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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Parent
SEMPRA
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
 Years ended December 31,
 202320222021
Interest income$31 $35 $11 
Interest expense(444)(326)(576)
Operating expenses(101)(92)(92)
Other income (expense), net31 (58)20 
Income tax benefit134 111 190 
Loss before equity in earnings of subsidiaries(349)(330)(447)
Equity in earnings of subsidiaries, net of income taxes3,423 2,468 1,764 
Net income3,074 2,138 1,317 
Preferred dividends(44)(44)(63)
Earnings$3,030 $2,094 $1,254 
Basic EPS:
Earnings$4.81 $3.32 $2.01 
Weighted-average common shares outstanding630,296 630,318 623,510 
Diluted EPS:
Earnings$4.79 $3.31 $2.01 
Weighted-average common shares outstanding632,733 632,757 626,073 
See Notes to Condensed Financial Information of Parent.
SEMPRA
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
 Years ended December 31, 2023, 2022 and 2021
 Pretax
amount
Income tax
benefit (expense)
Net-of-tax
amount
2023:   
Net income$2,940 $134 $3,074 
Other comprehensive income (loss):   
Foreign currency translation adjustments23 — 23 
Financial instruments57 (18)39 
Pension and other postretirement benefits(39)8 (31)
Total other comprehensive income41 (10)31 
Comprehensive income$2,981 $124 $3,105 
2022:   
Net income$2,027 $111 $2,138 
Other comprehensive income (loss):   
Foreign currency translation adjustments11 — 11 
Financial instruments221 (55)166 
Pension and other postretirement benefits3 (6)(3)
Total other comprehensive income235 (61)174 
Comprehensive income$2,262 $50 $2,312 
2021:   
Net income$1,127 $190 $1,317 
Other comprehensive income (loss):   
Foreign currency translation adjustments(6)— (6)
Financial instruments191 (47)144 
Pension and other postretirement benefits28 (6)22 
Total other comprehensive income213 (53)160 
Comprehensive income$1,340 $137 $1,477 
See Notes to Condensed Financial Information of Parent.
SEMPRA
CONDENSED BALANCE SHEETS
(Dollars in millions)
December 31,
 20232022
Assets:  
Cash and cash equivalents$3 $219 
Restricted cash2 1 
Due from affiliates105 102 
Income taxes receivable, net— 104 
Other current assets11 17 
Total current assets121 443 
Investments in subsidiaries38,499 35,209 
Due from affiliates18 20 
Deferred income taxes429 233 
Other long-term assets1,095 1,050 
Total assets$40,162 $36,955 
Liabilities and shareholders’ equity:  
Short-term debt$365 $454 
Due to affiliates235 226 
Other current liabilities819 566 
Total current liabilities1,419 1,246 
Long-term debt8,461 7,215 
Due to affiliates988 776 
Other long-term liabilities619 603 
Commitments and contingencies (Note 4)
Shareholders’ equity28,675 27,115 
Total liabilities and shareholders’ equity$40,162 $36,955 
See Notes to Condensed Financial Information of Parent.
SEMPRA
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
 Years ended December 31,
 202320222021
Net cash provided by (used in) operating activities$1,576 $775 $(255)
Expenditures for property, plant and equipment(5)(7)(8)
Proceeds from sale of assets2 — — 
Capital contributions to investees(1,749)(661)(1,005)
Disbursement for note receivable— — (305)
Distributions from investments108 — 1,552 
Purchases of trust assets(78)(114)— 
Proceeds from sales of trust assets69 123 — 
Increase in loans to affiliates, net(90)(92)(20)
Other(1)(3)— 
Net cash (used in) provided by investing activities(1,744)(754)214 
Common dividends paid(1,483)(1,430)(1,331)
Preferred dividends paid(44)(44)(99)
Issuances of common stock, net 145 4 5 
Repurchases of common stock(32)(478)(339)
Issuances of debt (maturities greater than 90 days)1,918 1,569 990 
Payments on debt (maturities greater than 90 days)(672)(322)(3,200)
(Decrease) increase in short-term debt(89)(785)1,240 
Increase (decrease) in loans from affiliates, net220 (226)1,092 
Purchases of noncontrolling interests— — (217)
Proceeds from sale of noncontrolling interests— 1,732 1,846 
Make-whole premiums related to early redemptions of debt— — (121)
Other (10)(8)(2)
Net cash (used in) provided by financing activities(47)12 (136)
Effect of exchange rate changes on cash, cash equivalents and restricted cash— (1)(1)
(Decrease) increase in cash, cash equivalents and restricted cash(215)32 (178)
Cash, cash equivalents and restricted cash, January 1220 188 366 
Cash, cash equivalents and restricted cash, December 31$5 $220 $188 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES   
Issuance of common stock in exchange for NCI and related AOCI$— $— $1,373 
Conversion of mandatory convertible preferred stock — — 2,258 
Preferred dividends declared but not paid11 11 11 
Common dividends declared but not paid376 360 349 
Equitization of amounts due from affiliates92 93 4,351 
Interest capitalized to note receivable from unconsolidated affiliates16 18 — 
See Notes to Condensed Financial Information of Parent.
