Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 07, 2014 | Jun. 30, 2013 | |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'HAWAIIAN ELECTRIC INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000354707 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $2,506,804,981 |
Entity Common Stock, Shares Outstanding | ' | 101,415,268 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'HAWAIIAN ELECTRIC COMPANY INC | ' | ' |
Entity Central Index Key | '0000046207 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $0 |
Entity Common Stock, Shares Outstanding | ' | 15,429,105 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Total revenues | $3,238,470 | $3,374,995 | $3,242,335 |
Expenses | ' | ' | ' |
Total expenses | 2,923,051 | 3,090,799 | 2,952,639 |
Operating income (loss) | ' | ' | ' |
Total operating income | 315,419 | 284,196 | 289,696 |
Interest expense - other than on deposit liabilities and other bank borrowings | -75,479 | -78,151 | -82,106 |
Allowance for borrowed funds used during construction | 2,246 | 4,355 | 2,498 |
Allowance for equity funds used during construction | 5,561 | 7,007 | 5,964 |
Income before income taxes | 247,747 | 217,407 | 216,052 |
Income taxes | 84,341 | 76,859 | 75,932 |
Net income | 163,406 | 140,548 | 140,120 |
Preferred stock dividends of subsidiaries | 1,890 | 1,890 | 1,890 |
Net income for common stock | 161,516 | 138,658 | 138,230 |
Basic earnings per common share (in dollars per share) | $1.63 | $1.43 | $1.45 |
Diluted earnings per common share (in dollars per share) | $1.62 | $1.42 | $1.44 |
Dividends per common share (in dollars per share) | $1.24 | $1.24 | $1.24 |
Weighted-average number of common shares outstanding (in shares) | 98,968 | 96,908 | 95,510 |
Net effect of potentially dilutive shares (in shares) | 655 | 430 | 310 |
Adjusted weighted-average shares (in shares) | 99,623 | 97,338 | 95,820 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Revenues | ' | ' | ' |
Total revenues | 2,980,172 | 3,109,439 | 2,978,690 |
Expenses | ' | ' | ' |
Total expenses | 2,734,659 | 2,896,427 | 2,763,556 |
Fuel oil | 1,185,552 | 1,297,419 | 1,265,126 |
Purchased power | 710,681 | 724,240 | 689,652 |
Other operation and maintenance | 403,270 | 397,429 | 380,084 |
Depreciation | 154,025 | 144,498 | 142,975 |
Taxes, other than income taxes | 281,131 | 292,841 | 276,504 |
Impairment of utility assets | 0 | 40,000 | 9,215 |
Operating income (loss) | ' | ' | ' |
Total operating income | 245,513 | 213,012 | 215,134 |
Allowance for borrowed funds used during construction | 2,246 | 4,355 | 2,498 |
Allowance for equity funds used during construction | 5,561 | 7,007 | 5,964 |
Interest expense and other charges, net | -59,279 | -62,055 | -60,031 |
Income before income taxes | 194,041 | 162,319 | 163,565 |
Income taxes | 69,117 | 61,048 | 61,584 |
Net income | 124,924 | 101,271 | 101,981 |
Preferred stock dividends of subsidiaries | 915 | 915 | 915 |
Net income (loss) attributable to Hawaiian Electric | 124,009 | 100,356 | 101,066 |
Preferred stock dividends of Hawaiian Electric | 1,080 | 1,080 | 1,080 |
Net income for common stock | 122,929 | 99,276 | 99,986 |
Electric utility | ' | ' | ' |
Revenues | ' | ' | ' |
Total revenues | 2,980,172 | 3,109,439 | 2,978,690 |
Expenses | ' | ' | ' |
Total expenses | 2,734,659 | 2,896,427 | 2,763,556 |
Operating income (loss) | ' | ' | ' |
Total operating income | 245,513 | 213,012 | 215,134 |
Income before income taxes | 194,041 | 162,319 | 163,565 |
Income taxes | 69,117 | 61,048 | 61,584 |
Net income | 124,924 | 101,271 | 101,981 |
Preferred stock dividends of subsidiaries | 1,995 | 1,995 | 1,995 |
Net income for common stock | 122,929 | 99,276 | 99,986 |
Bank | ' | ' | ' |
Revenues | ' | ' | ' |
Total revenues | 258,147 | 265,539 | 264,407 |
Expenses | ' | ' | ' |
Total expenses | 171,090 | 177,106 | 172,806 |
Operating income (loss) | ' | ' | ' |
Total operating income | 87,057 | 88,433 | 91,601 |
Income before income taxes | 87,059 | 89,021 | 91,536 |
Income taxes | 29,525 | 30,384 | 31,693 |
Net income | 57,534 | 58,637 | 59,843 |
Preferred stock dividends of subsidiaries | 0 | 0 | 0 |
Net income for common stock | 57,534 | 58,637 | 59,843 |
Other | ' | ' | ' |
Revenues | ' | ' | ' |
Total revenues | 151 | 17 | -762 |
Expenses | ' | ' | ' |
Total expenses | 17,302 | 17,266 | 16,277 |
Operating income (loss) | ' | ' | ' |
Total operating income | -17,151 | -17,249 | -17,039 |
Income before income taxes | -33,353 | -33,933 | -39,049 |
Income taxes | -14,301 | -14,573 | -17,345 |
Net income | -19,052 | -19,360 | -21,704 |
Preferred stock dividends of subsidiaries | -105 | -105 | -105 |
Net income for common stock | ($18,947) | ($19,255) | ($21,599) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income for common stock | $161,516 | $138,658 | $138,230 |
Net unrealized gains (losses) on securities: | ' | ' | ' |
Net unrealized gains (losses) on securities arising during the period, net of (taxes) benefits of $9,037, ($631) and ($4,343) for 2013, 2012 and 2011, respectively | -13,686 | 956 | 6,578 |
Less: reclassification adjustment for net realized gains included in net income, net of taxes of $488, $53 and $148 for 2013, 2012 and 2011, respectively | -738 | -81 | -224 |
Derivatives qualified as cash flow hedges: | ' | ' | ' |
Net unrealized holding losses arising during the period, net of tax benefits of $4 for 2011 | 0 | 0 | -8 |
Less: reclassification adjustment to net income, net of tax benefits of $150, $150 and $115 for 2013, 2012 and 2011, respectively | 235 | 236 | 181 |
Retirement benefit plans: | ' | ' | ' |
Prior service credit arising during the period, net of taxes | 0 | 0 | 6,943 |
Net gains (losses) arising during the period, net of (taxes) benefits | 223,177 | -99,159 | -130,191 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 23,280 | 15,291 | 9,364 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits | -222,595 | 75,471 | 100,692 |
Other comprehensive income (loss), net of taxes | 9,673 | -7,286 | -6,665 |
Comprehensive income attributable to Hawaiian Electric | 171,189 | 131,372 | 131,565 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Net income for common stock | 122,929 | 99,276 | 99,986 |
Retirement benefit plans: | ' | ' | ' |
Prior service credit arising during the period, net of taxes | 0 | 0 | 6,921 |
Net gains (losses) arising during the period, net of (taxes) benefits | 203,479 | -90,082 | -116,726 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 20,694 | 13,673 | 8,372 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits | -222,595 | 75,471 | 100,692 |
Other comprehensive income (loss), net of taxes | 1,578 | -938 | -741 |
Comprehensive income attributable to Hawaiian Electric | $124,507 | $98,338 | $99,245 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net unrealized gains (losses) on securities arising during the period, taxes | $9,037 | ($631) | ($4,343) |
Less: reclassification adjustment for net realized gains included in net income, taxes | -488 | -53 | -148 |
Net unrealized holding losses arising during the period, tax benefits | 0 | 0 | 4 |
Less: reclassification adjustment to net income, net of tax benefits of $150, $150 and $115 for 2013, 2012 and 2011, respectively | 150 | 150 | 115 |
Prior service credit arising during the period, taxes | 0 | 0 | -4,422 |
Net gains (losses) arising during the period, tax benefits | -142,478 | 63,303 | 83,147 |
Less: amortization of net loss, prior service gain and transition obligation included in net periodic benefit cost, tax benefits | 14,870 | 9,764 | 5,976 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits of $141,777, ($48,299) and ($64,134) for 2013, 2012 and 2011, respectively | -141,777 | 48,299 | 64,134 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Prior service credit arising during the period, taxes | 0 | 0 | -4,408 |
Net gains (losses) arising during the period, tax benefits | -129,601 | 57,375 | 74,346 |
Less: amortization of net loss, prior service gain and transition obligation included in net periodic benefit cost, tax benefits | 13,180 | 8,709 | 5,332 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits of $141,777, ($48,299) and ($64,134) for 2013, 2012 and 2011, respectively | ($141,777) | $48,069 | $64,134 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Cash and cash equivalents | $220,036,000 | $219,662,000 |
Accounts receivable and unbilled revenues, net | 346,785,000 | 362,823,000 |
Available-for-sale investment and mortgage-related securities | 529,007,000 | 671,358,000 |
Investment in stock of Federal Home Loan Bank of Seattle | 92,546,000 | 96,022,000 |
Loans receivable held for investment, net | 4,110,113,000 | 3,737,233,000 |
Loans held for sale, at lower of cost or fair value | 5,302,000 | 26,005,000 |
Property, plant and equipment, net | ' | ' |
Land | 74,272,000 | 70,799,000 |
Plant and equipment | 5,829,132,000 | 5,492,963,000 |
Construction in progress | 146,742,000 | 156,353,000 |
Property, plant and equipment, gross | 6,050,146,000 | 5,720,115,000 |
Less - accumulated depreciation | -2,191,199,000 | -2,125,286,000 |
Property, plant and equipment, net | 3,858,947,000 | 3,594,829,000 |
Regulatory assets | 575,924,000 | 864,596,000 |
Other | 519,194,000 | 494,414,000 |
Goodwill | 82,190,000 | 82,190,000 |
Other long-term assets | ' | ' |
Total assets | 10,340,044,000 | 10,149,132,000 |
Liabilities | ' | ' |
Accounts payable | 212,331,000 | 212,379,000 |
Interest and dividends payable | 26,716,000 | 26,258,000 |
Deposit liabilities | 4,372,477,000 | 4,229,916,000 |
Short-term borrowings-other than bank | 105,482,000 | 83,693,000 |
Other bank borrowings | 244,514,000 | 195,926,000 |
Long-term debt, net-other than bank | 1,492,945,000 | 1,422,872,000 |
Deferred income taxes | 529,260,000 | 439,329,000 |
Regulatory liabilities | 349,299,000 | 324,152,000 |
Contributions in aid of construction | 432,894,000 | 405,520,000 |
Defined benefit pension and other postretirement benefit plans liability | 288,539,000 | 656,394,000 |
Other | 524,224,000 | 524,535,000 |
Deferred credits and other liabilities | ' | ' |
Total liabilities | 8,578,681,000 | 8,520,974,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293,000 | 34,293,000 |
Commitments and contingencies (Notes 3 and 4) | ' | ' |
Shareholders' equity | ' | ' |
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | 0 | 0 |
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 101,259,800 shares and 97,928,403 shares in 2013 and 2012, respectively | 1,488,126,000 | 1,403,484,000 |
Retained earnings | 255,694,000 | 216,804,000 |
Accumulated other comprehensive income (loss), net of taxes: | ' | ' |
Net unrealized gains (losses) on securities | -3,663,000 | 10,761,000 |
Unrealized losses on derivatives | -525,000 | -760,000 |
Retirement benefit plans | -12,562,000 | -36,424,000 |
Accumulated other comprehensive income (loss), net of taxes | -16,750,000 | -26,423,000 |
Total shareholders' equity | 1,727,070,000 | 1,593,865,000 |
Total liabilities and shareholders' equity | 10,340,044,000 | 10,149,132,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' |
Utility plant, at cost | ' | ' |
Land | 51,883,000 | 51,568,000 |
Plant and equipment | 5,701,875,000 | 5,364,400,000 |
Less accumulated depreciation | -2,111,229,000 | -2,040,789,000 |
Construction in progress | 143,233,000 | 151,378,000 |
Net utility plant | 3,785,762,000 | 3,526,557,000 |
Current assets | ' | ' |
Cash and equivalents | 62,825,000 | 17,159,000 |
Customer accounts receivable, net | 175,448,000 | 210,779,000 |
Accrued unbilled revenues, net | 144,124,000 | 134,298,000 |
Other accounts receivable, net | 14,062,000 | 28,176,000 |
Fuel oil stock, at average cost | 134,087,000 | 161,419,000 |
Materials and supplies, at average cost | 59,044,000 | 51,085,000 |
Prepayments and other | 52,857,000 | 32,865,000 |
Regulatory assets | 69,738,000 | 51,267,000 |
Total current assets | 712,185,000 | 687,048,000 |
Other long-term assets | ' | ' |
Regulatory assets | 506,186,000 | 813,329,000 |
Unamortized debt expense | 9,003,000 | 10,554,000 |
Other | 73,993,000 | 71,305,000 |
Total other long-term assets | 589,182,000 | 895,188,000 |
Total assets | 5,087,129,000 | 5,108,793,000 |
Liabilities | ' | ' |
Interest and dividends payable | 21,652,000 | 21,092,000 |
Deferred income taxes | 507,161,000 | 417,611,000 |
Regulatory liabilities | 349,299,000 | 324,152,000 |
Contributions in aid of construction | 432,894,000 | 405,520,000 |
Long-term debt, net | 1,206,545,000 | 1,147,872,000 |
Total capitalization | 2,834,402,000 | 2,654,301,000 |
Current liabilities | ' | ' |
Current portion of long-term debt | 11,400,000 | 0 |
Accounts payable | 189,559,000 | 186,824,000 |
Taxes accrued | 249,445,000 | 251,066,000 |
Regulatory liabilities | 1,916,000 | 1,212,000 |
Other | 63,881,000 | 60,801,000 |
Total current liabilities | 537,853,000 | 520,995,000 |
Deferred credits and other liabilities | ' | ' |
Regulatory liabilities | 347,383,000 | 322,940,000 |
Unamortized tax credits | 73,539,000 | 66,584,000 |
Retirement benefits liability | 262,162,000 | 620,205,000 |
Other | 91,735,000 | 100,637,000 |
Total deferred credits and other liabilities | 1,281,980,000 | 1,527,977,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293,000 | 34,293,000 |
Commitments and contingencies (Notes 3 and 4) | ' | ' |
Shareholders' equity | ' | ' |
Common stock equity | 1,593,564,000 | 1,472,136,000 |
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | 34,293,000 | 34,293,000 |
Retained earnings | 948,624,000 | 907,273,000 |
Accumulated other comprehensive income (loss), net of taxes: | ' | ' |
Retirement benefit plans | 608,000 | -970,000 |
Total shareholders' equity | 1,593,564,000 | 1,472,136,000 |
Total liabilities and shareholders' equity | $5,087,129,000 | $5,108,793,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, issued shares | 101,259,800 | 97,928,403 |
Common stock, outstanding shares | 101,259,800 | 97,928,403 |
Consolidated_Statements_of_Cap
Consolidated Statements of Capitalization (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Common stock equity | ' | ' |
Retained earnings | $255,694,000 | $216,804,000 |
Accumulated other comprehensive income (loss), net of taxes - retirement benefit plans | -12,562,000 | -36,424,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293,000 | 34,293,000 |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 744,546,000 | 508,546,000 |
Hawaiian Electric, 5.65%, Series 2013C, due 2043 | ' | ' |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 50,000,000 | 0 |
Senior notes 3.79%, Series 2012A, due 2018 | ' | ' |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 9,000,000 | 9,000,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' |
Common stock equity | ' | ' |
Common stock of $6 2/3 par value, Authorized: 50,000,000 shares. Outstanding: 2013, 15,249,105 shares, 2012, 14,665,264 shares | 102,880,000 | 97,788,000 |
Premium on capital stock | 541,452,000 | 468,045,000 |
Retained earnings | 948,624,000 | 907,273,000 |
Accumulated other comprehensive income (loss), net of taxes - retirement benefit plans | 608,000 | -970,000 |
Common stock equity | 1,593,564,000 | 1,472,136,000 |
Shares outstanding December 31, 2013 and 2012 | 1,234,657 | 1,234,657 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 34,293,000 | 34,293,000 |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 473,400,000 | 639,400,000 |
Other long-term debt – unsecured: | ' | ' |
Total long-term debt | 1,217,946,000 | 1,147,946,000 |
Less unamortized discount | 1,000 | 74,000 |
Current portion of long-term debt | 11,400,000 | 0 |
Long-term debt, net | 1,206,545,000 | 1,147,872,000 |
Total capitalization | 2,834,402,000 | 2,654,301,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Series C, 4.25% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $20 | $20 |
Shares outstanding December 31, 2013 and 2012 | 150,000 | 150,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 3,000,000 | 3,000,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Series D, 5.00% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $20 | $20 |
Shares outstanding December 31, 2013 and 2012 | 50,000 | 50,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 1,000,000 | 1,000,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Series E, 5.00% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $20 | $20 |
Shares outstanding December 31, 2013 and 2012 | 150,000 | 150,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 3,000,000 | 3,000,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Series H, 5.25% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $20 | $20 |
Shares outstanding December 31, 2013 and 2012 | 250,000 | 250,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 5,000,000 | 5,000,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Series I, 5.00% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $20 | $20 |
Shares outstanding December 31, 2013 and 2012 | 89,657 | 89,657 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 1,793,000 | 1,793,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Series J, 4.75% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $20 | $20 |
Shares outstanding December 31, 2013 and 2012 | 250,000 | 250,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 5,000,000 | 5,000,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Series K, 4.65% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $20 | $20 |
Shares outstanding December 31, 2013 and 2012 | 175,000 | 175,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 3,500,000 | 3,500,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Senior notes | ' | ' |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 693,000,000 | 457,000,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | 6.50% Junior subordinated deferrable interest debentures, series 2004, due 2034 | ' | ' |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 51,546,000 | 51,546,000 |
Hawaiian Electric Company, Inc (HECO) | ' | ' |
Common stock equity | ' | ' |
Common stock equity | 1,593,564,000 | 1,472,136,000 |
Other long-term debt – unsecured: | ' | ' |
Current portion of long-term debt | 0 | ' |
Long-term debt, net | 830,547,000 | 780,546,000 |
Total capitalization | 2,446,404,000 | 2,274,975,000 |
Hawaiian Electric Company, Inc (HECO) | 6.50%, series 2009, due 2039 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 6.50% | 6.50% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 90,000,000 | 90,000,000 |
Hawaiian Electric Company, Inc (HECO) | 4.60%, refunding series 2007B, due 2026 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.60% | 4.60% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 62,000,000 | 62,000,000 |
Hawaiian Electric Company, Inc (HECO) | 4.65%, series 2007A, due 2037 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.65% | 4.65% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 100,000,000 | 100,000,000 |
Hawaiian Electric Company, Inc (HECO) | 4.80%, refunding series 2005A, due 2025 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.80% | 4.80% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 40,000,000 | 40,000,000 |
Hawaiian Electric Company, Inc (HECO) | 5.00%, refunding series 2003B, due 2022 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.00% | 5.00% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 0 | 40,000,000 |
Hawaiian Electric Company, Inc (HECO) | 5.65%, series 1997A, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 0 | 50,000,000 |
Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric, 4.45%, Series 2013A, due 2022 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.45% | 4.45% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 40,000,000 | 0 |
Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric, 4.84%, Series 2013B, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.84% | 4.84% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 50,000,000 | 0 |
Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric, 5.65%, Series 2013C, due 2043 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Hawaiian Electric Company, Inc (HECO) | Senior notes 3.79%, Series 2012A, due 2018 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 3.79% | 3.79% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 30,000,000 | 30,000,000 |
Hawaiian Electric Company, Inc (HECO) | Senior notes 4.03%, Series 2012B, due 2020 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.03% | 4.03% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 62,000,000 | 62,000,000 |
Hawaiian Electric Company, Inc (HECO) | Senior notes 4.55%, due 2023 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.55% | 4.55% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 50,000,000 | 50,000,000 |
Hawaiian Electric Company, Inc (HECO) | Senior notes 4.72%, Series 2012D, due 2029 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.72% | 4.72% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 35,000,000 | 35,000,000 |
Hawaiian Electric Company, Inc (HECO) | Senior notes 5.39%, Series, 2012E, due 2042 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.39% | 5.39% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 150,000,000 | 150,000,000 |
Hawaiian Electric Company, Inc (HECO) | Senior notes 4.53%, Series, 2012F, due 2032 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.53% | 4.53% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 40,000,000 | 40,000,000 |
Hawaiian Electric Company, Inc (HECO) | 6.50% Junior subordinated deferrable interest debentures, series 2004, due 2034 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 6.50% | 6.50% |
Hawaii Electric Light Company, Inc. (HELCO) | ' | ' |
Common stock equity | ' | ' |
Common stock equity | 274,802,000 | 268,908,000 |
Other long-term debt – unsecured: | ' | ' |
Current portion of long-term debt | 11,400,000 | ' |
Long-term debt, net | 189,998,000 | 201,326,000 |
Total capitalization | 471,800,000 | 477,234,000 |
Hawaii Electric Light Company, Inc. (HELCO) | Series G, 7.625% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $100 | $100 |
Shares outstanding December 31, 2013 and 2012 | 70,000 | 70,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 7,000,000 | 7,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | 6.50%, series 2009, due 2039 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 6.50% | 6.50% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 60,000,000 | 60,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | 4.60%, refunding series 2007B, due 2026 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.60% | 4.60% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 8,000,000 | 8,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | 4.65%, series 2007A, due 2037 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.65% | 4.65% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 20,000,000 | 20,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | 4.80%, refunding series 2005A, due 2025 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.80% | 4.80% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 5,000,000 | 5,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | 5.00%, refunding series 2003B, due 2022 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.00% | 5.00% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 0 | 12,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | 4.75%, refunding series 2003A, due 2020 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.75% | 4.75% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 0 | 14,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | 5.50%, refunding series 1999A, due 2014 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.50% | 5.50% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 11,400,000 | 11,400,000 |
Hawaii Electric Light Company, Inc. (HELCO) | 5.65%, series 1997A, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 0 | 30,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light, 3.83%, Series 2013A, due 2020 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 3.83% | 3.83% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 14,000,000 | 0 |
Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light, 4.45%, Series 2013B, due 2022 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.45% | 4.45% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 12,000,000 | 0 |
Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light, 4.84%, Series 2013C, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.84% | 4.84% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 30,000,000 | 0 |
Hawaii Electric Light Company, Inc. (HELCO) | Senior notes 3.79%, Series 2012A, due 2018 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 3.79% | 3.79% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 11,000,000 | 11,000,000 |
Hawaii Electric Light Company, Inc. (HELCO) | Senior notes 4.55%, due 2023 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.55% | 4.55% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 20,000,000 | 20,000,000 |
Maui Electric Company, Limited (MECO) | ' | ' |
Common stock equity | ' | ' |
Common stock equity | 248,771,000 | 228,927,000 |
Other long-term debt – unsecured: | ' | ' |
Current portion of long-term debt | 0 | ' |
Long-term debt, net | 186,000,000 | 166,000,000 |
Total capitalization | 439,771,000 | 399,927,000 |
Maui Electric Company, Limited (MECO) | Series H, 7.625% Preferred Stock | ' | ' |
Common stock equity | ' | ' |
Preferred Stock, Par Value (in dollars per share) | $100 | $100 |
Shares outstanding December 31, 2013 and 2012 | 50,000 | 50,000 |
Preferred stock of subsidiaries - not subject to mandatory redemption | 5,000,000 | 5,000,000 |
Maui Electric Company, Limited (MECO) | 4.60%, refunding series 2007B, due 2026 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.60% | 4.60% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 55,000,000 | 55,000,000 |
Maui Electric Company, Limited (MECO) | 4.65%, series 2007A, due 2037 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.65% | 4.65% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 20,000,000 | 20,000,000 |
Maui Electric Company, Limited (MECO) | 4.80%, refunding series 2005A, due 2025 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.80% | 4.80% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 2,000,000 | 2,000,000 |
Maui Electric Company, Limited (MECO) | 5.65%, series 1997A, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Obligations to the State of Hawaii for the repayment of Special Purpose Revenue Bonds (subsidiary obligations unconditionally guaranteed by Hawaiian Electric): | ' | ' |
Secured long-term debt | 0 | 20,000,000 |
Maui Electric Company, Limited (MECO) | Maui Electric, 4.84%, Series 2013A, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.84% | 4.84% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 20,000,000 | 0 |
Maui Electric Company, Limited (MECO) | Maui Electric, 5.65%, Series 2013B, due 2043 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 20,000,000 | 0 |
Maui Electric Company, Limited (MECO) | Senior notes 3.79%, Series 2012A, due 2018 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 3.79% | 3.79% |
Maui Electric Company, Limited (MECO) | Senior notes 4.03%, Series 2012B, due 2020 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.03% | 4.03% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | 20,000,000 | 20,000,000 |
