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Retirement Benefits (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Schedule of Changes in Projected Benefit Obligations
The following table summarizes the Company’s change in benefit obligation for the periods ended June 30, 2012 and December 31, 2011:

Puget Energy and
Puget Sound Energy
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
 
Six Months Ended
Year
Ended
Six Months Ended
Year
Ended
Six Months Ended
Year
Ended
(Dollars in Thousands)
June 30,
2012
December 31,
2011
June 30,
2012
December 31,
2011
June 30,
2012
December 31,
2011
Change in benefit obligation:






Benefit obligation at beginning of period
$
565,997

$
532,615

$
48,370

$
44,322

$
16,436

$
16,579

Service cost
8,463

15,822

537

1,241

70

113

Interest cost
12,993

26,263

1,076

2,192

375

807

Actuarial loss/(gain)
2,030

18,485


4,467

(132
)
384

Benefits paid
(20,950
)
(27,188
)
(4,271
)
(2,687
)
(866
)
(1,855
)
Medicare part D subsidiary
received




505

408

Curtailment loss/(gain)1



(1,165
)


Benefit obligation at end of period
$
568,533

$
565,997

$
45,712

$
48,370

$
16,388

$
16,436

__________
1 
A curtailment gain was recognized in OCI due to the plan amendment that ceased SERP benefits for non-officers still in the plan as of December 31, 2011.
Puget Energy
Qualified
Pension Benefits
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2011
 
2010
 
2011
 
2010
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of period
$
532,615

 
$
504,786

 
$
44,322


$
39,152

 
$
16,579

 
$
15,953

Service cost
15,822

 
16,089

 
1,241


1,024

 
113

 
106

Interest cost
26,263

 
27,975

 
2,192


2,165

 
807

 
880

Amendment

 
(21,866
)
 



 

 

Actuarial loss
18,485

 
32,163

 
4,467


3,663

 
384

 
867

Benefits paid
(27,188
)
 
(26,532
)
 
(2,687
)
 
(1,682
)
 
(1,855
)
 
(2,030
)
Medicare part D subsidy received

 

 



 
408

 
803

Curtailment loss/(gain)

 

 
(1,165
)
1

 

 

Benefit obligation at end of period
$
565,997

 
$
532,615

 
$
48,370


$
44,322

 
$
16,436

 
$
16,579

_________________
1.
A curtailment gain was recognized in OCI due to the plan amendment that ceased SERP benefits for non-officers still in the plan as of December 31, 2011.
Schedule of Changes in Fair Value of Plan Assets  
Puget Energy
Qualified
Pension Benefits
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2011
 
2010
 
2011
 
2010
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of period
$
526,469

 
$
485,689

 
$

 
$

 
$
8,288

 
$
8,790

Actual return on plan assets
(24,495
)
 
55,312

 

 

 
(170
)
 
1,140

Employer contribution
5,000

 
12,000

 
2,687

 
1,682

 
943

 
388

Benefits paid
(27,188
)
 
(26,532
)
 
(2,687
)
 
(1,682
)
 
(1,855
)
 
(2,030
)
Fair value of plan assets at end of period
$
479,786

 
$
526,469

 
$

 
$

 
$
7,206

 
$
8,288

Funded status at end of period
$
(86,211
)
 
$
(6,146
)
 
$
(48,370
)
 
$
(44,322
)
 
$
(9,230
)
 
$
(8,291
)
Schedule of Amounts Recognized in Balance Sheet and Accumulated Othe Comprehensive Income  
Puget Energy
Qualified
Pension Benefits
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2011
 
2010
 
2011
 
2010
Amounts recognized in Statement of Financial Position consist of:
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$

 
$

 
$
(6,137
)
 
$
(3,506
)
 
$
(468
)
 
$
(44
)
Noncurrent liabilities
(86,211
)
 
(6,146
)
 
(42,233
)
 
(40,816
)
 
(8,762
)
 
(8,247
)
Total
$
(86,211
)
 
$
(6,146
)
 
$
(48,370
)
 
$
(44,322
)
 
$
(9,230
)
 
$
(8,291
)
Amounts recognized in Accumulated Other Comprehensive Income consist of:
 

 
 

 
 

 
 

 
 

 
 

Net loss/(gain)
$
34,781

 
$
(43,544
)
 
