 4,514 Revenues from contracts with customers $ 4,920 $ 4,571 $ 912 $ (93) $ 10,310 Revenues from contracts with customers $ 4,920 $ 4,571 $ 912 $ (93) $ 10,310 Utilities regulatory revenues 393 177 — — 570 Other revenues — — 488 2 490 Total revenues $ 5,313 $ 4,748 $ 1,400 $ (91) $ 11,370 |
Schedule of Timing of Remaining Performance Obligations | For contracts greater than one year, at December 31, 2022, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. Sempra’s remaining performance obligations primarily relate to capacity agreements for natural gas storage and transportation at Sempra Infrastructure and transmission line projects at SDG&E. SoCalGas did not have any remaining performance obligations at December 31, 2022. REMAINING PERFORMANCE OBLIGATIONS (1) (Dollars in millions) Sempra SDG&E 2023 $ 396 $ 4 2024 361 4 2025 359 4 2026 358 4 2027 355 4 Thereafter 4,134 60 Total revenues to be recognized $ 5,963 $ 80 |
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 2022, 2021 or 2020. As we discuss in Note 16, Sempra Infrastructure drew against and fully exhausted Gazprom’s letters of credit in April 2022 due to Gazprom’s non-renewal of such letters of credit as required under its LNG storage and regasification agreement. Sempra Infrastructure recorded a contract liability for the funds drawn from the letters of credit as payments received in advance. Gazprom did not pay its invoices from March 2022 through July 2022, so funds drawn from the letters of credit were used to fully offset such nonpayment, which have been reflected as revenue from performance obligations satisfied during the reporting period. CONTRACT LIABILITIES (Dollars in millions) 2022 2021 2020 Sempra: Contract liabilities at January 1 $ (278) $ (207) $ (163) Revenue from performance obligations satisfied during reporting period 131 52 4 Payments received in advance (105) (123) (48) Contract liabilities at December 31 (1) $ (252) $ (278) $ (207) SDG&E: Contract liabilities at January 1 $ (83) $ (87) $ (91) Revenue from performance obligations satisfied during reporting period 4 4 4 Contract liabilities at December 31 (2) $ (79) $ (83) $ (87) (1) Balances at December 31, 2022, 2021 and 2020 include $45, $116 and $52, respectively, in Other Current Liabilities and $207, $162 and $155, respectively, in Deferred Credits and Other. (2) |
Schedule of Contract Accounts Receivable | The table below shows receivable balances associated with revenues from contracts with customers on the Consolidated Balance Sheets. RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Dollars in millions) December 31, 2022 2021 Sempra: Accounts receivable – trade, net (1) $ 2,291 $ 1,886 Accounts receivable – other, net 25 19 Due from unconsolidated affiliates – current (2) 9 2 Other long-term assets (3) 9 70 Total $ 2,334 $ 1,977 SDG&E: Accounts receivable – trade, net (1) $ 799 $ 715 Accounts receivable – other, net 12 9 Due from unconsolidated affiliates – current (2) 2 2 Other long-term assets (3) 6 25 Total $ 819 $ 751 SoCalGas: Accounts receivable – trade, net $ 1,295 $ 1,084 Accounts receivable – other, net 13 10 Other long-term assets (3) 3 45 Total $ 1,311 $ 1,139 (1) At December 31, 2022 and 2021, includes $72 and $24, respectively, of receivables due from customers that were billed on behalf of CCAs, which are not included in revenues. (2) Amount is presented net of amounts due to unconsolidated affiliates on the Consolidated Balance Sheets, when right of offset exists. (3) In connection with the COVID-19 pandemic and at the direction of the CPUC, SDG&E and SoCalGas enrolled residential and small business customers with past-due balances in long-term repayment plans. |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Regulatory Assets | We show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) December 31, 2022 2021 SDG&E: Fixed-price contracts and other derivatives $ (110) $ (50) Deferred income taxes recoverable in rates 296 125 Pension and PBOP plan obligations 11 (7) Removal obligations (2,248) (2,251) Environmental costs 107 62 Sunrise Powerlink fire mitigation 123 122 Regulatory balancing accounts (1)(2) Commodity – electric 220 77 Gas transportation 60 49 Safety and reliability 107 67 Public purpose programs (69) (107) Wildfire mitigation plan 375 178 Liability insurance premium 99 110 Other balancing accounts (50) 207 Other regulatory assets, net (2) 137 119 Total SDG&E (942) (1,299) SoCalGas: Deferred income taxes recoverable in rates 161 44 Pension and PBOP plan obligations (170) 51 Employee benefit costs 24 31 Removal obligations (616) (627) Environmental costs 38 34 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (257) (146) Safety and reliability 575 339 Public purpose programs (158) (183) Liability insurance premium 23 16 Other balancing accounts 115 42 Other regulatory assets, net (2) 223 142 Total SoCalGas (42) (257) Sempra Infrastructure: Deferred income taxes recoverable in rates 78 77 Total Sempra $ (906) $ (1,479) (1) At December 31, 2022 and 2021, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $562 and $358, respectively, and for SoCalGas was $692 and $410, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. |
Schedule of Regulatory Liabilities | We show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until such time as a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset. REGULATORY ASSETS (LIABILITIES) (Dollars in millions) December 31, 2022 2021 SDG&E: Fixed-price contracts and other derivatives $ (110) $ (50) Deferred income taxes recoverable in rates 296 125 Pension and PBOP plan obligations 11 (7) Removal obligations (2,248) (2,251) Environmental costs 107 62 Sunrise Powerlink fire mitigation 123 122 Regulatory balancing accounts (1)(2) Commodity – electric 220 77 Gas transportation 60 49 Safety and reliability 107 67 Public purpose programs (69) (107) Wildfire mitigation plan 375 178 Liability insurance premium 99 110 Other balancing accounts (50) 207 Other regulatory assets, net (2) 137 119 Total SDG&E (942) (1,299) SoCalGas: Deferred income taxes recoverable in rates 161 44 Pension and PBOP plan obligations (170) 51 Employee benefit costs 24 31 Removal obligations (616) (627) Environmental costs 38 34 Regulatory balancing accounts (1)(2) Commodity – gas, including transportation (257) (146) Safety and reliability 575 339 Public purpose programs (158) (183) Liability insurance premium 23 16 Other balancing accounts 115 42 Other regulatory assets, net (2) 223 142 Total SoCalGas (42) (257) Sempra Infrastructure: Deferred income taxes recoverable in rates 78 77 Total Sempra $ (906) $ (1,479) (1) At December 31, 2022 and 2021, the noncurrent portion of regulatory balancing accounts – net undercollected for SDG&E was $562 and $358, respectively, and for SoCalGas was $692 and $410, respectively. (2) Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. |
Proposed Revenue Requirement | The following table summarizes the location of balances related to the Wildfire Fund on Sempra’s and SDG&E’s Consolidated Balance Sheets and Consolidated Statements of Operations. WILDFIRE FUND (Dollars in millions) December 31, Location 2022 2021 Wildfire Fund asset: Current Prepaid Expenses $ 29 $ 29 Noncurrent Wildfire Fund 303 331 Wildfire Fund obligation: Current Other Current Liabilities $ 13 $ 13 Noncurrent Deferred Credits and Other 53 64 Years ended December 31, 2022 2021 2020 Amortization of Wildfire Fund asset Operation and Maintenance $ 29 $ 29 $ 29 Impairment of Wildfire Fund asset Operation and Maintenance — 3 — Accretion of Wildfire Fund obligation Operation and Maintenance 2 2 2 . A CPUC cost of capital proceeding determines a utility’s authorized capital structure and authorized return on rate base. The CCM applies in the interim years between required cost of capital applications and considers changes in the cost of capital based on 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 index applicable to SDG&E and SoCalGas is based on each utility’s credit rating. The CCM benchmark rate is the basis of comparison to determine if the CCM is triggered in each measurement period, 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 CCM, if triggered, would automatically update the authorized cost of debt based on actual costs and update the authorized ROE upward or downward by one-half of the difference between the CCM benchmark rate and the applicable Moody’s utility bond index. Alternatively, each of SDG&E and SoCalGas are 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 and affects utilities differently than the market as a whole to have its cost of capital determined in lieu of the CCM. In December 2019, the CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2020 and remained in effect through December 31, 2022, subject to the CCM. CPUC AUTHORIZED COST OF CAPITAL FOR 2020 – 2022 SDG&E SoCalGas Authorized weighting Return on Weighted Authorized weighting Return on Weighted 45.25 % 4.59 % 2.08 % Long-Term Debt 45.60 % 4.23 % 1.93 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 10.20 5.30 Common Equity 52.00 10.05 5.23 100.00 % 7.55 % 100.00 % 7.30 % CPUC AUTHORIZED COST OF CAPITAL FOR 2023 – 2025 SDG&E SoCalGas Authorized weighting Return on Weighted return on rate base (1) Authorized weighting Return on Weighted 45.25 % 4.05 % 1.83 % Long-Term Debt 45.60 % 4.07 % 1.86 % 2.75 6.22 0.17 Preferred Equity 2.40 6.00 0.14 52.00 9.95 5.17 Common Equity 52.00 9.80 5.10 100.00 % 7.18 % 100.00 % 7.10 % (1) Total weighted return on rate base does not sum due to rounding differences. |
ACQUISTIONS, DIVESTITURES AND_2
ACQUISTIONS, DIVESTITURES AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule Of Assets Held for Sale and Deconsolidation of Subsidiaries Table | Summarized results from discontinued operations were as follows: DISCONTINUED OPERATIONS (Dollars in millions) Year ended December 31, 2020 (1) Revenues $ 570 Cost of sales (364) Gain on sale of discontinued operations 2,899 Operating expenses (66) Interest and other (3) Income before income taxes and equity earnings 3,036 Income tax expense (1,186) Equity earnings — Income from discontinued operations, net of income tax 1,850 Earnings attributable to noncontrolling interests (10) Earnings from discontinued operations attributable to common shares $ 1,840 (1) Results include activity until deconsolidation of our Peruvian businesses on April 24, 2020 and Chilean businesses on June 24, 2020 and post-closing adjustments related to the sales of these businesses. |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Equity Method Investments | We provide the carrying values of our investments and earnings (losses) on these investments in the following tables. EQUITY METHOD AND OTHER INVESTMENT BALANCES (1) (Dollars in millions) Percent ownership December 31, December 31, 2022 2021 2022 2021 Sempra Texas Utilities: Oncor Holdings (2) 100 % 100 % $ 13,665 $ 12,947 Sempra Texas Utilities: Sharyland Holdings (3) 50 % 50 % $ 107 $ 100 Sempra Infrastructure: Cameron LNG JV (4) 50.2 50.2 886 514 IMG (5) 40 40 591 523 TAG (6) 50 50 428 388 Total other investments $ 2,012 $ 1,525 (1) All amounts are before NCI, where applicable. (2) The carrying value of our equity method investment is $2,856 and $2,844 higher than the underlying equity in the net assets of the investee at December 31, 2022 and 2021, respectively, due to $2,868 of equity method goodwill and $69 in basis differences in AOCI, offset by $81 and $93 at December 31, 2022 and 2021, respectively, due to a tax sharing liability to TTI under a tax sharing agreement. (3) The carrying value of our equity method investment is $41 higher than the underlying equity in the net assets of the investee due to equity method goodwill. (4) The carrying value of our equity method investment is $270 and $276 higher than the underlying equity in the net assets of the investee at December 31, 2022 and 2021, respectively, primarily due to guarantees, which we discuss below, interest capitalized on the investment prior to the JV commencing its planned principal operations in August 2019 and amortization of guarantee fees and capitalized interest thereafter. (5) The carrying value of our equity method investment is $5 higher than the underlying equity in the net assets of the investee due to guarantees. (6) The carrying value of our equity method investment is $130 higher than the underlying equity in the net assets of the investee due to equity method goodwill. EARNINGS (LOSSES) FROM EQUITY METHOD INVESTMENTS (1) (Dollars in millions) Years ended December 31, 2022 2021 2020 EARNINGS (LOSSES) RECORDED BEFORE INCOME TAX (2) : Sempra Texas Utilities: Sharyland Holdings $ 7 $ 5 $ 3 Sempra Infrastructure: Cameron LNG JV (3) 659 559 391 Parent and other: RBS Sempra Commodities — 50 (100) 666 614 294 EARNINGS RECORDED NET OF INCOME TAX: Sempra Texas Utilities: Oncor Holdings 735 617 577 Sempra Infrastructure: ESJ — 2 5 IMG 68 83 103 TAG 29 27 36 832 729 721 Total $ 1,498 $ 1,343 $ 1,015 (1) All amounts are before NCI, where applicable. (2) We provide our ETR calculation in Note 8. (3) Includes $12 and $3 of basis differences in equity earnings related to AOCI in 2022 and 2021, respectively. We disclose distributions received from our investments, by segment, in the table below. DISTRIBUTIONS FROM INVESTMENTS (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra Texas Utilities $ 345 $ 688 $ 286 Sempra Infrastructure 541 672 1,176 Total $ 886 $ 1,360 $ 1,462 |
Schedule of Summarized Financial Information | We provide summarized income statement and balance sheet information for Oncor Holdings in the following table. SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS (Dollars in millions) Years ended December 31, 2022 2021 2020 Operating revenues $ 5,243 $ 4,764 $ 4,511 Operating expense (3,682) (3,397) (3,224) Income from operations 1,561 1,367 1,287 Interest expense (445) (413) (405) Income tax expense (203) (163) (146) Net income 893 760 703 Noncontrolling interest held by TTI (179) (152) (141) Earnings attributable to Sempra (1) 714 608 562 December 31, 2022 2021 Current assets $ 1,223 $ 1,039 Noncurrent assets 31,703 29,481 Current liabilities 1,579 2,220 Noncurrent liabilities 17,405 15,281 Noncontrolling interest held by TTI 3,141 2,916 (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. We present summarized financial information below, aggregated for all other equity method investments (excluding Oncor Holdings and RBS Sempra Commodities) for the periods in which we were invested in the entities. The amounts below represent the results of operations and aggregate financial position of 100% of each of Sempra’s other equity method investments. SUMMARIZED FINANCIAL INFORMATION – OTHER EQUITY METHOD INVESTMENTS (Dollars in millions) Years ended December 31, 2022 2021 (1) 2020 Gross revenues $ 2,959 $ 2,721 $ 2,341 Operating expense (772) (719) (706) Income from operations 2,187 2,002 1,635 Interest expense (505) (548) (514) Net income/Earnings (2)(3) 1,537 1,388 1,132 December 31, 2022 2021 (1) Current assets $ 1,008 $ 788 Noncurrent assets 14,786 14,686 Current liabilities 1,147 1,230 Noncurrent liabilities 11,130 11,807 (1) In March 2021, Sempra Infrastructure completed the acquisition of the remaining 50% equity interest in ESJ and ESJ became a consolidated subsidiary. (2) Except for our investments in Mexico, there was no income tax recorded by the entities, as they are primarily domestic partnerships. (3) Amounts for Cameron LNG JV exclude adjustments to equity earnings related to amortization of capitalized interest and guarantee fees within the carrying value of our equity method investment and changes in basis differences in equity earnings related to AOCI. |
DEBT AND CREDIT FACILITIES (Tab
DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Line of Credit Facilities | COMMITTED LINES OF CREDIT (Dollars in millions) December 31, 2022 Borrower Expiration date of facility Total facility Commercial paper outstanding Amounts outstanding Available unused credit Sempra October 2027 $ 4,000 $ (454) $ — $ 3,546 SDG&E October 2027 1,500 (205) — 1,295 SoCalGas October 2027 1,200 (100) — 1,100 SI Partners November 2024 1,000 — (510) 490 IEnova and SI Partners September 2023 350 — (264) 86 IEnova and SI Partners December 2023 150 — — 150 IEnova and SI Partners February 2024 1,500 — (970) 530 Total $ 9,700 $ (759) $ (1,744) $ 7,197 UNCOMMITTED LETTERS OF CREDIT (Dollars in millions) December 31, 2022 Expiration date range Uncommitted letters of credit outstanding SDG&E May 2023 - January 2024 $ 15 SoCalGas March 2023 - November 2023 20 Sempra Infrastructure January 2023 - October 2043 391 Parent and other March 2023 - November 2023 168 Total $ 594 The weighted-average interest rates on all short-term debt were as follows: WEIGHTED-AVERAGE INTEREST RATES December 31, 2022 2021 Sempra 5.57 % 0.60 % SDG&E 4.76 0.65 SoCalGas 4.71 0.21 |
Schedule Of Long-term Debt | The following tables show the detail and maturities of long-term debt outstanding. LONG-TERM DEBT AND FINANCE LEASES (Dollars in millions) December 31, 2022 2021 SDG&E: First mortgage bonds (collateralized by plant assets): 1.914% payable 2015 through February 2022 $ — $ 17 3.6% September 1, 2023 450 450 2.5% May 15, 2026 500 500 6% June 1, 2026 250 250 1.7% October 1, 2030 800 800 3% March 15, 2032 500 — 5.35% May 15, 2035 250 250 6.125% September 15, 2037 250 250 6% June 1, 2039 300 300 5.35% May 15, 2040 250 250 4.5% August 15, 2040 500 500 3.95% November 15, 2041 250 250 4.3% April 1, 2042 250 250 3.75% June 1, 2047 400 400 4.15% May 15, 2048 400 400 4.1% June 15, 2049 400 400 3.32% April 15, 2050 400 400 2.95% August 15, 2051 750 750 3.7% March 15, 2052 500 — 7,400 6,417 Other long-term debt (uncollateralized): Notes at variable rates (5.17% at December 31, 2022) February 18, 2024 (1) 400 — Finance lease obligations: Purchased-power contracts 1,194 1,217 Other 62 57 1,656 1,274 9,056 7,691 Current portion of long-term debt (489) (49) Unamortized discount on long-term debt (20) (17) Unamortized debt issuance costs (50) (44) Total SDG&E $ 8,497 $ 7,581 SoCalGas: First mortgage bonds (collateralized by plant assets): 3.15% September 15, 2024 $ 500 $ 500 3.2% June 15, 2025 350 350 2.6% June 15, 2026 500 500 2.55% February 1, 2030 650 650 5.75% November 15, 2035 250 250 5.125% November 15, 2040 300 300 3.75% September 15, 2042 350 350 4.45% March 15, 2044 250 250 4.125% June 1, 2048 400 400 4.3% January 15, 2049 550 550 3.95% February 15, 2050 350 350 6.35% November 15, 2052 600 — 5,050 4,450 Other long-term debt (uncollateralized): Notes at variable rates (5.10% at December 31, 2022) September 14, 2023 (1) 300 300 1.875% Notes May 14, 2026 (1) 4 4 2.95% Notes April 15, 2027 700 — 5.67% Notes January 18, 2028 (2) 5 5 Finance lease obligations 87 61 1,096 370 6,146 4,820 Current portion of long-term debt (318) (11) Unamortized discount on long-term debt (12) (7) Unamortized debt issuance costs (36) (29) Total SoCalGas $ 5,780 $ 4,773 LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) (Dollars in millions) December 31, 2022 2021 Sempra: Other long-term debt (uncollateralized): 3.3% Notes April 1, 2025 $ 750 $ — 3.25% Notes June 15, 2027 750 750 3.4% Notes February 1, 2028 1,000 1,000 3.7% Notes April 1, 2029 500 — 3.8% Notes February 1, 2038 1,000 1,000 6% Notes October 15, 2039 750 750 4% Notes February 1, 2048 800 800 4.125% Junior Subordinated Notes April 1, 2052 (1) 1,000 1,000 5.75% Junior Subordinated Notes July 1, 2079 (1) 758 758 Sempra Infrastructure: Other long-term debt (uncollateralized unless otherwise noted): 6.3% Notes (4.124% after cross-currency swap effective 2013) February 2, 2023 201 189 Loan at variable rates (7.54% at December 31, 2022) December 9, 2025 575 341 Notes at variable rates (5.13% after floating-to-fixed rate swaps effective 2014), payable December 15, 2016 through December 15, 2026, collateralized by plant assets (2) — 154 3.75% Notes January 14, 2028 300 300 3.25% Notes January 15, 2032 400 — Loan at variable rates (4.0275% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034 (1) 196 200 2.9% Loan payable June 15, 2022 through November 19, 2034 (1) 236 241 Loan at variable rates (2.38% after floating-to-fixed rate swap effective 2020) payable June 15, 2022 through November 19, 2034 (1) 98 100 4.875% Notes January 14, 2048 540 540 4.75% Notes January 15, 2051 800 800 10,654 8,923 Current portion of long-term debt (212) (46) Unamortized discount on long-term debt (62) (65) Unamortized debt issuance costs (109) (98) Total other Sempra 10,271 8,714 Total Sempra $ 24,548 $ 21,068 (1) Callable long-term debt not subject to make-whole provisions. (2) Debt is not callable. The following table shows the detail and maturities of uncollateralized long-term debt outstanding. LONG-TERM DEBT (Dollars in millions) December 31, 2022 2021 3.3% Notes April 1, 2025 $ 750 $ — 3.25% Notes June 15, 2027 750 750 3.4% Notes February 1, 2028 1,000 1,000 3.7% Notes April 1, 2029 500 — 3.8% Notes February 1, 2038 1,000 1,000 6% Notes October 15, 2039 750 750 4% Notes February 1, 2048 800 800 4.125% Junior Subordinated Notes April 1, 2052 (1) 1,000 1,000 5.75% Junior Subordinated Notes July 1, 2079 (1) 758 758 7,308 6,058 Unamortized discount on long-term debt (28) (37) Unamortized debt issuance costs (65) (52) Total long-term debt $ 7,215 $ 5,969 (1) Callable long-term debt not subject to make-whole provisions. |
Schedule of Maturities of Long-term Debt | At December 31, 2022, scheduled maturities of long-term debt are as follows: MATURITIES OF LONG-TERM DEBT (1) (Dollars in millions) SDG&E SoCalGas Other Total 2023 $ 450 $ 300 $ 212 $ 962 2024 400 500 30 930 2025 — 350 1,374 1,724 2026 750 504 49 1,303 2027 — 700 799 1,499 Thereafter 6,200 3,705 8,190 18,095 Total $ 7,800 $ 6,059 $ 10,654 $ 24,513 |
Schedule Of Callable Long Term Debt | At the option of Sempra, SDG&E and SoCalGas, certain debt at December 31, 2022 is callable subject to premiums: CALLABLE LONG-TERM DEBT (Dollars in millions) SDG&E SoCalGas Other Total Not subject to make-whole provisions $ 400 $ 304 $ 2,288 $ 2,992 Subject to make-whole provisions 7,400 5,750 8,366 21,516 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | We provide our calculations of ETRs in the following table. INCOME TAX EXPENSE (BENEFIT) AND EFFECTIVE INCOME TAX RATES (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra: Income tax expense from continuing operations $ 556 $ 99 $ 249 Income from continuing operations before income taxes and equity earnings $ 1,343 $ 219 $ 1,489 Equity earnings, before income tax (1) 666 614 294 Pretax income $ 2,009 $ 833 $ 1,783 Effective income tax rate 28 % 12 % 14 % SDG&E: Income tax expense $ 182 $ 201 $ 190 Income before income taxes $ 1,097 $ 1,020 $ 1,014 Effective income tax rate 17 % 20 % 19 % SoCalGas: Income tax expense (benefit) $ 138 $ (310) $ 96 Income (loss) before income taxes $ 738 $ (736) $ 601 Effective income tax rate 19 % 42 % 16 % (1) We discuss how we recognize equity earnings in Note 6. We present in the table below reconciliations of net U.S. statutory federal income tax rates to our ETRs. RECONCILIATION OF FEDERAL INCOME TAX RATES TO EFFECTIVE INCOME TAX RATES Years ended December 31, 2022 2021 2020 Sempra: U.S. federal statutory income tax rate 21 % 21 % 21 % Foreign exchange and inflation effects (1) 9 1 (3) Outside basis differences 6 9 — Utility depreciation 4 8 3 Non-U.S. earnings taxed at rates different from the U.S. statutory income tax rate (2) 3 5 2 State income taxes, net of federal income tax benefit 1 (4) 1 Compensation-related items — (1) (1) Impairment losses — (1) 1 Noncontrolling interests — (2) — Utility self-developed software expenditures — (5) (3) Allowance for equity funds used during construction (1) (3) (1) Tax credits (1) — (1) Amortization of excess deferred income taxes (2) (3) (1) Resolution of prior years’ income tax items (2) — — Valuation allowances (2) 1 (1) Remeasurement of deferred taxes (3) (4) — Utility repairs expenditures (5) (9) (4) Other, net — (1) 1 Effective income tax rate 28 % 12 % 14 % SDG&E: U.S. federal statutory income tax rate 21 % 21 % 21 % State income taxes, net of federal income tax benefit 4 5 5 Depreciation 3 3 3 Self-developed software expenditures — (1) (4) Amortization of excess deferred income taxes (2) (2) (1) Allowance for equity funds used during construction (2) (2) (2) Resolution of prior years’ income tax items (2) — — Repairs expenditures (5) (4) (3) Effective income tax rate 17 % 20 % 19 % SoCalGas: U.S. federal statutory income tax rate 21 % 21 % 21 % Depreciation 5 (5) 5 State income taxes, net of federal income tax benefit 2 11 2 Nondeductible expenditures 2 — 2 Self-developed software expenditures — 5 (4) Amortization of excess deferred income taxes (2) 2 (1) Allowance for equity funds used during construction (2) 1 (1) Repairs expenditures (6) 5 (7) Other, net (1) 2 (1) Effective income tax rate 19 % 42 % 16 % (1) Due to fluctuation of the Mexican peso against the U.S. dollar. We record income tax expense (benefit) from the transactional effects of foreign currency and inflation because of appreciation (depreciation) of the Mexican peso. In 2021 and 2020, we also recognized gains (losses) in Other Income (Expense), Net, on the Consolidated Statements of Operations from foreign currency derivatives that were partially hedging Sempra Infrastructure’s exposure to movements in the Mexican peso from its controlling interest in IEnova. (2) Related to operations in Mexico. |
Schedule Of Geographic Components Of Income Before Income Taxes And Equity Earnings Of Certain Unconsolidated Subsidiaries | The table below presents the geographic components of pretax income. PRETAX INCOME – SEMPRA (Dollars in millions) Years ended December 31, 2022 2021 2020 By geographic components: U.S. $ 1,449 $ 346 $ 1,461 Non-U.S. 560 487 322 Total (1) $ 2,009 $ 833 $ 1,783 (1) See the Income Tax Expense (Benefit) and Effective Income Tax Rates table above for the calculation of pretax income. |
Schedule Of Components Of Income Tax Expense | The components of income tax expense are as follows. INCOME TAX EXPENSE (BENEFIT) (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra: Current: U.S. state $ (1) $ (6) $ (22) Non-U.S. 165 183 112 Total 164 177 90 Deferred: U.S. federal 248 (9) 157 U.S. state 50 (37) 36 Non-U.S. 94 (31) (34) Total 392 (77) 159 Deferred investment tax credits — (1) — Total income tax expense $ 556 $ 99 $ 249 SDG&E: Current: U.S. federal $ 76 $ 35 $ 121 U.S. state 13 13 34 Total 89 48 155 Deferred: U.S. federal 54 99 11 U.S. state 38 54 25 Total 92 153 36 Deferred investment tax credits 1 — (1) Total income tax expense $ 182 $ 201 $ 190 SoCalGas: Current: U.S. federal $ (5) $ 134 $ 163 U.S. state (3) 50 45 Total (8) 184 208 Deferred: U.S. federal 125 (334) (85) U.S. state 22 (159) (28) Total 147 (493) (113) Deferred investment tax credits (1) (1) 1 Total income tax expense (benefit) $ 138 $ (310) $ 96 |
Schedule Of Components Of Deferred Tax Assets And Liabilities | The tables below present the components of deferred income taxes: DEFERRED INCOME TAXES (Dollars in millions) December 31, 2022 2021 Sempra: Deferred income tax liabilities: Differences in financial and tax bases of fixed assets, investments and other assets (1) $ 5,533 $ 5,230 U.S. state and non-U.S. withholding tax on repatriation of foreign earnings 53 47 Regulatory balancing accounts 632 538 Right-of-use assets – operating leases 177 160 Property taxes 60 52 Postretirement benefits 31 — Other deferred income tax liabilities 55 50 Total deferred income tax liabilities 6,541 6,077 Deferred income tax assets: Tax credits 1,210 1,135 Net operating losses 579 706 Postretirement benefits — 30 Compensation-related items 144 164 Operating lease liabilities 164 140 Other deferred income tax assets 40 130 State income taxes — 21 Bad debt allowance 48 33 Accrued expenses not yet deductible 92 575 Deferred income tax assets before valuation allowances 2,277 2,934 Less: valuation allowances 192 183 Total deferred income tax assets 2,085 2,751 Net deferred income tax liability (2) $ 4,456 $ 3,326 (1) In addition to the financial over tax basis differences in fixed assets, the amount also includes financial over tax basis differences in various interests in partnerships and certain subsidiaries. (2) At December 31, 2022 and 2021, includes $135 and $151, respectively, recorded as a noncurrent asset and $4,591 and $3,477, respectively, recorded as a noncurrent liability on the Consolidated Balance Sheets. DEFERRED INCOME TAXES (Dollars in millions) SDG&E SoCalGas December 31, December 31, 2022 2021 2022 2021 Deferred income tax liabilities: Differences in financial and tax bases of utility plant and other assets $ 2,157 $ 1,970 $ 1,568 $ 1,444 Regulatory balancing accounts 397 323 236 215 Right-of-use assets – operating leases 79 52 12 16 Property taxes 38 35 21 17 Postretirement benefits — — 45 — Other — 1 — 1 Total deferred income tax liabilities 2,671 2,381 1,882 1,693 Deferred income tax assets: Tax credits 5 5 2 3 Postretirement benefits — — — 18 Compensation-related items 9 12 27 33 Operating lease liabilities 79 52 12 16 Bad debt allowance 19 16 23 15 State income taxes 5 4 — 12 Accrued expenses not yet deductible 10 16 59 539 Net operating losses — — 441 — Other 4 1 12 18 Total deferred income tax assets 131 106 576 654 Net deferred income tax liability $ 2,540 $ 2,275 $ 1,306 $ 1,039 |
Summary of Tax Credit Carryforwards | The following table summarizes our unused NOLs and tax credit carryforwards. NET OPERATING LOSSES AND TAX CREDIT CARRYFORWARDS (Dollars in millions) Unused amount at December 31, 2022 Year expiration begins Sempra: U.S. federal: NOLs (1) $ 2,192 Indefinite General business tax credits (1) 450 2032 Foreign tax credits (2) 766 2024 U.S. state (2) : NOLs 3,662 2023 General business tax credits 35 2023 Non-U.S. NOLs (2) 164 2023 SoCalGas: U.S. federal NOLs (1) $ 1,540 Indefinite U.S. state NOLs (1) 1,729 2042 (1) We have recorded deferred income tax benefits on these NOLs and tax credits, in total, because we currently believe they will be realized on a more-likely-than-not-basis. (2) We have not recorded deferred income tax benefits on a portion of these NOLs and tax credits because we currently believe they will not be realized on a more-likely-than-not-basis, as discussed below. |
Summary of Operating Loss Carryforwards | The following table summarizes our unused NOLs and tax credit carryforwards. NET OPERATING LOSSES AND TAX CREDIT CARRYFORWARDS (Dollars in millions) Unused amount at December 31, 2022 Year expiration begins Sempra: U.S. federal: NOLs (1) $ 2,192 Indefinite General business tax credits (1) 450 2032 Foreign tax credits (2) 766 2024 U.S. state (2) : NOLs 3,662 2023 General business tax credits 35 2023 Non-U.S. NOLs (2) 164 2023 SoCalGas: U.S. federal NOLs (1) $ 1,540 Indefinite U.S. state NOLs (1) 1,729 2042 (1) We have recorded deferred income tax benefits on these NOLs and tax credits, in total, because we currently believe they will be realized on a more-likely-than-not-basis. (2) We have not recorded deferred income tax benefits on a portion of these NOLs and tax credits because we currently believe they will not be realized on a more-likely-than-not-basis, as discussed below. |
Summary of Valuation Allowance | The following table provides the valuation allowances that we recorded against a portion of our total deferred income tax assets shown above in the “Deferred Income Taxes – Sempra” table. VALUATION ALLOWANCES (Dollars in millions) December 31, 2022 2021 Sempra: U.S. federal $ 115 $ 128 U.S. state 51 31 Non-U.S. 26 24 $ 192 $ 183 |
Summary of Income Tax Contingencies | Following is a reconciliation of the changes in unrecognized income tax benefits and the potential effect on our ETR for the years ended December 31: RECONCILIATION OF UNRECOGNIZED INCOME TAX BENEFITS (Dollars in millions) 2022 2021 2020 Sempra: Balance at January 1 $ 304 $ 99 $ 93 Increase in prior period tax positions 16 3 3 Decrease in prior period tax positions (2) (2) (1) Settlements with tax authorities (43) — — Expiration of statutes of limitations (1) — — Increase in current period tax positions 4 204 4 Balance at December 31 $ 278 $ 304 $ 99 Of December 31 balance, amounts related to tax positions that if recognized in future years would decrease the effective tax rate (1) (117) $ (105) $ (87) increase the effective tax rate (1) 38 34 31 SDG&E: Balance at January 1 $ 14 $ 13 $ 12 Increase in prior period tax positions — 1 1 Balance at December 31 $ 14 $ 14 $ 13 Of December 31 balance, amounts related to tax positions that if recognized in future years would decrease the effective tax rate (1) $ (11) $ (11) $ (10) increase the effective tax rate (1) 1 1 1 SoCalGas: Balance at January 1 $ 72 $ 68 $ 64 Increase in prior period tax positions 1 1 1 Increase in current period tax positions 4 3 3 Balance at December 31 $ 77 $ 72 $ 68 Of December 31 balance, amounts related to tax positions that if recognized in future years would decrease the effective tax rate (1) $ (67) $ (63) $ (59) increase the effective tax rate (1) 37 33 30 (1) Includes temporary book and tax differences that are treated as flow-through for ratemaking purposes, as discussed above. |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | It is reasonably possible that within the next 12 months, unrecognized income tax benefits could decrease due to the following: POSSIBLE DECREASES IN UNRECOGNIZED INCOME TAX BENEFITS WITHIN 12 MONTHS (Dollars in millions) December 31, 2022 2021 2020 Sempra: Potential resolution of audit issues with various U.S. federal, state and local $ 8 $ 8 $ 8 SDG&E: Potential resolution of audit issues with various U.S. federal, state and local $ 6 $ 6 $ 6 SoCalGas: Potential resolution of audit issues with various U.S. federal, state and local taxing authorities $ 2 $ 2 $ 2 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule Of Defined Benefit Plans, Change In Benefit Obligation And Fair Value Of Plan Assets | The following three tables provide a reconciliation of the changes in the plans’ projected benefit obligations and the fair value of assets during 2022 and 2021, and a statement of the funded status at December 31, 2022 and 2021. PROJECTED BENEFIT OBLIGATION, FAIR VALUE OF ASSETS AND FUNDED STATUS (Dollars in millions) Pension (1) PBOP 2022 2021 2022 2021 Sempra: CHANGE IN PROJECTED BENEFIT OBLIGATION Net obligation at January 1 $ 3,857 $ 4,077 $ 940 $ 989 Service cost 146 145 23 23 Interest cost 118 112 28 28 Contributions from plan participants — — 23 21 Actuarial gain (925) (76) (282) (53) Benefit payments (89) (98) (69) (68) Settlements (301) (303) — — Net obligation at December 31 2,806 3,857 663 940 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 3,182 3,002 1,408 1,399 Actual return on plan assets (625) 340 (271) 51 Employer contributions 223 241 5 5 Contributions from plan participants — — 23 21 Benefit payments (89) (98) (69) (68) Settlements (301) (303) — — Fair value of plan assets at December 31 2,390 3,182 1,096 1,408 Funded status at December 31 $ (416) $ (675) $ 433 $ 468 Net recorded (liability) asset at December 31 $ (416) $ (675) $ 433 $ 468 (1) The accumulated benefit obligation was $2,574 and $3,419 at December 31, 2022 and 2021, respectively. PROJECTED BENEFIT OBLIGATION, FAIR VALUE OF ASSETS AND FUNDED STATUS (Dollars in millions) Pension (1) PBOP 2022 2021 2022 2021 SDG&E: CHANGE IN PROJECTED BENEFIT OBLIGATION Net obligation at January 1 $ 885 $ 913 $ 188 $ 193 Service cost 37 35 5 5 Interest cost 26 25 6 5 Contributions from plan participants — — 8 7 Actuarial gain (135) (2) (54) (3) Benefit payments (17) (17) (19) (19) Settlements (82) (69) — — Net obligation at December 31 714 885 134 188 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 859 819 197 213 Actual return on plan assets (142) 73 (40) (5) Employer contributions 52 53 1 1 Contributions from plan participants — — 8 7 Benefit payments (17) (17) (19) (19) Settlements (82) (69) — — Fair value of plan assets at December 31 670 859 147 197 Funded status at December 31 $ (44) $ (26) $ 13 $ 9 Net recorded (liability) asset at December 31 $ (44) $ (26) $ 13 $ 9 (1) The accumulated benefit obligation was $678 and $824 at December 31, 2022 and 2021, respectively. PROJECTED BENEFIT OBLIGATION, FAIR VALUE OF ASSETS AND FUNDED STATUS (Dollars in millions) Pension (1) PBOP (Dollars in millions) 2022 2021 2022 2021 SoCalGas: CHANGE IN PROJECTED BENEFIT OBLIGATION Net obligation at January 1 $ 2,647 $ 2,829 $ 706 $ 749 Service cost 96 97 17 17 Interest cost 81 78 21 22 Contributions from plan participants — — 14 13 Actuarial gain (748) (83) (215) (49) Benefit payments (58) (63) (46) (46) Settlements (204) (211) — — Net obligation at December 31 1,814 2,647 497 706 CHANGE IN PLAN ASSETS Fair value of plan assets at January 1 2,095 1,969 1,178 1,159 Actual return on plan assets (449) 243 (224) 51 Employer contributions 151 157 1 1 Contributions from plan participants — — 14 13 Benefit payments (58) (63) (46) (46) Settlements (204) (211) — — Fair value of plan assets at December 31 1,535 2,095 923 1,178 Funded status at December 31 $ (279) $ (552) $ 426 $ 472 Net recorded (liability) asset at December 31 $ (279) $ (552) $ 426 $ 472 (1) The accumulated benefit obligation was $1,644 and $2,306 at December 31, 2022 and 2021, respectively. |
Schedule Of Defined Benefit Plans, Amounts Recognized In Balance Sheet | The net (liability) asset is included in the following categories on the Consolidated Balance Sheets. PENSION AND PBOP OBLIGATIONS, NET OF PLAN ASSETS (Dollars in millions) Pension PBOP December 31, December 31, 2022 2021 2022 2021 Sempra: Noncurrent assets $ 8 $ 19 $ 443 $ 481 Current liabilities (23) (19) (1) (1) Noncurrent liabilities (401) (675) (9) (12) Net recorded (liability) asset $ (416) $ (675) $ 433 $ 468 SDG&E: Noncurrent assets $ — $ — $ 13 $ 9 Current liabilities (2) (1) — — Noncurrent liabilities (42) (25) — — Net recorded (liability) asset $ (44) $ (26) $ 13 $ 9 SoCalGas: Noncurrent assets $ — $ — $ 426 $ 472 Current liabilities (2) (1) — — Noncurrent liabilities (277) (551) — — Net recorded (liability) asset $ (279) $ (552) $ 426 $ 472 |
Schedule Of Defined Benefit Plans, Amounts In Accumulated Other Comprehensive Income | Amounts recorded in AOCI, net of income tax effects and amounts recorded as regulatory assets, are as follows. AMOUNTS IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Pension PBOP December 31, December 31, 2022 2021 2022 2021 Sempra: Net actuarial (loss) gain $ (95) $ (86) $ 14 $ 11 Prior service cost (5) (8) — — Total $ (100) $ (94) $ 14 $ 11 SDG&E: Net actuarial loss $ (6) $ (9) Prior service cost (1) (1) Total $ (7) $ (10) SoCalGas: Net actuarial loss $ (9) $ (15) Prior service cost (3) (3) Total $ (12) $ (18) |
Schedule Of Defined Benefit Plans, Pension Plans With Benefit Obligations In Excess Of Plan Assets | The following table shows the obligations of funded pension plans with benefit obligations in excess of plan assets. OBLIGATIONS OF FUNDED PENSION PLANS (Dollars in millions) December 31, 2022 2021 Sempra: Projected benefit obligation $ 2,476 $ 2,612 Accumulated benefit obligation 2,277 2,277 Fair value of plan assets 2,205 2,095 SDG&E: Projected benefit obligation $ 691 Accumulated benefit obligation 658 Fair value of plan assets 670 SoCalGas: Projected benefit obligation $ 1,785 $ 2,612 Accumulated benefit obligation 1,619 2,277 Fair value of plan assets 1,535 2,095 We also have unfunded pension plans at Sempra, SDG&E, SoCalGas and IEnova. The following table shows the obligations of unfunded pension plans. OBLIGATIONS OF UNFUNDED PENSION PLANS (Dollars in millions) December 31, 2022 2021 Sempra: Projected benefit obligation $ 153 $ 178 Accumulated benefit obligation 124 139 SDG&E: Projected benefit obligation $ 23 $ 26 Accumulated benefit obligation 20 22 SoCalGas: Projected benefit obligation $ 29 $ 35 Accumulated benefit obligation 25 29 Sempra, SDG&E and SoCalGas each have a funded PBOP plan. The following table shows the obligations of funded PBOP plans with accumulated postretirement benefit obligations in excess of plan assets. OBLIGATIONS OF FUNDED PBOP PLANS (Dollars in millions) December 31, 2021 Sempra: Accumulated postretirement benefit obligation $ 34 Fair value of plan assets 33 We also have unfunded PBOP plans at Sempra. The following table shows the obligations of unfunded PBOP plans. OBLIGATIONS OF UNFUNDED PBOP PLANS (Dollars in millions) December 31, 2022 2021 Sempra: Accumulated postretirement benefit obligation $ 10 $ 12 |
Schedule of Net Periodic Costs and Amounts Recognized in OCI | The following tables provide the components of net periodic benefit cost and pretax amounts recognized in OCI: NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI (Dollars in millions) Pension PBOP Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 Sempra: NET PERIODIC BENEFIT COST Service cost $ 146 $ 145 $ 129 $ 23 $ 23 $ 18 Interest cost 118 112 129 28 28 33 Expected return on assets (183) (173) (169) (64) (61) (55) Amortization of: Prior service cost (credit) 10 11 12 (2) (2) (2) Actuarial loss (gain) 25 45 35 (15) (9) (10) Settlement charges 28 38 22 — — — Net periodic benefit cost (credit) 144 178 158 (30) (21) (16) Regulatory adjustment 84 57 91 30 21 16 Total expense recognized 228 235 249 — — — CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI (1) Net loss (gain) 12 (5) 28 (4) (4) 1 Amortization of actuarial loss (8) (8) (14) 1 — — Amortization of prior service cost (4) (4) (4) — — — Settlements — (7) (22) — — — Total recognized in OCI — (24) (12) (3) (4) 1 Total recognized in net periodic benefit cost and OCI $ 228 $ 211 $ 237 $ (3) $ (4) $ 1 (1) Includes discontinued operations in 2020. NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI (Dollars in millions) Pension PBOP Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 SDG&E: NET PERIODIC BENEFIT COST Service cost $ 37 $ 35 $ 31 $ 5 $ 5 $ 4 Interest cost 26 25 30 6 5 6 Expected return on assets (46) (50) (49) (10) (10) (10) Amortization of: Prior service cost 1 1 2 — — — Actuarial loss (gain) 1 2 3 (2) (2) (3) Settlement charges 14 6 — — — — Net periodic benefit cost (credit) 33 19 17 (1) (2) (3) Regulatory adjustment 20 34 38 1 2 3 Total expense recognized 53 53 55 $ — $ — $ — CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI Net (gain) loss (3) 1 6 Transfer of actuarial gain — — (7) Transfer of prior service credit — — (5) Amortization of actuarial loss (1) — (1) Amortization of prior service cost — (1) (1) Total recognized in OCI (4) — (8) Total recognized in net periodic benefit cost and OCI $ 49 $ 53 $ 47 NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI (Dollars in millions) Pension PBOP Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 SoCalGas: NET PERIODIC BENEFIT COST Service cost $ 96 $ 97 $ 86 $ 17 $ 17 $ 14 Interest cost 81 78 88 21 22 25 Expected return on assets (126) (113) (107) (53) (48) (43) Amortization of: Prior service cost (credit) 8 8 8 (2) (3) (2) Actuarial loss (gain) 18 36 26 (12) (7) (7) Settlement charges 14 25 — — — — Net periodic benefit cost (credit) 91 131 101 (29) (19) (13) Regulatory adjustment 64 23 53 29 19 13 Total expense recognized 155 154 154 $ — $ — $ — CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI Net (gain) loss (5) 2 6 Transfer of actuarial loss — — 5 Transfer of prior service cost — — 3 Amortization of actuarial loss (2) (1) (1) Amortization of prior service cost (1) (1) (1) Total recognized in OCI (8) — 12 Total recognized in net periodic benefit cost and OCI $ 147 $ 154 $ 166 |
Schedule of Assumptions Used | The significant assumptions affecting benefit obligation and net periodic benefit cost are as follows: WEIGHTED-AVERAGE ASSUMPTIONS USED TO DETERMINE BENEFIT OBLIGATION Pension PBOP December 31, December 31, 2022 2021 2022 2021 Sempra: Discount rate 5.63 % 3.04 % 5.65 % 3.04 % Interest crediting rate (1)(2) 3.99 1.94 3.99 1.94 Rate of compensation increase 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 SDG&E: Discount rate 5.60 % 2.99 % 5.65 % 3.05 % Interest crediting rate (1)(2) 3.99 1.94 3.99 1.94 Rate of compensation increase 3.50-10.00 3.50-10.00 3.50-10.00 3.50-10.00 SoCalGas: Discount rate 5.60 % 3.04 % 5.65 % 3.05 % Interest crediting rate (1)(2) 3.99 1.94 3.99 1.94 Rate of compensation increase 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 (1) Interest crediting rate for pension benefits applies only to funded cash balance plans. (2) Interest crediting rate for PBOP applies only to interest bearing health retirement accounts at SDG&E and SoCalGas. WEIGHTED-AVERAGE ASSUMPTIONS USED TO DETERMINE NET PERIODIC BENEFIT COST Pension PBOP Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 Sempra: Discount rate 3.04 % 2.78 % 3.49 % 3.04 % 2.88 % 3.54 % Expected return on plan assets 6.27 6.47 7.00 4.77 4.76 4.64 Interest crediting rate (1)(2) 1.94 1.62 2.28 1.94 1.62 2.28 Rate of compensation increase 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 SDG&E: Discount rate 2.99 % 2.73 % 3.44 % 3.05 % 2.85 % 3.55 % Expected return on plan assets 5.50 6.25 7.00 4.80 4.81 5.51 Interest crediting rate (1)(2) 1.94 1.62 2.28 1.94 1.62 2.28 Rate of compensation increase 3.50-10.00 2.70-10.00 2.70-10.00 3.50-10.00 2.70-10.00 2.70-10.00 SoCalGas: Discount rate 3.04 % 2.79 % 3.50 % 3.05 % 2.90 % 3.55 % Expected return on plan assets 6.75 6.75 7.00 4.71 4.70 4.41 Interest crediting rate (1)(2) 1.94 1.62 2.28 1.94 1.62 2.28 Rate of compensation increase 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 2.70-10.00 (1) Interest crediting rate for pension benefits applies only to funded cash balance plans. (2) Interest crediting rate for PBOP applies only to interest bearing health retirement accounts at SDG&E and SoCalGas. |