Maui Electric Company, Limited (MECO) | Senior notes 4.55%, due 2023 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.55% | 4.55% |
Other long-term debt – unsecured: | ' | ' |
Other long-term debt - unsecured | $30,000,000 | $30,000,000 |
Consolidated_Statements_of_Cap1
Consolidated Statements of Capitalization (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, outstanding shares | 101,259,800 | 97,928,403 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' |
Common stock, authorized shares | 50,000,000 | 50,000,000 |
Common stock, outstanding shares | 15,429,105 | 14,665,264 |
Common stock, par value (in dollars per share) | $6.67 | $6.67 |
Hawaiian Electric Company, Inc. and Subsidiaries | Series C, 4.25% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, dividend rate | 4.25% | 4.25% |
Hawaiian Electric Company, Inc. and Subsidiaries | Series D, 5.00% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, dividend rate | 5.00% | 5.00% |
Hawaiian Electric Company, Inc. and Subsidiaries | Series E, 5.00% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, dividend rate | 5.00% | 5.00% |
Hawaiian Electric Company, Inc. and Subsidiaries | Series H, 5.25% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, dividend rate | 5.25% | 5.25% |
Hawaiian Electric Company, Inc. and Subsidiaries | Series I, 5.00% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, dividend rate | 5.00% | 5.00% |
Hawaiian Electric Company, Inc. and Subsidiaries | Series J, 4.75% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, dividend rate | 4.75% | 4.75% |
Hawaiian Electric Company, Inc. and Subsidiaries | Series K, 4.65% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, dividend rate | 4.65% | 4.65% |
Hawaiian Electric Company, Inc. and Subsidiaries | Preferred Stock $20 Par Value | ' | ' |
Preferred stock, par value (in dollars per share) | $20 | $20 |
Preferred stock, Authorized shares | 5,000,000 | 5,000,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | Preferred Stock $100 Par Value | ' | ' |
Preferred stock, par value (in dollars per share) | $100 | $100 |
Preferred stock, Authorized shares | 7,000,000 | 7,000,000 |
Hawaiian Electric Company, Inc (HECO) | 6.50%, series 2009, due 2039 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 6.50% | 6.50% |
Hawaiian Electric Company, Inc (HECO) | 4.60%, refunding series 2007B, due 2026 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.60% | 4.60% |
Hawaiian Electric Company, Inc (HECO) | 4.65%, series 2007A, due 2037 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.65% | 4.65% |
Hawaiian Electric Company, Inc (HECO) | 4.80%, refunding series 2005A, due 2025 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.80% | 4.80% |
Hawaiian Electric Company, Inc (HECO) | 5.00%, refunding series 2003B, due 2022 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.00% | 5.00% |
Hawaiian Electric Company, Inc (HECO) | 5.65%, series 1997A, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric, 4.45%, Series 2013A, due 2022 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.45% | 4.45% |
Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric, 4.84%, Series 2013B, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.84% | 4.84% |
Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric, 5.65%, Series 2013C, due 2043 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Hawaiian Electric Company, Inc (HECO) | Senior notes 3.79%, Series 2012A, due 2018 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 3.79% | 3.79% |
Hawaiian Electric Company, Inc (HECO) | Senior notes 4.03%, Series 2012B, due 2020 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.03% | 4.03% |
Hawaiian Electric Company, Inc (HECO) | Senior notes 4.55%, due 2023 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.55% | 4.55% |
Hawaiian Electric Company, Inc (HECO) | Senior notes 4.72%, Series 2012D, due 2029 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.72% | 4.72% |
Hawaiian Electric Company, Inc (HECO) | Senior notes 5.39%, Series, 2012E, due 2042 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.39% | 5.39% |
Hawaiian Electric Company, Inc (HECO) | Senior notes 4.53%, Series, 2012F, due 2032 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.53% | 4.53% |
Hawaiian Electric Company, Inc (HECO) | 6.50% Junior subordinated deferrable interest debentures, series 2004, due 2034 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 6.50% | 6.50% |
Hawaii Electric Light Company, Inc. (HELCO) | Series G, 7.625% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $100 | $100 |
Preferred stock, dividend rate | 7.63% | 7.63% |
Hawaii Electric Light Company, Inc. (HELCO) | 6.50%, series 2009, due 2039 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 6.50% | 6.50% |
Hawaii Electric Light Company, Inc. (HELCO) | 4.60%, refunding series 2007B, due 2026 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.60% | 4.60% |
Hawaii Electric Light Company, Inc. (HELCO) | 4.65%, series 2007A, due 2037 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.65% | 4.65% |
Hawaii Electric Light Company, Inc. (HELCO) | 4.80%, refunding series 2005A, due 2025 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.80% | 4.80% |
Hawaii Electric Light Company, Inc. (HELCO) | 5.00%, refunding series 2003B, due 2022 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.00% | 5.00% |
Hawaii Electric Light Company, Inc. (HELCO) | 4.75%, refunding series 2003A, due 2020 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.75% | 4.75% |
Hawaii Electric Light Company, Inc. (HELCO) | 5.50%, refunding series 1999A, due 2014 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.50% | 5.50% |
Hawaii Electric Light Company, Inc. (HELCO) | 5.65%, series 1997A, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light, 3.83%, Series 2013A, due 2020 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 3.83% | 3.83% |
Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light, 4.45%, Series 2013B, due 2022 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.45% | 4.45% |
Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light, 4.84%, Series 2013C, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.84% | 4.84% |
Hawaii Electric Light Company, Inc. (HELCO) | Senior notes 3.79%, Series 2012A, due 2018 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 3.79% | 3.79% |
Hawaii Electric Light Company, Inc. (HELCO) | Senior notes 4.55%, due 2023 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.55% | 4.55% |
Maui Electric Company, Limited (MECO) | Series H, 7.625% Preferred Stock | ' | ' |
Preferred stock, par value (in dollars per share) | $100 | $100 |
Preferred stock, dividend rate | 7.63% | 7.63% |
Maui Electric Company, Limited (MECO) | 4.60%, refunding series 2007B, due 2026 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.60% | 4.60% |
Maui Electric Company, Limited (MECO) | 4.65%, series 2007A, due 2037 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.65% | 4.65% |
Maui Electric Company, Limited (MECO) | 4.80%, refunding series 2005A, due 2025 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.80% | 4.80% |
Maui Electric Company, Limited (MECO) | 5.65%, series 1997A, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Maui Electric Company, Limited (MECO) | Maui Electric, 4.84%, Series 2013A, due 2027 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.84% | 4.84% |
Maui Electric Company, Limited (MECO) | Maui Electric, 5.65%, Series 2013B, due 2043 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 5.65% | 5.65% |
Maui Electric Company, Limited (MECO) | Senior notes 3.79%, Series 2012A, due 2018 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 3.79% | 3.79% |
Maui Electric Company, Limited (MECO) | Senior notes 4.03%, Series 2012B, due 2020 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.03% | 4.03% |
Maui Electric Company, Limited (MECO) | Senior notes 4.55%, due 2023 | ' | ' |
Debt instrument, stated interest rate (as a percent) | 4.55% | 4.55% |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common stock | Retained earnings | Accumulated other comprehensive income (loss) | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |
Common stock | Premium on capital stock | Retained earnings | Accumulated other comprehensive income (loss) | ||||||
Beginning Balance at Dec. 31, 2010 | $1,480,394,000 | $1,314,199,000 | $178,667,000 | ($12,472,000) | $1,334,155,000 | $92,224,000 | $389,609,000 | $851,613,000 | $709,000 |
Balance (in shares) at Dec. 31, 2010 | ' | 94,691,000 | ' | ' | ' | 13,831,000 | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 138,230,000 | ' | 138,230,000 | ' | 99,986,000 | ' | ' | 99,986,000 | ' |
Other comprehensive loss, net of tax benefits | -6,665,000 | ' | ' | -6,665,000 | -741,000 | ' | ' | ' | -741,000 |
Issuance of common stock: Dividend reinvestment and stock purchase plan | 21,217,000 | 21,217,000 | ' | ' | 39,999,000 | ' | ' | ' | ' |
Issuance of common stock: Dividend reinvestment and stock purchase plan (in shares) | ' | 879,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Retirement savings and other plans | 10,318,000 | 10,318,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Retirement savings and other plans (in shares) | ' | 468,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Expenses and other, net | 3,712,000 | 3,712,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of expenses | ' | ' | ' | ' | 39,999,000 | 2,687,000 | 37,312,000 | ' | ' |
Issuance of common stock, net of expenses (in shares) | ' | ' | ' | ' | ' | 403,000 | ' | ' | ' |
Common stock dividends | -118,500,000 | ' | -118,500,000 | ' | -70,558,000 | ' | ' | -70,558,000 | ' |
Ending Balance at Dec. 31, 2011 | 1,528,706,000 | 1,349,446,000 | 198,397,000 | -19,137,000 | 1,402,841,000 | 94,911,000 | 426,921,000 | 881,041,000 | -32,000 |
Balance (in shares) at Dec. 31, 2011 | ' | 96,038,000 | ' | ' | ' | 14,234,000 | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 38,316,000 | ' | ' | ' | 27,300,000 | ' | ' | ' | ' |
Ending Balance at Mar. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2011 | 1,528,706,000 | 1,349,446,000 | 198,397,000 | -19,137,000 | 1,402,841,000 | 94,911,000 | 426,921,000 | 881,041,000 | -32,000 |
Balance (in shares) at Dec. 31, 2011 | ' | 96,038,000 | ' | ' | ' | 14,234,000 | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 138,658,000 | ' | 138,658,000 | ' | 99,276,000 | ' | ' | 99,276,000 | ' |
Other comprehensive loss, net of tax benefits | -7,286,000 | ' | ' | -7,286,000 | -938,000 | ' | ' | ' | -938,000 |
Partial settlement of equity forward (in shares) | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' |
Partial settlement of equity forward | 33,409,000 | 33,409,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Dividend reinvestment and stock purchase plan | 41,295,000 | 41,295,000 | ' | ' | 44,001,000 | ' | ' | ' | ' |
Issuance of common stock: Dividend reinvestment and stock purchase plan (in shares) | ' | 1,560,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Retirement savings and other plans | 8,196,000 | 8,196,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Retirement savings and other plans (in shares) | ' | 330,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Expenses and other, net | 4,547,000 | 4,547,000 | ' | ' | ' | ' | ' | ' | ' |
Dividend equivalents paid on equity-classified awards | -101,000 | ' | -101,000 | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of expenses | ' | ' | ' | ' | 44,001,000 | 2,877,000 | 41,124,000 | ' | ' |
Issuance of common stock, net of expenses (in shares) | ' | ' | ' | ' | ' | 431,000 | ' | ' | ' |
Common stock dividends | -120,150,000 | ' | -120,150,000 | ' | -73,044,000 | ' | ' | -73,044,000 | ' |
Ending Balance at Dec. 31, 2012 | 1,593,865,000 | 1,403,484,000 | 216,804,000 | -26,423,000 | 1,472,136,000 | 97,788,000 | 468,045,000 | 907,273,000 | -970,000 |
Balance (in shares) at Dec. 31, 2012 | 97,928,403 | 97,928,000 | ' | ' | ' | 14,665,000 | ' | ' | ' |
Beginning Balance at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 13,836,000 | ' | ' | ' | 4,225,000 | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | 1,593,865,000 | ' | ' | ' | 1,472,136,000 | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2012 | 97,928,403 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 33,679,000 | ' | ' | ' | 24,429,000 | ' | ' | ' | ' |
Ending Balance at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance at Dec. 31, 2012 | 1,593,865,000 | 1,403,484,000 | 216,804,000 | -26,423,000 | 1,472,136,000 | 97,788,000 | 468,045,000 | 907,273,000 | -970,000 |
Balance (in shares) at Dec. 31, 2012 | 97,928,403 | 97,928,000 | ' | ' | ' | 14,665,000 | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 161,516,000 | ' | 161,516,000 | ' | 122,929,000 | ' | ' | 122,929,000 | ' |
Other comprehensive loss, net of tax benefits | 9,673,000 | ' | ' | 9,673,000 | 1,578,000 | ' | ' | ' | 1,578,000 |
Issuance of common stock: Dividend reinvestment and stock purchase plan | 41,692,000 | 41,692,000 | ' | ' | 78,499,000 | ' | ' | ' | ' |
Issuance of common stock: Dividend reinvestment and stock purchase plan (in shares) | ' | 1,612,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Retirement savings and other plans | 9,203,000 | 9,203,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Retirement savings and other plans (in shares) | ' | 420,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Expenses and other, net | 338,000 | 338,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock, net of expenses | ' | ' | ' | ' | 78,499,000 | 5,092,000 | 73,407,000 | ' | ' |
Issuance of common stock, net of expenses (in shares) | ' | ' | ' | ' | ' | 764,000 | ' | ' | ' |
Common stock dividends | -122,626,000 | ' | -122,626,000 | ' | -81,578,000 | ' | ' | -81,578,000 | ' |
Ending Balance at Dec. 31, 2013 | 1,727,070,000 | 1,488,126,000 | 255,694,000 | -16,750,000 | 1,593,564,000 | 102,880,000 | 541,452,000 | 948,624,000 | 608,000 |
Balance (in shares) at Dec. 31, 2013 | 101,259,800 | 101,260,000 | ' | ' | ' | 15,429,000 | ' | ' | ' |
Beginning Balance at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (decrease) in stockholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 39,013,000 | ' | ' | ' | 31,990,000 | ' | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | $1,727,070,000 | ' | ' | ' | $1,593,564,000 | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2013 | 101,259,800 | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock dividends (in dollars per share) | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $1.24 | $1.24 | $1.24 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities | ' | ' | ' |
Net income | $163,406 | $140,548 | $140,120 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation of property, plant and equipment | 160,061 | 150,389 | 148,152 |
Other amortization | 4,667 | 7,958 | 19,318 |
Provision for loan losses | 1,507 | 12,883 | 15,009 |
Impairment of utility assets | 0 | 40,000 | 9,215 |
Loans receivable originated and purchased, held for sale | -249,022 | -519,622 | -267,656 |
Proceeds from sale of loans receivable, held for sale | 273,775 | 513,000 | 273,932 |
Gain on sale of credit card portfolio | -2,251 | 0 | 0 |
Increase in deferred income taxes | 80,399 | 90,848 | 79,444 |
Excess tax benefits from share-based payment arrangements | -430 | -61 | 0 |
Allowance for equity funds used during construction | -5,561 | -7,007 | -5,964 |
Change in cash overdraft | 1,038 | 0 | -2,688 |
Changes in assets and liabilities | ' | ' | ' |
Decrease (increase) in accounts receivable and unbilled revenues, net | 16,038 | -18,501 | -77,326 |
Decrease (increase) in fuel oil stock | 27,332 | 10,129 | -18,843 |
Increase in regulatory assets | -65,461 | -72,401 | -40,132 |
Decrease in accounts, interest and dividends payable | -23,153 | -39,738 | -34,480 |
Change in prepaid and accrued income taxes and revenue taxes | -19,406 | 21,079 | 73,153 |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | -33,014 | -228 | -6,922 |
Change in other assets and liabilities | -2,779 | -94,734 | -53,966 |
Net cash provided by operating activities | 327,146 | 234,542 | 250,366 |
Cash flows from investing activities | ' | ' | ' |
Available-for-sale investment and mortgage-related securities purchased | -112,654 | -243,633 | -361,876 |
Principal repayments on available-for-sale investment and mortgage-related securities | 158,558 | 191,253 | 389,906 |
Proceeds from sale of available-for-sale investment and mortgage-related securities | 71,367 | 3,548 | 32,799 |
Net increase in loans held for investment | -398,426 | -112,730 | -181,080 |
Proceeds from sale of real estate acquired in settlement of loans | 9,212 | 11,336 | 8,020 |
Capital expenditures | -353,879 | -325,480 | -235,116 |
Contributions in aid of construction | 32,160 | 45,982 | 23,534 |
Proceeds from sale of credit card portfolio | 26,386 | 0 | 0 |
Other | 3,516 | 2,677 | -2,974 |
Net cash used in investing activities | -563,760 | -427,047 | -326,787 |
Cash flows from financing activities | ' | ' | ' |
Net increase in deposit liabilities | 142,561 | 159,884 | 94,660 |
Net increase in short-term borrowings with original maturities of three months or less | 21,789 | 14,872 | 43,898 |
Net increase (decrease) in retail repurchase agreements | -1,418 | -37,291 | 10,910 |
Proceeds from other bank borrowings | 130,000 | 5,000 | 0 |
Repayments of other bank borrowings | -80,000 | -5,000 | -15,000 |
Proceeds from issuance of long-term debt | 286,000 | 457,000 | 125,000 |
Repayment of long-term debt | -216,000 | -375,500 | -150,000 |
Excess tax benefits from share-based payment arrangements | 430 | 61 | 0 |
Net proceeds from issuance of common stock | 55,086 | 23,613 | 15,979 |
Common stock dividends | -98,383 | -96,202 | -106,812 |
Preferred stock dividends of subsidiaries | -1,890 | -1,890 | -1,890 |
Other | -1,187 | -2,645 | -710 |
Net cash provided by (used in) financing activities | 236,988 | 141,902 | 16,035 |
Net increase (decrease) in cash and cash equivalents | 374 | -50,603 | -60,386 |
Cash and cash equivalents, January 1 | 219,662 | 270,265 | 330,651 |
Cash and cash equivalents, December 31 | 220,036 | 219,662 | 270,265 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' |
Net income | 124,924 | 101,271 | 101,981 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation of property, plant and equipment | 154,025 | 144,498 | 142,975 |
Other amortization | 5,077 | 6,998 | 17,378 |
Impairment of utility assets | 0 | 40,000 | 9,215 |
Increase in deferred income taxes | 64,507 | 86,878 | 69,091 |
Change in tax credits, net | 7,017 | 6,075 | 2,087 |
Allowance for equity funds used during construction | -5,561 | -7,007 | -5,964 |
Change in cash overdraft | 1,038 | 0 | -2,688 |
Changes in assets and liabilities | ' | ' | ' |
Decrease (increase) in accounts receivable | 49,445 | -47,004 | -44,404 |
Decrease (increase) in accrued unbilled revenues | -9,826 | 3,528 | -33,442 |
Decrease (increase) in fuel oil stock | 27,332 | 10,129 | -18,843 |
Increase in materials and supplies | -7,959 | -7,897 | -6,471 |
Increase in regulatory assets | -65,461 | -72,401 | -40,132 |
Decrease in accounts payable | -20,828 | -38,913 | -35,815 |
Change in prepaid and accrued income taxes and revenue taxes | -2,028 | 25,239 | 69,736 |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 2,240 | -744 | -27,004 |
Change in other assets and liabilities | -31,499 | -73,419 | -36,306 |
Net cash provided by operating activities | 292,443 | 177,231 | 161,394 |
Cash flows from investing activities | ' | ' | ' |
Capital expenditures | -342,485 | -310,091 | -226,022 |
Contributions in aid of construction | 32,160 | 45,982 | 23,534 |
Other | -230 | 0 | 77 |
Net cash used in investing activities | -310,555 | -264,109 | -202,411 |
Cash flows from financing activities | ' | ' | ' |
Proceeds from issuance of long-term debt | 236,000 | 457,000 | 0 |
Repayment of long-term debt | -166,000 | -368,500 | 0 |
Net proceeds from issuance of common stock | 78,500 | 44,000 | 40,000 |
Common stock dividends | -81,578 | -73,044 | -70,558 |
Preferred stock dividends of Hawaiian Electric and subsidiaries | -1,995 | -1,995 | -1,995 |
Other | -1,149 | -2,230 | -560 |
Net cash provided by (used in) financing activities | 63,778 | 55,231 | -33,113 |
Net increase (decrease) in cash and cash equivalents | 45,666 | -31,647 | -74,130 |
Cash and cash equivalents, January 1 | 17,159 | 48,806 | 122,936 |
Cash and cash equivalents, December 31 | $62,825 | $17,159 | $48,806 |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||
Summary of significant accounting policies | ' | |||||||||||||||||||||||||||
1 · Summary of significant accounting policies | ||||||||||||||||||||||||||||
General | ||||||||||||||||||||||||||||
Hawaiian Electric Industries, Inc. (HEI) is a holding company with direct and indirect subsidiaries principally engaged in electric utility and banking businesses, primarily in the State of Hawaii. HEI is the parent holding company of Hawaiian Electric Company, Inc. (Hawaiian Electric) and indirect parent holding company of American Savings Bank, F. S. B. (ASB). HEI’s common stock is traded on the New York Stock Exchange. | ||||||||||||||||||||||||||||
Hawaiian Electric and its wholly-owned operating subsidiaries, Hawaii Electric Light Company, Inc. (Hawaii Electric Light) and Maui Electric Company, Limited (Maui Electric), are regulated public electric utilities (collectively, the Utilities) in the business of generating, purchasing, transmitting, distributing and selling electric energy on all major islands in Hawaii other than Kauai. Hawaiian Electric also owns Renewable Hawaii, Inc. (RHI), Uluwehiokama Biofuels Corp. (UBC) and HECO Capital Trust III. See Note 2. | ||||||||||||||||||||||||||||
ASB is a federally chartered savings bank providing a full range of banking services to individual and business customers through its branch system in Hawaii. | ||||||||||||||||||||||||||||
HEI and Hawaiian Electric have combined their financial statements. Also, Hawaiian Electric changed its consolidated statements of income from a utility presentation to a commercial company presentation, resulting in more consistency between HEI’s and Hawaiian Electric’s consolidated financial statements. The combined notes to the consolidated financial statements apply to both HEI and Hawaiian Electric unless otherwise described. | ||||||||||||||||||||||||||||
Basis of presentation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ significantly from those estimates. | ||||||||||||||||||||||||||||
Material estimates that are particularly susceptible to significant change for the Company include the amounts reported for investment and mortgage-related securities (ASB only); property, plant and equipment; pension and other postretirement benefit obligations; contingencies and litigation; income taxes; regulatory assets and liabilities (Utilities only); electric utility revenues (Utilities only); and allowance for loan losses (ASB only). | ||||||||||||||||||||||||||||
Consolidation. The HEI consolidated financial statements include the accounts of HEI and its subsidiaries (collectively, the Company). The Hawaiian Electric consolidated financial statements include the accounts of Hawaiian Electric and its subsidiaries. The consolidated financial statements exclude subsidiaries which are variable interest entities (VIEs) when the Company or the Utilities are not the primary beneficiaries. Investments in companies over which the Company or the Utilities have the ability to exercise significant influence, but not control, are accounted for using the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. See Note 5 for information regarding unconsolidated VIEs. | ||||||||||||||||||||||||||||
Cash and cash equivalents. The Utilities consider cash on hand, deposits in banks, money market accounts, certificates of deposit, short-term commercial paper of non-affiliates and liquid investments (with original maturities of three months or less) to be cash and cash equivalents. The Company considers the same items to be cash and cash equivalents as well as ASB’s deposits with the Federal Home Loan Bank (FHLB) of Seattle, federal funds sold (excess funds that ASB loans to other banks overnight at the federal funds rate) and securities purchased under resale agreements. | ||||||||||||||||||||||||||||
Investment and mortgage-related securities. Debt securities that the Company intends to and has the ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Marketable equity securities and debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Marketable equity securities and debt securities not classified as either held-to-maturity or trading securities are classified as available-for-sale securities and reported at fair value, with unrealized gains and losses and other-than-temporary impairment (OTTI) not related to credit losses excluded from earnings and reported on a net basis in accumulated other comprehensive income (loss) (AOCI). | ||||||||||||||||||||||||||||
For securities that are not trading securities, individual securities are assessed for impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant. An investment is impaired if the fair value of the security is less than its carrying value at the financial statement date. When a security is impaired, the Company determines whether this impairment is temporary or other-than-temporary. If the Company does not expect to recover the entire amortized cost basis of the security, an OTTI exists. If the Company intends to sell the security, or will more likely than not be required to sell the security before recovery of its amortized cost, the OTTI must be recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, the OTTI must be separated into the amount representing the credit loss and the amount related to all other factors. The amount of OTTI related to the credit loss is recognized in earnings while the remaining OTTI is recognized in other comprehensive income. Once an OTTI has been recognized on a security, the Company accounts for the security as if the security had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted in accordance with existing applicable guidance as interest income. Any discount or reduced premium recorded for the security will be amortized over the remaining life of the security in a prospective manner based on the amount and timing of future estimated cash flows. If upon subsequent evaluation, there is a significant increase in cash flows expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, such changes shall be accounted for as a prospective adjustment to the accretable yield. | ||||||||||||||||||||||||||||
The specific identification method is used in determining realized gains and losses on the sales of securities. Discounts and premiums on investment securities are accreted or amortized over the remaining lives of the securities, adjusted for actual portfolio prepayments, using the interest method. Discounts and premiums on mortgage-related securities are accreted or amortized over the remaining lives of the securities, adjusted based on changes in anticipated prepayments, using the interest method. | ||||||||||||||||||||||||||||
