XML 88 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2013
Fair Value Measurements (Tables) [Abstract]  
Fair Value of Financial Instruments Table
FAIR VALUE OF FINANCIAL INSTRUMENTS
(Dollars in millions)
  March 31, 2013
  Carrying Fair Value
  Amount Level 1Level 2Level 3Total
Sempra Energy Consolidated:           
Total long-term debt(1)$ 11,889 $ ―$ 12,389$ 954$ 13,343
Preferred stock of subsidiaries  99   ―  108  ―  108
SDG&E:           
Total long-term debt(2)$ 4,133 $ ―$ 4,368$ 342$ 4,710
Contingently redeemable preferred stock  79   ―  85  ―  85
SoCalGas:           
Total long-term debt(3)$ 1,413 $ ―$ 1,596$ ―$ 1,596
Preferred stock  22   ―  25  ―  25
             
  December 31, 2012
  Carrying Fair Value
  Amount Level 1Level 2Level 3Total
Sempra Energy Consolidated:           
Investments in affordable housing partnerships(4)$ 12 $ ―$ ―$ 36$ 36
Total long-term debt(1)  11,873   ―  12,287  956  13,243
Preferred stock of subsidiaries  99   ―  107  ―  107
SDG&E:           
Total long-term debt(2)$ 4,135 $ ―$ 4,243$ 345$ 4,588
Contingently redeemable preferred stock  79   ―  85  ―  85
SoCalGas:           
Total long-term debt(3)$ 1,413 $ ―$ 1,599$ ―$ 1,599
Preferred stock  22   ―  24  ―  24
(1)Before reductions for unamortized discount (net of premium) of $16 million at both March 31, 2013 and December 31, 2012, and excluding capital leases of $188 million at March 31, 2013 and $189 million at December 31, 2012, and commercial paper classified as long-term debt of $300 million at December 31, 2012. 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.
(2)Before reductions for unamortized discount of $12 million at both March 31, 2013 and December 31, 2012, and excluding capital leases of $184 million at March 31, 2013 and $185 million at December 31, 2012.
(3)Before reductions for unamortized discount of $4 million at both March 31, 2013 and December 31, 2012, and excluding capital leases of $4 million at both March 31, 2013 and December 31, 2012.
(4)Investments in affordable housing partnerships at Parent and Other.
Nuclear Decommissioning Trusts Table
NUCLEAR DECOMMISSIONING TRUSTS
(Dollars in millions)
     Gross Gross Estimated
     Unrealized Unrealized Fair
   Cost Gains Losses Value
As of March 31, 2013:        
Debt securities:        
Debt securities issued by the U.S. Treasury and other         
U.S. government corporations and agencies(1)$ 170$ 8$ (1)$ 177
Municipal bonds(2)  58  6  ―  64
Other securities(3)  129  6  (1)  134
Total debt securities  357  20  (2)  375
Equity securities  238  333  (2)  569
Cash and cash equivalents  8  ―  ―  8
Total $ 603$ 353$ (4)$ 952
As of December 31, 2012:        
Debt securities:        
Debt securities issued by the U.S. Treasury and other         
U.S. government corporations and agencies$ 147$ 9$ ―$ 156
Municipal bonds  57  6  ―  63
Other securities  121  10  (1)  130
Total debt securities  325  25  (1)  349
Equity securities  249  292  (2)  539
Cash and cash equivalents  20  ―  ―  20
Total $ 594$ 317$ (3)$ 908
(1)Maturity dates are 2013-2042
(2)Maturity dates are 2013-2111
(3)Maturity dates are 2013-2112
Sales of Securities Table
SALES OF SECURITIES
(Dollars in millions)
 Three months ended March 31,
 20132012
Proceeds from sales$ 134$ 129
Gross realized gains  5  4
Gross realized losses  (3)  ―
Recurring Fair Value Measures Table
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED
(Dollars in millions)
 At fair value as of March 31, 2013
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 569$ ―$ ―$ ―$ 569
Debt securities:          
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  106  71  ―  ―  177
Municipal bonds  ―  64  ―  ―  64
Other securities  ―  134  ―  ―  134
Total debt securities  106  269  ―  ―  375
Total nuclear decommissioning trusts(1)  675  269  ―  ―  944
Interest rate instruments  ―  65  ―  ―  65
Commodity contracts subject to rate recovery  22  2  58  ―  82
Commodity contracts not subject to rate recovery  15  12  ―  ―  27
Total$ 712$ 348$ 58$ ―$ 1,118
Liabilities:          
Interest rate and foreign exchange instruments$ ―$ 134$ ―$ ―$ 134
Commodity contracts subject to rate recovery  12  3  ―  (12)  3
Commodity contracts not subject to rate recovery  15  23  ―  (19)  19
Total$ 27$ 160$ ―$ (31)$ 156
           
