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SEMPRA - INVESTMENTS IN UNCONSOLIDATED ENTITIES
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
SEMPRA - INVESTMENTS IN UNCONSOLIDATED ENTITIES SEMPRA – INVESTMENTS IN UNCONSOLIDATED ENTITIES
We generally account for investments under the equity method when we have significant influence over, but do not have control of, these entities. Equity earnings and losses, both before and net of income tax, are combined and presented as Equity Earnings on the Condensed Consolidated Statements of Operations. Distributions received from equity method investees are classified in the Condensed Consolidated Statements of Cash Flows as either a return on investment in operating activities or a return of investment in investing activities based on the “nature of the distribution” approach. See Note 14 for information on equity earnings and losses, both before and net of income tax, by segment. See Note 1 for information on how equity earnings and losses before income taxes are factored into the calculations of our pretax income or loss and ETR.
We provide additional information concerning our equity method investments in Note 5 of the Notes to Consolidated Financial Statements in the Annual Report.
SEMPRA TEXAS UTILITIES
Oncor Holdings
We account for our 100% equity ownership interest in Oncor Holdings, which owns an 80.25% interest in Oncor, as an equity method investment. Due to the ring-fencing measures, governance mechanisms and commitments in effect, we do not have the power to direct the significant activities of Oncor Holdings and Oncor. See Note 5 of the Notes to Consolidated Financial Statements in the Annual Report for additional information related to the restrictions on our ability to direct the significant activities of Oncor Holdings and Oncor.
In the nine months ended September 30, 2025 and 2024, Sempra contributed $1.5 billion and $578 million, respectively, to Oncor Holdings, and Oncor Holdings distributed $459 million and $314 million, respectively, to Sempra. On October 29, 2025, Sempra contributed $519 million to Oncor Holdings, and on October 28, 2025, Oncor Holdings distributed $175 million to Sempra.
We provide summarized income statement information for Oncor Holdings in the following table.
SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS
(Dollars in millions)
 Three months ended September 30,Nine months ended September 30,
2025202420252024
Operating revenues$1,845 $1,660 $5,047 $4,610 
Operating expenses(1,213)(1,109)(3,537)(3,203)
Income from operations632 551 1,510 1,407 
Interest expense(201)(170)(578)(481)
Income tax expense(82)(75)(179)(179)
Net income378 320 814 791 
NCI held by Texas Transmission Investment LLC(75)(63)(162)(157)
Earnings attributable to Sempra(1)
303 257 652 634 
(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.
SEMPRA INFRASTRUCTURE
In connection with the planned sale of a portion of our equity interest in SI Partners, which we discuss in Note 6, the carrying amount of our equity method investments totaling $2.5 billion at September 30, 2025 is included in Assets Held for Sale on Sempra’s Condensed Consolidated Balance Sheet.
Cameron LNG JV
In the nine months ended September 30, 2025 and 2024, Sempra Infrastructure contributed $2 million and $10 million, respectively, to Cameron LNG JV, and Cameron LNG JV distributed $369 million and $353 million, respectively, to Sempra Infrastructure.
TAG Norte
In the nine months ended September 30, 2025 and 2024, TAG Norte distributed $45 million and $62 million, respectively, to Sempra Infrastructure.