Retirement benefits

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement benefits

Note 11 · Retirement benefits

ASB benefit obligation. As a result of the ASB sale transaction on December 31, 2024, the Company is no longer required to recognize the contractual obligations of ASB retirement plans. Accordingly, ASB’s benefit obligation and AOCI are presented as discontinued operations in the table below. Unless otherwise noted, references within the retirement benefit footnote exclude discontinued operations.

Defined benefit plans. Substantially all of the employees of HEI and the Utilities hired on or before December 31, 2021, participate in the Retirement Plan for Employees of Hawaiian Electric Industries, Inc. and Participating Subsidiaries (HEI Pension Plan). The HEI Pension Plan (the Plan) was closed to new employees first hired on or after January 1, 2022. The Plan is a qualified, noncontributory defined benefit pension plan and includes benefits for utility union employees determined in accordance with the terms of the collective bargaining agreements between the Utilities and the union. The Plan is subject to the provisions of ERISA. In addition, some current and former executives and directors of HEI and its subsidiaries participate in noncontributory, nonqualified plans (collectively, Supplemental Plans). In general, benefits are based on the employees’ or directors’ years of service and compensation.

The continuation of the Plan and the Supplemental Plans and the payment of any contribution thereunder are not assumed as contractual obligations by the participating employers. The Supplemental Plan for directors has been frozen since 1996. The HEI Supplemental Executive Retirement Plan, Disability, and Death Benefit Plan (noncontributory, nonqualified, defined benefit plans) were frozen as of December 31, 2008. No participants have accrued any benefits under these plans after the respective plan’s freeze and the plans will be terminated at the time all remaining benefits have been paid.

The participating employer reserves the right to terminate its participation in the applicable plans at any time, and HEI reserves the right to terminate its plans at any time. If a participating employer terminates its participation in the Plan, the interest of each affected participant would become 100% vested to the extent funded. Upon the termination of the Plan, assets would be distributed to affected participants in accordance with the applicable allocation provisions of ERISA and any excess assets that exist would be paid to the participating employers. Participants’ benefits in the Plan are covered up to certain limits under insurance provided by the Pension Benefit Guaranty Corporation.

Postretirement benefits other than pensions.  HEI and the Utilities provide eligible employees health and life insurance benefits upon retirement under the Postretirement Welfare Benefits Plan for Employees of Hawaiian Electric Company, Inc. and participating employers (Hawaiian Electric Benefits Plan). Eligibility of employees and dependents is based on eligibility to retire at termination, the retirement date and the date of hire. The plan was amended in 2011, changing eligibility for certain bargaining unit employees hired prior to May 1, 2011, based on new minimum age and service requirements effective January 1, 2012, per the collective bargaining agreement, and certain management employees hired prior to May 1, 2011 based on new eligibility minimum age and service requirements effective January 1, 2012. The minimum age and service requirements for management and bargaining unit employees hired May 1, 2011 and thereafter have increased and their dependents are not eligible to receive postretirement benefits. Employees may be eligible to receive benefits from the HEI Pension Plan but may not be eligible for postretirement welfare benefits if the different eligibility requirements are not met.

The executive death benefit plan was frozen on September 10, 2009 for participants at benefit levels as of that date.

The Company’s and Utilities’ cost for OPEB has been adjusted to reflect the plan amendments, which reduced benefits and created prior service credits to be amortized over average future service of affected participants. The amortization of the prior service credit will reduce benefit costs until the various credit bases are fully recognized. Each participating employer reserves the right to terminate its participation in the Hawaiian Electric Benefits Plan at any time.

Balance sheet recognition of the funded status of retirement plans.  Employers must recognize on their balance sheets the funded status of defined benefit pension and other postretirement benefit plans with an offset to AOCI in shareholders’ equity (using the projected benefit obligation (PBO) and accumulated postretirement benefit obligation (APBO), to calculate the funded status).

The PUC allowed the Utilities to adopt pension and OPEB tracking mechanisms in previous rate cases. The amount of the net periodic pension cost (NPPC) and net periodic benefits costs (NPBC) to be recovered in rates is established by the PUC in each rate case or as allowed under the PBR Framework (see “Regulatory proceedings” in Note 4). Under the Utilities’ 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 5 years beginning with the respective utility’s next rate case. Accordingly, all retirement benefit expenses (except for executive life and nonqualified pension plan expenses, which amounted to $0.9 million and $0.7 million in 2024 and 2023, respectively) determined in accordance with GAAP will be recovered.

