SEMPRA
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
SRE$78.17-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-07.
0001032208-24-000015
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewResults of Operations by RegistrantsSempraSDG&ESoCalGasCapital Resources and LiquidityCritical Accounting EstimatesNew Accounting StandardsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-06.
0001032208-24-000026
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsOverviewResults of Operations by RegistrantSempraSDG&ESoCalGasCapital Resources and LiquidityCritical Accounting EstimatesNew Accounting StandardsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 366 previous paragraphs and 502 current paragraphs.
198 unchanged; 105 reworded; 164 added; 56 removed; 7 previous and 35 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (164)
Current report
Sempra California recorded CPUC-authorized base revenues in the three months and six months ended June 30, 2024 based on 2023 levels authorized under the 2019 GRC because a final decision in the 2024 GRC remains pending.
Current report
In the three months ended June 30, 2024 compared to the same period in 2023, the decrease in earnings of $23 million (7%) to $316 million was primarily due to:
Current report
▪$37 million lower income tax benefits primarily from flow-through items, which includes $25 million related to income tax benefits in 2023 for previously unrecognized income tax benefits pertaining to gas repairs expenditures
Current report
In the six months ended June 30, 2024 compared to the same period in 2023, the decrease in earnings of $59 million (6%) to $898 million was primarily due to:
Current report
▪$51 million lower income tax benefits primarily from flow-through items, which includes $25 million related to income tax benefits in 2023 for previously unrecognized income tax benefits pertaining to gas repairs expenditures
Current report
In the six months ended June 30, 2024 compared to the same period in 2023, the increase in earnings of $142 million to $385 million was primarily due to higher equity earnings from Oncor Holdings driven by:
Current report
In the three months ended June 30, 2024 compared to the same period in 2023, the increase in earnings of $83 million (40%) to $291 million was primarily due to:
Current report
▪$48 million from the transportation business driven by lower equity earnings and revenues, including the cumulative impact of new tariffs going into effect in June 2023 for certain pipelines in Mexico
Current report
▪$13 million from $7 million net income tax expense in 2024 compared to $6 million net income tax benefit in 2023 primarily from the remeasurement of certain deferred income taxes
Current report
▪$12 million higher O&M and lower revenues from a provision for expected credit losses on a customer’s past due receivable balance
Current report
▪$12 million from TdM driven by unrealized losses in 2024 compared to unrealized gains in 2023 on commodity derivatives due to changes in power and natural gas prices
Current report
In the six months ended June 30, 2024 compared to the same period in 2023, the decrease in earnings of $101 million (19%) to $422 million was primarily due to:
Current report
▪$24 million higher O&M and lower revenues from a provision for expected credit losses on a customer’s past due receivable balance
Current report
In the three months ended June 30, 2024 compared to the same period in 2023, the decrease in losses of $8 million (8%) to $96 million was primarily due to:
Current report
▪$31 million from $13 million income tax benefit in 2024 compared to $18 million income tax expense in 2023 from the interim period application of an annual forecasted consolidated ETR
Current report
▪$5 million related to settlement charges from our non-qualified pension plan in 2024
Current report
▪$11 million lower income tax benefit from the interim period application of an annual forecasted consolidated ETR
Current report
▪$5 million related to settlement charges from our non-qualified pension plan in 2024
Current report
▪$178 million decrease in cost of natural gas sold, which we discuss below
Current report
▪$33 million lower regulatory revenues in 2024 from adopting a change in tax accounting method for gas repairs expenditures, which are offset in income tax benefit (expense)
Current report
▪$37 million higher revenues from incremental and balanced capital projects, including higher authorized cost of capital
Current report
▪$26 million lower regulatory revenues in 2023 from the recognition of previously unrecognized income tax benefits pertaining to gas repairs expenditures, which are offset in income tax benefit (expense)
Current report
▪$7 million higher revenues associated with refundable programs, which are fully offset in O&M
Current report
In the three months ended June 30, 2024 compared to the same period in 2023, Sempra’s cost of natural gas decreased by $174 million to $137 million driven by Sempra California, which included:
Current report
In the six months ended June 30, 2024 compared to the same period in 2023, Sempra’s natural gas revenues decreased by $2.5 billion (41%) to $3.6 billion driven by Sempra California, which included:
Current report
▪$109 million lower regulatory revenues in 2024 from adopting a change in tax accounting method for gas repairs expenditures, which are offset in income tax benefit (expense)
Current report
▪$49 million higher revenues from incremental and balanced capital projects, including higher authorized cost of capital
Current report
▪$36 million higher CPUC-authorized revenues attributable to higher authorized cost of capital
Current report
▪$26 million lower regulatory revenues in 2023 from the recognition of previously unrecognized income tax benefits pertaining to gas repairs expenditures, which are offset in income tax benefit (expense)
Current report
In the six months ended June 30, 2024 compared to the same period in 2023, Sempra’s cost of natural gas decreased by $2.3 billion to $691 million driven by Sempra California, which included:
Current report
▪$68 million higher cost of electric fuel and purchased power, which we discuss below
Showing the first 40 of 164 passages. Open the source sections for the rest.
