Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 459

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 459
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 rate instruments$— $— $— Interest expense$(1)$(1)$(1)(1)    Equity earnings at Oncor Holdings and our foreign equity method investees are recognized after tax.For Sempra, we expect that net gains before NCI of $29 million, which are net of income tax expense, that are currently recorded in AOCI (with net gains of $10 million attributable to NCI) related to cash flow hedges will be reclassified into earnings during the next 12 months as the hedged items affect earnings. SoCalGas expects that $1 million of losses, net of income tax benefit, that are currently recorded in AOCI related to cash flow hedges will be reclassified into earnings during the next 12 months as the hedged items affect earnings. Actual amounts ultimately reclassified into earnings depend on the interest rates in effect when derivative contracts mature.At December 31, 2024, the maximum length of time over which Sempra is hedging its exposure to the variability in future cash flows for forecasted transactions, excluding those forecasted transactions related to the payment of variable interest on existing financial instruments, is approximately one year.

2024 Form 10-K  |  F-104

The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Operations.UNDESIGNATED DERIVATIVE IMPACTS(Dollars in millions)  Pretax gain (loss) on derivatives recognized in earnings  Years ended December 31,Location202420232022Sempra:    Commodity contracts not subjectto rate recoveryRevenues: Energy-relatedbusinesses$223 $919 $(1,116)Commodity contracts subjectto rate recoveryCost of natural gas(56)(288)(56)Commodity contracts subjectto rate recoveryCost of electric fueland purchased power(41)15 202 Interest rate instrumentsInterest expense243 (47)33 Total $369 $599 $(937)SDG&E:    Commodity contracts subjectto rate recoveryCost of electric fueland purchased power$(41)$15 $202 SoCalGas:    Commodity contracts subjectto rate recoveryCost of natural gas$(56)$(288)$(56)CREDIT RISK RELATED CONTINGENT FEATURESFor Sempra, SDG&E and SoCalGas, certain of our derivative instruments contain credit limits which vary depending on our credit ratings. Generally, these provisions, if