FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024


RECURRING FAIR VALUE MEASURES
(Dollars in millions)
	Fair value at December 31, 2024
	Level 1		Level 2		Level 3		Netting(1)		Total
Sempra:
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	8	$	2	$	—			$	10
Equity securities	295		3		—				298
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	41		26		—				67
Municipal bonds	—		287		—				287
Other securities	—		228		—				228
Total debt securities	41		541		—				582
Total nuclear decommissioning trusts(2)	344		546		—				890
Short-term investments held in Rabbi Trust	64		—		—				64
Support Agreement, net of related guarantee fees	—		—		25				25
Interest rate instruments	—		293		—		$	—	293
Foreign exchange instruments	—		5		—		—		5
Commodity contracts not subject to rate recovery	—		39		—		2		41
Commodity contracts subject to rate recovery	6		1		4		18		29
Total	$	414	$	884	$	29	$	20	$	1,347
Liabilities:
Commodity contracts not subject to rate recovery	$	1	$	63	$	—	$	(38)	$	26
Commodity contracts subject to rate recovery	20		45		—		(21)		44
Total	$	21	$	108	$	—	$	(59)	$	70

	Fair value at December 31, 2023
Sempra:
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	19	$	2	$	—			$	21
Equity securities	308		4		—				312
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	34		17		—				51
Municipal bonds	—		275		—				275
Other securities	—		220		—				220
Total debt securities	34		512		—				546
Total nuclear decommissioning trusts(2)	361		518		—				879
Short-term investments held in Rabbi Trust	67		—		—				67
Support Agreement, net of related guarantee fees	—		—		23				23
Interest rate instruments	—		87		—		$	—	87
Commodity contracts not subject to rate recovery	—		5		—		74		79
Commodity contracts subject to rate recovery	—		1		10		22		33
Total	$	428	$	611	$	33	$	96	$	1,168

Liabilities:
Foreign exchange instruments	$	—	$	9	$	—	$	—	$	9
Commodity contracts not subject to rate recovery	—		6		—		—		6
Commodity contracts subject to rate recovery	20		210		—		(19)		211
Total	$	20	$	225	$	—	$	(19)	$	226

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.

(2) Excludes receivables (payables), net.


RECURRING FAIR VALUE MEASURES
(Dollars in millions)
	Level 1		Level 2		Level 3		Netting(1)		Total
	Fair value at December 31, 2024
SDG&E:
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	8	$	2	$	—			$	10
Equity securities	295		3		—				298
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	41		26		—				67
Municipal bonds	—		287		—				287
Other securities	—		228		—				228
Total debt securities	41		541		—				582
Total nuclear decommissioning trusts(2)	344		546		—				890
Commodity contracts subject to rate recovery	4		—		4		$	17	25
Total	$	348	$	546	$	4	$	17	$	915
Liabilities:
Commodity contracts subject to rate recovery	$	18	$	1	$	—	$	(18)	$	1

	Fair value at December 31, 2023
SDG&E:
Assets:
Nuclear decommissioning trusts:
Short-term investments, primarily cash equivalents	$	19	$	2	$	—			$	21
Equity securities	308		4		—				312
Debt securities:
Debt securities issued by the U.S. Treasury and other U.S. government corporations and agencies	34		17		—				51
Municipal bonds	—		275		—				275
Other securities	—		220		—				220
Total debt securities	34		512		—				546
Total nuclear decommissioning trusts(2)	361		518		—				879
Commodity contracts subject to rate recovery	—		—		10		$	21	31
Total	$	361	$	518	$	10	$	21	$	910
Liabilities:
Commodity contracts subject to rate recovery	$	20	$	—	$	—	$	(19)	$	1

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.

(2) Excludes receivables (payables), net.


RECURRING FAIR VALUE MEASURES
(Dollars in millions)
	Level 1		Level 2		Level 3		Netting(1)		Total
	Fair value at December 31, 2024
SoCalGas:
Assets:
Commodity contracts subject to rate recovery	$	2	$	1	$	—	$	1	$	4
Liabilities:
Commodity contracts subject to rate recovery	$	2	$	44	$	—	$	(3)	$	43

	Fair value at December 31, 2023
SoCalGas:
Assets:
Commodity contracts subject to rate recovery	$	—	$	1	$	—	$	1	$	2
Liabilities:
Commodity contracts subject to rate recovery	$	—	$	210	$	—	$	—	$	210

(1) Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.

Recurring Fair Value Measures Level 3 Rollforward Table

The table below sets forth reconciliations of changes in the fair value of CRRs and, until December 31, 2022, fixed-price electricity positions, classified as Level 3 in the fair value hierarchy for Sempra and SDG&E.


LEVEL 3 RECONCILIATIONS(1)
(Dollars in millions)
	2024		2023		2022
Balance at January 1	$	10	$	35	$	54
Realized and unrealized gains (losses), net	(10)		(17)		(56)
Allocated transmission instruments	3		(1)		(4)
Settlements	1		(7)		41
Balance at December 31	$	4	$	10	$	35
Change in unrealized losses relating to instruments still held at December 31	$	(4)	$	(13)	$	(10)

(1) Excludes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.

The table below sets forth reconciliations of changes in the fair value of Sempra’s Support Agreement for the benefit of CFIN classified as Level 3 in the fair value hierarchy.


LEVEL 3 RECONCILIATIONS
(Dollars in millions)
	2024		2023		2022
Balance at January 1	$	23	$	17	$	7
Realized and unrealized gains (losses), net(1)	11		15		19
Settlements	(9)		(9)		(9)
Balance at December 31(2)	$	25	$	23	$	17
Change in unrealized gains relating to instruments still held at December 31	$	8	$	13	$	18

(1) Net gains are included in Interest Income and net losses are included in Interest Expense on Sempra’s Consolidated Statements of Operations.

(2) Balance at December 31, 2024 and 2023 includes $7 in Other Current Assets, and $18 and $16, respectively, in Other Long-Term Assets on Sempra’s Consolidated Balance Sheet.

Schedule of Auction Price Inputs

For the CRRs settling from January 1 to December 31, the auction price inputs, at a given location, were in the following ranges for the years indicated below:


CONGESTION REVENUE RIGHTS AUCTION PRICE INPUTS

Settlement year		Price per MWh					Median price per MWh
2025	$	(7.38)	to	$	15.54	$	0.01
2024		(3.69)	to		9.55		(0.44)
2023		(3.09)	to		10.71		(0.56)

Fair Value of Financial Instruments Table

The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Consolidated Balance Sheets.


FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
	Carrying		Fair value
	amount		Level 1		Level 2		Level 3		Total
	December 31, 2024
Sempra:
Long-term note receivable(1)	$	351	$	—	$	—	$	334	$	334
Long-term amounts due to unconsolidated affiliates	352		—		324		—		324
Total long-term debt(2)	32,899		—		30,193		—		30,193
SDG&E:
Total long-term debt(3)	$	8,950	$	—	$	7,760	$	—	$	7,760
SoCalGas:
Total long-term debt(4)	$	7,359	$	—	$	6,880	$	—	$	6,880

	December 31, 2023
Sempra:
Long-term note receivable(1)	$	334	$	—	$	—	$	318	$	318
Long-term amounts due to unconsolidated affiliates	312		—		283		—		283
Total long-term debt(2)	27,716		—		25,617		—		25,617
SDG&E:
Total long-term debt(3)	$	8,750	$	—	$	7,856	$	—	$	7,856
SoCalGas:
Total long-term debt(4)	$	6,759	$	—	$	6,442	$	—	$	6,442

(1) Before allowances for credit losses of $5 and $6 at December 31, 2024 and 2023, respectively. Excludes unamortized transaction costs of $3 and $4 at December 31, 2024 and 2023, respectively.

(2) After the effects of interest rate swaps. Before reductions of unamortized discount and debt issuance costs of $382 and $322 at December 31, 2024 and 2023, respectively, and excluding finance lease obligations of $1,315 and $1,340 at December 31, 2024 and 2023, respectively.

(3) Before reductions of unamortized discount and debt issuance costs of $95 and $89 at December 31, 2024 and 2023, respectively, and excluding finance lease obligations of $1,205 and $1,233 at December 31, 2024 and 2023, respectively.

(4) Before reductions of unamortized discount and debt issuance costs of $65 and $55 at December 31, 2024 and 2023, respectively, and excluding finance lease obligations of $110 and $107 at December 31, 2024 and 2023, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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