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Retirement Benefits
 12 Months Ended
Dec. 31, 2022
Subsidiaries [Member]  
Defined Benefit Plan and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Retirement Benefits Retirement Benefits
PSE has a defined benefit pension plan (Qualified Pension Benefits) covering a substantial majority of PSE employees. For employees hired prior to 2014, pension benefits earned are a function of age, salary, years of service and, in the case of employees in the cash balance formula plan, the applicable annual interest crediting rates. Effective January 1, 2014, all new UA represented employees hired or rehired receive annual pay credits of 4.0% of eligible pay each year in the cash balance formula of the defined pension plan. Effective January 1, 2014 for non-represented employees, and December 12, 2014 for employees represented by the IBEW, newly hired or rehired employees receive annual employer contributions of 4.0% of eligible play each year into the cash balance formula of the defined benefit pension or 401k plan account. PSE also has a non-qualified Supplemental Executive Retirement Plan (SERP) for certain key senior management employees that closed to new participants in 2019. Effective 2019, PSE has an officer restoration benefit for new officers who join PSE or are promoted, such that company contributions under PSE’s applicable tax-qualified plan, which otherwise would have been credited if not for IRS limitations, are credited at 4.0% of earnings to an account with the Deferred Compensation Plan.
In addition to providing pension benefits, PSE provides legacy group health care and life insurance benefits (Other Benefits) for certain retired employees. These benefits are provided principally through an insurance company. The insurance premiums, paid primarily by retirees, are based on the benefits provided during the prior year. On June 11, 2019, the Company's Welfare Benefits Committee approved the termination of the Plan effective December 31, 2019, and the creation of a Retiree Health Reimbursement Account (HRA) Plan effective January 1, 2020.
Puget Energy's retirement plans were remeasured as a result of the merger in 2009, which represents the difference between Puget Energy and PSE's retirement plans. The components of service cost are included within utility operations and maintenance for PSE and within non-utility expense and other for Puget Energy while all non-service cost components are included in other income.
The following tables summarize the Company’s change in benefit obligation, change in plan assets and amounts recognized in the Statements of Financial Position for the years ended December 31, 2022, and 2021:
Puget Energy and
Puget Sound Energy		Qualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212022202120222021
Change in benefit obligation:
Benefit obligation at beginning of period$834,960 $849,383 $43,155 $46,742 $11,654 $12,114 
Amendments— — — — 38 205 
Service cost26,351 26,888 557 456 217 155 
Interest cost24,263 22,381 1,253 1,183 311 302 
Actuarial loss (gain)(215,005)(6,826)(5,260)828 (2,397)(514)
Benefits paid(80,226)(55,831)(7,659)(6,054)(808)(803)
Medicare part D subsidy received— — — — — 195 
Administrative expense(1,065)(1,035)— — — — 
Benefit obligation at end of period$589,278 $834,960 $32,046 $43,155 $9,015 $11,654 

Puget Energy and
Puget Sound Energy		Qualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212022202120222021
Change in plan assets:
Fair value of plan assets at beginning of period$898,550 $834,655 $— $— $6,341 $5,918 
Actual return on plan assets(176,537)102,787 — — (550)1,005 
Employer contribution18,000 18,000 7,659 6,054 207 222 
Benefits paid(80,226)(55,831)(7,659)(6,054)(808)(804)
Administrative expense(1,254)(1,061)— — — — 
Fair value of plan assets at end of period$658,533 $898,550 $— $— $5,190 $6,341 
Funded status at end of period$69,255 $63,590 $(32,046)$(43,155)$(3,825)$(5,313)

Puget Energy and
Puget Sound Energy		Qualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212022202120222021
Amounts recognized in Consolidated Balance Sheet consist of:
Noncurrent assets$69,255 $63,590 $— $— $— $— 
Current liabilities— — (3,532)(2,822)(252)(280)
Noncurrent liabilities— — (28,514)(40,333)(3,573)(5,033)
Net assets (liabilities)$69,255 $63,590 $(32,046)$(43,155)$(3,825)$(5,313)