Under the tracking mechanisms, amounts that would otherwise be recorded in AOCI (excluding amounts for executive life and nonqualified pension plans), net of taxes, as well as other pension and OPEB charges, are allowed to be reclassified as a regulatory asset, as those costs will be recovered in rates through the NPPC and NPBC in the future. The Utilities have reclassified to a regulatory asset/(liability) charges for retirement benefits that would otherwise be recorded in AOCI (amounting to the elimination of a potential adjustment to AOCI of $(85.8) million pretax and $(11.1) million pretax for 2024 and 2023, respectively).

Under the pension tracking mechanism, the Utilities are required to make contributions to the pension trust in the amount of the actuarially calculated NPPC, except when limited by the ERISA minimum contribution requirements or the maximum contributions imposed by the Internal Revenue Code. Contributions in excess of the calculated NPPC are recorded in a separate regulatory asset.

The OPEB tracking mechanisms generally require the Utilities to make contributions to the OPEB trust in the amount of the actuarially calculated NPBC, (excluding amounts for executive life), except when limited by material, adverse consequences imposed by federal regulations. Future decisions in rate cases could further impact funding amounts.

Defined benefit pension and other postretirement benefit plans information.  The changes in the obligations and assets of the Company’s and Utilities’ retirement benefit plans and the changes in AOCI (gross) for 2024 and 2023 (ASB included in AOCI debit/credit except for December 31, 2024) 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, 2024 and 2023 were as follows:

	2024				2023
(in thousands)	Pension benefits		Other benefits		Pension benefits		Other benefits
HEI consolidated
Benefit obligation, January 1- continuing operations	$	1,951,821	$	142,909	$	1,776,060	$	157,021
Benefit obligation, January 1- discontinued operations	81,157		434		80,705		415
Benefit obligation, January 1	2,032,978		143,343		1,856,765		157,436
Service cost	45,821		1,112		45,228		1,430
Interest cost	101,882		7,365		98,606		8,497
Actuarial loss (gain)	(106,453)		(9,913)		130,280		(13,863)
Participants contributions	—		4,024		—		3,542
Benefits paid and expenses	(99,494)		(13,594)		(98,353)		(13,718)
Change in projected benefit obligations - discontinued operations	(81,157)		(434)		452		19
Benefit obligation from continuing operations	1,893,577		131,903		1,951,821		142,909
Benefit obligation from discontinued operations	—		—		81,157		434
Benefit obligation, December 31	1,893,577		131,903		2,032,978		143,343
Fair value of plan, January 1 - continuing operations	1,871,872		207,372		1,707,267		190,547
Fair value of plan, January 1 - discontinued operations	101,667		—		99,112		—
Fair value of plan assets, January 1	1,973,539		207,372		1,806,379		190,547
Actual return on plan assets	105,938		19,438		252,998		25,926
Employer contributions	8,778		—		8,274		—
Participants contributions	—		4,024		—		3,542
Benefits paid and expenses	(97,735)		(12,944)		(96,667)		(12,643)
Change in plan assets - discontinued operations	(101,667)		—		2,555		—
Fair value of plan assets from continuing operations	1,888,853		217,890		1,871,872		207,372
Fair value of plan assets from discontinued operations	—		—		101,667		—
Fair value of plan assets, December 31	1,888,853		217,890		1,973,539		207,372
Accrued benefit asset (liability) from continuing operations	(4,724)		85,987		(79,949)		64,463
Accrued benefit asset (liability) from discontinued operations	—		—		20,510		(434)
Accrued benefit asset (liability), December 31	$	(4,724)	$	85,987	$	(59,439)	$	64,029
Other assets (long-term)	$	20,269	$	87,066	$	—	$	65,527
Other liabilities (short-term)	(1,780)		(1,079)		(1,757)		(1,064)
Defined benefit plans liability	(23,213)		—		(78,192)		—
Accrued benefit asset (liability) from continuing operations	(4,724)		85,987		(79,949)		64,463
Accrued benefit asset (liability) from discontinued operations	—		—		20,510		(434)
Accrued benefit asset (liability), December 31	$	(4,724)	$	85,987	$	(59,439)	$	64,029
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os)	$	85,262	$	(49,618)	$	74,418	$	(26,238)
Recognized during year – prior service credit	—		—		—		875
Recognized during year – net actuarial gain (loss)	(359)		2,898		(182)		1,865
Occurring during year – net actuarial loss (gain)	(73,969)		(15,401)		12,471		(26,140)
Adjustment from discontinued operations	(11,897)		142		(1,445)		20
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31	(963)		(61,979)		85,262		(49,618)
Cumulative impact of PUC D&Os	5,999		55,140		(67,732)		43,066
AOCI debit/(credit), December 31	$	5,036	$	(6,839)	$	17,530	$	(6,552)
Net actuarial loss (gain)	$	(963)	$	(61,979)	$	85,262	$	(49,618)
Prior service gain	—		—		—		—
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31	(963)		(61,979)		85,262		(49,618)
Cumulative impact of PUC D&Os	5,999		55,140		(67,732)		43,066
AOCI debit/(credit), December 31	5,036		(6,839)		17,530		(6,552)
Income taxes (benefits)	(1,297)		1,761		(4,639)		1,689
AOCI debit/(credit), net of taxes (benefits), December 31	$	3,739	$	(5,078)	$	12,891	$	(4,863)

