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SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PUGET ENERGY
 12 Months Ended
Dec. 31, 2011
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
(Dollars in Thousands)

 
 
 
Successor
 
Predecessor
 
Year Ended
December 31,
 
February 6, 2009 - December 31, 2009
 
January 1, 2009 - February 5, 2009
 
2011
 
2010
 
 
Equity in earnings of subsidiary 1
$
228,288

 
$
92,700

 
$
231,978

 
$
31,611

Non-utility expense and other
(2,280
)
 
(1,895
)
 
(1,526
)
 
(4
)
Merger and related costs
—

 
—

 
(2,731
)
 
(20,416
)
Other income (deductions):
 

 
 

 
 

 
 

Charitable foundation contributions
—

 
—

 
(5,000
)
 
—

Unhedged interest rate derivative expense
(28,601
)
 
(7,955
)
 
—

 
—

Interest income
215

 
260

 
240

 
25

Interest expense
(131,702
)
 
(86,304
)
 
(80,193
)
 
—

Income taxes
57,370

 
33,505

 
31,247

 
1,540

Net income
$
123,290

 
$
30,311

 
$
174,015

 
$
12,756

_______________
1
Equity earnings of subsidiary included earnings from PSE of $204.1 million and $26.1 million for the years ended December 31, 2011 and 2010, respectively, and purchase accounting adjustments recorded at Puget Energy for PSE of $24.2 million and $66.6 million for the years ended December 31, 2011 and 2010, respectively.

See accompanying notes to the consolidated financial statements.

Puget Energy
Condensed Balance Sheets
(Dollars in Thousands)

 
December 31,
 
2011
 
2010
Assets:
 
 
 
Investment in subsidiaries 1
$
3,314,195

 
$
3,063,356

Other property and investments:
 

 
 

Goodwill
1,656,513

 
1,656,513

Current assets:
 

 
 

Cash
6,224

 
237

Receivables from affiliates 2
30,291

 
23,509

Income taxes
—

 
14,069

Deferred income taxes
8,824

 
10,516

Total current assets
45,339

 
48,331

Long-term assets:
 

 
 

Deferred income taxes
117,110

 
71,967

Other
13,544

 
8,267

Total long-term assets
130,654

 
80,234

Total assets
$
5,146,701

 
$
4,848,434

Capitalization and liabilities:
 

 
 

Common equity
$
3,300,923

 
$
3,322,912

Long-term debt
1,779,844

 
1,463,039

Total capitalization
5,080,767

 
4,785,951

Current liabilities:
 

 
 

Interest
13,525

 
4,480

Unrealized loss on derivative instruments
25,210

 
30,047

Total current liabilities
38,735

 
34,527

Long-term liabilities:
 

 
 

Unrealized loss on derivative instruments
27,199

 
27,956

Total long-term liabilities
27,199

 
27,956

Total capitalization and liabilities
$
5,146,701

 
$
4,848,434

_______________
1
Investment in subsidiaries for successor include Puget Energy business combination accounting adjustments under ASC 805 that are recorded at Puget Energy
2
Eliminated in consolidation.


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

 
 
 
Successor
 
Predecessor
 
Year Ended
December 31,
 
February 6, 2009 - December 31, 2009
 
January 1, 2009 - February 5, 2009
 
2011
 
2010
 
 
Operating activities:
 
 
 
 
 
 
 
Net income
$
123,290

 
$
30,311

 
$
174,015

 
$
12,756

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

 
 

 
 

 
 

Unrealized gain on derivative instruments
33,549

 
(3,599
)
 
—

 
—

Deferred income taxes and tax credits - net
(57,151
)
 
(52,364
)
 
(7,886
)
 
—

Equity in earnings of subsidiary 1
(228,288
)
 
(92,700
)
 
(231,978
)
 
(31,611
)
Other
12,837

 
18,169

 
3,153

 
(14
)
Dividends received from subsidiaries
212,875

 
186,733

 
183,071

 
—

Accounts receivable
618

 
(891
)
 
—

 
—

Income taxes
14,069

 
20,601

 
(21,951
)
 
(1,539
)
Accounts payable
—

 
(48
)
 
(88,912
)
 
—

Affiliated payables
—

 
—

 
—

 
20,015

Accrued interest
9,045

 
(926
)
 
5,406

 
—

Net cash provided by (used in) operating activities
120,844

 
105,286

 
14,918

 
(393
)
Investing activities:
 

 
 

 
 

 
 

Investment in subsidiaries
(287,000
)
 
—

 
(25,960
)
 
—

(Increase) decrease in loan to subsidiaries
(7,400
)
 
300

 
2,828

 
346

Net cash provided by (used in) investing activities
(294,400
)
 
300

 
(23,132
)
 
346

Financing activities:
 

 
 

 
 

 
 

Dividends paid
(117,441
)
 
(104,311
)
 
(121,178
)
 
—

Issuance of bond
787,000

 
450,000

 
50,211

 
—

Redemption of term-loan
(484,000
)
 
(443,000
)
 
—

 
—

Issue costs
(6,016
)
 
(8,157
)
 
(6,428
)
 
—

Net cash provided by (used in) by financing activities
179,543

 
(105,468
)
 
(77,395
)
 
—

Increase (decrease) in cash
5,987

 
118

 
(85,609
)
 
(47
)
Cash at beginning of year
237

 
119

 
85,728

 
57

Cash at end of year
$
6,224

 
$
237

 
$
119

 
$
10

_______________
1
Equity earnings of subsidiary included earnings from PSE of $204.1 million and $26.1 million for the years ended December 31, 2011 and 2010, respectively, and purchase accounting adjustments recorded at Puget Energy for PSE of $24.2 million and $66.6 million for the years ended December 31, 2011 and 2010, respectively.


See accompanying notes to the consolidated financial statements.