Company Quick10K Filing
Puget Energy
Price-0.01 EPS298,795
Shares0 P/E-0
MCap-0 P/FCF-0
Net Debt170 EBIT63
TEV170 TEV/EBIT3
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-21
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-01 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-02
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-03
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-05
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-10
10-K 2012-03-05 Filed 2012-03-05
10-Q 2011-11-09 Filed 2011-11-09
10-Q 2011-07-28 Filed 2011-07-29
10-Q 2011-05-11 Filed 2011-05-11
10-K 2011-03-04 Filed 2011-03-07
10-Q 2010-11-02 Filed 2010-11-03
10-Q 2010-08-12 Filed 2010-08-13
10-Q 2010-05-04 Filed 2010-05-05
10-K 2010-02-25 Filed 2010-02-26
8-K 2020-05-14
8-K 2020-03-06
8-K 2020-01-02
8-K 2019-07-01
8-K 2019-07-01
8-K 2019-04-17
8-K 2018-10-01
8-K 2018-01-18
8-K 2018-01-11

PSD 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-12.1 pe-20200331x10qxexhibi.htm
EX-12.2 pe-20200331x10qxexhibi2.htm
EX-21.1 pe-20200331x10qxexhibi10.htm
EX-21.2 pe-20200331x10qxexhibi8.htm
EX-23.1 pe-20200331x10qxexhibi1.htm
EX-31.1 pe-20200331x10qxexhibi5.htm
EX-31.2 pe-20200331x10qxexhibi3.htm
EX-31.3 pe-20200331x10qxexhibi6.htm
EX-31.4 pe-20200331x10qxexhibi4.htm
EX-32.1 pe-20200331x10qxexhibi9.htm
EX-32.2 pe-20200331x10qxexhibi7.htm

Puget Energy Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
1.20.90.70.40.2-0.12012201420172020
Rev, G Profit, Net Income
0.50.30.20.0-0.1-0.32012201420172020
Ops, Inv, Fin

psd-20200331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020
OR
[  ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from ________ to ________
Commission File NumberExact name of registrant as specified in its charter, state of incorporation,
address of principal executive offices, telephone number
I.R.S.
Employer
Identification
Number
psd-20200331_g1.jpg
1-16305
PUGET ENERGY, INC.
A Washington Corporation
355 110th Ave NE
Bellevue, Washington 98004
(425) 454-6363
91-1969407
psd-20200331_g2.jpg
1-4393
PUGET SOUND ENERGY, INC.
A Washington Corporation
355 110th Ave NE
Bellevue, Washington 98004
(425) 454-6363
91-0374630
Securities Registered pursuant to Section 12(b) of the Securities Exchange Act of 1934
Title of each classTrading Symbol(s)Name of each exchange on which registered
N/AN/AN/A

Indicate by check mark whether the registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.
Puget Energy, Inc.Yes/X/No/  / Puget Sound Energy, Inc.Yes/X/No/  /
Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Puget Energy, Inc.Yes/X/No/  / Puget Sound Energy, Inc.Yes/X/No/  /
Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See the definitions of “large accelerated filer", "accelerated filer," a smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Puget Energy, Inc.Large accelerated filer/  /Accelerated filer/  /Non-accelerated filer/X/Smaller reporting company/  /Emerging growth company/  /
Puget Sound Energy, Inc.Large accelerated filer/  /Accelerated filer/  /Non-accelerated filer/X/Smaller reporting company/  /Emerging growth company/  /
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. / /

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Puget Energy, Inc.Yes/  /No/X/Puget Sound Energy, Inc.Yes/  /No/X/
All of the outstanding shares of voting stock of Puget Energy, Inc. are held by Puget Equico LLC, an indirect wholly-owned subsidiary of Puget Holdings LLC.  All of the outstanding shares of voting stock of Puget Sound Energy, Inc. are held by Puget Energy, Inc.



Table of Contents

Page
  
 Puget Energy, Inc.
 
 
 
  
 Puget Sound Energy, Inc.
 
