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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Recurring Fair Value Measures Table |
RECURRING FAIR VALUE MEASURES
(Dollars in millions)
| Fair value at December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Sempra: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Short-term investments, primarily cash equivalents | $ | 8 |  |  | $ | 2 |  |  | $ | — |  |  |  |  | $ | 10 |
Equity securities | 295 |  |  | 3 |  |  | — |  |  |  |  | 298 |
Debt securities: |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 41 |  |  | 26 |  |  | — |  |  |  |  | 67 |
Municipal bonds | — |  |  | 287 |  |  | — |  |  |  |  | 287 |
Other securities | — |  |  | 228 |  |  | — |  |  |  |  | 228 |
Total debt securities | 41 |  |  | 541 |  |  | — |  |  |  |  | 582 |
Total nuclear decommissioning trusts(2) | 344 |  |  | 546 |  |  | — |  |  |  |  | 890 |
Short-term investments held in Rabbi Trust | 64 |  |  | — |  |  | — |  |  |  |  | 64 |
Support Agreement, net of related guarantee fees | — |  |  | — |  |  | 25 |  |  |  |  | 25 |
Interest rate instruments | — |  |  | 293 |  |  | — |  |  | $ | — |  |  | 293 |
Foreign exchange instruments | — |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
Commodity contracts not subject to rate recovery | — |  |  | 39 |  |  | — |  |  | 2 |  |  | 41 |
Commodity contracts subject to rate recovery | 6 |  |  | 1 |  |  | 4 |  |  | 18 |  |  | 29 |
Total | $ | 414 |  |  | $ | 884 |  |  | $ | 29 |  |  | $ | 20 |  |  | $ | 1,347 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | $ | 1 |  |  | $ | 63 |  |  | $ | — |  |  | $ | (38) |  |  | $ | 26 |
Commodity contracts subject to rate recovery | 20 |  |  | 45 |  |  | — |  |  | (21) |  |  | 44 |
Total | $ | 21 |  |  | $ | 108 |  |  | $ | — |  |  | $ | (59) |  |  | $ | 70 |
| Fair value at December 31, 2023
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(2) | 361 |  |  | 518 |  |  | — |  |  |  |  | 879 |
Short-term investments held in Rabbi Trust | 67 |  |  | — |  |  | — |  |  |  |  | 67 |
Support Agreement, net of related guarantee fees | — |  |  | — |  |  | 23 |  |  |  |  | 23 |
Interest rate instruments | — |  |  | 87 |  |  | — |  |  | $ | — |  |  | 87 |
Commodity contracts not subject to rate recovery | — |  |  | 5 |  |  | — |  |  | 74 |  |  | 79 |
Commodity contracts subject to rate recovery | — |  |  | 1 |  |  | 10 |  |  | 22 |  |  | 33 |
Total | $ | 428 |  |  | $ | 611 |  |  | $ | 33 |  |  | $ | 96 |  |  | $ | 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 |  |  | — |  |  | (19) |  |  | 211 |
Total | $ | 20 |  |  | $ | 225 |  |  | $ | — |  |  | $ | (19) |  |  | $ | 226 |
(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. (2) Excludes receivables (payables), net.
RECURRING FAIR VALUE MEASURES
(Dollars in millions)
| Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
| Fair value at December 31, 2024
SDG&E: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Short-term investments, primarily cash equivalents | $ | 8 |  |  | $ | 2 |  |  | $ | — |  |  |  |  | $ | 10 |
Equity securities | 295 |  |  | 3 |  |  | — |  |  |  |  | 298 |
Debt securities: |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 41 |  |  | 26 |  |  | — |  |  |  |  | 67 |
Municipal bonds | — |  |  | 287 |  |  | — |  |  |  |  | 287 |
Other securities | — |  |  | 228 |  |  | — |  |  |  |  | 228 |
Total debt securities | 41 |  |  | 541 |  |  | — |  |  |  |  | 582 |
Total nuclear decommissioning trusts(2) | 344 |  |  | 546 |  |  | — |  |  |  |  | 890 |
Commodity contracts subject to rate recovery | 4 |  |  | — |  |  | 4 |  |  | $ | 17 |  |  | 25 |
Total | $ | 348 |  |  | $ | 546 |  |  | $ | 4 |  |  | $ | 17 |  |  | $ | 915 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 18 |  |  | $ | 1 |  |  | $ | — |  |  | $ | (18) |  |  | $ | 1 |
| 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(2) | 361 |  |  | 518 |  |  | — |  |  |  |  | 879 |
Commodity contracts subject to rate recovery | — |  |  | — |  |  | 10 |  |  | $ | 21 |  |  | 31 |
Total | $ | 361 |  |  | $ | 518 |  |  | $ | 10 |  |  | $ | 21 |  |  | $ | 910 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | (19) |  |  | $ | 1 |
(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. (2) Excludes receivables (payables), net.
