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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Jun. 30, 2015
Derivative Financial Instruments (Tables) [Abstract] |
Commodity Derivative Volumes Table |
NET ENERGY DERIVATIVE VOLUMES
Segment and Commodity | June 30, 2015 | December 31, 2014 |
California Utilities: |  |  |
SDG&E: |  |  |
Natural gas | 57 million MMBtu | 55 million MMBtu | (1)
Electricity | 1 million MWh | ― | (2)
Congestion revenue rights | 23 million MWh | 27 million MWh |
SoCalGas - natural gas | ― | 1 million MMBtu |
Energy-Related Businesses: |  |  |
Sempra Natural Gas - natural gas | 29 million MMBtu | 29 million MMBtu |
(1) | Million British thermal units
(2) | Megawatt hours
Notional Amounts of Interest Rate Derivatives Table |
INTEREST RATE DERIVATIVES
(Dollars in millions)
|  | June 30, 2015 | December 31, 2014
| Notional debt | Maturities | Notional debt | Maturities
Sempra Energy Consolidated: |  |  |  |  |  |
Cash flow hedges(1) | $ | 392 | 2015-2028 | $ | 399 | 2015-2028
Fair value hedges |  | 300 | 2016 |  | 300 | 2016
SDG&E: |  |  |  |  |  |
Cash flow hedge(1) |  | 320 | 2015-2019 |  | 325 | 2015-2019
(1) | Includes Otay Mesa VIE. All of SDG&E’s interest rate derivatives relate to Otay Mesa VIE.
Derivative Instruments on the Condensed Consolidated Balance Sheets Table |
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
|  | June 30, 2015
|  |  |  |  |  |  |  |  | Deferred
|  |  |  |  |  |  |  |  | credits
|  |  | Current |  |  |  | Current |  | and other
|  |  | assets: |  |  |  | liabilities: |  | liabilities:
|  |  | Fixed-price |  | Investments |  | Fixed-price |  | Fixed-price
|  |  | contracts |  | and other |  | contracts |  | contracts
|  |  | and other |  | assets: |  | and other |  | and other
|  | derivatives(1) |  | Sundry |  | derivatives(2) |  | derivatives
Sempra Energy Consolidated: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments(3) | $ | 9 | $ | 2 | $ | (17) | $ | (129)
Commodity contracts not subject to rate recovery |  | 1 |  | ― |  | ― |  | ―
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments |  | 8 |  | 24 |  | (6) |  | (20)
Commodity contracts not subject to rate recovery |  | 78 |  | 24 |  | (76) |  | (16)
Associated offsetting commodity contracts |  | (69) |  | (15) |  | 69 |  | 15
Associated offsetting cash collateral |  | ― |  | ― |  | 5 |  | 1
Commodity contracts subject to rate recovery |  | 15 |  | 75 |  | (37) |  | (64)
Associated offsetting commodity contracts |  | (1) |  | (1) |  | 1 |  | 1
Associated offsetting cash collateral |  | ― |  | ― |  | 21 |  | 21
Net amounts presented on the balance sheet |  | 41 |  | 109 |  | (40) |  | (191)
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
not subject to rate recovery |  | 17 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 27 |  | ― |  | ― |  | ―
Total(4) | $ | 85 | $ | 109 | $ | (40) | $ | (191)
SDG&E: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate instruments(3) | $ | ― | $ | ― | $ | (15) | $ | (28)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery |  | ― |  | ― |  | (1) |  | ―
Associated offsetting cash collateral |  | ― |  | ― |  | 1 |  | ―
Commodity contracts subject to rate recovery |  | 14 |  | 75 |  | (37) |  | (64)
Associated offsetting commodity contracts |  | (1) |  | (1) |  | 1 |  | 1
Associated offsetting cash collateral |  | ― |  | ― |  | 21 |  | 21
Net amounts presented on the balance sheet |  | 13 |  | 74 |  | (30) |  | (70)
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
not subject to rate recovery |  | 1 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 26 |  | ― |  | ― |  | ―
Total(4) | $ | 40 | $ | 74 | $ | (30) | $ | (70)
SoCalGas: |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | $ | ― | $ | ― | $ | (1) | $ | ―
Associated offsetting cash collateral |  | ― |  | ― |  | 1 |  | ―
Commodity contracts subject to rate recovery |  | 1 |  | ― |  | ― |  | ―
Net amounts presented on the balance sheet |  | 1 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
not subject to rate recovery |  | 2 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 1 |  | ― |  | ― |  | ―