 
 
  
 Notes
 
  
  
  
  
  
  
  
 

2


DEFINITIONS

AROAsset Retirement and Environmental Obligations
ASUAccounting Standards Update
ASCAccounting Standards Codification
EBITDAEarnings Before Interest, Tax, Depreciation and Amortization
EIMEnergy Imbalance Market
ERFExpedited Rate Filing
FASBFinancial Accounting Standards Board
GAAPU.S. Generally Accepted Accounting Principles
GRCGeneral Rate Case
ISDAInternational Swaps and Derivatives Association
LIBORLondon Interbank Offered Rate
LNGLiquefied Natural Gas
MMBtuOne Million British Thermal Units
MWhMegawatt Hour (one MWh equals one thousand kWh)
NAESBNorth American Energy Standards Board
NPNSNormal Purchase Normal Sale
PCAPower Cost Adjustment
PCORCPower Cost Only Rate Case
PGAPurchased Gas Adjustment
PTCProduction Tax Credit
PSEPuget Sound Energy, Inc.
Puget EnergyPuget Energy, Inc.
Puget HoldingsPuget Holdings, LLC
Puget LNGPuget Liquid Natural Gas, LLC
REPResidential Exchange Program
SERPSupplemental Executive Retirement Plan
TCJATax Cuts and Jobs Act
Washington CommissionWashington Utilities and Transportation Commission
WSPPWSPP, Inc.


3


FILING FORMAT
This report on Form 10-Q is a Quarterly Report filed separately by two registrants, Puget Energy, Inc. (Puget Energy) and Puget Sound Energy, Inc. (PSE).  Any references in this report to “the Company” are to Puget Energy and PSE collectively.

FORWARD-LOOKING STATEMENTS
Puget Energy and PSE include the following cautionary statements in this Form 10-Q to make applicable and to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by or on behalf of Puget Energy or PSE.  This report includes forward-looking statements, which are statements of expectations, beliefs, plans, objectives and assumptions of future events or performance.  Words or phrases such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “future,” “intends,” “may,” “might,” “plans,” “potential,” “predicts,” “projects,” “should,” “will likely result,” “will continue” or similar expressions are intended to identify certain of these forward-looking statements and may be included in discussion of, among other things, our anticipated operating or financial performance, business plans and prospects, planned capital expenditures and other future expectations. In particular, these include statements relating to future actions, business plans and prospects, future performance expenses, the outcome of contingencies, such as legal proceedings, government regulation and financial results.
Forward-looking statements reflect current expectations and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed.  There can be no assurance that Puget Energy’s and PSE’s expectations, beliefs or projections will be achieved or accomplished.  
In addition to other factors and matters discussed elsewhere in this report, some important risks that could cause actual results or outcomes for Puget Energy and PSE to differ materially from past results and those discussed in the forward-looking statements include:
Governmental policies and regulatory actions, including those of the Federal Energy Regulatory Commission (FERC) and the Washington Utilities and Transportation Commission (Washington Commission), that may affect our ability to recover costs and earn a reasonable return, including but not limited to disallowance or delays in the recovery of capital investments and operating costs and discretion over allowed return on investment;
Changes in, adoption of and compliance with laws and regulations, including decisions and policies concerning the environment, climate change, greenhouse gas or other emissions or by products of electric generation (including coal ash or other substances), natural resources, and fish and wildlife (including the Endangered Species Act) as well as the risk of litigation arising from such matters, whether involving public or private claimants or regulatory investigative or enforcement measures;
Changes in tax law, related regulations or differing interpretation, or enforcement of applicable law by the Internal Revenue Service (IRS) or other taxing jurisdiction; and PSE's ability to recover costs in a timely manner arising from such changes;
Inability to realize deferred tax assets and use production tax credits (PTCs) due to insufficient future taxable income;
Accidents or natural disasters, such as hurricanes, windstorms, earthquakes, floods, fires and landslides, and other acts of God, terrorism, asset-based or cyber-based attacks, pandemic or similar significant events, which can interrupt service and lead to lost revenue, cause temporary supply disruptions and/or price spikes in the cost of fuel and raw materials and impose extraordinary costs;
The impact of widespread health developments, including the recent global coronavirus (COVID–19) pandemic, and responses to such developments (such as voluntary and mandatory quarantines, including government stay at home orders, as well as shut downs and other restrictions on travel, commercial, social and other activities) could materially and adversely affect, among other things, electric and natural gas demand, customers’ ability to pay, supply chains, availability of skilled work-force, contract counterparties, liquidity and financial markets;