BASIS OF PRESENTATION
The condensed financial information of Sempra has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04. We apply the same accounting policies as in the consolidated financial statements of Sempra, except that Sempra accounts for the earnings of its subsidiaries under the equity method in this unconsolidated financial information. This financial information should be read in conjunction with Sempra’s consolidated financial statements and the accompanying notes thereto included in this Form 10-K.
Sempra received cash dividends from its subsidiaries totaling $1,900 million, $832 million and $375 million in 2023, 2022 and 2021, respectively.
NEW ACCOUNTING STANDARDS
We describe in Note 2 of the Notes to Consolidated Financial Statements recent pronouncements that have had or may have a significant effect on Sempra’s results of operations, financial condition, cash flows or disclosures.
DEBT AND CREDIT FACILITY
SHORT-TERM DEBT
Committed Line of Credit
At December 31, 2023, Sempra had capacity of $4,000 million under a committed line of credit, which provides liquidity and supports its commercial paper program, with available unused credit of $3,634 million before reductions of any unamortized discounts.
The principal terms of Sempra’s committed line of credit include the following:
▪The facility has a syndicate of 23 lenders. No single lender has greater than a 6% share in the facility.
▪The facility provides for the issuance of $200 million of letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra has the right to increase its letter of credit commitment to up to $500 million. No letters of credit were outstanding at December 31, 2023.
▪Borrowings bear interest at a benchmark rate plus a margin that varies with Sempra’s credit rating.
▪Sempra must maintain a ratio of indebtedness to total capitalization (as defined in its credit facility) of no more than 65% at the end of each quarter. At December 31, 2023, Sempra was in compliance with this ratio under its credit facility.
LONG-TERM DEBT
The following table shows the detail and maturities of uncollateralized long-term debt outstanding.
LONG-TERM DEBT
(Dollars in millions)
December 31,
 20232022
3.3% Notes April 1, 2025
$750 $750 
5.40% Notes August 1, 2026
550 — 
3.25% Notes June 15, 2027
750 750 
3.4% Notes February 1, 2028
1,000 1,000 
3.7% Notes April 1, 2029
500 500 
5.50% Notes August 1, 2033
700 — 
3.8% Notes February 1, 2038
1,000 1,000 
6% Notes October 15, 2039
750 750 
4% Notes February 1, 2048
800 800 
4.125% Junior Subordinated Notes April 1, 2052(1)
1,000 1,000 
5.75% Junior Subordinated Notes July 1, 2079(1)
758 758 
 8,558 7,308 
Unamortized discount on long-term debt(29)(28)
Unamortized debt issuance costs(68)(65)
Total long-term debt$8,461 $7,215 
(1)    Callable long-term debt not subject to make-whole provisions.

In June 2023, Sempra issued $550 million aggregate principal amount of 5.40% senior unsecured notes due in full upon maturity on August 1, 2026 and received proceeds of $545 million (net of debt discount, underwriting discounts and debt issuance costs of $5 million), and $700 million aggregate principal amount of 5.50% senior unsecured notes due in full upon maturity on August 1, 2033 and received proceeds of $692 million (net of debt discount, underwriting discounts and debt issuance costs of $8 million). Each series of notes is redeemable prior to maturity, subject to its terms, and in certain circumstances subject to make-whole provisions. We used the net proceeds for general corporate purposes, including repayment of commercial paper and other indebtedness.
At December 31, 2023, scheduled maturities of Sempra’s long-term debt are $750 million in 2025, $550 million in 2026, $750 million in 2027, $1.0 billion in 2028 and $5.5 billion thereafter.
Additional information on Sempra’s short-term and long-term debt is provided in Note 7 of the Notes to Consolidated Financial Statements.
COMMITMENTS AND CONTINGENCIES
At December 31, 2023, Sempra has an operating lease commitment related to its corporate headquarters building of approximately $228 million. Sempra expects payments for its operating lease to be $12 million in each of 2024 through 2026, $13 million in each of 2027 and 2028 and $166 million thereafter.
For other contingencies and guarantees related to Sempra, refer to Notes 6 and 16 of the Notes to Consolidated Financial Statements.