Total | $ | 4 | $ | ― | $ | ― | $ | ―
(1) | Included in Current Assets: Other for SoCalGas. |  |  |  |  |  |  |  |
(2) | Included in Current Liabilities: Other for SoCalGas. |  |  |  |  |  |  |  |
(3) | Includes Otay Mesa VIE. All of SDG&E’s amounts relate to Otay Mesa VIE. |  |  |  |  |  |
(4) | Normal purchase contracts previously measured at fair value are excluded. |  |  |  |  |  |
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
|  | December 31, 2014
|  |  |  |  |  |  |  |  | Deferred
|  |  |  |  |  |  |  |  | credits
|  |  | Current |  |  |  | Current |  | and other
|  |  | assets: |  |  |  | liabilities: |  | liabilities:
|  |  | Fixed-price |  | Investments |  | Fixed-price |  | Fixed-price
|  |  | contracts |  | and other |  | contracts |  | contracts
|  |  | and other |  | assets: |  | and other |  | and other
|  | derivatives(1) |  | Sundry |  | derivatives(2) |  | derivatives
Sempra Energy Consolidated: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments(3) | $ | 10 | $ | 3 | $ | (17) | $ | (109)
Commodity contracts not subject to rate recovery |  | 25 |  | ― |  | ― |  | ―
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate instruments |  | 8 |  | 27 |  | (7) |  | (22)
Commodity contracts not subject to rate recovery |  | 143 |  | 32 |  | (135) |  | (29)
Associated offsetting commodity contracts |  | (129) |  | (27) |  | 129 |  | 27
Associated offsetting cash collateral |  | (11) |  | ― |  | ― |  | ―
Commodity contracts subject to rate recovery |  | 36 |  | 76 |  | (36) |  | (20)
Associated offsetting commodity contracts |  | (3) |  | (1) |  | 3 |  | 1
Associated offsetting cash collateral |  | ― |  | ― |  | 23 |  | 13
Net amounts presented on the balance sheet |  | 79 |  | 110 |  | (40) |  | (139)
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 14 |  | ― |  | ― |  | ―
Total(4) | $ | 93 | $ | 110 | $ | (40) | $ | (139)
SDG&E: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate instruments(3) | $ | ― | $ | ― | $ | (16) | $ | (31)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery |  | 32 |  | 76 |  | (32) |  | (20)
Associated offsetting commodity contracts |  | ― |  | (1) |  | ― |  | 1
Associated offsetting cash collateral |  | ― |  | ― |  | 23 |  | 13
Net amounts presented on the balance sheet |  | 32 |  | 75 |  | (25) |  | (37)
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 12 |  | ― |  | ― |  | ―
Total(4) | $ | 44 | $ | 75 | $ | (25) | $ | (37)
SoCalGas: |  |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 4 | $ | ― | $ | (4) | $ | ―
Associated offsetting commodity contracts |  | (3) |  | ― |  | 3 |  | ―
Net amounts presented on the balance sheet |  | 1 |  | ― |  | (1) |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 2 |  | ― |  | ― |  | ―
Total | $ | 3 | $ | ― | $ | (1) | $ | ―
(1) | Included in Current Assets: Other for SoCalGas. |  |  |  |  |  |  |  |
(2) | Included in Current Liabilities: Other for SoCalGas. |  |  |  |  |  |  |  |
(3) | Includes Otay Mesa VIE. All of SDG&E’s amounts relate to Otay Mesa VIE. |  |  |  |  |  |
(4) | Normal purchase contracts previously measured at fair value are excluded. |  |  |  |  |  |
Fair Value Hedge Impact on the Condensed Consolidated Statements of Operations Table |
FAIR VALUE HEDGE IMPACT ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions) |  |  |  |
|  |  | Gain (loss) on derivatives recognized in earnings
|  |  | Three months ended June 30, | Six months ended June 30,
| Location | 2015 | 2014 | 2015 | 2014
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |
Interest rate instruments | Interest Expense | $ | 2 | $ | 2 | $ | 4 | $ | 5
Interest rate instruments | Other Income, Net |  | (3) |  | 5 |  | (2) |  | 1
Total(1) |  | $ | (1) | $ | 7 | $ | 2 | $ | 6
(1) | There was no hedge ineffectiveness on these swaps in the three months or six months ended June 30, 2015, respectively, and $7 million and $9 million in the three months and six months ended June 30, 2014, respectively. All other changes in the fair value of the interest rate swap agreements are exactly offset by changes in the fair value of the underlying long-term debt and are recorded in Other Income, Net.
