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Retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2016
Compensation and Retirement Disclosure [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 2016 and 2015 and the funded status of these plans and amounts related to these plans reflected in the Company’s and Utilities' consolidated balance sheet as of December 31, 2016 and 2015 were as follows:
 
2016
 
2015
(in thousands)
Pension
benefits
 
Other
benefits
 
Pension
benefits
 
Other
benefits
HEI consolidated
 
 
 
 
 
 
 
Benefit obligation, January 1
$
1,798,030

 
$
221,540

 
$
1,847,228

 
$
219,209

Service cost
60,555

 
3,331

 
66,260

 
3,927

Interest cost
81,549

 
9,670

 
76,960

 
9,011

Actuarial losses (gains)
67,741

 
7,831

 
(124,239
)
 
(2,911
)
Participants contributions
—

 
1,405

 
—

 
1,274

Benefits paid and expenses
(72,381
)
 
(9,942
)
 
(68,179
)
 
(8,970
)
Benefit obligation, December 31
1,935,494

 
233,835

 
1,798,030

 
221,540

Fair value of plan assets, January 1
1,271,474

 
170,687

 
1,266,060

 
180,332

Actual (loss) return on plan assets
103,836

 
11,352

 
(14,422
)
 
(2,866
)
Employer contributions
65,463

 
42

 
86,802

 
917

Participants contributions
—

 
1,405

 
—

 
1,274

Benefits paid and expenses
(71,072
)
 
(9,235
)
 
(66,966
)
 
(8,970
)
Fair value of plan assets, December 31
1,369,701

 
174,251

 
1,271,474

 
170,687

Accrued benefit asset (liability), December 31
$
(565,793
)
 
$
(59,584
)
 
$
(526,556
)
 
$
(50,853
)
Other assets
$
13,477

 
$
—

 
$
12,509

 
$
—

Defined benefit pension and other postretirement benefit plans liability
(579,270
)
 
(59,584
)
 
(539,065
)
 
(50,853
)
Accrued benefit asset (liability), December 31
$
(565,793
)
 
$
(59,584
)
 
$
(526,556
)
 
$
(50,853
)
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os)
$
581,763

 
$
32,550

 
$
639,831

 
$
20,933

Recognized during year – prior service credit (cost)
57

 
1,793

 
(4
)
 
1,793

Recognized during year – net actuarial losses
(24,832
)
 
(804
)
 
(36,800
)
 
(1,796
)
Occurring during year – net actuarial losses (gains)
62,463

 
8,751

 
(21,264
)
 
11,620

AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31
619,451

 
42,290

 
581,763

 
32,550

Cumulative impact of PUC D&Os
(576,933
)
 
(43,974
)
 
(538,784
)
 
(35,333
)
AOCI debit/(credit), December 31
$
42,518

 
$
(1,684
)
 
$
42,979

 
$
(2,783
)
Net actuarial loss
$
619,582

 
$
52,792

 
$
581,951

 
$
44,845

Prior service gain
(131
)
 
(10,502
)
 
(188
)
 
(12,295
)
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31
619,451

 
42,290

 
581,763

 
32,550

Cumulative impact of PUC D&Os
(576,933
)
 
(43,974
)
 
(538,784
)
 
(35,333
)
AOCI debit/(credit), December 31
42,518

 
(1,684
)
 
42,979

 
(2,783
)
Income taxes (benefits)
(16,746
)
 
656

 
(16,944
)
 
1,084

AOCI debit/(credit), net of taxes (benefits), December 31
$
25,772

 
$
(1,028
)
 
$
26,035

 
$
(1,699
)

As of December 31, 2016 and 2015, the other postretirement benefit plans shown in the table above had ABOs in excess of plan assets.

 
 
 
 
 
 
 
 
 
2016
 
2015
(in thousands)
Pension
benefits
 
Other
benefits
 
Pension
benefits
 
Other
benefits
Hawaiian Electric consolidated
 
 
 
 
 
 
 
Benefit obligation, January 1
$
1,649,690

 
$
213,990

 
$
1,690,777

 
$
211,760

Service cost
58,796

 
3,284

 
64,262

 
3,870

Interest cost
74,808

 
9,337

 
70,529

 
8,700

Actuarial losses (gains)
63,121

 
7,545

 
(114,286
)
 
(2,860
)
Participants contributions
—

 
1,389

 
—

 
1,260

Benefits paid and expenses
(66,789
)
 
(9,822
)
 
(63,037
)
 
