Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 429

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 429
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ed expenses not yet deductible10 11 54 56 Net operating losses122 146 874 890 Other deferred income tax assets9 19 20 25 Total deferred income tax assets408 332 1,053 1,103 Net deferred income tax liability$3,211 $2,873 $2,005 $1,586 

2024 Form 10-K  |  F-78

The following table summarizes our unused NOLs and tax credit carryforwards.NET OPERATING LOSSES AND TAX CREDIT CARRYFORWARDS(Dollars in millions)Unused amount at December 31, 2024Year expiration beginsSempra:U.S. federal:NOLs(1)$3,091 2037General business tax credits(1)126 2043Corporate alternative minimum tax credits(1)676 IndefiniteForeign tax credits(2)706 2025U.S. state:NOLs(2)5,912 2027General business tax credits(1)24 2027Non-U.S.(2):NOLs782 2025Foreign tax credits5 IndefiniteSDG&E:U.S. federal(1):NOLs$279 IndefiniteGeneral business tax credits1 2044U.S. state NOLs(1)909 2043SoCalGas:U.S. federal NOLs(1)$2,857 IndefiniteU.S. state NOLs(1)3,917 2042(1)    We have recorded deferred income tax benefits on these NOLs and tax credits, in total, because we currently believe they will be realized on a more-likely-than-not-basis.(2)    We have not recorded deferred income tax benefits on a portion of these NOLs and tax credits because we currently believe they will not be realized on a more-likely-than-not-basis, as we discuss below.

A valuation allowance is recorded when, based on more-likely-than-not criteria, negative evidence outweighs positive evidence with regard to our ability to realize a deferred income tax asset in the future. In the year ended December 31, 2024, we recognized income tax expense of $330 million from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the Tax Cuts and Jobs Act of 2017. For various U.S. state and non-U.S.