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Retirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [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 2021 and 2020 and the funded status of these plans and amounts related to these plans reflected in the Company’s and Utilities’ consolidated balance sheets as of December 31, 2021 and 2020 were as follows:
| 2021 |  | 2020
(in thousands) | Pension benefits |  | Other benefits |  | Pension benefits |  | Other benefits
HEI consolidated |  |  |  |  |  |  |
Benefit obligation, January 1 | $ | 2,624,530 |  |  | $ | 226,421 |  |  | $ | 2,278,283 |  |  | $ | 215,639 |
Service cost | 81,432 |  |  | 2,827 |  |  | 73,387 |  |  | 2,537 |
Interest cost | 75,361 |  |  | 6,122 |  |  | 81,335 |  |  | 7,407 |
Actuarial (gains) losses | (43,300) |  |  | (8,527) |  |  | 275,973 |  |  | 9,785 |
Participants contributions | — |  |  | 2,943 |  |  | — |  |  | 2,768 |
Benefits paid and expenses | (93,384) |  |  | (11,635) |  |  | (84,448) |  |  | (11,715) |
Benefit obligation, December 31 | 2,644,639 |  |  | 218,151 |  |  | 2,624,530 |  |  | 226,421 |
Fair value of plan assets, January 1 | 2,089,491 |  |  | 219,873 |  |  | 1,799,200 |  |  | 200,831 |
Actual return on plan assets | 271,443 |  |  | 28,130 |  |  | 302,566 |  |  | 27,678 |
Employer contributions | 51,777 |  |  | — |  |  | 70,844 |  |  | — |
Participants contributions | — |  |  | 2,943 |  |  | — |  |  | 2,768 |
Benefits paid and expenses | (91,966) |  |  | (11,635) |  |  | (83,119) |  |  | (11,404) |
Fair value of plan assets, December 31 | 2,320,745 |  |  | 239,311 |  |  | 2,089,491 |  |  | 219,873 |
Accrued benefit asset (liability), December 31 | $ | (323,894) |  |  | $ | 21,160 |  |  | $ | (535,039) |  |  | $ | (6,548) |
Other assets | $ | 23,675 |  |  | $ | 21,663 |  |  | $ | 25,851 |  |  | $ | — |
Defined benefit pension and other postretirement benefit plans liability | (347,569) |  |  | (503) |  |  | (560,890) |  |  | (6,548) |
Accrued benefit asset (liability), December 31 | $ | (323,894) |  |  | $ | 21,160 |  |  | $ | (535,039) |  |  | $ | (6,548) |
AOCI debit, January 1 (excluding impact of PUC D&Os) | $ | 557,564 |  |  | $ | 2,395 |  |  | $ | 503,821 |  |  | $ | 6,610 |
Recognized during year – prior service credit (cost) | — |  |  | 1,533 |  |  | (8) |  |  | 1,761 |
Recognized during year – net actuarial loss | (27,245) |  |  | (203) |  |  | (33,456) |  |  | (208) |
Occurring during year – net actuarial loss (gain) | (182,520) |  |  | (23,700) |  |  | 87,207 |  |  | (5,768) |
AOCI debit before cumulative impact of PUC D&Os, December 31 | 347,799 |  |  | (19,975) |  |  | 557,564 |  |  | 2,395 |
Cumulative impact of PUC D&Os | (324,162) |  |  | 19,166 |  |  | (534,594) |  |  | (1,177) |
AOCI debit/(credit), December 31 | $ | 23,637 |  |  | $ | (809) |  |  | $ | 22,970 |  |  | $ | 1,218 |
Net actuarial loss (gain) | $ | 347,799 |  |  | $ | (18,172) |  |  | $ | 557,564 |  |  | $ | 5,731 |
Prior service gain | — |  |  | (1,803) |  |  | — |  |  | (3,336) |
AOCI debit before cumulative impact of PUC D&Os, December 31 | 347,799 |  |  | (19,975) |  |  | 557,564 |  |  | 2,395 |
Cumulative impact of PUC D&Os | (324,162) |  |  | 19,166 |  |  | (534,594) |  |  | (1,177) |
AOCI debit/(credit), December 31 | 23,637 |  |  | (809) |  |  | 22,970 |  |  | 1,218 |
Income taxes (benefits) | (6,199) |  |  | 209 |  |  | (5,988) |  |  | (313) |
AOCI debit/(credit), net of taxes (benefits), December 31 | $ | 17,438 |  |  | $ | (600) |  |  | $ | 16,982 |  |  | $ | 905 |
As shown in the table above, as of December 31, 2021, the other postretirement benefit plans with APBOs in excess of plan assets are unfunded plans, and as of December 31, 2020, all of the other postretirement benefit plans had APBOs in excess of plan assets.