 At fair value as of December 31, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 539$ ―$ ―$ ―$ 539
Debt securities:          
Debt securities issued by the U.S. Treasury and other           
U.S. government corporations and agencies  87  69  ―  ―  156
Municipal bonds  ―  63  ―  ―  63
Other securities  ―  130  ―  ―  130
Total debt securities  87  262  ―  ―  349
Total nuclear decommissioning trusts(1)  626  262  ―  ―  888
Interest rate instruments  ―  68  ―  ―  68
Commodity contracts subject to rate recovery  13  ―  61  ―  74
Commodity contracts not subject to rate recovery  28  15  ―  ―  43
Investments  1  ―  ―  ―  1
Total$ 668$ 345$ 61$ ―$ 1,074
Liabilities:          
Interest rate instruments$ ―$ 126$ ―$ ―$ 126
Commodity contracts subject to rate recovery  23  9  ―  (23)  9
Commodity contracts not subject to rate recovery  6  23  ―  (11)  18
Total$ 29$ 158$ ―$ (34)$ 153
(1)Excludes cash balances and cash equivalents.          

RECURRING FAIR VALUE MEASURES – SDG&E
(Dollars in millions)
 At fair value as of March 31, 2013
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 569$ ―$ ―$ ―$ 569
Debt securities:          
Debt securities issued by the U.S. Treasury and other          
U.S. government corporations and agencies  106  71  ―  ―  177
Municipal bonds   ―  64  ―  ―  64
Other securities   ―  134  ―  ―  134
Total debt securities  106  269  ―  ―  375
Total nuclear decommissioning trusts(1)  675  269  ―  ―  944
Commodity contracts subject to rate recovery  20  ―  58  ―  78
Commodity contracts not subject to rate recovery  1  ―  ―  ―  1
Total$ 696$ 269$ 58$ ―$ 1,023
           
Liabilities:          
Interest rate instruments$ ―$ 75$ ―$ ―$ 75
Commodity contracts subject to rate recovery  11  3  ―  (11)  3
Total$ 11$ 78$ ―$ (11)$ 78
           
 At fair value as of December 31, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Nuclear decommissioning trusts:          
Equity securities$ 539$ ―$ ―$ ―$ 539
Debt securities:          
Debt securities issued by the U.S. Treasury and other          
U.S. government corporations and agencies  87  69  ―  ―  156
Municipal bonds   ―  63  ―  ―  63
Other securities   ―  130  ―  ―  130
Total debt securities  87  262  ―  ―  349
Total nuclear decommissioning trusts(1)  626  262  ―  ―  888
Commodity contracts subject to rate recovery  12  ―  61  ―  73
Commodity contracts not subject to rate recovery  1  ―  ―  ―  1
Total$ 639$ 262$ 61$ ―$ 962
           
Liabilities:          
Interest rate instruments$ ―$ 81$ ―$ ―$ 81
Commodity contracts subject to rate recovery  23  8  ―  (23)  8
Total$ 23$ 89$ ―$ (23)$ 89
(1)Excludes cash balances and cash equivalents.          

RECURRING FAIR VALUE MEASURES – SOCALGAS
(Dollars in millions)
 At fair value as of March 31, 2013
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Commodity contracts subject to rate recovery$ 2$ 2$ ―$ ―$ 4
Commodity contracts not subject to rate recovery  2  ―  ―  ―  2
Total$ 4$ 2$ ―$ ―$ 6
           
Liabilities:          
Commodity contracts subject to rate recovery$ 1$ ―$ ―$ (1)$ ―
Total$ 1$ ―$ ―$ (1)$ ―
           
 At fair value as of December 31, 2012
        Collateral  
  Level 1 Level 2 Level 3 netted Total
Assets:          
Commodity contracts subject to rate recovery$ 1$ ―$ ―$ ―$ 1
Commodity contracts not subject to rate recovery  3  ―  ―  ―  3
Total$ 4$ ―$ ―$ ―$ 4
           
Liabilities:          
Commodity contracts subject to rate recovery$ ―$ 1$ ―$ ―$ 1
Total$ ―$ 1$ ―$ ―$ 1
Recurring Fair Value Measures Level 3 Rollforward Table
LEVEL 3 RECONCILIATIONS
(Dollars in millions)
 Three months ended March 31,
 20132012
Balance as of January 1$ 61$ 23
Realized and unrealized (losses) gains  (1)  2
Allocated transmission instruments  ―  1
Settlements  (2)  (5)
Balance as of March 31$ 58$ 21
Change in unrealized gains or losses relating to     
instruments still held at March 31$ ―$ ―