XML 108 R61.htm IDEA: XBRL DOCUMENT
v3.25.0.1

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Statements of Operations |
SEMPRA
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Interest income | $ | 29 |  |  | $ | 31 |  |  | $ | 35 |
Interest expense | (490) |  |  | (444) |  |  | (326) |
Operating expenses | (105) |  |  | (101) |  |  | (92) |
Other income (expense), net | 25 |  |  | 31 |  |  | (58) |
Income tax benefit | 165 |  |  | 134 |  |  | 111 |
Loss before equity in earnings of subsidiaries | (376) |  |  | (349) |  |  | (330) |
Equity in earnings of subsidiaries, net of income taxes | 3,237 |  |  | 3,423 |  |  | 2,468 |
Net income | 2,861 |  |  | 3,074 |  |  | 2,138 |
Preferred dividends | (44) |  |  | (44) |  |  | (44) |
Earnings | $ | 2,817 |  |  | $ | 3,030 |  |  | $ | 2,094 |
Basic EPS: |  |  |  |  |
Earnings | $ | 4.44 |  |  | $ | 4.81 |  |  | $ | 3.32 |
Weighted-average common shares outstanding | 633,795 |  |  | 630,296 |  |  | 630,318 |
Diluted EPS: |  |  |  |  |
Earnings | $ | 4.42 |  |  | $ | 4.79 |  |  | $ | 3.31 |
Weighted-average common shares outstanding | 637,943 |  |  | 632,733 |  |  | 632,757 |
See Notes to Condensed Financial Information of Parent.
Schedule Of Condensed Statements Of Comprehensive Income |
SEMPRA
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
| Years ended December 31, 2024, 2023 and 2022
| Pretax amount |  | Income tax benefit (expense) |  | Net-of-tax amount
2024: |  |  |  |  |
Net income | $ | 2,696 |  |  | $ | 165 |  |  | $ | 2,861 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments | (30) |  |  | — |  |  | (30) |
Financial instruments | 14 |  |  | (2) |  |  | 12 |
Pension and other postretirement benefits | 18 |  |  | (16) |  |  | 2 |
Total other comprehensive income (loss) | 2 |  |  | (18) |  |  | (16) |
Comprehensive income | $ | 2,698 |  |  | $ | 147 |  |  | $ | 2,845 |
2023: |  |  |  |  |
Net income | $ | 2,940 |  |  | $ | 134 |  |  | $ | 3,074 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments | 23 |  |  | — |  |  | 23 |
Financial instruments | 57 |  |  | (18) |  |  | 39 |
Pension and other postretirement benefits | (39) |  |  | 8 |  |  | (31) |
Total other comprehensive income | 41 |  |  | (10) |  |  | 31 |
Comprehensive income | $ | 2,981 |  |  | $ | 124 |  |  | $ | 3,105 |
2022: |  |  |  |  |
Net income | $ | 2,027 |  |  | $ | 111 |  |  | $ | 2,138 |
Other comprehensive income (loss): |  |  |  |  |
Foreign currency translation adjustments | 11 |  |  | — |  |  | 11 |
Financial instruments | 221 |  |  | (55) |  |  | 166 |
Pension and other postretirement benefits | 3 |  |  | (6) |  |  | (3) |
Total other comprehensive income | 235 |  |  | (61) |  |  | 174 |
Comprehensive income | $ | 2,262 |  |  | $ | 50 |  |  | $ | 2,312 |
See Notes to Condensed Financial Information of Parent.
Schedule Of Condensed Balance Sheets |
SEMPRA
CONDENSED BALANCE SHEETS
(Dollars in millions)
| December 31,
| 2024 |  | 2023
Assets: |  |  |
Cash and cash equivalents | $ | 1,416 |  |  | $ | 3 |
Restricted cash | 2 |  |  | 2 |
Due from affiliates | 88 |  |  | 105 |
Income taxes receivable, net | 71 |  |  | — |
Other current assets | 10 |  |  | 11 |
Total current assets | 1,587 |  |  | 121 |
Investments in subsidiaries | 42,305 |  |  | 38,499 |
Due from affiliates | 25 |  |  | 18 |
Deferred income taxes | 209 |  |  | 429 |
Other long-term assets | 1,152 |  |  | 1,095 |
Total assets | $ | 45,278 |  |  | $ | 40,162 |
Liabilities and shareholders’ equity: |  |  |
Short-term debt | $ | — |  |  | $ | 365 |
Due to affiliates | 241 |  |  | 235 |
Other current liabilities | 1,410 |  |  | 819 |
Total current liabilities | 1,651 |  |  | 1,419 |
Long-term debt | 11,028 |  |  | 8,461 |
Due to affiliates | 739 |  |  | 988 |
Other long-term liabilities | 638 |  |  | 619 |
Commitments and contingencies (Note 4) |  |  |
Shareholders’ equity | 31,222 |  |  | 28,675 |
Total liabilities and shareholders’ equity | $ | 45,278 |  |  | $ | 40,162 |
See Notes to Condensed Financial Information of Parent.
