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Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plan and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Changes in Projected Benefit Obligations
The following tables summarize the Company’s change in benefit obligation, change in plan assets and amounts recognized in the Statements of Financial Position for the years ended December 31, 2021, and 2020:
Puget Energy and
Puget Sound Energy
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202021202020212020
Change in benefit obligation:
Benefit obligation at beginning of period$849,383 $774,305 $46,742 $63,000 $12,114 $11,627 
Amendments— — — — 205 44 
Service cost26,888 24,337 456 756 155 190 
Interest cost22,381 25,180 1,183 1,464 302 368 
Actuarial loss (gain)(6,826)69,413 828 3,663 (514)604 
Benefits paid(55,831)(42,775)(6,054)(22,141)(803)(906)
Medicare part D subsidy received— — — — 195 187 
Administrative expense(1,035)(1,077)— — — — 
Benefit obligation at end of period$834,960 $849,383 $43,155 $46,742 $11,654 $12,114 
Schedule of Changes in Fair Value of Plan Assets
Puget Energy and
Puget Sound Energy
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202021202020212020
Change in plan assets:
Fair value of plan assets at beginning of period$834,655 $753,042 $— $— $5,918 $6,289 
Actual return on plan assets102,787 107,409 — — 1,005 278 
Employer contribution18,000 18,000 6,054 22,141 222 257 
Benefits paid(55,831)(42,775)(6,054)(22,141)(804)(906)
Administrative expense(1,061)(1,021)— — — — 
Fair value of plan assets at end of period$898,550 $834,655 $— $— $6,341 $5,918 
Funded status at end of period$63,590 $(14,728)$(43,155)$(46,742)$(5,313)$(6,196)
Schedule of Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income
Puget Energy and
Puget Sound Energy
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202021202020212020
Amounts recognized in Consolidated Balance Sheet consist of:
Noncurrent assets$63,590 $— $— $— $— $— 
Current liabilities— — (2,822)(6,763)(280)(293)
Noncurrent liabilities— (14,728)(40,333)(39,979)(5,033)(5,903)
Net assets (liabilities)$63,590 $(14,728)$(43,155)$(46,742)$(5,313)$(6,196)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
Puget Energy and
Puget Sound Energy
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202021202020212020
Change in plan obligation and plan asset:
Projected benefit obligation$834,960 $849,383 $43,155 $46,742 $11,654 $12,114 
Accumulated benefit obligation823,418 837,455 40,773 44,033 11,549 12,070 
Fair value of plan assets898,550 834,655 — — 6,341 5,918 
Schedule of Net Benefit Costs
The following tables summarize Puget Energy's and PSE's net periodic benefit cost for the years ended December 31, 2021, 2020, and 2019.
Puget EnergyQualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202019202120202019202120202019
Components of net periodic benefit cost:
Service cost$26,888 $24,337 $22,656 $456 $756 $1,023 $155 $190 $61 
Interest cost22,381 25,180 28,913 1,183 1,464 2,314 302 368 410 
Expected return on plan assets(48,239)(49,902)(50,249)— — — (355)(389)(393)
Amortization of prior service cost (credit)(1,904)(1,980)(1,980)349 349 331 — — 
Amortization of net loss (gain)11,803 8,160 1,151 2,165 2,122 1,365 (39)(82)(374)
Net periodic benefit cost$10,929 $5,795 $491 $4,153 $4,691 $5,033 $69 $87 $(296)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following tables summarize Puget Energy's and PSE's benefit obligations recognized in other comprehensive income (OCI) for the years ended December 31, 2021, and 2020:
Puget EnergyQualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202021202020212020
Other changes (pre-tax) in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)$(61,348)$11,851 $828 $3,663 $(1,164)$715 
Amortization of net (loss) gain(11,803)(8,160)(2,164)(2,122)39 82 
Settlements, mergers, sales, and closures— — (830)(4,806)— — 
