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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
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Dec. 31, 2011
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED BALANCE SHEETS
December 31 |  | 2011 |  | 2010 |
(dollars in thousands) |  |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents |  | $ 1,765 |  | $ 1,540 |
Accounts receivable |  | 1,361 |  | 1,773 |
Property, plant and equipment, net |  | 6,076 |  | 582 |
Deferred income tax assets |  | 14,208 |  | 12,684 |
Other assets |  | 7,661 |  | 6,041 |
Investments in subsidiaries, at equity |  | 1,902,154 |  | 1,838,679 |
|  | $1,933,225 |  | $1,861,299 |
Liabilities and shareholders’ equity |  |  |  |  |
Liabilities |  |  |  |  |
Accounts payable |  | $ 3,602 |  | $ 722 |
Interest payable |  | 5,270 |  | 6,826 |
Notes payable to subsidiaries |  | 7,019 |  | 6,777 |
Commercial paper |  | 68,821 |  | 24,923 |
Long-term debt, net |  | 282,000 |  | 307,000 |
Retirement benefits liability |  | 26,201 |  | 20,888 |
Other |  | 8,363 |  | 10,526 |
|  | 401,276 |  | 377,662 |
Shareholders’ equity |  |  |  |  |
Preferred stock, no par value, authorized 10,000,000 shares; issued: none |  | – |  | – |
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 96,038,328 shares and 94,690,932 shares |  | 1,349,446 |  | 1,314,199 |
Retained earnings |  | 201,640 |  | 181,910 |
Accumulated other comprehensive loss |  | (19,137 | ) | (12,472 | )
|  | 1,531,949 |  | 1,483,637 |
|  | $1,933,225 |  | $1,861,299 |
Note to Balance Sheets |  |  |  |  |
Long-term debt consisted of : |  |  |  |  |
HEI medium-term notes 4.23 and 6.141%, paid in 2011 |  | $ – |  | $150,000 |
HEI medium-term note 7.13%, due 2012 |  | 7,000 |  | 7,000 |
HEI medium-term note 5.25%, due 2013 |  | 50,000 |  | 50,000 |
HEI medium-term note 6.51%, due 2014 |  | 100,000 |  | 100,000 |
HEI senior note 4.41%, due 2016 |  | 75,000 |  | – |
HEI senior note 5.67%, due 2021 |  | 50,000 |  | – |
|  | $282,000 |  | $307,000 |
The aggregate payments of principal required subsequent to December 31, 2011 on long-term debt are $7 million in 2012, $50 million in 2013, $100 million in 2014, nil in 2015 and $75 million in 2016. As of December 31, 2011, HEI has a General Agreement of Indemnity in favor of both SAFECO Insurance Company of America (SAFECO) and Travelers Casualty and Surety Company of America (Travelers) for losses in connection with any and all bonds, undertakings or instruments of guarantee and any renewals or extensions thereof executed by SAFECO or Travelers, including, but not limited to, a $0.2 million self-insured United States Longshore & Harbor bond and a $0.5 million self-insured automobile bond. SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF INCOME
Years ended December 31 |  | 2011 |  | 2010 |  | 2009 |
(in thousands) |  |  |  |  |  |  |
Revenues |  | $ 253 |  | $ 204 |  | $ 400 |
Equity in net income of subsidiaries |  | 158,722 |  | 134,470 |  | 100,896 |
|  | 158,975 |  | 134,674 |  | 101,296 |
Expenses: |  |  |  |  |  |  |
Operating, administrative and general |  | 15,401 |  | 13,336 |  | 12,675 |
Depreciation of property, plant and equipment |  | 227 |  | 320 |  | 409 |
Taxes, other than income taxes |  | 409 |  | 314 |  | 337 |
|  | 16,037 |  | 13,970 |  | 13,421 |
Operating income |  | 142,938 |  | 120,704 |  | 87,875 |
Interest expense |  | 22,013 |  | 19,961 |  | 18,517 |
Income before income tax benefits |  | 120,925 |  | 100,743 |  | 69,358 |
Income tax benefits |  | 17,305 |  | 12,792 |  | 13,653 |
Net income |  | $138,230 |  | $113,535 |  | $ 83,011 |
The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision. SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS
|  | Years ended December 31, |
