XML 73 R39.htm IDEA: XBRL DOCUMENT v3.23.1
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023December 31, 2022
Sempra:
Natural gasMMBtu355 254 
ElectricityMWh— 1 
Congestion revenue rightsMWh40 42 
SDG&E:
Natural gasMMBtu16 15 
Congestion revenue rightsMWh40 42 
SoCalGas:
Natural gasMMBtu248 224 
Notional Amounts of Derivatives Table
INTEREST RATE DERIVATIVES
(Dollars in millions)
 March 31, 2023December 31, 2022
 Notional debtMaturitiesNotional debtMaturities
Sempra:    
Cash flow hedges$4,457 2023-2048$294 2023-2034
The following table presents the net notional amounts of our foreign currency derivatives, excluding those in our equity method investments.
FOREIGN CURRENCY DERIVATIVES
(Dollars in millions)
 March 31, 2023December 31, 2022
 Notional amountMaturitiesNotional amountMaturities
Sempra:    
Cross-currency swaps$— — $306 2023
Other foreign currency derivatives88 2023-2024111 2023-2024
Derivative Instruments on the Condensed Consolidated Balance Sheets Table
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
 March 31, 2023
 
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$10 $29 $— $(73)
Foreign exchange instruments— — (13)— 
Derivatives not designated as hedging instruments:    
Commodity contracts not subject to rate recovery217 23 (208)(28)
Associated offsetting commodity contracts(197)(23)197 23 
Commodity contracts subject to rate recovery38 26 (52)(12)
Associated offsetting commodity contracts(21)(3)21 3 
Net amounts presented on the balance sheet47 52 (55)(87)
Additional cash collateral for commodity contracts
not subject to rate recovery
317 — — — 
Additional cash collateral for commodity contracts
subject to rate recovery
95 — — — 
Total(2)
$459 $52 $(55)$(87)
SDG&E:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$35 $26 $(21)$(3)
Associated offsetting commodity contracts(19)(3)19 3 
Net amounts presented on the balance sheet16 23 (2)— 
Additional cash collateral for commodity contracts
subject to rate recovery
84 — — — 
Total(2)
$100 $23 $(2)$— 
SoCalGas:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$3 $— $(31)$(9)
Associated offsetting commodity contracts(2)— 2 — 
Net amounts presented on the balance sheet1 — (29)(9)
Additional cash collateral for commodity contracts
subject to rate recovery
11 — — — 
Total$12 $— $(29)$(9)
(1)    Included in Other Current Assets for SoCalGas.
(2)    Normal purchase contracts previously measured at fair value are excluded.
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
 December 31, 2022
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$10 $33 $— $— 
Foreign exchange instruments— — (7)(1)
Interest rate and foreign exchange instruments— — (105)— 
Derivatives not designated as hedging instruments:    
Commodity contracts not subject to rate recovery480 133 (399)(132)
Associated offsetting commodity contracts(301)(39)301 39 
Commodity contracts subject to rate recovery138 27 (97)(2)
Associated offsetting commodity contracts(27)(2)27 2 
Interest rate instrument33 — — — 
Net amounts presented on the balance sheet333 152 (280)(94)
Additional cash collateral for commodity contracts
not subject to rate recovery
451 — — — 
Additional cash collateral for commodity contracts
subject to rate recovery
18 — — — 
Total(2)
$802 $152 $(280)$(94)
SDG&E:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$107 $27 $(13)$(2)
Associated offsetting commodity contracts(12)(2)12 2 
Net amounts presented on the balance sheet95 25 (1)— 
Additional cash collateral for commodity contracts
subject to rate recovery
17 — — — 
Total(2)
$112 $25 $(1)$— 
SoCalGas:    
Derivatives not designated as hedging instruments:    
Commodity contracts subject to rate recovery$31 $— $(84)$— 
Associated offsetting commodity contracts(15)— 15 — 
Net amounts presented on the balance sheet16 — (69)— 
Additional cash collateral for commodity contracts
subject to rate recovery
1 — — — 
Total$17 $— $(69)$— 
(1)    Included in Other Current Assets for 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 cash flow hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI.
CASH FLOW HEDGE IMPACTS
(Dollars in millions)
Pretax (loss) gain
recognized in OCI		Pretax gain (loss) reclassified
from AOCI into earnings
 Three months ended March 31, Three months ended March 31,
 20232022Location20232022
Sempra:     
Interest rate instruments$(77)$22 Interest Expense$— $1 
Interest rate instruments(17)94 
Equity Earnings(1)
7 (14)
Foreign exchange instruments(6)(3)
Revenues: Energy-
Related Businesses
— 1 
Other Income, Net(1)— 
Foreign exchange instruments(5)(2)
Equity Earnings(1)
(1)1 
Interest rate and foreign
exchange instruments
7 9 Other Income, Net6 6 
Total$(98)$120  $11 $(5)
(1)    Equity earnings at 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,
 Location20232022
Sempra:   
Commodity contracts not subject
to rate recovery
Revenues: Energy-Related
Businesses
$449 $(77)
Commodity contracts subject
to rate recovery
Cost of Natural Gas(27)— 
Commodity contracts subject
to rate recovery
Cost of Electric Fuel
and Purchased Power
9 18 
Interest rate instrumentInterest Expense(47)— 
Total $384 $(59)
SDG&E:   
Commodity contracts subject
to rate recovery
Cost of Electric Fuel
and Purchased Power
$9 $18 
SoCalGas:   
Commodity contracts subject
to rate recovery
Cost of Natural Gas$(27)$—