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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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