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<div style="font-size:12pt"><p>Foreign Currency Translation <br />Our foreign operations generally use their local currency as their functional currency. The assets and liabilities of our foreign operations are translated into U.S. dollars at current exchange rates at the end of the reporting period, and revenues and expenses are translated at average exchange rates for the year. The resulting noncash translation adjustments do not enter into the calculation of earnings or retained earnings (unless the operation is being discontinued), but are reflected in Comprehensive Income and in Accumulated Other Comprehensive Income (Loss), a component of shareholders' equity. <br />To reflect the fluctuations in the values of functional currencies of Sempra Pipelines & Storage’s South American investments accounted for under the equity method, the following adjustments were made to the carrying value of these investments (dollars in millions):</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="34" width="82" align="left"> </td><td height="34" width="24" align="left"> </td><td height="34" width="180" align="left"> </td><td width="207" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="34">Upward (downward)
adjustment to investments</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="82">Investment</td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="24"><i> </i></td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="180">Currency</td><td width="69" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td><td width="69" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2008 </td><td width="69" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2007 </td></tr><tr><td height="16" style="border-top: 1px solid #000000;" align="left" width="82">Chile</td><td height="16" style="border-top: 1px solid #000000;" align="left" width="24"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="180">Chilean Peso</td><td height="16" style="border-top: 1px solid #000000;" align="left" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="47"> 85 </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="47"> (101)</td><td height="16" style="border-top: 1px solid #000000;" align="left" width="22">$</td><td height="16" style="border-top: 1px solid #000000;" align="right" width="47"> 29 </td></tr><tr><td height="16" width="82" align="left">Peru</td><td height="16" width="24" align="left"> </td><td height="16" width="180" align="left">Peruvian Nuevo Sol</td><td height="16" width="22" align="left"> </td><td height="16" width="47" align="right"> 13 </td><td height="16" width="22" align="left"> </td><td height="16" width="47" align="right"> (7)</td><td height="16" width="22" align="left"> </td><td height="16" width="47" align="right"> 8 </td></tr><tr><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="82">Argentina</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="24"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="180">Argentine Peso</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="47"> - </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="47"> (8)</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="left" width="22"> </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="47"> (2)</td></tr></table><p>Smaller adjustments have been made to other operations where the U.S. dollar is not the functional currency. We provide additional information concerning these investments in Note 4. <br />Currency transaction gains and losses in a currency other than the entity's functional currency are included in the calculation of consolidated earnings at Sempra Energy as follows:</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="250" align="left"> </td><td width="192" align="center" colspan="6" style="border-bottom: 1px solid #000000;" height="17">Years ended December 31,</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="250"><i>(Dollars in millions)</i></td><td width="64" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td><td width="64" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2008 </td><td width="64" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2007 </td></tr><tr><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #C0C0C0;" align="left" width="250">Currency transaction gain (loss)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #C0C0C0;" align="left" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #C0C0C0;" align="right" width="42"> 3 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #C0C0C0;" align="left" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #C0C0C0;" align="right" width="42"> (2)</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #C0C0C0;" align="left" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #C0C0C0;" align="right" width="42"> - </td></tr></table></div>
Foreign Currency Translation Our foreign operations generally use their local currency as their functional currency. The assets and liabilities of our foreign
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