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Retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2024
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 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:

20242023
(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 $157,021 
Benefit obligation, January 1- discontinued operations
81,157 434 80,705 415 
Benefit obligation, January 12,032,978 143,343 1,856,765 157,436 
Service cost45,821 1,112 45,228 1,430 
Interest cost101,882 7,365 98,606 8,497 
Actuarial loss (gain)(106,453)(9,913)130,280 (13,863)
Participants contributions— 4,024 — 3,542 
Benefits paid and expenses(99,494)(13,594)(98,353)(13,718)
Change in projected benefit obligations - discontinued operations
(81,157)(434)452 19 
Benefit obligation from continuing operations1,893,577 131,903 1,951,821 142,909 
Benefit obligation from discontinued operations
— — 81,157 434 
Benefit obligation, December 311,893,577 131,903 2,032,978 143,343 
Fair value of plan, January 1 - continuing operations
1,871,872 207,372 1,707,267 190,547 
Fair value of plan, January 1 - discontinued operations
101,667 — 99,112 — 
Fair value of plan assets, January 11,973,539 207,372 1,806,379 190,547 
Actual return on plan assets105,938 19,438 252,998 25,926 
Employer contributions8,778 — 8,274 — 
Participants contributions— 4,024 — 3,542 
Benefits paid and expenses(97,735)(12,944)(96,667)(12,643)
Change in plan assets - discontinued operations
(101,667)— 2,555 — 
Fair value of plan assets from continuing operations
1,888,853 217,890 1,871,872 207,372 
Fair value of plan assets from discontinued operations
— — 101,667 — 
Fair value of plan assets, December 311,888,853 217,890 1,973,539 207,372 
Accrued benefit asset (liability) from continuing operations
(4,724)85,987 (79,949)64,463 
Accrued benefit asset (liability) from discontinued operations
— — 20,510 (434)
Accrued benefit asset (liability), December 31$(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&Os5,999 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&Os5,999 55,140 (67,732)43,066 
AOCI debit/(credit), December 315,036 (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)


20242023
(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 cost44,669 1,096 44,143 1,415 
Interest cost98,492 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 311,830,454 126,088 1,888,463 136,572 
Fair value of plan assets, January 11,827,285 204,140 1,665,880 187,494 
Actual return on plan assets103,457 19,299 246,976 25,529 
Employer contributions8,733 — 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 311,843,676 214,743 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&Os5,999 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&Os5,999 55,140 (67,732)43,066 
AOCI debit/(credit), December 312,024 (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)
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 benefits
Other benefits

 
Investment policy1
 
Investment policy1
December 31, 2024
%
Target
Range2
%
Target
Range2
Assets held by category      
U.S. equity securities48 %46 %
8-100%
54 %54 %
14-100%
Non-U.S equity securities19 17 
0-37%
21 20 
0-40%
Fixed income securities 30 32 
11-51%
25 26 
6-46%
Private equity3 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 securities56 %50 %
40-65%
58 %50 %
40-65%
Non-U.S equity securities13 15 
5-25%
15 15 
5-25%
Fixed income securities 28 30 
20-60%
27 30 
20-60%
Private equity3 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.
Assets held in various trusts for the retirement benefit plans are measured at fair value on a recurring basis and were as follows:
 Pension benefitsOther benefits
  Fair value measurements using Fair value measurements using
(in millions)December 31Quoted prices in active markets for identical assets
 (Level 1)		Significant other observable inputs
(Level 2)		December 31Quoted 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 securities20 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 NAV45 — — 10 10 — 
Total1,887 $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 securities165 165 — 20 20 — 
U.S. equity index and ETFs
584 584 — 64 64 — 
Non-U.S. equity investments at NAV77 — — 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 NAV50 — — 1 — — 
Cash equivalents, fund and at NAV1
60 15 — 3 3 — 
Total1,984 $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 following table represents assets measured at NAV.
Pension benefitsOther benefits
Measured at NAVDecember 31Redemption frequency Redemption notice periodDecember 31Redemption frequency Redemption notice period
(in millions)
2024
Private equity (a)
$63 NANA$1 NANA
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 NANA1 NANA
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.
Schedule of Weighted-Average Assumptions Used in Accounting for Plans
The following weighted-average assumptions were used in the accounting for the plans:
 Pension benefitsOther benefits
December 31202420232022202420232022
Benefit obligation
Discount rate
5.77 %5.35 %5.67 %5.72 %5.39 %5.66 %
Rate of compensation increase3.5 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.
Schedule of Components of Net Periodic Benefit Cost for Consolidated HEI
The components of NPPC and NPBC were as follows:
 Pension benefitsOther benefits
(in thousands)202420232022202420232022
HEI consolidated
Service cost$45,821 $45,228 $77,823 $1,112 $1,430 $2,580 
Interest cost101,882 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 cost9,640 8,827 44,765 (8,371)(6,461)(5,489)
Impact of PUC D&Os71,448 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 cost8,165 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)
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 as of December 31, 2024 and 2023 were as follows:
HEI consolidatedHawaiian Electric consolidated
December 312024202320242023
(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.