	2024				2023
(in thousands)	Pension benefits		Other benefits		Pension benefits		Other benefits
Hawaiian Electric consolidated
Benefit obligation, January 1	$	1,888,463	$	136,572	$	1,716,125	$	150,534
Service cost	44,669		1,096		44,143		1,415
Interest cost	98,492		7,039		95,351		8,143
Actuarial loss (gain)	(104,692)		(9,688)		126,846		(13,721)
Participants contributions	—		3,951		—		3,473
Benefits paid and expenses	(95,785)		(12,835)		(94,783)		(13,272)
Transfers	(693)		(47)		781		—
Benefit obligation, December 31	1,830,454		126,088		1,888,463		136,572
Fair value of plan assets, January 1	1,827,285		204,140		1,665,880		187,494
Actual return on plan assets	103,457		19,299		246,976		25,529
Employer contributions	8,733		—		8,252		—
Participants contributions	—		3,951		—		3,473
Benefits paid and expenses	(95,261)		(12,600)		(94,332)		(12,356)
Other	(538)		(47)		509		—
Fair value of plan assets, December 31	1,843,676		214,743		1,827,285		204,140
Accrued benefit asset (liability), December 31	$	13,222	$	88,655	$	(61,178)	$	67,568
Defined benefit pension and other postretirement benefit plans asset	$	20,164	$	88,655	$	—	$	67,568
Other liabilities (short-term)	(514)		—		(507)		—
Defined benefit plans liability	(6,428)		—		(60,671)		—
Accrued benefit asset (liability), December 31	$	13,222	$	88,655	$	(61,178)	$	67,568
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os)	$	69,339	$	(48,510)	$	57,264	$	(25,402)
Recognized during year – prior service credit	—		—		—		872
Recognized during year – net actuarial gain (loss)	(99)		2,840		(28)		1,827
Occurring during year – net actuarial loss (gain)	(73,215)		(15,245)		12,103		(25,807)
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31	(3,975)		(60,915)		69,339		(48,510)
Cumulative impact of PUC D&Os	5,999		55,140		(67,732)		43,066
AOCI debit/(credit), December 31	$	2,024	$	(5,775)	$	1,607	$	(5,444)
Net actuarial loss (gain)	$	(3,975)	$	(60,915)	$	69,339	$	(48,510)
Prior service gain	—		—		—		—
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31	(3,975)		(60,915)		69,339		(48,510)
Cumulative impact of PUC D&Os	5,999		55,140		(67,732)		43,066
AOCI debit/(credit), December 31	2,024		(5,775)		1,607		(5,444)
Income taxes (benefits)	(522)		1,487		(414)		1,402
AOCI debit/(credit), net of taxes (benefits), December 31	$	1,502	$	(4,288)	$	1,193	$	(4,042)

Pension benefits. In 2024, actuarial gains due to demographic experience, including any assumption changes, improved the funded position, offset by losses on the actual return on plan assets. The most impactful assumption change was the increase in the discount rate used to measure PBO compared to the prior year. Investment returns that were less than assumed partially offset the gain from the discount rate change.