Schedule of Health Care Cost Trend Rates | Assumed health care cost trend rates have a significant effect on the amounts that Sempra, SDG&E and SoCalGas report for the health care plan costs. Following are the health care cost trend rates applicable to our PBOP plans: ASSUMED HEALTH CARE COST TREND RATES PBOP Pre-65 retirees Retirees aged 65 years and older Years ended December 31, Years ended December 31, 2022 2021 2020 2022 2021 2020 Health care cost trend rate assumed for next year 6.00 % 6.00 % 6.00 % 4.50 % 4.75 % 4.75 % Rate to which the cost trend rate is assumed to decline (the ultimate trend) 4.75 % 4.75 % 4.75 % 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend 2028 2025 2025 2022 2022 2022 |
Schedule of Target Asset Allocations | The target asset allocations for Sempra’s pension master trust are between return-seeking assets (i.e., generally, equity securities, high-yield fixed income securities and other instruments with a similar risk profile) and risk-mitigating assets (i.e., generally, government and corporate fixed income securities) as follows: TARGET ASSET ALLOCATIONS FOR SEMPRA’S PENSION MASTER TRUST (Dollars in millions) Sempra SDG&E SoCalGas Return-seeking assets 34 % 42 % 65 % Risk-mitigating assets 66 % 58 % 35 % TARGET ASSET ALLOCATIONS FOR PBOP PLANS (Dollars in millions) Sempra SDG&E and SoCalGas Assets held in pension master trust Assets held in pension master trust Assets held in Voluntary Employee Beneficiary Association trusts Return-seeking assets 74 % 38 % 30 % Risk-mitigating assets 26 % 62 % 70 % |
Schedule Of Defined Benefit Plans, Fair Value Of Plan Assets By Level In Fair Value Hierarchy | The fair values by asset category are as follows: FAIR VALUE MEASUREMENTS – INVESTMENT ASSETS OF PENSION PLANS (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Total SDG&E: Cash and cash equivalents $ 3 $ — 3 Equity securities: Domestic 79 1 80 International 40 — 40 Registered investment companies: Domestic 35 2 37 International 5 — 5 Fixed income securities: Domestic government and government agencies 224 3 227 International government bonds — 2 2 Domestic corporate bonds — 52 52 International corporate bonds — 8 8 Other (1) — (1) Total investment assets in the fair value hierarchy 385 68 453 Accounts receivable/payable, net (1) Investments measured at NAV: Common/collective trusts 210 Other 8 Total SDG&E investment assets 670 SoCalGas: Cash and cash equivalents 6 — 6 Equity securities: Domestic 311 2 313 International 158 — 158 Registered investment companies: Domestic 137 7 144 International 20 — 20 Fixed income securities: Domestic government and government agencies 261 17 278 International government bonds — 6 6 Domestic corporate bonds — 204 204 International corporate bonds — 30 30 Other (1) 1 — Total investment assets in the fair value hierarchy 892 267 1,159 Accounts receivable/payable, net (7) Investments measured at NAV: Common/collective trusts 355 Other 28 Total SoCalGas investment assets $ 1,535 FAIR VALUE MEASUREMENTS – INVESTMENT ASSETS OF PENSION PLANS (CONTINUED) (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Total Other Sempra: Cash and cash equivalents $ 1 $ — $ 1 Equity securities: Domestic 17 — 17 International 9 — 9 Registered investment companies: Domestic 7 — 7 International 2 — 2 Fixed income securities: Domestic government and government agencies 72 3 75 Domestic corporate bonds — 11 11 International corporate bonds — 1 1 Total investment assets in the fair value hierarchy 108 15 123 Investments measured at NAV: Common/collective trusts 60 Other 2 Total other Sempra investment assets 185 Total Sempra investment assets in the fair value hierarchy $ 1,385 $ 350 Total Sempra investment assets $ 2,390 FAIR VALUE MEASUREMENTS – INVESTMENT ASSETS OF PENSION PLANS (Dollars in millions) Fair value at December 31, 2021 Level 1 Level 2 Total SDG&E: Cash and cash equivalents $ 3 $ — $ 3 Equity securities: Domestic 154 1 155 International 70 — 70 Registered investment companies: Domestic 37 4 41 International 6 — 6 Fixed income securities: Domestic government and government agencies 251 4 255 International government bonds — 2 2 Domestic corporate bonds — 75 75 International corporate bonds — 12 12 Total investment assets in the fair value hierarchy 521 98 619 Accounts receivable/payable, net (4) Investments measured at NAV: Common/collective trusts 233 Other 11 Total SDG&E investment assets 859 SoCalGas: Cash and cash equivalents 14 — 14 Equity securities: Domestic 656 4 660 International 299 1 300 Registered investment companies: Domestic 158 17 175 International 26 — 26 Fixed income securities: Domestic government and government agencies 136 19 155 International government bonds — 8 8 Domestic corporate bonds — 321 321 International corporate bonds — 50 50 Total investment assets in the fair value hierarchy 1,289 420 1,709 Accounts receivable/payable, net (15) Investments measured at NAV: Common/collective trusts 356 Other 45 Total SoCalGas investment assets $ 2,095 FAIR VALUE MEASUREMENTS – INVESTMENT ASSETS OF PBOP PLANS (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Total SDG&E: Equity securities: Domestic $ 10 $ — $ 10 International 5 — 5 Registered investment companies: Domestic 65 — 65 International 7 — 7 Fixed income securities: Domestic government and government agencies 9 2 11 Domestic corporate bonds — 6 6 International corporate bonds — 1 1 Total investment assets in the fair value hierarchy 96 9 105 Investments measured at NAV – Common/collective trusts 42 Total SDG&E investment assets 147 SoCalGas: Cash and cash equivalents 1 — 1 Equity securities: Domestic 46 — 46 International 24 — 24 Registered investment companies: Domestic 80 72 152 International 3 — 3 Fixed income securities: Domestic government and government agencies 151 14 165 International government bonds 1 8 9 Domestic corporate bonds — 269 269 International corporate bonds — 37 37 Total investment assets in the fair value hierarchy 306 400 706 Accounts receivable/payable, net (4) Investments measured at NAV: Common/collective trusts 218 Other 3 Total SoCalGas investment assets 923 Other Sempra: Equity securities: Domestic 6 — 6 International 3 — 3 Registered investment companies – Domestic 2 — 2 Fixed income securities: Domestic government and government agencies 2 — 2 Domestic corporate bonds — 4 4 Total investment assets in the fair value hierarchy 13 4 17 Investments measured at NAV: Common/collective trusts 7 Other 2 Total other Sempra investment assets 26 Total Sempra investment assets in the fair value hierarchy $ 415 $ 413 Total Sempra investment assets $ 1,096 FAIR VALUE MEASUREMENTS – INVESTMENT ASSETS OF PBOP PLANS (Dollars in millions) Fair value at December 31, 2021 Level 1 Level 2 Total SDG&E: Equity securities: Domestic $ 16 $ — $ 16 International 7 — 7 Registered investment companies: Domestic 82 1 83 International 9 — 9 Fixed income securities: Domestic government and government agencies 24 1 25 Domestic corporate bonds — 8 8 International corporate bonds — 1 1 Total investment assets in the fair value hierarchy 138 11 149 Accounts receivable/payable, net (1) Investments measured at NAV – Common/collective trusts 49 Total SDG&E investment assets 197 SoCalGas: Cash and cash equivalents 2 — 2 Equity securities: Domestic 83 1 84 International 37 — 37 Registered investment companies: Domestic 74 73 147 International 3 — 3 Fixed income securities: Domestic government and government agencies 241 17 258 International government bonds 1 11 12 Domestic corporate bonds — 337 337 International corporate bonds — 49 49 Total investment assets in the fair value hierarchy 441 488 929 Accounts receivable/payable, net (1) Investments measured at NAV: Common/collective trusts 244 Other 6 Total SoCalGas investment assets 1,178 Other Sempra: Equity securities: Domestic 9 — 9 International 6 — 6 Registered investment companies – Domestic 2 — 2 Fixed income securities: Domestic government and government agencies 2 1 3 Domestic corporate bonds — 4 4 International corporate bonds — 1 1 Total investment assets in the fair value hierarchy 19 6 25 Investments measured at NAV: Common/collective trusts 7 Other 1 Total other Sempra investment assets 33 Total Sempra investment assets in the fair value hierarchy $ 598 $ 505 Total Sempra investment assets $ 1,408 |
Schedule Of Defined Benefit Plans, Estimated Future Employer Contributions In Next Fiscal Year | We expect to contribute the following amounts to our pension and PBOP plans in 2023: EXPECTED CONTRIBUTIONS (Dollars in millions) Sempra SDG&E SoCalGas Pension plans $ 233 $ 53 $ 153 PBOP plans 5 1 1 |
Schedule of Expected Benefit Payments | The following table shows the total benefits we expect to pay for the next 10 years to current employees and retirees from the plans or from company assets. EXPECTED BENEFIT PAYMENTS (Dollars in millions) Sempra SDG&E SoCalGas Pension PBOP Pension PBOP Pension PBOP 2023 $ 223 $ 46 $ 58 $ 10 $ 130 $ 33 2024 220 45 58 10 129 33 2025 216 45 59 10 131 32 2026 220 47 57 10 132 32 2027 220 44 56 10 129 32 2028-2032 1,062 220 285 47 654 161 |
Schedule Of Defined Benefit Plans Contributions | Employer contributions to the savings plans were as follows: EMPLOYER CONTRIBUTIONS TO SAVINGS PLANS (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra $ 64 $ 52 $ 47 SDG&E 19 18 16 SoCalGas 30 28 25 |
Schedule of Defined Benefit Plans Disclosures | FAIR VALUE MEASUREMENTS – INVESTMENT ASSETS OF PENSION PLANS (CONTINUED) (Dollars in millions) Fair value at December 31, 2021 Level 1 Level 2 Total Other Sempra: Cash and cash equivalents $ 1 $ — $ 1 Equity securities: Domestic 34 — 34 International 15 — 15 Registered investment companies: Domestic 9 — 9 International 1 — 1 Fixed income securities: Domestic government and government agencies 76 1 77 International government bonds — 1 1 Domestic corporate bonds — 17 17 International corporate bonds — 3 3 Other 1 — 1 Total investment assets in the fair value hierarchy 137 22 159 Accounts receivable/payable, net (1) Investments measured at NAV: Common/collective trusts 68 Other 2 Total other Sempra investment assets 228 Total Sempra investment assets in the fair value hierarchy $ 1,947 $ 540 Total Sempra investment assets $ 3,182 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule Of Share-based Compensation Expense | Total share-based compensation expense for all of Sempra’s share-based awards was comprised as follows: SHARE-BASED COMPENSATION EXPENSE (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra: Share-based compensation expense, before income taxes (1) $ 61 $ 58 $ 62 Income tax benefit (1) (17) (16) (17) $ 44 $ 42 $ 45 Capitalized share-based compensation cost $ 11 $ 9 $ 11 Excess income tax (benefit) deficiency $ (3) $ (9) $ (19) SDG&E: Share-based compensation expense, before income taxes $ 11 $ 10 $ 11 Income tax benefit (3) (3) (3) $ 8 $ 7 $ 8 Capitalized share-based compensation cost $ 6 $ 5 $ 7 Excess income tax (benefit) deficiency $ — $ (1) $ (3) SoCalGas: Share-based compensation expense, before income taxes $ 17 $ 14 $ 14 Income tax benefit (5) (4) (4) $ 12 $ 10 $ 10 Capitalized share-based compensation cost $ 5 $ 4 $ 4 Excess income tax (benefit) deficiency $ — $ (1) $ (3) (1) Includes activity of awards issued from the IEnova 2013 LTIP, which settled in cash upon vesting based on the price of IEnova’s common stock. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | To calculate this fair value, we used the Black-Scholes model with the following weighted-average assumptions: KEY ASSUMPTIONS FOR STOCK OPTIONS GRANTED Years ended December 31, 2022 2021 2020 Sempra: Stock price volatility 26.08 % 26.57 % 18.78 % Expected term 5.36 years 5.36 years 5.34 years Risk-free rate of return 1.40 % 0.41 % 1.68 % Annual dividend yield 3.33 % 3.38 % 2.60 % |
Schedule Of Non-qualified Stock Options | The following table shows a summary of nonqualified stock options at December 31, 2022 and activity for the year then ended: NONQUALIFIED STOCK OPTIONS Common shares under options Weighted- average exercise price Weighted- average remaining contractual term (in years) Aggregate intrinsic value (in millions) Sempra: Outstanding at January 1, 2022 537,344 $ 123.45 Granted 219,898 $ 131.99 Exercised (40,630) $ 106.76 Outstanding at December 31, 2022 716,612 $ 127.02 7.72 $ 20 Vested or expected to vest at December 31, 2022 716,612 $ 127.02 7.72 $ 20 Exercisable at December 31, 2022 307,563 $ 122.09 6.75 $ 10 |
Schedule Of Restricted Stock Awards And Units Valuation Assumptions | Below are key assumptions for RSUs granted in the last three years: KEY ASSUMPTIONS FOR RSUs GRANTED Years ended December 31, 2022 2021 2020 Sempra: Stock price volatility 32.82 % 33.39 % 16.35 % Risk-free rate of return 1.05 % 0.16 % 1.55 % |
Schedule Of Restricted Stock Units | The following table shows a summary of RSUs at December 31, 2022 and activity for the year then ended: RESTRICTED STOCK UNITS Performance-based restricted stock units Service-based restricted stock units Units Weighted- average grant-date fair value Units Weighted- average grant-date fair value Sempra: Nonvested at January 1, 2022 870,777 $ 131.64 277,300 $ 127.54 Granted 341,139 $ 146.94 153,243 $ 132.64 Vested (317,956) $ 113.66 (139,020) $ 126.41 Forfeited (54,165) $ 134.65 (15,886) $ 139.01 Nonvested at December 31, 2022 (1) 839,795 $ 144.39 275,637 $ 130.86 Expected to vest at December 31, 2022 823,418 $ 144.46 267,778 $ 130.90 (1) Each RSU represents the right to receive one share of our common stock if applicable performance conditions are satisfied. For all performance-based RSUs, up to an additional 100% of the shares represented by the RSUs may be issued if Sempra exceeds target performance conditions. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) December 31, Commodity Unit of measure 2022 2021 Sempra: Natural gas MMBtu 254 184 Electricity MWh 1 1 Congestion revenue rights MWh 42 45 SDG&E: Natural gas MMBtu 15 7 Electricity MWh — 1 Congestion revenue rights MWh 42 45 SoCalGas: Natural gas MMBtu 224 201 |
Notional Amounts Of Interest Rate Derivatives Table | The following table presents the net notional amounts of our interest rate derivatives, excluding those in our equity method investments and the contingent interest rate swap. INTEREST RATE DERIVATIVES (Dollars in millions) December 31, 2022 December 31, 2021 Notional debt Maturities Notional debt Maturities Sempra: Cash flow hedges $ 294 2023-2034 $ 462 2022-2034 The following table presents the net notional amounts of our foreign currency derivatives, excluding those in our equity method investments. FOREIGN CURRENCY DERIVATIVES (Dollars in millions) December 31, 2022 December 31, 2021 Notional amount Maturities Notional amount Maturities Sempra: Cross-currency swaps $ 306 2023 $ 306 2022-2023 Other foreign currency derivatives 111 2023-2024 106 2022-2023 |
Derivative Instruments on the Consolidated Balance Sheet Table | DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED BALANCE SHEETS (Dollars in millions) December 31, 2022 Current assets: Fixed-price contracts and other derivatives (1) Other long-term assets Other current liabilities Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate instruments $ 10 $ 33 $ — $ — Foreign exchange instruments — — (7) (1) Interest rate and foreign exchange instruments — — (105) — Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 480 133 (399) (132) Associated offsetting commodity contracts (301) (39) 301 39 Commodity contracts subject to rate recovery 138 27 (97) (2) Associated offsetting commodity contracts (27) (2) 27 2 Interest rate instrument 33 — — — Net amounts presented on the balance sheet 333 152 (280) (94) Additional cash collateral for commodity contracts not subject to rate recovery 451 — — — Additional cash collateral for commodity contracts subject to rate recovery 18 — — — Total (2) $ 802 $ 152 $ (280) $ (94) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 107 $ 27 $ (13) $ (2) Associated offsetting commodity contracts (12) (2) 12 2 Net amounts presented on the balance sheet 95 25 (1) — Additional cash collateral for commodity contracts subject to rate recovery 17 — — — Total (2) $ 112 $ 25 $ (1) $ — SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 31 $ — $ (84) $ — Associated offsetting commodity contracts (15) — 15 — Net amounts presented on the balance sheet 16 — (69) — Additional cash collateral for commodity contracts subject to rate recovery 1 — — — Total $ 17 $ — $ (69) $ — (1) Included in Current Assets: Other for SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded. DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED BALANCE SHEETS (Dollars in millions) December 31, 2021 Current assets: Fixed-price contracts and other derivatives (1) Other long-term assets Other current Deferred credits and other Sempra: Derivatives designated as hedging instruments: Interest rate instruments $ — $ 6 $ (6) $ (2) Foreign exchange instruments 1 1 (1) — Interest rate and foreign exchange instruments — — (1) (130) Derivatives not designated as hedging instruments: Commodity contracts not subject to rate recovery 136 11 (122) (10) Associated offsetting commodity contracts (93) (8) 93 8 Commodity contracts subject to rate recovery 38 52 (58) — Associated offsetting commodity contracts (8) — 8 — Net amounts presented on the balance sheet 74 62 (87) (134) Additional cash collateral for commodity contracts not subject to rate recovery 58 — — — Additional cash collateral for commodity contracts subject to rate recovery 46 — — — Total (2) $ 178 $ 62 $ (87) $ (134) SDG&E: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 34 $ 52 $ (20) $ — Associated offsetting commodity contracts (5) — 5 — Net amounts presented on the balance sheet 29 52 (15) — Additional cash collateral for commodity contracts subject to rate recovery 28 — — — Total (2) $ 57 $ 52 $ (15) $ — SoCalGas: Derivatives not designated as hedging instruments: Commodity contracts subject to rate recovery $ 4 $ — $ (38) $ — Associated offsetting commodity contracts (3) — 3 — Net amounts presented on the balance sheet 1 — (35) — Additional cash collateral for commodity contracts subject to rate recovery 18 — — — Total $ 19 $ — $ (35) $ — (1) Included in Current Assets: Other for SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded. |
Cash Flow Hedge Impact on the Consolidated Statements Of Operations Table | The following table includes the effects of derivative instruments designated as cash flow hedges on the Consolidated Statements of Operations and in OCI and AOCI. CASH FLOW HEDGE IMPACTS (Dollars in millions) Pretax gain (loss) Pretax (loss) gain reclassified Years ended December 31, Years ended December 31, 2022 2021 2020 Location 2022 2021 2020 Sempra: Interest rate instruments $ 40 $ 29 $ (34) Interest Expense $ (1) $ (11) $ (10) Interest rate instruments 205 71 (185) Equity Earnings (1) (29) (73) (46) Foreign exchange instruments (8) 11 (4) Revenues: Energy- Related Businesses 1 (1) 1 Other Income (Expense), Net (1) — — Foreign exchange instruments (5) 8 (3) Equity Earnings (1) — — — Interest rate and foreign exchange instruments 25 (4) (6) Interest Expense 2 (1) (1) Other Income (Expense), Net 12 (6) (11) Total $ 257 $ 115 $ (232) $ (16) $ (92) $ (67) SoCalGas: Interest rate instruments $ — $ — $ — Interest Expense $ (1) $ — $ — (1) Equity earnings at our foreign equity method investees are recognized after tax. |
Undesignated Derivative Impact on the Consolidated Statements of Operations | The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Operations. UNDESIGNATED DERIVATIVE IMPACTS (Dollars in millions) Pretax (loss) gain on derivatives recognized in earnings Years ended December 31, Location 2022 2021 2020 Sempra: Commodity contracts not subject to rate recovery Revenues: Energy-Related Businesses $ (1,116) $ (203) $ 17 Commodity contracts subject to rate recovery Cost of Natural Gas (56) (25) (7) Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power 202 31 88 Interest rate instrument Interest Expense 33 — — Foreign exchange instruments Other Income (Expense), Net — (22) (56) Total $ (937) $ (219) $ 42 SDG&E: Commodity contracts subject to rate recovery Cost of Electric Fuel and Purchased Power $ 202 $ 31 $ 88 SoCalGas: Commodity contracts subject to rate recovery Cost of Natural Gas $ (56) $ (25) $ (7) |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Recurring Fair Value Measures Table | RECURRING FAIR VALUE MEASURES – SEMPRA (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 10 $ 1 $ — $ 11 Equity securities 293 4 — 297 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 27 13 — 40 Municipal bonds — 270 — 270 Other securities — 227 — 227 Total debt securities 27 510 — 537 Total nuclear decommissioning trusts (1) 330 515 — 845 Short-term investments held in Rabbi Trust 55 — — 55 Interest rate instruments — 76 — 76 Commodity contracts not subject to rate recovery — 273 — 273 Effect of netting and allocation of collateral (2) 451 — — 451 Commodity contracts subject to rate recovery 82 19 35 136 Effect of netting and allocation of collateral (2) 12 — 6 18 Support Agreement, net of related guarantee fees — — 17 17 Total $ 930 $ 883 $ 58 $ 1,871 Liabilities: Foreign exchange instruments $ — $ 8 $ — $ 8 Interest rate and foreign exchange instruments — 105 — 105 Commodity contracts not subject to rate recovery — 191 — 191 Commodity contracts subject to rate recovery — 70 — 70 Total $ — $ 374 $ — $ 374 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES – SEMPRA (CONTINUED) (Dollars in millions) Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 13 $ (10) $ — $ 3 Equity securities 358 6 — 364 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 48 8 — 56 Municipal bonds — 321 — 321 Other securities — 260 — 260 Total debt securities 48 589 — 637 Total nuclear decommissioning trusts (1) 419 585 — 1,004 Short-term investments held in Rabbi Trust 81 — — 81 Interest rate instruments — 6 — 6 Foreign exchange instruments — 2 — 2 Commodity contracts not subject to rate recovery — 46 — 46 Effect of netting and allocation of collateral (2) 58 — — 58 Commodity contracts subject to rate recovery 12 1 69 82 Effect of netting and allocation of collateral (2) 31 9 6 46 Support Agreement, net of related guarantee fees — — 7 7 Total $ 601 $ 649 $ 82 $ 1,332 Liabilities: Interest rate instruments $ — $ 8 $ — $ 8 Foreign exchange instruments — 1 — 1 Interest rate and foreign exchange instruments — 131 — 131 Commodity contracts not subject to rate recovery — 31 — 31 Commodity contracts subject to rate recovery — 35 15 50 Total $ — $ 206 $ 15 $ 221 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES – SDG&E (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 10 $ 1 $ — $ 11 Equity securities 293 4 — 297 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 27 13 — 40 Municipal bonds — 270 — 270 Other securities — 227 — 227 Total debt securities 27 510 — 537 Total nuclear decommissioning trusts (1) 330 515 — 845 Commodity contracts subject to rate recovery 82 3 35 120 Effect of netting and allocation of collateral (2) 11 — 6 17 Total $ 423 $ 518 $ 41 $ 982 Liabilities: Commodity contracts subject to rate recovery $ — $ 1 $ — $ 1 Total $ — $ 1 $ — $ 1 Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Nuclear decommissioning trusts: Short-term investments, primarily cash equivalents $ 13 $ (10) $ — $ 3 Equity securities 358 6 — 364 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies 48 8 — 56 Municipal bonds — 321 — 321 Other securities — 260 — 260 Total debt securities 48 589 — 637 Total nuclear decommissioning trusts (1) 419 585 — 1,004 Commodity contracts subject to rate recovery 12 — 69 81 Effect of netting and allocation of collateral (2) 22 — 6 28 Total $ 453 $ 585 $ 75 $ 1,113 Liabilities: Commodity contracts subject to rate recovery $ — $ — $ 15 $ 15 Total $ — $ — $ 15 $ 15 (1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. RECURRING FAIR VALUE MEASURES – SOCALGAS (Dollars in millions) Fair value at December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ — $ 16 $ — $ 16 Effect of netting and allocation of collateral (1) 1 — — 1 Total $ 1 $ 16 $ — $ 17 Liabilities: Commodity contracts subject to rate recovery $ — $ 69 $ — $ 69 Total $ — $ 69 $ — $ 69 Fair value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Commodity contracts subject to rate recovery $ — $ 1 $ — $ 1 Effect of netting and allocation of collateral (1) 9 9 — 18 Total $ 9 $ 10 $ — $ 19 Liabilities: Commodity contracts subject to rate recovery $ — $ 35 $ — $ 35 Total $ — $ 35 $ — $ 35 (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) 2022 2021 2020 Balance at January 1 $ 54 $ 69 $ 28 Realized and unrealized (losses) gains (56) (50) 19 Allocated transmission instruments (4) 3 6 Settlements 41 32 16 Balance at December 31 $ 35 $ 54 $ 69 Change in unrealized (losses) gains relating to instruments still held at December 31 $ (10) $ (16) $ 34 (1) Excludes the effect of the contractual ability to settle contracts under master netting agreements. The table below sets forth reconciliations of changes in the fair value of Sempra’s Support Agreement for the benefit of CFIN classified as Level 3 in the fair value hierarchy for Sempra. LEVEL 3 RECONCILIATIONS (Dollars in millions) 2022 2021 2020 Balance at January 1 $ 7 $ 3 $ — Realized and unrealized gains (1) 19 11 6 Settlements (9) (7) (3) Balance at December 31 (2) $ 17 $ 7 $ 3 Change in unrealized gains relating to instruments still held at December 31 $ 18 $ 11 $ 3 (1) Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Consolidated Statements of Operations. (2) Balance at December 31, 2022 includes $7 in Other Current Assets and $10 in Other Long-Term Assets. Balances at December 31, 2021 and 2020 include $7 in Other Current Assets, offset by a negligible amount and $4, respectively, in Deferred Credits and Other on Sempra’s Consolidated Balance Sheets. |
Schedule of Auction Price 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 2023 $ (3.09) to $ 10.71 $ (0.56) 2022 (3.67) to 6.96 (0.70) 2021 (1.81) to 14.11 (0.12) LONG-TERM, FIXED-PRICE ELECTRICITY POSITIONS PRICE INPUTS Settlement year Price per MWh Weighted-average price per MWh 2022 $ 33.45 to $ 274.70 $ 85.64 2021 24.10 to 105.00 53.57 |
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 Consolidated Balance Sheets. FAIR VALUE OF FINANCIAL INSTRUMENTS (Dollars in millions) Carrying Fair value amount Level 1 Level 2 Level 3 Total December 31, 2022 Sempra: Long-term note receivable (1) $ 318 $ — $ — $ 286 $ 286 Long-term amounts due to unconsolidated affiliates 301 — 263 — 263 Total long-term debt (2) 24,513 — 21,549 — 21,549 SDG&E: Total long-term debt (3) $ 7,800 $ — $ 6,726 $ — $ 6,726 SoCalGas: Total long-term debt (4) $ 6,059 $ — $ 5,538 $ — $ 5,538 December 31, 2021 Sempra: Long-term note receivable (1) $ 300 $ — $ — $ 327 $ 327 Long-term amounts due from unconsolidated affiliates (5) 640 — 642 — 642 Long-term amounts due to unconsolidated affiliates 287 — 295 — 295 Total long-term debt (2) 20,099 — 22,126 — 22,126 SDG&E: Total long-term debt (3) $ 6,417 $ — $ 7,236 $ — $ 7,236 SoCalGas: Total long-term debt (4) $ 4,759 $ — $ 5,367 $ — $ 5,367 (1) Before allowances for credit losses of $7 and $8 at December 31, 2022 and 2021, respectively. Excludes unamortized transaction costs of $5 at both December 31, 2022 and 2021. (2) Before reductions of unamortized discount and debt issuance costs of $289 and $260 at December 31, 2022 and 2021, respectively, and excluding finance lease obligations of $1,343 and $1,335 at December 31, 2022 and 2021, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $70 and $61 at December 31, 2022 and 2021, respectively, and excluding finance lease obligations of $1,256 and $1,274 at December 31, 2022 and 2021, respectively. (4) Before reductions of unamortized discount and debt issuance costs of $48 and $36 at December 31, 2022 and 2021, respectively, and excluding finance lease obligations of $87 and $61 at December 31, 2022 and 2021, respectively. (5) Before allowances for credit losses of $1 at December 31, 2021. Includes $2 of accrued interest receivable at December 31, 2021 in Due From Unconsolidated Affiliate – Current. |
PREFERRED STOCK (Tables)
PREFERRED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule Of Preferred Stock | The table below presents preferred stock outstanding at SoCalGas: PREFERRED STOCK OUTSTANDING (Dollars in millions, except per share amounts) December 31, 2022 2021 $25 par value, authorized 1,000,000 shares: 6% Series, 79,011 shares outstanding $ 3 $ 3 6% Series A, 783,032 shares outstanding 19 19 SoCalGas - Total preferred stock 22 22 Less: 50,970 shares of the 6% Series outstanding owned by PE (2) (2) Sempra - Total preferred stock of subsidiary $ 20 $ 20 |
SEMPRA - SHAREHOLDERS' EQUITY_2
SEMPRA - SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share Computations | EARNINGS PER COMMON SHARE COMPUTATIONS (Dollars in millions, except per share amounts; shares in thousands) Years ended December 31, 2022 2021 2020 Sempra: Numerator for continuing operations: Income from continuing operations, net of income tax $ 2,285 $ 1,463 $ 2,255 Earnings attributable to noncontrolling interests (146) (145) (162) Preferred dividends (44) (63) (168) Preferred dividends of subsidiary (1) (1) (1) Earnings from continuing operations attributable to common shares $ 2,094 $ 1,254 $ 1,924 Numerator for discontinued operations: Income from discontinued operations, net of income tax $ — $ — $ 1,850 Earnings attributable to noncontrolling interests — — (10) Earnings from discontinued operations attributable to common shares $ — $ — $ 1,840 Numerator for earnings: Earnings attributable to common shares $ 2,094 $ 1,254 $ 3,764 Denominator: Weighted-average common shares outstanding for basic EPS (1) 315,159 311,755 291,077 Dilutive effect of stock options and RSUs (2) 1,219 752 1,175 Dilutive effect of mandatory convertible preferred stock — 529 — Weighted-average common shares outstanding for diluted EPS 316,378 313,036 292,252 Basic EPS: Earnings from continuing operations $ 6.65 $ 4.03 $ 6.61 Earnings from discontinued operations $ — $ — $ 6.32 Earnings $ 6.65 $ 4.03 $ 12.93 Diluted EPS: Earnings from continuing operations $ 6.62 $ 4.01 $ 6.58 Earnings from discontinued operations $ — $ — $ 6.30 Earnings $ 6.62 $ 4.01 $ 12.88 (1) Includes fully vested RSUs held in our Deferred Compensation Plan of 403 in 2022, 453 in 2021 and 537 in 2020. 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) |
Schedule Of Common Stock Activity | The following table provides common stock activity for the last three years. COMMON STOCK ACTIVITY 2022 2021 2020 Sempra: Common shares outstanding, January 1 316,919,782 288,470,244 291,712,925 Conversion of mandatory convertible preferred stock — 18,037,745 — Shares issued in IEnova exchange offer — 12,306,777 — RSUs vesting (1) 457,222 686,916 896,839 Stock options exercised 40,630 50,671 4,400 Savings plan issuance — — 201,431 Common stock investment plan (2) — — 42,955 Issuance of RSUs held in our Deferred Compensation Plan 65,013 102,238 103,552 Shares repurchased (3) (3,147,969) (2,734,809) (4,491,858) Common shares outstanding, December 31 314,334,678 316,919,782 288,470,244 (1) Includes dividend equivalents. (2) Participants in the Direct Stock Purchase Plan may reinvest dividends to purchase newly issued shares. (3) Includes shares repurchased under the repurchase programs that we discuss above. Generally, we purchase shares of our common stock or units from LTIP participants who elect to sell to us a sufficient number of vested RSUs to meet minimum statutory tax withholding requirements. |
SAN ONOFRE NUCLEAR GENERATING_2
SAN ONOFRE NUCLEAR GENERATING STATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulated Operations [Abstract] | |
Schedule of Nuclear Decommissioning Trusts | The following table shows the fair values and gross unrealized gains and losses for the securities held in the NDT on the Sempra and SDG&E Consolidated Balance Sheets. We provide additional fair value disclosures for the NDT in Note 12. NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Cost Gross Gross Estimated December 31, 2022 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies (1) $ 40 $ 1 $ (1) $ 40 Municipal bonds (2) 283 1 (14) 270 Other securities (3) 248 — (21) 227 Total debt securities 571 2 (36) 537 Equity securities 111 194 (8) 297 Short-term investments, primarily cash equivalents 11 — — 11 Receivables (payables), net (4) — — (4) Total $ 689 $ 196 $ (44) $ 841 December 31, 2021 Debt securities: Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies $ 56 $ — $ — $ 56 Municipal bonds 309 13 (1) 321 Other securities 255 7 (2) 260 Total debt securities 620 20 (3) 637 Equity securities 104 262 (2) 364 Short-term investments, primarily cash equivalents 3 — — 3 Receivables (payables), net 8 — — 8 Total $ 735 $ 282 $ (5) $ 1,012 (1) Maturity dates are 2023-2053. (2) Maturity dates are 2023-2056. (3) Maturity dates are 2023-2072. |
Schedule of Securities Sold | The following table shows the proceeds from sales of securities in the NDT and gross realized gains and losses on those sales. SALES OF SECURITIES IN THE NUCLEAR DECOMMISSIONING TRUSTS (Dollars in millions) Years ended December 31, 2022 2021 2020 Proceeds from sales $ 639 $ 961 $ 1,439 Gross realized gains 18 67 156 Gross realized losses (20) (5) (17) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Leases Statement of Financial Position | Classification of ROU assets and lease liabilities and the weighted-average remaining lease term and discount rate associated with operating and finance leases are summarized in the table below. LESSEE INFORMATION ON THE CONSOLIDATED BALANCE SHEETS (Dollars in millions) Sempra SDG&E SoCalGas December 31, 2022 2021 2022 2021 2022 2021 ROU assets: Operating leases: ROU assets $ 655 $ 594 $ 281 $ 185 $ 42 $ 57 Finance leases: PP&E 1,529 1,473 1,395 1,381 133 92 Accumulated depreciation (186) (138) (140) (107) (46) (31) PP&E, net 1,343 1,335 1,255 1,274 87 61 Total ROU assets $ 1,998 $ 1,929 $ 1,536 $ 1,459 $ 129 $ 118 Lease liabilities: Operating leases: Other current liabilities $ 53 $ 49 $ 32 $ 26 $ 11 $ 15 Deferred credits and other 528 470 249 159 29 41 581 519 281 185 40 56 Finance leases: Current portion of long-term debt and finance leases 57 43 39 32 18 11 Long-term debt and finance leases 1,286 1,292 1,217 1,242 69 50 1,343 1,335 1,256 1,274 87 61 Total lease liabilities $ 1,924 $ 1,854 $ 1,537 $ 1,459 $ 127 $ 117 Weighted-average remaining lease term (in years): Operating leases 14 14 11 11 4 4 Finance leases 16 17 17 17 6 7 Weighted-average discount rate: Operating leases 6.21 % 5.45 % 4.06 % 3.22 % 1.80 % 1.98 % Finance leases 14.04 % 14.25 % 14.35 % 14.48 % 4.14 % 2.91 % |
Lease, Cost | The components of lease costs were as follows: LESSEE INFORMATION ON THE CONSOLIDATED STATEMENTS OF OPERATIONS (1) (Dollars in millions) Sempra SDG&E SoCalGas Years ended December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 Operating lease costs $ 83 $ 89 $ 92 $ 45 $ 32 $ 31 $ 18 $ 20 $ 24 Finance lease costs: Amortization of ROU assets (2) 48 39 35 33 27 23 15 12 12 Interest on lease liabilities 184 186 188 181 184 186 2 2 2 Total finance lease costs 232 225 223 214 211 209 17 14 14 Short-term lease costs (3) 3 7 7 2 1 3 — — — Variable lease costs (3) 411 432 477 399 422 467 11 10 10 Total lease costs $ 729 $ 753 $ 799 $ 660 $ 666 $ 710 $ 46 $ 44 $ 48 (1) Includes costs capitalized in PP&E. (2) Included in O&M, except for $25 at Sempra, $24 at SDG&E and $1 at SoCalGas in 2022, $22 at Sempra, $21 at SDG&E and $1 at SoCalGas in 2021, and $18 at Sempra and SDG&E in 2020, which is included in Depreciation and Amortization Expense. (3) Short-term leases with variable lease costs are recorded and presented as variable lease costs. |
Schedule of Cash Flow, Supplemental Disclosures | Cash paid for amounts included in the measurement of lease liabilities and supplemental noncash information were as follows: LESSEE INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Dollars in millions) Sempra SDG&E SoCalGas Years ended December 31, 2022 2021 2020 2022 2021 2020 2022 2021 2020 Operating activities: Cash paid for operating leases $ 88 $ 78 $ 79 $ 45 $ 32 $ 31 $ 18 $ 20 $ 24 Cash paid for finance leases 169 171 173 166 169 171 2 2 2 Financing activities: Cash paid for finance leases 48 39 35 33 27 23 15 12 12 Increase (decrease) in operating lease obligations for ROU assets 142 116 20 134 112 (1) 1 1 1 Increase in finance lease obligations for investment in PP&E 57 43 77 16 24 30 41 19 47 |
Lessee, Operating Lease, Liability, Maturity | The table below presents the maturity analysis of our lease liabilities and reconciliation to the present value of lease liabilities: LESSEE MATURITY ANALYSIS OF LIABILITIES (Dollars in millions) December 31, 2022 Sempra SDG&E SoCalGas Operating leases (1) Finance leases (2) Operating leases (1) Finance leases (2) Operating leases Finance leases 2023 $ 74 $ 222 $ 34 $ 201 $ 13 $ 21 2024 80 212 40 195 11 17 2025 70 206 33 190 10 16 2026 67 204 32 190 8 14 2027 55 202 30 189 — 13 Thereafter 558 2,111 177 2,094 — 17 Total undiscounted lease payments 904 3,157 346 3,059 42 98 Less: imputed interest (323) (1,814) (65) (1,803) (2) (11) Total lease liabilities 581 1,343 281 1,256 40 87 Less: current lease liabilities (53) (57) (32) (39) (11) (18) Long-term lease liabilities $ 528 $ 1,286 $ 249 $ 1,217 $ 29 $ 69 (1) Includes $12 in each of 2023 through 2027 and $94 thereafter related to purchased-power contracts. (2) Substantially all amounts are related to purchased-power contracts. |
Finance Lease, Liability, Maturity | The table below presents the maturity analysis of our lease liabilities and reconciliation to the present value of lease liabilities: LESSEE MATURITY ANALYSIS OF LIABILITIES (Dollars in millions) December 31, 2022 Sempra SDG&E SoCalGas Operating leases (1) Finance leases (2) Operating leases (1) Finance leases (2) Operating leases Finance leases 2023 $ 74 $ 222 $ 34 $ 201 $ 13 $ 21 2024 80 212 40 195 11 17 2025 70 206 33 190 10 16 2026 67 204 32 190 8 14 2027 55 202 30 189 — 13 Thereafter 558 2,111 177 2,094 — 17 Total undiscounted lease payments 904 3,157 346 3,059 42 98 Less: imputed interest (323) (1,814) (65) (1,803) (2) (11) Total lease liabilities 581 1,343 281 1,256 40 87 Less: current lease liabilities (53) (57) (32) (39) (11) (18) Long-term lease liabilities $ 528 $ 1,286 $ 249 $ 1,217 $ 29 $ 69 (1) Includes $12 in each of 2023 through 2027 and $94 thereafter related to purchased-power contracts. (2) Substantially all amounts are related to purchased-power contracts. |
Lessor, Operating Lease, Payments to be Received, Maturity | LESSOR INFORMATION – SEMPRA (Dollars in millions) December 31, 2022 2021 Assets subject to operating leases: Property, plant and equipment: Pipelines and storage $ 1,026 $ 1,018 Refined products terminals 611 405 Other 76 76 Total 1,713 1,499 Accumulated depreciation (330) (276) Property, plant and equipment, net $ 1,383 $ 1,223 December 31, 2022 Maturity analysis of lease payments: Operating leases Sales-type leases 2023 $ 300 $ 16 2024 300 17 2025 300 17 2026 300 9 2027 300 — Thereafter 3,091 — Total undiscounted cash flows $ 4,591 59 Present value of lease payments (recognized as lease receivable) (1) 50 Difference between undiscounted cash flows and discounted cash flows $ 9 (1) Includes $10 in Other Current Assets and $40 in Other Long-Term Assets on the Consolidated Balance Sheet. |
Operating Lease, Lease Income | LESSOR INFORMATION ON THE CONSOLIDATED STATEMENTS OF OPERATIONS – SEMPRA (Dollars in millions) Years ended December 31, 2022 2021 2020 Sales-type leases: Income recognized at lease commencement $ — $ 18 $ 1 Interest income 8 4 1 Total revenues from sales-type leases (1) $ 8 $ 22 $ 2 Operating leases: Fixed lease payments $ 290 $ 256 $ 195 Variable lease payments 10 10 1 Total revenues from operating leases (1) $ 300 $ 266 $ 196 Depreciation expense $ 54 $ 48 $ 39 (1) Included in Revenues: Energy-Related Businesses on the Consolidated Statements of Operations. |
Schedule Of Estimated Future Payments Under Natural Gas Contracts | At December 31, 2022, the future minimum payments under existing natural gas contracts and natural gas storage and transportation contracts are as follows: FUTURE MINIMUM PAYMENTS (Dollars in millions) Sempra SoCalGas Storage and Natural gas (1) Total (1) Transportation Natural gas Total 2023 $ 202 $ 139 $ 341 $ 132 $ 4 $ 136 2024 184 49 233 114 22 136 2025 144 31 175 77 21 98 2026 141 — 141 75 — 75 2027 138 — 138 72 — 72 Thereafter 795 — 795 240 — 240 Total minimum payments $ 1,604 $ 219 $ 1,823 $ 710 $ 47 $ 757 (1) Excludes amounts related to the LNG purchase agreement that we discuss below. |
Schedule Of Payments Under Natural Gas Contracts | Total payments under natural gas contracts and natural gas storage and transportation contracts as well as payments to meet additional portfolio needs at Sempra and SoCalGas were as follows: PAYMENTS UNDER NATURAL GAS CONTRACTS (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra $ 2,536 $ 1,691 $ 989 SoCalGas 2,492 1,590 935 |
Schedule Of L N G Commitment Amounts | At December 31, 2022, the following LNG commitment amounts are based on the assumption that all LNG cargoes, less those already confirmed to be diverted as of February 21, 2023, under the agreement are delivered: LNG COMMITMENT AMOUNTS (Dollars in millions) Sempra: 2023 $ 1,068 2024 797 2025 802 2026 796 2027 787 Thereafter 1,307 Total $ 5,557 |
Schedule Of Estimated Future Payments Under Purchased Power Contracts | At December 31, 2022, the future minimum payments under long-term purchased-power contracts for Sempra and SDG&E are as follows: FUTURE MINIMUM PAYMENTS – PURCHASED-POWER CONTRACTS (1) (Dollars in millions) 2023 $ 175 2024 150 2025 95 2026 91 2027 73 Thereafter 578 Total minimum payments $ 1,162 (1) Excludes purchase agreements accounted for as operating leases and finance leases. |
Schedule Of Environmental Remediation Costs Capitalized In Period | The following table shows our capital expenditures (including construction work in progress) in order to comply with environmental laws and regulations: CAPITAL EXPENDITURES FOR ENVIRONMENTAL ISSUES (Dollars in millions) Years ended December 31, 2022 2021 2020 Sempra $ 87 $ 95 $ 76 SDG&E 31 32 39 SoCalGas 56 63 37 |
Schedule Of Environmental Remediation Costs, Status Of Remediation Sites | The table below shows the status at December 31, 2022 of SDG&E’s and SoCalGas’ manufactured-gas sites and the third-party waste-disposal sites for which we have been identified as a PRP: STATUS OF ENVIRONMENTAL SITES # Sites complete (1) # Sites SDG&E: Manufactured-gas sites 3 — Third-party waste-disposal sites 2 1 SoCalGas: Manufactured-gas sites 39 3 Third-party waste-disposal sites 5 2 (1) There may be ongoing compliance obligations for completed sites, such as regular inspections, adherence to land use covenants and water quality monitoring. |
Schedule of Environmental Loss Contingencies by Site | The following table shows our accrued liabilities for environmental matters at December 31, 2022. Of the total liability, $14 million at SoCalGas is recorded on a discounted basis, with a weighted-average discount rate of 0.4%. ACCRUED LIABILITIES FOR ENVIRONMENTAL MATTERS (Dollars in millions) Manufactured- Waste disposal sites (PRP) (1) Other Total (2) SDG&E (3) $ — $ 5 $ 11 $ 16 SoCalGas (4) 38 3 1 42 Other — 1 — 1 Total Sempra (3)(4) $ 38 $ 9 $ 12 $ 59 (1) Sites for which we have been identified as a PRP. (2) Includes $5, $1 and $4 classified as current liabilities and $54, $15 and $38 classified as noncurrent liabilities (3) Does not include SDG&E’s liability for SONGS marine environment mitigation. (4) Does not include SoCalGas’ liability for environmental matters for the Leak. We discuss matters related to the Leak above in “Legal Proceedings – SoCalGas – Aliso Canyon Natural Gas Storage Facility Gas Leak.” |
Sales-type Lease, Lease Income | LESSOR INFORMATION ON THE CONSOLIDATED STATEMENTS OF OPERATIONS – SEMPRA (Dollars in millions) Years ended December 31, 2022 2021 2020 Sales-type leases: Income recognized at lease commencement $ — $ 18 $ 1 Interest income 8 4 1 Total revenues from sales-type leases (1) $ 8 $ 22 $ 2 Operating leases: Fixed lease payments $ 290 $ 256 $ 195 Variable lease payments 10 10 1 Total revenues from operating leases (1) $ 300 $ 266 $ 196 Depreciation expense $ 54 $ 48 $ 39 (1) Included in Revenues: Energy-Related Businesses on the Consolidated Statements of Operations. |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | LESSOR INFORMATION – SEMPRA (Dollars in millions) December 31, 2022 2021 Assets subject to operating leases: Property, plant and equipment: Pipelines and storage $ 1,026 $ 1,018 Refined products terminals 611 405 Other 76 76 Total 1,713 1,499 Accumulated depreciation (330) (276) Property, plant and equipment, net $ 1,383 $ 1,223 December 31, 2022 Maturity analysis of lease payments: Operating leases Sales-type leases 2023 $ 300 $ 16 2024 300 17 2025 300 17 2026 300 9 2027 300 — Thereafter 3,091 — Total undiscounted cash flows $ 4,591 59 Present value of lease payments (recognized as lease receivable) (1) 50 Difference between undiscounted cash flows and discounted cash flows $ 9 (1) Includes $10 in Other Current Assets and $40 in Other Long-Term Assets on the Consolidated Balance Sheet. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables show selected information by segment from our Consolidated Statements of Operations and Consolidated Balance Sheets. We provide information about our equity method investments by segment in Note 6. 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) Years ended December 31, 2022 2021 2020 REVENUES SDG&E $ 5,838 $ 5,504 $ 5,313 SoCalGas 6,840 5,515 4,748 Sempra Infrastructure 1,919 1,997 1,400 All other 1 5 2 Adjustments and eliminations (1) (1) (3) Intersegment revenues (1) (158) (163) (90) Total $ 14,439 $ 12,857 $ 11,370 DEPRECIATION AND AMORTIZATION SDG&E $ 982 $ 889 $ 801 SoCalGas 761 716 654 Sempra Infrastructure 268 239 198 All other 8 11 13 Total $ 2,019 $ 1,855 $ 1,666 INTEREST INCOME SDG&E $ 5 $ 1 $ 2 SoCalGas 6 1 2 Sempra Infrastructure 44 75 141 All other 20 3 7 Intercompany eliminations — (11) (56) Total $ 75 $ 69 $ 96 INTEREST EXPENSE SDG&E $ 449 $ 412 $ 413 SoCalGas 198 157 158 Sempra Infrastructure 104 205 174 All other 306 444 390 Intercompany eliminations (3) (20) (54) Total $ 1,054 $ 1,198 $ 1,081 INCOME TAX EXPENSE (BENEFIT) SDG&E $ 182 $ 201 $ 190 SoCalGas 138 (310) 96 Sempra Texas Utilities — — 1 Sempra Infrastructure 249 238 149 All other (13) (30) (187) Total $ 556 $ 99 $ 249 EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES SDG&E $ 915 $ 819 $ 824 SoCalGas 599 (427) 504 Sempra Texas Utilities 736 616 579 Sempra Infrastructure 310 682 580 Discontinued operations — — 1,840 All other (466) (436) (563) Total $ 2,094 $ 1,254 $ 3,764 SEGMENT INFORMATION (CONTINUED) (Dollars in millions) Years ended December 31, 2022 2021 2020 EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT SDG&E $ 2,473 $ 2,220 $ 1,942 SoCalGas 1,993 1,984 1,843 Sempra Infrastructure 884 802 879 All other 7 9 12 Total $ 5,357 $ 5,015 $ 4,676 GEOGRAPHIC INFORMATION Long-lived assets (2) : United States $ 55,035 $ 50,657 $ 46,902 Mexico 8,423 7,708 6,929 Asia 1 1 — Total $ 63,459 $ 58,366 $ 53,831 Revenues (3) : United States $ 13,015 $ 11,154 $ 10,205 Mexico 1,424 1,703 1,165 Total $ 14,439 $ 12,857 $ 11,370 December 31, 2022 2021 ASSETS SDG&E $ 26,422 $ 24,058 SoCalGas 22,346 20,324 Sempra Texas Utilities 13,781 13,047 Sempra Infrastructure 15,760 14,408 All other 1,376 1,399 Intersegment receivables (1,111) (1,191) Total $ 78,574 $ 72,045 (1) Revenues for reportable segments include intersegment revenues of $15, $100, and $43 for 2022; $10, $98, and $55 for 2021; and $5, $88, and $(3) for 2020 for SDG&E, SoCalGas, and Sempra Infrastructure, respectively. (2) Includes net PP&E and investments. (3) Amounts are based on where the revenue originated, after intercompany eliminations. |
