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SEMPRA – INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Sempra Texas Utilities: |  |  |  |  |  |  |
Oncor Holdings(2) | 100 | % |  | 100 | % |  | $ | 15,400 |  |  | $ | 14,266 |
Sempra Texas Utilities: |  |  |  |  |  |  |
Sharyland Holdings(3) | 50 | % |  | 50 | % |  | $ | 122 |  |  | $ | 114 |
Sempra Infrastructure: |  |  |  |  |  |  |
Cameron LNG JV(4) | 50.2 |  |  | 50.2 |  |  | 1,149 |  |  | 1,008 |
IMG(5) | 40 |  |  | 40 |  |  | 723 |  |  | 620 |
TAG Norte(6) | 50 |  |  | 50 |  |  | 539 |  |  | 501 |
Segment totals |  |  |  |  | 2,533 |  |  | 2,243 |
Parent and other – Other |  |  |  |  | 1 |  |  | 1 |
Total |  |  |  |  | $ | 2,534 |  |  | $ | 2,244 |
(1) All amounts are before NCI, where applicable. (2) The carrying value of our equity method investment is $2,884 and $2,870 higher than the underlying equity in the net assets of the investee at December 31, 2024 and 2023, respectively, due to $2,868 of equity method goodwill and $69 in basis differences in AOCI, offset by $53 and $67 at December 31, 2024 and 2023, 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 $257 and $262 higher than the underlying equity in the net assets of the investee at December 31, 2024 and 2023, 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,
|  | 2024 |  | 2023 |  | 2022
EARNINGS RECORDED BEFORE INCOME TAX(2): |  |  |  |  |  |
Sempra Texas Utilities: |  |  |  |  |  |
Sharyland Holdings |  | $ | 8 |  |  | $ | 7 |  |  | $ | 7 |
Sempra Infrastructure: |  |  |  |  |  |
Cameron LNG JV(3) |  | 576 |  |  | 586 |  |  | 659 |
Segment totals |  | 584 |  |  | 593 |  |  | 666 |
Parent and other – RBS Sempra Commodities LLP |  | 19 |  |  | 40 |  |  | — |
|  | 603 |  |  | 633 |  |  | 666 |
EARNINGS RECORDED NET OF INCOME TAX: |  |  |  |  |  |
Sempra Texas Utilities: |  |  |  |  |  |
Oncor Holdings |  | 780 |  |  | 694 |  |  | 735 |
Sempra Infrastructure: |  |  |  |  |  |
IMG |  | 136 |  |  | 40 |  |  | 68 |
TAG Norte |  | 90 |  |  | 114 |  |  | 29 |
Segment totals |  | 1,006 |  |  | 848 |  |  | 832 |
Total |  | $ | 1,609 |  |  | $ | 1,481 |  |  | $ | 1,498 |
(1) All amounts are before NCI, where applicable. (2) We provide our ETR calculation in Note 7. (3) Includes $9 and $12 of basis differences in equity earnings related to AOCI in 2023 and 2022, 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,
|  | 2024 |  | 2023 |  | 2022
Sempra Texas Utilities: |  |  |  |  |  |
Oncor Holdings |  | $ | 972 |  |  | $ | 363 |  |  | $ | 341 |
Sharyland Holdings |  | 4 |  |  | 4 |  |  | 5 |
|  | 976 |  |  | 367 |  |  | 346 |
Sempra Infrastructure: |  |  |  |  |  |
Cameron LNG JV |  | 12 |  |  | 15 |  |  | 30 |
|  | 12 |  |  | 15 |  |  | 30 |
Total |  | $ | 988 |  |  | $ | 382 |  |  | $ | 376 |
DISTRIBUTIONS FROM INVESTMENTS
(Dollars in millions)
|  | Years ended December 31,
|  | 2024 |  | 2023 |  | 2022
Sempra Texas Utilities: |  |  |  |  |  |
Oncor Holdings(1) |  | $ | 616 |  |  | $ | 441 |  |  | $ | 340 |
Sharyland Holdings |  | 4 |  |  | 4 |  |  | 5 |
|  | 620 |  |  | 445 |  |  | 345 |
Sempra Infrastructure: |  |  |  |  |  |
Cameron LNG JV |  | 453 |  |  | 456 |  |  | 509 |
IMG |  | 33 |  |  | 11 |  |  | — |
TAG Norte |  | 62 |  |  | 36 |  |  | 32 |
|  | 548 |  |  | 503 |  |  | 541 |
Segment totals |  | 1,168 |  |  | 948 |  |  | 886 |
Parent and other – RBS Sempra Commodities LLP |  | 9 |  |  | — |  |  | — |
Total |  | $ | 1,177 |  |  | $ | 948 |  |  | $ | 886 |
(1) Includes a $13 noncash return on investment in 2024. When including payments received under a tax sharing agreement, cash and noncash distributions would total $681, $558 and $443 in 2024, 2023 and 2022, 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,
| 2024 |  | 2023 |  | 2022
Operating revenues | $ | 6,082 |  |  | $ | 5,586 |  |  | $ | 5,243 |
Operating expenses | (4,318) |  |  | (4,026) |  |  | (3,682) |
Income from operations | 1,764 |  |  | 1,560 |  |  | 1,561 |
Interest expense | (653) |  |  | (536) |  |  | (445) |
Income tax expense | (217) |  |  | (192) |  |  | (203) |
Net income | 957 |  |  | 849 |  |  | 893 |
NCI held by TTI | (192) |  |  | (170) |  |  | (179) |
Earnings attributable to Sempra (1) | 765 |  |  | 679 |  |  | 714 |
|  |  | December 31,
|  |  | 2024 |  | 2023
Current assets |  |  | $ | 1,638 |  |  | $ | 1,431 |
Noncurrent assets |  |  | 38,697 |  |  | 34,649 |
Current liabilities |  |  | 2,183 |  |  | 1,625 |
Noncurrent liabilities |  |  | 21,958 |  |  | 19,727 |
NCI held by TTI |  |  | 3,689 |  |  | 3,338 |
(1) Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing agreement 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 LLP) 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,
| 2024 |  | 2023 |  | 2022
Gross revenues | $ | 2,962 |  |  | $ | 3,083 |  |  | $ | 2,959 |
Operating expenses | (820) |  |  | (776) |  |  | (772) |
Income from operations | 2,142 |  |  | 2,307 |  |  | 2,187 |
Interest expense | (547) |  |  | (570) |  |  | (505) |
Net income/Earnings(1)(2) | 1,688 |  |  | 1,499 |  |  | 1,537 |
|  |  | December 31,
|  |  | 2024 |  | 2023
Current assets |  |  | $ | 1,134 |  |  | $ | 1,216 |
Noncurrent assets |  |  | 14,687 |  |  | 14,826 |
Current liabilities |  |  | 1,130 |  |  | 1,255 |
Noncurrent liabilities |  |  | 10,051 |  |  | 10,786 |
(1) Except for our investments in Mexico, there was no income tax recorded by the entities, as they are primarily domestic partnerships. (2) 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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