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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
SEMPRA
Sempra is a California-based holding company whose businesses invest in, develop and operate energy infrastructure in North America and provide electric and gas services to customers. Sempra has the following three operating and reportable segments, which are managed separately based on services provided, geographic location and regulatory framework:
▪Sempra California provides natural gas and electric service to Southern California and part of central California through Sempra’s wholly owned subsidiaries, SDG&E and SoCalGas, which are regulated public utilities.
▪Sempra Texas Utilities holds our equity method investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electric transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our equity method investment in Sharyland Holdings, which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border.
▪Sempra Infrastructure includes the operating companies of SI Partners, in which Sempra Infrastructure owns a 70% interest, as well as a holding company and certain services companies. Sempra Infrastructure develops, builds, operates and invests in energy infrastructure to help provide safe, sustainable and reliable access to cleaner energy in markets in the U.S., Mexico and globally.
Sempra’s CODM, who is its chief executive officer, uses segment earnings attributable to common shares predominantly in the annual financial planning process to assess financial performance. Sempra’s CODM prioritizes resource allocation to each segment in a manner that aligns with Sempra’s capital expenditures plan, which is focused on safety, reliability and modernization of its segments’ infrastructure while supporting customer affordability; investing in incremental infrastructure growth projects with attractive risk-adjusted returns; maintaining a strong balance sheet; and returning cash to shareholders.
The accounting policies of the segments are consistent with those described in the summary of significant accounting policies in Note 1. Sempra accounts for intersegment sales as if the sales were to third parties, that is, at current market prices. The cost of common services shared by the reportable segments is assigned directly or allocated based on various cost factors, depending on the nature of the service provided. Parent and other allocates depreciation expense to the reportable segments without allocating the related depreciable assets to those reportable segments. Interest income and interest expense are recorded on intersegment loans. We have eliminated intersegment accounts and transactions within Sempra’s consolidated financial statements. Amounts labeled as “Parent and other,” which does not meet the definition of an operating or reportable segment, consist primarily of activities of parent organizations.
The following tables present selected information by segment and reconciliations of assets, capital expenditures for PP&E, and earnings attributable to common shares to Sempra’s consolidated totals.
SEGMENT INFORMATION
(Dollars in millions)
December 31,
20242023
ASSETS
Sempra California$56,116 $53,430 
Sempra Texas Utilities15,534 14,392 
Sempra Infrastructure22,954 19,430 
Segment totals94,604 87,252 
Parent and other
2,622 967 
Intersegment eliminations(1)
(1,071)(1,038)
Total Sempra$96,155 $87,181 
EQUITY METHOD INVESTMENTS
Sempra Texas Utilities$15,522 $14,380 
Sempra Infrastructure2,411 2,129 
Segment totals/Total Sempra$17,933 $16,509 
GEOGRAPHIC LOCATION OF PROPERTY, PLANT AND EQUIPMENT, NET
United States$52,952 $46,935 
Mexico8,485 8,024 
Rest of the world
— 1 
Total Sempra$61,437 $54,960 
Years ended December 31,
202420232022
CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT
Sempra California$4,753 $4,560 $4,466 
Sempra Infrastructure3,459 3,832 884 
Segment totals8,212 8,392 5,350 
Parent and other3 5 7 
Total Sempra$8,215 $8,397 $5,357 
GEOGRAPHIC LOCATION OF REVENUES(2)
United States$11,623 $14,973 $13,015 
Mexico1,562 1,747 1,424 
Total Sempra$13,185 $16,720 $14,439 
(1)     Primarily includes an intersegment loan from Sempra Infrastructure to Parent and other related to deferred income taxes.
(2)     Amounts are based on where the revenue originated, after intersegment eliminations.
SEGMENT INFORMATION (CONTINUED)
(Dollars in millions)
Sempra California
Sempra Texas Utilities(1)
Sempra InfrastructureSempra
Year ended December 31, 2024
Revenues
$11,382 $1,882 
Depreciation and amortization(2,133)(297)
Interest income
14 25 
Interest expense(2)
(848)243 
Income tax (expense) benefit(184)164 
Equity earnings— $788 802 
Earnings attributable to noncontrolling interests— — (638)
Other segment items(3)
(6,385)(7)(1,270)
Segment earnings attributable to common shares$1,846 $781 $911 $3,538 
Parent and other(721)
Earnings attributable to common shares$2,817 
Year ended December 31, 2023
Revenues
$13,761 $3,071 
Depreciation and amortization(1,937)(281)
Interest income
24 43 
Interest expense(2)
(782)(129)
Income tax benefit (expense) 31 (673)
Equity earnings— $701 740 
Earnings attributable to noncontrolling interests— — (543)
Other segment items(3)
(9,350)(7)(1,351)
Segment earnings attributable to common shares$1,747 $694 $877 $3,318 
Parent and other(288)
Earnings attributable to common shares$3,030 
Year ended December 31, 2022
Revenues
$12,577 $1,919 
Depreciation and amortization(1,743)(268)
Interest income
11 44 
Interest expense
(647)(104)
Income tax expense(320)(249)
Equity earnings— $742 756 
Earnings attributable to noncontrolling interests— — (146)
Other segment items(3)
(8,364)(6)(1,642)
Segment earnings attributable to common shares$1,514 $736 $310 $2,560 
Parent and other(466)
Earnings attributable to common shares$2,094 
(1)    Substantially all earnings attributable to common shares are from equity earnings.