SCHEDULE I - CONDENSED FINANC_2
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Statements of Operations | SEMPRA ENERGY CONDENSED STATEMENTS OF OPERATIONS (Dollars in millions, except per share amounts; shares in thousands) Years ended December 31, 2022 2021 2020 Interest income $ 35 $ 11 $ 4 Interest expense (326) (576) (495) Operating expenses (92) (92) (86) Other (expense) income, net (58) 20 (38) Income tax benefit 111 190 176 Loss before equity in earnings of subsidiaries (330) (447) (439) Equity in earnings of subsidiaries, net of income taxes 2,468 1,764 4,371 Net income 2,138 1,317 3,932 Preferred dividends (44) (63) (168) Earnings $ 2,094 $ 1,254 $ 3,764 Basic EPS: Earnings $ 6.65 $ 4.03 $ 12.93 Weighted-average common shares outstanding 315,159 311,755 291,077 Diluted EPS: Earnings $ 6.62 $ 4.01 $ 12.88 Weighted-average common shares outstanding 316,378 313,036 292,252 See Notes to Condensed Financial Information of Parent. |
Schedule Of Condensed Statements Of Comprehensive Income | SEMPRA ENERGY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Dollars in millions) Years ended December 31, 2022, 2021 and 2020 Pretax Income tax benefit (expense) Net-of-tax 2022: Net income $ 2,027 $ 111 $ 2,138 Other comprehensive income (loss): Foreign currency translation adjustments 11 — 11 Financial instruments 221 (55) 166 Pension and other postretirement benefits 3 (6) (3) Total other comprehensive income 235 (61) 174 Comprehensive income $ 2,262 $ 50 $ 2,312 2021: Net income $ 1,127 $ 190 $ 1,317 Other comprehensive income (loss): Foreign currency translation adjustments (6) — (6) Financial instruments 191 (47) 144 Pension and other postretirement benefits 28 (6) 22 Total other comprehensive income 213 (53) 160 Comprehensive income $ 1,340 $ 137 $ 1,477 2020: Net income $ 3,756 $ 176 $ 3,932 Other comprehensive income (loss): Foreign currency translation adjustments 547 — 547 Financial instruments (146) 33 (113) Pension and other postretirement benefits 11 1 12 Total other comprehensive income 412 34 446 Comprehensive income $ 4,168 $ 210 $ 4,378 See Notes to Condensed Financial Information of Parent. |
Schedule Of Condensed Balance Sheets | SEMPRA ENERGY CONDENSED BALANCE SHEETS (Dollars in millions) December 31, 2022 2021 Assets: Cash and cash equivalents $ 219 $ 186 Restricted cash 1 2 Due from affiliates 102 446 Income taxes receivable, net 104 — Other current assets 17 31 Total current assets 443 665 Investments in subsidiaries 35,209 33,308 Due from affiliates 20 21 Deferred income taxes 233 626 Other long-term assets 1,050 1,090 Total assets $ 36,955 $ 35,710 Liabilities and shareholders’ equity: Short-term debt $ 454 $ 1,240 Due to affiliates 226 185 Other current liabilities 566 535 Total current liabilities 1,246 1,960 Long-term debt 7,215 5,969 Due to affiliates 776 1,151 Other long-term liabilities 603 649 Commitments and contingencies (Note 4) Shareholders’ equity 27,115 25,981 Total liabilities and shareholders’ equity $ 36,955 $ 35,710 See Notes to Condensed Financial Information of Parent. |
Schedule of Condensed Statements of Cash Flows | SEMPRA ENERGY CONDENSED STATEMENTS OF CASH FLOWS (Dollars in millions) Years ended December 31, 2022 2021 2020 Net cash provided by (used in) operating activities $ 775 $ (255) $ (978) Expenditures for property, plant and equipment (7) (8) (9) Capital contributions to investees (661) (1,005) (364) Disbursement for note receivable — (305) — Distributions from investments — 1,552 3,616 Purchases of trust assets (114) — — Proceeds from sales of trust assets 123 — — (Increase) decrease in loans to affiliates, net (92) (20) 2 Other (3) — — Net cash (used in) provided by investing activities (754) 214 3,245 Common dividends paid (1,430) (1,331) (1,174) Preferred dividends paid (44) (99) (157) Issuances of preferred stock, net — — 891 Issuances of common stock, net 4 5 11 Repurchases of common stock (478) (339) (566) Issuances of debt (maturities greater than 90 days) 1,569 990 1,599 Payments on debt (maturities greater than 90 days) (322) (3,200) (3,700) (Decrease) increase in short-term debt (785) 1,240 — (Decrease) increase in loans from affiliates, net (226) 1,092 1,194 Purchases of noncontrolling interests — (217) — Proceeds from sale of noncontrolling interests 1,732 1,846 — Equity transaction costs with third parties — — (4) Make-whole premiums related to early redemptions of debt — (121) — Other (8) (2) (1) Net cash provided by (used in) financing activities 12 (136) (1,907) Effect of exchange rate changes on cash and cash equivalents (1) (1) — Increase (decrease) in cash and cash equivalents 32 (178) 360 Cash and cash equivalents, January 1 188 366 6 Cash, cash equivalents and restricted cash, December 31 $ 220 $ 188 $ 366 SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES Issuance of common stock in exchange for NCI and related AOCI $ — $ 1,373 $ — Common dividends declared but not paid 360 349 301 Conversion of mandatory convertible preferred stock — 2,258 — Preferred dividends declared but not paid 11 11 47 Equitization of amounts due from affiliates 93 4,351 — |
Schedule Of Long-term Debt | The following tables show the detail and maturities of long-term debt outstanding. LONG-TERM DEBT AND FINANCE LEASES (Dollars in millions) December 31, 2022 2021 SDG&E: First mortgage bonds (collateralized by plant assets): 1.914% payable 2015 through February 2022 $ — $ 17 3.6% September 1, 2023 450 450 2.5% May 15, 2026 500 500 6% June 1, 2026 250 250 1.7% October 1, 2030 800 800 3% March 15, 2032 500 — 5.35% May 15, 2035 250 250 6.125% September 15, 2037 250 250 6% June 1, 2039 300 300 5.35% May 15, 2040 250 250 4.5% August 15, 2040 500 500 3.95% November 15, 2041 250 250 4.3% April 1, 2042 250 250 3.75% June 1, 2047 400 400 4.15% May 15, 2048 400 400 4.1% June 15, 2049 400 400 3.32% April 15, 2050 400 400 2.95% August 15, 2051 750 750 3.7% March 15, 2052 500 — 7,400 6,417 Other long-term debt (uncollateralized): Notes at variable rates (5.17% at December 31, 2022) February 18, 2024 (1) 400 — Finance lease obligations: Purchased-power contracts 1,194 1,217 Other 62 57 1,656 1,274 9,056 7,691 Current portion of long-term debt (489) (49) Unamortized discount on long-term debt (20) (17) Unamortized debt issuance costs (50) (44) Total SDG&E $ 8,497 $ 7,581 SoCalGas: First mortgage bonds (collateralized by plant assets): 3.15% September 15, 2024 $ 500 $ 500 3.2% June 15, 2025 350 350 2.6% June 15, 2026 500 500 2.55% February 1, 2030 650 650 5.75% November 15, 2035 250 250 5.125% November 15, 2040 300 300 3.75% September 15, 2042 350 350 4.45% March 15, 2044 250 250 4.125% June 1, 2048 400 400 4.3% January 15, 2049 550 550 3.95% February 15, 2050 350 350 6.35% November 15, 2052 600 — 5,050 4,450 Other long-term debt (uncollateralized): Notes at variable rates (5.10% at December 31, 2022) September 14, 2023 (1) 300 300 1.875% Notes May 14, 2026 (1) 4 4 2.95% Notes April 15, 2027 700 — 5.67% Notes January 18, 2028 (2) 5 5 Finance lease obligations 87 61 1,096 370 6,146 4,820 Current portion of long-term debt (318) (11) Unamortized discount on long-term debt (12) (7) Unamortized debt issuance costs (36) (29) Total SoCalGas $ 5,780 $ 4,773 LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) (Dollars in millions) December 31, 2022 2021 Sempra: Other long-term debt (uncollateralized): 3.3% Notes April 1, 2025 $ 750 $ — 3.25% Notes June 15, 2027 750 750 3.4% Notes February 1, 2028 1,000 1,000 3.7% Notes April 1, 2029 500 — 3.8% Notes February 1, 2038 1,000 1,000 6% Notes October 15, 2039 750 750 4% Notes February 1, 2048 800 800 4.125% Junior Subordinated Notes April 1, 2052 (1) 1,000 1,000 5.75% Junior Subordinated Notes July 1, 2079 (1) 758 758 Sempra Infrastructure: Other long-term debt (uncollateralized unless otherwise noted): 6.3% Notes (4.124% after cross-currency swap effective 2013) February 2, 2023 201 189 Loan at variable rates (7.54% at December 31, 2022) December 9, 2025 575 341 Notes at variable rates (5.13% after floating-to-fixed rate swaps effective 2014), payable December 15, 2016 through December 15, 2026, collateralized by plant assets (2) — 154 3.75% Notes January 14, 2028 300 300 3.25% Notes January 15, 2032 400 — Loan at variable rates (4.0275% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034 (1) 196 200 2.9% Loan payable June 15, 2022 through November 19, 2034 (1) 236 241 Loan at variable rates (2.38% after floating-to-fixed rate swap effective 2020) payable June 15, 2022 through November 19, 2034 (1) 98 100 4.875% Notes January 14, 2048 540 540 4.75% Notes January 15, 2051 800 800 10,654 8,923 Current portion of long-term debt (212) (46) Unamortized discount on long-term debt (62) (65) Unamortized debt issuance costs (109) (98) Total other Sempra 10,271 8,714 Total Sempra $ 24,548 $ 21,068 (1) Callable long-term debt not subject to make-whole provisions. (2) Debt is not callable. The following table shows the detail and maturities of uncollateralized long-term debt outstanding. LONG-TERM DEBT (Dollars in millions) December 31, 2022 2021 3.3% Notes April 1, 2025 $ 750 $ — 3.25% Notes June 15, 2027 750 750 3.4% Notes February 1, 2028 1,000 1,000 3.7% Notes April 1, 2029 500 — 3.8% Notes February 1, 2038 1,000 1,000 6% Notes October 15, 2039 750 750 4% Notes February 1, 2048 800 800 4.125% Junior Subordinated Notes April 1, 2052 (1) 1,000 1,000 5.75% Junior Subordinated Notes July 1, 2079 (1) 758 758 7,308 6,058 Unamortized discount on long-term debt (28) (37) Unamortized debt issuance costs (65) (52) Total long-term debt $ 7,215 $ 5,969 (1) Callable long-term debt not subject to make-whole provisions. |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - PRINCIPLES OF CONSOLIDATION (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reportable segments | 4 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - REGULATED OPERATIONS (Details) - Oncor Holdings | Dec. 31, 2022 |
Oncor Electric Delivery Company LLC | Oncor Holdings | Sempra Texas Utilities | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in equity method investee | 80.25% |
Sharyland Utilities, LP | Sharyland Holdings, LP | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in equity method investee | 100% |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Presentation Of Restricted Cash [Line Items] | ||||
Cash and cash equivalents | $ 370 | $ 559 | ||
Restricted cash, current | 40 | 19 | ||
Restricted cash, noncurrent | 52 | 3 | ||
Total cash, cash equivalents and restricted cash on the Consolidated Statements of Cash Flows | $ 462 | $ 581 | $ 985 | $ 217 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - CREDIT LOSSES (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2021 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | $ 2,334 | $ 1,977 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 136 | 138 | $ 29 | |
Provisions for expected credit losses | 123 | 45 | 124 | |
Write-offs | (78) | (47) | (16) | |
Ending balance | 181 | 136 | 138 | |
KKR | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Note receivable issued | $ 300 | |||
Accounts receivable – trade, net | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Accounts receivable - trade and other, net | 140 | 94 | ||
Accounts receivable – other, net | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 25 | 19 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Accounts receivable - trade and other, net | 40 | 39 | ||
Other long-term assets(3) | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 9 | 70 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Other long-term assets | 1 | 3 | ||
Other long-term assets(3) | KKR | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Other long-term assets | 7 | 8 | ||
Due from Unconsolidated Affiliates - Noncurrent | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Financing receivable, allowance for credit loss | 1 | |||
Deferred Credits and Other | Sempra Infrastructure | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for credit loss related to guarantees | 6 | 7 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | 0 | 1 | |
Ending balance | 0 | 0 | ||
San Diego Gas and Electric Company | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 819 | 751 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 66 | 69 | 14 | |
Provisions for expected credit losses | 54 | 23 | 65 | |
Write-offs | (42) | (26) | (10) | |
Ending balance | 78 | 66 | 69 | |
San Diego Gas and Electric Company | Accounts receivable – trade, net | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Accounts receivable - trade and other, net | 52 | 42 | ||
San Diego Gas and Electric Company | Accounts receivable – other, net | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 12 | 9 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Accounts receivable - trade and other, net | 25 | 22 | ||
San Diego Gas and Electric Company | Other long-term assets(3) | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 6 | 25 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Other long-term assets | 1 | 2 | ||
SoCalGas | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 1,311 | 1,139 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 69 | 68 | 15 | |
Provisions for expected credit losses | 65 | 22 | 59 | |
Write-offs | (36) | (21) | (6) | |
Ending balance | 98 | 69 | $ 68 | |
SoCalGas | Accounts receivable – trade, net | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Accounts receivable - trade and other, net | 83 | 51 | ||
SoCalGas | Accounts receivable – other, net | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 13 | 10 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Accounts receivable - trade and other, net | 15 | 17 | ||
SoCalGas | Other long-term assets(3) | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 3 | 45 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Other long-term assets | 0 | 1 | ||
Customers Under California Arrearage Payment Program | San Diego Gas and Electric Company | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | 51 | 63 | ||
Customers Under California Arrearage Payment Program | SoCalGas | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Receivables from revenues from contracts with customers | $ 59 | $ 79 |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - INVENTORIES (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Natural gas | $ 106 | $ 164 |
LNG | 62 | 27 |
Materials and supplies | 235 | 198 |
Total | 403 | 389 |
San Diego Gas and Electric Company | ||
Inventory [Line Items] | ||
Natural gas | 1 | 0 |
LNG | 0 | 0 |
Materials and supplies | 133 | 123 |
Total | 134 | 123 |
SoCalGas | ||
Inventory [Line Items] | ||
Natural gas | 74 | 114 |
LNG | 0 | 0 |
Materials and supplies | 85 | 58 |
Total | $ 159 | $ 172 |
SIGNIFICANT ACCOUNITNG POLICIES
SIGNIFICANT ACCOUNITNG POLICIES AND OTHER FINANCIAL DATA - NOTE RECEIVABLE (Details) - KKR - USD ($) $ in Millions | 1 Months Ended | ||
Nov. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables with Imputed Interest [Line Items] | |||
Note receivable issued | $ 300 | ||
Note receivable interest rate (as a percent) | 5% | ||
Other long-term assets(3) | |||
Receivables with Imputed Interest [Line Items] | |||
Note receivable, net | $ 316 | $ 297 | |
Other Current Assets [Member] | |||
Receivables with Imputed Interest [Line Items] | |||
Note receivable, net | $ 3 |
SIGNIFICANT ACCOUNTING POLICI_9
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - WILDFIRE FUND (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Loss Contingencies [Line Items] | ||||||
Noncurrent portion of the Wildfire Fund asset | $ 303 | $ 331 | ||||
San Diego Gas and Electric Company | ||||||
Loss Contingencies [Line Items] | ||||||
Initial liability cap | 1,200 | |||||
Initial shareholder contributions | $ 322.5 | |||||
Additional annual contributions, aggregate value | 129 | |||||
Wildfire fund asset | $ 451.5 | |||||
Annual contributions | $ 12.9 | |||||
Amortization of wildfire fund asset | 15 years | |||||
Current portion of Wildfire fund | $ 29 | 29 | ||||
Noncurrent portion of the Wildfire Fund asset | 303 | 331 | ||||
Wildfire fund obligations in current liabilities | 13 | 13 | ||||
Noncurrent Wildfire Fund obligation | 53 | 64 | ||||
Amortization of Wildfire Fund asset | 29 | 29 | $ 29 | |||
Wildfire Fund asset, impairment losses | 0 | 3 | 0 | |||
Accretion of Wildfire Fund obligation | 2 | $ 2 | $ 2 | |||
Wildfire Fund | ||||||
Loss Contingencies [Line Items] | ||||||
Wildfire fund, threshold amount to seek payment | $ 1,000 | |||||
Wildfire fund, threshold percentage of equity portion of electric transmission | 20% | |||||
Liquidity fund, maximum borrowing capacity | 10,500 | |||||
Initial shareholder contributions | 7,500 | |||||
Additional annual contributions, aggregate value | $ 3,000 | |||||
Period of annual contributions | 10 years |
SIGNIFICANT ACCOUNTING POLIC_10
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 63,893 | $ 58,940 | |
Depreciation expense | 1,995 | 1,833 | $ 1,646 |
Accumulated depreciation | 16,111 | 15,046 | |
San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 28,574 | 26,456 | |
Depreciation expense | 977 | 884 | 797 |
Accumulated depreciation | 6,768 | 6,408 | |
SoCalGas | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 25,058 | 23,104 | |
Depreciation expense | 755 | 711 | $ 649 |
Accumulated depreciation | 7,308 | 6,861 | |
Natural gas operations | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 3,707 | $ 3,200 | |
Depreciation rates (percentage) | 2.57% | 2.55% | 2.51% |
Accumulated depreciation | $ 979 | $ 919 | |
Natural gas operations | SoCalGas | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 23,646 | $ 21,894 | |
Depreciation rates (percentage) | 3.57% | 3.65% | 3.63% |
Accumulated depreciation | $ 7,291 | $ 6,845 | |
Electric distribution | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 10,271 | $ 9,471 | |
Depreciation rates (percentage) | 3.94% | 3.93% | 3.90% |
Electric transmission | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 8,061 | $ 7,577 | |
Depreciation rates (percentage) | 3.03% | 3.02% | 3.10% |
Electric generation | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 2,461 | $ 2,446 | |
Depreciation rates (percentage) | 5.11% | 4.74% | 4.56% |
Other electric | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 2,211 | $ 2,100 | |
Depreciation rates (percentage) | 7.03% | 7.23% | 6.92% |
Other non-utility | SoCalGas | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 50 | $ 50 | |
Depreciation rates (percentage) | 1.54% | 2.23% | 3.80% |
Accumulated depreciation | $ 17 | $ 16 | |
Other non-utility | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | 2,035 | 1,777 | |
Land and land rights | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 476 | 291 | |
Land and land rights | Minimum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 16 years | ||
Land and land rights | Maximum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 44 years | ||
Land and land rights | Weighted Average | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 37 years | ||
Pipelines and storage | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,026 | 1,018 | |
Pipelines and storage | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 3,813 | 3,698 | |
Pipelines and storage | Minimum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 41 years | ||
Pipelines and storage | Maximum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 49 years | ||
Pipelines and storage | Weighted Average | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 42 years | ||
Generating plants | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,803 | 1,659 | |
Generating plants | Minimum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 11 years | ||
Generating plants | Maximum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 28 years | ||
Generating plants | Weighted Average | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 26 years | ||
LNG terminals | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,138 | 1,138 | |
Estimated useful life | 43 years | ||
LNG terminals | Weighted Average | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 43 years | ||
Refined products terminals | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 643 | 420 | |
Estimated useful life | 38 years | ||
Refined products terminals | Weighted Average | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 38 years | ||
Other | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 344 | 370 | |
Other | Minimum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 1 year | ||
Other | Maximum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 22 years | ||
Other | Weighted Average | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Construction work in progress | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 1,863 | 1,662 | |
Construction work in progress | SoCalGas | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,362 | 1,160 | |
Construction work in progress | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 1,757 | 1,494 | |
Other | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 287 | 310 | |
Other | Minimum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 4 years | ||
Other | Maximum | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 34 years | ||
Other | Weighted Average | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 16 years | ||
Total Sempra Infrastructure and Parent | Sempra Infrastructure and parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 10,261 | 9,380 | |
Plant, pipeline and other distribution assets of Ecogas | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | 65 | 55 | |
Plant, pipeline and other distribution assets of Ecogas | Other Operating Units and Parent | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 246 | 211 | |
Electricity | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | 5,789 | $ 5,489 | |
Southwest Powerlink (SWPL) transmission line | Electric transmission | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | 554 | ||
Accumulated depreciation | 307 | ||
Southwest Powerlink (SWPL) transmission line | Construction work in progress | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment | $ 7 | ||
Southwest Powerlink | Southwest Powerlink (SWPL) transmission line | Electric transmission | San Diego Gas and Electric Company | |||
Property, Plant and Equipment [Line Items] | |||
Ownership interest (as a percent) | 86% |
SIGNIFICANT ACCOUNTING POLIC_11
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - CAPITALIZED FINANCING COSTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized Financing Costs Disclosure [Line Items] | |||
Total capitalized financing costs | $ 255 | $ 217 | $ 202 |
San Diego Gas and Electric Company | |||
Capitalized Financing Costs Disclosure [Line Items] | |||
Total capitalized financing costs | 116 | 106 | 104 |
SoCalGas | |||
Capitalized Financing Costs Disclosure [Line Items] | |||
Total capitalized financing costs | $ 73 | $ 64 | $ 55 |
SIGNIFICANT ACCOUNTING POLIC_12
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 1,602 | $ 1,602 | |
Total intangible assets, gross | 440 | 440 | |
Accumulated amortization | (96) | (70) | |
Other intangible assets | 344 | 370 | |
Intangible assets amortization expense | 26 | 22 | $ 11 |
Amortization recorded against revenues | 13 | 10 | |
Expected amortization, year one | 26 | ||
Expected amortization, year two | 26 | ||
Expected amortization, year three | 26 | ||
Expected amortization, year four | 26 | ||
Expected amortization, year five | 26 | ||
Expected amortization expense recorded against revenue, next five years | 13 | ||
Total assets | 78,574 | 72,045 | |
Variable Interest Entity, Primary Beneficiary | ECA LNG JV | Sempra Infrastructure | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total assets | 1,099 | 632 | |
Liabilities | 685 | 455 | |
Renewable energy transmission and consumption permits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 169 | 169 | |
Accumulated amortization | $ (50) | (40) | |
Renewable energy transmission and consumption permits | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 15 years | ||
Renewable energy transmission and consumption permits | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 19 years | ||
O&M agreement | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 23 years | ||
Intangible assets, gross | $ 66 | 66 | |
Accumulated amortization | $ (15) | (12) | |
ESJ PPA | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 14 years | ||
Intangible assets, gross | $ 190 | 190 | |
Accumulated amortization | (23) | (10) | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 15 | 15 | |
Accumulated amortization | $ (8) | $ (8) | |
Other | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 10 years |
SIGNIFICANT ACCOUNTING POLIC_13
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - VARIABLE INTEREST ENTITIES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Total finance leases | $ 1,343,000,000 | $ 1,335,000,000 |
Property, plant and equipment, net | 47,782,000,000 | 43,894,000,000 |
Equity method investment | 13,665,000,000 | 12,947,000,000 |
Assets | 78,574,000,000 | 72,045,000,000 |
San Diego Gas and Electric Company | ||
Variable Interest Entity [Line Items] | ||
Total finance leases | 1,256,000,000 | 1,274,000,000 |
Property, plant and equipment, net | 21,806,000,000 | 20,048,000,000 |
Assets | 26,422,000,000 | 24,058,000,000 |
San Diego Gas and Electric Company | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total finance leases | 1,194,000,000 | 1,217,000,000 |
Sempra Infrastructure | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Debt instrument, maximum borrowing amount | 979,000,000 | |
Sempra Infrastructure | Variable Interest Entity, Primary Beneficiary | ECA LNG JV | ||
Variable Interest Entity [Line Items] | ||
Assets | 1,099,000,000 | 632,000,000 |
Liabilities | 685,000,000 | 455,000,000 |
Sempra Infrastructure | Cameron LNG JV | ||
Variable Interest Entity [Line Items] | ||
Equity method investment | $ 886,000,000 | 514,000,000 |
Oncor Electric Delivery Company LLC | Oncor Holdings | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage held by noncontrolling owners | 80.25% | |
Oncor Holdings | Sempra Texas Utilities | ||
Variable Interest Entity [Line Items] | ||
Equity method investment | $ 13,665,000,000 | $ 12,947,000,000 |
SIGNIFICANT ACCOUNTING POLIC_14
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - ASSET RETIREMENT OBLIGATIONS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning Balance | $ 3,538 | $ 3,289 | $ 3,083 |
Accretion expense | 141 | 133 | 127 |
Liabilities incurred and acquired | 21 | 20 | 2 |
Payments | (57) | (63) | (63) |
Revisions | 69 | 159 | 140 |
Ending Balance | 3,712 | 3,538 | 3,289 |
San Diego Gas and Electric Company | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning Balance | 890 | 876 | 866 |
Accretion expense | 37 | 38 | 39 |
Liabilities incurred and acquired | 6 | 2 | 0 |
Payments | (54) | (60) | (60) |
Revisions | 8 | 34 | 31 |
Ending Balance | 887 | 890 | 876 |
Revisions for early decommissioning of SONGS | 1 | 22 | |
SoCalGas | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Beginning Balance | 2,582 | 2,368 | 2,177 |
Accretion expense | 101 | 92 | 86 |
Liabilities incurred and acquired | 0 | 0 | 0 |
Payments | (3) | (3) | (2) |
Revisions | 63 | 125 | 107 |
Ending Balance | $ 2,743 | $ 2,582 | $ 2,368 |
SIGNIFICANT ACCOUNTING POLIC_15
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | $ 25,981 | ||
AOCI, ending balance | 27,115 | $ 25,981 | |
San Diego Gas and Electric Company | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | 8,249 | ||
AOCI, ending balance | 9,067 | 8,249 | |
SoCalGas | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | 5,442 | ||
AOCI, ending balance | 6,698 | 5,442 | |
Foreign currency translation adjustments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (79) | (64) | $ (607) |
OCI before reclassifications | 10 | (34) | (102) |
Amounts reclassified from AOCI | 10 | 19 | 645 |
Total other comprehensive income (loss) | 20 | (15) | 543 |
AOCI, ending balance | (59) | (79) | (64) |
AOCI associated with noncontrolling interests | 9 | 19 | |
Foreign currency translation adjustments | IEnova | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI associated with noncontrolling interests | (28) | (4) | |
Financial instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (156) | (331) | (215) |
OCI before reclassifications | 147 | 62 | (163) |
Amounts reclassified from AOCI | 19 | 113 | 47 |
Total other comprehensive income (loss) | 166 | 175 | (116) |
AOCI, ending balance | 10 | (156) | (331) |
AOCI associated with noncontrolling interests | 47 | ||
Financial instruments | IEnova | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI associated with noncontrolling interests | (16) | (3) | |
Financial instruments | SoCalGas | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (13) | (13) | (13) |
OCI before reclassifications | 0 | 0 | 0 |
Amounts reclassified from AOCI | 1 | 0 | 0 |
Total other comprehensive income (loss) | 1 | 0 | 0 |
AOCI, ending balance | (12) | (13) | (13) |
Pension and PBOP | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (83) | (105) | (117) |
OCI before reclassifications | (11) | 8 | (26) |
Amounts reclassified from AOCI | 8 | 14 | 38 |
Total other comprehensive income (loss) | (3) | 22 | 12 |
AOCI, ending balance | (86) | (83) | (105) |
Pension and PBOP | San Diego Gas and Electric Company | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | 3 | ||
Pension and PBOP | San Diego Gas and Electric Company | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (10) | (10) | (16) |
OCI before reclassifications | 2 | (1) | (4) |
Amounts reclassified from AOCI | 1 | 1 | 10 |
Total other comprehensive income (loss) | 3 | 0 | 6 |
AOCI, ending balance | (7) | (10) | (10) |
Pension and PBOP | San Diego Gas and Electric Company | SoCalGas | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Amounts reclassified from AOCI | 6 | ||
Pension and PBOP | SoCalGas | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (18) | (18) | (10) |
OCI before reclassifications | 4 | (2) | (10) |
Amounts reclassified from AOCI | 2 | 2 | 2 |
Total other comprehensive income (loss) | 6 | 0 | (8) |
AOCI, ending balance | (12) | (18) | (18) |
Accumulated other comprehensive income (loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (318) | (500) | (939) |
OCI before reclassifications | 146 | 36 | (291) |
Amounts reclassified from AOCI | 37 | 146 | 730 |
Total other comprehensive income (loss) | 183 | 182 | 439 |
AOCI, ending balance | (135) | (318) | (500) |
Accumulated other comprehensive income (loss) | San Diego Gas and Electric Company | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (10) | (10) | (16) |
OCI before reclassifications | 2 | (1) | (4) |
Amounts reclassified from AOCI | 1 | 1 | 10 |
Total other comprehensive income (loss) | 3 | 0 | 6 |
AOCI, ending balance | (7) | (10) | (10) |
Accumulated other comprehensive income (loss) | SoCalGas | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
AOCI, beginning balance | (31) | (31) | (23) |
OCI before reclassifications | 4 | (2) | (10) |
Amounts reclassified from AOCI | 3 | 2 | 2 |
Total other comprehensive income (loss) | 7 | 0 | (8) |
AOCI, ending balance | $ (24) | $ (31) | $ (31) |
SIGNIFICANT ACCOUNTING POLIC_16
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - RECLASSIFICATION FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operation and maintenance | $ 4,746 | $ 4,341 | $ 3,941 |
Earnings from discontinued operations attributable to common shares | 0 | 0 | 1,840 |
Gain (loss) on sale of assets | 0 | 36 | (3) |
Interest expense | (1,054) | (1,198) | (1,081) |
Equity earnings | 1,498 | 1,343 | 1,015 |
Energy-related businesses | 1,788 | 1,866 | 1,345 |
Other income, net | (24) | (58) | 48 |
Income from continuing operations before income taxes and equity earnings | 1,343 | 219 | 1,489 |
Income tax benefit (expense) | (556) | (99) | (249) |
Income from continuing operations, net of income tax | 2,285 | 1,463 | 2,255 |
Earnings attributable to noncontrolling interest | (146) | (145) | (172) |
Net income | 2,285 | 1,463 | 4,105 |
San Diego Gas and Electric Company | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | (449) | (412) | (413) |
Other income, net | (92) | (64) | (52) |
Income from continuing operations before income taxes and equity earnings | 1,097 | 1,020 | 1,014 |
Income tax benefit (expense) | (182) | (201) | (190) |
Net income | 915 | 819 | 824 |
SoCalGas | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | (198) | (157) | (158) |
Other income, net | 8 | 14 | 28 |
Income from continuing operations before income taxes and equity earnings | 738 | (736) | 601 |
Income tax benefit (expense) | (138) | 310 | (96) |
Net income | 600 | (426) | 505 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total, net of income tax and after NCI | 28 | 80 | 721 |
Reclassification out of Accumulated Other Comprehensive Income | San Diego Gas and Electric Company | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total, net of income tax and after NCI | 1 | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | SoCalGas | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total, net of income tax and after NCI | 3 | 2 | 2 |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operation and maintenance | 1 | 0 | 0 |
Earnings from discontinued operations attributable to common shares | 0 | 0 | 645 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Earnings from discontinued operations attributable to common shares | 0 | 0 | 6 |
Other income, net | 7 | 8 | 8 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss | San Diego Gas and Electric Company | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income, net | 1 | 0 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss | SoCalGas | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income, net | 2 | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income, net | 4 | 4 | 4 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost | San Diego Gas and Electric Company | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income, net | 0 | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service cost | SoCalGas | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income, net | 1 | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Settlements Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income, net | 0 | 7 | 22 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement benefits | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Earnings from discontinued operations attributable to common shares | 0 | 0 | (2) |
Income from continuing operations before income taxes and equity earnings | 11 | 19 | 40 |
Income tax benefit (expense) | (3) | (5) | (9) |
Income from continuing operations, net of income tax | 8 | 14 | 29 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement benefits | San Diego Gas and Electric Company | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income from continuing operations before income taxes and equity earnings | 1 | 1 | 2 |
Income tax benefit (expense) | 0 | 0 | (1) |
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement benefits | SoCalGas | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax benefit (expense) | (1) | 0 | 0 |
Income from continuing operations, net of income tax | 3 | 2 | 2 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other income, net | (12) | 6 | 11 |
Income from continuing operations before income taxes and equity earnings | 16 | 92 | 67 |
Income tax benefit (expense) | (6) | (24) | (19) |
Income from continuing operations, net of income tax | 10 | 68 | 48 |
Net income | 1 | 0 | 645 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | SoCalGas | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | 2 | 2 | 2 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Interest rate instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 1 | 11 | 10 |
Equity earnings | 29 | 73 | 46 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Foreign exchange instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Energy-related businesses | (1) | 1 | (1) |
Other income, net | 1 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest | Interest rate and foreign exchange instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | (2) | 1 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Earnings attributable to noncontrolling interest | 9 | (2) | (1) |
Reclassification out of Accumulated Other Comprehensive Income | Financial instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total, net of income tax and after NCI | 19 | 66 | 47 |
Reclassification out of Accumulated Other Comprehensive Income | Financial instruments | Interest rate instruments | SoCalGas | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ 1 | $ 0 | $ 0 |
SIGNIFICANT ACCOUNTING POLIC_17
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - OTHER NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 01, 2021 |
Noncontrolling Interest [Line Items] | |||
Other noncontrolling interests | $ 2,121 | $ 1,418 | |
SI Partners | Sempra Infrastructure | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage held by noncontrolling owners | 30% | 20% | 20% |
Other noncontrolling interests | $ 2,060 | $ 1,384 | |
SI Partners Subsidiaries | Sempra Infrastructure | |||
Noncontrolling Interest [Line Items] | |||
Other noncontrolling interests | $ 61 | $ 34 | |
SI Partners Subsidiaries | Sempra Infrastructure | Minimum | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage held by noncontrolling owners | 0.10% | 0.10% | |
SI Partners Subsidiaries | Sempra Infrastructure | Maximum | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage held by noncontrolling owners | 16.60% | 16.60% |
SIGNIFICANT ACCOUNTING POLIC_18
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - NONCONTROLLING INTERESTS (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Billions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Jun. 01, 2022 USD ($) | Oct. 01, 2021 USD ($) | Mar. 30, 2020 USD ($) | Oct. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2021 MXN ($) $ / shares shares | Jul. 31, 2021 USD ($) | May 31, 2021 USD ($) shares | Dec. 31, 2020 | Mar. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | Feb. 21, 2023 shares | Dec. 21, 2021 USD ($) | Oct. 15, 2021 $ / shares | Aug. 31, 2021 | Apr. 30, 2021 | |
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Increase in the noncontrolling interest balance from the sale of noncontrolling interest | $ 1,419 | $ 2,712 | $ 28 | |||||||||||||||
Stock repurchased in the period | 478 | 339 | 566 | |||||||||||||||
Income tax expense (benefit) | 556 | 99 | 249 | |||||||||||||||
Equitization of long-term debt for deficit held by NCI | (22) | |||||||||||||||||
Decrease in equity held by NCI | (1) | 236 | ||||||||||||||||
Proceeds from sales of noncontrolling interests, net | $ 1,732 | $ 3,206 | $ 26 | |||||||||||||||
Shares issued in IEnova exchange offer | shares | 12,306,777 | 0 | 12,306,777 | 0 | ||||||||||||||
IEnova | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Common stock exchange ratio | 0.0323 | |||||||||||||||||
Increase in shareholders' equity | $ 72 | |||||||||||||||||
Common stock acquired (in shares) | shares | 51,014,545 | 51,014,545 | 381,015,194 | |||||||||||||||
Common stock acquired | $ 202 | $ 4 | ||||||||||||||||
Share price (in dollars per share) | (per share) | $ 3.95 | $ 78.97 | ||||||||||||||||
Sempra Infrastructure | IEnova | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Stock repurchased in the period | $ 22 | $ 9 | $ 231 | |||||||||||||||
Stock repurchased during the period (in shares) | shares | 77,122,780 | |||||||||||||||||
IEnova | KKR | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Noncontrolling interest, percent of funding | 20% | |||||||||||||||||
IEnova | Abu Dhabi Investment Authority | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Noncontrolling interest, percent of funding | 10% | |||||||||||||||||
IEnova | SI Partners | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage held by noncontrolling owners | 99.90% | |||||||||||||||||
IEnova | Sempra LNG | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage sold | 16.60% | |||||||||||||||||
IEnova | Sempra Infrastructure | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership interest (as a percent) | 66.60% | 70.20% | 66.60% | |||||||||||||||
ICM Ventures Holdings B.V. | Sempra Infrastructure | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage held by noncontrolling owners | 17.50% | |||||||||||||||||
Ownership interest (as a percent) | 53.70% | 82.50% | 53.70% | |||||||||||||||
Payments to acquire minority interest | $ 7 | |||||||||||||||||
Liberty Gas Storage | Sempra LNG | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage held by noncontrolling owners | 24.60% | |||||||||||||||||
IEnova | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership interest (as a percent) | 96.40% | 99.90% | 96.40% | 70.20% | ||||||||||||||
Increase in shareholders' equity | $ 17 | $ 1,400 | ||||||||||||||||
Share price (in pesos per share) | $ / shares | $ 78.97 | |||||||||||||||||
Decrease in equity held by NCI | 188 | 1,400 | ||||||||||||||||
Purchase of noncontrolling interest, transaction costs | $ 4 | $ 12 | ||||||||||||||||
Noncontrolling interest, remaining shares of noncontrolling interest | shares | 1,212,981 | |||||||||||||||||
IEnova | Subsequent Event | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Noncontrolling interest, remaining shares of noncontrolling interest | shares | 890,170 | |||||||||||||||||
IEnova | Sempra Infrastructure | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership interest (as a percent) | 99.90% | |||||||||||||||||
SI Partners | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Distribution requirement (as a percent) | 85% | |||||||||||||||||
SI Partners | Abu Dhabi Investment Authority | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Sale of noncontrolling interest, purchase price | $ 1,700 | |||||||||||||||||
Sale of noncontrolling interest (as a percent) | 10% | |||||||||||||||||
SI Partners | KKR | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Sale of noncontrolling interest (as a percent) | 20% | |||||||||||||||||
Income tax expense (benefit) | $ 72 | |||||||||||||||||
SI Partners | Sempra Energy | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage held by noncontrolling owners | 70% | |||||||||||||||||
SI Partners | KKR | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage held by noncontrolling owners | 20% | |||||||||||||||||
SI Partners | Abu Dhabi Investment Authority | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage held by noncontrolling owners | 10% | |||||||||||||||||
SI Partners | Sempra Infrastructure | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage held by noncontrolling owners | 20% | 30% | 20% | |||||||||||||||
Sale of noncontrolling interest, purchase price | $ 3,400 | |||||||||||||||||
Increase in the noncontrolling interest balance from the sale of noncontrolling interest | $ 709 | 1,300 | ||||||||||||||||
Sale of noncontrolling interest, change in equity | 710 | 1,400 | ||||||||||||||||
Sale of noncontrolling interest, transaction costs | 12 | 173 | ||||||||||||||||
Sale of noncontrolling interest, deferred income tax liability | 300 | 490 | ||||||||||||||||
Sale of noncontrolling interest, transaction costs reimbursed | $ 10 | $ 149 | ||||||||||||||||
Ownership interest (as a percent) | 70% | |||||||||||||||||
Liberty Gas Storage, LLC | Sempra LNG | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Payments to acquire minority interest | $ 7 | |||||||||||||||||
Increase from equity of noncontrolling interest | $ 2 | |||||||||||||||||
Liberty Gas Storage, LLC | Liberty Gas Storage | Sempra LNG | ||||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||||
Ownership percentage held by noncontrolling owners | 100% | 100% |
SIGNIFICANT ACCOUNTING POLIC_19
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - FOREIGN CURRENCY TRANSLATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Foreign currency transaction (losses) gains, net | $ (24) | $ (18) | $ (25) |
SIGNIFICANT ACCOUNTING POLIC_20
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - TRANSACTIONS WITH AFFILIATES (Details) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | |
Related Party Transaction [Line Items] | ||||
Due from unconsolidated affiliates - current | $ 54,000,000 | $ 23,000,000 | ||
Due from unconsolidated affiliates - noncurrent | 0 | 637,000,000 | ||
Due to unconsolidated affiliates, noncurrent | (301,000,000) | (287,000,000) | ||
Total facility | 9,700,000,000 | |||
Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates, noncurrent | (301,000,000) | (287,000,000) | ||
Debt amount | $ 625,000,000 | |||
IMG JV | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due from affiliates, allowance for credit loss | 1,000,000 | |||
Due from unconsolidated affiliates - noncurrent | 0 | 637,000,000 | ||
Total facility | 691,000,000 | $ 14,200,000,000 | ||
Accrued interest receivable | 2,000,000 | |||
Due From Sempra Mexico | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due from unconsolidated affiliates - noncurrent | 0 | 637,000,000 | ||
TAG Pipeline Norte JV | Other Long term Debt Currently Through January 2024 | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates, noncurrent | $ (40,000,000) | (69,000,000) | ||
Stated percentage rate | 5.50% | |||
TAG Pipeline Norte JV | Five Point Five Notes Due January 2025 | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates, noncurrent | $ (23,000,000) | (21,000,000) | ||
Stated percentage rate | 5.50% | |||
TAG Pipeline Norte JV | Five Point Five Notes Due July 2025 | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates, noncurrent | $ (21,000,000) | (20,000,000) | ||
Stated percentage rate | 5.50% | |||
TAG Pipeline Norte JV | Five Point Five Notes Due January 2026 | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates, noncurrent | $ (19,000,000) | 0 | ||
Stated percentage rate | 5.50% | |||
TAG Pipeline Norte JV | Five Point Five Notes Due July 2026 | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates, noncurrent | $ (11,000,000) | 0 | ||
Stated percentage rate | 5.50% | |||
TAG JV Notes | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates, noncurrent | $ (187,000,000) | (177,000,000) | ||
Stated percentage rate | 5.74% | |||
Other related parties | ||||
Related Party Transaction [Line Items] | ||||
Due from unconsolidated affiliates - current | $ 13,000,000 | 5,000,000 | ||
Tax Sharing Arrangement | ||||
Related Party Transaction [Line Items] | ||||
Due from unconsolidated affiliates - current | 41,000,000 | $ 18,000,000 | ||
Interbank Equilibrium Rate | IMG JV | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Variable percentage rate | 2.20% | |||
Related party transaction rate | 8.06% | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | IMG JV | Sempra Infrastructure | ||||
Related Party Transaction [Line Items] | ||||
Variable percentage rate | 1.80% | |||
San Diego Gas and Electric Company | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates - current | (135,000,000) | $ (97,000,000) | ||
Total facility | 1,500,000,000 | |||
San Diego Gas and Electric Company | Due to/from Sempra Energy | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates - current | (49,000,000) | (40,000,000) | ||
Income taxes due (from) Sempra Energy | 10,000,000 | 19,000,000 | ||
San Diego Gas and Electric Company | Due to/from SoCalGas | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates - current | (72,000,000) | (48,000,000) | ||
San Diego Gas and Electric Company | Due to/from Various Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates - current | (14,000,000) | (9,000,000) | ||
SoCalGas | ||||
Related Party Transaction [Line Items] | ||||
Due from unconsolidated affiliates - current | 77,000,000 | 49,000,000 | ||
Due to unconsolidated affiliates - current | (36,000,000) | (36,000,000) | ||
Total facility | 1,200,000,000 | |||
SoCalGas | Due to/from Sempra Energy | ||||
Related Party Transaction [Line Items] | ||||
Due to unconsolidated affiliates - current | (36,000,000) | (36,000,000) | ||
Income taxes due (from) Sempra Energy | (16,000,000) | 6,000,000 | ||
SoCalGas | Due to/from Various Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Due from unconsolidated affiliates - current | 5,000,000 | 1,000,000 | ||
SoCalGas | Due to/from SDGE | ||||
Related Party Transaction [Line Items] | ||||
Due from unconsolidated affiliates - current | $ 72,000,000 | $ 48,000,000 |
SIGNIFICANT ACCOUNTING POLIC_21
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - AFFILIATES REVENUE AND COST OF SALES (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2022 MW | Dec. 31, 2022 USD ($) MW | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Mar. 31, 2021 | Feb. 28, 2021 | |
Related Party Transaction [Line Items] | ||||||
Related party revenue | $ 41 | $ 31 | $ 37 | |||
Related party cost of sales | 0 | 11 | 45 | |||
Interest income | 16 | 50 | 56 | |||
Interest expense | 15 | 15 | 14 | |||
San Diego Gas and Electric Company | ||||||
Related Party Transaction [Line Items] | ||||||
Related party revenue | 16 | 11 | 6 | |||
Related party cost of sales | $ 92 | 103 | 79 | |||
San Diego Gas and Electric Company | ESJ | ||||||
Related Party Transaction [Line Items] | ||||||
Power purchase agreement term | 20 years | |||||
Generating capacity (in mw) | MW | 108 | 155 | ||||
SoCalGas | ||||||
Related Party Transaction [Line Items] | ||||||
Related party revenue | $ 100 | 98 | 88 | |||
Related party cost of sales | $ (9) | $ 1 | $ 0 | |||
Minimum | Federal Funds Rate | California Utilities | ||||||
Related Party Transaction [Line Items] | ||||||
Variable percentage rate | 13% | |||||
Maximum | Federal Funds Rate | California Utilities | ||||||
Related Party Transaction [Line Items] | ||||||
Variable percentage rate | 20% | |||||
ESJ | Sempra Infrastructure | ESJ | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage in equity method investee | 50% | 50% |
SIGNIFICANT ACCOUNTING POLIC_22
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - RESTRICTED NET ASSETS (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Significant Restrictions of Subsidiaries [Line Items] | ||
Undistributed earnings from equity method investments | $ 2,000 | $ 1,500 |
Cameron LNG | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Ownership percentage in equity method investee | 50.20% | |
Indirect economic and beneficial and ownership interest after financial completion | 10% | |
Sharyland Holdings, LP | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Ownership percentage in equity method investee | 50% | |
Sempra Texas Utilities | Oncor Holdings | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Plan percentage of capital structure allocated to equity | 42.50% | |
Maximum ratio of indebtedness to total capitalization | 0.65 | |
Plan percentage of capital structure allocated to debt | 57.50% | |
Sempra Texas Utilities | Oncor Holdings | Oncor Holdings | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Ownership percentage in equity method investee | 100% | |
Sempra Texas Utilities | Oncor Electric Delivery Company LLC | Oncor Holdings | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Ownership percentage in equity method investee | 80.25% | |
Sempra Infrastructure | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated subsidiaries | $ 330 | |
Restricted net assets of unconsolidated subsidiaries | 460 | |
Sempra Infrastructure | Gazprom | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | 89 | |
Sempra Infrastructure | Mexican Subsidiaries | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | 239 | |
Sempra Infrastructure | IEnova Pipelines | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | 2 | |
Sempra Infrastructure | Cameron LNG JV | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | 396 | |
Sempra Infrastructure | TAG JV | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | $ 64 | |
Sempra Infrastructure | TAG JV | Cameron LNG | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Ownership percentage in equity method investee | 50% | |
Consolidated Entities | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | $ 15,300 | |
Unconsolidated Entities | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | 14,000 | |
San Diego Gas and Electric Company | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | 8,600 | |
Amount available for dividend distribution and loans without prior approval from regulatory agency | $ 504 | |
Plan percentage of capital structure allocated to equity | 52% | |
SoCalGas | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | $ 6,400 | |
Amount available for dividend distribution and loans without prior approval from regulatory agency | $ 347 | |
Plan percentage of capital structure allocated to equity | 52% | |
California Utilities | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Maximum ratio of indebtedness to total capitalization | 0.65 | |
Sempra Texas Utilities | Sharyland Holdings, LP | Sharyland Holdings, LP | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Ownership percentage in equity method investee | 50% | |
Sempra Texas Utilities | Sharyland Utilities | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | $ 105 | |
Maximum ratio of indebtedness to total capitalization | 0.70 | |
Plan percentage of capital structure allocated to debt | 60% | |
Sempra Texas Utilities | Sharyland Utilities | Sharyland Holdings, LP | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Ownership percentage in equity method investee | 100% | |
Oncor Electric Delivery Company LLC | ||
Significant Restrictions of Subsidiaries [Line Items] | ||
Restricted net assets of consolidated or unconsolidated subsidiaries | $ 13,500 |
SIGNIFICANT ACCOUNTING POLIC_23
SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA - OTHER INCOME (EXPENSE), NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income [Line Items] | |||
Allowance for equity funds used during construction | $ 143 | $ 133 | $ 128 |
Investment (losses) gains, net | (42) | 50 | 41 |
Gains (losses) on interest rate and foreign exchange instruments, net | 11 | (28) | (67) |
Foreign currency transaction losses, net | (24) | (18) | (25) |
Non-service component of net periodic benefit cost | (59) | (67) | (102) |
Interest on regulatory balancing accounts, net | 26 | 6 | 14 |
Sundry, net | (31) | (18) | (37) |
Total | 24 | 58 | (48) |
San Diego Gas and Electric Company | |||
Other Income [Line Items] | |||
Allowance for equity funds used during construction | 88 | 81 | 79 |
Non-service component of net periodic benefit cost | (11) | (13) | (20) |
Interest on regulatory balancing accounts, net | 18 | 6 | 9 |
Sundry, net | (3) | (10) | (16) |
Total | 92 | 64 | 52 |
SoCalGas | |||
Other Income [Line Items] | |||
Allowance for equity funds used during construction | 55 | 48 | 41 |
Non-service component of net periodic benefit cost | (42) | (40) | (54) |
Interest on regulatory balancing accounts, net | 8 | 0 | 5 |
Sundry, net | (29) | (22) | (20) |
Total | (8) | (14) | (28) |
IMG JV | |||
Other Income [Line Items] | |||
Foreign currency transaction losses, net | $ (11) | $ (23) | $ (42) |
REVENUES - DISAGGREGATION OF RE
REVENUES - DISAGGREGATION OF REVENUE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ 13,722 | $ 11,676 | $ 10,310 |
Utilities regulatory revenues | 633 | 451 | 570 |
Other revenues | 84 | 730 | 490 |
Total revenues | 14,439 | 12,857 | 11,370 |
Utilities | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 12,018 | 10,540 | 9,455 |
Energy-related businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,704 | 1,136 | 855 |
Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 8,525 | 6,969 | 5,796 |
Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 5,197 | 4,707 | 4,514 |
Operating Segments | San Diego Gas and Electric Company | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 5,586 | 5,144 | 4,920 |
Utilities regulatory revenues | 252 | 360 | 393 |
Other revenues | 0 | 0 | 0 |
Total revenues | 5,838 | 5,504 | 5,313 |
Operating Segments | San Diego Gas and Electric Company | Utilities | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 5,586 | 5,144 | 4,920 |
Operating Segments | San Diego Gas and Electric Company | Energy-related businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Operating Segments | San Diego Gas and Electric Company | Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 899 | 790 | 692 |
Operating Segments | San Diego Gas and Electric Company | Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 4,687 | 4,354 | 4,228 |
Operating Segments | SoCalGas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 6,459 | 5,424 | 4,571 |
Utilities regulatory revenues | 381 | 91 | 177 |
Other revenues | 0 | 0 | 0 |
Total revenues | 6,840 | 5,515 | 4,748 |
Operating Segments | SoCalGas | Utilities | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 6,459 | 5,424 | 4,571 |
Operating Segments | SoCalGas | Energy-related businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Operating Segments | SoCalGas | Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 6,459 | 5,424 | 4,571 |
Operating Segments | SoCalGas | Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 0 | 0 | 0 |
Operating Segments | Sempra Infrastructure | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,849 | 1,246 | 912 |
Utilities regulatory revenues | 0 | 0 | 0 |
Other revenues | 70 | 751 | 488 |
Total revenues | 1,919 | 1,997 | 1,400 |
Operating Segments | Sempra Infrastructure | Utilities | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 89 | 81 | 58 |
Operating Segments | Sempra Infrastructure | Energy-related businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,760 | 1,165 | 854 |
Operating Segments | Sempra Infrastructure | Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 1,270 | 856 | 623 |
Operating Segments | Sempra Infrastructure | Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | 579 | 390 | 289 |
Consolidating adjustments and Parent and other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | (172) | (138) | (93) |
Utilities regulatory revenues | 0 | 0 | 0 |
Other revenues | 14 | (21) | 2 |
Total revenues | (158) | (159) | (91) |
Consolidating adjustments and Parent and other | Utilities | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | (116) | (109) | (94) |
Consolidating adjustments and Parent and other | Energy-related businesses | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | (56) | (29) | 1 |
Consolidating adjustments and Parent and other | Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | (103) | (101) | (90) |
Consolidating adjustments and Parent and other | Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues from contracts with customers | $ (69) | $ (37) | $ (3) |
REVENUES - PERFORMANCE OBLIGATI
REVENUES - PERFORMANCE OBLIGATIONS (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 5,963 |
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 | $ 396 |
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 | $ 361 |
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 | $ 359 |
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 | $ 358 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 355 |
Revenues to be recognized, period of recognition | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4,134 |
Revenues to be recognized, period of recognition | |
San Diego Gas and Electric Company | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 80 |
San Diego Gas and Electric Company | 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 | 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 | 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 | 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 |
Revenues to be recognized, period of recognition | 1 year |
San Diego Gas and Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 4 |
Revenues to be recognized, period of recognition | 1 year |
San Diego Gas and Electric Company | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenues to be recognized | $ 60 |
Revenues to be recognized, period of recognition |
REVENUES - CONTRACT LIABILITIES
REVENUES - CONTRACT LIABILITIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability [Roll Forward] | |||
Beginning balance | $ (278) | $ (207) | $ (163) |
Revenue from performance obligations satisfied during reporting period | 131 | 52 | 4 |
Payments received in advance | (105) | (123) | (48) |
Ending balance | (252) | (278) | (207) |
Other Current Liabilities | |||
Contract with Customer, Liability [Roll Forward] | |||
Beginning balance | (116) | (52) | |
Ending balance | (45) | (116) | (52) |
Deferred Credits and Other | |||
Contract with Customer, Liability [Roll Forward] | |||
Beginning balance | (162) | (155) | |
Ending balance | (207) | (162) | (155) |
San Diego Gas and Electric Company | |||
Contract with Customer, Liability [Roll Forward] | |||
Beginning balance | (83) | (87) | (91) |
Revenue from performance obligations satisfied during reporting period | 4 | 4 | 4 |
Ending balance | (79) | (83) | (87) |
San Diego Gas and Electric Company | Other Current Liabilities | |||
Contract with Customer, Liability [Roll Forward] | |||
Beginning balance | (4) | (4) | |
Ending balance | (4) | (4) | (4) |
San Diego Gas and Electric Company | Deferred Credits and Other | |||
Contract with Customer, Liability [Roll Forward] | |||
Beginning balance | (79) | (83) | |
Ending balance | $ (75) | $ (79) | $ (83) |
REVENUES - RECEIVABLES FROM REV
REVENUES - RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | $ 2,334 | $ 1,977 |
Accounts receivable – trade, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 2,291 | 1,886 |
Accounts receivable – trade, net | Community Choice Aggregation | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 72 | 24 |
Accounts receivable – other, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 25 | 19 |
Due from unconsolidated affiliates – current | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 9 | 2 |
Other long-term assets(3) | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 9 | 70 |
San Diego Gas and Electric Company | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 819 | 751 |
San Diego Gas and Electric Company | Customers Under California Arrearage Payment Program | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 51 | 63 |
San Diego Gas and Electric Company | Accounts receivable – trade, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 799 | 715 |
San Diego Gas and Electric Company | Accounts receivable – other, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 12 | 9 |
San Diego Gas and Electric Company | Due from unconsolidated affiliates – current | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 2 | 2 |
San Diego Gas and Electric Company | Other long-term assets(3) | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 6 | 25 |
SoCalGas | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 1,311 | 1,139 |
SoCalGas | Customers Under California Arrearage Payment Program | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 59 | 79 |
SoCalGas | Accounts receivable – trade, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 1,295 | 1,084 |
SoCalGas | Accounts receivable – other, net | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | 13 | 10 |
SoCalGas | Other long-term assets(3) | ||
Contract with Customer, Asset [Line Items] | ||
Receivables from revenues from contracts with customers | $ 3 | $ 45 |
REGULATORY MATTERS - REGULATORY
REGULATORY MATTERS - REGULATORY ACCOUNTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Amortization of regulatory asset | $ 11 | $ 10 | $ 9 |
Total Sempra | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (906) | (1,479) | |
San Diego Gas and Electric Company | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Regulatory balancing accounts - net undercollected, Noncurrent | 562 | 358 | |
Amortization of regulatory asset | 5 | 5 | 4 |
San Diego Gas and Electric Company | Fixed-price contracts and other derivatives | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (110) | (50) | |
San Diego Gas and Electric Company | Deferred income taxes recoverable in rates | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 296 | 125 | |
San Diego Gas and Electric Company | Pension and PBOP plan obligations | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 11 | (7) | |
San Diego Gas and Electric Company | Removal obligations | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (2,248) | (2,251) | |
San Diego Gas and Electric Company | Environmental costs | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 107 | 62 | |
San Diego Gas and Electric Company | Sunrise Powerlink fire mitigation | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | $ 123 | 122 | |
Amortization period | 47 years | ||
San Diego Gas and Electric Company | Commodity – electric | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | $ 220 | 77 | |
San Diego Gas and Electric Company | Gas transportation | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 60 | 49 | |
San Diego Gas and Electric Company | Safety and reliability | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 107 | 67 | |
San Diego Gas and Electric Company | Public purpose programs | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (69) | (107) | |
San Diego Gas and Electric Company | Wildfire mitigation plan | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 375 | 178 | |
San Diego Gas and Electric Company | Liability insurance premium | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 99 | 110 | |
San Diego Gas and Electric Company | Other balancing accounts | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (50) | 207 | |
San Diego Gas and Electric Company | Other regulatory (liabilities) assets | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 137 | 119 | |
San Diego Gas and Electric Company | Total SDG&E | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (942) | (1,299) | |
SoCalGas | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Regulatory balancing accounts - net undercollected, Noncurrent | 692 | 410 | |
Amortization of regulatory asset | 6 | 5 | $ 5 |
SoCalGas | Deferred income taxes recoverable in rates | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 161 | 44 | |
SoCalGas | Pension and PBOP plan obligations | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (170) | 51 | |
SoCalGas | Employee benefit costs | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 24 | 31 | |
SoCalGas | Removal obligations | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (616) | (627) | |
SoCalGas | Environmental costs | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 38 | 34 | |
SoCalGas | Safety and reliability | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 575 | 339 | |
SoCalGas | Public purpose programs | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (158) | (183) | |
SoCalGas | Commodity – gas, including transportation | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (257) | (146) | |
SoCalGas | Liability insurance premium | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 23 | 16 | |
SoCalGas | Other balancing accounts | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 115 | 42 | |
SoCalGas | Other regulatory (liabilities) assets | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | 223 | 142 | |
SoCalGas | Total SoCalGas | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | (42) | (257) | |
Sempra Infrastructure | Deferred income taxes recoverable in rates | |||
Schedule Of Net Regulatory Assets (Liabilities) [Line Items] | |||
Net regulatory assets (liabilities) | $ 78 | $ 77 |
REGULATORY MATTERS - COVID-19 P
REGULATORY MATTERS - COVID-19 PANDEMINC PROTECTIONS AND CPUC GRC (Details) - USD ($) $ in Millions | 1 Months Ended | |||
May 31, 2022 | May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | ||||
Receivables from revenues from contracts with customers | $ 2,334 | $ 1,977 | ||
San Diego Gas and Electric Company | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Receivables from revenues from contracts with customers | 819 | 751 | ||
San Diego Gas and Electric Company | 2019 GRC FD - 2022 Requirement | General Rate Case | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Revenue increase | $ 87 | |||
Percent increase (as a percent) | 3.92% | |||
San Diego Gas and Electric Company | 2019 GRC FD - 2023 Requirement | General Rate Case | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Revenue increase | $ 86 | |||
Percent increase (as a percent) | 3.70% | |||
San Diego Gas and Electric Company | 2024 GRC - 2024 Requirement | General Rate Case | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested revenue requirements | $ 3,000 | |||
San Diego Gas and Electric Company | 2024 GRC - 2024 Requirement | General Rate Case | Minimum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Post-test year revenue annual increase | 8% | |||
San Diego Gas and Electric Company | 2024 GRC - 2024 Requirement | General Rate Case | Maximum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Post-test year revenue annual increase | 11% | |||
SoCalGas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Receivables from revenues from contracts with customers | 1,311 | 1,139 | ||
SoCalGas | 2019 GRC FD - 2022 Requirement | General Rate Case | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Revenue increase | $ 142 | |||
Percent increase (as a percent) | 4.53% | |||
SoCalGas | 2019 GRC FD - 2023 Requirement | General Rate Case | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Revenue increase | $ 130 | |||
Percent increase (as a percent) | 3.97% | |||
SoCalGas | 2024 GRC - 2024 Requirement | General Rate Case | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Requested revenue requirements | $ 4,400 | |||
SoCalGas | 2024 GRC - 2024 Requirement | General Rate Case | Minimum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Post-test year revenue annual increase | 6% | |||
SoCalGas | 2024 GRC - 2024 Requirement | General Rate Case | Maximum | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Post-test year revenue annual increase | 8% | |||
Customers Under California Arrearage Payment Program | San Diego Gas and Electric Company | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Receivables from revenues from contracts with customers | 51 | 63 | ||
Customers Under California Arrearage Payment Program | SoCalGas | ||||
Public Utilities, General Disclosures [Line Items] | ||||
Receivables from revenues from contracts with customers | $ 59 | $ 79 |
REGULATORY MATTERS - FERC Rate
REGULATORY MATTERS - FERC Rate Matters (Details) - San Diego Gas and Electric Company | 1 Months Ended |
Oct. 31, 2019 | |
Public Utilities, General Disclosures [Line Items] | |
Minimum common equity ratio (as a percent) | 10.60% |
FERC requirement to maintain common equity ratio at or above, base (as a percent) | 10.10% |
FERC requirement, additional basis spread | 0.50% |
REGULATORY MATTERS - COST OF CA
REGULATORY MATTERS - COST OF CAPITAL & ENERGY EFFICIENCY (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 36 Months Ended | ||||||
Jan. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2021 | Dec. 31, 2025 | Dec. 31, 2022 | Dec. 31, 2021 | |
Public Utilities, General Disclosures [Line Items] | |||||||||
Receivables from revenues from contracts with customers | $ 2,334,000,000 | $ 2,334,000,000 | $ 1,977,000,000 | ||||||
California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
CCM benchmark rate, variable rate (as a percent) | 1% | ||||||||
San Diego Gas and Electric Company | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Receivables from revenues from contracts with customers | $ 819,000,000 | $ 819,000,000 | 751,000,000 | ||||||
San Diego Gas and Electric Company | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
CCM benchmark rate (as a percent) | 4.367% | 4.498% | |||||||
Authorized weighting, total (as a percent) | 100% | ||||||||
Weighted return on rate base, total (as a percent) | 7.55% | ||||||||
CCM benchmark rate, percentage below (as a percent) | 1.17% | ||||||||
San Diego Gas and Electric Company | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Authorized weighting, total (as a percent) | 100% | ||||||||
Weighted return on rate base, total (as a percent) | 7.18% | ||||||||
San Diego Gas and Electric Company | Authorized weighting | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 45.25% | ||||||||
San Diego Gas and Electric Company | Authorized weighting | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 45.25% | ||||||||
San Diego Gas and Electric Company | Authorized weighting | Preferred Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 2.75% | ||||||||
San Diego Gas and Electric Company | Authorized weighting | Preferred Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 2.75% | ||||||||
San Diego Gas and Electric Company | Authorized weighting | Common Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 52% | ||||||||
San Diego Gas and Electric Company | Authorized weighting | Common Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 52% | ||||||||
San Diego Gas and Electric Company | Return on Rate Base | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 4.59% | ||||||||
San Diego Gas and Electric Company | Return on Rate Base | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 4.05% | ||||||||
San Diego Gas and Electric Company | Return on Rate Base | Preferred Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 6.22% | ||||||||
San Diego Gas and Electric Company | Return on Rate Base | Preferred Equity | Subsequent Event | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
CCM requested return rate (as a percentage) | 6.22% | ||||||||
San Diego Gas and Electric Company | Return on Rate Base | Preferred Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 6.22% | ||||||||
San Diego Gas and Electric Company | Return on Rate Base | Common Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 10.20% | ||||||||
San Diego Gas and Electric Company | Return on Rate Base | Common Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 9.95% | ||||||||
San Diego Gas and Electric Company | Weighted Return on Rate Base | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 2.08% | ||||||||
San Diego Gas and Electric Company | Weighted Return on Rate Base | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 1.83% | ||||||||
San Diego Gas and Electric Company | Weighted Return on Rate Base | Preferred Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 0.17% | ||||||||
San Diego Gas and Electric Company | Weighted Return on Rate Base | Preferred Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 0.17% | ||||||||
San Diego Gas and Electric Company | Weighted Return on Rate Base | Common Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 5.30% | ||||||||
San Diego Gas and Electric Company | Weighted Return on Rate Base | Common Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 5.17% | ||||||||
SoCalGas | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Receivables from revenues from contracts with customers | $ 1,311,000,000 | $ 1,311,000,000 | $ 1,139,000,000 | ||||||
SoCalGas | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
CCM benchmark rate (as a percent) | 4.029% | ||||||||
Authorized weighting, total (as a percent) | 100% | ||||||||
Weighted return on rate base, total (as a percent) | 7.30% | ||||||||
SoCalGas | Energy Efficiency and Advocacy | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Energy Efficiency Program Inquiry fines that reduce revenue | $ 150,000 | $ 10,000,000 | |||||||
SoCalGas | Subsequent Event | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
CCM benchmark rate (as a percent) | 4.074% | ||||||||
SoCalGas | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Authorized weighting, total (as a percent) | 100% | ||||||||
Weighted return on rate base, total (as a percent) | 7.10% | ||||||||
SoCalGas | Authorized weighting | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 45.60% | ||||||||
SoCalGas | Authorized weighting | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 45.60% | ||||||||
SoCalGas | Authorized weighting | Preferred Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 2.40% | ||||||||
SoCalGas | Authorized weighting | Preferred Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 2.40% | ||||||||
SoCalGas | Authorized weighting | Common Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 52% | ||||||||
SoCalGas | Authorized weighting | Common Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 52% | ||||||||
SoCalGas | Return on Rate Base | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 4.23% | ||||||||
SoCalGas | Return on Rate Base | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 4.07% | ||||||||
SoCalGas | Return on Rate Base | Preferred Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 6% | ||||||||
SoCalGas | Return on Rate Base | Preferred Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 6% | ||||||||
SoCalGas | Return on Rate Base | Common Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 10.05% | ||||||||
SoCalGas | Return on Rate Base | Common Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 9.80% | ||||||||
SoCalGas | Weighted Return on Rate Base | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 1.93% | ||||||||
SoCalGas | Weighted Return on Rate Base | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Plan percentage of capital structure allocated to debt | 1.86% | ||||||||
SoCalGas | Weighted Return on Rate Base | Preferred Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 0.14% | ||||||||
SoCalGas | Weighted Return on Rate Base | Preferred Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 0.14% | ||||||||
SoCalGas | Weighted Return on Rate Base | Common Equity | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 5.23% | ||||||||
SoCalGas | Weighted Return on Rate Base | Common Equity | Forecast | California Public Utilities Commission | |||||||||
Public Utilities, General Disclosures [Line Items] | |||||||||
Return on rate base (as a percent) | 5.10% |
ACQUISTIONS, DIVESTITURES AND_3
ACQUISTIONS, DIVESTITURES AND DISCONTINUED OPERATIONS - Acquisitions (Details) $ in Millions | 1 Months Ended | ||
Jan. 15, 2022 MW | Mar. 31, 2021 USD ($) MW | Mar. 30, 2021 | |
Saavi Energia | ESJ | |||
Business Acquisition [Line Items] | |||
Ownership percentage held by noncontrolling owners | 50% | ||
IEnova | Sempra Infrastructure | ESJ Asset Acquisition | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 65 | ||
Cash acquired | 14 | ||
Debt assumed | 277 | ||
Related party note payable assumed | $ 94 | ||
Subsequent acquisition, percentage | 100% | ||
Equity interest in acquiree, fair value | $ 34 | ||
Assets acquired | 458 | ||
Liabilities assumed | $ 345 | ||
Generating capacity (in mw) | MW | 108 | 155 | |
Intangible assets acquired | $ 190 | ||
Weighted average life of finite-lived intangible acquired | 14 years | ||
Sempra Infrastructure | ESJ | |||
Business Acquisition [Line Items] | |||
Ownership percentage held by noncontrolling owners | 50% | 50% |
ACQUISTIONS, DIVESTITURES AND_4
ACQUISTIONS, DIVESTITURES AND DISCONTINUED OPERATIONS - Divestitures (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (loss) on sale of assets | |
Parent and Other | PXISE Energy Solutions LLC | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Proceeds from sale | $ 38 | |
Transaction costs | 4 | |
Gain on sale | 36 | |
Gain on sale of assets, net of tax | $ 26 | |
PXISE Energy Solutions LLC | Parent and Other | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Ownership interest (as a percent) | 80% |
ACQUISTIONS, DIVESTITURES AND_5
ACQUISTIONS, DIVESTITURES AND DISCONTINUED OPERATIONS - Discontinued Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Apr. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from discontinued operations, net of income tax | $ 0 | $ 0 | $ 1,850 | ||
Earnings attributable to noncontrolling interests | 0 | 0 | (10) | ||
Earnings from discontinued operations attributable to common shares | $ 0 | $ 0 | $ 1,840 | ||
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Income from discontinued operations, net of income tax | ||||
Discontinued Operations, Held-for-sale | Sempra South American Utilities | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
After tax gain on sale | $ 2,899 | ||||
Revenues | 570 | ||||
Cost of sales | (364) | ||||
Operating expenses | (66) | ||||
Interest and other | (3) | ||||
Income before income taxes and equity earnings | 3,036 | ||||
Income tax expense | (1,186) | ||||
Equity earnings | 0 | ||||
Income from discontinued operations, net of income tax | 1,850 | ||||
Earnings from discontinued operations attributable to common shares | 1,840 | ||||
Cumulative foreign currency translation adjustments | $ 645 | ||||
Discontinued Operations, Held-for-sale | Sempra South American Utilities | Luz Del Sur | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale | $ 3,549 | ||||
Pretax gain on sale | 2,271 | ||||
After tax gain on sale | $ 1,499 | ||||
Discontinued Operations, Held-for-sale | Sempra South American Utilities | Chilquinta Energia | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale | $ 2,216 | ||||
Pretax gain on sale | 628 | ||||
After tax gain on sale | $ 248 | ||||
Discontinued Operations, Held-for-sale | Sempra South American Utilities | Luz Del Sur | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership interest (as a percent) | 83.60% | ||||
Discontinued Operations, Held-for-sale | Sempra South American Utilities | Chilquinta Energia | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership interest (as a percent) | 100% | ||||
Discontinued Operations, Held-for-sale | Sempra South American Utilities | Eletrans | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership interest (as a percent) | 50% |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED ENTITIES - SUMMARY OF INVESTMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment | $ 13,665 | $ 12,947 | |
Other investments | 2,012 | 1,525 | |
Goodwill | 1,602 | 1,602 | |
Earnings (losses) recorded before income tax | 666 | 614 | $ 294 |
Earnings recorded net of income tax | 832 | 729 | 721 |
Total equity earnings | 1,498 | 1,343 | 1,015 |
Distributions from investments | 886 | 1,360 | 1,462 |
Undistributed earnings from equity method investments | 2,000 | 1,500 | |
Undistributed earnings, equity method investments, less than 50 percent owned | $ 386 | ||
Sharyland Holdings, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in equity method investee | 50% | ||
R B S Sempra Commodities | |||
Schedule of Equity Method Investments [Line Items] | |||
Total equity earnings | 50 | (100) | |
Other Equity Method Investments And Other Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Other investments | $ 2,012 | 1,525 | |
Sempra Texas Utilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Distributions from investments | $ 345 | $ 688 | 286 |
Sempra Texas Utilities | Oncor Holdings | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in equity method investee | 100% | 100% | |
Equity method investment | $ 13,665 | $ 12,947 | |
Difference between carrying amount of equity method investment and underlying equity | 2,856 | 2,844 | |
Goodwill | 2,868 | 2,868 | |
Equity method investment, difference between carrying amount and underlying equity, aoci | 69 | 69 | |
Difference between carrying amount and underlying equity, tax sharing liability | 81 | 93 | |
Earnings recorded net of income tax | $ 735 | $ 617 | 577 |
Sempra Texas Utilities | Sharyland Holdings, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in equity method investee | 50% | 50% | |
Equity method investment | $ 107 | $ 100 | |
Difference between carrying amount of equity method investment and underlying equity | 41 | ||
Earnings (losses) recorded before income tax | 7 | 5 | 3 |
Sempra Infrastructure | |||
Schedule of Equity Method Investments [Line Items] | |||
Distributions from investments | $ 541 | $ 672 | 1,176 |
Sempra Infrastructure | Cameron LNG JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in equity method investee | 50.20% | 50.20% | |
Other investments | $ 886 | $ 514 | |
Difference between carrying amount of equity method investment and underlying equity | 270 | 276 | |
Earnings (losses) recorded before income tax | 659 | 559 | 391 |
Basis difference in equity earnings related to AOCI | 12 | 3 | |
Sempra Infrastructure | ESJ JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings recorded net of income tax | $ 0 | $ 2 | 5 |
Sempra Infrastructure | IMG JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in equity method investee | 40% | 40% | |
Other investments | $ 591 | $ 523 | |
Difference between carrying amount of equity method investment and underlying equity | 5 | ||
Earnings recorded net of income tax | $ 68 | $ 83 | 103 |
Sempra Infrastructure | TAG JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in equity method investee | 50% | 50% | |
Other investments | $ 428 | $ 388 | |
Difference between carrying amount of equity method investment and underlying equity | 130 | ||
Earnings recorded net of income tax | 29 | 27 | 36 |
Parent and other | R B S Sempra Commodities | |||
Schedule of Equity Method Investments [Line Items] | |||
Earnings (losses) recorded before income tax | $ 0 | $ 50 | $ (100) |
INVESTMENTS IN UNCONSOLIDATED_4
INVESTMENTS IN UNCONSOLIDATED ENTITIES - ONCOR HOLDINGS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Oncor Holdings | |||
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire equity method investments | $ 341 | $ 566 | $ 632 |
Oncor Holdings | Oncor Electric Delivery Company LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage held by noncontrolling owners | 80.25% | ||
Oncor Holdings | Sempra Texas Utilities | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in equity method investee | 100% | 100% |
INVESTMENTS IN UNCONSOLIDATED_5
INVESTMENTS IN UNCONSOLIDATED ENTITIES - SUMMARIZED FINANCIAL INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Net income | $ 2,285 | $ 1,463 | $ 4,105 |
Current assets | 5,912 | 4,375 | |
Current liabilities | 9,899 | 10,035 | |
Other Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenue | 2,959 | 2,721 | 2,341 |
Operating expense | (772) | (719) | (706) |
Operating Income | 2,187 | 2,002 | 1,635 |
Interest expense | (505) | (548) | (514) |
Other Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Net income | 1,537 | 1,388 | 1,132 |
Current assets | 1,008 | 788 | |
Noncurrent assets | 14,786 | 14,686 | |
Current liabilities | 1,147 | 1,230 | |
Noncurrent liabilities | 11,130 | 11,807 | |
Oncor Holdings | Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating revenue | 5,243 | 4,764 | 4,511 |
Operating expense | (3,682) | (3,397) | (3,224) |
Operating Income | 1,561 | 1,367 | 1,287 |
Interest expense | (445) | (413) | (405) |
Income tax expense | (203) | (163) | (146) |
Net income | 893 | 760 | 703 |
Noncontrolling interest held by TTI | (179) | (152) | (141) |
Earnings attributable to Sempra | 714 | 608 | $ 562 |
Current assets | 1,223 | 1,039 | |
Noncurrent assets | 31,703 | 29,481 | |
Current liabilities | 1,579 | 2,220 | |
Noncurrent liabilities | 17,405 | 15,281 | |
Noncontrolling interest held by TTI | $ 3,141 | $ 2,916 |
INVESTMENTS IN UNCONSOLIDATED_6
INVESTMENTS IN UNCONSOLIDATED ENTITIES - SHARYLAND HOLDINGS (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Sharyland Holdings, LP | |
Schedule of Equity Method Investments [Line Items] | |
Ownership percentage in equity method investee | 50% |
Sharyland Holdings, LP | Sempra Texas Utilities | |
Schedule of Equity Method Investments [Line Items] | |
Payments to acquire equity method investments | $ 5 |
Sharyland Utilities | Sharyland Holdings, LP | Sharyland Utilities | |
Schedule of Equity Method Investments [Line Items] | |
Ownership interest (as a percent) | 100% |
INVESTMENTS IN UNCONSOLIDATED_7
INVESTMENTS IN UNCONSOLIDATED ENTITIES - CAMERON LNG JV (Details) - Sempra Infrastructure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cameron LNG | |||
Schedule of Equity Method Investments [Line Items] | |||
Payments to acquire equity method investments | $ 30 | $ 2 | $ 54 |
Cameron LNG | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in consolidated entity | 50.20% |
INVESTMENTS IN UNCONSOLIDATED_8
INVESTMENTS IN UNCONSOLIDATED ENTITIES - SEMPRA PROMISSORY NOTE FOR SDSRA DISTRIBUTION (Details) - Cameron LNG - Promissory Note for SDSRA Distribution - Corporate Joint Venture - Sempra Infrastructure - USD ($) $ in Millions | 1 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Cash dividends received | $ 165 | |
Deferred Credits and Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Guaranty liability | $ 22 | $ 20 |
INVESTMENTS IN UNCONSOLIDATED_9
INVESTMENTS IN UNCONSOLIDATED ENTITIES - SEMPRA SUPPORT AGREEMENT FOR CFIN (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 30, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Return on investments | $ 366 | $ 761 | ||||
Sempra Infrastructure | ESJ | IEnova | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Acquired percentage interest | 50% | |||||
Sempra Infrastructure | Cameron LNG | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in consolidated entity | 50.20% | |||||
Sempra Infrastructure | ESJ | ESJ | IEnova | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage held by noncontrolling owners | 50% | |||||
Cameron LNG | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity method investee | 50.20% | |||||
Cameron LNG | Corporate Joint Venture | Sempra Infrastructure | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from related parties | $ 1,500 | |||||
Debt covenant, liability cap (as a percent) | 130% | |||||
Debt covenant, liability cap amount | $ 979 | |||||
IMG JV | Sempra Infrastructure | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity method investee | 40% | |||||
Transportation service contract term | 35 years | |||||