| 2021 |  | 2020
(in thousands) | Pension benefits |  | Other benefits |  | Pension benefits |  | Other benefits
Hawaiian Electric consolidated |  |  |  |  |  |  |
Benefit obligation, January 1 | $ | 2,440,758 |  |  | $ | 217,074 |  |  | $ | 2,110,904 |  |  | $ | 207,073 |
Service cost | 79,463 |  |  | 2,802 |  |  | 71,604 |  |  | 2,515 |
Interest cost | 70,235 |  |  | 5,875 |  |  | 75,484 |  |  | 7,103 |
Actuarial (gains) losses | (39,755) |  |  | (7,779) |  |  | 260,102 |  |  | 9,151 |
Participants contributions | — |  |  | 2,886 |  |  | — |  |  | 2,717 |
Benefits paid and expenses | (85,425) |  |  | (11,388) |  |  | (77,336) |  |  | (11,485) |
Transfers | (332) |  |  | — |  |  | — |  |  | — |
Benefit obligation, December 31 | 2,464,944 |  |  | 209,470 |  |  | 2,440,758 |  |  | 217,074 |
Fair value of plan assets, January 1 | 1,909,730 |  |  | 216,315 |  |  | 1,640,417 |  |  | 197,564 |
Actual return on plan assets | 266,922 |  |  | 27,712 |  |  | 276,453 |  |  | 27,207 |
Employer contributions | 51,079 |  |  | — |  |  | 69,720 |  |  | — |
Participants contributions | — |  |  | 2,886 |  |  | — |  |  | 2,717 |
Benefits paid and expenses | (84,852) |  |  | (11,388) |  |  | (76,860) |  |  | (11,173) |
Other | (262) |  |  | — |  |  | — |  |  | — |
Fair value of plan assets, December 31 | 2,142,617 |  |  | 235,525 |  |  | 1,909,730 |  |  | 216,315 |
Accrued benefit asset (liability), December 31 | $ | (322,327) |  |  | $ | 26,055 |  |  | $ | (531,028) |  |  | $ | (759) |
Other assets | $ | — |  |  | $ | 26,055 |  |  | $ | — |  |  | $ | — |
Other liabilities (short-term) | (547) |  |  | — |  |  | (535) |  |  | (720) |
Defined benefit pension and other postretirement benefit plans liability | (321,780) |  |  | — |  |  | (530,493) |  |  | (39) |
Accrued benefit asset (liability), December 31 | $ | (322,327) |  |  | $ | 26,055 |  |  | $ | (531,028) |  |  | $ | (759) |
AOCI debit, January 1 (excluding impact of PUC D&Os) | $ | 538,521 |  |  | $ | 1,181 |  |  | $ | 478,078 |  |  | $ | 5,730 |
Recognized during year – prior service credit (cost) | — |  |  | 1,530 |  |  | (9) |  |  | 1,758 |
Recognized during year – net actuarial loss | (27,534) |  |  | (206) |  |  | (30,566) |  |  | (207) |
Occurring during year – net actuarial loss (gain) | (181,342) |  |  | (22,736) |  |  | 91,018 |  |  | (6,100) |
AOCI debit before cumulative impact of PUC D&Os, December 31 | 329,645 |  |  | (20,231) |  |  | 538,521 |  |  | 1,181 |
Cumulative impact of PUC D&Os | (324,162) |  |  | 19,166 |  |  | (534,594) |  |  | (1,177) |
AOCI debit/(credit), December 31 | $ | 5,483 |  |  | $ | (1,065) |  |  | $ | 3,927 |  |  | $ | 4 |
Net actuarial loss (gain) | $ | 329,645 |  |  | $ | (18,434) |  |  | $ | 538,521 |  |  | $ | 4,508 |
Prior service gain | — |  |  | (1,797) |  |  | — |  |  | (3,327) |
AOCI debit before cumulative impact of PUC D&Os, December 31 | 329,645 |  |  | (20,231) |  |  | 538,521 |  |  | 1,181 |
Cumulative impact of PUC D&Os | (324,162) |  |  | 19,166 |  |  | (534,594) |  |  | (1,177) |
AOCI debit/(credit), December 31 | 5,483 |  |  | (1,065) |  |  | 3,927 |  |  | 4 |