Schedule of Condensed Statements of Cash Flows |
SEMPRA
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Net cash provided by operating activities | $ | 120 |  |  | $ | 1,576 |  |  | $ | 775 |
Expenditures for property, plant and equipment | (3) |  |  | (5) |  |  | (7) |
Proceeds from sale of assets | — |  |  | 2 |  |  | — |
Capital contributions to investees | (933) |  |  | (1,749) |  |  | (661) |
Distributions from investments | 9 |  |  | 108 |  |  | — |
Purchases of trust assets | (63) |  |  | (78) |  |  | (114) |
Proceeds from sales of trust assets | 68 |  |  | 69 |  |  | 123 |
Increase in loans to affiliates, net | (117) |  |  | (90) |  |  | (92) |
Premiums on corporate-owned life insurance policies | (1) |  |  | (1) |  |  | (3) |
Net cash used in investing activities | (1,040) |  |  | (1,744) |  |  | (754) |
Common dividends paid | (1,499) |  |  | (1,483) |  |  | (1,430) |
Preferred dividends paid | (44) |  |  | (44) |  |  | (44) |
Issuances of common stock, net | 1,219 |  |  | 145 |  |  | 4 |
Repurchases of common stock | (43) |  |  | (32) |  |  | (478) |
Issuances of debt (maturities greater than 90 days) | 3,695 |  |  | 1,918 |  |  | 1,569 |
Payments on debt (maturities greater than 90 days) | (350) |  |  | (672) |  |  | (322) |
Decrease in short-term debt, net | (365) |  |  | (89) |  |  | (785) |
(Decrease) increase in loans from affiliates, net | (241) |  |  | 220 |  |  | (226) |
Proceeds from sales of noncontrolling interests, net | — |  |  | — |  |  | 1,732 |
Other | (38) |  |  | (10) |  |  | (8) |
Net cash provided by (used in) financing activities | 2,334 |  |  | (47) |  |  | 12 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1) |  |  | — |  |  | (1) |
Increase (decrease) in cash, cash equivalents and restricted cash | 1,413 |  |  | (215) |  |  | 32 |
Cash, cash equivalents and restricted cash, January 1 | 5 |  |  | 220 |  |  | 188 |
Cash, cash equivalents and restricted cash, December 31 | $ | 1,418 |  |  | $ | 5 |  |  | $ | 220 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES |  |  |  |  |
Accrued interest receivable capitalized to note receivable | $ | 17 |  |  | $ | 16 |  |  | $ | 18 |
Preferred dividends declared but not paid | 11 |  |  | 11 |  |  | 11 |
Common dividends declared but not paid | 393 |  |  | 376 |  |  | 360 |
Common dividends issued in stock | 54 |  |  | — |  |  | — |
Net exercise of stock options | 9 |  |  | — |  |  | — |
Equitization of amounts due from affiliates | 110 |  |  | 92 |  |  | 93 |
See Notes to Condensed Financial Information of Parent.
Schedule of Long-term Debt | The following tables show the detail and maturities of long-term debt outstanding.