TAG JV | Sempra Infrastructure | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity method investee | 50% | |||||
Los Ramones Norte | Sempra Infrastructure | TAG JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage in equity method investee | 50% | |||||
Variable Interest Entity, Not Primary Beneficiary | Sempra Infrastructure | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Current guarantor obligations | $ 17 | |||||
Variable Interest Entity, Not Primary Beneficiary | Sempra Infrastructure | Other Current Assets [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Current guarantor obligations | 7 | |||||
Variable Interest Entity, Not Primary Beneficiary | Sempra Infrastructure | Other long-term assets(3) | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Current guarantor obligations | $ 10 | |||||
Variable Interest Entity, Not Primary Beneficiary | Cameron LNG | Corporate Joint Venture | Sempra Infrastructure | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Return on investments | 753 | |||||
Proceeds from related parties | $ 753 |
INVESTMENTS IN UNCONSOLIDATE_10
INVESTMENTS IN UNCONSOLIDATED ENTITIES - RBS SEMPRA COMMODITIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity earnings | $ 1,498 | $ 1,343 | $ 1,015 |
R B S Sempra Commodities | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity earnings | $ 50 | $ (100) |
DEBT AND CREDIT FACILITIES - CO
DEBT AND CREDIT FACILITIES - COMMITTED LINES OF CREDIT (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 30, 2022 | Dec. 31, 2022 USD ($) lineOfCredit lender | Dec. 29, 2022 | |
Line of Credit Facility [Line Items] | ||||
Total facility | $ 9,700,000,000 | $ 9,700,000,000 | ||
Primary committed lines of credit | lineOfCredit | 7 | |||
Line of credit outstanding | (1,744,000,000) | $ (1,744,000,000) | ||
Available unused credit | 7,197,000,000 | $ 7,197,000,000 | ||
Number of lenders | lender | 23 | |||
Lenders, percent of facility | 6% | |||
Commercial paper | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | (759,000,000) | $ (759,000,000) | ||
Sempra Energy | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | 4,000,000,000 | 4,000,000,000 | ||
Line of credit outstanding | 0 | 0 | ||
Available unused credit | 3,546,000,000 | 3,546,000,000 | ||
Committed lines of credit, capacity for issuance of letters of credit | 200,000,000 | 200,000,000 | ||
Line of credit, increase limit | 500,000,000 | 500,000,000 | ||
Sempra Energy | Commercial paper | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | (454,000,000) | (454,000,000) | ||
San Diego Gas and Electric Company | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | 1,500,000,000 | 1,500,000,000 | ||
Line of credit outstanding | 0 | 0 | ||
Available unused credit | 1,295,000,000 | 1,295,000,000 | ||
Committed lines of credit, capacity for issuance of letters of credit | 100,000,000 | 100,000,000 | ||
Line of credit, increase limit | 250,000,000 | 250,000,000 | ||
San Diego Gas and Electric Company | Commercial paper | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | (205,000,000) | (205,000,000) | ||
SoCalGas | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | 1,200,000,000 | 1,200,000,000 | ||
Line of credit outstanding | 0 | 0 | ||
Available unused credit | 1,100,000,000 | 1,100,000,000 | ||
Committed lines of credit, capacity for issuance of letters of credit | 150,000,000 | 150,000,000 | ||
Line of credit, increase limit | 250,000,000 | 250,000,000 | ||
SoCalGas | Commercial paper | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | (100,000,000) | (100,000,000) | ||
SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | 1,000,000,000 | 1,000,000,000 | ||
Line of credit outstanding | (510,000,000) | (510,000,000) | ||
Available unused credit | 490,000,000 | $ 490,000,000 | ||
Number of lenders | lender | 12 | |||
Lenders, percent of facility | 8.33% | |||
Committed lines of credit, capacity for issuance of letters of credit | $ 200,000,000 | $ 200,000,000 | ||
Maximum adjustment EBITDA allowed | 5.25 | 5.25 | ||
SI Partners | Commercial paper | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | $ 0 | $ 0 | ||
SI Partners | Swingline Sub-Limit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | (100,000,000) | $ (100,000,000) | ||
IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Primary committed lines of credit | lineOfCredit | 3 | |||
IEnova And SI Partners | IEnova Committed Line Of Credit Due September 2023 | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | 350,000,000 | $ 350,000,000 | ||
Line of credit outstanding | (264,000,000) | (264,000,000) | ||
Available unused credit | 86,000,000 | 86,000,000 | ||
IEnova And SI Partners | IEnova Committed Line Of Credit Due December 2023 | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | 150,000,000 | 150,000,000 | ||
Line of credit outstanding | 0 | 0 | ||
Available unused credit | 150,000,000 | 150,000,000 | ||
IEnova And SI Partners | IEnova Committed Line Of Credit Due 2024 | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | (970,000,000) | (970,000,000) | ||
Available unused credit | $ 530,000,000 | 530,000,000 | ||
IEnova And SI Partners | IEnova Committed Line Of Credit Due 2024 | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Variable percentage rate | 1.05% | |||
IEnova And SI Partners | Commercial paper | IEnova Committed Line Of Credit Due September 2023 | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | $ 0 | 0 | ||
IEnova And SI Partners | Commercial paper | IEnova Committed Line Of Credit Due December 2023 | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | 0 | 0 | ||
IEnova And SI Partners | Commercial paper | IEnova Committed Line Of Credit Due 2024 | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit outstanding | 0 | 0 | ||
IEnova And SI Partners | Line of Credit [Member] | IEnova Committed Line Of Credit Due September 2023 | Credit Line Shared By IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | 350,000,000 | 350,000,000 | ||
IEnova And SI Partners | Line of Credit [Member] | IEnova Committed Line Of Credit Due September 2023 | LIBOR | Credit Line Shared By IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Variable percentage rate | 0.54% | |||
IEnova And SI Partners | Line of Credit [Member] | IEnova Committed Line Of Credit Due September 2023 | Secured Overnight Financing Rate (SOFR) | Credit Line Shared By IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Variable percentage rate | 0.64% | |||
IEnova And SI Partners | Line of Credit [Member] | IEnova Committed Line Of Credit Due December 2023 | Credit Line Shared By IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | 150,000,000 | $ 150,000,000 | ||
IEnova And SI Partners | Line of Credit [Member] | IEnova Committed Line Of Credit Due December 2023 | LIBOR | Credit Line Shared By IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Variable percentage rate | 0.70% | |||
IEnova And SI Partners | Line of Credit [Member] | IEnova Committed Line Of Credit Due 2024 | Credit Line Shared By IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | $ 1,500,000,000 | $ 1,500,000,000 | ||
Number of lenders | lender | 10 | |||
IEnova And SI Partners | Line of Credit [Member] | IEnova Committed Line Of Credit Due 2024 | LIBOR | Credit Line Shared By IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Variable percentage rate | 0.80% | |||
IEnova And SI Partners | Line of Credit [Member] | IEnova Committed Line Of Credit Due 2024 | Secured Overnight Financing Rate (SOFR) | Credit Line Shared By IEnova And SI Partners | ||||
Line of Credit Facility [Line Items] | ||||
Variable percentage rate | 0.90% | |||
Sempra U.S. | ||||
Line of Credit Facility [Line Items] | ||||
Maximum ratio of indebtedness to total capitalization (as a percent) | 65% | 65% | ||
IEnova | IEnova Committed Line Of Credit Due 2024 | ||||
Line of Credit Facility [Line Items] | ||||
Total facility | $ 1,500,000,000 | $ 1,500,000,000 |
DEBT AND CREDIT FACILITIES - UN
DEBT AND CREDIT FACILITIES - UNCOMMITTED LINES OF CREDIT (Details) | Dec. 31, 2022 USD ($) |
Line of Credit Facility [Line Items] | |
Total facility | $ 9,700,000,000 |
Line of credit outstanding | (1,744,000,000) |
Available unused credit | 7,197,000,000 |
IEnova | IEnova Committed Line Of Credit Due 2024 | |
Line of Credit Facility [Line Items] | |
Total facility | 1,500,000,000 |
IEnova And SI Partners | IEnova Committed Line Of Credit Due 2024 | |
Line of Credit Facility [Line Items] | |
Line of credit outstanding | (970,000,000) |
Available unused credit | $ 530,000,000 |
IEnova And SI Partners | Interbank Equilibrium Interest Rate | IEnova Committed Line Of Credit Due 2024 | |
Line of Credit Facility [Line Items] | |
Variable percentage rate | 1.05% |
Foreign Unsecured Line of Credit | |
Line of Credit Facility [Line Items] | |
Total facility | $ 200,000,000 |
Amount available | $ 49,000,000 |
DEBT AND CREDIT FACILITIES - _2
DEBT AND CREDIT FACILITIES - UNCOMMITTED LETTERS OF CREDIT (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
Letters of credit outstanding | $ 594 |
Letter of Credit | |
Debt Instrument [Line Items] | |
Long-term debt outstanding | 594 |
Letter of Credit | San Diego Gas and Electric Company | |
Debt Instrument [Line Items] | |
Long-term debt outstanding | 15 |
Letter of Credit | SoCalGas | |
Debt Instrument [Line Items] | |
Long-term debt outstanding | 20 |
Letter of Credit | Sempra Infrastructure | |
Debt Instrument [Line Items] | |
Long-term debt outstanding | 391 |
Letter of Credit | Parent and Other | |
Debt Instrument [Line Items] | |
Long-term debt outstanding | $ 168 |
DEBT AND CREDIT FACILITIES - TE
DEBT AND CREDIT FACILITIES - TERM LOAN (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2022 | Jul. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Short-Term Debt [Line Items] | |||||
Issuances of debt (maturities greater than 90 days) | $ 9,984,000,000 | $ 3,773,000,000 | $ 6,051,000,000 | ||
SoCalGas | |||||
Short-Term Debt [Line Items] | |||||
Issuances of debt (maturities greater than 90 days) | $ 2,094,000,000 | $ 0 | $ 949,000,000 | ||
Term Loan Due 2023 | SoCalGas | |||||
Short-Term Debt [Line Items] | |||||
Issuances of debt (maturities greater than 90 days) | $ 800,000,000 | ||||
Term Loan Due 2023 | Secured Debt | SoCalGas | |||||
Short-Term Debt [Line Items] | |||||
Debt amount | $ 800,000,000 | ||||
Term of contract | 364 days | ||||
Variable percentage rate | 0.70% |
DEBT AND CREDIT FACILITIES - WE
DEBT AND CREDIT FACILITIES - WEIGHTED AVERAGE INTEREST RATES (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Sempra | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding (as a percent) | 5.57% | 0.60% |
San Diego Gas and Electric Company | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding (as a percent) | 4.76% | 0.65% |
SoCalGas | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate on total short-term debt outstanding (as a percent) | 4.71% | 0.21% |
DEBT AND CREDIT FACILITIES - SC
DEBT AND CREDIT FACILITIES - SCHEDULE OF LONG-TERM DEBT INSTRUMENTS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt and finance leases | $ 1,286 | $ 1,292 |
Finance lease obligations | 1,343 | 1,335 |
Current portion of long-term debt | (1,019) | (106) |
Long-term debt and finance leases | 24,548 | 21,068 |
San Diego Gas and Electric Company | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 7,400 | 6,417 |
Long-term debt and finance leases | 1,217 | 1,242 |
Long term debt and lease obligations, including current maturities | 9,056 | 7,691 |
Finance lease obligations | 1,256 | 1,274 |
Current portion of long-term debt | (489) | (49) |
Unamortized discount on long-term debt | (20) | (17) |
Unamortized debt issuance costs | (50) | (44) |
Total debt and lease obligations | 8,497 | 7,581 |
Long-term debt and finance leases | $ 8,497 | 7,581 |
San Diego Gas and Electric Company | 1.914% payable 2015 through February 2022 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.914% | |
Gross long-term debt | $ 0 | 17 |
San Diego Gas and Electric Company | 3.6% September 1, 2023 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.60% | |
Gross long-term debt | $ 450 | 450 |
San Diego Gas and Electric Company | 2.5% May 15, 2026 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.50% | |
Gross long-term debt | $ 500 | 500 |
San Diego Gas and Electric Company | First Mortgage Bonds Due June 2026 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 6% | |
Gross long-term debt | $ 250 | 250 |
San Diego Gas and Electric Company | 1.7% October 1, 2030 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.70% | |
Gross long-term debt | $ 800 | 800 |
San Diego Gas and Electric Company | 3% March 15 2032 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3% | |
Gross long-term debt | $ 500 | 0 |
San Diego Gas and Electric Company | 5.35% May 15, 2035 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.35% | |
Gross long-term debt | $ 250 | 250 |
San Diego Gas and Electric Company | 6.125% September 15, 2037 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 6.125% | |
Gross long-term debt | $ 250 | 250 |
San Diego Gas and Electric Company | 6% June 1, 2039 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 6% | |
Gross long-term debt | $ 300 | 300 |
San Diego Gas and Electric Company | 5.35% May 15, 2040 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.35% | |
Gross long-term debt | $ 250 | 250 |
San Diego Gas and Electric Company | 4.5% August 15, 2040 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.50% | |
Gross long-term debt | $ 500 | 500 |
San Diego Gas and Electric Company | 3.95% November 15, 2041 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.95% | |
Gross long-term debt | $ 250 | 250 |
San Diego Gas and Electric Company | 4.3% April 1, 2042 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.30% | |
Gross long-term debt | $ 250 | 250 |
San Diego Gas and Electric Company | 3.75% June 1, 2047 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.75% | |
Gross long-term debt | $ 400 | 400 |
San Diego Gas and Electric Company | 4.15% May 15, 2048 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.15% | |
Gross long-term debt | $ 400 | 400 |
San Diego Gas and Electric Company | 4.1% June 15, 2049 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.10% | |
Gross long-term debt | $ 400 | 400 |
San Diego Gas and Electric Company | 3.32% April 15, 2050 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.32% | |
Gross long-term debt | $ 400 | 400 |
San Diego Gas and Electric Company | 2.95% August 15, 2051 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.95% | |
Gross long-term debt | $ 750 | 750 |
San Diego Gas and Electric Company | 3.7% March 15, 2052 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.70% | |
Gross long-term debt | $ 500 | 0 |
San Diego Gas and Electric Company | Notes at variable rates | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.17% | |
Gross long-term debt | $ 400 | 0 |
San Diego Gas and Electric Company | Purchased-power contracts | ||
Debt Instrument [Line Items] | ||
Long-term debt and finance leases | 1,194 | 1,217 |
San Diego Gas and Electric Company | Other | ||
Debt Instrument [Line Items] | ||
Long-term debt and finance leases | 62 | 57 |
San Diego Gas and Electric Company | Other Long-term Debt | ||
Debt Instrument [Line Items] | ||
Long term debt and lease obligations, including current maturities | 1,656 | 1,274 |
SoCalGas | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | 5,050 | 4,450 |
Long-term debt and finance leases | 69 | 50 |
Long term debt and lease obligations, including current maturities | 6,146 | 4,820 |
Finance lease obligations | 87 | 61 |
Finance lease obligations and other long term debt | 1,096 | 370 |
Current portion of long-term debt | (318) | (11) |
Unamortized discount on long-term debt | (12) | (7) |
Unamortized debt issuance costs | (36) | (29) |
Total debt and lease obligations | 5,780 | 4,773 |
Long-term debt and finance leases | $ 5,780 | 4,773 |
SoCalGas | First Mortgage Bonds Due June 2026 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.60% | |
Gross long-term debt | $ 500 | 500 |
SoCalGas | 3.15% September 15, 2024 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.15% | |
Gross long-term debt | $ 500 | 500 |
SoCalGas | 3.2% June 15, 2025 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.20% | |
Gross long-term debt | $ 350 | 350 |
SoCalGas | 2.55% February 1, 2030 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.55% | |
Gross long-term debt | $ 650 | 650 |
SoCalGas | 5.75% November 15, 2035 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.75% | |
Gross long-term debt | $ 250 | 250 |
SoCalGas | 5.125% November 15, 2040 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.125% | |
Gross long-term debt | $ 300 | 300 |
SoCalGas | 3.75% September 15, 2042 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.75% | |
Gross long-term debt | $ 350 | 350 |
SoCalGas | 4.45% March 15, 2044 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.45% | |
Gross long-term debt | $ 250 | 250 |
SoCalGas | 4.125% June 1, 2048 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.125% | |
Gross long-term debt | $ 400 | 400 |
SoCalGas | 4.3% January 15, 2049 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.30% | |
Gross long-term debt | $ 550 | 550 |
SoCalGas | 3.95% February 15, 2050 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.95% | |
Gross long-term debt | $ 350 | 350 |
SoCalGas | 6.35% November 15, 2052 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 6.35% | |
Gross long-term debt | $ 600 | 0 |
SoCalGas | Notes at variable rates | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.10% | |
Gross long-term debt | $ 300 | 300 |
SoCalGas | 1.875% Notes May 14 2026 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 1.875% | |
Gross long-term debt | $ 4 | 4 |
SoCalGas | 2.95% Notes April 15, 2027 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 2.95% | |
Gross long-term debt | $ 700 | 0 |
SoCalGas | 5.67% Notes January 18, 2028 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.67% | |
Gross long-term debt | $ 5 | 5 |
Sempra Energy | 3.3% Notes April 1, 2025 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.30% | |
Gross long-term debt | $ 750 | 0 |
Sempra Energy | 3.25% Notes June 15, 2027 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.25% | |
Gross long-term debt | $ 750 | 750 |
Sempra Energy | 3.4% Notes February 1, 2028 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.40% | |
Gross long-term debt | $ 1,000 | 1,000 |
Sempra Energy | 3.7% Notes April 1, 2029 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.70% | |
Gross long-term debt | $ 500 | 0 |
Sempra Energy | 3.8% Notes February 1, 2038 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.80% | |
Gross long-term debt | $ 1,000 | 1,000 |
Sempra Energy | 6% Notes October 15, 2039 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 6% | |
Gross long-term debt | $ 750 | 750 |
Sempra Energy | 4% Notes February 1, 2048 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4% | |
Gross long-term debt | $ 800 | 800 |
Sempra Energy | 4.125% Junior Subordinated Notes April 1, 2052 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.125% | |
Gross long-term debt | $ 1,000 | 1,000 |
Sempra Energy | 5.75% Junior Subordinated Notes July 1, 2079 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 5.75% | |
Gross long-term debt | $ 758 | 758 |
Sempra Infrastructure | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 10,654 | 8,923 |
Sempra Infrastructure | 6.3% Notes (4.124% after cross-currency swap effective 2013) February 2, 2023 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 6.30% | |
Gross long-term debt | $ 201 | 189 |
Fixed interest rate after floating to fixed interest rate swaps | 4.124% | |
Sempra Infrastructure | Loan at variable rates (7.54% at December 31, 2022) December 9, 2025 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 7.54% | |
Gross long-term debt | $ 575 | 341 |
Sempra Infrastructure | Notes at variable rates (5.13% after floating-to-fixed rate swaps effective 2014), payable December 15, 2016 through December 15, 2026, collateralized by plant assets(2) | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 0 | 154 |
Fixed interest rate after floating to fixed interest rate swaps | 5.13% | |
Sempra Infrastructure | 3.75% Notes January 14, 2028 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.75% | |
Gross long-term debt | $ 300 | 300 |
Sempra Infrastructure | 3.25% Notes January 15, 2032 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 3.25% | |
Gross long-term debt | $ 400 | 0 |
Sempra Infrastructure | Other Long-term Debt, Variable Rate Payable Through November 2034 | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 196 | 200 |
Fixed interest rate after floating to fixed interest rate swaps | 4.0275% | |
Sempra Infrastructure | Other Long Term Debt 2.9% Loan Due 2034 | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 236 | 241 |
Fixed interest rate after floating to fixed interest rate swaps | 2.90% | |
Sempra Infrastructure | Other Long-term Debt, Variable Rate Loan Due November 2034 | ||
Debt Instrument [Line Items] | ||
Gross long-term debt | $ 98 | 100 |
Fixed interest rate after floating to fixed interest rate swaps | 2.38% | |
Sempra Infrastructure | 4.875% Notes January 14, 2048 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.875% | |
Gross long-term debt | $ 540 | 540 |
Sempra Infrastructure | Other Long-term Debt, 4.75% Notes Due September 2051 | ||
Debt Instrument [Line Items] | ||
Stated percentage rate | 4.75% | |
Gross long-term debt | $ 800 | 800 |
Other Sempra | ||
Debt Instrument [Line Items] | ||
Current portion of long-term debt | (212) | (46) |
Unamortized discount on long-term debt | (62) | (65) |
Unamortized debt issuance costs | (109) | (98) |
Long-term debt and finance leases | $ 10,271 | $ 8,714 |
DEBT AND CREDIT FACILITIES - _3
DEBT AND CREDIT FACILITIES - SCHEDULE OF MATURITIES OF LONG-TERM DEBT (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Schedule Of Long Term Debt Maturities [Line Items] | |
2023 | $ 962 |
2024 | 930 |
2025 | 1,724 |
2026 | 1,303 |
2027 | 1,499 |
Thereafter | 18,095 |
Total | 24,513 |
Various long-term obligations | 12,100 |
San Diego Gas and Electric Company | |
Schedule Of Long Term Debt Maturities [Line Items] | |
2023 | 450 |
2024 | 400 |
2025 | 0 |
2026 | 750 |
2027 | 0 |
Thereafter | 6,200 |
Total | 7,800 |
Various long-term obligations | 400 |
SoCalGas | |
Schedule Of Long Term Debt Maturities [Line Items] | |
2023 | 300 |
2024 | 500 |
2025 | 350 |
2026 | 504 |
2027 | 700 |
Thereafter | 3,705 |
Total | 6,059 |
Various long-term obligations | 1,000 |
Other Sempra | |
Schedule Of Long Term Debt Maturities [Line Items] | |
2023 | 212 |
2024 | 30 |
2025 | 1,374 |
2026 | 49 |
2027 | 799 |
Thereafter | 8,190 |
Total | 10,654 |
Sempra Energy | |
Schedule Of Long Term Debt Maturities [Line Items] | |
2025 | 750 |
2027 | 750 |
Thereafter | $ 5,800 |
DEBT AND CREDIT FACILITIES - _4
DEBT AND CREDIT FACILITIES - SCHEDULE OF CALLABLE LONG-TERM DEBT (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Schedule Of Callable Long-term Debt [Line Items] | |
Callable long-term debt, not subject to make-whole provisions | $ 2,992 |
Callable long-term debt, subject to make-whole provisions | 21,516 |
San Diego Gas and Electric Company | |
Schedule Of Callable Long-term Debt [Line Items] | |
Callable long-term debt, not subject to make-whole provisions | 400 |
Callable long-term debt, subject to make-whole provisions | 7,400 |
SoCalGas | |
Schedule Of Callable Long-term Debt [Line Items] | |
Callable long-term debt, not subject to make-whole provisions | 304 |
Callable long-term debt, subject to make-whole provisions | 5,750 |
Other Sempra | |
Schedule Of Callable Long-term Debt [Line Items] | |
Callable long-term debt, not subject to make-whole provisions | 2,288 |
Callable long-term debt, subject to make-whole provisions | $ 8,366 |
DEBT AND CREDIT FACILITIES - FI
DEBT AND CREDIT FACILITIES - FIRST MORTGAGE BONDS (Details) $ in Billions | Dec. 31, 2022 USD ($) |
San Diego Gas and Electric Company | |
Debt Instrument [Line Items] | |
First mortgage bonds available for future issuance | $ 7.8 |
SoCalGas | |
Debt Instrument [Line Items] | |
First mortgage bonds available for future issuance | $ 1.9 |
DEBT AND CREDIT FACILITIES - _5
DEBT AND CREDIT FACILITIES - FIRST MORTGAGE BONDS (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Nov. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | |
San Diego Gas and Electric Company | |||
Debt Instrument [Line Items] | |||
First mortgage bonds available for future issuance | $ 7,800 | ||
San Diego Gas and Electric Company | Three Point Zero Percent Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Debt amount | $ 500 | ||
Stated percentage rate | 3% | ||
Proceeds from issuance of debt | $ 494 | ||
Underwriting discounts and debt issuance costs | 6 | ||
San Diego Gas and Electric Company | Three Point Seven Percent Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Debt amount | $ 500 | ||
Stated percentage rate | 3.70% | ||
Proceeds from issuance of debt | $ 492 | ||
Underwriting discounts and debt issuance costs | $ 8 | ||
Term of contract | 364 days | ||
SoCalGas | |||
Debt Instrument [Line Items] | |||
First mortgage bonds available for future issuance | $ 1,900 | ||
SoCalGas | Six Point Three Five Percent Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Debt amount | $ 600 | ||
Stated percentage rate | 6.35% | ||
Proceeds from issuance of debt | $ 592 | ||
Underwriting discounts and debt issuance costs | $ 8 |
DEBT AND CREDIT FACILITIES - OT
DEBT AND CREDIT FACILITIES - OTHER LONG-TERM DEBT (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
San Diego Gas and Electric Company | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Debt amount | $ 400,000,000 | ||||
Proceeds from issuance of debt | $ 200,000,000 | $ 200,000,000 | |||
Term of contract | 2 years | ||||
Variable percentage rate | 0.625% | ||||
Three Point Three Percent Senior Unsecured Notes | Sempra Energy | |||||
Debt Instrument [Line Items] | |||||
Debt amount | $ 750,000,000 | $ 750,000,000 | |||
Stated percentage rate | 3.30% | 3.30% | |||
Proceeds from issuance of debt | $ 745,000,000 | ||||
Underwriting discounts and debt issuance costs | 5,000,000 | $ 5,000,000 | |||
Three Point Seven Zero Percent Senior Unsecured Notes | Sempra Energy | |||||
Debt Instrument [Line Items] | |||||
Debt amount | $ 500,000,000 | $ 500,000,000 | |||
Stated percentage rate | 3.70% | 3.70% | |||
Proceeds from issuance of debt | $ 494,000,000 | ||||
Underwriting discounts and debt issuance costs | 6,000,000 | $ 6,000,000 | |||
Two Point Nine Five Percent Senior Unsecured Notes | SoCalGas | |||||
Debt Instrument [Line Items] | |||||
Debt amount | $ 700,000,000 | $ 700,000,000 | |||
Stated percentage rate | 2.95% | 2.95% | |||
Proceeds from issuance of debt | $ 691,000,000 | ||||
Underwriting discounts and debt issuance costs | $ 9,000,000 | $ 9,000,000 | |||
Senior Notes 3.25% Due 2032 | SI Partners | |||||
Debt Instrument [Line Items] | |||||
Debt amount | $ 400,000,000 | ||||
Stated percentage rate | 3.25% | ||||
Proceeds from issuance of debt | $ 390,000,000 | ||||
Underwriting discounts and debt issuance costs | $ 10,000,000 |
DEBT AND CREDIT FACILITIES - EC
DEBT AND CREDIT FACILITIES - ECA LNG PHASE 1 (Details) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) | Dec. 31, 2020 USD ($) bank | Dec. 31, 2022 USD ($) | Aug. 01, 2022 USD ($) | Jul. 31, 2022 USD ($) bank | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Total facility | $ 9,700,000,000 | $ 9,700,000,000 | ||||
Sempra Infrastructure | ||||||
Debt Instrument [Line Items] | ||||||
Gross long-term debt | $ 10,654,000,000 | $ 10,654,000,000 | $ 8,923,000,000 | |||
Sempra Infrastructure | ECA LNG JV | ||||||
Debt Instrument [Line Items] | ||||||
Ownership percentage in consolidated entity | 41.70% | |||||
IEnova | ECA LNG JV | ||||||
Debt Instrument [Line Items] | ||||||
Ownership percentage in consolidated entity | 41.70% | 83.40% | ||||
Subsidiary of TOTAL SE | ECA LNG JV | ||||||
Debt Instrument [Line Items] | ||||||
Ownership percentage in consolidated entity | 16.60% | 16.60% | ||||
Loan Agreement To Finance Natural Gas Liquefaction Export Facility | Sempra LNG | ||||||
Debt Instrument [Line Items] | ||||||
Term of contract | 5 years | |||||
Number of banks in syndicate | bank | 9 | 9 | ||||
Total facility | $ 1,500,000,000 | |||||
Stated percentage rate | 2.70% | 2.86% | ||||
Minimum benchmark interest rate | 0% | |||||
Weighted average rate | 7.54% | 7.54% | 2.93% | |||
Loan Agreement To Finance Natural Gas Liquefaction Export Facility | Sempra LNG | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Variable percentage rate | 0.10% | |||||
Loan Agreement To Finance Natural Gas Liquefaction Export Facility | Sempra Infrastructure | ||||||
Debt Instrument [Line Items] | ||||||
Gross long-term debt | $ 575,000,000 | $ 575,000,000 | $ 341,000,000 | |||
Loan Agreement To Finance Natural Gas Liquefaction Export Facility, Number Of Banks Replaced In Amendment | Sempra LNG | ||||||
Debt Instrument [Line Items] | ||||||
Total facility | $ 1,300,000,000 | $ 203,000,000 | ||||
Number of banks in lending group replaced | 2 | |||||
Gross long-term debt | $ 64,000,000 | |||||
Number of banks in syndicate after amendment | bank | 7 |
DEBT AND CREDIT FACILITIES - IE
DEBT AND CREDIT FACILITIES - IENOVA PIPELINES (Details) - IEnova - Variable Rate Loan Payable Maturing 2026 - Sempra Infrastructure $ in Millions | 1 Months Ended |
Sep. 30, 2022 USD ($) | |
Debt Instrument [Line Items] | |
Repayments of debt | $ 141 |
Write off of unamortized debt issuance costs | 2 |
Write off of unamortized debt issuance costs, after tax | $ 1 |
INCOME TAXES - RECONCILIATION T
INCOME TAXES - RECONCILIATION TO EFFECTIVE TAX RATE (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Line Items] | |||
Income tax expense (benefit) | $ 556 | $ 99 | $ 249 |
Income from continuing operations before income taxes and equity earnings | 1,343 | 219 | 1,489 |
Income (loss) from equity method investments | 666 | 614 | 294 |
Pretax income | $ 2,009 | $ 833 | $ 1,783 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
Foreign exchange and inflation effects | 9% | 1% | (3.00%) |
Outside basis differences | 6% | 9% | 0% |
Depreciation | 4% | 8% | 3% |
Non-U.S. earnings taxed at lower statutory income tax rates | 3% | 5% | 2% |
State income taxes, net of federal income tax benefit | 1% | (4.00%) | 1% |
Compensation-related items | 0% | (1.00%) | (1.00%) |
Impairment losses | 0% | (1.00%) | 1% |
Noncontrolling interests | 0% | (2.00%) | 0% |
Self-developed software expenditures | 0% | (5.00%) | (3.00%) |
Allowance for equity funds used during construction | (1.00%) | (3.00%) | (1.00%) |
Tax credits | (1.00%) | 0% | (1.00%) |
Amortization of excess deferred income taxes | (2.00%) | (3.00%) | (1.00%) |
Resolution of prior years’ income tax items | (2.00%) | 0% | 0% |
Valuation allowances | (2.00%) | 1% | (1.00%) |
Remeasurement of deferred taxes | (3.00%) | (4.00%) | 0% |
Utility repairs expenditures | (5.00%) | (9.00%) | (4.00%) |
Other, net | 0% | (1.00%) | 1% |
Effective income tax rate | 28% | 12% | 14% |
San Diego Gas and Electric Company | |||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Line Items] | |||
Income tax expense (benefit) | $ 182 | $ 201 | $ 190 |
Income from continuing operations before income taxes and equity earnings | 1,097 | 1,020 | 1,014 |
Pretax income | $ 1,097 | $ 1,020 | $ 1,014 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
Depreciation | 3% | 3% | 3% |
State income taxes, net of federal income tax benefit | 4% | 5% | 5% |
Self-developed software expenditures | 0% | (1.00%) | (4.00%) |
Allowance for equity funds used during construction | (2.00%) | (2.00%) | (2.00%) |
Amortization of excess deferred income taxes | (2.00%) | (2.00%) | (1.00%) |
Resolution of prior years’ income tax items | (2.00%) | 0% | 0% |
Utility repairs expenditures | (5.00%) | (4.00%) | (3.00%) |
Effective income tax rate | 17% | 20% | 19% |
SoCalGas | |||
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Line Items] | |||
Income tax expense (benefit) | $ 138 | $ (310) | $ 96 |
Income from continuing operations before income taxes and equity earnings | 738 | (736) | 601 |
Pretax income | $ 738 | $ (736) | $ 601 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
U.S. federal statutory income tax rate | 21% | 21% | 21% |
Depreciation | 5% | (5.00%) | 5% |
State income taxes, net of federal income tax benefit | 2% | 11% | 2% |
Self-developed software expenditures | 0% | 5% | (4.00%) |
Allowance for equity funds used during construction | (2.00%) | 1% | (1.00%) |
Amortization of excess deferred income taxes | (2.00%) | 2% | (1.00%) |
Utility repairs expenditures | (6.00%) | 5% | (7.00%) |
Other, net | (1.00%) | 2% | (1.00%) |
Nondeductible expenditures | 2% | 0% | 2% |
Effective income tax rate | 19% | 42% | 16% |
INCOME TAXES - ADDITIONAL INFOR
INCOME TAXES - ADDITIONAL INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Effect of Changes in Legislation of Income Tax (Expense) [Line Items] | ||
Foreign undistributed earnings | $ 2,100 | |
Undistributed earnings of foreign subsidiaries considered to be indefinitely reinvested | 65 | |
Foreign earnings repatriated | $ 38 | |
Non-U.S. | ||
Schedule of Effect of Changes in Legislation of Income Tax (Expense) [Line Items] | ||
Undistributed earnings of foreign subsidiaries considered to be indefinitely reinvested | 600 | |
Income tax expense | $ 120 |
INCOME TAXES - COMPONENTS OF IN
INCOME TAXES - COMPONENTS OF INCOME TAX EXPENSE (BENEFIT) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. | $ 1,449 | $ 346 | $ 1,461 |
Non-U.S. | 560 | 487 | 322 |
Pretax income | 2,009 | 833 | 1,783 |
Current: | |||
U.S. state | (1) | (6) | (22) |
Non-U.S. | 165 | 183 | 112 |
Total | 164 | 177 | 90 |
Deferred: | |||
U.S. federal | 248 | (9) | 157 |
U.S. state | 50 | (37) | 36 |
Non-U.S. | 94 | (31) | (34) |
Total | 392 | (77) | 159 |
Deferred investment tax credits | 0 | (1) | 0 |
Total income tax expense | 556 | 99 | 249 |
San Diego Gas and Electric Company | |||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Pretax income | 1,097 | 1,020 | 1,014 |
Current: | |||
U.S. federal | 76 | 35 | 121 |
U.S. state | 13 | 13 | 34 |
Total | 89 | 48 | 155 |
Deferred: | |||
U.S. federal | 54 | 99 | 11 |
U.S. state | 38 | 54 | 25 |
Total | 92 | 153 | 36 |
Deferred investment tax credits | 1 | 0 | (1) |
Total income tax expense | 182 | 201 | 190 |
SoCalGas | |||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Pretax income | 738 | (736) | 601 |
Current: | |||
U.S. federal | (5) | 134 | 163 |
U.S. state | (3) | 50 | 45 |
Total | (8) | 184 | 208 |
Deferred: | |||
U.S. federal | 125 | (334) | (85) |
U.S. state | 22 | (159) | (28) |
Total | 147 | (493) | (113) |
Deferred investment tax credits | (1) | (1) | 1 |
Total income tax expense | $ 138 | $ (310) | $ 96 |
INCOME TAXES - DEFERRED INCOME
INCOME TAXES - DEFERRED INCOME TAXES (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred income tax assets: | ||
Less: valuation allowances | $ 192 | $ 183 |
Deferred income taxes assets, noncurrent | 135 | 151 |
Deferred income tax liabilities, noncurrent | 4,591 | 3,477 |
Sempra | ||
Deferred income tax liabilities: | ||
Differences in financial and tax bases of fixed assets, investments and other assets | 5,533 | 5,230 |
U.S. state and non-U.S. withholding tax on repatriation of foreign earnings | 53 | 47 |
Regulatory balancing accounts | 632 | 538 |
Right-of-use assets – operating leases | 177 | 160 |
Property taxes | 60 | 52 |
Postretirement benefits | 31 | 0 |
Other deferred income tax liabilities | 55 | 50 |
Total deferred income tax liabilities | 6,541 | 6,077 |
Deferred income tax assets: | ||
Tax credits | 1,210 | 1,135 |
Postretirement benefits | 0 | 30 |
Compensation-related items | 144 | 164 |
Operating lease liabilities | 164 | 140 |
Bad debt allowance | 48 | 33 |
State income taxes | 0 | 21 |
Accrued expenses not yet deductible | 92 | 575 |
Net operating losses | 579 | 706 |
Other deferred income tax assets | 40 | 130 |
Deferred income tax assets before valuation allowances | 2,277 | 2,934 |
Less: valuation allowances | 192 | 183 |
Total deferred income tax assets | 2,085 | 2,751 |
Net deferred income tax liability | 4,456 | 3,326 |
Deferred income taxes assets, noncurrent | 135 | 151 |
Deferred income tax liabilities, noncurrent | 4,591 | 3,477 |
San Diego Gas and Electric Company | ||
Deferred income tax liabilities: | ||
Differences in financial and tax bases of fixed assets, investments and other assets | 2,157 | 1,970 |
Regulatory balancing accounts | 397 | 323 |
Right-of-use assets – operating leases | 79 | 52 |
Property taxes | 38 | 35 |
Postretirement benefits | 0 | 0 |
Other deferred income tax liabilities | 0 | 1 |
Total deferred income tax liabilities | 2,671 | 2,381 |
Deferred income tax assets: | ||
Tax credits | 5 | 5 |
Postretirement benefits | 0 | 0 |
Compensation-related items | 9 | 12 |
Operating lease liabilities | 79 | 52 |
Bad debt allowance | 19 | 16 |
State income taxes | 5 | 4 |
Accrued expenses not yet deductible | 10 | 16 |
Net operating losses | 0 | 0 |
Other deferred income tax assets | 4 | 1 |
Total deferred income tax assets | 131 | 106 |
Net deferred income tax liability | 2,540 | 2,275 |
Deferred income tax liabilities, noncurrent | 2,540 | 2,275 |
SoCalGas | ||
Deferred income tax liabilities: | ||
Differences in financial and tax bases of fixed assets, investments and other assets | 1,568 | 1,444 |
Regulatory balancing accounts | 236 | 215 |
Right-of-use assets – operating leases | 12 | 16 |
Property taxes | 21 | 17 |
Postretirement benefits | 45 | 0 |
Other deferred income tax liabilities | 0 | 1 |
Total deferred income tax liabilities | 1,882 | 1,693 |
Deferred income tax assets: | ||
Tax credits | 2 | 3 |
Postretirement benefits | 0 | 18 |
Compensation-related items | 27 | 33 |
Operating lease liabilities | 12 | 16 |
Bad debt allowance | 23 | 15 |
State income taxes | 0 | 12 |
Accrued expenses not yet deductible | 59 | 539 |
Net operating losses | 441 | 0 |
Other deferred income tax assets | 12 | 18 |
Total deferred income tax assets | 576 | 654 |
Net deferred income tax liability | 1,306 | 1,039 |
Deferred income tax liabilities, noncurrent | $ 1,306 | $ 1,039 |
INCOME TAXES - NET OPERATING LO
INCOME TAXES - NET OPERATING LOSSES AND TAX CREDIT CARRYFORWARDS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||
Valuation allowances | $ 192 | $ 183 |
U.S. federal | ||
Operating Loss Carryforwards [Line Items] | ||
NOLs | 2,192 | |
Valuation allowances | 115 | 128 |
U.S. federal | SoCalGas | ||
Operating Loss Carryforwards [Line Items] | ||
NOLs | 1,540 | |
U.S. federal | General business tax credits | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits | 450 | |
U.S. federal | Foreign tax credits | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits | 766 | |
U.S. state | ||
Operating Loss Carryforwards [Line Items] | ||
NOLs | 3,662 | |
Valuation allowances | 51 | 31 |
U.S. state | SoCalGas | ||
Operating Loss Carryforwards [Line Items] | ||
NOLs | 1,729 | |
U.S. state | General business tax credits | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credits | 35 | |
Non-U.S. | ||
Operating Loss Carryforwards [Line Items] | ||
NOLs | 164 | |
Valuation allowances | $ 26 | $ 24 |
INCOME TAXES - UNRECOGNIZED TAX
INCOME TAXES - UNRECOGNIZED TAX BENEFITS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits | |||
Beginning balance | $ 304 | $ 99 | $ 93 |
Increase in prior period tax positions | 16 | 3 | 3 |
Decrease in prior period tax positions | (2) | (2) | (1) |
Increase in current period tax positions | 4 | 204 | 4 |
Settlements with tax authorities | (43) | 0 | 0 |
Expiration of statutes of limitations | (1) | 0 | 0 |
Ending balance | 278 | 304 | 99 |
Of the total, amounts related to tax positions that, if recognized, in future years, would decrease the effective tax rate | (117) | (105) | (87) |
Of the total, amounts related to tax positions that, if recognized, in future years, would increase the effective tax rate | 38 | 34 | 31 |
San Diego Gas and Electric Company | |||
Reconciliation of Unrecognized Tax Benefits | |||
Beginning balance | 14 | 13 | 12 |
Increase in prior period tax positions | 0 | 1 | 1 |
Ending balance | 14 | 14 | 13 |
Of the total, amounts related to tax positions that, if recognized, in future years, would decrease the effective tax rate | (11) | (11) | (10) |
Of the total, amounts related to tax positions that, if recognized, in future years, would increase the effective tax rate | 1 | 1 | 1 |
SoCalGas | |||
Reconciliation of Unrecognized Tax Benefits | |||
Beginning balance | 72 | 68 | 64 |
Increase in prior period tax positions | 1 | 1 | 1 |
Increase in current period tax positions | 4 | 3 | 3 |
Ending balance | 77 | 72 | 68 |
Of the total, amounts related to tax positions that, if recognized, in future years, would decrease the effective tax rate | (67) | (63) | (59) |
Of the total, amounts related to tax positions that, if recognized, in future years, would increase the effective tax rate | $ 37 | $ 33 | $ 30 |
INCOME TAXES - CHANGES IN UNREC
INCOME TAXES - CHANGES IN UNRECOGNIZED TAX BENEFITS (Details) - Potential resolution of audit issues with various U.S. federal, state and local and non-U.S. taxing authorities - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Possible change in unrecognized tax benefits in next 12 months | $ 8 | $ 8 | $ 8 |
San Diego Gas and Electric Company | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Possible change in unrecognized tax benefits in next 12 months | 6 | 6 | 6 |
SoCalGas | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Possible change in unrecognized tax benefits in next 12 months | $ 2 | $ 2 | $ 2 |
EMPLOYEE BENEFIT PLANS - DEDICA
EMPLOYEE BENEFIT PLANS - DEDICATED ASSETS IN SUPPORT OF CERTAIN BENEFITS PLANS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | ||
Dedicated assets in support of certain benefit plans | $ 505 | $ 567 |
EMPLOYEE BENEFIT PLANS - PENSIO
EMPLOYEE BENEFIT PLANS - PENSION AND PBOP PLANS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Oncor Electric Delivery Company LLC | Other Postretirement Benefits Plan | Sempra Texas Utilities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Gain (loss) arising during the period | $ 26 | $ 7 |
EMPLOYEE BENEFIT PLANS - PROJEC
EMPLOYEE BENEFIT PLANS - PROJECTED BENEFIT OBLIGATION, FAIR VALUE OF ASSETS AND FUNDED STATUS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Net obligation at January 1 | $ 3,857 | $ 4,077 | |
Service cost | 146 | 145 | $ 129 |
Interest cost | 118 | 112 | 129 |
Contributions from plan participants | 0 | 0 | |
Actuarial gain | (925) | (76) | |
Benefit payments | (89) | (98) | |
Settlements | (301) | (303) | |
Net obligation at December 31 | 2,806 | 3,857 | 4,077 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 3,182 | 3,002 | |
Actual return on plan assets | (625) | 340 | |
Employer contributions | 223 | 241 | |
Contributions from plan participants | 0 | 0 | |
Benefit payments | (89) | (98) | |
Settlements | (301) | (303) | |
Fair value of plan assets at December 31 | 2,390 | 3,182 | 3,002 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status at December 31 | (416) | (675) | |
Net recorded (liability) asset at December 31 | (416) | (675) | |
Accumulated benefit obligation | 2,574 | 3,419 | |
Pension Plan | San Diego Gas and Electric Company | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Net obligation at January 1 | 885 | 913 | |
Service cost | 37 | 35 | 31 |
Interest cost | 26 | 25 | 30 |
Contributions from plan participants | 0 | 0 | |
Actuarial gain | (135) | (2) | |
Benefit payments | (17) | (17) | |
Settlements | (82) | (69) | |
Net obligation at December 31 | 714 | 885 | 913 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 859 | 819 | |
Actual return on plan assets | (142) | 73 | |
Employer contributions | 52 | 53 | |
Contributions from plan participants | 0 | 0 | |
Benefit payments | (17) | (17) | |
Settlements | (82) | (69) | |
Fair value of plan assets at December 31 | 670 | 859 | 819 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status at December 31 | (44) | (26) | |
Net recorded (liability) asset at December 31 | (44) | (26) | |
Accumulated benefit obligation | 678 | 824 | |
Pension Plan | SoCalGas | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Net obligation at January 1 | 2,647 | 2,829 | |
Service cost | 96 | 97 | 86 |
Interest cost | 81 | 78 | 88 |
Contributions from plan participants | 0 | 0 | |
Actuarial gain | (748) | (83) | |
Benefit payments | (58) | (63) | |
Settlements | (204) | (211) | |
Net obligation at December 31 | 1,814 | 2,647 | 2,829 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 2,095 | 1,969 | |
Actual return on plan assets | (449) | 243 | |
Employer contributions | 151 | 157 | |
Contributions from plan participants | 0 | 0 | |
Benefit payments | (58) | (63) | |
Settlements | (204) | (211) | |
Fair value of plan assets at December 31 | 1,535 | 2,095 | 1,969 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status at December 31 | (279) | (552) | |
Net recorded (liability) asset at December 31 | (279) | (552) | |
Accumulated benefit obligation | 1,644 | 2,306 | |
Other Postretirement Benefits Plan | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Net obligation at January 1 | 940 | 989 | |
Service cost | 23 | 23 | 18 |
Interest cost | 28 | 28 | 33 |
Contributions from plan participants | 23 | 21 | |
Actuarial gain | (282) | (53) | |
Benefit payments | (69) | (68) | |
Settlements | 0 | 0 | |
Net obligation at December 31 | 663 | 940 | 989 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 1,408 | 1,399 | |
Actual return on plan assets | (271) | 51 | |
Employer contributions | 5 | 5 | |
Contributions from plan participants | 23 | 21 | |
Benefit payments | (69) | (68) | |
Settlements | 0 | 0 | |
