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SEMPRA – INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments [Abstract] |
Equity Method Investments | We provide the carrying values of our investments and earnings on these investments by segment in the following tables.
EQUITY METHOD AND OTHER INVESTMENTS(1)
(Dollars in millions)
| Percent ownership |  | Investment balance
| December 31,
| 2023 |  | 2022 |  | 2023 |  | 2022
Sempra Texas Utilities: |  |  |  |  |  |  |
Oncor Holdings(2) | 100 | % |  | 100 | % |  | $ | 14,266 |  |  | $ | 13,665 |
Sempra Texas Utilities: |  |  |  |  |  |  |
Sharyland Holdings(3) | 50 | % |  | 50 | % |  | $ | 114 |  |  | $ | 107 |
Sempra Infrastructure: |  |  |  |  |  |  |
Cameron LNG JV(4) | 50.2 |  |  | 50.2 |  |  | 1,008 |  |  | 886 |
IMG(5) | 40 |  |  | 40 |  |  | 620 |  |  | 591 |
TAG Norte(6) | 50 |  |  | 50 |  |  | 501 |  |  | 428 |
Parent and other: |  |  |  |  |  |  |
Other |  |  |  |  | 1 |  |  | — |
Total |  |  |  |  | $ | 2,244 |  |  | $ | 2,012 |
(1) All amounts are before NCI, where applicable. (2) The carrying value of our equity method investment is $2,870 and $2,856 higher than the underlying equity in the net assets of the investee at December 31, 2023 and 2022, respectively, due to $2,868 of equity method goodwill and $69 in basis differences in AOCI, offset by $67 and $81 at December 31, 2023 and 2022, 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 $262 and $270 higher than the underlying equity in the net assets of the investee at December 31, 2023 and 2022, respectively, primarily due to guarantees, interest capitalized on the investment prior to the JV commencing its operations, 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 FROM EQUITY METHOD INVESTMENTS(1)
(Dollars in millions)
|  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
EARNINGS RECORDED BEFORE INCOME TAX(2): |  |  |  |  |  |
Sempra Texas Utilities: |  |  |  |  |  |
Sharyland Holdings |  | $ | 7 |  |  | $ | 7 |  |  | $ | 5 |
Sempra Infrastructure: |  |  |  |  |  |
Cameron LNG JV(3) |  | 586 |  |  | 659 |  |  | 559 |
Parent and other: |  |  |  |  |  |
RBS Sempra Commodities |  | 40 |  |  | — |  |  | 50 |
|  | 633 |  |  | 666 |  |  | 614 |
EARNINGS RECORDED NET OF INCOME TAX: |  |  |  |  |  |
Sempra Texas Utilities: |  |  |  |  |  |
Oncor Holdings |  | 694 |  |  | 735 |  |  | 617 |
Sempra Infrastructure: |  |  |  |  |  |
ESJ |  | — |  |  | — |  |  | 2 |
IMG |  | 40 |  |  | 68 |  |  | 83 |
TAG Norte |  | 114 |  |  | 29 |  |  | 27 |
|  | 848 |  |  | 832 |  |  | 729 |
Total |  | $ | 1,481 |  |  | $ | 1,498 |  |  | $ | 1,343 |
(1) All amounts are before NCI, where applicable. (2) We provide our ETR calculation in Note 8. (3) Includes $9, $12 and $3 of basis differences in equity earnings related to AOCI in 2023, 2022 and 2021, respectively. We provide the contributions to and distributions from our investments by segment in the following tables.
EXPENDITURES FOR INVESTMENTS
(Dollars in millions)
|  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Sempra Texas Utilities: |  |  |  |  |  |
Oncor Holdings |  | $ | 363 |  |  | $ | 341 |  |  | $ | 566 |
Sharyland Holdings |  | 4 |  |  | 5 |  |  | — |
|  | 367 |  |  | 346 |  |  | 566 |
Sempra Infrastructure: |  |  |  |  |  |
Cameron LNG JV |  | 15 |  |  | 30 |  |  | 2 |
ESJ |  | — |  |  | — |  |  | 65 |
|  | 15 |  |  | 30 |  |  | 67 |
Total |  | $ | 382 |  |  | $ | 376 |  |  | $ | 633 |
DISTRIBUTIONS FROM INVESTMENTS
(Dollars in millions)
|  | Years ended December 31,
|  | 2023 |  | 2022 |  | 2021
Sempra Texas Utilities: |  |  |  |  |  |
Oncor Holdings(1) |  | $ | 441 |  |  | $ | 340 |  |  | $ | 681 |
Sharyland Holdings |  | 4 |  |  | 5 |  |  | 7 |
|  | 445 |  |  | 345 |  |  | 688 |
Sempra Infrastructure: |  |  |  |  |  |
Cameron LNG JV |  | 456 |  |  | 509 |  |  | 623 |
ESJ |  | — |  |  | — |  |  | 4 |
IMG |  | 11 |  |  | — |  |  | — |
TAG Norte |  | 36 |  |  | 32 |  |  | 45 |
|  | 503 |  |  | 541 |  |  | 672 |
Total |  | $ | 948 |  |  | $ | 886 |  |  | $ | 1,360 |
(1) When including payments received under a tax sharing arrangement, distributions would total $558, $443 and $753 in 2023, 2022 and 2021, respectively.
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,
| 2023 |  | 2022 |  | 2021
Operating revenues | $ | 5,586 |  |  | $ | 5,243 |  |  | $ | 4,764 |
Operating expenses | (4,026) |  |  | (3,682) |  |  | (3,397) |
Income from operations | 1,560 |  |  | 1,561 |  |  | 1,367 |
Interest expense | (536) |  |  | (445) |  |  | (413) |
Income tax expense | (192) |  |  | (203) |  |  | (163) |
Net income | 849 |  |  | 893 |  |  | 760 |
NCI held by TTI | (170) |  |  | (179) |  |  | (152) |
Earnings attributable to Sempra(1) | 679 |  |  | 714 |  |  | 608 |
|  |  | December 31,
|  |  | 2023 |  | 2022
Current assets |  |  | $ | 1,431 |  |  | $ | 1,223 |
Noncurrent assets |  |  | 34,649 |  |  | 31,703 |
Current liabilities |  |  | 1,625 |  |  | 1,579 |
Noncurrent liabilities |  |  | 19,727 |  |  | 17,405 |
NCI held by TTI |  |  | 3,338 |  |  | 3,141 |
(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,
| 2023 |  | 2022 |  | 2021(1)
Gross revenues | $ | 3,083 |  |  | $ | 2,959 |  |  | $ | 2,721 |
Operating expenses | (776) |  |  | (772) |  |  | (719) |
Income from operations | 2,307 |  |  | 2,187 |  |  | 2,002 |
Interest expense | (570) |  |  | (505) |  |  | (548) |
Net income/Earnings(2)(3) | 1,499 |  |  | 1,537 |  |  | 1,388 |
|  |  | December 31,
|  |  | 2023 |  | 2022
Current assets |  |  | $ | 1,216 |  |  | $ | 1,008 |
Noncurrent assets |  |  | 14,826 |  |  | 14,786 |
Current liabilities |  |  | 1,255 |  |  | 1,147 |
Noncurrent liabilities |  |  | 10,786 |  |  | 11,130 |
(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.

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