$
8,038

 
$
5,095

 
$
282

 
$
(820
)
Prior service cost
(19,721
)
 
(21,701
)
 

 

 

 

Total
$
15,060

 
$
(65,245
)
 
$
8,038

 
$
5,095

 
$
282

 
$
(820
)
Schedule of Net Benefit Costs
The following tables summarize the Company’s net periodic benefit cost for the three and six months ended June 30, 2012 and 2011:
Puget Energy
 
 
 
Three Months Ended June 30,
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)
2012
2011
2012
2011
2012
2011
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
4,229

$
4,059

$
268

$
310

$
32

$
31

Interest cost
6,551

6,630

538

548

188

204

Expected return on plan assets
(9,101
)
(8,860
)


(109
)
(125
)
Amortization of prior service
cost
(495
)
(495
)




Amortization of net loss
(gain)
234


176

90

17

1

Net periodic benefit cost
$
1,418

$
1,334

$
982

$
948

$
128

$
111



Puget Energy
 
 
 
Six Months Ended June 30,
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)
2012
2011
2012
2011
2012
2011
Components of net periodic benefit cost:






Service cost
$
8,463

$
8,119

$
537

$
620

$
70

$
62

Interest cost
12,993

13,259

1,076

1,096

375

409

Expected return on plan assets
(18,102
)
(17,720
)


(218
)
(250
)
Amortization of prior service
cost
(990
)
(990
)




Amortization of net loss
(gain)
384


351

180

27

1

Net periodic benefit cost
$
2,748

$
2,668

$
1,964

$
1,896

$
254

$
222

 
Qualified
Pension Benefits
Puget Energy
Successor
 
 
Predecessor
(Dollars in Thousands)
Year Ended December 31, 2011
 
Year Ended December 31, 2010
 
February 6, 2009 - December 31, 2009
 
January 1, 2009 - February 5, 2009
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
15,822

 
$
16,089

 
$
12,469

 
$
1,090

Interest cost
26,263

 
27,975

 
25,912

 
2,302

Expected return on plan assets
(35,344
)
 
(32,941
)
 
(27,583
)
 
(3,585
)
Amortization of prior service cost/(credit)
(1,980
)
 
(165
)
 

 
95

Amortization of net loss

 
70

 

 
269

Net periodic benefit cost
$
4,761

 
$
11,028

 
$
10,798

 
$
171

 
 
SERP
Pension Benefits
Puget Energy
Successor
 
Predecessor
(Dollars in Thousands)
Year Ended December 31, 2011
 
Year Ended December 31, 2010
 
February 6, 2009 - December 31, 2009
 
January 1, 2009 - February 5, 2009
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
1,241

 
$
1,024

 
$
951

 
$
89

Interest cost
2,192

 
2,165

 
2,178

 
193

Amortization of prior service cost

 

 

 
51

Amortization of net loss/(gain)
360

 

 

 
74

Net periodic benefit cost
$
3,793

 
$
3,189

 
$
3,129

 
$
407

 
Other
Benefits
Puget Energy
Successor
 
 
Predecessor
(Dollars in Thousands)
Year Ended December 31, 2011
 
Year Ended December 31, 2010
 
February 6, 2009 - December 31, 2009
 
January 1, 2009 - February 5, 2009
Components of net periodic benefit cost:
 
 
 
 
 
 
 
Service cost
$
113

 
$
106

 
$
114

 
$
11

Interest cost
806

 
880

 
894

 
89

Expected return on plan assets
(502
)
 
(510
)
 
(379
)
 
(37
)
Amortization of prior service cost

 

 

 
7

Amortization of net loss/(gain)
(46
)
 
(67
)
 

 
(15
)
Amortization of transition obligation

 

 

 
4

Net periodic benefit cost
$
371

 
$
409

 
$
629

 
$
59

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)  
Puget Energy
Qualified
Pension Benefits
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2011
 
2010
 
2011
 
2010
Other changes (pre-tax) in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net loss/(gain)
$
78,324

 
$
9,791

 
$
3,302

 
$
3,663

 
$
1,056

 
$
236

Amortization of net loss/(gain)

 
(70
)
 
(360
)
 

 
46

 
67

Prior service credit

 
(21,866
)
 

 

 

 

Amortization of prior service credit
1,980

 
165

 

