Retirement benefits (Tables)

9 Months Ended

Sep. 30, 2021

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 September 30								Nine months ended September 30
	Pension benefits				Other benefits				Pension benefits				Other benefits
	2021		2020		2021		2020		2021		2020		2021		2020
(in thousands)
HEI consolidated
Service cost	$	20,102	$	18,341	$	711	$	641	$	61,031	$	55,066	$	2,121	$	1,903
Interest cost	18,896		20,660		1,459		1,842		56,497		60,987		4,597		5,553
Expected return on plan assets	(33,022)		(28,422)		(3,252)		(3,023)		(99,157)		(85,353)		(9,717)		(9,100)
Amortization of net prior period (gain)/cost	—		2		(383)		(474)		—		7		(1,150)		(1,355)
Amortization of net actuarial (gain)/losses1	10,112		8,944		(140)		53		20,099		25,059		158		154
Net periodic pension/benefit cost (return)	16,088		19,525		(1,605)		(961)		38,470		55,766		(3,991)		(2,845)
Impact of PUC D&Os	4,292		4,976		1,483		835		20,972		17,499		3,629		2,389
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	$	20,380	$	24,501	$	(122)	$	(126)	$	59,442	$	73,265	$	(362)	$	(456)
Hawaiian Electric consolidated
Service cost	$	19,610	$	17,921	$	704	$	635	$	59,597	$	53,703	$	2,101	$	1,886
Interest cost	17,614		19,183		1,398		1,764		52,676		56,613		4,406		5,327
Expected return on plan assets	(31,318)		(26,815)		(3,202)		(2,986)		(94,053)		(80,527)		(9,566)		(8,966)
Amortization of net prior period (gain)/cost	—		1		(383)		(474)		—		6		(1,148)		(1,353)
Amortization of net actuarial (gain)/losses1	9,880		8,188		(138)		53		20,651		22,925		155		155
Net periodic pension/benefit cost (return)	15,786		18,478		(1,621)		(1,008)		38,871		52,720		(4,052)		(2,951)
Impact of PUC D&Os	4,292		4,976		1,483		835		20,972		17,499		3,629		2,389
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	$	20,078	$	23,454	$	(138)	$	(173)	$	59,843	$	70,219	$	(423)	$	(562)

1 Nine months ended September 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.