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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
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Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | Hawaiian Electric Industries, Inc. SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED BALANCE SHEETS
December 31 | 2014 |  | 2013
(dollars in thousands) |  |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents | $ | 276 |  |  | $ | 571 |
Accounts receivable | 1,991 |  |  | 1,661 |
Property, plant and equipment, net | 4,917 |  |  | 5,419 |
Deferred income tax assets | 15,922 |  |  | 10,057 |
Other assets | 11,070 |  |  | 9,550 |
Investments in subsidiaries, at equity | 2,224,452 |  |  | 2,122,841 |
| $ | 2,258,628 |  |  | $ | 2,150,099 |
Liabilities and shareholders’ equity |  |  |  |  |
Liabilities |  |  |  |  |
Accounts payable | $ | 1,993 |  |  | $ | 817 |
Interest payable | 2,583 |  |  | 4,630 |
Notes payable to subsidiaries | 7,857 |  |  | 7,936 |
Commercial paper | 118,972 |  |  | 105,482 |
Long-term debt, net | 300,000 |  |  | 275,000 |
Retirement benefits liability | 32,030 |  |  | 21,559 |
Other | 3,765 |  |  | 7,605 |
| 467,200 |  |  | 423,029 |
Shareholders’ equity |  |  |  |  |
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | — |  |  | — |
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 102,565,266 shares and 101,259,800 shares | 1,521,297 |  |  | 1,488,126 |
Retained earnings | 297,509 |  |  | 255,694 |
Accumulated other comprehensive loss | (27,378 | ) |  | (16,750 | )
| 1,791,428 |  |  | 1,727,070 |
| $ | 2,258,628 |  |  | $ | 2,150,099 |
Note to Balance Sheets |  |  |  |  |
HEI Term loan LIBOR + .90%, due 2016 | $ | 125,000 |  |  | $ | — |
HEI medium-term note 6.51%, due 2014 | — |  |  | 100,000 |
HEI senior note 4.41%, due 2016 | 75,000 |  |  | 75,000 |
HEI senior note 5.67%, due 2021 | 50,000 |  |  | 50,000 |
HEI senior note 3.99%, due 2023 | 50,000 |  |  | 50,000 |
| $ | 300,000 |  |  | $ | 275,000 |
The aggregate payments of principal required subsequent to December 31, 2014 on long-term debt are nil in 2015, $200 million in 2016, nil in 2017, 2018 and 2019. As of December 31, 2014, HEI has a General Agreement of Indemnity in favor of both Liberty Mutual Insurance Company (Liberty) and Travelers Casualty and Surety Company of America (Travelers) for losses in connection with any and all bonds, undertakings or instruments of guarantee and any renewals or extensions thereof executed by Liberty or Travelers, including, but not limited to, a $0.2 million self-insured United States Longshore & Harbor bond and a $0.6 million self-insured automobile bond. The Company has revised its previously issued "Schedule I - Condensed Financial Information of Registrant; Hawaiian Electric Industries, Inc. (Parent Company); Condensed Balance Sheets" to correct for an error in the presentation of deferred tax amounts related to Hawaiian Electric’s net operating loss carryforwards as of December 31, 2013. Amounts were reclassified among deferred income tax assets, other assets, deferred income taxes (liabilities) and other liabilities. These adjustments are not considered material, individually or in the aggregate, to the previously issued Condensed Balance Sheet as of December 31, 2013 and had no impact on the Company's Consolidated Balance Sheet as of December 31, 2013. The table below illustrates the effects of these adjustments on the Condensed Balance Sheet for those line items affected:
|  | December 31, 2013
(in thousands) |  | As previously filed |  |  | As revised |  |  | Difference |
Deferred income tax assets |  | $ | 1,594 |  |  | $ | 10,057 |  |  | $ | 8,463 |
Other assets |  | 23,679 |  |  | 9,550 |  |  | (14,129 | )
Total assets |  | 2,155,765 |  |  | 2,150,099 |  |  | (5,666 | )
Deferred income taxes |  | 11,385 |  |  | — |  |  | (11,385 | )
Other liabilities |  | 1,886 |  |  | 7,605 |  |  | 5,719 |
Total liabilities |  | 428,695 |  |  | 423,029 |  |  | (5,666 | )
Total liabilities and shareholders' equity |  | 2,155,765 |  |  | 2,150,099 |  |  | (5,666 | )
Hawaiian Electric Industries, Inc. SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF INCOME
Years ended December 31 | 2014 |  | 2013 |  | 2012
(in thousands) |  |  |  |  |  |  |  |
Revenues | $ | 303 |  |  | $ | 288 |  |  | $ | 221 |
Equity in net income of subsidiaries | 188,534 |  |  | 180,359 |  |  | 157,883 |
Expenses: |  |  |  |  |  |  |  |
Operating, administrative and general | 20,921 |  |  | 16,063 |  |  | 16,191 |
Depreciation of property, plant and equipment | 575 |  |  | 596 |  |  | 672 |
Taxes, other than income taxes | 469 |  |  | 497 |  |  | 421 |
Interest expense | 11,599 |  |  | 16,207 |  |  | 16,695 |
Income before income tax benefits | 155,273 |  |  | 147,284 |  |  | 124,125 |
Income tax benefits | 13,047 |  |  | 14,232 |  |  | 14,533 |
Net income | $ | 168,320 |  |  | $ | 161,516 |  |  | $ | 138,658 |
The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision. HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) STATEMENTS OF COMPREHENSIVE INCOME STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Incorporated by reference are HEI and Subsidiaries’ Statements of Consolidated Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity in Part II, Item 8. Hawaiian Electric Industries, Inc. SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS
Years ended December 31 | 2014 |  | 2013 |  | 2012
|  |  | (As restated) |  |  |
(in thousands) |  |  |  |  |
Net cash provided by operating activities | $ | 100,794 |  |  | $ | 82,274 |  |  | $ | 127,118 |
Cash flows from investing activities |  |  |  |  |  |  |  |
Capital expenditures | (74 | ) |  | (201 | ) |  | (410 | )
Investments in subsidiaries | (40,000 | ) |  | (78,500 | ) |  | (44,000 | )
Net cash used in investing activities | (40,074 | ) |  | (78,701 | ) |  | (44,410 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Net increase (decrease) in notes payable to subsidiaries with original maturities of three months or less | (222 | ) |  | 56 |  |  | (1,797 | )
Net increase in short-term borrowings with original maturities of three months or less | 13,490 |  |  | 21,788 |  |  | 14,873 |
Proceeds from issuance of long-term debt | 125,000 |  |  | 50,000 |  |  | — |
Repayment of long-term debt | (100,000 | ) |  | (50,000 | ) |  | (7,000 | )
Excess tax benefits from share-based payment arrangements | 277 |  |  | 430 |  |  | 61 |
Net proceeds from issuance of common stock | 26,898 |  |  | 55,086 |  |  | 23,613 |
Common stock dividends | (126,458 | ) |  | (98,383 | ) |  | (96,202 | )
Net cash used in financing activities | (61,015 | ) |  | (21,023 | ) |  | (66,452 | )
Net increase (decrease) in cash and equivalents | (295 | ) |  | (17,450 | ) |  | 16,256 |
Cash and cash equivalents, January 1 | 571 |  |  | 18,021 |  |  | 1,765 |
Cash and cash equivalents, December 31 | $ | 276 |  |  | $ | 571 |  |  | $ | 18,021 |
Supplemental disclosures of noncash activities: In 2014, 2013 and 2012, $2.4 million, $2.3 million and $1.8 million, respectively, of HEI accounts receivable from ASB Hawaii were reduced with a corresponding reduction in HEI notes payable to ASB Hawaii in noncash transactions. In 2014, 2013 and 2012, $2.5 million, $2.5 million and $2.5 million, respectively, were contributed as equity by HEI into ASB Hawaii with a corresponding increase in HEI notes payable to ASB Hawaii in noncash transactions. Under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP), common stock dividends reinvested by shareholders in HEI common stock in noncash transactions amounted to nil, $24 million and $24 million in 2014, 2013 and 2012, respectively. HEI satisfied the requirements of the HEI DRIP, Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) and ASB 401(k) Plan (from March 6, 2014 to date and from August 18, 2011 through January 8, 2012) by acquiring for cash its common shares through open market purchases rather than by issuing additional shares. Note: The “Notes to Consolidated Financial Statements” in Part II, Item 8 should be read in conjunction with the above HEI (Parent Company) financial statements. The Company has revised its previously issued "Schedule I - Condensed Financial Information of Registrant; Hawaiian Electric Industries, Inc. (Parent Company); Condensed Statements of Cash Flows" for the year ended December 31, 2014 to correct for an error in the presentation of deferred tax expense related to Hawaiian Electric’s net operating loss carryforwards. The Company has restated its previously issued "Schedule I - Condensed Financial Information of Registrant; Hawaiian Electric Industries, Inc. (Parent Company); Condensed Statements of Cash Flows" for the year ended December 31, 2013 to correct for an error in the presentation of deferred tax expense related to Hawaiian Electric’s net operating loss carryforwards. Amounts were reclassified among “increase in deferred income taxes” and “change in prepaid and accrued income taxes”. These adjustments are not considered material, individually or in the aggregate, to the previously issued Condensed Statements of Cash Flows for the year ended December 31, 2014. The table below illustrates the effects of these adjustments on the Condensed Statement of Cash Flows for those line items affected. The Company has adjusted the presentation of the Condensed Statements of Cash Flows to reflect a condensed presentation and as such, no longer breaks out the components of operating activities. The below adjustments do not have an impact to total cash provided by operating activities:
(in thousands) |  | As previously filed |  |  | As corrected (1) |  |  | Difference |
Year ended December 31, 2014 |  |  |  |  |  |
Decrease in deferred income taxes |  | $ | (15,913 | ) |  | $ | (3,269 | ) |  | $ | 12,644 |
Change in prepaid and accrued income taxes |  | 15,867 |  |  | 3,223 |  |  | (12,644 | )
Year ended December 31, 2013 (restated) |  |  |  |  |  |
Increase in deferred income taxes |  | 15,228 |  |  | 1,086 |  |  | (14,142 | )
Change in prepaid and accrued income taxes |  | (15,604 | ) |  | (1,462 | ) |  | 14,142 |
(1) The Company has adjusted the presentation of the Condensed Statements of Cash Flows to reflect a condensed presentation and as such, no longer breaks out the components of operating activities.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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