XML 61 R2.htm IDEA: XBRL DOCUMENT v3.24.1
Pay vs Performance Disclosure
pure in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance
The following section was prepared in accordance with the SEC’s pay versus performance disclosure rules (Item 402(v) of Regulation S-K) (PvP Rules). The PvP Rules include a specific definition of pay, referred to as 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)
2023 $ 5,386,250 $ (87,730) $ 1,419,395 $ 242,136 $ 35 $ 107 $ 199,238 $ 199,238
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
2023 and 2022: Mr. Seu; 2021 and 2020: Constance Lau (former HEI CEO).
Compensation Actually Paid is calculated as the summary compensation table total for the Principal Executive Officer (PEO) (column (b) above) and average summary compensation table total for the Non-PEO named executive officers (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.*
2023: Messrs. DeGhetto, Murao and Ito and Mss. Kimura and Teranishi; 2022: Messrs. Ito, Murao and Gregory Hazelton (former HEI CFO) 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.
Edison Electric Institute Index.
HEI Consolidated Adjusted Net Income represents HEI consolidated net income, adjusted to exclude 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
2020
2021
2022
2023
Summary Compensation Table Total $ 5,108,212 $ 5,933,523 $ 3,811,515 $ 5,386,250
Pension adjustments:
SCT reversal1
(576,610) (236,512) (2,174,763)
Service cost2
73,183 79,155 309,997 207,082
Stock adjustments:
SCT reversal3
(2,378,882) (3,204,098) (1,830,874) (2,253,154)
New awards outstanding4
1,758,452 4,141,353 1,919,877 685,662
Change in value of prior year awards5
(1,510,281) 457,298 62,282 (1,366,677)
New awards vested during the year6
Vested prior year awards7
(2,158,248) 494,066 10,444 (572,130)
Forfeitures8
Compensation Actually Paid $ 315,826 $ 7,901,297 $ 4,046,729 $ (87,730)
Average Non-PEO Named Executive Officers
2020
2021
2022
2023
Summary Compensation Table Total $ 1,904,441 $ 3,002,679 $ 1,353,755 $ 1,419,395
Pension adjustments:
SCT reversal1
(375,524) (274,111) (205,053)
Service cost2
75,657 81,404 99,567 52,432
Stock adjustments:
SCT reversal3
(611,973) (817,776) (576,870) (609,653)
New awards outstanding4
409,890 755,592 445,932 190,966
Change in value of prior year awards5
(297,021) 62,236 52,989 (318,561)
New awards vested during the year6
7,681
Vested prior year awards7
(311,176) 16,297 (59,380) (287,390)
Forfeitures8
(152,825) (81,738)
Compensation Actually Paid $ 794,294 $ 2,673,496 $ 1,241,936 $ 242,136
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
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.
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
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
1
2023 and 2022: Mr. Seu; 2021 and 2020: Constance Lau (former HEI CEO).
Compensation Actually Paid is calculated as the summary compensation table total for the Principal Executive Officer (PEO) (column (b) above) and average summary compensation table total for the Non-PEO named executive officers (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.*
2023: Messrs. DeGhetto, Murao and Ito and Mss. Kimura and Teranishi; 2022: Messrs. Ito, Murao and Gregory Hazelton (former HEI CFO) 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
Edison Electric Institute Index.
     
