|
||||||||||||
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
|
||||||||||||
FORM 10-Q
|
||||||||||||
(Mark One)
|
||||||||||||
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|||||||||||
For the quarterly period ended
|
March 31, 2014
|
|||||||||||
or
|
||||||||||||
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|||||||||||
For the transition period from
|
to
|
|||||||||||
Commission File No.
|
Exact Name of Registrants as Specified in their Charters, Address and Telephone Number
|
States of Incorporation
|
I.R.S. Employer
Identification Nos.
|
Former name, former address and former fiscal year, if changed since last report
|
||||||||
1-14201
|
SEMPRA ENERGY
|
California
|
33-0732627
|
No change
|
||||||||
101 Ash Street
|
||||||||||||
San Diego, California 92101
|
||||||||||||
(619)696-2000
|
||||||||||||
1-03779
|
SAN DIEGO GAS & ELECTRIC COMPANY
|
California
|
95-1184800
|
No change
|
||||||||
8326 Century Park Court
|
||||||||||||
San Diego, California 92123
|
||||||||||||
(619)696-2000
|
||||||||||||
1-01402
|
SOUTHERN CALIFORNIA GAS COMPANY
|
California
|
95-1240705
|
No change
|
||||||||
555 West Fifth Street
|
||||||||||||
Los Angeles, California 90013
|
||||||||||||
(213)244-1200
|
||||||||||||
Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.
|
||||||||||||
Yes
|
X
|
No
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
|
||||||||||||
Sempra Energy
|
Yes
|
X
|
No
|
|||||||||
San Diego Gas & Electric Company
|
Yes
|
X
|
No
|
|||||||||
Southern California Gas Company
|
Yes
|
X
|
No
|
|||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
||||||||||||
Large
accelerated filer
|
Accelerated filer
|
Non-accelerated filer
|
Smaller reporting company
|
|||||||||
Sempra Energy
|
[ X ]
|
[ ]
|
[ ]
|
[ ]
|
||||||||
San Diego Gas & Electric Company
|
[ ]
|
[ ]
|
[ X ]
|
[ ]
|
||||||||
Southern California Gas Company
|
[ ]
|
[ ]
|
[ X ]
|
[ ]
|
||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
||||||||||||
Sempra Energy
|
Yes
|
No
|
X
|
|||||||||
San Diego Gas & Electric Company
|
Yes
|
No
|
X
|
|||||||||
Southern California Gas Company
|
Yes
|
No
|
X
|
|||||||||
Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date.
|
||||||||||||
Common stock outstanding on April 28, 2014:
|
||||||||||||
Sempra Energy
|
245,426,641 shares
|
|||||||||||
San Diego Gas & Electric Company
|
Wholly owned by Enova Corporation, which is wholly owned by Sempra Energy
|
|||||||||||
Southern California Gas Company
|
Wholly owned by Pacific Enterprises, which is wholly owned by Sempra Energy
|
|||||||||||
SEMPRA ENERGY FORM 10-Q
SAN DIEGO GAS & ELECTRIC COMPANY FORM 10-Q
SOUTHERN CALIFORNIA GAS COMPANY FORM 10-Q
TABLE OF CONTENTS
|
||
Page
|
||
Information Regarding Forward-Looking Statements
|
4
|
|
PART I – FINANCIAL INFORMATION
|
||
Item 1.
|
Financial Statements
|
5
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
66
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
96
|
Item 4.
|
Controls and Procedures
|
97
|
PART II – OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
98
|
Item 1A.
|
Risk Factors
|
98
|
Item 6.
|
Exhibits
|
99
|
Signatures
|
101
|
|
§
|
local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments;
|
§
|
actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the California Public Utilities Commission, California State Legislature, U.S. Department of Energy, Federal Energy Regulatory Commission, Nuclear Regulatory Commission, Atomic Safety and Licensing Board, California Energy Commission, California Air Resources Board, and other regulatory, governmental and environmental bodies in the United States and other countries in which we operate;
|
§
|
capital markets conditions, including the availability of credit and the liquidity of our investments;
|
§
|
the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining permits, licenses, certificates and other authorizations on a timely basis and risks in obtaining adequate and competitive financing for such projects;
|
§
|
inflation, interest and exchange rates;
|
§
|
the impact of benchmark interest rates, generally Moody’s A-rated utility bond yields, on our California Utilities’ cost of capital;
|
§
|
energy markets, including the timing and extent of changes and volatility in commodity prices;
|
§
|
the availability of electric power, natural gas and liquefied natural gas, including disruptions caused by failures in the North American transmission grid, pipeline explosions and equipment failures and the decommissioning of San Onofre Nuclear Generating Station (SONGS);
|
§
|
weather conditions, natural disasters, catastrophic accidents, and conservation efforts;
|
§
|
risks inherent with nuclear power facilities and radioactive materials storage, including the catastrophic release of such materials, the disallowance of the recovery of the investment in, or operating costs of, the nuclear facility due to an extended outage and facility closure, and increased regulatory oversight;
|
§
|
risks that our partners or counterparties will be unable or unwilling to fulfill their contractual commitments;
|
§
|
risks posed by decisions and actions of third parties who control the operations of investments in which we do not have a controlling interest;
|
§
|
wars, terrorist attacks that threaten system operations and critical infrastructure, and cybersecurity threats to the energy grid and the confidentiality of our proprietary information and the personal information of our customers;
|
§
|
business, regulatory, environmental and legal decisions and requirements;
|
§
|
expropriation of assets by foreign governments and title and other property disputes;
|
§
|
the impact on reliability of San Diego Gas & Electric Company’s (SDG&E) electric transmission and distribution system due to increased amount and variability of power supply from renewable energy sources;
|
§
|
the impact on competitive customer rates of the growth in distributed and local power generation and the corresponding decrease in demand for power delivered through SDG&E’s electric transmission and distribution system;
|
§
|
the inability or determination not to enter into long-term supply and sales agreements or long-term firm capacity agreements;
|
§
|
the resolution of litigation; and
|
§
|
other uncertainties, all of which are difficult to predict and many of which are beyond our control.
