1.0.0.3 false FAIR VALUE OF FINANCIAL INSTRUMENTS false 1 $ false false 2 Notes to Consolidated Financial Statements 0 sre_NotesToConsolidatedFinancialStatementsAbstract sre false na duration string No definition available. false false false false false true false false false 1 false false 0 0 false false No definition available. false 3 Fair Value of Financial Instruments Disclosure 1 us-gaap_FairValueByBalanceSheetGroupingTextBlock us-gaap true na duration string No definition available. false false false false false false false false false 1 false false 0 0 <div style="font-size:12pt">NOTE 12. FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments The fair values of certain of our financial instruments (cash, temporary investments, accounts and notes receivable, dividends and accounts payable, short-term debt and customer deposits) approximate their carrying amounts. The following table provides the carrying amounts and fair values of the remaining financial instruments at December 31:<table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="651" align="left" colspan="10" style="border-top: 1px solid #000000;" height="19">FAIR VALUE OF FINANCIAL INSTRUMENTS</td></tr><tr><td width="651" align="left" height="19" colspan="10">(Dollars in millions)</td></tr><tr><td height="14" width="34" align="left"> </td><td height="14" width="285" align="left"> </td><td width="166" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">2009 </td><td width="166" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">2008 </td></tr><tr><td height="14" width="34" align="left"> </td><td height="14" width="285" align="left"> </td><td width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Carrying</td><td width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Fair</td><td width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Carrying</td><td width="83" align="center" colspan="2" style="border-top: 1px solid #000000;" height="14">Fair</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="34"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="285"> </td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Amount</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Value</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Amount</td><td width="83" align="center" colspan="2" style="border-bottom: 1px solid #000000;" height="14">Value</td></tr><tr><td width="319" align="left" colspan="2" style="border-top: 1px solid #000000;" height="16">Sempra Energy Consolidated:</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="left" width="61"> </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="left" width="61"> </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="left" width="61"> </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="left" width="61"> </td></tr><tr><td width="319" align="left" height="16" colspan="2">Investments in affordable housing partnerships(1)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 34 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 59 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 43 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 63 </td></tr><tr><td width="319" align="left" height="16" colspan="2">Total long-term debt(2)</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 8,050 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 8,618 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 6,962 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 7,013 </td></tr><tr><td width="319" align="left" height="16" colspan="2">Due to unconsolidated affiliates</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 2 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 2 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 102 </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="right"> 101 </td></tr><tr><td width="319" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Preferred stock of subsidiaries</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 179 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 156 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 179 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 149 </td></tr><tr><td width="319" align="left" colspan="2" style="border-top: 3px solid #000000;" height="16">SDG&E:</td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="319" align="left" height="16" colspan="2">Total long-term debt(3)</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 2,672 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 2,828 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 2,146 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 2,073 </td></tr><tr><td width="319" align="left" colspan="2" style="border-bottom: 3px solid #000000;" height="16">Contingently redeemable preferred stock</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 79 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 76 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 79 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 71 </td></tr><tr><td width="319" align="left" colspan="2" style="border-top: 3px solid #000000;" height="16">PE and SoCalGas:</td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="319" align="left" height="16" colspan="2">Total long-term debt(4)</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 1,296 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 1,382 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 1,372 </td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 1,333 </td></tr><tr><td width="319" align="left" height="16" colspan="2"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="319" align="left" height="16" colspan="2">PE:</td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td><td height="16" width="22" align="right"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="319" align="left" height="16" colspan="2">    Preferred stock</td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 80 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 61 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 80 </td><td height="16" width="22" align="right">$</td><td height="16" width="61" align="right"> 59 </td></tr><tr><td width="319" align="left" height="16" colspan="2">    Preferred stock of subsidiary</td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 20 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 19 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 20 </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="22"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 19 </td></tr><tr><td width="319" align="left" height="16" colspan="2"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 100 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 80 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 100 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="22">$</td><td height="16" style="border-top: 1px solid #000000;border-bottom: 3px solid #000000;" align="right" width="61"> 78 </td></tr><tr><td width="319" align="left" height="16" colspan="2">SoCalGas:</td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td><td height="16" style="border-top: 3px solid #000000;" align="right" width="22"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="319" align="left" colspan="2" style="border-bottom: 3px solid #C0C0C0;" height="16">    Preferred stock</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="61"> 22 </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="61"> 20 </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="61"> 22 </td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="22">$</td><td height="16" style="border-bottom: 3px solid #C0C0C0;" align="right" width="61"> 20 </td></tr><tr><td width="651" align="left" colspan="10" style="border-top: 3px solid #C0C0C0;" height="12">(1) We discuss our investments in affordable housing partnerships in Note 4.</td></tr><tr><td width="651" align="left" height="12" colspan="10">(2) Before reductions for unamortized discount of $17 million at December 31, 2009 and $8 million at December 31, 2008.</td></tr><tr><td width="651" align="left" height="12" colspan="10">(3) Before reductions for unamortized discount of $4 million at December 31, 2009 and $2 million at December 31, 2008.</td></tr><tr><td width="651" align="left" height="12" colspan="10">(4) Before reductions for unamortized discount of $2 million at December 31, 2009 and $2 million at December 31, 2008.</td></tr></table>Sempra Energy based the fair values of investments in affordable housing partnerships on the present value of estimated future cash flows, discounted at rates available for similar investments. Sempra Energy estimated the fair values of debt incurred to acquire affordable housing partnerships based on the present value of the future cash flows, discounted at rates available for similar notes with comparable maturities. All entities based the fair values of the long-term debt and preferred stock on their quoted market prices or quoted market prices for similar securities.</div> NOTE 12. FAIR VALUE MEASUREMENTSFair Value of Financial InstrumentsThe fair values of certain of our financial instruments (cash, temporary investments, false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true