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DEBT AND CREDIT FACILITIES | 3 Months Ended
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Mar. 31, 2016
Debt Disclosure [Abstract] |
Debt and Credit Facilities | NOTE 6. DEBT AND CREDIT FACILITIES LINES OF CREDIT At March 31, 2016, Sempra Energy Consolidated had an aggregate of $4.2 billion in three primary committed lines of credit for Sempra Energy, Sempra Global and the California Utilities to provide liquidity and to support commercial paper, the major components of which we detail below. Available unused credit on these lines at March 31, 2016 was approximately $3.1 billion. Our foreign operations have additional general purpose credit facilities aggregating $1.1 billion at March 31, 2016. Available unused credit on these lines totaled $876 million at March 31, 2016. Sempra Energ y Sempra Energy has a $1 billion, five-year syndicated revolving credit agreement expiring in October 2020. Citibank, N.A. serves as administrative agent for the syndicate of 20 lenders, and no single lender has greater than a 7-percent share. Borrowings b ear interest at benchmark rates plus a margin that varies with Sempra Energy’s credit ratings. The facility requires Sempra Energy to maintain a ratio of total indebtedness to total capitalization (as defined in the agreement) of no more than 65 percent at the end of each quarter. At March 31, 2016, Sempra Energy was in compliance with this and all other financial covenants under the credit facility. The facility also provides for issuance of up to $400 million of letters of credit on behalf of Sempra Energ y with the amount of borrowings otherwise available under the facility reduced by the amount of outstanding letters of credit. At March 31, 2016, Sempra Energy had no outstanding borrowings or letters of credit supported by the facility. Sempra Global Semp ra Global has a $2.21 billion, five-year syndicated revolving credit agreement expiring in October 2020. Citibank, N.A. serves as administrative agent for the syndicate of 20 lenders, and no single lender has greater than a 7-percent share. Sempra Energy guarantees Sempra Global’s obligations under the credit facility. Borrowings bear interest at benchmark rates plus a margin that varies with Sempra Energy’s credit ratings. The facility requires Sempra Energy to maintain a ratio of total indebtedness to to tal capitalization (as defined in the agreement) of no more than 65 percent at the end of each quarter. At March 31, 2016, Sempra Energy was in compliance with this and all other financial covenants under the credit facility. At March 31, 2016, Sempra Glob al had $879 million of commercial paper outstanding supported by the facility and $1.33 billion of available unused credit on the line. California Utilities SDG&E and SoCalGas have a combined $1 billion, five-year syndicated revolving credit agreement expi ring in October 2020. JPMorgan Chase Bank, N.A. serves as administrative agent for the syndicate of 20 lenders, and no single lender has greater than a 7-percent share. The agreement permits each utility to individually borrow up to $750 million, subject t o a combined limit of $1 billion for both utilities. It also provides for the issuance of letters of credit on behalf of each utility subject to a combined letter of credit commitment of $250 million for both utilities. The amount of borrowings otherwise a vailable under the facility is reduced by the amount of outstanding letters of credit. Borrowings bear interest at benchmark rates plus a margin that varies with the borrowing utility’s credit rating. The agreement requires each utility to maintain a ratio of total indebtedness to total capitalization (as defined in the agreement) of no more than 65 percent at the end of each quarter. At March 31, 2016, the California Utilities were in compliance with this and all other financial covenants under the credit facility. Each utility’s obligations under the agreement are individual obligations, and a default by one utility would not constitute a default by the other utility or preclude borrowings by, or the issuance of letters of credit on behalf of, the other ut ility. At March 31, 2016, SDG&E and SoCalGas had $166 million and $5 million, respectively, of commercial paper outstanding, supported by the facility. Available unused credit on the line at March 31, 2016 was $584 million and $745 million at SDG&E and SoC alGas, respectively, subject to the $1 billion maximum combined credit limit. Sempra South American Utilities Sempra South American Utilities has Peruvian Sol- and Chilean Peso-denominated credit facilities aggregating $547 million U.S. dollar equivalent, expiring between 2016 and 2018. The credit facilities were entered into to finance working capital and for general corporate purposes. The Peruvian facilities require a debt to equity ratio of no more than 170 percent. At March 31, 2016, Sempra South Ameri can Utilities was in compliance with this financial covenant under the credit facilities. At March 31, 2016, Sempra South American Utilities had outstanding borrowings of $165 million and bank guarantees of $15 million against the Peruvian facilities, and $255 million of available unused credit. There were no outstanding borrowings at March 31, 2016 under the $112 million Chilean facility. Sempra Mexico IEnova has a $600 million, five-year revolving credit agreement expiring in August 2020. The lenders are Banco Santander (México), S.A., Institución de Banca Múltiple, Grupo Financiero Santander México, The Bank of Tokyo - Mitsubishi UFJ, LTD., The Bank of Nova Scotia and Sumitomo Mitsui Banking Corporation. At March 31, 2016, IEnova had $91 million of outst anding borrowings supported by the facility, and available unused credit on the line was $509 million. WEIGHTED AVERAGE INTEREST RATES The weighted average interest rates on the total short-term debt at Sempra Energy Consolidated were 1.12 percent and 1.09 percent at March 31, 2016 and December 31, 2015, respectively. At March 31, 2016, the weighted average interest rate s on total s hort-term debt at SDG&E and SoCalGas were 1.02 percent and 0.40 percent, respectively. The weighted average interest rate on total s hort-term debt at SDG&E was 1.01 percent at December 31, 2015. LONG-TERM DEBT SDG&E In Ap ril 2016, SDG&E notified bondholders that it intends to redeem, prior to maturity, certain outstanding long-term debt instruments with a total principal amou nt of $105 million. At March 31, 2016, the debt remains classified as long-term on Sempra Energy’s and SDG&E’s Condensed Consolidated Balance Sheets. These instruments have a coupon rate of 5 per cent and a maturity date of December 2027. SDG&E expects to repay the debt in the second quarter of 2016. INTEREST RATE SWAPS We discuss our fair value interest rate swaps and interest rate swap s to hedge cash flows in Note 7.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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