 

 

 

Total change in other comprehensive income for year
$
80,304

 
$
(11,980
)
 
$
2,942

 
$
3,663

 
$
1,102

 
$
303

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 Assumptions
2011
 
2010
 
2009
 
2011
 
2010
 
2009
 
2011
 
2010
 
2009
 
Discount rate 1
4.75
%
 
5.15
%
 
5.75
%
 
4.75
%
 
5.15
%
 
5.75
%
 
4.75
%
 
5.15
%
 
5.75
%
 
Rate of compensation increase
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
Medical trend rate

 

 

 

 

 

 
7.50
%
 
8.00
%
 
7.50
%
 
Benefit Cost Assumptions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
5.15
%
 
5.75
%
 
6.50
%
2 
5.15
%
 
5.75
%
 
6.50
%
2 
5.15
%
 
5.75
%
 
6.50
%
2 
Rate of plan assets
7.75
%
 
8.00
%
 
8.25
%
 

 

 

 
7.80
%
 
7.80
%
 
7.60
%
 
Rate of compensation increase
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
4.50
%
 
Medical trend rate

 

 

 

 

 

 
8.00
%
 
8.50
%
 
9.00
%
 
_______________
1.
The Company calculates the present value of the pension liability using a discount rate of 4.75% which represents the single-rate equivalent of the AA rated corporate bond yield curve.
2.
6.50% is the benefit cost discount rate used by Puget Energy.  6.20% is the benefit cost discount rate use by PSE.  The discount rates for the net periodic costs for Puget Energy and PSE were different because of the discount rates in effect as of February 5, 2009, the date of the merger of Puget Energy with Puget Holdings.

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates  
A 1.0% change in the assumed medical inflation rate would have the following effects:
 
2011
 
2010
(Dollars in Thousands)
1% Increase
 
1% Decrease
 
1% Increase
 
1% Decrease
Effect on post-retirement benefit obligation
$
97

 
$
85

 
$
97

 
$
85

Effect on service and interest cost components
5

 
4

 
6

 
5

Schedule of Expected Benefit Payments  
The expected total benefits to be paid under the qualified pension plans for the next five years and the aggregate total to be paid for the five years thereafter are as follows:
(Dollars in Thousands)
2012

 
2013

 
2014

 
2015

 
2016

 
2017-2021

Total benefits
$
47,100

 
$
37,300

 
$
37,000

 
$
38,000

 
$
38,400

 
$
208,800


The expected total benefits to be paid under the SERP for the next five years and the aggregate total to be paid for the five years thereafter are as follows:
(Dollars in Thousands)
2012

 
2013

 
2014

 
2015

 
2016

 
2017-2021

Total benefits
$
6,137

 
$
1,889

 
$
3,492

 
$
3,284

 
$
3,328

 
$
18,652


The expected total benefits to be paid under the other benefits for the next five years and the aggregate total to be paid for the five years thereafter are as follows:
 
(Dollars in Thousands)
2012

 
2013

 
2014

 
2015

 
2016

 
2017-2021

Total benefits
$
1,354

 
$
1,315

 
$
1,259

 
$
1,198

 
$
1,231

 
$
6,453

Total benefits without Medicare Part D subsidy
$
1,778

 
$
1,770

 
$
1,739

 
$
1,700

 
$
1,652

 
$
7,476

Schedule of Allocation of Plan Assets  
The following table sets forth by level, within the fair value hierarchy, the qualified pension plan assets that were accounted for at fair value on a recurring basis as of December 31, 2011 and 2010:
 
Recurring Fair Value Measures 
 
Recurring Fair Value Measures 
 
As of December 31, 2011
 
As of December 31, 2010
(Dollars in Thousands)
Level 1

 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-US equity 1
$
48,382

 
$
42,132

 
$

 
$
90,514

 
$
54,298

 
$
52,418

 
$

 
$
106,716

Domestic large cap equity 2
124,303

 
29,547

 

 
153,850

 
144,431

 
28,376

 

 
172,807

Domestic small cap equity 3
45,650

 

 

 
45,650

 
55,750

 

 

 
55,750

Total equities
218,335

 
71,679

 

 
290,014

 
254,479

 
80,794

 

 
335,273

Tactical asset allocation 4

 
26,922

 

