v3.4.0.3

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract] |
Commodity Derivative Volumes Table |
NET ENERGY DERIVATIVE VOLUMES
(Quantities in millions)
|  |  |  | March 31, | December 31,
Segment and Commodity | Unit of measure | 2016 | 2015
California Utilities: |  |  |
SDG&E: |  |  |
Natural gas | MMBtu(1) | 60 | 70
Electricity | MWh(2) | ― | 1
Congestion revenue rights | MWh | 33 | 36
SoCalGas – natural gas | MMBtu | ― | 1
Energy-Related Businesses: |  |  |
Sempra Natural Gas – natural gas | MMBtu | 39 | 43
(1) | Million British thermal units
(2) | Megawatt hours
Notional Amounts of Interest Rate Derivatives Table |
INTEREST RATE DERIVATIVES
(Dollars in millions)
|  | March 31, 2016 | December 31, 2015
| Notional debt | Maturities | Notional debt | Maturities
Sempra Energy Consolidated: |  |  |  |  |  |
Cash flow hedges(1) | $ | 381 | 2016-2028 | $ | 384 | 2016-2028
Fair value hedges |  | 300 | 2016 |  | 300 | 2016
SDG&E: |  |  |  |  |  |
Cash flow hedge(1) |  | 312 | 2016-2019 |  | 315 | 2016-2019
(1) | Includes Otay Mesa VIE. All of SDG&E’s interest rate derivatives relate to Otay Mesa VIE.
FOREIGN CURRENCY DERIVATIVES
(Dollars in millions)
|  | March 31, 2016 | December 31, 2015
| Notional debt | Maturities | Notional debt | Maturities
Sempra Mexico: |  |  |  |  |  |
Cross-currency swaps | $ | 408 | 2018-2023 | $ | 408 | 2018-2023
Other foreign currency derivatives |  | 550 | 2016 |  | ― | ―
Derivative Instruments on the Condensed Consolidated Balance Sheets Table |
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
|  | March 31, 2016
|  |  |  |  |  |  |  |  | Deferred
|  |  |  |  |  |  |  |  | credits
|  |  | Current |  |  |  | Current |  | and other
|  |  | assets: |  |  |  | liabilities: |  | liabilities:
|  |  | Fixed-price |  |  |  | Fixed-price |  | Fixed-price
|  |  | contracts |  | 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) | $ | 5 | $ | ― | $ | (15) | $ | (166)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments |  | 3 |  | ― |  | ― |  | ―
Commodity contracts not subject to rate recovery |  | 144 |  | 20 |  | (144) |  | (9)
Associated offsetting commodity contracts |  | (135) |  | (9) |  | 135 |  | 9
Associated offsetting cash collateral |  | ― |  | ― |  | 7 |  | ―
Commodity contracts subject to rate recovery |  | 23 |  | 51 |  | (68) |  | (61)
Associated offsetting commodity contracts |  | (4) |  | (1) |  | 4 |  | 1
Associated offsetting cash collateral |  | ― |  | ― |  | 31 |  | 24
Net amounts presented on the balance sheet |  | 36 |  | 61 |  | (50) |  | (202)
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
not subject to rate recovery |  | 20 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 32 |  | ― |  | ― |  | ―
Total(4) | $ | 88 | $ | 61 | $ | (50) | $ | (202)
SDG&E: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate instruments(3) | $ | ― | $ | ― | $ | (14) | $ | (25)
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 |  | 20 |  | 51 |  | (65) |  | (61)
Associated offsetting commodity contracts |  | (2) |  | (1) |  | 2 |  | 1
Associated offsetting cash collateral |  | ― |  | ― |  | 31 |  | 24
Net amounts presented on the balance sheet |  | 18 |  | 50 |  | (46) |  | (61)
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
not subject to rate recovery |  | 2 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 30 |  | ― |  | ― |  | ―
Total(4) | $ | 50 | $ | 50 | $ | (46) | $ | (61)
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 |  | 3 |  | ― |  | (3) |  | ―
Associated offsetting commodity contracts |  | (2) |  | ― |  | 2 |  | ―
Net amounts presented on the balance sheet |  | 1 |  | ― |  | (1) |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
not subject to rate recovery |  | 1 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 2 |  | ― |  | ― |  | ―
Total | $ | 4 | $ | ― | $ | (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. |  |  |  |  |  |
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
|  | December 31, 2015
|  |  |  |  |  |  |  |  | Deferred
|  |  |  |  |  |  |  |  | credits
|  |  | Current |  |  |  | Current |  | and other
|  |  | assets: |  |  |  | liabilities: |  | liabilities:
|  |  | Fixed-price |  |  |  | Fixed-price |  | Fixed-price
|  |  | contracts |  | 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) | $ | 4 | $ | 1 | $ | (15) | $ | (156)
Commodity contracts not subject to rate recovery |  | 13 |  | ― |  | ― |  | ―
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Commodity contracts not subject to rate recovery |  | 245 |  | 32 |  | (239) |  | (21)
Associated offsetting commodity contracts |  | (232) |  | (20) |  | 232 |  | 20
Associated offsetting cash collateral |  | (6) |  | ― |  | 4 |  | ―
Commodity contracts subject to rate recovery |  | 28 |  | 49 |  | (61) |  | (64)
Associated offsetting commodity contracts |  | (2) |  | (2) |  | 2 |  | 2
Associated offsetting cash collateral |  | ― |  | ― |  | 28 |  | 26
Net amounts presented on the balance sheet |  | 50 |  | 60 |  | (49) |  | (193)
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
not subject to rate recovery |  | 2 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 28 |  | ― |  | ― |  | ―
Total(4) | $ | 80 | $ | 60 | $ | (49) | $ | (193)
SDG&E: |  |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Interest rate instruments(3) | $ | ― | $ | ― | $ | (14) | $ | (23)
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 |  | 27 |  | 49 |  | (60) |  | (64)
Associated offsetting commodity contracts |  | (2) |  | (2) |  | 2 |  | 2
Associated offsetting cash collateral |  | ― |  | ― |  | 28 |  | 26
Net amounts presented on the balance sheet |  | 25 |  | 47 |  | (44) |  | (59)
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
not subject to rate recovery |  | 1 |  | ― |  | ― |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 27 |  | ― |  | ― |  | ―
Total(4) | $ | 53 | $ | 47 | $ | (44) | $ | (59)
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 |  | ― |  | (1) |  | ―
Net amounts presented on the balance sheet |  | 1 |  | ― |  | (1) |  | ―
Additional cash collateral for commodity contracts |  |  |  |  |  |  |  |
subject to rate recovery |  | 1 |  | ― |  | ― |  | ―
Total | $ | 2 | $ | ― | $ | (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 IMPACTS
(Dollars in millions)
|  |  | Pretax gain on derivatives
|  |  | recognized in earnings
|  |  | Three months ended March 31,
| Location | 2016 | 2015
Sempra Energy Consolidated: |  |  |  |  |
Interest rate instruments | Interest Expense | $ | 2 | $ | 2
Interest rate instruments | Other Income, Net |  | ― |  | 1
Total(1) |  | $ | 2 | $ | 3
(1) | There was no hedge ineffectiveness in either the three months ended March 31, 2016 or 2015. All other changes in the fair values of the interest rate swap agreements are exactly offset by changes in the fair value of the underlying long-term debt and recorded in Other Income, Net.
Cash Flow Hedge Impact on the Condensed Consolidated Statements of Operations Table |
CASH FLOW HEDGE IMPACTS
(Dollars in millions)
|  | Pretax (loss) gain |  |  | Pretax (loss) gain reclassified
|  | recognized in OCI |  |  | from AOCI into earnings
|  | (effective portion) |  |  | (effective portion)
|  | Three months ended March 31, |  |  | Three months ended March 31,
| 2016 | 2015 |  | Location | 2016 | 2015
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |  |
Interest rate and foreign |  |  |  |  |  |  |  |  |  |
exchange instruments(1) | $ | (11) | $ | (18) |  | Interest Expense | $ | (4) | $ | (6)
|  |  |  |  |  | Equity (Losses) Earnings, |  |  |  |
Interest rate instruments |  | (137) |  | (78) |  | Before Income Tax |  | (3) |  | (3)
Interest rate and foreign |  |  |  |  |  | Equity Earnings, |  |  |  |
exchange instruments |  | (18) |  | ― |  | Net of Income Tax |  | (1) |  | ―
Commodity contracts not |  |  |  |  |  | Revenues: Energy-Related |  |  |  |
subject to rate recovery |  | 1 |  | (1) |  | Businesses |  | 7 |  | 7
Total(2) | $ | (165) | $ | (97) |  |  | $ | (1) | $ | (2)
SDG&E: |  |  |  |  |  |  |  |  |  |
Interest rate instruments(1)(2) | $ | (5) | $ | (5) |  | Interest Expense | $ | (3) | $ | (3)
(1) | Amounts include Otay Mesa VIE. All of SDG&E’s interest rate derivative activity relates to Otay Mesa VIE.
(2) | Amounts include negligible hedge ineffectiveness in the three months ended March 31, 2016 and 2015.
Undesignated Derivative Impact on the Condensed Consolidated Statements of Operations Table |
UNDESIGNATED DERIVATIVE IMPACTS
(Dollars in millions)
|  |  | Pretax gain (loss) on derivatives
|  |  | recognized in earnings
|  |  | Three months ended March 31,
| Location | 2016 | 2015
Sempra Energy Consolidated: |  |  |  |  |
Foreign exchange instruments | Other Income, Net | $ | 3 | $ | ―
Foreign exchange instruments | Equity Earnings, |  |  |  |
| Net of Income Tax |  | 2 |  | (1)
Commodity contracts not subject | Revenues: Energy-Related |  |  |  |
to rate recovery | Businesses |  | (1) |  | 3
Commodity contracts subject | Cost of Electric Fuel |  |  |  |
to rate recovery | and Purchased Power |  | (12) |  | (20)
Commodity contracts subject |  |  |  |  |
to rate recovery | Cost of Natural Gas |  | (1) |  | 1
Total |  | $ | (9) | $ | (17)
SDG&E: |  |  |  |  |
Commodity contracts subject | Cost of Electric Fuel |  |  |  |
to rate recovery | and Purchased Power | $ | (12) | $ | (20)
SoCalGas: |  |  |  |  |
Commodity contracts subject |  |  |  |  |
to rate recovery | Cost of Natural Gas | $ | (1) | $ | 1

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