Puget Energy and
Puget Sound Energy		Qualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212022202120222021
Change in plan obligation and plan asset:
Projected benefit obligation$589,278 $834,960 $32,046 $43,155 $9,015 $11,654 
Accumulated benefit obligation582,538 823,418 29,763 40,773 8,929 11,549 
Fair value of plan assets658,533 898,550 — — 5,190 6,341 
The following tables summarize Puget Energy's and PSE's pension benefit amounts recognized in accumulated other comprehensive income (AOCI) for the years ended December 31, 2022, and 2021:
Puget EnergyQualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212022202120222021
Amounts recognized in Accumulated Other Comprehensive Income consist of:
Net loss (gain)$31,213 $24,859 $1,563 $9,571 $(1,964)$(525)
Prior service cost (credit)— — 289 578 259 242 
Total$31,213 $24,859 $1,852 $10,149 $(1,705)$(283)

Puget Sound EnergyQualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212022202120222021
Amounts recognized in Accumulated Other Comprehensive Income consist of:
Net loss (gain)$124,767 $127,111 $1,864 $10,103 $(2,056)$(622)
Prior service cost (credit)— — 289 578 258 242 
Total$124,767 $127,111 $2,153 $10,681 $(1,798)$(380)

The following tables summarize Puget Energy's and PSE's net periodic benefit cost for the years ended December 31, 2022, 2021, and 2020.
Puget EnergyQualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212020202220212020202220212020
Components of net periodic benefit cost:
Service cost$26,351 $26,888 $24,337 $557 $456 $756 $217 $155 $190 
Interest cost24,263 22,381 25,180 1,253 1,183 1,464 311 302 368 
Expected return on plan assets(51,014)(48,239)(49,902)— — — (379)(355)(389)
Amortization of prior service cost (credit)— (1,904)(1,980)289 349 349 22 6 — 
Amortization of net loss (gain)6,381 11,803 8,160 2,471 2,165 2,122 (29)(39)(82)
Net periodic benefit cost$5,981 $10,929 $5,795 $4,570 $4,153 $4,691 $142 $69 $87 
Puget Sound EnergyQualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212020202220212020202220212020
Components of net periodic benefit cost:
Service cost$26,351 $26,888 $24,337 $557 $456 $756 $217 $155 $190 
Interest cost24,263 22,381 25,180 1,253 1,183 1,464 311 302 368 
Expected return on plan assets(51,016)(48,242)(49,910)— — — (379)(355)(389)
Amortization of prior service cost (credit)— (1,513)(1,573)289 349 349 22 6 — 
Amortization of net loss (gain)15,080 21,862 19,043 2,648 2,344 2,385 (35)(52)(137)
Net periodic benefit cost$14,678 $21,376 $17,077 $4,747 $4,332 $4,954 $136 $56 $32 


The following tables summarize Puget Energy's and PSE's benefit obligations recognized in other comprehensive income (OCI) for the years ended December 31, 2022, and 2021:
Puget EnergyQualified
Pension Benefits		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212022202120222021
Other changes (pre-tax) in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)$12,735 $(61,348)$(5,260)$828 $(1,468)$(1,164)
Amortization of net (loss) gain(6,381)(11,803)(2,471)(2,164)29 39 
Settlements, mergers, sales, and closures— — (277)(830)— — 
Prior service cost (credit)— — — — 38 205 
Amortization of prior service (cost) credit— 1,904 (289)(349)(22)(6)
Total change in other comprehensive income for year$6,354 $(71,247)$(8,297)$(2,515)$(1,423)$(926)

Puget Sound EnergyQualified
Pension Benefit		SERP
Pension Benefits		Other
Benefits
(Dollars in Thousands)202220212022202120222021
Other changes (pre-tax) in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)$12,736 $(61,345)$(5,260)$828 $(1,468)$(1,164)
Amortization of net (loss) gain(15,080)(21,862)(2,648)(2,343)35 53 
Settlements, mergers, sales, and closures— — (331)(886)— — 
Prior service cost (credit)— — — — 38 205 
Amortization of prior service (cost) credit— 1,513 (289)(349)(22)(6)
Total change in other comprehensive income for year$(2,344)$(81,694)$(8,528)$(2,750)$(1,417)$(912)