|
SEMPRA ENERGY
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
(Dollars in millions, except per share amounts)
|
|
|
|
|
|
|
|
Three months ended March 31,
|
|||
|
|
2014
|
2013
|
||
|
|
(unaudited)
|
|||
REVENUES
|
|
|
|
|
|
Utilities
|
$
|
2,485
|
$
|
2,334
|
|
Energy-related businesses
|
|
310
|
|
316
|
|
Total revenues
|
|
2,795
|
|
2,650
|
|
EXPENSES AND OTHER INCOME
|
|
|
|
|
|
Utilities:
|
|
|
|
|
|
Cost of natural gas
|
|
(620)
|
|
(556)
|
|
Cost of electric fuel and purchased power
|
|
(510)
|
|
(447)
|
|
Energy-related businesses:
|
|
|
|
|
|
Cost of natural gas, electric fuel and purchased power
|
|
(138)
|
|
(111)
|
|
Other cost of sales
|
|
(38)
|
|
(48)
|
|
Operation and maintenance
|
|
(676)
|
|
(724)
|
|
Depreciation and amortization
|
|
(286)
|
|
(295)
|
|
Franchise fees and other taxes
|
|
(105)
|
|
(106)
|
|
Gain on sale of equity interest and assets
|
|
27
|
|
74
|
|
Adjustment to loss from plant closure
|
|
13
|
|
―
|
|
Equity earnings, before income tax
|
|
17
|
|
10
|
|
Other income, net
|
|
40
|
|
37
|
|
Interest income
|
|
4
|
|
6
|
|
Interest expense
|
|
(136)
|
|
(138)
|
|
Income before income taxes and equity earnings
|
|
|
|
|
|
of certain unconsolidated subsidiaries
|
|
387
|
|
352
|
|
Income tax expense
|
|
(127)
|
|
(178)
|
|
Equity earnings, net of income tax
|
|
6
|
|
4
|
|
Net income
|
|
266
|
|
178
|
|
(Earnings) losses attributable to noncontrolling interests
|
|
(19)
|
|
2
|
|
Preferred dividends of subsidiaries
|
|
―
|
|
(2)
|
|
Earnings
|
$
|
247
|
$
|
178
|
|
|
|
|
|
|
|
Basic earnings per common share
|
$
|
1.01
|
$
|
0.73
|
|
Weighted-average number of shares outstanding, basic (thousands)
|
|
245,277
|
|
243,294
|
|
|
|
|
|
|
|
Diluted earnings per common share
|
$
|
0.99
|
$
|
0.72
|
|
Weighted-average number of shares outstanding, diluted (thousands)
|
|
249,669
|
|
247,534
|
|
Dividends declared per share of common stock
|
$
|
0.66
|
$
|
0.63
|
|
See Notes to Condensed Consolidated Financial Statements.
|
SEMPRA ENERGY
|
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
|||||||||||
(Dollars in millions)
|
|||||||||||
|
|
Three months ended March 31, 2014 and 2013
|
|||||||||
|
|
(unaudited)
|
|||||||||
|
|
Sempra Energy Shareholders' Equity
|
|
|
|
|
|||||
|
|
Pretax
|
Income Tax
|
Net-of-Tax
|
Noncontrolling
|
|
|||||
|
|
Amount
|
(Expense) Benefit
|
Amount
|
Interests (After-Tax)
|
Total
|
|||||
2014:
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
|
374
|
$
|
(127)
|
$
|
247
|
$
|
19
|
$
|
266
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
(43)
|
|
―
|
|
(43)
|
|
(2)
|
|
(45)
|
|
Pension and other postretirement benefits
|
|
5
|
|
(2)
|
|
3
|
|
―
|
|
3
|
|
Financial instruments
|
|
(8)
|
|
3
|
|
(5)
|
|
―
|
|
(5)
|
|
Total other comprehensive income (loss)
|
|
(46)
|
|
1
|
|
(45)
|
|
(2)
|
|
(47)
|
|
Comprehensive income
|
$
|
328
|
$
|
(126)
|
$
|
202
|
$
|
17
|
$
|
219
|
|
2013:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
358
|
$
|
(178)
|
$
|
180
|
$
|
(2)
|
$
|
178
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments
|
|
10
|
|
―
|
|
10
|
|
(4)
|
|
6
|
|
Pension and other postretirement benefits
|
|
5
|
|
(2)
|
|
3
|
|
―
|
|
3
|
|
Financial instruments
|
|
(20)
|
|
6
|
|
(14)
|
|
3
|
|
(11)
|
|
Total other comprehensive income (loss)
|
|
(5)
|
|
4
|
|
(1)
|
|
(1)
|
|
(2)
|
|
Comprehensive income (loss)
|
|
353
|
|
(174)
|
|
179
|
|
(3)
|
|
176
|
|
Preferred dividends of subsidiaries
|
|
(2)
|
|
―
|
|
(2)
|
|
―
|
|
(2)
|
|
Comprehensive income (loss), after preferred
|
|
|
|
|
|
|
|
|
|
|
|
dividends of subsidiaries
|
$
|
351
|
$
|
(174)
|
$
|
177
|
$
|
(3)
|
$
|
174
|
|
See Notes to Condensed Consolidated Financial Statements.
