1.0.0.3 false PREFERRED STOCK 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 Preferred Stock Disclosure 1 sre_PreferredStockDisclosureTextBlock sre false 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 13. PREFERRED STOCK The table below shows the details of preferred stock for SDG&E, PE and SoCalGas.<table style="border-collapse: collapse; margin-top: 20px;"><tr><td width="665" align="left" height="17" colspan="8">PREFERRED STOCK</td></tr><tr><td height="17" width="23" align="left"> </td><td height="17" width="399" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="79" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="61" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="61" align="left"> </td></tr><tr><td height="17" width="23" align="left"> </td><td height="17" width="399" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="79" align="center">Call/</td><td height="17" width="14" align="left"> </td><td height="17" width="61" align="left"> </td><td height="17" width="14" align="left"> </td><td height="17" width="61" align="left"> </td></tr><tr><td height="14" width="23" align="left"> </td><td height="14" width="399" align="left"> </td><td height="14" width="14" align="left"> </td><td height="14" width="79" align="center">Redemption</td><td width="150" align="center" colspan="4" style="border-bottom: 1px solid #000000;" height="14">December 31,</td></tr><tr><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="23"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="399"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="14" style="border-bottom: 1px solid #000000;" align="center" width="79">Price</td><td width="75" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2009 </td><td width="75" align="center" colspan="2" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" height="14">2008 </td></tr><tr><td height="16" style="border-top: 1px solid #000000;" align="left" width="23"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="399"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="79"> </td><td width="150" align="center" colspan="4" style="border-top: 1px solid #000000;" height="16">(in millions)</td></tr><tr><td width="422" align="left" height="16" colspan="2">Contingently redeemable:</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" width="14" align="center"> </td><td height="16" width="61" align="center"> </td><td height="16" width="14" align="center"> </td><td height="16" width="61" align="center"> </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">SDG&E:</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">    $20 par value, authorized 1,375,000 shares:</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">        5% Series, 375,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 24.00 </td><td height="16" width="14" align="left">$</td><td height="16" width="61" align="right"> 8 </td><td height="16" width="14" align="left">$</td><td height="16" width="61" align="right"> 8 </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">        4.5% Series, 300,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 21.20 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 6 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 6 </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">        4.4% Series, 325,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 21.00 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 7 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 7 </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">        4.6% Series, 373,770 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 20.25 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 7 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 7 </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">    Without par value:</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">        $1.70 Series, 1,400,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 25.595 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 35 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 35 </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">        $1.82 Series, 640,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 26.00 </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 16 </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 16 </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">    SDG&E - Total contingently redeemable preferred stock</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 79 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 79 </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">    Sempra Energy - total preferred stock of subsidiary,</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="14"> </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="14"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left">        contingently redeemable</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="14">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 79 </td><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="14">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 79 </td></tr><tr><td width="422" align="left" height="16" colspan="2"> </td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="14"> </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="left" width="14"> </td><td height="16" style="border-top: 3px solid #000000;" align="left" width="61"> </td></tr><tr><td width="422" align="left" height="16" colspan="2">PE:</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="422" align="left" height="16" colspan="2">Without par value, authorized 15,000,000 shares:</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="422" align="left" height="16" colspan="2">        $4.75 Dividend, 200,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 100.00 </td><td height="16" width="14" align="left">$</td><td height="16" width="61" align="right"> 20 </td><td height="16" width="14" align="left">$</td><td height="16" width="61" align="right"> 20 </td></tr><tr><td width="422" align="left" height="16" colspan="2">        $4.50 Dividend, 300,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 100.00 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 30 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 30 </td></tr><tr><td width="422" align="left" height="16" colspan="2">        $4.40 Dividend, 100,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 101.50 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 10 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 10 </td></tr><tr><td width="422" align="left" height="16" colspan="2">        $4.36 Dividend, 200,000 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 101.00 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 20 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 20 </td></tr><tr><td width="422" align="left" height="16" colspan="2">        $4.75 Dividend, 253 shares