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SIGNIFICANT ACCOUNTING POLICIES AND OTHER FINANCIAL DATA (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Sempra’s Consolidated Balance Sheets to the sum of such amounts reported on Sempra’s Consolidated Statements of Cash Flows.
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(Dollars in millions)
| December 31,
| 2024 |  | 2023
Sempra: |  |  |
Cash and cash equivalents | $ | 1,565 |  |  | $ | 236 |
Restricted cash, current | 21 |  |  | 49 |
Restricted cash, noncurrent | 3 |  |  | 104 |
Total cash, cash equivalents and restricted cash on the Consolidated Statements of Cash Flows | $ | 1,589 |  |  | $ | 389 |
Schedule of Accounts Receivable, Allowance for Credit Loss | Changes in allowances for credit losses for trade receivables and other receivables are as follows:
CHANGES IN ALLOWANCES FOR CREDIT LOSSES
(Dollars in millions)
| 2024 |  | 2023 |  | 2022
Sempra: |  |  |  |  |
Allowances for credit losses at January 1 | $ | 533 |  |  | $ | 181 |  |  | $ | 136 |
Provisions for expected credit losses | 203 |  |  | 468 |  |  | 123 |
Write-offs | (222) |  |  | (116) |  |  | (78) |
Allowances for credit losses at December 31 | $ | 514 |  |  | $ | 533 |  |  | $ | 181 |
SDG&E: |  |  |  |  |
Allowances for credit losses at January 1 | $ | 144 |  |  | $ | 78 |  |  | $ | 66 |
Provisions for expected credit losses | 52 |  |  | 115 |  |  | 54 |
Write-offs | (82) |  |  | (49) |  |  | (42) |
Allowances for credit losses at December 31 | $ | 114 |  |  | $ | 144 |  |  | $ | 78 |
SoCalGas: |  |  |  |  |
Allowances for credit losses at January 1 | $ | 331 |  |  | $ | 98 |  |  | $ | 69 |
Provisions for expected credit losses | 94 |  |  | 300 |  |  | 65 |
Write-offs | (140) |  |  | (67) |  |  | (36) |
Allowances for credit losses at December 31 | $ | 285 |  |  | $ | 331 |  |  | $ | 98 |
Allowances for credit losses related to trade receivables and other receivables are included in the Consolidated Balance Sheets as follows:
ALLOWANCES FOR CREDIT LOSSES
(Dollars in millions)
| December 31,
| 2024 |  | 2023
Sempra: |  |  |
Accounts receivable – trade, net | $ | 447 |  |  | $ | 480 |
Accounts receivable – other, net | 53 |  |  | 52 |
Other long-term assets | 14 |  |  | 1 |
Total allowances for credit losses | $ | 514 |  |  | $ | 533 |
SDG&E: |  |  |
Accounts receivable – trade, net | $ | 81 |  |  | $ | 116 |
Accounts receivable – other, net | 25 |  |  | 27 |
Other long-term assets | 8 |  |  | 1 |
Total allowances for credit losses | $ | 114 |  |  | $ | 144 |
SoCalGas: |  |  |
Accounts receivable – trade, net | $ | 251 |  |  | $ | 306 |
Accounts receivable – other, net | 28 |  |  | 25 |
Other long-term assets | 6 |  |  | — |
Total allowances for credit losses | $ | 285 |  |  | $ | 331 |
Schedule of Related Party Transactions | TRANSACTIONS WITH AFFILIATES We summarize amounts due from and to unconsolidated affiliates at the Registrants in the following table.