|
SEMPRA ENERGY
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||
(Dollars in millions)
|
|||||
|
|
March 31,
|
December 31,
|
||
|
2014
|
2013(1)
|
|||
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
844
|
$
|
904
|
|
Restricted cash
|
|
26
|
|
24
|
|
Trade accounts receivable, net
|
|
1,230
|
|
1,308
|
|
Other accounts and notes receivable, net
|
|
175
|
|
214
|
|
Due from unconsolidated affiliates
|
|
2
|
|
4
|
|
Income taxes receivable
|
|
88
|
|
85
|
|
Deferred income taxes
|
|
375
|
|
301
|
|
Inventories
|
|
197
|
|
287
|
|
Regulatory balancing accounts – undercollected
|
|
665
|
|
556
|
|
Other regulatory assets
|
|
35
|
|
38
|
|
Fixed-price contracts and other derivatives
|
|
114
|
|
106
|
|
Asset held for sale, power plant
|
|
293
|
|
―
|
|
Other
|
|
180
|
|
170
|
|
Total current assets
|
|
4,224
|
|
3,997
|
|
|
|
|
|
|
|
Investments and other assets:
|
|
|
|
|
|
Restricted cash
|
|
27
|
|
25
|
|
Due from unconsolidated affiliate
|
|
31
|
|
14
|
|
Regulatory assets arising from pension and other postretirement
|
|
|
|
|
|
benefit obligations
|
|
454
|
|
435
|
|
Other regulatory assets
|
|
2,039
|
|
2,113
|
|
Nuclear decommissioning trusts
|
|
1,055
|
|
1,034
|
|
Investments
|
|
1,634
|
|
1,575
|
|
Goodwill
|
|
999
|
|
1,024
|
|
Other intangible assets
|
|
423
|
|
426
|
|
Sundry
|
|
1,146
|
|
1,141
|
|
Total investments and other assets
|
|
7,808
|
|
7,787
|
|
|
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
Property, plant and equipment
|
|
34,463
|
|
34,407
|
|
Less accumulated depreciation and amortization
|
|
(9,011)
|
|
(8,947)
|
|
Property, plant and equipment, net ($431 and $438 at March 31, 2014 and
December 31, 2013, respectively, related to VIE)
|
|
25,452
|
|
25,460
|
|
Total assets
|
$
|
37,484
|
$
|
37,244
|
|
(1)
|
Derived from audited financial statements.
|
|
|
|
|
See Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
SEMPRA ENERGY
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
|
|||||
(Dollars in millions)
|
|||||
|
|
March 31,
|
December 31,
|
||
|
2014
|
2013(1)
|
|||
|
|
(unaudited)
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Short-term debt
|
$
|
1,084
|
$
|
545
|
|
Accounts payable – trade
|
|
1,062
|
|
1,088
|
|
Accounts payable – other
|
|
138
|
|
127
|
|
Dividends and interest payable
|
|
322
|
|
271
|
|
Accrued compensation and benefits
|
|
260
|
|
376
|
|
Regulatory balancing accounts – overcollected
|
|
88
|
|
91
|
|
Current portion of long-term debt
|
|
97
|
|
1,147
|
|
Fixed-price contracts and other derivatives
|
|
54
|
|
55
|
|
Customer deposits
|
|
155
|
|
154
|
|
Other
|
|
615
|
|
515
|
|
Total current liabilities
|
|
3,875
|
|
4,369
|
|
Long-term debt ($322 and $325 at March 31, 2014 and December 31, 2013, respectively,
related to VIE)
|
|
11,700
|
|
11,253
|
|
|
|
|
|
|
|
Deferred credits and other liabilities:
|
|
|
|
|
|
Customer advances for construction
|
|
158
|
|
155
|
|
Pension and other postretirement benefit obligations, net of plan assets
|
|
679
|
|
667
|
|
Deferred income taxes
|
|
2,958
|
|
2,804
|
|
Deferred investment tax credits
|
|
41
|
|
42
|
|
Regulatory liabilities arising from removal obligations
|
|
2,624
|
|
2,623
|
|
Asset retirement obligations
|
|
2,127
|
|
2,084
|
|
Fixed-price contracts and other derivatives
|
|
238
|
|
228
|
|
Deferred credits and other
|
|
1,195
|
|
1,169
|
|
Total deferred credits and other liabilities
|
|
10,020
|
|
9,772
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Preferred stock (50 million shares authorized; none issued)
|
|
―
|
|
―
|
|
Common stock (750 million shares authorized; 245 million and 244 million shares
|
|
|
|
|
|
outstanding at March 31, 2014 and December 31, 2013, respectively; no par value)
|
|
2,401
|
|
2,409
|
|
Retained earnings
|
|
8,912
|
|
8,827
|
|
Accumulated other comprehensive income (loss)
|
|
(273)
|
|
(228)
|
|
Total Sempra Energy shareholders’ equity
|
|
11,040
|
|
11,008
|
|
Preferred stock of subsidiary
|
|
20
|
|
20
|
|
Other noncontrolling interests
|
|
829
|
|
822
|
|
Total equity
|
|
11,889
|
|
11,850
|
|
Total liabilities and equity
|
$
|
37,484
|
$
|
37,244
|
|
(1)
|
Derived from audited financial statements.