Fair value of plan assets at December 31 | 1,096 | 1,408 | 1,399 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status at December 31 | 433 | 468 | |
Net recorded (liability) asset at December 31 | 433 | 468 | |
Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Net obligation at January 1 | 188 | 193 | |
Service cost | 5 | 5 | 4 |
Interest cost | 6 | 5 | 6 |
Contributions from plan participants | 8 | 7 | |
Actuarial gain | (54) | (3) | |
Benefit payments | (19) | (19) | |
Settlements | 0 | 0 | |
Net obligation at December 31 | 134 | 188 | 193 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 197 | 213 | |
Actual return on plan assets | (40) | (5) | |
Employer contributions | 1 | 1 | |
Contributions from plan participants | 8 | 7 | |
Benefit payments | (19) | (19) | |
Settlements | 0 | 0 | |
Fair value of plan assets at December 31 | 147 | 197 | 213 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status at December 31 | 13 | 9 | |
Net recorded (liability) asset at December 31 | 13 | 9 | |
Other Postretirement Benefits Plan | SoCalGas | |||
CHANGE IN PROJECTED BENEFIT OBLIGATION | |||
Net obligation at January 1 | 706 | 749 | |
Service cost | 17 | 17 | 14 |
Interest cost | 21 | 22 | 25 |
Contributions from plan participants | 14 | 13 | |
Actuarial gain | (215) | (49) | |
Benefit payments | (46) | (46) | |
Settlements | 0 | 0 | |
Net obligation at December 31 | 497 | 706 | 749 |
CHANGE IN PLAN ASSETS | |||
Fair value of plan assets at January 1 | 1,178 | 1,159 | |
Actual return on plan assets | (224) | 51 | |
Employer contributions | 1 | 1 | |
Contributions from plan participants | 14 | 13 | |
Benefit payments | (46) | (46) | |
Settlements | 0 | 0 | |
Fair value of plan assets at December 31 | 923 | 1,178 | $ 1,159 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status at December 31 | 426 | 472 | |
Net recorded (liability) asset at December 31 | $ 426 | $ 472 |
EMPLOYEE BENEFIT PLANS - PENS_2
EMPLOYEE BENEFIT PLANS - PENSION AND PBOP OBLIGATIONS, NET OF PLAN ASSETS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (410) | $ (687) |
San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | (42) | (25) |
SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | (277) | (551) |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 8 | 19 |
Current liabilities | (23) | (19) |
Noncurrent liabilities | (401) | (675) |
Net recorded (liability) asset at December 31 | (416) | (675) |
Pension Plan | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (2) | (1) |
Noncurrent liabilities | (42) | (25) |
Net recorded (liability) asset at December 31 | (44) | (26) |
Pension Plan | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 0 | 0 |
Current liabilities | (2) | (1) |
Noncurrent liabilities | (277) | (551) |
Net recorded (liability) asset at December 31 | (279) | (552) |
Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 443 | 481 |
Current liabilities | (1) | (1) |
Noncurrent liabilities | (9) | (12) |
Net recorded (liability) asset at December 31 | 433 | 468 |
Other Postretirement Benefits Plan | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 13 | 9 |
Current liabilities | 0 | 0 |
Noncurrent liabilities | 0 | 0 |
Net recorded (liability) asset at December 31 | 13 | 9 |
Other Postretirement Benefits Plan | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent assets | 426 | 472 |
Current liabilities | 0 | 0 |
Noncurrent liabilities | 0 | 0 |
Net recorded (liability) asset at December 31 | $ 426 | $ 472 |
EMPLOYEE BENEFIT PLANS - AMOUNT
EMPLOYEE BENEFIT PLANS - AMOUNTS IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | $ (95) | $ (86) |
Prior service cost | (5) | (8) |
Total | (100) | (94) |
Pension Plan | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (6) | (9) |
Prior service cost | (1) | (1) |
Total | (7) | (10) |
Pension Plan | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | (9) | (15) |
Prior service cost | (3) | (3) |
Total | (12) | (18) |
Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial (loss) gain | 14 | 11 |
Prior service cost | 0 | 0 |
Total | $ 14 | $ 11 |
EMPLOYEE BENEFIT PLANS - OBLIGA
EMPLOYEE BENEFIT PLANS - OBLIGATIONS OF FUNDED AND UNFUNDED PENSION AND PBOP PLANS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 2,574 | $ 3,419 |
Pension Plan | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 678 | 824 |
Pension Plan | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 1,644 | 2,306 |
Funded Plan | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 2,476 | 2,612 |
Accumulated benefit obligation | 2,277 | 2,277 |
Fair value of plan assets | 2,205 | 2,095 |
Funded Plan | Pension Plan | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 691 | |
Accumulated benefit obligation | 658 | |
Fair value of plan assets | 670 | |
Funded Plan | Pension Plan | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 1,785 | 2,612 |
Accumulated benefit obligation | 1,619 | 2,277 |
Fair value of plan assets | 1,535 | 2,095 |
Funded Plan | Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 34 | |
Fair value of plan assets | 33 | |
Unfunded Plan | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 153 | 178 |
Accumulated benefit obligation | 124 | 139 |
Unfunded Plan | Pension Plan | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 23 | 26 |
Accumulated benefit obligation | 20 | 22 |
Unfunded Plan | Pension Plan | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 29 | 35 |
Accumulated benefit obligation | 25 | 29 |
Unfunded Plan | Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 10 | $ 12 |
EMPLOYEE BENEFIT PLANS - NET PE
EMPLOYEE BENEFIT PLANS - NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | |||
NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI | |||
Service cost | $ 146 | $ 145 | $ 129 |
Interest cost | 118 | 112 | 129 |
Expected return on assets | (183) | (173) | (169) |
Amortization of prior service cost (credit) | 10 | 11 | 12 |
Amortization of actuarial loss (gain) | 25 | 45 | 35 |
Settlement charges | 28 | 38 | 22 |
Net periodic benefit cost (credit) | 144 | 178 | 158 |
Regulatory adjustment | 84 | 57 | 91 |
Total expense recognized | 228 | 235 | 249 |
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI | |||
Net loss (gain) | 12 | (5) | 28 |
Amortization of actuarial loss | (8) | (8) | (14) |
Amortization of prior service cost | (4) | (4) | (4) |
Settlements | 0 | (7) | (22) |
Total recognized in OCI | 0 | (24) | (12) |
Total recognized in net periodic benefit cost and OCI | 228 | 211 | 237 |
Pension Plan | San Diego Gas and Electric Company | |||
NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI | |||
Service cost | 37 | 35 | 31 |
Interest cost | 26 | 25 | 30 |
Expected return on assets | (46) | (50) | (49) |
Amortization of prior service cost (credit) | 1 | 1 | 2 |
Amortization of actuarial loss (gain) | 1 | 2 | 3 |
Settlement charges | 14 | 6 | 0 |
Net periodic benefit cost (credit) | 33 | 19 | 17 |
Regulatory adjustment | 20 | 34 | 38 |
Total expense recognized | 53 | 53 | 55 |
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI | |||
Net loss (gain) | (3) | 1 | 6 |
Transfer of actuarial loss | 0 | 0 | (7) |
Transfer of prior service cost | 0 | 0 | (5) |
Amortization of actuarial loss | (1) | 0 | (1) |
Amortization of prior service cost | 0 | (1) | (1) |
Total recognized in OCI | (4) | 0 | (8) |
Total recognized in net periodic benefit cost and OCI | 49 | 53 | 47 |
Pension Plan | SoCalGas | |||
NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI | |||
Service cost | 96 | 97 | 86 |
Interest cost | 81 | 78 | 88 |
Expected return on assets | (126) | (113) | (107) |
Amortization of prior service cost (credit) | 8 | 8 | 8 |
Amortization of actuarial loss (gain) | 18 | 36 | 26 |
Settlement charges | 14 | 25 | 0 |
Net periodic benefit cost (credit) | 91 | 131 | 101 |
Regulatory adjustment | 64 | 23 | 53 |
Total expense recognized | 155 | 154 | 154 |
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI | |||
Net loss (gain) | (5) | 2 | 6 |
Transfer of actuarial loss | 0 | 0 | 5 |
Transfer of prior service cost | 0 | 0 | 3 |
Amortization of actuarial loss | (2) | (1) | (1) |
Amortization of prior service cost | (1) | (1) | (1) |
Total recognized in OCI | (8) | 0 | 12 |
Total recognized in net periodic benefit cost and OCI | 147 | 154 | 166 |
Other Postretirement Benefits Plan | |||
NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI | |||
Service cost | 23 | 23 | 18 |
Interest cost | 28 | 28 | 33 |
Expected return on assets | (64) | (61) | (55) |
Amortization of prior service cost (credit) | (2) | (2) | (2) |
Amortization of actuarial loss (gain) | (15) | (9) | (10) |
Settlement charges | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (30) | (21) | (16) |
Regulatory adjustment | 30 | 21 | 16 |
Total expense recognized | 0 | 0 | 0 |
CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI | |||
Net loss (gain) | (4) | (4) | 1 |
Amortization of actuarial loss | 1 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Total recognized in OCI | (3) | (4) | 1 |
Total recognized in net periodic benefit cost and OCI | (3) | (4) | 1 |
Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI | |||
Service cost | 5 | 5 | 4 |
Interest cost | 6 | 5 | 6 |
Expected return on assets | (10) | (10) | (10) |
Amortization of prior service cost (credit) | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (2) | (2) | (3) |
Settlement charges | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (1) | (2) | (3) |
Regulatory adjustment | 1 | 2 | 3 |
Total expense recognized | 0 | 0 | 0 |
Other Postretirement Benefits Plan | SoCalGas | |||
NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI | |||
Service cost | 17 | 17 | 14 |
Interest cost | 21 | 22 | 25 |
Expected return on assets | (53) | (48) | (43) |
Amortization of prior service cost (credit) | (2) | (3) | (2) |
Amortization of actuarial loss (gain) | (12) | (7) | (7) |
Settlement charges | 0 | 0 | 0 |
Net periodic benefit cost (credit) | (29) | (19) | (13) |
Regulatory adjustment | 29 | 19 | 13 |
Total expense recognized | $ 0 | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - WEIGHT
EMPLOYEE BENEFIT PLANS - WEIGHTED-AVERAGE ASSUMPTIONS USED TO DETERMINE BENEFIT OBLIGATION (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.63% | 3.04% |
Interest crediting rate | 3.99% | 1.94% |
Pension Plan | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.60% | 2.99% |
Interest crediting rate | 3.99% | 1.94% |
Pension Plan | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.60% | 3.04% |
Interest crediting rate | 3.99% | 1.94% |
Pension Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 2.70% | 2.70% |
Pension Plan | Minimum | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 3.50% | 3.50% |
Pension Plan | Minimum | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 2.70% | 2.70% |
Pension Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 10% | 10% |
Pension Plan | Maximum | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 10% | 10% |
Pension Plan | Maximum | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 10% | 10% |
Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.65% | 3.04% |
Interest crediting rate | 3.99% | 1.94% |
Other Postretirement Benefits Plan | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.65% | 3.05% |
Interest crediting rate | 3.99% | 1.94% |
Other Postretirement Benefits Plan | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 5.65% | 3.05% |
Interest crediting rate | 3.99% | 1.94% |
Other Postretirement Benefits Plan | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 2.70% | 2.70% |
Other Postretirement Benefits Plan | Minimum | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 3.50% | 3.50% |
Other Postretirement Benefits Plan | Minimum | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 2.70% | 2.70% |
Other Postretirement Benefits Plan | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 10% | 10% |
Other Postretirement Benefits Plan | Maximum | San Diego Gas and Electric Company | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 10% | 10% |
Other Postretirement Benefits Plan | Maximum | SoCalGas | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of compensation increase | 10% | 10% |
EMPLOYEE BENEFIT PLANS - WEIG_2
EMPLOYEE BENEFIT PLANS - WEIGHTED-AVERAGE ASSUMPTIONS USED TO DETERMINE NET PERIODIC BENEFIT COST (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.04% | 2.78% | 3.49% |
Expected return on plan assets | 6.27% | 6.47% | 7% |
Interest crediting rate | 1.94% | 1.62% | 2.28% |
Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.99% | 2.73% | 3.44% |
Expected return on plan assets | 5.50% | 6.25% | 7% |
Interest crediting rate | 1.94% | 1.62% | 2.28% |
Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.04% | 2.79% | 3.50% |
Expected return on plan assets | 6.75% | 6.75% | 7% |
Interest crediting rate | 1.94% | 1.62% | 2.28% |
Pension Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.70% | 2.70% | 2.70% |
Pension Plan | Minimum | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.50% | 2.70% | 2.70% |
Pension Plan | Minimum | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.70% | 2.70% | 2.70% |
Pension Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 10% | 10% | 10% |
Pension Plan | Maximum | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 10% | 10% | 10% |
Pension Plan | Maximum | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 10% | 10% | 10% |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.04% | 2.88% | 3.54% |
Expected return on plan assets | 4.77% | 4.76% | 4.64% |
Interest crediting rate | 1.94% | 1.62% | 2.28% |
Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.05% | 2.85% | 3.55% |
Expected return on plan assets | 4.80% | 4.81% | 5.51% |
Interest crediting rate | 1.94% | 1.62% | 2.28% |
Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.05% | 2.90% | 3.55% |
Expected return on plan assets | 4.71% | 4.70% | 4.41% |
Interest crediting rate | 1.94% | 1.62% | 2.28% |
Other Postretirement Benefits Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.70% | 2.70% | 2.70% |
Other Postretirement Benefits Plan | Minimum | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 3.50% | 2.70% | 2.70% |
Other Postretirement Benefits Plan | Minimum | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 2.70% | 2.70% | 2.70% |
Other Postretirement Benefits Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 10% | 10% | 10% |
Other Postretirement Benefits Plan | Maximum | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 10% | 10% | 10% |
Other Postretirement Benefits Plan | Maximum | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Rate of compensation increase | 10% | 10% | 10% |
EMPLOYEE BENEFIT PLANS - ASSUME
EMPLOYEE BENEFIT PLANS - ASSUMED HEALTH CARE COST TREND RATES (Details) - Other Postretirement Benefits Plan | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pre-65 retirees | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 6% | 6% | 6% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend) | 4.75% | 4.75% | 4.75% |
Pre-65 retirees | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 6% | 6% | 6% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend) | 4.75% | 4.75% | 4.75% |
Pre-65 retirees | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 6% | 6% | 6% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend) | 4.75% | 4.75% | 4.75% |
Retirees aged 65 years or older | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 4.50% | 4.75% | 4.75% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend) | 4.50% | 4.50% | 4.50% |
Retirees aged 65 years or older | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 4.50% | 4.75% | 4.75% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend) | 4.50% | 4.50% | 4.50% |
Retirees aged 65 years or older | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Health care cost trend rate assumed for next year | 4.50% | 4.75% | 4.75% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend) | 4.50% | 4.50% | 4.50% |
EMPLOYEE BENEFIT PLANS - TARGET
EMPLOYEE BENEFIT PLANS - TARGET ASSET ALLOCATIONS FOR SEMPRA’S PENSION MASTER TRUST (Details) | Dec. 31, 2022 |
Return Seeking Assets | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 34% |
Return Seeking Assets | Pension Plan | San Diego Gas and Electric Company | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 42% |
Return Seeking Assets | Pension Plan | SoCalGas | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 65% |
Return Seeking Assets | Other Postretirement Benefits Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 74% |
Return Seeking Assets | Other Postretirement Benefits Plan | SDG&E and SoCalGas | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 38% |
Return Seeking Assets | Other Postretirement Benefits Plan | SDG&E and SoCalGas | Voluntary Employee Beneficiary Association Trust | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 30% |
Risk Mitigating Assets | Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 66% |
Risk Mitigating Assets | Pension Plan | San Diego Gas and Electric Company | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 58% |
Risk Mitigating Assets | Pension Plan | SoCalGas | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 35% |
Risk Mitigating Assets | Other Postretirement Benefits Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 26% |
Risk Mitigating Assets | Other Postretirement Benefits Plan | SDG&E and SoCalGas | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 62% |
Risk Mitigating Assets | Other Postretirement Benefits Plan | SDG&E and SoCalGas | Voluntary Employee Beneficiary Association Trust | |
Defined Benefit Plan Disclosure [Line Items] | |
Targeted plan asset allocations | 70% |
EMPLOYEE BENEFIT PLANS - NARRAT
EMPLOYEE BENEFIT PLANS - NARRATIVE (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Market value of employer stock held by plan | $ 1.1 | $ 1 |
Minimum | Return Seeking Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | 4% | |
Minimum | Risk Mitigating Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | 1% | |
Maximum | Return Seeking Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | 12% | |
Maximum | Risk Mitigating Assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected return on plan assets | 4% |
EMPLOYEE BENEFIT PLANS - FAIR V
EMPLOYEE BENEFIT PLANS - FAIR VALUE MEASUREMENTS, INVESTMENT ASSETS OF PENSION PLANS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2,390 | $ 3,182 | $ 3,002 |
Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 670 | 859 | 819 |
Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,535 | 2,095 | 1,969 |
Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 185 | 228 | |
Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,096 | 1,408 | 1,399 |
Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 147 | 197 | 213 |
Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 923 | 1,178 | $ 1,159 |
Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 26 | 33 | |
Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 385 | 521 | |
Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 892 | 1,289 | |
Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 108 | 137 | |
Level 1 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 96 | 138 | |
Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 306 | 441 | |
Level 1 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13 | 19 | |
Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 68 | 98 | |
Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 267 | 420 | |
Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 15 | 22 | |
Level 2 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 11 | |
Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 400 | 488 | |
Level 2 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 6 | |
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 453 | 619 | |
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,159 | 1,709 | |
Fair Value, Inputs, Level 1, 2 and 3 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 123 | 159 | |
Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 105 | 149 | |
Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 706 | 929 | |
Fair Value, Inputs, Level 1, 2 and 3 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17 | 25 | |
Cash and cash equivalents | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Cash and cash equivalents | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 14 | |
Cash and cash equivalents | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Cash and cash equivalents | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 2 | |
Cash and cash equivalents | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Cash and cash equivalents | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 14 | |
Cash and cash equivalents | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Cash and cash equivalents | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 2 | |
Cash and cash equivalents | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Cash and cash equivalents | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Domestic | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 80 | 155 | |
Equity Securities, Domestic | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 313 | 660 | |
Equity Securities, Domestic | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17 | 34 | |
Equity Securities, Domestic | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 16 | |
Equity Securities, Domestic | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46 | 84 | |
Equity Securities, Domestic | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 9 | |
Equity Securities, Domestic | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 79 | 154 | |
Equity Securities, Domestic | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 311 | 656 | |
Equity Securities, Domestic | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17 | 34 | |
Equity Securities, Domestic | Level 1 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 10 | 16 | |
Equity Securities, Domestic | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 46 | 83 | |
Equity Securities, Domestic | Level 1 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 9 | |
Equity Securities, Domestic | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
Equity Securities, Domestic | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 4 | |
Equity Securities, Domestic | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Domestic | Level 2 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Domestic | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | |
Equity Securities, Domestic | Level 2 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, International | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40 | 70 | |
Equity Securities, International | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 158 | 300 | |
Equity Securities, International | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 15 | |
Equity Securities, International | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 7 | |
Equity Securities, International | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24 | 37 | |
Equity Securities, International | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 6 | |
Equity Securities, International | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 40 | 70 | |
Equity Securities, International | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 158 | 299 | |
Equity Securities, International | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 15 | |
Equity Securities, International | Level 1 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 7 | |
Equity Securities, International | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 24 | 37 | |
Equity Securities, International | Level 1 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 6 | |
Equity Securities, International | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, International | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | |
Equity Securities, International | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, International | Level 2 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, International | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, International | Level 2 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Registered Investment Company Domestic | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37 | 41 | |
Equity Securities, Registered Investment Company Domestic | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 144 | 175 | |
Equity Securities, Registered Investment Company Domestic | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 9 | |
Equity Securities, Registered Investment Company Domestic | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 65 | 83 | |
Equity Securities, Registered Investment Company Domestic | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 152 | 147 | |
Equity Securities, Registered Investment Company Domestic | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
Equity Securities, Registered Investment Company Domestic | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 35 | 37 | |
Equity Securities, Registered Investment Company Domestic | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 137 | 158 | |
Equity Securities, Registered Investment Company Domestic | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 9 | |
Equity Securities, Registered Investment Company Domestic | Level 1 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 65 | 82 | |
Equity Securities, Registered Investment Company Domestic | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 80 | 74 | |
Equity Securities, Registered Investment Company Domestic | Level 1 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
Equity Securities, Registered Investment Company Domestic | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 4 | |
Equity Securities, Registered Investment Company Domestic | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 17 | |
Equity Securities, Registered Investment Company Domestic | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Registered Investment Company Domestic | Level 2 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | |
Equity Securities, Registered Investment Company Domestic | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 72 | 73 | |
Equity Securities, Registered Investment Company Domestic | Level 2 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Registered Investment Company International | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 6 | |
Equity Securities, Registered Investment Company International | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20 | 26 | |
Equity Securities, Registered Investment Company International | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 1 | |
Equity Securities, Registered Investment Company International | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 9 | |
Equity Securities, Registered Investment Company International | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Equity Securities, Registered Investment Company International | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 5 | 6 | |
Equity Securities, Registered Investment Company International | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 20 | 26 | |
Equity Securities, Registered Investment Company International | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 1 | |
Equity Securities, Registered Investment Company International | Level 1 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 9 | |
Equity Securities, Registered Investment Company International | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 3 | |
Equity Securities, Registered Investment Company International | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Registered Investment Company International | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Registered Investment Company International | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Registered Investment Company International | Level 2 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Equity Securities, Registered Investment Company International | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic government and government agencies | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 227 | 255 | |
Domestic government and government agencies | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 278 | 155 | |
Domestic government and government agencies | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 75 | 77 | |
Domestic government and government agencies | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 25 | |
Domestic government and government agencies | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 165 | 258 | |
Domestic government and government agencies | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 3 | |
Domestic government and government agencies | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 224 | 251 | |
Domestic government and government agencies | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 261 | 136 | |
Domestic government and government agencies | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 72 | 76 | |
Domestic government and government agencies | Level 1 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 24 | |
Domestic government and government agencies | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 151 | 241 | |
Domestic government and government agencies | Level 1 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
Domestic government and government agencies | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 4 | |
Domestic government and government agencies | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 17 | 19 | |
Domestic government and government agencies | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 1 | |
Domestic government and government agencies | Level 2 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 1 | |
Domestic government and government agencies | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 14 | 17 | |
Domestic government and government agencies | Level 2 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 1 | |
International government bonds | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
International government bonds | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 8 | |
International government bonds | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
International government bonds | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9 | 12 | |
International government bonds | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International government bonds | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International government bonds | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
International government bonds | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
International government bonds | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
International government bonds | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 8 | |
International government bonds | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
International government bonds | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 11 | |
Domestic corporate bonds | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52 | 75 | |
Domestic corporate bonds | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 204 | 321 | |
Domestic corporate bonds | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 17 | |
Domestic corporate bonds | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 8 | |
Domestic corporate bonds | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 269 | 337 | |
Domestic corporate bonds | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 4 | |
Domestic corporate bonds | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic corporate bonds | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic corporate bonds | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic corporate bonds | Level 1 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic corporate bonds | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic corporate bonds | Level 1 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Domestic corporate bonds | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 52 | 75 | |
Domestic corporate bonds | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 204 | 321 | |
Domestic corporate bonds | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11 | 17 | |
Domestic corporate bonds | Level 2 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6 | 8 | |
Domestic corporate bonds | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 269 | 337 | |
Domestic corporate bonds | Level 2 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4 | 4 | |
International corporate bonds | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 12 | |
International corporate bonds | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30 | 50 | |
International corporate bonds | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 3 | |
International corporate bonds | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
International corporate bonds | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37 | 49 | |
International corporate bonds | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
International corporate bonds | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International corporate bonds | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International corporate bonds | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International corporate bonds | Level 1 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International corporate bonds | Level 1 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
International corporate bonds | Level 1 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
International corporate bonds | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 12 | |
International corporate bonds | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 30 | 50 | |
International corporate bonds | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 3 | |
International corporate bonds | Level 2 | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | 1 | |
International corporate bonds | Level 2 | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 37 | 49 | |
International corporate bonds | Level 2 | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
Other | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (1) | ||
Other | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
Other | Level 1 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (1) | ||
Other | Level 1 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (1) | ||
Other | Level 1 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
Other | Level 2 | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Other | Level 2 | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1 | ||
Other | Level 2 | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Accounts receivable/payable, net | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (1) | (4) | |
Accounts receivable/payable, net | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (7) | (15) | |
Accounts receivable/payable, net | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (1) | ||
Accounts receivable/payable, net | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (1) | ||
Accounts receivable/payable, net | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | (4) | (1) | |
Investments measured at NAV: | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 210 | 233 | |
Investments measured at NAV: | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 355 | 356 | |
Investments measured at NAV: | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 60 | 68 | |
Investments measured at NAV: | Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 42 | 49 | |
Investments measured at NAV: | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 218 | 244 | |
Investments measured at NAV: | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7 | 7 | |
Other | Pension Plan | San Diego Gas and Electric Company | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8 | 11 | |
Other | Pension Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 28 | 45 | |
Other | Pension Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 2 | |
Other | Other Postretirement Benefits Plan | SoCalGas | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 6 | |
Other | Other Postretirement Benefits Plan | Other Sempra | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2 | 1 | |
Total Sempra investment assets in the fair value hierarchy | Level 1 | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 1,385 | 1,947 | |
Total Sempra investment assets in the fair value hierarchy | Level 1 | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 415 | 598 | |
Total Sempra investment assets in the fair value hierarchy | Level 2 | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 350 | 540 | |
Total Sempra investment assets in the fair value hierarchy | Level 2 | Other Postretirement Benefits Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 413 | $ 505 |
EMPLOYEE BENEFIT PLANS - EXPECT
EMPLOYEE BENEFIT PLANS - EXPECTED CONTRIBUTIONS (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 233 |
Pension Plan | San Diego Gas and Electric Company | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 53 |
Pension Plan | SoCalGas | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 153 |
Other Postretirement Benefits Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 5 |
Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | 1 |
Other Postretirement Benefits Plan | SoCalGas | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected employer contributions | $ 1 |
EMPLOYEE BENEFIT PLANS - EXPE_2
EMPLOYEE BENEFIT PLANS - EXPECTED BENEFIT PAYMENTS (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 223 |
2024 | 220 |
2025 | 216 |
2026 | 220 |
2027 | 220 |
2028-2032 | 1,062 |
Pension Plan | San Diego Gas and Electric Company | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 58 |
2024 | 58 |
2025 | 59 |
2026 | 57 |
2027 | 56 |
2028-2032 | 285 |
Pension Plan | SoCalGas | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 130 |
2024 | 129 |
2025 | 131 |
2026 | 132 |
2027 | 129 |
2028-2032 | 654 |
Other Postretirement Benefits Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 46 |
2024 | 45 |
2025 | 45 |
2026 | 47 |
2027 | 44 |
2028-2032 | 220 |
Other Postretirement Benefits Plan | San Diego Gas and Electric Company | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 10 |
2024 | 10 |
2025 | 10 |
2026 | 10 |
2027 | 10 |
2028-2032 | 47 |
Other Postretirement Benefits Plan | SoCalGas | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 33 |
2024 | 33 |
2025 | 32 |
2026 | 32 |
2027 | 32 |
2028-2032 | $ 161 |
EMPLOYEE BENEFIT PLANS - EMPLOY
EMPLOYEE BENEFIT PLANS - EMPLOYER CONTRIBUTIONS TO SAVINGS PLANS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Savings Plan [Line Items] | |||
Employer contributions to defined benefit plan | $ 64 | $ 52 | $ 47 |
San Diego Gas and Electric Company | |||
Savings Plan [Line Items] | |||
Employer contributions to defined benefit plan | 19 | 18 | 16 |
SoCalGas | |||
Savings Plan [Line Items] | |||
Employer contributions to defined benefit plan | $ 30 | $ 28 | $ 25 |
SHARE-BASED COMPENSATION - SHAR
SHARE-BASED COMPENSATION - SHARE-BASED COMPENSATION EXPENSE/ OPTIONS (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Number of shares available for future grants (in shares) | 5,056,550 | ||
Number of shares authorized for issuance (in shares) | 5,056,550 | ||
Share-based compensation expense, before income taxes | $ 61 | $ 58 | $ 62 |
Income tax benefit | (17) | (16) | (17) |
Share-based Payment Arrangement, Expense, after Tax | 44 | 42 | 45 |
Capitalized share-based compensation cost | 11 | 9 | 11 |
Excess income tax (benefit) deficiency | $ (3) | $ (9) | $ (19) |
Stock option exercise period (in years) | 3 years | ||
Weighted-average fair value for options granted (in dollars per share) | $ 21.98 | $ 19.07 | $ 19.76 |
Stock price volatility (as a percent) | 26.08% | 26.57% | 18.78% |
Expected term (in years) | 5 years 4 months 9 days | 5 years 4 months 9 days | 5 years 4 months 2 days |
Risk-free rate of return (as a percent) | 1.40% | 0.41% | 1.68% |
Annual dividend yield (as a percent) | 3.33% | 3.38% | 2.60% |
Common shares under options | |||
Beginning balance (in shares) | 537,344 | ||
Options grants in period (in shares) | 219,898 | 222,620 | 154,860 |
Exercised (in shares) | (40,630) | (50,671) | (4,400) |
Ending balance (in shares) | 716,612 | 537,344 | |
Vested at period end (in shares) | 716,612 | ||
Exercisable at period end (in shares) | 307,563 | ||
Weighted- average exercise price | |||
Beginning balance (in dollars per share) | $ 123.45 | ||
Granted (in dollars per share) | 131.99 | ||
Exercised (in dollars per share) | 106.76 | ||
Ending balance (in dollars per share) | 127.02 | $ 123.45 | |
Vested at period end, Weighted- average exercise price (in dollars per share) | 127.02 | ||
Exercisable at period end, Weighted- average exercise price (in dollars per share) | $ 122.09 | ||
Outstanding at period end, Weighted- average remaining contractual term | 7 years 8 months 19 days | ||
Vested at period end, Weighted- average remaining contractual term | 7 years 8 months 19 days | ||
Exercisable at period end, Weighted- average remaining contractual term | 6 years 9 months | ||
Outstanding at period end, Aggregate intrinsic value | $ 20 | ||
Vested at period end, Aggregate intrinsic value | 20 | ||
Exercisable at period end, Aggregate intrinsic value | 10 | ||
Aggregate intrinsic value of options exercised | 1.7 | $ 1.4 | $ 0.4 |
Weighted-average per share fair value for nonqualified stock options granted (in dollars per share) | $ 123.80 | $ 149.12 | |
Cash received from exercise of options | 4 | $ 5 | |
San Diego Gas and Electric Company | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation expense, before income taxes | 11 | 10 | $ 11 |
Income tax benefit | (3) | (3) | (3) |
Share-based Payment Arrangement, Expense, after Tax | 8 | 7 | 8 |
Capitalized share-based compensation cost | 6 | 5 | 7 |
Excess income tax (benefit) deficiency | 0 | (1) | (3) |
SoCalGas | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation expense, before income taxes | 17 | 14 | 14 |
Income tax benefit | (5) | (4) | (4) |
Share-based Payment Arrangement, Expense, after Tax | 12 | 10 | 10 |
Capitalized share-based compensation cost | 5 | 4 | 4 |
Excess income tax (benefit) deficiency | $ 0 | $ (1) | $ (3) |
Share-based Payment Arrangement, Option | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Expiration period | 10 years | ||
Awards Granted In 2020 and 2019 | Share-based Payment Arrangement, Option | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Award vesting period | 3 years | ||
Awarded during or after 2015 | Performance Shares | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Award vesting period | 3 years | ||
Award vesting rights maximum additional award | 100% | ||
Award vesting rights, Increase modifier for top quartile | 20% | ||
Award vesting rights, decrease modifier for bottom quartile | 20% | ||
Awarded During Or After 2014 | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Award vesting rights maximum additional award | 100% | ||
Awards Granted in 2019 | Restricted Stock Units (RSUs), Service-based | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Award vesting period | 3 years | ||
Awards Granted During 2015 Through 2018 | Restricted Stock Units (RSUs), Service-based | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Award vesting period | 3 years | ||
Minimum | Restricted Stock Units (RSUs), Service-based | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Award requisite service period | 3 years |
SHARE-BASED COMPENSATION - RSAs
SHARE-BASED COMPENSATION - RSAs AND RSUs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Risk-free rate of return (as a percent) | 1.40% | 0.41% | 1.68% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Maximum Performance Based RSU Target Performance Conditions Exceeded For Awards Granted during or after 2014 | 100% | ||
Share-Based Compensation, Restricted Stock Awards And Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Stock price volatility (as a percent) | 32.82% | 33.39% | 16.35% |
Risk-free rate of return (as a percent) | 1.05% | 0.16% | 1.55% |
Performance-based restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 870,777 | ||
Granted (in shares) | 341,139 | ||
Vested (in shares) | (317,956) | ||
Forfeited (in shares) | (54,165) | ||
Nonvested, end of period (in shares) | 839,795 | 870,777 | |
Expected to vest (in shares) | 823,418 | ||
Weighted average grant date fair value, beginning of period (in dollars per share) | $ 131.64 | ||
Weighted average grant date fair value, granted (in dollars per share) | 146.94 | $ 133.03 | $ 155.62 |
Weighted average grant date fair value, vested (in dollars per share) | 113.66 | ||
Weighted average grant date fair value, forfeited (in dollars per share) | 134.65 | ||
Weighted average grant date fair value, end of period (in dollars per share) | 144.39 | $ 131.64 | |
Weighted average grant date fair value, expected to vest (in dollars per share) | $ 144.46 | ||
Service-based restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning of period (in shares) | 277,300 | ||
Granted (in shares) | 153,243 | ||
Vested (in shares) | (139,020) | ||
Forfeited (in shares) | (15,886) | ||
Nonvested, end of period (in shares) | 275,637 | 277,300 | |
Expected to vest (in shares) | 267,778 | ||
Weighted average grant date fair value, beginning of period (in dollars per share) | $ 127.54 | ||
Weighted average grant date fair value, granted (in dollars per share) | 132.64 | $ 124.84 | $ 138.91 |
Weighted average grant date fair value, vested (in dollars per share) | 126.41 | ||
Weighted average grant date fair value, forfeited (in dollars per share) | 139.01 | ||