AMOUNTS DUE FROM (TO) UNCONSOLIDATED AFFILIATES
(Dollars in millions)
| December 31,
| 2024 |  | 2023
Sempra: |  |  |
Tax sharing agreement with Oncor Holdings | $ | 8 |  |  | $ | 25 |
Various affiliates | 5 |  |  | 6 |
Total due from unconsolidated affiliates – current | $ | 13 |  |  | $ | 31 |
TAG Pipelines – 5.5% Note due January 9, 2024(1) | $ | — |  |  | $ | (5) |
Total due to unconsolidated affiliates – current | $ | — |  |  | $ | (5) |
TAG Pipelines(1): |  |  |
5.5% Note due January 14, 2025 | $ | — |  |  | $ | (24) |
5.5% Note due July 16, 2025 | — |  |  | (23) |
5.5% Note due January 14, 2026 | (8) |  |  | (20) |
5.5% Note due July 14, 2026 | (12) |  |  | (11) |
5.5% Note due January 19, 2027 | (15) |  |  | (14) |
5.5% Note due July 21, 2027 | (19) |  |  | (17) |
5.5% Note due January 19, 2028 | (48) |  |  | — |
5.5% Note due July 18, 2028 | (41) |  |  | — |
TAG Norte – 5.74% Note due December 17, 2029(1) | (209) |  |  | (198) |
Total due to unconsolidated affiliates – noncurrent | $ | (352) |  |  | $ | (307) |
SDG&E: |  |  |
Sempra | $ | (42) |  |  | $ | (44) |
SoCalGas | (14) |  |  | (21) |
Various affiliates | (3) |  |  | (8) |
Total due to unconsolidated affiliates – current | $ | (59) |  |  | $ | (73) |
Income taxes due from Sempra(2) | $ | 38 |  |  | $ | 246 |
SoCalGas: |  |  |
SDG&E | $ | 14 |  |  | $ | 21 |
Various affiliates | 2 |  |  | 1 |
Total due from unconsolidated affiliates – current | $ | 16 |  |  | $ | 22 |
Sempra | $ | (38) |  |  | $ | (38) |
Total due to unconsolidated affiliates – current | $ | (38) |  |  | $ | (38) |
Income taxes due (to) from Sempra(2) | $ | (6) |  |  | $ | 6 |
(1) U.S. dollar-denominated loans at fixed interest rates. Amounts include principal balances plus accumulated interest outstanding and VAT payable to the Mexican government. (2) SDG&E and SoCalGas are included in the consolidated income tax return of Sempra, and their respective income tax expense is computed as an amount equal to that which would result from each company having always filed a separate return. Amounts include current and noncurrent income taxes due to/from Sempra. The following table summarizes income statement information from unconsolidated affiliates.
INCOME STATEMENT IMPACT FROM UNCONSOLIDATED AFFILIATES
(Dollars in millions)
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Sempra: |  |  |  |  |
Revenues | $ | 40 |  |  | $ | 44 |  |  | $ | 41 |
Interest income | — |  |  | — |  |  | 16 |
Interest expense | 16 |  |  | 15 |  |  | 15 |
SDG&E: |  |  |  |  |
Revenues | $ | 23 |  |  | $ | 21 |  |  | $ | 16 |
Cost of sales | 146 |  |  | 113 |  |  | 92 |
SoCalGas: |  |  |  |  |
Revenues | $ | 169 |  |  | $ | 124 |  |  | $ | 100 |
Cost of sales(1) | (5) |  |  | 35 |  |  | (9) |
(1) Includes net commodity costs from natural gas transactions with unconsolidated affiliates.
Schedule of Inventory | The components of inventories are as follows:
INVENTORY BALANCES AT DECEMBER 31
(Dollars in millions)
| Sempra |  | SDG&E |  | SoCalGas
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Natural gas | $ | 163 |  |  | $ | 174 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 148 |  |  | $ | 155 |
LNG | 27 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |
Materials and supplies | 369 |  |  | 299 |  |  | 201 |  |  | 152 |  |  | 139 |  |  | 122 |
Total | $ | 559 |  |  | $ | 482 |  |  | $ | 202 |  |  | $ | 153 |  |  | $ | 287 |  |  | $ | 277 |
Schedule of Regulated Operations | The following table summarizes the location of balances related to the Wildfire Fund on Sempra’s and SDG&E’s Consolidated Balance Sheets.
WILDFIRE FUND |
(Dollars in millions) |
|  |  |  | December 31,
| Location |  |  | 2024 |  | 2023
Wildfire Fund asset: |  |  |  |  |  |
Current | Prepaid Expenses |  |  | $ | 14 |  |  | $ | 28 |
Noncurrent | Wildfire Fund |  |  | 262 |  |  | 269 |
Wildfire Fund obligation: |  |  |  |  |  |
Current | Other Current Liabilities |  |  | 13 |  |  | 13 |
Noncurrent | Deferred Credits and Other |  |  | 31 |  |  | 42 |
The following table summarizes the cost of capital for SDG&E and SoCalGas. The authorized weighting remained unchanged for each of the years presented.