|
|
|
|
|
See Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
SEMPRA ENERGY
|
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|||||
(Dollars in millions)
|
|||||
|
|
Three months ended March 31,
|
|||
|
|
2014
|
2013
|
||
|
|
(unaudited)
|
|||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
Net income
|
$
|
266
|
$
|
178
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
286
|
|
295
|
|
Deferred income taxes and investment tax credits
|
|
95
|
|
252
|
|
Gain on sale of equity interest and assets
|
|
(27)
|
|
(74)
|
|
Adjustment to loss from plant closure
|
|
(13)
|
|
―
|
|
Equity earnings
|
|
(23)
|
|
(14)
|
|
Fixed-price contracts and other derivatives
|
|
(3)
|
|
17
|
|
Other
|
|
(24)
|
|
6
|
|
Net change in other working capital components
|
|
234
|
|
149
|
|
Changes in other assets
|
|
94
|
|
17
|
|
Changes in other liabilities
|
|
19
|
|
9
|
|
Net cash provided by operating activities
|
|
904
|
|
835
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
Expenditures for property, plant and equipment
|
|
(801)
|
|
(531)
|
|
Expenditures for investments
|
|
(12)
|
|
(5)
|
|
Proceeds from sale of equity interest and assets, net of cash sold
|
|
66
|
|
371
|
|
Distributions from investments
|
|
3
|
|
15
|
|
Purchases of nuclear decommissioning and other trust assets
|
|
(198)
|
|
(136)
|
|
Proceeds from sales by nuclear decommissioning and other trusts
|
|
195
|
|
134
|
|
Decrease in restricted cash
|
|
23
|
|
52
|
|
Increase in restricted cash
|
|
(27)
|
|
(60)
|
|
Advances to unconsolidated affiliates
|
|
(17)
|
|
―
|
|
Other
|
|
(2)
|
|
(2)
|
|
Net cash used in investing activities
|
|
(770)
|
|
(162)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
Common dividends paid
|
|
(154)
|
|
(145)
|
|
Preferred dividends paid by subsidiaries
|
|
―
|
|
(2)
|
|
Issuances of common stock
|
|
11
|
|
15
|
|
Repurchases of common stock
|
|
(37)
|
|
(45)
|
|
Issuances of debt (maturities greater than 90 days)
|
|
1,188
|
|
608
|
|
Payments on debt (maturities greater than 90 days)
|
|
(1,138)
|
|
(645)
|
|
Proceeds from sale of noncontrolling interests, net of $25 in offering costs
|
|
―
|
|
574
|
|
Decrease in short-term debt, net
|
|
(69)
|
|
(43)
|
|
Other
|
|
6
|
|
3
|
|
Net cash (used in) provided by financing activities
|
|
(193)
|
|
320
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(1)
|
|
3
|
|
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
(60)
|
|
996
|
|
Cash and cash equivalents, January 1
|
|
904
|
|
475
|
|
Cash and cash equivalents, March 31
|
$
|
844
|
$
|
1,471
|
|
See Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
SEMPRA ENERGY
|
|||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
|
|||||
(Dollars in millions)
|
|||||
|
|
Three months ended March 31,
|
|||
|
2014
|
2013
|
|||
|
(unaudited)
|
||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
|
Interest payments, net of amounts capitalized
|
$
|
91
|
$
|
87
|
|
Income tax payments, net of refunds
|
|
41
|
|
14
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
|
Accrued capital expenditures
|
$
|
249
|
$
|
275
|
|
Increase in capital lease obligations for investment in property, plant and equipment
|
|
60
|
|
―
|
|
Capital expenditures recoverable by U.S. Treasury grants receivable
|
|
―
|
|
1
|
|
Sequestration of U.S. Treasury grants receivable
|
|
―
|
|
(23)
|
|
Dividends declared but not paid
|
|
168
|
|
160
|
|
Financing of build-to-suit property
|
|
9
|
|
―
|
|
See Notes to Condensed Consolidated Financial Statements.
|
SAN DIEGO GAS & ELECTRIC COMPANY
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||
(Dollars in millions)
|
||||
|
Three months ended March 31,
|
|||
|
2014
|
2013
|
||
|
(unaudited)
|
|||
Operating revenues
|
|
|
|
|
Electric
|
$
|
811
|
$
|
772
|
Natural gas
|
|
176
|
|
167
|
Total operating revenues
|
|
987
|
|
939
|
Operating expenses
|
|
|
|
|
Cost of electric fuel and purchased power
|
|
266
|
|
209
|
Cost of natural gas
|
|
75
|
|
76
|
Operation and maintenance
|
|
252
|
|
297
|
Depreciation and amortization
|
|
130
|
|
134
|
Franchise fees and other taxes
|
|
56
|
|
55
|
Adjustment to loss from plant closure
|
|
(13)
|
|
―
|
Total operating expenses
|
|
766
|
|
771
|
Operating income
|
|
221
|
|
168
|
Other income, net
|
|
13
|
|
11
|
Interest income
|
|
―
|
|
1
|
Interest expense
|
|
(50)
|
|
(48)
|
Income before income taxes
|
|
184
|
|
132
|
Income tax expense
|
|
(83)
|
|
(51)
|
Net income
|
|
101
|
|
81
|
(Earnings) losses attributable to noncontrolling interest
|
|
(2)
|
|
11
|
Earnings
|
|
99
|
|
92
|
Preferred dividend requirements
|
|
―
|
|
(1)
|
Earnings attributable to common shares
|
$
|
99
|
$
|
91
|
See Notes to Condensed Consolidated Financial Statements.
