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Income taxes (Tables) | 12 Months Ended
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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, as revised (1) | $ | (10,970 | ) |  | $ | (1,520 | ) |  | $ | (15,411 | ) |  | $ | 1,108 |  |  | $ | 1,313 |  |  | $ | (26,965 | )
Deferred, as revised (1) | 91,159 |  |  | 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 |
(1) As revised for HEI consolidated by $(44,732) for "Current" and $44,732 for "Deferred" for the year ended December 31, 2014 - See Note 1, “Summary of significant accounting policies - Revision and restatements of previously issued financial statements.”
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 |

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- 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
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