SUBSEQUENT EVENTS (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Conversion Rates of Convertible Debt Issued

The following table illustrates the conversion rate per share of the mandatory convertible preferred stock, subject to certain anti-dilution adjustments:



CONVERSION RATES

Applicable market value per share of our common stock		Conversion rate (number of shares of our common stock to be received upon conversion of each share of mandatory convertible preferred stock)

Greater than $131.075 (which is the threshold appreciation price)		0.7629 shares (approximately equal to $100.00 divided by the threshold appreciation price)
Equal to or less than $131.075 but greater than or equal to $107.00		Between 0.7629 and 0.9345 shares, determined by dividing $100.00 by the applicable market value of our common stock
Less than $107.00 (which is the initial price)		0.9345 shares (approximately equal to $100.00 divided by the initial price)

Schedule of Debt Issued

The following tables show the detail and maturities of long-term debt outstanding:



LONG-TERM DEBT
(Dollars in millions)
	December 31,
	2017			2016
SDG&E
First mortgage bonds (collateralized by plant assets):
Bonds at variable rates (1.151% at December 31, 2016) March 9, 2017	$	—		$	140
1.65% July 1, 2018⁽¹⁾	161			161
3% August 15, 2021	350			350
1.914% payable 2015 through February 2022	161			197
3.6% September 1, 2023	450			450
2.5% May 15, 2026	500			500
6% June 1, 2026	250			250
5.875% January and February 2034⁽¹⁾	176			176
5.35% May 15, 2035	250			250
6.125% September 15, 2037	250			250
4% May 1, 2039⁽¹⁾	75			75
6% June 1, 2039	300			300
5.35% May 15, 2040	250			250
4.5% August 15, 2040	500			500
3.95% November 15, 2041	250			250
4.3% April 1, 2042	250			250
3.75% June 1, 2047	400			—
	4,573			4,349
Other long-term debt:
OMEC LLC variable-rate loan (5.2925% after floating-to-fixed rate swaps effective 2007),
payable 2013 through April 2019 (collateralized by OMEC plant assets)	295			305
Capital lease obligations:
Purchased-power contracts	731			239
Other	1			1
	1,027			545
	5,600			4,894
Current portion of long-term debt	(220		)	(191		)
Unamortized discount on long-term debt	(11		)	(11		)
Unamortized debt issuance costs	(34		)	(34		)
Total SDG&E	5,335			4,658

SoCalGas
First mortgage bonds (collateralized by plant assets):
5.45% April 15, 2018	250			250
1.55% June 15, 2018	250			250
3.15% September 15, 2024	500			500
3.2% June 15, 2025	350			350
2.6% June 15, 2026	500			500
5.75% November 15, 2035	250			250
5.125% November 15, 2040	300			300
3.75% September 15, 2042	350			350
4.45% March 15, 2044	250			250
	3,000			3,000
Other long-term debt (uncollateralized):
1.875% Notes payable 2016 through May 2026⁽¹⁾	4			4
5.67% Notes January 18, 2028	5			5
Capital lease obligations	1			—
	10			9
	3,010			3,009
Current portion of long-term debt	(501		)	—
Unamortized discount on long-term debt	(7		)	(7		)
Unamortized debt issuance costs	(17		)	(20		)
Total SoCalGas	2,485			2,982