Equity method. Investments in up to 50%-owned affiliates over which the Company or the Utilities have the ability to exercise significant influence over the operating and financing policies and investments in unconsolidated subsidiaries (e.g. HECO Capital Trust III) are accounted for under the equity method, whereby the investment is carried at cost, plus (or minus) the equity in undistributed earnings (or losses) and minus distributions since acquisition. Equity in earnings or losses is reflected in operating revenues. Equity method investments are also evaluated for OTTI. Also see Note 5 below. | ||||||||||||||||||||||||||||
Property, plant and equipment. Property, plant and equipment are reported at cost. Self-constructed electric utility plant includes engineering, supervision, administrative and general costs and an allowance for the cost of funds used during the construction period. These costs are recorded in construction in progress and are transferred to utility plant when construction is completed and the facilities are either placed in service or become useful for public utility purposes. Costs for betterments that make utility plant more useful, more efficient, of greater durability or of greater capacity are also capitalized. Upon the retirement or sale of electric utility plant, generally no gain or loss is recognized. The cost of the plant retired is charged to accumulated depreciation. Amounts collected from customers for cost of removal (expected to exceed salvage value in the future) are included in regulatory liabilities. | ||||||||||||||||||||||||||||
Depreciation. Depreciation is computed primarily using the straight-line method over the estimated lives of the assets being depreciated. Electric utility plant additions in the current year are depreciated beginning January 1 of the following year in accordance with rate-making. Electric utility plant has lives ranging from 20 to 88 years for production plant, from 25 to 65 years for transmission and distribution plant and from 5 to 65 years for general plant. The Utilities’ composite annual depreciation rate, which includes a component for cost of removal, was 3.1% in 2013, 3.1% in 2012 and 3.2% in 2011. | ||||||||||||||||||||||||||||
Leases. HEI, the Utilities and ASB have entered into lease agreements for the use of equipment and office space. The provisions of some of the lease agreements contain renewal options. | ||||||||||||||||||||||||||||
The Company's operating lease expense was $19 million, $19 million and $14 million in 2013, 2012 and 2011, respectively, and future minimum lease payments are $18 million, $16 million, $13 million, $10 million, $7 million and $29 million for 2014, 2015, 2016, 2017, 2018 and thereafter, respectively. The Utilities' operating lease expense was $8 million, $8 million and $6 million in 2013, 2012 and 2011, respectively, and future minimum lease payments are $9 million, $8 million, $6 million, $5 million, $3 million and $18 million for 2014, 2015, 2016, 2017, 2018 and thereafter, respectively. | ||||||||||||||||||||||||||||
Retirement benefits. Pension and other postretirement benefit costs are charged primarily to expense and electric utility plant (in the case of the Utilities). Funding for the Company’s qualified pension plans (Plans) is based on actuarial assumptions adopted by the Pension Investment Committee administering the Plans on the advice of an enrolled actuary. The participating employers contribute amounts to a master pension trust for the Plans in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA), including changes promulgated by the Pension Protection Act of 2006, and considering the deductibility of contributions under the Internal Revenue Code. The Company generally funds at least the net periodic pension cost during the year, subject to limits and targeted funded status as determined with the consulting actuary. Under a pension tracking mechanism approved by the Public Utilities Commission of the State of Hawaii (PUC), the Utilities generally will make contributions to the pension fund at the greater of the minimum level required under the law or net periodic pension cost. | ||||||||||||||||||||||||||||
Certain health care and/or life insurance benefits are provided to eligible retired employees and the employees’ beneficiaries and covered dependents. The Company generally funds the net periodic postretirement benefit costs other than pensions and the amortization of the regulatory asset for postretirement benefits other than pensions (OPEB), while maximizing the use of the most tax advantaged funding vehicles, subject to cash flow requirements and reviews of the funded status with the consulting actuary. The Utilities must fund OPEB costs as specified in the OPEB tracking mechanisms, which were approved by the PUC. Future decisions in rate cases could further impact funding amounts. | ||||||||||||||||||||||||||||
The Company and the Utilities recognize on their respective balance sheets the funded status of their defined benefit pension and other postretirement benefit plans, as adjusted by the impact of decisions of the PUC. | ||||||||||||||||||||||||||||
Environmental expenditures. The Company and the Utilities are subject to numerous federal and state environmental statutes and regulations. In general, environmental contamination treatment costs are charged to expense, unless it is probable that the PUC would allow such costs to be recovered in future rates, in which case such costs would be capitalized as regulatory assets. Also, environmental costs are capitalized if the costs extend the life, increase the capacity, or improve the safety or efficiency of property; the costs mitigate or prevent future environmental contamination; or the costs are incurred in preparing the property for sale. Environmental costs are either capitalized or charged to expense when environmental assessments and/or remedial efforts are probable and the cost can be reasonably estimated. | ||||||||||||||||||||||||||||
Financing costs. Financing costs related to the registration and sale of HEI common stock are recorded in shareholders’ equity. | ||||||||||||||||||||||||||||
HEI uses the straight-line method, which approximates the effective interest method, to amortize the long-term debt financing costs of the holding company over the term of the related debt. | ||||||||||||||||||||||||||||
The Utilities use the straight-line method, which approximates the effective interest method, to amortize long-term debt financing costs and premiums or discounts over the term of the related debt. Unamortized financing costs and premiums or discounts on the Utilities' long-term debt retired prior to maturity are classified as regulatory assets (costs and premiums) or liabilities (discounts) and are amortized on a straight-line basis over the remaining original term of the retired debt. The method and periods for amortizing financing costs, premiums and discounts, including the treatment of these items when long-term debt is retired prior to maturity, have been established by the PUC as part of the rate-making process. | ||||||||||||||||||||||||||||
HEI and the Utilities use the straight-line method to amortize the fees and related costs paid to secure a firm commitment under their line-of-credit arrangements. | ||||||||||||||||||||||||||||
Income taxes. Deferred income tax assets and liabilities are established for the temporary differences between the financial reporting bases and the tax bases of the Company’s and the Utilities' assets and liabilities at federal and state tax rates expected to be in effect when such deferred tax assets or liabilities are realized or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. | ||||||||||||||||||||||||||||
The Company recognizes investment tax credits as a reduction of income tax expense in the period the assets giving rise to such credits are placed in service, except for the Utilities' investment tax credits, which are deferred and amortized over the estimated useful lives of the properties to which the credits relate, in accordance with Accounting Standards Codification (ASC) Topic 980, “Regulated Operations.” | ||||||||||||||||||||||||||||
The Utilities are included in the consolidated income tax returns of HEI. However, income tax expense has been computed for financial statement purposes as if the Utilities filed separate consolidated Hawaiian Electric income tax returns. | ||||||||||||||||||||||||||||
Governmental tax authorities could challenge a tax return position taken by management. If the Company’s position does not prevail, the Company’s results of operations and financial condition may be adversely affected as the related deferred or current income tax asset might be impaired and written down or an unanticipated tax liability might be incurred. | ||||||||||||||||||||||||||||
The Company and the Utilities use a “more-likely-than-not” recognition threshold and measurement standard for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | ||||||||||||||||||||||||||||
Earnings per share (HEI only). Basic earnings per share (EPS) is computed by dividing net income for common stock by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed similarly, except that dilutive common shares for stock compensation and the equity forward transactions are added to the denominator. HEI uses the two-class method of computing EPS as restricted stock grants include non-forfeitable rights to dividends and are participating securities. | ||||||||||||||||||||||||||||
Under the two-class method, HEI's EPS was comprised as follows for both participating securities and unrestricted common stock: | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||
Distributed earnings | $ | 1.24 | $ | 1.24 | $ | 1.24 | $ | 1.24 | $ | 1.24 | $ | 1.24 | ||||||||||||||||
Undistributed earnings | 0.39 | 0.38 | 0.19 | 0.18 | 0.21 | 0.2 | ||||||||||||||||||||||
$ | 1.63 | $ | 1.62 | $ | 1.43 | $ | 1.42 | $ | 1.45 | $ | 1.44 | |||||||||||||||||
As of December 31, 2013 and 2012, the antidilutive effect of stock appreciation rights (SARs) on 102,000 shares of HEI common stock (for which the exercise prices were greater than the closing market prices of HEI’s common stock on such dates), was not included in the computation of diluted EPS. As of December 31, 2011, there were no shares that were antidilutive. | ||||||||||||||||||||||||||||
Share-based compensation. The Company and the Utilities apply the fair value based method of accounting to account for its stock compensation, including the use of a forfeiture assumption. See Note 11. | ||||||||||||||||||||||||||||
Impairment of long-lived assets and long-lived assets to be disposed of. The Company and the Utilities review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. | ||||||||||||||||||||||||||||
Recent accounting pronouncements and interpretations. | ||||||||||||||||||||||||||||
Obligations resulting from joint and several liability. In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-04, “Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date,” which provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The guidance requires entities to measure these obligations as the sum of the amount the entity has agreed with co-obligors to pay and any additional amount it expects to pay on behalf of its co-obligors. The guidance also requires an entity to disclose the nature and amount of the obligation as well as other information. | ||||||||||||||||||||||||||||
The Company and the Utilities retrospectively adopted ASU No. 2013-04 in the first quarter of 2014 and it did not have a material impact on the Company’s or the Utilities' results of operations, financial condition or liquidity. | ||||||||||||||||||||||||||||
Unrecognized tax benefits (UTBs). In July 2013, the FASB issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which requires the netting of UTBs against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs should be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. | ||||||||||||||||||||||||||||
The Company and the Utilities plan to prospectively adopt ASU No. 2013-11 in the first quarter of 2014 and does not believe that such adoption will have a material impact on the Company’s or the Utilities' results of operations, financial condition or liquidity. | ||||||||||||||||||||||||||||
Reclassification of loans upon foreclosure. In January 2014, the FASB issued ASU No. 2014-04, "Receivables-Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure,” which clarifies when an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer loan. A creditor is considered to have received physical possession of residential real estate property collateralizing a consumer loan upon either: (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure; or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through a deed in lieu of foreclosure or through a similar legal agreement. The amendment also requires additional disclosures. | ||||||||||||||||||||||||||||
The Company plans to prospectively adopt ASU No. 2014-04 in the first quarter of 2015 and does not believe that such adoption will have a material impact on the Company’s results of operations, financial condition or liquidity. | ||||||||||||||||||||||||||||
Reclassifications. In the fourth quarter of 2013, Hawaiian Electric changed its consolidated statements of income for 2013 and prior comparative periods from a utility presentation to a commercial company presentation, under which all operating revenues and expenses (including non-regulated revenues and expenses) are included in the determination of operating income. Additionally, income tax expense, which was previously included partially in operating expenses and partially in other income (deductions), is now entirely presented directly above net income in income taxes and includes income taxes related to non-regulated revenues and expenses. These and other reclassifications made to prior years’ financial statements to conform to the 2013 presentation did not affect previously reported results of operations. | ||||||||||||||||||||||||||||
Electric utility | ||||||||||||||||||||||||||||
Regulation by the Public Utilities Commission of the State of Hawaii (PUC). The Utilities are regulated by the PUC and account for the effects of regulation under FASB ASC Topic 980, “Regulated Operations.” As a result, the actions of regulators can affect the timing of recognition of revenues, expenses, assets and liabilities. Management believes the Utilities’ operations currently satisfy the ASC Topic 980 criteria. If events or circumstances should change so that those criteria are no longer satisfied, the Utilities expect that their regulatory assets, net of regulatory liabilities, would be charged to the statement of income in the period of discontinuance. | ||||||||||||||||||||||||||||
Accounts receivable. Accounts receivable are recorded at the invoiced amount. The Utilities generally assess a late payment charge on balances unpaid from the previous month. The allowance for doubtful accounts is the Utilities’ best estimate of the amount of probable credit losses in the Utilities existing accounts receivable. On a monthly basis, the Utilities adjust their allowance, with a corresponding charge (credit) on the statement of income, based on its historical write-off experience. Account balances are charged off against the allowance after collection efforts have been exhausted and the potential for recovery is considered remote. At both December 31, 2013 and 2012, the allowance for customer accounts receivable, accrued unbilled revenues and other accounts receivable was $2 million. | ||||||||||||||||||||||||||||
Contributions in aid of construction. The Utilities receive contributions from customers for special construction requirements. As directed by the PUC, contributions are amortized on a straight-line basis over 30 to 55 years as an offset against depreciation expense. | ||||||||||||||||||||||||||||
Electric utility revenues. Electric utility revenues are based on rates authorized by the PUC. Prior to the implementation of decoupling, revenues related to the sale of energy were generally recorded when service was rendered or energy was delivered to customers and included revenues applicable to energy consumed in the accounting period but not yet billed to the customers. | ||||||||||||||||||||||||||||
The rate schedules of the Utilities include energy cost adjustment clauses (ECACs) under which electric rates are adjusted for changes in the weighted-average price paid for fuel oil and certain components of purchased power, and the relative amounts of company-generated power and purchased power. The rate schedules also include purchased power adjustment clauses (PPACs) under which the remaining purchase power expenses are recovered through surcharge mechanisms. The amounts collected through the ECACs and PPACs are required to be reconciled quarterly. | ||||||||||||||||||||||||||||
Upon the implementation of decoupling (Hawaiian Electric on March 1, 2011, Hawaii Electric Light on April 9, 2012 and Maui Electric on May 4, 2012), the Utilities: (1) recognize monthly revenue balancing account (RBA) revenues or refunds for the difference between PUC-approved target revenues and recorded adjusted revenues, which delinks revenues from kilowatthour sales, (2) recognize a revenue escalation component via a revenue adjustment mechanism (RAM) for certain operation and maintenance (O&M) expenses and rate base changes and (3) recognize (when applicable) an earnings sharing mechanism, which would provide for a reduction of revenues between rate cases in the event the utility’s ratemaking return on average common equity (ROACE) exceeds the ROACE allowed in its most recent rate case. | ||||||||||||||||||||||||||||
The Utilities’ operating revenues include amounts for various Hawaii state revenue taxes. Revenue taxes are generally recorded as an expense in the year the related revenues are recognized. However, the Utilities’ revenue tax payments to the taxing authorities in the period are based on the prior year’s billed revenues (in the case of public service company taxes and PUC fees) or on the current year’s cash collections from electric sales (in the case of franchise taxes). For 2013, 2012 and 2011, the Utilities included approximately $266 million, $280 million and $264 million, respectively, of revenue taxes in “operating revenues” and in “taxes, other than income taxes” expense. | ||||||||||||||||||||||||||||
Power purchase agreements. If a power purchase agreement (PPA) falls within the scope of ASC Topic 840, “Leases,” and results in the classification of the agreement as a capital lease, the Utilities would recognize a capital asset and a lease obligation. Currently, none of the PPAs are required to be recorded as a capital lease. | ||||||||||||||||||||||||||||
The Utilities evaluate PPAs to determine if the PPAs are VIEs, if the Utilities are primary beneficiaries and if consolidation is required. See Note 5. | ||||||||||||||||||||||||||||
Repairs and maintenance costs. Repairs and maintenance costs for overhauls of generating units are generally expensed as they are incurred. | ||||||||||||||||||||||||||||
Allowance for funds used during construction (AFUDC). AFUDC is an accounting practice whereby the costs of debt and equity funds used to finance plant construction are credited on the statement of income and charged to construction in progress on the balance sheet. If a project under construction is delayed for an extended period of time, AFUDC on the delayed project may be stopped after assessing the causes of the delay and probability of recovery. | ||||||||||||||||||||||||||||
The weighted-average AFUDC rate was 7.6% in 2013, 7.6% in 2012 and 8.0% in 2011, and reflected quarterly compounding. | ||||||||||||||||||||||||||||
Bank (HEI only) | ||||||||||||||||||||||||||||
Loans receivable. ASB states loans receivable at amortized cost less the allowance for loan losses, loan origination fees (net of direct loan origination costs), commitment fees and purchase premiums and discounts. Interest on loans is credited to income as it is earned. Discounts and premiums are accreted or amortized over the life of the loans using the interest method. | ||||||||||||||||||||||||||||
Loan origination fees (net of direct loan origination costs) are deferred and recognized as an adjustment in yield over the life of the loan using the interest method or taken into income when the loan is paid off or sold. Nonrefundable commitment fees (net of direct loan origination costs, if applicable) received for commitments to originate or purchase loans are deferred and, if the commitment is exercised, recognized as an adjustment of yield over the life of the loan using the interest method. Nonrefundable commitment fees received for which the commitment expires unexercised are recognized as income upon expiration of the commitment. | ||||||||||||||||||||||||||||
Loans held for sale, gain on sale of loans, and mortgage servicing assets and liabilities. Mortgage loans held for sale are stated at the lower of cost or estimated fair value on an aggregate basis. Generally, the determination of fair value is based on the fair value of the loans. A sale is recognized only when the consideration received is other than beneficial interests in the assets sold and control over the assets is transferred irrevocably to the buyer. Gains or losses on sales of loans are recognized at the time of sale and are determined by the difference between the net sales proceeds and the allocated basis of the loans sold. | ||||||||||||||||||||||||||||
ASB capitalizes mortgage servicing assets or liabilities when the related loans are sold with servicing rights retained. Accounting for the servicing of financial assets requires that mortgage servicing assets or liabilities resulting from the sale or securitization of loans be initially measured at fair value at the date of transfer, and permits a class-by-class election between fair value and the lower of amortized cost or fair value for subsequent measurements of mortgage servicing asset classes. Mortgage servicing assets or liabilities are included as a component of gain on sale of loans. Under ASC Topic 860, “Transfers and Servicing,” ASB elected to continue to amortize all mortgage servicing assets in proportion to and over the period of estimated net servicing income and assess servicing assets for impairment based on fair value at each reporting date. Such amortization is reflected as a component of revenues on the consolidated statements of income. The fair value of mortgage servicing assets, for the purposes of impairment, is calculated by discounting expected net income streams using discount rates that reflect industry pricing for similar assets. Expected net income streams are estimated based on industry assumptions regarding prepayment speeds and income and expenses associated with servicing residential mortgage loans for others. ASB measures impairment of mortgage servicing assets on a disaggregated basis based on certain risk characteristics including loan type and note rate. Impairment losses are recognized through a valuation allowance for each impaired stratum, with any associated provision recorded as a component of loan servicing fees included in ASB’s noninterest income. | ||||||||||||||||||||||||||||
Allowance for loan losses. ASB maintains an allowance for loan losses that it believes is adequate to absorb losses inherent in its loan portfolio. The level of allowance for loan losses is based on a continuing assessment of existing risks in the loan portfolio, historical loss experience, changes in collateral values and current conditions (e.g., economic conditions, real estate market conditions and interest rate environment). Adverse changes in any of these factors could result in higher charge-offs and provision for loan losses. | ||||||||||||||||||||||||||||
Commercial and commercial real estate loans are defined as non-homogeneous loans and ASB utilizes a ten-point risk rating system for evaluating the credit quality of the loans. Loans are rated based on the degree of risk at origination and periodically thereafter, as appropriate. Ratings are applied separately to the probability of default (borrower risk) and loss given default (transaction risk). ASB’s credit review department performs an evaluation of these loan portfolios to ensure compliance with the internal risk rating system and timeliness of rating changes. Non-homogeneous loans are categorized into the regulatory asset quality classifications – Pass (Risk Rating 1 to 6), Special Mention (Risk Rating 7), Substandard (Risk Rating 8), Doubtful (Risk Rating 9), and Loss (Risk Rating 10) based on credit quality. The allowance for loan loss allocations for these loans are based on internal migration analyses with actual net losses. For loans classified as substandard, an analysis is done to determine if the loan is impaired. A loan is deemed impaired when it is probable that ASB will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is deemed impaired, ASB applies a valuation methodology to determine whether there is an impairment shortfall. The measurement of impairment may be based on (i) the present value of the expected future cash flows of the impaired loan discounted at the loan’s original effective interest rate, (ii) the observable market price of the impaired loan, or (iii) the fair value of the collateral, net of costs to sell. For all loans collateralized by real estate whose repayment is dependent on the sale of the underlying collateral property, ASB measures impairment by utilizing the fair value of the collateral, net of costs to sell; for other loans that are not considered collateral dependent, generally the discounted cash flow method is used to measure impairment. For loans collateralized by real estate that are classified as troubled debt restructured loans, the present value of the expected future cash flows of the loans may also be used to measure impairment as these loans are expected to perform according to their restructured terms. Impairment shortfalls are charged to the provision for loan losses and included in the allowance for loan losses. However, impairment shortfalls that are deemed to be confirmed losses (uncollectible) are charged off, with the loan written down by the amount of the confirmed loss. | ||||||||||||||||||||||||||||
Residential, consumer and credit scored business loans are considered homogeneous loans, which are typically underwritten based on common, uniform standards, and are generally classified as to the level of loss exposure based on delinquency status. The homogeneous loan portfolios are stratified into individual products with common risk characteristics and the allowance for loan loss allocations for these loan types uses historical loss ratio analyses based on actual net charge-offs. For residential loans, the loan portfolio is segmented by loan categories and geographic location within the State of Hawaii. The consumer loan portfolio is segmented into various secured and unsecured loan product types. The credit scored business loan portfolio is segmented by loans under lines of credit or term loans, and corporate credit cards. The look-back period of actual loss experience is reviewed annually and may vary depending on the credit environment. | ||||||||||||||||||||||||||||
In addition to actual loss experience, ASB considers the following qualitative factors for all loans in estimating the allowance for loan losses: | ||||||||||||||||||||||||||||
