REVENUES

6 Months Ended

Jun. 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 June 30, 2024
By major service line:
Utilities	$	2,256	$	18	$	(5)	$	2,269
Energy-related businesses	—		234		(19)		215
Revenues from contracts with customers	$	2,256	$	252	$	(24)	$	2,484
By market:
Gas	$	1,374	$	148	$	(4)	$	1,518
Electric	882		104		(20)		966
Revenues from contracts with customers	$	2,256	$	252	$	(24)	$	2,484
Revenues from contracts with customers	$	2,256	$	252	$	(24)	$	2,484
Utilities regulatory revenues	369		—		—		369
Other revenues	—		157		1		158
Total revenues	$	2,625	$	409	$	(23)	$	3,011
	Three months ended June 30, 2023
By major service line:
Utilities	$	2,662	$	19	$	(5)	$	2,676
Energy-related businesses	—		235		(19)		216
Revenues from contracts with customers	$	2,662	$	254	$	(24)	$	2,892
By market:
Gas	$	1,518	$	167	$	(5)	$	1,680
Electric	1,144		87		(19)		1,212
Revenues from contracts with customers	$	2,662	$	254	$	(24)	$	2,892
Revenues from contracts with customers	$	2,662	$	254	$	(24)	$	2,892
Utilities regulatory revenues	38		—		—		38
Other revenues	—		406		(1)		405
Total revenues	$	2,700	$	660	$	(25)	$	3,335

DISAGGREGATED REVENUES (CONTINUED)
(Dollars in millions)
	Sempra
	Sempra California		Sempra Infrastructure		Consolidating adjustments and Parent and other		Sempra
	Six months ended June 30, 2024
By major service line:
Utilities	$	5,735	$	48	$	(11)	$	5,772
Energy-related businesses	—		446		(37)		409
Revenues from contracts with customers	$	5,735	$	494	$	(48)	$	6,181
By market:
Gas	$	3,724	$	273	$	(9)	$	3,988
Electric	2,011		221		(39)		2,193
Revenues from contracts with customers	$	5,735	$	494	$	(48)	$	6,181
Revenues from contracts with customers	$	5,735	$	494	$	(48)	$	6,181
Utilities regulatory revenues	31		—		—		31
Other revenues	—		434		5		439
Total revenues	$	5,766	$	928	$	(43)	$	6,651
	Six months ended June 30, 2023
By major service line:
Utilities	$	8,236	$	49	$	(11)	$	8,274
Energy-related businesses	—		547		(40)		507
Revenues from contracts with customers	$	8,236	$	596	$	(51)	$	8,781
By market:
Gas	$	5,883	$	371	$	(10)	$	6,244
Electric	2,353		225		(41)		2,537
Revenues from contracts with customers	$	8,236	$	596	$	(51)	$	8,781
Revenues from contracts with customers	$	8,236	$	596	$	(51)	$	8,781
Utilities regulatory revenues	(121)		—		—		(121)
Other revenues	—		1,260		(25)		1,235
Total revenues	$	8,115	$	1,856	$	(76)	$	9,895

DISAGGREGATED REVENUES
(Dollars in millions)
	SDG&E				SoCalGas
	Three months ended June 30,
	2024		2023		2024		2023
By major service line:
Revenues from contracts with customers – Utilities	$	1,047	$	1,400	$	1,246	$	1,291
By market:
Gas	$	161	$	252	$	1,246	$	1,291
Electric	886		1,148		—		—
Revenues from contracts with customers	$	1,047	$	1,400	$	1,246	$	1,291
Revenues from contracts with customers	$	1,047	$	1,400	$	1,246	$	1,291
Utilities regulatory revenues	308		(138)		63		176
Total revenues	$	1,355	$	1,262	$	1,309	$	1,467
	Six months ended June 30,
	2024		2023		2024		2023
By major service line:
Revenues from contracts with customers – Utilities	$	2,509	$	3,165	$	3,306	$	5,132
By market:
Gas	$	491	$	806	$	3,306	$	5,132
Electric	2,018		2,359		—		—
Revenues from contracts with customers	$	2,509	$	3,165	$	3,306	$	5,132
Revenues from contracts with customers	$	2,509	$	3,165	$	3,306	$	5,132
Utilities regulatory revenues	225		(250)		(192)		129
Total revenues	$	2,734	$	2,915	$	3,114	$	5,261

REVENUES FROM CONTRACTS WITH CUSTOMERS

Remaining Performance Obligations

For contracts greater than one year, at June 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 June 30, 2024.

REMAINING PERFORMANCE OBLIGATIONS(1)
(Dollars in millions)
	Sempra		SDG&E
2024 (excluding first six months of 2024)	$	169	$	1
2025	320		4
2026	319		4
2027	319		4
2028	252		4
Thereafter	2,304		56
Total revenues to be recognized	$	3,683	$	73

(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 six months ended June 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	3		5
Payments received in advance	(3)		(2)
Contract liabilities at June 30(1)	$	(198)	$	(249)
SDG&E:
Contract liabilities at January 1	$	(75)	$	(79)
Revenue from performance obligations satisfied during reporting period	2		2
Contract liabilities at June 30(2)	$	(73)	$	(77)

(1)     Balances at June 30, 2024 include $5 in Other Current Liabilities and $193 in Deferred Credits and Other.

(2)     Balances at June 30, 2024 include $3 in Other Current Liabilities and $70 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)
	June 30, 2024		December 31, 2023
Sempra:
Accounts receivable – trade, net(1)	$	1,371	$	1,951
Accounts receivable – other, net	23		15
Due from unconsolidated affiliates – current(2)	6		4
Other long-term assets(3)	20		—
Total	$	1,420	$	1,970
SDG&E:
Accounts receivable – trade, net(1)	$	684	$	870
Accounts receivable – other, net	19		13
Due from unconsolidated affiliates – current(2)	8		6
Other long-term assets(3)	7		—
Total	$	718	$	889
SoCalGas:
Accounts receivable – trade, net	$	583	$	985
Accounts receivable – other, net	4		2
Other long-term assets(3)	13		—
Total	$	600	$	987

(1)     At June 30, 2024 and December 31, 2023, includes $135 and $148, respectively, of receivables due from customers that were billed on behalf of CCAs, 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 until October 2026.