Cash Flow Hedge Impact on the Condensed Consolidated Statements of Operations Table |
CASH FLOW HEDGE IMPACT ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions)
|  | Pretax gain (loss) recognized |  |  | Pretax gain (loss) reclassified from
|  | in OCI (effective portion) |  |  | AOCI into earnings (effective portion)
|  | Three months ended June 30, |  |  | Three months ended June 30,
| 2015 | 2014 |  | Location | 2015 | 2014
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |  |
Interest rate and foreign |  |  |  |  |  |  |  |  |  |
exchange instruments(1) | $ | 6 | $ | (7) |  | Interest Expense | $ | (3) | $ | (6)
|  |  |  |  |  | Equity Earnings, |  |  |  |
Interest rate instruments |  | 89 |  | (15) |  | Before Income Tax |  | (3) |  | (2)
Commodity contracts not subject |  |  |  |  |  | Revenues: Energy-Related |  |  |  |
to rate recovery |  | 1 |  | ― |  | Businesses |  | ― |  | ―
Total(2) | $ | 96 | $ | (22) |  |  | $ | (6) | $ | (8)
SDG&E: |  |  |  |  |  |  |  |  |  |
Interest rate instruments(1)(2) | $ | ― | $ | (3) |  | Interest Expense | $ | (3) | $ | (2)
|  | Six months ended June 30, |  |  | Six months ended June 30,
| 2015 | 2014 |  | Location | 2015 | 2014
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |  |
Interest rate and foreign |  |  |  |  |  |  |  |  |  |
exchange instruments(1) | $ | (12) | $ | (10) |  | Interest Expense | $ | (9) | $ | (9)
|  |  |  |  |  |  | Gain on Sale of Equity Interest |  |  |  |
Interest rate instruments |  | ― |  | (2) |  | and Assets |  | ― |  | (2)
|  |  |  |  |  |  | Equity Earnings, |  |  |  |
Interest rate instruments |  | 11 |  | (30) |  | Before Income Tax |  | (6) |  | (5)
Commodity contracts not subject |  |  |  |  |  | Revenues: Energy-Related |  |  |  |
to rate recovery |  | ― |  | (6) |  | Businesses |  | 7 |  | (10)
Total(2) | $ | (1) | $ | (48) |  |  | $ | (8) | $ | (26)
SDG&E: |  |  |  |  |  |  |  |  |  |
Interest rate instruments(1)(2) | $ | (5) | $ | (6) |  | Interest Expense | $ | (6) | $ | (5)
(1) | Amounts include Otay Mesa VIE. All of SDG&E’s interest rate derivative activity relates to Otay Mesa VIE.
(2) | There was a negligible amount of ineffectiveness related to these hedges in 2015 and 2014.
Undesignated Derivative Impact on the Condensed Consolidated Statements of Operations Table |
UNDESIGNATED DERIVATIVE IMPACT ON THE CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions)
|  |  | Gain (loss) on derivatives recognized in earnings
|  |  | Three months ended June 30, | Six months ended June 30,
| Location | 2015 | 2014 | 2015 | 2014
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |
Interest rate and foreign exchange |  |  |  |  |  |  |  |  |
instruments | Other Income, Net | $ | (3) | $ | 4 | $ | (3) | $ | 7
Foreign exchange instruments | Equity Earnings, |  |  |  |  |  |  |  |
|  | Net of Income Tax |  | ― |  | ― |  | (1) |  | (2)
Commodity contracts not subject | Revenues: Energy-Related |  |  |  |  |  |  |  |
to rate recovery | Businesses |  | 9 |  | 4 |  | 12 |  | (1)
Commodity contracts not subject | Cost of Natural Gas, Electric Fuel |  |  |  |  |  |  |  |
to rate recovery | and Purchased Power |  | ― |  | 1 |  | ― |  | 2
Commodity contracts not subject |  |  |  |  |  |  |  |  |
to rate recovery | Operation and Maintenance |  | 1 |  | ― |  | 1 |  | ―
Commodity contracts subject | Cost of Electric Fuel |  |  |  |  |  |  |  |
to rate recovery | and Purchased Power |  | (53) |  | 8 |  | (73) |  | 20
Commodity contracts subject |  |  |  |  |  |  |  |  |
to rate recovery | Cost of Natural Gas |  | ― |  | (1) |  | 1 |  | 1
Total |  | $ | (46) | $ | 16 | $ | (63) | $ | 27
SDG&E: |  |  |  |  |  |  |  |  |
Commodity contracts subject | Cost of Electric Fuel |  |  |  |  |  |  |  |
to rate recovery | and Purchased Power | $ | (53) | $ | 8 | $ | (73) | $ | 20
SoCalGas: |  |  |  |  |  |  |  |  |
Commodity contracts not subject |  |  |  |  |  |  |  |  |
to rate recovery | Operation and Maintenance | $ | 1 | $ | ― | $ | 1 | $ | ―
Commodity contracts subject |  |  |  |  |  |  |  |  |
to rate recovery | Cost of Natural Gas |  | ― |  | (1) |  | 1 |  | 1
Total |  | $ | 1 | $ | (1) | $ | 2 | $ | 1

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