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Retirement benefits (Tables)

6 Months Ended

Jun. 30, 2021

Retirement Benefits [Abstract]

Schedule of components of net periodic benefit cost for consolidated HEI

The components of net periodic pension costs (NPPC) and net periodic benefit costs (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
						2021						2020						2021						2020						2021						2020						2021						2020
(in thousands)
HEI consolidated
Service cost						$	20,465					$	18,362					$	705					$	631					$	40,929					$	36,725					$	1,410					$	1,262
Interest cost						18,800						20,164						1,569						1,856						37,601						40,327						3,138						3,711
Expected return on plan assets						(33,068)						(28,465)						(3,232)						(3,039)						(66,135)						(56,931)						(6,465)						(6,077)
Amortization of net prior period (gain)/cost						—						2						(384)						(441)						—						5						(767)						(881)
Amortization of net actuarial losses1						8,431						8,058						44						51						9,987						16,115						298						101
Net periodic pension/benefit cost (return)						14,628						18,121						(1,298)						(942)						22,382						36,241						(2,386)						(1,884)
Impact of PUC D&Os						5,513						6,261						1,176						777						16,680						12,523						2,146						1,554
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)						$	20,141					$	24,382					$	(122)					$	(165)					$	39,062					$	48,764					$	(240)					$	(330)
Hawaiian Electric consolidated
Service cost						$	19,993					$	17,891					$	698					$	625					$	39,987					$	35,782					$	1,397					$	1,251
Interest cost						17,531						18,715						1,504						1,781						35,062						37,430						3,008						3,563
Expected return on plan assets						(31,367)						(26,857)						(3,182)						(2,990)						(62,735)						(53,712)						(6,364)						(5,980)
Amortization of net prior period (gain)/cost						—						3						(382)						(439)						—						5						(765)						(879)
Amortization of net actuarial losses1						8,212						7,369						43						51						10,771						14,737						293						102
Net periodic pension/benefit cost (return)						14,369						17,121						(1,319)						(972)						23,085						34,242						(2,431)						(1,943)
Impact of PUC D&Os						5,513						6,261						1,176						777						16,680						12,523						2,146						1,554
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)						$	19,882					$	23,382					$	(143)					$	(195)					$	39,765					$	46,765					$	(285)					$	(389)

1 Six months ended June 30, 2021 amounts include the one-time cumulative impact of the change in accounting principle for the plans’ fixed income securities from the calculated market-related value method to the fair value method, which was recorded in the first quarter of 2021.

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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