Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Hawaiian Electric Industries, Inc. |
Entity Central Index Key | 0000354707 |
Pay vs Performance Disclosure
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 1 Compensation 2 to Average Summary 3 Average 2 to Value of Initial Fixed $100 Net Income HEI 5 (in thousands) Total Peer Group 4 Total (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 reversal 1 (576,610 ) — (236,512 ) (375,524 ) (274,111 ) — Service cost 2 73,183 79,155 309,997 75,657 81,404 99,567 Stock adjustments: SCT reversal 3 (2,378,882 ) (3,204,098 ) (1,830,874 ) (611,973 ) (817,776 ) (576,870 ) New awards outstanding 4 1,758,452 4,141,353 1,919,877 409,890 755,592 445,932 Change in value of prior year awards 5 (1,510,281 ) 457,298 62,282 (297,021 ) 62,236 52,989 New awards vested during the year 6 — — — — — 7,681 Vested prior year awards 7 (2,158,248 ) 494,066 10,444 (311,176 ) 16,297 (59,380 ) Forfeitures 8 — — — — (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 reversal 1 (576,610 ) — (236,512 ) (375,524 ) (274,111 ) — Service cost 2 73,183 79,155 309,997 75,657 81,404 99,567 Stock adjustments: SCT reversal 3 (2,378,882 ) (3,204,098 ) (1,830,874 ) (611,973 ) (817,776 ) (576,870 ) New awards outstanding 4 1,758,452 4,141,353 1,919,877 409,890 755,592 445,932 Change in value of prior year awards 5 (1,510,281 ) 457,298 62,282 (297,021 ) 62,236 52,989 New awards vested during the year 6 — — — — — 7,681 Vested prior year awards 7 (2,158,248 ) 494,066 10,444 (311,176 ) 16,297 (59,380 ) Forfeitures 8 — — — — (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 | ||
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 reversal 1 (576,610 ) — (236,512 ) (375,524 ) (274,111 ) — Service cost 2 73,183 79,155 309,997 75,657 81,404 99,567 Stock adjustments: SCT reversal 3 (2,378,882 ) (3,204,098 ) (1,830,874 ) (611,973 ) (817,776 ) (576,870 ) New awards outstanding 4 1,758,452 4,141,353 1,919,877 409,890 755,592 445,932 Change in value of prior year awards 5 (1,510,281 ) 457,298 62,282 (297,021 ) 62,236 52,989 New awards vested during the year 6 — — — — — 7,681 Vested prior year awards 7 (2,158,248 ) 494,066 10,444 (311,176 ) 16,297 (59,380 ) Forfeitures 8 — — — — (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 | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | CAP VERSUS TSR PERFORMANCE 2020-2022 | ||
Compensation Actually Paid vs. Net Income [Text Block] | CAP VERSUS NET INCOME 2020-2022 | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | CAP Versus HEI Consolidated Adjusted Net Income 2020-2022 | ||
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 PEO 1 HEI NON-PEO NEOs 2 Utility NEO 3 ASB NEO 4 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 | ||
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 |