Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

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, 2020 and 2019:

Puget Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Three Months Ended June 30,
(Dollars in Thousands)	2020		2019		2020		2019		2020		2019
Components of net periodic benefit cost:
Service cost	$	6,172	$	5,287	$	176	$	256	$	46	$	16
Interest cost	6,292		7,216		362		578		93		112
Expected return on plan assets	(12,449)		(12,624)		—		—		(98)		(98)
Amortization of prior service cost	(292)		(495)		87		83		—		—
Amortization of net loss (gain)	2,099		251		512		341		(19)		(63)
Net periodic benefit cost	$	1,822	$	(365)	$	1,137	$	1,258	$	22	$	(33)

Puget Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Six Months Ended June 30,
(Dollars in Thousands)	2020		2019		2020		2019		2020		2019
Components of net periodic benefit cost:
Service cost	$	12,169	$	10,574	$	404	$	512	$	95	$	33
Interest cost	12,590		14,433		740		1,157		184		224
Expected return on plan assets	(24,951)		(25,248)		—		—		(195)		(195)
Amortization of prior service cost	(787)		(990)		174		166		—		—
Amortization of net loss (gain)	4,080		501		1,098		683		(41)		(125)
Net periodic benefit cost	$	3,101	$	(730)	$	2,416	$	2,518	$	43	$	(63)

Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Three Months Ended June 30,
(Dollars in Thousands)	2020		2019		2020		2019		2020		2019
Components of net periodic benefit cost:
Service cost	$	6,172	$	5,287	$	176	$	256	$	46	$	16
Interest cost	6,292		7,216		362		578		93		112
Expected return on plan assets	(12,451)		(12,628)		—		—		(98)		(98)
Amortization of prior service cost	(393)		(393)		87		83		—		—
Amortization of net loss (gain)	4,866		3,165		575		433		(33)		(109)
Net periodic benefit cost	$	4,486	$	2,647	$	1,200	$	1,350	$	8	$	(79)

Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Six Months Ended June 30,
(Dollars in Thousands)	2020		2019		2020		2019		2020		2019
Components of net periodic benefit cost:
Service cost	$	12,169	$	10,574	$	404	$	512	$	95	$	33
Interest cost	12,590		14,433		740		1,157		184		224
Expected return on plan assets	(24,955)		(25,257)		—		—		(195)		(195)
Amortization of prior service cost	(787)		(787)		174		167		—		—
Amortization of net loss (gain)	9,522		6,330		1,234		866		(69)		(219)
Net periodic benefit cost	$	8,539	$	5,293	$	2,552	$	2,702	$	15	$	(157)

Schedule of Changes in Projected Benefit Obligations

The following table summarizes the Company’s change in benefit obligation for the periods ended June 30, 2020 and December 31, 2019:

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, 2020		December 31, 2019		June 30, 2020		December 31, 2019		June 30, 2020		December 31, 2019
Change in benefit obligation:
Benefit obligation at beginning of period	$	774,305	$	677,643	$	63,000	$	55,708	$	11,627	$	10,636
Amendments	—		—		—		—		—		9,049
Service cost	12,169		22,656		404		1,023		95		61
Interest cost	12,590		28,913		740		2,314		184		410
Curtailment Loss / (Gain)	—		—		—		—		—		(7,486)
Actuarial loss (gain)	1,134		84,272		(478)		6,756		34		(287)
Benefits paid	(23,990)		(36,740)		(17,643)		(2,801)		(494)		(982)
Medicare part D subsidy received	—		—		—		—		187		226
Administrative Expense	—		(2,439)		—		—		—		—
Benefit obligation at end of period	$	776,208	$	774,305	$	46,023	$	63,000	$	11,633	$	11,627