Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Inputs, Liabilities, Quantitative Information

The carrying values and estimated fair values were as follows:

Puget Energy		December 31, 2019				December 31, 2018
(Dollars in Thousands)	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial liabilities:
Long-term debt (fixed-rate), net of discount1	2	$	5,512,225	$	7,004,316	$	5,510,591	$	6,443,742
Long-term debt (variable-rate), net of discount	2	408,100		408,100		161,900		161,900
Total		$	5,920,325	$	7,412,416	$	5,672,491	$	6,605,642
Puget Sound Energy		December 31, 2019				December 31, 2018
(Dollars in Thousands)	Level	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial liabilities:
Long-term debt (fixed-rate), net of discount2	2	$	4,336,142	$	5,571,818	$	3,894,860	$	4,574,611
Total		$	4,336,142	$	5,571,818	$	3,894,860	$	4,574,611

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^1.The carrying value includes debt issuances costs of $24.1 million and $26.1 million for December 31, 2019, and 2018, respectively, which are not included in fair value.

^2.The carrying value includes debt issuances costs of $24.4 million and $24.6 million for December 31, 2019, and 2018, respectively, which are not included in fair value.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Puget Energy and Puget Sound Energy	Year Ended December 31,
Level 3 Roll-Forward Net Asset(Liability)	2019						2018						2017
(Dollars in Thousands)	Electric		Natural Gas		Total		Electric		Natural Gas		Total		Electric		Natural Gas		Total
Balance at beginning of period	$	1,362	$	1,673	$	3,035	$	1,098	$	1,923	$	3,021	$	972	$	625	$	1,597
Changes during period
Realized and unrealized energy derivatives:
Included in earnings1	3,558		—		3,558		34,604		—		34,604		2,781		—		2,781
Included in regulatory assets / liabilities	—		3,151		3,151		—		6,075		6,075		—		6,346		6,346
Settlements2	(11,265)		(4,708)		(15,973)		(33,067)		(7,197)		(40,264)		(6,549)		(6,372)		(12,921)
Transferred into Level 3	4,390		(398)		3,992		(1,987)		—		(1,987)		523		(553)		(30)
Transferred out Level 3	(1,424)		1,564		140		714		872		$	1,586	3,371		1,877		$	5,248
Balance at end of period	$	(3,379)	$	1,282	$	(2,097)	$	1,362	$	1,673	$	3,035	$	1,098	$	1,923	$	3,021

^{__________________}

^1.Income Statement classification: Unrealized (gain) loss on derivative instruments, net. Includes unrealized gains (losses) on derivatives still held in position as of the reporting date for electric derivatives of $(3.2) million, $1.1 million and $1.5 million for the years ended December 31, 2019, 2018, and 2017, respectively.

^2.The Company had no purchases, sales or issuances during the reported periods.

Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block]

Below are the forward price ranges for the Company's commodity contracts, as of December 31, 2019:

Puget Energy and Puget Sound Energy	Fair Value						Range
(Dollars in Thousands)	Assets1		Liabilities1		Valuation Technique	Unobservable Input	Low		High		Weighted
Electricity	$	651	$	4,030	Discounted cash flow	Power Prices (per MWh)	$	9.00	$	43.85	$	33.99
Natural Gas	$	1,523	$	241	Discounted cash flow	Natural Gas Prices (per MMBtu)	$	1.25	$	3.18	$	2.47

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¹ The valuation techniques, unobservable inputs and ranges are the same for asset and liability positions.

Below are significant unobservable inputs used in estimating the impaired long-term power purchase contracts' fair value in 2019 and 2018:

Puget Energy
Valuation Date	Contract	Unobservable Input	Low		High		Average
March 31, 2018	Wells Hydro	Power prices (per MWh)	$	9.69	$	25.30	$	17.50
		Power contract costs per quarter (in thousands)	4,126		4,126		4,126

Schedule of Impaired Intangible Assets [Table Text Block]

Puget Energy
(Dollars in Thousands)
Valuation Date	Contract Name	Carrying Value		Fair Value		Write Down
March 31, 2018	Wells Hydro	$	4,302	$	2,395	$	1,907
Total 2018 Impairments						$	1,907

Fair Value, Measurements, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the Company's financial assets and liabilities by level, within the fair value hierarchy, that were accounted for at fair value on a recurring basis and the reconciliation of the changes in the fair value of Level 3 derivatives in the fair value hierarchy:

Puget Energy and Puget Sound Energy	Fair Value						Fair Value
	December 31, 2019						December 31, 2018
(Dollars in Thousands)	Level 2		Level 3		Total		Level 2		Level 3		Total
Assets:
Electric Derivative Instruments	$	19,282	$	651	$	19,933	$	28,765	$	4,522	$	33,287
Gas Derivative Instruments	9,852		1,523		11,375		12,247		3,485		15,732
Total derivative assets	$	29,134	$	2,174	$	31,308	$	41,012	$	8,007	$	49,019
Liabilities:
Electric Derivative Instruments	$	13,474	$	4,030	$	17,504	$	24,124	$	3,160	$	27,284
Gas Derivative Instruments	8,376		241		8,617		28,660		1,812		30,472
Total derivative liabilities	$	21,850	$	4,271	$	26,121	$	52,784	$	4,972	$	57,756