PEO Total Compensation Amount $ 5,386,250 $ 3,811,515 $ 5,933,523 $ 5,108,212
PEO Actually Paid Compensation Amount $ (87,730) 4,046,729 7,901,297 315,826
Adjustment To PEO Compensation, Footnote
Adjustments pursuant to Item 402(v)(2)(iii) of Regulation S-K:
PEO
2020
2021
2022
2023
Summary Compensation Table Total $ 5,108,212 $ 5,933,523 $ 3,811,515 $ 5,386,250
Pension adjustments:
SCT reversal1
(576,610) (236,512) (2,174,763)
Service cost2
73,183 79,155 309,997 207,082
Stock adjustments:
SCT reversal3
(2,378,882) (3,204,098) (1,830,874) (2,253,154)
New awards outstanding4
1,758,452 4,141,353 1,919,877 685,662
Change in value of prior year awards5
(1,510,281) 457,298 62,282 (1,366,677)
New awards vested during the year6
Vested prior year awards7
(2,158,248) 494,066 10,444 (572,130)
Forfeitures8
Compensation Actually Paid $ 315,826 $ 7,901,297 $ 4,046,729 $ (87,730)
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
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.
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
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 $ 1,419,395 1,353,755 3,002,679 1,904,441
Non-PEO NEO Average Compensation Actually Paid Amount $ 242,136 1,241,936 2,673,496 794,294
Adjustment to Non-PEO NEO Compensation Footnote
Average Non-PEO Named Executive Officers
2020
2021
2022
2023
Summary Compensation Table Total $ 1,904,441 $ 3,002,679 $ 1,353,755 $ 1,419,395
Pension adjustments:
SCT reversal1
(375,524) (274,111) (205,053)
Service cost2
75,657 81,404 99,567 52,432
Stock adjustments:
SCT reversal3
(611,973) (817,776) (576,870) (609,653)
New awards outstanding4
409,890 755,592 445,932 190,966
Change in value of prior year awards5
(297,021) 62,236 52,989 (318,561)
New awards vested during the year6
7,681
Vested prior year awards7
(311,176) 16,297 (59,380) (287,390)
Forfeitures8
(152,825) (81,738)
Compensation Actually Paid $ 794,294 $ 2,673,496 $ 1,241,936 $ 242,136
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
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.
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
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
CAP VERSUS TSR PERFORMANCE 2020-2023
[MISSING IMAGE: bc_index-pn.jpg]
     
Compensation Actually Paid vs. Net Income
CAP VERSUS NET INCOME 2020-2023
[MISSING IMAGE: bc_netincome-pn.jpg]
     
Compensation Actually Paid vs. Company Selected Measure
CAP VERSUS HEI CONSOLIDATED ADJUSTED NET INCOME 2020-2023
[MISSING IMAGE: bc_adjusted-pn.jpg]
     
Total Shareholder Return Vs Peer Group
CAP VERSUS TSR PERFORMANCE 2020-2023
[MISSING IMAGE: bc_index-pn.jpg]
     
Tabular List, Table
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 2023. These performance measures are described in the Compensation Discussion and Analysis, in the tables entitled “2023 Annual Incentive Performance Metrics & Why We Use Them” and “2023-25 Long-Term Incentive Performance Metrics & 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 cumulative EPS HEI 3-year cumulative EPS Utility operating metrics ASB 3-year average return on equity
Utility carbon emissions reduction Utility carbon emissions reduction Utility carbon emisions reduction ASB Return on Assets
HEI relative TSR HEI relative TSR HEI relative TSR HEI relative TSR
Mr. Seu
Messrs. Murao, Ito and DeGhetto
Ms. Kimura
Ms. Teranishi
     
