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SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PUGET ENERGY
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule I: Condensed Financial Information of Puget Energy
SCHEDULE I:  CONDENSED FINANCIAL INFORMATION OF PUGET ENERGY

Puget Energy
Condensed Statements of Income and Comprehensive Income (Loss)
(Dollars in Thousands)

 
Year Ended December 31,
 
2014
2013
2012
Non-utility expense and other
$
(5,390
)
$
(1,255
)
$
(2,040
)
Other income (deductions):
 

 

 

Equity in earnings of subsidiary (Note 1)
240,102

351,718

365,590

Unhedged interest rate swap expense
(3,915
)
2,420

(4,288
)
Interest income
185

114

214

Interest expense
(93,382
)
(103,372
)
(135,312
)
Income taxes
34,235

36,103

49,657

Net income (loss)
171,835

285,728

273,821

Comprehensive income (loss)
$
87,077

$
366,272

$
271,899


See accompanying notes to the consolidated financial statements.

Puget Energy
Condensed Balance Sheets
(Dollars in Thousands)

 
December 31,
 
2014
2013
Assets:
 
 
Investment in subsidiaries
$
3,337,718

$
3,508,460

Other property and investments:
 

 

Goodwill
1,656,513

1,656,513

Current assets:
 

 

Cash
62

191

Receivables from affiliates 1
28,950

29,605

Total current assets
29,012

29,796

Long-term assets:
 

 

Deferred income taxes
267,810

241,787

Other
15,802

17,992

Total long-term assets
283,612

259,779

Total assets
$
5,306,855

$
5,454,548

Capitalization and liabilities:
 

 

Common equity
$
3,543,328

$
3,679,679

Long-term debt
1,698,968

1,698,964

Total capitalization
5,242,296

5,378,643

Current liabilities:
 

 

Account Payable
130

322

Interest
23,585

24,047

Deferred income taxes
31,772

38,296

Unrealized loss on derivative instruments
6,222

6,584

Total current liabilities
61,709

69,249

Long-term liabilities:
 

 

Unrealized loss on derivative instruments
2,850

6,656

Total long-term liabilities
2,850

6,656

Commitments and contingencies (Note 3)
 
 
Total capitalization and liabilities
$
5,306,855

$
5,454,548

_______________
1 
Eliminated in consolidation.

See accompanying notes to the consolidated financial statements.
Puget Energy
Condensed Statements of Cash Flows
(Dollars in Thousands)

 
Year Ended December 31,
 
2014
2013
2012
Operating activities:
 
 
 
Net income (loss)
$
171,835

$
285,728

$
273,821

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 

 

 

Unrealized gain on derivative instruments
(4,024
)
(3,869
)
(12,984
)
Deferred income taxes and tax credits - net
(32,597
)
(35,872
)
(49,496
)
Equity in earnings of subsidiary
(240,102
)
(351,718
)
(365,590
)
Other
4,758

3,055

11,409

Dividends received from subsidiary
323,424

410,977

175,625

Accounts receivable
(10
)
3

283

Accounts payable
(192
)
110

212

Accrued interest
2,367

(1,299
)
33,842

Net cash provided by (used in) operating activities
225,459

307,115

67,122

Investing activities:
 

 

 

(Increase) decrease in loan to subsidiary
665

—

400

Other
(2,829
)
(1,120
)
(20,901
)
Net cash provided by (used in) investing activities
(2,164
)
(1,120
)
(20,501
)
Financing activities:
 

 

 

Dividends paid
(223,428
)
(170,821
)
(88,594
)
Issuance of bond
—

—

884,000

Redemption of term-loan and other long-term debt
—

(135,000
)
(843,000
)
Issue costs and others
4

5

(5,239
)
Net cash provided by (used in) by financing activities
(223,424
)
(305,816
)
(52,833
)
Increase (decrease) in cash
(129
)
179

(6,212
)
Cash at beginning of year
191

12

6,224

Cash at end of year
$
62

$
191

$
12


See accompanying notes to the consolidated financial statements.
NOTES TO CONDENSED FINANCIAL STATEMENTS

(1) Basis of Presentation

Puget Energy is an energy services holding company that conducts substantially all of its business operations through its subsidiary. These condensed financial statements and related footnotes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These financial statements, in which Puget Energy’s subsidiary has been included using the equity method, should be read in conjunction with the consolidated financial statements and notes thereto of Puget Energy included in Part II, Item 8 of this Form 10-K. Puget Energy owns 100% of the common stock of its subsidiary.
Equity earnings of subsidiary included earnings from PSE of $236.6 million, $356.1 million and $356.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and business combination accounting adjustments under ASC 805 recorded at Puget Energy for PSE of $3.5 million, $(4.4) million and $9.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Investment in subsidiaries includes Puget Energy business combination accounting adjustments under ASC 805 that are recorded at Puget Energy.


(2) Debt

For information concerning Puget Energy’s long-term debt obligations, see Note 6, Long-Term Debt, to the consolidated financial statements of Puget Energy.


(3) Commitments and Contingencies

For information concerning Puget Energy’s material contingencies and guarantees, see Note 15, Commitments and Contingencies, to the consolidated financial statements of Puget Energy.