v3.25.2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
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 measureJune 30, 2025December 31, 2024
Sempra:
Natural gasMMBtu881 637 
Congestion revenue rightsMWh22 27 
SDG&E:
Natural gasMMBtu22 16 
Congestion revenue rightsMWh22 27 
SoCalGas:
Natural gasMMBtu426 347 
Notional Amounts of Derivatives Table
The following table presents the notional amounts of our interest rate derivatives, excluding those in our equity method investments.
INTEREST RATE DERIVATIVES
(Dollars in millions)
 June 30, 2025December 31, 2024
 Notional amountMaturitiesNotional amountMaturities
Sempra:    
Cash flow hedges$258 2025-2034$271 2025-2034
Undesignated derivatives(1)
3,189 2025-20483,189 2025-2048
(1)    At June 30, 2025 and December 31, 2024, undesignated derivatives accrued interest based on a notional amount of $1,488 and $1,598, respectively.
The following table presents the notional amounts of our foreign currency derivatives, excluding those in our equity method investments.
FOREIGN CURRENCY DERIVATIVES
(Dollars in millions)
 June 30, 2025December 31, 2024
 Notional amountMaturitiesNotional amountMaturities
Sempra:    
Foreign currency derivatives$91 2025-2026$162 2025-2026
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 were 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)
 June 30, 2025
 
Current assets: Fixed-price contracts and other derivatives(1)
Other long-term assets
Other current
liabilities
Deferred credits and other
Sempra:    
Derivatives designated as hedging instruments:    
Interest rate instruments$7 $21 $— $— 
Foreign exchange instruments— — (7)— 
Derivatives not designated as hedging instruments:    
Interest rate instruments11 185 — — 
Commodity contracts not subject to rate recovery17 16 (37)(36)
Associated offsetting commodity contracts(12)(16)12 16 
Commodity contracts subject to rate recovery25 7 (52)(13)
Associated offsetting commodity contracts(22)(4)22 4 
Associated offsetting cash collateral— — 6 — 
Net amounts presented on the balance sheet26 209 (56)(29)
Additional cash collateral for commodity contracts
not subject to rate recovery
80 — — — 
Additional cash collateral for commodity contracts
subject to rate recovery
36 — — — 
Total
$142 $209 $(56)$(29)
SDG&E:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$4 $7 $(9)$(4)
Associated offsetting commodity contracts(2)(4)2 4 
Associated offsetting cash collateral— — 6 — 
Net amounts presented on the balance sheet2 3 (1)— 
Additional cash collateral for commodity contracts
subject to rate recovery
34 — — — 
Total
$36 $3 $(1)$— 
SoCalGas:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$21 $— $(43)$(9)
Associated offsetting commodity contracts(20)— 20 — 
Net amounts presented on the balance sheet1 — (23)(9)
Additional cash collateral for commodity contracts
subject to rate recovery
2 — — — 
Total$3 $— $(23)$(9)
(1)    Included in Other Current Assets for SDG&E and SoCalGas.
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
 December 31, 2024
Current assets: Fixed-price contracts and other derivatives(1)
Other long-term assetsOther current liabilitiesDeferred credits and other
Sempra:    
Derivatives designated as hedging instruments:    
Interest rate instruments$7 $28 $— $— 
Foreign exchange instruments4 1 — — 
Derivatives not designated as hedging instruments:    
Interest rate instruments12 246 — — 
Commodity contracts not subject to rate recovery16 23 (21)(43)
Associated offsetting commodity contracts(15)(23)15 23 
Commodity contracts subject to rate recovery7 4 (55)(10)
Associated offsetting commodity contracts(5)(2)5 2 
Associated offsetting cash collateral— — 10 4 
Net amounts presented on the balance sheet26 277 (46)(24)
Additional cash collateral for commodity contracts
not subject to rate recovery
40 — — — 
Additional cash collateral for commodity contracts
subject to rate recovery
25 — — — 
Total(2)
$91 $277 $(46)$(24)
SDG&E:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$4 $4 $(13)$(6)
Associated offsetting commodity contracts(2)(2)2 2 
Associated offsetting cash collateral— — 10 4 
Net amounts presented on the balance sheet2 2 (1)— 
Additional cash collateral for commodity contracts
subject to rate recovery
21 — — — 
Total(2)
$23 $2 $(1)$— 
SoCalGas:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$3 $— $(42)$(4)
Associated offsetting commodity contracts(3)— 3 — 
Net amounts presented on the balance sheet— — (39)(4)
Additional cash collateral for commodity contracts
subject to rate recovery
4 — — — 
Total$4 $— $(39)$(4)
(1)    Included in Other Current Assets for SDG&E and SoCalGas.
(2)    Normal purchase contracts previously measured at fair value are excluded.
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 (loss) gain
recognized in OCI		Pretax (loss) gain reclassified
from AOCI into earnings
Three months ended June 30, Three months ended June 30,
 20252024Location20252024
Sempra:     
Cash flow hedges:
Interest rate instruments$(3)$66 Interest expense$— $3 
Interest rate instruments(13)(3)
Equity earnings(1)
(1)10 
Foreign exchange instruments(5)11 
Revenues: Energy-
related businesses
1 2 
Other income, net(1)1 
Foreign exchange instruments(5)10 
Equity earnings(1)
1 2 
Fair value hedges:
Foreign exchange instruments(16)(7)
Equity earnings(1)
— — 
Total$(42)$77  $— $18 
SoCalGas:
Cash flow hedges:
Interest rate instruments$— $— Interest expense$— $(1)
 Six months ended June 30, Six months ended June 30,
 20252024Location20252024
Sempra:     
Cash flow hedges:
Interest rate instruments$(6)$208 Interest expense$2 $6 
Interest rate instruments(33)25 
Equity earnings(1)
4 15 
Foreign exchange instruments(10)12 
Revenues: Energy-
related businesses
(1)5 
Other income, net(1)1 
Foreign exchange instruments(9)10 
Equity earnings(1)
(1)4 
Fair value hedges:
Foreign exchange instruments(25)(7)
Equity earnings(1)
— — 
Total$(83)$248  $3 $31 
SoCalGas:
Cash flow hedges:
Interest rate instruments$— $— Interest expense$— $(1)
(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 June 30,Six months ended June 30,
 Location2025202420252024
Sempra:     
Commodity contracts not subject
to rate recovery
Revenues: Energy-related
businesses
$33 $41 $39 $120 
Commodity contracts not subject
to rate recovery
Energy-related businesses
cost of sales
(2)— (2)— 
Commodity contracts subject
to rate recovery
Cost of natural gas(4)(21)(20)(27)
Commodity contracts subject
to rate recovery
Cost of electric fuel and purchased power1 4 4 (19)
Interest rate instrumentsInterest expense9 — (56)— 
Total $37 $24 $(35)$74 
SDG&E:     
Commodity contracts subject
to rate recovery
Cost of electric fuel and purchased power$1 $4 $4 $(19)
SoCalGas:     
Commodity contracts subject
to rate recovery
Cost of natural gas$(4)$(21)$(20)$(27)