(in thousands) |  | 2011 |  | 2010 |  | 2009 |
Cash flows from operating activities |  |  |  |  |  |  |
Net income |  | $ | 138,230 |  | $ | 113,535 |  | $ | 83,011 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |
Equity in net income |  | (158,722 | ) | (134,470 | ) | (100,896 | )
Common stock dividends/distributions received from subsidiaries |  | 128,558 |  | 110,769 |  | 105,128 |
Depreciation of property, plant and equipment |  | 227 |  | 320 |  | 409 |
Other amortization |  | 981 |  | 625 |  | 373 |
Changes in deferred income taxes |  | 276 |  | (1,432 | ) | (78 | )
Changes in excess tax benefits from share-based payment arrangements |  | 35 |  | 45 |  | 310 |
Changes in assets and liabilities |  |  |  |  |  |  |
Decrease (increase) in accounts receivable |  | 412 |  | (148 | ) | 213 |
Increase in accounts and interest payable |  | 1,324 |  | 936 |  | 165 |
Changes in prepaid and accrued income taxes |  | 3,550 |  | (1,897 | ) | (2,799 | )
Contribution to defined benefit pension and other postretirement benefit plans |  | (1,785 | ) | (724 | ) | (1,267 | )
Changes in other assets and liabilities |  | 5,183 |  | 4,381 |  | 4,922 |
Net cash provided by operating activities |  | 118,269 |  | 91,940 |  | 89,491 |
Cash flows from investing activities |  |  |  |  |  |  |
Net decrease in notes receivable from subsidiaries |  | – |  | – |  | 10,464 |
Capital expenditures |  | (110 | ) | (84 | ) | (246 | )
Investments in subsidiaries |  | (40,000 | ) | (4,364 | ) | (61,969 | )
Other |  | (4,206 | ) | – |  | – |
Net cash used in investing activities |  | (44,316 | ) | (4,448 | ) | (51,751 | )
Cash flows from financing activities |  |  |  |  |  |  |
Net decrease in notes payable to subsidiaries with original maturities of three months or less |  | (1,757 | ) | (1,428 | ) | (2,120 | )
Net increase (decrease) in short-term borrowings with original maturities of three months or less |  | 43,897 |  | (17,066 | ) | 41,989 |
Proceeds from issuance of long-term debt |  | 125,000 |  | – |  | – |
Repayment of long-term debt |  | (150,000 | ) | – |  | – |
Changes in excess tax benefits from share-based payment arrangements |  | (35 | ) | (45 | ) | (310 | )
Net proceeds from issuance of common stock |  | 15,979 |  | 22,706 |  | 15,329 |
Common stock dividends |  | (106,812 | ) | (93,034 | ) | (96,843 | )
Net cash used in financing activities |  | (73,728 | ) | (88,867 | ) | (41,955 | )
Net increase (decrease) in cash and equivalents |  | 225 |  | (1,375 | ) | (4,215 | )
Cash and cash equivalents, January 1 |  | 1,540 |  | 2,915 |  | 7,130 |
Cash and cash equivalents, December 31 |  | $ | 1,765 |  | $ | 1,540 |  | $ | 2,915 |
Supplemental disclosures of noncash activities: In 2011, 2010 and 2009, $1.3 million, $1.1 million and $1.3 million, respectively, of HEI advances to ASHI were converted to equity in noncash transactions. Under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP), common stock dividends reinvested by shareholders in HEI common stock in noncash transactions amounted to $12 million, $23 million and $17 million in 2011, 2010 and 2009, respectively. HEI satisfied the requirements of the HEI DRIP and the Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) (from April 16, 2009 through September 3, 2009 and from August 18, 2011 through December 31, 2011) and the ASB 401(k) Plan (from its inception on May 7, 2009 through September 3, 2009 and from August 18, 2011 through December 31, 2011) by acquiring for cash its common shares through open market purchases rather than by issuing additional shares.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -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 SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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