v3.26.1
Retirement benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Retirement benefits Retirement benefits
Defined benefit pension and other postretirement benefit plans information.  The Company contributed $5 million ($5 million by the Utilities) to its pension and other postretirement benefit plans during the first six months of 2026, compared to $4 million ($4 million by the Utilities) during the first six months of 2025. The Company’s current estimate of total contributions to its pension and other postretirement benefit plans in 2026 is $13 million ($13 million by the Utilities), compared to $12 million ($11 million by the Utilities) in 2025. In addition, the Company expects to pay directly $3 million ($1 million by the Utilities) of benefits in 2026, compared to $2 million ($1 million by the Utilities) paid in 2025.
The components of net periodic pension costs and net periodic benefit costs for HEI consolidated and Hawaiian Electric consolidated were as follows:
Three months ended June 30Six months ended June 30
Pension benefitsOther benefitsPension benefitsOther benefits
(in thousands)20262025202620252026202520262025
HEI consolidated
Service cost$9,838 $9,948 $245 $248 $19,676 $19,896 $491 $496 
Interest cost27,564 26,304 1,778 1,821 55,128 52,609 3,557 3,642 
Expected return on plan assets(33,832)(33,856)(3,590)(3,510)(67,664)(67,713)(7,182)(7,020)
Amortization of net actuarial (gain)/losses65 65 (682)(746)131 130 (1,364)(1,492)
Net periodic pension/benefit cost (return)3,635 2,461 (2,249)(2,187)7,271 4,922 (4,498)(4,374)
Impact of PUC D&Os16,619 17,800 2,082 2,024 33,236 35,599 4,166 4,049 
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os)$20,254 $20,261 $(167)$(163)$40,507 $40,521 $(332)$(325)
Hawaiian Electric consolidated
Service cost$9,650 $9,705 $242 $245 $19,300 $19,410 $485 $490 
Interest cost26,667 25,430 1,699 1,740 53,333 50,859 3,398 3,481 
Expected return on plan assets(33,039)(33,052)(3,542)(3,461)(66,077)(66,101)(7,087)(6,923)
Amortization of net actuarial (gain)/losses24 24 (676)(737)49 47 (1,351)(1,474)
Net periodic pension/benefit cost (return)3,302 2,107 (2,277)(2,213)6,605 4,215 (4,555)(4,426)
Impact of PUC D&Os16,619 17,800 2,082 2,024 33,236 35,599 4,166 4,049 
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os)$19,921 $19,907 $(195)$(189)$39,841 $39,814 $(389)$(377)
HEI consolidated recorded retirement benefits expense of $22 million ($21 million by the Utilities) in the first six months of 2026 and $23 million ($22 million by the Utilities) in the first six months of 2025, 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 six months of 2026 and 2025, the Company’s expenses and cash contributions for its defined contribution plans under the Hawaiian Electric Industries Retirement Savings Plan were $5.4 million and $4.1 million, respectively. For the first six months of 2026 and 2025, the Utilities’ expenses and cash contributions for its defined contribution plan under the Hawaiian Electric Industries Retirement Savings Plan were $5.2 million and $3.9 million, respectively.