In 2023, actuarial losses due to demographic experience, including any assumption changes, reduced the funded position. The most impactful of these assumption changes were the decrease in the discount rate used to measure PBO compared to the prior year and the change in assumed rates of retirement. Investment returns greater than assumed largely offset the decline.

Other benefits. In 2024, actuarial gains due to demographic experience, including any assumption changes, improved the funded position. The most impactful assumption change was the increase in the discount rate used to measure APBO compared to the prior year. In addition, investment returns that were better than expected, medical claims increases that were less than expected, and demographic experience further improved the funded position.

In 2023, actuarial gains due to demographic experience, including any assumption changes, improved the funded position. The most impactful of these assumption changes was a reduction in the percentage of participants expected to participate. This

gain was partially offset by a decrease in the discount rate. Investment returns greater than assumed further improved the funded position.

The dates used to determine retirement benefit measurements for the defined benefit plans and OPEB were December 31 of 2024, 2023 and 2022.

The Company uses the fair value method for the plans’ fixed income securities in the calculation of the expected return on plan assets component of NPPC and NPBC. The remaining plan assets continue to use the calculated market-related value methodology. The Company considers the fair value approach to be preferable for its fixed-income securities portfolio because it results in a current reflection of the changes in the value of plan assets in a way similar to the obligations it is intended to hedge. Amounts related to the Utilities were reflected as adjustments to regulatory assets as appropriate, consistent with the expected regulatory treatment as described in the following paragraph.

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 5 years beginning with the respective utility’s next rate proceeding.

A primary goal of the plans is to achieve long-term asset growth sufficient to pay future benefit obligations at a reasonable level of risk. The investment policy target for defined benefit pension and OPEB plans of HEI and the Utilities reflects the philosophy that long-term growth can best be achieved by prudent investments in equity securities while balancing overall fund and pension liability volatility by an appropriate allocation to fixed income securities. To reduce the level of portfolio risk and volatility in returns, efforts have been made to diversify the plans’ investments by asset class, geographic region, market capitalization and investment style.

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 benefits					Other benefits
			Investment policy1					Investment policy1
December 31, 2024	%		Target		Range2	%		Target		Range2
Assets held by category
U.S. equity securities	48	%	46	%	8-100%	54	%	54	%	14-100%
Non-U.S equity securities	19		17		0-37%	21		20		0-40%
Fixed income securities	30		32		11-51%	25		26		6-46%
Private equity	3		5		0-10%	—		—		—
	100	%	100	%		100	%	100	%

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

1    Effective December 31, 2024, the investment policy statement was updated to reflect the 2024 transition from separately active investment managers to an outsourced chief investment officer model.

2    As of December 31, 2024, the broad range for equity securities is a minimum of 43% and a maximum of 83%, for pension benefits and a minimum of 54% and maximum of 94%, for other benefits.

3    As of December 31, 2023, the broad range for equity securities is a minimum of 60% and a maximum of 80% for pension benefits and other benefits.

The fair values of the investments shown in the tables below represent the Company’s best estimates of the amounts that would be received upon sale of those assets in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the

asset at the measurement date, the fair value measurement reflects the Company’s judgments about the assumptions that market participants would use in pricing the asset. Those judgments are developed by the Company based on the best information available in the circumstances.

The Company used the following valuation methodologies for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2024 and 2023.

Equity securities, equity index fund, exchange-traded funds, U.S. Treasury fixed income securities and mutual funds (Level 1).  Equity securities, equity index fund, exchange-traded funds, U.S. Treasury fixed income securities and mutual funds are valued at the closing price reported on the active market on which the individual securities or funds are traded.

Fixed income securities (Level 2).  Fixed income, other than those issued by the U.S. Treasury, are valued based on yields currently available on comparable securities of issuers with similar credit ratings.