Removed paragraphs (56)
Previous report
Sempra California recorded CPUC-authorized revenues in the three months ended March 31, 2024 based on 2023 levels authorized under the 2019 GRC because a final decision in the 2024 GRC remains pending.
Previous report
In the three months ended March 31, 2024 compared to the same period in 2023, the decrease in earnings of $36 million (6%) to $582 million was primarily due to:
Previous report
•$14 million lower income tax benefits primarily from flow-through items
Previous report
In the three months ended March 31, 2024 compared to the same period in 2023, the decrease in earnings of $184 million to $131 million was primarily due to:
Previous report
▪$12 million lower revenues and higher O&M from a provision for expected credit losses on a customer’s past due receivable balance
Previous report
▪$42 million from $12 million income tax expense in 2024 compared to $30 million income tax benefit in 2023 from the interim period application of an annual forecasted consolidated ETR
Previous report
▪$76 million lower regulatory revenues in 2024 from adopting a change in tax accounting method for gas repairs expenditures, which are offset in income tax expense
Previous report
▪$44 million lower revenues from a $25 million credit in 2024 compared to $19 million cost in 2023 for the non-service components of net periodic benefit cost, which fully offsets in other income, net
Previous report
▪$58 million in 2023 from the recognition of ITCs from standalone energy storage projects, which are offset in income tax expense
Previous report
▪$23 million higher revenues from incremental and balanced capital projects, including higher authorized cost of capital
Previous report
▪$10 million higher CPUC-authorized revenues attributable to higher authorized cost of capital
Previous report
In the three months ended March 31, 2024 compared to the same period in 2023, Sempra’s cost of electric fuel and purchased power decreased by $25 million (22%) to $89 million driven by Sempra California, which included:
Previous report
▪$107 million lower purchased power from the California ISO due to lower customer demand from departing load now served by CCAs and lower market prices
Previous report
▪$29 million lower purchased power due to higher excess capacity sales to third parties and lower energy costs
Previous report
▪$102 million lower sales to the California ISO due to lower market prices
Previous report
▪$16 million at Parent and other primarily due to higher debt balances from debt issuances and higher borrowings on commercial paper
Previous report
▪$82 million from $53 million income tax expense in 2024 compared to $135 million income tax expense in 2023 from foreign currency and inflation effects on our monetary positions in Mexico
Previous report
▪higher income tax benefits from flow-through items, including an income tax benefit in 2024 from adopting a change in tax accounting method for gas repairs expenditures
Previous report
▪$42 million from $12 million income tax expense in 2024 compared to $30 million income tax benefit in 2023 from the interim period application of an annual forecasted consolidated ETR
Previous report
▪income tax benefit in 2023 from the recognition of ITCs from standalone energy storage projects under the IRA
Previous report
SDG&E recorded CPUC-authorized revenues in the three months ended March 31, 2024 based on 2023 levels authorized under the 2019 GRC because a final decision in the 2024 GRC remains pending.
Previous report
In the three months ended March 31, 2024 compared to the same period in 2023, the decrease in earnings of $35 million (14%) to $223 million was primarily due to:
Previous report
▪$58 million in 2023 from the recognition of ITCs from standalone energy storage projects, which are offset in income tax expense
Previous report
▪$23 million higher revenues from incremental and balanced capital projects, including higher authorized cost of capital
Previous report
▪$10 million higher CPUC-authorized revenues attributable to higher authorized cost of capital
Previous report
▪$28 million lower cost of electric fuel and purchased power, which we discuss below
Previous report
In the three months ended March 31, 2024 compared to the same period in 2023, SDG&E’s cost of electric fuel and purchased power decreased by $28 million (21%) to $107 million primarily due to:
Previous report
▪$107 million lower purchased power from the California ISO due to lower customer demand from departing load now served by CCAs and lower market prices
Previous report
▪$29 million lower purchased power due to higher excess capacity sales to third parties and lower energy costs
Previous report
▪$102 million lower sales to the California ISO due to lower market prices
Previous report
▪$277 million decrease in cost of natural gas sold, which we discuss below
Previous report
In the three months ended March 31, 2024 compared to the same period in 2023, SDG&E’s cost of natural gas decreased by $277 million to $102 million primarily due to:
Showing the first 40 of 56 passages. Open the source sections for the rest.
Reworded paragraphs (105)
Previous wording
We discuss herein Sempra’s results of operations and significant changes in earnings (losses), revenues and costs by segment, as well as Parent and other, for the three months ended March 31, 2024 compared to the same period in 2023. We also discuss herein the impact of foreign currency and inflation rates on Sempra’s results of operations.
Current wording
We discuss herein Sempra’s results of operations and significant changes in earnings (losses), revenues and costs by segment, as well as Parent and other, for the three months (Q2) and six months (YTD) ended June 30, 2024 compared to the same periods in 2023. We also discuss herein the impact of foreign currency and inflation rates on Sempra’s results of operations.
Previous wording
•$12 million lower CPUC base operating margin, net of operating expenses, offset by higher authorized cost of capital. Sempra California recorded CPUC-authorized revenues based on 2023 authorized levels
Current wording
▪$26 million higher CPUC base operating margin, net of operating expenses, including higher authorized cost of capital. Sempra California recorded CPUC-authorized revenues based on 2023 authorized levels
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, the increase in earnings of $100 million to $183 million was primarily due to higher equity earnings from Oncor Holdings driven by:
Current wording
In the three months ended June 30, 2024 compared to the same period in 2023, the increase in earnings of $42 million (26%) to $202 million was primarily due to higher equity earnings from Oncor Holdings driven by:
Previous wording
▪$68 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $41 million unfavorable impact in 2024 compared to a $109 million unfavorable impact in 2023
Current wording
▪$247 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $153 million favorable impact in 2024 compared to a $94 million unfavorable impact in 2023
Previous wording
▪$303 million from asset and supply optimization driven by unrealized losses in 2024 compared to unrealized gains in 2023 on commodity derivatives due to changes in natural gas prices and lower LNG diversion fees
Current wording
▪$394 million from asset and supply optimization driven by unrealized losses in 2024 compared to unrealized gains in 2023 on commodity derivatives due to changes in natural gas prices and lower LNG diversion fees
Previous wording
▪$14 million from the transportation business in Mexico driven by a customer’s early termination of firm transportation agreements in 2023
Current wording
