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Pay vs Performance Disclosure
pure in Thousands
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Pay Versus Performance
The following section was prepared in accordance with the SEC’s new pay versus performance (“PvP”) disclosure rules (Item 402(v) of Regulation S-K) (PvP Rules). The PvP rules include a new definition of pay, called Compensation Actually Paid (CAP), which is compared to certain performance measures as required by the PvP Rules. The Company does not use CAP as a basis for making compensation decisions. For a discussion of the Company’s executive compensation policies and programs and an explanation of how executive compensation decisions are made, please refer to the Compensation Discussion and Analysis.
Pay versus performance table
Year
Summary
Compensation
Table Total for
PEO
1
Compensation
Actually Paid
2 to
PEO
Average Summary
Compensation
Table Total for
Non-PEO Named
Executive Officers
3
Average
Compensation
Actually Paid
2 to
Non-PEO Named
Executive Officers
Value of Initial Fixed $100
Investment Based On:
Net Income
(in thousands)
HEI
Consolidated
Adjusted Net
Income
5
(in thousands)
Total
Shareholder
Return
Peer Group4
Total
Shareholder
Return
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
2022 $ 3,811,515 $ 4,046,729 $ 1,353,755 $ 1,241,936 $ 99 $ 117 $ 241,138 $ 230,562
2021 $ 5,933,523 $ 7,901,297 $ 3,002,679 $ 2,673,496 $ 95 $ 116 $ 246,166 $ 229,909
2020 $ 5,108,212 $ 315,826 $ 1,904,441 $ 794,294 $ 78 $ 99 $ 197,824 $ 225,181
1
2022: Mr. Seu; 2021 and 2020: Constance Lau (former HEI CEO).
2
Compensation Actually Paid is the summary compensation table total for the PEO (column (b) above) and average summary compensation table total for the Non-PEO NEOs (column (d) above), as applicable, with the adjustments to the value of pension and stock adjusted as set out below pursuant to Item 402(v)(2)(iii) of Regulation S-K.*
3
2022: Messrs. Ito, Murao and Hazelton and Mss. Kimura and Teranishi; 2021: Messrs. Seu, Murao, Hazelton and Richard Wacker (former ASB CEO) and Ms. Teranishi; 2020: Messrs. Seu, Murao, Hazelton and Wacker.
4
Edison Electric Institute Index.
5
HEI Consolidated Adjusted Net Income represents HEI consolidated net income, adjusted for certain items. See paragraphs entitled "Non-GAAP Net Income Metrics" in the Compensation Discussion and Analysis and “Reconciliation of GAAP to Non-GAAP Measures: Incentive Compensation Adjustments,” attached as Exhibit A.
*
Adjustments pursuant to Item 402(v)(2)(iii) of Regulation S-K:
PEO
Average Non-PEO Named Executive Officers
2020
2021
2022
2020
2021
2022
Summary Compensation Table Total $ 5,108,212 $ 5,933,523 $ 3,811,515 $ 1,904,441 $ 3,002,679 $ 1,353,755
Pension adjustments:
SCT reversal1
(576,610) (236,512) (375,524) (274,111)
Service cost2
73,183 79,155 309,997 75,657 81,404 99,567
Stock adjustments:
SCT reversal3
(2,378,882) (3,204,098) (1,830,874) (611,973) (817,776) (576,870)
New awards outstanding4
1,758,452 4,141,353 1,919,877 409,890 755,592 445,932
Change in value of prior year awards5
(1,510,281) 457,298 62,282 (297,021) 62,236 52,989
New awards vested during the year6
7,681
Vested prior year awards7
(2,158,248) 494,066 10,444 (311,176) 16,297 (59,380)
Forfeitures8
(152,825) (81,738)
Compensation Actually Paid $ 315,826 $ 7,901,297 $ 4,046,729 $ 794,294 $ 2,673,496 $ 1,241,936
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
2
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
3
See Item 402(v)(2)(iii)(C)(1) of Regulation S-K.
4
See Item 402(v)(2)(iii)(C)(1)(i) of Regulation S-K.
5
See Item 402(v)(2)(iii)(C)(1)(ii) of Regulation S-K.
6
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
7
See Item 402(v)(2)(iii)(C)(1)iv) of Regulation S-K.
8
See Item 402(v)(2)(iii)(C)(1)(v) of Regulation S-K.
   
Company Selected Measure Name HEI Consolidated Adjusted Net Income    
Named Executive Officers, Footnote [Text Block]
1
2022: Mr. Seu; 2021 and 2020: Constance Lau (former HEI CEO).
2
Compensation Actually Paid is the summary compensation table total for the PEO (column (b) above) and average summary compensation table total for the Non-PEO NEOs (column (d) above), as applicable, with the adjustments to the value of pension and stock adjusted as set out below pursuant to Item 402(v)(2)(iii) of Regulation S-K.*
3
2022: Messrs. Ito, Murao and Hazelton and Mss. Kimura and Teranishi; 2021: Messrs. Seu, Murao, Hazelton and Richard Wacker (former ASB CEO) and Ms. Teranishi; 2020: Messrs. Seu, Murao, Hazelton and Wacker.
   
Peer Group Issuers, Footnote [Text Block]
4
Edison Electric Institute Index.
   
PEO Total Compensation Amount $ 3,811,515 $ 5,933,523 $ 5,108,212
PEO Actually Paid Compensation Amount $ 4,046,729 7,901,297 315,826
Adjustment To PEO Compensation, Footnote [Text Block]
*
Adjustments pursuant to Item 402(v)(2)(iii) of Regulation S-K:
PEO
Average Non-PEO Named Executive Officers
2020
2021
2022
2020
2021
2022
Summary Compensation Table Total $ 5,108,212 $ 5,933,523 $ 3,811,515 $ 1,904,441 $ 3,002,679 $ 1,353,755
Pension adjustments:
SCT reversal1
(576,610) (236,512) (375,524) (274,111)
Service cost2
73,183 79,155 309,997 75,657 81,404 99,567
Stock adjustments:
SCT reversal3
(2,378,882) (3,204,098) (1,830,874) (611,973) (817,776) (576,870)
New awards outstanding4
1,758,452 4,141,353 1,919,877 409,890 755,592 445,932
Change in value of prior year awards5
(1,510,281) 457,298 62,282 (297,021) 62,236 52,989
New awards vested during the year6
7,681
Vested prior year awards7
(2,158,248) 494,066 10,444 (311,176) 16,297 (59,380)
Forfeitures8
(152,825) (81,738)
Compensation Actually Paid $ 315,826 $ 7,901,297 $ 4,046,729 $ 794,294 $ 2,673,496 $ 1,241,936
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
2
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
3
See Item 402(v)(2)(iii)(C)(1) of Regulation S-K.
4
See Item 402(v)(2)(iii)(C)(1)(i) of Regulation S-K.
5
See Item 402(v)(2)(iii)(C)(1)(ii) of Regulation S-K.
6
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
7
See Item 402(v)(2)(iii)(C)(1)iv) of Regulation S-K.
8
See Item 402(v)(2)(iii)(C)(1)(v) of Regulation S-K
   
Non-PEO NEO Average Total Compensation Amount $ 1,353,755 3,002,679 1,904,441
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,241,936 2,673,496 794,294
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
*
Adjustments pursuant to Item 402(v)(2)(iii) of Regulation S-K:
PEO
Average Non-PEO Named Executive Officers
2020
2021
2022
2020
2021
2022
Summary Compensation Table Total $ 5,108,212 $ 5,933,523 $ 3,811,515 $ 1,904,441 $ 3,002,679 $ 1,353,755
Pension adjustments:
SCT reversal1
(576,610) (236,512) (375,524) (274,111)
Service cost2
73,183 79,155 309,997 75,657 81,404 99,567
Stock adjustments:
SCT reversal3
(2,378,882) (3,204,098) (1,830,874) (611,973) (817,776) (576,870)
New awards outstanding4
1,758,452 4,141,353 1,919,877 409,890 755,592 445,932
Change in value of prior year awards5
(1,510,281) 457,298 62,282 (297,021) 62,236 52,989
New awards vested during the year6
7,681
Vested prior year awards7
(2,158,248) 494,066 10,444 (311,176) 16,297 (59,380)
Forfeitures8
(152,825) (81,738)
Compensation Actually Paid $ 315,826 $ 7,901,297 $ 4,046,729 $ 794,294 $ 2,673,496 $ 1,241,936
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
2
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
3
See Item 402(v)(2)(iii)(C)(1) of Regulation S-K.
4
See Item 402(v)(2)(iii)(C)(1)(i) of Regulation S-K.
5
See Item 402(v)(2)(iii)(C)(1)(ii) of Regulation S-K.
6
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
7
See Item 402(v)(2)(iii)(C)(1)iv) of Regulation S-K.
8
See Item 402(v)(2)(iii)(C)(1)(v) of Regulation S-K
   
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
CAP VERSUS TSR PERFORMANCE 2020-2022
[MISSING IMAGE: bc_index-pn.jpg]
   
Compensation Actually Paid vs. Net Income [Text Block]
CAP VERSUS NET INCOME 2020-2022
[MISSING IMAGE: bc_netincome-pn.jpg]
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
CAP Versus HEI Consolidated Adjusted Net Income 2020-2022
[MISSING IMAGE: bc_adjusted-pn.jpg]
   
Tabular List [Table Text Block]
Performance measures used to link company performance to executive compensation
The following performance measures, in our assessment, represent the most important performance measures used by us to link company performance to the compensation paid to our named executive officers for 2022. These performance measures are described in the Compensation Discussion and Analysis, in the tables entitled “2022 Annual Incentive Performance Metrics and Why We Use Them” and “2022-24 Long-Term Incentive Performance Metrics and Why We Use Them.”
HEI PEO1
HEI NON-PEO NEOs2
Utility NEO3
ASB NEO4
HEI consolidated adjusted net income HEI consolidated adjusted net income HEI consolidated adjusted net income HEI consolidated adjusted net income
HEI 3-year average return on average common equity HEI 3-year average return on average common equity Utility consolidated net income ASB adjusted net income
HEI 3-year average annual EPS growth HEI 3-year average annual EPS growth Utility operating metrics ASB 3-year average return on equity
Utility decarbonization Utility decarbonization Utility decarbonization ASB Return on Assets
HEI relative TSR HEI relative TSR HEI relative TSR HEI relative TSR
Utility 3-year average annual return on average common equity
Mr. Seu
Messrs. Ito, Murao and Hazelton
Ms. Kimura
Ms. Teranishi
   
Total Shareholder Return Amount $ 99 95 78
Peer Group Total Shareholder Return Amount 117 116 99
Net Income (Loss) $ 241,138,000 $ 246,166,000 $ 197,824,000
Company Selected Measure Amount 230,562 229,909 225,181
PEO Name Mr. Seu    
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Non-GAAP Measure Description [Text Block]
5
HEI Consolidated Adjusted Net Income represents HEI consolidated net income, adjusted for certain items. See paragraphs entitled "Non-GAAP Net Income Metrics" in the Compensation Discussion and Analysis and “Reconciliation of GAAP to Non-GAAP Measures: Incentive Compensation Adjustments,” attached as Exhibit A
   
PEO [Member] | Pension Adjustments, SCT Reversal [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (236,512)   $ (576,610)
PEO [Member] | Pension Adjustments, Service Cost [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 309,997 $ 79,155 73,183
PEO [Member] | Stock Adjustments, SCT Reversal [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (1,830,874) (3,204,098) (2,378,882)
PEO [Member] | Stock Adjustments, New Award Outsatanding [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,919,877 4,141,353 1,758,452
PEO [Member] | Stock Adjustments, Change In Value of Prior Year Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 62,282 457,298 (1,510,281)
PEO [Member] | Stock Adjustments, Vested Prior Year Award [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 10,444 494,066 (2,158,248)
PEO [Member] | Mr. Seu [Member] | Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name HEI consolidated adjusted net income    
PEO [Member] | Mr. Seu [Member] | Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name HEI 3-year average return on average common equity    
PEO [Member] | Mr. Seu [Member] | Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name HEI 3-year average annual EPS growth    
PEO [Member] | Mr. Seu [Member] | Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Utility decarbonization    
PEO [Member] | Mr. Seu [Member] | Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name HEI relative TSR    
Non-PEO NEO [Member] | Pension Adjustments, SCT Reversal [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount   (274,111) (375,524)
Non-PEO NEO [Member] | Pension Adjustments, Service Cost [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 99,567 81,404 75,657
Non-PEO NEO [Member] | Stock Adjustments, SCT Reversal [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (576,870) (817,776) (611,973)
Non-PEO NEO [Member] | Stock Adjustments, New Award Outsatanding [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 445,932 755,592 409,890
Non-PEO NEO [Member] | Stock Adjustments, Change In Value of Prior Year Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 52,989 62,236 (297,021)
Non-PEO NEO [Member] | Stock Adjustments, New Award Vested During the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 7,681    
Non-PEO NEO [Member] | Stock Adjustments, Vested Prior Year Award [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (59,380) 16,297 $ (311,176)
Non-PEO NEO [Member] | Stock Adjustments, Forfeiture [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (81,738) $ (152,825)  
Non-PEO NEO [Member] | Messrs. Hazelton, Ito and Murao [Member] | Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name HEI consolidated adjusted net income    
Non-PEO NEO [Member] | Messrs. Hazelton, Ito and Murao [Member] | Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name HEI 3-year average return on average common equity    
Non-PEO NEO [Member] | Messrs. Hazelton, Ito and Murao [Member] | Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name HEI 3-year average annual EPS growth    
Non-PEO NEO [Member] | Messrs. Hazelton, Ito and Murao [Member] | Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Utility decarbonization    
Non-PEO NEO [Member] | Messrs. Hazelton, Ito and Murao [Member] | Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name HEI relative TSR    
Non-PEO NEO [Member] | Ms. Kimura [Member] | Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name HEI consolidated adjusted net income    
Non-PEO NEO [Member] | Ms. Kimura [Member] | Measure [Axis]: 4      
Pay vs Performance Disclosure [Table]      
Measure Name Utility decarbonization    
Non-PEO NEO [Member] | Ms. Kimura [Member] | Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name HEI relative TSR    
Non-PEO NEO [Member] | Ms. Kimura [Member] | Measure [Axis]: 6      
Pay vs Performance Disclosure [Table]      
Measure Name Utility consolidated net income    
Non-PEO NEO [Member] | Ms. Kimura [Member] | Measure [Axis]: 7      
Pay vs Performance Disclosure [Table]      
Measure Name Utility operating metrics    
Non-PEO NEO [Member] | Ms. Kimura [Member] | Measure [Axis]: 8      
Pay vs Performance Disclosure [Table]      
Measure Name Utility 3-year average annual return on average common equity    
Non-PEO NEO [Member] | Ms. Teranishi [Member] | Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name HEI consolidated adjusted net income    
Non-PEO NEO [Member] | Ms. Teranishi [Member] | Measure [Axis]: 5      
Pay vs Performance Disclosure [Table]      
Measure Name HEI relative TSR    
Non-PEO NEO [Member] | Ms. Teranishi [Member] | Measure [Axis]: 9      
Pay vs Performance Disclosure [Table]      
Measure Name ASB adjusted net income    
Non-PEO NEO [Member] | Ms. Teranishi [Member] | Measure [Axis]: 10      
Pay vs Performance Disclosure [Table]      
Measure Name ASB 3-year average return on equity    
Non-PEO NEO [Member] | Ms. Teranishi [Member] | Measure [Axis]: 11      
Pay vs Performance Disclosure [Table]      
Measure Name ASB Return on Assets