The aggregate expected contributions by the Company to fund the qualified pension plan, SERP and the other postretirement plans for the year ending December 31, 2023, are expected to be at least $18.0 million, $3.5 million and $0.3 million, respectively.
Assumptions
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:202220212020202220212020202220212020
Discount rate5.60 %3.00 %2.70 %5.60 %3.00 %2.70 %5.60 %3.00 %2.70 %
Rate of compensation increase4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 
Interest crediting rate4.00 4.00 4.00 N/AN/AN/AN/AN/AN/A
Benefit Cost Assumptions:
Discount rate3.00 2.70 3.35 3.00 2.70 3.35 3.00 2.70 3.35 
Return on plan assets6.50 6.50 7.15 — — — 7.00 7.00 7.00 
Rate of compensation increase4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 
Interest crediting rate4.00 4.00 4.00 N/AN/AN/AN/AN/AN/A

The Company has selected the expected return on plan assets based on a historical analysis of rates of return and the Company’s investment mix, market conditions, inflation and other factors.  The expected rate of return is reviewed annually based on these factors.  The Company’s accounting policy for calculating the market-related value of assets for the Company’s retirement plan is based on a five-year smoothing of asset gains (losses) measured from the expected return on market-related assets.  This is a calculated value that recognizes changes in fair value in a systematic and rational manner over five years.  The same manner of calculating market-related value is used for all classes of assets, and is applied consistently from year to year.
Puget Energy’s pension and other postretirement benefits income or costs depend on several factors and assumptions, including plan design, timing and amount of cash contributions to the plan, earnings on plan assets, discount rate, expected long-term rate of return, and mortality trends.  Changes in any of these factors or assumptions will affect the amount of income or expense that Puget Energy records in its financial statements in future years and its projected benefit obligation.  Puget Energy has selected an expected return on plan assets based on a historical analysis of rates of return and Puget Energy’s investment mix, market conditions, inflation and other factors.  As required by merger accounting rules, market-related value was reset to market value effective with the merger.
The discount rates were determined by using market interest rate data and the weighted-average discount rate from the FTSE Pension Discount Curve (formerly known as the Citigroup Pension Liability Index Curve).  The Company also takes into account in determining the discount rate the expected changes in market interest rates and anticipated changes in the duration of the plan liabilities. The Company's projected benefit obligation for pension plans experienced an actuarial gain of $215.0 million in 2022. This is primarily due to the increase in the discount rate used in measuring the benefit obligation.

Plan Benefits
The expected total benefits to be paid during the next five years and the aggregate total to be paid for the five years thereafter are as follows:
(Dollars in Thousands)202320242025202620272028-2032
Qualified Pension total benefits$46,500 $47,800 $48,700 $49,900 $50,700 $260,700 
SERP Pension total benefits3,532 1,844 7,634 2,271 10,956 7,479 
Other Benefits total 912 890 881 879 854 3,829 
Plan Assets
Plan contributions and the actuarial present value of accumulated plan benefits are prepared based on certain assumptions pertaining to interest rates, inflation rates and employee demographics, all of which are subject to change.  Due to uncertainties inherent in the estimations and assumptions process, changes in these estimates and assumptions in the near term may be material to the financial statements.
The Company has a Retirement Plan Committee that establishes investment policies, objectives and strategies designed to balance expected return with a prudent level of risk.  All changes to the investment policies are reviewed and approved by the Retirement Plan Committee prior to being implemented.
The Retirement Plan Committee invests trust assets with investment managers who have historically achieved above-median long-term investment performance within the risk and asset allocation limits that have been established.  Interim evaluations are routinely performed with the assistance of an outside investment consultant.  
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 ClassMinimumTargetMaximum
Domestic large cap equity25 %31 %40 %
Domestic small cap equity— 9 15 
Non-U.S. equity10 25 30 
Fixed income25 35 40 
Real estate— — 10 
Cash— — 5 