|
SAN DIEGO GAS & ELECTRIC COMPANY
|
||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||||||
(Dollars in millions)
|
||||||||||
|
Three months ended March 31, 2014 and 2013
|
|||||||||
|
(unaudited)
|
|||||||||
|
SDG&E Shareholder's Equity
|
|
|
|||||||
|
Pretax
|
Income Tax
|
Net-of-Tax
|
Noncontrolling
|
|
|||||
|
Amount
|
(Expense) Benefit
|
Amount
|
Interest (After-Tax)
|
Total
|
|||||
2014:
|
|
|
|
|
|
|
|
|
|
|
Net income/Comprehensive income
|
$
|
182
|
$
|
(83)
|
$
|
99
|
$
|
2
|
$
|
101
|
2013:
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
$
|
143
|
$
|
(51)
|
$
|
92
|
$
|
(11)
|
$
|
81
|
Other comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
Financial instruments
|
|
―
|
|
―
|
|
―
|
|
3
|
|
3
|
Total other comprehensive income
|
|
―
|
|
―
|
|
―
|
|
3
|
|
3
|
Comprehensive income (loss)
|
$
|
143
|
$
|
(51)
|
$
|
92
|
$
|
(8)
|
$
|
84
|
See Notes to Condensed Consolidated Financial Statements.
|
SAN DIEGO GAS & ELECTRIC COMPANY
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||
(Dollars in millions)
|
|||||
|
|
March 31,
|
December 31,
|
||
|
|
2014
|
2013(1)
|
||
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
12
|
$
|
27
|
|
Restricted cash
|
|
4
|
|
6
|
|
Accounts receivable – trade, net
|
|
272
|
|
266
|
|
Accounts receivable – other, net
|
|
19
|
|
28
|
|
Due from unconsolidated affiliates
|
|
12
|
|
1
|
|
Income taxes receivable
|
|
6
|
|
32
|
|
Deferred income taxes
|
|
188
|
|
103
|
|
Inventories
|
|
76
|
|
86
|
|
Regulatory balancing accounts, net
|
|
665
|
|
556
|
|
Other regulatory assets
|
|
29
|
|
29
|
|
Fixed-price contracts and other derivatives
|
|
64
|
|
61
|
|
Other
|
|
66
|
|
75
|
|
Total current assets
|
|
1,413
|
|
1,270
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
Restricted cash
|
|
27
|
|
25
|
|
Deferred taxes recoverable in rates
|
|
749
|
|
788
|
|
Regulatory assets arising from fixed-price contracts and other derivatives
|
|
62
|
|
63
|
|
Regulatory assets arising from pension and other postretirement
|
|
|
|
|
|
benefit obligations
|
|
111
|
|
106
|
|
Other regulatory assets
|
|
948
|
|
991
|
|
Nuclear decommissioning trusts
|
|
1,055
|
|
1,034
|
|
Sundry
|
|
255
|
|
254
|
|
Total other assets
|
|
3,207
|
|
3,261
|
|
|
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
Property, plant and equipment
|
|
14,606
|
|
14,346
|
|
Less accumulated depreciation and amortization
|
|
(3,592)
|
|
(3,500)
|
|
Property, plant and equipment, net ($431 and $438 at March 31, 2014 and
December 31, 2013, respectively, related to VIE)
|
|
11,014
|
|
10,846
|
|
Total assets
|
$
|
15,634
|
$
|
15,377
|
|
(1)
|
Derived from audited financial statements.
|
|
|
|
|
See Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
SAN DIEGO GAS & ELECTRIC COMPANY
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
|
|||||
(Dollars in millions)
|
|||||
|
|
March 31,
|
December 31,
|
||
|
|
2014
|
2013(1)
|
||
|
|
(unaudited)
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Short-term debt
|
$
|
90
|
$
|
59
|
|
Accounts payable
|
|
337
|
|
420
|
|
Due to unconsolidated affiliates
|
|
35
|
|
39
|
|
Dividends and interest payable
|
|
51
|
|
39
|
|
Accrued compensation and benefits
|
|
75
|
|
113
|
|
Current portion of long-term debt
|
|
30
|
|
29
|
|
Fixed-price contracts and other derivatives
|
|
38
|
|
38
|
|
Customer deposits
|
|
71
|
|
71
|
|
Other
|
|
310
|
|
271
|
|
Total current liabilities
|
|
1,037
|
|
1,079
|
|
Long-term debt ($322 and $325 at March 31, 2014 and December 31, 2013,
respectively, related to VIE)
|
|
4,580
|
|
4,525
|
|
|
|
|
|
|
|
Deferred credits and other liabilities:
|
|
|
|
|
|
Customer advances for construction
|
|
37
|
|
34
|
|
Pension and other postretirement benefit obligations, net of plan assets
|
|
138
|
|
132
|
|
Deferred income taxes
|
|
2,107
|
|
2,021
|
|
Deferred investment tax credits
|
|
23
|
|
24
|
|
Regulatory liabilities arising from removal obligations
|
|
1,428
|
|
1,403
|
|
Asset retirement obligations
|
|
872
|
|
861
|
|
Fixed-price contracts and other derivatives
|
|
172
|
|
175
|
|
Deferred credits and other
|
|
426
|
|
404
|
|
Total deferred credits and other liabilities
|
|
5,203
|
|
5,054
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
Common stock (255 million shares authorized; 117 million shares outstanding;
|
|
|
|
|
|
no par value)
|
|
1,338
|
|
1,338
|
|
Retained earnings
|
|
3,398
|
|
3,299
|
|
Accumulated other comprehensive income (loss)
|
|
(9)
|
|
(9)
|
|
Total SDG&E shareholder's equity
|
|
4,727
|
|
4,628
|
|
Noncontrolling interest
|
|
87
|
|
91
|
|
Total equity
|
|
4,814
|
|
4,719
|
|
Total liabilities and equity
|
$
|
15,634
|
$
|
15,377
|
|
(1)
|
Derived from audited financial statements.
