Recurring Fair Value Measures Table |
RECURRING FAIR VALUE MEASURES – SEMPRA ENERGY CONSOLIDATED | (Dollars in millions) | | Fair value at March 31, 2015 | | | Level 1 | | Level 2 | | Level 3 | | Netting(1) | | Total | Assets: | | | | | | | | | | | Nuclear decommissioning trusts: | | | | | | | | | | | Equity securities | $ | 666 | $ | ― | $ | ― | $ | ― | $ | 666 | Debt securities: | | | | | | | | | | | Debt securities issued by the U.S. Treasury and other | | | | | | | | | | | U.S. government corporations and agencies | | 58 | | 53 | | ― | | ― | | 111 | Municipal bonds | | ― | | 142 | | ― | | ― | | 142 | Other securities | | ― | | 212 | | ― | | ― | | 212 | Total debt securities | | 58 | | 407 | | ― | | ― | | 465 | Total nuclear decommissioning trusts(2) | | 724 | | 407 | | ― | | ― | | 1,131 | Interest rate and foreign exchange instruments | | ― | | 52 | | ― | | ― | | 52 | Commodity contracts not subject to rate recovery | | 2 | | 8 | | ― | | 16 | | 26 | Commodity contracts subject to rate recovery | | ― | | 1 | | 102 | | 19 | | 122 | Total | $ | 726 | $ | 468 | $ | 102 | $ | 35 | $ | 1,331 | Liabilities: | | | | | | | | | | | Interest rate and foreign exchange instruments | $ | ― | $ | 179 | $ | ― | $ | ― | $ | 179 | Commodity contracts not subject to rate recovery | | 6 | | 9 | | ― | | (11) | | 4 | Commodity contracts subject to rate recovery | | ― | | 67 | | ― | | (54) | | 13 | Total | $ | 6 | $ | 255 | $ | ― | $ | (65) | $ | 196 | | | | | | | | | | | | | Fair value at December 31, 2014 | | | Level 1 | | Level 2 | | Level 3 | | Netting(1) | | Total | Assets: | | | | | | | | | | | Nuclear decommissioning trusts: | | | | | | | | | | | Equity securities | $ | 655 | $ | ― | $ | ― | $ | ― | $ | 655 | Debt securities: | | | | | | | | | | | Debt securities issued by the U.S. Treasury and other | | | | | | | | | | | U.S. government corporations and agencies | | 62 | | 47 | | ― | | ― | | 109 | Municipal bonds | | ― | | 129 | | ― | | ― | | 129 | Other securities | | ― | | 207 | | ― | | ― | | 207 | Total debt securities | | 62 | | 383 | | ― | | ― | | 445 | Total nuclear decommissioning trusts(2) | | 717 | | 383 | | ― | | ― | | 1,100 | Interest rate and foreign exchange instruments | | ― | | 48 | | ― | | ― | | 48 | Commodity contracts not subject to rate recovery | | 28 | | 16 | | ― | | (11) | | 33 | Commodity contracts subject to rate recovery | | ― | | 1 | | 107 | | 14 | | 122 | Total | $ | 745 | $ | 448 | $ | 107 | $ | 3 | $ | 1,303 | Liabilities: | | | | | | | | | | | Interest rate and foreign exchange instruments | $ | ― | $ | 155 | $ | ― | $ | ― | $ | 155 | Commodity contracts not subject to rate recovery | | 3 | | 9 | | ― | | (4) | | 8 | Commodity contracts subject to rate recovery | | ― | | 52 | | ― | | (36) | | 16 | Total | $ | 3 | $ | 216 | $ | ― | $ | (40) | $ | 179 | (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, 2015 | | | Level 1 | | Level 2 | | Level 3 | | Netting(1) | | Total | Assets: | | | | | | | | | | | Nuclear decommissioning trusts: | | | | | | | | | | | Equity securities | $ | 666 | $ | ― | $ | ― | $ | ― | $ | 666 | Debt securities: | | | | | | | | | | | Debt securities issued by the U.S. Treasury and other | | | | | | | | | | | U.S. government corporations and agencies | | 58 | | 53 | | ― | | ― | | 111 | Municipal bonds | | ― | | 142 | | ― | | ― | | 142 | Other securities | | ― | | 212 | | ― | | ― | | 212 | Total debt securities | | 58 | | 407 | | ― | | ― | | 465 | Total nuclear decommissioning trusts(2) | | 724 | | 407 | | ― | | ― | | 1,131 | Commodity contracts not subject to rate recovery | | ― | | ― | | ― | | 1 | | 1 | Commodity contracts subject to rate recovery | | ― | | ― | | 102 | | 17 | | 119 | Total | $ | 724 | $ | 407 | $ | 102 | $ | 18 | $ | 1,251 | Liabilities: | | | | | | | | | | | Interest rate instruments | $ | ― | $ | 48 | $ | ― | $ | ― | $ | 48 | Commodity contracts not subject to rate recovery | | 1 | | ― | | ― | | (1) | | ― | Commodity contracts subject to rate recovery | | ― | | 67 | | ― | | (54) | | 13 | Total | $ | 1 | $ | 115 | $ | ― | $ | (55) | $ | 61 | | | | | | | | | | | | | Fair value at December 31, 2014 | | | Level 1 | | Level 2 | | Level 3 | | Netting(1) | | Total | Assets: | | | | | | | | | | | Nuclear decommissioning trusts: | | | | | | | | | | | Equity securities | $ | 655 | $ | ― | $ | ― | $ | ― | $ | 655 | Debt securities: | | | | | | | | | | | Debt