Retirement benefits (Tables)

12 Months Ended

Dec. 31, 2011

Retirement benefits

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

	2011				2010
(in thousands)	Pension benefits		Other benefits		Pension benefits		Other benefits
Benefit obligation, January 1	$1,174,534		$180,332		$1,014,287		$170,572
Service cost	35,016		4,409		28,801		4,739
Interest cost	64,966		9,534		64,527		10,378
Amendments	–		(11,365	)	–		(7,713	)
Actuarial losses	104,970		16,518		121,898		11,817
Benefits paid and expenses	(57,056	)	(8,879	)	(54,979	)	(9,461	)
Benefit obligation, December 31	1,322,430		190,549		1,174,534		180,332
Fair value of plan assets, January 1	832,356		151,117		738,971		134,608
Actual return (loss) on plan assets	(9,713	)	(2,308	)	119,446		21,271
Employer contribution	72,931		2,030		27,803		3,989
Benefits paid and expenses	(55,994	)	(7,847	)	(53,864	)	(8,751	)
Fair value of plan assets, December 31	839,580		142,992		832,356		151,117
Accrued benefit liability, December 31	(482,850	)	(47,557	)	(342,178	)	(29,215	)
AOCI, January 1 (excluding impact of PUC D&Os)	366,552		9,036		302,147		14,693
Recognized during year – net recognized transition obligation	(2	)	–		(2	)	–
Recognized during year – prior service credit	389		1,494		388		396
Recognized during year – net actuarial gains (losses)	(16,987	)	(234	)	(7,392	)	14
Occurring during year – prior service cost	–		(11,365	)	–		(7,714	)
Occurring during year – net actuarial losses	183,585		29,753		71,411		1,647
	533,537		28,684		366,552		9,036
Cumulative impact of PUC D&Os	(486,710	)	(29,183	)	(340,187	)	(10,880	)
AOCI, December 31	46,827		(499	)	26,365		(1,844	)
Net actuarial loss	534,054		48,152		367,456		18,633
Prior service gain	(518	)	(19,468	)	(907	)	(9,597	)
Net transition obligation	1		–		3		–
	533,537		28,684		366,552		9,036
Cumulative impact of PUC D&Os	(486,710	)	(29,183	)	(340,187	)	(10,880	)
AOCI, December 31	46,827		(499	)	26,365		(1,844	)
Income taxes (benefits)	(18,495	)	194		(10,403	)	717
AOCI, net of taxes (benefits), December 31	$     28,332		$      (305	)	$     15,962		$   (1,127	)

Schedule of weighted-average asset allocation of defined benefit retirement plans

	Pension benefits				Other benefits
			Investment policy				Investment policy
December 31	2011	2010	Target	Range	2011	2010	Target	Range
Asset category
Equity securities	68%	71%	70%	65-75%	69%	70%	70%	65-75%
Fixed income	32	29	30	25-35%	31	30	30	25-35%
	100%	100%	100%		100%	100%	100%

Schedule of weighted-average assumptions used in accounting for plans

	Pension benefits			Other benefits
December 31	2011	2010	2009	2011	2010	2009
Benefit obligation
Discount rate	5.19%	5.68%	6.50%	4.90%	5.60%	6.50%
Rate of compensation increase	3.5	3.5	3.5	NA	NA	NA
Net periodic benefit cost (years ended)Discount rate	5.68	6.50	6.625	5.60	6.50	6.50
Expected return on plan assets	8.00	8.25	8.25	8.00	8.25	8.25
Rate of compensation increase	3.5	3.5	3.5	NA	NA	3.5

Schedule of components of net periodic benefit cost for consolidated HEI

	Pension benefits						Other benefits
(in thousands)	2011		2010		2009		2011		2010		2009
Service cost	$ 35,016		$ 28,801		$ 25,688		$ 4,409		$ 4,739		$ 4,846
Interest cost	64,966		64,527		61,988		9,534		10,378		10,981
Expected return on plan assets	(68,901	)	(68,959	)	(57,244	)	(10,650	)	(11,101	)	(8,902	)
Amortization of net transition obligation	2		2		2		–		–		1,831
Amortization of net prior service gain	(389	)	(388	)	(387	)	(1,494	)	(396	)	(79	)
Amortization of net actuarial loss (gain)	16,987		7,392		15,847		234		(14	)	401
Net periodic benefit cost	47,681		31,375		45,894		2,033		3,606		9,078
Impact of PUC D&Os	(3,516	)	10,207		(10,570	)	2,674		5,400		(132	)
Net periodic benefit cost (adjusted for impact of PUC D&Os)	$ 44,165		$ 41,582		$ 35,324		$ 4,707		$ 9,006		$ 8,946