(2)    Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3)    Includes cost of natural gas, cost of electric fuel and purchased power, O&M, Aliso Canyon litigation and regulatory matters, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M, interest expense, and income tax expense (benefit) for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.
The following table presents revenues by services by segment, reconciled to Sempra’s consolidated revenues.
REVENUES BY SERVICES
(Dollars in millions)
Sempra CaliforniaSempra Infrastructure Sempra
Year ended December 31, 2024
Revenues from external customers:
Utilities$10,985 $78 
Energy-related businesses— 755 
Total revenues from external customers(1)
10,985 833 $11,818 
Other revenues(2):
Utilities374 — 
Energy-related businesses— 993 
Total other revenues374 993 1,367 
Intersegment revenues(3):
Utilities23 — 
Energy-related businesses— 56 
Total intersegment revenues23 56 79 
Segment revenues$11,382 $1,882 13,264 
Intersegment eliminations(79)
Revenues$13,185 
Year ended December 31, 2023
Revenues from external customers:
Utilities$13,668 $87 
Energy-related businesses— 1,094 
Total revenues from external customers(1)
13,668 1,181 $14,849 
Other revenues(2):
Utilities75 — 
Energy-related businesses— 1,796 
Total other revenues75 1,796 1,871 
Intersegment revenues(3):
Utilities18 — 
Energy-related businesses— 94 
Total intersegment revenues18 94 112 
Segment revenues$13,761 $3,071 16,832 
Intersegment eliminations(112)
Revenues$16,720 
Year ended December 31, 2022
Revenues from external customers:
Utilities$11,930 $89 
Energy-related businesses— 1,704 
Total revenues from external customers(1)
11,930 1,793 $13,723 
Other revenues(2):
Utilities633 — 
Energy-related businesses— 83 
Total other revenues633 83 716 
Intersegment revenues(3):
Utilities14 — 
Energy-related businesses— 43 
Total intersegment revenues14 43 57 
Segment revenues$12,577 $1,919 14,496 
Intersegment eliminations(57)
Revenues$14,439 
(1)    We did not have revenues from transactions with a single external customer that amounted to 10% or more of Sempra’s total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    See “Transactions with Affiliates” in Note 1 for a description of services provided by one operating segment to another operating segment within Sempra.
SDG&E
SDG&E is a regulated public utility that provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. SDG&E has one operating and reportable segment.
SDG&E’s CODM, who is its chief executive officer, utilizes earnings attributable to common shares to manage the business, assess performance and allocate resources. SDG&E’s CODM allocates resources to support the delivery of safe, reliable and affordable energy to customers.
Total assets at SDG&E were $30.8 billion and $29.2 billion at December 31, 2024 and 2023, respectively. The following table presents selected information for SDG&E’s single segment and reconciliation of earnings attributable to common shares.
SEGMENT INFORMATION
(Dollars in millions)
Years ended December 31,
202420232022
SDG&E:
Revenues from external customers:
Electric$4,164 $4,750 $4,687 
Natural gas878 1,204 899 
Total revenues from external customers(1)
5,042 5,954 5,586 
Other revenues(2):
Electric149 (401)109 
Natural gas150 44 143 
Total other revenues299 (357)252 
Total revenues5,341 5,597 5,838 
Depreciation and amortization(1,223)(1,098)(982)
Interest income5 15 5 
Interest expense(525)(497)(449)
Income tax (expense) benefit (153)26 (182)
Other segment items(3)
(2,554)(3,107)(3,315)
Earnings attributable to common shares$891 $936 $915 
Capital expenditures for property, plant and equipment$2,522 $2,540 $2,473 
(1)    We did not have revenues from transactions with a single external customer that amounted to 10% or more of SDG&E’s total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    Includes cost of electric fuel and purchased power, cost of natural gas, O&M, franchise fees and other taxes, and other income (expense), net.
SOCALGAS
SoCalGas is a regulated public natural gas distribution utility, serving customers throughout most of Southern California and part of central California. SoCalGas has one operating and reportable segment.
SoCalGas’ CODM, who is its chief executive officer, utilizes earnings attributable to common shares to manage the business, assess performance and allocate resources. SoCalGas’ CODM allocates resources to support the delivery of safe, reliable and affordable energy to customers.
Total assets at SoCalGas were $25.4 billion and $24.3 billion at December 31, 2024 and 2023, respectively. The following table presents selected information for SoCalGas’ single segment and reconciliation of earnings attributable to common shares.
SEGMENT INFORMATION
(Dollars in millions)
Years ended December 31,
202420232022
SoCalGas:
Natural gas:
Revenues from external customers(1)
$6,134 $7,857 $6,459 
Other revenues(2)
75 432 381 
Total revenues6,209 8,289 6,840 
Aliso Canyon litigation and regulatory matters— — (259)
Depreciation and amortization(910)(839)(761)
Interest income9 9 6 
Interest expense(323)(285)(198)
Income tax (expense) benefit(31)5 (138)
Other segment items(3)
(3,999)(6,368)(4,891)
Earnings attributable to common shares$955 $811 $599 
Capital expenditures for property, plant and equipment$2,231 $2,020 $1,993 
(1)    We did not have revenues from transactions with a single external customer that amounted to 10% or more of SoCalGas’ total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    Includes cost of natural gas, O&M, franchise fees and other taxes, and other income (expense), net, and preferred dividends.