Commodity price risks associated with procuring natural gas and power in wholesale markets from creditworthy counterparties;
Wholesale market disruption, which may result in a deterioration of market liquidity, increase the risk of counterparty default, affect the regulatory and legislative process in unpredictable ways, negatively affect wholesale energy prices and/or impede PSE's ability to manage its energy portfolio risks and procure energy supply, affect the availability and access to capital and credit markets and/or impact delivery of energy to PSE from its suppliers;
Financial difficulties of other energy companies and related events, which may affect the regulatory and legislative process in unpredictable ways, adversely affect the availability of and access to capital and credit markets and/or impact delivery of energy to PSE from its suppliers;
The effect of wholesale market structures (including, but not limited to, regional market designs or transmission organizations) or other related federal initiatives;
PSE electric or natural gas distribution system failure, blackouts or large curtailments of transmission systems (whether PSE's or others'), or failure of the interstate natural gas pipeline delivering to PSE's system, all of which can affect PSE's ability to deliver power or natural gas to its customers and generating facilities;
Electric plant generation and transmission system outages, which can have an adverse impact on PSE's expenses with respect to repair costs, added costs to replace energy or higher costs associated with dispatching a more expensive generation resource;
The ability to restart generation following a regional transmission disruption;
The ability of a natural gas or electric plant to operate as intended;
Changes in climate or weather conditions in the Pacific Northwest, which could have effects on customer usage and PSE's revenue and expenses;
Regional or national weather, which could impact PSE's ability to procure adequate supplies of natural gas, fuel or purchased power to serve its customers and the cost of procuring such supplies;
Variable hydrological conditions, which can impact streamflow and PSE's ability to generate electricity from hydroelectric facilities;
Variable wind conditions, which can impact PSE's ability to generate electricity from wind facilities;
The ability to renew contracts for electric and natural gas supply and the price of renewal;
Industrial, commercial and residential growth and demographic patterns in the service territories of PSE;
General economic conditions in the Pacific Northwest, which may impact customer consumption or affect PSE's accounts receivable;
The loss of significant customers, changes in the business of significant customers or the condemnation of PSE's facilities as a result of municipalization or other government action or negotiated settlement, which may result in changes in demand for PSE's services;
The failure of information systems or the failure to secure information system data, which may impact the operations and cost of PSE's customer service, generation, distribution and transmission;
Opposition and social activism that may hinder PSE's ability to perform work or construct infrastructure;
Capital market conditions, including changes in the availability of capital and interest rate fluctuations;
Employee workforce factors including strikes; work stoppages; absences due to pandemics, accidents, natural disasters or other significant, unforeseeable events; availability of qualified employees or the loss of a key executive;
The ability to obtain insurance coverage, the availability of insurance for certain specific losses, and the cost of such insurance;
The ability to maintain effective internal controls over financial reporting and operational processes;
Changes in Puget Energy's or PSE's credit ratings, which may have an adverse impact on the availability and cost of capital for Puget Energy or PSE generally; and
Deteriorating values of the equity, fixed income and other markets which could significantly impact the value of investments of PSE's retirement plan, post-retirement medical benefit plan trusts and the funding of obligations thereunder.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.  New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.  For further information, see Item 1A, “Risk Factors” in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2019.

5


PART I                    FINANCIAL INFORMATION

Item 1.                      Financial Statements

PUGET ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands)
(Unaudited)



Three Months Ended
March 31,
20202019
Operating revenue:
Electric$669,090  $798,928  
Natural Gas371,031304,668
Other6,00911,243
Total operating revenue1,046,130  1,114,839  
Operating expenses:
Energy costs:
Purchased electricity165,742270,702
Electric generation fuel63,62477,199
Residential exchange(24,634)(25,163)
Purchased natural gas154,87699,387
Unrealized (gain) loss on derivative instruments, net48,541(15,187)
Utility operations and maintenance154,922157,955
Non-utility expense and other12,96213,757
Depreciation & Amortization164,816180,697
Conservation amortization27,39333,286
Taxes other than income taxes105,504108,746
Total operating expenses873,746  901,379  
Operating income(loss)172,384213,460
Other income (expense):
Other income14,05913,564
Other expense(2,282)(1,776)
Interest charges:
AFUDC3,6433,350
Interest expense(88,884)(88,016)
Income (loss) before income taxes98,920140,582
Income tax (benefit) expense3,9848,428
Net income (loss)$94,936  $132,154  

The accompanying notes are an integral part of the financial statements.
6


PUGET ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
(Unaudited)


Three Months Ended
March 31,
 20202019
Net income (loss)$94,936  $132,154  
Other comprehensive income (loss):
Net unrealized gain (loss) from pension and postretirement plans, net of tax of $1,373 and $25, respectively
5,17092
Other comprehensive income (loss)5,17092
Comprehensive income (loss)$100,106  $132,246  

The accompanying notes are an integral part of the financial statements.
7



PUGET ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)