AUTHORIZED COST OF CAPITAL
| Authorized weighting |  | 2022 | 2023 | 2024 | 2025 |  | 2022 | 2023(1) | 2024 | 2025
|  | Return on rate base |  | Weighted return on rate base
SDG&E: |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt | 45.25 | % |  | 4.59 | % | 4.05 | % | 4.34 | % | 4.34 | % |  | 2.08 | % | 1.83 | % | 1.96 | % | 1.96 | %
Preferred Equity | 2.75 |  |  | 6.22 |  | 6.22 |  | 6.22 |  | 6.22 |  |  | 0.17 |  | 0.17 |  | 0.17 |  | 0.17 |
Common Equity | 52.00 |  |  | 10.20 |  | 9.95 |  | 10.65 |  | 10.23 |  |  | 5.30 |  | 5.17 |  | 5.54 |  | 5.32 |
| 100.00 | % |  |  |  |  |  |  | 7.55 | % | 7.18 | % | 7.67 | % | 7.45 | %
SoCalGas: |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt | 45.60 | % |  | 4.23 | % | 4.07 | % | 4.54 | % | 4.63 | % |  | 1.93 | % | 1.86 | % | 2.07 | % | 2.11 | %
Preferred Equity | 2.40 |  |  | 6.00 |  | 6.00 |  | 6.00 |  | 6.00 |  |  | 0.14 |  | 0.14 |  | 0.14 |  | 0.14 |
Common Equity | 52.00 |  |  | 10.05 |  | 9.80 |  | 10.50 |  | 10.08 |  |  | 5.23 |  | 5.10 |  | 5.46 |  | 5.24 |
| 100.00 | % |  |  |  |  |  |  | 7.30 | % | 7.10 | % | 7.67 | % | 7.49 | %
(1) Total weighted return on rate base for SDG&E does not sum due to rounding differences.
Schedule of Other Intangible Assets | Other Intangible Assets included on Sempra’s Consolidated Balance Sheets are as follows:
OTHER INTANGIBLE ASSETS
(Dollars in millions)
| Amortization period (years) |  | December 31,
|  | 2024 |  | 2023
Sempra: |  |  |  |  |
Renewable energy transmission and consumption permits | 15 to 19 |  | $ | 169 |  |  | $ | 169 |
O&M agreement | 23 |  | 66 |  |  | 66 |
ESJ PPA | 14 |  | 190 |  |  | 190 |
Other | 10 to indefinite |  | 15 |  |  | 15 |
|  |  | 440 |  |  | 440 |
Less accumulated amortization: |  |  |  |  |
Renewable energy transmission and consumption permits |  |  | (68) |  |  | (59) |
O&M agreement |  |  | (20) |  |  | (17) |
ESJ PPA |  |  | (51) |  |  | (37) |
Other |  |  | (9) |  |  | (9) |
|  |  | (148) |  |  | (122) |
|  |  | $ | 292 |  |  | $ | 318 |
Schedule of Property, Plant and Equipment |
PROPERTY, PLANT AND EQUIPMENT BY MAJOR FUNCTIONAL CATEGORY
(Dollars in millions)
| December 31, |  | Depreciation rates for years ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2022
SDG&E: |  |  |  |  |  |  |  |  |
Natural gas operations | $ | 4,531 |  |  | $ | 4,175 |  |  | 2.62 | % |  | 2.60 | % |  | 2.57 | %
Electric distribution | 12,542 |  |  | 11,597 |  |  | 4.21 |  |  | 4.05 |  |  | 3.94 |
Electric transmission(1) | 8,878 |  |  | 8,504 |  |  | 3.06 |  |  | 3.04 |  |  | 3.03 |
Electric generation | 2,527 |  |  | 2,515 |  |  | 5.43 |  |  | 5.18 |  |  | 5.11 |
Other electric | 2,722 |  |  | 2,507 |  |  | 6.95 |  |  | 7.05 |  |  | 7.03 |
Construction work in progress(1) | 1,962 |  |  | 1,620 |  |  | N/A |  | N/A |  | N/A
Total SDG&E | 33,162 |  |  | 30,918 |  |  |  |  |  |  |
SoCalGas: |  |  |  |  |  |  |  |  |
Natural gas operations | 27,191 |  |  | 25,506 |  |  | 3.68 |  |  | 3.64 |  |  | 3.57 |
Other non-utility | 32 |  |  | 50 |  |  | 0.98 |  |  | 1.03 |  |  | 1.54 |