 
26,922

 

 
29,566

 

 
29,566

Fixed income securities 5
106,573

 
580

 

 
107,153

 
102,314

 
1,982

 

 
104,296

Absolute return 6

 

 
45,319

 
45,319

 

 

 
48,100

 
48,100

Cash and cash equivalents 7

 
9,015

 

 
9,015

 

 
6,737

 

 
6,737

Subtotal
$
324,908

 
$
108,196

 
$
45,319

 
$
478,423

 
$
356,793

 
$
119,079

 
$
48,100

 
$
523,972

Net receivables
 

 
 

 
 

 
1,088

 
 

 
 

 
 

 
2,272

Accrued income
 

 
 

 
 

 
275

 
 

 
 

 
 

 
225

Total assets
 

 
 

 
 

 
$
479,786

 
 

 
 

 
 

 
$
526,469

_________________
1.
Non – US Equity investments are comprised of a (1) mutual fund; and a (2) commingled fund.  The investment in the mutual fund is valued using quoted market prices multiplied by the number of shares owned as of December 31, 2011.  The investment in the commingled fund is valued at the net asset value per share multiplied by the number of shares held as of December 31, 2011.
2.
Domestic large cap equity investments are comprised of (1) common stock, and a (2) commingled fund.  Investments in common stock are valued using quoted market prices multiplied by the number of shares owned as of December 31, 2011.  The investment in the commingled fund is valued at the net asset value per share multiplied by the number of shares held as of December 31, 2011.
3.
Domestic small cap equity investments are comprised of common stock and are valued using quoted market prices multiplied by the number of shares owned as of December 31, 2011.
4.
The tactical asset allocation investment is compromised of a commingled fund, which is valued at the net asset value per share multiplied by the number of shares held as of the measurement date.
5.
Fixed income securities consist of a mutual fund and corporate bonds.  The investment in the mutual fund is valued using quoted market prices multiplied by the number of shares owned as of December 31, 2011.  The corporate bonds are valued using various valuation techniques such as matrix pricing.
6.
As of December 31, 2011 absolute return investments consist of two partnerships.  The partnerships are valued using the financial reports as of December 31, 2011.  These investments are a Level 3 under ASC 820 because the significant valuation inputs are primarily internal to the partnerships with little third party involvement.
7.
The investment consists of a money market fund, which is valued at the net asset value per share of $1.00 per unit as of December 31, 2011.  The money market fund invests primarily in commercial paper, notes, repurchase agreements, and other evidences of indebtedness which are payable on demand or which have a maturity date not exceeding thirteen months from the date of purchase. 
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 as of December 31, 2011 and 2010:
 
Recurring Fair Value Measures
 
Recurring Fair Value Measures
 
As of December 31, 2011
 
As of December 31, 2010
(Dollars in Thousands)
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
Mutual fund 1
$
7,137

 
$

 
$
7,137

 
$
8,115

 
$

 
$
8,115

Cash equivalents 2

 
130

 
130

 

 
173

 
173

Total assets
$
7,137

 
$
130

 
$
7,267

 
$
8,115

 
$
173

 
$
8,288

_______________
1.
This is a publicly traded balanced mutual fund.  The fund seeks regular income, conservation of principal, and an opportunity for long-term growth of principal and income.  The fair value is determined by taking the number of shares owned by the plan, and multiplying by the market price as of December 31, 2011.
2.
This consists of a deposit fund and a money market fund.  The fair value of the deposit fund is calculated by using the financial reports available as of December 31, 2011.  The money market fund investments are valued at the net asset value per share of $1.00 per unit as of December 31, 2011.  The money market fund invests primarily in commercial paper, notes, repurchase agreements, and other evidences of indebtedness which are payable on demand or which have a maturity date not exceeding thirteen months from the date or purchase.
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 Class
Minimum
 
Target
 
Maximum
Domestic large cap equity
25
%
 
32
%
 
40
%
Domestic small cap equity
0
%
 
10
%
 
15
%
Non-U.S. equity
10
%
 
20
%
 
30
%
Tactical asset allocation
0
%
 
5
%
 
10
%
Fixed income
15
%
 
23
%
 
30
%
Real estate
0
%
 
0
%
 
10
%
Absolute return
5
%
 
10
%
 
15
%
Cash
0
%
 
0
%
 
5
%
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets  
The following table sets forth a reconciliation of changes in the fair value of the plan’s Level 3 assets for the years ended December 31, 2011 and 2010:
 