Weighted average grant date fair value, end of period (in dollars per share) | 130.86 | $ 127.54 | |
Weighted average grant date fair value, expected to vest (in dollars per share) | $ 130.90 | ||
Share-Based Compensation, Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Equity instruments other than options, vested in the period, fair value | $ 54 | $ 57 | $ 70 |
Nonvested awards, compensation cost not yet recognized | $ 43 | ||
Weighted average period over which unrecognized compensation cost will be recognized | 1 year 7 months 6 days |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - COMMODITY VOLUMES (Details) | 12 Months Ended | |
Dec. 31, 2022 MMBTU MWh | Dec. 31, 2021 MWh MMBTU | |
Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount, energy measure | MMBTU | 254 | 184 |
Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount, energy measure | 1 | 1 |
Congestion revenue rights | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount, energy measure | 42 | 45 |
SDG&E | Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount, energy measure | MMBTU | 15 | 7 |
SDG&E | Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount, energy measure | 0 | 1 |
SDG&E | Congestion revenue rights | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount, energy measure | 42 | 45 |
SoCalGas | Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount, energy measure | MMBTU | 224 | 201 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - INTEREST RATE DERIVATIVES NARRATIVE (Details) - Cash flow hedges - Interest Rate Swap $ in Billions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Derivatives, Fair Value [Line Items] | |
Amount of interest rate swap with locked in interest rate | $ 3.5 |
Interest rate swap tenor | 25 years |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - INTEREST RATE DERIVATIVES (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Interest rate instruments | Cash flow hedges | ||
Derivative [Line Items] | ||
Notional amount of derivative liability | $ 294,000,000 | $ 462,000,000 |
Interest rate and foreign exchange instruments | ||
Derivative [Line Items] | ||
Notional amount of derivative liability | 306,000,000 | 306,000,000 |
Other foreign currency derivatives | ||
Derivative [Line Items] | ||
Notional amount of derivative liability | $ 111,000,000 | $ 106,000,000 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - BALANCE SHEET (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Other Current Assets [Member] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | $ 333,000,000 | $ 74,000,000 |
Additional margin posted for commodity contracts not subject to rate recovery | 451,000,000 | 58,000,000 |
Additional margin posted for commodity contracts subject to rate recovery | 18,000,000 | 46,000,000 |
Total | 802,000,000 | 178,000,000 |
Other long-term assets(3) | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | 152,000,000 | 62,000,000 |
Additional margin posted for commodity contracts not subject to rate recovery | 0 | 0 |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | 152,000,000 | 62,000,000 |
Other current liabilities | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | (280,000,000) | (87,000,000) |
Additional margin posted for commodity contracts not subject to rate recovery | 0 | 0 |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | (280,000,000) | (87,000,000) |
Deferred credits and other | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | (94,000,000) | (134,000,000) |
Additional margin posted for commodity contracts not subject to rate recovery | 0 | 0 |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | (94,000,000) | (134,000,000) |
Derivatives designated as hedging instruments: | Other Current Assets [Member] | ||
Derivative Instruments in Hedges, at Fair Value, Net [Abstract] | ||
Interest rate instruments | 10,000,000 | 0 |
Foreign exchange instruments | 0 | 1,000,000 |
Interest rate and foreign exchange instruments | 0 | 0 |
Derivatives designated as hedging instruments: | Other long-term assets(3) | ||
Derivative Instruments in Hedges, at Fair Value, Net [Abstract] | ||
Interest rate instruments | 33,000,000 | 6,000,000 |
Foreign exchange instruments | 0 | 1,000,000 |
Interest rate and foreign exchange instruments | 0 | 0 |
Derivatives designated as hedging instruments: | Other current liabilities | ||
Derivative Instruments in Hedges, at Fair Value, Net [Abstract] | ||
Interest rate instruments | 0 | (6,000,000) |
Foreign exchange instruments | (7,000,000) | (1,000,000) |
Interest rate and foreign exchange instruments | (105,000,000) | (1,000,000) |
Derivatives designated as hedging instruments: | Deferred credits and other | ||
Derivative Instruments in Hedges, at Fair Value, Net [Abstract] | ||
Interest rate instruments | 0 | (2,000,000) |
Foreign exchange instruments | (1,000,000) | 0 |
Interest rate and foreign exchange instruments | 0 | (130,000,000) |
Derivatives not designated as hedging instruments: | Other Current Assets [Member] | ||
Derivative Instruments in Hedges, at Fair Value, Net [Abstract] | ||
Interest rate instruments | 33,000,000 | |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts not subject to rate recovery | 480,000,000 | 136,000,000 |
Associated offsetting commodity contracts not subject to rate recovery | (301,000,000) | (93,000,000) |
Commodity contracts subject to rate recovery | 138,000,000 | 38,000,000 |
Associated offsetting commodity contracts subject to rate recovery | (27,000,000) | (8,000,000) |
Derivatives not designated as hedging instruments: | Other long-term assets(3) | ||
Derivative Instruments in Hedges, at Fair Value, Net [Abstract] | ||
Interest rate instruments | 0 | |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts not subject to rate recovery | 133,000,000 | 11,000,000 |
Associated offsetting commodity contracts not subject to rate recovery | (39,000,000) | (8,000,000) |
Commodity contracts subject to rate recovery | 27,000,000 | 52,000,000 |
Associated offsetting commodity contracts subject to rate recovery | (2,000,000) | 0 |
Derivatives not designated as hedging instruments: | Other current liabilities | ||
Derivative Instruments in Hedges, at Fair Value, Net [Abstract] | ||
Interest rate instruments | 0 | |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts not subject to rate recovery | (399,000,000) | (122,000,000) |
Associated offsetting commodity contracts not subject to rate recovery | 301,000,000 | 93,000,000 |
Commodity contracts subject to rate recovery | (97,000,000) | (58,000,000) |
Associated offsetting commodity contracts subject to rate recovery | 27,000,000 | 8,000,000 |
Derivatives not designated as hedging instruments: | Deferred credits and other | ||
Derivative Instruments in Hedges, at Fair Value, Net [Abstract] | ||
Interest rate instruments | 0 | |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts not subject to rate recovery | (132,000,000) | (10,000,000) |
Associated offsetting commodity contracts not subject to rate recovery | 39,000,000 | 8,000,000 |
Commodity contracts subject to rate recovery | (2,000,000) | 0 |
Associated offsetting commodity contracts subject to rate recovery | 2,000,000 | 0 |
San Diego Gas and Electric Company | Other Current Assets [Member] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | 95,000,000 | 29,000,000 |
Additional margin posted for commodity contracts subject to rate recovery | 17,000,000 | 28,000,000 |
Total | 112,000,000 | 57,000,000 |
San Diego Gas and Electric Company | Other long-term assets(3) | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | 25,000,000 | 52,000,000 |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | 25,000,000 | 52,000,000 |
San Diego Gas and Electric Company | Other current liabilities | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | (1,000,000) | (15,000,000) |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | (1,000,000) | (15,000,000) |
San Diego Gas and Electric Company | Deferred credits and other | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | 0 | 0 |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | 0 | 0 |
San Diego Gas and Electric Company | Derivatives not designated as hedging instruments: | Other Current Assets [Member] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts subject to rate recovery | 107,000,000 | 34,000,000 |
Associated offsetting commodity contracts subject to rate recovery | (12,000,000) | (5,000,000) |
San Diego Gas and Electric Company | Derivatives not designated as hedging instruments: | Other long-term assets(3) | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts subject to rate recovery | 27,000,000 | 52,000,000 |
Associated offsetting commodity contracts subject to rate recovery | (2,000,000) | 0 |
San Diego Gas and Electric Company | Derivatives not designated as hedging instruments: | Other current liabilities | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts subject to rate recovery | (13,000,000) | (20,000,000) |
Associated offsetting commodity contracts subject to rate recovery | 12,000,000 | 5,000,000 |
San Diego Gas and Electric Company | Derivatives not designated as hedging instruments: | Deferred credits and other | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts subject to rate recovery | (2,000,000) | 0 |
Associated offsetting commodity contracts subject to rate recovery | 2,000,000 | 0 |
SoCalGas | Other Current Assets [Member] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | 16,000,000 | 1,000,000 |
Additional margin posted for commodity contracts subject to rate recovery | 1,000,000 | 18,000,000 |
Total | 17,000,000 | 19,000,000 |
SoCalGas | Other long-term assets(3) | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | 0 | 0 |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | 0 | 0 |
SoCalGas | Other current liabilities | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | (69,000,000) | (35,000,000) |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | (69,000,000) | (35,000,000) |
SoCalGas | Deferred credits and other | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Net amount presented on balance sheet | 0 | 0 |
Additional margin posted for commodity contracts subject to rate recovery | 0 | 0 |
Total | 0 | 0 |
SoCalGas | Derivatives not designated as hedging instruments: | Other Current Assets [Member] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts subject to rate recovery | 31,000,000 | 4,000,000 |
Associated offsetting commodity contracts subject to rate recovery | (15,000,000) | (3,000,000) |
SoCalGas | Derivatives not designated as hedging instruments: | Other long-term assets(3) | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts subject to rate recovery | 0 | 0 |
Associated offsetting commodity contracts subject to rate recovery | 0 | 0 |
SoCalGas | Derivatives not designated as hedging instruments: | Other current liabilities | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts subject to rate recovery | (84,000,000) | (38,000,000) |
Associated offsetting commodity contracts subject to rate recovery | 15,000,000 | 3,000,000 |
SoCalGas | Derivatives not designated as hedging instruments: | Deferred credits and other | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net [Abstract] | ||
Commodity contracts subject to rate recovery | 0 | 0 |
Associated offsetting commodity contracts subject to rate recovery | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - INCOME STATEMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cost of natural gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Cost of electric fuel and purchased power | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold |
Foreign exchange instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income (expense), net | Other income (expense), net | Other income (expense), net |
Commodity contracts not subject to rate recovery | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unregulated Operating Revenue | Unregulated Operating Revenue | Unregulated Operating Revenue |
Interest rate instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | INTEREST EXPENSE | INTEREST EXPENSE | INTEREST EXPENSE |
Derivatives designated as hedging instruments: | Cash flow hedges | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax gain (loss) recognized in OCI | $ 257 | $ 115 | $ (232) |
Pretax (loss) gain reclassified from AOCI into earnings | (16) | (92) | (67) |
Derivatives designated as hedging instruments: | Cash flow hedges | Interest rate instruments | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax gain (loss) recognized in OCI | 40 | 29 | (34) |
Pretax (loss) gain reclassified from AOCI into earnings | (1) | (11) | (10) |
Derivatives designated as hedging instruments: | Cash flow hedges | Interest rate instruments | Equity Earnings Net Of Income Tax | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax gain (loss) recognized in OCI | 205 | 71 | (185) |
Pretax (loss) gain reclassified from AOCI into earnings | (29) | (73) | (46) |
Derivatives designated as hedging instruments: | Cash flow hedges | Interest rate and foreign exchange instruments | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax (loss) gain reclassified from AOCI into earnings | 2 | (1) | (1) |
Derivatives designated as hedging instruments: | Cash flow hedges | Interest rate and foreign exchange instruments | Other Income (Expense), Net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax gain (loss) recognized in OCI | 25 | (4) | (6) |
Pretax (loss) gain reclassified from AOCI into earnings | 12 | (6) | (11) |
Derivatives designated as hedging instruments: | Cash flow hedges | Other foreign currency derivatives | Equity Earnings Net Of Income Tax | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax gain (loss) recognized in OCI | (5) | 8 | (3) |
Pretax (loss) gain reclassified from AOCI into earnings | 0 | 0 | 0 |
Derivatives designated as hedging instruments: | Cash flow hedges | Other foreign currency derivatives | Revenues: Energy- Related Businesses | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax gain (loss) recognized in OCI | (8) | 11 | (4) |
Pretax (loss) gain reclassified from AOCI into earnings | 1 | (1) | 1 |
Derivatives designated as hedging instruments: | Cash flow hedges | Other foreign currency derivatives | Other Income (Expense), Net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax (loss) gain reclassified from AOCI into earnings | (1) | 0 | 0 |
Derivatives not designated as hedging instruments: | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative recognized in earnings | (937) | (219) | 42 |
Derivatives not designated as hedging instruments: | Foreign exchange instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative recognized in earnings | 0 | (22) | (56) |
Derivatives not designated as hedging instruments: | Commodity contracts not subject to rate recovery | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative recognized in earnings | (1,116) | (203) | 17 |
Derivatives not designated as hedging instruments: | Commodity contracts subject to rate recovery | Cost of natural gas | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative recognized in earnings | (56) | (25) | (7) |
Derivatives not designated as hedging instruments: | Commodity contracts subject to rate recovery | Cost of electric fuel and purchased power | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative recognized in earnings | 202 | 31 | 88 |
Derivatives not designated as hedging instruments: | Interest rate instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative recognized in earnings | 33 | 0 | 0 |
San Diego Gas and Electric Company | Derivatives not designated as hedging instruments: | Commodity contracts subject to rate recovery | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative recognized in earnings | 202 | 31 | 88 |
SoCalGas | Derivatives designated as hedging instruments: | Cash flow hedges | Interest rate instruments | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Pretax gain (loss) recognized in OCI | 0 | 0 | 0 |
Pretax (loss) gain reclassified from AOCI into earnings | (1) | 0 | 0 |
SoCalGas | Derivatives not designated as hedging instruments: | Commodity contracts subject to rate recovery | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on derivative recognized in earnings | $ (56) | $ (25) | $ (7) |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - CASH FLOW HEDGES ADDITIONAL INFORMATION (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Cash flow hedge gain (loss) to be reclassified within 12 months | $ 31 |
Maximum length of time hedged in cash flow hedge | 12 years |
Cash flow hedge gain (loss) to be reclassified within 12 months, attributable to noncontrolling interest | $ 18 |
Equity Method Investee | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Maximum length of time hedged in cash flow hedge | 17 years |
SoCalGas | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Cash flow hedge gain (loss) to be reclassified within 12 months | $ (1) |
DERIVATIVE FINANCIAL INSTRUME_9
DERIVATIVE FINANCIAL INSTRUMENTS - CONTINGENT FEATURES (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate fair value of net liability position | $ 106 | $ 88 |
Aggregate fair value of additional collateral | 106 | |
SoCalGas | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate fair value of net liability position | 69 | $ 36 |
Aggregate fair value of additional collateral | $ 69 |
FAIR VALUE MEASUREMENTS - RECUR
FAIR VALUE MEASUREMENTS - RECURRING FAIR VALUE MEASURES (Details) - Fair Value, Recurring - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | $ 845 | $ 1,004 |
Short-term investments held in Rabbi Trust | 55 | 81 |
Support Agreement, net of related guarantee fees | 17 | 7 |
Assets fair value disclosure, total | 1,871 | 1,332 |
Liabilities fair value disclosure, total | 374 | 221 |
Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 11 | 3 |
Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 297 | 364 |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 40 | 56 |
Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 270 | 321 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 227 | 260 |
Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 537 | 637 |
Interest rate instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 76 | 6 |
Derivative liability | 8 | |
Foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 2 | |
Derivative liability | 8 | 1 |
Interest rate and foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 105 | 131 |
Commodity contracts not subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 273 | 46 |
Effect of netting and allocation of collateral | 451 | 58 |
Derivative liability | 191 | 31 |
Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 136 | 82 |
Effect of netting and allocation of collateral | 18 | 46 |
Derivative liability | 70 | 50 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 330 | 419 |
Short-term investments held in Rabbi Trust | 55 | 81 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Assets fair value disclosure, total | 930 | 601 |
Liabilities fair value disclosure, total | 0 | 0 |
Level 1 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 10 | 13 |
Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 293 | 358 |
Level 1 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 27 | 48 |
Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 1 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 1 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 27 | 48 |
Level 1 | Interest rate instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | |
Level 1 | Foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | 0 |
Level 1 | Interest rate and foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Level 1 | Commodity contracts not subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Effect of netting and allocation of collateral | 451 | 58 |
Derivative liability | 0 | 0 |
Level 1 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 82 | 12 |
Effect of netting and allocation of collateral | 12 | 31 |
Derivative liability | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 515 | 585 |
Short-term investments held in Rabbi Trust | 0 | 0 |
Support Agreement, net of related guarantee fees | 0 | 0 |
Assets fair value disclosure, total | 883 | 649 |
Liabilities fair value disclosure, total | 374 | 206 |
Level 2 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 1 | (10) |
Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 4 | 6 |
Level 2 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 13 | 8 |
Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 270 | 321 |
Level 2 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 227 | 260 |
Level 2 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 510 | 589 |
Level 2 | Interest rate instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 76 | 6 |
Derivative liability | 8 | |
Level 2 | Foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 2 | |
Derivative liability | 8 | 1 |
Level 2 | Interest rate and foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 105 | 131 |
Level 2 | Commodity contracts not subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 273 | 46 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liability | 191 | 31 |
Level 2 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 19 | 1 |
Effect of netting and allocation of collateral | 0 | 9 |
Derivative liability | 70 | 35 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Short-term investments held in Rabbi Trust | 0 | 0 |
Support Agreement, net of related guarantee fees | 17 | 7 |
Assets fair value disclosure, total | 58 | 82 |
Liabilities fair value disclosure, total | 0 | 15 |
Level 3 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Level 3 | Interest rate instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | |
Level 3 | Foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | |
Derivative liability | 0 | 0 |
Level 3 | Interest rate and foreign exchange instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Level 3 | Commodity contracts not subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liability | 0 | 0 |
Level 3 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 35 | 69 |
Effect of netting and allocation of collateral | 6 | 6 |
Derivative liability | 0 | 15 |
San Diego Gas and Electric Company | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 845 | 1,004 |
Assets fair value disclosure, total | 982 | 1,113 |
Liabilities fair value disclosure, total | 1 | 15 |
San Diego Gas and Electric Company | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 11 | 3 |
San Diego Gas and Electric Company | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 297 | 364 |
San Diego Gas and Electric Company | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 40 | 56 |
San Diego Gas and Electric Company | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 270 | 321 |
San Diego Gas and Electric Company | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 227 | 260 |
San Diego Gas and Electric Company | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 537 | 637 |
San Diego Gas and Electric Company | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 120 | 81 |
Effect of netting and allocation of collateral | 17 | 28 |
Derivative liability | 1 | 15 |
San Diego Gas and Electric Company | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 330 | 419 |
Assets fair value disclosure, total | 423 | 453 |
Liabilities fair value disclosure, total | 0 | 0 |
San Diego Gas and Electric Company | Level 1 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 10 | 13 |
San Diego Gas and Electric Company | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 293 | 358 |
San Diego Gas and Electric Company | Level 1 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 27 | 48 |
San Diego Gas and Electric Company | Level 1 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
San Diego Gas and Electric Company | Level 1 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
San Diego Gas and Electric Company | Level 1 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 27 | 48 |
San Diego Gas and Electric Company | Level 1 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 82 | 12 |
Effect of netting and allocation of collateral | 11 | 22 |
Derivative liability | 0 | 0 |
San Diego Gas and Electric Company | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 515 | 585 |
Assets fair value disclosure, total | 518 | 585 |
Liabilities fair value disclosure, total | 1 | 0 |
San Diego Gas and Electric Company | Level 2 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 1 | (10) |
San Diego Gas and Electric Company | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 4 | 6 |
San Diego Gas and Electric Company | Level 2 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 13 | 8 |
San Diego Gas and Electric Company | Level 2 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 270 | 321 |
San Diego Gas and Electric Company | Level 2 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 227 | 260 |
San Diego Gas and Electric Company | Level 2 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 510 | 589 |
San Diego Gas and Electric Company | Level 2 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 3 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liability | 1 | 0 |
San Diego Gas and Electric Company | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
Assets fair value disclosure, total | 41 | 75 |
Liabilities fair value disclosure, total | 0 | 15 |
San Diego Gas and Electric Company | Level 3 | Short-term investments, primarily cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
San Diego Gas and Electric Company | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
San Diego Gas and Electric Company | Level 3 | Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
San Diego Gas and Electric Company | Level 3 | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
San Diego Gas and Electric Company | Level 3 | Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
San Diego Gas and Electric Company | Level 3 | Total debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total nuclear decommissioning trusts | 0 | 0 |
San Diego Gas and Electric Company | Level 3 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 35 | 69 |
Effect of netting and allocation of collateral | 6 | 6 |
Derivative liability | 0 | 15 |
SoCalGas | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure, total | 17 | 19 |
Liabilities fair value disclosure, total | 69 | 35 |
SoCalGas | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity contracts subject to rate recovery | 16 | 1 |
Effect of netting and allocation of collateral | 1 | 18 |
Derivative liability | 69 | 35 |
SoCalGas | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure, total | 1 | 9 |
Liabilities fair value disclosure, total | 0 | 0 |
SoCalGas | Level 1 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity contracts subject to rate recovery | 0 | 0 |
Effect of netting and allocation of collateral | 1 | 9 |
Derivative liability | 0 | 0 |
SoCalGas | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure, total | 16 | 10 |
Liabilities fair value disclosure, total | 69 | 35 |
SoCalGas | Level 2 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity contracts subject to rate recovery | 16 | 1 |
Effect of netting and allocation of collateral | 0 | 9 |
Derivative liability | 69 | 35 |
SoCalGas | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets fair value disclosure, total | 0 | 0 |
Liabilities fair value disclosure, total | 0 | 0 |
SoCalGas | Level 3 | Commodity contracts subject to rate recovery | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity contracts subject to rate recovery | 0 | 0 |
Effect of netting and allocation of collateral | 0 | 0 |
Derivative liability | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - RECON
FAIR VALUE MEASUREMENTS - RECON OF LEVEL 3 ASSETS (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / MWh | Dec. 31, 2022 USD ($) $ / MWh | Dec. 31, 2021 USD ($) $ / MWh | Dec. 31, 2020 USD ($) | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of electric fuel and purchased power | |||
Fair value, net derivative asset, liability, recurring basis, still held, unrealized gain loss, statement of income, extensible list, not disclosed, flag | Change in unrealized (losses) gains relating to instruments still held at December 31 | |||
Sempra Infrastructure | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 17 | $ 7 | $ 3 | $ 0 |
Realized and unrealized gains | 19 | 11 | 6 | |
Settlements | (9) | (7) | (3) | |
Ending balance | 17 | 7 | 3 | |
Change in unrealized gains (losses) relating to instruments still held at the end of the period | 18 | 11 | 3 | |
Level 3 | San Diego Gas and Electric Company | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Balance at beginning of period | $ 35 | 54 | 69 | 28 |
Realized and unrealized (losses) gains | (56) | (50) | 19 | |
Allocated transmission instruments | (4) | 3 | 6 | |
Settlements | 41 | 32 | 16 | |
Balance at end of period | 35 | 54 | 69 | |
Change in unrealized gains (losses) relating to derivative instruments still held at the end of the period | $ (10) | $ (16) | 34 | |
Level 3 | San Diego Gas and Electric Company | Minimum | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | (3.67) | (1.81) | ||
Market electricity forward price inputs (in dollars per MWH) | $ / MWh | 33.45 | 24.10 | ||
Level 3 | San Diego Gas and Electric Company | Minimum | Forecast | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | (3.09) | |||
Level 3 | San Diego Gas and Electric Company | Maximum | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | 6.96 | 14.11 | ||
Market electricity forward price inputs (in dollars per MWH) | $ / MWh | 274.70 | 105 | ||
Level 3 | San Diego Gas and Electric Company | Maximum | Forecast | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | 10.71 | |||
Level 3 | San Diego Gas and Electric Company | Median | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | (0.70) | (0.12) | ||
Level 3 | San Diego Gas and Electric Company | Median | Forecast | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Congestion revenue rights (in dollars per MWH) | $ / MWh | (0.56) | |||
Level 3 | San Diego Gas and Electric Company | Weighted Average | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Market electricity forward price inputs (in dollars per MWH) | $ / MWh | 85.64 | 53.57 | ||
Level 3 | Sempra Infrastructure | Other Current Assets [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 7 | $ 7 | $ 7 | |
Ending balance | 7 | 7 | 7 | |
Level 3 | Sempra Infrastructure | Deferred Credits and Other | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 10 | 4 | 4 | |
Ending balance | $ 10 | $ 4 | $ 4 |
FAIR VALUE MEASUREMENTS - FINAN
FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, allowance for credit losses | $ 7 | $ 8 |
Unamortized discount (net of premium) and debt issuance costs | 289 | 260 |
Finance lease obligations | 1,343 | 1,335 |
Long term amounts due from unconsolidated affiliates, allowance for credit losses | 1 | |
Notes Receivable, Unamortized Issuance Costs | 5 | 5 |
Due from Unconsolidated Affiliates - Current | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued interest receivable | 2 | |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 318 | 300 |
Long-term amounts due from unconsolidated affiliates | 640 | |
Long-term amounts due to unconsolidated affiliates | 301 | 287 |
Total long-term debt | 24,513 | 20,099 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 286 | 327 |
Long-term amounts due from unconsolidated affiliates | 642 | |
Long-term amounts due to unconsolidated affiliates | 263 | 295 |
Total long-term debt | 21,549 | 22,126 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 0 | 0 |
Long-term amounts due from unconsolidated affiliates | 0 | |
Long-term amounts due to unconsolidated affiliates | 0 | 0 |
Total long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 0 | 0 |
Long-term amounts due from unconsolidated affiliates | 642 | |
Long-term amounts due to unconsolidated affiliates | 263 | 295 |
Total long-term debt | 21,549 | 22,126 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term note receivable | 286 | 327 |
Long-term amounts due from unconsolidated affiliates | 0 | |
Long-term amounts due to unconsolidated affiliates | 0 | 0 |
Total long-term debt | 0 | 0 |
San Diego Gas and Electric Company | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized discount (net of premium) and debt issuance costs | 70 | 61 |
Finance lease obligations | 1,256 | 1,274 |
San Diego Gas and Electric Company | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 7,800 | 6,417 |
San Diego Gas and Electric Company | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 6,726 | 7,236 |
San Diego Gas and Electric Company | Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
San Diego Gas and Electric Company | Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 6,726 | 7,236 |
San Diego Gas and Electric Company | Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
SoCalGas | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized discount (net of premium) and debt issuance costs | 48 | 36 |
Finance lease obligations | 87 | 61 |
SoCalGas | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 6,059 | 4,759 |
SoCalGas | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 5,538 | 5,367 |
SoCalGas | Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 0 | 0 |
SoCalGas | Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | 5,538 | 5,367 |
SoCalGas | Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total long-term debt | $ 0 | $ 0 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Jul. 15, 2021 shares | Jan. 15, 2021 shares | Jun. 19, 2020 $ / shares | |
Preferred Stock [Line Items] | |||||
Preferred stock shares authorized (in shares) | 50,000,000 | 50,000,000 | |||
San Diego Gas and Electric Company | |||||
Preferred Stock [Line Items] | |||||
Preferred stock shares authorized (in shares) | 45,000,000 | 45,000,000 | |||
Number of preferred stock shares outstanding (in shares) | 0 | 0 | |||
Preferred stock, shares issued (in shares) | 0 | 0 | |||
SoCalGas | |||||
Preferred Stock [Line Items] | |||||
Preferred stock shares authorized (in shares) | 11,000,000 | 11,000,000 | |||
Number of preferred stock shares outstanding (in shares) | 1,000,000 | 1,000,000 | |||
Series A Preferred Stock | |||||
Preferred Stock [Line Items] | |||||
Preferred stock shares authorized (in shares) | 17,250,000 | ||||
Shares converted | 17,250,000 | ||||
Convertible Preferred Stock Series A | |||||
Preferred Stock [Line Items] | |||||
Shares converted | 13,781,025 | ||||
Preferred stock conversion ratio | 0.7989 | ||||
Series B Preferred Stock | |||||
Preferred Stock [Line Items] | |||||
Preferred stock shares authorized (in shares) | 5,750,000 | ||||
Shares converted | 5,750,000 | ||||
Preferred Class C | |||||
Preferred Stock [Line Items] | |||||
Number of preferred stock shares outstanding (in shares) | 900,000 | 900,000 | |||
Stated percentage rate | 4.875% | 4.875% | |||
Preferred stock redemption price (in dollars per share) | $ / shares | $ 1,000 | ||||
Preferred stock, liquidation preference | $ | $ 1,000 | $ 1,000 | |||
Preferred Class C | Period three | |||||
Preferred Stock [Line Items] | |||||
Preferred stock redemption price (in dollars per share) | $ / shares | $ 1,020 | ||||
Liquidation preference per share (as a percent) | 102% | ||||
Preferred Class C | Period one | |||||
Preferred Stock [Line Items] | |||||
Preferred stock dividend rate (as a percent) | 4.875% | ||||
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | ||||
Preferred Class C | Period two | |||||
Preferred Stock [Line Items] | |||||
Preferred stock dividend rate (as a percent) | 4.55% | ||||
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 | ||||
Convertible Preferred Stock Series B | |||||
Preferred Stock [Line Items] | |||||
Shares converted | 4,256,720 | ||||
Preferred stock conversion ratio | 0.7403 | ||||
So Cal Gas Series Preferred Stock | |||||
Preferred Stock [Line Items] | |||||
Preferred stock shares authorized (in shares) | 5,000,000 | ||||
So Cal Gas Series Preferred Stock | SoCalGas | |||||
Preferred Stock [Line Items] | |||||
Preferred stock shares authorized (in shares) | 5,000,000 | ||||
Preferred stock outstanding | $ | $ 22,000,000 | 22,000,000 | |||
Twenty Five Dollar Par, Six Percent Series | SoCalGas | |||||
Preferred Stock [Line Items] | |||||
Preferred stock shares authorized (in shares) | 1,000,000 | ||||
Number of preferred stock shares outstanding (in shares) | 79,011 | ||||
Par value (in dollars per share) | $ / shares | $ 25 | ||||
Preferred stock outstanding | $ | $ 3,000,000 | 3,000,000 | |||
Twenty Five Dollar Par, Six Percent Series A | SoCalGas | |||||
Preferred Stock [Line Items] | |||||
Number of preferred stock shares outstanding (in shares) | 783,032 | ||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||
Preferred stock outstanding | $ | $ 19,000,000 | 19,000,000 | |||
So Cal Gas Preferred Stock Owned By Pacific Enterprises | |||||
Preferred Stock [Line Items] | |||||
Preferred stock outstanding held by parent | $ | $ (2,000,000) | (2,000,000) | |||
So Cal Gas Preferred Stock Owned By Pacific Enterprises | SoCalGas | |||||
Preferred Stock [Line Items] | |||||
Number of preferred stock shares outstanding (in shares) | 50,970 | ||||
Preferred Stock Of Subsidiaries | |||||
Preferred Stock [Line Items] | |||||
Preferred stock outstanding | $ | $ 20,000,000 | $ 20,000,000 |
SEMPRA - SHAREHOLDERS' EQUITY_3
SEMPRA - SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE - NARRATIVE (Details) - USD ($) | Feb. 28, 2023 | Apr. 06, 2022 | Jan. 11, 2022 | Nov. 17, 2021 | Aug. 04, 2020 | Jul. 01, 2020 | Jul. 06, 2020 | Sep. 11, 2007 |
Subsequent Event | ||||||||
Maximum amount of shares that may yet be purchased | $ 1,250,000,000 | |||||||
Shares may yet be purchased (in shares) | 19,632,529 | |||||||
Common Stock | ||||||||
Stock repurchase program, authorized amount | $ 2,000,000,000 | $ 2,000,000,000 | ||||||
Number of shares authorized to be repurchased (in shares) | 25,000,000 | 40,000,000 | ||||||
ASR program, amount prepaid | $ 250,000,000 | $ 200,000,000 | $ 500,000,000 | |||||
Common shares repurchased (in shares) | 1,471,957 | 1,472,756 | 2,422,758 | 4,089,375 | ||||
Common shares repurchased, average price (in dollars per share) | $ 169.84 | $ 135.80 | $ 123.83 | $ 122.27 | ||||
Common stock acquired (in shares) | $ 300,000,000 |
SEMPRA - SHAREHOLDERS' EQUITY_4
SEMPRA - SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE - EARNINGS (LOSSES) PER COMMON SHARE COMPUTATIONS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations, net of income tax | $ 2,285 | $ 1,463 | $ 2,255 |
Earnings attributable to noncontrolling interests | (146) | (145) | (162) |
Preferred dividends | (44) | (63) | (168) |
Preferred dividends of subsidiary | (1) | (1) | (1) |
Earnings from continuing operations attributable to common shares | 2,094 | 1,254 | 1,924 |
Income from discontinued operations, net of income tax | 0 | 0 | 1,850 |
Earnings attributable to noncontrolling interests | 0 | 0 | (10) |
Earnings from discontinued operations attributable to common shares | 0 | 0 | 1,840 |
Earnings attributable to common shares | 2,094 | 1,254 | 3,764 |
Earnings attributable to common shares, diluted | $ 2,094 | $ 1,254 | $ 3,764 |
Weighted-average common shares outstanding for basic EPS (in shares) | 315,159 | 311,755 | 291,077 |
Dilutive effect of stock options and RSUs (in shares) | 1,219 | 752 | 1,175 |
Dilutive effect of mandatory convertible preferred stock (in shares) | 0 | 529 | 0 |
Weighted-average number of shares outstanding, diluted (in shares) | 316,378 | 313,036 | 292,252 |
Earnings from continuing operations attributable to common shares | $ 6.65 | $ 4.03 | $ 6.61 |
Earnings (losses) from discontinued operations attributable to common shares | 0 | 0 | 6.32 |
Basic earnings per common share (in shares) | 6.65 | 4.03 | 12.93 |
Earnings from continuing operations (in dollars per share) | 6.62 | 4.01 | 6.58 |
Earnings (losses) from discontinued operations (in dollars per share) | 0 | 0 | 6.30 |
Diluted earnings per common share (in dollars per share) | $ 6.62 | $ 4.01 | $ 12.88 |
Fully vested RSUs included in the computation of EPS | 403 | 453 | 537 |
SEMPRA - SHAREHOLDERS' EQUITY_5
SEMPRA - SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE - ANTIDILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EPS (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock options, RSAs and RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the computation of EPS (in shares) | 86,532 | 211,155 | 187,028 |
Convertible Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from the computation of EPS (in shares) | 2,272,117 | 17,889,365 |
SEMPRA - SHAREHOLDERS' EQUITY_6
SEMPRA - SHAREHOLDERS' EQUITY AND EARNINGS PER COMMON SHARE - COMMON STOCK ACTIVITY (Details) - shares | 1 Months Ended | 12 Months Ended | ||
May 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common shares outstanding, January 1 | 316,919,782 | 288,470,244 | 291,712,925 | |
Conversion of mandatory convertible preferred stock | 0 | 18,037,745 | 0 | |
Shares issued in IEnova exchange offer | 12,306,777 | 0 | 12,306,777 | 0 |
RSUs vesting | 457,222 | 686,916 | 896,839 | |
Stock options exercised | 40,630 | 50,671 | 4,400 | |
Savings plan issuance | 0 | 0 | 201,431 | |
Common stock investment plan | 0 | 0 | 42,955 | |
Issuance of RSUs held in our Deferred Compensation Plan | 65,013 | 102,238 | 103,552 | |
Shares repurchased | (3,147,969) | (2,734,809) | (4,491,858) | |
Common shares outstanding, December 31 | 314,334,678 | 316,919,782 | 288,470,244 |
SAN ONOFRE NUCLEAR GENERATING_3
SAN ONOFRE NUCLEAR GENERATING STATION - NARRATIVE (Details) - San Diego Gas and Electric Company $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | |
Period of environmental exit | 10 years |
Percentage of environmental exit costs incurred | 20% |
San Onofre Nuclear Generating Station (SONGS) | |
Jointly Owned Utility Plant Interests [Line Items] | |
Ownership percentage | 20% |
SONGS Units 2 and 3 Decommissioning | |
Jointly Owned Utility Plant Interests [Line Items] | |
Nuclear decommissioning trust authorized withdrawal amount | $ 81 |
SAN ONOFRE NUCLEAR GENERATING_4
SAN ONOFRE NUCLEAR GENERATING STATION - NUCLEAR DECOMMISSIONING TRUSTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Cost | $ 689 | $ 735 | |
Gross unrealized gains | 196 | 282 | |
Gross unrealized losses | (44) | (5) | |
Estimated fair value | 841 | 1,012 | |
Proceeds from sales | 639 | 961 | $ 1,439 |
Gross realized gains | 18 | 67 | 156 |
Gross realized losses | (20) | (5) | $ (17) |
Domestic government and government agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 40 | 56 | |
Gross unrealized gains | 1 | 0 | |
Gross unrealized losses | (1) | 0 | |
Estimated fair value | 40 | 56 | |
Municipal bonds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 283 | 309 | |
Gross unrealized gains | 1 | 13 | |
Gross unrealized losses | (14) | (1) | |
Estimated fair value | 270 | 321 | |
Other securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 248 | 255 | |
Gross unrealized gains | 0 | 7 | |
Gross unrealized losses | (21) | (2) | |
Estimated fair value | 227 | 260 | |
Debt Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 571 | 620 | |
Gross unrealized gains | 2 | 20 | |
Gross unrealized losses | (36) | (3) | |
Estimated fair value | 537 | 637 | |
Equity securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 111 | 104 | |
Gross unrealized gains | 194 | 262 | |
Gross unrealized losses | (8) | (2) | |
Estimated fair value | 297 | 364 | |
Cash and cash equivalents | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | 11 | 3 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | 11 | 3 | |
Accounts Payable | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost | (4) | 8 | |
Gross unrealized gains | 0 | 0 | |
Gross unrealized losses | 0 | 0 | |
Estimated fair value | $ (4) | $ 8 |
SAN ONOFRE NUCLEAR GENERATING_5
SAN ONOFRE NUCLEAR GENERATING STATION - ASSET RETIREMENT OBLIGATION AND SPENT NUCLEAR FUEL (Details) - San Diego Gas and Electric Company $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | |
Decommissioning liability | $ 540 |
2023 | 92 |
2024 | 77 |
2025 | 46 |
2026 | 52 |
2027 | 32 |
Thereafter | $ 686 |
SAN ONOFRE NUCLEAR GENERATING_6
SAN ONOFRE NUCLEAR GENERATING STATION - NUCLEAR INSURANCE (Details) - San Diego Gas and Electric Company $ in Millions | Dec. 31, 2022 USD ($) |
Public Utilities, General Disclosures [Line Items] | |
Maximum required nuclear liability insurance available | $ 450 |
Maximum secondary financial protection available | 110 |
Maximum nuclear liability loss coverage per incident | 560 |
Federal nuclear property damage insurance | 130 |
Federal nuclear property damage insurance, minimum required | 50 |
Maximum premium assessment under nuclear property damage insurance | 4.1 |
Maximum nuclear property insurance terrorism coverage | $ 3,240 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - LEGAL PROCEEDINGS (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 281 |
SoCalGas | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | 205 |
Sempra Energy and Southern California Gas Company | Aliso Canyon Natural Gas Storage Facility Gas Leak | |
Loss Contingencies [Line Items] | |
Loss contingency accrual | $ 130 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - ALISO CANYON NATURAL GAS STORAGE FACILITY GAS LEAK (Details) $ in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 USD ($) plaintiff lawsuit | Feb. 21, 2023 plaintiff complaint | Dec. 31, 2022 USD ($) lawsuit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jan. 31, 2021 lawsuit | |
Loss Contingencies [Line Items] | ||||||
Loss contingency accrual | $ 281 | |||||
Reserve for Aliso Canyon costs | 129 | $ 1,980 | ||||
