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SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PUGET ENERGY
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule I: Condensed Financial Information of Puget Energy
SCHEDULE I:  CONDENSED FINANCIAL INFORMATION OF PUGET ENERGY

Puget Energy
Condensed Statements of Income and Comprehensive Income (Loss)
(Dollars in Thousands)
Year Ended December 31,
202220212020
Non-utility expense and other$(1,206)$(913)$(1,579)
Other income (deductions):
Equity in earnings of subsidiary474,873 337,405 277,654 
Interest income8,458 4,261 4,760 
Interest expense(84,051)(100,002)(123,592)
Income tax benefit (expense)16,271 20,098 25,474 
Net income (loss)$414,345 $260,849 $182,717 
Comprehensive income (loss)$417,003 $319,854 $180,429 

See accompanying notes to the condensed financial statements.
Puget Energy
Condensed Balance Sheets
(Dollars in Thousands)
December 31,
20222021
Assets:
        Investment in subsidiaries$4,938,998 $4,446,758 
Other property and investments:
       Goodwill1,656,5131,656,513
Current assets:
       Cash1,5286,386
       Receivables from affiliates1
246,317233,258
       Income tax receivables5326,006
Total current assets248,377 245,650
Long-term assets:
       Deferred income taxes231,976250,820
       Other3,370984
Total long-term assets235,346251,804
Total assets$7,079,234 $6,600,725 
Capitalization and liabilities:
       Common equity$4,964,089 $4,563,316 
       Long-term debt2,020,734 1,571,287
Total capitalization6,984,823 6,134,603 
Current liabilities:
        Accounts payable to affiliates1
133147
Short-term debt84,300—
 Current maturities of long-term debt—450,000
        Interest9,97815,975
Total current liabilities94,411 466,122 
Commitments and contingencies (Note 16)
Total capitalization and liabilities$7,079,234 $6,600,725 
_______________
1 Eliminated in consolidation.


See accompanying notes to the condensed financial statements.
Puget Energy
Condensed Statements of Cash Flows
(Dollars in Thousands)
Year Ended December 31,
202220212020
Operating activities:
Net cash provided by (used in) operating activities$(10,197)$143,691 $38,280 
Investing activities:
Investment in subsidiaries(50,000)(21,783)— 
(Increase) decrease in loan to subsidiary(12,176)— (31,043)
Net cash provided by (used in) investing activities(62,176)(21,783)(31,043)
Financing activities:
Dividends paid(16,230)(106,420)(45,421)
Investment from Parent— 210,000 4,575 
Change in short-term debts, net84,300 — — 
Issuance of long-term debts448,075 515,475 644,690 
Redemption of long-term debts(450,000)(734,000)(609,400)
Issue costs and others1,370 (1,367)(1,838)
Net cash provided by (used in) by financing activities67,515 (116,312)(7,394)
Increase (decrease) in cash(4,858)5,596 (157)
Cash at beginning of year6,386 790 947 
Cash at end of year$1,528 $6,386 $790 

See accompanying notes to the condensed financial statements.
NOTES TO CONDENSED FINANCIAL STATEMENTS

(1) Basis of Presentation

Puget Energy is an energy services holding company that conducts substantially all of its business operations through its regulated subsidiary, PSE. Puget Energy also has a wholly-owned non-regulated subsidiary, named Puget LNG, LLC (Puget LNG). Puget LNG was formed in November 2016, and has the sole purpose of owning, developing and financing the non-regulated activity of a liquefied natural gas (LNG) facility at the Port of Tacoma, Washington. These condensed financial statements and related footnotes have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X. These financial statements, in which Puget Energy’s subsidiaries have been included using the equity method, should be read in conjunction with the consolidated financial statements and notes thereto of Puget Energy included in Item 8, "Financial Statements and Supplementary Data" of this report. Puget Energy owns 100% of the common stock of its subsidiaries.
Equity earnings of subsidiary included earnings from PSE and PLNG of $473.8 million, $335.0 million and $274.3 million for the years ended December 31, 2022, 2021, and 2020, respectively, and business combination accounting adjustments under ASC 805 recorded at Puget Energy for PSE of $1.0 million, $2.4 million and $3.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. Investment in subsidiaries includes Puget Energy business combination accounting adjustments under ASC 805 that are recorded at Puget Energy.

(2) Long-Term Debt

For information concerning Puget Energy’s long-term debt obligations, see Note 7, "Long-Term Debt" to the consolidated financial statements included in Item 8 of this report.

(3) Commitments and Contingencies

For information concerning Puget Energy’s material contingencies and guarantees, see Note 16, "Commitments and Contingencies" to the consolidated financial statements included in Item 8 of this report.