Retirement benefits (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31
		Pension benefits	Other benefits
(in thousands)			2022		2021		2022		2021
HEI consolidated
Service cost			$	19,824	$	20,464	$	656	$	705
Interest cost			19,811		18,801		1,637		1,569
Expected return on plan assets			(35,333)		(33,067)		(3,397)		(3,233)
Amortization of net prior period gain			—		—		(232)		(383)
Amortization of net actuarial (gain)/losses1			6,297		1,556		(3)		254
Net periodic pension/benefit cost (return)			10,599		7,754		(1,339)		(1,088)
Impact of PUC D&Os			9,551		11,167		1,219		970
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)			$	20,150	$	18,921	$	(120)	$	(118)
Hawaiian Electric consolidated
Service cost			$	19,318	$	19,994	$	649	$	699
Interest cost			18,462		17,531		1,573		1,504
Expected return on plan assets			(33,546)		(31,368)		(3,347)		(3,182)
Amortization of net prior period gain			—		—		(231)		(383)
Amortization of net actuarial losses1			6,125		2,559		—		250
Net periodic pension/benefit cost (return)			10,359		8,716		(1,356)		(1,112)
Impact of PUC D&Os			9,551		11,167		1,219		970
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)			$	19,910	$	19,883	$	(137)	$	(142)

1 Three months ended March 31, 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.