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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Commodity Derivative Volumes Table
The following table summarizes net energy derivative volumes.
NET ENERGY DERIVATIVE VOLUMES
(Quantities in millions)
Commodity
Unit of measure
 
March 31, 2020
 
December 31, 2019
Sempra Energy Consolidated:
 
 
 
 
 
Natural gas
MMBtu
 
20

 
32

Electricity
MWh
 
1

 
2

Congestion revenue rights
MWh
 
45

 
48

SDG&E:
 
 
 
 
 
Natural gas
MMBtu
 
29

 
37

Electricity
MWh
 
2

 
2

Congestion revenue rights
MWh
 
45

 
48

SoCalGas:
 
 
 
 
 
Natural gas
MMBtu
 
—

 
2
Notional Amounts of Derivatives Table
The following table presents the net notional amounts of our foreign currency derivatives, excluding JVs.
FOREIGN CURRENCY DERIVATIVES
(Dollars in millions)
 
March 31, 2020
 
December 31, 2019
 
Notional amount
 
Maturities
 
Notional amount
 
Maturities
Sempra Energy Consolidated:
 
 
 
 
 
 
 
Cross-currency swaps
$
306

 
2020-2023
 
$
306

 
2020-2023
Other foreign currency derivatives
1,939

 
2020-2021
 
1,796

 
2020-2021
The following table presents the net notional amounts of our interest rate derivatives, excluding JVs.
INTEREST RATE DERIVATIVES
(Dollars in millions)
 
March 31, 2020
 
December 31, 2019
 
Notional debt
 
Maturities
 
Notional debt
 
Maturities
Sempra Energy Consolidated:
 
 
 
 
 
 
 
Cash flow hedges
$
1,531

 
2020-2034
 
$
1,445

 
2020-2034
Derivative Instruments on the Condensed Consolidated Balance Sheets Table The following tables provide the fair values of derivative instruments on the Condensed Consolidated Balance Sheets, including the amount of cash collateral receivables that were not offset, as the cash collateral was in excess of liability positions.
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
 
March 31, 2020
 
Other current assets(1)
 
Other long-term assets
 
Other current liabilities
 
Deferred credits and other
Sempra Energy Consolidated:
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate and foreign exchange instruments
$
15

 
$
—

 
$
(29
)
 
$
(210
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange instruments
23

 
—

 
(82
)
 
—

Associated offsetting foreign exchange instruments
(23
)
 
—

 
23

 
—

Commodity contracts not subject to rate recovery
69

 
9

 
(69
)
 
(11
)
Associated offsetting commodity contracts
(65
)
 
(3
)
 
65

 
3

Commodity contracts subject to rate recovery
23

 
77

 
(47
)
 
(50
)
Associated offsetting commodity contracts
(2
)
 
(2
)
 
2

 
2

Associated offsetting cash collateral
—

 
—

 
13

 
—

Net amounts presented on the balance sheet
40

 
81

 
(124
)
 
(266
)
Additional cash collateral for commodity contracts
not subject to rate recovery
37

 
—

 
—

 
—

Additional cash collateral for commodity contracts
subject to rate recovery
19

 
—

 
—

 
—

Total(2)
$
96

 
$
81

 
$
(124
)
 
$
(266
)
SDG&E:
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts subject to rate recovery
$
20

 
$
77

 
$
(43
)
 
$
(50
)
Associated offsetting commodity contracts
(2
)
 
(2
)
 
2

 
2

Associated offsetting cash collateral
—

 
—

 
13

 
—

Net amounts presented on the balance sheet
18

 
75

 
(28
)
 
(48
)
Additional cash collateral for commodity contracts
subject to rate recovery
15

 
—

 
—

 
—

Total(2)
$
33

 
$
75


$
(28
)

$
(48
)
SoCalGas:
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts subject to rate recovery
$
3

 
$
—

 
$
(4
)
 
$
—

Net amounts presented on the balance sheet
3

 
—

 
(4
)
 
—

Additional cash collateral for commodity contracts
subject to rate recovery
4

 
—

 
—

 
—

Total
$
7

 
$
—

 
$
(4
)
 
$
—

 
(1) Included in Current Assets: Fixed-Price Contracts and Other Derivatives for SDG&E.
(2) Normal purchase contracts previously measured at fair value are excluded.
DERIVATIVE INSTRUMENTS ON THE CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
 
December 31, 2019
 
Other current assets(1)
 
Other long-term assets
 
Other current liabilities
 
Deferred credits and other
Sempra Energy Consolidated:
 
 
 
 
 
 
 
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
Interest rate and foreign exchange instruments
$
—

 
$
3

 
$
(17
)
 
$
(140
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange instruments
41

 
—

 
(20
)
 
—

Associated offsetting foreign exchange instruments
(20
)
 
—

 
20

 
—

Commodity contracts not subject to rate recovery
34

 
11

 
(41
)
 
