v3.8.0.1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Commodity Derivative Volumes Table | We summarize net energy derivative volumes at March 31, 2018 and December 31, 2017 as follows:
NET ENERGY DERIVATIVE VOLUMES
(Quantities in millions)
Commodity | Unit of measure |  | March 31, 2018 |  | December 31, 2017
California Utilities: |  |  |  |  |
SDG&E: |  |  |  |  |
Natural gas | MMBtu |  | 33 |  |  | 39 |
Electricity | MWh |  | 3 |  |  | 3 |
Congestion revenue rights | MWh |  | 57 |  |  | 59 |
Energy-Related Businesses: |  |  |  |  |
Sempra LNG & Midstream – natural gas | MMBtu |  | 5 |  |  | 3 |
Sempra Mexico – natural gas | MMBtu |  | 17 |  |  | 4 |
Notional Amounts of Interest Rate Derivatives Table | At March 31, 2018 and December 31, 2017, the net notional amounts of our interest rate derivatives, excluding joint ventures, were:
INTEREST RATE DERIVATIVES
(Dollars in millions)
| March 31, 2018 |  | December 31, 2017
| Notional debt |  | Maturities |  | Notional debt |  | Maturities
Sempra Energy Consolidated: |  |  |  |  |  |  |
Cash flow hedges(1) | $ | 845 |  |  | 2018-2032 |  | $ | 861 |  |  | 2018-2032
SDG&E: |  |  |  |  |  |  |
Cash flow hedge(1) | 292 |  |  | 2018-2019 |  | 295 |  |  | 2018-2019
(1) | Includes Otay Mesa VIE. All of SDG&E’s interest rate derivatives relate to Otay Mesa VIE.
At March 31, 2018 and December 31, 2017, the net notional amounts of our foreign currency derivatives, excluding joint ventures, were:
FOREIGN CURRENCY DERIVATIVES
(Dollars in millions)
| March 31, 2018 |  | December 31, 2017
| Notional amount |  | Maturities |  | Notional amount |  | Maturities
Sempra Energy Consolidated: |  |  |  |  |  |  |
Cross-currency swaps | $ | 306 |  |  | 2018-2023 |  | $ | 408 |  |  | 2018-2023
Other foreign currency derivatives | 975 |  |  | 2018-2019 |  | 345 |  |  | 2018-2019
Derivative Instruments on the Condensed Consolidated Balance Sheets Table | The following tables provide the fair values of derivative instruments on the Condensed Consolidated Balance Sheets at March 31, 2018 and December 31, 2017, including the amount of cash collateral receivables that were not offset, as the cash collateral was in excess of liability positions.
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
| March 31, 2018
| Current assets: Fixed-price contracts and other derivatives(1) |  | Other assets: Sundry |  | Current liabilities: Fixed-price contracts and other derivatives(2) |  | Deferred credits and other liabilities: Fixed-price contracts and other derivatives
Sempra Energy Consolidated: |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate and foreign exchange instruments(3) | $ | 1 |  |  | $ | 2 |  |  | $ | (12 | ) |  | $ | (122 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange instruments | 43 |  |  | — |  |  | — |  |  | — |
Commodity contracts not subject to rate recovery | 64 |  |  | 10 |  |  | (61 | ) |  | (11 | )
Associated offsetting commodity contracts | (54 | ) |  | (8 | ) |  | 54 |  |  | 8 |
Commodity contracts subject to rate recovery | 22 |  |  | 98 |  |  | (60 | ) |  | (123 | )
Associated offsetting cash collateral | — |  |  | — |  |  | 16 |  |  | 7 |
Net amounts presented on the balance sheet | 76 |  |  | 102 |  |  | (63 | ) |  | (241 | )
Additional cash collateral for commodity contracts not subject to rate recovery | 21 |  |  | — |  |  | — |  |  | — |
Additional cash collateral for commodity contracts subject to rate recovery | 14 |  |  | — |  |  | — |  |  | — |
Total(4) | $ | 111 |  |  | $ | 102 |  |  | $ | (63 | ) |  | $ | (241 | )
SDG&E: |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate instruments(3) | $ | — |  |  | $ | — |  |  | $ | (8 | ) |  | $ | (1 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | 20 |  |  | 98 |  |  | (59 | ) |  | (123 | )
Associated offsetting cash collateral | — |  |  | — |  |  | 16 |  |  | 7 |
Net amounts presented on the balance sheet | 20 |  |  | 98 |  |  | (51 | ) |  | (117 | )
Additional cash collateral for commodity contracts subject to rate recovery | 12 |  |  | — |  |  | — |  |  | — |
Total(4) | $ | 32 |  |  | $ | 98 |  |  | $ | (51 | ) |  | $ | (117 | )
SoCalGas: |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 2 |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |
Net amounts presented on the balance sheet | 2 |  |  | — |  |  | (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, 2017
| Current assets: Fixed-price contracts and other derivatives(1) |  | Other assets: Sundry |  | Current liabilities: Fixed-price contracts and other derivatives(2) |  | Deferred credits and other liabilities: Fixed-price contracts and other derivatives
Sempra Energy Consolidated: |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate and foreign exchange instruments(3) | $ | 5 |  |  | $ | 2 |  |  | $ | (51 | ) |  | $ | (165 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange instruments | — |  |  | — |  |  | (1 | ) |  | — |
Commodity contracts not subject to rate recovery | 81 |  |  | 8 |  |  | (72 | ) |  | (6 | )
Associated offsetting commodity contracts | (67 | ) |  | (5 | ) |  | 67 |  |  | 5 |
Commodity contracts subject to rate recovery | 28 |  |  | 101 |  |  | (65 | ) |  | (120 | )
Associated offsetting commodity contracts | — |  |  | (1 | ) |  | — |  |  | 1 |
Associated offsetting cash collateral | — |  |  | — |  |  | 19 |  |  | 4 |
Net amounts presented on the balance sheet | 47 |  |  | 105 |  |  | (103 | ) |  | (281 | )
Additional cash collateral for commodity contracts not subject to rate recovery | 2 |  |  | — |  |  | — |  |  | — |
Additional cash collateral for commodity contracts subject to rate recovery | 17 |  |  | — |  |  | — |  |  | — |
Total(4) | $ | 66 |  |  | $ | 105 |  |  | $ | (103 | ) |  | $ | (281 | )
SDG&E: |  |  |  |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate instruments(3) | $ | — |  |  | $ | — |  |  | $ | (10 | ) |  | $ | (3 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | 26 |  |  | 101 |  |  | (63 | ) |  | (120 | )
Associated offsetting commodity contracts | — |  |  | (1 | ) |  | — |  |  | 1 |
Associated offsetting cash collateral | — |  |  | — |  |  | 19 |  |  | 4 |
Net amounts presented on the balance sheet | 26 |  |  | 100 |  |  | (54 | ) |  | (118 | )
Additional cash collateral for commodity contracts subject to rate recovery | 16 |  |  | — |  |  | — |  |  | — |
Total(4) | $ | 42 |  |  | $ | 100 |  |  | $ | (54 | ) |  | $ | (118 | )
SoCalGas: |  |  |  |  |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 2 |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |
Net amounts presented on the balance sheet | 2 |  |  | — |  |  | (2 | ) |  | — |
Additional cash collateral for commodity contracts subject to rate recovery | 1 |  |  | — |  |  | — |  |  | — |
Total | $ | 3 |  |  | $ | — |  |  | $ | (2 | ) |  | $ | — |
(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.
Cash Flow Hedge Impact on the Condensed Consolidated Statements of Comprehensive Income Table | The table below includes the effects of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI for the three months ended March 31:
CASH FLOW HEDGE IMPACTS
(Dollars in millions)
| Pretax gain (loss) recognized in OCI |  |  |  | Pretax (loss) gain reclassified from AOCI into earnings
| Three months ended March 31, |  |  |  | Three months ended March 31,
| 2018 |  | 2017 |  | Location |  | 2018 |  | 2017
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |
Interest rate and foreign exchange instruments(1) | $ | 54 |  |  | $ | 16 |  |  | Interest Expense |  | $ | 2 |  |  | $ | 3 |
|  |  |  |  | Other Income, Net |  | 18 |  |  | — |
Interest rate and foreign exchange instruments | 70 |  |  | (14 | ) |  | Equity Losses |  | (4 | ) |  | (4 | )
Foreign exchange instruments | (7 | ) |  | (9 | ) |  | Revenues: Energy- Related Businesses |  | — |  |  | (2 | )
Commodity contracts not subject to rate recovery | — |  |  | 3 |  |  | Revenues: Energy- Related Businesses |  | — |  |  | (9 | )
Total | $ | 117 |  |  | $ | (4 | ) |  |  |  | $ | 16 |  |  | $ | (12 | )
SDG&E: |  |  |  |  |  |  |  |  |
Interest rate instruments(1) | $ | 1 |  |  | $ | — |  |  | Interest Expense |  | $ | (3 | ) |  | $ | (3 | )
(1) | Amounts include Otay Mesa VIE. All of SDG&E’s interest rate derivative activity relates to Otay Mesa VIE.
Fair Value Hedge Impact on the Condensed Consolidated Statements of Operations Table | The effects of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31 were:
UNDESIGNATED DERIVATIVE IMPACTS
(Dollars in millions)
|  | Pretax gain (loss) on derivatives recognized in earnings
|  | Three months ended March 31,
| Location | 2018 |  | 2017
Sempra Energy Consolidated: |  |  |  |
Foreign exchange instruments | Other Income, Net | $ | 44 |  |  | $ | 65 |
Commodity contracts not subject to rate recovery | Revenues: Energy-Related Businesses | (9 | ) |  | 14 |
Commodity contracts not subject to rate recovery | Operation and Maintenance | — |  |  | (1 | )
Commodity contracts subject to rate recovery | Cost of Electric Fuel and Purchased Power | 2 |  |  | (29 | )
Commodity contracts subject to rate recovery | Cost of Natural Gas | 1 |  |  | — |
Total |  | $ | 38 |  |  | $ | 49 |
SDG&E: |  |  |  |
Commodity contracts subject to rate recovery | Cost of Electric Fuel and Purchased Power | $ | 2 |  |  | $ | (29 | )
SoCalGas: |  |  |  |
Commodity contracts not subject to rate recovery | Operation and Maintenance | $ | — |  |  | $ | (1 | )
Commodity contracts subject to rate recovery | Cost of Natural Gas | 1 |  |  | — |
Total |  | $ | 1 |  |  | $ | (1 | )

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- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5618551-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41641-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41678-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41638-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579245-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5624171-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84234895&loc=SL5579240-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84234895&loc=d3e41620-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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