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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Statements of Operations |
SEMPRA
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Interest income | $ | 31 |  |  | $ | 35 |  |  | $ | 11 |
Interest expense | (444) |  |  | (326) |  |  | (576) |
Operating expenses | (101) |  |  | (92) |  |  | (92) |
Other income (expense), net | 31 |  |  | (58) |  |  | 20 |
Income tax benefit | 134 |  |  | 111 |  |  | 190 |
Loss before equity in earnings of subsidiaries | (349) |  |  | (330) |  |  | (447) |
Equity in earnings of subsidiaries, net of income taxes | 3,423 |  |  | 2,468 |  |  | 1,764 |
Net income | 3,074 |  |  | 2,138 |  |  | 1,317 |
Preferred dividends | (44) |  |  | (44) |  |  | (63) |
Earnings | $ | 3,030 |  |  | $ | 2,094 |  |  | $ | 1,254 |
Basic EPS: |  |  |  |  |
Earnings | $ | 4.81 |  |  | $ | 3.32 |  |  | $ | 2.01 |
Weighted-average common shares outstanding | 630,296 |  |  | 630,318 |  |  | 623,510 |
Diluted EPS: |  |  |  |  |
Earnings | $ | 4.79 |  |  | $ | 3.31 |  |  | $ | 2.01 |
Weighted-average common shares outstanding | 632,733 |  |  | 632,757 |  |  | 626,073 |
See Notes to Condensed Financial Information of Parent.
Schedule Of Condensed Statements Of Comprehensive Income |
SEMPRA
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
| Years ended December 31, 2023, 2022 and 2021
| Pretax amount |  | Income tax benefit (expense) |  | Net-of-tax amount
2023: |  |  |  |  |
Net income | $ | 2,940 |  |  | $ | 134 |  |  | $ | 3,074 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments | 23 |  |  | — |  |  | 23 |
Financial instruments | 57 |  |  | (18) |  |  | 39 |
Pension and other postretirement benefits | (39) |  |  | 8 |  |  | (31) |
Total other comprehensive income | 41 |  |  | (10) |  |  | 31 |
Comprehensive income | $ | 2,981 |  |  | $ | 124 |  |  | $ | 3,105 |
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 |
See Notes to Condensed Financial Information of Parent.
Schedule Of Condensed Balance Sheets |
SEMPRA
CONDENSED BALANCE SHEETS
(Dollars in millions)
| December 31,
| 2023 |  | 2022
Assets: |  |  |
Cash and cash equivalents | $ | 3 |  |  | $ | 219 |
Restricted cash | 2 |  |  | 1 |
Due from affiliates | 105 |  |  | 102 |
Income taxes receivable, net | — |  |  | 104 |
Other current assets | 11 |  |  | 17 |
Total current assets | 121 |  |  | 443 |
Investments in subsidiaries | 38,499 |  |  | 35,209 |
Due from affiliates | 18 |  |  | 20 |
Deferred income taxes | 429 |  |  | 233 |
Other long-term assets | 1,095 |  |  | 1,050 |
Total assets | $ | 40,162 |  |  | $ | 36,955 |
Liabilities and shareholders’ equity: |  |  |
Short-term debt | $ | 365 |  |  | $ | 454 |
Due to affiliates | 235 |  |  | 226 |
Other current liabilities | 819 |  |  | 566 |
Total current liabilities | 1,419 |  |  | 1,246 |
Long-term debt | 8,461 |  |  | 7,215 |
Due to affiliates | 988 |  |  | 776 |
Other long-term liabilities | 619 |  |  | 603 |
Commitments and contingencies (Note 4) |  |  |
Shareholders’ equity | 28,675 |  |  | 27,115 |
Total liabilities and shareholders’ equity | $ | 40,162 |  |  | $ | 36,955 |
See Notes to Condensed Financial Information of Parent.
Schedule of Condensed Statements of Cash Flows |
SEMPRA
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
Net cash provided by (used in) operating activities | $ | 1,576 |  |  | $ | 775 |  |  | $ | (255) |
Expenditures for property, plant and equipment | (5) |  |  | (7) |  |  | (8) |
Proceeds from sale of assets | 2 |  |  | — |  |  | — |
Capital contributions to investees | (1,749) |  |  | (661) |  |  | (1,005) |
Disbursement for note receivable | — |  |  | — |  |  | (305) |
Distributions from investments | 108 |  |  | — |  |  | 1,552 |
Purchases of trust assets | (78) |  |  | (114) |  |  | — |
Proceeds from sales of trust assets | 69 |  |  | 123 |  |  | — |
Increase in loans to affiliates, net | (90) |  |  | (92) |  |  | (20) |
Other | (1) |  |  | (3) |  |  | — |
Net cash (used in) provided by investing activities | (1,744) |  |  | (754) |  |  | 214 |
Common dividends paid | (1,483) |  |  | (1,430) |  |  | (1,331) |
Preferred dividends paid | (44) |  |  | (44) |  |  | (99) |
Issuances of common stock, net | 145 |  |  | 4 |  |  | 5 |
Repurchases of common stock | (32) |  |  | (478) |  |  | (339) |
Issuances of debt (maturities greater than 90 days) | 1,918 |  |  | 1,569 |  |  | 990 |
Payments on debt (maturities greater than 90 days) | (672) |  |  | (322) |  |  | (3,200) |
(Decrease) increase in short-term debt | (89) |  |  | (785) |  |  | 1,240 |
Increase (decrease) in loans from affiliates, net | 220 |  |  | (226) |  |  | 1,092 |
Purchases of noncontrolling interests | — |  |  | — |  |  | (217) |
Proceeds from sale of noncontrolling interests | — |  |  | 1,732 |  |  | 1,846 |
Make-whole premiums related to early redemptions of debt | — |  |  | — |  |  | (121) |
Other | (10) |  |  | (8) |  |  | (2) |
Net cash (used in) provided by financing activities | (47) |  |  | 12 |  |  | (136) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | (1) |  |  | (1) |
(Decrease) increase in cash, cash equivalents and restricted cash | (215) |  |  | 32 |  |  | (178) |
Cash, cash equivalents and restricted cash, January 1 | 220 |  |  | 188 |  |  | 366 |
Cash, cash equivalents and restricted cash, December 31 | $ | 5 |  |  | $ | 220 |  |  | $ | 188 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES |  |  |  |  |
Issuance of common stock in exchange for NCI and related AOCI | $ | — |  |  | $ | — |  |  | $ | 1,373 |
Conversion of mandatory convertible preferred stock | — |  |  | — |  |  | 2,258 |
Preferred dividends declared but not paid | 11 |  |  | 11 |  |  | 11 |
Common dividends declared but not paid | 376 |  |  | 360 |  |  | 349 |
Equitization of amounts due from affiliates | 92 |  |  | 93 |  |  | 4,351 |
Interest capitalized to note receivable from unconsolidated affiliates | 16 |  |  | 18 |  |  | — |
See Notes to Condensed Financial Information of Parent.
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,
| 2023 |  | 2022
SDG&E: |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |
3.6% September 1, 2023 | $ | — |  |  | $ | 450 |
2.5% May 15, 2026 | 500 |  |  | 500 |
6% June 1, 2026 | 250 |  |  | 250 |
4.95% August 15, 2028 | 600 |  |  | — |
1.7% October 1, 2030 | 800 |  |  | 800 |
3% March 15, 2032 | 500 |  |  | 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 |  |  | 500 |
5.35% April 1, 2053 | 800 |  |  | — |
| 8,350 |  |  | 7,400 |
Other long-term debt (uncollateralized): |  |  |
Notes at variable rates (5.99% at December 31, 2023) February 18, 2024(1) | 400 |  |  | 400 |
Finance lease obligations: |  |  |
Power purchase agreements | 1,166 |  |  | 1,194 |
Other | 67 |  |  | 62 |
| 1,633 |  |  | 1,656 |
| 9,983 |  |  | 9,056 |
Current portion of long-term debt and finance leases | (441) |  |  | (489) |
Unamortized discount on long-term debt | (29) |  |  | (20) |
Unamortized debt issuance costs | (60) |  |  | (50) |
Total SDG&E | $ | 9,453 |  |  | $ | 8,497 |
(1) Callable long-term debt not subject to make-whole provisions.
LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) |  |  |
(Dollars in millions) |  |  |
| December 31,
| 2023 |  | 2022
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 |
5.20% June 1, 2033 | 500 |  |  | — |
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 |  |  | 600 |
5.75% June 1, 2053 | 500 |  |  | — |
| 6,050 |  |  | 5,050 |
Other long-term debt (uncollateralized): |  |  |
Notes at variable rates (5.10% at December 31, 2022) September 14, 2023(1) | — |  |  | 300 |
1.875% Notes May 14, 2026(1) | 4 |  |  | 4 |
2.95% Notes April 15, 2027 | 700 |  |  | 700 |
5.67% Notes January 18, 2028(2) | 5 |  |  | 5 |
Finance lease obligations | 107 |  |  | 87 |
| 816 |  |  | 1,096 |
| 6,866 |  |  | 6,146 |
Current portion of long-term debt and finance leases | (523) |  |  | (318) |
Unamortized discount on long-term debt | (13) |  |  | (12) |
Unamortized debt issuance costs | (42) |  |  | (36) |
Total SoCalGas | $ | 6,288 |  |  | $ | 5,780 |
(1) Callable long-term debt not subject to make-whole provisions. (2) Debt is not callable.
LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) |  |  |
(Dollars in millions) |  |  |
| December 31,
| 2023 |  | 2022
Other Sempra: |  |  |
Sempra - Other long-term debt (uncollateralized): |  |  |
3.3% Notes April 1, 2025 | $ | 750 |  |  | $ | 750 |
5.40% Notes August 1, 2026 | 550 |  |  | — |
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 |  |  | 500 |
5.50% Notes August 1, 2033 | 700 |  |  | — |
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 |
| 8,558 |  |  | 7,308 |
Sempra Infrastructure - Other long-term debt (uncollateralized unless otherwise noted): |  |  |
6.3% Notes (4.12% after cross-currency swap effective 2013) February 2, 2023 | — |  |  | 201 |
Loan at variable rates (8.31% at December 31, 2023) December 9, 2025 | 832 |  |  | 575 |
3.75% Notes January 14, 2028 | 300 |  |  | 300 |
Loan including $200 at variable rates (5.33% after floating-to-fixed rate swaps effective 2023) and $58 at variable rates (weighted-average rate of 7.37% at December 31, 2023) March 20, 2030, collateralized by plant assets(1) | 258 |  |  | — |
3.25% Notes January 15, 2032 | 400 |  |  | 400 |
Loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034(1) | 96 |  |  | 98 |
Loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034(1) | 96 |  |  | 98 |
Loan at variable rates (2.38% after floating-to-fixed rate swap effective 2020) payable June 15, 2022 through November 19, 2034(1) | 96 |  |  | 98 |
2.9% Loan payable June 15, 2022 through November 19, 2034(1) | 231 |  |  | 236 |
4.875% Notes January 14, 2048 | 540 |  |  | 540 |
4.75% Notes January 15, 2051 | 800 |  |  | 800 |
| 3,649 |  |  | 3,346 |
| 12,207 |  |  | 10,654 |
Current portion of long-term debt | (11) |  |  | (212) |
Unamortized discount on long-term debt | (66) |  |  | (62) |
Unamortized debt issuance costs | (112) |  |  | (109) |
Total Other Sempra | 12,018 |  |  | 10,271 |
Total Sempra | $ | 27,759 |  |  | $ | 24,548 |
(1) Callable long-term debt not subject to make-whole provisions. The following table shows the detail and maturities of uncollateralized long-term debt outstanding.
LONG-TERM DEBT
(Dollars in millions)
| December 31,
| 2023 |  | 2022
3.3% Notes April 1, 2025 | $ | 750 |  |  | $ | 750 |
5.40% Notes August 1, 2026 | 550 |  |  | — |
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 |  |  | 500 |
5.50% Notes August 1, 2033 | 700 |  |  | — |
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 |
| 8,558 |  |  | 7,308 |
Unamortized discount on long-term debt | (29) |  |  | (28) |
Unamortized debt issuance costs | (68) |  |  | (65) |
Total long-term debt | $ | 8,461 |  |  | $ | 7,215 |
(1) Callable long-term debt not subject to make-whole provisions.

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