Aliso canyon litigation and regulatory matters | 259 | 1,593 | $ 307 | |||
SoCalGas | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency accrual | 205 | |||||
Recoverable costs through insurance settlement | 1,279 | |||||
Reserve for Aliso Canyon costs | 129 | 1,980 | ||||
Aliso canyon litigation and regulatory matters | 259 | 1,593 | 307 | |||
Aliso Canyon Natural Gas Storage Facility Gas Leak | SoCalGas | ||||||
Loss Contingencies [Line Items] | ||||||
Number of pending claims | lawsuit | 390 | |||||
Number of plaintiffs | plaintiff | 36,000 | |||||
Estimate of possible loss | 3,486 | |||||
Net book value Of Aliso Canyon Natural Gas Storage Facility | 958 | |||||
Reserve for Aliso Canyon costs | 129 | |||||
Aliso canyon litigation and regulatory matters | 259 | 1,590 | 307 | |||
Aliso canyon litigation and regulatory matters, net of tax | 199 | $ 1,150 | $ 233 | |||
Aliso Canyon Natural Gas Storage Facility Gas Leak | SoCalGas | Deferred Credits and Other | ||||||
Loss Contingencies [Line Items] | ||||||
Reserve for Aliso Canyon costs | 4 | |||||
Aliso Canyon Natural Gas Storage Facility Gas Leak | SoCalGas | Individual Plaintiff Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 1,800 | |||||
Damages paid | $ 1,790 | |||||
Aliso Canyon Natural Gas Storage Facility Gas Leak | SoCalGas | Individual Plaintiff Litigation | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Percentage of plaintiffs agreeing to participate | 99% | |||||
Number of plaintiffs not contacted | plaintiff | 265 | |||||
Aliso Canyon Natural Gas Storage Facility Gas Leak | SoCalGas | Property Class Action | ||||||
Loss Contingencies [Line Items] | ||||||
Estimate of possible loss | $ 40 | |||||
Aliso Canyon Natural Gas Storage Facility Gas Leak | SoCalGas | The Developer Plaintiffs | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Number of plaintiffs | plaintiff | 235,000,000 | |||||
New complaints on behalf of plaintiffs | complaint | 14,000,000 | |||||
Shareholder Derivative Complaint | SoCalGas | ||||||
Loss Contingencies [Line Items] | ||||||
Number of pending claims | lawsuit | 4 | 3 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - SONORA PIPELINE (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Gas Transmission | |
Loss Contingencies [Line Items] | |
Net book value of pipeline | $ 420 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - OFFTAKERS OF LEGACY GENERATION PERMITS (Details) | Dec. 31, 2022 USD ($) |
Regulatory Actions by the Mexican Government | Sempra Infrastructure Segment | |
Loss Contingencies [Line Items] | |
Number Of Solar Facilities Affected | 2 |
COMMITMENTS AND CONTINGENCIES_5
COMMITMENTS AND CONTINGENCIES - OTHER LITIGATION (Details) £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 GBP (£) | Dec. 31, 2022 USD ($) claim | Dec. 31, 2022 GBP (£) claim | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Feb. 21, 2023 lawsuit | |
Loss Contingencies [Line Items] | ||||||
Income (loss) from equity method investments | $ 666 | $ 614 | $ 294 | |||
R B S Sempra Commodities | ||||||
Loss Contingencies [Line Items] | ||||||
Income (loss) from equity method investments | $ 100 | |||||
Energy Efficiency Program Inquiry fines that reduce revenue | $ 50 | |||||
Energy Future Holdings Corp. | ||||||
Loss Contingencies [Line Items] | ||||||
Proof of claims | claim | 28,000 | 28,000 | ||||
Energy Future Holdings Corp. | Subsequent Event | ||||||
Loss Contingencies [Line Items] | ||||||
Number of lawsuits pending | lawsuit | 2 | |||||
HMRC VAT Claim | Plaintiffs | ||||||
Loss Contingencies [Line Items] | ||||||
Damage awarded | $ 54 | £ 45 | ||||
Loss contingency, costs and interest | £ 21 | $ 25 |
COMMITMENTS AND CONTINGENCIES_6
COMMITMENTS AND CONTINGENCIES - LEASES BALANCE SHEET INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets – operating leases | $ 655 | $ 594 |
Finance leases, property plant and equipment | 1,529 | 1,473 |
Finance leases, accumulated depreciation | $ (186) | $ (138) |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net |
Finance leases, property plant and equipment, net | $ 1,343 | $ 1,335 |
Total ROU assets | $ 1,998 | $ 1,929 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Operating lease, other current liabilities | $ 53 | $ 49 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Deferred credits and other | Deferred credits and other |
Operating lease, deferred credits and other | $ 528 | $ 470 |
Total lease liabilities | $ 581 | $ 519 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt and finance leases | Current portion of long-term debt and finance leases |
Finance lease, current portion of long-term debt and finance leases | $ 57 | $ 43 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
Long-term debt and finance leases | $ 1,286 | $ 1,292 |
Total finance leases | 1,343 | 1,335 |
Lease liabilities | $ 1,924 | $ 1,854 |
Operating lease, weighted-average remaining lease term | 14 years | 14 years |
Finance lease, weighted-average remaining lease term | 16 years | 17 years |
Operating lease, weighted-average discount rate (as a percent) | 6.21% | 5.45% |
Finance lease, weighted-average discount rate (as a percent) | 14.04% | 14.25% |
SDG&E | ||
Lessee, Lease, Description [Line Items] | ||
Variable payments, due in 2023 | $ 297 | |
Variable payments, due in 2024 | 297 | |
Variable payments, due in 2025 | 296 | |
Variable payments, due in 2026 | 290 | |
Variable payments, due in 2027 | 289 | |
Variable payments, due thereafter | 2,496 | |
San Diego Gas and Electric Company | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets – operating leases | 281 | $ 185 |
Finance leases, property plant and equipment | 1,395 | 1,381 |
Finance leases, accumulated depreciation | (140) | (107) |
Finance leases, property plant and equipment, net | 1,255 | 1,274 |
Total ROU assets | 1,536 | 1,459 |
Operating lease, other current liabilities | 32 | 26 |
Operating lease, deferred credits and other | 249 | 159 |
Total lease liabilities | 281 | 185 |
Finance lease, current portion of long-term debt and finance leases | 39 | 32 |
Long-term debt and finance leases | 1,217 | 1,242 |
Total finance leases | 1,256 | 1,274 |
Lease liabilities | $ 1,537 | $ 1,459 |
Operating lease, weighted-average remaining lease term | 11 years | 11 years |
Finance lease, weighted-average remaining lease term | 17 years | 17 years |
Operating lease, weighted-average discount rate (as a percent) | 4.06% | 3.22% |
Finance lease, weighted-average discount rate (as a percent) | 14.35% | 14.48% |
SoCalGas | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets – operating leases | $ 42 | $ 57 |
Finance leases, property plant and equipment | 133 | 92 |
Finance leases, accumulated depreciation | (46) | (31) |
Finance leases, property plant and equipment, net | 87 | 61 |
Total ROU assets | 129 | 118 |
Operating lease, other current liabilities | 11 | 15 |
Operating lease, deferred credits and other | 29 | 41 |
Total lease liabilities | 40 | 56 |
Finance lease, current portion of long-term debt and finance leases | 18 | 11 |
Long-term debt and finance leases | 69 | 50 |
Total finance leases | 87 | 61 |
Lease liabilities | $ 127 | $ 117 |
Operating lease, weighted-average remaining lease term | 4 years | 4 years |
Finance lease, weighted-average remaining lease term | 6 years | 7 years |
Operating lease, weighted-average discount rate (as a percent) | 1.80% | 1.98% |
Finance lease, weighted-average discount rate (as a percent) | 4.14% | 2.91% |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease renewal period | 25 years | |
Annual increase in rent, percent | 7% | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease termination period | 1 year | |
Annual increase in rent, percent | 2% |
COMMITMENTS AND CONTINGENCIES_7
COMMITMENTS AND CONTINGENCIES - LEASE INCOME STATEMENT INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | $ 83 | $ 89 | $ 92 |
Amortization of ROU assets | 48 | 39 | 35 |
Interest on lease liabilities | 184 | 186 | 188 |
Total finance lease costs | 232 | 225 | 223 |
Short-term lease costs | 3 | 7 | 7 |
Variable lease costs | 411 | 432 | 477 |
Total lease costs | 729 | 753 | 799 |
Depreciation and Amortization Expense | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of ROU assets | 25 | 22 | 18 |
San Diego Gas and Electric Company | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | 45 | 32 | 31 |
Amortization of ROU assets | 33 | 27 | 23 |
Interest on lease liabilities | 181 | 184 | 186 |
Total finance lease costs | 214 | 211 | 209 |
Short-term lease costs | 2 | 1 | 3 |
Variable lease costs | 399 | 422 | 467 |
Total lease costs | 660 | 666 | 710 |
San Diego Gas and Electric Company | Depreciation and Amortization Expense | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of ROU assets | 24 | 21 | 18 |
SoCalGas | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease costs | 18 | 20 | 24 |
Amortization of ROU assets | 15 | 12 | 12 |
Interest on lease liabilities | 2 | 2 | 2 |
Total finance lease costs | 17 | 14 | 14 |
Short-term lease costs | 0 | 0 | 0 |
Variable lease costs | 11 | 10 | 10 |
Total lease costs | 46 | 44 | $ 48 |
SoCalGas | Depreciation and Amortization Expense | |||
Lessee, Lease, Description [Line Items] | |||
Amortization of ROU assets | $ 1 | $ 1 |
COMMITMENTS AND CONTINGENCIES_8
COMMITMENTS AND CONTINGENCIES - LEASES CASH FLOW INFORMATION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Cash paid for operating leases | $ 88 | $ 78 | $ 79 |
Cash paid for finance leases | 169 | 171 | 173 |
Cash paid for finance leases | 48 | 39 | 35 |
Increase (decrease) in operating lease obligations for ROU assets | 142 | 116 | 20 |
Increase in finance lease obligations for investment in PP&E | 57 | 43 | 77 |
San Diego Gas and Electric Company | |||
Lessee, Lease, Description [Line Items] | |||
Cash paid for operating leases | 45 | 32 | 31 |
Cash paid for finance leases | 166 | 169 | 171 |
Cash paid for finance leases | 33 | 27 | 23 |
Increase (decrease) in operating lease obligations for ROU assets | 134 | 112 | (1) |
Increase in finance lease obligations for investment in PP&E | 16 | 24 | 30 |
SoCalGas | |||
Lessee, Lease, Description [Line Items] | |||
Cash paid for operating leases | 18 | 20 | 24 |
Cash paid for finance leases | 2 | 2 | 2 |
Cash paid for finance leases | 15 | 12 | 12 |
Increase (decrease) in operating lease obligations for ROU assets | 1 | 1 | 1 |
Increase in finance lease obligations for investment in PP&E | $ 41 | $ 19 | $ 47 |
COMMITMENTS AND CONTINGENCIES_9
COMMITMENTS AND CONTINGENCIES - LESSEE MATURITY ANALYSIS OF LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Operating leases | ||
2023 | $ 74 | |
2024 | 80 | |
2025 | 70 | |
2026 | 67 | |
2027 | 55 | |
Thereafter | 558 | |
Total undiscounted lease payments | 904 | |
Less: imputed interest | (323) | |
Total lease liabilities | 581 | $ 519 |
Less: current lease liabilities | (53) | (49) |
Long-term lease liabilities | 528 | 470 |
Finance leases | ||
2023 | 222 | |
2024 | 212 | |
2025 | 206 | |
2026 | 204 | |
2027 | 202 | |
Thereafter | 2,111 | |
Total undiscounted lease payments | 3,157 | |
Less: imputed interest | (1,814) | |
Total finance leases | 1,343 | 1,335 |
Less: current lease liabilities | (57) | (43) |
Long-term debt and finance leases | 1,286 | 1,292 |
Purchased-Power Contracts | ||
Operating leases | ||
2023 | 12 | |
2024 | 12 | |
2025 | 12 | |
2026 | 12 | |
2027 | 12 | |
Thereafter | 94 | |
San Diego Gas and Electric Company | ||
Operating leases | ||
2023 | 34 | |
2024 | 40 | |
2025 | 33 | |
2026 | 32 | |
2027 | 30 | |
Thereafter | 177 | |
Total undiscounted lease payments | 346 | |
Less: imputed interest | (65) | |
Total lease liabilities | 281 | 185 |
Less: current lease liabilities | (32) | (26) |
Long-term lease liabilities | 249 | 159 |
Finance leases | ||
2023 | 201 | |
2024 | 195 | |
2025 | 190 | |
2026 | 190 | |
2027 | 189 | |
Thereafter | 2,094 | |
Total undiscounted lease payments | 3,059 | |
Less: imputed interest | (1,803) | |
Total finance leases | 1,256 | 1,274 |
Less: current lease liabilities | (39) | (32) |
Long-term debt and finance leases | 1,217 | 1,242 |
SoCalGas | ||
Operating leases | ||
2023 | 13 | |
2024 | 11 | |
2025 | 10 | |
2026 | 8 | |
2027 | 0 | |
Thereafter | 0 | |
Total undiscounted lease payments | 42 | |
Less: imputed interest | (2) | |
Total lease liabilities | 40 | 56 |
Less: current lease liabilities | (11) | (15) |
Long-term lease liabilities | 29 | 41 |
Finance leases | ||
2023 | 21 | |
2024 | 17 | |
2025 | 16 | |
2026 | 14 | |
2027 | 13 | |
Thereafter | 17 | |
Total undiscounted lease payments | 98 | |
Less: imputed interest | (11) | |
Total finance leases | 87 | 61 |
Less: current lease liabilities | (18) | (11) |
Long-term debt and finance leases | $ 69 | $ 50 |
COMMITMENTS AND CONTINGENCIE_10
COMMITMENTS AND CONTINGENCIES - LEASES THAT HAVE NOT YET COMMENCED (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
San Diego Gas and Electric Company | |
Lessee, Lease, Description [Line Items] | |
Lease not yet commenced, due in 2023 | $ 12 |
Lease not yet commenced, due in 2024 | 15 |
Lease not yet commenced, due in 2025 | 15 |
Lease not yet commenced, due in 2026 | 15 |
Lease not yet commenced, due in 2027 | 15 |
Lease not yet commenced, due thereafter | 78 |
SoCalGas | |
Lessee, Lease, Description [Line Items] | |
Lease not yet commenced, due in 2023 | 1 |
Lease not yet commenced, due in 2024 | 2 |
Lease not yet commenced, due in 2025 | 2 |
Lease not yet commenced, due in 2026 | 2 |
Lease not yet commenced, due in 2027 | 2 |
Lease not yet commenced, due thereafter | $ 9 |
COMMITMENTS AND CONTINGENCIE_11
COMMITMENTS AND CONTINGENCIES - LESSOR INFORMATION (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | ||||
Property, plant and equipment | $ 63,893 | $ 58,940 | ||
Accumulated depreciation | (16,111) | (15,046) | ||
Property, plant and equipment, net | 47,782 | 43,894 | ||
Operating leases | ||||
2023 | 300 | |||
2024 | 300 | |||
2025 | 300 | |||
2026 | 300 | |||
2027 | 300 | |||
Thereafter | 3,091 | |||
Total undiscounted cash flows | 4,591 | |||
Fixed lease payments | 290 | 256 | $ 195 | |
Variable lease payments | 10 | 10 | 1 | |
Total revenues from operating leases | $ 300 | 266 | 196 | |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Unregulated Operating Revenue | |||
Depreciation expense | $ 1,995 | 1,833 | 1,646 | |
Sales-type leases | ||||
2023 | 16 | |||
2024 | 17 | |||
2025 | 17 | |||
2026 | 9 | |||
2027 | 0 | |||
Thereafter | 0 | |||
Total undiscounted cash flows | 59 | |||
Present value of lease payments (recognized as lease receivable) | 50 | |||
Difference between undiscounted cash flows and discounted cash flows | 9 | |||
Income recognized at lease commencement | 0 | 18 | 1 | |
Interest income | 8 | 4 | 1 | |
Total revenues from sales-type lease | 8 | 22 | 2 | |
Other Current Assets [Member] | ||||
Sales-type leases | ||||
Present value of lease payments (recognized as lease receivable) | 10 | |||
Other long-term assets(3) | ||||
Sales-type leases | ||||
Present value of lease payments (recognized as lease receivable) | 40 | |||
Sempra Infrastructure | ||||
Lessor, Lease, Description [Line Items] | ||||
Carrying value | $ 44 | |||
Net investment in lease | 62 | |||
Selling profit | $ 18 | |||
Pipelines and storage | ||||
Lessor, Lease, Description [Line Items] | ||||
Property, plant and equipment | 1,026 | 1,018 | ||
Refined products terminals | ||||
Lessor, Lease, Description [Line Items] | ||||
Property, plant and equipment | 611 | 405 | ||
Other | ||||
Lessor, Lease, Description [Line Items] | ||||
Property, plant and equipment | 76 | 76 | ||
Lease assets | ||||
Lessor, Lease, Description [Line Items] | ||||
Property, plant and equipment | 1,713 | 1,499 | ||
Accumulated depreciation | (330) | (276) | ||
Property, plant and equipment, net | 1,383 | 1,223 | ||
Operating leases | ||||
Depreciation expense | $ 54 | $ 48 | $ 39 |
COMMITMENTS AND CONTINGENCIE_12
COMMITMENTS AND CONTINGENCIES - CONTRACTUAL COMMITMENTS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SDG&E | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
Variable payments, due in 2023 | $ 297 | ||
Variable payments, due in 2024 | 297 | ||
Variable payments, due in 2025 | 296 | ||
Variable payments, due in 2026 | 290 | ||
Variable payments, due in 2027 | 289 | ||
Variable payments, due thereafter | 2,496 | ||
Storage and transportation | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 202 | ||
2024 | 184 | ||
2025 | 144 | ||
2026 | 141 | ||
2027 | 138 | ||
Thereafter | 795 | ||
Total minimum payments | 1,604 | ||
Natural Gas | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 139 | ||
2024 | 49 | ||
2025 | 31 | ||
2026 | 0 | ||
2027 | 0 | ||
Thereafter | 0 | ||
Total minimum payments | 219 | ||
Natural Gas | SoCalGas | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 4 | ||
2024 | 22 | ||
2025 | 21 | ||
2026 | 0 | ||
2027 | 0 | ||
Thereafter | 0 | ||
Total minimum payments | 47 | ||
Natural Gas Contracts | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 341 | ||
2024 | 233 | ||
2025 | 175 | ||
2026 | 141 | ||
2027 | 138 | ||
Thereafter | 795 | ||
Total minimum payments | 1,823 | ||
Payments | 2,536 | $ 1,691 | $ 989 |
Natural Gas Contracts | SoCalGas | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 136 | ||
2024 | 136 | ||
2025 | 98 | ||
2026 | 75 | ||
2027 | 72 | ||
Thereafter | 240 | ||
Total minimum payments | 757 | ||
Payments | 2,492 | 1,590 | 935 |
Transportation | SoCalGas | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 132 | ||
2024 | 114 | ||
2025 | 77 | ||
2026 | 75 | ||
2027 | 72 | ||
Thereafter | 240 | ||
Total minimum payments | 710 | ||
Liquefied Natural Gas Contracts | Sempra Infrastructure | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 1,068 | ||
2024 | 797 | ||
2025 | 802 | ||
2026 | 796 | ||
2027 | 787 | ||
Thereafter | 1,307 | ||
Total minimum payments | 5,557 | ||
Payments | 108 | 27 | 16 |
Purchased-Power Contracts | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 175 | ||
2024 | 150 | ||
2025 | 95 | ||
2026 | 91 | ||
2027 | 73 | ||
Thereafter | 578 | ||
Total minimum payments | 1,162 | ||
Purchased-Power Contracts | SDG&E | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 175 | ||
2024 | 150 | ||
2025 | 95 | ||
2026 | 91 | ||
2027 | 73 | ||
Thereafter | 578 | ||
Total minimum payments | 1,162 | ||
Variable payments, due in 2023 | 77 | ||
Variable payments, due in 2024 | 77 | ||
Variable payments, due in 2025 | 77 | ||
Variable payments, due in 2026 | 77 | ||
Variable payments, due in 2027 | 77 | ||
Variable payments, due thereafter | 564 | ||
Payments | 484 | $ 495 | $ 534 |
Infrastructure Construction And Improvements | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 87 | ||
2024 | 24 | ||
2025 | 20 | ||
2026 | 20 | ||
2027 | 19 | ||
Thereafter | 71 | ||
Total minimum payments | 241 | ||
Infrastructure Construction And Improvements | SDG&E | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 10 | ||
2024 | 1 | ||
2025 | 1 | ||
2026 | 1 | ||
2027 | 2 | ||
Thereafter | 18 | ||
Construction projects, payable | 33 | ||
Infrastructure Construction And Improvements | Sempra Infrastructure | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 73 | ||
2024 | 19 | ||
2025 | 17 | ||
2026 | 17 | ||
2027 | 17 | ||
Thereafter | 53 | ||
Total minimum payments | 196 | ||
Infrastructure Improvements For Natural Gas And Electric Transmission And Distribution | SDG&E | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
Construction projects, payable | 8 | ||
Nuclear Plant Maintenance | San Diego Gas and Electric Company | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
Construction projects, payable | 25 | ||
Information Technology Software Project | SoCalGas | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
2023 | 4 | ||
2024 | 4 | ||
2025 | 2 | ||
2026 | 2 | ||
Construction projects, payable | 12 | ||
Refined products terminals | Sempra Infrastructure | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
Total minimum payments | 16 | ||
Natural Gas Pipelines and Ongoing Maintenance Services | Sempra Infrastructure | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
Total minimum payments | 174 | ||
Renewables Projects | Sempra Infrastructure | |||
Unrecorded Unconditional Purchase Obligation, Rolling Maturity [Abstract] | |||
Total minimum payments | $ 6 |
COMMITMENTS AND CONTINGENCIE_13
COMMITMENTS AND CONTINGENCIES - OTHER COMMITMENTS (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2011 USD ($) MMcf | |
Natural Gas and Electric Franchise | San Diego Gas and Electric Company | ||
Loss Contingencies [Line Items] | ||
Expected payment | $ 14,000,000 | |
Expected payment, due in second year | 15,000,000 | |
Expected payment, due in third year | 15,000,000 | |
Expected payment, due in fourth year | 4,000,000 | |
Expected payment, due in fifth year | 2,000,000 | |
Expected payment, thereafter | 50,000,000 | |
Natural Gas and Electric Franchise | SoCalGas | ||
Loss Contingencies [Line Items] | ||
Expected payment, thereafter | 11,000,000 | |
Sunrise Powerlink Construction | SDG&E | ||
Loss Contingencies [Line Items] | ||
Expected payment | 4,000,000 | |
Expected payment, due in second year | 4,000,000 | |
Expected payment, due in third year | 4,000,000 | |
Expected payment, due in fourth year | 4,000,000 | |
Expected payment, due in fifth year | 4,000,000 | |
Expected payment, thereafter | $ 271,000,000 | |
Estimated annual escalation | 2% | |
Present value of future payments | $ 123,000,000 | |
Continental Forge | Sempra Infrastructure | ||
Loss Contingencies [Line Items] | ||
Purchase commitment period | 18 years | |
Amount o natural gas to be sold (MMcf per day) | MMcf | 500 | |
Price index | $ 0.02 |
COMMITMENTS AND CONTINGENCIE_14
COMMITMENTS AND CONTINGENCIES - ENVIRONMENTAL ISSUES (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) site | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Environmental Issues [Line Items] | |||
Capital expenditures for environmental issues | $ 87 | $ 95 | $ 76 |
Accrued liability for environmental matters, discount | $ 14 | ||
Accrued liability for environmental matters, discount rate (as a percent) | 0.40% | ||
Accrual for environmental loss contingencies | $ 59 | ||
Environmental Loss Contingency, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total deferred credits and other liabilities | ||
Expected future payments for accruals, 2023 | $ 5 | ||
Expected future payments for accruals, 2024 | 11 | ||
Expected future payments for accruals, 2025 | 10 | ||
Expected future payments for accruals, 2026 | 1 | ||
Expected future payments for accruals, 2027 | 17 | ||
Expected future payments for accruals, thereafter | 15 | ||
Minimum | |||
Environmental Issues [Line Items] | |||
Potential monetary sanctions threshold | 1 | ||
Sempra Energy | |||
Environmental Issues [Line Items] | |||
Potential monetary sanctions threshold, actual amount | 59 | ||
Accrual for environmental loss contingencies, current | 5 | ||
Accrual for environmental loss contingencies, noncurrent | 54 | ||
San Diego Gas and Electric Company | |||
Environmental Issues [Line Items] | |||
Potential monetary sanctions threshold, actual amount | 16 | ||
Capital expenditures for environmental issues | 31 | 32 | 39 |
Accrual for environmental loss contingencies | 16 | ||
Accrual for environmental loss contingencies, current | 1 | ||
Accrual for environmental loss contingencies, noncurrent | 15 | ||
SoCalGas | |||
Environmental Issues [Line Items] | |||
Potential monetary sanctions threshold, actual amount | 21 | ||
Capital expenditures for environmental issues | 56 | $ 63 | $ 37 |
Accrued liability for environmental matters, discount | $ 14 | ||
Accrued liability for environmental matters, discount rate (as a percent) | 0.40% | ||
Accrual for environmental loss contingencies | $ 42 | ||
Accrual for environmental loss contingencies, current | 4 | ||
Accrual for environmental loss contingencies, noncurrent | 38 | ||
Other Sempra | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | 1 | ||
Manufactured-gas sites | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | $ 38 | ||
Manufactured-gas sites | San Diego Gas and Electric Company | |||
Environmental Issues [Line Items] | |||
Number of sites complete | site | 3 | ||
Number of sites in process | site | 0 | ||
Accrual for environmental loss contingencies | $ 0 | ||
Manufactured-gas sites | SoCalGas | |||
Environmental Issues [Line Items] | |||
Number of sites complete | site | 39 | ||
Number of sites in process | site | 3 | ||
Accrual for environmental loss contingencies | $ 38 | ||
Manufactured-gas sites | Other Sempra | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | 0 | ||
Waste Disposal Sites | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | $ 9 | ||
Waste Disposal Sites | San Diego Gas and Electric Company | |||
Environmental Issues [Line Items] | |||
Number of sites complete | site | 2 | ||
Number of sites in process | site | 1 | ||
Accrual for environmental loss contingencies | $ 5 | ||
Waste Disposal Sites | SoCalGas | |||
Environmental Issues [Line Items] | |||
Number of sites complete | site | 5 | ||
Number of sites in process | site | 2 | ||
Accrual for environmental loss contingencies | $ 3 | ||
Waste Disposal Sites | Other Sempra | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | 1 | ||
Other hazardous waste sites | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | 12 | ||
Other hazardous waste sites | San Diego Gas and Electric Company | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | 11 | ||
Other hazardous waste sites | SoCalGas | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | 1 | ||
Other hazardous waste sites | Other Sempra | |||
Environmental Issues [Line Items] | |||
Accrual for environmental loss contingencies | 0 | ||
SONGS Sites | San Diego Gas and Electric Company | |||
Environmental Issues [Line Items] | |||
Estimated SONGS mitigation costs, recoverable in rates | 144 | ||
SONGS mitigation costs incurred | 54 | ||
SONGS mitigation costs remaining | $ 90 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 31, 2021 | May 31, 2021 | Apr. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | segment | 4 | |||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | $ 14,439 | $ 12,857 | $ 11,370 | |||
DEPRECIATION AND AMORTIZATION | 2,019 | 1,855 | 1,666 | |||
INTEREST INCOME | 75 | 69 | 96 | |||
INTEREST EXPENSE | 1,054 | 1,198 | 1,081 | |||
Income tax expense (benefit) | 556 | 99 | 249 | |||
Earnings (losses) attributable to common shares | 2,094 | 1,254 | 3,764 | |||
Earnings from discontinued operations attributable to common shares | 0 | 0 | 1,840 | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 5,357 | 5,015 | 4,676 | |||
Total assets | 78,574 | 72,045 | ||||
Long-lived assets | 63,459 | 58,366 | 53,831 | |||
United States | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 13,015 | 11,154 | 10,205 | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Long-lived assets | 55,035 | 50,657 | 46,902 | |||
Mexico | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 1,424 | 1,703 | 1,165 | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Long-lived assets | 8,423 | 7,708 | 6,929 | |||
Asia | ||||||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Long-lived assets | 1 | 1 | 0 | |||
Operating Segments | SDG&E | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 5,838 | 5,504 | 5,313 | |||
DEPRECIATION AND AMORTIZATION | 982 | 889 | 801 | |||
INTEREST INCOME | 5 | 1 | 2 | |||
INTEREST EXPENSE | 449 | 412 | 413 | |||
Income tax expense (benefit) | 182 | 201 | 190 | |||
Earnings (losses) attributable to common shares | 915 | 819 | 824 | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 2,473 | 2,220 | 1,942 | |||
Total assets | 26,422 | 24,058 | ||||
Operating Segments | SoCalGas | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 6,840 | 5,515 | 4,748 | |||
DEPRECIATION AND AMORTIZATION | 761 | 716 | 654 | |||
INTEREST INCOME | 6 | 1 | 2 | |||
INTEREST EXPENSE | 198 | 157 | 158 | |||
Income tax expense (benefit) | 138 | (310) | 96 | |||
Earnings (losses) attributable to common shares | 599 | (427) | 504 | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 1,993 | 1,984 | 1,843 | |||
Total assets | 22,346 | 20,324 | ||||
Operating Segments | Sempra Texas Utilities | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
Income tax expense (benefit) | 0 | 0 | 1 | |||
Earnings (losses) attributable to common shares | 736 | 616 | 579 | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Total assets | 13,781 | 13,047 | ||||
Operating Segments | Sempra Infrastructure | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 1,919 | 1,997 | 1,400 | |||
DEPRECIATION AND AMORTIZATION | 268 | 239 | 198 | |||
INTEREST INCOME | 44 | 75 | 141 | |||
INTEREST EXPENSE | 104 | 205 | 174 | |||
Income tax expense (benefit) | 249 | 238 | 149 | |||
Earnings (losses) attributable to common shares | 310 | 682 | 580 | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 884 | 802 | 879 | |||
Total assets | 15,760 | 14,408 | ||||
All other | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 1 | 5 | 2 | |||
DEPRECIATION AND AMORTIZATION | 8 | 11 | 13 | |||
INTEREST INCOME | 20 | 3 | 7 | |||
INTEREST EXPENSE | 306 | 444 | 390 | |||
Income tax expense (benefit) | (13) | (30) | (187) | |||
Earnings (losses) attributable to common shares | (466) | (436) | (563) | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
EXPENDITURES FOR PROPERTY, PLANT & EQUIPMENT | 7 | 9 | 12 | |||
Total assets | 1,376 | 1,399 | ||||
Adjustments and eliminations | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | (1) | (1) | (3) | |||
Earnings from discontinued operations attributable to common shares | 0 | 0 | 1,840 | |||
Intersegment revenues | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | (158) | (163) | (90) | |||
INTEREST INCOME | 0 | (11) | (56) | |||
INTEREST EXPENSE | (3) | (20) | (54) | |||
Segment Reporting Information, Additional Information [Abstract] | ||||||
Total assets | (1,111) | (1,191) | ||||
Intersegment revenues | SDG&E | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 15 | 10 | 5 | |||
Intersegment revenues | SoCalGas | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | 100 | 98 | 88 | |||
Intersegment revenues | Sempra Infrastructure | ||||||
Segment Reporting Information, Profit (Loss) [Abstract] | ||||||
REVENUES | $ 43 | $ 55 | $ (3) | |||
Sharyland Utilities | Sempra Texas Utilities | ||||||
Segment Reporting Information [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50% | |||||
Ownership interest (as a percent) | 50% | |||||
Sempra LNG Holding, LP | Sempra Infrastructure | ||||||
Segment Reporting Information [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100% | |||||
Ownership interest (as a percent) | 100% | |||||
IEnova | ||||||
Segment Reporting Information [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.90% | 96.40% | 96.40% | 70.20% | ||
Ownership interest (as a percent) | 99.90% | 96.40% | 96.40% | 70.20% | ||
IEnova | Sempra Infrastructure | ||||||
Segment Reporting Information [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.90% | |||||
Ownership interest (as a percent) | 99.90% | |||||
SI Partners | Sempra Infrastructure | ||||||
Segment Reporting Information [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 70% | |||||
Ownership interest (as a percent) | 70% | |||||
Oncor Holdings | Oncor Electric Delivery Company LLC | Sempra Texas Utilities | ||||||
Segment Reporting Information [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.25% | |||||
Ownership interest (as a percent) | 80.25% |
SCHEDULE I - CONDENSED FINANC_3
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - STATEMENT OF OPERATIONS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Income Statements, Captions [Line Items] | |||
Interest income | $ 75 | $ 69 | $ 96 |
Interest expense | (1,054) | (1,198) | (1,081) |
Other income (expense), net | 24 | 58 | (48) |
Income tax benefit (expense) | (556) | (99) | (249) |
Income from continuing operations, net of tax | 2,285 | 1,463 | 2,255 |
Net income | $ 2,285 | $ 1,463 | $ 4,105 |
Basic earnings per common share (in shares) | $ 6.65 | $ 4.03 | $ 12.93 |
Weighted-average number of shares outstanding, basic (in shares) | 315,159 | 311,755 | 291,077 |
Diluted earnings per common share (in dollars per share) | $ 6.62 | $ 4.01 | $ 12.88 |
Weighted-average number of shares outstanding, diluted (in shares) | 316,378 | 313,036 | 292,252 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Interest income | $ 35 | $ 11 | $ 4 |
Interest expense | (326) | (576) | (495) |
Operating expenses | (92) | (92) | (86) |
Other income (expense), net | (58) | 20 | (38) |
Income tax benefit (expense) | 111 | 190 | 176 |
Income from continuing operations, net of tax | (330) | (447) | (439) |
Equity in earnings of subsidiaries, net of income taxes | 2,468 | 1,764 | 4,371 |
Net income | 2,138 | 1,317 | 3,932 |
Preferred dividends | (44) | (63) | (168) |
Earnings attributable to common shares | $ 2,094 | $ 1,254 | $ 3,764 |
Basic earnings per common share (in shares) | $ 6.65 | $ 4.03 | $ 12.93 |
Weighted-average number of shares outstanding, basic (in shares) | 315,159 | 311,755 | 291,077 |
Diluted earnings per common share (in dollars per share) | $ 6.62 | $ 4.01 | $ 12.88 |
Weighted-average number of shares outstanding, diluted (in shares) | 316,378 | 313,036 | 292,252 |
SCHEDULE I - CONDENSED FINANC_4
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - STATEMENT OF COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Statement of Income Captions [Line Items] | |||
Net income | $ 2,285 | $ 1,463 | $ 4,105 |
Total other comprehensive (loss) income | 228 | 171 | 422 |
Pretax amount | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 2,695 | 1,417 | 5,368 |
Foreign currency translation adjustments | 11 | (6) | 547 |
Financial instruments | 221 | 191 | (146) |
Pension and other postretirement benefits | 3 | 28 | 11 |
Total other comprehensive (loss) income | 235 | 213 | 412 |
Total comprehensive income, after preferred dividends of subsidiaries | 2,929 | 1,629 | 5,779 |
Income tax benefit (expense) | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | (556) | (99) | (1,435) |
Foreign currency translation adjustments | 0 | 0 | 0 |
Financial instruments | (55) | (47) | 33 |
Pension and other postretirement benefits | (6) | (6) | 1 |
Total other comprehensive (loss) income | (61) | (53) | 34 |
Total comprehensive income, after preferred dividends of subsidiaries | (617) | (152) | (1,401) |
Net-of-tax amount | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 2,139 | 1,318 | 3,933 |
Foreign currency translation adjustments | 11 | (6) | 547 |
Financial instruments | 166 | 144 | (113) |
Pension and other postretirement benefits | (3) | 22 | 12 |
Total other comprehensive (loss) income | 174 | 160 | 446 |
Total comprehensive income, after preferred dividends of subsidiaries | 2,312 | 1,477 | 4,378 |
Parent Company | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 2,138 | 1,317 | 3,932 |
Parent Company | Pretax amount | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 2,027 | 1,127 | 3,756 |
Foreign currency translation adjustments | 11 | (6) | 547 |
Financial instruments | 221 | 191 | (146) |
Pension and other postretirement benefits | 3 | 28 | 11 |
Total other comprehensive (loss) income | 235 | 213 | 412 |
Total comprehensive income, after preferred dividends of subsidiaries | 2,262 | 1,340 | 4,168 |
Parent Company | Income tax benefit (expense) | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 111 | 190 | 176 |
Foreign currency translation adjustments | 0 | 0 | 0 |
Financial instruments | (55) | (47) | 33 |
Pension and other postretirement benefits | (6) | (6) | 1 |
Total other comprehensive (loss) income | (61) | (53) | 34 |
Total comprehensive income, after preferred dividends of subsidiaries | 50 | 137 | 210 |
Parent Company | Net-of-tax amount | |||
Condensed Statement of Income Captions [Line Items] | |||
Net income | 2,138 | 1,317 | 3,932 |
Foreign currency translation adjustments | 11 | (6) | 547 |
Financial instruments | 166 | 144 | (113) |
Pension and other postretirement benefits | (3) | 22 | 12 |
Total other comprehensive (loss) income | 174 | 160 | 446 |
Total comprehensive income, after preferred dividends of subsidiaries | $ 2,312 | $ 1,477 | $ 4,378 |
SCHEDULE I - CONDENSED FINANC_5
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - BALANCE SHEETS (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 370 | $ 559 |
Due from affiliates | 54 | 23 |
Income taxes receivable | 113 | 79 |
Other current assets | 49 | 30 |
Total current assets | 5,912 | 4,375 |
Due from affiliates | 0 | 637 |
Deferred income taxes | 135 | 151 |
Other long-term assets | 1,382 | 1,244 |
Total assets | 78,574 | 72,045 |
Liabilities and shareholders’ equity: | ||
Short-term debt | 3,352 | 3,471 |
Other current liabilities | 1,380 | 1,131 |
Total current liabilities | 9,899 | 10,035 |
Long-term debt | 24,548 | 21,068 |
Due to affiliates | 301 | 287 |
Commitments and contingencies | ||
Total shareholders’ equity | 27,115 | 25,981 |
Total liabilities and shareholders’ equity | 78,574 | 72,045 |
Parent Company | ||
ASSETS | ||
Cash and cash equivalents | 219 | 186 |
Restricted cash | 1 | 2 |
Due from affiliates | 102 | 446 |
Income taxes receivable | 104 | 0 |
Other current assets | 17 | 31 |
Total current assets | 443 | 665 |
Investments in subsidiaries | 35,209 | 33,308 |
Due from affiliates | 20 | 21 |
Deferred income taxes | 233 | 626 |
Other long-term assets | 1,050 | 1,090 |
Total assets | 36,955 | 35,710 |
Liabilities and shareholders’ equity: | ||
Short-term debt | 454 | 1,240 |
Due to affiliates | 226 | 185 |
Other current liabilities | 566 | 535 |
Total current liabilities | 1,246 | 1,960 |
Long-term debt | 7,215 | 5,969 |
Due to affiliates | 776 | 1,151 |
Other long-term liabilities | 603 | 649 |
Commitments and contingencies | ||
Total shareholders’ equity | 27,115 | 25,981 |
Total liabilities and shareholders’ equity | $ 36,955 | $ 35,710 |
SCHEDULE I - CONDENSED FINANC_6
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - CASH FLOWS (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 1,142 | $ 3,842 | $ 2,591 |
Expenditures for property, plant and equipment | (5,357) | (5,015) | (4,676) |
Disbursement for note receivable | 0 | (305) | 0 |
Distributions from investments | 854 | 941 | 651 |
Other | 6 | 11 | 15 |
Net cash (used in) provided by investing activities | (5,039) | (5,508) | 553 |
Common dividends paid | (1,430) | (1,331) | (1,174) |
Preferred dividends paid | (44) | (99) | (157) |
Issuances of preferred stock, net | 0 | 0 | 891 |
Issuances of common stock, net | 4 | 5 | 11 |
Repurchases of common stock | (478) | (339) | (566) |
Issuances of debt (maturities greater than 90 days) | 9,984 | 3,773 | 6,051 |
Payments on debt (maturities greater than 90 days) | (4,510) | (5,489) | (5,864) |
(Decrease) increase in loans from affiliates, net | 626 | 38 | 7 |
Purchases of noncontrolling interests | 0 | (224) | (248) |
Other | (35) | (199) | (50) |
Net cash provided by (used in) financing activities | 3,779 | 1,260 | (2,373) |
Effect of exchange rate changes in continuing operations | (1) | 2 | 0 |
(Decrease) increase in cash and cash equivalents | (119) | (404) | 768 |
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES | |||
Conversion of mandatory convertible preferred stock | 0 | 2,258 | 0 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 775 | (255) | (978) |
Expenditures for property, plant and equipment | (7) | (8) | (9) |
Capital contributions to investees | (661) | (1,005) | (364) |
Disbursement for note receivable | 0 | (305) | 0 |
Distributions from investments | 0 | 1,552 | 3,616 |
Purchases of trust assets | (114) | 0 | 0 |
Proceeds from sales of trust assets | 123 | 0 | 0 |
(Increase) decrease in loans to affiliates, net | (92) | (20) | 2 |
Other | (3) | 0 | 0 |
Net cash (used in) provided by investing activities | (754) | 214 | 3,245 |
Common dividends paid | (1,430) | (1,331) | (1,174) |
Preferred dividends paid | (44) | (99) | (157) |
Issuances of preferred stock, net | 0 | 0 | 891 |
Issuances of common stock, net | 4 | 5 | 11 |
Repurchases of common stock | (478) | (339) | (566) |
Issuances of debt (maturities greater than 90 days) | 1,569 | 990 | 1,599 |
Payments on debt (maturities greater than 90 days) | (322) | (3,200) | (3,700) |
(Decrease) increase in short-term debt | (785) | 1,240 | 0 |
(Decrease) increase in loans from affiliates, net | (226) | 1,092 | 1,194 |
Purchases of noncontrolling interests | 0 | (217) | 0 |
Proceeds from sale of noncontrolling interests | 1,732 | 1,846 | 0 |
Equity transaction costs with third parties | 0 | 0 | (4) |
Make-whole premiums related to early redemptions of debt | 0 | (121) | 0 |
Other | (8) | (2) | (1) |
Net cash provided by (used in) financing activities | 12 | (136) | (1,907) |
Effect of exchange rate changes in continuing operations | (1) | (1) | 0 |
(Decrease) increase in cash and cash equivalents | 32 | (178) | 360 |
Cash and cash equivalents, January 1 | 188 | 366 | 6 |
Cash and cash equivalents, December 31 | 220 | 188 | 366 |
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES | |||
Issuance of common stock in exchange for NCI and related AOCI | 0 | 1,373 | 0 |
Common dividends declared but not paid | 360 | 349 | 301 |
Conversion of mandatory convertible preferred stock | 0 | 2,258 | 0 |
Preferred dividends declared but not paid | 11 | 11 | 47 |
Equitization of amounts due from affiliates | $ 93 | $ 4,351 | $ 0 |
SCHEDULE I - CONDENSED FINANC_7
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT - FOOTNOTES (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) lender | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Instruments [Abstract] | |||
Total facility | $ 9,700 | ||
Letters of credit outstanding | 594 | ||
Long-term debt | 24,548 | $ 21,068 | |
2025 | 1,724 | ||
2027 | 1,499 | ||
Thereafter | 18,095 | ||
Operating leases | |||
Total operating lease commitments | 904 | ||
2023 | 74 | ||
2024 | 80 | ||
2025 | 70 | ||
2026 | 67 | ||
2027 | 55 | ||
Thereafter | 558 | ||
Letter of Credit | |||
Debt Instruments [Abstract] | |||
Long-term debt outstanding | 594 | ||
Parent Company | |||
Debt Instruments [Abstract] | |||
Gross long-term debt | 7,308 | 6,058 | |
Unamortized discount on long-term debt | (28) | (37) | |
Unamortized debt issuance costs | (65) | (52) | |
Long-term debt | 7,215 | 5,969 | |
Operating leases | |||
Total operating lease commitments | 241 | ||
2023 | 12 | ||
2024 | 12 | ||
2025 | 13 | ||
2026 | 13 | ||
2027 | 13 | ||
Thereafter | $ 178 | ||
Parent Company | 3.3% Notes April 1, 2025 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.30% | ||
Gross long-term debt | $ 750 | 0 | |
Parent Company | 3.25% Notes June 15, 2027 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.25% | ||
Gross long-term debt | $ 750 | 750 | |
Parent Company | 3.4% Notes February 1, 2028 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.40% | ||
Gross long-term debt | $ 1,000 | 1,000 | |
Parent Company | 3.7% Notes April 1, 2029 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.70% | ||
Gross long-term debt | $ 500 | 0 | |
Parent Company | 3.8% Notes February 1, 2038 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.80% | ||
Gross long-term debt | $ 1,000 | 1,000 | |
Parent Company | 6% Notes October 15, 2039 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 6% | ||
Gross long-term debt | $ 750 | 750 | |
Parent Company | 4% Notes February 1, 2048 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 4% | ||
Gross long-term debt | $ 800 | 800 | |
Parent Company | 4.125% Junior Subordinated Notes April 1, 2052 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 4.125% | ||
Gross long-term debt | $ 1,000 | 1,000 | |
Parent Company | 5.75% Junior Subordinated Notes July 1, 2079 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 5.75% | ||
Gross long-term debt | $ 758 | 758 | |
Sempra Energy | |||
Debt Instruments [Abstract] | |||
Total facility | 4,000 | ||
2025 | 750 | ||
2027 | 750 | ||
Thereafter | $ 5,800 | ||
Sempra Energy | 3.3% Notes April 1, 2025 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.30% | ||
Gross long-term debt | $ 750 | 0 | |
Sempra Energy | 3.25% Notes June 15, 2027 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.25% | ||
Gross long-term debt | $ 750 | 750 | |
Sempra Energy | 3.4% Notes February 1, 2028 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.40% | ||
Gross long-term debt | $ 1,000 | 1,000 | |
Sempra Energy | 3.7% Notes April 1, 2029 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.70% | ||
Gross long-term debt | $ 500 | 0 | |
Sempra Energy | 3.8% Notes February 1, 2038 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 3.80% | ||
Gross long-term debt | $ 1,000 | 1,000 | |
Sempra Energy | 6% Notes October 15, 2039 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 6% | ||
Gross long-term debt | $ 750 | 750 | |
Sempra Energy | 4% Notes February 1, 2048 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 4% | ||
Gross long-term debt | $ 800 | 800 | |
Sempra Energy | 5.75% Junior Subordinated Notes July 1, 2079 | |||
Debt Instruments [Abstract] | |||
Stated percentage rate | 5.75% | ||
Gross long-term debt | $ 758 | 758 | |
Sempra Energy | Parent Company | |||
Basis of Presentation | |||
Cash dividends received | 832 | $ 375 | $ 300 |
Debt Instruments [Abstract] | |||
Total facility | 4,000 | ||
Amount available | $ 3,500 | ||
Number of lenders | lender | 23 | ||
Share of facility held by lenders (as a percent) | 6% | ||
Allowed increase in letters of credit | $ 500 | ||
Letters of credit outstanding | $ 0 | ||
Ratio of indebtedness to total capitalization (as a percent) | 65% | ||
Sempra Energy | Parent Company | Letter of Credit | |||
Debt Instruments [Abstract] | |||
Long-term debt outstanding | $ 200 |
Uncategorized Items - sre-20221
Label | Element | Value |
Accounting Standards Update 2016-13 [Member] | ||
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-02 [Member] |