RECURRING FAIR VALUE MEASURES
(Dollars in millions)
| Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
| Fair value at December 31, 2024
SoCalGas: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 4 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 2 |  |  | $ | 44 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 43 |
| Fair value at December 31, 2023
SoCalGas: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | — |  |  | $ | 210 |  |  | $ | — |  |  | $ | — |  |  | $ | 210 |
(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)
| 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 10 |  |  | $ | 35 |  |  | $ | 54 |
Realized and unrealized gains (losses), net | (10) |  |  | (17) |  |  | (56) |
Allocated transmission instruments | 3 |  |  | (1) |  |  | (4) |
Settlements | 1 |  |  | (7) |  |  | 41 |
Balance at December 31 | $ | 4 |  |  | $ | 10 |  |  | $ | 35 |
Change in unrealized losses relating to instruments still held at December 31 | $ | (4) |  |  | $ | (13) |  |  | $ | (10) |
(1) Excludes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral. 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)
| 2024 |  | 2023 |  | 2022 |  |
Balance at January 1 | $ | 23 |  |  | $ | 17 |  |  | $ | 7 |  |  |
Realized and unrealized gains (losses), net(1) | 11 |  |  | 15 |  |  | 19 |  |  |
Settlements | (9) |  |  | (9) |  |  | (9) |  |  |
Balance at December 31(2) | $ | 25 |  |  | $ | 23 |  |  | $ | 17 |  |  |
Change in unrealized gains relating to instruments still held at December 31 | $ | 8 |  |  | $ | 13 |  |  | $ | 18 |  |  |
(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, 2024 and 2023 includes $7 in Other Current Assets, and $18 and $16, respectively, in Other Long-Term Assets on Sempra’s Consolidated Balance Sheet.
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
2025 | $ | (7.38) |  | to | $ | 15.54 |  | $ | 0.01 |
2024 |  | (3.69) |  | to |  | 9.55 |  |  | (0.44) |
2023 |  | (3.09) |  | to |  | 10.71 |  |  | (0.56) |
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, 2024
Sempra: |  |  |  |  |  |  |  |  |
Long-term note receivable(1) | $ | 351 |  |  | $ | — |  |  | $ | — |  |  | $ | 334 |  |  | $ | 334 |
Long-term amounts due to unconsolidated affiliates | 352 |  |  | — |  |  | 324 |  |  | — |  |  | 324 |
Total long-term debt(2) | 32,899 |  |  | — |  |  | 30,193 |  |  | — |  |  | 30,193 |
SDG&E: |  |  |  |  |  |  |  |  |
Total long-term debt(3) | $ | 8,950 |  |  | $ | — |  |  | $ | 7,760 |  |  | $ | — |  |  | $ | 7,760 |
SoCalGas: |  |  |  |  |  |  |  |  |
Total long-term debt(4) | $ | 7,359 |  |  | $ | — |  |  | $ | 6,880 |  |  | $ | — |  |  | $ | 6,880 |
| 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 |
(1) Before allowances for credit losses of $5 and $6 at December 31, 2024 and 2023, respectively. Excludes unamortized transaction costs of $3 and $4 at December 31, 2024 and 2023, respectively. (2) After the effects of interest rate swaps. Before reductions of unamortized discount and debt issuance costs of $382 and $322 at December 31, 2024 and 2023, respectively, and excluding finance lease obligations of $1,315 and $1,340 at December 31, 2024 and 2023, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $95 and $89 at December 31, 2024 and 2023, respectively, and excluding finance lease obligations of $1,205 and $1,233 at December 31, 2024 and 2023, respectively. (4) Before reductions of unamortized discount and debt issuance costs of $65 and $55 at December 31, 2024 and 2023, respectively, and excluding finance lease obligations of $110 and $107 at December 31, 2024 and 2023, respectively.

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