SEMPRA 5-Year Capital Plan
Adjusted Earnings (Losses) by Business Units
(Unaudited)
Sempra Adjusted Earnings excludes items (after the effects of income taxes and, if applicable, NCI) in 2022 as follows:
Year ended December 31, 2022:
$(199) million impact associated with Aliso Canyon natural gas storage facility litigation and regulatory matters at SoCalGas
■ $(164) million impact from foreign currency and inflation on our monetary positions in Mexico
■ $(355) million net unrealized losses on commodity derivatives
■ $17 million net unrealized gains on a contingent interest rate swap related to the PA LNG Phase 1 project
$(120) million deferred income tax expense associated with the change in our indefinite reinvestment assertion as a result of progress in obtaining regulatory
approvals necessary to close the sale of a 10% NCI in SI Partners to ADIA
Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States
of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in
nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation effects on our monetary positions in Mexico and
associated undesignated derivatives and unrealized gains and losses on commodity derivatives, which we expect to occur in future periods, and which can vary
significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the
performance of Sempra's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered
in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP
financial measures to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance
with GAAP.
Year ended December 31, 2022
(Dollars in millions)
GAAP Earnings (Losses)
Impact associated with Aliso Canyon litigation and regulatory matters, net of $60 income
tax benefit
Impact from foreign currency and inflation on our monetary positions in Mexico, net of
$169 income tax expense and $(54) for NCI
Net unrealized losses on commodity derivatives, net of $138 income tax benefit and
$(176) for NCI
Net unrealized gains on a contingent interest rate swap related to the PA LNG Phase 1
project, net of $6 income tax expense and $10 for NCI
Deferred income tax expense associated with the change in our indefinite reinvestment
assertion related to the sale of NCI to ADIA
Adjusted Earnings (Losses)
SDG&E
SoCalGas
Sempra
Sempra Texas
California Utilities
$
915 $
599
$
1,514 $
736 $
310 $
Sempra Parent &
Infrastructure Other
(466) $
Total
Sempra
2,094
199
199
199
162
2
164
355
355
(17)
(17)
$
915 $
798 $
1,713 $
736 $
810 $
120
(344) $
120
2,915
1. Except for adjustments that are solely income tax, income taxes were primarily calculated based on applicable statutory tax rates.
SEMPRA 32View entire presentation