v3.6.0.2

SCHEDULE I, CONDENSED FINANCIAL INFORMATION OF PARENT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule of Condensed Statements of Operations |
SEMPRA ENERGY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts)
| Years ended December 31,
| 2016 |  | 2015 |  | 2014
Interest expense | $ | (277 | ) |  | $ | (261 | ) |  | $ | (235 | )
Operation and maintenance | (81 | ) |  | (66 | ) |  | (78 | )
Other (expense) income, net | (2 | ) |  | 7 |  |  | 50 |
Income tax benefit | 181 |  |  | 150 |  |  | 133 |
Loss before equity in earnings of subsidiaries | (179 | ) |  | (170 | ) |  | (130 | )
Equity in earnings of subsidiaries, net of income taxes | 1,549 |  |  | 1,519 |  |  | 1,291 |
Net income/earnings | $ | 1,370 |  |  | $ | 1,349 |  |  | $ | 1,161 |
Basic earnings per common share | $ | 5.48 |  |  | $ | 5.43 |  |  | $ | 4.72 |
Weighted-average number of shares outstanding (thousands) | 250,217 |  |  | 248,249 |  |  | 245,891 |
Diluted earnings per common share | $ | 5.46 |  |  | $ | 5.37 |  |  | $ | 4.63 |
Weighted-average number of shares outstanding (thousands) | 251,155 |  |  | 250,923 |  |  | 250,655 |
Schedule Of Condensed Statements Of Comprehensive Income |
SEMPRA ENERGY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
| Years ended December 31,
| Pretax amount |  | Income tax benefit |  | Net-of-tax amount
2016: |  |  |  |  |
Net income | $ | 1,189 |  |  | $ | 181 |  |  | $ | 1,370 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 42 |  |  | — |  |  | 42 |
Financial instruments | (6 | ) |  | 11 |  |  | 5 |
Pension and other postretirement benefits | (13 | ) |  | 4 |  |  | (9 | )
Total other comprehensive income | 23 |  |  | 15 |  |  | 38 |
Comprehensive income | $ | 1,212 |  |  | $ | 196 |  |  | $ | 1,408 |
2015: |  |  |  |  |  |  |  |
Net income | $ | 1,199 |  |  | $ | 150 |  |  | $ | 1,349 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (260 | ) |  | — |  |  | (260 | )
Financial instruments | (80 | ) |  | 33 |  |  | (47 | )
Pension and other postretirement benefits | (3 | ) |  | 1 |  |  | (2 | )
Total other comprehensive loss | (343 | ) |  | 34 |  |  | (309 | )
Comprehensive income | $ | 856 |  |  | $ | 184 |  |  | $ | 1,040 |
2014: |  |  |  |  |  |  |  |
Net income | $ | 1,028 |  |  | $ | 133 |  |  | $ | 1,161 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (193 | ) |  | — |  |  | (193 | )
Financial instruments | (106 | ) |  | 42 |  |  | (64 | )
Pension and other postretirement benefits | (20 | ) |  | 8 |  |  | (12 | )
Total other comprehensive loss | (319 | ) |  | 50 |  |  | (269 | )
Comprehensive income | $ | 709 |  |  | $ | 183 |  |  | $ | 892 |
Schedule Of Condensed Balance Sheets |
SEMPRA ENERGY
CONDENSED BALANCE SHEETS
(Dollars in millions)
| December 31, 2016 |  | December 31, 2015
Assets: |  |  |
Cash and cash equivalents | $ | 12 |  |  | $ | 4 |
Due from affiliates | 73 |  |  | 62 |
Other current assets | 2 |  |  | 4 |
Total current assets | 87 |  |  | 70 |
Investments in subsidiaries | 17,329 |  |  | 15,586 |
Due from affiliates | — |  |  | 457 |
Deferred income taxes | 2,570 |  |  | 2,188 |
Other assets | 592 |  |  | 641 |
Total assets | $ | 20,578 |  |  | $ | 18,942 |
Liabilities and shareholders’ equity: |  |  |  |  |
Current portion of long-term debt | $ | 600 |  |  | $ | 752 |
Due to affiliates | 359 |  |  | 332 |
Income taxes payable | 153 |  |  | 42 |
Other current liabilities | 374 |  |  | 310 |
Total current liabilities | 1,486 |  |  | 1,436 |
Long-term debt | 5,100 |  |  | 5,195 |
Due to affiliates | 517 |  |  | — |
Other long-term liabilities | 524 |  |  | 502 |
Shareholders’ equity | 12,951 |  |  | 11,809 |
Total liabilities and shareholders’ equity | $ | 20,578 |  |  | $ | 18,942 |
Schedule of Condensed Statements of Cash Flows |
SEMPRA ENERGY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
| Years ended December 31,
| 2016 |  | 2015 |  | 2014
Net cash used in operating activities | $ | (178 | ) |  | $ | (255 | ) |  | $ | (260 | )
Dividends received from subsidiaries | 175 |  |  | 350 |  |  | 300 |
Expenditures for property, plant and equipment | (5 | ) |  | (43 | ) |  | (15 | )
Purchase of trust assets | — |  |  | (5 | ) |  | (4 | )
Decrease (increase) in loans to affiliates, net | 457 |  |  | (457 | ) |  | 627 |
Cash provided by (used in) investing activities | 627 |  |  | (155 | ) |  | 908 |
Common stock dividends paid | (686 | ) |  | (628 | ) |  | (598 | )
Issuances of common stock | 51 |  |  | 52 |  |  | 56 |
Repurchases of common stock | (56 | ) |  | (74 | ) |  | (38 | )
Issuances of long-term debt | 499 |  |  | 1,248 |  |  | 499 |
Payments on long-term debt | (750 | ) |  | — |  |  | (800 | )
Increase (decrease) in loans from affiliates, net | 504 |  |  | (230 | ) |  | 234 |
Tax benefit related to share-based compensation | — |  |  | 52 |  |  | — |
Other | (3 | ) |  | (9 | ) |  | (4 | )
Cash (used in) provided by financing activities | (441 | ) |  | 411 |  |  | (651 | )
Increase (decrease) in cash and cash equivalents | 8 |  |  | 1 |  |  | (3 | )
Cash and cash equivalents, January 1 | 4 |  |  | 3 |  |  | 6 |
Cash and cash equivalents, December 31 | $ | 12 |  |  | $ | 4 |  |  | $ | 3 |
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES |  |  |  |  |  |  |  |
Financing of build-to-suit property | $ | — |  |  | $ | 61 |  |  | $ | 61 |
Common dividends issued in stock | 53 |  |  | 55 |  |  | 42 |
Dividends declared but not paid | 189 |  |  | 174 |  |  | 163 |
See Notes to Condensed Financial Information of Parent.
Schedule Of Long-term Debt | The following tables show the detail and maturities of long-term debt outstanding:
LONG-TERM DEBT
(Dollars in millions)
| December 31,
| 2016 |  | 2015
SDG&E |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |
Bonds at variable rates (1.151% at December 31, 2016) March 9, 2017 | $ | 140 |  |  | $ | 140 |
1.65% July 1, 2018(1) | 161 |  |  | 161 |
3% August 15, 2021 | 350 |  |  | 350 |
1.914% payable 2015 through February 2022 | 197 |  |  | 232 |
3.6% September 1, 2023 | 450 |  |  | 450 |
2.5% May 15, 2026 | 500 |  |  | — |
6% June 1, 2026 | 250 |  |  | 250 |
5% payable 2015 through December 2027(2) | — |  |  | 105 |
5.875% January and February 2034(1) | 176 |  |  | 176 |
5.35% May 15, 2035 | 250 |  |  | 250 |
6.125% September 15, 2037 | 250 |  |  | 250 |
4% May 1, 2039(1) | 75 |  |  | 75 |
6% June 1, 2039 | 300 |  |  | 300 |
5.35% May 15, 2040 | 250 |  |  | 250 |
4.5% August 15, 2040 | 500 |  |  | 500 |
3.95% November 15, 2041 | 250 |  |  | 250 |
4.3% April 1, 2042 | 250 |  |  | 250 |
| 4,349 |  |  | 3,989 |
