v3.26.1
GENERAL INFORMATION AND OTHER FINANCIAL DATA (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Sempra’s Condensed Consolidated Balance Sheets to the sum of such amounts reported on Sempra’s Condensed Consolidated Statements of Cash Flows. We provide information about the nature of restricted cash in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report.
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
(Dollars in millions)
 March 31,
2026		December 31,
2025
Sempra:
Cash and cash equivalents$794 $29 
Restricted cash, current2 2 
Assets held for sale3,163 3,521 
Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of
Cash Flows
$3,959 $3,552 
Accounts Receivable, Allowance for Credit Loss
Changes in allowances for credit losses for trade receivables, other receivables and a note receivable are as follows:
CHANGES IN ALLOWANCES FOR CREDIT LOSSES
(Dollars in millions)
20262025
Sempra:
Allowances for credit losses at January 1$298 $519 
Provisions for expected credit losses(1)
19 (4)
Write-offs
(42)(48)
Reclassification to assets held for sale7 — 
Allowances for credit losses at March 31
$282 $467 
SDG&E:
Allowances for credit losses at January 1$80 $114 
Provisions for expected credit losses19 15 
Write-offs(18)(20)
Allowances for credit losses at March 31
$81 $109 
SoCalGas:
Allowances for credit losses at January 1$214 $285 
Provisions for expected credit losses7 9 
Write-offs(24)(28)
Allowances for credit losses at March 31
$197 $266 
(1)    Includes activities in 2026 within the disposal group that is classified as held for sale.
Allowances for credit losses related to trade receivables, other receivables and a note receivable are included in the Condensed Consolidated Balance Sheets as follows:
ALLOWANCES FOR CREDIT LOSSES
(Dollars in millions)
March 31,December 31,
20262025
Sempra:
Accounts receivable – trade, net$219 $235 
Accounts receivable – other, net48 47 
Other long-term assets(1)(2)
15 16 
Total allowances for credit losses$282 $298 
SDG&E:
Accounts receivable – trade, net$50 $49 
Accounts receivable – other, net27 26 
Other long-term assets(1)
4 5 
Total allowances for credit losses$81 $80 
SoCalGas:
Accounts receivable – trade, net$169 $186 
Accounts receivable – other, net21 21 
Other long-term assets(1)
7 7 
Total allowances for credit losses$197 $214 
(1)    In January 2024, the CPUC directed SDG&E and SoCalGas to offer long-term payment plans to eligible residential customers with past-due balances.
(2)    At both March 31, 2026 and December 31, 2025, includes $4 of expected credit losses on an interest-bearing promissory note due from KKR Pinnacle.
Schedule of Related Party Transactions
We summarize amounts due from and to unconsolidated affiliates at SDG&E and SoCalGas in the following table.
AMOUNTS DUE FROM (TO) UNCONSOLIDATED AFFILIATES
(Dollars in millions)
SDG&ESoCalGas
 March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
SDG&E$8 $6 
Various affiliates$1 $1 2 2 
Total due from unconsolidated affiliates – current$1 $1 $10 $8 
Sempra $(53)$(48)$(44)$(35)
SoCalGas(8)(6)
Various affiliates(9)(5)— — 
Total due to unconsolidated affiliates – current$(70)$(59)$(44)$(35)
Income taxes due (to) from Sempra(1)
$(3)$43 $(46)$(6)
(1)    SDG&E and SoCalGas are included in the consolidated income tax return of Sempra, and their respective income tax expense/benefit is computed as an amount equal to that which would result from each company having always filed a separate return. Amounts include current and noncurrent income taxes due from/to Sempra.
The following table summarizes income statement information from unconsolidated affiliates.
INCOME STATEMENT IMPACT FROM UNCONSOLIDATED AFFILIATES
(Dollars in millions)
 Three months ended March 31,
 20262025
Sempra:  
Revenues$8 $9 
Interest expense6 4 
SDG&E:  
Revenues$6 $6 
Cost of sales28 38 
SoCalGas:
Revenues$46 $41 
Cost of sales(1)
— (1)
(1)     Includes net commodity costs from natural gas transactions with unconsolidated affiliates.
Schedule of Inventory, Current
The components of inventories are as follows:
INVENTORY BALANCES
(Dollars in millions)
 SempraSDG&ESoCalGas
 
March 31,
2026
December 31,
2025
March 31,
2026		December 31,
2025		March 31,
2026		December 31,
2025
Natural gas$134 $158 $2 $2 $132 $156 
Materials and supplies396 403 261 265 135 138 
Total$530 $561 $263 $267 $267 $294 
Schedule of Capitalization
The table below summarizes capitalized financing costs, comprised of capitalized interest and AFUDC related to debt.
CAPITALIZED FINANCING COSTS
(Dollars in millions)
Three months ended March 31,
 20262025
Sempra$239 $174 
SDG&E23 25 
SoCalGas22 25 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables present the changes in AOCI by component and amounts reclassified out of AOCI to net income, after amounts attributable to NCI.
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT(1)
(Dollars in millions)
 Foreign
currency
translation
adjustments		Financial
instruments		Pension
and PBOP		Total
AOCI
 Three months ended March 31, 2026 and 2025
Sempra:
Balance at December 31, 2025$(45)$(54)$(98)$(197)
OCI before reclassifications(2)5 5 8 
Amounts reclassified from AOCI— (3)1 (2)
Net OCI(2)2 6 6 
Balance at March 31, 2026$(47)$(52)$(92)$(191)
   