Construction work in progress | 1,861 |  |  | 1,469 |  |  | N/A |  | N/A |  | N/A
Total SoCalGas | 29,084 |  |  | 27,025 |  |  |  |  |  |  |
Other Sempra(2): |  |  |  |  | Estimated useful lives |  | Weighted-average useful life
Land and land rights | 498 |  |  | 488 |  |  | 16 to 44 years(3) |  | 37
Machinery and equipment: |  |  |  |  |  |  |  |  |
Pipelines and storage | 4,355 |  |  | 3,883 |  |  | 41 to 49 years |  | 42
Generating plants | 1,820 |  |  | 1,815 |  |  | 11 to 28 years |  | 26
LNG terminal | 1,156 |  |  | 1,139 |  |  | 42 years |  | 42
Refined products terminals | 876 |  |  | 656 |  |  | 37 years |  | 37
Other | 348 |  |  | 346 |  |  | 1 to 21 years |  | 15
Construction work in progress | 8,781 |  |  | 5,930 |  |  | N/A |  | N/A
Other | 317 |  |  | 295 |  |  | 1 to 35 years |  | 16
| 18,151 |  |  | 14,552 |  |  |  |  |  |  |
Total Sempra | $ | 80,397 |  |  | $ | 72,495 |  |  |  |  |  |  |
(1) At December 31, 2024, includes $563 in electric transmission assets and $1 in construction work in progress related to SDG&E’s 86% interest in the Southwest Powerlink transmission line, jointly owned by SDG&E with other utilities. SDG&E, and each of the other owners, holds its undivided interest as a tenant in common in the property. Each owner is responsible for its share of the project and participates in decisions concerning operations and capital expenditures. SDG&E’s share of operating expenses is included in SDG&E’s and Sempra’s Consolidated Statements of Operations. (2) Includes $290 and $310 at December 31, 2024 and 2023, respectively, of utility plant, primarily pipelines and other distribution assets at Ecogas. (3) Estimated useful lives are for land rights.
DEPRECIATION EXPENSE
(Dollars in millions)
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Sempra | $ | 2,409 |  |  | $ | 2,202 |  |  | $ | 1,995 |
SDG&E | 1,216 |  |  | 1,092 |  |  | 977 |
SoCalGas | 903 |  |  | 833 |  |  | 755 |
ACCUMULATED DEPRECIATION AND AMORTIZATION
(Dollars in millions)
| December 31,
| 2024 |  | 2023
SDG&E: |  |  |
Accumulated depreciation: |  |  |
Natural gas operations | $ | 1,121 |  |  | $ | 1,048 |
Electric transmission, distribution and generation(1) | 6,930 |  |  | 6,321 |
Total SDG&E | 8,051 |  |  | 7,369 |
SoCalGas: |  |  |
Accumulated depreciation: |  |  |
Natural gas operations | 8,315 |  |  | 7,835 |
Other non-utility | 15 |  |  | 17 |
Total SoCalGas | 8,330 |  |  | 7,852 |
Other Sempra: |  |  |
Accumulated depreciation – other(2) | 2,579 |  |  | 2,314 |
Total Sempra | $ | 18,960 |  |  | $ | 17,535 |
(1) Includes $338 at December 31, 2024 related to SDG&E’s 86% interest in the Southwest Powerlink transmission line, jointly owned by SDG&E and other utilities. (2) Includes $75 and $82 at December 31, 2024 and 2023, respectively, of accumulated depreciation for utility plant at Ecogas.
Schedule of Capitalized Financing Costs | The table below summarizes capitalized financing costs, comprised of capitalized interest and AFUDC related to debt.
