XML 73 R42.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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)
Commodity | Unit of measure |  | March 31, 2024 |  | December 31, 2023
Sempra: |  |  |  |  |
Natural gas | MMBtu |  | 303 |  |  | 361 |
Electricity | MWh |  | — |  |  | 1 |
Congestion revenue rights | MWh |  | 33 |  |  | 36 |
SDG&E: |  |  |  |  |
Natural gas | MMBtu |  | 18 |  |  | 17 |
Congestion revenue rights | MWh |  | 33 |  |  | 36 |
SoCalGas: |  |  |  |  |
Natural gas | MMBtu |  | 210 |  |  | 268 |
Notional Amounts of Derivatives Table | The following table presents the net notional amounts of our interest rate derivatives, excluding those in our equity method investments.
INTEREST RATE DERIVATIVES
(Dollars in millions)
| March 31, 2024 |  | December 31, 2023
| Notional debt |  | Maturities |  | Notional debt |  | Maturities
Sempra: |  |  |  |  |  |  |
Cash flow hedges(1) | $ | 4,451 |  |  | 2024-2048 |  | $ | 4,451 |  |  | 2024-2048
(1) At March 31, 2024 and December 31, 2023, cash flow hedges accrued interest based on a notional amount of $604 and $488, 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)
| March 31, 2024 |  | December 31, 2023
| Notional amount |  | Maturities |  | Notional amount |  | Maturities
Sempra: |  |  |  |  |  |  |
Other foreign currency derivatives | $ | 141 |  |  | 2024-2025 |  | $ | 176 |  |  | 2024-2025
Derivative Instruments on the Condensed Consolidated Balance Sheets Table | The following tables provide the fair values of derivative instruments on the Condensed 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 CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
| March 31, 2024
| 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 | $ | 22 |  |  | $ | 201 |  |  | $ | — |  |  | $ | — |
Foreign exchange instruments | — |  |  | — |  |  | (9) |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | 233 |  |  | 49 |  |  | (234) |  |  | (52) |
Associated offsetting commodity contracts | (229) |  |  | (48) |  |  | 229 |  |  | 48 |
Commodity contracts subject to rate recovery | 8 |  |  | 8 |  |  | (42) |  |  | (18) |
Associated offsetting commodity contracts | (3) |  |  | (3) |  |  | 3 |  |  | 3 |
Associated offsetting cash collateral | — |  |  | — |  |  | 14 |  |  | 12 |
Net amounts presented on the balance sheet | 31 |  |  | 207 |  |  | (39) |  |  | (7) |
Additional cash collateral for commodity contracts not subject to rate recovery | 87 |  |  | — |  |  | — |  |  | — |
Additional cash collateral for commodity contracts subject to rate recovery | 6 |  |  | — |  |  | — |  |  | — |
Total(2) | $ | 124 |  |  | $ | 207 |  |  | $ | (39) |  |  | $ | (7) |
SDG&E: |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 7 |  |  | $ | 8 |  |  | $ | (21) |  |  | $ | (15) |
Associated offsetting commodity contracts | (3) |  |  | (3) |  |  | 3 |  |  | 3 |
Associated offsetting cash collateral | — |  |  | — |  |  | 14 |  |  | 12 |
Net amounts presented on the balance sheet | 4 |  |  | 5 |  |  | (4) |  |  | — |
Additional cash collateral for commodity contracts subject to rate recovery | 5 |  |  | — |  |  | — |  |  | — |
Total(2) | $ | 9 |  |  | $ | 5 |  |  | $ | (4) |  |  | $ | — |
SoCalGas: |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 1 |  |  | $ | — |  |  | $ | (21) |  |  | $ | (3) |
Net amounts presented on the balance sheet | 1 |  |  | — |  |  | (21) |  |  | (3) |
Additional cash collateral for commodity contracts subject to rate recovery | 1 |  |  | — |  |  | — |  |  | — |
Total | $ | 2 |  |  | $ | — |  |  | $ | (21) |  |  | $ | (3) |
(1) Included in Other Current Assets for SDG&E and SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded.
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(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 SDG&E and SoCalGas. (2) Normal purchase contracts previously measured at fair value are excluded.
Cash Flow Hedge Impact on the Condensed Consolidated Statements of Comprehensive Income Table | The following table includes the effects of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI.
CASH FLOW HEDGE IMPACTS
(Dollars in millions)
| Pretax gain (loss) recognized in OCI |  |  |  | Pretax gain (loss) reclassified from AOCI into earnings
| Three months ended March 31, |  |  |  | Three months ended March 31,
| 2024 |  | 2023 |  | Location |  | 2024 |  | 2023
Sempra: |  |  |  |  |  |  |  |  |
Interest rate instruments | $ | 142 |  |  | $ | (77) |  |  | Interest Expense |  | $ | 3 |  |  | $ | — |
Interest rate instruments | 28 |  |  | (17) |  |  | Equity Earnings(1) |  | 5 |  |  | 7 |
Foreign exchange instruments | 1 |  |  | (6) |  |  | Revenues: Energy- Related Businesses |  | 3 |  |  | — |
|  |  |  |  | Other Income, Net |  | — |  |  | (1) |
Foreign exchange instruments | — |  |  | (5) |  |  | Equity Earnings(1) |  | 2 |  |  | (1) |
Interest rate and foreign exchange instruments | — |  |  | 7 |  |  | Other Income, Net |  | — |  |  | 6 |
Total | $ | 171 |  |  | $ | (98) |  |  |  |  | $ | 13 |  |  | $ | 11 |
(1) Equity earnings at our foreign equity method investees are recognized after tax.
Fair Value Hedge Impact on the Condensed Consolidated Statements of Operations Table | The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations.
UNDESIGNATED DERIVATIVE IMPACTS |  |  |  |  |  |  |  |
(Dollars in millions) |  |  |  |  |  |  |  |
|  |  |  |  |  | Pretax gain (loss) on derivatives recognized in earnings
|  |  |  | Three months ended March 31,
| Location |  |  |  |  | 2024 |  | 2023
Sempra: |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | Revenues: Energy-Related Businesses |  |  |  |  | $ | 79 |  |  | $ | 449 |
Commodity contracts subject to rate recovery | Cost of Natural Gas |  |  |  |  | (6) |  |  | (27) |
Commodity contracts subject to rate recovery | Cost of Electric Fuel and Purchased Power |  |  |  |  | (23) |  |  | 9 |
Interest rate instrument | Interest Expense |  |  |  |  | — |  |  | (47) |
Total |  |  |  |  |  | $ | 50 |  |  | $ | 384 |
SDG&E: |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | Cost of Electric Fuel and Purchased Power |  |  |  |  | $ | (23) |  |  | $ | 9 |
SoCalGas: |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | Cost of Natural Gas |  |  |  |  | $ | (6) |  |  | $ | (27) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1B Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-8 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration