REVENUES

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

We discuss revenue recognition for revenues from contracts with customers and from sources other than contracts with customers in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report.

The following tables disaggregate our revenues from contracts with customers by major service line and market. We also provide a reconciliation to total revenues by segment for Sempra. The majority of our revenue is recognized over time.

DISAGGREGATED REVENUES
(Dollars in millions)
	Sempra
	Sempra California		Sempra Infrastructure		Consolidating adjustments and Parent and other		Sempra
	Three months ended September 30, 2024
By major service line:
Utilities	$	2,394	$	15	$	(7)	$	2,402
Energy-related businesses	—		179		(12)		167
Revenues from contracts with customers	$	2,394	$	194	$	(19)	$	2,569
By market:
Gas	$	1,237	$	83	$	(6)	$	1,314
Electric	1,157		111		(13)		1,255
Revenues from contracts with customers	$	2,394	$	194	$	(19)	$	2,569
Revenues from contracts with customers	$	2,394	$	194	$	(19)	$	2,569
Utilities regulatory revenues	(138)		—		—		(138)
Other revenues	—		344		1		345
Total revenues	$	2,256	$	538	$	(18)	$	2,776
	Three months ended September 30, 2023
By major service line:
Utilities	$	2,528	$	18	$	(5)	$	2,541
Energy-related businesses	—		369		(16)		353
Revenues from contracts with customers	$	2,528	$	387	$	(21)	$	2,894
By market:
Gas	$	1,275	$	234	$	(3)	$	1,506
Electric	1,253		153		(18)		1,388
Revenues from contracts with customers	$	2,528	$	387	$	(21)	$	2,894
Revenues from contracts with customers	$	2,528	$	387	$	(21)	$	2,894
Utilities regulatory revenues	197		—		—		197
Other revenues	—		242		1		243
Total revenues	$	2,725	$	629	$	(20)	$	3,334

DISAGGREGATED REVENUES (CONTINUED)
(Dollars in millions)
	Sempra
	Sempra California		Sempra Infrastructure		Consolidating adjustments and Parent and other		Sempra
	Nine months ended September 30, 2024
By major service line:
Utilities	$	8,129	$	63	$	(18)	$	8,174
Energy-related businesses	—		625		(49)		576
Revenues from contracts with customers	$	8,129	$	688	$	(67)	$	8,750
By market:
Gas	$	4,961	$	356	$	(15)	$	5,302
Electric	3,168		332		(52)		3,448
Revenues from contracts with customers	$	8,129	$	688	$	(67)	$	8,750
Revenues from contracts with customers	$	8,129	$	688	$	(67)	$	8,750
Utilities regulatory revenues	(107)		—		—		(107)
Other revenues	—		778		6		784
Total revenues	$	8,022	$	1,466	$	(61)	$	9,427
	Nine months ended September 30, 2023
By major service line:
Utilities	$	10,764	$	67	$	(16)	$	10,815
Energy-related businesses	—		916		(56)		860
Revenues from contracts with customers	$	10,764	$	983	$	(72)	$	11,675
By market:
Gas	$	7,158	$	605	$	(13)	$	7,750
Electric	3,606		378		(59)		3,925
Revenues from contracts with customers	$	10,764	$	983	$	(72)	$	11,675
Revenues from contracts with customers	$	10,764	$	983	$	(72)	$	11,675
Utilities regulatory revenues	76		—		—		76
Other revenues	—		1,502		(24)		1,478
Total revenues	$	10,840	$	2,485	$	(96)	$	13,229

DISAGGREGATED REVENUES
(Dollars in millions)
	SDG&E				SoCalGas
	Three months ended September 30,
	2024		2023		2024		2023
By major service line:
Revenues from contracts with customers – Utilities	$	1,327	$	1,438	$	1,110	$	1,120
By market:
Gas	$	167	$	182	$	1,110	$	1,120
Electric	1,160		1,256		—		—
Revenues from contracts with customers	$	1,327	$	1,438	$	1,110	$	1,120
Revenues from contracts with customers	$	1,327	$	1,438	$	1,110	$	1,120
Utilities regulatory revenues	(84)		4		(56)		193
Total revenues	$	1,243	$	1,442	$	1,054	$	1,313
	Nine months ended September 30,
	2024		2023		2024		2023
By major service line:
Revenues from contracts with customers – Utilities	$	3,836	$	4,603	$	4,416	$	6,252
By market:
Gas	$	658	$	988	$	4,416	$	6,252
Electric	3,178		3,615		—		—
Revenues from contracts with customers	$	3,836	$	4,603	$	4,416	$	6,252
Revenues from contracts with customers	$	3,836	$	4,603	$	4,416	$	6,252
Utilities regulatory revenues	141		(246)		(248)		322
Total revenues	$	3,977	$	4,357	$	4,168	$	6,574

REVENUES FROM CONTRACTS WITH CUSTOMERS

Remaining Performance Obligations

For contracts greater than one year, at September 30, 2024, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. Sempra’s remaining performance obligations primarily relate to capacity agreements for natural gas storage and transportation at Sempra Infrastructure and transmission line projects at SDG&E. SoCalGas did not have any remaining performance obligations for contracts greater than one year at September 30, 2024.

REMAINING PERFORMANCE OBLIGATIONS(1)
(Dollars in millions)
	Sempra		SDG&E
2024 (excluding first nine months of 2024)	$	90	$	—
2025	321		4
2026	321		4
2027	321		4
2028	253		4
Thereafter	2,313		56
Total revenues to be recognized	$	3,619	$	72

(1)    Excludes intercompany transactions.

Contract Liabilities from Revenues from Contracts with Customers

Activities within Sempra’s and SDG&E’s contract liabilities are presented below. There were no contract liabilities at SoCalGas in the nine months ended September 30, 2024 or 2023. Sempra Infrastructure recorded a contract liability for funds held as collateral in lieu of a customer’s letters of credit primarily associated with its LNG storage and regasification agreement.

CONTRACT LIABILITIES
(Dollars in millions)
	2024		2023
Sempra:
Contract liabilities at January 1	$	(198)	$	(252)
Revenue from performance obligations satisfied during reporting period	5		9
Payments received in advance	(3)		(21)
Contract liabilities at September 30(1)	$	(196)	$	(264)
SDG&E:
Contract liabilities at January 1	$	(75)	$	(79)
Revenue from performance obligations satisfied during reporting period	3		3
Contract liabilities at September 30(2)	$	(72)	$	(76)

(1)     Balances at September 30, 2024 include $4 in Other Current Liabilities and $192 in Deferred Credits and Other.

(2)     Balances at September 30, 2024 include $3 in Other Current Liabilities and $69 in Deferred Credits and Other.

Receivables from Revenues from Contracts with Customers

The table below shows receivable balances, net of allowances for credit losses, associated with revenues from contracts with customers on the Condensed Consolidated Balance Sheets.

RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS
(Dollars in millions)
	September 30, 2024		December 31, 2023
Sempra:
Accounts receivable – trade, net(1)	$	1,490	$	1,951
Accounts receivable – other, net	20		15
Due from unconsolidated affiliates – current(2)	4		4
Other long-term assets(3)	20		—
Total	$	1,534	$	1,970
SDG&E:
Accounts receivable – trade, net(1)	$	867	$	870
Accounts receivable – other, net	19		13
Due from unconsolidated affiliates – current(2)	7		6
Other long-term assets(3)	6		—
Total	$	899	$	889
SoCalGas:
Accounts receivable – trade, net	$	557	$	985
Accounts receivable – other, net	1		2
Other long-term assets(3)	14		—
Total	$	572	$	987

(1)     At September 30, 2024 and December 31, 2023, includes $223 and $148, respectively, of receivables due from customers that were billed on behalf of Community Choice Aggregators, which are not included in revenues.

(2)     Amount is presented net of amounts due to unconsolidated affiliates on the Condensed Consolidated Balance Sheets, when right of offset exists.

(3)     In January 2024, the CPUC directed SDG&E and SoCalGas to offer long-term repayment plans to eligible residential customers with past-due balances.