Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 224

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 8
Chunk 224
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 and A3 at March 31, 2025, and 2024, respectively, and relied on default rate data published by Moody’s to assign a probability of default. A hypothetical change in the credit rating up or down one notch could result in a significant change in the fair value of the Support Agreement.

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Table of Contents

Fair Value of Financial InstrumentsThe fair values of certain of our financial instruments (cash, current and noncurrent accounts receivable, amounts due to/from unconsolidated affiliates with original maturities of less than 90 days, dividends and accounts payable due in one year or less, short-term debt and customer deposits) approximate their carrying amounts because of the short-term nature of these instruments. Investments in life insurance contracts that we hold in support of our Supplemental Executive Retirement, Cash Balance Restoration and Deferred Compensation Plans are carried at cash surrender values, which represent the amount of cash that could be realized under the contracts. The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets.FAIR VALUE OF FINANCIAL INSTRUMENTS(Dollars in millions) CarryingamountFair value Level 1Level 2Level 3TotalMarch 31, 2025Sempra:     Long-term note receivable(1)$356 $— $— $344 $344 Long-term amounts due to unconsolidated affiliates355 — 329 — 329 Total long-term debt(2)34,697 — 31,804 — 31,804 SDG&E:     Total long-term debt(3)$9,800 $— $8,621 $— $8,621 SoCalGas:     Total long-term debt(4)$7,359 $— $6,878 $— $6,878  December 31, 2024Sempra:     Long-term note receivable(1)$351 $— $— $334 $334 Long-term amounts due to unconsolidated affiliates352 — 324 — 324 Total long-term debt(2)32,899 — 30,193 — 30,193 SDG&E:     Total long-term debt(3)$8,950 $— $7,760 $— $7,760 SoCal