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Retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract] |
Schedule of changes in the obligations and assets of the Company's retirement benefit plans and the changes in AOCI (gross) and the funded status | The changes in the obligations and assets of the Company’s and Utilities' retirement benefit plans and the changes in AOCI (gross) for 2014 and 2013 and the funded status of these plans and amounts related to these plans reflected in the Company’s and Utilities' consolidated balance sheet as of December 31, 2014 and 2013 were as follows:
| 2014 |  | 2013
(in thousands) | Pension benefits |  | Other benefits |  | Pension benefits |  | Other benefits
HEI consolidated |  |  |  |  |  |  |
Benefit obligation, January 1 | $ | 1,446,291 |  |  | $ | 176,099 |  |  | $ | 1,590,304 |  |  | $ | 194,135 |
Service cost | 49,264 |  |  | 3,490 |  |  | 56,405 |  |  | 4,306 |
Interest cost | 72,202 |  |  | 8,550 |  |  | 64,788 |  |  | 7,569 |
Actuarial losses (gains) | 342,446 |  |  | 39,098 |  |  | (203,302 | ) |  | (21,743 | )
Benefits paid and expenses | (62,975 | ) |  | (8,028 | ) |  | (61,904 | ) |  | (8,168 | )
Benefit obligation, December 31 | 1,847,228 |  |  | 219,209 |  |  | 1,446,291 |  |  | 176,099 |
Fair value of plan assets, January 1 | 1,186,669 |  |  | 179,330 |  |  | 971,314 |  |  | 156,731 |
Actual return on plan assets | 81,123 |  |  | 9,149 |  |  | 194,130 |  |  | 29,164 |
Employer contributions | 60,103 |  |  | (257 | ) |  | 82,083 |  |  | 954 |
Benefits paid and expenses | (61,835 | ) |  | (7,890 | ) |  | (60,858 | ) |  | (7,519 | )
Fair value of plan assets, December 31 | 1,266,060 |  |  | 180,332 |  |  | 1,186,669 |  |  | 179,330 |
Accrued benefit asset (liability), December 31 | $ | (581,168 | ) |  | $ | (38,877 | ) |  | $ | (259,622 | ) |  | $ | 3,231 |
Other assets | $ | 12,800 |  |  | $ | — |  |  | $ | 24,948 |  |  | $ | 7,200 |
Defined benefit pension and other postretirement benefit plans liability | (593,968 | ) |  | (38,877 | ) |  | (284,570 | ) |  | (3,969 | )
Accrued benefit asset (liability), December 31 | $ | (581,168 | ) |  | $ | (38,877 | ) |  | $ | (259,622 | ) |  | $ | 3,231 |
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) | $ | 317,544 |  |  | $ | (21,722 | ) |  | $ | 680,781 |  |  | $ | 18,846 |
Recognized during year – net recognized transition obligation | — |  |  | — |  |  | — |  |  | — |
Recognized during year – prior service credit (cost) | (88 | ) |  | 1,793 |  |  | 97 |  |  | 1,793 |
Recognized during year – net actuarial losses | (20,304 | ) |  | 11 |  |  | (38,438 | ) |  | (1,602 | )
Occurring during year – net actuarial losses (gains) | 342,679 |  |  | 40,851 |  |  | (324,896 | ) |  | (40,759 | )
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 639,831 |  |  | 20,933 |  |  | 317,544 |  |  | (21,722 | )
Cumulative impact of PUC D&Os | (592,291 | ) |  | (22,975 | ) |  | (294,266 | ) |  | 19,206 |
AOCI debit/(credit), December 31 | $ | 47,540 |  |  | $ | (2,042 | ) |  | $ | 23,278 |  |  | $ | (2,516 | )
Net actuarial loss (gain) | $ | 640,015 |  |  | $ | 35,022 |  |  | $ | 317,639 |  |  | $ | (5,840 | )
Prior service gain | (184 | ) |  | (14,089 | ) |  | (95 | ) |  | (15,882 | )
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 639,831 |  |  | 20,933 |  |  | 317,544 |  |  | (21,722 | )
Cumulative impact of PUC D&Os | (592,291 | ) |  | (22,975 | ) |  | (294,266 | ) |  | 19,206 |
AOCI debit/(credit), December 31 | 47,540 |  |  | (2,042 | ) |  | 23,278 |  |  | (2,516 | )
Income taxes (benefits) | (18,742 | ) |  | 795 |  |  | (9,180 | ) |  | 980 |
AOCI debit/(credit), net of taxes (benefits), December 31 | $ | 28,798 |  |  | $ | (1,247 | ) |  | $ | 14,098 |  |  | $ | (1,536 | )
| 2014 |  | 2013
(in thousands) | Pension benefits |  | Other benefits |  | Pension benefits |  | Other benefits
Hawaiian Electric consolidated |  |  |  |  |  |  |
Benefit obligation, January 1 | $ | 1,320,810 |  |  | $ | 169,579 |  |  | $ | 1,449,445 |  |  | $ | 187,110 |