As of December 31, 2011
 
As of December 31, 2010
(Dollars in Thousands)
Partnership
 
Mutual Funds
 
Total
 
Partnership
 
Mutual Funds
 
Total
Balance at beginning of year
$
35,481

 
$
12,619

 
$
48,100

 
$
23,214

 
$
23,012

 
$
46,226

Additional investments
11,635

 

 
11,635

 
10,473

 

 
10,473

Distributions

 
(11,635
)
 
(11,635
)
 

 
(11,716
)
 
(11,716
)
Realized losses on distributions

 
(290
)
 
(290
)
 

 
(1,370
)
 
(1,370
)
Unrealized gains relating to instruments still held at the reporting date
(1,797
)
 
599

 
(1,198
)
 
1,794

 
2,693

 
4,487

Transferred out of level 3 1

 
(1,293
)
 
(1,293
)
 

 

 

Balance at end of year
$
45,319

 
$

 
$
45,319

 
$
35,481

 
$
12,619

 
$
48,100

_________________
1.
The plan had no transfers between level 2 and level 1 during the years ended December 31, 2011 or 2010.
PUGET SOUND ENERGY, INC.
   
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Schedule of Changes in Projected Benefit Obligations  
Puget Sound Energy
Qualified
Pension Benefits
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2011
 
2010
 
2011
 
2010
Change in benefit obligation:
 
 
 
 
 

 
 
 
 
 
Benefit obligation at beginning of period
$
532,615

 
$
504,786

 
$
44,322


$
39,152

 
$
16,579

 
$
15,953

Service cost
15,822

 
16,089

 
1,241


1,024

 
113

 
106

Interest cost
26,263

 
27,975

 
2,192


2,165

 
807

 
880

Amendment

 
(21,866
)
 



 

 

Actuarial loss/(gain)
18,485

 
32,163

 
4,467


3,663

 
384

 
867

Benefits paid
(27,188
)
 
(26,532
)
 
(2,687
)
 
(1,682
)
 
(1,855
)
 
(2,030
)
Medicare part D subsidiary received

 

 

 

 
408

 
803

Curtailment loss/(gain)

 

 
(1,165
)
1

 

 

Benefit obligation at end of period
$
565,997

 
$
532,615

 
$
48,370


$
44,322

 
$
16,436

 
$
16,579

_________________
1.
A curtailment gain was recognized in OCI due to the plan amendment that ceased SERP benefits for non-officers still in the plan as of December 31, 2011.
Schedule of Changes in Fair Value of Plan Assets  
Puget Sound Energy
Qualified
Pension Benefits
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2011
 
2010
 
2011
 
2010
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of period
$
526,469

 
$
485,689

 
$

 
$

 
$
8,288

 
$
8,790

Actual return on plan assets
(24,495
)
 
55,312

 

 

 
(170
)
 
1,140

Employer contribution
5,000

 
12,000

 
2,687

 
1,682

 
943

 
388

Benefits paid
(27,188
)
 
(26,532
)
 
(2,687
)
 
(1,682
)
 
(1,855
)
 
(2,030
)
Fair value of plan assets at end of period
$
479,786

 
$
526,469

 
$

 
$

 
$
7,206

 
$
8,288

Funded status at end of period
$
(86,211
)
 
$
(6,146
)
 
$
(48,370
)
 
$
(44,322
)
 
$
(9,230
)
 
$
(8,291
)
Schedule of Amounts Recognized in Balance Sheet and Accumulated Othe Comprehensive Income  
Puget Sound Energy
Qualified
Pension Benefits
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2011
 
2010
 
2011
 
2010
Amounts recognized in Statement of Financial Position consist of:
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
$

 
$

 
$
(6,137
)
 
$
(3,506
)
 
$
(468
)
 
$
(44
)
Noncurrent liabilities
(86,211
)
 
(6,146
)
 
(42,233
)
 
(40,816
)
 
(8,762
)
 
(8,247
)
Total
$
(86,211
)
 
$
(6,146
)
 
$
(48,370
)
 
$
(44,322
)
 
$
(9,230
)
 
