v3.4.0.3

FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2016
Fair Value Disclosures [Abstract] |
Recurring Fair Value Measures Table |
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
| Fair value at March 31, 2016
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 623 | $ | ― | $ | ― | $ | ― | $ | 623
Debt securities: |  |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |  |  |  |
U.S. government corporations and agencies |  | 62 |  | 43 |  | ― |  | ― |  | 105
Municipal bonds |  | ― |  | 156 |  | ― |  | ― |  | 156
Other securities |  | ― |  | 190 |  | ― |  | ― |  | 190
Total debt securities |  | 62 |  | 389 |  | ― |  | ― |  | 451
Total nuclear decommissioning trusts(2) |  | 685 |  | 389 |  | ― |  | ― |  | 1,074
Interest rate and foreign exchange instruments |  | ― |  | 8 |  | ― |  | ― |  | 8
Commodity contracts not subject to rate recovery |  | 1 |  | 19 |  | ― |  | 20 |  | 40
Commodity contracts subject to rate recovery |  | ― |  | 1 |  | 68 |  | 32 |  | 101
Total | $ | 686 | $ | 417 | $ | 68 | $ | 52 | $ | 1,223
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments | $ | ― | $ | 181 | $ | ― | $ | ― | $ | 181
Commodity contracts not subject to rate recovery |  | 3 |  | 6 |  | ― |  | (7) |  | 2
Commodity contracts subject to rate recovery |  | ― |  | 67 |  | 57 |  | (55) |  | 69
Total | $ | 3 | $ | 254 | $ | 57 | $ | (62) | $ | 252
| Fair value at December 31, 2015
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 619 | $ | ― | $ | ― | $ | ― | $ | 619
Debt securities: |  |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |  |  |  |
U.S. government corporations and agencies |  | 47 |  | 44 |  | ― |  | ― |  | 91
Municipal bonds |  | ― |  | 156 |  | ― |  | ― |  | 156
Other securities |  | ― |  | 182 |  | ― |  | ― |  | 182
Total debt securities |  | 47 |  | 382 |  | ― |  | ― |  | 429
Total nuclear decommissioning trusts(2) |  | 666 |  | 382 |  | ― |  | ― |  | 1,048
Interest rate and foreign exchange instruments |  | ― |  | 5 |  | ― |  | ― |  | 5
Commodity contracts not subject to rate recovery |  | 22 |  | 16 |  | ― |  | (4) |  | 34
Commodity contracts subject to rate recovery |  | ― |  | 1 |  | 72 |  | 28 |  | 101
Total | $ | 688 | $ | 404 | $ | 72 | $ | 24 | $ | 1,188
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments | $ | ― | $ | 171 | $ | ― | $ | ― | $ | 171
Commodity contracts not subject to rate recovery |  | 5 |  | 3 |  | ― |  | (4) |  | 4
Commodity contracts subject to rate recovery |  | ― |  | 68 |  | 53 |  | (54) |  | 67
Total | $ | 5 | $ | 242 | $ | 53 | $ | (58) | $ | 242
(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, 2016
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 623 | $ | ― | $ | ― | $ | ― | $ | 623
Debt securities: |  |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |  |  |  |
U.S. government corporations and agencies |  | 62 |  | 43 |  | ― |  | ― |  | 105
Municipal bonds |  | ― |  | 156 |  | ― |  | ― |  | 156
Other securities |  | ― |  | 190 |  | ― |  | ― |  | 190
Total debt securities |  | 62 |  | 389 |  | ― |  | ― |  | 451
Total nuclear decommissioning trusts(2) |  | 685 |  | 389 |  | ― |  | ― |  | 1,074
Commodity contracts not subject to rate recovery |  | ― |  | ― |  | ― |  | 2 |  | 2
Commodity contracts subject to rate recovery |  | ― |  | ― |  | 68 |  | 30 |  | 98
Total | $ | 685 | $ | 389 | $ | 68 | $ | 32 | $ | 1,174
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate instruments | $ | ― | $ | 39 | $ | ― | $ | ― | $ | 39
Commodity contracts not subject to rate recovery |  | 1 |  | ― |  | ― |  | (1) |  | ―
Commodity contracts subject to rate recovery |  | ― |  | 66 |  | 57 |  | (55) |  | 68
Total | $ | 1 | $ | 105 | $ | 57 | $ | (56) | $ | 107
| Fair value at December 31, 2015
|  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |  |  |  |
Equity securities | $ | 619 | $ | ― | $ | ― | $ | ― | $ | 619
Debt securities: |  |  |  |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |  |  |  |
U.S. government corporations and agencies |  | 47 |  | 44 |  | ― |  | ― |  | 91
Municipal bonds |  | ― |  | 156 |  | ― |  | ― |  | 156
Other securities |  | ― |  | 182 |  | ― |  | ― |  | 182
Total debt securities |  | 47 |  | 382 |  | ― |  | ― |  | 429
Total nuclear decommissioning trusts(2) |  | 666 |  | 382 |  | ― |  | ― |  | 1,048
Commodity contracts not subject to rate recovery |  | ― |  | ― |  | ― |  | 1 |  | 1
Commodity contracts subject to rate recovery |  | ― |  | ― |  | 72 |  | 27 |  | 99
Total | $ | 666 | $ | 382 | $ | 72 | $ | 28 | $ | 1,148
Liabilities: |  |  |  |  |  |  |  |  |  |
Interest rate instruments | $ | ― | $ | 37 | $ | ― | $ | ― | $ | 37
Commodity contracts not subject to rate recovery |  | 1 |  | ― |  | ― |  | (1) |  | ―
Commodity contracts subject to rate recovery |  | ― |  | 67 |  | 53 |  | (54) |  | 66
Total | $ | 1 | $ | 104 | $ | 53 | $ | (55) | $ | 103