Prior service cost (credit)— — — — 205 44 
Amortization of prior service (cost) credit1,904 1,980 (349)(349)(6)— 
Total change in other comprehensive income for year$(71,247)$5,671 $(2,515)$(3,614)$(926)$841 
Schedule of Assumptions Used In accounting for pension and other benefit obligations and costs under the plans, the following weighted-average actuarial assumptions were used by the Company:
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
Benefit Obligation Assumptions202120202019202120202019202120202019
Discount rate3.00 %2.70 %3.35 %3.00 %2.70 %3.35 %3.00 %2.70 %3.35 %
Rate of compensation increase4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 
Interest crediting rate4.00 4.00 4.00 N/AN/AN/AN/AN/AN/A
Benefit Cost Assumptions
Discount rate2.70 3.35 4.40 2.70 3.35 4.40 2.70 3.35 4.40 
Return on plan assets6.50 7.15 7.50 — — — 7.00 7.00 7.00 
Rate of compensation increase4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 
Interest crediting rate4.00 4.00 4.00 N/AN/AN/AN/AN/AN/A
Schedule of Expected Benefit Payments
The expected total benefits to be paid during the next five years and the aggregate total to be paid for the five years thereafter are as follows:
(Dollars in Thousands)202220232024202520262027-2031
Qualified Pension total benefits$46,900 $47,900 $49,100 $50,400 $51,300 $265,200 
SERP Pension total benefits2,822 3,881 6,786 7,796 2,265 17,047 
Other Benefits total with Medicare Part D subsidy962 925 896 877 860 4,012 
Other Benefits total without Medicare Part D subsidy962 925 896 877 860 4,012 
Schedule of Allocation of Plan Assets
To obtain the desired return needed to fund the pension benefit plans, the Retirement Plan Committee has established investment allocation percentages by asset classes as follows:
Allocation
Asset ClassMinimumTargetMaximum
Domestic large cap equity25 %31 %40 %
Domestic small cap equity— 15 
Non-U.S. equity10 25 30 
Fixed income15 25 30 
Real estate— — 10 
Absolute return10 15 
Cash— — 
The following table sets forth by level, within the fair value hierarchy, the qualified pension plan as of December 31, 2021, and 2020:
Recurring Fair Value MeasuresRecurring Fair Value Measures
December 31, 2021December 31, 2020
(Dollars in Thousands)Level 1Level 2OtherTotalLevel 1Level 2OtherTotal
Assets:
Common Stock
Domestic
$249,021 $99 $— $249,120 $228,247 $53 $— $228,300 
Foreign
25,963 — — 25,963 19,216 — — 19,216 
Government Securities65,266 2,470 — 67,736 73,006 9,148 — 82,154 
Corporate Securities
Domestic
— 12,820 — 12,820 — 6,082 — 6,082 
Foreign
— 5,239 — 5,239 — 3,699 — 3,699 
Cash and cash equivalents3,638 (540)— 3,098 4,612 3,223 — 7,835 
Investments measured at NAV
- Collective Investment Funds— — 359,861 359,861 — — 342,014 342,014 
- Partnership— — 115,570 115,570 — — 107,137 107,137 
- Mutual Funds— — 80,724 80,724 — — 82,103 82,103 
- Other— — 1,434 1,434 — — 1,096 1,096 
Net (payable) receivable— — (23,015)(23,015)— — (44,981)(44,981)
Total assets$343,888 $20,088 $534,574 $898,550 $325,081 $22,205 $487,369 $834,655 
Other Pension Plan [Member]  
Defined Benefit Plan and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
The following table sets forth by level, within the fair value hierarchy, the Other Benefits plan assets which consist of insurance benefits for retired employees, at fair value:
Recurring Fair Value MeasuresRecurring Fair Value Measures
December 31, 2021December 31, 2020
(Dollars in Thousands)Level 1Level 2OtherTotalLevel 1Level 2OtherTotal
Assets:
Money Markets$$— $— $$— $— $— $— 
Mutual fund— 6,337 — 6,337 5,916 — — 5,916 
Net (payable) receivable— — — — — — 
Total assets$$6,337 $— $6,341 $5,916 $— $$5,918 

The following discussion provides information regarding the methods used in valuation of the various asset class investments held for the pension and other postretirement benefit plans.
Mutual funds classified as Level 1 securities have pricing inputs that are based on unadjusted prices in an active market. Principal markets for equity prices include published exchanges such as NASDAQ and New York Stock Exchange (NYSE). Mutual fund assets not included in the fair value hierarchy are privately held funds. These funds are not actively traded and utilize net asset value (NAV) as a practical expedient to measure fair value.
Common stock investments are traded in active markets on national and international securities exchanges and are valued at closing prices on the last business day of each period presented. They are classified as Level 1 securities.
Corporate and some government debt securities are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. Some government debt securities have quoted prices such as certain treasury securities and are classified as Level 1 securities.
Cash and cash equivalents comprise mostly of money market funds and foreign currency held. Money market funds are classified as Level 1 instruments as pricing inputs are based on unadjusted prices in an active market while foreign currency held is classified as a Level 2 investment based on inputs that are indirectly observable.
Investments in collective trust funds and partnerships are stated at the NAV as determined by the issuer of fund and are based on the fair value of the underlying investments held by the fund less its liabilities. The NAV is used as a practical expedient to estimate fair value. These funds are primarily invested in a blend of corporate and government debt securities as well as international equities.
Parent Company [Member]  
Defined Benefit Plan and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income
The following tables summarize Puget Energy's and PSE's pension benefit amounts recognized in accumulated other comprehensive income (AOCI) for the years ended December 31, 2021, and 2020:
Puget EnergyQualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202021202020212020
Amounts recognized in Accumulated Other Comprehensive Income consist of:
Net loss (gain)$24,859 $98,010 $9,571 $11,738 $(525)$600 
Prior service cost (credit)— (1,904)578 927 242 44 
Total$24,859 $96,106 $10,149 $12,665 $(283)$644 
Subsidiaries [Member]  
Defined Benefit Plan and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income
Puget Sound EnergyQualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202021202020212020
Amounts recognized in Accumulated Other Comprehensive Income consist of:
Net loss (gain)$127,111 $210,317 $10,103 $12,504 $(622)$489 
Prior service cost (credit)— (1,513)578 927 242 44 
Total$127,111 $208,804 $10,681 $13,431 $(380)$533 
Schedule of Net Benefit Costs
Puget Sound EnergyQualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202019202120202019202120202019
Components of net periodic benefit cost:
Service cost$26,888 $24,337 $22,656 $456 $756 $1,023 $155 $190 $61 
Interest cost22,381 25,180 28,913 1,183 1,464 2,314 302 368 410 
Expected return on plan assets(48,242)(49,910)(50,267)— — — (355)(389)(393)
Amortization of prior service cost (credit)(1,513)(1,573)(1,573)349 349 333 — — 
Amortization of net loss (gain)21,862 19,043 12,877 2,344 2,385 1,733 (52)(137)(562)
Net periodic benefit cost$21,376 $17,077 $12,606 $4,332 $4,954 $5,403 $56 $32 $(484)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Puget Sound EnergyQualified
Pension Benefit
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)202120202021202020212020
Other changes (pre-tax) in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)$(61,345)$11,858 $828 $3,663 $(1,164)$715 
Amortization of net (loss) gain(21,862)(19,043)(2,343)(2,385)53 137 
Settlements, mergers, sales, and closures— — (886)(5,248)— — 
Prior service cost (credit)— — — — 205 44 
Amortization of prior service (cost) credit1,513 1,573 (349)(349)(6)— 
Total change in other comprehensive income for year$(81,694)$(5,612)$(2,750)$(4,319)$(912)$896