Income taxes (benefits) | (1,412) |  |  | 274 |  |  | (1,011) |  |  | (1) |
AOCI debit/(credit), net of taxes (benefits), December 31 | $ | 4,071 |  |  | $ | (791) |  |  | $ | 2,916 |  |  | $ | 3 |
Schedule of asset allocation of plan assets | The asset allocation of defined benefit retirement plans to equity and fixed income securities (excluding cash) and related investment policy targets and ranges were as follows:
| Pension benefits 1 |  | Other benefits 2
|  |  |  |  | Investment policy |  |  |  |  |  | Investment policy
December 31 | 2021 |  | 2020 |  | Target |  | Range 3 |  | 2021 |  | 2020 |  | Target |  | Range 3
Assets held by category |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equity securities | 59 | % |  | 58 | % |  | 52 | % |  | 45-65% |  | 58 | % |  | 57 | % |  | 52 | % |  | 45-65%
Non-U.S equity securities | 13 |  |  | 14 |  |  | 15 |  |  | 5-25% |  | 15 |  |  | 16 |  |  | 15 |  |  | 5-25%
Fixed income securities | 27 |  |  | 28 |  |  | 30 |  |  | 20-40% |  | 27 |  |  | 27 |  |  | 30 |  |  | 20-40%
Private equity | 1 |  |  | — |  |  | 3 |  |  | 0-5% |  | — |  |  | — |  |  | 3 |  |  | 0-5%
| 100 | % |  | 100 | % |  | 100 | % |  |  |  | 100 | % |  | 100 | % |  | 100 | % |  |
1 Asset allocation (excluding cash) is applicable to only HEI and the Utilities. As of December 31, 2021 and 2020, nearly all of ASB’s pension assets were invested in fixed income securities. 2 Asset allocation (excluding cash) is applicable to only HEI and the Utilities. ASB does not fund its other benefits. 3 Broad range for equity securities is a minimum of 60% and a maximum of 80% for pension benefits and other benefits. The fair values of the investments shown in the tables below represent the Company’s best estimates of the amounts that would be received upon sale of those assets in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset at the measurement date, the fair value measurement reflects the Company’s judgments about the assumptions that market participants would use in pricing the asset. Those judgments are developed by the Company based on the best information available in the circumstances. The Company used the following valuation methodologies for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2021 and 2020. Equity securities equity index and exchange-traded funds, U.S. Treasury fixed income securities and public mutual funds (Level 1). Equity securities, equity index and exchange-traded funds, U.S. Treasury fixed income securities and public mutual funds are valued at the closing price reported on the active market on which the individual securities or funds are traded. Fixed income securities, preferred securities (Level 2). Fixed income and preferred securities, other than those issued by the U.S. Treasury, are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Assets held in various trusts for the retirement benefit plans are measured at fair value on a recurring basis and were as follows:
| Pension benefits |  | Other benefits
|  |  | Fair value measurements using |  |  |  | Fair value measurements using
