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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Recurring Fair Value Measures |
RECURRING FAIR VALUE MEASURES
(Dollars in millions)
| Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
| Fair value at June 30, 2025
Sempra: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Short-term investments, primarily cash equivalents | $ | 14 |  |  | $ | 2 |  |  | $ | — |  |  |  |  | $ | 16 |
Equity securities | 282 |  |  | 3 |  |  | — |  |  |  |  | 285 |
Debt securities: |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 31 |  |  | 18 |  |  | — |  |  |  |  | 49 |
Municipal bonds | — |  |  | 294 |  |  | — |  |  |  |  | 294 |
Other securities | — |  |  | 246 |  |  | — |  |  |  |  | 246 |
Total debt securities | 31 |  |  | 558 |  |  | — |  |  |  |  | 589 |
Total nuclear decommissioning trusts(2) | 327 |  |  | 563 |  |  | — |  |  |  |  | 890 |
Short-term investments held in Rabbi Trust | 49 |  |  | — |  |  | — |  |  |  |  | 49 |
Support Agreement, net of related guarantee fees | — |  |  | — |  |  | 39 |  |  |  |  | 39 |
Interest rate instruments | — |  |  | 224 |  |  | — |  |  | $ | — |  |  | 224 |
Commodity contracts not subject to rate recovery | — |  |  | 33 |  |  | — |  |  | 52 |  |  | 85 |
Commodity contracts subject to rate recovery | 9 |  |  | 20 |  |  | 3 |  |  | 10 |  |  | 42 |
Total | $ | 385 |  |  | $ | 840 |  |  | $ | 42 |  |  | $ | 62 |  |  | $ | 1,329 |
Liabilities: |  |  |  |  |  |  |  |  |
Foreign exchange instruments | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Commodity contracts not subject to rate recovery | — |  |  | 73 |  |  | — |  |  | (28) |  |  | 45 |
Commodity contracts subject to rate recovery | 13 |  |  | 52 |  |  | — |  |  | (32) |  |  | 33 |
Total | $ | 13 |  |  | $ | 132 |  |  | $ | — |  |  | $ | (60) |  |  | $ | 85 |
| Fair value at December 31, 2024
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 |
(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 June 30, 2025
SDG&E: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |
Short-term investments, primarily cash equivalents | $ | 14 |  |  | $ | 2 |  |  | $ | — |  |  |  |  | $ | 16 |
Equity securities | 282 |  |  | 3 |  |  | — |  |  |  |  | 285 |
Debt securities: |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies | 31 |  |  | 18 |  |  | — |  |  |  |  | 49 |
Municipal bonds | — |  |  | 294 |  |  | — |  |  |  |  | 294 |
Other securities | — |  |  | 246 |  |  | — |  |  |  |  | 246 |
Total debt securities | 31 |  |  | 558 |  |  | — |  |  |  |  | 589 |
Total nuclear decommissioning trusts(2) | 327 |  |  | 563 |  |  | — |  |  |  |  | 890 |
Commodity contracts subject to rate recovery | 8 |  |  | — |  |  | 3 |  |  | $ | 28 |  |  | 39 |
Total | $ | 335 |  |  | $ | 563 |  |  | $ | 3 |  |  | $ | 28 |  |  | $ | 929 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 12 |  |  | $ | 1 |  |  | $ | — |  |  | $ | (12) |  |  | $ | 1 |
| 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 |
(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 June 30, 2025
SoCalGas: |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 1 |  |  | $ | 20 |  |  | $ | — |  |  | $ | (18) |  |  | $ | 3 |
Liabilities: |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 1 |  |  | $ | 51 |  |  | $ | — |  |  | $ | (20) |  |  | $ | 32 |
| 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 |
(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 | The table below sets forth reconciliations of changes in the fair value of CRRs classified as Level 3 in the fair value hierarchy for Sempra and SDG&E.
