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SEMPRA – INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Equity Method Investments
We provide the carrying values of our investments and earnings on these investments by segment in the following tables.
EQUITY METHOD AND OTHER INVESTMENTS(1)
(Dollars in millions)
Percent ownershipInvestment balance
 December 31,
 2024202320242023
Sempra Texas Utilities:
Oncor Holdings(2)
100 %100 %$15,400 $14,266 
Sempra Texas Utilities:
Sharyland Holdings(3)
50 %50 %$122 $114 
Sempra Infrastructure: 
Cameron LNG JV(4)
50.2 50.2 1,149 1,008 
IMG(5)
40 40 723 620 
TAG Norte(6)
50 50 539 501 
Segment totals2,533 2,243 
Parent and other – Other1 1 
Total$2,534 $2,244 
(1)    All amounts are before NCI, where applicable.
(2)    The carrying value of our equity method investment is $2,884 and $2,870 higher than the underlying equity in the net assets of the investee at December 31, 2024 and 2023, respectively, due to $2,868 of equity method goodwill and $69 in basis differences in AOCI, offset by $53 and $67 at December 31, 2024 and 2023, 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 $257 and $262 higher than the underlying equity in the net assets of the investee at December 31, 2024 and 2023, respectively, primarily due to guarantees, interest capitalized on the investment prior to the JV commencing its operations, 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 FROM EQUITY METHOD INVESTMENTS(1)
(Dollars in millions)
 Years ended December 31,
 202420232022
EARNINGS RECORDED BEFORE INCOME TAX(2):
   
Sempra Texas Utilities:
Sharyland Holdings$8 $7 $7 
Sempra Infrastructure: 
Cameron LNG JV(3)
576 586 659 
Segment totals584 593 666 
Parent and other – RBS Sempra Commodities LLP19 40 — 
 603 633 666 
EARNINGS RECORDED NET OF INCOME TAX:   
Sempra Texas Utilities:
Oncor Holdings780 694 735 
Sempra Infrastructure:   
IMG136 40 68 
TAG Norte90 114 29 
Segment totals1,006 848 832 
Total$1,609 $1,481 $1,498 
(1)    All amounts are before NCI, where applicable.
(2)    We provide our ETR calculation in Note 7.
(3)    Includes $9 and $12 of basis differences in equity earnings related to AOCI in 2023 and 2022, respectively
We provide the contributions to and distributions from our investments by segment in the following tables.
EXPENDITURES FOR INVESTMENTS
(Dollars in millions)
 Years ended December 31,
 202420232022
Sempra Texas Utilities:
Oncor Holdings$972 $363 $341 
Sharyland Holdings4 4 5 
976 367 346 
Sempra Infrastructure:
Cameron LNG JV12 15 30 
12 15 30 
Total$988 $382 $376 
DISTRIBUTIONS FROM INVESTMENTS
(Dollars in millions)
 Years ended December 31,
 202420232022
Sempra Texas Utilities:
Oncor Holdings(1)
$616 $441 $340 
Sharyland Holdings4 4 5 
620 445 345 
Sempra Infrastructure:
Cameron LNG JV453 456 509 
IMG33 11 — 
TAG Norte62 36 32 
548 503 541 
Segment totals1,168 948 886 
Parent and other – RBS Sempra Commodities LLP9 — — 
Total$1,177 $948 $886 
(1)    Includes a $13 noncash return on investment in 2024. When including payments received under a tax sharing agreement, cash and noncash distributions would total $681, $558 and $443 in 2024, 2023 and 2022, respectively.
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,
202420232022
Operating revenues$6,082 $5,586 $5,243 
Operating expenses(4,318)(4,026)(3,682)
Income from operations1,764 1,560 1,561 
Interest expense(653)(536)(445)
Income tax expense(217)(192)(203)
Net income957 849 893 
NCI held by TTI(192)(170)(179)
Earnings attributable to Sempra (1)
765 679 714 
December 31,
20242023
Current assets$1,638 $1,431 
Noncurrent assets38,697 34,649 
Current liabilities2,183 1,625 
Noncurrent liabilities21,958 19,727 
NCI held by TTI3,689 3,338 
(1)    Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing agreement 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 LLP) 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,
 202420232022
Gross revenues$2,962 $3,083 $2,959 
Operating expenses(820)(776)(772)
Income from operations2,142 2,307 2,187 
Interest expense(547)(570)(505)
Net income/Earnings(1)(2)
1,688 1,499 1,537 
 December 31,
 20242023
Current assets$1,134 $1,216 
Noncurrent assets14,687 14,826 
Current liabilities1,130 1,255 
Noncurrent liabilities10,051 10,786 
(1)    Except for our investments in Mexico, there was no income tax recorded by the entities, as they are primarily domestic partnerships.
(2)    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.