(8,858
)
Transfers
—

 
—

 
1,445

 
118

Benefit obligation, December 31
1,779,626

 
225,723

 
1,649,690

 
213,990

Fair value of plan assets, January 1
1,141,833

 
167,930

 
1,129,005

 
177,256

Actual (loss) return on plan assets
93,441

 
11,168

 
(10,646
)
 
(2,712
)
Employer contributions
64,236

 
11

 
85,139

 
864

Participants contributions
—

 
1,389

 
—

 
1,260

Benefits paid and expenses
(66,326
)
 
(9,115
)
 
(62,584
)
 
(8,858
)
Other
—

 
—

 
919

 
120

Fair value of plan assets, December 31
1,233,184

 
171,383

 
1,141,833

 
167,930

Accrued benefit asset (liability), December 31
$
(546,442
)
 
$
(54,340
)
 
$
(507,857
)
 
$
(46,060
)
Other liabilities (short-term)
(460
)
 
(596
)
 
(425
)
 
(518
)
Defined benefit pension and other postretirement benefit plans liability
(545,982
)
 
(53,744
)
 
(507,432
)
 
(45,542
)
Accrued benefit asset (liability), December 31
$
(546,442
)
 
$
(54,340
)
 
$
(507,857
)
 
$
(46,060
)
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os)
$
541,118

 
$
31,485

 
$
595,103

 
$
20,090

Recognized during year – prior service credit (cost)
(13
)
 
1,803

 
(40
)
 
1,804

Recognized during year – net actuarial losses
(22,693
)
 
(793
)
 
(33,371
)
 
(1,754
)
Occurring during year – net actuarial losses (gains)
61,313

 
8,472

 
(20,574
)
 
11,345

AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31
579,725

 
40,967

 
541,118

 
31,485

Cumulative impact of PUC D&Os
(576,933
)
 
(43,974
)
 
(538,784
)
 
(35,333
)
AOCI debit/(credit), December 31
$
2,792

 
$
(3,007
)
 
$
2,334

 
$
(3,848
)
Net actuarial loss
$
579,691

 
$
51,463

 
$
541,071

 
$
43,784

Prior service cost (gain)
34

 
(10,496
)
 
47

 
(12,299
)
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31
579,725

 
40,967

 
541,118

 
31,485

Cumulative impact of PUC D&Os
(576,933
)
 
(43,974
)
 
(538,784
)
 
(35,333
)
AOCI debit/(credit), December 31
2,792

 
(3,007
)
 
2,334

 
(3,848
)
Income taxes (benefits)
(1,087
)
 
1,170

 
(908
)
 
1,497

AOCI debit/(credit), net of taxes (benefits), December 31
$
1,705

 
$
(1,837
)
 
$
1,426

 
$
(2,351
)
Schedule of weighted-average asset allocation of defined benefit retirement plans
The asset allocation of defined benefit retirement plans to equity and fixed income securities managers and related investment policy targets and ranges were as follows:
 
Pension benefits1
 
Other benefits2
 
 
 
 
 
Investment policy
 
 
 
 
 
Investment policy
December 31
2016

 
2015

 
Target

 
Range
 
2016

 
2015

 
Target

 
Range
Assets held by category
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 
Equity securities managers
71
%
 
70
%
 
70
%
 
65-75
 
70
%
 
70
%
 
70
%
 
65-75
Fixed income securities managers
29

 
30

 
30

 
25-35
 
30

 
30

 
30

 
25-35
 
100
%
 
100
%
 
100
%
 
 
 
100
%
 
100
%
 
100
%
 
 

1  
Asset allocation is applicable to only HEI and the Utilities. In 2014, ASB revised its defined benefit pension plan asset allocation to a liability driven investment strategy and, as of December 31, 2016 and 2015, nearly all of its pension assets were invested in fixed income securities.
2 
Asset allocation is applicable to only HEI and the Utilities. ASB does not fund its other benefits.
Schedule of assets held in various trusts are measured at fair value on a recurring basis
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)
 
Significant unobservable inputs
(Level 3)
 
December 31
 
Level 1
 
Level 2
 
Level 3
2016
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Equity securities
$
692