Service cost | 47,597 |  |  | 3,392 |  |  | 54,482 |  |  | 4,163 |
Interest cost | 65,979 |  |  | 8,234 |  |  | 59,119 |  |  | 7,288 |
Actuarial losses (gains) | 314,210 |  |  | 38,488 |  |  | (185,185 | ) |  | (20,900 | )
Benefits paid and expenses | (57,819 | ) |  | (7,933 | ) |  | (57,051 | ) |  | (8,082 | )
Benefit obligation, December 31 | 1,690,777 |  |  | 211,760 |  |  | 1,320,810 |  |  | 169,579 |
Fair value of plan assets, January 1 | 1,058,260 |  |  | 176,291 |  |  | 861,778 |  |  | 154,186 |
Actual return on plan assets | 69,242 |  |  | 9,036 |  |  | 172,822 |  |  | 28,700 |
Employer contributions | 58,948 |  |  | (274 | ) |  | 80,325 |  |  | 839 |
Benefits paid and expenses | (57,445 | ) |  | (7,797 | ) |  | (56,665 | ) |  | (7,434 | )
Fair value of plan assets, December 31 | 1,129,005 |  |  | 177,256 |  |  | 1,058,260 |  |  | 176,291 |
Accrued benefit asset (liability), December 31 | $ | (561,772 | ) |  | $ | (34,504 | ) |  | $ | (262,550 | ) |  | $ | 6,712 |
Other assets | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 7,200 |
Other liabilities (short-term) | (421 | ) |  | (460 | ) |  | (388 | ) |  | (488 | )
Defined benefit pension and other postretirement benefit plans liability | (561,351 | ) |  | (34,044 | ) |  | (262,162 | ) |  | — |
Accrued benefit asset (liability), December 31 | $ | (561,772 | ) |  | $ | (34,504 | ) |  | $ | (262,550 | ) |  | $ | 6,712 |
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) | $ | 295,973 |  |  | $ | (21,907 | ) |  | $ | 623,588 |  |  | $ | 17,432 |
Recognized during year – net recognized transition asset | — |  |  | — |  |  | — |  |  | — |
Recognized during year – prior service credit (cost) | (62 | ) |  | 1,804 |  |  | 464 |  |  | 1,803 |
Recognized during year – net actuarial losses | (18,459 | ) |  | — |  |  | (34,597 | ) |  | (1,544 | )
Occurring during year – net actuarial losses (gains) | 317,651 |  |  | 40,193 |  |  | (293,482 | ) |  | (39,598 | )
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 595,103 |  |  | 20,090 |  |  | 295,973 |  |  | (21,907 | )
Cumulative impact of PUC D&Os | (592,291 | ) |  | (22,975 | ) |  | (294,266 | ) |  | 19,206 |
AOCI debit/(credit), December 31 | $ | 2,812 |  |  | $ | (2,885 | ) |  | $ | 1,707 |  |  | $ | (2,701 | )
Net actuarial loss (gain) | $ | 595,017 |  |  | $ | 34,192 |  |  | $ | 295,825 |  |  | $ | (6,001 | )
Prior service cost (gain) | 86 |  |  | (14,102 | ) |  | 148 |  |  | (15,906 | )
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 595,103 |  |  | 20,090 |  |  | 295,973 |  |  | (21,907 | )
Cumulative impact of PUC D&Os | (592,291 | ) |  | (22,975 | ) |  | (294,266 | ) |  | 19,206 |
AOCI debit/(credit), December 31 | 2,812 |  |  | (2,885 | ) |  | 1,707 |  |  | (2,701 | )
Income taxes (benefits) | (1,094 | ) |  | 1,122 |  |  | (664 | ) |  | 1,050 |
AOCI debit/(credit), net of taxes (benefits), December 31 | $ | 1,718 |  |  | $ | (1,763 | ) |  | $ | 1,043 |  |  | $ | (1,651 | )
Schedule of weighted-average asset allocation of defined benefit retirement plans | The asset allocation of defined benefit retirement plans to equity and fixed income securities managers and related investment policy targets and ranges were as follows:
| Pension benefits 1 |  | Other benefits 2
|  |  |  |  | Investment policy |  |  |  |  |  | Investment policy
December 31 | 2014 |  |  | 2013 |  |  | Target |  |  | Range |  | 2014 |  |  | 2013 |  |  | Target |  |  | Range
Assets held by category |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities managers | 73 | % |  | 73 | % |  | 70 | % |  | 65-75 |  | 72 | % |  | 74 | % |  | 70 | % |  | 65-75
Fixed income securities managers | 27 |  |  | 27 |  |  | 30 |  |  | 25-35 |  | 28 |  |  | 26 |  |  | 30 |  |  | 25-35
| 100 | % |  | 100 | % |  | 100 | % |  |  |  | 100 | % |  | 100 | % |  | 100 | % |  |
Schedule of weighted-average assumptions used in accounting for plans | The following weighted-average assumptions were used in the accounting for the plans:
| Pension benefits |  | Other benefits
December 31 | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
Benefit obligation |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.22 | % |  | 5.09 | % |  | 4.13 | % |  | 4.17 | % |  | 5.03 | % |  | 4.07 | %
Rate of compensation increase | 3.5 |  |  | 3.5 |  |  | 3.5 |  |  | NA |  |  | NA |  |  | NA |
Net periodic benefit cost (years ended) |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.09 |  |  | 4.13 |  |  | 5.19 |  |  | 5.03 |  |  | 4.07 |  |  | 4.90 |
Expected return on plan assets | 7.75 |  |  | 7.75 |  |  | 7.75 |  |  | 7.75 |  |  | 7.75 |  |  | 7.75 |
Rate of compensation increase | 3.5 |  |  | 3.5 |  |  | 3.5 |  |  | NA |  |  | NA |  |  | NA |
NA Not applicable
Schedule of components of net periodic benefit cost for consolidated HEI | The components of NPBC were as follows:
| Pension benefits |  | Other benefits
(in thousands) | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012
HEI consolidated |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 49,264 |  |  | $ | 56,405 |  |  | $ | 43,221 |  |  | $ | 3,490 |  |  | $ | 4,306 |  |  | $ | 4,211 |
Interest cost | 72,202 |  |  | 64,788 |  |  | 67,480 |  |  | 8,550 |  |  | 7,569 |  |  | 9,009 |
Expected return on plan assets | (81,355 | ) |  | (72,537 | ) |  | (71,183 | ) |  | (10,902 | ) |  | (10,147 | ) |  | (10,336 | )
Amortization of net transition obligation | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Amortization of net prior service (gain) cost | 88 |  |  | (97 | ) |  | (325 | ) |  | (1,793 | ) |  | (1,793 | ) |  | (1,793 | )
Amortization of net actuarial loss (gains) | 20,304 |  |  | 38,438 |  |  | 25,675 |  |  | (11 | ) |  | 1,602 |  |  | 1,498 |
Net periodic benefit cost | 60,503 |  |  | 86,997 |  |  | 64,869 |  |  | (666 | ) |  | 1,537 |  |  | 2,589 |
Impact of PUC D&Os | (13,324 | ) |  | (38,104 | ) |  | (15,754 | ) |  | 1,976 |  |  | (1,458 | ) |  | (2,227 | )
Net periodic benefit cost (adjusted for impact of PUC D&Os) | 47,179 |  |  | 48,893 |  |  | 49,115 |  |  | 1,310 |  |  | 79 |  |  | 362 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 47,597 |  |  | $ | 54,482 |  |  | $ | 41,603 |  |  | $ | 3,392 |  |  | $ | 4,163 |  |  | $ | 4,014 |
Interest cost | 65,979 |  |  | 59,119 |  |  | 61,453 |  |  | 8,234 |  |  | 7,288 |  |  | 8,703 |
Expected return on plan assets | (72,661 | ) |  | (64,551 | ) |  | (64,004 | ) |  | (10,739 | ) |  | (10,002 | ) |  | (10,195 | )
Amortization of net transition obligation | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9 | )
Amortization of net prior service (gain) cost | 62 |  |  | (464 | ) |  | (689 | ) |  | (1,804 | ) |  | (1,803 | ) |  | (1,803 | )
Amortization of net actuarial loss | 18,459 |  |  | 34,597 |  |  | 23,428 |  |  | — |  |  | 1,544 |  |  | 1,455 |
Net periodic benefit cost | 59,436 |  |  | 83,183 |  |  | 61,791 |  |  | (917 | ) |  | 1,190 |  |  | 2,165 |
Impact of PUC D&Os | (13,324 | ) |  | (38,104 | ) |  | (15,754 | ) |  | 1,976 |  |  | (1,458 | ) |  | (2,227 | )
Net periodic benefit cost (adjusted for impact of PUC D&Os) | $ | 46,112 |  |  | $ | 45,079 |  |  | $ | 46,037 |  |  | $ | 1,059 |  |  | $ | (268 | ) |  | $ | (62 | )
Schedule of amounts in accumulated other comprehensive Income (loss) to be recognized over next fiscal year | The estimated prior service credit, net actuarial loss and net transition obligation for defined benefit plans that will be amortized from AOCI or regulatory assets into net periodic benefit cost during 2015 is as follows:
| HEI consolidated |  | Hawaiian Electric consolidated
(in millions) | Pension benefits |  | Other benefits |  | Pension benefits |  | Other benefits
Estimated prior service cost (credit) | $ | — |  |  | $ | (1.8 | ) |  | $ | — |  |  | $ | (1.8 | )
Net actuarial loss | 35.8 |  |  | 1.7 |  |  | 32.4 |  |  | 1.7 |
Net transition obligation | — |  |  | — |  |  | — |  |  | — |

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