securities issued by the U.S. Treasury and other | | | | | | | | | | | U.S. government corporations and agencies | | 62 | | 47 | | ― | | ― | | 109 | Municipal bonds | | ― | | 129 | | ― | | ― | | 129 | Other securities | | ― | | 207 | | ― | | ― | | 207 | Total debt securities | | 62 | | 383 | | ― | | ― | | 445 | Total nuclear decommissioning trusts(2) | | 717 | | 383 | | ― | | ― | | 1,100 | Commodity contracts subject to rate recovery | | ― | | ― | | 107 | | 12 | | 119 | Total | $ | 717 | $ | 383 | $ | 107 | $ | 12 | $ | 1,219 | Liabilities: | | | | | | | | | | | Interest rate instruments | $ | ― | $ | 47 | $ | ― | $ | ― | $ | 47 | Commodity contracts not subject to rate recovery | | 1 | | ― | | ― | | (1) | | ― | Commodity contracts subject to rate recovery | | ― | | 51 | | ― | | (36) | | 15 | Total | $ | 1 | $ | 98 | $ | ― | $ | (37) | $ | 62 | (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, 2015 | | | | Level 1 | | Level 2 | | Level 3 | | Netting(1) | | Total | Assets: | | | | | | | | | | | Commodity contracts not subject to rate recovery | $ | ― | $ | ― | $ | ― | $ | 1 | $ | 1 | Commodity contracts subject to rate recovery | | ― | | 1 | | ― | | 2 | | 3 | Total | $ | ― | $ | 1 | $ | ― | $ | 3 | $ | 4 | Liabilities: | | | | | | | | | | | Commodity contracts not subject to rate recovery | $ | 2 | $ | ― | $ | ― | $ | (2) | $ | ― | Total | $ | 2 | $ | ― | $ | ― | $ | (2) | $ | ― | | | | | | | | | | | | | | | Fair value at December 31, 2014 | | | | Level 1 | | Level 2 | | Level 3 | | Netting(1) | | Total | Assets: | | | | | | | | | | | Commodity contracts subject to rate recovery | $ | ― | $ | 1 | $ | ― | $ | 2 | $ | 3 | Total | $ | ― | $ | 1 | $ | ― | $ | 2 | $ | 3 | Liabilities: | | | | | | | | | | | Commodity contracts not subject to rate recovery | $ | 2 | $ | ― | $ | ― | $ | (2) | $ | ― | Commodity contracts subject to rate recovery | | ― | | 1 | | ― | | ― | | 1 | Total | $ | 2 | $ | 1 | $ | ― | $ | (2) | $ | 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. |
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Fair Value of Financial Instruments Table |
FAIR VALUE OF FINANCIAL INSTRUMENTS | (Dollars in millions) | | | March 31, 2015 | | | Carrying | | Fair value | | | amount | | Level 1 | Level 2 | Level 3 | Total | Sempra Energy Consolidated: | | | | | | | | | | | | Total long-term debt(1)(2) | $ | 13,176 | | $ | ― | $ | 13,889 | $ | 895 | $ | 14,784 | Preferred stock of subsidiary | | 20 | | | ― | | 23 | | ― | | 23 | SDG&E: | | | | | | | | | | | | Total long-term debt(2)(3) | $ | 4,849 | | $ | ― | $ | 5,061 | $ | 422 | $ | 5,483 | SoCalGas: | | | | | | | | | | | | Total long-term debt(4) | $ | 1,913 | | $ | ― | $ | 2,167 | $ | ― | $ | 2,167 | Preferred stock | | 22 | | | ― | | 25 | | ― | | 25 | | | | | | | | | | | | | | | | December 31, 2014 | | | Carrying | | Fair value | | | amount | | Level 1 | Level 2 | Level 3 | Total | Sempra Energy Consolidated: | | | | | | | | | | | | Total long-term debt(1)(2) | $ | 12,347 | | $ | ― | $ | 12,782 | $ | 917 | $ | 13,699 | Preferred stock of subsidiary | | 20 | | | ― | | 23 | | ― | | 23 | SDG&E: | | | | | | | | | | | | Total long-term debt(2)(3) | $ | 4,461 | | $ | ― | $ | 4,563 | $ | 425 | $ | 4,988 | SoCalGas: | | | | | | | | | | | | Total long-term debt(4) | $ | 1,913 | | $ | ― | $ | 2,124 | $ | ― | $ | 2,124 | Preferred stock | | 22 | | | ― | | 25 | | ― | | 25 | (1) | Before reductions for unamortized discount (net of premium) of $23 million and $21 million at March 31, 2015 and December 31, 2014, respectively, and excluding build-to-suit and capital leases of $336 million and $310 million at March 31, 2015 and December 31, 2014, 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. | (2) | Level 3 instruments include $322 million and $325 million at March 31, 2015 and December 31, 2014, respectively, related to Otay Mesa VIE. | (3) | Before reductions for unamortized discount of $12 million and $11 million at March 31, 2015 and December 31, 2014, respectively, and excluding capital leases of $232 million and $234 million at March 31, 2015 and December 31, 2014, respectively. | (4) | Before reductions for unamortized discount of $7 million and $8 million at March 31, 2015 and December 31, 2014, respectively, and excluding capital leases of $1 million at December 31, 2014. |
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