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DEBT AND CREDIT FACILITIES (Tables) | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Schedule of Line of Credit Facilities |
CREDIT FACILITIES IN SOUTH AMERICA AND MEXICO
(U.S. dollar equivalent in millions)
|  |  |  | At December 31, 2018
|  | Denominated in |  | Total facility |  | Amount outstanding |  | Available unused credit
Sempra South American Utilities(1): |  |  |  |  |  |  |
| Peru(2) | Peruvian sol |  | $ | 534 |  |  | $ | (182 | ) | (3) | $ | 352 |
| Chile | Chilean peso |  | 115 |  |  | — |  |  | 115 |
Sempra Mexico: |  |  |  |  |  |  |
| IEnova(4) | U.S. dollar |  | 1,170 |  |  | (808 | ) |  | 362 |
Total |  |  | $ | 1,819 |  |  | $ | (990 | ) |  | $ | 829 |
1) | The credit facilities were entered into to finance working capital and for general corporate purposes and expire between 2019 and 2021.
2) | The Peruvian facilities require a debt to equity ratio of no more than 170 percent, with which we were in compliance at December 31, 2018.
3) | Includes bank guarantees of $18 million.
4) | In February 2019, IEnova revised the terms of its five-year revolving credit facility by increasing the amount available under the facility from $1.17 billion to $1.5 billion, extending the expiration of the facility from August 2020 to February 2024 and increasing the syndicate of lenders from eight to 10.
PRIMARY U.S. COMMITTED LINES OF CREDIT
(Dollars in millions)
|  |  | At December 31, 2018
|  |  | Total facility |  | Commercial paper outstanding(1) |  | Adjustment for combined limit |  | Available unused credit
Sempra Energy(2) |  | $ | 1,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,250 |
Sempra Global(3) |  | 3,185 |  |  | (669 | ) |  | — |  |  | 2,516 |
California Utilities(4): |  |  |  |  |  |  |  |
| SDG&E |  | 750 |  |  | (291 | ) |  | (6 | ) |  | 453 |
| SoCalGas |  | 750 |  |  | (256 | ) |  | (41 | ) |  | 453 |
| Less: subject to a combined limit of $1 billion for both utilities |  | (500 | ) |  | — |  |  | 47 |  |  | (453 | )
|  |  | 1,000 |  |  | (547 | ) |  | — |  |  | 453 |
Total |  | $ | 5,435 |  |  | $ | (1,216 | ) |  | $ | — |  |  | $ | 4,219 |
(1) | Because the commercial paper programs are supported by these lines, we reflect the amount of commercial paper outstanding as a reduction to the available unused credit.
(2) | The facility also provides for issuance of up to $400 million of letters of credit on behalf of Sempra Energy with the amount of borrowings otherwise available under the facility reduced by the amount of outstanding letters of credit. No letters of credit were outstanding at December 31, 2018.
(3) | Sempra Energy guarantees Sempra Global’s obligations under the credit facility.
(4) | The facility 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 available under the facility is reduced by the amount of outstanding letters of credit. No letters of credit were outstanding at December 31, 2018.
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,
| 2018 |  | 2017
SDG&E |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |
1.65% July 1, 2018(1) | $ | — |  |  | $ | 161 |
3% August 15, 2021 | 350 |  |  | 350 |
1.914% payable 2015 through February 2022 | 125 |  |  | 161 |
3.6% September 1, 2023 | 450 |  |  | 450 |
2.5% May 15, 2026 | 500 |  |  | 500 |
6% June 1, 2026 | 250 |  |  | 250 |
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 |
3.75% June 1, 2047 | 400 |  |  | 400 |
4.15% May 15, 2048 | 400 |  |  | — |
| 4,776 |  |  | 4,573 |
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) | — |  |  | 295 |
OMEC LLC variable-rate loan (4.7896% at December 31, 2018 except for $142 at 5.2925% |  |  |
after floating-to-fixed rate swaps through April 1, 2019), payable 2019 through 2024 |  |  |
(collateralized by OMEC plant assets) | 220 |  |  | — |
Capital lease obligations: |  |  |  |  |
Purchased-power contracts | 1,270 |  |  | 731 |
Other | 2 |  |  | 1 |
| 1,492 |  |  | 1,027 |
| 6,268 |  |  | 5,600 |
Current portion of long-term debt | (81 | ) |  | (220 | )
Unamortized discount on long-term debt | (12 | ) |  | (11 | )
Unamortized debt issuance costs | (37 | ) |  | (34 | )
Total SDG&E | 6,138 |  |  | 5,335 |
SoCalGas |  |  |  |  |
