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INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2022
Investments [Abstract]  
Equity Method Investments
We provide the carrying values of our investments and earnings (losses) on these investments in the following tables.
EQUITY METHOD AND OTHER INVESTMENT BALANCES(1)
(Dollars in millions)
Percent ownership
 December 31,December 31,
 2022202120222021
Sempra Texas Utilities:
Oncor Holdings(2)
100 %100 %$13,665 $12,947 
Sempra Texas Utilities:
Sharyland Holdings(3)
50 %50 %$107 $100 
Sempra Infrastructure:  
Cameron LNG JV(4)
50.2 50.2 886 514 
IMG(5)
40 40 591 523 
TAG(6)
50 50 428 388 
Total other investments$2,012 $1,525 
(1)    All amounts are before NCI, where applicable.
(2)    The carrying value of our equity method investment is $2,856 and $2,844 higher than the underlying equity in the net assets of the investee at December 31, 2022 and 2021, respectively, due to $2,868 of equity method goodwill and $69 in basis differences in AOCI, offset by $81 and $93 at December 31, 2022 and 2021, respectively, due to a tax sharing liability to TTI under a tax sharing agreement.
(3)    The carrying value of our equity method investment is $41 higher than the underlying equity in the net assets of the investee due to equity method goodwill.
(4)    The carrying value of our equity method investment is $270 and $276 higher than the underlying equity in the net assets of the investee at December 31, 2022 and 2021, respectively, primarily due to guarantees, which we discuss below, interest capitalized on the investment prior to the JV commencing its planned principal operations in August 2019 and amortization of guarantee fees and capitalized interest thereafter.
(5)    The carrying value of our equity method investment is $5 higher than the underlying equity in the net assets of the investee due to guarantees.
(6)    The carrying value of our equity method investment is $130 higher than the underlying equity in the net assets of the investee due to equity method goodwill.
EARNINGS (LOSSES) FROM EQUITY METHOD INVESTMENTS(1)
(Dollars in millions)
 Years ended December 31,
 202220212020
EARNINGS (LOSSES) RECORDED BEFORE INCOME TAX(2):
   
Sempra Texas Utilities:
Sharyland Holdings$7 $5 $3 
Sempra Infrastructure:   
Cameron LNG JV(3)
659 559 391 
Parent and other:   
RBS Sempra Commodities— 50 (100)
 666 614 294 
EARNINGS RECORDED NET OF INCOME TAX:   
Sempra Texas Utilities:
Oncor Holdings735 617 577 
Sempra Infrastructure:   
ESJ— 2 5 
IMG68 83 103 
TAG29 27 36 
 832 729 721 
Total$1,498 $1,343 $1,015 
(1)    All amounts are before NCI, where applicable.
(2)    We provide our ETR calculation in Note 8.
(3)    Includes $12 and $3 of basis differences in equity earnings related to AOCI in 2022 and 2021, respectively.
We disclose distributions received from our investments, by segment, in the table below.
DISTRIBUTIONS FROM INVESTMENTS
(Dollars in millions)
 Years ended December 31,
 202220212020
Sempra Texas Utilities$345 $688 $286 
Sempra Infrastructure541 672 1,176 
Total$886 $1,360 $1,462 
Schedule of Summarized Financial Information
We provide summarized income statement and balance sheet information for Oncor Holdings in the following table.
SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS
(Dollars in millions)
 Years ended December 31,
202220212020
Operating revenues$5,243 $4,764 $4,511 
Operating expense(3,682)(3,397)(3,224)
Income from operations1,561 1,367 1,287 
Interest expense(445)(413)(405)
Income tax expense(203)(163)(146)
Net income893 760 703 
Noncontrolling interest held by TTI(179)(152)(141)
Earnings attributable to Sempra(1)
714 608 562 
December 31,
20222021
Current assets$1,223 $1,039 
Noncurrent assets31,703 29,481 
Current liabilities1,579 2,220 
Noncurrent liabilities17,405 15,281 
Noncontrolling interest held by TTI3,141 2,916 
(1)    Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing arrangement and changes in basis differences in AOCI within the carrying value of our equity method investment.
We present summarized financial information below, aggregated for all other equity method investments (excluding Oncor Holdings and RBS Sempra Commodities) for the periods in which we were invested in the entities. The amounts below represent the results of operations and aggregate financial position of 100% of each of Sempra’s other equity method investments.
SUMMARIZED FINANCIAL INFORMATION – OTHER EQUITY METHOD INVESTMENTS
(Dollars in millions)
 Years ended December 31,
 2022
2021(1)
2020
Gross revenues$2,959 $2,721 $2,341 
Operating expense(772)(719)(706)
Income from operations2,187 2,002 1,635 
Interest expense(505)(548)(514)
Net income/Earnings(2)(3)
1,537 1,388 1,132 
 December 31,
 2022
2021(1)
Current assets$1,008 $788 
Noncurrent assets14,786 14,686 
Current liabilities1,147 1,230 
Noncurrent liabilities11,130 11,807 
(1)    In March 2021, Sempra Infrastructure completed the acquisition of the remaining 50% equity interest in ESJ and ESJ became a consolidated subsidiary.
(2)    Except for our investments in Mexico, there was no income tax recorded by the entities, as they are primarily domestic partnerships.
(3)    Amounts for Cameron LNG JV exclude adjustments to equity earnings related to amortization of capitalized interest and guarantee fees within the carrying value of our equity method investment and changes in basis differences in equity earnings related to AOCI.