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SEMPRA – INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

12 Months Ended

Dec. 31, 2023

We provide the carrying values of our investments and earnings on these investments by segment in the following tables.


EQUITY METHOD AND OTHER INVESTMENTS(1)
(Dollars in millions)
	Percent ownership				Investment balance
	December 31,
	2023		2022		2023		2022
Sempra Texas Utilities:
Oncor Holdings(2)	100	%	100	%	$	14,266	$	13,665

Sempra Texas Utilities:
Sharyland Holdings(3)	50	%	50	%	$	114	$	107
Sempra Infrastructure:
Cameron LNG JV(4)	50.2		50.2		1,008		886
IMG(5)	40		40		620		591
TAG Norte(6)	50		50		501		428
Parent and other:
Other					1		—
Total					$	2,244	$	2,012

(1) All amounts are before NCI, where applicable.

(2) The carrying value of our equity method investment is $2,870 and $2,856 higher than the underlying equity in the net assets of the investee at December 31, 2023 and 2022, respectively, due to $2,868 of equity method goodwill and $69 in basis differences in AOCI, offset by $67 and $81 at December 31, 2023 and 2022, respectively, due to a tax sharing liability to TTI under a tax sharing agreement.

(3) The carrying value of our equity method investment is $41 higher than the underlying equity in the net assets of the investee due to equity method goodwill.

(4) The carrying value of our equity method investment is $262 and $270 higher than the underlying equity in the net assets of the investee at December 31, 2023 and 2022, respectively, primarily due to guarantees, interest capitalized on the investment prior to the JV commencing its operations, and amortization of guarantee fees and capitalized interest thereafter.

(5) The carrying value of our equity method investment is $5 higher than the underlying equity in the net assets of the investee due to guarantees.

(6) The carrying value of our equity method investment is $130 higher than the underlying equity in the net assets of the investee due to equity method goodwill.


EARNINGS FROM EQUITY METHOD INVESTMENTS(1)
(Dollars in millions)
	Years ended December 31,
	2023		2022		2021
EARNINGS RECORDED BEFORE INCOME TAX(2):
Sempra Texas Utilities:
Sharyland Holdings	$	7	$	7	$	5
Sempra Infrastructure:
Cameron LNG JV(3)	586		659		559
Parent and other:
RBS Sempra Commodities	40		—		50
	633		666		614
EARNINGS RECORDED NET OF INCOME TAX:
Sempra Texas Utilities:
Oncor Holdings	694		735		617
Sempra Infrastructure:
ESJ	—		—		2
IMG	40		68		83
TAG Norte	114		29		27
	848		832		729
Total	$	1,481	$	1,498	$	1,343

(1) All amounts are before NCI, where applicable.

(2) We provide our ETR calculation in Note 8.

(3) Includes $9, $12 and $3 of basis differences in equity earnings related to AOCI in 2023, 2022 and 2021, respectively.

We provide the contributions to and distributions from our investments by segment in the following tables.


EXPENDITURES FOR INVESTMENTS
(Dollars in millions)
	Years ended December 31,
	2023		2022		2021
Sempra Texas Utilities:
Oncor Holdings	$	363	$	341	$	566
Sharyland Holdings	4		5		—
	367		346		566
Sempra Infrastructure:
Cameron LNG JV	15		30		2
ESJ	—		—		65
	15		30		67
Total	$	382	$	376	$	633


DISTRIBUTIONS FROM INVESTMENTS
(Dollars in millions)
	Years ended December 31,
	2023		2022		2021
Sempra Texas Utilities:
Oncor Holdings(1)	$	441	$	340	$	681
Sharyland Holdings	4		5		7
	445		345		688
Sempra Infrastructure:
Cameron LNG JV	456		509		623
ESJ	—		—		4
IMG	11		—		—
TAG Norte	36		32		45
	503		541		672
Total	$	948	$	886	$	1,360

(1) When including payments received under a tax sharing arrangement, distributions would total $558, $443 and $753 in 2023, 2022 and 2021, respectively.

Schedule of Summarized Financial Information

We provide summarized income statement and balance sheet information for Oncor Holdings in the following table.


SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS
(Dollars in millions)
	Years ended December 31,
	2023		2022		2021
Operating revenues	$	5,586	$	5,243	$	4,764
Operating expenses	(4,026)		(3,682)		(3,397)
Income from operations	1,560		1,561		1,367
Interest expense	(536)		(445)		(413)
Income tax expense	(192)		(203)		(163)
Net income	849		893		760
NCI held by TTI	(170)		(179)		(152)
Earnings attributable to Sempra(1)	679		714		608

			December 31,
			2023		2022
Current assets			$	1,431	$	1,223
Noncurrent assets			34,649		31,703
Current liabilities			1,625		1,579
Noncurrent liabilities			19,727		17,405
NCI held by TTI			3,338		3,141

(1) Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing arrangement and changes in basis differences in AOCI within the carrying value of our equity method investment.

We present summarized financial information below, aggregated for all other equity method investments (excluding Oncor Holdings and RBS Sempra Commodities) for the periods in which we were invested in the entities. The amounts below represent the results of operations and aggregate financial position of 100% of each of Sempra’s other equity method investments.


SUMMARIZED FINANCIAL INFORMATION – OTHER EQUITY METHOD INVESTMENTS
(Dollars in millions)
	Years ended December 31,
	2023		2022		2021(1)
Gross revenues	$	3,083	$	2,959	$	2,721
Operating expenses	(776)		(772)		(719)
Income from operations	2,307		2,187		2,002
Interest expense	(570)		(505)		(548)
Net income/Earnings(2)(3)	1,499		1,537		1,388


	December 31,
	2023		2022
Current assets	$	1,216	$	1,008
Noncurrent assets	14,826		14,786
Current liabilities	1,255		1,147
Noncurrent liabilities	10,786		11,130

(1) In March 2021, Sempra Infrastructure completed the acquisition of the remaining 50% equity interest in ESJ and ESJ became a consolidated subsidiary.

(2) Except for our investments in Mexico, there was no income tax recorded by the entities, as they are primarily domestic partnerships.

(3) Amounts for Cameron LNG JV exclude adjustments to equity earnings related to amortization of capitalized interest and guarantee fees within the carrying value of our equity method investment and changes in basis differences in equity earnings related to AOCI.