|
|
|
|
|
See Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
SAN DIEGO GAS & ELECTRIC COMPANY
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||
(Dollars in millions)
|
||||
|
Three months ended
March 31,
|
|||
|
2014
|
2013
|
||
|
(unaudited)
|
|||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
Net income
|
$
|
101
|
$
|
81
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
130
|
|
134
|
Deferred income taxes and investment tax credits
|
|
57
|
|
36
|
Adjustment to loss from plant closure
|
|
(13)
|
|
―
|
Fixed-price contracts and other derivatives
|
|
(2)
|
|
(2)
|
Other
|
|
(9)
|
|
5
|
Net change in other working capital components
|
|
(76)
|
|
(2)
|
Changes in other assets
|
|
63
|
|
4
|
Changes in other liabilities
|
|
10
|
|
8
|
Net cash provided by operating activities
|
|
261
|
|
264
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
Expenditures for property, plant and equipment
|
|
(294)
|
|
(237)
|
Purchases of nuclear decommissioning trust assets
|
|
(198)
|
|
(135)
|
Proceeds from sales by nuclear decommissioning trusts
|
|
195
|
|
134
|
Decrease in restricted cash
|
|
10
|
|
17
|
Increase in restricted cash
|
|
(10)
|
|
(19)
|
Net cash used in investing activities
|
|
(297)
|
|
(240)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
Preferred dividends paid
|
|
―
|
|
(1)
|
Payments on long-term debt
|
|
(3)
|
|
(3)
|
Increase in short-term debt, net
|
|
31
|
|
―
|
Capital distribution made by Otay Mesa VIE
|
|
(7)
|
|
(1)
|
Net cash provided by (used in) financing activities
|
|
21
|
|
(5)
|
|
|
|
|
|
(Decrease) increase in cash and cash equivalents
|
|
(15)
|
|
19
|
Cash and cash equivalents, January 1
|
|
27
|
|
87
|
Cash and cash equivalents, March 31
|
$
|
12
|
$
|
106
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
Interest payments, net of amounts capitalized
|
$
|
36
|
$
|
28
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
Accrued capital expenditures
|
$
|
99
|
$
|
102
|
Increase in capital lease obligations for investment in property, plant and equipment
|
|
60
|
|
―
|
Dividends declared but not paid
|
|
―
|
|
1
|
See Notes to Condensed Consolidated Financial Statements.
|
SOUTHERN CALIFORNIA GAS COMPANY
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||
(Dollars in millions)
|
||||
|
Three months ended March 31,
|
|||
|
2014
|
2013
|
||
|
(unaudited)
|
|||
|
|
|
|
|
Operating revenues
|
$
|
1,085
|
$
|
983
|
Operating expenses
|
|
|
|
|
Cost of natural gas
|
|
508
|
|
454
|
Operation and maintenance
|
|
305
|
|
306
|
Depreciation and amortization
|
|
105
|
|
100
|
Franchise fees and other taxes
|
|
38
|
|
40
|
Total operating expenses
|
|
956
|
|
900
|
Operating income
|
|
129
|
|
83
|
Other income, net
|
|
4
|
|
4
|
Interest expense
|
|
(17)
|
|
(17)
|
Income before income taxes
|
|
116
|
|
70
|
Income tax expense
|
|
(38)
|
|
(24)
|
Net income/Earnings attributable to common shares
|
$
|
78
|
$
|
46
|
See Notes to Condensed Consolidated Financial Statements.
|
SOUTHERN CALIFORNIA GAS COMPANY
|
||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
|
||||||
(Dollars in millions)
|
||||||
|
Three months ended March 31, 2014 and 2013
|
|||||
|
(unaudited)
|
|||||
|
|
|
|
|
|
|
|
Pretax
|
Income Tax
|
Net-of-Tax
|
|||
|
Amount
|
(Expense) Benefit
|
Amount
|
|||
2014:
|
|
|
|
|
|
|
Net income/Comprehensive income
|
$
|
116
|
$
|
(38)
|
$
|
78
|
2013:
|
|
|
|
|
|
|
Net income/Comprehensive income
|
$
|
70
|
$
|
(24)
|
$
|
46
|
See Notes to Condensed Consolidated Financial Statements.