(in millions) | December 31 |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  |  |  | December 31 |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equity securities | $ | 432 |  |  | $ | 431 |  |  | $ | 1 |  |  |  |  | $ | 53 |  |  | $ | 53 |  |  | $ | — |  |  |
Non-U.S. equity securities | 188 |  |  | 188 |  |  | — |  |  |  |  | 24 |  |  | 24 |  |  | — |  |  |
U.S. equity index and exchange-traded funds | 830 |  |  | 830 |  |  | — |  |  |  |  | 84 |  |  | 84 |  |  | — |  |  |
Non-U.S. equity investments at net asset value (NAV) | 96 |  |  | — |  |  | — |  |  |  |  | 12 |  |  | — |  |  | — |  |  |
Total equity investments | 1,546 |  |  | 1,449 |  |  | 1 |  |  |  |  | 173 |  |  | 161 |  |  | — |  |  |
Fixed income securities and public mutual funds | 393 |  |  | 146 |  |  | 247 |  |  |  |  | 58 |  |  | 56 |  |  | 2 |  |  |
Fixed income investments at NAV | 307 |  |  | — |  |  | — |  |  |  |  | 5 |  |  | — |  |  | — |  |  |
Total fixed income investments | 700 |  |  | 146 |  |  | 247 |  |  |  |  | 63 |  |  | 56 |  |  | 2 |  |  |
Private equity at NAV | 22 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  |
Cash equivalents, fund and at NAV | 50 |  |  | 15 |  |  | — |  |  |  |  | 3 |  |  | 3 |  |  | — |  |  |
Total | 2,318 |  |  | $ | 1,610 |  |  | $ | 248 |  |  |  |  | 239 |  |  | $ | 220 |  |  | $ | 2 |  |  |
Cash, receivables and payables, net | 3 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Fair value of plan assets | $ | 2,321 |  |  |  |  |  |  |  |  | $ | 239 |  |  |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equity securities | $ | 368 |  |  | $ | 368 |  |  | $ | — |  |  |  |  | $ | 46 |  |  | $ | 46 |  |  | $ | — |  |  |
Non-U.S. equity securities | 172 |  |  | 172 |  |  | — |  |  |  |  | 22 |  |  | 22 |  |  | — |  |  |
U.S. equity index and exchange-traded funds | 734 |  |  | 734 |  |  | — |  |  |  |  | 77 |  |  | 77 |  |  | — |  |  |
Non-U.S. equity investments at NAV | 102 |  |  | — |  |  | — |  |  |  |  | 13 |  |  | — |  |  | — |  |  |
Total equity investments | 1,376 |  |  | 1,274 |  |  | — |  |  |  |  | 158 |  |  | 145 |  |  | — |  |  |
Fixed income securities and public mutual funds | 363 |  |  | 105 |  |  | 258 |  |  |  |  | 53 |  |  | 51 |  |  | 2 |  |  |
Fixed income investments at NAV | 278 |  |  | — |  |  | — |  |  |  |  | 5 |  |  | — |  |  | — |  |  |
Total fixed income investments | 641 |  |  | 105 |  |  | 258 |  |  |  |  | 58 |  |  | 51 |  |  | 2 |  |  |
Cash equivalents at NAV | 68 |  |  | 25 |  |  | — |  |  |  |  | 4 |  |  | 3 |  |  | — |  |  |
Total | 2,085 |  |  | $ | 1,404 |  |  | $ | 258 |  |  |  |  | 220 |  |  | $ | 199 |  |  | $ | 2 |  |  |
Cash, receivables and payables, net | 4 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Fair value of plan assets | $ | 2,089 |  |  |  |  |  |  |  |  | $ | 220 |  |  |  |  |  |  |
The fair value of investments measured at NAV presented in the table above is intended to permit reconciliation to the fair value of plan assets amounts. The following table represents assets measured at NAV.
