Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 76

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 76
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 netting agreements and with cash collateral, as well as cash collateral not offset.(2)    Excludes receivables (payables), net.

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RECURRING FAIR VALUE MEASURES(Dollars in millions)Level 1Level 2Level 3Netting(1)TotalFair value at September 30, 2025SoCalGas:Assets:    Commodity contracts subject to rate recovery$— $8 $— $3 $11 Liabilities:    Commodity contracts subject to rate recovery$20 $106 $— $(48)$78  Fair value at December 31, 2024SoCalGas:Assets:    Commodity contracts subject to rate recovery$2 $1 $— $1 $4 Liabilities:    Commodity contracts subject to rate recovery$2 $44 $— $(3)$43 (1)    Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset. 

Level 3 InformationSDG&EThe table below sets forth reconciliations of changes in the fair value of CRRs classified as Level 3 in the fair value hierarchy for Sempra and SDG&E.LEVEL 3 RECONCILIATIONS(1)(Dollars in millions) Three months ended September 30, 20252024Balance at July 1$3 $6 Realized and unrealized gains (losses), net3 (3)Allocated transmission instruments2 1 Settlements(2)2 Balance at September 30$6 $6 Change in unrealized gains (losses) relating to instruments still held at September 30$2 $— Nine months ended September 30,20252024Balance at January 1$4 $10 Realized and unrealized gains (losses), net1 (6)Allocated transmission instruments5 1 Settlements(4)1 Balance at September 30$6 $6 Change in unrealized gains (losses) relating to instruments still held at September 30$(1)$(1)(1)    Excludes the effect of the contractual ability to settle contracts under master netting agreements and cash collateral.Realized gains and losses associated with CRRs, which are recoverable in rates, are recorded in