Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 441

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 441
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 OCI$41 $55 $49 

2024 Form 10-K  |  F-87

NET PERIODIC BENEFIT COST AND AMOUNTS RECOGNIZED IN OCI(Dollars in millions)PensionPBOPYears ended December 31,202420232022202420232022SoCalGas:NET PERIODIC BENEFIT COSTService cost$79 $65 $96 $11 $9 $17 Interest cost105 101 81 27 28 21 Expected return on plan assets(121)(119)(126)(59)(59)(53)Amortization of:Prior service cost (credit)4 4 8 (3)(2)(2)Actuarial loss (gain)1 1 18 (14)(19)(12)Settlement charges— — 14 — — — Net periodic benefit cost (credit)68 52 91 (38)(43)(29)Regulatory adjustment108 102 64 38 43 29 Total expense recognized176 154 155 $— $— $— CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OCI Net loss (gain)4 2 (5)Prior service cost2 — — Amortization of actuarial loss(1)(1)(2)Amortization of prior service cost(1)(1)(1)Total recognized in OCI4 — (8)Total recognized in net periodic benefit cost and OCI$180 $154 $147 

Assumptions for Pension and PBOP PlansBenefit Obligation and Net Periodic Benefit CostExcept for the IEnova plans, we develop the discount rate assumptions using a bond selection-settlement portfolio approach. This approach develops a discount rate by selecting a portfolio of high-quality corporate bonds that generate sufficient cash flows to provide for projected benefit payments of the plan. The selected bond portfolio is derived from a universe of corporate bonds with a Bloomberg Composite of AA or higher. After the bond portfolio is selected, a single interest rate is determined that equates the present value of the plans’ projected benefit payments discounted at this rate with the market value of the bonds selected. We develop the discount rate assumptions for the plans at IEnova by constructing a synthetic government zero coupon bond yield curve from the available market data, based on duration matching, and we add a