CAPITALIZED FINANCING COSTS
(Dollars in millions)
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Sempra | $ | 629 |  |  | $ | 448 |  |  | $ | 255 |
SDG&E | 100 |  |  | 116 |  |  | 116 |
SoCalGas | 101 |  |  | 77 |  |  | 73 |
Schedule of Asset Retirement Obligations | The changes in AROs are as follows:
CHANGES IN ASSET RETIREMENT OBLIGATIONS
(Dollars in millions)
| Sempra |  | SDG&E |  | SoCalGas
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Balance at January 1(1) | $ | 3,831 |  |  | $ | 3,712 |  |  | $ | 3,538 |  |  | $ | 894 |  |  | $ | 887 |  |  | $ | 890 |  |  | $ | 2,847 |  |  | $ | 2,743 |  |  | $ | 2,582 |
Accretion expense | 156 |  |  | 148 |  |  | 141 |  |  | 37 |  |  | 37 |  |  | 37 |  |  | 114 |  |  | 106 |  |  | 101 |
Liabilities incurred | — |  |  | 18 |  |  | 21 |  |  | — |  |  | 15 |  |  | 6 |  |  | — |  |  | — |  |  | — |
Payments | (65) |  |  | (62) |  |  | (57) |  |  | (57) |  |  | (59) |  |  | (54) |  |  | (8) |  |  | (3) |  |  | (3) |
Revisions | 3 |  |  | 15 |  |  | 69 |  |  | 26 |  |  | 14 |  |  | 8 |  |  | (23) |  |  | 1 |  |  | 63 |
Balance at December 31(1) | $ | 3,925 |  |  | $ | 3,831 |  |  | $ | 3,712 |  |  | $ | 900 |  |  | $ | 894 |  |  | $ | 887 |  |  | $ | 2,930 |  |  | $ | 2,847 |  |  | $ | 2,743 |
(1) Current portion of the ARO for Sempra is included in Other Current Liabilities on the Consolidated Balance Sheets.
Schedule of Changes in Accumulated Other Comprehensive Income by Component | The following tables present the changes in AOCI by component and amounts reclassified out of AOCI to net income, after amounts attributable to NCI.
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT(1)
(Dollars in millions)
| Foreign currency translation adjustments |  | Financial instruments |  | Pension and PBOP |  | Total AOCI
Sempra: |  |  |  |  |  |  |
Balance at December 31, 2021 | $ | (79) |  |  | $ | (156) |  |  | $ | (83) |  |  | $ | (318) |
OCI before reclassifications | 10 |  |  | 147 |  |  | (11) |  |  | 146 |
Amounts reclassified from AOCI(2) | 10 |  |  | 19 |  |  | 8 |  |  | 37 |
Net OCI(2) | 20 |  |  | 166 |  |  | (3) |  |  | 183 |
Balance at December 31, 2022 | (59) |  |  | 10 |  |  | (86) |  |  | (135) |
OCI before reclassifications | 23 |  |  | 59 |  |  | (35) |  |  | 47 |
Amounts reclassified from AOCI(3) | — |  |  | (66) |  |  | 4 |  |  | (62) |
Net OCI(3) | 23 |  |  | (7) |  |  | (31) |  |  | (15) |
Balance at December 31, 2023 | (36) |  |  | 3 |  |  | (117) |  |  | (150) |
OCI before reclassifications | (30) |  |  | 34 |  |  | (1) |  |  | 3 |
Amounts reclassified from AOCI | — |  |  | (22) |  |  | 3 |  |  | (19) |
Net OCI | (30) |  |  | 12 |  |  | 2 |  |  | (16) |
Balance at December 31, 2024 | $ | (66) |  |  | $ | 15 |  |  | $ | (115) |  |  | $ | (166) |
SDG&E: |  |  |  |  |  |  |
Balance at December 31, 2021 |  |  |  |  | $ | (10) |  |  | $ | (10) |
OCI before reclassifications |  |  |  |  | 2 |  |  | 2 |
Amounts reclassified from AOCI |  |  |  |  | 1 |  |  | 1 |
Net OCI |  |  |  |  | 3 |  |  | 3 |
Balance at December 31, 2022 |  |  |  |  | (7) |  |  | (7) |
OCI before reclassifications |  |  |  |  | (2) |  |  | (2) |
Amounts reclassified from AOCI |  |  |  |  | 1 |  |  | 1 |
Net OCI |  |  |  |  | (1) |  |  | (1) |
Balance at December 31, 2023 |  |  |  |  | (8) |  |  | (8) |
OCI before reclassifications |  |  |  |  | (3) |  |  | (3) |
Amounts reclassified from AOCI |  |  |  |  | (1) |  |  | (1) |
Net OCI |  |  |  |  | (4) |  |  | (4) |
Balance at December 31, 2024 |  |  |  |  | $ | (12) |  |  | $ | (12) |
