Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The following tables summarize the Company’s net periodic benefit cost for the three and nine months ended September 30, 2022 and 2021:

Puget Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Three Months Ended September 30,
(Dollars in Thousands)	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	6,588	$	6,722	$	139	$	115	$	53	$	34
Interest cost	6,066		5,595		313		293		70		72
Expected return on plan assets	(12,753)		(12,060)		—		—		(86)		(84)
Amortization of prior service cost	—		(476)		72		87		6		2
Amortization of net loss (gain)	1,595		2,951		618		588		(14)		(10)
Net periodic benefit cost	$	1,496	$	2,732	$	1,142	$	1,083	$	29	$	14

Puget Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Nine Months Ended September 30,
(Dollars in Thousands)	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	19,763	$	20,166	$	418	$	344	$	162	$	117
Interest cost	18,197		16,786		939		879		233		226
Expected return on plan assets	(38,260)		(36,179)		—		—		(284)		(266)
Amortization of prior service cost	—		(1,428)		218		262		17		5
Amortization of net loss (gain)	4,786		8,852		1,853		1,763		(22)		(30)
Net periodic benefit cost	$	4,486	$	8,197	$	3,428	$	3,248	$	106	$	52

Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Three Months Ended September 30,
(Dollars in Thousands)	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	6,588	$	6,722	$	139	$	115	$	53	$	34
Interest cost	6,066		5,595		313		293		70		72
Expected return on plan assets	(12,754)		(12,061)		—		—		(86)		(84)
Amortization of prior service cost	—		(378)		72		87		6		2
Amortization of net loss (gain)	3,770		5,465		662		635		(15)		(11)
Net periodic benefit cost	$	3,670	$	5,343	$	1,186	$	1,130	$	28	$	13

Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Nine Months Ended September 30,
(Dollars in Thousands)	2022		2021		2022		2021		2022		2021
Components of net periodic benefit cost:
Service cost	$	19,763	$	20,166	$	418	$	344	$	162	$	117
Interest cost	18,197		16,786		939		879		233		226
Expected return on plan assets	(38,262)		(36,182)		—		—		(284)		(266)
Amortization of prior service cost	—		(1,135)		218		262		17		5
Amortization of net loss (gain)	11,310		16,396		1,986		1,906		(26)		(40)
Net periodic benefit cost	$	11,008	$	16,031	$	3,561	$	3,391	$	102	$	42

Schedule of Changes in Projected Benefit Obligations

The following table summarizes the Company’s change in benefit obligation for the periods ended September 30, 2022 and December 31, 2021:

Puget Energy and Puget Sound Energy	Qualified Pension Benefits				SERP Pension Benefits				Other Benefits
	Nine Months Ended		Year Ended		Nine Months Ended		Year Ended		Nine Months Ended		Year Ended
(Dollars in Thousands)	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
Change in benefit obligation:
Benefit obligation at beginning of period	$	834,960	$	849,383	$	43,155	$	46,742	$	11,654	$	12,114
Amendments	—		—		—		—		—		205
Service cost	19,763		26,888		418		456		162		155
Interest cost	18,197		22,381		939		1,183		233		302
Actuarial loss (gain)	(1,439)		(6,826)		—		828		(241)		(514)
Benefits paid	(37,424)		(55,831)		(1,485)		(6,054)		(856)		(803)
Medicare part D subsidy received	—		—		—		—		—		195
Administrative Expense	—		(1,035)		—		—		—		—
Benefit obligation at end of period	$	834,057	$	834,960	$	43,027	$	43,155	$	10,952	$	11,654