| Pension benefits |  | Other benefits
Measured at NAV | December 31 |  | Redemption frequency |  | Redemption notice period |  | December 31 |  | Redemption frequency |  | Redemption notice period
(in millions) |  |  |  |  |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |
Non-U.S. equity funds (a) | $ | 96 |  |  | Daily-Monthly |  | 5-30 days |  | $ | 12 |  |  | Daily-Monthly |  | 5-30 days
Fixed income investments (b) | 307 |  |  | Daily |  | 15 days |  | 5 |  |  | Daily |  | 15 days
Private equity (c) | 22 |  |  | NA |  | NA |  | — |  |  | NA |  | NA
Cash equivalents (d) | 35 |  |  | Daily |  | 0-1 day |  | — |  |  | Daily |  | 0-1 day
| $ | 460 |  |  |  |  |  |  | $ | 17 |  |  |  |  |
2020 |  |  |  |  |  |  |  |  |  |  |
Non-U.S. equity funds (a) | $ | 102 |  |  | Daily-Monthly |  | 5-30 days |  | $ | 13 |  |  | Daily-Monthly |  | 5-30 days
Fixed income investments (b) | 278 |  |  | Daily |  | 15 days |  | 5 |  |  | Daily |  | 15 days
Cash equivalents (d) | 43 |  |  | Daily |  | 0-1 day |  | 1 |  |  | Daily |  | 0-1 day
| $ | 423 |  |  |  |  |  |  | $ | 19 |  |  |  |  |
NA Not applicable None of the investments presented in the tables above have unfunded commitments, other than private equity disclosed in (c) below. (a) Represents investments in funds that primarily invest in non-U.S., emerging markets equities. Redemption frequency for pension benefits assets as of December 31, 2021 were: daily, 61% and monthly, 39%, and as of December 31, 2020 were daily, 62% and monthly, 38%. Redemption frequency for other benefits assets as of December 31, 2021 were: daily, 57% and monthly, 43% and as of December 31, 2020 were: daily, 58% and monthly, 42%. (b) Represents investments in fixed income securities invested in a US-dollar denominated fund that seeks to exceed the Barclays Capital Long Corporate A or better Index through investments in US-dollar denominated fixed income securities and commingled vehicles. (c) Represents investment in a private equity fund. The fund is valued as reported by the General Partner, based on the valuation of the underlying investments. As of December 31, 2021, the unfunded commitment of the private equity fund was $66 million; the fund does not allow redemptions but may be dissolved with six months written notice. The termination date of the fund is November 1, 2100, unless dissolved earlier. (d) Represents investments in cash equivalent funds. This class includes funds that invest primarily in securities issued or guaranteed by the U.S. government or its agencies or instrumentalities. For pension benefits, the fund may also invest in fixed income securities of investment grade issuers.
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 | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Benefit obligation |  |  |  |  |  |  |  |  |  |  |
Discount rate 1 | 3.05 | % |  | 2.92 | % |  | 3.61 | % |  | 3.07 | % |  | 2.83 | % |  | 3.52 | %
Rate of compensation increase | 3.5 |  |  | 3.5 |  |  | 3.5 |  |  | NA |  | NA |  | NA
Net periodic pension/benefit cost (years ended) |  |  |  |  |  |  |  |  |  |  |
Discount rate 2 | 2.92 |  |  | 3.61 |  |  | 4.31 |  |  | 2.83 |  |  | 3.52 |  |  | 4.34 |
Expected return on plan assets 3 | 7.25 |  |  | 7.25 |  |  | 7.25 |  |  | 7.25 |  |  | 7.25 |  |  | 7.25 |
Rate of compensation increase 4 | 3.5 |  |  | 3.5 |  |  | 3.5 |  |  | NA |  | NA |  | NA
NA Not applicable 1 HEI and the Utilities pension benefits discount rate only at December 31, 2021, 2020 and 2019. ASB’s pension benefits discount rate at December 31, 2021, 2020 and 2019 was 3.04%, 2.76% and 3.49%, respectively. All other disclosed rates apply to the Company and the Utilities. 2 ASB’s pension benefits discount rate for the year ended December 31, 2021 and 2020 was 2.76% and 3.49%. All other disclosed rates apply to the Company and the Utilities. 3 HEI and the Utilities’ plan assets only (gross return). For 2021, 2020 and 2019, ASB’s expected return on plan assets was 2.96%, 3.69% and 4.51%, respectively. 4 HEI and the Utilities use a graded rate of compensation increase assumption based on age. The rate provided above is an average across all future years of service for the current population. NA for ASB.