▪$62 million from the transportation business driven by lower equity earnings and revenues, including the cumulative impact of new tariffs going into effect in June 2023 for certain pipelines in Mexico and a customer’s early termination of firm transportation agreements in 2023
Previous wording
▪$41 million from $3 million net interest income in 2024 compared to $38 million net interest expense in 2023 primarily due to higher capitalization of interest expense on projects under construction and $17 million net unrealized losses in 2023 on a contingent interest rate swap related to the PA LNG Phase 1 project
Current wording
▪$54 million from $6 million net interest income in 2024 compared to $48 million net interest expense in 2023 primarily due to higher capitalization of interest expense on projects under construction and $17 million net unrealized losses in 2023 on a contingent interest rate swap related to the PA LNG Phase 1 project
Previous wording
▪$24 million lower income tax expense primarily from the remeasurement of certain deferred income taxes
Current wording
▪$11 million lower income tax expense primarily from the remeasurement of certain deferred income taxes
Previous wording
▪$21 million from TdM driven by lower natural gas prices and higher volumes
Current wording
▪$9 million from TdM driven by lower natural gas prices and higher volumes net of unrealized losses in 2024 compared to unrealized gains in 2023 on commodity derivatives due to changes in power and natural gas prices
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, the increase in losses of $48 million to $95 million was primarily due to:
Current wording
In the six months ended June 30, 2024 compared to the same period in 2023, the increase in losses of $40 million (26%) to $191 million was primarily due to:
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, Sempra’s natural gas revenues decreased by $2.3 billion to $2.1 billion driven by Sempra California, which included:
Current wording
In the three months ended June 30, 2024 compared to the same period in 2023, Sempra’s natural gas revenues decreased by $166 million (10%) to $1.5 billion driven by Sempra California, which included:
Previous wording
▪$2.2 billion decrease in cost of natural gas sold, which we discuss below
Current wording
▪$2.3 billion decrease in cost of natural gas sold, which we discuss below
Previous wording
◦$47 million lower expenses associated with refundable programs, which costs are recovered in revenue
Current wording
▪$47 million lower revenues from an $8 million credit in 2024 compared to $39 million cost in 2023 for the non-service components of net periodic benefit cost, which fully offsets in other income, net
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, Sempra’s electric revenues increased by $29 million (3%) to $1.1 billion driven by Sempra California, which included:
Current wording
In the three months ended June 30, 2024 compared to the same period in 2023, Sempra’s electric revenues increased by $90 million (9%) remaining at $1.1 billion driven by Sempra California, which included:
Previous wording
▪$30 million lower revenues associated with refundable programs, which are fully offset in O&M
Current wording
▪$30 million lower ITCs from standalone energy storage projects, which are offset in income tax benefit (expense)
Previous wording
▪$75 million realized gains in 2023 on derivative contracts for fixed-price natural gas, which are entered into to hedge the cost of electric fuel
Current wording
▪$77 million realized gains in 2023 on derivative contracts for fixed-price natural gas, which are entered into to hedge the cost of electric fuel
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, Sempra’s revenues from energy-related businesses decreased by $646 million to $475 million primarily due to:
Current wording
In the three months ended June 30, 2024 compared to the same period in 2023, Sempra’s revenues from energy-related businesses decreased by $248 million (40%) to $373 million primarily due to:
Previous wording
▪$611 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
Current wording
▪$246 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, Sempra’s cost of sales from energy-related businesses decreased by $84 million (44%) to $109 million primarily due to lower natural gas prices offset by higher volumes at TdM.
