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Basis of presentation | 9 Months Ended
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Sep. 30, 2012
Basis of presentation |
Basis of presentation |
1 · Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (GAAP) for interim financial information, the instructions to SEC Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited consolidated financial statements and the following notes should be read in conjunction with the audited consolidated financial statements and the notes thereto in HEI’s Form 10-K for the year ended December 31, 2011 and the unaudited consolidated financial statements and the notes thereto in HEI’s Quarterly Reports on SEC Form 10-Q for the quarters ended March 31, 2012 and June 30, 2012. In the opinion of HEI’s management, the accompanying unaudited consolidated financial statements contain all material adjustments required by GAAP to fairly state the Company’s financial position as of September 30, 2012 and December 31, 2011, the results of its operations for the three and nine months ended September 30, 2012 and 2011 and cash flows for the nine months ended September 30, 2012 and 2011. All such adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q or other referenced material. Results of operations for interim periods are not necessarily indicative of results for the full year. The December 31, 2011 balance sheet information has been derived from the HEI 2011 financial statements. When required, certain reclassifications are made to the prior period’s consolidated financial statements to conform to the current presentation. The Company has revised its electric utilities’ previously issued financial statements to correct an error that resulted in the understatement of franchise taxes, net of tax benefits, that should have been recorded in years prior to 2010. The Company determined the cumulative impact for periods prior to 2010 to be a charge to its earnings of $3.2 million. These adjustments were not considered to be material individually or in the aggregate to previously issued financial statements. The table below illustrates the effects of this revision on the Company’s Consolidated Financial Statements for those line items affected (these revisions have no impact on the Company’s Consolidated Statements of Income and Cash Flows for the periods reported):
(in thousands) |  | As previously filed |  | As revised |  | Difference |
December 31, 2011 |  |  |  |  |  |  |
Consolidated Balance Sheet |  |  |  |  |  |  |
Other assets |  | $ | 517,550 |  | $ | 519,296 |  | $ | 1,746 |
Total assets |  | 9,592,731 |  | 9,594,477 |  | 1,746 |
Other liabilities |  | 516,990 |  | 521,979 |  | 4,989 |
Total liabilities |  | 8,026,489 |  | 8,031,478 |  | 4,989 |
Retained earnings |  | 201,640 |  | 198,397 |  | (3,243 | )
Total shareholders’ equity |  | 1,531,949 |  | 1,528,706 |  | (3,243 | )
Total liabilities and shareholders’ equity |  | 9,592,731 |  | 9,594,477 |  | 1,746 |
Consolidated Statement of Changes in Shareholders’ Equity |  |  |  |  |  |  |
Retained earnings |  | 201,640 |  | 198,397 |  | (3,243 | )
Total shareholders’ equity |  | 1,531,949 |  | 1,528,706 |  | (3,243 | )
December 31, 2010 |  |  |  |  |  |  |
Consolidated Statement of Changes in Shareholders’ Equity |  |  |  |  |  |  |
Retained earnings |  | 181,910 |  | 178,667 |  | (3,243 | )
Total shareholders’ equity |  | 1,483,637 |  | 1,480,394 |  | (3,243 | )

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