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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Mar. 31, 2019
Fair Value Disclosures [Abstract] |
Recurring Fair Value Measures Table |
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
| Fair value at March 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |
Equity securities | $ | 454 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 459 |
Debt securities: |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |
U.S. government corporations and agencies | 39 |  |  | 9 |  |  | — |  |  | 48 |
Municipal bonds | — |  |  | 279 |  |  | — |  |  | 279 |
Other securities | — |  |  | 238 |  |  | — |  |  | 238 |
Total debt securities | 39 |  |  | 526 |  |  | — |  |  | 565 |
Total nuclear decommissioning trusts(1) | 493 |  |  | 531 |  |  | — |  |  | 1,024 |
Interest rate and foreign exchange instruments | — |  |  | 12 |  |  | — |  |  | 12 |
Commodity contracts not subject to rate recovery | — |  |  | 15 |  |  | — |  |  | 15 |
Effect of netting and allocation of collateral(2) | 25 |  |  | — |  |  | — |  |  | 25 |
Commodity contracts subject to rate recovery | — |  |  | 8 |  |  | 271 |  |  | 279 |
Effect of netting and allocation of collateral(2) | 21 |  |  | — |  |  | 5 |  |  | 26 |
Total | $ | 539 |  |  | $ | 566 |  |  | $ | 276 |  |  | $ | 1,381 |
Liabilities: |  |  |  |  |  |  |
Interest rate and foreign exchange instruments | $ | — |  |  | $ | 151 |  |  | $ | — |  |  | $ | 151 |
Commodity contracts not subject to rate recovery | — |  |  | 21 |  |  | — |  |  | 21 |
Commodity contracts subject to rate recovery | 6 |  |  | 4 |  |  | 89 |  |  | 99 |
Effect of netting and allocation of collateral(2) | (6 | ) |  | — |  |  | — |  |  | (6 | )
Total | $ | — |  |  | $ | 176 |  |  | $ | 89 |  |  | $ | 265 |
| Fair value at December 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |
Equity securities | $ | 407 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 411 |
Debt securities: |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |
U.S. government corporations and agencies | 43 |  |  | 10 |  |  | — |  |  | 53 |
Municipal bonds | — |  |  | 269 |  |  | — |  |  | 269 |
Other securities | — |  |  | 234 |  |  | — |  |  | 234 |
Total debt securities | 43 |  |  | 513 |  |  | — |  |  | 556 |
Total nuclear decommissioning trusts(1) | 450 |  |  | 517 |  |  | — |  |  | 967 |
Interest rate and foreign exchange instruments | — |  |  | 2 |  |  | — |  |  | 2 |
Commodity contracts not subject to rate recovery | — |  |  | 24 |  |  | — |  |  | 24 |
Effect of netting and allocation of collateral(2) | 19 |  |  | — |  |  | — |  |  | 19 |
Commodity contracts subject to rate recovery | 2 |  |  | 9 |  |  | 278 |  |  | 289 |
Effect of netting and allocation of collateral(2) | 28 |  |  | — |  |  | 5 |  |  | 33 |
Total | $ | 499 |  |  | $ | 552 |  |  | $ | 283 |  |  | $ | 1,334 |
Liabilities: |  |  |  |  |  |  |
Interest rate and foreign exchange instruments | $ | — |  |  | $ | 150 |  |  | $ | — |  |  | $ | 150 |
Commodity contracts not subject to rate recovery | — |  |  | 34 |  |  | — |  |  | 34 |
Commodity contracts subject to rate recovery | 2 |  |  | 5 |  |  | 99 |  |  | 106 |
Effect of netting and allocation of collateral(2) | (2 | ) |  | — |  |  | — |  |  | (2 | )
Total | $ | — |  |  | $ | 189 |  |  | $ | 99 |  |  | $ | 288 |
(1) | Excludes cash balances and cash equivalents.
