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Income taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of income taxes attributable to net income for common stock

The components of income taxes attributable to net income for common stock were as follows:

	HEI consolidated												Hawaiian Electric consolidated
Years ended December 31	2013				2012				2011				2013				2012				2011
(in thousands)
Federal
Current	$	(1,520	)		$	(15,411	)		$	(7,639	)		$	1,313			$	(26,965	)		$	(10,820	)
Deferred	73,680				82,138				73,495				58,024				79,437				64,646
Deferred tax credits, net	224				187				—				224				186				—
	72,384				66,914				65,856				59,561				52,658				53,826
State
Current	(1,555		)		(4,654		)		2,437				(3,720		)		(4,940		)		1,226
Deferred	6,719				8,710				5,949				6,483				7,441				4,445
Deferred tax credits, net	6,793				5,889				1,690				6,793				5,889				2,087
	11,957				9,945				10,076				9,556				8,390				7,758
Total	$	84,341			$	76,859			$	75,932			$	69,117			$	61,048			$	61,584

Schedule of reconciliation of amount of income taxes computed at federal statutory rate

A reconciliation of the amount of income taxes computed at the federal statutory rate of 35% to the amount provided in the consolidated statements of income was as follows:

	HEI consolidated												Hawaiian Electric consolidated
Years ended December 31	2013				2012				2011				2013				2012				2011
(in thousands)
Amount at the federal statutory income tax rate	$	86,711			$	76,092			$	75,618			$	67,914			$	56,812			$	57,248
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit	7,772				6,464				6,550				6,211				5,453				5,042
Other, net	(10,142		)		(5,697		)		(6,236		)		(5,008		)		(1,217		)		(706		)
Total	$	84,341			$	76,859			$	75,932			$	69,117			$	61,048			$	61,584
Effective income tax rate	34.0		%		35.4		%		35.1		%		35.6		%		37.6		%		37.7		%

Schedule of deferred tax assets and liabilities

The tax effects of book and tax basis differences that give rise to deferred tax assets and liabilities were as follows:

	HEI consolidated								Hawaiian Electric consolidated
December 31	2013				2012				2013				2012
(in thousands)
Deferred tax assets
Allowance for loan losses	$	16,172			$	17,254			$	—			$	—
Retirement benefits	—				266				—				—
Net operating loss	—				—				19,848				6,413
Other	41,067				34,354				17,295				13,986
Total deferred tax assets	57,239				51,874				37,143				20,399
Deferred tax liabilities
Property, plant and equipment related	378,280				316,900				375,771				315,409
Goodwill	23,781				23,781				—				—
Regulatory assets, excluding amounts attributable to property, plant and equipment	33,251				33,071				33,251				33,071
FHLB stock dividend	18,847				20,062				—				—
Repairs deduction	75,127				69,514				75,127				69,514
Retirement benefits	29,280				—				23,851				8,688
Other	27,933				27,875				15,602				11,328
Total deferred tax liabilities	586,499				491,203				523,602				438,010
Net deferred income tax liability	$	529,260			$	439,329			$	486,459			$	417,611
Prepayments and other	$	—			$	—			$	20,702			$	—
Deferred income taxes	529,260				439,329				507,161				417,611
Net deferred income tax liability	$	529,260			$	439,329			$	486,459			$	417,611

Schedule of changes in total unrecognized tax benefits

The changes in total unrecognized tax benefits were as follows:

	HEI consolidated												Hawaiian Electric consolidated
(in millions)	2013				2012				2011				2013				2012				2011
Unrecognized tax benefits, January 1	$	0.8			$	5.7			$	15.4			$	0.4			$	3.7			14.2
Additions based on tax positions taken during the year	—				0.3				—				—				0.3				—
Reductions based on tax positions taken during the year	—				—				(0.6		)		—				—				(0.6		)
Additions for tax positions of prior years	0.5				—				0.1				0.5				—				—
Reductions for tax positions of prior years	(0.4		)		(4.1		)		(8.1		)		(0.4		)		(3.6		)		(8.8		)
Settlements	—				—				—				—				—				—
Lapses of statute of limitations	—				(1.1		)		(1.1		)		—				—				(1.1		)
Unrecognized tax benefits, December 31	$	0.9			$	0.8			$	5.7			$	0.5			$	0.4			$	3.7

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Section 50

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-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.

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