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Retirement benefits (Tables) - HECO
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9 Months Ended |
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Sep. 30, 2013
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| Retirement benefits |
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| Schedule of components of net periodic benefit cost for consolidated HECO |
The components of net periodic benefit cost for consolidated HEI were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | | | Pension benefits | | Other benefits | | Pension benefits | | Other benefits | (in thousands) | | 2013 | | 2012 | | 2013 | | 2012 | | 2013 | | 2012 | | 2013 | | 2012 | Service cost | | $ | 14,097 |
| | $ | 10,816 |
| | $ | 1,077 |
| | $ | 1,054 |
| | $ | 42,307 |
| | $ | 32,404 |
| | $ | 3,229 |
| | $ | 3,158 |
| Interest cost | | 16,187 |
| | 16,868 |
| | 1,891 |
| | 2,252 |
| | 48,600 |
| | 50,612 |
| | 5,677 |
| | 6,756 |
| Expected return on plan assets | | (18,134 | ) | | (17,796 | ) | | (2,531 | ) | | (2,579 | ) | | (54,401 | ) | | (53,388 | ) | | (7,614 | ) | | (7,757 | ) | Amortization of net transition obligation | | — |
| | 1 |
| | — |
| | — |
| | — |
| | 1 |
| | — |
| | — |
| Amortization of net prior service gain | | (24 | ) | | (81 | ) | | (448 | ) | | (448 | ) | | (73 | ) | | (244 | ) | | (1,345 | ) | | (1,345 | ) | Amortization of net actuarial loss | | 9,560 |
| | 6,425 |
| | 398 |
| | 373 |
| | 28,878 |
| | 19,251 |
| | 1,203 |
| | 1,125 |
| Net periodic benefit cost | | 21,686 |
| | 16,233 |
| | 387 |
| | 652 |
| | 65,311 |
| | 48,636 |
| | 1,150 |
| | 1,937 |
| Impact of PUC D&Os | | (9,257 | ) | | (3,460 | ) | | (332 | ) | | (552 | ) | | (28,847 | ) | | (12,294 | ) | | (1,018 | ) | | (1,648 | ) | Net periodic benefit cost (adjusted for impact of PUC D&Os) | | $ | 12,429 |
| | $ | 12,773 |
| | $ | 55 |
| | $ | 100 |
| | $ | 36,464 |
| | $ | 36,342 |
| | $ | 132 |
| | $ | 289 |
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| Schedule of reclassifications out of accumulated other comprehensive income/(loss) |
Accumulated other comprehensive income. Reclassifications out of accumulated other comprehensive income/(loss) (AOCI) were as follows: | | | | | | | | | | | | | | | | | | | | | | Amount reclassified from AOCI | | | | | Three months
ended September 30 | | Nine months
ended September 30 | | | (in thousands) | | 2013 | | 2012 | | 2013 | | 2012 | | Affected line item in the Statement of Income | Net realized gains on securities | | $ | — |
| | $ | — |
| | $ | (738 | ) | | $ | (81 | ) | | Revenues-bank (net gains on sales of securities) | Derivatives qualified as cash flow hedges | | |
| | |
| | |
| | |
| | | Interest rate contracts (settled in 2011) | | 59 |
| | 59 |
| | 177 |
| | 177 |
| | Interest expense | Retirement benefit plan items | | |
| | |
| | |
| | |
| | | Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | | 5,789 |
| | 3,826 |
| | 17,490 |
| | 11,467 |
| | See Note 5 for additional details | Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | | (5,156 | ) | | (3,342 | ) | | (15,468 | ) | | (10,026 | ) | | See Note 5 for additional details | Total reclassifications | | $ | 692 |
| | $ | 543 |
| | $ | 1,461 |
| | $ | 1,537 |
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Hawaiian Electric Company, Inc. and Subsidiaries
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| Retirement benefits |
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| Schedule of components of net periodic benefit cost for consolidated HECO |
The components of net periodic benefit cost for the Utilities were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30 | | Nine months ended September 30 | | | Pension benefits | | Other benefits | | Pension benefits | | Other benefits | (in thousands) | | 2013 | | 2012 | | 2013 | | 2012 | | 2013 | | 2012 | | 2013 | | 2012 | Service cost | | $ | 13,620 |
| | $ | 10,400 |
| | $ | 1,041 |
| | $ | 1,003 |
| | $ | 40,861 |
| | $ | 31,202 |
| | $ | 3,122 |
| | $ | 3,010 |
| Interest cost | | 14,780 |
| | 15,364 |
| | 1,822 |
| | 2,175 |
| | 44,339 |
| | 46,090 |
| | 5,466 |
| | 6,527 |
| Expected return on plan assets | | (16,138 | ) | | (16,001 | ) | | (2,502 | ) | | (2,548 | ) | | (48,413 | ) | | (48,003 | ) | | (7,502 | ) | | (7,646 | ) | Amortization of net transition obligation | | — |
| | — |
| | — |
| | (2 | ) | | — |
| | — |
| | — |
| | (6 | ) | Amortization of net prior service gain | | (116 | ) | | (173 | ) | | (451 | ) | | (450 | ) | | (348 | ) | | (517 | ) | | (1,353 | ) | | (1,352 | ) | Amortization of net actuarial loss | | 8,649 |
| | 5,857 |
| | 387 |
| | 363 |
| | 25,948 |
| | 17,571 |
| | 1,159 |
| | 1,091 |
| Net periodic benefit cost | | 20,795 |
| | 15,447 |
| | 297 |
| | 541 |
| | 62,387 |
| | 46,343 |
| | 892 |
| | 1,624 |
| Impact of PUC D&Os | | (9,257 | ) | | (3,460 | ) | | (332 | ) | | (552 | ) | | (28,847 | ) | | (12,294 | ) | | (1,018 | ) | | (1,648 | ) | Net periodic benefit cost (adjusted for impact of PUC D&Os) | | $ | 11,538 |
| | $ | 11,987 |
| | $ | (35 | ) | | $ | (11 | ) | | $ | 33,540 |
| | $ | 34,049 |
| | $ | (126 | ) | | $ | (24 | ) |
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| Schedule of reclassifications out of accumulated other comprehensive income/(loss) |
Accumulated other comprehensive income. Reclassifications out of AOCI were as follows: | | | | | | | | | | | | | | | | | | | | | | Amount reclassified from AOCI | | | | | Three months
ended September 30 | | Nine months
ended September 30 | | | (in thousands) | | 2013 | | 2012 | | 2013 | | 2012 | | | Retirement benefit plan items | | |
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| | |
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| | | Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | | $ | 5,173 |
| | $ | 3,419 |
| | $ | 15,520 |
| | $ | 10,255 |
| | See above | Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | | (5,156 | ) | | (3,342 | ) | | (15,468 | ) | | (10,026 | ) | | See above | Total reclassifications | | $ | 17 |
| | $ | 77 |
| | $ | 52 |
| | $ | 229 |
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