• | changes in lending policies and procedures; | |||||||||||||||||||||||||||
• | changes in economic and business conditions and developments that affect the collectability of the portfolio; | |||||||||||||||||||||||||||
• | changes in the nature, volume and terms of the loan portfolio; | |||||||||||||||||||||||||||
• | changes in lending management and other relevant staff; | |||||||||||||||||||||||||||
• | changes in loan quality (past due, non-accrual, classified loans); | |||||||||||||||||||||||||||
• | changes in the quality of the loan review system; | |||||||||||||||||||||||||||
• | changes in the value of underlying collateral; | |||||||||||||||||||||||||||
• | effect of, and changes in the level of, any concentrations of credit; and | |||||||||||||||||||||||||||
• | effect of other external and internal factors. | |||||||||||||||||||||||||||
For all loan segments, ASB generally ceases the accrual of interest on loans when they become contractually 90 days past due or when there is reasonable doubt as to collectability. Subsequent recognition of interest income for such loans is on the cash or cost recovery method. When, in management’s judgment, supported by underwriting, the borrower’s ability to make principal and interest payments has resumed and collectability is reasonably assured, a loan not accruing interest (nonaccrual loan) is returned to accrual status. ASB uses either the cash or cost-recovery method to record cash receipts on impaired loans that are not accruing interest. While the majority of consumer loans are subject to ASB’s policies regarding nonaccrual loans, all past due unsecured consumer loans may be charged off upon reaching a predetermined delinquency status varying from 120 to 180 days. | ||||||||||||||||||||||||||||
Management believes its allowance for loan losses adequately estimates actual loan losses that will ultimately be incurred. However, such estimates are based on currently available information and historical experience, and future adjustments may be required from time to time to the allowance for loan losses based on new information and changes that occur (e.g., due to changes in economic conditions, particularly in Hawaii). Actual losses could differ from management’s estimates, and these differences and subsequent adjustments could be material. | ||||||||||||||||||||||||||||
Loans modified in a troubled debt restructuring. Loans are considered to have been modified in a troubled debt restructuring (TDR) when, due to a borrower’s financial difficulties, ASB makes concessions to the borrower that it would not otherwise consider for a non-troubled borrower. Modifications may include interest rate reductions, interest only payments for an extended period of time, protracted terms such as amortization and maturity beyond the customary length of time found in the normal market place, and other actions intended to minimize economic loss and to provide alternatives to foreclosure or repossession of collateral. Generally, a nonaccrual loan that has been modified in a TDR remains on nonaccrual status until the borrower has demonstrated sustained repayment performance for a period of six consecutive months. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, or there is reasonable doubt over the full collectability of principal and interest, the loan remains on nonaccrual status. | ||||||||||||||||||||||||||||
Real estate acquired in settlement of loans. ASB records real estate acquired in settlement of loans at fair value, less estimated selling expenses. ASB obtains appraisals based on recent comparable sales to assist management in estimating the fair value of real estate acquired in settlement of loans. Subsequent declines in value are charged to expense through a valuation allowance. Costs related to holding real estate are charged to operations as incurred. | ||||||||||||||||||||||||||||
Goodwill and other intangibles. Goodwill is tested for impairment at least annually. Intangible assets with definite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with ASC 350, “Intangibles—Goodwill and other” (ASC 350). | ||||||||||||||||||||||||||||
Goodwill. At December 31, 2013 and 2012, the amount of goodwill was $82.2 million. The goodwill is with respect to ASB and is the Company’s only intangible asset with an indefinite useful life and is tested for impairment annually in the fourth quarter using data as of September 30. | ||||||||||||||||||||||||||||
To determine if there was any impairment to the book value of goodwill pertaining to ASB, the fair value of ASB was estimated using a valuation method based on a market approach and discounted cash flow method with each method having an equal weighting in determining the fair value of ASB. The market approach considers publicly traded financial institutions with assets of $3.5 billion to $8 billion and measures the institutions’ market values as a multiple to (1) net income and (2) book equity. ASB used the median market value multiples for net income and book equity from its selection criteria and applied the multiples to its net income and book equity to calculate ASB’s fair value using the market approach. In order to reflect a premium that a buyer would pay for a controlling interest in ASB, a control premium of 18.3% was included in determining the market approach fair value. The control premium was based on control premiums paid in 18 acquisitions completed within the last two years where 100% interest was purchased and control premium information was available. The discounted cash flow method values a company on a going concern basis and is based on the concept that the future benefits derived from a particular company can be measured by its sustainable after-tax cash flows in the future. ASB’s discounted cash flow analysis was based on its income statement forecasts and a discount rate of 8.5% was applied to present value the cash flows. ASB used a Capital Asset Pricing Model analysis to determine its discount rate. As of September 30, 2013, the estimated fair value of ASB using this valuation methodology exceeded its book value by approximately 60%. For the three years ended December 31, 2013, there has been no impairment of goodwill. | ||||||||||||||||||||||||||||
Amortized intangible assets. The table below presents the gross carrying amount, accumulated amortization, valuation allowance and net carrying amount of ASB’s mortgage servicing assets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | Gross | Accumulated amortization | Valuation allowance | Net | Gross | Accumulated amortization | Valuation allowance | Net | ||||||||||||||||||||
carrying amount | carrying amount | carrying amount | carrying amount | |||||||||||||||||||||||||
Mortgage servicing assets | $ | 25,644 | (13,706 | ) | (251 | ) | $ | 11,687 | $ | 25,835 | (14,519 | ) | (498 | ) | $ | 10,818 | ||||||||||||
Changes in the valuation allowance for mortgage servicing assets were as follows: | ||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Valuation allowance, January 1 | $ | 498 | $ | 175 | $ | 128 | ||||||||||||||||||||||
Provision (recovery) | (60 | ) | 504 | 121 | ||||||||||||||||||||||||
Other-than-temporary impairment | (187 | ) | (181 | ) | (74 | ) | ||||||||||||||||||||||
Valuation allowance, December 31 | $ | 251 | $ | 498 | $ | 175 | ||||||||||||||||||||||
The estimated aggregate amortization expenses for mortgage servicing assets for 2014, 2015, 2016, 2017 and 2018 are $1.6 million, $1.4 million, $1.3 million, $1.1 million and $1.0 million, respectively. ASB capitalizes mortgage servicing assets acquired through either the purchase or origination of mortgage loans for sale or the securitization of mortgage loans with servicing rights retained. Changes in mortgage interest rates impact the value of ASB’s mortgage servicing assets. Rising interest rates typically result in slower prepayment speeds in the loans being serviced for others which increases the value of mortgage servicing assets, whereas declining interest rates typically result in faster prepayment speeds which decrease the value of mortgage servicing assets and increase the amortization of the mortgage servicing assets. In 2013, 2012 and 2011, mortgage servicing assets acquired through the sale or securitization of loans held for sale were $2.6 million, $4.8 million and $2.8 million, respectively. Amortization expenses for ASB’s mortgage servicing assets amounted to $1.8 million, $1.7 million and $1.1 million for 2013, 2012 and 2011, respectively, and are recorded as a reduction in revenues on the consolidated statements of income. |
Segment_financial_information
Segment financial information | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment financial information | ' | |||||||||||||||
2 · Segment financial information | ||||||||||||||||
The electric utility and bank segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. The accounting policies of the segments are the same as those described for the Company in the summary of significant accounting policies, except as otherwise indicated and except that federal and state income taxes for each segment are calculated on a “stand-alone” basis. HEI evaluates segment performance based on net income. Each segment accounts for intersegment sales and transfers as if the sales and transfers were to third parties, that is, at current market prices. Intersegment revenues consist primarily of interest, rent and preferred stock dividends. | ||||||||||||||||
Electric utility | ||||||||||||||||
Hawaiian Electric and its wholly-owned operating subsidiaries, Hawaii Electric Light and Maui Electric, are public electric utilities in the business of generating, purchasing, transmitting, distributing and selling electric energy on all major islands in Hawaii other than Kauai, and are regulated by the PUC. The Utilities have been aggregated into the electric utility segment primarily because all three entities: (1) are involved in the business of supplying electric energy in the same geographical location (i.e., the State of Hawaii), (2) have similar production processes that include electric generators (e.g., conventional oil-fired steam units and combustion turbines), (3) serve similar customers within their franchise territories (e.g., residential, commercial and industrial customers), (4) use similar electric grids to distribute the energy to their customers, (5) are regulated by the PUC and undergo similar rate-making processes and (6) have similar economic characteristics. Hawaiian Electric also owns the following nonregulated subsidiaries: Renewable Hawaii, Inc. (RHI), which was formed to invest in renewable energy projects; HECO Capital Trust III, which is a financing entity; and Uluwehiokama Biofuels Corp. (UBC), which was formed to own a new biodiesel refining plant to be built on the island of Maui, which project has been terminated. | ||||||||||||||||
Bank | ||||||||||||||||
ASB is a federally chartered savings bank providing a full range of banking services to individual and business customers through its branch system in Hawaii. ASB is subject to examination and comprehensive regulation by the Office of the Comptroller of the Currency (OCC) (previously by the Department of Treasury, Office of Thrift Supervision (OTS)) and the Federal Deposit Insurance Corporation (FDIC), and is subject to reserve requirements established by the Board of Governors of the Federal Reserve System. | ||||||||||||||||
Other | ||||||||||||||||
“Other” includes amounts for the holding companies (HEI and American Savings Holdings, Inc.), other subsidiaries not qualifying as reportable segments and intercompany eliminations. | ||||||||||||||||
Segment financial information was as follows: | ||||||||||||||||
(in thousands) | Electric utility | Bank | Other | Total | ||||||||||||
2013 | ||||||||||||||||
Revenues from external customers | $ | 2,980,139 | $ | 258,147 | $ | 184 | $ | 3,238,470 | ||||||||
Intersegment revenues (eliminations) | 33 | — | (33 | ) | — | |||||||||||
Revenues | 2,980,172 | 258,147 | 151 | 3,238,470 | ||||||||||||
Depreciation and amortization | 159,102 | 4,230 | 1,396 | 164,728 | ||||||||||||
Interest expense, net | 59,279 | 10,077 | 16,200 | 85,556 | ||||||||||||
Income (loss) before income taxes | 194,041 | 87,059 | (33,353 | ) | 247,747 | |||||||||||
Income taxes (benefit) | 69,117 | 29,525 | (14,301 | ) | 84,341 | |||||||||||
Net income (loss) | 124,924 | 57,534 | (19,052 | ) | 163,406 | |||||||||||
Preferred stock dividends of subsidiaries | 1,995 | — | (105 | ) | 1,890 | |||||||||||
Net income (loss) for common stock | 122,929 | 57,534 | (18,947 | ) | 161,516 | |||||||||||
Capital expenditures | 342,485 | 11,193 | 201 | 353,879 | ||||||||||||
Assets (at December 31, 2013) | 5,087,129 | 5,243,824 | 9,091 | 10,340,044 | ||||||||||||
2012 | ||||||||||||||||
Revenues from external customers | $ | 3,109,353 | $ | 265,539 | $ | 103 | $ | 3,374,995 | ||||||||
Intersegment revenues (eliminations) | 86 | — | (86 | ) | — | |||||||||||
Revenues | 3,109,439 | 265,539 | 17 | 3,374,995 | ||||||||||||
Depreciation and amortization | 151,496 | 5,334 | 1,517 | 158,347 | ||||||||||||
Interest expense, net | 62,055 | 11,292 | 16,096 | 89,443 | ||||||||||||
Income (loss) before income taxes | 162,319 | 89,021 | (33,933 | ) | 217,407 | |||||||||||
Income taxes (benefit) | 61,048 | 30,384 | (14,573 | ) | 76,859 | |||||||||||
Net income (loss) | 101,271 | 58,637 | (19,360 | ) | 140,548 | |||||||||||
Preferred stock dividends of subsidiaries | 1,995 | — | (105 | ) | 1,890 | |||||||||||
Net income (loss) for common stock | 99,276 | 58,637 | (19,255 | ) | 138,658 | |||||||||||
Capital expenditures | 310,091 | 14,979 | 410 | 325,480 | ||||||||||||
Assets (at December 31, 2012) | 5,108,793 | 5,041,673 | (1,334 | ) | 10,149,132 | |||||||||||
2011 | ||||||||||||||||
Revenues from external customers | $ | 2,978,547 | $ | 264,407 | $ | (619 | ) | $ | 3,242,335 | |||||||
Intersegment revenues (eliminations) | 143 | — | (143 | ) | — | |||||||||||
Revenues | 2,978,690 | 264,407 | (762 | ) | 3,242,335 | |||||||||||
Depreciation and amortization | 160,353 | 5,909 | 1,208 | 167,470 | ||||||||||||
Interest expense, net | 60,031 | 14,469 | 22,075 | 96,575 | ||||||||||||
Income (loss) before income taxes | 163,565 | 91,536 | (39,049 | ) | 216,052 | |||||||||||
Income taxes (benefit) | 61,584 | 31,693 | (17,345 | ) | 75,932 | |||||||||||
Net income (loss) | 101,981 | 59,843 | (21,704 | ) | 140,120 | |||||||||||
Preferred stock dividends of subsidiaries | 1,995 | — | (105 | ) | 1,890 | |||||||||||
Net income (loss) for common stock | 99,986 | 59,843 | (21,599 | ) | 138,230 | |||||||||||
Capital expenditures | 226,022 | 8,984 | 110 | 235,116 | ||||||||||||
Assets (at December 31, 2011) | 4,674,007 | 4,909,974 | 10,496 | 9,594,477 | ||||||||||||
Intercompany electricity sales of the Utilities to the bank and “other” segments are not eliminated because those segments would need to purchase electricity from another source if it were not provided by the Utilities, the profit on such sales is nominal and the elimination of electric sales revenues and expenses could distort segment operating income and net income for common stock. | ||||||||||||||||
Bank fees that ASB charges the Utilities and “other” segments are not eliminated because those segments would pay fees to another financial institution if they were to bank with another institution, the profit on such fees is nominal and the elimination of bank fee income and expenses could distort segment operating income and net income for common stock. |
Electric_utility_segment
Electric utility segment | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Electric utility subsidiary | ' | ||||||||||||||||||||
Electric utility segment | ' | ||||||||||||||||||||
3 · Electric utility segment | |||||||||||||||||||||
Regulatory assets and liabilities. In accordance with ASC Topic 980, “Regulated Operations,” the Utilities’ financial statements reflect assets, liabilities, revenues and expenses based on current cost-based rate-making regulations. Their continued accounting under ASC Topic 980 generally requires that rates are established by an independent, third-party regulator; rates are designed to recover the costs of providing service; and it is reasonable to assume that rates can be charged to and collected from customers. Management believes the Utilities’ operations currently satisfy the ASC Topic 980 criteria. If events or circumstances should change so that those criteria are no longer satisfied, the Utilities expect that the regulatory assets, net of regulatory liabilities, would be charged to the statement of income in the period of discontinuance, which may result in a material adverse effect on the Company’s and the Utilities' financial condition, results of operations and/or liquidity. | |||||||||||||||||||||
Regulatory assets represent deferred costs expected to be fully recovered through rates over PUC-authorized periods. Generally, the Utilities do not earn a return on their regulatory assets; however, they have been allowed to recover interest on certain regulatory assets and to include certain regulatory assets in rate base. Regulatory liabilities represent amounts included in rates and collected from ratepayers for costs expected to be incurred in the future. For example, the regulatory liability for cost of removal in excess of salvage value represents amounts that have been collected from ratepayers for costs that are expected to be incurred in the future to retire utility plant. Generally, the Utilities include regulatory liabilities in rate base or are required to apply interest to certain regulatory liabilities. In the table below, noted in parentheses are the original PUC authorized amortization or recovery periods and, if different, the remaining amortization or recovery periods as of December 31, 2013 are noted. | |||||||||||||||||||||
Regulatory assets were as follows: | |||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Retirement benefit plans (balance primarily varies with plans’ funded statuses) | $ | 350,821 | $ | 660,835 | |||||||||||||||||
Income taxes, net (1 to 55 years) | 85,430 | 84,931 | |||||||||||||||||||
Decoupling revenue balancing account (1 to 2 years) | 90,386 | 66,076 | |||||||||||||||||||
Unamortized expense and premiums on retired debt and equity issuances (14 to 30 years; 2 to 20 years remaining) | 17,342 | 17,130 | |||||||||||||||||||
Vacation earned, but not yet taken (1 year) | 9,149 | 8,493 | |||||||||||||||||||
Postretirement benefits other than pensions (18 years; 1 year remaining) | 62 | 249 | |||||||||||||||||||
Other (1 to 50 years; 1 to 47 years remaining) | 22,734 | 26,882 | |||||||||||||||||||
$ | 575,924 | $ | 864,596 | ||||||||||||||||||
Included in: | |||||||||||||||||||||
Current assets | $ | 69,738 | $ | 51,267 | |||||||||||||||||
Long-term assets | 506,186 | 813,329 | |||||||||||||||||||
$ | 575,924 | $ | 864,596 | ||||||||||||||||||
Regulatory liabilities were as follows: | |||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Cost of removal in excess of salvage value (1 to 60 years) | $ | 315,164 | $ | 305,978 | |||||||||||||||||
Retirement benefit plans (5 years beginning with respective utility’s next rate case; primarily 5 years remaining) | 31,546 | 15,563 | |||||||||||||||||||
Other (5 years; 1 to 2 years remaining) | 2,589 | 2,611 | |||||||||||||||||||
$ | 349,299 | $ | 324,152 | ||||||||||||||||||
Included in: | |||||||||||||||||||||
Current liabilities | $ | 1,916 | $ | 1,212 | |||||||||||||||||
Long-term liabilities | 347,383 | 322,940 | |||||||||||||||||||
$ | 349,299 | $ | 324,152 | ||||||||||||||||||
The regulatory asset and liability relating to retirement benefit plans was recorded as a result of pension and OPEB tracking mechanisms adopted by the PUC in rate case decisions for the Utilities in 2007 (see Note 10). | |||||||||||||||||||||
Major customers. The Utilities received 11% ($340 million), 11% ($349 million) and 11% ($316 million) of their operating revenues from the sale of electricity to various federal government agencies in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Cumulative preferred stock. The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption: | |||||||||||||||||||||
31-Dec-13 | Voluntary | Redemption | |||||||||||||||||||
liquidation price | price | ||||||||||||||||||||
Series | |||||||||||||||||||||
C, D, E, H, J and K (Hawaiian Electric) | $ | 20 | $ | 21 | |||||||||||||||||
I (Hawaiian Electric) | 20 | 20 | |||||||||||||||||||
G (Hawaii Electric Light) | 100 | 100 | |||||||||||||||||||
H (Maui Electric) | 100 | 100 | |||||||||||||||||||
Hawaiian Electric is obligated to make dividend, redemption and liquidation payments on the preferred stock of each of its subsidiaries if the respective subsidiary is unable to make such payments, but this obligation is subordinated to Hawaiian Electric's obligation to make payments on its own preferred stock. | |||||||||||||||||||||
Related-party transactions. HEI charged the Utilities $6.2 million, $6.1 million and $4.9 million for general management and administrative services in 2013, 2012 and 2011, respectively. The amounts charged by HEI to its subsidiaries for services provided by HEI employees are allocated primarily on the basis of time expended in providing such services. | |||||||||||||||||||||
Hawaiian Electric’s short-term borrowings from HEI fluctuate during the year, and totaled nil at December 31, 2013 and 2012. The interest charged on short-term borrowings from HEI is based on the lower of HEI’s or Hawaiian Electric’s effective weighted average short-term external borrowing rate. If both HEI and Hawaiian Electric do not have short-term external borrowings, the interest is based on the average of the effective rate for 30-day dealer-placed commercial paper quoted by the Wall Street Journal plus 0.15%. | |||||||||||||||||||||
Borrowings among the Utilities are eliminated in consolidation. Interest charged by HEI to Hawaiian Electric was nil in 2013, nil in 2012 and de minimis in 2011. | |||||||||||||||||||||
Commitments and contingencies. | |||||||||||||||||||||
Fuel contracts. The Utilities have contractual agreements to purchase minimum quantities of fuel oil, diesel fuel and biodiesel for multi-year periods, some through December 31, 2016. Fossil fuel prices are tied to the market prices of crude oil and petroleum products in the Far East and U.S. West Coast and the biodiesel price is tied to the market prices of animal fat feedstocks in the U.S. West Coast and U.S. Midwest. Based on the average price per barrel as of December 31, 2013, the estimated cost of minimum purchases under the fuel supply contracts is $0.9 billion in 2014, $0.7 billion in 2015 and $0.4 billion in 2016. The actual cost of purchases in 2014 and future years could vary substantially from this estimate as a result of changes in market prices, quantities actually purchased and/or other factors. The Utilities purchased $1.1 billion, $1.3 billion and $1.3 billion of fuel under contractual agreements in 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Hawaiian Electric and Chevron Products Company (Chevron), a division of Chevron USA, Inc., are parties to an amended contract for the purchase/sale of low sulfur fuel oil (LSFO), which terminates on December 31, 2016 and may automatically renew for annual terms thereafter unless earlier terminated by either party. The PUC approved the recovery of costs incurred under this contract on April 30, 2013. | |||||||||||||||||||||
Hawaiian Electric and Tesoro Hawaii Corp. (Tesoro) are parties to an amended LSFO supply contract (LSFO contract), which runs through December 31, 2014 and may automatically renew for annual terms thereafter unless earlier terminated by either party. The PUC approved the recovery of costs incurred under this contract on April 30, 2013. On September 25, 2013, Tesoro sold its Hawaii refinery and related distribution and marketing assets to Hawaii Independent Energy, LLC, a wholly owned subsidiary of Par Petroleum Corporation of Houston Texas. | |||||||||||||||||||||
The Utilities are parties to amended contracts for the supply of industrial fuel oil and diesel fuels with Chevron and Tesoro, respectively, which end December 31, 2015. Both agreements may be automatically renewed for annual terms thereafter unless earlier terminated by either of the respective parties. | |||||||||||||||||||||
The energy charge for energy purchased from Kalaeloa Partners, L.P. (Kalaeloa) under Hawaiian Electric’s PPA with Kalaeloa is based, in part, on the price Kalaeloa pays Tesoro for LSFO under a Facility Fuel Supply Contract (fuel contract) between them. The fuel contract between Kalaeloa and Tesoro term ends May 31, 2016 and may be extended for terms thereafter unless terminated by one of the parties. | |||||||||||||||||||||
The costs incurred under the Utilities’ fuel contracts are included in their respective ECACs, to the extent such costs are not recovered through the Utilities’ base rates. | |||||||||||||||||||||
Power purchase agreements. As of December 31, 2013, the Utilities had six firm capacity PPAs for a total of 567 megawatts (MW) of firm capacity. Purchases from these six independent power producers (IPPs) and all other IPPs totaled $0.7 billion for each of 2013, 2012 and 2011. The PUC allows rate recovery for energy and firm capacity payments to IPPs under these agreements. Assuming that each of the agreements remains in place for its current term (and as amended) and the minimum availability criteria in the PPAs are met, aggregate minimum fixed capacity charges are expected to be approximately $0.1 billion per year for 2014 through 2018 and a total of $0.6 billion in the period from 2019 through 2033. | |||||||||||||||||||||
In general, the Utilities base their payments under the PPAs upon available capacity and actually supplied energy and they are generally not required to make payments for capacity if the contracted capacity is not available, and payments are reduced, under certain conditions, if available capacity drops below contracted levels. In general, the payment rates for capacity have been predetermined for the terms of the agreements. Energy payments will vary over the terms of the agreements. The Utilities pass on changes in the fuel component of the energy charges to customers through the ECAC in their rate schedules. The Utilities do not operate, or participate in the operation of, any of the facilities that provide power under the agreements. Title to the facilities does not pass to Hawaiian Electric or its subsidiaries upon expiration of the agreements, and the agreements do not contain bargain purchase options for the facilities. | |||||||||||||||||||||
Purchase power adjustment clause. The PUC has approved purchased power adjustment clauses (PPACs) for the Utilities. Purchased power capacity, O&M and other non-energy costs previously recovered through base rates are now recovered in the PPACs, and subject to approval by the PUC, such costs resulting from new purchased power agreements can be added to the PPACs outside of a rate case. Purchased energy costs will continue to be recovered through the ECAC to the extent they are not recovered through base rates. | |||||||||||||||||||||
