Company: SREA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001032208-25-000048
Chunk: 161

Company: SEMPRA
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 161
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 plan and deferred compensation plan at Parent and other 

▪$5 million gains in 2025 from impacts associated with interest rate and foreign exchange instruments and foreign currency transactions driven by other foreign currency transactional effects primarily at Sempra Infrastructure

Offset by:

▪$7 million reduction in regulatory interest from disallowed regulatory recovery of COVID-19 costs at Sempra California

Interest Income

In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s interest income increased by $18 million to $48 million primarily due to a $14 million change in the fair value of the Support Agreement at Sempra Infrastructure.

Interest Expense

In the three months ended June 30, 2025 compared to the same period in 2024, Sempra’s interest expense increased by $48 million (15%) to $359 million primarily due to: 

▪$34 million at Parent and other from higher debt balances from debt issuances

▪$19 million at Sempra California from higher debt balances from debt issuances

Offset by:

▪$6 million at Sempra Infrastructure primarily from $9 million in unrealized gains in 2025 on interest rate swaps related to the PA LNG Phase 1 project

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Table of Contents

In the six months ended June 30, 2025 compared to the same period in 2024, Sempra’s interest expense increased by $176 million (29%) to $792 million primarily due to:

▪$71 million at Sempra Infrastructure primarily from $56 million in unrealized losses in 2025 on interest rate swaps related to the PA LNG Phase 1 project

▪$65 million at Parent and other from higher debt balances from debt issuances offset by lower borrowings on commercial paper and higher capitalization of interest expense on projects under construction at Sempra Infrastructure

▪$39 million at Sempra California from higher debt balances from debt issuances

Income Taxes

INCOME TAX EXPENSE (BENEFIT) AND EFFECTIVE INCOME TAX RATES(Dollars in millions)Three months ended June 30,Six months ended June 30,2025202420252024Sempra:Income tax expense (benefit)$172 $(130)$229 $42 Income before income taxes and equity earnings$298 $308 $949 $1,013 Equity earnings, before income tax(1)169 160 310 294 Pretax income