XML 64 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2012
Fair Value Measurements (Tables) [Abstract]  
Fair Value of Financial Instruments Table
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
  March 31, 2012
  Carrying Fair Value
  Amount Level 1Level 2Level 3Total
Sempra Energy Consolidated:           
Investments in affordable housing partnerships(1)$ 20 $ ―$ ―$ 49$ 49
Total long-term debt(2)  10,709   ―  11,288  615  11,903
Preferred stock of subsidiaries  99   ―  106  ―  106
SDG&E:           
Total long-term debt(3)$ 4,143 $ ―$ 4,103$ 352$ 4,455
Contingently redeemable preferred stock  79   ―  85  ―  85
SoCalGas:           
Total long-term debt(4)$ 1,312 $ ―$ 1,480$ ―$ 1,480
Preferred stock  22   ―  23  ―  23
             
  December 31, 2011
  Carrying Fair Value
  Amount Level 1Level 2Level 3Total
Sempra Energy Consolidated:           
Investments in affordable housing partnerships(1)$ 21 $ ―$ ―$ 48$ 48
Total long-term debt(2)  9,826   ―  10,447  600  11,047
Preferred stock of subsidiaries  99   ―  106  ―  106
SDG&E:           
Total long-term debt(3)$ 3,895 $ ―$ 3,933$ 355$ 4,288
Contingently redeemable preferred stock  79   ―  86  ―  86
SoCalGas:           
Total long-term debt(4)$ 1,313 $ ―$ 1,506$ ―$ 1,506
Preferred stock  22   ―  23  ―  23
(1)We discuss our investments in affordable housing partnerships in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report.
(2)Before reductions for unamortized discount (net of premium) of $16 million at both March 31, 2012 and December 31, 2011, and excluding capital leases of $200 million at March 31, 2012 and $204 million at December 31, 2011, and commercial paper classified as long-term debt of $400 million at December 31, 2011. 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.
(3)Before reductions for unamortized discount of $12 million at March 31, 2012 and $11 million at December 31, 2011, and excluding capital leases of $191 million at March 31, 2012 and $193 million at December 31, 2011.
(4)Before reductions for unamortized discount of $2 million at March 31, 2012 and $3 million at December 31, 2011, and excluding capital leases of $9 million at March 31, 2012 and $11 million at December 31, 2011.
Nuclear Decommissioning Trusts Table
NUCLEAR DECOMMISSIONING TRUSTS
(Dollars in millions)
     Gross Gross Estimated
     Unrealized Unrealized Fair
   Cost Gains Losses Value
As of March 31, 2012:        
Debt securities:        
Debt securities issued by the U.S. Treasury and other         
U.S. government corporations and agencies(1)$ 162$ 9$ ―$ 171
Municipal bonds(2)  66  5  (1)  70
Other securities(3)  80  4  ―  84
Total debt securities  308  18  (1)  325
Equity securities  239  278  (2)  515
Cash and cash equivalents  25  ―  ―  25
Total $ 572$ 296$ (3)$ 865
As of December 31, 2011:        
Debt securities:        
Debt securities issued by the U.S. Treasury and other         
U.S. government corporations and agencies$ 157$ 13$ ―$ 170
Municipal bonds  72  5  ―  77
Other securities  76  3  (1)  78
Total debt securities  305  21  (1)  325
Equity securities  246  227  (5)  468
Cash and cash equivalents  11  ―  ―  11
Total $ 562$ 248$ (6)$ 804
(1)Maturity dates are 2013-2042
(2)Maturity dates are 2012-2057
(3)Maturity dates are 2012-2051
Sales of Securities Table
SALES OF SECURITIES
(Dollars in millions)
 Three months ended March 31,
 20122011
Proceeds from sales$ 129$ 42
Gross realized gains  4  1
Gross realized losses  ―  (1)
Fair Value of Cash Collateral Receivables Not Offset on the Condensed Consolidated Balance Sheets Table
 March 31,December 31,
(Dollars in millions)20122011
Sempra Energy Consolidated$ 25$ 20
SDG&E  12  10
SoCalGas  3  2
Recurring Fair Value Measures Table
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
 At fair value as of March 31, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 515$ ―$ ―$ ―$ 515
Debt securities:          
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  91  80  ―  ―  171
Municipal bonds  ―  70  ―  ―  70
Other securities  ―  84  ―  ―  84
Total debt securities  91  234  ―  ―  325
Total nuclear decommissioning trusts(1)  606  234  ―  ―  840
Interest rate instruments  ―  65  ―  ―  65
Commodity contracts subject to rate recovery  13  ―  21  ―  34
Commodity contracts not subject to rate recovery  13  30  ―  ―  43
Investments  1  ―  ―  ―  1
Total$ 633$ 329$ 21$ ―$ 983
Liabilities:          
Interest rate instruments$ ―$ 116$ ―$ ―$ 116
Commodity contracts subject to rate recovery  69  17  ―  (69)  17
Commodity contracts not subject to rate recovery  ―  45  ―  (3)  42
Total$ 69$ 178$ ―$ (72)$ 175
           