ASSETS
March 31, 2020December 31, 2019
Utility plant (at original cost, including construction work in progress of $649,600 and $591,199 respectively):
Electric plant$8,916,451  $8,811,889  
Natural gas plant4,000,428  3,916,040  
Common plant1,104,162  1,096,649  
Less: Accumulated depreciation and amortization(3,355,008) (3,236,240) 
Net utility plant10,666,033  10,588,338  
Other property and investments:
Goodwill1,656,5131,656,513
Other property and investments285,262286,975
Total other property and investments1,941,775  1,943,488  
Current assets:
Cash and cash equivalents10,61445,259
Restricted cash31,38820,887
Accounts receivable, net of allowance for doubtful accounts of $9,814 and $8,294, respectively
320,525316,352
Unbilled revenue196,364224,657
Materials and supplies, at average cost114,612115,684
Fuel and natural gas inventory, at average cost37,58652,083
Unrealized gain on derivative instruments14,90623,626
Prepaid expense and other27,25327,504
Power contract acquisition adjustment gain10,7699,067
Total current assets764,017  835,119  
Other long-term and regulatory assets:
Power cost adjustment mechanism46,27841,745
Purchased gas adjustment receivable91,337132,766
Regulatory assets related to power contracts13,73114,146
Other regulatory assets665,927673,021
Unrealized gain on derivative instruments3,7187,682
Power contract acquisition adjustment gain91,295147,530
Operating lease right-of-use asset180,188183,048
Other89,66592,980
Total other long-term and regulatory assets1,182,1391,292,918
Total assets$14,553,964  $14,659,863  

The accompanying notes are an integral part of the financial statements.


PUGET ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)



CAPITALIZATION AND LIABILITIES
March 31, 2020December 31, 2019
Capitalization
Common shareholder’s equity:
Common stock $0.01 par value, 1,000 shares authorized, 200 shares outstanding
$  $  
Additional paid-in capital3,308,957  3,308,957  
Retained earnings847,782  775,491  
Accumulated other comprehensive income (loss), net of tax(78,979) (84,149) 
Total common shareholder’s equity4,077,760  4,000,299  
Long-term debt:
First mortgage bonds and senior notes4,212,0004,212,000
Pollution control bonds161,860161,860
Long-term debt1,765,5001,758,100
Debt discount issuance costs and other(208,542)(211,635)
Total long-term debt5,930,8185,920,325
Total capitalization10,008,578  9,920,624  
Current liabilities:
Accounts payable279,048325,913
Short-term debt76,000176,000
Current maturities of long-term debt452,412452,412
Accrued expenses:
Taxes121,15799,979
Salaries and wages32,85350,091
Interest80,00174,855
Unrealized loss on derivative instruments41,70913,428
Power contract acquisition adjustment loss2,3322,418
Operating lease liabilities16,18315,862
Other111,538107,809
Total current liabilities1,213,233  1,318,767  
Other long-term and regulatory liabilities:
Deferred income taxes841,871824,720
Unrealized loss on derivative instruments29,50612,693
Regulatory liabilities705,212730,879
Regulatory liability for deferred income taxes939,004946,179
Regulatory liabilities related to power contracts102,064156,597
Power contract acquisition adjustment loss11,39911,728
Operating lease liabilities170,638174,327
Other deferred credits532,459563,349
Total long-term and regulatory liabilities3,332,1533,420,472
Commitments and contingencies (Note 8)
Total capitalization and liabilities$14,553,964  $14,659,863  

The accompanying notes are an integral part of the financial statements.
9


PUGET ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER’S EQUITY
(Dollars in Thousands)
(Unaudited)

Common StockAdditional Accumulated Other
SharesAmountPaid-in capitalRetained EarningsComprehensive Income (Loss)Total Equity
Balance at December 31, 2018200$  $3,308,957  $629,003  $(77,202) $3,860,758  
Net income (loss)132,154132,154
Common stock dividend paid(35,994)(35,994)
Other comprehensive income (loss)9292
Balance at March 31, 2019200$  $3,308,957  $725,163  $(77,110) $3,957,010  
Balance at December 31, 2019200$  $3,308,957  $775,491  $(84,149) $4,000,299  
Net income (loss)94,93694,936
Common stock dividend paid(22,645)(22,645)
Other comprehensive income (loss)5,1705,170
Balance at March 31, 2020200$  $3,308,957  $847,782  $(78,979) $4,077,760  

The accompanying notes are an integral part of the consolidated financial statements.


