FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Recurring Fair Value Measures Table

RECURRING FAIR VALUE MEASURES – SEMPRA
(Dollars in millions)
	Fair value at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	13	$	(10)	$	—	$	3
Equity securities	358		6		—		364
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	48		8		—		56
Municipal bonds	—		321		—		321
Other securities	—		260		—		260
Total debt securities	48		589		—		637
Total nuclear decommissioning trusts(1)	419		585		—		1,004
Short-term investments held in Rabbi Trust	81		—		—		81
Interest rate instruments	—		6		—		6
Foreign exchange instruments	—		2		—		2
Commodity contracts not subject to rate recovery	—		46		—		46
Effect of netting and allocation of collateral(2)	58		—		—		58
Commodity contracts subject to rate recovery	12		1		69		82
Effect of netting and allocation of collateral(2)	31		9		6		46
Support Agreement, net of related guarantee fees	—		—		7		7
Total	$	601	$	649	$	82	$	1,332
Liabilities:
Interest rate instruments	$	—	$	8	$	—	$	8
Foreign exchange instruments	—		1		—		1
Interest rate and foreign exchange instruments	—		131		—		131
Commodity contracts not subject to rate recovery	—		31		—		31
Commodity contracts subject to rate recovery	—		35		15		50
Total	$	—	$	206	$	15	$	221

(1)    Excludes receivables (payables), net.

(2)    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 – SEMPRA
(Dollars in millions)
	Fair value at December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	9	$	(6)	$	—	$	3
Equity securities	358		6		—		364
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	41		24		—		65
Municipal bonds	—		326		—		326
Other securities	—		270		—		270
Total debt securities	41		620		—		661
Total nuclear decommissioning trusts(1)	408		620		—		1,028
Short-term investments held in Rabbi Trust	61		—		—		61
Interest rate instruments	—		1		—		1
Foreign exchange instruments	—		24		—		24
Commodity contracts not subject to rate recovery	—		4		—		4
Effect of netting and allocation of collateral(2)	21		—		—		21
Commodity contracts subject to rate recovery	6		1		121		128
Effect of netting and allocation of collateral(2)	19		5		6		30
Support Agreement, net of related guarantee fees	—		—		7		7
Total	$	515	$	655	$	134	$	1,304
Liabilities:
Interest rate instruments	$	—	$	47	$	—	$	47
Foreign exchange instruments	—		11		—		11
Interest rate and foreign exchange instruments	—		128		—		128
Commodity contracts not subject to rate recovery	—		16		—		16
Commodity contracts subject to rate recovery	—		6		52		58
Support Agreement, net of related guarantee fees	—		—		4		4
Total	$	—	$	208	$	56	$	264

(1)    Excludes receivables (payables), net.

(2)    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 – SEMPRA
(Dollars in millions)
	Fair value at December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	14	$	2	$	—	$	16
Equity securities	503		6		—		509
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	46		11		—		57
Municipal bonds	—		282		—		282
Other securities	—		226		—		226
Total debt securities	46		519		—		565
Total nuclear decommissioning trusts(1)	563		527		—		1,090
Short-term investments held in Rabbi Trust	66		—		—		66
Interest rate instruments	—		3		—		3
Foreign exchange instruments	—		21		—		21
Commodity contracts not subject to rate recovery	—		11		—		11
Effect of netting and allocation of collateral(2)	43		—		—		43
Commodity contracts subject to rate recovery	5		8		95		108
Effect of netting and allocation of collateral(2)	11		8		6		25
Total	$	688	$	578	$	101	$	1,367
Liabilities:
Interest rate instruments	$	—	$	28	$	—	$	28
Foreign exchange instruments	—		7		—		7
Interest rate and foreign exchange instruments	—		122		—		122
Commodity contracts not subject to rate recovery	—		17		—		17
Commodity contracts subject to rate recovery	14		4		67		85
Effect of netting and allocation of collateral(2)	(14)		—		—		(14)
Total	$	—	$	178	$	67	$	245

(1)    Excludes receivables (payables), net.