LONG-TERM DEBT (CONTINUED)
(Dollars in millions)
	December 31,
	2017			2016
Sempra Energy
Other long-term debt (uncollateralized):
2.3% Notes April 1, 2017	$	—		$	600
6.15% Notes June 15, 2018	500			500
9.8% Notes February 15, 2019	500			500
1.625% Notes October 7, 2019	500			500
2.4% Notes March 15, 2020	500			500
2.85% Notes November 15, 2020	400			400
Notes at variable rates (2.038% at December 31, 2017) March 15, 2021	850			—
2.875% Notes October 1, 2022	500			500
4.05% Notes December 1, 2023	500			500
3.55% Notes June 15, 2024	500			500
3.75% Notes November 15, 2025	350			350
3.25% Notes June 15, 2027	750			—
6% Notes October 15, 2039	750			750
Fair value adjustments for interest rate swaps, net	(1		)	(3		)
Build-to-suit lease⁽²⁾	138			137
Sempra South American Utilities
Other long-term debt (uncollateralized):
Chilquinta Energía – 4.25% Series B Bonds October 30, 2030	205			185
Luz del Sur
Bank loans 5.18% to 6.7% payable 2016 through December 2018	53			75
Corporate bonds at 4.75% to 8.75% payable 2014 through September 2029	415			346
Other bonds at 3.77% to 4.61% payable 2020 through May 2022	6			7
Capital lease obligations	6			6
Sempra Mexico
Other long-term debt (uncollateralized unless otherwise noted):
Notes February 8, 2018 at variable rates (2.66% after floating-to-fixed rate cross-currency
swaps effective 2013)	66			63
6.3% Notes February 2, 2023 (4.12% after cross-currency swap)	198			189
Notes at variable rates (4.63% after floating-to-fixed rate swaps effective 2014),
payable 2016 through December 2026, collateralized by plant assets	314			352
3.75% Notes January 14, 2028	300			—
Bank loans including $251 at a weighted-average fixed rate of 6.67%, $178 at variable rates
(weighted-average rate of 6.29% after floating-to-fixed rate swaps effective 2014) and $39 at variable
rates (4.62% at December 31, 2017), payable 2016 through March 2032, collateralized by plant assets	468			481
4.875% Notes January 14, 2048	540			—
Sempra Renewables
Other long-term debt (collateralized by project assets):
Loan at variable rates (3.325% at December 31, 2017) payable 2012 through December 2028
except for $59 at 3.668% after floating-to-fixed rate swaps effective June 2012⁽¹⁾	77			84
Sempra LNG & Midstream
Other long-term debt (uncollateralized unless otherwise noted):
Notes at 2.87% to 3.51% October 1, 2026⁽¹⁾	20			20
8.45% Notes payable 2012 through December 2017, collateralized by parent guarantee	—			6
	9,405			7,548
Current portion of long-term debt	(706		)	(722		)
Unamortized discount on long-term debt	(13		)	(10		)
Unamortized premium on long-term debt	4			4
Unamortized debt issuance costs	(65		)	(31		)
Total other Sempra Energy	8,625			6,789
Total Sempra Energy Consolidated	$	16,445		$	14,429


⁽¹⁾	Callable long-term debt not subject to make-whole provisions.


⁽²⁾	We discuss this lease in Note 15.

On January 12, 2018, we issued the following debt securities and received net proceeds of $4.9 billion (after deducting the underwriting discount, but before deducting expenses):



NOTES ISSUED IN LONG-TERM DEBT OFFERING
(Dollars in millions)
Title of each class of securities	Aggregate principal amount		Maturity	Interest payments
Floating Rate⁽¹⁾ Notes due 2019	$	500	July 15, 2019	Quarterly
Floating Rate⁽²⁾ Notes due 2021	700		January 15, 2021	Quarterly
2.400% Senior Notes due 2020	500		February 1, 2020	Semi-annually
2.900% Senior Notes due 2023	500		February 1, 2023	Semi-annually
3.400% Senior Notes due 2028	1,000		February 1, 2028	Semi-annually
3.800% Senior Notes due 2038	1,000		February 1, 2038	Semi-annually
4.000% Senior Notes due 2048	800		February 1, 2048	Semi-annually


⁽¹⁾	Bears interest at a rate per annum equal to the 3-month LIBOR rate, plus 25 basis points.


⁽²⁾	Bears interest at a rate per annum equal to the 3-month LIBOR rate, plus 50 basis points.

The following table shows the detail and maturities of long-term debt outstanding:



LONG-TERM DEBT
(Dollars in millions)
	December 31,
	2017			2016

2.3% Notes April 1, 2017	$	—		$	600
6.15% Notes June 15, 2018	500			500
9.8% Notes February 15, 2019	500			500
1.625% Notes October 7, 2019	500			500
2.4% Notes March 15, 2020	500			500
2.85% Notes November 15, 2020	400			400
Notes at variable rates (2.038% at December 31, 2017) March 15, 2021	850			—
2.875% Notes October 1, 2022	500			500
4.05% Notes December 1, 2023	500			500
3.55% Notes June 15, 2024	500			500
3.75% Notes November 15, 2025	350			350
3.25% Notes June 15, 2027	750			—
6% Notes October 15, 2039	750			750
Fair value adjustments for interest rate swaps, net	(1		)	(3		)
Build-to-suit lease	138			137
	6,737			5,734
Current portion of long-term debt	(500		)	(600		)
Unamortized discount on long-term debt	(13		)	(10		)



Unamortized debt issuance costs	(26		)	(24		)
Total long-term debt	$	6,198		$	5,100