First mortgage bonds (collateralized by plant assets): |  |  |  |  |
5.45% April 15, 2018 | — |  |  | 250 |
1.55% June 15, 2018 | — |  |  | 250 |
3.15% September 15, 2024 | 500 |  |  | 500 |
3.2% June 15, 2025 | 350 |  |  | 350 |
2.6% June 15, 2026 | 500 |  |  | 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 |
4.125% June 1, 2048 | 400 |  |  | — |
4.3% January 15, 2049 | 550 |  |  | — |
| 3,450 |  |  | 3,000 |
Other long-term debt (uncollateralized): |  |  |  |  |
1.875% Notes payable 2016 through May 2026(1) | 4 |  |  | 4 |
5.67% Notes January 18, 2028 | 5 |  |  | 5 |
Capital lease obligations | 3 |  |  | 1 |
| 12 |  |  | 10 |
| 3,462 |  |  | 3,010 |
Current portion of long-term debt | (3 | ) |  | (501 | )
Unamortized discount on long-term debt | (6 | ) |  | (7 | )
Unamortized debt issuance costs | (26 | ) |  | (17 | )
Total SoCalGas | 3,427 |  |  | 2,485 |
LONG-TERM DEBT (CONTINUED)
(Dollars in millions)
| December 31,
| 2018 |  | 2017
Sempra Energy |  |  |
Other long-term debt (uncollateralized): |  |  |
6.15% Notes June 15, 2018 | — |  |  | 500 |
9.8% Notes February 15, 2019 | 500 |  |  | 500 |
Notes at variable rates (2.69% at December 31, 2018) July 15, 2019 | 500 |  |  | — |
1.625% Notes October 7, 2019 | 500 |  |  | 500 |
2.4% Notes February 1, 2020 | 500 |  |  | — |
2.4% Notes March 15, 2020 | 500 |  |  | 500 |
2.85% Notes November 15, 2020 | 400 |  |  | 400 |
Notes at variable rates (2.94% at December 31, 2018) January 15, 2021(1) | 700 |  |  | — |
Notes at variable rates (3.24% at December 31, 2018) March 15, 2021 | 850 |  |  | 850 |
2.875% Notes October 1, 2022 | 500 |  |  | 500 |
2.9% Notes February 1, 2023 | 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 |
3.25% Notes June 15, 2027 | 750 |  |  | 750 |
3.4% Notes February 1, 2028 | 1,000 |  |  | — |
3.8% Notes February 1, 2038 | 1,000 |  |  | — |
6% Notes October 15, 2039 | 750 |  |  | 750 |
4% Notes February 1, 2048 | 800 |  |  | — |
Fair value adjustments for interest rate swaps, net | — |  |  | (1 | )
Build-to-suit lease(2) | 138 |  |  | 138 |
Sempra South American Utilities |  |  |  |
Other long-term debt (uncollateralized): |  |  |  |  |
Chilquinta Energía – 4.25% Series B Bonds October 30, 2030 | 186 |  |  | 205 |
Luz del Sur |  |  |  |  |
Bank loans 4.3% to 5.7% payable 2017 through December 2021 | 105 |  |  | 53 |
Corporate bonds at 4.75% to 8.75% payable 2014 through September 2029 | 432 |  |  | 415 |
Other bonds at 3.77% to 4.61% payable 2020 through May 2022 | 4 |  |  | 6 |
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) | — |  |  | 66 |
6.3% Notes February 2, 2023 (4.12% after cross-currency swap) | 198 |  |  | 198 |
Notes at variable rates (4.88% after floating-to-fixed rate swaps effective 2014), |  |  |  |  |
payable 2016 through December 2026, collateralized by plant assets | 275 |  |  | 314 |
3.75% Notes January 14, 2028 | 300 |  |  | 300 |
Bank loans including $246 at a weighted-average fixed rate of 6.67%, $164 at variable rates |  |  |
(weighted-average rate of 6.33% after floating-to-fixed rate swaps effective 2014) and $37 at variable |  |  |
rates (5.82% at December 31, 2018), payable 2016 through March 2032, collateralized by plant assets | 447 |  |  | 468 |
4.875% Notes January 14, 2048 | 540 |  |  | 540 |
Loan at variables rates (6.07% at December 31, 2018) July 31, 2028 | 4 |  |  | — |
Sempra Renewables |  |  |  |  |
Other long-term debt (collateralized by project assets): |  |  |  |  |
Loan at variable rates (3.325% at December 31, 2017) payable 2012 through December 2028 |  |  |  |  |
except for $59 at 3.668% after floating-to-fixed rate swaps effective June 2012(1) | — |  |  | 77 |
Sempra LNG & Midstream |  |  |  |  |
Other long-term debt (uncollateralized): |  |  |  |  |
Notes at 2.87% to 3.51% October 1, 2026(1) | 21 |  |  | 20 |
| 13,756 |  |  | 9,405 |
Current portion of long-term debt | (1,589 | ) |  | (706 | )
Unamortized discount on long-term debt | (38 | ) |  | (13 | )
Unamortized premium on long-term debt | 4 |  |  | 4 |
Unamortized debt issuance costs | (87 | ) |  | (65 | )
Total other Sempra Energy | 12,046 |  |  | 8,625 |
Total Sempra Energy Consolidated | $ | 21,611 |  |  | $ | 16,445 |
(1) | Callable long-term debt not subject to make-whole provisions.
(2) We discuss this lease in Notes 2 and 16.Sempra Energy On January 12, 2018, we issued the following debt securities and received net proceeds of $4.9 billion (after deducting discounts and debt issuance costs of $68 million):
NOTES ISSUED IN LONG-TERM DEBT OFFERING
(Dollars in millions)
Title of each class of securities | Aggregate principal amount |  | Maturity |  | Interest payments
Notes at variable rates(1) due 2019 | $ | 500 |  |  | July 15, 2019 |  | Quarterly
Notes at variable rates(2) due 2021 | 700 |  |  | January 15, 2021 |  | Quarterly
2.4% Notes due 2020 | 500 |  |  | February 1, 2020 |  | Semi-annually
2.9% Notes due 2023 | 500 |  |  | February 1, 2023 |  | Semi-annually
3.4% Notes due 2028 | 1,000 |  |  | February 1, 2028 |  | Semi-annually
3.8% Notes due 2038 | 1,000 |  |  | February 1, 2038 |  | Semi-annually
4% Notes due 2048 | 800 |  |  | February 1, 2048 |  | Semi-annually
(1) | Bears interest at a rate per annum equal to the 3-month LIBOR rate, plus 25 bps.
(2) Bears interest at a rate per annum equal to the 3-month LIBOR rate, plus 50 bps.The following table shows the detail and maturities of long-term debt outstanding:
LONG-TERM DEBT
(Dollars in millions)
| December 31,
| 2018 |  | 2017
6.15% Notes June 15, 2018 | $ | — |  |  | $ | 500 |
9.8% Notes February 15, 2019 | 500 |  |  | 500 |
Notes at variable rates (2.69% at December 31, 2018) July 15, 2019 | 500 |  |  | — |
1.625% Notes October 7, 2019 | 500 |  |  | 500 |
2.4% Notes February 1, 2020 | 500 |  |  | — |
2.4% Notes March 15, 2020 | 500 |  |  | 500 |
2.85% Notes November 15, 2020 | 400 |  |  | 400 |
Notes at variable rates (2.94% at December 31, 2018) January 15, 2021(1) | 700 |  |  | — |
Notes at variable rates (3.24% at December 31, 2018) March 15, 2021 | 850 |  |  | 850 |
2.875% Notes October 1, 2022 | 500 |  |  | 500 |
2.9% Notes February 1, 2023 | 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 |
3.25% Notes June 15, 2027 | 750 |  |  | 750 |
3.4% Notes February 1, 2028 | 1,000 |  |  | — |
3.8% Notes February 1, 2038 | 1,000 |  |  | — |
6% Notes October 15, 2039 | 750 |  |  | 750 |
4% Notes February 1, 2048 | 800 |  |  | — |
Fair value adjustments for interest rate swaps, net | — |  |  | (1 | )
Build-to-suit lease | 138 |  |  | 138 |
| 11,238 |  |  | 6,737 |
Current portion of long-term debt | (1,498 | ) |  | (500 | )
Unamortized discount on long-term debt | (38 | ) |  | (13 | )
Unamortized debt issuance costs | (55 | ) |  | (26 | )
Total long-term debt | $ | 9,647 |  |  | $ | 6,198 |
Schedule of Maturities of Long-term Debt |
MATURITIES OF LONG-TERM DEBT(1)
(Dollars in millions)
| SDG&E |  | SoCalGas |  | Other Sempra Energy |  | Total Sempra Energy Consolidated
2019 | $ | 64 |  |  | $ | — |  |  | $ | 1,590 |  |  | $ | 1,654 |
2020 | 71 |  |  | — |  |  | 1,548 |  |  | 1,619 |
2021 | 425 |  |  | — |  |  | 1,700 |  |  | 2,125 |
2022 | 62 |  |  | — |  |  | 620 |  |  | 682 |
2023 | 500 |  |  | — |  |  | 1,321 |  |  | 1,821 |
Thereafter | 3,874 |  |  | 3,459 |  |  | 6,833 |  |  | 14,166 |
Total | $ | 4,996 |  |  | $ | 3,459 |  |  | $ | 13,612 |  |  | $ | 22,067 |
(1) Excludes capital lease obligations, build-to-suit lease, fair value adjustments for interest rate swaps, discounts, premiums and debt issuance costs.
Schedule Of Callable Long Term Debt | At the option of Sempra Energy, SDG&E and SoCalGas, certain debt at December 31, 2018 is callable subject to premiums:
CALLABLE LONG-TERM DEBT
(Dollars in millions)
| SDG&E |  | SoCalGas |  | Other Sempra Energy |  | Total Sempra Energy Consolidated
Not subject to make-whole provisions | $ | 251 |  |  | $ | 4 |  |  | $ | 721 |  |  | $ | 976 |
Subject to make-whole provisions | 4,525 |  |  | 3,455 |  |  | 10,274 |  |  | 18,254 |

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