(2)    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 – SDG&E
(Dollars in millions)
	Fair value at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	13	$	(10)	$	—	$	3
Equity securities	358		6		—		364
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	48		8		—		56
Municipal bonds	—		321		—		321
Other securities	—		260		—		260
Total debt securities	48		589		—		637
Total nuclear decommissioning trusts(1)	419		585		—		1,004
Commodity contracts subject to rate recovery	12		—		69		81
Effect of netting and allocation of collateral(2)	22		—		6		28
Total	$	453	$	585	$	75	$	1,113
Liabilities:
Commodity contracts subject to rate recovery	$	—	$	—	$	15	$	15
Total	$	—	$	—	$	15	$	15
	Fair value at December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	9	$	(6)	$	—	$	3
Equity securities	358		6		—		364
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	41		24		—		65
Municipal bonds	—		326		—		326
Other securities	—		270		—		270
Total debt securities	41		620		—		661
Total nuclear decommissioning trusts(1)	408		620		—		1,028
Commodity contracts subject to rate recovery	5		—		121		126
Effect of netting and allocation of collateral(2)	18		—		6		24
Total	$	431	$	620	$	127	$	1,178
Liabilities:
Commodity contracts subject to rate recovery	$	—	$	—	$	52	$	52
Total	$	—	$	—	$	52	$	52

(1)    Excludes receivables (payables), net.

(2)    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 – SDG&E
(Dollars in millions)
	Fair value at December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	14	$	2	$	—	$	16
Equity securities	503		6		—		509
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	46		11		—		57
Municipal bonds	—		282		—		282
Other securities	—		226		—		226
Total debt securities	46		519		—		565
Total nuclear decommissioning trusts(1)	563		527		—		1,090
Commodity contracts subject to rate recovery	1		3		95		99
Effect of netting and allocation of collateral(2)	10		—		6		16
Total	$	574	$	530	$	101	$	1,205
Liabilities:
Commodity contracts subject to rate recovery	$	14	$	—	$	67	$	81
Effect of netting and allocation of collateral(2)	(14)		—		—		(14)
Total	$	—	$	—	$	67	$	67

(1)    Excludes receivables (payables), net.

(2)    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 – SOCALGAS
(Dollars in millions)
	Fair value at December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Commodity contracts subject to rate recovery	$	—	$	1	$	—	$	1
Effect of netting and allocation of collateral(1)	9		9		—		18
Total	$	9	$	10	$	—	$	19
Liabilities:
Commodity contracts subject to rate recovery	$	—	$	35	$	—	$	35
Total	$	—	$	35	$	—	$	35
	Fair value at December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Commodity contracts subject to rate recovery	$	1	$	1	$	—	$	2
Effect of netting and allocation of collateral(1)	1		5		—		6
Total	$	2	$	6	$	—	$	8
Liabilities:
Commodity contracts subject to rate recovery	$	—	$	6	$	—	$	6
Total	$	—	$	6	$	—	$	6
	Fair value at December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Commodity contracts subject to rate recovery	$	4	$	5	$	—	$	9
Effect of netting and allocation of collateral(1)	1		8		—		9
Total	$	5	$	13	$	—	$	18
Liabilities:
Commodity contracts subject to rate recovery	$	—	$	4	$	—	$	4
Total	$	—	$	4	$	—	$	4

(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 Table

The table below sets forth reconciliations of changes in the fair value of CRRs and long-term, fixed-price electricity positions classified as Level 3 in the fair value hierarchy for Sempra and SDG&E.

LEVEL 3 RECONCILIATIONS(1)
(Dollars in millions)
	Years ended December 31,
	2021		2020		2019
Balance at January 1	$	69	$	28	$	179
Realized and unrealized (losses) gains	(50)		19		(184)
Allocated transmission instruments	3		6		6
Settlements	32		16		27
Balance at December 31	$	54	$	69	$	28
Change in unrealized (losses) gains relating to instruments still held at December 31	$	(16)	$	34	$	(139)

(1)     Excludes the effect of the contractual ability to settle contracts under master netting agreements.

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 for Sempra.

