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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2016
Fair Value Disclosures [Abstract]  
Recurring Fair Value Measures Table
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
Fair value at March 31, 2016
Level 1Level 2Level 3Netting(1)Total
Assets:
Nuclear decommissioning trusts:
Equity securities$623$―$―$―$623
Debt securities:
Debt securities issued by the U.S. Treasury and other
U.S. government corporations and agencies6243――105
Municipal bonds―156――156
Other securities―190――190
Total debt securities62389――451
Total nuclear decommissioning trusts(2)685389――1,074
Interest rate and foreign exchange instruments―8――8
Commodity contracts not subject to rate recovery119―2040
Commodity contracts subject to rate recovery―16832101
Total$686$417$68$52$1,223
Liabilities:
Interest rate and foreign exchange instruments$―$181$―$―$181
Commodity contracts not subject to rate recovery36―(7)2
Commodity contracts subject to rate recovery―6757(55)69
Total$3$254$57$(62)$252
Fair value at December 31, 2015
Level 1Level 2Level 3Netting(1)Total
Assets:
Nuclear decommissioning trusts:
Equity securities$619$―$―$―$619
Debt securities:
Debt securities issued by the U.S. Treasury and other
U.S. government corporations and agencies4744――91
Municipal bonds―156――156
Other securities―182――182
Total debt securities47382――429
Total nuclear decommissioning trusts(2)666382――1,048
Interest rate and foreign exchange instruments―5――5
Commodity contracts not subject to rate recovery2216―(4)34
Commodity contracts subject to rate recovery―17228101
Total$688$404$72$24$1,188
Liabilities:
Interest rate and foreign exchange instruments$―$171$―$―$171
Commodity contracts not subject to rate recovery53―(4)4
Commodity contracts subject to rate recovery―6853(54)67
Total$5$242$53$(58)$242
(1)Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
(2)Excludes cash balances and cash equivalents.

RECURRING FAIR VALUE MEASURES – SDG&E
(Dollars in millions)
Fair value at March 31, 2016
Level 1Level 2Level 3Netting(1)Total
Assets:
Nuclear decommissioning trusts:
Equity securities$623$―$―$―$623
Debt securities:
Debt securities issued by the U.S. Treasury and other
U.S. government corporations and agencies6243――105
Municipal bonds ―156――156
Other securities ―190――190
Total debt securities62389――451
Total nuclear decommissioning trusts(2)685389――1,074
Commodity contracts not subject to rate recovery―――22
Commodity contracts subject to rate recovery――683098
Total$685$389$68$32$1,174
Liabilities:
Interest rate instruments$―$39$―$―$39
Commodity contracts not subject to rate recovery1――(1)―
Commodity contracts subject to rate recovery―6657(55)68
Total$1$105$57$(56)$107
Fair value at December 31, 2015
Level 1Level 2Level 3Netting(1)Total
Assets:
Nuclear decommissioning trusts:
Equity securities$619$―$―$―$619
Debt securities:
Debt securities issued by the U.S. Treasury and other
U.S. government corporations and agencies4744――91
Municipal bonds ―156――156
Other securities ―182――182
Total debt securities47382――429
Total nuclear decommissioning trusts(2)666382――1,048
Commodity contracts not subject to rate recovery―――11
Commodity contracts subject to rate recovery――722799
Total$666$382$72$28$1,148
Liabilities:
Interest rate instruments$―$37$―$―$37
Commodity contracts not subject to rate recovery1――(1)―
Commodity contracts subject to rate recovery―6753(54)66
Total$1$104$53$(55)$103
(1)Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
(2)Excludes cash balances and cash equivalents.

RECURRING FAIR VALUE MEASURES – SOCALGAS
(Dollars in millions)
Fair value at March 31, 2016
Level 1Level 2Level 3Netting(1)Total
Assets:
Commodity contracts not subject to rate recovery$―$―$―$1$1
Commodity contracts subject to rate recovery―1―23
Total$―$1$―$3$4
Liabilities:
Commodity contracts not subject to rate recovery$1$―$―$(1)$―
Commodity contracts subject to rate recovery―1――1
Total$1$1$―$(1)$1
Fair value at December 31, 2015
Level 1Level 2Level 3Netting(1)Total
Assets:
Commodity contracts subject to rate recovery$―$1$―$1$2
Total$―$1$―$1$2
Liabilities:
Commodity contracts not subject to rate recovery$1$―$―$(1)$―
Commodity contracts subject to rate recovery―1――1
Total$1$1$―$(1)$1
(1)Includes the effect of the contractual ability to settle contracts under master netting agreements and with cash collateral, as well as cash collateral not offset.
Recurring Fair Value Measures Level 3 Rollforward Table
LEVEL 3 RECONCILIATIONS
(Dollars in millions)
Three months ended March 31,
20162015
Balance as of January 1$19$107
Realized and unrealized (losses) gains (1)6
Settlements(7)(11)
Balance as of March 31$11$102
Change in unrealized (losses) gains relating to
instruments still held at March 31$(1)$1
Fair Value of Financial Instruments Table
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
March 31, 2016
CarryingFair value
amountLevel 1Level 2Level 3Total
Sempra Energy Consolidated:
Noncurrent due from unconsolidated affiliates(1)$173$―$92$72$164
Total long-term debt(2)(3)13,761―14,36365215,015
Preferred stock of subsidiary20―23―23
SDG&E:
Total long-term debt(3)(4)$4,285$―$4,517$312$4,829
SoCalGas:
Total long-term debt(5)$2,513$―$2,731$―$2,731
Preferred stock22―25―25
December 31, 2015
CarryingFair value
amountLevel 1Level 2Level 3Total
Sempra Energy Consolidated:
Noncurrent due from unconsolidated affiliates(1)$175$―$97$69$166
Total long-term debt(2)(3)13,761―13,98564814,633
Preferred stock of subsidiary20―23―23
SDG&E:
Total long-term debt(3)(4)$4,304$―$4,355$315$4,670
SoCalGas:
Total long-term debt(5)$2,513$―$2,621$―$2,621
Preferred stock22―25―25
(1)Excluding accumulated interest outstanding of $13 million and $11 million at March 31, 2016 and December 31, 2015, respectively.
(2)Before reductions for unamortized discount (net of premium) and debt issuance costs of $106 million and $107 million at March 31, 2016 and December 31, 2015, respectively, and excluding build-to-suit and capital lease obligations of $386 million and $387 million at March 31, 2016 and December 31, 2015, respectively. 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)Level 3 instruments include $312 million and $315 million at March 31, 2016 and December 31, 2015, respectively, related to Otay Mesa VIE.
(4)Before reductions for unamortized discount and debt issuance costs of $43 million at March 31, 2016 and December 31, 2015, and excluding capital lease obligations of $243 million and $244 million at March 31, 2016 and December 31, 2015, respectively.
(5)Before reductions for unamortized discount and debt issuance costs of $24 million at March 31, 2016 and December 31, 2015, and excluding capital lease obligations of $1 million at March 31, 2016 and December 31, 2015.
Fair Value Measurements, Nonrecurring Table
NON-RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
EstimatedFair% ofInputs used to
fairvaluefair valuedevelopRange of
valueValuation techniquehierarchymeasurementmeasurementinputs
Investment in
Rockies Express$440(1)Market approachLevel 2100%Equity sale price100%
(1)At measurement date of March 29, 2016. At March 31, 2016, our investment in Rockies Express had a carrying value of $436 million, reflecting subsequent equity method activity to record a distribution.