$
(8,291
)
Amounts recognized in Accumulated Other Comprehensive Income consist of:
 

 
 

 
 

 
 

 
 

 
 

Net loss/(gain)
$
264,098

 
$
187,240

 
$
13,878

 
$
11,770

 
$
(2,955
)
 
$
(4,492
)
Prior service cost/(credit)
(15,671
)
 
(17,245
)
 
305

 
867

 
72

 
134

Transition obligations

 

 

 

 
50

 
100

Total
$
248,427

 
$
169,995

 
$
14,183

 
$
12,637

 
$
(2,833
)
 
$
(4,258
)
Schedule of Net Benefit Costs
Puget Sound Energy
 
 
 
Three Months Ended June 30,
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)
2012
2011
2012
2011
2012
2011
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
4,229

$
4,059

$
268

$
310

$
32

$
31

Interest cost
6,551

6,630

538

548

188

204

Expected return on plan assets
(10,434
)
(11,056
)


(109
)
(125
)
Amortization of prior service
cost
(393
)
(394
)
74

141

9

16

Amortization of net loss
(gain)
3,790

2,695

358

298

(63
)
(109
)
Amortization of transition
obligation




12

13

Net periodic benefit cost
$
3,743

$
1,934

$
1,238

$
1,297

$
69

$
30


Puget Sound Energy
 
Six Months Ended June 30,
Qualified
Pension Benefits
SERP
Pension Benefits
Other
Benefits
(Dollars in Thousands)
2012
2011
2012
2011
2012
2011
Components of net periodic benefit cost:
 
 
 
 
 
 
Service cost
$
8,463

$
8,119

$
537

$
620

$
70

$
62

Interest cost
12,993

13,259

1,076

1,096

375

409

Expected return on plan assets
(20,767
)
(22,112
)


(217
)
(250
)
Amortization of prior service
cost
(787
)
(786
)
146

281

18

31

Amortization of net loss
(gain)
7,508

5,389

716

598

(123
)
(217
)
Amortization of transition
obligation




25

25

Net periodic benefit cost
$
7,410

$
3,869

$
2,475

$
2,595

$
148

$
60

Puget Sound Energy
Qualified
Pension Benefits
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2009
 
2011
 
2010
 
2009
 
2011
 
2010
 
2009
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
15,822

 
$
16,089

 
$
14,141

 
$
1,241

 
$
1,024

 
$
1,068

 
$
113

 
$
106

 
$
125

Interest cost
26,263

 
27,975

 
27,734

 
2,192

 
2,165

 
2,315

 
806

 
880

 
960

Expected return on plan assets
(44,128
)
 
(43,892
)
 
(43,453
)
 

 

 

 
(502
)
 
(509
)
 
(455
)
Amortization of prior service cost/(credit)
(1,573
)
 
548

 
1,134

 
563

 
562

 
616

 
63

 
132

 
83

Amortization of net loss/(gain)
10,250

 
7,325

 
3,702

 
1,194

 
769

 
886

 
(481
)
 
(553
)
 
(460
)
Amortization of transition obligation

 

 

 

 

 

 
50

 
50

 
50

Net periodic benefit cost
$
6,634

 
$
8,045

 
$
3,258

 
$
5,190

 
$
4,520

 
$
4,885

 
$
49

 
$
106

 
$
303

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)  
Puget Sound Energy
Qualified
Pension Benefit
 
SERP
Pension Benefits
 
Other
Benefits
(Dollars in Thousands)
2011
 
2010
 
2011
 
2010
 
2011
 
2010
Other changes (pre-tax) in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
Net loss/(gain)
$
87,108

 
$
20,743

 
$
3,302

 
$
3,663

 
$
1,056

 
$
236

Amortization of net (loss)/gain
(10,250
)
 
(7,325
)
 
(1,194
)
 
(769
)
 
481

 
553

Prior service cost/(credit)

 
(21,867
)
 

 

 

 

Amortization of prior service cost/(credit)
1,573

 
(546
)
 
(562
)
 
(562
)
 
(62
)
 
(132
)
Amortization of transition obligation

 

 

 

 
(50
)
 
(50
)
Total change in other comprehensive income for year
$
78,431

 
$
(8,995
)
 
$
1,546

 
$
2,332

 
$
1,425

 
$
607