outstanding</td><td height="16" width="14" align="left">$</td><td height="16" width="79" align="right"> 101.00 </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> - </td></tr><tr><td width="422" align="left" height="16" colspan="2">    Total preferred stock of PE</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 80 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 80 </td></tr><tr><td width="422" align="left" height="16" colspan="2">SoCalGas:</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="14"> </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="14"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td></tr><tr><td width="422" align="left" height="16" colspan="2">    $25 par value, authorized 1,000,000 shares:</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="left"> </td></tr><tr><td width="422" align="left" height="16" colspan="2">        6% Series, 79,011 shares outstanding</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 3 </td><td height="16" width="14" align="left"> </td><td height="16" width="61" align="right"> 3 </td></tr><tr><td width="422" align="left" height="16" colspan="2">        6% Series A, 783,032 shares outstanding</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </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="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> 19 </td></tr><tr><td width="422" align="left" height="16" colspan="2">    Total preferred stock of SoCalGas</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 22 </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;" align="right" width="61"> 22 </td></tr><tr><td width="422" align="left" height="16" colspan="2">    Less: 50,970 shares of the 6% Series outstanding owned by PE</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> (2)</td><td height="16" style="border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 1px solid #000000;" align="right" width="61"> (2)</td></tr><tr><td width="422" align="left" height="16" colspan="2">    PE - total preferred stock of subsidiary</td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 20 </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="left" width="14"> </td><td height="16" style="border-top: 1px solid #000000;border-bottom: 1px solid #000000;" align="right" width="61"> 20 </td></tr><tr><td height="16" width="23" align="left"> </td><td height="16" width="399" align="left"> </td><td height="16" width="14" align="left"> </td><td height="16" width="79" align="left"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="14"> </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="14"> </td><td height="16" style="border-top: 1px solid #000000;" align="left" width="61"> </td></tr><tr><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="23"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="399">    Sempra Energy - total preferred stock of subsidiaries</td><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="14"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="79"> </td><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="14">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 100 </td><td height="16" style="border-bottom: 3px solid #000000;" align="left" width="14">$</td><td height="16" style="border-bottom: 3px solid #000000;" align="right" width="61"> 100 </td></tr></table>Following are the attributes of each company’s preferred stock. No amounts currently outstanding are subject to mandatory redemption. SDG&E <ul><li>All outstanding series are callable. </li><li>The $20 par value preferred stock has two votes per share on matters being voted upon by shareholders of SDG&E and a liquidation preference at par plus any unpaid dividends. </li><li>All outstanding series of SDG&E's preferred stock have cumulative preferences as to dividends. </li><li>The no-par-value preferred stock is nonvoting and has a liquidation preference of $25 per share plus any unpaid dividends. </li><li>SDG&E is authorized to issue 10 million shares of no-par-value preferred stock (both subject to and not subject to mandatory redemption). </li></ul>SDG&E is currently authorized to issue up to 25 million shares of an additional class of preference shares designated as "Series Preference Stock." The Series Preference Stock is in addition to the Cumulative Preferred Stock, Preference Stock (Cumulative) and Common Stock that SDG&E was otherwise authorized to issue, and when issued would rank junior to the Cumulative Preferred Stock and Preference Stock (Cumulative). The stock’s rights, preferences and privileges would be established by the board of directors at the time of issuance. SDG&E's outstanding preferred securities are classified as contingently redeemable because they contain a contingent redemption feature that allows the holder to elect a majority of SDG&E's board of directors if dividends are not paid for eight consecutive quarters, and such a redemption triggering event is not solely within the control of SDG&E. They are therefore presented separate from and outside of equity in a manner consistent with temporary equity. We provide additional information concerning these securities in Note 2. Pacific Enterprises <ul><li>Outstanding PE preferred stock is subject to redemption at PE's option at any time with at least 30 days' notice at the applicable redemption price for each series plus any unpaid dividends. </li><li>All outstanding series have one vote per share, cumulative preferences as to dividends, and liquidation preferences of $100 per share plus any unpaid dividends. </li></ul>PE currently is authorized to issue 10 million shares of series preferred stock, less currently outstanding shares, and 5 million shares of Class A series preferred stock, both without par value and with cumulative preferences as to dividends and liquidation value. Class A series preferred stock, when issued, would rank junior to other series of preferred stock. Other rights and privileges of the stock would be established by the board of directors at the time of issuance. SOCALGAS <ul><li>None of SoCalGas' outstanding preferred stock is callable. </li><li>All outstanding series have one vote per share, cumulative preferences as to dividends and liquidation preferences of $25 per share plus any unpaid dividends. </li></ul>SoCalGas currently is authorized to issue 5 million shares of series preferred stock and 5 million shares of preference stock, both without par value and with cumulative preferences as to dividends and liquidation value. The preference stock would rank junior to all series of preferred stock. Other rights and privileges of the stock would be established by the board of directors at the time of issuance. </div> NOTE 13. PREFERRED STOCK The table below shows the details of preferred stock for SDG&E, PE and SoCalGas.PREFERRED false false No definition available. No authoritative reference available. false false 1 2 false UnKnown UnKnown UnKnown false true