Hawaii Clean Energy Initiative. In January 2008, the State of Hawaii (State) and the U.S. Department of Energy signed a memorandum of understanding establishing the Hawaii Clean Energy Initiative (HCEI). In October 2008, the Governor of the State, the State Department of Business, Economic Development and Tourism (DBEDT), the Division of Consumer Advocacy of the State Department of Commerce and Consumer Affairs and the Utilities (collectively, the parties), signed an agreement setting forth goals and objectives under the HCEI and the related commitments of the parties (the Energy Agreement), including pursuing a wide range of actions to decrease the State’s dependence on imported fossil fuels through substantial increases in renewable energy and programs intended to secure greater energy efficiency and conservation. Many of the actions and programs included in the Energy Agreement require approval of the PUC. | |||||||||||||||||||||
Utility projects. Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits can result in significantly increased project costs or even cancellation of projects. Further, completion of projects is subject to various risks, such as problems or disputes with vendors. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income. | |||||||||||||||||||||
In May 2011, the PUC ordered independently conducted regulatory audits on the reasonableness of costs incurred for Hawaiian Electric’s East Oahu Transmission Project (EOTP), Campbell Industrial Park (CIP) combustion turbine No. 1 (CT-1) project, and Customer Information System (CIS) project. However, in March 2012, the PUC eliminated the requirement for a regulatory audit for the EOTP Phase I in connection with an approved settlement of the EOTP Phase I project cost issues and, in March 2013, the PUC eliminated the requirement for an audit of the CIP CT-1 and CIS project costs as described below. | |||||||||||||||||||||
On January 28, 2013, the Utilities and the Consumer Advocate signed a settlement agreement (2013 Agreement), subject to PUC approval, to write off $40 million of costs in lieu of conducting the regulatory audits of the CIP CT-1 project and the CIS project. Based on the 2013 Agreement, as of December 31, 2012, the Utilities recorded an after-tax charge to net income of approximately $24 million — $17.1 million for Hawaiian Electric, $3.4 million for Hawaii Electric Light, and $3.2 million for Maui Electric. The remaining recoverable costs for these projects of $52 million were included in rate base as of December 31, 2012. | |||||||||||||||||||||
As part of the 2013 Agreement, Hawaii Electric Light would withdraw its 2013 test year rate case, and delay filing a new rate case until a 2016 test year. Additionally, Hawaiian Electric would delay the filing of its scheduled 2014 test year rate case to no earlier than January 2, 2014. For both Utilities, the existing terms of the last rate case decisions would continue. Hawaiian Electric would also be allowed to record Revenue Adjustment Mechanism (RAM) revenues starting on January 1 of 2014, 2015 and 2016. The cash collection of RAM revenues would remain unchanged, starting June 1 of each year through May 31 of the following year. | |||||||||||||||||||||
On March 19, 2013, the PUC issued a decision and order (2013 D&O) approving the 2013 Agreement, with the following clarifications, none of which changed the financial impact of the settlement recorded as of December 31, 2012: (1) the PUC reiterated its authority to examine and ascertain what post go-live CIS costs would be subject to regulatory review in future rate cases; (2) the PUC discouraged requesting single issue cost deferral accounting and/or cost recovery mechanisms during the period of rate case deferral by Hawaiian Electric and Hawaii Electric Light; (3) the PUC approved the agreed-upon recovery of CIP CT-1 and CIS project costs through the RAM, as set forth in the 2013 Agreement, however not setting a precedent for future projects; and (4) the PUC reaffirmed its right to rule on the substance of the Maui Electric 2012 test year rate case in its ongoing rate case proceeding. On May 31, 2013, the PUC issued a final D&O in the Maui Electric 2012 test year rate case. See “Maui Electric 2012 test year rate case” below. | |||||||||||||||||||||
In March 2012, the PUC approved a settlement agreement reached among Hawaiian Electric, the Consumer Advocate and the Department of Defense, under which, in lieu of a regulatory audit, Hawaiian Electric would write off $9.5 million of EOTP Phase 1 gross plant in service and associated adjustments. This resulted in an after-tax charge to net income in the fourth quarter of 2011 of approximately $6 million and the elimination of the requirement for a Phase 1 regulatory audit. The PUC also provided for an additional increase of approximately $5 million in Hawaiian Electric’s 2011 test year rate case for the additional revenue requirements reflecting all remaining Phase 1 costs not previously included in rates or agreed to be written off. | |||||||||||||||||||||
Renewable energy projects. The Utilities are committed to achieving or exceeding the State’s Renewable Portfolio Standard (RPS) goal of 40% renewable energy by 2030 and to meeting their commitments relating to decreasing the State’s dependence on imported fossil fuels under their 2008 Energy Agreement with the Governor, the DBEDT and the Consumer Advocate (Energy Agreement). The Utilities continue to evaluate and pursue opportunities with developers of proposed projects to integrate power into its grid from a variety of renewable energy sources, including solar, biomass, wind, ocean thermal energy conversion, wave, geothermal and others. | |||||||||||||||||||||
In December 2009, the PUC allowed Hawaiian Electric to defer the costs of studies for a large wind project for later review of prudence and reasonableness. In April 2013, the PUC approved the recovery of $3.9 million in costs for stage 1 studies for the large wind project over a three-year period, with carrying costs to be accrued over the recovery period at the rate of 1.75% per annum, through the Renewable Energy Infrastructure Program (REIP) Surcharge. | |||||||||||||||||||||
In November 2011, Hawaiian Electric and Maui Electric filed their application to seek PUC approval to defer for later recovery approximately $555,000 (split evenly between Hawaiian Electric and Maui Electric) also through the REIP surcharge for additional studies to determine the value proposition of interconnecting the islands of Oahu and of Maui County (Maui, Lanai, and Molokai) and if doing so would be operationally beneficial and cost-effective. In August 2012, the PUC allowed Hawaiian Electric and Maui Electric to defer the outside service costs for the additional studies for later review of prudence and reasonableness. The specific amount to be recovered, as well as the recovery mechanism and the terms of the recovery mechanism, were to be determined at a later date. | |||||||||||||||||||||
A revised draft Request for Proposals (RFP) for 200MW or more of renewable energy to be delivered to Oahu from any of the Hawaiian Islands was posted on Hawaiian Electric's website prior to the issuance of a proposed final RFP. In February 2012, the PUC granted Hawaiian Electric’s request for deferred accounting treatment for the inter-island project support costs. The amount of the deferred costs was limited to $5.89 million. On July 11, 2013, the PUC issued orders related to the 200 MW RFP. First, it issued an order that Hawaiian Electric shall amend its current draft of the Oahu 200 MW RFP to remove references to the Lanai Wind Project, eliminate solicitations for an undersea transmission cable, and amend the draft RFP to reflect other guidance provided in the order. Second, it initiated an investigative proceeding to review the progress of the Lanai Wind Project stating that there was an uncertainty whether the project developer retained an equivalent ability to develop the project as when it submitted its bid in 2008 and its term sheet in 2011. The PUC also stated that it will review the PPA (if one is completed) and, as part of that process, determine whether the Lanai Wind Project should be developed taking into account potential as-available renewable energy projects and grid infrastructure options. The PUC stated it intends to evaluate the project as a combined resources proposal (i.e., wind project and generation tie transmission cable between the islands of Oahu and Lanai). Third, the PUC initiated a proceeding to solicit information and evaluate whether an interisland grid interconnection transmission system between the islands of Oahu and Maui is in the public interest, given the potential for large-scale wind and solar projects on Maui. | |||||||||||||||||||||
In May 2012, the PUC instituted a proceeding for a competitive bidding process for up to 50MW of firm renewable geothermal dispatchable energy (Geothermal RFP) on the island of Hawaii, and in July 2012, Hawaii Electric Light filed an application to defer 2012 costs related to the Geothermal RFP. In February 2013, Hawaii Electric Light issued the Final Geothermal RFP. Six bids were received in April 2013 and are being evaluated. | |||||||||||||||||||||
In June 2013, Hawaiian Electric filed an application requesting PUC approval of Waivers from the Framework for Competitive Bidding for 5 projects (4 photovoltaic and 1 wind) selected as part of Hawaiian Electric’s “Invitation for Low Cost Renewable Energy Projects on Oahu through Request for Waiver from Competitive Bidding.” Subsequently, two of the projects were withdrawn and in February 2014, three of the projects were granted waivers from the Competitive Bidding Framework. In November 2013, Hawaiian Electric filed a second waiver application requesting PUC approval for two additional projects (6 photovoltaic) selected as part of Hawaiian Electric's pricing refresh opportunity provided to developers that originally submitted proposals in response to the “Invitation for Low Cost Renewable Energy Projects on Oahu through Request for Waiver from Competitive Bidding.” | |||||||||||||||||||||
Environmental regulation. The Utilities are subject to environmental laws and regulations that regulate the operation of existing facilities, the construction and operation of new facilities and the proper cleanup and disposal of hazardous waste and toxic substances. In recent years, legislative, regulatory and governmental activities related to the environment, including proposals and rulemaking under the Clean Air Act (CAA) and Clean Water Act (CWA), have increased significantly and management anticipates that such activity will continue. | |||||||||||||||||||||
On April 20, 2011, the Federal Register published the federal Environmental Protection Agency’s (EPA’s) proposed regulations required by section 316(b) of the CWA designed to protect aquatic organisms from adverse impacts associated with existing power plant cooling water intake structures. The proposed regulations would apply to the cooling water systems for the steam generating units at Hawaiian Electric’s power plants on the island of Oahu. If adopted as proposed, management believes the proposed regulations would require significant capital and annual O&M expenditures. On June 11, 2012, the EPA published additional information on the section 316(b) rule making that indicates that the EPA is considering establishing lower cost compliance alternatives in the final rule. The EPA has delayed issuance of the final section 316(b) rule. | |||||||||||||||||||||
On February 16, 2012, the Federal Register published the EPA’s final rule establishing the EPA’s National Emission Standards for Hazardous Air Pollutants for fossil-fuel fired steam electrical generating units (EGUs). The final rule, known as the Mercury and Air Toxics Standards (MATS), applies to the 14 EGUs at Hawaiian Electric’s power plants. MATS establishes the Maximum Achievable Control Technology standards for the control of hazardous air pollutants emissions from new and existing EGUs. Based on a review of the final rule and the benefits and costs of alternative compliance strategies, Hawaiian Electric has selected a MATS compliance strategy based on switching to lower emission fuels. The use of lower emission fuels will provide for MATS compliance at lower overall costs and avoid the reduction in operational flexibility imposed by emissions control equipment. Hawaiian Electric requested and received a one-year extension, resulting in a MATS compliance date of April 16, 2016. Hawaiian Electric also has pending with the EPA a Petition for Reconsideration and Stay dated April 16, 2012, and a Request for Expedited Consideration dated August 14, 2013. The submittals ask the EPA to revise an emissions standard for non-continental oil-fired EGUs on the grounds that the promulgated standard was incorrectly derived. The Petition and Request submittals to the EPA included additional data to demonstrate that the existing standard is erroneous. Hawaiian Electric has been in contact with the EPA regarding the status of its Petition and does not expect a decision before mid-2014. | |||||||||||||||||||||
On February 6, 2013, the EPA issued a guidance document titled “Next Steps for Area Designations and Implementation of the Sulfur Dioxide National Ambient Air Quality Standard,” which outlines a process that will provide the states additional flexibility and time for their development of one-hour sulfur dioxide NAAQS implementation plans. Hawaiian Electric will work with the DOH and the EPA in the rulemaking process for these implementation plans to ensure development of cost-effective strategies for NAAQS compliance. Based on the February 6, 2013 EPA guidance document, current estimates of the compliance date for the one-hour sulfur dioxide NAAQS is in the 2022 or later timeframe. Pending litigation may result in an accelerated timeframe, but the impact of the litigation cannot be predicted at this time. | |||||||||||||||||||||
Depending upon the final outcome of the CWA 316(b) regulations,the specific measures required for MATS compliance, and the rules and guidance developed for implementation of more stringent National Ambient Air Quality Standards, the Utilities may be required to incur material capital expenditures and other compliance costs, but such amounts are not determinable at this time. Additionally, the combined effects of these regulatory initiatives may result in a decision to retire or deactivate certain generating units earlier than anticipated. | |||||||||||||||||||||
Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically experience petroleum or other chemical releases into the environment associated with current operations and report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material adverse effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity. | |||||||||||||||||||||
Potential Clean Air Act Enforcement. On July 1, 2013, Hawaii Electric Light and Maui Electric received a letter from the U.S. Department of Justice (DOJ) asserting potential violations of the Prevention of Significant Deterioration (PSD) and Title V requirements of the Clean Air Act involving the Hill and Kahului Power Plants. The EPA referred the matter to the DOJ for enforcement based on Hawaii Electric Light’s and Maui Electric’s responses to information requests in 2010 and 2012. The letter expresses an interest in resolving the matter without the issuance of a notice of violation. The parties are scheduled to meet in February 2014 to engage in settlement discussions. Hawaii Electric Light and Maui Electric cannot currently estimate the amount or effect of a settlement, if any. Hawaii Electric Light and Maui Electric continue to investigate the potential bases for the DOJ’s claims. | |||||||||||||||||||||
Former Molokai Electric Company generation site. In 1989, Maui Electric acquired by merger Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983, but continued to operate at the Site under a lease until 1985. The EPA has since performed Brownfield assessments of the Site that identified environmental impacts in the subsurface. Although Maui Electric never operated at the Site and operations there had stopped four years before the merger, in discussions with the EPA and the DOH, Maui Electric agreed to undertake additional investigations at the Site and an adjacent parcel that Molokai Electric Company had used for equipment storage (the Adjacent Parcel) to determine the extent of impacts of subsurface contaminants. A 2011 assessment by a Maui Electric contractor of the Adjacent Parcel identified environmental impacts, including elevated polychlorinated biphenyls (PCBs) in the subsurface soils. In cooperation with the DOH and EPA, Maui Electric is further investigating the Site and the Adjacent Parcel to determine the extent of impacts of PCBs, fuel oils, and other subsurface contaminants. In March 2012, Maui Electric accrued an additional $3.1 million (reserve balance of $3.6 million as of December 31, 2013) for the additional investigation and estimated cleanup costs at the Site and the Adjacent Parcel; however, final costs of remediation will depend on the results of continued investigation. Maui Electric received DOH and EPA comments on a revised draft site investigation plan for site characterization in October and November 2013, respectively, both of which did not result in a change to the reserve balance. Maui Electric is currently revising the draft site investigation plan to address the DOH and EPA comments. | |||||||||||||||||||||
Global climate change and greenhouse gas emissions reduction. National and international concern about climate change and the contribution of greenhouse gas (GHG)emissions (including carbon dioxide emissions from the combustion of fossil fuels) to climate change have led to action by the State and to federal legislative and regulatory proposals to reduce GHG emissions. | |||||||||||||||||||||
In July 2007, Act 234, which requires a statewide reduction of GHG emissions by January 1, 2020 to levels at or below the statewide GHG emission levels in 1990, became law in Hawaii. The Utilities participated in a Task Force established under Act 234, which was charged with developing a work plan and regulatory approach to reduce GHG emissions, as well as in initiatives aimed at reducing their GHG emissions, such as those being implemented under the Energy Agreement. On October 19, 2012, the DOH posted the proposed regulations required by Act 234 for public hearing and comment. In general, the proposed regulations would require affected sources that have the potential to emit GHGs in excess of established thresholds to reduce GHG emissions by 25% below 2010 emission levels by 2020. The proposed regulations also assess affected sources an annual fee based on tons per year of GHG emissions, beginning with emissions in calendar year 2012. The proposed DOH GHG rule also tracks the federal “Prevention of Significant Deterioration and Title V Greenhouse Gas Tailoring Rule” (GHG Tailoring Rule, see below) and would create new thresholds for GHG emissions from new and existing stationary source facilities. Hawaiian Electric submitted comments on the proposed regulations in January 2013. In October 2013, the DOH announced that it intends to issue a final rule that would change the required emission reduction from 25% to 16% and delay the accrual of GHG emissions fees until after the rule is promulgated, among other changes, but the final rule has not yet been formally approved or released. Hawaiian Electric continues to monitor this rulemaking proceeding and will participate in the further development of the regulations. | |||||||||||||||||||||
Several approaches (e.g., “cap and trade”) to GHG emission reduction have been either introduced or discussed in the U.S. Congress; however, no federal legislation has yet been enacted. | |||||||||||||||||||||
On September 22, 2009, the EPA issued its Final Mandatory Reporting of Greenhouse Gases Rule, which requires that sources emitting GHGs above certain threshold levels monitor and report GHG emissions. The Utilities have submitted the required reports for 2010, 2011 and 2012 to the EPA. In December 2009, the EPA made the finding that motor vehicle GHG emissions endanger public health or welfare. Since then, the EPA has also issued rules that begin to address GHG emissions from stationary sources, like the Utilities’ EGUs. | |||||||||||||||||||||
In June 2010, the EPA issued its GHG Tailoring Rule. Effective January 2, 2011, under the Prevention of Significant Deterioration program, permitting of new or modified stationary sources that have the potential to emit GHGs in greater quantities than the thresholds in the GHG Tailoring Rule will entail GHG emissions evaluation, analysis and, potentially, control requirements. On January 8, 2014, the EPA published in the Federal Register its new proposal for New Source Performance Standards for GHG from new generating units. This proposed rule on GHG from new EGUs does not apply to oil-fired combustion turbines or diesel engine generators, and is not otherwise expected to have significant impacts on the Utilities. President Obama also directed the EPA Administrator to issue proposed standards, regulations, or guidelines for GHG emissions from existing, modified and reconstructed power plants by no later than June 1, 2014, and final standards no later than June 1, 2015. Hawaiian Electric will participate in the federal GHG rulemaking process. The Utilities will continue to evaluate the impact of proposed GHG rules and regulations as they develop. Final regulations may impose significant compliance costs, and may require reductions in fossil fuel use and the addition of renewable energy resources in excess of the requirements of the RPS law. | |||||||||||||||||||||
While the timing, extent and ultimate effects of climate change cannot be determined with any certainty, climate change is predicted to result in sea level rise, which could potentially impact coastal and other low-lying areas (where much of the Utilities’ electric infrastructure is sited), and could cause erosion of beaches, saltwater intrusion into aquifers and surface ecosystems, higher water tables and increased flooding and storm damage due to heavy rainfall. The effects of climate change on the weather (for example, floods or hurricanes), sea levels, and water availability and quality have the potential to materially adversely affect the results of operations, financial condition and liquidity of the Utilities. For example, severe weather could cause significant harm to the Utilities’ physical facilities. | |||||||||||||||||||||
The Utilities have taken, and continue to identify opportunities to take, direct action to reduce GHG emissions from their operations, including, but not limited to, supporting DSM programs that foster energy efficiency, using renewable resources for energy production and purchasing power from IPPs generated by renewable resources, burning renewable biodiesel in Hawaiian Electric’s CIP CT-1, using biodiesel for startup and shutdown of selected Maui Electric generating units, and testing biofuel blends in other Hawaiian Electric and Maui Electric generating units. The Utilities are also working with the State of Hawaii and other entities to pursue the use of liquefied natural gas as a cleaner and lower cost fuel to replace, at least in part, the petroleum oil that would otherwise be used. Management is unable to evaluate the ultimate impact on the Utilities’ operations of eventual comprehensive GHG regulation. However, management believes that the various initiatives it is undertaking will provide a sound basis for managing the Utilities’ carbon footprint and meeting GHG reduction goals that will ultimately emerge. | |||||||||||||||||||||
Maui Electric 2012 test year rate case. On May 31, 2013, the PUC issued a final D&O in the Maui Electric 2012 test year rate case. Final rates became effective August 1, 2013. The final D&O approved an increase in annual revenues of $5.3 million, which is $7.8 million less than the interim increase in annual revenues that had been in effect since June 1, 2012. Reductions from the interim D&O relate primarily to: | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Lower ROACE | $ | 4 | |||||||||||||||||||
Customer Information System expenses | 0.3 | ||||||||||||||||||||
Pension and OPEB expense based on 3-year average | 1.5 | ||||||||||||||||||||
Integrated resource planning expenses | 0.9 | ||||||||||||||||||||
Operational and Renewable Energy Integration study costs | 1.1 | ||||||||||||||||||||
Total adjustment | $ | 7.8 | |||||||||||||||||||
According to the PUC, the reduction in the allowed ROACE from the stipulated 10% to the final approved 9% is composed of 0.5% allocation due to updated economic and financial market conditions manifested in lower interest rates in the 2012 test year and 0.5% for system inefficiencies reflected in over curtailment of renewable energy produced by independent power producers. | |||||||||||||||||||||
The PUC found that the record did not sufficiently support the normalization of 2013 and 2014 Customer Information System costs into the 2012 test year and ordered a downward adjustment to remove these costs from the test year. | |||||||||||||||||||||
The reduction in the pension and OPEB expense is due to applying a 3-year average in the calculation of pension costs for the purpose of the 2012 test year. This is not a PUC decision to change the pension and OPEB tracking mechanisms, although the PUC emphasizes the need to evaluate alternatives to decrease or limit the growth in employee benefits costs. | |||||||||||||||||||||
The PUC removed integrated resource planning (IRP) expenses from the test year as it could not determine whether these expenses have been reasonably incurred for the 2012 test year as required by the PUC’s IRP Framework and stated that it will determine the appropriate level and method of cost recovery for Maui Electric’s IRP expenses in the pending IRP proceeding. | |||||||||||||||||||||
The PUC reduced operational and renewable energy integration study costs because of the uncertainty regarding the scope of work and actual costs of these studies. | |||||||||||||||||||||
The PUC also continued Maui Electric’s existing energy cost adjustment clause (ECAC) and power purchase adjustment clause (PPAC) design. The PUC stated that it will consider the Utilities' future actions to reduce fuel costs and increase use of renewable energy as it continues to review the design of the ECAC in the future. | |||||||||||||||||||||
On July 2, 2013, the PUC issued an order denying Maui Electric’s requests for an evidentiary hearing and for partial reconsideration of the final D&O, and dismissed Maui Electric’s motion for partial stay. The order allowed Maui Electric to defer IRP costs incurred since June 2012, which through December 31, 2013 totaled approximately $0.9 million, until the level of costs are determined and a method of recovery is decided in the IRP proceeding. | |||||||||||||||||||||
