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Segment financial information | 12 Months Ended
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Dec. 31, 2011
Segment financial information |
Segment financial information |
2 · Segment financial information The electric utility and bank segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. The accounting policies of the segments are the same as those described in the summary of significant accounting policies, except that federal and state income taxes for each segment are calculated on a “stand-alone” basis. HEI evaluates segment performance based on net income. The Company accounts for intersegment sales and transfers as if the sales and transfers were to third parties, that is, at current market prices. Intersegment revenues consist primarily of interest, rent and preferred stock dividends. Electric utility HECO and its wholly-owned operating subsidiaries, HELCO and MECO, are public electric utilities in the business of generating, purchasing, transmitting, distributing and selling electric energy on all major islands in Hawaii other than Kauai, and are regulated by the PUC. HECO also owns the following non-regulated subsidiaries: Renewable Hawaii, Inc. (RHI), which was formed to invest in renewable energy projects; HECO Capital Trust III, which is a financing entity; and Uluwehiokama Biofuels Corp. (UBC), which was formed to own a new biodiesel refining plant to be built on the island of Maui, which project has been terminated. Bank ASB is a federally chartered savings bank providing a full range of banking services to individual and business customers through its branch system in Hawaii. ASB is subject to examination and comprehensive regulation by the Office of the Comptroller of the Currency (OCC) (previously by the Department of Treasury, Office of Thrift Supervision (OTS)) and the Federal Deposit Insurance Corporation (FDIC), and is subject to reserve requirements established by the Board of Governors of the Federal Reserve System. Other “Other” includes amounts for the holding companies (HEI and American Savings Holdings, Inc.), other subsidiaries not qualifying as reportable segments and intercompany eliminations. Segment financial information was as follows:
(in thousands) |  | Electric utility |  | Bank |  | Other |  | Total |
2011 |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $2,978,547 |  | $ 264,407 |  | $ | (619 | ) | $3,242,335 |
Intersegment revenues (eliminations) |  | 143 |  | – |  |  | (143 | ) | – |
Revenues |  | 2,978,690 |  | 264,407 |  |  | (762 | ) | 3,242,335 |
Depreciation and amortization |  | 160,353 |  | 5,909 |  |  | 1,208 |  | 167,470 |
Interest expense |  | 60,031 |  | 14,469 |  |  | 22,075 |  | 96,575 |
Income (loss) before income taxes |  | 163,565 |  | 91,536 |  |  | (39,049 | ) | 216,052 |
Income taxes (benefit) |  | 61,584 |  | 31,693 |  |  | (17,345 | ) | 75,932 |
Net income (loss) |  | 101,981 |  | 59,843 |  |  | (21,704 | ) | 140,120 |
Preferred stock dividends of subsidiaries |  | 1,995 |  | – |  |  | (105 | ) | 1,890 |
Net income (loss) for common stock |  | 99,986 |  | 59,843 |  |  | (21,599 | ) | 138,230 |
Capital expenditures |  | 226,022 |  | 8,984 |  |  | 110 |  | 235,116 |
Tangible assets (at December 31, 2011) |  | 4,671,942 |  | 4,819,557 |  |  | 10,815 |  | 9,502,314 |
2010 |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $2,382,211 |  | $ 282,693 |  | $ | 78 |  | $2,664,982 |
Intersegment revenues (eliminations) |  | 155 |  | – |  |  | (155 | ) | – |
Revenues |  | 2,382,366 |  | 282,693 |  |  | (77 | ) | 2,664,982 |
Depreciation and amortization |  | 157,432 |  | 749 |  |  | 947 |  | 159,128 |
Interest expense |  | 61,510 |  | 20,349 |  |  | 20,028 |  | 101,887 |
Income (loss) before income taxes |  | 125,452 |  | 92,512 |  |  | (34,717 | ) | 183,247 |
Income taxes (benefit) |  | 46,868 |  | 34,056 |  |  | (13,102 | ) | 67,822 |
Net income (loss) |  | 78,584 |  | 58,456 |  |  | (21,615 | ) | 115,425 |
Preferred stock dividends of subsidiaries |  | 1,995 |  | – |  |  | (105 | ) | 1,890 |
Net income (loss) for common stock |  | 76,589 |  | 58,456 |  |  | (21,510 | ) | 113,535 |
Capital expenditures |  | 174,344 |  | 7,709 |  |  | 72 |  | 182,125 |
Tangible assets (at December 31, 2010) |  | 4,285,680 |  | 4,707,870 |  |  | 2,905 |  | 8,996,455 |
2009 |  |  |  |  |  |  |  |  |  |
Revenues from external customers |  | $2,034,834 |  | $ 274,719 |  | $ | 37 |  | $2,309,590 |
Intersegment revenues (eliminations) |  | 175 |  | – |  |  | (175 | ) | – |
Revenues |  | 2,035,009 |  | 274,719 |  |  | (138 | ) | 2,309,590 |
Depreciation and amortization |  | 154,578 |  | 1,309 |  |  | 784 |  | 156,671 |
Interest expense |  | 57,944 |  | 43,543 |  |  | 18,386 |  | 119,873 |
Income (loss) before income taxes |  | 129,217 |  | 31,705 |  |  | (32,098 | ) | 128,824 |
Income taxes (benefit) |  | 47,776 |  | 9,938 |  |  | (13,791 | ) | 43,923 |
Net income (loss) |  | 81,441 |  | 21,767 |  |  | (18,307 | ) | 84,901 |
Preferred stock dividends of subsidiaries |  | 1,995 |  | – |  |  | (105 | ) | 1,890 |
Net income (loss) for common stock |  | 79,446 |  | 21,767 |  |  | (18,202 | ) | 83,011 |
Capital expenditures |  | 286,445 |  | 2,188 |  |  | 246 |  | 288,879 |
Tangible assets (at December 31, 2009) |  | 3,978,392 |  | 4,854,595 |  |  | 5,625 |  | 8,838,612 |
Intercompany electricity sales of the electric utilities to the bank and “other” segments are not eliminated because those segments would need to purchase electricity from another source if it were not provided by consolidated HECO, the profit on such sales is nominal and the elimination of electric sales revenues and expenses could distort segment operating income and net income for common stock. Bank fees that ASB charges the electric utility and “other” segments are not eliminated because those segments would pay fees to another financial institution if they were to bank with another institution, the profit on such fees is nominal and the elimination of bank fee income and expenses could distort segment operating income and net income for common stock.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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