Balance at December 31, 2024$(66)$15 $(115)$(166)
OCI before reclassifications— (31)(2)(33)
Amounts reclassified from AOCI— (1)5 4 
Net OCI
— (32)3 (29)
Balance at March 31, 2025$(66)$(17)$(112)$(195)
SDG&E:
Balance at December 31, 2025 and March 31, 2026
$(6)$(6)
Balance at December 31, 2024 and March 31, 2025$(12)$(12)
SoCalGas:
Balance at December 31, 2025 and March 31, 2026
$(9)$(8)$(17)
Balance at December 31, 2024$(10)$(17)$(27)
OCI before reclassifications— (2)(2)
Amounts reclassified from AOCI
— 4 4 
Net OCI— 2 2 
Balance at March 31, 2025$(10)$(15)$(25)
(1)    All amounts are net of income tax, if subject to tax, and after NCI.
Reclassifications out of AOCI
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
Details about AOCI componentsAmounts reclassified
from AOCI		 Affected line item on Condensed
Consolidated Statements of Operations
 Three months ended March 31,  
 20262025 
Sempra:
   
Financial instruments:   
Interest rate instruments
$(1)$(2)Interest expense
Interest rate instruments
(1)(5)
Equity earnings(1)
Foreign exchange instruments(2)2 
Revenues: Energy-related businesses
Foreign exchange instruments(2)2 
Equity earnings(1)
Total, before income tax
(6)(3) 
 1 1 Income tax expense
Total, net of income tax
(5)(2) 
 2 1 Earnings attributable to noncontrolling interests
Total, net of income tax and after NCI
$(3)$(1) 
Pension and PBOP(2):
   
Amortization of actuarial loss$1 $2 Other income, net
Settlement charges— 4 Other income, net
Total, before income tax
1 6 
 — (1)Income tax expense
Total, net of income tax
$1 $5  
Total reclassifications for the period, net of income
tax and after NCI
$(2)$4  
SoCalGas:   
Pension and PBOP(2):
   
Amortization of actuarial loss
$— $1 Other income, net
Settlement charges
— 4 Other income, net
Total, before income tax
— 5 
— (1)Income tax expense
Total, net of income tax
$— $4 
Total reclassifications for the period, net of income
tax
$— $4 
(1)    Equity earnings at Oncor Holdings and our foreign equity method investees are recognized after tax.
(2)    Amounts are included in the computation of net periodic benefit cost (see “Pension and PBOP” below).
Schedule of Net Benefit Costs
NET PERIODIC BENEFIT COST
(Dollars in millions)
PensionPBOP
 Three months ended March 31,
 2026202520262025
Sempra:
Service cost$34 $32 $3 $3 
Interest cost45 45 11 10 
Expected return on assets(45)(45)(18)(16)
Amortization of:    
Prior service cost (credit)1 1 (1)(1)
Actuarial loss (gain)1 3 (3)(3)
Settlement charges— 4 — — 
Special termination benefits— — 18 — 
Net periodic benefit cost (credit)36 40 10 (7)
Regulatory adjustments(28)(28)(10)7 
Total expense recognized$8 $12 $— $— 
SDG&E:
Service cost$10 $9 $1 $1 
Interest cost12 12 2 2 
Expected return on assets(13)(12)(3)(2)
Amortization of:
Actuarial loss (gain)1 2 — (1)
Special termination benefits— — 6 — 
Net periodic benefit cost 10 11 6 — 
Regulatory adjustments(10)(10)(6)— 
Total expense recognized$— $1 $— $— 
SoCalGas:
Service cost$19 $19 $2 $3 
Interest cost28 28 8 7 
Expected return on assets(30)(30)(15)(14)
Amortization of:
Prior service cost (credit)1 1 (1)(1)
Actuarial loss (gain)— 1 (2)(2)
Settlement charges— 4 — — 
Special termination benefits— — 12 — 
Net periodic benefit cost (credit)18 23 4 (7)
Regulatory adjustments(18)(18)(4)7 
Total expense recognized$— $5 $— $— 
Schedule of Other Nonoperating Income (Expense)
OTHER INCOME (EXPENSE), NET
(Dollars in millions)
 Three months ended March 31,
 20262025
Sempra: 
Allowance for equity funds used during construction$42 $41 
Investment gains, net(1)
1 2 
Gains on foreign exchange instruments, net
9 — 
Foreign currency transaction (losses) gains, net
(1)4 
Non-service components of net periodic benefit cost
29 23 
Interest on regulatory balancing accounts, net19 21 
Sundry, net1 — 
Total$100 $91 
SDG&E: 
Allowance for equity funds used during construction$17 $19 
Non-service components of net periodic benefit cost
11 9 
Interest on regulatory balancing accounts, net12 11 
Sundry, net(2)1 
Total$38 $40 
SoCalGas: 
Allowance for equity funds used during construction$15 $18 
Non-service components of net periodic benefit cost
21 17 
Interest on regulatory balancing accounts, net7 10 
Sundry, net— (3)
Total$43 $42 
(1)    Represents net investment gains (losses) on dedicated assets in support of our executive retirement and deferred compensation plans. These amounts are offset by corresponding changes in compensation expense related to the plans, recorded in O&M on the Condensed Consolidated Statements of Operations.
Schedule of Effective Income Tax Rate Reconciliation
INCOME TAX EXPENSE (BENEFIT) AND EFFECTIVE INCOME TAX RATES
(Dollars in millions)
Three months ended March 31,
20262025
Sempra:
Income tax expense$65 $57 
Income before income taxes and equity earnings
$848 $651 
Equity earnings, before income tax(1)
148 141 
Pretax income
$996 $792 
Effective income tax rate7 %7 %
SDG&E:
Income tax expense$69 $14 
Income before income taxes$365 $295 
Effective income tax rate19 %5 %
SoCalGas:
Income tax expense$20 $38 
Income before income taxes
$444 $481 
Effective income tax rate5 %8 %
(1)    We discuss how we recognize equity earnings in Note 5 of the Notes to Consolidated Financial Statements in the Annual Report.