XML 78 R51.htm IDEA: XBRL DOCUMENT v3.24.0.1

Retirement benefits (Tables)

12 Months Ended

Dec. 31, 2023

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 2023 and 2022 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, 2023 and 2022 were as follows:

			2023												2022
(in thousands)			Pension benefits						Other benefits						Pension benefits						Other benefits
HEI consolidated
Benefit obligation, January 1			$	1,856,765					$	157,436					$	2,644,639					$	218,151
Service cost			45,578						1,430						78,173						2,580
Interest cost			103,000						8,520						80,062						6,502
Actuarial loss (gain)			131,437						(13,867)						(848,905)						(60,283)
Participants contributions			—						3,542						—						3,348
Benefits paid and expenses			(103,802)						(13,718)						(97,204)						(12,862)
Benefit obligation, December 31			2,032,978						143,343						1,856,765						157,436
Fair value of plan assets, January 1			1,806,379						190,547						2,320,745						239,311
Actual return on plan assets			260,748						25,926						(461,669)						(39,469)
Employer contributions			8,274						—						42,542						—
Participants contributions			—						3,542						—						3,348
Benefits paid and expenses			(101,862)						(12,643)						(95,239)						(12,643)
Fair value of plan assets, December 31			1,973,539						207,372						1,806,379						190,547
Accrued benefit asset (liability), December 31			$	(59,439)					$	64,029					$	(50,386)					$	33,111
Other assets			$	23,091					$	64,463					$	21,012					$	33,526
Defined benefit pension and other postretirement benefit plans liability			(82,530)						(434)						(71,398)						(415)
Accrued benefit asset (liability), December 31			$	(59,439)					$	64,029					$	(50,386)					$	33,111
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os)			$	74,418					$	(26,238)					$	347,799					$	(19,975)
Recognized during year – prior service credit			—						875						—						928
Recognized during year – net actuarial gain (loss)			(669)						1,888						(27,412)						12
Occurring during year – net actuarial loss (gain)			11,513						(26,143)						(245,969)						(7,203)
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31			85,262						(49,618)						74,418						(26,238)
Cumulative impact of PUC D&Os			(67,732)						43,066						(55,201)						19,486
AOCI debit/(credit), December 31			$	17,530					$	(6,552)					$	19,217					$	(6,752)
Net actuarial loss (gain)			$	85,262					$	(49,618)					$	74,418					$	(25,363)
Prior service gain			—						—						—						(875)
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31			85,262						(49,618)						74,418						(26,238)
Cumulative impact of PUC D&Os			(67,732)						43,066						(55,201)						19,486
AOCI debit/(credit), December 31			17,530						(6,552)						19,217						(6,752)
Income taxes (benefits)			(4,639)						1,689						(5,088)						1,740
AOCI debit/(credit), net of taxes (benefits), December 31			$	12,891					$	(4,863)					$	14,129					$	(5,012)
As shown in the table above, as of December 31, 2023 and 2022, the other postretirement benefit plan with APBO in excess of plan assets is related to an unfunded plan.

