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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
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 |  | 2023 |  | 2022
Sempra: |  |  |  |  |
Natural gas | MMBtu |  | 361 |  |  | 254 |
Electricity | MWh |  | 1 |  |  | 1 |
Congestion revenue rights | MWh |  | 36 |  |  | 42 |
SDG&E: |  |  |  |  |
Natural gas | MMBtu |  | 17 |  |  | 15 |
Congestion revenue rights | MWh |  | 36 |  |  | 42 |
SoCalGas: |  |  |  |  |
Natural gas | MMBtu |  | 268 |  |  | 224 |
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, 2023 |  | December 31, 2022
| Notional debt |  | Maturities |  | Notional debt |  | Maturities
Sempra: |  |  |  |  |  |  |
Cash flow hedges(1) | $ | 4,451 |  |  | 2024-2048 |  | $ | 294 |  |  | 2023-2034
(1) At December 31, 2023 and 2022, cash flow hedges accrued interest based on a notional of $488 and $294, 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, 2023 |  | December 31, 2022
| Notional amount | Maturities |  | Notional amount | Maturities
Sempra: |  |  |  |  |  |  |
Cross-currency swaps | $ | — |  |  | — |  | $ | 306 |  |  | 2023
Other foreign currency derivatives | 176 |  |  | 2024-2025 |  | 111 |  |  | 2023-2024
Derivative Instruments on the Consolidated Balance Sheet Table |
DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
| December 31, 2023
| 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 | $ | 17 |  |  | $ | 70 |  |  | $ | — |  |  | $ | — |
Foreign exchange instruments | — |  |  | — |  |  | (9) |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | 173 |  |  | 52 |  |  | (170) |  |  | (56) |
Associated offsetting commodity contracts | (169) |  |  | (51) |  |  | 169 |  |  | 51 |
Commodity contracts subject to rate recovery | 10 |  |  | 8 |  |  | (228) |  |  | (9) |
Associated offsetting commodity contracts | (5) |  |  | (2) |  |  | 5 |  |  | 2 |
Associated offsetting cash collateral | — |  |  | — |  |  | 12 |  |  | 7 |
Net amounts presented on the balance sheet | 26 |  |  | 77 |  |  | (221) |  |  | (5) |
Additional cash collateral for commodity contracts not subject to rate recovery | 74 |  |  | — |  |  | — |  |  | — |
Additional cash collateral for commodity contracts subject to rate recovery | 22 |  |  | — |  |  | — |  |  | — |
Total(2) | $ | 122 |  |  | $ | 77 |  |  | $ | (221) |  |  | $ | (5) |
SDG&E: |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 9 |  |  | $ | 8 |  |  | $ | (18) |  |  | $ | (9) |
Associated offsetting commodity contracts | (5) |  |  | (2) |  |  | 5 |  |  | 2 |
Associated offsetting cash collateral | — |  |  | — |  |  | 12 |  |  | 7 |
Net amounts presented on the balance sheet | 4 |  |  | 6 |  |  | (1) |  |  | — |
Additional cash collateral for commodity contracts subject to rate recovery | 21 |  |  | — |  |  | — |  |  | — |
Total(2) | $ | 25 |  |  | $ | 6 |  |  | $ | (1) |  |  | $ | — |
SoCalGas: |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 1 |  |  | $ | — |  |  | $ | (210) |  |  | $ | — |
Net amounts presented on the balance sheet | 1 |  |  | — |  |  | (210) |  |  | — |
Additional cash collateral for commodity contracts subject to rate recovery | 1 |  |  | — |  |  | — |  |  | — |
Total | $ | 2 |  |  | $ | — |  |  | $ | (210) |  |  | $ | — |
(1) Included in Other Current Assets for SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded.
DERIVATIVE INSTRUMENTS ON THE CONSOLIDATED BALANCE SHEETS (CONTINUED)
(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 Other Current Assets 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) recognized in OCI |  |  |  | Pretax (loss) gain reclassified from AOCI into earnings
| Years ended December 31, |  |  |  | Years ended December 31,
| 2023 |  | 2022 |  | 2021 |  | Location |  | 2023 |  | 2022 |  | 2021
Sempra: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate instruments | $ | 45 |  |  | $ | 40 |  |  | $ | 29 |  |  | Interest Expense |  | $ | (1) |  |  | $ | (1) |  |  | $ | (11) |
Interest rate instruments | 20 |  |  | 205 |  |  | 71 |  |  | Equity Earnings(1) |  | 48 |  |  | (29) |  |  | (73) |
Foreign exchange instruments | (2) |  |  | (8) |  |  | 11 |  |  | Revenues: Energy- Related Businesses |  | (1) |  |  | 1 |  |  | (1) |
|  |  |  |  |  |  | Other Income, Net |  | (2) |  |  | (1) |  |  | — |
Foreign exchange instruments | (3) |  |  | (5) |  |  | 8 |  |  | Equity Earnings(1) |  | (2) |  |  | — |  |  | — |
Interest rate and foreign exchange instruments | 7 |  |  | 25 |  |  | (4) |  |  | Interest Expense |  | 1 |  |  | 2 |  |  | (1) |
|  |  |  |  |  |  | Other Income, Net |  | 6 |  |  | 12 |  |  | (6) |
Total | $ | 67 |  |  | $ | 257 |  |  | $ | 115 |  |  |  |  | $ | 49 |  |  | $ | (16) |  |  | $ | (92) |
SoCalGas: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate instruments | $ | — |  |  | $ | — |  |  | $ | — |  |  | Interest Expense |  | $ | (1) |  |  | $ | (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 gain (loss) on derivatives recognized in earnings
|  | Years ended December 31,
| Location | 2023 |  | 2022 |  | 2021
Sempra: |  |  |  |  |  |
Commodity contracts not subject to rate recovery | Revenues: Energy-Related Businesses | $ | 919 |  |  | $ | (1,116) |  |  | $ | (203) |
Commodity contracts subject to rate recovery | Cost of Natural Gas | (288) |  |  | (56) |  |  | (25) |
Commodity contracts subject to rate recovery | Cost of Electric Fuel and Purchased Power | 15 |  |  | 202 |  |  | 31 |
Interest rate instrument | Interest Expense | (47) |  |  | 33 |  |  | — |
Foreign exchange instruments | Other Income, Net | — |  |  | — |  |  | (22) |
Total |  | $ | 599 |  |  | $ | (937) |  |  | $ | (219) |
SDG&E: |  |  |  |  |  |
Commodity contracts subject to rate recovery | Cost of Electric Fuel and Purchased Power | $ | 15 |  |  | $ | 202 |  |  | $ | 31 |
SoCalGas: |  |  |  |  |  |
Commodity contracts subject to rate recovery | Cost of Natural Gas | $ | (288) |  |  | $ | (56) |  |  | $ | (25) |

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