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Retirement benefits (Tables)

6 Months Ended

Jun. 30, 2022

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
(in thousands)						2022						2021						2022						2021						2022						2021						2022						2021
HEI consolidated
Service cost						$	19,823					$	20,465					$	657					$	705					$	39,647					$	40,929					$	1,313					$	1,410
Interest cost						19,810						18,800						1,638						1,569						39,621						37,601						3,275						3,138
Expected return on plan assets						(35,331)						(33,068)						(3,398)						(3,232)						(70,664)						(66,135)						(6,795)						(6,465)
Amortization of net prior period gain						—						—						(232)						(384)						—						—						(464)						(767)
Amortization of net actuarial (gain)/losses1						6,297						8,431						(3)						44						12,594						9,987						(6)						298
Net periodic pension/benefit cost (return)						10,599						14,628						(1,338)						(1,298)						21,198						22,382						(2,677)						(2,386)
Impact of PUC D&Os						9,552						5,513						1,217						1,176						19,103						16,680						2,436						2,146
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)						$	20,151					$	20,141					$	(121)					$	(122)					$	40,301					$	39,062					$	(241)					$	(240)
Hawaiian Electric consolidated
Service cost						$	19,317					$	19,993					$	649					$	698					$	38,635					$	39,987					$	1,298					$	1,397
Interest cost						18,461						17,531						1,572						1,504						36,923						35,062						3,145						3,008
Expected return on plan assets						(33,545)						(31,367)						(3,345)						(3,182)						(67,091)						(62,735)						(6,692)						(6,364)
Amortization of net prior period gain						—						—						(231)						(382)						—						—						(462)						(765)
Amortization of net actuarial losses1						6,125						8,212						—						43						12,250						10,771						—						293
Net periodic pension/benefit cost (return)						10,358						14,369						(1,355)						(1,319)						20,717						23,085						(2,711)						(2,431)
Impact of PUC D&Os						9,552						5,513						1,217						1,176						19,103						16,680						2,436						2,146
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)						$	19,910					$	19,882					$	(138)					$	(143)					$	39,820					$	39,765					$	(275)					$	(285)

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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

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