v2.4.1.9

FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2015
Fair Value Measurements (Tables) [Abstract] |
Recurring Fair Value Measures Table |
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
| Fair value at March 31, 2015
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 666 | $ | ― | $ | ― | $ | ― | $ | 666
Debt securities: |  |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |  |  |  |
U.S. government corporations and agencies |  | 58 |  | 53 |  | ― |  | ― |  | 111
Municipal bonds |  | ― |  | 142 |  | ― |  | ― |  | 142
Other securities |  | ― |  | 212 |  | ― |  | ― |  | 212
Total debt securities |  | 58 |  | 407 |  | ― |  | ― |  | 465
Total nuclear decommissioning trusts(2) |  | 724 |  | 407 |  | ― |  | ― |  | 1,131
Interest rate and foreign exchange instruments |  | ― |  | 52 |  | ― |  | ― |  | 52
Commodity contracts not subject to rate recovery |  | 2 |  | 8 |  | ― |  | 16 |  | 26
Commodity contracts subject to rate recovery |  | ― |  | 1 |  | 102 |  | 19 |  | 122
Total | $ | 726 | $ | 468 | $ | 102 | $ | 35 | $ | 1,331
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments | $ | ― | $ | 179 | $ | ― | $ | ― | $ | 179
Commodity contracts not subject to rate recovery |  | 6 |  | 9 |  | ― |  | (11) |  | 4
Commodity contracts subject to rate recovery |  | ― |  | 67 |  | ― |  | (54) |  | 13
Total | $ | 6 | $ | 255 | $ | ― | $ | (65) | $ | 196
| Fair value at December 31, 2014
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 655 | $ | ― | $ | ― | $ | ― | $ | 655
Debt securities: |  |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |  |  |  |
U.S. government corporations and agencies |  | 62 |  | 47 |  | ― |  | ― |  | 109
Municipal bonds |  | ― |  | 129 |  | ― |  | ― |  | 129
Other securities |  | ― |  | 207 |  | ― |  | ― |  | 207
Total debt securities |  | 62 |  | 383 |  | ― |  | ― |  | 445
Total nuclear decommissioning trusts(2) |  | 717 |  | 383 |  | ― |  | ― |  | 1,100
Interest rate and foreign exchange instruments |  | ― |  | 48 |  | ― |  | ― |  | 48
Commodity contracts not subject to rate recovery |  | 28 |  | 16 |  | ― |  | (11) |  | 33
Commodity contracts subject to rate recovery |  | ― |  | 1 |  | 107 |  | 14 |  | 122
Total | $ | 745 | $ | 448 | $ | 107 | $ | 3 | $ | 1,303
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments | $ | ― | $ | 155 | $ | ― | $ | ― | $ | 155
Commodity contracts not subject to rate recovery |  | 3 |  | 9 |  | ― |  | (4) |  | 8
Commodity contracts subject to rate recovery |  | ― |  | 52 |  | ― |  | (36) |  | 16
Total | $ | 3 | $ | 216 | $ | ― | $ | (40) | $ | 179
(1) | Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
(2) | Excludes cash balances and cash equivalents. |  |  |  |  |  |  |  |  |  |
RECURRING FAIR VALUE MEASURES – SDG&E
(Dollars in millions)
| Fair value at March 31, 2015
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 666 | $ | ― | $ | ― | $ | ― | $ | 666
Debt securities: |  |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |  |  |  |
U.S. government corporations and agencies |  | 58 |  | 53 |  | ― |  | ― |  | 111
Municipal bonds |  | ― |  | 142 |  | ― |  | ― |  | 142
Other securities |  | ― |  | 212 |  | ― |  | ― |  | 212
Total debt securities |  | 58 |  | 407 |  | ― |  | ― |  | 465
Total nuclear decommissioning trusts(2) |  | 724 |  | 407 |  | ― |  | ― |  | 1,131
Commodity contracts not subject to rate recovery |  | ― |  | ― |  | ― |  | 1 |  | 1
Commodity contracts subject to rate recovery |  | ― |  | ― |  | 102 |  | 17 |  | 119
Total | $ | 724 | $ | 407 | $ | 102 | $ | 18 | $ | 1,251
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate instruments | $ | ― | $ | 48 | $ | ― | $ | ― | $ | 48
Commodity contracts not subject to rate recovery |  | 1 |  | ― |  | ― |  | (1) |  | ―
Commodity contracts subject to rate recovery |  | ― |  | 67 |  | ― |  | (54) |  | 13
Total | $ | 1 | $ | 115 | $ | ― | $ | (55) | $ | 61
| Fair value at December 31, 2014
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 655 | $ | ― | $ | ― | $ | ― | $ | 655
Debt securities: |  |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |  |  |  |
U.S. government corporations and agencies |  | 62 |  | 47 |  | ― |  | ― |  | 109
Municipal bonds |  | ― |  | 129 |  | ― |  | ― |  | 129
Other securities |  | ― |  | 207 |  | ― |  | ― |  | 207
Total debt securities |  | 62 |  | 383 |  | ― |  | ― |  | 445
Total nuclear decommissioning trusts(2) |  | 717 |  | 383 |  | ― |  | ― |  | 1,100
