Retirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The following tables summarize the Company’s net periodic benefit cost for the three months ended March 31, 2023 and 2022:

Puget Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Three Months Ended March 31,
(Dollars in Thousands)	2023		2022		2023		2022		2023		2022
Components of net periodic benefit cost:
Service cost	$	4,632	$	6,797	$	71	$	139	$	47	$	55
Interest cost	7,929		6,087		424		313		115		81
Expected return on plan assets	(12,652)		(12,777)		—		—		(79)		(99)
Amortization of prior service cost	—		—		73		72		7		6
Amortization of net loss (gain)	(862)		1,628		—		618		(51)		(4)
Net periodic benefit cost	$	(953)	$	1,735	$	568	$	1,142	$	39	$	39

Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Three Months Ended March 31,
(Dollars in Thousands)	2023		2022		2023		2022		2023		2022
Components of net periodic benefit cost:
Service cost	$	4,632	$	6,797	$	71	$	139	$	47	$	55
Interest cost	7,929		6,087		424		313		115		81
Expected return on plan assets	(12,652)		(12,777)		—		—		(79)		(99)
Amortization of prior service cost	—		—		73		72		7		6
Amortization of net loss (gain)	—		3,806		22		663		(54)		(6)
Net periodic benefit cost	$	(91)	$	3,913	$	590	$	1,187	$	36	$	37

Schedule of Changes in Projected Benefit Obligations

The following table summarizes the Company’s change in benefit obligation for the periods ended March 31, 2023 and December 31, 2022:

Puget Energy and Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Three Months Ended		Year Ended		Three Months Ended		Year Ended		Three Months Ended		Year Ended
(Dollars in Thousands)	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Change in benefit obligation:
Benefit obligation at beginning of period	$	589,278	$	834,960	$	32,046	$	43,155	$	9,015	$	11,654
Amendments	—		—		—		—		—		38
Service cost	4,632		26,351		71		557		47		217
Interest cost	7,929		24,263		424		1,253		115		311
Actuarial loss (gain)	—		(215,005)		—		(5,260)		—		(2,397)
Benefits paid	(11,625)		(80,226)		(485)		(7,659)		(438)		(808)
Administrative Expense	—		(1,065)		—		—		—		—
Benefit obligation at end of period	$	590,214	$	589,278	$	32,056	$	32,046	$	8,739	$	9,015