(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, 2016
|  |  | 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 | $ | 1 | $ | ― | $ | ― | $ | (1) | $ | ―
Commodity contracts subject to rate recovery |  | ― |  | 1 |  | ― |  | ― |  | 1
Total | $ | 1 | $ | 1 | $ | ― | $ | (1) | $ | 1
|  | Fair value at December 31, 2015
|  |  | Level 1 |  | Level 2 |  | Level 3 |  | Netting(1) |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | ― | $ | 1 | $ | ― | $ | 1 | $ | 2
Total | $ | ― | $ | 1 | $ | ― | $ | 1 | $ | 2
Liabilities: |  |  |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery | $ | 1 | $ | ― | $ | ― | $ | (1) | $ | ―
Commodity contracts subject to rate recovery |  | ― |  | 1 |  | ― |  | ― |  | 1
Total | $ | 1 | $ | 1 | $ | ― | $ | (1) | $ | 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,
| 2016 | 2015
Balance as of January 1 | $ | 19 | $ | 107
Realized and unrealized (losses) gains |  | (1) |  | 6
Settlements |  | (7) |  | (11)
Balance as of March 31 | $ | 11 | $ | 102
Change in unrealized (losses) gains relating to |  |  |  |
instruments still held at March 31 | $ | (1) | $ | 1
Fair Value of Financial Instruments Table |
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
|  | March 31, 2016
|  | Carrying |  | Fair value
|  | amount |  | Level 1 | Level 2 | Level 3 | Total
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |  |  |
Noncurrent due from unconsolidated affiliates(1) | $ | 173 |  | $ | ― | $ | 92 | $ | 72 | $ | 164
Total long-term debt(2)(3) |  | 13,761 |  |  | ― |  | 14,363 |  | 652 |  | 15,015
Preferred stock of subsidiary |  | 20 |  |  | ― |  | 23 |  | ― |  | 23
SDG&E: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(3)(4) | $ | 4,285 |  | $ | ― | $ | 4,517 | $ | 312 | $ | 4,829
SoCalGas: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(5) | $ | 2,513 |  | $ | ― | $ | 2,731 | $ | ― | $ | 2,731
Preferred stock |  | 22 |  |  | ― |  | 25 |  | ― |  | 25
|  | December 31, 2015
|  | Carrying |  | Fair value
|  | amount |  | Level 1 | Level 2 | Level 3 | Total
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |  |  |
Noncurrent due from unconsolidated affiliates(1) | $ | 175 |  | $ | ― | $ | 97 | $ | 69 | $ | 166
Total long-term debt(2)(3) |  | 13,761 |  |  | ― |  | 13,985 |  | 648 |  | 14,633
Preferred stock of subsidiary |  | 20 |  |  | ― |  | 23 |  | ― |  | 23
SDG&E: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(3)(4) | $ | 4,304 |  | $ | ― | $ | 4,355 | $ | 315 | $ | 4,670
SoCalGas: |  |  |  |  |  |  |  |  |  |  |
Total long-term debt(5) | $ | 2,513 |  | $ | ― | $ | 2,621 | $ | ― | $ | 2,621
Preferred stock |  | 22 |  |  | ― |  | 25 |  | ― |  | 25
(1) | Excluding accumulated interest outstanding of $13 million and $11 million at March 31, 2016 and December 31, 2015, respectively.
(2) | Before reductions for unamortized discount (net of premium) and debt issuance costs of $106 million and $107 million at March 31, 2016 and December 31, 2015, respectively, and excluding build-to-suit and capital lease obligations of $386 million and $387 million at March 31, 2016 and December 31, 2015, 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.
(3) | Level 3 instruments include $312 million and $315 million at March 31, 2016 and December 31, 2015, respectively, related to Otay Mesa VIE.
(4) | Before reductions for unamortized discount and debt issuance costs of $43 million at March 31, 2016 and December 31, 2015, and excluding capital lease obligations of $243 million and $244 million at March 31, 2016 and December 31, 2015, respectively.
(5) | Before reductions for unamortized discount and debt issuance costs of $24 million at March 31, 2016 and December 31, 2015, and excluding capital lease obligations of $1 million at March 31, 2016 and December 31, 2015.
Fair Value Measurements, Nonrecurring Table |
NON-RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
| Estimated |  | Fair | % of | Inputs used to |
| fair |  | value | fair value | develop | Range of
| value | Valuation technique | hierarchy | measurement | measurement | inputs
Investment in |  |  |  |  |  |  |  |
Rockies Express | $ | 440 | (1) | Market approach | Level 2 | 100% | Equity sale price | 100%
(1) | At measurement date of March 29, 2016. At March 31, 2016, our investment in Rockies Express had a carrying value of $436 million, reflecting subsequent equity method activity to record a distribution.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
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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 2 -Subparagraph (a),(b) -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 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + 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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