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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule I - Condensed Financial Information of Parent |
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.
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.
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.
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. BASIS OF PRESENTATION The condensed financial information of Sempra has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04. We apply the same accounting policies as in the consolidated financial statements of Sempra, except that Sempra accounts for the earnings of its subsidiaries under the equity method in this unconsolidated financial information. This financial information should be read in conjunction with Sempra’s consolidated financial statements and the accompanying notes thereto included in this Form 10-K. Sempra received cash dividends from its subsidiaries totaling $908 million, $1.9 billion and $832 million in 2024, 2023 and 2022, respectively. NEW ACCOUNTING STANDARDS We describe in Note 2 of the Notes to Consolidated Financial Statements recent pronouncements that have had or may have a significant effect on Sempra’s results of operations, financial condition, cash flows or disclosures. DEBT AND CREDIT FACILITY SHORT-TERM DEBT Committed Line of Credit At December 31, 2024, Sempra had capacity of $4.0 billion under a committed line of credit, which provides liquidity and supports its commercial paper program, with available unused credit of $4.0 billion before reductions of any unamortized discounts. The principal terms of Sempra’s committed line of credit include the following: ▪The facility has a syndicate of 23 lenders. No single lender has greater than a 6% share in the facility. ▪The facility provides for the issuance of $200 million of letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra has the right to increase its letter of credit commitment to up to $500 million. No letters of credit were outstanding at December 31, 2024. ▪Borrowings bear interest at a benchmark rate plus a margin that varies with Sempra’s credit rating. ▪Sempra must maintain a ratio of indebtedness to total capitalization (as defined in its credit facility) of no more than 65% at the end of each quarter. At December 31, 2024, Sempra was in compliance with this ratio under its credit facility. LONG-TERM DEBT 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. Sempra issued the following fixed-to-fixed reset rate junior subordinated notes in 2024: ▪In March 2024, Sempra issued $600 million aggregate principal amount of 6.875% junior subordinated notes maturing on October 1, 2054, and received proceeds of $593 million (net of debt discount, underwriting discounts and debt issuance costs of $7 million). In May 2024, Sempra issued an additional $500 million aggregate principal amount of these junior subordinated notes and received proceeds of $489 million (net of debt discount, underwriting discounts and debt issuance costs of $11 million, but excluding $7 million paid to us in respect of accrued interest from and including March 14, 2024 to, but excluding, May 31, 2024. Interest accrues from and including March 14, 2024 to, but excluding, October 1, 2029 at the rate of 6.875% per annum. ▪In September 2024, Sempra issued $1.25 billion aggregate principal amount of 6.40% junior subordinated notes maturing on October 1, 2054, and received proceeds of $1.235 billion (net of underwriting discounts and debt issuance costs of $15 million). Interest accrues from and including September 9, 2024 to, but excluding, October 1, 2034 at the rate of 6.40% per annum. ▪In November 2024, Sempra issued $400 million aggregate principal amount of 6.625% junior subordinated notes maturing on April 1, 2055, and received proceeds of $395 million (net of underwriting discounts and debt issuance costs of $5 million). Interest accrues from and including November 21, 2024 to, but excluding, April 1, 2030 at the rate of 6.625% per annum. ▪In November 2024, Sempra issued $600 million aggregate principal amount of 6.55% junior subordinated notes maturing on April 1, 2055, and received proceeds of $593 million (net of underwriting discounts and debt issuance costs of $7 million). Interest accrues from and including November 21, 2024 to, but excluding, April 1, 2035 at the rate of 6.55% per annum. The interest rates on the notes will be reset on: ▪October 1, 2029 (for the March 2024 and May 2024 issuances), ▪October 1, 2034 (for the September 2024 issuance), ▪April 1, 2030 (for the $400 million November 2024 issuance), and ▪April 1, 2035 (for the $600 million November 2024 issuance), and on each subsequent five-year period beginning on October 1 or April 1, as applicable, of every fifth year thereafter, at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined in the notes) as of the day falling two business days before the first day of such five-year period plus a spread of: ▪2.789% (for the March 2024 and May 2024 issuances), ▪2.632% (for the September 2024 issuance), ▪2.354% (for the $400 million November 2024 issuance), and ▪2.138% (for the $600 million November 2024 issuance). Interest is payable on the notes semi-annually in arrears on April 1 and October 1 of each year, beginning on October 1, 2024 (for the March 2024 and May 2024 issuances) or April 1, 2025 (for the September 2024 and November 2024 issuances). We may redeem some or all of the notes before their maturity, as follows: ▪in whole or in part, (i) on any day in the period commencing on the date falling 90 days prior to, and ending on and including October 1, 2029 (for the March 2024 and May 2024 issuances), October 1, 2034 (for the September 2024 issuance), April 1, 2030 (for the $400 million November 2024 issuance), and April 1, 2035 (for the $600 million November 2024 issuance), and (ii) after those respective dates, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date; ▪in whole but not in part, at any time following the occurrence and during the continuance of a tax event (as defined in the notes) at a redemption price in cash equal to 100% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date; and ▪in whole but not in part, at any time following the occurrence and during the continuance of a rating agency event (as defined in the notes) at a redemption price in cash equal to 102% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date. The notes described above are unsecured obligations and rank junior and subordinate in right of payment to our existing and future senior indebtedness. The notes rank equally in right of payment with each other and with our existing 4.125% fixed-to-fixed reset rate junior subordinated notes due 2052 and 5.75% junior subordinated notes due 2079 and with any future unsecured indebtedness that we may incur if the terms of such indebtedness provide that it ranks equally with the notes in right of payment. The notes are effectively subordinated in right of payment to any secured indebtedness we have incurred or may incur (to the extent of the value of the collateral securing such secured indebtedness) and to all existing and future indebtedness and other liabilities and any preferred equity of our subsidiaries. We used, or plan to use, the proceeds from the offerings for general corporate purposes, including repayment of commercial paper and other indebtedness. At December 31, 2024, scheduled maturities of Sempra’s long-term debt are $750 million in 2025, $550 million in 2026, $750 million in 2027, $1.0 billion in 2028, $500 million in 2029 and $8.4 billion thereafter. Additional information on Sempra’s short-term and long-term debt is provided in Note 6 of the Notes to Consolidated Financial Statements. COMMITMENTS AND CONTINGENCIES At December 31, 2024, Sempra has an operating lease liability related to its corporate headquarters building of approximately $147 million. Sempra expects undiscounted lease payments for its operating lease to be $12 million in each of 2025 through 2028, $13 million in 2029 and $151 million thereafter through 2040 for a total of $212 million. The operating lease cost was $14 million at December 31, 2024, 2023 and 2022. The weighted-average discount rate of the lease is 4.7% at December 31, 2024 and 2023. For other contingencies and guarantees related to Sempra, refer to Notes 5 and 15 of the Notes to Consolidated Financial Statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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