XML 75 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2012
Fair Value Measurements (Tables) [Abstract]    
Fair Value of Financial Instruments Table
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
  June 30, 2012
  Carrying Fair Value
  Amount Level 1Level 2Level 3Total
Sempra Energy Consolidated:           
Investments in affordable housing partnerships(1)$ 18 $ ―$ ―$ 47$ 47
Total long-term debt(2)  10,832   ―  11,545  755  12,300
Preferred stock of subsidiaries  99   ―  109  ―  109
SDG&E:           
Total long-term debt(3)$ 4,140 $ ―$ 4,283$ 350$ 4,633
Contingently redeemable preferred stock  79   ―  87  ―  87
SoCalGas:           
Total long-term debt(4)$ 1,312 $ ―$ 1,516$ ―$ 1,516
Preferred stock  22   ―  24  ―  24
             
  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 Updated Annual Report.
(2)Before reductions for unamortized discount (net of premium) of $15 million at June 30, 2012 and $16 million at December 31, 2011, and excluding capital leases of $196 million at June 30, 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 Updated Annual Report.
(3)Before reductions for unamortized discount of $12 million at June 30, 2012 and $11 million at December 31, 2011, and excluding capital leases of $189 million at June 30, 2012 and $193 million at December 31, 2011.
(4)Before reductions for unamortized discount of $2 million at June 30, 2012 and $3 million at December 31, 2011, and excluding capital leases of $7 million at June 30, 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 June 30, 2012:        
Debt securities:        
Debt securities issued by the U.S. Treasury and other         
U.S. government corporations and agencies(1)$ 143$ 12$ ―$ 155
Municipal bonds(2)  61  6  (1)  66
Other securities(3)  80  5  ―  85
Total debt securities  284  23  (1)  306
Equity securities  242  255  (4)  493
Cash and cash equivalents  48  ―  ―  48
Total $ 574$ 278$ (5)$ 847
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 2012-2042
(2)Maturity dates are 2012-2057
(3)Maturity dates are 2013-2111
  
Sales of Securities Table
SALES OF SECURITIES
(Dollars in millions)
 Three months ended June 30,Six months ended June 30,
 2012201120122011
Proceeds from sales$ 191$ 48$ 320$ 90
Gross realized gains  5  1  9  2
Gross realized losses  (5)  (1)  (5)  (2)
  
Fair Value of Cash Collateral Receivables Not Offset on the Condensed Consolidated Balance Sheets Table
 June 30,December 31,
(Dollars in millions)20122011
Sempra Energy Consolidated$ 32$ 20
SDG&E  16  10
SoCalGas  4  2
  
Recurring Fair Value Measures Table
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
 At fair value as of June 30, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 493$ ―$ ―$ ―$ 493
Debt securities:          
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  77  78  ―  ―  155
Municipal bonds  ―  66  ―  ―  66
Other securities  ―  85  ―  ―  85
Total debt securities  77  229  ―  ―  306
Total nuclear decommissioning trusts(1)  570  229  ―  ―  799
Interest rate instruments  ―  70  ―  ―  70
Commodity contracts subject to rate recovery  17  ―  13  ―  30
Commodity contracts not subject to rate recovery  16  24  ―  ―  40
Investments  1  ―  ―  ―  1
Total$ 604$ 323$ 13$ ―$ 940
Liabilities:          
Interest rate instruments$ ―$ 133$ ―$ ―$ 133
Commodity contracts subject to rate recovery  51  14  ―  (51)  14
Commodity contracts not subject to rate recovery  6  41  ―  (9)  38
Total$ 57$ 188$ ―$ (60)$ 185
           
 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 June 30, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 493$ ―$ ―$ ―$ 493
Debt securities:          
Debt securities issued by the U.S. Treasury and other          
U.S. government corporations and agencies  77  78  ―  ―  155
Municipal bonds   ―  66  ―  ―  66
Other securities   ―  85  ―  ―  85
Total debt securities  77  229  ―  ―  306
Total nuclear decommissioning trusts(1)  570  229  ―  ―  799
Commodity contracts subject to rate recovery  15  ―  13  ―  28
Commodity contracts not subject to rate recovery  1  ―  ―  ―  1
Total$ 586$ 229$ 13$ ―$ 828
           
Liabilities:          
Interest rate instruments$ ―$ 83$ ―$ ―$ 83
Commodity contracts subject to rate recovery  51  12  ―  (51)  12
Total$ 51$ 95$ ―$ (51)$ 95
           
 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 June 30, 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$ ―$ 2$ ―$ ―$ 2
Total$ ―$ 2$ ―$ ―$ 2
           
 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 June 30,
(Dollars in millions)20122011
Balance as of April 1$ 21$ 3
Realized and unrealized gains  5  6
Allocated transmission instruments  ―  1
Settlements  (13)  (7)
Balance as of June 30$ 13$ 3
Change in unrealized gains or losses relating to     
instruments still held at June 30$ ―$ ―
 Six months ended June 30,
(Dollars in millions)20122011
Balance as of January 1$ 23$ 2
Realized and unrealized gains  7  12
Allocated transmission instruments  1  2
Settlements  (18)  (13)
Balance as of June 30$ 13$ 3
Change in unrealized gains relating to     
instruments still held at June 30$ ―$ ―