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Retirement benefits | 3 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
Retirement benefits | Retirement benefits Defined benefit pension and other postretirement benefit plans information. The Company made no contributions to its pension and other postretirement benefit plans during the first three months of 2024, compared to $2 million ($2 million by the Utilities) in the first three months of 2023. The Company’s current estimate of total contributions to its pension and other postretirement benefit plans in 2024 is comparable to 2023 at $8 million ($8 million by the Utilities). In addition, in 2024, comparable to 2023, the Company expects to pay directly $3 million ($1 million by the Utilities) of benefits. 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 March 31
|  |  |  |  |  | Pension benefits |  | Other benefits
(in thousands) |  |  |  |  |  |  |  |  |  | 2024 |  | 2023 |  | 2024 |  | 2023
HEI consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  |  |  |  |  |  |  |  |  | $ | 11,264 |  |  | $ | 11,396 |  |  | $ | 281 |  |  | $ | 344 |
Interest cost |  |  |  |  |  |  |  |  |  | 26,506 |  |  | 25,621 |  |  | 1,867 |  |  | 2,157 |
Expected return on plan assets |  |  |  |  |  |  |  |  |  | (35,982) |  |  | (35,195) |  |  | (3,485) |  |  | (3,405) |
Amortization of net prior period gain |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (219) |
Amortization of net actuarial (gain)/losses |  |  |  |  |  |  |  |  |  | 111 |  |  | 188 |  |  | (713) |  |  | (449) |
Net periodic pension/benefit cost (return) |  |  |  |  |  |  |  |  |  | 1,899 |  |  | 2,010 |  |  | (2,050) |  |  | (1,572) |
Impact of PUC D&Os |  |  |  |  |  |  |  |  |  | 18,090 |  |  | 18,133 |  |  | 1,888 |  |  | 1,425 |
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os) |  |  |  |  |  |  |  |  |  | $ | 19,989 |  |  | $ | 20,143 |  |  | $ | (162) |  |  | $ | (147) |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  |  |  |  |  |  |  |  |  | $ | 10,916 |  |  | $ | 11,019 |  |  | $ | 278 |  |  | $ | 340 |
Interest cost |  |  |  |  |  |  |  |  |  | 24,627 |  |  | 23,698 |  |  | 1,779 |  |  | 2,063 |
Expected return on plan assets |  |  |  |  |  |  |  |  |  | (33,777) |  |  | (32,972) |  |  | (3,434) |  |  | (3,353) |
Amortization of net prior period gain |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (218) |
Amortization of net actuarial (gain)/losses |  |  |  |  |  |  |  |  |  | 12 |  |  | 19 |  |  | (694) |  |  | (434) |
Net periodic pension/benefit cost (return) |  |  |  |  |  |  |  |  |  | 1,778 |  |  | 1,764 |  |  | (2,071) |  |  | (1,602) |
Impact of PUC D&Os |  |  |  |  |  |  |  |  |  | 18,090 |  |  | 18,133 |  |  | 1,888 |  |  | 1,425 |
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os) |  |  |  |  |  |  |  |  |  | $ | 19,868 |  |  | $ | 19,897 |  |  | $ | (183) |  |  | $ | (177) |
HEI consolidated recorded retirement benefits expense of $11 million ($11 million by the Utilities) in the first three months of both 2024 and 2023 and charged the remaining net periodic benefit cost primarily to electric utility plant. The Utilities have implemented pension and OPEB tracking mechanisms under which all of their retirement benefit expenses (except for executive life and nonqualified pension plan expenses) determined in accordance with GAAP are recovered over time. Under the tracking mechanisms, any actual costs determined in accordance with GAAP that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will then be amortized over five years beginning with the respective utility’s next rate case. Defined contribution plans information. For the first three months of 2024 and 2023, the Company’s expenses for its defined contribution plans under the Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) and the ASB 401(k) Plan were $3.0 million and $2.7 million, respectively, and cash contributions were $2.9 million and $2.7 million, respectively. For the first three months of 2024 and 2023, the Utilities’ expenses and cash contributions for its defined contribution plan under the HEIRSP were $1.8 million and $1.3 million, respectively.

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