(10
)
Associated offsetting commodity contracts
(32
)
 
(2
)
 
32

 
2

Commodity contracts subject to rate recovery
41

 
76

 
(47
)
 
(47
)
Associated offsetting commodity contracts
(6
)
 
(3
)
 
6

 
3

Associated offsetting cash collateral
—

 
—

 
14

 
—

Net amounts presented on the balance sheet
58

 
85

 
(53
)
 
(192
)
Additional cash collateral for commodity contracts
not subject to rate recovery
43

 
—

 
—

 
—

Additional cash collateral for commodity contracts
subject to rate recovery
25

 
—

 
—

 
—

Total(2)
$
126

 
$
85

 
$
(53
)
 
$
(192
)
SDG&E:
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts subject to rate recovery
$
30

 
$
76

 
$
(41
)
 
$
(47
)
Associated offsetting commodity contracts
(4
)
 
(3
)
 
4

 
3

Associated offsetting cash collateral
—

 
—

 
14

 
—

Net amounts presented on the balance sheet
26

 
73

 
(23
)
 
(44
)
Additional cash collateral for commodity contracts
subject to rate recovery
16

 
—

 
—

 
—

Total(2)
$
42

 
$
73

 
$
(23
)
 
$
(44
)
SoCalGas:
 
 
 
 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Commodity contracts subject to rate recovery
$
11

 
$
—

 
$
(6
)
 
$
—

Associated offsetting commodity contracts
(2
)
 
—

 
2

 
—

Net amounts presented on the balance sheet
9

 
—

 
(4
)
 
—

Additional cash collateral for commodity contracts
subject to rate recovery
9

 
—

 
—

 
—

Total
$
18

 
$
—

 
$
(4
)
 
$
—

(1) Included in Current Assets: Fixed-Price Contracts and Other Derivatives for SDG&E.
(2) Normal purchase contracts previously measured at fair value are excluded.
Cash Flow Hedge Impact on the Condensed Consolidated Statements of Comprehensive Income Table
The table below includes the effects of derivative instruments designated as cash flow hedges on the Condensed Consolidated Statements of Operations and in OCI and AOCI:
CASH FLOW HEDGE IMPACTS
(Dollars in millions)
 
Pretax (loss) gain
recognized in OCI
 
 
 
Pretax (loss) gain reclassified
from AOCI into earnings
 
Three months ended March 31,
 
 
 
Three months ended March 31,
 
2020
 
2019
 
Location
 
2020
 
2019
Sempra Energy Consolidated:
 
 
 
 
 
 
 
 
 
Interest rate and foreign
exchange instruments(1)
$
(92
)
 
$
(3
)
 
Interest Expense(1)
 
$
(2
)
 
$
(1
)
 
 
 
 
 
Other (Expense) Income, Net
 
(41
)
 
3

Interest rate and foreign
exchange instruments
(172
)
 
(68
)
 
Equity Earnings
 
—

 
(1
)
Foreign exchange instruments
21

 
(3
)
 
Revenues: Energy-
Related Businesses
 
2

 
(1
)
 
 
 
 
 
Other (Expense) Income, Net
 
2

 
—

Total
$
(243
)
 
$
(74
)
 
 
 
$
(39
)
 
$
—

SDG&E:
 
 
 
 
 
 
 
 
 
Interest rate instruments(1)
$
—

 
$
—

 
Interest Expense(1)
 
$
—

 
$
(1
)
(1) 
Amounts include Otay Mesa VIE. All of SDG&E’s interest rate derivative activity relates to Otay Mesa VIE. On August 14, 2019, Otay Mesa Energy Center LLC paid in full its variable-rate loan and terminated its interest rate swaps.
Fair Value Hedge Impact on the Condensed Consolidated Statements of Operations Table
The following table summarizes the effects of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Operations.
UNDESIGNATED DERIVATIVE IMPACTS
 
 
 
(Dollars in millions)
 
 
 
 
 
Pretax (loss) gain on derivatives recognized in earnings
 
 
Three months ended March 31,
 
Location
2020
 
2019
Sempra Energy Consolidated:
 
 
 
 
Foreign exchange instruments
Other (Expense) Income, Net
$
(114
)
 
$
10

Commodity contracts not subject
to rate recovery
Revenues: Energy-Related
Businesses
51

 
—

Commodity contracts subject
to rate recovery
Cost of Electric Fuel
and Purchased Power
(9
)
 
2

Commodity contracts subject
to rate recovery
Cost of Natural Gas
(3
)
 
2

Total
 
$
(75
)
 
$
14

SDG&E:
 
 
 
 
Commodity contracts subject
to rate recovery
Cost of Electric Fuel
and Purchased Power
$
(9
)
 
$
2

SoCalGas:
 
 
 
 
Commodity contracts subject
to rate recovery
Cost of Natural Gas
$
(3
)
 
$
2