Commodity contracts subject to rate recovery |  | ― |  | ― |  | 107 |  | 12 |  | 119
Total | $ | 717 | $ | 383 | $ | 107 | $ | 12 | $ | 1,219
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate instruments | $ | ― | $ | 47 | $ | ― | $ | ― | $ | 47
Commodity contracts not subject to rate recovery |  | 1 |  | ― |  | ― |  | (1) |  | ―
Commodity contracts subject to rate recovery |  | ― |  | 51 |  | ― |  | (36) |  | 15
Total | $ | 1 | $ | 98 | $ | ― | $ | (37) | $ | 62
(1) | Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
(2) | Excludes cash balances and cash equivalents. |  |  |  |  |  |  |  |  |  |
RECURRING FAIR VALUE MEASURES – SOCALGAS
(Dollars in millions)
|  | Fair value at March 31, 2015
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | $ | ― | $ | ― | $ | ― | $ | 1 | $ | 1
Commodity contracts subject to rate recovery |  | ― |  | 1 |  | ― |  | 2 |  | 3
Total | $ | ― | $ | 1 | $ | ― | $ | 3 | $ | 4
Liabilities: |  |  |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | $ | 2 | $ | ― | $ | ― | $ | (2) | $ | ―
Total | $ | 2 | $ | ― | $ | ― | $ | (2) | $ | ―
|  | Fair value at December 31, 2014
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | ― | $ | 1 | $ | ― | $ | 2 | $ | 3
Total | $ | ― | $ | 1 | $ | ― | $ | 2 | $ | 3
Liabilities: |  |  |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | $ | 2 | $ | ― | $ | ― | $ | (2) | $ | ―
Commodity contracts subject to rate recovery |  | ― |  | 1 |  | ― |  | ― |  | 1
Total | $ | 2 | $ | 1 | $ | ― | $ | (2) | $ | 1
(1) | Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
Recurring Fair Value Measures Level 3 Rollforward Table |
LEVEL 3 RECONCILIATIONS
(Dollars in millions)
| Three months ended March 31,
| 2015 | 2014
Balance at January 1 | $ | 107 | $ | 99
Realized and unrealized gains |  | 6 |  | 1
Allocated transmission instruments |  | ― |  | 1
Settlements |  | (11) |  | (6)
Balance at March 31 | $ | 102 | $ | 95
Change in unrealized gains or losses relating to |  |  |  |
instruments still held at March 31 | $ | 1 | $ | ―
Fair Value of Financial Instruments Table |
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
|  | March 31, 2015
|  | Carrying |  | Fair value
|  | amount |  | Level 1 | Level 2 | Level 3 | Total
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(1)(2) | $ | 13,176 |  | $ | ― | $ | 13,889 | $ | 895 | $ | 14,784
Preferred stock of subsidiary |  | 20 |  |  | ― |  | 23 |  | ― |  | 23
SDG&E: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(2)(3) | $ | 4,849 |  | $ | ― | $ | 5,061 | $ | 422 | $ | 5,483
SoCalGas: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(4) | $ | 1,913 |  | $ | ― | $ | 2,167 | $ | ― | $ | 2,167
Preferred stock |  | 22 |  |  | ― |  | 25 |  | ― |  | 25
|  | December 31, 2014
|  | Carrying |  | Fair value
|  | amount |  | Level 1 | Level 2 | Level 3 | Total
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(1)(2) | $ | 12,347 |  | $ | ― | $ | 12,782 | $ | 917 | $ | 13,699
Preferred stock of subsidiary |  | 20 |  |  | ― |  | 23 |  | ― |  | 23
SDG&E: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(2)(3) | $ | 4,461 |  | $ | ― | $ | 4,563 | $ | 425 | $ | 4,988
SoCalGas: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(4) | $ | 1,913 |  | $ | ― | $ | 2,124 | $ | ― | $ | 2,124
Preferred stock |  | 22 |  |  | ― |  | 25 |  | ― |  | 25
(1) | Before reductions for unamortized discount (net of premium) of $23 million and $21 million at March 31, 2015 and December 31, 2014, respectively, and excluding build-to-suit and capital leases of $336 million and $310 million at March 31, 2015 and December 31, 2014, respectively. We discuss our long-term debt in Note 6 above and in Note 5 of the Notes to Consolidated Financial Statements in the Annual Report.
(2) | Level 3 instruments include $322 million and $325 million at March 31, 2015 and December 31, 2014, respectively, related to Otay Mesa VIE.
(3) | Before reductions for unamortized discount of $12 million and $11 million at March 31, 2015 and December 31, 2014, respectively, and excluding capital leases of $232 million and $234 million at March 31, 2015 and December 31, 2014, respectively.
(4) | Before reductions for unamortized discount of $7 million and $8 million at March 31, 2015 and December 31, 2014, respectively, and excluding capital leases of $1 million at December 31, 2014.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
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