 
$
692

 
$
—

 
$
—

 
$
94

 
$
94

 
$
—

 
$
—

Equity index funds
129

 
129

 
—

 
—

 
17

 
17

 
—

 
—

Equity investments at net asset value (NAV)
56

 
—

 
—

 
—

 
9

 
—

 
—

 
—

   Total equity investments
877

 
821

 
—

 
—

 
120

 
111

 
—

 
—

Fixed income securities and public mutual funds
276

 
84

 
192

 
—

 
44

 
42

 
2

 
—

Fixed income investments at NAV
180

 
—

 
—

 
—

 
4

 
—

 
—

 
—

   Total fixed income investments
456

 
84

 
192

 
—

 
48

 
42

 
2

 
—

Cash equivalents at NAV
33

 
—

 
—

 
—

 
6

 
—

 
—

 
—

Total
$
1,366

 
$
905

 
$
192

 
$
—

 
$
174

 
$
153

 
$
2

 
$
—

Cash, receivables and payables, net
4

 
 

 
 

 
 

 
—

 
 

 
 

 
 

Fair value of plan assets
$
1,370

 
 

 
 

 
 

 
$
174

 
 

 
 

 
 

2015
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Equity securities
$
640

 
$
640

 
$
—

 
$
—

 
$
92

 
$
92

 
$
—

 
$
—

Equity index funds
119

 
119

 
—

 
—

 
17

 
17

 
—

 
—

Equity investments at NAV
46

 
—

 
—

 
—

 
9

 
—

 
—

 
—

   Total equity investments
805

 
759

 
—

 
—

 
118

 
109

 
—

 
—

Fixed income securities and public mutual funds
260

 
85

 
175

 
—

 
44

 
42

 
2

 
—

Fixed income investments at NAV
165

 
—

 
—

 
—

 
4

 
—

 
—

 
—

   Total fixed income investments
425

 
85

 
175

 
—

 
48

 
42

 
2

 
—

Cash equivalents at NAV
38

 
—

 
—

 
—

 
5

 
—

 
—

 
—

Total
1,268

 
$
844

 
$
175

 
$
—

 
171

 
$
151

 
$
2

 
$
—

Cash, receivables and payables, net
3

 
 

 
 

 
 

 
—

 
 

 
 

 
 

Fair value of plan assets
$
1,271

 
 

 
 

 
 

 
$
171

 
 

 
 

 
 


 
Pension benefits
 
Other benefits
Measured at net asset value
December 31

 
Redemption frequency
 
Redemption notice period
 
December 31

 
Redemption frequency
 
Redemption notice period
(in millions)
 
 
 
 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
 
 
 
 
Non U.S. equity funds (a)
56

 
Daily - Quarterly
 
0 - 30 days
 
9

 
Monthly -Quarterly
 
10-30 days
Fixed income investments (b)
180

 
Monthly
 
10 days
 
4

 
Monthly
 
10 days
Cash equivalents (c)
33

 
Daily
 
0-1 day
 
6

 
Daily
 
0-1 day
 
$
269

 
 
 
 
 
$
19

 
 
 
 
2015
 
 
 
 
 
 
 
 
 
 
 
Non U.S. equity funds (a)
46

 
Daily - Quarterly
 
0 - 30 days
 
9

 
Monthly - Quarterly
 
10-30 days
Fixed income investments (b)
165

 
Monthly
 
10 days
 
4

 
Monthly
 
10 days
Cash equivalents (c)
38

 
Daily
 
0-1 day
 
5

 
Daily
 
0-1 day
 
$
249

 
 
 
 
 
$
18

 
 
 
 
None of the investments presented in the tables above have unfunded commitments.
(a)
Represents investments in funds that primarily invest in non-U.S., emerging markets equities. Redemption frequency for pension benefits assets as of December 31, 2016 and 2015 were: daily, 31% and 24%; monthly, 31% and 29%; and quarterly, 38% and 47%, respectively. Redemption frequency for other benefits assets as of December 31, 2016 and 2015 were: monthly, 57% and 54%; and quarterly, 42% and 46%, respectively.
(b )
Represents investments in fixed income securities invested in a US-dollar denominated fund that seeks to exceed the Barclays Capital Long Corporate A or better Index through investments in US-dollar denominated fixed income securities and commingled vehicles.
(c)
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. For pension benefits, the fund may also invest in fixed income securities of investment grade issuers; the fund has an average rating of AA1.
Schedule of weighted-average assumptions used in accounting for plans
The following weighted-average assumptions were used in the accounting for the plans:
 
Pension benefits
 
Other benefits
December 31
2016
 
2015
 
2014
 
2016
 
2015
 
2014
Benefit obligation
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.26
%
 
4.60
%
 
4.22
%
 
4.22
%
 
4.57
%
 
4.17
%
Rate of compensation increase
3.5

 
3.5

 
3.5

 
NA   

 
NA   

 
NA   

Net periodic pension/benefit cost (years ended)
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.60