			2023												2022
(in thousands)			Pension benefits						Other benefits						Pension benefits						Other benefits
Hawaiian Electric consolidated
Benefit obligation, January 1			$	1,716,125					$	150,534					$	2,464,944					$	209,470
Service cost			44,143						1,415						75,845						2,554
Interest cost			95,351						8,143						74,363						6,227
Actuarial loss (gain)			126,846						(13,721)						(804,498)						(58,253)
Participants contributions			—						3,473						—						3,286
Benefits paid and expenses			(94,783)						(13,272)						(88,450)						(12,750)
Transfers			781						—						(6,079)						—
Benefit obligation, December 31			1,888,463						136,572						1,716,125						150,534
Fair value of plan assets, January 1			1,665,880						187,494						2,142,617						235,525
Actual return on plan assets			246,976						25,529						(426,825)						(38,764)
Employer contributions			8,252						—						41,894						—
Participants contributions			—						3,473						—						3,286
Benefits paid and expenses			(94,332)						(12,356)						(87,952)						(12,541)
Other			509						—						(3,854)						(12)
Fair value of plan assets, December 31			1,827,285						204,140						1,665,880						187,494
Accrued benefit asset (liability), December 31			$	(61,178)					$	67,568					$	(50,245)					$	36,960
Other assets			$	—					$	67,568					$	—					$	36,960
Other liabilities (short-term)			(507)						—						(497)						—
Defined benefit pension and other postretirement benefit plans liability			(60,671)						—						(49,748)						—
Accrued benefit asset (liability), December 31			$	(61,178)					$	67,568					$	(50,245)					$	36,960
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os)			$	57,264					$	(25,402)					$	329,645					$	(20,231)
Recognized during year – prior service credit			—						872						—						925
Recognized during year – net actuarial gain (loss)			(28)						1,827						(26,358)						—
Occurring during year – net actuarial loss (gain)			12,103						(25,807)						(246,023)						(6,096)
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31			69,339						(48,510)						57,264						(25,402)
Cumulative impact of PUC D&Os			(67,732)						43,066						(55,201)						19,486
AOCI debit/(credit), December 31			$	1,607					$	(5,444)					$	2,063					$	(5,916)
Net actuarial loss (gain)			$	69,339					$	(48,510)					$	57,264					$	(24,530)
Prior service gain			—						—						—						(872)
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31			69,339						(48,510)						57,264						(25,402)
Cumulative impact of PUC D&Os			(67,732)						43,066						(55,201)						19,486
AOCI debit/(credit), December 31			1,607						(5,444)						2,063						(5,916)
Income taxes (benefits)			(414)						1,402						(531)						1,523
AOCI debit/(credit), net of taxes (benefits), December 31			$	1,193					$	(4,042)					$	1,532					$	(4,393)

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 benefits1																								Other benefits2
															Investment policy																								Investment policy
December 31			2023						2022						Target						Range3						2023						2022						Target						Range3
Assets held by category
U.S. equity securities			56		%				58		%				50		%				40-65%						58		%				57		%				50		%				40-65%
Non-U.S equity securities			13						13						15						5-25%						15						15						15						5-25%
Fixed income securities			28						27						30						20-60%						27						28						30						20-60%
Private equity			3						2						5						0-10%						—						—						5						0-10%
			100		%				100		%				100		%										100		%				100		%				100		%

1     Asset allocation (excluding cash) is applicable to only HEI and the Utilities. As of December 31, 2023 and 2022, 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.

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)
2023
U.S. equity securities			$	449					$	449					$	—											$	54					$	54					$	—
Non-U.S. equity securities			165						165						—												20						20						—
U.S. equity index and exchange-traded funds (ETFs)			584						584						—												64						64						—
Non-U.S. equity investments at net asset value (NAV)			77						—						—												10						—						—
Total equity investments			1,275						1,198						—												148						138						—
Fixed income securities			85						13						72												—						—						—
Fixed income mutual and ETFs			264						264						—												53						53						—
Fixed income investments at NAV			250						—						—												2						—						—
Total fixed income investments			599						277						72												55						53						—
Private equity at NAV			50						—						—												1						—						—
Cash equivalents, fund and at NAV			60						15						—												3						3						—
Total			1,984						$	1,490					$	72											207						$	194					$	—
Cash, receivables and payables, net			(10)																								—
Fair value of plan assets			$	1,974																							$	207
2022
U.S. equity securities			$	387					$	387					$	—											$	48					$	48					$	—
Non-U.S. equity securities			147						147						—												18						18						—
U.S. equity index and ETFs			580						580						—												58						58						—
Non-U.S. equity investments at NAV			75						—						—												10						—						—
Total equity investments			1,189						1,114						—												134						124						—
Fixed income securities			83						10						73												—						—						—
Fixed income mutual and ETFs			225						225						—												50						50						—
Fixed income investments at NAV			226						—						—												3						—						—
Total fixed income investments			534						235						73												53						50						—
Private equity at NAV			34						—						—												—						—						—
Cash equivalents, fund and at NAV			48						15						—												4						3						—
Total			1,805						$	1,364					$	73											191						$	177					$	—
Cash, receivables and payables, net			1																								—
Fair value of plan assets			$	1,806																							$	191

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)

2023

Non-U.S. equity funds (a)

$

77

Daily-Monthly

5-30 days

$

10

Daily-Monthly

5-30 days

Fixed income investments (b)

250

Daily

15 days

2

Daily

15 days

Private equity (c)

50

NA

NA

1

NA

NA

Cash equivalents (d)

45

Daily

0-1 day

—

Daily

0-1 day

$

422

$

13

2022

Non-U.S. equity funds (a)

$

75

Daily-Monthly

5-30 days

$

10

Daily-Monthly

5-30 days

Fixed income investments (b)

226

Daily

15 days

3

Daily

15 days

Private equity (c)

34

NA

NA

—

NA

NA

Cash equivalents (d)

33

Daily

0-1 day

1

Daily

0-1 day

$

368

$

14

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, 2023 were: daily, 63% and monthly, 37%, and as of December 31, 2022 were daily, 59% and monthly, 41%. Redemption frequency for other benefits assets as of December 31, 2023 were: daily, 61% and monthly, 39% and as of December 31, 2022 were: daily, 56% and monthly, 44%.

