XML 93 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Sep. 30, 2013
Fair Value Measurements (Tables) [Abstract]  
Fair Value of Financial Instruments Table
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
  September 30, 2013
  Carrying Fair Value
  Amount Level 1Level 2Level 3Total
Sempra Energy Consolidated:           
Total long-term debt(1)$ 11,750 $ ―$ 11,818$ 745$ 12,563
Preferred stock of subsidiary  20   ―  21  ―  21
SDG&E:           
Total long-term debt(2)$ 4,402 $ ―$ 4,325$ 337$ 4,662
SoCalGas:           
Total long-term debt(3)$ 1,413 $ ―$ 1,504$ ―$ 1,504
Preferred stock  22   ―  23  ―  23
             
  December 31, 2012
  Carrying Fair Value
  Amount Level 1Level 2Level 3Total
Sempra Energy Consolidated:           
Investments in affordable housing partnerships(4)$ 12 $ ―$ ―$ 36$ 36
Total long-term debt(1)  11,873   ―  12,287  956  13,243
Preferred stock of subsidiaries  99   ―  107  ―  107
SDG&E:           
Total long-term debt(2)$ 4,135 $ ―$ 4,243$ 345$ 4,588
Contingently redeemable preferred stock (5)  79   ―  85  ―  85
SoCalGas:           
Total long-term debt(3)$ 1,413 $ ―$ 1,599$ ―$ 1,599
Preferred stock  22   ―  24  ―  24
(1)Before reductions for unamortized discount (net of premium) of $15 million at September 30, 2013 and $16 million at December 31, 2012, and excluding capital leases of $184 million at September 30, 2013 and $189 million at December 31, 2012, and commercial paper classified as long-term debt of $300 million at December 31, 2012. We discuss our long-term debt in Note 6 above and in Note 5 of the Notes to Consolidated Financial Statements in the Annual Report.
(2)Before reductions for unamortized discount of $11 million at September 30, 2013 and $12 million at December 31, 2012, and excluding capital leases of $181 million at September 30, 2013 and $185 million at December 31, 2012.
(3)Before reductions for unamortized discount of $4 million at both September 30, 2013 and December 31, 2012, and excluding capital leases of $2 million at September 30, 2013 and $4 million at December 31, 2012.
(4)Investments in affordable housing partnerships at Parent and Other.
(5)On September 30, 2013, SDG&E announced that it would redeem all outstanding shares of its contingently redeemable preferred stock on October 15, 2013 for $82 million. See Note 5 for additional details.
Nuclear Decommissioning Trusts Table
NUCLEAR DECOMMISSIONING TRUSTS
(Dollars in millions)
     Gross Gross Estimated
     Unrealized Unrealized Fair
   Cost Gains Losses Value
As of September 30, 2013:        
Debt securities:        
Debt securities issued by the U.S. Treasury and other         
U.S. government corporations and agencies(1)$ 130$ 4$ (1)$ 133
Municipal bonds(2)  102  3  (1)  104
Other securities(3)  135  3  (4)  134
Total debt securities  367  10  (6)  371
Equity securities  231  370  (2)  599
Cash and cash equivalents  11  ―  ―  11
Total $ 609$ 380$ (8)$ 981
As of December 31, 2012:        
Debt securities:        
Debt securities issued by the U.S. Treasury and other         
U.S. government corporations and agencies$ 147$ 9$ ―$ 156
Municipal bonds  57  6  ―  63
Other securities  121  10  (1)  130
Total debt securities  325  25  (1)  349
Equity securities  249  292  (2)  539
Cash and cash equivalents  20  ―  ―  20
Total $ 594$ 317$ (3)$ 908
(1)Maturity dates are 2014-2056.
(2)Maturity dates are 2014-2062.
(3)Maturity dates are 2013-2111.
Sales of Securities Table
SALES OF SECURITIES
(Dollars in millions)
 Three months ended September 30,Nine months ended September 30,
 2013201220132012
Proceeds from sales$ 181$ 204$ 507$ 524
Gross realized gains  2  3  13  12
Gross realized losses  (8)  (1)  (15)  (6)
Recurring Fair Value Measures Table
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
 At fair value as of September 30, 2013
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 599$ ―$ ―$ ―$ 599
Debt securities:          
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  77  56  ―  ―  133
Municipal bonds  ―  104  ―  ―  104
Other securities  ―  134  ―  ―  134
Total debt securities  77  294  ―  ―  371
Total nuclear decommissioning trusts(1)  676  294  ―  ―  970
Interest rate instruments  ―  63  ―  ―  63
Commodity contracts subject to rate recovery  12  ―  57  ―  69
Commodity contracts not subject to rate recovery  22  12  ―  ―  34
Total$ 710$ 369$ 57$ ―$ 1,136
Liabilities:          
Interest rate and foreign exchange instruments$ ―$ 124$ ―$ ―$ 124
Commodity contracts subject to rate recovery  13  15  ―  (13)  15
Commodity contracts not subject to rate recovery  2  15  ―  (7)  10
Total$ 15$ 154$ ―$ (20)$ 149
           
 At fair value as of December 31, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 539$ ―$ ―$ ―$ 539
Debt securities:          
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  87  69  ―  ―  156
Municipal bonds  ―  63  ―  ―  63
Other securities  ―  130  ―  ―  130
Total debt securities  87  262  ―  ―  349
Total nuclear decommissioning trusts(1)  626  262  ―  ―  888
Interest rate instruments  ―  68  ―  ―  68
Commodity contracts subject to rate recovery  13  ―  61  ―  74
Commodity contracts not subject to rate recovery  28  15  ―  ―  43
Investments  1  ―  ―  ―  1
Total$ 668$ 345$ 61$ ―$ 1,074
Liabilities:          
Interest rate instruments$ ―$ 126$ ―$ ―$ 126
Commodity contracts subject to rate recovery  23  9  ―  (23)  9
Commodity contracts not subject to rate recovery  6  23  ―  (11)  18
Total$ 29$ 158$ ―$ (34)$ 153
(1)Excludes cash balances and cash equivalents.          

RECURRING FAIR VALUE MEASURES – SDG&E
(Dollars in millions)
 At fair value as of September 30, 2013
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 599$ ―$ ―$ ―$ 599
Debt securities:          
Debt securities issued by the U.S. Treasury and other          
U.S. government corporations and agencies  77  56  ―  ―  133
Municipal bonds   ―  104  ―  ―  104
Other securities   ―  134  ―  ―  134
Total debt securities  77  294  ―  ―  371
Total nuclear decommissioning trusts(1)  676  294  ―  ―  970
Commodity contracts subject to rate recovery  10  ―  57  ―  67
Commodity contracts not subject to rate recovery  2  ―  ―  ―  2
Total$ 688$ 294$ 57$ ―$ 1,039
           
Liabilities:          
Interest rate instruments$ ―$ 59$ ―$ ―$ 59
Commodity contracts subject to rate recovery  13  15  ―  (13)  15
Total$ 13$ 74$ ―$ (13)$ 74
           
 At fair value as of December 31, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 539$ ―$ ―$ ―$ 539
Debt securities:          
Debt securities issued by the U.S. Treasury and other          
U.S. government corporations and agencies  87  69  ―  ―  156
Municipal bonds   ―  63  ―  ―  63
Other securities   ―  130  ―  ―  130
Total debt securities  87  262  ―  ―  349
Total nuclear decommissioning trusts(1)  626  262  ―  ―  888
Commodity contracts subject to rate recovery  12  ―  61  ―  73
Commodity contracts not subject to rate recovery  1  ―  ―  ―  1
Total$ 639$ 262$ 61$ ―$ 962
           
Liabilities:          
Interest rate instruments$ ―$ 81$ ―$ ―$ 81
Commodity contracts subject to rate recovery  23  8  ―  (23)  8
Total$ 23$ 89$ ―$ (23)$ 89
(1)Excludes cash balances and cash equivalents.          

RECURRING FAIR VALUE MEASURES – SOCALGAS
(Dollars in millions)
 At fair value as of September 30, 2013
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Commodity contracts subject to rate recovery$ 2$ ―$ ―$ ―$ 2
Commodity contracts not subject to rate recovery  3  ―  ―  ―  3
Total$ 5$ ―$ ―$ ―$ 5
           
 At fair value as of December 31, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Commodity contracts subject to rate recovery$ 1$ ―$ ―$ ―$ 1
Commodity contracts not subject to rate recovery  3  ―  ―  ―  3
Total$ 4$ ―$ ―$ ―$ 4
           
Liabilities:          
Commodity contracts subject to rate recovery$ ―$ 1$ ―$ ―$ 1
Total$ ―$ 1$ ―$ ―$ 1
Recurring Fair Value Measures Level 3 Rollforward Table
LEVEL 3 RECONCILIATIONS
(Dollars in millions)
 Three months ended September 30,
 20132012
Balance at July 1$ 47$ 13
Realized and unrealized gains  1  16
Allocated transmission instruments  15  17
Settlements  (6)  (23)
Balance at September 30$ 57$ 23
Change in unrealized gains or losses relating to     
instruments still held at September 30$ 2$ ―

LEVEL 3 RECONCILIATIONS
(Dollars in millions)
 Nine months ended September 30,
 20132012
Balance at January 1$ 61$ 23
Realized and unrealized (losses) gains  (2)  23
Allocated transmission instruments  15  18
Settlements  (17)  (41)
Balance at September 30$ 57$ 23
Change in unrealized gains or losses relating to     
instruments still held at September 30$ 1$ ―