Schedule of components of net periodic benefit cost for consolidated HEI | The components of NPPC and NPBC were as follows:
| Pension benefits |  | Other benefits
(in thousands) | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
HEI consolidated |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 81,432 |  |  | $ | 73,387 |  |  | $ | 62,135 |  |  | $ | 2,827 |  |  | $ | 2,537 |  |  | $ | 2,209 |
Interest cost | 75,361 |  |  | 81,335 |  |  | 84,267 |  |  | 6,122 |  |  | 7,407 |  |  | 8,004 |
Expected return on plan assets | (132,223) |  |  | (113,800) |  |  | (111,989) |  |  | (12,957) |  |  | (12,124) |  |  | (12,356) |
Amortization of net prior service (gain) cost | — |  |  | 8 |  |  | (42) |  |  | (1,533) |  |  | (1,761) |  |  | (1,806) |
Amortization of net actuarial losses | 27,245 |  |  | 33,456 |  |  | 15,479 |  |  | 203 |  |  | 208 |  |  | (13) |
Net periodic pension/benefit cost | 51,815 |  |  | 74,386 |  |  | 49,850 |  |  | (5,338) |  |  | (3,733) |  |  | (3,962) |
Impact of PUC D&Os | 27,963 |  |  | 20,997 |  |  | 48,143 |  |  | 4,839 |  |  | 3,179 |  |  | 3,258 |
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 79,778 |  |  | $ | 95,383 |  |  | $ | 97,993 |  |  | $ | (499) |  |  | $ | (554) |  |  | $ | (704) |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 79,463 |  |  | $ | 71,604 |  |  | $ | 60,461 |  |  | $ | 2,802 |  |  | $ | 2,515 |  |  | $ | 2,191 |
Interest cost | 70,235 |  |  | 75,484 |  |  | 77,851 |  |  | 5,875 |  |  | 7,103 |  |  | 7,673 |
Expected return on plan assets | (125,404) |  |  | (107,369) |  |  | (104,632) |  |  | (12,755) |  |  | (11,957) |  |  | (12,180) |
Amortization of net prior service (gain) cost | — |  |  | 9 |  |  | 7 |  |  | (1,530) |  |  | (1,758) |  |  | (1,803) |
Amortization of net actuarial losses | 27,534 |  |  | 30,566 |  |  | 14,658 |  |  | 206 |  |  | 207 |  |  | — |
Net periodic pension/benefit cost | 51,828 |  |  | 70,294 |  |  | 48,345 |  |  | (5,402) |  |  | (3,890) |  |  | (4,119) |
Impact of PUC D&Os | 27,963 |  |  | 20,997 |  |  | 48,143 |  |  | 4,839 |  |  | 3,179 |  |  | 3,258 |
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os) | $ | 79,791 |  |  | $ | 91,291 |  |  | $ | 96,488 |  |  | $ | (563) |  |  | $ | (711) |  |  | $ | (861) |
Schedule of projected benefit obligations and assets | Additional information on the defined benefit pension plans’ accumulated benefit obligations (ABOs), which do not consider projected pay increases (unlike the PBOs shown in the table above), and pension plans with ABOs and PBOs in excess of plan assets were as follows:
| HEI consolidated |  | Hawaiian Electric consolidated
December 31 | 2021 |  | 2020 |  | 2021 |  | 2020
(in billions) |  |  |  |  |  |  |
Defined benefit plans - ABOs | $ | 2.3 |  |  | $ | 2.3 |  |  | $ | 2.1 |  |  | $ | 2.1 |
Defined benefit plans with ABO in excess of plan assets |  |  |  |  |  |  |
ABOs | — |  |  | 2.1 |  |  | — |  |  | 2.1 |
Fair value of plan assets | — |  |  | 2.0 |  |  | — |  |  | 1.9 |
Defined benefit plans with PBOs in excess of plan assets |  |  |  |  |  |  |
PBOs | 2.5 |  |  | 2.5 |  |  | 2.5 |  |  | 2.4 |
Fair value of plan assets | 2.2 |  |  | 2.0 |  |  | 2.1 |  |  | 1.9 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + 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 (d)(5) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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