XML 140 R41.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
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 | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 33,762 |  |  | $ | (1,520 | ) |  | $ | (15,411 | ) |  | $ | 1,108 |  |  | $ | 1,313 |  |  | $ | (26,965 | )
Deferred | 46,427 |  |  | 73,680 |  |  | 82,138 |  |  | 68,775 |  |  | 58,024 |  |  | 79,437 |
Deferred tax credits, net | — |  |  | 224 |  |  | 187 |  |  | — |  |  | 224 |  |  | 186 |
| 80,189 |  |  | 72,384 |  |  | 66,914 |  |  | 69,883 |  |  | 59,561 |  |  | 52,658 |
State |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | (7,339 | ) |  | (1,555 | ) |  | (4,654 | ) |  | (9,436 | ) |  | (3,720 | ) |  | (4,940 | )
Deferred | 12,756 |  |  | 6,719 |  |  | 8,710 |  |  | 14,172 |  |  | 6,483 |  |  | 7,441 |
Deferred tax credits, net | 6,106 |  |  | 6,793 |  |  | 5,889 |  |  | 6,106 |  |  | 6,793 |  |  | 5,889 |
| 11,523 |  |  | 11,957 |  |  | 9,945 |  |  | 10,842 |  |  | 9,556 |  |  | 8,390 |
Total | $ | 91,712 |  |  | $ | 84,341 |  |  | $ | 76,859 |  |  | $ | 80,725 |  |  | $ | 69,117 |  |  | $ | 61,048 |
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 | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
(in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amount at the federal statutory income tax rate | $ | 91,672 |  |  | $ | 86,711 |  |  | $ | 76,092 |  |  | $ | 77,126 |  |  | $ | 67,914 |  |  | $ | 56,812 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal income tax benefit | 7,490 |  |  | 7,772 |  |  | 6,464 |  |  | 7,047 |  |  | 6,211 |  |  | 5,453 |
Other, net | (7,450 | ) |  | (10,142 | ) |  | (5,697 | ) |  | (3,448 | ) |  | (5,008 | ) |  | (1,217 | )
Total | $ | 91,712 |  |  | $ | 84,341 |  |  | $ | 76,859 |  |  | $ | 80,725 |  |  | $ | 69,117 |  |  | $ | 61,048 |
Effective income tax rate | 35.0 | % |  | 34.0 | % |  | 35.4 | % |  | 36.6 | % |  | 35.6 | % |  | 37.6 | %
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 | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
(in thousands) |  |  |  |  |  |  |  |  |
Deferred tax assets |  |  |  |  |  |  |  |  |
Net operating loss | $ | — |  |  | $ | — |  |  | 51,936 |  |  | 19,848 |
Other | 58,352 |  |  | 57,239 |  |  | 17,663 |  |  | 17,295 |
Total deferred tax assets | 58,352 |  |  | 57,239 |  |  | 69,599 |  |  | 37,143 |
Deferred tax liabilities |  |  |  |  |  |  |  |  |
Property, plant and equipment related | 448,723 |  |  | 378,280 |  |  | 446,259 |  |  | 375,771 |
Repairs deduction | 86,408 |  |  | 75,127 |  |  | 86,408 |  |  | 75,127 |
Regulatory assets, excluding amounts attributable to property, plant and equipment | 33,795 |  |  | 33,251 |  |  | 33,795 |  |  | 33,251 |
Deferred RAM and RBA revenues | 32,889 |  |  | — |  |  | 32,889 |  |  | — |
Retirement benefits | 25,336 |  |  | 29,280 |  |  | 28,758 |  |  | 23,851 |
Other | 62,935 |  |  | 70,561 |  |  | 14,929 |  |  | 15,602 |
Total deferred tax liabilities | 690,086 |  |  | 586,499 |  |  | 643,038 |  |  | 523,602 |
Net deferred income tax liability | $ | 631,734 |  |  | $ | 529,260 |  |  | $ | 573,439 |  |  | $ | 486,459 |
Prepayments and other (Current assets-debit) | $ | — |  |  | $ | — |  |  | $ | 32,915 |  |  | $ | 20,702 |
Other (Current liabilities-credit) | — |  |  | — |  |  | 3,482 |  |  | — |
Deferred income taxes (credit) | 631,734 |  |  | 529,260 |  |  | 602,872 |  |  | 507,161 |
Net deferred income tax liability | $ | 631,734 |  |  | $ | 529,260 |  |  | $ | 573,439 |  |  | $ | 486,459 |
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) | 2014 |  |  | 2013 |  |  | 2012 |  |  | 2014 |  |  | 2013 |  |  | 2012 |
Unrecognized tax benefits, January 1 | $ | 0.9 |  |  | $ | 0.8 |  |  | $ | 5.7 |  |  | $ | 0.5 |  |  | $ | 0.4 |  |  | 3.7 |
Additions based on tax positions taken during the year | — |  |  | — |  |  | 0.3 |  |  | — |  |  | — |  |  | 0.3 |
Reductions based on tax positions taken during the year | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Additions for tax positions of prior years | 0.1 |  |  | 0.5 |  |  | — |  |  | 0.1 |  |  | 0.5 |  |  | — |
Reductions for tax positions of prior years | — |  |  | (0.4 | ) |  | (4.1 | ) |  | — |  |  | (0.4 | ) |  | (3.6 | )
Settlements | (1.0 | ) |  | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | — |
Lapses of statute of limitations | — |  |  | — |  |  | (1.1 | ) |  | — |  |  | — |  |  | — |
Unrecognized tax benefits, December 31 | $ | — |  |  | $ | 0.9 |  |  | $ | 0.8 |  |  | $ | — |  |  | $ | 0.5 |  |  | $ | 0.4 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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 -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration