Leases (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2020

Dec. 31, 2019

The components of lease cost were as follows:


Puget Energy and Puget Sound Energy	Three Months Ended June 30,						Six Months Ended June 30,
(Dollars in Thousands)	2020		2019		2020		2019
Finance lease cost:
Amortization of right-of-use asset	$	152	$	124	$	304	$	282
Interest on lease liabilities	9		10		19		19
Total finance lease cost	$	161	$	134	$	323	$	301

Operating lease cost¹	$	5,669	$	5,223	$	11,149	$	10,007

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¹Includes $0.2 million allocated to PLNG at Puget Energy related to the Port of Tacoma lease for each of the three months ended June 30, 2020 and 2019, respectively and $0.5 million for each of the six months ended June 30, 2020 and 2019, respectively.

Schedule of lease assets and liabilities

Supplemental balance sheet information related to leases was as follows:


Puget Sound Energy
(Dollars in Thousands)	June 30,			December 31,
Operating Leases	2020			2019
Operating lease right-of-use asset	$	179,658		$	183,048

Operating leases liabilities current	16,609			15,862
Operating lease liabilities long-term	170,250			174,327
Total Operating lease liabilities:	$	186,859		$	190,189

Finance Leases
Common Plant	$	1,185		$	1,488

Other current liabilities	616			669
Other deferred credits	519			811
Total finance lease liabilities	$	1,135		$	1,480

Weighted Average Remaining Lease Term
Operating leases	18.93 Years			19.24 Years
Finance leases	2.29 Years			2.76 Years

Weighted Average Discount Rate
Operating leases	3.59		%	3.59		%
Finance leases	2.98		%	2.98		%

Schedule of maturity of operating lease liability


Maturities of lease liabilities	Future Minimum Lease Payments
(Dollars in Thousands)
At December 31,	Operating Leases		Finance Leases
2020	$	22,500	$	643
2021	22,527		508
2022	21,856		279
2023	21,415		98
2024	20,690		—
Thereafter	160,410		—
Total lease payments	$	269,398	$	1,528
Less imputed interest	(79,209)		(48)
Total net present value	$	190,189	$	1,480

Schedule of maturity of finance lease liability


Maturities of lease liabilities	Future Minimum Lease Payments
(Dollars in Thousands)
At December 31,	Operating Leases		Finance Leases
2020	$	22,500	$	643
2021	22,527		508
2022	21,856		279
2023	21,415		98
2024	20,690		—
Thereafter	160,410		—
Total lease payments	$	269,398	$	1,528
Less imputed interest	(79,209)		(48)
Total net present value	$	190,189	$	1,480

Leases, Cash Flow

Supplemental cash flow information related to leases was as follows:


Puget Energy and Puget Sound Energy	Six Months Ended June 30,
(Dollars in Thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	7,726	$	9,131
Investing cash flow for operating leases¹	3,423		876
Operating cash flow for finance leases	19		19
Financing cash flow for finance leases	304		282
Non-cash disclosure upon commencement of new lease
Right-of-use assets obtained in exchange for new operating lease liabilities	4,996		1,840

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¹Includes $0.5 million allocated to PLNG at Puget Energy related to the Port of Tacoma lease for each of the six months ended June 30, 2020 and 2019, respectively.