10



PUGET ENERGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in Thousands)
(Unaudited)
Three Months Ended
March 31,
20202019
Operating activities:
Net Income (loss)$94,936  $132,154  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization164,816180,697
Conservation amortization27,39333,286
Deferred income taxes and tax credits, net8,60211,401
Net unrealized (gain) loss on derivative instruments48,541(15,187)
AFUDC - equity(5,603)(3,597)
Production tax credit utilization(23,543)(27,131)
Other non-cash(6,075)3,722
Regulatory assets and liabilities(16,865)(15,838)
Purchased gas adjustment41,429(137,092)
Other long term assets and liabilities(27,016)(13,463)
Change in certain current assets and liabilities:
Accounts receivable and unbilled revenue24,120(24,413)
Materials and supplies1,072(4,063)
Fuel and natural gas inventory14,49713,190
Prepayments and other251(5,964)
Purchased gas adjustment9,921
Accounts payable(45,236)45,827
Taxes payable21,17811,140
Other(11,126)3,607
Net cash provided by (used in) operating activities311,371  198,197  
Investing activities:
Construction expenditures - excluding equity AFUDC(223,707)(227,807)
Other(233)264
Net cash provided by (used in) investing activities(223,940) (227,543) 
Financing activities:
Change in short-term debt, net(100,000)52,703
Dividends paid(22,645)(35,994)
Proceeds from long-term debt and bonds issued7,40013,400
Other3,6706,714
Net cash provided by (used in) financing activities(111,575)36,823
Net increase (decrease) in cash, cash equivalents, and restricted cash(24,144)7,477
Cash, cash equivalents, and restricted cash at beginning of period66,14655,562
Cash, cash equivalents, and restricted cash at end of period$42,002  $63,039  
Supplemental cash flow information:
Cash payments for interest (net of capitalized interest)$78,636  $46,036  
Non-cash financing and investing activities:
Accounts payable for capital expenditures eliminated from cash flows$56,699  $77,400  

The accompanying notes are an integral part of the financial statements.


11



PUGET SOUND ENERGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in Thousands)
(Unaudited)


Three Months Ended
March 31,
20202019
Operating revenue:
Electric$669,090  $798,928  
Natural Gas371,031304,668
Other6,00911,243
Total operating revenue1,046,1301,114,839
Operating expenses:
Energy costs:
Purchased electricity165,742270,702
Electric generation fuel63,62477,199
Residential exchange(24,634)(25,163)
Purchased natural gas154,87699,387
Unrealized (gain) loss on derivative instruments, net48,541(15,187)
Utility operations and maintenance154,922157,955
Non-utility expense and other12,73513,077
Depreciation & Amortization164,771180,678
Conservation amortization27,39333,286
Taxes other than income taxes105,504108,746
Total operating expenses873,474900,680
Operating income(loss)172,656214,159
Other income (expense):
Other income11,28310,549
Other expense(2,282)(1,776)
Interest charges:
AFUDC3,6433,350
Interest expense(60,714)(60,150)
Income (loss) before income taxes124,586166,132
Income tax (benefit) expense13,26518,830
Net income (loss)$111,321  $147,302  


The accompanying notes are an integral part of the financial statements.
12



PUGET SOUND ENERGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Dollars in Thousands)
(Unaudited)


Three Months Ended
March 31,
 20202019
Net income (loss)$111,321  $147,302  
Other comprehensive income(loss):
Net unrealized gain (loss) from pension and postretirement plans, net of tax of $2,047 and $668, respectively
7,7102,510
Amortization of treasury interest rate swaps to earnings, net of tax of $26 and $26, respectively
9696
Other comprehensive income (loss)7,8062,606
Comprehensive income (loss)$119,127  $149,908  

The accompanying notes are an integral part of the financial statements.
13


PUGET SOUND ENERGY, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands)
(Unaudited)



ASSETS
March 31, 2020December 31, 2019
Utility plant (at original cost, including construction work in progress of $649,600 and $591,199 respectively):
Electric plant$10,768,636  $10,671,328  
Natural Gas plant4,561,810  4,478,048  
Common plant1,128,888  1,121,568  
Less:  Accumulated depreciation and amortization(5,793,301) (5,682,606) 
Net utility plant10,666,033  10,588,338  
Other property and investments:
Other property and investments80,929  81,112  
Total other property and investments80,929  81,112  
Current assets:
Cash and cash equivalents9,433  44,004  
Restricted cash31,388  20,887  
Accounts receivable, net of allowance for doubtful accounts of $9,814 and $8,294, respectively
321,630  319,229  
Unbilled revenue196,364  224,657  
Materials and supplies, at average cost114,612  115,684  
Fuel and natural gas inventory, at average cost36,321  50,818  
Unrealized gain on derivative instruments14,906  23,626