LONG-TERM DEBT AND FINANCE LEASES |  |  |
(Dollars in millions) |  |  |
| December 31,
| 2024 |  | 2023
SDG&E: |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |
2.50% May 15, 2026 | $ | 500 |  |  | $ | 500 |
6.00% June 1, 2026 | 250 |  |  | 250 |
4.95% August 15, 2028 | 600 |  |  | 600 |
1.70% October 1, 2030 | 800 |  |  | 800 |
3.00% March 15, 2032 | 500 |  |  | 500 |
5.35% May 15, 2035 | 250 |  |  | 250 |
6.125% September 15, 2037 | 250 |  |  | 250 |
6.00% June 1, 2039 | 300 |  |  | 300 |
5.35% May 15, 2040 | 250 |  |  | 250 |
4.50% August 15, 2040 | 500 |  |  | 500 |
3.95% November 15, 2041 | 250 |  |  | 250 |
4.30% April 1, 2042 | 250 |  |  | 250 |
3.75% June 1, 2047 | 400 |  |  | 400 |
4.15% May 15, 2048 | 400 |  |  | 400 |
4.10% June 15, 2049 | 400 |  |  | 400 |
3.32% April 15, 2050 | 400 |  |  | 400 |
2.95% August 15, 2051 | 750 |  |  | 750 |
3.70% March 15, 2052 | 500 |  |  | 500 |
5.35% April 1, 2053 | 800 |  |  | 800 |
5.55% April 15, 2054 | 600 |  |  | — |
| 8,950 |  |  | 8,350 |
Other long-term debt (uncollateralized): |  |  |
Notes at variable rates (5.99% at December 31, 2023) February 18, 2024(1) | — |  |  | 400 |
Finance lease obligations: |  |  |
Power purchase agreements | 1,138 |  |  | 1,166 |
Other | 67 |  |  | 67 |
| 1,205 |  |  | 1,633 |
| 10,155 |  |  | 9,983 |
Current portion of long-term debt and finance leases | (42) |  |  | (441) |
Unamortized discount on long-term debt | (33) |  |  | (29) |
Unamortized debt issuance costs | (62) |  |  | (60) |
Total SDG&E | $ | 10,018 |  |  | $ | 9,453 |
(1) Callable long-term debt not subject to make-whole provisions.
LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) |  |  |
(Dollars in millions) |  |  |
| December 31,
| 2024 |  | 2023
SoCalGas: |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |
3.15% September 15, 2024 | $ | — |  |  | $ | 500 |
3.20% June 15, 2025 | 350 |  |  | 350 |
2.60% June 15, 2026 | 500 |  |  | 500 |
2.55% February 1, 2030 | 650 |  |  | 650 |
5.20% June 1, 2033 | 500 |  |  | 500 |
5.05% September 1, 2034 | 600 |  |  | — |
5.75% November 15, 2035 | 250 |  |  | 250 |
5.125% November 15, 2040 | 300 |  |  | 300 |
3.75% September 15, 2042 | 350 |  |  | 350 |
4.45% March 15, 2044 | 250 |  |  | 250 |
4.125% June 1, 2048 | 400 |  |  | 400 |
4.30% January 15, 2049 | 550 |  |  | 550 |
3.95% February 15, 2050 | 350 |  |  | 350 |
6.35% November 15, 2052 | 600 |  |  | 600 |
5.75% June 1, 2053 | 500 |  |  | 500 |
5.60% April 1, 2054 | 500 |  |  | — |
| 6,650 |  |  | 6,050 |
Other long-term debt (uncollateralized): |  |  |
1.875% Notes May 14, 2026(1) | 4 |  |  | 4 |
2.95% Notes April 15, 2027 | 700 |  |  | 700 |
5.67% Notes January 18, 2028(2) | 5 |  |  | 5 |
Finance lease obligations | 110 |  |  | 107 |
| 819 |  |  | 816 |
| 7,469 |  |  | 6,866 |
Current portion of long-term debt and finance leases | (373) |  |  | (523) |
Unamortized discount on long-term debt | (18) |  |  | (13) |
Unamortized debt issuance costs | (47) |  |  | (42) |
Total SoCalGas | $ | 7,031 |  |  | $ | 6,288 |
(1) Callable long-term debt not subject to make-whole provisions. (2) Debt is not callable.
