v3.6.0.2

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Recurring Fair Value Measures Table

RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
	Fair value at December 31, 2016
	Level 1				Level 2				Level 3				Netting(1)				Total
Assets:
Nuclear decommissioning trusts:
Equity securities	$	508			$	—			$	—			$	—			$	508
Debt securities:
Debt securities issued by the U.S. Treasury and other
U.S. government corporations and agencies	36				16				—				—				52
Municipal bonds	—				206				—				—				206
Other securities	—				141				—				—				141
Total debt securities	36				363				—				—				399
Total nuclear decommissioning trusts(2)	544				363				—				—				907
Interest rate and foreign exchange instruments	—				9				—				—				9
Commodity contracts not subject to rate recovery	—				15				—				9				24
Commodity contracts subject to rate recovery	1				3				96				32				132
Total	$	545			$	390			$	96			$	41			$	1,072
Liabilities:
Interest rate and foreign exchange instruments	$	—			$	252			$	—			$	—			$	252
Commodity contracts not subject to rate recovery	16				11				—				(17		)		10
Commodity contracts subject to rate recovery	19				8				170				(18		)		179
Total	$	35			$	271			$	170			$	(35	)		$	441
	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 December 31, 2016
	Level 1				Level 2				Level 3				Netting(1)				Total
Assets:
Nuclear decommissioning trusts:
Equity securities	$	508			$	—			$	—			$	—			$	508
Debt securities:
Debt securities issued by the U.S. Treasury and other
U.S. government corporations and agencies	36				16				—				—				52
Municipal bonds	—				206				—				—				206
Other securities	—				141				—				—				141
Total debt securities	36				363				—				—				399
Total nuclear decommissioning trusts(2)	544				363				—				—				907
Commodity contracts not subject to rate recovery	—				—				—				1				1
Commodity contracts subject to rate recovery	1				2				96				30				129
Total	$	545			$	365			$	96			$	31			$	1,037
Liabilities:
Interest rate instruments	$	—			$	25			$	—			$	—			$	25
Commodity contracts subject to rate recovery	17				7				170				(16		)		178
Total	$	17			$	32			$	170			$	(16	)		$	203
	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 December 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 subject to rate recovery	$	2			$	1			$	—			$	(2	)		$	1
Total	$	2			$	1			$	—			$	(2	)		$	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

The following table sets forth reconciliations of changes in the fair value of CRRs and long-term, fixed-price electricity positions classified as Level 3 in the fair value hierarchy for Sempra Energy Consolidated and SDG&E:

LEVEL 3 RECONCILIATIONS
(Dollars in millions)
	Years ended December 31,
	2016				2015				2014
Balance at January 1	$	19			$	107			$	99
Realized and unrealized (losses) gains	(120		)		(134		)		15
Allocated transmission instruments	8				12				19
Settlements	19				34				(26		)
Balance at December 31	$	(74	)		$	19			$	107
Change in unrealized (losses) gains relating to
instruments still held at December 31	$	(101	)		$	(27	)		$	8

Fair Value of Financial Instruments Table

The following table provides the carrying amounts and fair values of certain other financial instruments that are not recorded at fair value on the Consolidated Balance Sheets at December 31, 2016 and 2015:

FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
	December 31, 2016
	Carrying				Fair Value
	amount				Level 1				Level 2				Level 3				Total
Sempra Energy Consolidated:
Long-term amounts due from unconsolidated affiliates(1)	$	184			$	—			$	91			$	84			$	175
Total long-term debt(2)(3)	15,068				—				15,455				492				15,947
SDG&E:
Total long-term debt(3)(4)	$	4,654			$	—			$	4,727			$	305			$	5,032
SoCalGas:
Total long-term debt(5)	$	3,009			$	—			$	3,131			$	—			$	3,131
	December 31, 2015
	Carrying				Fair Value
	amount				Level 1				Level 2				Level 3				Total
Sempra Energy Consolidated:
Long-term amounts due from unconsolidated affiliates(1)	$	175			$	—			$	97			$	69			$	166
Total long-term debt(2)(3)	13,761				—				13,985				648				14,633
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

(1) Excluding accumulated interest outstanding of $17 million and $11 million at December 31, 2016 and 2015, respectively.

(2) Before reductions for unamortized discount (net of premium) and debt issuance costs of $109 million and $107 million at December 31, 2016

and 2015, respectively, and excluding build-to-suit and capital lease obligations of $383 million and $387 million at December 31, 2016

and 2015, respectively. We discuss our long-term debt in Note 5.

(3) Level 3 instruments include $305 million and $315 million at December 31, 2016 and 2015, respectively, related to Otay Mesa VIE.

(4) Before reductions for unamortized discount and debt issuance costs of $45 million and $43 million at December 31, 2016 and 2015,

respectively, and excluding capital lease obligations of $240 million and $244 million at December 31, 2016 and 2015, respectively.

(5) Before reductions for unamortized discount and debt issuance costs of $27 million and $24 million at December 31, 2016 and 2015,

respectively, and excluding capital lease obligations of $1 million at December 31, 2015.

Fair Value Measurements, Nonrecurring Table

The following table summarizes significant inputs impacting our non-recurring fair value measures:

NON-RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
	Estimated fair value					Valuation technique		Fair value hierarchy		% of fair value measurement		Inputs used to develop measurement		Range of inputs
Investment in GdC	$	1,144		(1)		Market approach		Level 2		100%		Equity sale price		100%
TdM	$	145		(2)		Market approach		Level 2		100%		Purchase price offers		100%
Investment in Energía Sierra Juárez	$	26		(3)		Market approach		Level 2		100%		Equity sale price		100%
Investment in Rockies Express	$	440		(4)		Market approach		Level 2		100%		Equity sale price		100%

(1) At measurement date of September 26, 2016, immediately prior to acquiring a 100-percent ownership interest in GdC.

(2) At measurement date of September 29, 2016. At December 31, 2016, TdM has a carrying value of $154 million, reflecting subsequent

operating activity, and is classified as held for sale.

(3) At measurement date of July 16, 2014. At December 31, 2016, our investment in Energía Sierra Juárez had a carrying value of $38 million, reflecting subsequent equity method activity to record distributions and earnings.

(4) At measurement date of March 29, 2016. On May 9, 2016, Sempra LNG & Midstream sold its equity interest in Rockies Express.

X

- 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).

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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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).

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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.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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