SoCalGas: |  |  |  |  |  |  |
Balance at December 31, 2021 |  |  | $ | (13) |  |  | $ | (18) |  |  | $ | (31) |
OCI before reclassifications |  |  | — |  |  | 4 |  |  | 4 |
Amounts reclassified from AOCI |  |  | 1 |  |  | 2 |  |  | 3 |
Net OCI |  |  | 1 |  |  | 6 |  |  | 7 |
Balance at December 31, 2022 |  |  | (12) |  |  | (12) |  |  | (24) |
OCI before reclassifications |  |  | — |  |  | (1) |  |  | (1) |
Amounts reclassified from AOCI |  |  | 1 |  |  | 1 |  |  | 2 |
Net OCI |  |  | 1 |  |  | — |  |  | 1 |
Balance at December 31, 2023 |  |  | (11) |  |  | (12) |  |  | (23) |
OCI before reclassifications |  |  | — |  |  | (5) |  |  | (5) |
Amounts reclassified from AOCI |  |  | 1 |  |  | — |  |  | 1 |
Net OCI |  |  | 1 |  |  | (5) |  |  | (4) |
Balance at December 31, 2024 |  |  | $ | (10) |  |  | $ | (17) |  |  | $ | (27) |
(1) All amounts are net of income tax, if subject to tax, and after NCI. (2) Total AOCI includes $9 of foreign currency translation adjustments associated with the sale of NCI to ADIA in 2022. We discuss this transaction in Note 12 in “Noncontrolling Interests – SI Partners.” This transaction did not impact the Consolidated Statement of Comprehensive Income (Loss). (3) Total AOCI includes $(46) of financial instruments associated with sale of NCI to KKR Denali in 2023, which we discuss in Note 12 in “Noncontrolling Interests – SI Partners Subsidiaries.” This transaction did not impact the Consolidated Statement of Comprehensive Income (Loss).
Schedule of Reclassifications out Of Accumulated Other Comprehensive Income |
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
Details about AOCI components | Amounts reclassified from AOCI |  | Affected line item on Consolidated Statements of Operations
| Years ended December 31, |  |
| 2024 |  | 2023 |  | 2022 |  |
Sempra: |  |  |  |  |  |  |
Foreign currency translation adjustments | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | Operation and maintenance
Financial instruments: |  |  |  |  |  |  |
Interest rate instruments | $ | (11) |  |  | $ | 1 |  |  | $ | 1 |  |  | Interest expense
Interest rate instruments | (23) |  |  | (48) |  |  | 29 |  |  | Equity earnings(1)
Foreign exchange instruments | (5) |  |  | 1 |  |  | (1) |  |  | Revenues: Energy-related businesses
| (2) |  |  | 2 |  |  | 1 |  |  | Other income, net
Foreign exchange instruments | (6) |  |  | 2 |  |  | — |  |  | Equity earnings(1)
Interest rate and foreign exchange instruments | — |  |  | (1) |  |  | (2) |  |  | Interest expense
| — |  |  | (6) |  |  | (12) |  |  | Other income, net
Total, before income tax | (47) |  |  | (49) |  |  | 16 |  |  |
| 11 |  |  | 6 |  |  | (6) |  |  | Income tax expense
Total, net of income tax | (36) |  |  | (43) |  |  | 10 |  |  |
| 14 |  |  | 23 |  |  | 9 |  |  | Earnings attributable to noncontrolling interests
Total, net of income tax and after NCI | $ | (22) |  |  | $ | (20) |  |  | $ | 19 |  |  |
Pension and PBOP(2): |  |  |  |  |  |  |
Amortization of actuarial loss | $ | 6 |  |  | $ | 3 |  |  | $ | 7 |  |  | Other income, net
Amortization of prior service cost | 3 |  |  | 2 |  |  | 4 |  |  | Other income, net
Settlement charges | 9 |  |  | — |  |  | — |  |  | Other income, net
Total, before income tax | 18 |  |  | 5 |  |  | 11 |  |  |
| (15) |  |  | (1) |  |  | (3) |  |  | Income tax expense
Total, net of income tax | $ | 3 |  |  | $ | 4 |  |  | $ | 8 |  |  |
Total reclassifications for the period, net of income tax and after NCI | $ | (19) |  |  | $ | (16) |  |  | $ | 28 |  |  |
SDG&E: |  |  |  |  |  |  |