Since the final rate increase was lower than the interim increase previously in effect, Maui Electric recorded a charge, net of revenue taxes, of $7.6 million in the second quarter of 2013 and refunded to customers approximately $9.7 million (which includes interest accrued since June 1, 2012) between September 2013 and early November 2013. As a result of the D&O, in the second quarter of 2013 Maui Electric also recorded adjustments to reduce expenses by reducing employee benefits expenses by $1.8 million for adjustments to pension and OPEB costs, and to reclassify $0.7 million of IRP costs to deferred accounts. | |||||||||||||||||||||
As directed by the PUC, in June 2013 Maui Electric made its curtailment information available to the public on its website and in July 2013 filed documentation regarding the re-setting of its target heat rates to take into account the operation of the Auwahi wind farm. | |||||||||||||||||||||
In addition, as required by the final D&O, Maui Electric filed in September 2013 a System Improvement and Curtailment Reduction Plan, which identified actions that Maui Electric had already implemented to increase the use of wind energy and further actions that it is committed to implement to benefit customers. In separate filings in October 2013, Maui Electric submitted additional information on the re-setting of its target heat rates and metrics to measure the success of its efforts to reduce or limit curtailment and execute on key actions. In December 2013, Maui Electric filed documentation regarding the re-setting of its target heat rates based on certain operational changes identified in the System Improvement and Curtailment Reduction Plan to be effective in May 2014. Management cannot predict any actions by the PUC as a result of these filings. | |||||||||||||||||||||
Asset retirement obligations. Asset retirement obligations (AROs) represent legal obligations associated with the retirement of certain tangible long-lived assets, are measured as the present value of the projected costs for the future retirement of specific assets and are recognized in the period in which the liability is incurred if a reasonable estimate of fair value can be made. The Utilities’ recognition of AROs have no impact on their earnings. The cost of the AROs is recovered over the life of the asset through depreciation. AROs recognized by the Utilities relate to obligations to retire plant and equipment, including removal of asbestos and other hazardous materials. | |||||||||||||||||||||
Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows: | |||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||
Balance, January 1 | $ | 48,431 | $ | 50,871 | |||||||||||||||||
Accretion expense | 1,263 | 1,563 | |||||||||||||||||||
Liabilities incurred | — | — | |||||||||||||||||||
Liabilities settled | (5,672 | ) | (4,003 | ) | |||||||||||||||||
Revisions in estimated cash flows | (916 | ) | — | ||||||||||||||||||
Balance, December 31 | $ | 43,106 | $ | 48,431 | |||||||||||||||||
Decoupling. In 2010, the PUC issued an order approving decoupling, which was implemented by Hawaiian Electric on March 1, 2011, by Hawaii Electric Light on April 9, 2012 and by Maui Electric on May 4, 2012. Decoupling is a regulatory model that is intended to facilitate meeting the State of Hawaii’s goals to transition to a clean energy economy and achieve an aggressive renewable portfolio standard. The decoupling model implemented in Hawaii delinks revenues from sales and includes annual revenue adjustments for certain O&M expenses and rate base changes. The decoupling mechanism has three components: (1) a sales decoupling component via a revenue balancing account (RBA), (2) a revenue escalation component via a revenue adjustment mechanism (RAM) and (3) an earnings sharing mechanism, which would provide for a reduction of revenues between rate cases in the event the utility exceeds the ROACE allowed in its most recent rate case. Decoupling provides for more timely cost recovery and earning on investments. The implementation of decoupling has resulted in an improvement in the Utilities’ under-earning situation that has existed over the last several years. Prior to and during the transition to decoupling, however, the Utilities’ returns have been below PUC-allowed returns. | |||||||||||||||||||||
On May 31, 2013, as provided for in its original order issued in 2010 approving decoupling and citing three years of implementation experience for Hawaiian Electric, the PUC opened an investigative docket to review whether the decoupling mechanisms are functioning as intended, are fair to the Utilities and their ratepayers, and are in the public interest. The PUC affirmed its support for the continuation of the sales decoupling (RBA) mechanism and stated its interest in evaluating the RAM to ensure it provides the appropriate balance of risks, costs, incentives and performance requirements, as well as administrative efficiency, and whether the current interest rate applied to the outstanding RBA balance is reasonable. The Utilities and the Consumer Advocate are named as parties to this proceeding and filed a joint statement of position that any material changes to the current decoupling mechanism should be made prospectively after 2016, consistent with the 2013 Agreement, unless the Utilities and the Consumer Advocate mutually agree to the change in this proceeding. The PUC granted several parties’ motions to intervene. In October 2013, the PUC issued orders that bifurcated the proceeding (Schedule A and Schedule B) and identified issues and procedural schedules for both Schedules. The schedule B part of the proceeding is intended to take place over a longer period, with panel hearings scheduled for August 2014. | |||||||||||||||||||||
Schedule A issues include: | |||||||||||||||||||||
• | for the RBA, the reasonableness of the interest rate related to the carrying charge of the outstanding RBA balance and whether there should be a risk sharing adjustment to the RBA; | ||||||||||||||||||||
• | for the RAM, whether it is reasonable to true up all actual prior year baseline projects, which are those capital projects less than $2.5 million, at year end or implement alternative methods to calculate the RAM rate base; | ||||||||||||||||||||
• | whether a risk sharing mechanism should be incorporated into the RBA; | ||||||||||||||||||||
• | whether performance metrics should be determined and reported; and | ||||||||||||||||||||
• | whether other factors should be considered if potential changes to existing RBA and RAM provisions are required. | ||||||||||||||||||||
Schedule B issues include: | |||||||||||||||||||||
• | whether performance metrics and incentives (rewards or penalties) should be implemented to control costs and encourage the Utilities to make necessary or appropriate changes to strategic and action plans; | ||||||||||||||||||||
• | whether the allocation of risk as a result of the decoupling mechanism is fairly reflected in the cost of capital allowed in rates; | ||||||||||||||||||||
• | changes or alternatives to the existing RAM; and | ||||||||||||||||||||
• | changes to ratemaking procedures to improve efficiency and/or effectiveness. | ||||||||||||||||||||
Oral arguments on Schedule A issues were held in January 2014. On February 7, 2014, the PUC issued a D&O on the Schedule A issues, which made certain modifications to the decoupling mechanism. Specifically, the D&O requires: | |||||||||||||||||||||
• | An adjustment to the Rate Base RAM Adjustment to include 90% of the amount of the current RAM Period Rate Base RAM Adjustment that exceeds the Rate Base RAM Adjustment from the prior year, to be effective with the Utilities’ 2014 decoupling filing. | ||||||||||||||||||||
• | Effective March 1, 2014, the interest rate to be applied on the outstanding RBA balances to be the short term debt rate used in each Utilities last rate case (ranging from 1.25% to 3.25%), instead of the 6% that has been previously approved. | ||||||||||||||||||||
The D&O requires the Utilities to immediately investigate the possibility of deferring the payment of income taxes on the accrued amounts of decoupling revenue, and to report the results with recommendations to the PUC within 120 days. The PUC reserves the right to determine in the next decoupling and rate case filings whether each Utilities’ allowed income taxes should be adjusted for this change. | |||||||||||||||||||||
The Utilities are required to develop websites to present certain performance metrics first for review by the PUC and the parties and then to the public following PUC approval. | |||||||||||||||||||||
The Schedule A issues on whether it is reasonable to automatically include all actual prior year capital expenditures on baseline projects in the Rate Base RAM and whether a risk sharing mechanism should be incorporated into the RBA, particularly with respect to the PUC’s concerns regarding maintaining and enhancing the Utilities' incentives to control costs and appropriately allocating risk and compensation for risk, will be addressed in the Schedule B proceedings. | |||||||||||||||||||||
Management cannot predict the outcome of the proceedings or the ultimate impact of the proceedings on the results of operation of the Utilities. | |||||||||||||||||||||
Consolidating financial information (unaudited). Hawaiian Electric is not required to provide separate financial statements or other disclosures concerning Hawaii Electric Light and Maui Electric to holders of the 2004 Debentures issued by Hawaii Electric Light and Maui Electric to HECO Capital Trust III (Trust III) since all of their voting capital stock is owned, and their obligations with respect to these securities have been fully and unconditionally guaranteed, on a subordinated basis, by Hawaiian Electric. Consolidating information is provided below for Hawaiian Electric and each of its subsidiaries for the periods ended and as of the dates indicated. | |||||||||||||||||||||
Hawaiian Electric also unconditionally guarantees Hawaii Electric Light’s and Maui Electric’s obligations (a) to the State of Hawaii for the repayment of principal and interest on Special Purpose Revenue Bonds issued for the benefit of Hawaii Electric Light and Maui Electric and (b) under their respective private placement note agreements and the Hawaii Electric Light notes and Maui Electric notes issued thereunder (see Hawaiian Electric and Subsidiaries' Consolidated Statements of Capitalization) and (c) relating to the trust preferred securities of Trust III (see Note 5). Hawaiian Electric is also obligated, after the satisfaction of its obligations on its own preferred stock, to make dividend, redemption and liquidation payments on Hawaii Electric Light’s and Maui Electric’s preferred stock if the respective subsidiary is unable to make such payments. | |||||||||||||||||||||
Consolidating statement of income | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Revenues | $ | 2,124,174 | 431,517 | 424,603 | — | (122 | ) | [1] | $ | 2,980,172 | |||||||||||
Expenses | |||||||||||||||||||||
Fuel oil | 851,365 | 125,516 | 208,671 | — | — | 1,185,552 | |||||||||||||||
Purchased power | 527,839 | 128,368 | 54,474 | — | — | 710,681 | |||||||||||||||
Other operation and maintenance | 283,768 | 61,418 | 58,081 | 3 | — | 403,270 | |||||||||||||||
Depreciation | 99,738 | 34,188 | 20,099 | — | — | 154,025 | |||||||||||||||
Taxes, other than income taxes | 200,962 | 40,092 | 40,077 | — | — | 281,131 | |||||||||||||||
Total expenses | 1,963,672 | 389,582 | 381,402 | 3 | — | 2,734,659 | |||||||||||||||
Operating income (loss) | 160,502 | 41,935 | 43,201 | (3 | ) | (122 | ) | 245,513 | |||||||||||||
Allowance for equity funds used during construction | 4,495 | 643 | 423 | — | — | 5,561 | |||||||||||||||
Equity in earnings of subsidiaries | 41,410 | — | — | — | (41,410 | ) | [2] | — | |||||||||||||
Interest expense and other charges, net | (39,107 | ) | (11,341 | ) | (8,953 | ) | — | 122 | [1] | (59,279 | ) | ||||||||||
Allowance for borrowed funds used during construction | 1,814 | 263 | 169 | — | — | 2,246 | |||||||||||||||
Income (loss) before income taxes | 169,114 | 31,500 | 34,840 | (3 | ) | (41,410 | ) | 194,041 | |||||||||||||
Income taxes | 45,105 | 10,830 | 13,182 | — | — | 69,117 | |||||||||||||||
Net income (loss) | 124,009 | 20,670 | 21,658 | (3 | ) | (41,410 | ) | 124,924 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 534 | 381 | — | — | 915 | |||||||||||||||
Net income (loss) attributable to Hawaiian Electric | 124,009 | 20,136 | 21,277 | (3 | ) | (41,410 | ) | 124,009 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 1,080 | — | — | — | — | 1,080 | |||||||||||||||
Net income (loss) for common stock | $ | 122,929 | 20,136 | 21,277 | (3 | ) | (41,410 | ) | $ | 122,929 | |||||||||||
Consolidating statement of comprehensive income | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Net income (loss) for common stock | $ | 122,929 | 20,136 | 21,277 | (3 | ) | (41,410 | ) | $ | 122,929 | |||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||
Retirement benefit plans: | |||||||||||||||||||||
Net gains arising during the period, net of taxes | 203,479 | 30,542 | 27,919 | — | (58,461 | ) | [1] | 203,479 | |||||||||||||
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 20,694 | 2,880 | 2,557 | — | (5,437 | ) | [1] | 20,694 | |||||||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (222,595 | ) | (33,277 | ) | (30,377 | ) | — | 63,654 | [1] | (222,595 | ) | ||||||||||
Other comprehensive income, net of taxes | 1,578 | 145 | 99 | — | (244 | ) | 1,578 | ||||||||||||||
Comprehensive income (loss) attributable to common shareholder | $ | 124,507 | 20,281 | 21,376 | (3 | ) | (41,654 | ) | $ | 124,507 | |||||||||||
Consolidating statement of income | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Revenues | $ | 2,228,233 | 441,013 | 440,270 | — | (77 | ) | [1] | $ | 3,109,439 | |||||||||||
Expenses | |||||||||||||||||||||
Fuel oil | 945,246 | 116,866 | 235,307 | — | — | 1,297,419 | |||||||||||||||
Purchased power | 540,802 | 145,386 | 38,052 | — | — | 724,240 | |||||||||||||||
Other operation and maintenance | 266,208 | 60,447 | 70,771 | 3 | — | 397,429 | |||||||||||||||
Depreciation | 90,783 | 33,337 | 20,378 | — | — | 144,498 | |||||||||||||||
Taxes, other than income taxes | 209,943 | 41,370 | 41,528 | — | — | 292,841 | |||||||||||||||
Impairment of utility assets | 29,000 | 5,500 | 5,500 | — | — | 40,000 | |||||||||||||||
Total expenses | 2,081,982 | 402,906 | 411,536 | 3 | — | 2,896,427 | |||||||||||||||
Operating income (loss) | 146,251 | 38,107 | 28,734 | (3 | ) | (77 | ) | 213,012 | |||||||||||||
Allowance for equity funds used | 5,735 | 585 | 687 | — | — | 7,007 | |||||||||||||||
during construction | |||||||||||||||||||||
Equity in earnings of subsidiaries | 28,836 | — | — | — | (28,836 | ) | [2] | — | |||||||||||||
Interest expense and other charges, net | (40,842 | ) | (12,066 | ) | (9,224 | ) | 77 | [1] | (62,055 | ) | |||||||||||
Allowance for borrowed funds used during construction | 3,642 | 235 | 478 | — | — | 4,355 | |||||||||||||||
Income (loss) before income taxes | 143,622 | 26,861 | 20,675 | (3 | ) | (28,836 | ) | 162,319 | |||||||||||||
Income taxes | 43,266 | 10,115 | 7,667 | — | — | 61,048 | |||||||||||||||
Net income (loss) | 100,356 | 16,746 | 13,008 | (3 | ) | (28,836 | ) | 101,271 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 534 | 381 | — | — | 915 | |||||||||||||||
Net income (loss) attributable to Hawaiian Electric | 100,356 | 16,212 | 12,627 | (3 | ) | (28,836 | ) | 100,356 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 1,080 | — | — | — | — | 1,080 | |||||||||||||||
Net income (loss) for common stock | $ | 99,276 | 16,212 | 12,627 | (3 | ) | (28,836 | ) | $ | 99,276 | |||||||||||
Consolidating statement of comprehensive income | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Net income (loss) for common stock | $ | 99,276 | 16,212 | 12,627 | (3 | ) | (28,836 | ) | $ | 99,276 | |||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||
Retirement benefit plans: | |||||||||||||||||||||
Net losses arising during the period, net of tax benefits | (90,082 | ) | (13,577 | ) | (10,935 | ) | — | 24,512 | [1] | (90,082 | ) | ||||||||||
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 13,673 | 2,101 | 1,771 | — | (3,872 | ) | [1] | 13,673 | |||||||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits | 75,471 | 11,442 | 9,093 | — | (20,535 | ) | [1] | 75,471 | |||||||||||||
Other comprehensive loss, net of tax benefits | (938 | ) | (34 | ) | (71 | ) | — | 105 | (938 | ) | |||||||||||
Comprehensive income (loss) attributable to common shareholder | $ | 98,338 | 16,178 | 12,556 | (3 | ) | (28,731 | ) | $ | 98,338 | |||||||||||
Consolidating statement of income | |||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Revenues | $ | 2,114,066 | 444,891 | 419,760 | — | (27 | ) | [1] | $ | 2,978,690 | |||||||||||
Expenses | |||||||||||||||||||||
Fuel oil | 909,172 | 121,839 | 234,115 | — | — | 1,265,126 | |||||||||||||||
Purchased power | 522,503 | 137,453 | 29,696 | — | — | 689,652 | |||||||||||||||
Other operation and maintenance | 266,807 | 56,066 | 57,202 | 9 | — | 380,084 | |||||||||||||||
Depreciation | 89,324 | 32,767 | 20,884 | — | — | 142,975 | |||||||||||||||
Taxes, other than income taxes | 196,170 | 41,028 | 39,306 | — | — | 276,504 | |||||||||||||||
Impairment of utility assets | 9,215 | — | — | — | — | 9,215 | |||||||||||||||
Total expenses | 1,993,191 | 389,153 | 381,203 | 9 | — | 2,763,556 | |||||||||||||||
Operating income (loss) | 120,875 | 55,738 | 38,557 | (9 | ) | (27 | ) | 215,134 | |||||||||||||
Allowance for equity funds used | 4,572 | 592 | 800 | — | — | 5,964 | |||||||||||||||
during construction | |||||||||||||||||||||
Equity in earnings of subsidiaries | 44,616 | — | — | — | (44,616 | ) | [2] | — | |||||||||||||
Interest expense and other charges, net | (37,624 | ) | (12,554 | ) | (9,880 | ) | — | 27 | [1] | (60,031 | ) | ||||||||||
Allowance for borrowed funds used during construction | 1,941 | 248 | 309 | — | — | 2,498 | |||||||||||||||
Income (loss) before income taxes | 134,380 | 44,024 | 29,786 | (9 | ) | (44,616 | ) | 163,565 | |||||||||||||
Income taxes | 33,314 | 16,839 | 11,431 | — | — | 61,584 | |||||||||||||||
Net income (loss) | 101,066 | 27,185 | 18,355 | (9 | ) | (44,616 | ) | 101,981 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 534 | 381 | — | — | 915 | |||||||||||||||
Net income (loss) attributable to Hawaiian Electric | 101,066 | 26,651 | 17,974 | (9 | ) | (44,616 | ) | 101,066 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 1,080 | — | — | — | — | 1,080 | |||||||||||||||
Net income (loss) for common stock | $ | 99,986 | 26,651 | 17,974 | (9 | ) | (44,616 | ) | $ | 99,986 | |||||||||||
Consolidating statement of comprehensive income | |||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Net income (loss) for common stock | $ | 99,986 | 26,651 | 17,974 | (9 | ) | (44,616 | ) | $ | 99,986 | |||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||
Retirement benefit plans: | |||||||||||||||||||||
Prior service credit arising during the period, net of taxes | 6,921 | 1,419 | 1,239 | — | (2,658 | ) | [1] | 6,921 | |||||||||||||
Net losses arising during the period, net of tax benefits | (116,726 | ) | (18,224 | ) | (16,816 | ) | — | 35,040 | [1] | (116,726 | ) | ||||||||||
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 8,372 | 1,324 | 1,158 | — | (2,482 | ) | [1] | 8,372 | |||||||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits | 100,692 | 15,436 | 14,366 | — | (29,802 | ) | [1] | 100,692 | |||||||||||||
Other comprehensive loss, net of tax benefits | (741 | ) | (45 | ) | (53 | ) | — | 98 | (741 | ) | |||||||||||
Comprehensive income (loss) attributable to common shareholder | $ | 99,245 | 26,606 | 17,921 | (9 | ) | (44,518 | ) | $ | 99,245 | |||||||||||
Consolidating balance sheet | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Utility plant, at cost | |||||||||||||||||||||
Land | $ | 43,407 | 5,460 | 3,016 | — | — | $ | 51,883 | |||||||||||||
Plant and equipment | 3,558,569 | 1,136,923 | 1,006,383 | — | — | 5,701,875 | |||||||||||||||
Less accumulated depreciation | (1,222,129 | ) | (453,721 | ) | (435,379 | ) | — | — | (2,111,229 | ) | |||||||||||
Construction in progress | 124,494 | 7,709 | 11,030 | — | — | 143,233 | |||||||||||||||
Net utility plant | 2,504,341 | 696,371 | 585,050 | — | — | 3,785,762 | |||||||||||||||
Investment in wholly-owned subsidiaries, at equity | 523,674 | — | — | — | (523,674 | ) | [2] | — | |||||||||||||
Current assets | |||||||||||||||||||||
Cash and equivalents | 61,245 | 1,326 | 153 | 101 | — | 62,825 | |||||||||||||||
Advances to affiliates | 6,839 | 1,000 | — | — | (7,839 | ) | [1] | — | |||||||||||||
Customer accounts receivable, net | 121,282 | 28,088 | 26,078 | — | — | 175,448 | |||||||||||||||
Accrued unbilled revenues, net | 107,752 | 17,100 | 19,272 | — | — | 144,124 | |||||||||||||||
Other accounts receivable, net | 16,373 | 4,265 | 2,451 | — | (9,027 | ) | [1] | 14,062 | |||||||||||||
Fuel oil stock, at average cost | 99,613 | 14,178 | 20,296 | — | — | 134,087 | |||||||||||||||
Materials and supplies, at average cost | 37,377 | 6,883 | 14,784 | — | — | 59,044 | |||||||||||||||
Prepayments and other | 29,798 | 8,334 | 16,140 | — | (1,415 | ) | [3] | 52,857 | |||||||||||||
Regulatory assets | 54,979 | 6,931 | 7,828 | — | — | 69,738 | |||||||||||||||
Total current assets | 535,258 | 88,105 | 107,002 | 101 | (18,281 | ) | 712,185 | ||||||||||||||
Other long-term assets | |||||||||||||||||||||
Regulatory assets | 381,346 | 64,552 | 60,288 | — | — | 506,186 | |||||||||||||||
Unamortized debt expense | 6,051 | 1,580 | 1,372 | — | — | 9,003 | |||||||||||||||
Other | 47,116 | 11,352 | 15,525 | — | — | 73,993 | |||||||||||||||
Total other long-term assets | 434,513 | 77,484 | 77,185 | — | — | 589,182 | |||||||||||||||
Total assets | $ | 3,997,786 | 861,960 | 769,237 | 101 | (541,955 | ) | $ | 5,087,129 | ||||||||||||
Capitalization and liabilities | |||||||||||||||||||||
Capitalization | |||||||||||||||||||||
Common stock equity | $ | 1,593,564 | 274,802 | 248,771 | 101 | (523,674 | ) | [2] | $ | 1,593,564 | |||||||||||
Cumulative preferred stock–not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | |||||||||||||||
Long-term debt, net | 830,547 | 189,998 | 186,000 | — | — | 1,206,545 | |||||||||||||||
Total capitalization | 2,446,404 | 471,800 | 439,771 | 101 | (523,674 | ) | 2,834,402 | ||||||||||||||
Current liabilities | |||||||||||||||||||||
Current portion of long-term debt | — | 11,400 | — | — | — | 11,400 | |||||||||||||||
Short-term borrowings-affiliate | 1,000 | — | 6,839 | — | (7,839 | ) | [1] | — | |||||||||||||
Accounts payable | 145,062 | 24,383 | 20,114 | — | — | 189,559 | |||||||||||||||
Interest and preferred dividends payable | 15,190 | 3,885 | 2,585 | — | (8 | ) | [1] | 21,652 | |||||||||||||
Taxes accrued | 175,790 | 37,899 | 37,171 | — | (1,415 | ) | [3] | 249,445 | |||||||||||||
Regulatory liabilities | 1,705 | — | 211 | — | — | 1,916 | |||||||||||||||
Other | 48,443 | 9,033 | 15,424 | — | (9,019 | ) | [1] | 63,881 | |||||||||||||
Total current liabilities | 387,190 | 86,600 | 82,344 | — | (18,281 | ) | 537,853 | ||||||||||||||
Deferred credits and other liabilities | |||||||||||||||||||||
Deferred income taxes | 359,621 | 79,947 | 67,593 | — | — | 507,161 | |||||||||||||||
Regulatory liabilities | 235,786 | 76,475 | 35,122 | — | — | 347,383 | |||||||||||||||
Unamortized tax credits | 44,931 | 14,245 | 14,363 | — | — | 73,539 | |||||||||||||||
Defined benefit pension and other | 202,396 | 28,427 | 31,339 | — | — | 262,162 | |||||||||||||||
postretirement benefit plans liability | |||||||||||||||||||||
Other | 63,374 | 14,703 | 13,658 | — | — | 91,735 | |||||||||||||||
Total deferred credits and other liabilities | 906,108 | 213,797 | 162,075 | — | — | 1,281,980 | |||||||||||||||
Contributions in aid of construction | 258,084 | 89,763 | 85,047 | — | — | 432,894 | |||||||||||||||
Total capitalization and liabilities | $ | 3,997,786 | 861,960 | 769,237 | 101 | (541,955 | ) | $ | 5,087,129 | ||||||||||||
Consolidating balance sheet | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Utility plant, at cost | |||||||||||||||||||||
Land | $ | 43,370 | 5,182 | 3,016 | — | — | $ | 51,568 | |||||||||||||
Plant and equipment | 3,325,862 | 1,086,048 | 952,490 | — | — | 5,364,400 | |||||||||||||||
Less accumulated depreciation | (1,185,899 | ) | (433,531 | ) | (421,359 | ) | — | — | (2,040,789 | ) | |||||||||||
Construction in progress | 130,143 | 12,126 | 9,109 | — | — | 151,378 | |||||||||||||||
Net utility plant | 2,313,476 | 669,825 | 543,256 | — | — | 3,526,557 | |||||||||||||||
Investment in wholly-owned subsidiaries, at equity | 497,939 | — | — | — | (497,939 | ) | [2] | — | |||||||||||||
Current assets | |||||||||||||||||||||
Cash and equivalents | 8,265 | 5,441 | 3,349 | 104 | — | 17,159 | |||||||||||||||
Advances to affiliates | 9,400 | 18,050 | — | — | (27,450 | ) | [1] | — | |||||||||||||
Customer accounts receivable, net | 154,316 | 29,772 | 26,691 | — | — | 210,779 | |||||||||||||||
Accrued unbilled revenues, net | 100,600 | 14,393 | 19,305 | — | — | 134,298 | |||||||||||||||
Other accounts receivable, net | 33,313 | 1,122 | 3,016 | — | (9,275 | ) | [1] | 28,176 | |||||||||||||
Fuel oil stock, at average cost | 123,176 | 15,485 | 22,758 | — | — | 161,419 | |||||||||||||||
Materials and supplies, at average cost | 31,779 | 5,336 | 13,970 | — | — | 51,085 | |||||||||||||||
Prepayments and other | 21,708 | 5,146 | 6,011 | — | — | 32,865 | |||||||||||||||
Regulatory assets | 42,675 | 4,056 | 4,536 | — | — | 51,267 | |||||||||||||||
Total current assets | 525,232 | 98,801 | 99,636 | 104 | (36,725 | ) | 687,048 | ||||||||||||||
Other long-term assets | |||||||||||||||||||||
Regulatory assets | 601,451 | 109,815 | 102,063 | — | — | 813,329 | |||||||||||||||
Unamortized debt expense | 7,042 | 2,066 | 1,446 | — | — | 10,554 | |||||||||||||||
Other | 46,586 | 9,871 | 14,848 | — | — | 71,305 | |||||||||||||||
Total other long-term assets | 655,079 | 121,752 | 118,357 | — | — | 895,188 | |||||||||||||||
Total assets | $ | 3,991,726 | 890,378 | 761,249 | 104 | (534,664 | ) | $ | 5,108,793 | ||||||||||||
Capitalization and liabilities | |||||||||||||||||||||
Capitalization | |||||||||||||||||||||
Common stock equity | $ | 1,472,136 | 268,908 | 228,927 | 104 | (497,939 | ) | [2] | $ | 1,472,136 | |||||||||||
Cumulative preferred stock–not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | |||||||||||||||
Long-term debt, net | 780,546 | 201,326 | 166,000 | — | — | 1,147,872 | |||||||||||||||
Total capitalization | 2,274,975 | 477,234 | 399,927 | 104 | (497,939 | ) | 2,654,301 | ||||||||||||||
Current liabilities | |||||||||||||||||||||
Short-term borrowings-affiliate | 18,050 | — | 9,400 | — | (27,450 | ) | [1] | — | |||||||||||||
Accounts payable | 134,651 | 27,457 | 24,716 | — | — | 186,824 | |||||||||||||||
Interest and preferred dividends payable | 14,479 | 4,027 | 2,593 | — | (7 | ) | [1] | 21,092 | |||||||||||||
Taxes accrued | 174,477 | 38,778 | 37,811 | — | — | 251,066 | |||||||||||||||
Regulatory liabilities | 1,212 | — | — | — | — | 1,212 | |||||||||||||||
Other | 45,125 | 10,310 | 14,634 | — | (9,268 | ) | [1] | 60,801 | |||||||||||||
Total current liabilities | 387,994 | 80,572 | 89,154 | — | (36,725 | ) | 520,995 | ||||||||||||||
Deferred credits and other liabilities | |||||||||||||||||||||
Deferred income taxes | 302,569 | 68,479 | 46,563 | — | — | 417,611 | |||||||||||||||
Regulatory liabilities | 219,303 | 67,359 | 36,278 | — | — | 322,940 | |||||||||||||||
