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Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

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	2015				2014				2013				2015				2014				2013
(in thousands)
Federal
Current (1)	$	44,343			$	(8,959	)		$	(295	)		$	—			$	1,108			$	1,313
Deferred (1)	36,664				91,412				73,473				68,757				68,775				58,024
Deferred tax credits, net	318				—				224				318				—				224
	81,325				82,453				73,402				69,075				69,883				59,561
State
Current (1)	2,402				(5,793		)		(630		)		(1,048		)		(9,436		)		(3,720		)
Deferred (1)	4,768				12,813				6,672				6,869				14,172				6,483
Deferred tax credits, net	4,526				6,106				6,793				4,526				6,106				6,793
	11,696				13,126				12,835				10,347				10,842				9,556
Total	$	93,021			$	95,579			$	86,237			$	79,422			$	80,725			$	69,117

(1) HEI Consolidated amounts for 2014 and 2013 have been updated to reflect the first quarter 2015 adoption of ASU No. 2014-01. See Note 1 for a discussion of the adoption of ASU No. 2014-01

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	2015				2014				2013				2015				2014				2013
(in thousands)
Amount at the federal statutory income tax rate (1)	$	89,176			$	92,959			$	87,442			$	75,996			$	77,126			$	67,914
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit (1)	8,097				9,073				8,667				6,726				7,047				6,211
Other, net (1)	(4,252		)		(6,453		)		(9,872		)		(3,300		)		(3,448		)		(5,008		)
Total	$	93,021			$	95,579			$	86,237			$	79,422			$	80,725			$	69,117
Effective income tax rate	36.5		%		36.0		%		34.5		%		36.6		%		36.6		%		35.6		%

(1) HEI Consolidated amounts for 2014 and 2013 have been updated to reflect the first quarter 2015 adoption of ASU No. 2014-01. See Note 1 for a discussion of the adoption of ASU No. 2014-01.

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	2015				2014				2015				2014
(in thousands)
Deferred tax assets
Net operating loss	$	—			$	—			$	37,283			$	51,936
Other (1)	64,870				56,526				20,238				17,663
Total deferred tax assets	64,870				56,526				57,521				69,599
Deferred tax liabilities
Property, plant and equipment related	492,441				448,723				489,884				446,259
Repairs deduction	104,081				86,408				104,081				86,408
Regulatory assets, excluding amounts attributable to property, plant and equipment	34,261				33,795				34,261				33,795
Deferred RAM and RBA revenues	26,400				32,889				26,400				32,889
Retirement benefits	42,006				25,336				44,991				28,758
Other (1)	46,558				62,945				12,710				14,929
Total deferred tax liabilities	745,747				690,096				712,327				643,038
Net deferred income tax liability	$	680,877			$	633,570			$	654,806			$	573,439

(1) HEI consolidated and Hawaiian Electric consolidated amounts as of December 31, 2014 have been updated to reflect the Company's adoption of ASU No. 2014-01 and the Utilities' adoption of ASU No. 2015-17, respectively. See Note 1 for a discussion of the Company's adoption of ASU No. 2014-01 and the Utilities’ adoption of ASU No. 2015-17.

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)	2015				2014				2013				2015				2014				2013
Unrecognized tax benefits, January 1	$	—			$	0.9			$	0.8			$	—			$	0.5			0.4
Additions based on tax positions taken during the year	—				—				—				—				—				—
Reductions based on tax positions taken during the year	—				—				—				—				—				—
Additions for tax positions of prior years	3.6				0.1				0.5				3.6				0.1				0.5
Reductions for tax positions of prior years	—				—				(0.4		)		—				—				(0.4		)
Settlements					(1.0		)		—				—				(0.6		)		—
Lapses of statute of limitations	—				—				—				—				—				—
Unrecognized tax benefits, December 31	$	3.6			$	—			$	0.9			$	3.6			$	—			$	0.5

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-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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-Name Accounting Standards Codification
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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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

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