|
|
|
|
|
|
|
SOUTHERN CALIFORNIA GAS COMPANY
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|||||
(Dollars in millions)
|
|||||
|
|
March 31,
|
December 31,
|
||
|
|
2014
|
2013(1)
|
||
|
|
(unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
32
|
$
|
27
|
|
Accounts receivable – trade, net
|
|
557
|
|
595
|
|
Accounts receivable – other, net
|
|
55
|
|
97
|
|
Due from unconsolidated affiliates
|
|
104
|
|
21
|
|
Income taxes receivable
|
|
41
|
|
25
|
|
Inventories
|
|
45
|
|
69
|
|
Regulatory assets
|
|
6
|
|
5
|
|
Other
|
|
39
|
|
34
|
|
Total current assets
|
|
879
|
|
873
|
|
|
|
|
|
|
|
Other assets:
|
|
|
|
|
|
Regulatory assets arising from pension obligations
|
|
341
|
|
326
|
|
Other regulatory assets
|
|
272
|
|
262
|
|
Other postretirement benefit plan assets, net of plan liabilities
|
|
95
|
|
95
|
|
Sundry
|
|
126
|
|
124
|
|
Total other assets
|
|
834
|
|
807
|
|
|
|
|
|
|
|
Property, plant and equipment:
|
|
|
|
|
|
Property, plant and equipment
|
|
12,041
|
|
11,831
|
|
Less accumulated depreciation and amortization
|
|
(4,423)
|
|
(4,364)
|
|
Property, plant and equipment, net
|
|
7,618
|
|
7,467
|
|
Total assets
|
$
|
9,331
|
$
|
9,147
|
|
(1)
|
Derived from audited financial statements.
|
||||
See Notes to Condensed Consolidated Financial Statements.
|
SOUTHERN CALIFORNIA GAS COMPANY
|
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
|
|||||
(Dollars in millions)
|
|||||
|
|
March 31,
|
December 31,
|
||
|
|
2014
|
2013(1)
|
||
|
|
(unaudited)
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Short-term debt
|
$
|
―
|
$
|
42
|
|
Accounts payable – trade
|
|
410
|
|
346
|
|
Accounts payable – other
|
|
79
|
|
79
|
|
Due to unconsolidated affiliates
|
|
11
|
|
16
|
|
Deferred income taxes
|
|
75
|
|
45
|
|
Accrued compensation and benefits
|
|
107
|
|
141
|
|
Regulatory balancing accounts, net
|
|
88
|
|
91
|
|
Current portion of long-term debt
|
|
1
|
|
252
|
|
Customer deposits
|
|
75
|
|
75
|
|
Other
|
|
175
|
|
125
|
|
Total current liabilities
|
|
1,021
|
|
1,212
|
|
Long-term debt
|
|
1,408
|
|
1,159
|
|
Deferred credits and other liabilities:
|
|
|
|
|
|
Customer advances for construction
|
|
108
|
|
108
|
|
Pension obligation, net of plan assets
|
|
354
|
|
339
|
|
Regulatory liabilities arising from other postretirement benefit assets
|
|
95
|
|
95
|
|
Deferred income taxes
|
|
1,014
|
|
993
|
|
Deferred investment tax credits
|
|
18
|
|
18
|
|
Regulatory liabilities arising from removal obligations
|
|
1,180
|
|
1,205
|
|
Asset retirement obligations
|
|
1,220
|
|
1,182
|
|
Deferred credits and other
|
|
286
|
|
287
|
|
Total deferred credits and other liabilities
|
|
4,275
|
|
4,227
|
|
|
|
|
|
|
|
Commitments and contingencies (Note 11)
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
Preferred stock
|
|
22
|
|
22
|
|
Common stock (100 million shares authorized; 91 million shares outstanding;
|
|
|
|
|
|
no par value)
|
|
866
|
|
866
|
|
Retained earnings
|
|
1,757
|
|
1,679
|
|
Accumulated other comprehensive income (loss)
|
|
(18)
|
|
(18)
|
|
Total shareholders' equity
|
|
2,627
|
|
2,549
|
|
Total liabilities and shareholders' equity
|
$
|
9,331
|
$
|
9,147
|
|
(1)
|
Derived from audited financial statements.
|
||||
See Notes to Condensed Consolidated Financial Statements.
|
SOUTHERN CALIFORNIA GAS COMPANY
|
||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||
(Dollars in millions)
|
||||
|
Three months ended March 31,
|
|||
|
2014
|
2013
|
||
|
(unaudited)
|
|||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
Net income
|
$
|
78
|
$
|
46
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
Depreciation and amortization
|
|
105
|
|
100
|
Deferred income taxes and investment tax credits
|
|
26
|
|
18
|
Net change in other working capital components
|
|
197
|
|
250
|
Changes in other assets
|
|
18
|
|
3
|
Changes in other liabilities
|
|
3
|
|
(6)
|
Net cash provided by operating activities
|
|
427
|
|
411
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
Expenditures for property, plant and equipment
|
|
(260)
|
|
(179)
|
Increase in loans to affiliates, net
|
|
(117)
|
|
(243)
|
Net cash used in investing activities
|
|
(377)
|
|
(422)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
Issuance of long-term debt
|
|
248
|
|
―
|
Repayment of long-term debt
|
|
(250)
|
|
―
|
Decrease in short-term debt, net
|
|
(42)
|
|
―
|
Other
|
|
(1)
|
|
―
|
Net cash used in financing activities
|
|
(45)
|
|
―
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
5
|
|
(11)
|
Cash and cash equivalents, January 1
|
|
27
|
|
83
|
Cash and cash equivalents, March 31
|
$
|
32
|
$
|
72
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
|
Interest payments, net of amounts capitalized
|
$
|
12
|
$
|
12
|
Income tax payments, net of refunds
|
|
30
|
|
―
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES
|
|
|
|
|
Accrued capital expenditures
|
$
|
111
|
$
|
76
|
See Notes to Condensed Consolidated Financial Statements.
