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Fair value measurements (Tables) | 12 Months Ended
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Dec. 31, 2011
Fair value measurements |
Schedule of estimated fair values of certain of the Company's financial instruments |
December 31 |  | 2011 |  | 2010 |
(in thousands) |  | Carrying or notional amount |  | Estimated fair value |  | Carrying or notional amount |  | Estimated fair value |
Financial assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents, excluding money market funds |  | $ | 270,255 |  | $ | 270,255 |  | $ | 329,553 |  | $ | 329,553 |
Money market funds |  | 10 |  | 10 |  | 1,098 |  | 1,098 |
Available-for-sale investment and mortgage-related securities |  | 624,331 |  | 624,331 |  | 678,152 |  | 678,152 |
Investment in stock of Federal Home Loan Bank of Seattle |  | 97,764 |  | 97,764 |  | 97,764 |  | 97,764 |
Loans receivable, net |  | 3,652,419 |  | 3,888,558 |  | 3,497,729 |  | 3,639,983 |
Financial liabilities |  |  |  |  |  |  |  |  |
Deposit liabilities |  | 4,070,032 |  | 3,991,717 |  | 3,975,372 |  | 3,979,027 |
Short-term borrowings—other than bank |  | 68,821 |  | 68,821 |  | 24,923 |  | 24,923 |
Other bank borrowings |  | 233,229 |  | 250,486 |  | 237,319 |  | 251,822 |
Long-term debt, net—other than bank |  | 1,340,070 |  | 1,400,241 |  | 1,364,942 |  | 1,345,770 |
Forward starting swaps |  | – |  | – |  | 2,762 |  | 2,762 |
Off-balance sheet items |  |  |  |  |  |  |  |  |
HECO-obligated preferred securities of trust subsidiary |  | 50,000 |  | 50,000 |  | 50,000 |  | 52,500 |
Schedule of assets and liabilities measured at fair value on a recurring basis |
|  | Fair value measurements using |
(in thousands) |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |
December 31, 2011 |  |  |  |  |  |  |  |  |
Money market funds (“other” segment) |  | $– |  |  | $ 10 |  | $– |  |
Available-for-sale securities (bank segment) |  |  |  |  |  |  |  |  |
Mortgage-related securities-FNMA, FHLMC and GNMA |  | $– |  |  | $344,865 |  | $– |  |
Federal agency obligations |  | – |  |  | 220,727 |  | – |  |
Municipal bonds |  | – |  |  | 58,739 |  | – |  |
|  | $– |  |  | $624,331 |  | $– |  |
December 31, 2010 |  |  |  |  |  |  |  |  |
Money market funds (“other” segment) |  | $– |  |  | $ 1,098 |  | $– |  |
Available-for-sale securities (bank segment) |  |  |  |  |  |  |  |  |
Mortgage-related securities-FNMA, FHLMC and GNMA |  | $– |  |  | $319,970 |  | $– |  |
Federal agency obligations |  | – |  |  | 315,896 |  | – |  |
Municipal bonds |  | – |  |  | 42,286 |  | – |  |
|  | $– |  |  | $678,152 |  | $– |  |
Forward starting swaps (“other” segment) |  | $– |  |  | $(2,762) |  | $– |  |
Schedule of assets measured at fair value on a nonrecurring basis |
Assets measured at fair value on a nonrecurring basis were as follows:
|  |  |  | Fair value measurements using |
|  |  |  | Quoted prices in active |  | Significant other |  | Significant |
|  |  |  | markets for identical |  | Observable inputs |  | Unobservable inputs |
(in millions) |  | Balance |  | assets (Level 1) |  | (Level 2) |  | (Level 3) |
Loans |  |  |  |  |  |  |  |  |
December 31, 2011 |  | $34 |  | $– |  | $25 |  | $9 |
December 31, 2010 |  | 35 |  | – |  | 26 |  | 9 |
Schedule of assets held in various trusts are measured at fair value on a recurring basis |
| 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 unobserv- able inputs (Level 3) | December 31 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobserv- able inputs (Level 3) |
2011 |  |  |  |  |  |  |  |  |
Equity securities | $425 | $425 | $– | $– | $73 | $73 | $– | $– |
Equity index funds | 82 | 82 | – | – | 15 | 15 | – | – |
Fixed income securities | 283 | 98 | 185 | – | 43 | 37 | 6 | – |
Pooled and mutual funds | 87 | 1 | 86 | – | 13 | – | 13 | – |
Total | 877 | $606 | $271 | $– | 144 | $125 | $19 | $– |
Receivables and payables, net | (37) |  |  |  | (1) |  |  |  |
Fair value of plan assets | $840 |  |  |  | $143 |  |  |  |
2010 |  |  |  |  |  |  |  |  |
Equity securities | $453 | $453 | $– | $– | $80 | $80 | $– | $– |
Equity index funds | 80 | 80 | – | – | 14 | 14 | – | – |
Fixed income securities | 238 | 55 | 183 | – | 8 | 2 | 6 | – |
Pooled and mutual funds | 78 | 9 | 69 | – | 49 | 39 | 10 | – |
Total | 849 | $597 | $252 | $– | 151 | $135 | $16 | $– |
Receivables and payables, net | (17) |  |  |  | – |  |  |  |
Fair value of plan assets | $832 |  |  |  | $151 |  |  |  |
Schedule of changes in Level 3 assets |
|  | 2011 |  | 2010 |
(in thousands) |  | Pension benefits |  | Other benefits |  | Pension benefits |  | Other benefits |
Balance, January 1 |  | $141 |  | $ 5 |  | $ 67,420 |  | $ 13,703 |
Realized and unrealized gains |  | 92 |  | 3 |  | 6,650 |  | 1,445 |
Purchases and settlements, net |  | (16 | ) | (1 | ) | (317 | ) | (3,854 | )
Transfer in or out of Level 3 |  | – |  | – |  | (73,612 | ) | (11,289 | )
Balance, December 31 |  | $217 |  | $ 7 |  | $ 141 |  | $ 5 |

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- Definition Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 33 -Subparagraph a, b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 6 -Footnote 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a),(b) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 14 -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15 -Subparagraph b-d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 18 -Subparagraph c(2), d, e, f -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph a, c(1), c(2), c(3), d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 159 -Paragraph 19 -Subparagraph a, b, c(1), d(1) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 820 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19190-110258 + Details
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