Unamortized tax credits | 39,827 | 13,450 | 13,307 | — | — | 66,584 | |||||||||||||||
Defined benefit pension and other | 459,765 | 80,686 | 79,754 | — | — | 620,205 | |||||||||||||||
postretirement benefit plans liability | |||||||||||||||||||||
Other | 68,783 | 17,799 | 14,055 | — | — | 100,637 | |||||||||||||||
Total deferred credits and other liabilities | 1,090,247 | 247,773 | 189,957 | — | — | 1,527,977 | |||||||||||||||
Contributions in aid of construction | 238,510 | 84,799 | 82,211 | — | — | 405,520 | |||||||||||||||
Total capitalization and liabilities | $ | 3,991,726 | 890,378 | 761,249 | 104 | (534,664 | ) | $ | 5,108,793 | ||||||||||||
Consolidating statements of changes in common stock equity | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Balance, December 31, 2010 | $ | 1,334,155 | 269,986 | 229,651 | 91 | (499,728 | ) | $ | 1,334,155 | ||||||||||||
Net income (loss) for common stock | 99,986 | 26,651 | 17,974 | (9 | ) | (44,616 | ) | 99,986 | |||||||||||||
Other comprehensive loss, net of tax benefit | (741 | ) | (45 | ) | (53 | ) | — | 98 | (741 | ) | |||||||||||
Issuance of common stock, net of expenses | 39,999 | — | — | 25 | (25 | ) | 39,999 | ||||||||||||||
Common stock dividends | (70,558 | ) | (16,124 | ) | (12,004 | ) | — | 28,128 | (70,558 | ) | |||||||||||
Balance, December 31, 2011 | $ | 1,402,841 | 280,468 | 235,568 | 107 | (516,143 | ) | $ | 1,402,841 | ||||||||||||
Net income (loss) for common stock | 99,276 | 16,212 | 12,627 | (3 | ) | (28,836 | ) | 99,276 | |||||||||||||
Other comprehensive loss, net of tax benefit | (938 | ) | (34 | ) | (71 | ) | — | 105 | (938 | ) | |||||||||||
Issuance of common stock, net of expenses | 44,001 | — | — | — | — | 44,001 | |||||||||||||||
Common stock dividends | (73,044 | ) | (27,738 | ) | (19,197 | ) | — | 46,935 | (73,044 | ) | |||||||||||
Balance, December 31, 2012 | $ | 1,472,136 | 268,908 | 228,927 | 104 | (497,939 | ) | $ | 1,472,136 | ||||||||||||
Net income (loss) for common stock | 122,929 | 20,136 | 21,277 | (3 | ) | (41,410 | ) | 122,929 | |||||||||||||
Other comprehensive income, net of taxes | 1,578 | 145 | 99 | — | (244 | ) | 1,578 | ||||||||||||||
Issuance of common stock, net of expenses | 78,499 | — | — | — | — | 78,499 | |||||||||||||||
Common stock dividends | (81,578 | ) | (14,387 | ) | (1,532 | ) | — | 15,919 | (81,578 | ) | |||||||||||
Balance, December 31, 2013 | $ | 1,593,564 | 274,802 | 248,771 | 101 | (523,674 | ) | $ | 1,593,564 | ||||||||||||
Consolidating statement of cash flows | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 124,009 | 20,670 | 21,658 | (3 | ) | (41,410 | ) | [2] | $ | 124,924 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||||||
Equity in earnings | (41,510 | ) | — | — | — | 41,410 | [2] | (100 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 28,505 | — | — | — | (28,405 | ) | [2] | 100 | |||||||||||||
Depreciation of property, plant and equipment | 99,738 | 34,188 | 20,099 | — | — | 154,025 | |||||||||||||||
Other amortization | 554 | 1,979 | 2,544 | — | — | 5,077 | |||||||||||||||
Increase in deferred income taxes | 41,409 | 10,569 | 12,529 | — | — | 64,507 | |||||||||||||||
Change in tax credits, net | 5,152 | 818 | 1,047 | — | — | 7,017 | |||||||||||||||
Allowance for equity funds used during construction | (4,495 | ) | (643 | ) | (423 | ) | — | — | (5,561 | ) | |||||||||||
Change in cash overdraft | — | — | 1,038 | — | — | 1,038 | |||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||
Decrease (increase) in accounts receivable | 49,974 | (1,459 | ) | 1,178 | — | (248 | ) | [1] | 49,445 | ||||||||||||
Decrease (increase) in accrued unbilled revenues | (7,152 | ) | (2,707 | ) | 33 | — | — | (9,826 | ) | ||||||||||||
Decrease in fuel oil stock | 23,563 | 1,307 | 2,462 | — | — | 27,332 | |||||||||||||||
Increase in materials and supplies | (5,598 | ) | (1,547 | ) | (814 | ) | — | — | (7,959 | ) | |||||||||||
Increase in regulatory assets | (46,047 | ) | (9,237 | ) | (10,177 | ) | — | — | (65,461 | ) | |||||||||||
Decrease in accounts payable | (6,136 | ) | (4,756 | ) | (9,936 | ) | — | — | (20,828 | ) | |||||||||||
Change in prepaid and accrued income taxes and revenue taxes | 4,632 | (4,114 | ) | (2,546 | ) | — | — | (2,028 | ) | ||||||||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 2,325 | (1 | ) | (84 | ) | — | — | 2,240 | |||||||||||||
Change in other assets and liabilities | (17,941 | ) | (6,262 | ) | (7,544 | ) | — | 248 | [1] | (31,499 | ) | ||||||||||
Net cash provided by (used in) operating activities | 250,982 | 38,805 | 31,064 | (3 | ) | (28,405 | ) | 292,443 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures | (237,899 | ) | (52,135 | ) | (52,451 | ) | — | — | (342,485 | ) | |||||||||||
Contributions in aid of construction | 21,686 | 7,590 | 2,884 | — | — | 32,160 | |||||||||||||||
Advances from affiliates | 2,561 | 17,050 | — | — | (19,611 | ) | [1] | — | |||||||||||||
Other | — | (230 | ) | — | — | — | (230 | ) | |||||||||||||
Investment in consolidated subsidiary | (12,461 | ) | — | — | — | 12,461 | [2] | — | |||||||||||||
Net cash used in investing activities | (226,113 | ) | (27,725 | ) | (49,567 | ) | — | (7,150 | ) | (310,555 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Common stock dividends | (81,578 | ) | (14,388 | ) | (14,017 | ) | — | 28,405 | [2] | (81,578 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) | (534 | ) | (381 | ) | — | — | (1,995 | ) | |||||||||||
Proceeds from issuance of common stock | 78,500 | 12,461 | — | (12,461 | ) | [2] | 78,500 | ||||||||||||||
Proceeds from issuance of long-term debt | 140,000 | 56,000 | 40,000 | — | — | 236,000 | |||||||||||||||
Repayment of long-term debt | (90,000 | ) | (56,000 | ) | (20,000 | ) | — | — | (166,000 | ) | |||||||||||
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (17,050 | ) | — | (2,561 | ) | — | 19,611 | [2] | — | ||||||||||||
Other | (681 | ) | (273 | ) | (195 | ) | — | — | (1,149 | ) | |||||||||||
Net cash provided by (used in) financing activities | 28,111 | (15,195 | ) | 15,307 | — | 35,555 | 63,778 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 52,980 | (4,115 | ) | (3,196 | ) | (3 | ) | — | 45,666 | ||||||||||||
Cash and cash equivalents, January 1 | 8,265 | 5,441 | 3,349 | 104 | — | 17,159 | |||||||||||||||
Cash and cash equivalents, December 31 | $ | 61,245 | 1,326 | 153 | 101 | — | $ | 62,825 | |||||||||||||
Consolidating statement of cash flows | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 100,356 | 16,746 | 13,008 | (3 | ) | (28,836 | ) | [2] | $ | 101,271 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||||||
Equity in earnings | (28,936 | ) | — | — | — | 28,836 | [2] | (100 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 47,035 | — | — | — | (46,935 | ) | [2] | 100 | |||||||||||||
Depreciation of property, plant and equipment | 90,783 | 33,337 | 20,378 | — | — | 144,498 | |||||||||||||||
Other amortization | 1,508 | 3,252 | 2,238 | — | — | 6,998 | |||||||||||||||
Impairment of utility assets | 29,000 | 5,500 | 5,500 | — | — | 40,000 | |||||||||||||||
Increase in deferred income taxes | 66,968 | 7,457 | 12,453 | — | — | 86,878 | |||||||||||||||
Change in tax credits, net | 5,006 | 522 | 547 | — | — | 6,075 | |||||||||||||||
Allowance for equity funds used during construction | (5,735 | ) | (585 | ) | (687 | ) | — | — | (7,007 | ) | |||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||
Increase in accounts receivable | (48,451 | ) | (1,106 | ) | (2,164 | ) | — | 4,717 | [1] | (47,004 | ) | ||||||||||
Decrease (increase) in accrued unbilled revenues | 2,728 | 4,106 | (3,306 | ) | — | — | 3,528 | ||||||||||||||
Decrease in fuel oil stock | 4,861 | 3,732 | 1,536 | — | — | 10,129 | |||||||||||||||
Increase in materials and supplies | (6,683 | ) | (636 | ) | (578 | ) | — | — | (7,897 | ) | |||||||||||
Increase in regulatory assets | (55,605 | ) | (9,649 | ) | (7,147 | ) | — | — | (72,401 | ) | |||||||||||
Increase (decrease) in accounts payable | (31,743 | ) | (8,110 | ) | 940 | — | — | (38,913 | ) | ||||||||||||
Change in prepaid and accrued income taxes and revenue taxes | 19,871 | 1,935 | 3,433 | — | — | 25,239 | |||||||||||||||
Decrease in defined benefit pension and other postretirement benefit plans liability | (434 | ) | (191 | ) | (119 | ) | — | — | (744 | ) | |||||||||||
Change in other assets and liabilities | (44,880 | ) | (11,143 | ) | (12,678 | ) | (1 | ) | (4,717 | ) | [1] | (73,419 | ) | ||||||||
Net cash provided by (used in) operating activities | 145,649 | 45,167 | 33,354 | (4 | ) | (46,935 | ) | 177,231 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures | (233,792 | ) | (41,060 | ) | (35,239 | ) | — | — | (310,091 | ) | |||||||||||
Contributions in aid of construction | 32,285 | 8,184 | 5,513 | — | — | 45,982 | |||||||||||||||
Advances from (to) affiliates | (9,400 | ) | 28,100 | 18,500 | — | (37,200 | ) | [1] | — | ||||||||||||
Net cash used in investing activities | (210,907 | ) | (4,776 | ) | (11,226 | ) | — | (37,200 | ) | (264,109 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Common stock dividends | (73,044 | ) | (27,738 | ) | (19,197 | ) | — | 46,935 | [2] | (73,044 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) | (534 | ) | (381 | ) | — | — | (1,995 | ) | |||||||||||
Proceeds from the issuance of common stock | 44,000 | — | — | — | — | 44,000 | |||||||||||||||
Proceeds from the issuance of long-term debt | 367,000 | 31,000 | 59,000 | — | — | 457,000 | |||||||||||||||
Repayment of long-term debt | (259,580 | ) | (41,200 | ) | (67,720 | ) | — | — | (368,500 | ) | |||||||||||
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (46,600 | ) | — | 9,400 | — | 37,200 | [1] | — | |||||||||||||
Other | (1,992 | ) | 139 | (377 | ) | — | — | (2,230 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 28,704 | (38,333 | ) | (19,275 | ) | — | 84,135 | 55,231 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (36,554 | ) | 2,058 | 2,853 | (4 | ) | — | (31,647 | ) | ||||||||||||
Cash and cash equivalents, January 1 | 44,819 | 3,383 | 496 | 108 | — | 48,806 | |||||||||||||||
Cash and cash equivalents, December 31 | $ | 8,265 | 5,441 | 3,349 | 104 | — | $ | 17,159 | |||||||||||||
Consolidating statement of cash flows | |||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 101,066 | 27,185 | 18,355 | (9 | ) | (44,616 | ) | [2] | $ | 101,981 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||||||
Equity in earnings | (44,716 | ) | — | — | — | 44,616 | [2] | (100 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 28,228 | — | — | — | (28,128 | ) | [2] | 100 | |||||||||||||
Depreciation of property, plant and equipment | 89,324 | 32,767 | 20,884 | — | — | 142,975 | |||||||||||||||
Other amortization | 9,890 | 2,528 | 4,960 | — | — | 17,378 | |||||||||||||||
Impairment of utility assets | 9,215 | — | — | — | — | 9,215 | |||||||||||||||
Increase in deferred income taxes | 38,548 | 16,101 | 14,442 | — | — | 69,091 | |||||||||||||||
Change in tax credits, net | 1,464 | 117 | 506 | — | — | 2,087 | |||||||||||||||
Allowance for equity funds used during construction | (4,572 | ) | (592 | ) | (800 | ) | — | — | (5,964 | ) | |||||||||||
Change in cash overdraft | — | (2,527 | ) | (161 | ) | — | — | (2,688 | ) | ||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||
Increase in accounts receivable | (34,167 | ) | (2,985 | ) | (5,663 | ) | — | (1,589 | ) | [1] | (44,404 | ) | |||||||||
Decrease (increase) in accrued unbilled revenues | (31,616 | ) | (2,481 | ) | 655 | — | — | (33,442 | ) | ||||||||||||
Increase in fuel oil stock | (6,757 | ) | (3,466 | ) | (8,620 | ) | — | — | (18,843 | ) | |||||||||||
Increase in materials and supplies | (6,206 | ) | (202 | ) | (63 | ) | — | — | (6,471 | ) | |||||||||||
Increase in regulatory assets | (31,774 | ) | (2,025 | ) | (6,333 | ) | — | — | (40,132 | ) | |||||||||||
Increase (decrease) in accounts payable | (34,515 | ) | 4,391 | (5,691 | ) | — | — | (35,815 | ) | ||||||||||||
Change in prepaid and accrued income taxes and revenue taxes | 51,593 | 9,641 | 8,502 | — | — | 69,736 | |||||||||||||||
Decrease in defined benefit pension and other postretirement benefits plans liability | (20,439 | ) | (3,241 | ) | (3,324 | ) | — | — | (27,004 | ) | |||||||||||
Change in other assets and liabilities | (17,432 | ) | (13,124 | ) | (7,337 | ) | (2 | ) | 1,589 | [1] | (36,306 | ) | |||||||||
Net cash provided by (used in) operating activities | 97,134 | 62,087 | 30,312 | (11 | ) | (28,128 | ) | 161,394 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures | (160,528 | ) | (34,230 | ) | (31,264 | ) | — | — | (226,022 | ) | |||||||||||
Contributions in aid of construction | 15,003 | 6,271 | 2,260 | — | — | 23,534 | |||||||||||||||
Advances from (to) affiliates | — | (15,200 | ) | 11,000 | — | 4,200 | [1] | — | |||||||||||||
Other | 77 | — | — | — | — | 77 | |||||||||||||||
Investment in consolidated subsidiary | (25 | ) | — | — | — | 25 | [2] | — | |||||||||||||
Net cash used in investing activities | (145,473 | ) | (43,159 | ) | (18,004 | ) | — | 4,225 | (202,411 | ) | |||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Common stock dividends | (70,558 | ) | (16,124 | ) | (12,004 | ) | — | 28,128 | [2] | (70,558 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) | (534 | ) | (381 | ) | — | — | (1,995 | ) | |||||||||||
Proceeds from issuance of common stock | 40,000 | — | — | 25 | (25 | ) | [2] | 40,000 | |||||||||||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 4,200 | — | — | — | (4,200 | ) | [1] | — | |||||||||||||
Other | (423 | ) | (116 | ) | (21 | ) | — | — | (560 | ) | |||||||||||
Net cash provided by (used in) financing activities | (27,861 | ) | (16,774 | ) | (12,406 | ) | 25 | 23,903 | (33,113 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (76,200 | ) | 2,154 | (98 | ) | 14 | — | (74,130 | ) | ||||||||||||
Cash and cash equivalents, January 1 | 121,019 | 1,229 | 594 | 94 | — | 122,936 | |||||||||||||||
Cash and cash equivalents, December 31 | $ | 44,819 | 3,383 | 496 | 108 | — | $ | 48,806 | |||||||||||||
Explanation of consolidating adjustments on consolidating schedules: | |||||||||||||||||||||
[1] | Eliminations of intercompany receivables and payables and other intercompany transactions. | ||||||||||||||||||||
[2] | Elimination of investment in subsidiaries, carried at equity. | ||||||||||||||||||||
[3] | Reclassification of accrued income taxes for financial statement presentation. |
Bank_subsidiary_HEI_only
Bank subsidiary (HEI only) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Bank subsidiary | ' | |||||||||||||||||||||||||||||||||||||||
Bank subsidiary (HEI only) | ' | |||||||||||||||||||||||||||||||||||||||
4 · Bank subsidiary (HEI only) | ||||||||||||||||||||||||||||||||||||||||
Selected financial information | ||||||||||||||||||||||||||||||||||||||||
American Savings Bank, F.S.B. | ||||||||||||||||||||||||||||||||||||||||
Statements of Income Data | ||||||||||||||||||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | ||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 172,969 | $ | 176,057 | $ | 184,485 | ||||||||||||||||||||||||||||||||||
Interest and dividends on investment and mortgage-related securities | 13,095 | 13,822 | 14,568 | |||||||||||||||||||||||||||||||||||||
Total interest and dividend income | 186,064 | 189,879 | 199,053 | |||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Interest on deposit liabilities | 5,092 | 6,423 | 8,983 | |||||||||||||||||||||||||||||||||||||
Interest on other borrowings | 4,985 | 4,869 | 5,486 | |||||||||||||||||||||||||||||||||||||
Total interest expense | 10,077 | 11,292 | 14,469 | |||||||||||||||||||||||||||||||||||||
Net interest income | 175,987 | 178,587 | 184,584 | |||||||||||||||||||||||||||||||||||||
Provision for loan losses | 1,507 | 12,883 | 15,009 | |||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 174,480 | 165,704 | 169,575 | |||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||
Fees from other financial services | 27,099 | 31,361 | 28,881 | |||||||||||||||||||||||||||||||||||||
Fee income on deposit liabilities | 18,363 | 17,775 | 18,026 | |||||||||||||||||||||||||||||||||||||
Fee income on other financial products | 8,405 | 6,577 | 6,704 | |||||||||||||||||||||||||||||||||||||
Mortgage banking income | 8,309 | 14,628 | 5,028 | |||||||||||||||||||||||||||||||||||||
Gains on sale of securities | 1,226 | 134 | 371 | |||||||||||||||||||||||||||||||||||||
Other income, net | 8,681 | 5,185 | 6,344 | |||||||||||||||||||||||||||||||||||||
Total noninterest income | 72,083 | 75,660 | 65,354 | |||||||||||||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 82,910 | 75,979 | 71,137 | |||||||||||||||||||||||||||||||||||||
Occupancy | 16,747 | 17,179 | 17,154 | |||||||||||||||||||||||||||||||||||||
Data processing | 10,952 | 10,098 | 8,155 | |||||||||||||||||||||||||||||||||||||
Services | 9,015 | 9,866 | 7,396 | |||||||||||||||||||||||||||||||||||||
Equipment | 7,295 | 7,105 | 6,903 | |||||||||||||||||||||||||||||||||||||
Office supplies, printing and postage | 4,233 | 3,870 | 3,934 | |||||||||||||||||||||||||||||||||||||
Marketing | 3,373 | 3,260 | 3,001 | |||||||||||||||||||||||||||||||||||||
Communication | 1,864 | 1,809 | 1,764 | |||||||||||||||||||||||||||||||||||||
Other expense | 23,115 | 23,177 | 23,949 | |||||||||||||||||||||||||||||||||||||
Total noninterest expense | 159,504 | 152,343 | 143,393 | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 87,059 | 89,021 | 91,536 | |||||||||||||||||||||||||||||||||||||
Income taxes | 29,525 | 30,384 | 31,693 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 57,534 | $ | 58,637 | $ | 59,843 | ||||||||||||||||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 57,534 | $ | 58,637 | $ | 59,843 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities: | ||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities arising during the period, net of (taxes) benefits of $9,037, ($631) and ($4,343), for 2013, 2012 and 2011, respectively | (13,686 | ) | 956 | 6,578 | ||||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for net realized gains included in net income, net of taxes of $488, $53 and $148 for 2013, 2012 and 2011, respectively | (738 | ) | (81 | ) | (224 | ) | ||||||||||||||||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||||||||||||||||||||||
Net gains (losses) arising during the period, net of (taxes) benefits of ($10,450), $5,240 and $6,577 for 2013, 2012 and 2011, respectively | 15,826 | (7,936 | ) | (9,960 | ) | |||||||||||||||||||||||||||||||||||
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $1,187, $684 and $346 for 2013, 2012 and 2011, respectively | 1,797 | 1,036 | 523 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 3,199 | (6,025 | ) | (3,083 | ) | |||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 60,733 | $ | 52,612 | $ | 56,760 | ||||||||||||||||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 156,603 | $ | 184,430 | ||||||||||||||||||||||||||||||||||||
Available-for-sale investment and mortgage-related securities | 529,007 | 671,358 | ||||||||||||||||||||||||||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 92,546 | 96,022 | ||||||||||||||||||||||||||||||||||||||
Loans receivable held for investment | 4,150,229 | 3,779,218 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (40,116 | ) | (41,985 | ) | ||||||||||||||||||||||||||||||||||||
Loans receivable held for investment, net | 4,110,113 | 3,737,233 | ||||||||||||||||||||||||||||||||||||||
Loans held for sale, at lower of cost or fair value | 5,302 | 26,005 | ||||||||||||||||||||||||||||||||||||||
Other | 268,063 | 244,435 | ||||||||||||||||||||||||||||||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,243,824 | $ | 5,041,673 | ||||||||||||||||||||||||||||||||||||
Liabilities and shareholder’s equity | ||||||||||||||||||||||||||||||||||||||||
Deposit liabilities–noninterest-bearing | $ | 1,214,418 | $ | 1,164,308 | ||||||||||||||||||||||||||||||||||||
Deposit liabilities–interest-bearing | 3,158,059 | 3,065,608 | ||||||||||||||||||||||||||||||||||||||
Other borrowings | 244,514 | 195,926 | ||||||||||||||||||||||||||||||||||||||
Other | 105,679 | 117,752 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | 4,722,670 | 4,543,594 | ||||||||||||||||||||||||||||||||||||||
Commitments and contingencies (see “Litigation” below) | ||||||||||||||||||||||||||||||||||||||||
Common stock | 336,054 | 333,712 | ||||||||||||||||||||||||||||||||||||||
Retained earnings | 197,297 | 179,763 | ||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities | $ | (3,663 | ) | $ | 10,761 | |||||||||||||||||||||||||||||||||||
Retirement benefit plans | (8,534 | ) | (12,197 | ) | (26,157 | ) | (15,396 | ) | ||||||||||||||||||||||||||||||||
Total shareholder’s equity | 521,154 | 498,079 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 5,243,824 | $ | 5,041,673 | ||||||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | $ | 129,963 | $ | 125,726 | ||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 67,766 | 62,458 | ||||||||||||||||||||||||||||||||||||||
Prepaid expenses | 3,616 | 13,199 | ||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 13,133 | 13,228 | ||||||||||||||||||||||||||||||||||||||
Mortgage-servicing rights | 11,687 | 10,818 | ||||||||||||||||||||||||||||||||||||||
Real estate acquired in settlement of loans, net | 1,205 | 6,050 | ||||||||||||||||||||||||||||||||||||||
Other | 40,693 | 12,956 | ||||||||||||||||||||||||||||||||||||||
$ | 268,063 | $ | 244,435 | |||||||||||||||||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses | $ | 19,989 | $ | 17,103 | ||||||||||||||||||||||||||||||||||||
Federal and state income taxes payable | 37,807 | 35,408 | ||||||||||||||||||||||||||||||||||||||
Cashier’s checks | 21,110 | 23,478 | ||||||||||||||||||||||||||||||||||||||
Advance payments by borrowers | 9,647 | 9,685 | ||||||||||||||||||||||||||||||||||||||
Other | 17,126 | 32,078 | ||||||||||||||||||||||||||||||||||||||
$ | 105,679 | $ | 117,752 | |||||||||||||||||||||||||||||||||||||
Bank-owned life insurance is life insurance purchased by ASB on the lives of certain key employees, with ASB as the beneficiary. The insurance is used to fund employee benefits through tax-free income from increases in the cash value of the policies and insurance proceeds paid to ASB upon an insured’s death. | ||||||||||||||||||||||||||||||||||||||||
Investment and mortgage-related securities. ASB owns investment securities (federal agency obligations) and mortgage-related securities issued by the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Government National Mortgage Association (GNMA) and municipal bonds. | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013, ASB’s investment portfolio distribution was 70% mortgage-related securities issued by FNMA, FHLMC or GNMA, 15% federal agency obligations and 15% municipal bonds. These investment and mortgage-related securities are widely traded in the market and have observable transactions that allow them to be readily priced. | ||||||||||||||||||||||||||||||||||||||||
Prices for investments and mortgage-related securities are provided by an independent third party pricing service and are based on observable inputs, including historical trading levels or sector yields, using market-based valuation techniques. The third party pricing service uses applications, models and pricing matrices that correlate security prices to benchmark securities which are adjusted for various inputs. Inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark security bids and offers, TBA prices, monthly payment information, and reference data including market research. The pricing service may prioritize inputs differently on any given day for any security, and not all inputs are available for use in the evaluation process on any given day or for each security. The pricing vendor corroborates its findings on an on-going basis by monitoring market activity and events. | ||||||||||||||||||||||||||||||||||||||||
Third party pricing services provide security prices in good faith using rigorous methodologies; however, they do not warrant or guarantee the adequacy or accuracy of their information. Therefore, ASB utilizes a separate third party pricing vendor to corroborate security pricing of the first pricing vendor. If the pricing differential between the two pricing sources exceeds an established threshold, a pricing inquiry will be sent to both vendors or to an independent broker to determine a price that can be supported based on observable inputs found in the market. Such challenges to pricing are required infrequently and are generally resolved using additional security-specific information that was not available to a specific vendor. | ||||||||||||||||||||||||||||||||||||||||
Gross | Gross | Estimated | Gross unrealized losses | |||||||||||||||||||||||||||||||||||||
Amortized | unrealized | unrealized | fair | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | cost | gains | losses | value | Fair value | Amount | Fair value | Amount | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||
Federal agency obligations | $ | 83,193 | $ | 174 | $ | (2,394 | ) | $ | 80,973 | $ | 70,799 | $ | (2.394 | ) | $ | — | $ | — | ||||||||||||||||||||||
Mortgage-related securities- FNMA, FHLMC and GNMA | 374,993 | 4,911 | (10,460 | ) | 369,444 | 228,543 | (8,819 | ) | 19,655 | (1,641 | ) | |||||||||||||||||||||||||||||
Municipal bonds | 76,904 | 1,826 | (140 | ) | 78,590 | 14,478 | (140 | ) | — | — | ||||||||||||||||||||||||||||||
$ | 535,090 | $ | 6,911 | $ | (12,994 | ) | $ | 529,007 | $ | 313,820 | $ | (11,353 | ) | $ | 19,655 | $ | (1,641 | ) | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||
Federal agency obligations | $ | 168,324 | $ | 3,167 | $ | — | $ | 171,491 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Mortgage-related securities- FNMA, FHLMC and GNMA | 407,175 | 10,412 | (204 | ) | 417,383 | 32,269 | (204 | ) | — | — | ||||||||||||||||||||||||||||||
Municipal bonds | 77,993 | 4,491 | — | 82,484 | — | — | — | — | ||||||||||||||||||||||||||||||||
$ | 653,492 | $ | 18,070 | $ | (204 | ) | $ | 671,358 | $ | 32,269 | $ | (204 | ) | $ | — | $ | — | |||||||||||||||||||||||
Federal agency obligations have contractual terms to maturity. Mortgage-related securities have contractual terms to maturity, but require periodic payments to reduce principal. In addition, expected maturities will differ from contractual maturities because borrowers have the right to prepay the underlying mortgages (see contractual maturities table below). | ||||||||||||||||||||||||||||||||||||||||
The contractual maturities of available-for-sale securities were as follows: | ||||||||||||||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Cost | value | ||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | 42,920 | 43,137 | ||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 95,860 | 96,751 | ||||||||||||||||||||||||||||||||||||||
Due after ten years | 21,317 | 19,675 | ||||||||||||||||||||||||||||||||||||||
160,097 | 159,563 | |||||||||||||||||||||||||||||||||||||||
Mortgage-related securities-FNMA,FHLMC and GNMA | 374,993 | 369,444 | ||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 535,090 | $ | 529,007 | ||||||||||||||||||||||||||||||||||||
All positions with variable maturities (e.g. callable debentures and mortgage-related securities) are disclosed based upon the bond’s contractual maturity. Actual maturities will likely differ from these contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. | ||||||||||||||||||||||||||||||||||||||||
