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Retirement benefits (Tables)

9 Months Ended

Sep. 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 September 30																								Nine months ended September 30
						Pension benefits												Other benefits												Pension benefits												Other benefits
(in thousands)						2022						2021						2022						2021						2022						2021						2022						2021
HEI consolidated
Service cost						$	18,831					$	20,102					$	624					$	711					$	58,478					$	61,031					$	1,937					$	2,121
Interest cost						20,274						18,896						1,593						1,459						59,895						56,497						4,868						4,597
Expected return on plan assets						(35,163)						(33,022)						(3,394)						(3,252)						(105,827)						(99,157)						(10,189)						(9,717)
Amortization of net prior period gain						—						—						(232)						(383)						—						—						(696)						(1,150)
Amortization of net actuarial (gain)/losses1						7,782						10,112						(3)						(140)						20,376						20,099						(9)						158
Net periodic pension/benefit cost (return)						11,724						16,088						(1,412)						(1,605)						32,922						38,470						(4,089)						(3,991)
Impact of PUC D&Os						8,758						4,292						1,289						1,483						27,861						20,972						3,725						3,629
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)						$	20,482					$	20,380					$	(123)					$	(122)					$	60,783					$	59,442					$	(364)					$	(362)
Hawaiian Electric consolidated
Service cost						$	18,248					$	19,610					$	617					$	704					$	56,883					$	59,597					$	1,915					$	2,101
Interest cost						18,850						17,614						1,525						1,398						55,773						52,676						4,670						4,406
Expected return on plan assets						(33,314)						(31,318)						(3,343)						(3,202)						(100,405)						(94,053)						(10,035)						(9,566)
Amortization of net prior period gain						—						—						(232)						(383)						—						—						(694)						(1,148)
Amortization of net actuarial (gain)/losses1						7,519						9,880						—						(138)						19,769						20,651						—						155
Net periodic pension/benefit cost (return)						11,303						15,786						(1,433)						(1,621)						32,020						38,871						(4,144)						(4,052)
Impact of PUC D&Os						8,758						4,292						1,289						1,483						27,861						20,972						3,725						3,629
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)						$	20,061					$	20,078					$	(144)					$	(138)					$	59,881					$	59,843					$	(419)					$	(423)

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.

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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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