Current wording
In the three months ended June 30, 2024 compared to the same period in 2023, Sempra’s cost of sales from energy-related businesses decreased by $27 million (33%) to $54 million primarily due to:
Previous wording
◦$510 million primarily driven by $22 million unrealized losses in 2024 compared to $418 million unrealized gains in 2023 on commodity derivatives and $146 million primarily from lower natural gas prices
Current wording
◦$750 million primarily driven by $34 million unrealized losses in 2024 compared to $617 million unrealized gains in 2023 on commodity derivatives and $155 million primarily from lower natural gas prices
Previous wording
◦$92 million primarily from lower diversion fees due to lower natural gas prices
Current wording
◦$98 million primarily from lower diversion fees due to lower natural gas prices
Previous wording
▪$33 million lower transportation revenues driven by a customer’s early termination of firm transportation agreements in 2023
Current wording
▪$42 million lower transportation revenues primarily from a customer’s early termination of firm transportation agreements in the first quarter of 2023
Previous wording
▪$12 million from TdM mainly due to lower power prices offset by higher volumes
Current wording
▪$2 million from TdM mainly due to $37 million from lower power prices offset by $32 million from higher volumes
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, Sempra’s O&M increased by $3 million remaining at $1.2 billion primarily due to:
Current wording
In the three months ended June 30, 2024 compared to the same period in 2023, Sempra’s O&M decreased by $33 million (2%) to $1.3 billion primarily due to:
Previous wording
▪$34 million lower expenses associated with refundable programs, which costs are recovered in revenue
Previous wording
▪$28 million lower cost of electric fuel and purchased power, which we discuss below
Current wording
◦$28 million lower expenses associated with refundable programs, which costs are recovered in revenue
Previous wording
◦$8 million higher development costs and certain non-capitalized expenses from projects under construction
Current wording
◦$9 million higher development costs and certain non-capitalized expenses from projects under construction
Previous wording
▪$17 million lower revenues associated with refundable programs, which are fully offset in O&M
Previous wording
◦$11 million from a provision for expected credit losses on a customer’s past due receivable balance
Current wording
◦$25 million from a provision for expected credit losses on a customer’s past due receivable balance
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, Sempra’s other income, net, increased by $58 million to $99 million primarily due to:
Current wording
In the six months ended June 30, 2024 compared to the same period in 2023, Sempra’s other income, net, increased by $57 million to $129 million primarily due to:
Previous wording
▪$53 million increase from a $28 million credit in 2024 compared to $25 million cost in 2023 for the non-service components of net periodic benefit cost primarily at Sempra California
Current wording
▪$47 million lower non-service components of net periodic benefit cost primarily at Sempra California
Previous wording
▪$5 million lower gains from impacts associated with interest rate and foreign exchange instruments and foreign currency transactions at Sempra Infrastructure due to 2023 gains on cross-currency swaps as a result of fluctuation of the Mexican peso
Current wording
▪$8 million gains in 2023 from impacts associated with interest rate and foreign exchange instruments and foreign currency transactions at Sempra Infrastructure primarily due to cross-currency swaps as a result of fluctuation of the Mexican peso
Previous wording
In the three months ended March 31, 2024 compared to the same period in 2023, Sempra’s interest expense decreased by $61 million (17%) to $305 million primarily due to:
Current wording
In the three months ended June 30, 2024 compared to the same period in 2023, Sempra’s interest expense decreased by $6 million (2%) to $311 million primarily due to:
Previous wording
▪$18 million at Sempra California primarily from higher debt balances from debt issuances
Current wording
▪$15 million at Sempra California primarily from higher debt balances from debt issuances
Showing the first 40 of 105 pairs. Open the source sections for the rest.
Rearranged current paragraphs (35)
Current report — wording carried from elsewhere
▪$14 million higher CPUC base operating margin, net of operating expenses, including higher authorized cost of capital. Sempra California recorded CPUC-authorized revenues based on 2023 authorized levels
Current report — wording carried from elsewhere
▪$13 million from $3 million net interest income in 2024 compared to $10 million net interest expense in 2023 primarily due to higher capitalization of interest expense on projects under construction
Current report — wording carried from elsewhere
▪$91 million from asset and supply optimization driven by unrealized losses in 2024 compared to unrealized gains in 2023 on commodity derivatives due to changes in natural gas prices
Current report — wording carried from elsewhere
