SEMPRA PP&E Disclosure
| PROPERTY, PLANT AND EQUIPMENT BY MAJOR FUNCTIONAL CATEGORY | |||||||||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||||||||
| December 31, | Depreciation rates for years ended December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||
SDG&E(1): | |||||||||||||||||||||||||||||
| Natural gas operations | $ | 4,742 | $ | 4,531 | 2.63 | % | 2.62 | % | 2.60 | % | |||||||||||||||||||
| Electric distribution | 13,357 | 12,542 | 4.26 | 4.21 | 4.05 | ||||||||||||||||||||||||
Electric transmission(2) | 9,501 | 8,878 | 3.07 | 3.06 | 3.04 | ||||||||||||||||||||||||
| Electric generation | 2,532 | 2,527 | 4.27 | 5.43 | 5.18 | ||||||||||||||||||||||||
| Other electric | 2,915 | 2,722 | 6.72 | 6.95 | 7.05 | ||||||||||||||||||||||||
Construction work in progress(2) | 1,986 | 1,962 | N/A | N/A | N/A | ||||||||||||||||||||||||
| Total SDG&E | 35,033 | 33,162 | |||||||||||||||||||||||||||
| SoCalGas: | |||||||||||||||||||||||||||||
| Natural gas operations | 29,262 | 27,191 | 3.81 | 3.68 | 3.64 | ||||||||||||||||||||||||
| Other non-utility | 37 | 32 | 0.97 | 0.98 | 1.03 | ||||||||||||||||||||||||
| Construction work in progress | 1,779 | 1,861 | N/A | N/A | N/A | ||||||||||||||||||||||||
| Total SoCalGas | 31,078 | 29,084 | |||||||||||||||||||||||||||
Other Sempra(3)(4): | Estimated useful life (in years)(5) | Weighted-average useful life (in years)(5) | |||||||||||||||||||||||||||
| Land and land rights | — | 498 | N/A | N/A | |||||||||||||||||||||||||
| Machinery and equipment: | |||||||||||||||||||||||||||||
| Pipelines and storage | 481 | 4,355 | 19 to 49 | 44 | |||||||||||||||||||||||||
| Generating plants | — | 1,820 | N/A | N/A | |||||||||||||||||||||||||
| LNG terminal | — | 1,156 | N/A | N/A | |||||||||||||||||||||||||
| Refined products terminals | — | 876 | N/A | N/A | |||||||||||||||||||||||||
| Other | 96 | 348 | 1 to 9 | 2 | |||||||||||||||||||||||||
| Construction work in progress | 160 | 8,781 | N/A | N/A | |||||||||||||||||||||||||
| Other | 52 | 317 | 4 to 25 | 10 | |||||||||||||||||||||||||
| 789 | 18,151 | ||||||||||||||||||||||||||||
| Total Sempra | $ | 66,900 | $ | 80,397 | |||||||||||||||||||||||||
| DEPRECIATION EXPENSE | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Sempra | $ | 2,537 | $ | 2,409 | $ | 2,202 | |||||||||||
| SDG&E | 1,309 | 1,216 | 1,092 | ||||||||||||||
| SoCalGas | 1,007 | 903 | 833 | ||||||||||||||
| ACCUMULATED DEPRECIATION AND AMORTIZATION | |||||||||||
| (Dollars in millions) | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
SDG&E(1): | |||||||||||
| Accumulated depreciation: | |||||||||||
| Natural gas operations | $ | 1,191 | $ | 1,121 | |||||||
Electric transmission, distribution and generation(2) | 7,538 | 6,930 | |||||||||
| Total SDG&E | 8,729 | 8,051 | |||||||||
| SoCalGas: | |||||||||||
| Accumulated depreciation: | |||||||||||
| Natural gas operations | 8,933 | 8,315 | |||||||||
| Other non-utility | 15 | 15 | |||||||||
| Total SoCalGas | 8,948 | 8,330 | |||||||||
| Other Sempra: | |||||||||||
Accumulated depreciation – other(3)(4) | 212 | 2,579 | |||||||||
| Total Sempra | $ | 17,889 | $ | 18,960 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.