Pension and PBOP(2): |  |  |  |  |  |  |
Amortization of actuarial loss | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | Other income, net
Amortization of prior service cost | — |  |  | 1 |  |  | — |  |  | Other income, net
Total, before income tax | 1 |  |  | 1 |  |  | 1 |  |  |
| (2) |  |  | — |  |  | — |  |  | Income tax (expense) benefit
Total reclassifications for the period, net of income tax | $ | (1) |  |  | $ | 1 |  |  | $ | 1 |  |  |
SoCalGas: |  |  |  |  |  |  |
Financial instruments: |  |  |  |  |  |  |
Interest rate instruments | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | Interest expense
Pension and PBOP(2): |  |  |  |  |  |  |
Amortization of actuarial loss | $ | 1 |  |  | $ | 1 |  |  | $ | 2 |  |  | Other income (expense), net
Amortization of prior service cost | 1 |  |  | 1 |  |  | 1 |  |  | Other income (expense), net
Total, before income tax | 2 |  | 2 |  | 3 |  |
| (2) |  |  | (1) |  |  | (1) |  |  | Income tax (expense) benefit
Total, net of income tax | $ | — |  |  | $ | 1 |  |  | $ | 2 |  |  |
Total reclassifications for the period, net of income tax | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |  |  |
(1) Equity earnings at Oncor Holdings and our foreign equity method investees are recognized after tax. (2) Amounts are included in the computation of net periodic benefit cost (see “Pension and PBOP” in Note 8).
Schedule of Other Income (expense) | Other Income, Net, on the Consolidated Statements of Operations consists of the following:
OTHER INCOME (EXPENSE), NET
(Dollars in millions)
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Sempra: |  |  |  |  |
Allowance for equity funds used during construction | $ | 150 |  |  | $ | 140 |  |  | $ | 143 |
Investment gains (losses), net(1) | 36 |  |  | 28 |  |  | (42) |
Gains on interest rate and foreign exchange instruments, net | 2 |  |  | 4 |  |  | 11 |
Foreign currency transaction (losses) gains, net(2) | (16) |  |  | 2 |  |  | (24) |
Non-service components of net periodic benefit cost | (101) |  |  | (106) |  |  | (59) |
Interest on regulatory balancing accounts, net | 75 |  |  | 79 |  |  | 26 |
Sundry, net | (10) |  |  | (16) |  |  | (31) |
Total | $ | 136 |  |  | $ | 131 |  |  | $ | 24 |
SDG&E: |  |  |  |  |
Allowance for equity funds used during construction | $ | 73 |  |  | $ | 86 |  |  | $ | 88 |
Non-service components of net periodic benefit cost | 4 |  |  | (19) |  |  | (11) |
Interest on regulatory balancing accounts, net | 23 |  |  | 42 |  |  | 18 |
Sundry, net | (10) |  |  | (12) |  |  | (3) |
Total | $ | 90 |  |  | $ | 97 |  |  | $ | 92 |
SoCalGas: |  |  |  |  |
Allowance for equity funds used during construction | $ | 72 |  |  | $ | 54 |  |  | $ | 55 |
Non-service components of net periodic benefit cost | (86) |  |  | (80) |  |  | (42) |
Interest on regulatory balancing accounts, net | 52 |  |  | 37 |  |  | 8 |
Sundry, net | (13) |  |  | (15) |  |  | (29) |
Total | $ | 25 |  |  | $ | (4) |  |  | $ | (8) |
(1) Represents net investment gains (losses) on dedicated assets in support of our executive retirement and deferred compensation plans. These amounts are offset by corresponding changes in compensation expense related to the plans, recorded in O&M on the Consolidated Statements of Operations. (2) Includes losses of $11 in 2022 from translation to U.S. dollars of a Mexican peso-denominated loan to IMG, which are offset by corresponding amounts included in Equity Earnings on the Consolidated Statements of Operations.

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