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SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PUGET ENERGY
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information 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,
202120202019
Non-utility expense and other$(913)$(1,579)$(1,495)
Other income (deductions):
Equity in earnings of subsidiary337,405 277,654 294,724 
Interest income4,261 4,760 6,643 
Interest expense(100,002)(123,592)(111,716)
Income tax benefit (expense)20,098 25,474 22,552 
Net income (loss)$260,849 $182,717 $210,708 
Comprehensive income (loss)$319,854 $180,429 $203,761 

See accompanying notes to the condensed financial statements.
Puget Energy
Condensed Balance Sheets
(Dollars in Thousands)
December 31,
20212020
Assets:
        Investment in subsidiaries$4,446,758 $4,279,501 
Other property and investments:
       Goodwill1,656,5131,656,513
Current assets:
       Cash6,386790
       Receivables from affiliates1
233,258211,411
       Income tax receivables6,006—
Total current assets245,650 212,201
Long-term assets:
       Deferred income taxes250,820258,033
       Other9841,520
Total long-term assets251,804259,553
Total assets$6,600,725 $6,407,768 
Capitalization and liabilities:
       Common equity$4,563,316 $4,139,882 
       Long-term debt1,571,287 1,714,744
Total capitalization6,134,603 5,854,626 
Current liabilities:
        Accounts payable to affiliates1
147349
        Accrued taxes—3,334
 Current maturities of long-term debt450,000524,000
        Interest15,97525,459
Total current liabilities466,122 553,142 
Commitments and contingencies (Note 16)
Total capitalization and liabilities$6,600,725 $6,407,768 
_______________
1 Eliminated in consolidation.


See accompanying notes to the condensed financial statements.
Puget Energy
Condensed Statements of Cash Flows
(Dollars in Thousands)
Year Ended December 31,
202120202019
Operating activities:
Net cash provided by (used in) operating activities$143,691 $38,280 $68,724 
Investing activities:
Investment in subsidiaries(21,783)— (210,000)
(Increase) decrease in loan to subsidiary— (31,043)(41,708)
Net cash provided by (used in) investing activities(21,783)(31,043)(251,708)
Financing activities:
Dividends paid(106,420)(45,421)(64,220)
Investment from Parent210,000 4,575 — 
Issuance of long-term debts515,475 644,690 246,200 
Redemption of long-term debts(734,000)(609,400)— 
Issue costs and others(1,367)(1,838)(116)
Net cash provided by (used in) by financing activities(116,312)(7,394)181,864 
Increase (decrease) in cash5,596 (157)(1,120)
Cash at beginning of year790 947 2,067 
Cash at end of year$6,386 $790 $947 

See accompanying notes to the condensed 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 regulated subsidiary, PSE. Puget Energy also has a wholly-owned non-regulated subsidiary, named Puget LNG, LLC (Puget LNG). Puget LNG was formed in November 2016, and has the sole purpose of owning, developing and financing the non-regulated activity of a liquefied natural gas (LNG) facility at the Port of Tacoma, Washington. 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 subsidiaries have been included using the equity method, should be read in conjunction with the consolidated financial statements and notes thereto of Puget Energy included in Item 8, "Financial Statements and Supplementary Data" of this report. Puget Energy owns 100% of the common stock of its subsidiaries.
Equity earnings of subsidiary included earnings from PSE and PLNG of $335.0 million, $274.3 million and $292.9 million for the years ended December 31, 2021, 2020, and 2019, respectively, and business combination accounting adjustments under ASC 805 recorded at Puget Energy for PSE of $2.4 million, $3.4 million and $2.9 million for the years ended December 31, 2021, 2020, and 2019, respectively. Investment in subsidiaries includes Puget Energy business combination accounting adjustments under ASC 805 that are recorded at Puget Energy.

(2) Long-Term Debt

For information concerning Puget Energy’s long-term debt obligations, see Note 7, "Long-Term Debt" to the consolidated financial statements included in Item 8 of this report.

(3) Commitments and Contingencies

For information concerning Puget Energy’s material contingencies and guarantees, see Note 16, "Commitments and Contingencies" to the consolidated financial statements included in Item 8 of this report.