|
§
|
San Diego Gas & Electric Company (SDG&E) and Southern California Gas Company (SoCalGas), which are separate, reportable segments;
|
§
|
Sempra International, which includes our Sempra South American Utilities and Sempra Mexico reportable segments; and
|
§
|
Sempra U.S. Gas & Power, which includes our Sempra Renewables and Sempra Natural Gas reportable segments.
|
DECONSOLIDATION OF SUBSIDIARY
|
|||
(Dollars in millions)
|
|||
|
Copper Mountain Solar 3
|
||
Proceeds from sale, net of negligible transaction costs
|
$
|
68
|
|
Cash
|
|
(2)
|
|
Property, plant and equipment, net
|
|
(247)
|
|
Other assets
|
|
(11)
|
|
Accounts payable and accrued expenses
|
|
82
|
|
Long-term debt, including current portion
|
|
97
|
|
Other long-term liabilities
|
|
3
|
|
Accumulated other comprehensive income
|
|
(2)
|
|
Gain on sale of equity interest and assets
|
|
(27)
|
|
Equity method investment upon deconsolidation
|
$
|
(39)
|
|
|
|
(Dollars in millions)
|
|||
Property, plant and equipment, net
|
$
|
290
|
|
Inventories
|
|
3
|
|
Total assets held for sale
|
|
293
|
|
Liability held for sale - asset retirement obligation(1)
|
|
(6)
|
|
Total
|
$
|
287
|
|
(1)
|
Included in Other Current Liabilities on the Condensed Consolidated Balance Sheet.
|
INVENTORY BALANCES
|
|||||||||||||||||
(Dollars in millions)
|
|||||||||||||||||
|
|
Natural Gas
|
Liquefied Natural Gas
|
Materials and Supplies
|
Total
|
||||||||||||
|
|
March 31,
2014
|
December 31,
2013
|
March 31,
2014
|
December 31,
2013
|
March 31,
2014
|
December 31,
2013
|
March 31,
2014
|
December 31,
2013
|
||||||||
SDG&E
|
$
|
4
|
$
|
3
|
$
|
―
|
$
|
―
|
$
|
72
|
$
|
83
|
$
|
76
|
$
|
86
|
|
SoCalGas
|
|
17
|
|
42
|
|
―
|
|
―
|
|
28
|
|
27
|
|
45
|
|
69
|
|
Sempra South American
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities
|
|
―
|
|
―
|
|
―
|
|
―
|
|
39
|
|
40
|
|
39
|
|
40
|
|
Sempra Mexico
|
|
―
|
|
―
|
|
4
|
|
3
|
|
9
|
|
9
|
|
13
|
|
12
|
|
Sempra Renewables
|
|
―
|
|
―
|
|
―
|
|
―
|
|
2
|
|
2
|
|
2
|
|
2
|
|
Sempra Natural Gas
|
|
16
|
|
68
|
|
5
|
|
5
|
|
1
|
|
5
|
|
22
|
|
78
|
|
Sempra Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
$
|
37
|
$
|
113
|
$
|
9
|
$
|
8
|
$
|
151
|
$
|
166
|
$
|
197
|
$
|
287
|
|
|
|
§
|
the purpose and design of the VIE;
|
§
|
the nature of the VIE’s risks and the risks we absorb;
|
§
|
the power to direct activities that most significantly impact the economic performance of the VIE; and
|
§
|
the obligation to absorb losses or right to receive benefits that could be significant to the VIE.
|
AMOUNTS ASSOCIATED WITH OTAY MESA VIE
|
||||
(Dollars in millions)
|
||||
|
Three months ended March 31,
|
|||
|
2014
|
2013
|
||
|
|
|
|
|
Operating revenues
|
|
|
|
|
Electric
|
$
|
―
|
$
|
(1)
|
Natural gas
|
|
―
|
|
―
|
Total operating revenues
|
|
―
|
|
(1)
|
Operating expenses
|
|
|
|
|
Cost of electric fuel and purchased power
|
|
(18)
|
|
(17)
|
Operation and maintenance
|
|
5
|
|
17
|
Depreciation and amortization
|
|
7
|
|
7
|
Total operating expenses
|
|
(6)
|
|
7
|
Operating income (loss)
|
|
6
|
|
(8)
|
Interest expense
|
|
(4)
|
|
(3)
|
Income (loss) before income taxes/Net income (loss)
|
|
2
|
|
(11)
|
(Earnings) losses attributable to noncontrolling interest
|
|
(2)
|
|
11
|
Earnings
|
$
|
―
|
$
|
―
|
NET PERIODIC BENEFIT COST – SEMPRA ENERGY CONSOLIDATED
|
||||||||
(Dollars in millions)
|
||||||||
|
Pension Benefits
|
Other Postretirement Benefits
|
||||||
|
Three months ended March 31,
|