▪$315 million favorable impact from foreign currency and inflation effects on our monetary positions in Mexico, comprised of a $112 million favorable impact in 2024 compared to a $203 million unfavorable impact in 2023
Current report — wording carried from elsewhere
▪$15 million higher CPUC-authorized revenues attributable to higher authorized cost of capital
Current report — wording carried from elsewhere
▪$33 million lower franchise fee revenues
Current report — wording carried from elsewhere
▪$10 million lower revenues associated with refundable programs, which are fully offset in O&M
Current report — wording carried from elsewhere
▪$2.0 billion lower average natural gas prices
Current report — wording carried from elsewhere
▪$5 million higher CPUC-authorized revenues attributable to higher authorized cost of capital
Current report — wording carried from elsewhere
▪$10 million from TdM mainly due to higher volumes
Current report — wording carried from elsewhere
▪$857 million from asset and supply optimization from contracts to sell natural gas and LNG to third parties, including:
Current report — wording carried from elsewhere
◦$14 million from a provision for expected credit losses on a customer’s past due receivable balance
Current report — wording carried from elsewhere
▪$92 million decrease at Sempra California due to:
Current report — wording carried from elsewhere
▪$53 million increase at Sempra Infrastructure due to:
Current report — wording carried from elsewhere
◦$17 million higher development costs and certain non-capitalized expenses from projects under construction
Current report — wording carried from elsewhere
▪$33 million at Sempra California primarily from higher debt balances from debt issuances
Current report — wording carried from elsewhere
•rate updates to reflect increases in invested capital
Current report — wording carried from elsewhere
•new base rates implemented in May 2023
Current report — wording carried from elsewhere
◦higher interest expense and depreciation expense attributable to invested capital
Current report — wording carried from elsewhere
▪$142 million at Oncor Holdings driven by:
Current report — wording carried from elsewhere
•rate updates to reflect increases in invested capital
Current report — wording carried from elsewhere
•new base rates implemented in May 2023
Current report — wording carried from elsewhere
◦higher interest expense and depreciation expense attributable to invested capital
Current report — wording carried from elsewhere
▪$5 million higher CPUC base operating margin, net of operating expenses, including higher authorized cost of capital. SDG&E recorded CPUC-authorized revenues based on 2023 authorized levels
Current report — wording carried from elsewhere
▪$5 million lower income tax benefits primarily from flow-through items
Current report — wording carried from elsewhere
▪$5 million higher CPUC-authorized revenues attributable to higher authorized cost of capital
Current report — wording carried from elsewhere
▪$33 million lower expenses associated with refundable programs, which costs are recovered in revenue
Current report — wording carried from elsewhere
▪$11 million higher net interest expense
Current report — wording carried from elsewhere
▪$30 million higher CPUC base operating margin, net of higher operating expenses in 2023, including higher authorized cost of capital. SoCalGas recorded CPUC-authorized revenues based on 2023 authorized levels
Current report — wording carried from elsewhere
▪$24 million lower regulatory revenues in 2024 from adopting a change in tax accounting method for gas repairs expenditures, which are offset in income tax (expense) benefit
Current report — wording carried from elsewhere
▪$2.1 billion decrease in cost of natural gas sold, which we discuss below
Current report — wording carried from elsewhere
▪$5 million higher net interest income on regulatory balancing accounts
Current report — wording carried from elsewhere
▪$8 million higher net interest income on regulatory balancing accounts
Current report — wording carried from elsewhere
2024 GRC Track 3. SDG&E expects to submit in late 2024 an additional request to the CPUC in its 2024 GRC, known as a Track 3 request, for review and recovery of its 2023 wildfire mitigation plan costs.
Current report — wording carried from elsewhere
Natural Gas Storage Operations and Reliability
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
▪$21 million higher CPUC-authorized revenues attributable to higher authorized cost of capital
Previous report — wording carried elsewhere
▪$95 million at Sempra Infrastructure primarily due to:
Previous report — wording carried elsewhere
▪$30 million lower revenues associated with refundable programs, which are fully offset in O&M
Previous report — wording carried elsewhere
▪$10 million lower revenues from a $7 million credit in 2024 compared to $3 million cost in 2023 for the non-service components of net periodic benefit cost, which fully offsets in other income, net
Previous report — wording carried elsewhere
▪$11 million lower income tax benefits primarily from flow-through items
Previous report — wording carried elsewhere
▪$1.9 billion decrease in cost of natural gas sold, which we discuss below
Previous report — wording carried elsewhere
▪$1.5 billion lower average natural gas prices