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INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2017
Investments [Abstract]  
Schedule Of Equity Method And Other Investments
We provide the carrying value of our investments and earnings (losses) on these investments below:
EQUITY METHOD AND OTHER INVESTMENT BALANCES
(Dollars in millions)
 
December 31,
 
2017
 
2016
Sempra South American Utilities:
 
 
 
Eletrans(1)
$
16

 
$
(8
)
Sempra Mexico:
 

 
 

DEN
—

 
42

Energía Sierra Juárez(2)
39

 
38

IMG(3)
221

 
100

TAG(4)
364

 
—

Sempra Renewables:
 

 
 

Wind:
 
 
 
Auwahi Wind
42

 
41

Broken Bow 2 Wind
32

 
35

Cedar Creek 2 Wind
72

 
75

Flat Ridge 2 Wind
255

 
271

Fowler Ridge 2 Wind
44

 
43

Mehoopany Wind
89

 
92

Solar:
 
 
 
California solar partnership
107

 
113

Copper Mountain Solar 2
35

 
33

Copper Mountain Solar 3
44

 
42

Mesquite Solar 1
81

 
86

Other
12

 
13

Sempra LNG & Midstream:
 

 
 

Cameron LNG JV(5)
997

 
997

Parent and other:
 

 
 

RBS Sempra Commodities
67

 
67

Total equity method investments
2,517

 
2,080

Other
10

 
17

Total
$
2,527

 
$
2,097

(1) 
Reflects losses on forward exchange contracts entered into to manage the foreign currency exchange rate risk of the CLF relative to the U.S. dollar, related to certain construction commitments that are denominated in CLF. The contracts settle based on anticipated payments to vendors, generally monthly, ending in July 2018.
(2) 
The carrying value of our equity method investment is $12 million higher than the underlying equity in the net assets of the investee due to the remeasurement of our retained investment to fair value in 2014.
(3) 
The carrying value of our equity method investment is $5 million higher than the underlying equity in the net assets of the investee due to guarantees, which we discuss below.
(4) 
The carrying value of our equity method investment is $130 million higher than the underlying equity in the net assets of the investee due to equity method goodwill.
(5) 
The carrying value of our equity method investment is $237 million and $190 million higher than the underlying equity in the net assets of the investee at December 31, 2017 and 2016, respectively, primarily due to guarantees, which we discuss below, and interest capitalized on the investment, as the joint venture has not commenced its planned principal operations.




EARNINGS (LOSSES) FROM EQUITY METHOD INVESTMENTS
(Dollars in millions)
 
Years ended December 31,
 
2017
 
2016
 
2015
Earnings (losses) recorded before income tax:
 
 
 
 
 
Sempra Renewables:
 
 
 
 
 
Wind:
 
 
 
 
 
Auwahi Wind
$
5

 
$
4

 
$
4

Broken Bow 2 Wind
(2
)
 
(2
)
 
(2
)
Cedar Creek 2 Wind
(2
)
 
(2
)
 
(6
)
Flat Ridge 2 Wind
(13
)
 
(7
)
 
(12
)
Fowler Ridge 2 Wind
4

 
4

 
4

Mehoopany Wind
(1
)
 
—

 
(1
)
Solar:
 
 
 
 
 
California solar partnership
7

 
7

 
6

Copper Mountain Solar 2
5

 
6

 
7

Copper Mountain Solar 3
8

 
8

 
8

Mesquite Solar 1
18

 
17

 
16

Other
—

 
(1
)
 
—

Sempra LNG & Midstream:
 

 
 

 
 

Cameron LNG JV
5

 
(2
)
 
5

Rockies Express Pipeline
—

 
(26
)
 
79

Parent and other:
 

 
 

 
 

RBS Sempra Commodities
—

 
—

 
(4
)
 
$
34

 
$
6

 
$
104

Earnings (losses) recorded net of income tax(1):
 

 
 

 
 

Sempra South American Utilities:
 

 
 

 
 

Eletrans
$
4

 
$
3

 
$
(4
)
Sempra Mexico:
 

 
 

 
 

DEN
(13
)
 
5

 
—

Energía Sierra Juárez
—

 
6

 
6

IEnova Pipelines
—

 
64

 
83

IMG
45

 
—

 
—

TAG
6

 
—

 
—

 
$
42

 
$
78

 
$
85

(1) 
As the earnings (losses) from these investments are recorded net of income tax, they are presented below the income tax expense line, so as not to impact our ETR.
Schedule of Summarized Financial Information
We present summarized financial information below, aggregated for all of our equity method investments for the periods in which we were invested in the entity. The amounts below represent the aggregate financial position and results of operations of 100 percent of each of Sempra Energy’s equity method investments.
SUMMARIZED FINANCIAL INFORMATION
(Dollars in millions)
 
Years ended December 31,
 
2017(1)
 
2016(2)
 
2015
Gross revenues
$
846

 
$
1,079

 
$
1,533

Operating expense
(590
)
 
(726
)
 
(845
)
Income from operations
256

 
353

 
688

Interest expense
(217
)
 
(127
)
 
(312
)
Net income/Earnings(3)
116

 
252

 
440

 
At December 31,
 
2017(1)
 
2016(2)
Current assets
$
974

 
$
704

Noncurrent assets
14,087

 
9,970

Current liabilities
797

 
629

Noncurrent liabilities
9,809

 
6,627

(1) 
On November 15, 2017, IEnova completed the asset acquisition of PEMEX’s 50-percent interest in DEN, increasing its ownership percentage to 100 percent. At December 31, 2017, DEN is no longer an equity method investment.
(2) 
On September 26, 2016, IEnova completed the acquisition of PEMEX’s 50-percent interest in IEnova Pipelines, increasing its ownership percentage to 100 percent, and on May 9, 2016, Sempra LNG & Midstream sold its 25-percent interest in Rockies Express. At December 31, 2016, IEnova Pipelines and Rockies Express are no longer equity method investments.
(3) 
Except for our investments in South America and Mexico, there was no income tax recorded by the entities, as they are primarily domestic partnerships.