LEVEL 3 RECONCILIATIONS(1)
(Dollars in millions)
| Three months ended June 30,
| 2025 |  | 2024
Balance at April 1 | $ | 4 |  |  | $ | 9 |
Realized and unrealized gains (losses), net | (1) |  |  | (2) |
Allocated transmission instruments | 1 |  |  | — |
Settlements | (1) |  |  | (1) |
Balance at June 30 | $ | 3 |  |  | $ | 6 |
Change in unrealized losses relating to instruments still held at June 30 | $ | (1) |  |  | $ | (1) |
| Six months ended June 30,
| 2025 |  | 2024
Balance at January 1 | $ | 4 |  |  | $ | 10 |
Realized and unrealized gains (losses), net | (2) |  |  | (3) |
Allocated transmission instruments | 3 |  |  | — |
Settlements | (2) |  |  | (1) |
Balance at June 30 | $ | 3 |  |  | $ | 6 |
Change in unrealized losses relating to instruments still held at June 30 | $ | (3) |  |  | $ | (2) |
(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)
| Three months ended June 30,
| 2025 |  | 2024
Balance at April 1 | $ | 38 |  |  | $ | 23 |
Realized and unrealized gains (losses), net(1) | 3 |  |  | 2 |
Settlements | (2) |  |  | (2) |
Balance at June 30(2) | $ | 39 |  |  | $ | 23 |
Change in unrealized gains relating to instruments still held at June 30 | $ | 3 |  |  | $ | 2 |
| Six months ended June 30,
| 2025 |  | 2024
Balance at January 1 | $ | 25 |  |  | $ | 23 |
Realized and unrealized gains (losses), net(1) | 18 |  |  | 4 |
Settlements | (4) |  |  | (4) |
Balance at June 30(2) | $ | 39 |  |  | $ | 23 |
Change in unrealized gains relating to instruments still held at June 30 | $ | 18 |  |  | $ | 3 |
(1) Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Condensed Consolidated Statements of Operations. (2) Includes $8 in Other Current Assets and $31 in Other Long-term Assets at June 30, 2025 on Sempra’s Condensed Consolidated Balance Sheet.
Schedule of Fair Value 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) |
Fair Value of Financial Instruments | The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets.
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
| Carrying amount |  | Fair value
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| June 30, 2025
Sempra: |  |  |  |  |  |  |  |  |
Long-term note receivable(1) | $ | 359 |  |  | $ | — |  |  | $ | — |  |  | $ | 347 |  |  | $ | 347 |
Long-term amounts due to unconsolidated affiliates | 359 |  |  | — |  |  | 341 |  |  | — |  |  | 341 |
Total long-term debt(2) | 35,409 |  |  | — |  |  | 32,665 |  |  | — |  |  | 32,665 |
SDG&E: |  |  |  |  |  |  |  |  |
Total long-term debt(3) | $ | 9,800 |  |  | $ | — |  |  | $ | 8,652 |  |  | $ | — |  |  | $ | 8,652 |
SoCalGas: |  |  |  |  |  |  |  |  |
Total long-term debt(4) | $ | 8,109 |  |  | $ | — |  |  | $ | 7,691 |  |  | $ | — |  |  | $ | 7,691 |
| 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 |
(1) Before allowances for credit losses of $4 and $5 at June 30, 2025 and December 31, 2024, respectively. Excludes unamortized transaction costs of $3 at both June 30, 2025 and December 31, 2024. (2) After the effects of interest rate swaps. Before reductions of unamortized discount and debt issuance costs of $413 and $382 at June 30, 2025 and December 31, 2024, respectively, and excluding finance lease obligations of $1,312 and $1,315 at June 30, 2025 and December 31, 2024, respectively. (3) Before reductions of unamortized discount and debt issuance costs of $101 and $95 at June 30, 2025 and December 31, 2024, respectively, and excluding finance lease obligations of $1,188 and $1,205 at June 30, 2025 and December 31, 2024, respectively. (4) Before reductions of unamortized discount and debt issuance costs of $82 and $65 at June 30, 2025 and December 31, 2024, respectively, and excluding finance lease obligations of $124 and $110 at June 30, 2025 and December 31, 2024, respectively.

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