 At fair value as of December 31, 2011
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 468$ ―$ ―$ ―$ 468
Debt securities:          
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  92  78  ―  ―  170
Municipal bonds  ―  77  ―  ―  77
Other securities  ―  78  ―  ―  78
Total debt securities  92  233  ―  ―  325
Total nuclear decommissioning trusts(1)  560  233  ―  ―  793
Interest rate instruments  ―  66  ―  ―  66
Commodity contracts subject to rate recovery  10  1  23  ―  34
Commodity contracts not subject to rate recovery  15  35  ―  (2)  48
Investments  5  ―  ―  ―  5
Total$ 590$ 335$ 23$ (2)$ 946
Liabilities:          
Interest rate instruments$ 1$ 124$ ―$ ―$ 125
Commodity contracts subject to rate recovery  61  13  ―  (61)  13
Commodity contracts not subject to rate recovery  1  52  ―  (4)  49
Total$ 63$ 189$ ―$ (65)$ 187
(1)Excludes cash balances and cash equivalents.          

RECURRING FAIR VALUE MEASURES – SDG&E
(Dollars in millions)
 At fair value as of March 31, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 515$ ―$ ―$ ―$ 515
Debt securities:          
Debt securities issued by the U.S. Treasury and other          
U.S. government corporations and agencies  91  80  ―  ―  171
Municipal bonds   ―  70  ―  ―  70
Other securities   ―  84  ―  ―  84
Total debt securities  91  234  ―  ―  325
Total nuclear decommissioning trusts(1)  606  234  ―  ―  840
Commodity contracts subject to rate recovery  11  ―  21  ―  32
Commodity contracts not subject to rate recovery  1  ―  ―  ―  1
Total$ 618$ 234$ 21$ ―$ 873
           
Liabilities:          
Interest rate instruments$ ―$ 77$ ―$ ―$ 77
Commodity contracts subject to rate recovery  69  16  ―  (69)  16
Total$ 69$ 93$ ―$ (69)$ 93
           
 At fair value as of December 31, 2011
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 468$ ―$ ―$ ―$ 468
Debt securities:          
Debt securities issued by the U.S. Treasury and other          
U.S. government corporations and agencies  92  78  ―  ―  170
Municipal bonds   ―  77  ―  ―  77
Other securities   ―  78  ―  ―  78
Total debt securities  92  233  ―  ―  325
Total nuclear decommissioning trusts(1)  560  233  ―  ―  793
Commodity contracts subject to rate recovery  9  ―  23  ―  32
Commodity contracts not subject to rate recovery  1  ―  ―  ―  1
Total$ 570$ 233$ 23$ ―$ 826
           
Liabilities:          
Interest rate instruments$ ―$ 81$ ―$ ―$ 81
Commodity contracts subject to rate recovery  61  12  ―  (61)  12
Total$ 61$ 93$ ―$ (61)$ 93
(1)Excludes cash balances and cash equivalents.          

RECURRING FAIR VALUE MEASURES – SOCALGAS
(Dollars in millions)
 At fair value as of March 31, 2012
        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  2  ―  ―  ―  2
Total$ 4$ ―$ ―$ ―$ 4
           
Liabilities:          
Commodity contracts subject to rate recovery$ ―$ 1$ ―$ ―$ 1
Total$ ―$ 1$ ―$ ―$ 1
           
 At fair value as of December 31, 2011
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Commodity contracts subject to rate recovery$ 1$ 1$ ―$ ―$ 2
Commodity contracts not subject to rate recovery  2  ―  ―  ―  2
Total$ 3$ 1$ ―$ ―$ 4
           
Liabilities:          
Commodity contracts subject to rate recovery$ ―$ 1$ ―$ ―$ 1
Total$ ―$ 1$ ―$ ―$ 1
Recurring Fair Value Measures Level 3 Rollforward Table
 Three months ended March 31,
(Dollars in millions)20122011
Balance as of January 1$ 23$ 2
Realized and unrealized gains  2  6
Allocated transmission instruments  1  1
Settlements  (5)  (6)
Balance as of March 31$ 21$ 3
Change in unrealized gains or losses relating to     
instruments still held at March 31$ ―$ ―