LEVEL 3 RECONCILIATIONS
(Dollars in millions)
	Years ended December 31,
	2021		2020
Balance at January 1	$	3	$	—
Realized and unrealized gains(1)	11		6
Settlements	(7)		(3)
Balance at December 31(2)	$	7	$	3
Change in unrealized gains relating to instruments still held at December 31	$	11	$	3

(1)    Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Consolidated Statements of Operations.

(2)    Balances at December 31, 2021 and 2020 include $7 and $7, respectively, in Other Current Assets, offset by a negligible amount and $4, respectively, in Deferred Credits and Other on Sempra’s Consolidated Balance Sheets.

Schedule of Auction Price 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
2022	$	(3.67)	to	$	6.96	$	(0.70)
2021		(1.81)	to		14.11		(0.12)
2020		(3.77)	to		6.03		(1.58)

The fair value of the net electricity positions classified as Level 3 is derived from a discounted cash flow model using market electricity forward price inputs. The range and weighted-average price of these inputs at December 31 were as follows:

LONG-TERM, FIXED-PRICE ELECTRICITY POSITIONS PRICE INPUTS
Settlement year		Price per MWh					Weighted-average price per MWh
2021	$	24.10	to	$	105.00	$	53.57
2020		19.60	to		78.10		39.71
2019		21.00	to		61.15		37.92

Fair Value of Financial Instruments Table

The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Consolidated Balance Sheets.

FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
	Carrying		Fair value
	amount		Level 1		Level 2		Level 3		Total
	December 31, 2021
Sempra:
Long-term note receivable(1)	$	300	$	—	$	—	$	327	$	327
Long-term amounts due from unconsolidated affiliates(2)	640		—		642		—		642
Long-term amounts due to unconsolidated affiliates	287		—		295		—		295
Total long-term debt(3)	20,099		—		22,126		—		22,126
SDG&E:
Total long-term debt(4)	$	6,417	$	—	$	7,236	$	—	$	7,236
SoCalGas:
Total long-term debt(5)	$	4,759	$	—	$	5,367	$	—	$	5,367
	December 31, 2020
Sempra:
Long-term amounts due from unconsolidated affiliates(2)	$	786	$	—	$	817	$	—	$	817
Long-term amounts due to unconsolidated affiliates	275		—		266		—		266
Total long-term debt(3)	22,259		—		25,478		—		25,478
SDG&E:
Total long-term debt(4)	$	6,253	$	—	$	7,384	$	—	$	7,384
SoCalGas:
Total long-term debt(5)	$	4,759	$	—	$	5,655	$	—	$	5,655
	December 31, 2019
Sempra:
Long-term amounts due from unconsolidated affiliates	$	742	$	—	$	759	$	—	$	759
Long-term amounts due to unconsolidated affiliates	195		—		184		—		184
Total long-term debt(3)	21,247		—		22,638		26		22,664
SDG&E:
Total long-term debt(4)	$	5,140	$	—	$	5,662	$	—	$	5,662
SoCalGas:
Total long-term debt(5)	$	3,809	$	—	$	4,189	$	—	$	4,189

(1)    Before allowances for credit losses of $8 and excluding transaction costs of $5 at December 31, 2021.     

(2)    Before allowances for credit losses of $1 and $3 at December 31, 2021 and 2020, respectively. Includes $2 and $3 of accrued interest receivable at December 31, 2021 and 2020, respectively, in Due From Unconsolidated Affiliate – Current.

(3)    Before reductions of unamortized discount and debt issuance costs of $260, $268 and $225 at December 31, 2021, 2020 and 2019, respectively, and excluding finance lease obligations of $1,335, $1,330 and $1,289 at December 31, 2021 and 2020 and 2019, respectively.

(4)    Before reductions of unamortized discount and debt issuance costs of $61, $52 and $48 at December 31, 2021, 2020 and 2019, respectively, and excluding finance lease obligations of $1,274, $1,276 and $1,270 at December 31, 2021, 2020 and 2019, respectively.

(5)    Before reductions of unamortized discount and debt issuance costs of $36, $40 and $34 at December 31, 2021, 2020 and 2019, respectively, and excluding finance lease obligations of $61, $54 and $19 at December 31, 2021, 2020 and 2019, respectively.