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Retirement benefits | 6 Months Ended
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Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract] |
Retirement benefits | Retirement benefits Defined benefit pension and other postretirement benefit plans information. For the first six months of 2017, the Company contributed $33 million (nearly all by the Utilities) to its pension and other postretirement benefit plans, compared to $33 million ($32 million by the Utilities) in the first six months of 2016. The Company’s current estimate of contributions to its pension and other postretirement benefit plans in 2017 is $67 million ($66 million by the Utilities, $1 million by HEI and nil by ASB), compared to $65 million ($64 million by the Utilities, $1 million by HEI and nil by ASB) in 2016. In addition, the Company expects to pay directly $2 million ($1 million by the Utilities) of benefits in 2017, compared to $2 million ($1 million by the Utilities) paid in 2016. The components of NPPC and NPBC for HEI consolidated and Hawaiian Electric consolidated were as follows:
|  | Three months ended June 30 |  | Six months ended June 30
|  | Pension benefits |  | Other benefits |  | Pension benefits |  | Other benefits
(in thousands) |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016
HEI consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 15,870 |  |  | $ | 14,913 |  |  | $ | 847 |  |  | $ | 832 |  |  | $ | 32,364 |  |  | $ | 30,304 |  |  | $ | 1,687 |  |  | $ | 1,668 |
Interest cost |  | 20,361 |  |  | 20,481 |  |  | 2,315 |  |  | 2,363 |  |  | 40,577 |  |  | 40,758 |  |  | 4,726 |  |  | 4,837 |
Expected return on plan assets |  | (25,646 | ) |  | (24,616 | ) |  | (3,104 | ) |  | (3,091 | ) |  | (51,367 | ) |  | (49,280 | ) |  | (6,170 | ) |  | (6,143 | )
Amortization of net prior service gain |  | (13 | ) |  | (14 | ) |  | (448 | ) |  | (448 | ) |  | (27 | ) |  | (28 | ) |  | (897 | ) |  | (896 | )
Amortization of net actuarial loss |  | 6,707 |  |  | 6,408 |  |  | 199 |  |  | 116 |  |  | 13,220 |  |  | 12,377 |  |  | 565 |  |  | 403 |
Net periodic pension/benefit cost |  | 17,279 |  |  | 17,172 |  |  | (191 | ) |  | (228 | ) |  | 34,767 |  |  | 34,131 |  |  | (89 | ) |  | (131 | )
Impact of PUC D&Os |  | (4,867 | ) |  | (4,765 | ) |  | 527 |  |  | 483 |  |  | (10,023 | ) |  | (8,811 | ) |  | 673 |  |  | 672 |
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) |  | $ | 12,412 |  |  | $ | 12,407 |  |  | $ | 336 |  |  | $ | 255 |  |  | $ | 24,744 |  |  | $ | 25,320 |  |  | $ | 584 |  |  | $ | 541 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 15,436 |  |  | $ | 14,465 |  |  | $ | 841 |  |  | $ | 820 |  |  | $ | 31,530 |  |  | $ | 29,398 |  |  | $ | 1,676 |  |  | $ | 1,642 |
Interest cost |  | 18,726 |  |  | 18,801 |  |  | 2,231 |  |  | 2,280 |  |  | 37,315 |  |  | 37,404 |  |  | 4,558 |  |  | 4,669 |
Expected return on plan assets |  | (23,935 | ) |  | (22,885 | ) |  | (3,056 | ) |  | (3,046 | ) |  | (47,946 | ) |  | (45,817 | ) |  | (6,073 | ) |  | (6,049 | )
Amortization of net prior service loss (gain) |  | 2 |  |  | 3 |  |  | (451 | ) |  | (451 | ) |  | 4 |  |  | 7 |  |  | (902 | ) |  | (902 | )
Amortization of net actuarial loss |  | 6,190 |  |  | 5,885 |  |  | 192 |  |  | 113 |  |  | 12,196 |  |  | 11,346 |  |  | 551 |  |  | 397 |
Net periodic pension/benefit cost |  | 16,419 |  |  | 16,269 |  |  | (243 | ) |  | (284 | ) |  | 33,099 |  |  | 32,338 |  |  | (190 | ) |  | (243 | )
Impact of PUC D&Os |  | (4,867 | ) |  | (4,765 | ) |  | 527 |  |  | 483 |  |  | (10,023 | ) |  | (8,811 | ) |  | 673 |  |  | 672 |
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) |  | $ | 11,552 |  |  | $ | 11,504 |  |  | $ | 284 |  |  | $ | 199 |  |  | $ | 23,076 |  |  | $ | 23,527 |  |  | $ | 483 |  |  | $ | 429 |
HEI consolidated recorded retirement benefits expense of $17 million ($15 million by the Utilities) and $18 million ($16 million by the Utilities) in the first six months of 2017 and 2016, respectively, and charged the remaining net periodic benefit cost primarily to electric utility plant. The Utilities have implemented pension and OPEB tracking mechanisms under which all of their retirement benefit expenses (except for executive life and nonqualified pension plan expenses) determined in accordance with GAAP are recovered over time. Under the tracking mechanisms, these retirement benefit costs that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will be amortized over 5 years beginning with the issuance of the PUC’s D&O in the respective utility’s next rate case. Defined contribution plans information. For the first six months of 2017 and 2016, the Company’s expenses for its defined contribution pension plans under the Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) and the ASB 401(k) Plan were $3.3 million and $2.8 million, respectively, and cash contributions were $4.0 million and $3.7 million, respectively. For the first six months of 2017 and 2016, the Utilities’ expenses for its defined contribution pension plan under the HEIRSP were $1.0 million and $0.8 million, respectively, and cash contributions were $1.0 million and $0.8 million, respectively.

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