Total Shareholder Return Amount $ 35 99 95 78
Peer Group Total Shareholder Return Amount 107 117 116 99
Net Income (Loss) $ 199,238,000 $ 241,138,000 $ 246,166,000 $ 197,824,000
Company Selected Measure Amount 199,238 230,562 229,909 225,181
PEO Name Mr. Seu      
Measure:: 1        
Pay vs Performance Disclosure        
Non-GAAP Measure Description HEI Consolidated Adjusted Net Income represents HEI consolidated net income, adjusted to exclude 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      
Pension Adjustments, SCT Reversal [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (2,174,763)   $ (576,610)
Pension Adjustments, Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 207,082     73,183
Stock Adjustments, SCT Reversal [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,253,154)     (2,378,882)
Stock Adjustments, New Award Outsatanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 685,662     1,758,452
Stock Adjustments, Change In Value of Prior Year Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,366,677)     (1,510,281)
Stock Adjustments, Vested Prior Year Award [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (572,130)     (2,158,248)
PEO | Pension Adjustments, SCT Reversal [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   $ (236,512)    
PEO | Pension Adjustments, Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   309,997 79,155  
PEO | Stock Adjustments, SCT Reversal [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (1,830,874) (3,204,098)  
PEO | Stock Adjustments, New Award Outsatanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   1,919,877 4,141,353  
PEO | Stock Adjustments, Change In Value of Prior Year Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   62,282 457,298  
PEO | Stock Adjustments, New Award Vested During the Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
PEO | Stock Adjustments, Vested Prior Year Award [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   10,444 494,066  
PEO | Stock Adjustments, Forfeiture [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
PEO | Mr. Seu [Member] | Measure:: 1        
Pay vs Performance Disclosure        
Name HEI consolidated adjusted net income      
PEO | Mr. Seu [Member] | Measure:: 2        
Pay vs Performance Disclosure        
Name HEI 3-year average return on average common equity      
PEO | Mr. Seu [Member] | Measure:: 3        
Pay vs Performance Disclosure        
Name HEI 3-year cumulative EPS      
PEO | Mr. Seu [Member] | Measure:: 4        
Pay vs Performance Disclosure        
Name Utility carbon emissions reduction      
PEO | Mr. Seu [Member] | Measure:: 5        
Pay vs Performance Disclosure        
Name HEI relative TSR      
Non-PEO NEO | Pension Adjustments, SCT Reversal [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (205,053) (274,111) (375,524)
Non-PEO NEO | Pension Adjustments, Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 52,432 99,567 81,404 75,657
Non-PEO NEO | Stock Adjustments, SCT Reversal [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (609,653) (576,870) (817,776) (611,973)
Non-PEO NEO | Stock Adjustments, New Award Outsatanding [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 190,966 445,932 755,592 409,890
Non-PEO NEO | Stock Adjustments, Change In Value of Prior Year Awards [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (318,561) 52,989 62,236 (297,021)
Non-PEO NEO | Stock Adjustments, New Award Vested During the Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,681
Non-PEO NEO | Stock Adjustments, Vested Prior Year Award [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (287,390) (59,380) 16,297 (311,176)
Non-PEO NEO | Stock Adjustments, Forfeiture [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (81,738) $ (152,825)
Non-PEO NEO | Messrs. Hazelton, Ito and Murao [Member] | Measure:: 1        
Pay vs Performance Disclosure        
Name HEI consolidated adjusted net income      
Non-PEO NEO | Messrs. Hazelton, Ito and Murao [Member] | Measure:: 2        
Pay vs Performance Disclosure        
Name HEI 3-year average return on average common equity      
Non-PEO NEO | Messrs. Hazelton, Ito and Murao [Member] | Measure:: 3        
Pay vs Performance Disclosure        
Name HEI 3-year cumulative EPS      
Non-PEO NEO | Messrs. Hazelton, Ito and Murao [Member] | Measure:: 4        
Pay vs Performance Disclosure        
Name Utility carbon emissions reduction      
Non-PEO NEO | Messrs. Hazelton, Ito and Murao [Member] | Measure:: 5        
Pay vs Performance Disclosure        
Name HEI relative TSR      
Non-PEO NEO | Ms. Kimura [Member] | Measure:: 1        
Pay vs Performance Disclosure        
Name HEI consolidated adjusted net income      
Non-PEO NEO | Ms. Kimura [Member] | Measure:: 4        
Pay vs Performance Disclosure        
Name Utility carbon emisions reduction      
Non-PEO NEO | Ms. Kimura [Member] | Measure:: 5        
Pay vs Performance Disclosure        
Name HEI relative TSR      
Non-PEO NEO | Ms. Kimura [Member] | Measure:: 6        
Pay vs Performance Disclosure        
Name Utility consolidated net income      
Non-PEO NEO | Ms. Kimura [Member] | Measure:: 7        
Pay vs Performance Disclosure        
Name Utility operating metrics      
Non-PEO NEO | Ms. Teranishi [Member] | Measure:: 1        
Pay vs Performance Disclosure        
Name HEI consolidated adjusted net income      
Non-PEO NEO | Ms. Teranishi [Member] | Measure:: 5        
Pay vs Performance Disclosure        
Name HEI relative TSR      
Non-PEO NEO | Ms. Teranishi [Member] | Measure:: 9        
Pay vs Performance Disclosure        
Name ASB adjusted net income      
Non-PEO NEO | Ms. Teranishi [Member] | Measure:: 10        
Pay vs Performance Disclosure        
Name ASB 3-year average return on equity      
Non-PEO NEO | Ms. Teranishi [Member] | Measure:: 11        
Pay vs Performance Disclosure        
Name ASB Return on Assets