Other long-term debt: |  |  |  |  |
OMEC LLC variable-rate loan (5.2925% after floating-to-fixed rate swaps effective 2007), |  |  |  |  |
payable 2013 through April 2019 (collateralized by OMEC plant assets) | 305 |  |  | 315 |
Capital lease obligations: |  |  |  |  |
Purchased-power agreements | 239 |  |  | 243 |
Other | 1 |  |  | 1 |
| 545 |  |  | 559 |
| 4,894 |  |  | 4,548 |
Current portion of long-term debt | (191 | ) |  | (50 | )
Unamortized discount on long-term debt | (11 | ) |  | (10 | )
Unamortized debt issuance costs | (34 | ) |  | (33 | )
Total SDG&E | 4,658 |  |  | 4,455 |
SoCalGas |  |  |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |  |  |
5.45% April 15, 2018 | 250 |  |  | 250 |
1.55% June 15, 2018 | 250 |  |  | 250 |
3.15% September 15, 2024 | 500 |  |  | 500 |
3.2% June 15, 2025 | 350 |  |  | 350 |
2.6% June 15, 2026 | 500 |  |  | — |
5.75% November 15, 2035 | 250 |  |  | 250 |
5.125% November 15, 2040 | 300 |  |  | 300 |
3.75% September 15, 2042 | 350 |  |  | 350 |
4.45% March 15, 2044 | 250 |  |  | 250 |
| 3,000 |  |  | 2,500 |
Other long-term debt (uncollateralized): |  |  |  |  |
1.875% Notes payable 2016 through May 2026(1) | 4 |  |  | 8 |
5.67% Notes January 18, 2028 | 5 |  |  | 5 |
Capital lease obligations | — |  |  | 1 |
| 9 |  |  | 14 |
| 3,009 |  |  | 2,514 |
Current portion of long-term debt | — |  |  | (9 | )
Unamortized discount on long-term debt | (7 | ) |  | (7 | )
Unamortized debt issuance costs | (20 | ) |  | (17 | )
Total SoCalGas | 2,982 |  |  | 2,481 |
LONG-TERM DEBT (CONTINUED)
(Dollars in millions)
|  | December 31,
|  | 2016 |  | 2015
Sempra Energy |  |  |  |
Other long-term debt (uncollateralized): |  |  |  |
6.5% Notes June 1, 2016, including $300 at variable rates after fixed-to-floating |  |  |  |
rate swaps effective 2011 (4.77% at December 31, 2015) |  | $ | — |  |  | $ | 750 |
2.3% Notes April 1, 2017 |  | 600 |  |  | 600 |
6.15% Notes June 15, 2018 |  | 500 |  |  | 500 |
9.8% Notes February 15, 2019 |  | 500 |  |  | 500 |
1.625% Notes October 7, 2019 |  | 500 |  |  | — |
2.4% Notes March 15, 2020 |  | 500 |  |  | 500 |
2.85% Notes November 15, 2020 |  | 400 |  |  | 400 |
2.875% Notes October 1, 2022 |  | 500 |  |  | 500 |
4.05% Notes December 1, 2023 |  | 500 |  |  | 500 |
3.55% Notes June 15, 2024 |  | 500 |  |  | 500 |
3.75% Notes November 15, 2025 |  | 350 |  |  | 350 |
6% Notes October 15, 2039 |  | 750 |  |  | 750 |
Market value adjustments for interest rate swaps, net |  | (3 | ) |  | (2 | )
Build-to-suit lease(3) |  | 137 |  |  | 136 |
Sempra South American Utilities |  |  |  |  |  |
Other long-term debt (uncollateralized): |  |  |  |  |  |
Chilquinta Energía – 4.25% Series B Bonds October 30, 2030 |  | 185 |  |  | 170 |
Luz del Sur |  |  |  |  |  |
Bank loans 5.05% to 6.7% payable 2016 through December 2018 |  | 75 |  |  | 136 |
Corporate bonds at 4.75% to 8.75% payable 2014 through September 2029 |  | 346 |  |  | 292 |
Other bonds at 3.77% to 4.61% payable 2020 through May 2022 |  | 7 |  |  | 8 |
Capital lease obligations |  | 6 |  |  | 6 |
Sempra Mexico |  |  |  |  |  |
Other long-term debt (uncollateralized unless otherwise noted): |  |  |  |  |  |
Notes February 8, 2018 at variable rates (2.66% after floating-to-fixed rate cross-currency |  |  |  |  |  |
swaps effective 2013) |  | 63 |  |  | 75 |
6.3% Notes February 2, 2023 (4.12% after cross-currency swap) |  | 189 |  |  | 227 |
Notes at variable rates (4.63% after floating-to-fixed rate swaps effective 2014), |  |  |  |  |  |
payable 2016 through December 2026, collateralized by plant assets |  | 352 |  |  | — |
Bank loans including $254 at a weighted-average fixed rate of 6.67%, $187 at variable rates |  |  |  |
(weighted-average rate of 6.29% after floating-to-fixed rate swaps effective 2014) and $40 at variable |  |  |  |
rates (3.99% at December 31, 2016), payable 2016 through March 2032, collateralized by plant assets |  | 481 |  |  | — |
Sempra Renewables |  |  |  |  |  |
Other long-term debt (collateralized by project assets): |  |  |  |  |  |
Loan at variable rates (2.625% at December 31, 2016) payable 2012 through December 2028 |  |  |  |  |  |
except for $64 at 3.668% after floating-to-fixed rate swaps effective June 2012(1) |  | 84 |  |  | 91 |
Sempra LNG & Midstream |  |  |  |  |  |
First mortgage bonds (Mobile Gas, collateralized by plant assets): |  |  |  |  |  |
4.14% September 30, 2021(2) |  | — |  |  | 20 |
5% September 30, 2031(2) |  | — |  |  | 42 |
Other long-term debt (uncollateralized unless otherwise noted): |  |  |  |  |  |
Notes at 2.87% to 3.51% October 1, 2026(1) |  | 20 |  |  | 19 |
8.45% Notes payable 2012 through December 2017, collateralized by parent guarantee |  | 6 |  |  | 11 |
3.1% Notes December 30, 2018, collateralized by plant assets(1)(2) |  | — |  |  | 5 |
|  | 7,548 |  |  | 7,086 |
Current portion of long-term debt |  | (722 | ) |  | (848 | )
Unamortized discount on long-term debt |  | (10 | ) |  | (10 | )
Unamortized premium on long-term debt |  | 4 |  |  | 5 |
Unamortized debt issuance costs |  | (31 | ) |  | (35 | )
Total other Sempra Energy |  | 6,789 |  |  | 6,198 |
Total Sempra Energy Consolidated |  | $ | 14,429 |  |  | $ | 13,134 |
(1) | Callable long-term debt not subject to make-whole provisions.
(2) | Early redemption or deconsolidated in 2016.
(3) | We discuss this lease in Note 15.
LONG-TERM DEBT
(Dollars in millions)
| December 31, 2016 |  | December 31, 2015
6.5% Notes June 1, 2016, including $300 at variable rates after fixed-to-floating rate swaps effective January 2011 (4.77% at December 31, 2015) | $ | — |  |  | $ | 750 |
2.3% Notes April 1, 2017 | 600 |  |  | 600 |
6.15% Notes June 15, 2018 | 500 |  |  | 500 |
9.8% Notes February 15, 2019 | 500 |  |  | 500 |
1.625% Notes October 7, 2019 | 500 |  |  | — |
2.4% Notes March 15, 2020 | 500 |  |  | 500 |
2.85% Notes November 15, 2020 | 400 |  |  | 400 |
2.875% Notes October 1, 2022 | 500 |  |  | 500 |
4.05% Notes December 1, 2023 | 500 |  |  | 500 |
3.55% Notes June 15, 2024 | 500 |  |  | 500 |
3.75% Notes November 15, 2025 | 350 |  |  | 350 |
6% Notes October 15, 2039 | 750 |  |  | 750 |
Market value adjustments for interest rate swaps, net | (3 | ) |  | (2 | )
Build-to-suit lease | 137 |  |  | 136 |
| 5,734 |  |  | 5,984 |
Current portion of long-term debt | (600 | ) |  | (752 | )
Unamortized discount on long-term debt | (10 | ) |  | (10 | )
Unamortized debt issuance costs | (24 | ) |  | (27 | )
Total long-term debt | $ | 5,100 |  |  | $ | 5,195 |

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