v3.26.3
GENERAL INFORMATION AND OTHER FINANCIAL DATA (Tables)
 9 Months Ended
Sep. 30, 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)
September 30,
2026		December 31,
2025
Sempra:
Cash and cash equivalents$34 $29 
Restricted cash, current2 2 
Assets held for sale2,068 3,521 
Total cash, cash equivalents and restricted cash on the Condensed Consolidated Statements of
Cash Flows
$2,104 $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)
87 106 
Write-offs
(103)(147)
Reclassification to assets held for sale7 (134)
Allowances for credit losses at September 30
$289 $344 
SDG&E:
Allowances for credit losses at January 1$80 $114 
Provisions for expected credit losses44 40 
Write-offs(43)(61)
Allowances for credit losses at September 30
$81 $93 
SoCalGas:
Allowances for credit losses at January 1$214 $285 
Provisions for expected credit losses50 42 
Write-offs(60)(80)
Allowances for credit losses at September 30
$204 $247 
(1)    Includes activities 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)
September 30,December 31,
20262025
Sempra:
Accounts receivable – trade, net$223 $235 
Accounts receivable – other, net49 47 
Other long-term assets(1)(2)
17 16 
Total allowances for credit losses$289 $298 
SDG&E:
Accounts receivable – trade, net$49 $49 
Accounts receivable – other, net27 26 
Other long-term assets(1)
5 5 
Total allowances for credit losses$81 $80 
SoCalGas:
Accounts receivable – trade, net$174 $186 
Accounts receivable – other, net22 21 
Other long-term assets(1)
8 7 
Total allowances for credit losses$204 $214 
(1)    In 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 September 30, 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 the Registrants in the following table.
AMOUNTS DUE FROM (TO) UNCONSOLIDATED AFFILIATES
(Dollars in millions)
September 30,
2026		December 31,
2025
Sempra:
Tax sharing agreement with Oncor Holdings$23 $— 
Sharyland Utilities – 5.15% Note due May 1, 2027(1)
30 — 
Total due from unconsolidated affiliates – current$53 $— 
Tax sharing agreement with Oncor Holdings
$— $(8)
Total due to unconsolidated affiliates – current$— $(8)
SDG&E:
SoCalGas
$6 $— 
Various affiliates— 1 
Total due from unconsolidated affiliates – current$6 $1 
Sempra $(38)$(48)
SoCalGas— (6)
Various affiliates(8)(5)
Total due to unconsolidated affiliates – current$(46)$(59)
Income taxes due from Sempra(2)
$50 $43 
SoCalGas:
SDG&E$— $6 
Various affiliates1 2 
Total due from unconsolidated affiliates – current$1 $8 
Sempra$(45)$(35)
SDG&E(6)— 
Total due to unconsolidated affiliates – current$(51)$(35)
Income taxes due from (to) Sempra(2)
$37 $(6)
(1)     Note bears interest at the lower of Sempra’s intercompany borrowing rate or the maximum rate permitted under applicable California law. Amount includes principal balance plus accumulated interest outstanding.
(2)    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 September 30,Nine months ended September 30,
2026202520262025
Sempra:
Revenues$9 $9 $25 $26 
Interest income
1 — 1 — 
Interest expense7 4 19 13 
SDG&E:
Revenues$5 $6 $17 $17 
Cost of sales33 35 96 103 
SoCalGas:
Revenues$47 $47 $139 $128 
Cost of sales(1)
(1)(2)(3)(3)
(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
September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
Natural gas$149 $158 $1 $2 $148 $156 
Materials and supplies382 403 254 265 128 138 
Total$531 $561 $255 $267 $276 $294 
Schedule of Capitalization
The table below summarizes capitalized financing costs.
CAPITALIZED FINANCING COSTS
(Dollars in millions)
Three months ended September 30,Nine months ended September 30,
2026202520262025
Sempra:
Capitalized interest$212 $148 $591 $401 
AFUDC debt15 14 42 43 
AFUDC equity37 43 117 130 
SDG&E:
AFUDC debt$7 $6 $20 $21 
AFUDC equity17 19 50 61 
SoCalGas:
AFUDC debt$8 $8 $22 $22 
AFUDC equity20 17 50 53 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following tables present the changes in AOCI by component and amounts reclassified out of AOCI to net income, after amounts attributable to NCI.
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT(1)
(Dollars in millions)
Foreign
currency
translation
adjustments		Financial
instruments		Pension
and PBOP		Total
AOCI
Three months ended September 30, 2026 and 2025
Sempra:
Balance at June 30, 2026$(40)$(14)$(90)$(144)
OCI before reclassifications(1)165 — 164 
Amounts reclassified from AOCI
39 (7)2 34 
Net OCI
38 158 2 198 
Balance at September 30, 2026$(2)$144 $(88)$54 
Balance at June 30, 2025$(55)$(50)$(110)$(215)
OCI before reclassifications
5 (11)(1)(7)
Amounts reclassified from AOCI
— (2)12 10 
Net OCI
5 (13)11 3 
Balance at September 30, 2025$(50)$(63)$(99)$(212)
SDG&E:
Balance at June 30, 2026 and September 30, 2026$(6)$(6)
Balance at June 30, 2025 and September 30, 2025$(12)$(12)
SoCalGas:
Balance at June 30, 2026$(9)$(8)$(17)
Amounts reclassified from AOCI— 1 1 
Net OCI— 1 1 
Balance at September 30, 2026
$(9)$(7)$(16)
Balance at June 30, 2025$(10)$(14)$(24)
Amounts reclassified from AOCI
1 5 6 
Net OCI1 5 6 
Balance at September 30, 2025$(9)$(9)$(18)
(1)    All amounts are net of income tax, if subject to tax, and after NCI.
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT(1) (CONTINUED)
(Dollars in millions)
Foreign
currency
translation
adjustments		Financial
instruments		Pension
and PBOP		Total
AOCI
Nine months ended September 30, 2026 and 2025
Sempra:
Balance at December 31, 2025$(45)$(54)$(98)$(197)
OCI before reclassifications4 207 5 216 
Amounts reclassified from AOCI
39 (9)5 35 
Net OCI
43 198 10 251 
Balance at September 30, 2026$(2)$144 $(88)$54 
Balance at December 31, 2024$(66)$15 $(115)$(166)
OCI before reclassifications
16 (76)(3)(63)
Amounts reclassified from AOCI
— (2)19 17 
Net OCI
16 (78)16 (46)
Balance at September 30, 2025$(50)$(63)$(99)$(212)
SDG&E:
Balance at December 31, 2025 and September 30, 2026$(6)$(6)
Balance at December 31, 2024 and September 30, 2025$(12)$(12)
SoCalGas:
Balance at December 31, 2025$(9)$(8)$(17)
Amounts reclassified from AOCI— 1 1 
Net OCI— 1 1 
Balance at September 30, 2026
$(9)$(7)$(16)
Balance at December 31, 2024$(10)$(17)$(27)
OCI before reclassifications— (2)(2)
Amounts reclassified from AOCI
1 10 11 
Net OCI1 8 9 
Balance at September 30, 2025$(9)$(9)$(18)
(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 September 30,
20262025
Sempra:
Foreign currency translation adjustments$55 $— Gain on sales
(16)— Earnings attributable to noncontrolling interests
Total after NCI
$39 $— 
Financial instruments:
Interest rate instruments
$— $(4)Interest expense
Interest rate instruments
(2)(6)
Equity earnings(1)
Foreign exchange instruments— 2 
Revenues: Energy-related businesses
— 1 Other income, net
Foreign exchange instruments(1)3 
Equity earnings(1)
Total, before income tax
(3)(4)
(7)— Gain on sales
— 1 Income tax expense
Total, net of income tax
(10)(3)
3 1 Earnings attributable to noncontrolling interests
Total, net of income tax and after NCI$(7)$(2)
Pension and PBOP(2):
Amortization of actuarial loss$1 $— Gain on sales
Amortization of actuarial loss2 2 Other income, net
Settlement charges— 12 Other income, net
Total, before income tax
3 14 
(1)(2)Income tax expense
Total, net of income tax
$2 $12 
Total reclassifications for the period, net of income
 tax and after NCI
$34 $10 
SoCalGas:
Financial instruments:
Interest rate instruments$— $1 Interest expense
Pension and PBOP(2):
Amortization of actuarial loss$1 $— Other income (expense), net
Settlement charges
— 6 Other income (expense), net
Total, before income tax1 6 
— (1)Income tax benefit
Total, net of income tax$1 $5 
Total reclassifications for the period, net of income
 tax
$1 $6 
(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).
RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (CONTINUED)
(Dollars in millions)
Details about AOCI componentsAmounts reclassified
from AOCI		Affected line item on Condensed
Consolidated Statements of Operations
Nine months ended September 30,
20262025
Sempra:
Foreign currency translation adjustments$55 $— Gain on sales
(16)— Earnings attributable to noncontrolling interests
Total after NCI$39 $— 
Financial instruments:
Interest rate instruments$(3)$(6)Interest expense
Interest rate instruments(2)(10)
Equity earnings(1)
Foreign exchange instruments(3)3 
Revenues: Energy-related businesses
1 2 Other income, net
Foreign exchange instruments(2)4 
Equity earnings(1)
Total, before income tax
(9)(7)
(7)— Gain on sales
1 2 Income tax expense
Total, net of income tax
(15)(5)
6 3 Earnings attributable to noncontrolling interests
Total, net of income tax and after NCI$(9)$(2)
Pension and PBOP(2):
Amortization of actuarial loss
$1 $— Gain on sales
Amortization of actuarial loss4 5 Other income, net
Amortization of prior service cost1 1 Other income, net
Settlement charges— 16 Other income, net
Total, before income tax
6 22 
(1)(3)Income tax expense
Total, net of income tax
$5 $19 
Total reclassifications for the period, net of income
 tax and after NCI
$35 $17 
SoCalGas:
Financial instruments:
Interest rate instruments$— $1 Interest expense
Pension and PBOP(2):
Amortization of actuarial loss$1 $1 Other income (expense), net
Amortization of prior service cost— 1 Other income (expense), net
Settlement charges
— 10 Other income (expense), net
Total, before income tax1 12 
— (2)Income tax benefit
Total, net of income tax$1 $10 
Total reclassifications for the period, net of income
 tax
$1 $11 
(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
The following tables provide the components of net periodic benefit cost. The components of net periodic benefit cost, other than the service cost component, are included in Other Income, Net.
NET PERIODIC BENEFIT COST
(Dollars in millions)
PensionPBOP
Three months ended September 30,
2026202520262025
Sempra:
Service cost$33 $32 $3 $3 
Interest cost46 42 10 10 
Expected return on assets(42)(41)(17)(17)
Amortization of:
Prior service cost (credit)— 1 (1)(1)
Actuarial loss (gain)3 3 (4)(3)
Settlement charges— 12 — — 
Net periodic benefit cost (credit)40 49 (9)(8)
Regulatory adjustments(20)26 9 8 
Total expense recognized$20 $75 $— $— 
SDG&E:
Service cost$10 $10 $1 $— 
Interest cost12 11 3 2 
Expected return on assets(12)(11)(4)(2)
Amortization of:
Actuarial loss 1 1 — — 
Net periodic benefit cost 11 11 — — 
Regulatory adjustments2 2 — — 
Total expense recognized$13 $13 $— $— 
SoCalGas:
Service cost$18 $19 $2 $2 
Interest cost29 28 7 7 
Expected return on assets(27)(30)(14)(13)
Amortization of:
Prior service cost (credit)1 1 (1)(1)
Actuarial loss (gain)1 1 (3)(3)
Settlement charges— 6 — — 
Net periodic benefit cost (credit)22 25 (9)(8)
Regulatory adjustments(22)24 9 8 
Total expense recognized$— $49 $— $— 
NET PERIODIC BENEFIT COST (CONTINUED)
(Dollars in millions)
PensionPBOP
Nine months ended September 30,
2026202520262025
Sempra:
Service cost$100 $96 $10 $10 
Interest cost135 132 32 29 
Expected return on assets(132)(130)(54)(50)
Amortization of:
Prior service cost (credit)2 3 (2)(2)
Actuarial loss (gain)7 9 (9)(9)
Settlement charges— 16 — — 
Special termination benefits— — 19 40 
Net periodic benefit cost (credit)112 126 (4)18 
Regulatory adjustments(64)25 4 (15)
Total expense recognized$48 $151 $— $3 
SDG&E:
Service cost$31 $29 $2 $1 
Interest cost36 35 7 6 
Expected return on assets(38)(35)(8)(6)
Amortization of:
Actuarial loss (gain)2 3 (1)(1)
Special termination benefits— — 8 17 
Net periodic benefit cost 31 32 8 17 
Regulatory adjustments(6)(6)(8)(14)
Total expense recognized$25 $26 $— $3 
SoCalGas:
Service cost$57 $57 $7 $7 
Interest cost85 84 24 22 
Expected return on assets(85)(89)(45)(42)
Amortization of:
Prior service cost (credit)2 3 (2)(2)
Actuarial loss (gain)1 2 (7)(7)
Settlement charges— 10 — — 
Special termination benefits— — 11 23 
Net periodic benefit cost (credit)60 67 (12)1 
Regulatory adjustments(58)31 12 (1)
Total expense recognized$2 $98 $— $— 
Schedule of Other Nonoperating Income (Expense)
OTHER INCOME (EXPENSE), NET
(Dollars in millions)
Three months ended September 30,Nine months ended September 30,
2026202520262025
Sempra:
AFUDC equity
$37 $43 $117 $130 
Investment (losses) gains, net(1)
(18)22 8 47 
Gains (losses) on foreign exchange instruments, net
3 (1)(29)(2)
Foreign currency transaction gains, net
1 4 7 10 
Non-service components of net periodic benefit cost
16 (40)62 (48)
Interest on regulatory balancing accounts, net18 29 60 70 
Sundry, net1 (8)— (8)
Total$58 $49 $225 $199 
SDG&E:
AFUDC equity
$17 $19 $50 $61 
Non-service components of net periodic benefit cost
(2)(3)8 1 
Interest on regulatory balancing accounts, net10 18 35 44 
Sundry, net(1)(2)(7)(3)
Total$24 $32 $86 $103 
SoCalGas:
AFUDC equity
$20 $17 $50 $53 
Non-service components of net periodic benefit cost
20 (28)62 (34)
Interest on regulatory balancing accounts, net8 11 25 26 
Sundry, net(3)(3)(8)(8)
Total$45 $(3)$129 $37 
(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 September 30,Nine months ended September 30,
2026202520262025
Sempra:
Income tax expense$14 $482 $191 $711 
Income before income taxes and equity earnings
$460 $160 $1,815 $1,109 
Equity earnings, before income tax(1)
143 133 458 443 
Pretax income
$603 $293 $2,273 $1,552 
Effective income tax rate2 %165 %8 %46 %
SDG&E:
Income tax expense (benefit)$76 $(33)$184 $(12)
Income before income taxes$452 $291 $1,046 $768 
Effective income tax rate17 %(11)%18 %(2)%
SoCalGas:
Income tax benefit
$(115)$(95)$(95)$(51)
(Loss) income before income taxes
$(262)$(49)$290 $523 
Effective income tax rate44 %194 %(33)%(10)%
(1)    We discuss how we recognize equity earnings in Note 5 of the Notes to Consolidated Financial Statements in the Annual Report.