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)
2024
U.S. equity securities	$	403	$	403	$	—	$	48	$	48	$	—
Non-U.S. equity securities	20		20		—		2		2		—
U.S. equity index and exchange-traded funds (ETFs)	484		484		—		63		63		—
Non-U.S. equity index and ETFs	326		326		—		41		41		—
Total equity investments	1,233		1,233		—		154		154		—
Fixed income securities	546		401		145		52		22		30
Private equity at net asset value (NAV)	63		—		—		1		—		—
Cash equivalents, fund and at NAV	45		—		—		10		10		—
Total	1,887		$	1,634	$	145	217		$	186	$	30
Cash, receivables and payables, net	2						1
Fair value of plan assets	$	1,889					$	218
2023
U.S. equity securities	$	449	$	449	$	—	$	54	$	54	$	—
Non-U.S. equity securities	165		165		—		20		20		—
U.S. equity index and ETFs	584		584		—		64		64		—
Non-U.S. equity investments at NAV	77		—		—		10		—		—
Total equity investments	1,275		1,198		—		148		138		—
Fixed income securities1	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 NAV1	60		15		—		3		3		—
Total	1,984		$	1,490	$	72	207		$	194	$	—
Cash, receivables and payables, net1	(10)						—
Fair value of plan assets	$	1,974					$	207

1     Includes ASB assets held within the pension trust. As of December 31, 2023, ASB fixed income securities totaled $85 million, cash equivalents totaled $15 million and cash, receivables and payables, net totaled $1 million.

The fair value of investments measured at NAV presented in the table above is intended to permit reconciliation to the fair value of plan assets.

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)
2024
Private equity (a)	$	63	NA	NA	$	1	NA	NA
Cash equivalents (b)	45		Daily	0-1 day	—		Daily	0-1 day
	$	108			$	1
2023
Non-U.S. equity funds (c)	$	77	Daily-Monthly	5-30 days	$	10	Daily-Monthly	5-30 days
Fixed income investments (d)	250		Daily	15 days	2		Daily	15 days
Private equity (a)	50		NA	NA	1		NA	NA
Cash equivalents (b)	45		Daily	0-1 day	—		Daily	0-1 day
	$	422			$	13

NA Not applicable

None of the investments presented in the tables above have unfunded commitments, other than private equity disclosed in (a) below.

(a)     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, 2024 and 2023, the unfunded commitment of the private equity fund was $122 million and $138 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.

(b)     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 and may also invest in fixed income securities of investment grade issuers.

(c)     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%. Redemption frequency for other benefits assets as of December 31, 2023 were: daily, 61% and monthly, 39%.

(d)     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.

The following weighted-average assumptions were used in the accounting for the plans:

	Pension benefits						Other benefits
December 31	2024		2023		2022		2024		2023		2022
Benefit obligation
Discount rate	5.77	%	5.35	%	5.67	%	5.72	%	5.39	%	5.66	%
Rate of compensation increase	3.5		3.5		3.5		NA		NA		NA
Net periodic pension/benefit cost (years ended)
Discount rate	5.35		5.67		3.05		5.39		5.66		3.07
Expected return on plan assets (gross return)	7.25		7.25		7.25		7.25		7.25		7.25
Rate of compensation increase1	3.5		3.5		3.5		NA		NA		NA

NA  Not applicable

1     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.

The Company and the Utilities based their selection of an assumed discount rate for 2025 NPPC and NPBC and December 31, 2024 disclosure on a cash flow matching analysis that utilized bond information provided by Bloomberg for all non-callable, high quality bonds (generally rated Aa or better) as of December 31, 2024. In selecting the expected rate of return on plan assets for 2025 NPPC and NPBC, HEI and the Utilities considered economic forecasts for the types of investments held by the plans (primarily equity and fixed income investments), the Plans’ asset allocations, industry and corporate surveys and the past performance of the plans’ assets in selecting 7.25%. For 2024, retirement benefit plans’ assets of the Company and the Utilities both had a net gain of 6.7%.

As of December 31, 2024, the assumed health care trend rates for 2025 and future years were as follows: medical pre-65, 7.00% grading down to 5% for 2032 and thereafter; medical post-65, 6.50%, grading down to 5% for 2030 and thereafter; dental,

5%; and vision, 4%. As of December 31, 2023, the assumed health care trend rates for 2024 and future years were as follows: medical, 6.25%, grading down to 5% for 2029 and thereafter; dental, 5%; and vision, 4%.

The components of NPPC and NPBC were as follows:

	Pension benefits						Other benefits
(in thousands)	2024		2023		2022		2024		2023		2022
HEI consolidated
Service cost	$	45,821	$	45,228	$	77,823	$	1,112	$	1,430	$	2,580
Interest cost	101,882		98,606		76,817		7,365		8,497		6,488
Expected return on plan assets	(138,422)		(135,189)		(137,160)		(13,950)		(13,648)		(13,621)
Amortization of net prior service gain	—		—		—		—		(875)		(928)
Amortization of net actuarial losses (gains)	359		182		27,285		(2,898)		(1,865)		(8)
Net periodic pension/benefit cost	9,640		8,827		44,765		(8,371)		(6,461)		(5,489)
Impact of PUC D&Os	71,448		71,905		37,148		7,769		5,846		4,966
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	$	81,088	$	80,732	$	81,913	$	(602)	$	(615)	$	(523)
Hawaiian Electric consolidated
Service cost	$	44,669	$	44,143	$	75,845	$	1,096	$	1,415	$	2,554
Interest cost	98,492		95,351		74,363		7,039		8,143		6,227
Expected return on plan assets	(135,095)		(131,962)		(133,873)		(13,742)		(13,442)		(13,381)
Amortization of net prior service gain	—		—		—		—		(872)		(925)
Amortization of net actuarial losses (gains)	99		28		26,358		(2,840)		(1,827)		—
Net periodic pension/benefit cost	8,165		7,560		42,693		(8,447)		(6,583)		(5,525)
Impact of PUC D&Os	71,448		71,905		37,148		7,769		5,846		4,966
Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)	$	79,613	$	79,465	$	79,841	$	(678)	$	(737)	$	(559)

The Company recorded pension expense of $47 million, $43 million and $47 million in 2024, 2023 and 2022, respectively, and OPEB income of $(0.2) million, $(0.1) million and $(0.1) million in 2024, 2023 and 2022, respectively, and charged the remaining amounts primarily to electric utility plant. The Utilities recorded pension expense of $45 million, $42 million and $45 million, respectively, and OPEB income of $(0.3) million, $(0.3) million and $(0.1) million in 2024, 2023 and 2022, respectively, and charged the remaining amounts primarily to electric utility plant.

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 as of December 31, 2024 and 2023 were as follows:

	HEI consolidated				Hawaiian Electric consolidated
December 31	2024		2023		2024		2023
(in billions)
Defined benefit pension plans - ABOs1	$	1.7	$	1.8	$	1.7	$	1.7
Defined benefit pension plans with PBOs in excess of plan assets2
PBOs	1.9		2.0		—		1.9
Fair value of plan assets	1.9		1.9		—		1.8

1 There are no defined benefit pension plans with ABOs in excess of fair value of plan assets.

2 Hawaiian Electric’s defined benefit pension plans do not have PBOs in excess of fair value of plan assets.

HEI consolidated. The Company estimates that the cash funding for the qualified defined benefit pension plans in 2025 will be $9 million, which will fully satisfy the ERISA minimum required contribution, the requirements of the Utilities’ pension tracking mechanisms and the Plan’s funding policy. The Company’s current estimate of contributions to its other postretirement benefit plans in 2025 is nil.

As of December 31, 2024, the benefits expected to be paid under all retirement benefit plans in 2025, 2026, 2027, 2028, 2029 and 2030 through 2034 amount to $111 million, $115 million, $119 million, $122 million, $126 million and $677 million, respectively.

Hawaiian Electric consolidated. The Utilities estimate that the cash funding for the qualified defined benefit pension plan in 2025 will be $9 million, which will fully satisfy the ERISA minimum required contribution, the requirements of the pension tracking mechanisms and the Plan’s funding policy. The Utilities’ current estimate of contributions to its other postretirement benefit plans in 2025 is nil.

As of December 31, 2024, the benefits expected to be paid under all retirement benefit plans in 2025, 2026, 2027, 2028, 2029 and 2030 through 2034 amounted to $106 million, $111 million, $114 million, $117 million, $121 million and $652 million, respectively.

Defined contribution plans information.  For 2024, 2023 and 2022, the Company’s expense and cash contributions for its defined contribution plans under the HEIRSP was $8 million, $6 million and $4 million, respectively. Included in the 2024, 2023 and 2022 amounts are non-elective employer contributions for the Utilities and HEI employees first hired on or after January 1, 2022, equal to 10% of those new employees’ annual compensation. For 2024, 2023 and 2022 the Utilities’ expense and cash contributions for its defined contribution plan under the HEIRSP was $7 million, $6 million and $4 million, respectively.