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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Recurring Fair Value Measures Table |
RECURRING FAIR VALUE MEASURES
(Dollars in millions)
| Fair value at December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Sempra: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |
Short-term investments, primarily cash equivalents | $ | 19 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 21 |
Equity securities | 308 |  |  | 4 |  |  | — |  |  | 312 |
Debt securities: |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 34 |  |  | 17 |  |  | — |  |  | 51 |
Municipal bonds | — |  |  | 275 |  |  | — |  |  | 275 |
Other securities | — |  |  | 220 |  |  | — |  |  | 220 |
Total debt securities | 34 |  |  | 512 |  |  | — |  |  | 546 |
Total nuclear decommissioning trusts(1) | 361 |  |  | 518 |  |  | — |  |  | 879 |
Short-term investments held in Rabbi Trust | 67 |  |  | — |  |  | — |  |  | 67 |
Interest rate instruments | — |  |  | 87 |  |  | — |  |  | 87 |
Commodity contracts not subject to rate recovery | — |  |  | 5 |  |  | — |  |  | 5 |
Effect of netting and allocation of collateral(2) | 74 |  |  | — |  |  | — |  |  | 74 |
Commodity contracts subject to rate recovery | — |  |  | 1 |  |  | 10 |  |  | 11 |
Effect of netting and allocation of collateral(2) | 16 |  |  | — |  |  | 6 |  |  | 22 |
Support Agreement, net of related guarantee fees | — |  |  | — |  |  | 23 |  |  | 23 |
Total | $ | 518 |  |  | $ | 611 |  |  | $ | 39 |  |  | $ | 1,168 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange instruments | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | 9 |
Commodity contracts not subject to rate recovery | — |  |  | 6 |  |  | — |  |  | 6 |
Commodity contracts subject to rate recovery | 20 |  |  | 210 |  |  | — |  |  | 230 |
Effect of netting and allocation of collateral(2) | (19) |  |  | — |  |  | — |  |  | (19) |
Total | $ | 1 |  |  | $ | 225 |  |  | $ | — |  |  | $ | 226 |
(1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
RECURRING FAIR VALUE MEASURES (CONTINUED)
(Dollars in millions)
| Fair value at December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Sempra: |  |  |  |  |  |  |
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
(Dollars in millions)
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| Fair value at December 31, 2023
SDG&E: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |
Short-term investments, primarily cash equivalents | $ | 19 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 21 |
Equity securities | 308 |  |  | 4 |  |  | — |  |  | 312 |
Debt securities: |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 34 |  |  | 17 |  |  | — |  |  | 51 |
Municipal bonds | — |  |  | 275 |  |  | — |  |  | 275 |
Other securities | — |  |  | 220 |  |  | — |  |  | 220 |
Total debt securities | 34 |  |  | 512 |  |  | — |  |  | 546 |
Total nuclear decommissioning trusts(1) | 361 |  |  | 518 |  |  | — |  |  | 879 |
Commodity contracts subject to rate recovery | — |  |  | — |  |  | 10 |  |  | 10 |
Effect of netting and allocation of collateral(2) | 15 |  |  | — |  |  | 6 |  |  | 21 |
Total | $ | 376 |  |  | $ | 518 |  |  | $ | 16 |  |  | $ | 910 |
Liabilities: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |
Effect of netting and allocation of collateral(2) | (19) |  |  | — |  |  | — |  |  | (19) |
Total | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
| Fair value at December 31, 2022
SDG&E: |  |  |  |  |  |  |
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 |
(1) Excludes receivables (payables), net. (2) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
RECURRING FAIR VALUE MEASURES
(Dollars in millions)
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| Fair value at December 31, 2023
SoCalGas: |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Effect of netting and allocation of collateral(1) | 1 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2 |
Liabilities: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | — |  |  | $ | 210 |  |  | $ | — |  |  | $ | 210 |
Total | $ | — |  |  | $ | 210 |  |  | $ | — |  |  | $ | 210 |
| Fair value at December 31, 2022
SoCalGas: |  |  |  |  |  |  |
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 |
(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, until December 31, 2022, 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)
| 2023 |  | 2022 |  | 2021
Balance at January 1 | $ | 35 |  |  | $ | 54 |  |  | $ | 69 |
Realized and unrealized losses | (17) |  |  | (56) |  |  | (50) |
Allocated transmission instruments | (1) |  |  | (4) |  |  | 3 |
Settlements | (7) |  |  | 41 |  |  | 32 |
Balance at December 31 | $ | 10 |  |  | $ | 35 |  |  | $ | 54 |
Change in unrealized losses relating to instruments still held at December 31 | $ | (13) |  |  | $ | (10) |  |  | $ | (16) |
(1) Excludes the effect of the contractual ability to settle contracts under master netting agreements. The table below sets forth reconciliations of changes in the fair value of Sempra’s Support Agreement for the benefit of CFIN classified as Level 3 in the fair value hierarchy.
LEVEL 3 RECONCILIATIONS
(Dollars in millions)
| 2023 |  | 2022 |  | 2021 |  |
Balance at January 1 | $ | 17 |  |  | $ | 7 |  |  | $ | 3 |  |  |
Realized and unrealized gains(1) | 15 |  |  | 19 |  |  | 11 |  |  |
Settlements | (9) |  |  | (9) |  |  | (7) |  |  |
Balance at December 31(2) | $ | 23 |  |  | $ | 17 |  |  | $ | 7 |  |  |
Change in unrealized gains relating to instruments still held at December 31 | $ | 13 |  |  | $ | 18 |  |  | $ | 11 |  |  |
(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, 2023 and 2022 includes $7 in Other Current Assets and $16 and $10, respectively, in Other Long-Term Assets. Balance at December 31, 2021 includes $7 in Other Current Assets, offset by a negligible amount 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
2024 | $ | (3.69) |  | to | $ | 9.55 |  | $ | (0.44) |
2023 |  | (3.09) |  | to |  | 10.71 |  |  | (0.56) |
2022 |  | (3.67) |  | to |  | 6.96 |  |  | (0.70) |
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, 2023
Sempra: |  |  |  |  |  |  |  |  |
Long-term note receivable(1) | $ | 334 |  |  | $ | — |  |  | $ | — |  |  | $ | 318 |  |  | $ | 318 |
Long-term amounts due to unconsolidated affiliates | 312 |  |  | — |  |  | 283 |  |  | — |  |  | 283 |
Total long-term debt(2) | 27,716 |  |  | — |  |  | 25,617 |  |  | — |  |  | 25,617 |
SDG&E: |  |  |  |  |  |  |  |  |
Total long-term debt(3) | $ | 8,750 |  |  | $ | — |  |  | $ | 7,856 |  |  | $ | — |  |  | $ | 7,856 |
SoCalGas: |  |  |  |  |  |  |  |  |
Total long-term debt(4) | $ | 6,759 |  |  | $ | — |  |  | $ | 6,442 |  |  | $ | — |  |  | $ | 6,442 |
| 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 |
(1) Before allowances for credit losses of $6 and $7 at December 31, 2023 and 2022, respectively. Excludes unamortized transaction costs of $4 and $5 at December 31, 2023 and 2022, respectively. (2) Before reductions of unamortized discount and debt issuance costs of $322 and $289 at December 31, 2023 and 2022, respectively, and excluding finance lease obligations of $1,340 and $1,343 at December 31, 2023 and 2022, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $89 and $70 at December 31, 2023 and 2022, respectively, and excluding finance lease obligations of $1,233 and $1,256 at December 31, 2023 and 2022, respectively. (4) Before reductions of unamortized discount and debt issuance costs of $55 and $48 at December 31, 2023 and 2022, respectively, and excluding finance lease obligations of $107 and $87 at December 31, 2023 and 2022, respectively.

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