 
4.22

 
5.09

 
4.57

 
4.17

 
5.03

Expected return on plan assets1
7.75

 
7.75

 
7.75

 
7.75

 
7.75

 
7.75

Rate of compensation increase
3.5

 
3.5

 
3.5

 
NA   

 
NA   

 
NA   

NA  Not applicable
1 For 2016 and 2015, HEI's and utilities' plan assets only. For 2016 and 2015, ASB's expected return on plan assets was 4.80% and 4.22%, respectively.
Schedule of components of net periodic benefit cost for consolidated HEI
The components of NPPC and NPBC were as follows:
 
Pension benefits
 
Other benefits
(in thousands)
2016
 
2015
 
2014
 
2016
 
2015
 
2014
HEI consolidated
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
60,555

 
$
66,260

 
$
49,264

 
$
3,331

 
$
3,927

 
$
3,490

Interest cost
81,549

 
76,960

 
72,202

 
9,670

 
9,011

 
8,550

Expected return on plan assets
(98,559
)
 
(88,554
)
 
(81,355
)
 
(12,273
)
 
(11,664
)
 
(10,902
)
Amortization of net prior service (gain) cost
(57
)
 
4

 
88

 
(1,793
)
 
(1,793
)
 
(1,793
)
Amortization of net actuarial losses (gains)
24,832

 
36,800

 
20,304

 
804

 
1,796

 
(11
)
Net periodic pension/benefit cost
68,320

 
91,470

 
60,503

 
(261
)
 
1,277

 
(666
)
Impact of PUC D&Os
(18,117
)
 
(40,011
)
 
(13,324
)
 
1,343

 
(240
)
 
1,976

Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)
50,203

 
51,459

 
47,179

 
1,082

 
1,037

 
1,310

Hawaiian Electric consolidated
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
58,796

 
$
64,262

 
$
47,597

 
$
3,284

 
$
3,870

 
$
3,392

Interest cost
74,808

 
70,529

 
65,979

 
9,337

 
8,700

 
8,234

Expected return on plan assets
(91,633
)
 
(82,541
)
 
(72,661
)
 
(12,096
)
 
(11,495
)
 
(10,739
)
Amortization of net prior service (gain) cost
13

 
40

 
62

 
(1,803
)
 
(1,804
)
 
(1,804
)
Amortization of net actuarial losses
22,693

 
33,371

 
18,459

 
793

 
1,754

 
—

Net periodic pension/benefit cost
64,677

 
85,661

 
59,436

 
(485
)
 
1,025

 
(917
)
Impact of PUC D&Os
(18,117
)
 
(40,011
)
 
(13,324
)
 
1,343

 
(240
)
 
1,976

Net periodic pension/benefit cost (adjusted for impact of PUC D&Os)
$
46,560

 
$
45,650

 
$
46,112

 
$
858

 
$
785

 
$
1,059
Schedule of amounts in accumulated other comprehensive Income (loss) to be recognized over next fiscal year
The estimated prior service credit and net actuarial loss for defined benefit plans that will be amortized from AOCI or regulatory assets into NPPC and NPBC during 2017 is as follows:
 
HEI consolidated
 
Hawaiian Electric consolidated
(in millions)
Pension benefits
 
Other benefits
 
Pension benefits
 
Other benefits
Estimated prior service credit
$
(0.1
)
 
$
(1.8
)
 
$
—

 
$
(1.8
)
Net actuarial loss
26.1

 
1.5

 
24.0

 
1.4
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), PBOs and assets were as follows:
 
HEI consolidated
 
Hawaiian Electric consolidated
December 31
2016
 
2015
 
2016
 
2015
(in billions)
 
 
 
 
 
 
 
Defined benefit plans - ABOs
$
1.7

 
$
1.6

 
$
1.5

 
$
1.4

Defined benefit plans with ABO in excess of plan assets
 
 
 
 
 
 
 
     ABOs
1.6

 
1.5

 
1.5

 
1.4

     Plan assets
1.3

 
1.2

 
1.2

 
1.1

Defined benefit plans with PBOs in excess of plan assets
 
 
 
 
 
 
 
     PBOs
1.8

 
1.7

 
1.8

 
1.6

     Plan assets
1.3

 
1.2

 
1.2

 
1.1