Plan Fair Value Measurements
ASC 715, “Compensation – Retirement Benefits” (ASC 715) directs companies to provide additional disclosures about plan assets of a defined benefit pension or other postretirement plan.  The objectives of the disclosures are to disclose the following: (i) how investment allocation decisions are made, including the factors that are pertinent to an understanding of investment policies and strategies; (ii) major categories of plan assets; (iii) inputs and valuation techniques used to measure the fair value of plan assets; (iv) effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets for the period; and (v) significant concentrations of risk within plan assets.
ASC 820 allows the reporting entity, as a practical expedient, to measure the fair value of investments that do not have readily determinable fair values on the basis of the net asset value per share of the investment if the net asset value of the investment is calculated in a matter consistent with ASC 946, “Financial Services – Investment Companies”.  The standard requires disclosures about the nature and risk of the investments and whether the investments are probable of being sold at amounts different from the net asset value per share.
The following table sets forth by level, within the fair value hierarchy, the qualified pension plan as of December 31, 2022, and 2021:
Recurring Fair Value MeasuresRecurring Fair Value Measures
December 31, 2022December 31, 2021
(Dollars in Thousands)Level 1Level 2OtherTotalLevel 1Level 2OtherTotal
Assets:
Common Stock:
Domestic
$175,969 $298 $— $176,267 $249,021 $99 $— $249,120 
Foreign
17,767 — — 17,767 25,963 — — 25,963 
Government Securities61,693 8,828 — 70,521 65,266 2,470 — 67,736 
Corporate Securities:
Domestic
— 16,005 — 16,005 — 12,820 — 12,820 
Foreign
— 6,525 — 6,525 — 5,239 — 5,239 
Cash and cash equivalents4,678 (632)— 4,046 3,638 (540)— 3,098 
Investments measured at NAV:
Collective Investment Funds— — 262,910 262,910 — — 359,861 359,861 
Partnership— — 86,827 86,827 — — 115,570 115,570 
Mutual Funds— — 46,005 46,005 — — 80,724 80,724 
Other— — 846 846 — — 1,434 1,434 
Net (payable) receivable— — (29,186)(29,186)— — (23,015)(23,015)
Total assets$260,107 $31,024 $367,402 $658,533 $343,888 $20,088 $534,574 $898,550 

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:
Recurring Fair Value MeasuresRecurring Fair Value Measures
December 31, 2022December 31, 2021
(Dollars in Thousands)Level 1Level 2OtherTotalLevel 1Level 2OtherTotal
Assets:
Money Markets$— $— $— $— $4 $— $— $4 
Mutual fund— 5,190 — 5,190 — 6,337 — 6,337 
Net (payable) receivable— — — — — — — — 
Total assets$— $5,190 $— $5,190 $4 $6,337 $— $6,341 

The following discussion provides information regarding the methods used in valuation of the various asset class investments held for the pension and other postretirement benefit plans.
•Mutual funds classified as Level 1 securities have pricing inputs that are based on unadjusted prices in an active market. Principal markets for equity prices include published exchanges such as NASDAQ and New York Stock Exchange (NYSE). Mutual fund assets not included in the fair value hierarchy are privately held funds. These funds are not actively traded and utilize net asset value (NAV) as a practical expedient to measure fair value.
•Common stock investments are traded in active markets on national and international securities exchanges and are valued at closing prices on the last business day of each period presented. They are classified as Level 1 securities.
•Corporate and some government debt securities are valued using pricing models maximizing the use of observable inputs for similar securities. This includes basing value on yields currently available on comparable securities of issuers with similar credit ratings. Some government debt securities have quoted prices such as certain treasury securities and are classified as Level 1 securities.
•Cash and cash equivalents comprise mostly of money market funds and foreign currency held. Money market funds are classified as Level 1 instruments as pricing inputs are based on unadjusted prices in an active market while foreign currency held is classified as a Level 2 investment based on inputs that are indirectly observable.
•Investments in collective trust funds and partnerships are stated at the NAV as determined by the issuer of fund and are based on the fair value of the underlying investments held by the fund less its liabilities. The NAV is used as a practical expedient to estimate fair value. These funds are primarily invested in a blend of corporate and government debt securities as well as international equities.