Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 408

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 408
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ANCIAL INFORMATION – ONCOR HOLDINGS(Dollars in millions) Years ended December 31,202420232022Operating revenues$6,082 $5,586 $5,243 Operating expenses(4,318)(4,026)(3,682)Income from operations1,764 1,560 1,561 Interest expense(653)(536)(445)Income tax expense(217)(192)(203)Net income957 849 893 NCI held by TTI(192)(170)(179)Earnings attributable to Sempra (1)765 679 714 December 31,20242023Current assets$1,638 $1,431 Noncurrent assets38,697 34,649 Current liabilities2,183 1,625 Noncurrent liabilities21,958 19,727 NCI held by TTI3,689 3,338 (1)    Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing agreement and changes in basis differences in AOCI within the carrying value of our equity method investment.SHARYLAND HOLDINGS We account for our 50% ownership interest in Sharyland Holdings, a JV with SU Investment Partners, L.P. that owns a 100% interest in Sharyland Utilities, as an equity method investment.

CAMERON LNG JVCameron LNG JV is a JV between Sempra and three project partners, TotalEnergies SE, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha. We account for SI Partners’ 50.2% investment in Cameron LNG JV under the equity method.

Sempra Promissory Note for SDSRA Distribution Cameron LNG JV’s debt agreements require Cameron LNG JV to maintain the SDSRA, which is an additional reserve account beyond the Senior Debt Service Accrual Account, where funds accumulate from operations to satisfy senior debt obligations due and payable on the next payment date. Both accounts can be funded with cash or authorized investments. In June 2021, Sempra Infrastructure received a distribution of $165 million based on its proportionate share of the SDSRA, for which Sempra provided a promissory note and letters of credit to secure a proportionate share of Cameron LNG JV’s obligation to fund the SDSRA. Sempra’s maximum exposure to loss is replenishment of the amount withdrawn by Sempra