(2) | 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 – SDG&E
(Dollars in millions)
| Fair value at March 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |
Equity securities | $ | 454 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 459 |
Debt securities: |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |
U.S. government corporations and agencies | 39 |  |  | 9 |  |  | — |  |  | 48 |
Municipal bonds | — |  |  | 279 |  |  | — |  |  | 279 |
Other securities | — |  |  | 238 |  |  | — |  |  | 238 |
Total debt securities | 39 |  |  | 526 |  |  | — |  |  | 565 |
Total nuclear decommissioning trusts(1) | 493 |  |  | 531 |  |  | — |  |  | 1,024 |
Commodity contracts subject to rate recovery | — |  |  | 1 |  |  | 271 |  |  | 272 |
Effect of netting and allocation of collateral(2) | 20 |  |  | — |  |  | 5 |  |  | 25 |
Total | $ | 513 |  |  | $ | 532 |  |  | $ | 276 |  |  | $ | 1,321 |
Liabilities: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 6 |  |  | $ | — |  |  | $ | 89 |  |  | $ | 95 |
Effect of netting and allocation of collateral(2) | (6 | ) |  | — |  |  | — |  |  | (6 | )
Total | $ | — |  |  | $ | — |  |  | $ | 89 |  |  | $ | 89 |
| Fair value at December 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Nuclear decommissioning trusts: |  |  |  |  |  |  |
Equity securities | $ | 407 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 411 |
Debt securities: |  |  |  |  |  |  |
Debt securities issued by the U.S. Treasury and other |  |  |  |  |  |  |
U.S. government corporations and agencies | 43 |  |  | 10 |  |  | — |  |  | 53 |
Municipal bonds | — |  |  | 269 |  |  | — |  |  | 269 |
Other securities | — |  |  | 234 |  |  | — |  |  | 234 |
Total debt securities | 43 |  |  | 513 |  |  | — |  |  | 556 |
Total nuclear decommissioning trusts(1) | 450 |  |  | 517 |  |  | — |  |  | 967 |
Commodity contracts subject to rate recovery | 1 |  |  | 6 |  |  | 278 |  |  | 285 |
Effect of netting and allocation of collateral(2) | 23 |  |  | — |  |  | 5 |  |  | 28 |
Total | $ | 474 |  |  | $ | 523 |  |  | $ | 283 |  |  | $ | 1,280 |
Liabilities: |  |  |  |  |  |  |
Interest rate instruments | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |
Commodity contracts subject to rate recovery | 2 |  |  | — |  |  | 99 |  |  | 101 |
Effect of netting and allocation of collateral(2) | (2 | ) |  | — |  |  | — |  |  | (2 | )
Total | $ | — |  |  | $ | 1 |  |  | $ | 99 |  |  | $ | 100 |
(1) | Excludes cash balances and cash equivalents.
(2) | 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 – SOCALGAS
(Dollars in millions)
| Fair value at March 31, 2019
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | — |  |  | $ | 7 |  |  | $ | — |  |  | $ | 7 |
Effect of netting and allocation of collateral(1) | 1 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 1 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 8 |
Liabilities: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
Total | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 4 |
| Fair value at December 31, 2018
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | 1 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |
Effect of netting and allocation of collateral(1) | 5 |  |  | — |  |  | — |  |  | 5 |
Total | $ | 6 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 9 |
Liabilities: |  |  |  |  |  |  |
Commodity contracts subject to rate recovery | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
Total | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |
(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 table below 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(1)
(Dollars in millions)
| Three months ended March 31,
| 2019 |  | 2018
Balance at January 1 | $ | 179 |  |  | $ | (28 | )
Realized and unrealized gains | 5 |  |  | 4 |
Allocated transmission instruments | — |  |  | 3 |
Settlements | (2 | ) |  | (19 | )
Balance at March 31 | $ | 182 |  |  | $ | (40 | )
Change in unrealized gains (losses) relating to instruments still held at March 31 | $ | 13 |  |  | $ | (8 | )
(1) Excludes the effect of the contractual ability to settle contracts under master netting agreements.
Schedule of Fair Value Inputs | The fair value of the net electricity positions classified as Level 3 is derived from a discounted cash flow model using market electricity forward price inputs. The range and weighted-average price of these inputs were as follows:
LONG-TERM, FIXED-PRICE ELECTRICITY POSITIONS PRICE INPUTS |  |
Settlement year |  | Price per MWh |  | Weighted-average price per MWh
2019 | $ | 23.25 |  | to | $ | 81.75 |  | $ | 42.49 |
2018 |  | 20.00 |  | to |  | 47.65 |  |  | 35.42 |
For the CRRs settling from January 1 to December 31, the auction price inputs, at a given location, were in the following ranges for the years indicated below:
CONGESTION REVENUE RIGHTS AUCTION PRICE INPUTS
Settlement year | Price per MWh | Median price per MWh
2019 | $ | (8.57 | ) | to | $ | 35.21 |  | $ | (2.94 | )
2018 | (7.25 | ) | to | 11.99 |  | 0.09 |
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 Condensed Consolidated Balance Sheets.
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
| March 31, 2019
| Carrying amount |  | Fair value
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |
Long-term amounts due from unconsolidated affiliates | $ | 668 |  |  | $ | — |  |  | $ | 689 |  |  | $ | — |  |  | $ | 689 |
Long-term amounts due to unconsolidated affiliates | 38 |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Total long-term debt(1)(2) | 20,814 |  |  | — |  |  | 20,598 |  |  | 248 |  |  | 20,846 |
SDG&E: |  |  |  |  |  |  |  |  |
Total long-term debt(2)(3) | $ | 4,978 |  |  | $ | — |  |  | $ | 4,918 |  |  | $ | 220 |  |  | $ | 5,138 |
SoCalGas: |  |  |  |  |  |  |  |  |
Total long-term debt(4) | $ | 3,459 |  |  | $ | — |  |  | $ | 3,595 |  |  | $ | — |  |  | $ | 3,595 |
| December 31, 2018
| Carrying amount |  | Fair value
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Sempra Energy Consolidated: |  |  |  |  |  |  |  |  |
Long-term amounts due from unconsolidated affiliates | $ | 644 |  |  | $ | — |  |  | $ | 648 |  |  | $ | 4 |  |  | $ | 652 |
Long-term amounts due to unconsolidated affiliates | 37 |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
Total long-term debt(2)(5) | 21,340 |  |  | — |  |  | 20,616 |  |  | 247 |  |  | 20,863 |
SDG&E: |  |  |  |  |  |  |  |  |
Total long-term debt(6) | $ | 4,996 |  |  | $ | — |  |  | $ | 4,897 |  |  | $ | 220 |  |  | $ | 5,117 |
SoCalGas: |  |  |  |  |  |  |  |  |
Total long-term debt(7) | $ | 3,459 |  |  | $ | — |  |  | $ | 3,505 |  |  | $ | — |  |  | $ | 3,505 |
(1) | Before reductions of unamortized discount and debt issuance costs of $201 million and excluding finance lease obligations of $1,277 million.
(2) | Level 3 instruments includes $220 million at both March 31, 2019 and December 31, 2018 related to Otay Mesa VIE.
(3) | Before reductions of unamortized discount and debt issuance costs of $48 million and excluding finance lease obligations of $1,272 million.
(4) | Before reductions of unamortized discount and debt issuance costs of $32 million and excluding finance lease obligations of $5 million.
(5) | Before reductions of unamortized discount and debt issuance costs of $206 million and excluding build-to-suit and capital lease obligations of $1,413 million.
(6) | Before reductions of unamortized discount and debt issuance costs of $49 million and excluding capital lease obligations of $1,272 million.
(7) | Before reductions of unamortized discount and debt issuance costs of $32 million and excluding capital lease obligations of $3 million.

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