(b)     Represents investments in fixed income securities invested in a US-dollar denominated fund that seeks to exceed the Bloomberg US Long Corporate A or Better Bond 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, 2023 and 2022, the unfunded commitment of the private equity fund was $138 million and $56 million, respectively. A second tranche commitment of $100 million was entered into effective January 1, 2023. 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			2023						2022						2021						2023						2022						2021
Benefit obligation
Discount rate1			5.35		%				5.67		%				3.05		%				5.39		%				5.66		%				3.07		%
Rate of compensation increase			3.5						3.5						3.5						NA						NA						NA
Net periodic pension/benefit cost (years ended)
Discount rate2			5.67						3.05						2.92						5.66						3.07						2.83
Expected return on plan assets3			7.25						7.25						7.25						7.25						7.25						7.25
Rate of compensation increase4			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, 2023, 2022 and 2021. ASB’s pension benefits discount rate at December 31, 2023, 2022 and 2021 was 5.39%, 5.63% and 3.04%, 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, 2023, 2022 and 2021 was 5.63%, 3.04% and 2.76%. All other disclosed rates apply to the Company and the Utilities.

3     HEI and the Utilities’ plan assets only (gross return). For 2023, 2022 and 2021, ASB’s expected return on plan assets was 5.83%, 3.24% and 2.96%, 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)			2023						2022						2021						2023						2022						2021
HEI consolidated
Service cost			$	45,578					$	78,173					$	81,432					$	1,430					$	2,580					$	2,827
Interest cost			103,000						80,062						75,361						8,520						6,502						6,122
Expected return on plan assets			(140,824)						(141,266)						(132,223)						(13,648)						(13,621)						(12,957)
Amortization of net prior service gain			—						—						—						(875)						(928)						(1,533)
Amortization of net actuarial losses (gains)			669						27,412						27,245						(1,888)						(12)						203
Net periodic pension/benefit cost			8,423						44,381						51,815						(6,461)						(5,479)						(5,338)
Impact of PUC D&Os			71,905						37,148						27,963						5,846						4,966						4,839
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)			$	80,328					$	81,529					$	79,778					$	(615)					$	(513)					$	(499)

			Pension benefits																		Other benefits
(in thousands)			2023						2022						2021						2023						2022						2021
Hawaiian Electric consolidated
Service cost			$	44,143					$	75,845					$	79,463					$	1,415					$	2,554					$	2,802
Interest cost			95,351						74,363						70,235						8,143						6,227						5,875
Expected return on plan assets			(131,962)						(133,873)						(125,404)						(13,442)						(13,381)						(12,755)
Amortization of net prior service gain			—						—						—						(872)						(925)						(1,530)
Amortization of net actuarial losses (gains)			28						26,358						27,534						(1,827)						—						206
Net periodic pension/benefit cost			7,560						42,693						51,828						(6,583)						(5,525)						(5,402)
Impact of PUC D&Os			71,905						37,148						27,963						5,846						4,966						4,839
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)			$	79,465					$	79,841					$	79,791					$	(737)					$	(559)					$	(563)

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			2023						2022						2023						2022
(in billions)
Defined benefit plans - ABOs			$	1.8					$	1.7					$	1.7					$	1.5
Defined benefit plans with PBOs in excess of plan assets
PBOs			2.0						1.8						1.9						1.7
Fair value of plan assets			1.9						1.7						1.8						1.7

X

- Definition

-- None. No documentation exists for this element. --

+ References

No definition available.

+ Details

Name:	he_ScheduleOfChangesInProjectedBenefitObligationsAndChangesInFairValueOfPlanAssetsAndAmountsRecognizedInOtherComprehensiveIncomeLossAndNetFundedStatusTableTextBlock
Namespace Prefix:	he_
Data Type:	dtr-types1:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-3

+ Details

Name:	us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration