Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 47

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 1
Chunk 47
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ging instruments:    Commodity contracts subject to rate recovery$3 $— $(42)$(4)Associated offsetting commodity contracts(3)— 3 — Net amounts presented on the balance sheet— — (39)(4)Additional cash collateral for commodity contractssubject to rate recovery4 — — — Total$4 $— $(39)$(4)(1)    Included in Other Current Assets for SDG&E and SoCalGas.(2)    Normal purchase contracts previously measured at fair value are excluded.

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Table of Contents

The following table includes the effects of derivative instruments designated as hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI.HEDGE IMPACTS(Dollars in millions)Pretax (loss) gainrecognized in OCIPretax gain (loss) reclassified from AOCI into earningsThree months ended March 31, Three months ended March 31, 20252024Location20252024Sempra:     Cash flow hedges:Interest rate instruments$(3)$142 Interest expense$2 $3 Interest rate instruments(20)28 Equity earnings(1)5 5 Foreign exchange instruments(5)1 Revenues: Energy-related businesses(2)3 Foreign exchange instruments(4)— Equity earnings(1)(2)2 Fair value hedges:Foreign exchange instruments(9)— Equity earnings(1)— — Total$(41)$171  $3 $13 (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 $19 million, which are net of income tax expense, that are currently recorded in AOCI (with net gains of $8 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 March 31, 2025, the maximum length of time over which Sempra is hedging its exposure to the