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Electric utility subsidiary (Tables) (Hawaiian Electric Company and Subsidiaries) | 12 Months Ended
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Dec. 31, 2011
Hawaiian Electric Company and Subsidiaries |
Electric utility subsidiary |
Schedule of consolidated Statements of Income Data |
Consolidated Statements of Income Data
Years ended December 31 |  | 201 | 1 | 2010 |  | 2009 |
(in thousands) |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |
Operating revenues |  | $2,973,764 |  | $2,367,441 |  | $2,026,672 |
Other – nonregulated |  | 4,926 |  | 14,925 |  | 8,337 |
Total revenues |  | 2,978,690 |  | 2,382,366 |  | 2,035,009 |
Expenses |  |  |  |  |  |  |
Fuel oil |  | 1,265,126 |  | 900,408 |  | 671,970 |
Purchased power |  | 689,652 |  | 548,800 |  | 499,804 |
Other operation |  | 257,065 |  | 251,027 |  | 248,515 |
Maintenance |  | 121,219 |  | 127,487 |  | 107,531 |
Depreciation |  | 142,975 |  | 149,708 |  | 144,533 |
Taxes, other than income taxes |  | 276,504 |  | 222,117 |  | 191,699 |
Other – nonregulated |  | 11,015 |  | 4,431 |  | 1,286 |
Total expenses |  | 2,763,556 |  | 2,203,978 |  | 1,865,338 |
Operating income from regulated and nonregulated activities |  | 215,134 |  | 178,388 |  | 169,671 |
Allowance for equity funds used during construction |  | 5,964 |  | 6,016 |  | 12,222 |
Interest expense and other charges |  | (60,031 | ) | (61,510 | ) | (57,944 | )
Allowance for borrowed funds used during construction |  | 2,498 |  | 2,558 |  | 5,268 |
Income before income taxes |  | 163,565 |  | 125,452 |  | 129,217 |
Income taxes |  | 61,584 |  | 46,868 |  | 47,776 |
Net income |  | 101,981 |  | 78,584 |  | 81,441 |
Preferred stock dividends of subsidiaries |  | 915 |  | 915 |  | 915 |
Net income attributable to HECO |  | 101,066 |  | 77,669 |  | 80,526 |
Preferred stock dividends of HECO |  | 1,080 |  | 1,080 |  | 1,080 |
Net income for common stock |  | $ 99,986 |  | $ 76,589 |  | $ 79,446 |
Schedule of consolidated Balance Sheet Data |
Consolidated Balance Sheet Data
December 31 |  | 2011 |  | 2010 |
(in thousands, except share data) |  |  |  |  |
Assets |  |  |  |  |
Utility plant, at cost |  |  |  |  |
Property, plant and equipment |  | $ 5,103,541 |  | $ | 4,948,338 |
Less accumulated depreciation |  | (1,966,894 | ) | (1,941,059 | )
Construction in progress |  | 138,838 |  | 101,562 |
Net utility plant |  | 3,275,485 |  | 3,108,841 |
Regulatory assets |  | 669,389 |  | 478,330 |
Other |  | 727,068 |  | 698,509 |
Total assets |  | $ 4,671,942 |  | $ | 4,285,680 |
Capitalization and liabilities |  |  |  |  |
Common stock ($6 2/3 par value, authorized 50,000,000 shares, outstanding 14,233,723 shares and 13,830,823 shares in 2011 and 2010, respectively) |  | $ 94,911 |  | $ | 92,224 |
Premium on common stock |  | 426,921 |  | 389,609 |
Retained earnings |  | 884,284 |  | 854,856 |
Accumulated other comprehensive income (loss), net of income taxes |  | (32 | ) | 709 |
Common stock equity |  | 1,406,084 |  | 1,337,398 |
Cumulative preferred stock – not subject to mandatory redemption (authorized 5,000,000 shares, $20 par value (1,114,657 shares outstanding), and 7,000,000 shares, $100 par value (120,000 shares outstanding); dividend rates of 4.25-7.625%) |  | 34,293 |  | 34,293 |
Commitments and contingencies (see below) |  |  |  |  |
Long-term debt, net |  | 1,000,570 |  | 1,057,942 |
Total capitalization |  | 2,440,947 |  | 2,429,633 |
Current portion of long-term debt |  | 57,500 |  | – |
Deferred income taxes |  | 337,863 |  | 269,286 |
Regulatory liabilities |  | 315,466 |  | 296,797 |
Contributions in aid of construction |  | 356,203 |  | 335,364 |
Other |  | 1,163,963 |  | 954,600 |
Total capitalization and liabilities |  | $ 4,671,942 |  | $ | 4,285,680 |
Schedule of regulatory assets |
Regulatory assets were as follows:
December 31 |  | 2011 |  | 2010 |
(in thousands) |  |  |  |  |
Retirement benefit plans (balance primarily varies with plans’ funded statuses) |  | $523,640 |  | $356,591 |
Income taxes, net (1 to 48 years) |  | 83,386 |  | 82,615 |
Decoupling revenue balancing account (1 year) |  | 20,780 |  | – |
Unamortized expense and premiums on retired debt and equity issuances (14 to 30 years; 1 to 17 years remaining) |  | 12,267 |  | 13,589 |
Vacation earned, but not yet taken (1 year) |  | 8,161 |  | 7,349 |
Postretirement benefits other than pensions (18 years; 1 year remaining) |  | 1,861 |  | 3,579 |
Other (1 to 50 years; 1 to 48 years remaining) |  | 19,294 |  | 14,607 |
|  | $669,389 |  | $478,330 |
Schedule of regulatory liabilities |
Regulatory liabilities were as follows:
December 31 |  | 2011 | 2010
(in thousands) |  |  |  |  |
Cost of removal in excess of salvage value (1 to 60 years) |  | $294,817 |  | $277,341 |
Retirement benefit plans (5 years beginning with respective utility’s |  | 20,000 |  | 18,617 |
next rate case; primarily 5 years remaining) |  |  |  |  |
Other (5 years; 1 to 5 years remaining) |  | 649 |  | 839 |
|  | $315,466 |  | $296,797
Changes to the ARO liability inlcuded in other liabilities on balance sheet |
(in thousands) |  | 2011 |  | 2010 |
Balance, January 1 |  | $ | 48,630 |  | $ | 23,746 |
Accretion expense |  | 2,202 |  | 2,519 |
Liabilities incurred |  | 256 |  | 11,949 |
Liabilities settled |  | (835 | ) | (725 | )
Revisions in estimated cash flows |  | 618 |  | 11,141 |
Balance, December 31 |  | $ | 50,871 |  | $ | 48,630 |

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