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Basis of presentation | 9 Months Ended
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Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Basis of presentation | Basis of presentation The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (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 and Hawaiian Electric's Form 10-K for the year ended December 31, 2013. In the opinion of HEI’s and Hawaiian Electric's management, the accompanying unaudited consolidated financial statements contain all material adjustments required by GAAP to fairly state the Company’s and Hawaiian Electric's financial position as of September 30, 2014 and December 31, 2013, the results of its operations for the three and nine months ended September 30, 2014 and 2013, and its cash flows for the nine months ended September 30, 2014 and 2013. 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. Reclassifications and revisions. In the fourth quarter of 2013, Hawaiian Electric changed its consolidated statements of income for 2013 and prior comparative periods from a utility presentation to a commercial company presentation, under which all operating revenues and expenses (including non-regulated revenues and expenses) are included in the determination of operating income. Additionally, income tax expense, which was previously included partially in operating expenses and partially in other income (deductions), is now entirely presented directly above net income in income taxes and includes income taxes related to non-regulated revenues and expenses. In making the change to a commercial company presentation, the Company discovered that interest on the Utilities’ uncollected revenue balancing accounts and the income tax gross-up adjustment for allowance for funds used during construction (AFUDC)-equity were incorrectly included in HEI consolidated revenues and is revising its previously filed quarterly Consolidated Statements of Income for 2013 to move the amounts to “Interest expense, net-other than on deposit liabilities and other bank borrowings” and income taxes, respectively. The Company and the Utilities have also revised their property, plant and equipment as of December 31, 2013 to correct for an error that excluded Hawaiian Electric consolidated non-utility property plant and equipment amounts. The table below illustrates the effects of the revisions on the previously filed financial statements:
|  | As previously |  |  | As |  |  |
(in thousands) |  | filed |  |  | revised |  |  | Difference |
HEI consolidated |  |  |  |  |  |
Consolidated Statements of Income |  |  |  |  |  |
Three months ended September 30, 2013 |  |  |  |  |  |
Revenues |  | $ | 831,229 |  |  | $ | 829,168 |  |  | $ | (2,061 | )
Operating income |  | 90,099 |  |  | 88,038 |  |  | (2,061 | )
Interest expense, net—other than on deposit liabilities and other bank borrowings |  | (20,304 | ) |  | (19,043 | ) |  | 1,261 |
Income before income taxes |  | 71,548 |  |  | 70,748 |  |  | (800 | )
Income taxes |  | 22,841 |  |  | 22,041 |  |  | (800 | )
Nine months ended September 30, 2013 |  |  |  |  |  |
Revenues |  | 2,412,023 |  |  | 2,405,967 |  |  | (6,056 | )
Operating income |  | 243,126 |  |  | 237,070 |  |  | (6,056 | )
Interest expense, net—other than on deposit liabilities and other bank borrowings |  | (59,705 | ) |  | (56,216 | ) |  | 3,489 |
Income before income taxes |  | 189,077 |  |  | 186,510 |  |  | (2,567 | )
Income taxes |  | 65,157 |  |  | 62,590 |  |  | (2,567 | )
Consolidated Balance Sheets |  |  |  |  |  |
December 31, 2013 |  |  |  |  |  |
Property, plant and equipment, net of accumulated depreciation |  | 3,858,947 |  |  | 3,865,514 |  |  | 6,567 |
Accumulated depreciation |  | (2,191,199 | ) |  | (2,192,422 | ) |  | (1,223 | )
Other assets |  | 519,194 |  |  | 512,627 |  |  | (6,567 | )
Hawaiian Electric consolidated |  |  |  |  |  |
Consolidated Balance Sheets |  |  |  |  |  |
December 31, 2013 |  |  |  |  |  |
Other assets |  | 73,993 |  |  | 67,426 |  |  | (6,567 | )
The reclassifications and revisions made to prior periods’ financial statements for the three and nine months ended September 30, 2013 and as of December 31, 2013 to conform to the presentation for the three and nine months ended, and as of, September 30, 2014 did not affect previously reported net income and cash flows and were not considered material to previously filed financial statements. Out-of period income tax benefit. In the third quarter of 2013, the Company recorded a $3.1 million (including $2.7 million related to the Utilities) out-of-period income tax benefit, resulting primarily from the reversal of deferred tax liabilities due to errors in the amount of book over tax basis differences in plant and equipment. Management concluded that this out-of-period adjustment was not material to either the current or any prior period financial statements.

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