LONG-TERM DEBT AND FINANCE LEASES (CONTINUED) |  |  |
(Dollars in millions) |  |  |
| December 31,
| 2024 |  | 2023
Other Sempra: |  |  |
Sempra - Other long-term debt (uncollateralized): |  |  |
3.30% Notes April 1, 2025 | $ | 750 |  |  | $ | 750 |
5.40% Notes August 1, 2026 | 550 |  |  | 550 |
3.25% Notes June 15, 2027 | 750 |  |  | 750 |
3.40% Notes February 1, 2028 | 1,000 |  |  | 1,000 |
3.70% Notes April 1, 2029 | 500 |  |  | 500 |
5.50% Notes August 1, 2033 | 700 |  |  | 700 |
3.80% Notes February 1, 2038 | 1,000 |  |  | 1,000 |
6.00% Notes October 15, 2039 | 750 |  |  | 750 |
4.00% Notes February 1, 2048 | 800 |  |  | 800 |
4.125% (next rate reset on April 1, 2027) Junior Subordinated Notes April 1, 2052(1) | 1,000 |  |  | 1,000 |
6.40% (next rate reset on October 1, 2034) Junior Subordinated Notes October 1, 2054(1) | 1,250 |  |  | — |
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1) | 600 |  |  | — |
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1) | 500 |  |  | — |
6.55% (next rate reset on April 1, 2035) Junior Subordinated Notes April 1, 2055(1) | 600 |  |  | — |
6.625% (next rate reset on April 1, 2030) Junior Subordinated Notes April 1, 2055(1) | 400 |  |  | — |
5.75% Junior Subordinated Notes July 1, 2079(1) | 758 |  |  | 758 |
| 11,908 |  |  | 8,558 |
Sempra Infrastructure - Other long-term debt (uncollateralized unless otherwise noted): |  |  |
Loan at variable rates (weighted-average rate of 7.29% and 8.31% at December 31, 2024 and 2023, respectively) December 9, 2025 | 1,063 |  |  | 832 |
3.75% Notes January 14, 2028 | 300 |  |  | 300 |
Loan at variable rates (includes $1,090 and $200 at December 31, 2024 and 2023, respectively, (5.329% after floating-to-fixed rate swaps effective 2023) and $58 at December 31, 2023 (weighted-average rate of 7.37% at December 31, 2023)) March 20, 2030, collateralized by plant assets(1) | 1,090 |  |  | 258 |
3.25% Notes January 15, 2032 | 400 |  |  | 400 |
Loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034(1) | 90 |  |  | 96 |
Loan at variable rates (4.03% after floating-to-fixed rate swap effective 2019) payable June 15, 2022 through November 19, 2034(1) | 90 |  |  | 96 |
Loan at variable rates (2.38% after floating-to-fixed rate swap effective 2020) payable June 15, 2022 through November 19, 2034(1) | 90 |  |  | 96 |
2.90% Loan payable June 15, 2022 through November 19, 2034(1) | 219 |  |  | 231 |
4.875% Notes January 14, 2048 | 540 |  |  | 540 |
4.75% Notes January 15, 2051 | 800 |  |  | 800 |
| 4,682 |  |  | 3,649 |
| 16,590 |  |  | 12,207 |
Current portion of long-term debt | (1,859) |  |  | (11) |
Unamortized discount on long-term debt | (78) |  |  | (66) |
Unamortized debt issuance costs | (144) |  |  | (112) |
Total Other Sempra | 14,509 |  |  | 12,018 |
Total Sempra | $ | 31,558 |  |  | $ | 27,759 |
(1) Callable long-term debt not subject to make-whole provisions. The following table shows the detail and maturities of uncollateralized long-term debt outstanding.
LONG-TERM DEBT
(Dollars in millions)
| December 31,
| 2024 |  | 2023
3.30% Notes April 1, 2025 | $ | 750 |  |  | $ | 750 |
5.40% Notes August 1, 2026 | 550 |  |  | 550 |
3.25% Notes June 15, 2027 | 750 |  |  | 750 |
3.40% Notes February 1, 2028 | 1,000 |  |  | 1,000 |
3.70% Notes April 1, 2029 | 500 |  |  | 500 |
5.50% Notes August 1, 2033 | 700 |  |  | 700 |
3.80% Notes February 1, 2038 | 1,000 |  |  | 1,000 |
6.00% Notes October 15, 2039 | 750 |  |  | 750 |
4.00% Notes February 1, 2048 | 800 |  |  | 800 |
4.125% (next rate reset on April 1, 2027) Junior Subordinated Notes April 1, 2052(1) | 1,000 |  |  | 1,000 |
6.40% (next rate reset on October 1, 2034) Junior Subordinated Notes October 1, 2054(1) | 1,250 |  |  | — |
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1) | 600 |  |  | — |
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1) | 500 |  |  | — |
6.55% (next rate reset on April 1, 2035) Junior Subordinated Notes April 1, 2055(1) | 600 |  |  | — |
6.625% (next rate reset on April 1, 2030) Junior Subordinated Notes April 1, 2055(1) | 400 |  |  | — |
5.75% Junior Subordinated Notes July 1, 2079(1) | 758 |  |  | 758 |
| 11,908 |  |  | 8,558 |
Current portion of long-term debt | (750) |  |  | — |
Unamortized discount on long-term debt | (30) |  |  | (29) |
Unamortized debt issuance costs | (100) |  |  | (68) |
Total long-term debt | $ | 11,028 |  |  | $ | 8,461 |
(1) Callable long-term debt not subject to make-whole provisions.

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

X
- Definition Tabular disclosure of condensed statement of comprehensive income (loss) including, but not limited to, statements of comprehensive income (loss) of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_CondensedStatementOfComprehensiveIncomeTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration