XML 75 R44.htm IDEA: XBRL DOCUMENT v3.26.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Volumes Table
The following table summarizes net energy derivative volumes.
NET ENERGY DERIVATIVE VOLUMES
(Quantities in millions)
CommodityUnit of measureMarch 31, 2026December 31, 2025
Sempra:
Natural gas(1)
MMBtu438 336 
Congestion revenue rightsMWh16 18 
SDG&E:
Natural gasMMBtu14 14 
Congestion revenue rightsMWh16 18 
SoCalGas:
Natural gasMMBtu424 322 
(1)    At March 31, 2026 and December 31, 2025, excludes 1,329 and 1,016, respectively, related to the disposal group that is classified as held for sale.
Derivative Instruments on the Condensed Consolidated Balance Sheets Table The following tables provide the fair values of derivative instruments on the Condensed Consolidated Balance Sheets, including the amount of cash collateral receivables that are not offset because the cash collateral was in excess of liability positions. We discuss the fair value of derivative assets and liabilities in Note 9.
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
 March 31, 2026
Current assetsCurrent liabilities
 Other current assetsAssets
held for sale
Other long-term assetsOther current
liabilities		Liabilities held for saleDeferred credits and other
Sempra:
    
Derivatives designated as hedging instruments:    
Interest rate instruments$25 $— 
Foreign exchange instruments— (6)
Derivatives not designated as hedging instruments:    
Interest rate instruments153 — 
Foreign exchange instruments12 $(3)— 
Commodity contracts not subject to rate recovery226 — (231)
Associated offsetting commodity contracts(9)— 9 
Commodity contracts subject to rate recovery$7 $14 (24)$(17)
Associated offsetting commodity contracts(2)(5)2 5 
Associated offsetting cash collateral— — 12 4 
Net amounts presented on the balance sheet5 407 9 (13)(228)(8)
Additional cash collateral for commodity contracts
not subject to rate recovery
60 — 
Additional cash collateral for commodity contracts
subject to rate recovery
25 — — — 
Total
$30 $467 $9 $(13)$(228)$(8)
SDG&E:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$4 $8 $(12)$(5)
Associated offsetting commodity contracts— (1)— 1 
Associated offsetting cash collateral— — 12 4 
Net amounts presented on the balance sheet4 7 — — 
Additional cash collateral for commodity contracts
subject to rate recovery
20 — — — 
Total
$24 $7 $— $— 
SoCalGas:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$3 $6 $(12)$(12)
Associated offsetting commodity contracts(2)(4)2 4 
Net amounts presented on the balance sheet1 2 (10)(8)
Additional cash collateral for commodity contracts
subject to rate recovery
5 — — — 
Total$6 $2 $(10)$(8)
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
 December 31, 2025
Current assetsCurrent liabilities
Other current assetsAssets held for saleOther long-term assetsOther current liabilitiesLiabilities held for saleDeferred credits and other
Sempra:    
Derivatives designated as hedging instruments:    
Interest rate instruments$25 $— 
Foreign exchange instruments— (8)
Derivatives not designated as hedging instruments:    
Interest rate instruments242 — 
Commodity contracts not subject to rate recovery9 (66)
Associated offsetting commodity contracts(5)5 
Commodity contracts subject to rate recovery$25 $11 $(134)$(10)
Associated offsetting commodity contracts(4)(2)4 2 
Associated offsetting cash collateral— — 68 4 
Net amounts presented on the balance sheet21 271 9 (62)(69)(4)
Additional cash collateral for commodity contracts
not subject to rate recovery
38 — 
Additional cash collateral for commodity contracts
subject to rate recovery
23 — — — 
Total$44 $309 $9 $(62)$(69)$(4)
SDG&E:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$4 $8 $(12)$(5)
Associated offsetting commodity contracts— (1)— 1 
Associated offsetting cash collateral— — 12 4 
Net amounts presented on the balance sheet4 7 — — 
Additional cash collateral for commodity contracts
subject to rate recovery
13 — — — 
Total$17 $7 $— $— 
SoCalGas:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$21 $3 $(122)$(5)
Associated offsetting commodity contracts(4)(1)4 1 
Associated offsetting cash collateral— — 56 — 
Net amounts presented on the balance sheet17 2 (62)(4)
Additional cash collateral for commodity contracts
subject to rate recovery
10 — — — 
Total$27 $2 $(62)$(4)
Cash Flow Hedge Impact on the Condensed Consolidated Statements of Comprehensive Income Table
The following table includes the effects of derivative instruments designated as hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI.
HEDGE IMPACTS
(Dollars in millions)
Pretax gain (loss)
recognized in OCI		Pretax gain (loss) reclassified
from AOCI into earnings
 Three months ended March 31, Three months ended March 31,
 20262025Location20262025
Sempra:     
Cash flow hedges:
Interest rate instruments$2 $(3)Interest expense$1 $2 
Interest rate instruments7 (20)
Equity earnings(1)
1 5 
Foreign exchange instruments2 (5)
Revenues: Energy-
related businesses
2 (2)
Foreign exchange instruments2 (4)
Equity earnings(1)
2 (2)
Fair value hedges:
Foreign exchange instruments(2)(9)
Equity earnings(1)
— — 
Total$11 $(41) $6 $3 
(1)    Equity earnings at Oncor Holdings and our foreign equity method investees are recognized after tax.
Fair Value Hedge Impact on the Condensed Consolidated Statements of Operations Table
The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations.
UNDESIGNATED DERIVATIVE IMPACTS
(Dollars in millions)
  Pretax gain (loss) on derivatives recognized in earnings
  Three months ended March 31,
 Location20262025
Sempra:   
Commodity contracts not
subject to rate recovery
Revenues: Energy-related
businesses
$100 $6 
Commodity contracts not
subject to rate recovery
Energy-related businesses
cost of sales
(22)— 
Commodity contracts subject
to rate recovery
Cost of natural gas(1)(16)
Commodity contracts subject
to rate recovery
Cost of electric fuel and purchased power(5)3 
Foreign exchange instrumentsOther income, net9 — 
Interest rate instrumentsInterest expense11 (65)
Total $92 $(72)
SDG&E:   
Commodity contracts subject
to rate recovery
Cost of electric fuel and purchased power$(5)$3 
SoCalGas:   
Commodity contracts subject
to rate recovery
Cost of natural gas$(1)$(16)