In 2013, 2012 and 2011, proceeds from sales of available-for-sale mortgage-related securities were nil, $3.5 million and $30.7 million, resulting in gross realized gains of nil, $0.1 million and $0.4 million, respectively, and there were no gross realized losses. In 2013, proceeds from the sale of federal agency obligations were $71.4 million resulting in gross realized gains of $1.2 million and no gross realized losses. There were no federal agency obligation sales in 2012 and 2011. In 2011, proceeds from the sale of municipal bonds were $2.1 million resulting in gross realized gains of $5,000 and no gross realized losses. There were no sales of municipal bonds in 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||||
ASB pledged mortgage-related securities and federal agency obligations with a market value of approximately $87.1 million and $98.0 million as of December 31, 2013 and 2012, respectively, as collateral for public funds deposits, automated clearinghouse transactions with Bank of Hawaii, and deposits in ASB’s bankruptcy account with the Federal Reserve Bank of San Francisco. As of December 31, 2013 and 2012, mortgage-related securities and federal agency obligations with a carrying value of $187.1 million and $189.3 million, respectively, were pledged as collateral for securities sold under agreements to repurchase. | ||||||||||||||||||||||||||||||||||||||||
FHLB of Seattle stock. As of December 31, 2013 and 2012, ASB’s investment in stock of the FHLB of Seattle was carried at cost because it can only be redeemed at par and it is a required investment based on measurements of ASB’s capital, assets and/or borrowing levels. Periodically and as conditions warrant, ASB reviews its investment in the stock of the FHLB of Seattle for impairment. ASB evaluated its investment in FHLB stock for OTTI as of December 31, 2013, consistent with its accounting policy. ASB did not recognize an OTTI loss for 2013 based on its evaluation of the underlying investment, including: | ||||||||||||||||||||||||||||||||||||||||
• | the net income and growth in retained earnings recorded by the FHLB of Seattle in the first nine months of 2013; | |||||||||||||||||||||||||||||||||||||||
• | compliance by the FHLB of Seattle with all of its regulatory capital requirements and being classified “adequately capitalized” by the Federal Housing Finance Agency (Finance Agency); | |||||||||||||||||||||||||||||||||||||||
• | being allowed by the Finance Agency to repurchase excess stock; | |||||||||||||||||||||||||||||||||||||||
• | commitments by the FHLB of Seattle to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB of Seattle; | |||||||||||||||||||||||||||||||||||||||
• | the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB of Seattle; | |||||||||||||||||||||||||||||||||||||||
• | the liquidity position of the FHLB of Seattle; and | |||||||||||||||||||||||||||||||||||||||
• | ASB’s intent and assessment of whether it will more likely than not be required to sell the FHLB stock before recovery of its par value. | |||||||||||||||||||||||||||||||||||||||
Deterioration in the FHLB of Seattle’s financial position may result in future impairment losses. | ||||||||||||||||||||||||||||||||||||||||
Other-than-temporary impaired securities. All securities are reviewed for impairment in accordance with accounting standards for OTTI recognition. Under these standards ASB’s intent to sell the security, the probability of more-likely-than-not being forced to sell the position prior to recovery of its cost basis and the probability of more-likely-than-not recovering the amortized cost of the position was determined. If ASB’s intent is to hold positions determined to be other-than-temporarily impaired, credit losses, which are recognized in earnings, are quantified using the position’s pre-impairment discount rate and the net present value of cash flows expected to be collected from the security. Non-credit related impairments are reflected in other comprehensive income. ASB did not recognize OTTI for 2013, 2012 or 2011. | ||||||||||||||||||||||||||||||||||||||||
Loans receivable. | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,006,007 | $ | 1,866,450 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 440,443 | 375,677 | ||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 739,331 | 630,175 | ||||||||||||||||||||||||||||||||||||||
Residential land | 16,176 | 25,815 | ||||||||||||||||||||||||||||||||||||||
Commercial construction | 52,112 | 43,988 | ||||||||||||||||||||||||||||||||||||||
Residential construction | 12,774 | 6,171 | ||||||||||||||||||||||||||||||||||||||
Total real estate loans | 3,266,843 | 2,948,276 | ||||||||||||||||||||||||||||||||||||||
Commercial loans | 783,388 | 721,349 | ||||||||||||||||||||||||||||||||||||||
Consumer loans | 108,722 | 121,231 | ||||||||||||||||||||||||||||||||||||||
Total loans | 4,158,953 | 3,790,856 | ||||||||||||||||||||||||||||||||||||||
Deferred loan fees, net and unamortized discounts | (8,724 | ) | (11,638 | ) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (40,116 | ) | (41,985 | ) | ||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 4,110,113 | $ | 3,737,233 | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, ASB’s commitments to originate loans approximated $163.7 million and $97.9 million, respectively. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitments. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since certain of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. ASB minimizes its exposure to loss under these commitments by requiring that customers meet certain conditions prior to disbursing funds. The amount of collateral, if any, is based on a credit evaluation of the borrower and may include residential real estate, accounts receivable, inventory and property, plant and equipment. | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, standby, commercial and banker’s acceptance letters of credit totaled $15.7 million and $10.5 million, respectively. Letters of credit are conditional commitments issued by ASB to guarantee payment and performance of a customer to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. ASB holds collateral supporting those commitments for which collateral is deemed necessary. As of December 31, 2013 and 2012, undrawn consumer lines of credit, including credit cards, totaled $1.1 billion and $1.0 billion, respectively, and undrawn commercial loans including lines of credit totaled $396.4 million and $376.2 million, respectively. | ||||||||||||||||||||||||||||||||||||||||
ASB services real estate loans for investors ($1.4 billion, $1.3 billion and $1.0 billion as of December 31, 2013, 2012 and 2011, respectively), which are not included in the accompanying consolidated balance sheet data. ASB reports fees earned for servicing such loans as income when the related mortgage loan payments are collected and charges loan servicing costs to expense as incurred. | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, ASB had pledged loans with an amortized cost of approximately $1.7 billion and $1.0 billion, respectively, as collateral to secure advances from the FHLB of Seattle. | ||||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, the aggregate amount of loans to directors and executive officers of ASB and its affiliates and any related interests (as defined in Federal Reserve Board (FRB) Regulation O) of such individuals, was $45.8 million and $70.9 million, respectively. The $25.1 million decrease in such loans in 2013 was attributed to new commitments and loans of $0.5 million to new and existing directors and executive officers, offset by closed lines of credits and repayments of $25.6 million. As of December 31, 2013 and 2012, $40.5 million and $65.9 million of the loan balances, respectively, were to related interests of individuals who are directors of ASB. All such loans were made at ASB’s normal credit terms except that residential real estate loans and consumer loans to directors and executive officers of ASB were made at preferred employee interest rates. Management believes these loans do not represent more than a normal risk of collection. | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses. As discussed in Note 1, ASB must maintain an allowance for loan losses that is adequate to absorb estimated probable credit losses associated with its loan portfolio. The allowance for loan losses consists of an allocated portion, which estimates credit losses for specifically identified loans and pools of loans, and an unallocated portion. | ||||||||||||||||||||||||||||||||||||||||
Segmentation. ASB segments its loan portfolio by three levels. In the first level, the loan portfolio is separated into homogeneous and non-homogeneous loan portfolios. Residential, consumer and credit scored business loans are considered homogeneous loans. These are loans that are typically underwritten based on common, uniform standards, and are generally classified as to the level of loss exposure based on delinquency status. Commercial loans and commercial real estate (CRE) loans are defined as non-homogeneous loans and ASB utilitizes a uniform ten–point risk rating system for evaluating the credit quality of the loans. These are loans where the underwriting criteria are not uniform and the risk rating classification is based upon considerations broader than just delinquency performance. | ||||||||||||||||||||||||||||||||||||||||
In the second level of segmentation, the loan portfolios are further stratified into individual products with common risk characteristics. For residential loans, the loan portfolio is segmented by loan categories and geographic location first within the State of Hawaii (Oahu vs. the neighbor islands) and second collectively outside of the state. The consumer loan portfolio is segmented into various secured and unsecured loan product types. The credit scored business loan portfolio is segmented by loans under lines of credit or term loans. For commercial loans, the portfolio is differentiated by separating Commercial & Industrial (C&I) loans, C&I National Lending loans and C&I loans guaranteed by Small Business Administration programs while CRE loans are grouped by owner-occupied loans, investor loans, construction loans, and vacant land loans. | ||||||||||||||||||||||||||||||||||||||||
For the third and last level of segmentation, loans are categorized into the regulatory asset quality classifications – Pass, Substandard, and Loss for homogeneous loans based primarily on delinquency status, and Pass (Risk Rating 1 to 6), Special Mention (Risk Rating 7), Substandard (Risk Rating 8), Doubtful (Risk Rating 9), and Loss (Risk Rating 10) for non-homogeneous loans based on credit quality. | ||||||||||||||||||||||||||||||||||||||||
Specific allocation. | ||||||||||||||||||||||||||||||||||||||||
Residential real estate. All residential real estate loans that are 180 days delinquent, or where ASB has initiated foreclosure action or have been modified in a TDR are reviewed for impairment based on the fair value of the collateral, net of costs to sell. Generally, impairment amounts derived under this method are immediately charged off. | ||||||||||||||||||||||||||||||||||||||||
Consumer. The consumer loan portfolio specific allocation is determined based on delinquency; unsecured consumer loans are generally charged-off based on delinquency status varying from 120 to 180 days. | ||||||||||||||||||||||||||||||||||||||||
Commercial and CRE. A specific allocation is determined for impaired commercial and CRE loans. See further discussion in Note 1. | ||||||||||||||||||||||||||||||||||||||||
Pooled allocation. | ||||||||||||||||||||||||||||||||||||||||
Residential real estate and consumer. Pooled allocation for non-impaired residential real estate and consumer loans are determined using a historical loss rate analysis and qualitative factor considerations. | ||||||||||||||||||||||||||||||||||||||||
Commercial and CRE. Pooled allocation for pass, special mention, substandard, and doubtful grade commercial and CRE loans that share common risk characteristics and properties are determined using a historical loss rate analysis and qualitative factor considerations. | ||||||||||||||||||||||||||||||||||||||||
Qualitative adjustments. Qualitative adjustments to historical loss rates or other static sources may be necessary since these rates may not fully consider all losses inherent in the current portfolio (for example, risks in growing and/or unseasoned portfolios). To estimate the level of adjustments, management considers factors, including levels and trends in problem loans, the nature, volume and term of the loan portfolios, changes in lending policies and practices, changes in management and staffing, economic conditions, industry trends, and credit concentrations. | ||||||||||||||||||||||||||||||||||||||||
Unallocated allowance. ASB’s allowance incorporates an unallocated portion to cover risk factors and events that may have occurred as of the evaluation date that have not been reflected in the risk measures due to inherent limitations to the precision of the estimation process. These risk factors, in addition to micro- and macro- economic factors, past, current and anticipated events based on facts at the balance sheet date, and realistic courses of action that management expects to take, are assessed in determining the level of unallocated allowance. | ||||||||||||||||||||||||||||||||||||||||
The allowance for loan losses (balances and changes) and financing receivables were as follows: | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Residential 1-4 family | Commercial | Home equity | Residential land | Commercial construction | Residential construction | Commer- | Consumer loans | Unallo- cated | Total | ||||||||||||||||||||||||||||||
real estate | line of credit | cial loans | ||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,068 | $ | 2,965 | $ | 4,493 | $ | 4,275 | $ | 2,023 | $ | 9 | $ | 15,931 | $ | 4,019 | $ | 2,202 | $ | 41,985 | ||||||||||||||||||||
Charge-offs | (1,162 | ) | — | (782 | ) | (485 | ) | — | — | (3,056 | ) | (2,717 | ) | — | (8,202 | ) | ||||||||||||||||||||||||
Recoveries | 1,881 | — | 358 | 868 | — | — | 1,089 | 630 | — | 4,826 | ||||||||||||||||||||||||||||||
Provision | (1,253 | ) | 2,094 | 1,160 | (2,841 | ) | 374 | 10 | 1,839 | 435 | (311 | ) | 1,507 | |||||||||||||||||||||||||||
Ending balance | $ | 5,534 | $ | 5,059 | $ | 5,229 | $ | 1,817 | $ | 2,397 | $ | 19 | $ | 15,803 | $ | 2,367 | $ | 1,891 | $ | 40,116 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 642 | $ | 1,118 | $ | — | $ | 1,332 | $ | — | $ | — | $ | 2,246 | $ | — | $ | — | $ | 5,338 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 4,892 | $ | 3,941 | $ | 5,229 | $ | 485 | $ | 2,397 | $ | 19 | $ | 13,557 | $ | 2,367 | $ | 1,891 | $ | 34,778 | ||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,006,007 | $ | 440,443 | $ | 739,331 | $ | 16,176 | $ | 52,112 | $ | 12,774 | $ | 783,388 | $ | 108,722 | $ | — | $ | 4,158,953 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 20,317 | $ | 4,604 | $ | 1,179 | $ | 10,577 | $ | — | $ | — | $ | 21,225 | $ | 19 | $ | — | $ | 57,921 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,985,690 | $ | 435,839 | $ | 738,152 | $ | 5,599 | $ | 52,112 | $ | 12,774 | $ | 762,163 | $ | 108,703 | $ | — | $ | 4,101,032 | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,500 | $ | 1,688 | $ | 4,354 | $ | 3,795 | $ | 1,888 | $ | 4 | $ | 14,867 | $ | 3,806 | $ | 1,004 | $ | 37,906 | ||||||||||||||||||||
Charge-offs | (3,183 | ) | — | (716 | ) | (2,808 | ) | — | — | (3,606 | ) | (2,517 | ) | — | (12,830 | ) | ||||||||||||||||||||||||
Recoveries | 1,328 | — | 108 | 1,443 | — | — | 649 | 498 | — | 4,026 | ||||||||||||||||||||||||||||||
Provision | 1,423 | 1,277 | 747 | 1,845 | 135 | 5 | 4,021 | 2,232 | 1,198 | 12,883 | ||||||||||||||||||||||||||||||
Ending balance | $ | 6,068 | $ | 2,965 | $ | 4,493 | $ | 4,275 | $ | 2,023 | $ | 9 | $ | 15,931 | $ | 4,019 | $ | 2,202 | $ | 41,985 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 384 | $ | 535 | $ | — | $ | 3,221 | $ | — | $ | — | $ | 2,659 | $ | — | $ | — | $ | 6,799 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 5,684 | $ | 2,430 | $ | 4,493 | $ | 1,054 | $ | 2,023 | $ | 9 | $ | 13,272 | $ | 4,019 | $ | 2,202 | $ | 35,186 | ||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,866,450 | $ | 375,677 | $ | 630,175 | $ | 25,815 | $ | 43,988 | $ | 6,171 | $ | 721,349 | $ | 121,231 | $ | — | $ | 3,790,856 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 25,279 | $ | 6,751 | $ | 1,560 | $ | 18,563 | $ | — | $ | — | $ | 20,298 | $ | 22 | $ | — | $ | 72,473 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,841,171 | $ | 368,926 | $ | 628,615 | $ | 7,252 | $ | 43,988 | $ | 6,171 | $ | 701,051 | $ | 121,209 | $ | — | $ | 3,718,383 | ||||||||||||||||||||
Changes in the allowance for loan losses were as follows: | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses, January 1 | $ | 41,985 | $ | 37,906 | $ | 40,646 | ||||||||||||||||||||||||||||||||||
Provision for loan losses | 1,507 | 12,883 | 15,009 | |||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | ||||||||||||||||||||||||||||||||||||||||
Real estate loans | (678 | ) | 3,828 | 10,733 | ||||||||||||||||||||||||||||||||||||
Other loans | 4,054 | 4,976 | 7,016 | |||||||||||||||||||||||||||||||||||||
Net charge-offs | 3,376 | 8,804 | 17,749 | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses, December 31 | $ | 40,116 | $ | 41,985 | $ | 37,906 | ||||||||||||||||||||||||||||||||||
Ratio of net charge-offs to average loans outstanding | 0.09 | % | 0.24 | % | 0.49 | % | ||||||||||||||||||||||||||||||||||
Credit quality. ASB performs an internal loan review and grading on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of its lending policies and procedures. The objectives of the loan review and grading procedures are to identify, in a timely manner, existing or emerging credit trends so that appropriate steps can be initiated to manage risk and avoid or minimize future losses. Loans subject to grading include commercial and industrial, commercial real estate and commercial construction loans. | ||||||||||||||||||||||||||||||||||||||||
A dual ten-point risk rating system is used to reflect the probability of default (borrower risk rating) and loss given default (transaction risk rating). The borrower risk rating addresses risk presented by the individual borrower and is based on the overall assessment of the borrower’s financial and operating strength including earnings, operating cash flow, debt service capacity, asset and liability structure, competitive issues, experience and quality of management, financial reporting quality and industry/economic factors. Separately, the transaction risk rating addresses risk in the transaction and is a function of the type of collateral control exercised over the collateral, loan structure, guarantees, and other structural support or enhancements to the loan. | ||||||||||||||||||||||||||||||||||||||||
The numerical representation of the risk categories are: | ||||||||||||||||||||||||||||||||||||||||
1- Substantially risk free | 6- Acceptable risk | |||||||||||||||||||||||||||||||||||||||
2- Minimal risk | 7- Special mention | |||||||||||||||||||||||||||||||||||||||
3- Modest risk | 8- Substandard | |||||||||||||||||||||||||||||||||||||||
4- Better than average risk | 9- Doubtful | |||||||||||||||||||||||||||||||||||||||
5- Average risk | 10- Loss | |||||||||||||||||||||||||||||||||||||||
Grades 1 through 6 are considered pass grades. Pass exposures generally are well protected by the current net worth and paying capacity of the obligor or by the value of the asset or underlying collateral. | ||||||||||||||||||||||||||||||||||||||||
The credit risk profile by internally assigned grade for loans was as follows: | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Commercial | Commercial | Commercial | ||||||||||||||||||||||||||||||||||
real estate | construction | real estate | construction | |||||||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||||||||||
Pass | $ | 375,217 | $ | 52,112 | $ | 703,053 | $ | 314,182 | $ | 39,063 | $ | 638,854 | ||||||||||||||||||||||||||||
Special mention | 33,436 | — | 17,634 | 25,437 | 4,925 | 24,511 | ||||||||||||||||||||||||||||||||||
Substandard | 28,020 | — | 59,663 | 29,308 | — | 53,538 | ||||||||||||||||||||||||||||||||||
Doubtful | 3,770 | — | 3,038 | 6,750 | — | 4,446 | ||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 440,443 | $ | 52,112 | $ | 783,388 | $ | 375,677 | $ | 43,988 | $ | 721,349 | ||||||||||||||||||||||||||||
The increase in commercial real estate and commercial construction loans graded special mention, substandard or doubtful was due to the downgrade of a small number of specific large commercial credits that are being closely monitored and managed. This risk migration reflects both adverse financial trends affecting those borrowers and improved risk rating accuracy of loans across all portfolios. | ||||||||||||||||||||||||||||||||||||||||
The credit risk profile based on payment activity for loans was as follows: | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-59 | 60-89 | Greater | Total | Current | Total | Recorded | |||||||||||||||||||||||||||||||||
days | days | than | past due | financing | Investment> | |||||||||||||||||||||||||||||||||||
past due | past due | 90 days | receivables | 90 days and | ||||||||||||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,728 | $ | 622 | $ | 15,411 | $ | 18,761 | $ | 1,987,246 | $ | 2,006,007 | $ | — | ||||||||||||||||||||||||||
Commercial real estate | — | — | 3,770 | 3,770 | 436,673 | 440,443 | — | |||||||||||||||||||||||||||||||||
Home equity line of credit | 765 | 312 | 960 | 2,037 | 737,294 | 739,331 | — | |||||||||||||||||||||||||||||||||
Residential land | 184 | 48 | 2,756 | 2,988 | 13,188 | 16,176 | — | |||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 52,112 | 52,112 | — | |||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 12,774 | 12,774 | — | |||||||||||||||||||||||||||||||||
Commercial loans | 1,668 | 612 | 3,026 | 5,306 | 778,082 | 783,388 | — | |||||||||||||||||||||||||||||||||
Consumer loans | 436 | 158 | 304 | 898 | 107,824 | 108,722 | — | |||||||||||||||||||||||||||||||||
Total loans | $ | 5,781 | $ | 1,752 | $ | 26,227 | $ | 33,760 | $ | 4,125,193 | $ | 4,158,953 | $ | — | ||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 6,353 | $ | 1,741 | $ | 24,054 | $ | 32,148 | $ | 1,834,302 | $ | 1,866,450 | $ | — | ||||||||||||||||||||||||||
Commercial real estate | 85 | — | 6,750 | 6,835 | 368,842 | 375,677 | — | |||||||||||||||||||||||||||||||||
Home equity line of credit | 1,077 | 142 | 1,319 | 2,538 | 627,637 | 630,175 | — | |||||||||||||||||||||||||||||||||
Residential land | 2,851 | 75 | 7,788 | 10,714 | 15,101 | 25,815 | — | |||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 43,988 | 43,988 | — | |||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 6,171 | 6,171 | — | |||||||||||||||||||||||||||||||||
Commercial loans | 3,052 | 2,814 | 1,098 | 6,964 | 714,385 | 721,349 | 131 | |||||||||||||||||||||||||||||||||
Consumer loans | 598 | 348 | 424 | 1,370 | 119,861 | 121,231 | 242 | |||||||||||||||||||||||||||||||||
Total loans | $ | 14,016 | $ | 5,120 | $ | 41,433 | $ | 60,569 | $ | 3,730,287 | $ | 3,790,856 | $ | 373 | ||||||||||||||||||||||||||
The credit risk profile based on nonaccrual loans and accruing loans 90 days or more past due was as follows: | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | Accruing loans | Nonaccrual | Accruing loans | |||||||||||||||||||||||||||||||||||||
loans | 90 days or | loans | 90 days or | |||||||||||||||||||||||||||||||||||||
more past due | more past due | |||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1–4 family | $ | 19,679 | $ | — | $ | 26,721 | $ | — | ||||||||||||||||||||||||||||||||
Commercial real estate | 4,439 | — | 6,750 | — | ||||||||||||||||||||||||||||||||||||
Home equity line of credit | 2,060 | — | 2,349 | — | ||||||||||||||||||||||||||||||||||||
Residential land | 3,161 | — | 8,561 | — | ||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial loans | 18,781 | — | 20,222 | 131 | ||||||||||||||||||||||||||||||||||||
Consumer loans | 401 | — | 284 | 242 | ||||||||||||||||||||||||||||||||||||
Total | $ | 48,521 | $ | — | $ | 64,887 | $ | 373 | ||||||||||||||||||||||||||||||||
The total carrying amount and the total unpaid principal balance of impaired loans was as follows: | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||
investment | principal | Allow- | recorded | income | investment | principal | allow- | recorded | income | |||||||||||||||||||||||||||||||
balance | ance | investment | recognized | balance | ance | investment | recognized | |||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,708 | $ | 12,144 | $ | — | $ | 11,674 | $ | 386 | $ | 14,633 | $ | 20,247 | $ | — | $ | 16,688 | $ | 294 | ||||||||||||||||||||
Commercial real estate | — | — | — | 802 | — | 2,929 | 2,929 | — | 7,771 | 237 | ||||||||||||||||||||||||||||||
Home equity line of credit | 672 | 1,227 | — | 623 | 2 | 581 | 1,374 | — | 632 | 1 | ||||||||||||||||||||||||||||||
Residential land | 2,622 | 3,612 | — | 6,675 | 482 | 7,691 | 10,624 | — | 21,589 | 1,185 | ||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial loans | 3,466 | 4,715 | — | 4,837 | 12 | 4,265 | 6,994 | — | 24,605 | 986 | ||||||||||||||||||||||||||||||
Consumer loans | 19 | 19 | — | 20 | — | 21 | 21 | — | 23 | — | ||||||||||||||||||||||||||||||
16,487 | 21,717 | — | 24,631 | 882 | 30,120 | 42,189 | — | 71,308 | 2,703 | |||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 6,216 | 6,236 | 642 | 6,455 | 372 | 4,803 | 4,803 | 384 | 4,204 | 250 | ||||||||||||||||||||||||||||||
Commercial real estate | 4,604 | 4,686 | 1,118 | 5,745 | 152 | 3,821 | 3,840 | 535 | 1,295 | — | ||||||||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | — | — | — | 26 | — | ||||||||||||||||||||||||||||||
Residential land | 7,452 | 7,623 | 1,332 | 6,844 | 409 | 9,984 | 10,364 | 3,221 | 7,428 | 575 | ||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial loans | 17,759 | 20,640 | 2,246 | 15,635 | 139 | 16,033 | 16,912 | 2,659 | 8,429 | 23 | ||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
36,031 | 39,185 | 5,338 | 34,679 | 1,072 | 34,641 | 35,919 | 6,799 | 21,382 | 848 | |||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 15,924 | 18,380 | 642 | 18,129 | 758 | 19,436 | 25,050 | 384 | 20,892 | 544 | ||||||||||||||||||||||||||||||
Commercial real estate | 4,604 | 4,686 | 1,118 | 6,547 | 152 | 6,750 | 6,769 | 535 | 9,066 | 237 | ||||||||||||||||||||||||||||||
Home equity line of credit | 672 | 1,227 | — | 623 | 2 | 581 | 1,374 | — | 658 | 1 | ||||||||||||||||||||||||||||||
Residential land | 10,074 | 11,235 | 1,332 | 13,519 | 891 | 17,675 | 20,988 | 3,221 | 29,017 | 1,760 | ||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial loans | 21,225 | 25,355 | 2,246 | 20,472 | 151 | 20,298 | 23,906 | 2,659 | 33,034 | 1,009 | ||||||||||||||||||||||||||||||
Consumer loans | 19 | 19 | — | 20 | — | 21 | 21 | — | 23 | — | ||||||||||||||||||||||||||||||
$ | 52,518 | $ | 60,902 | $ | 5,338 | $ | 59,310 | $ | 1,954 | $ | 64,761 | $ | 78,108 | $ | 6,799 | $ | 92,690 | $ | 3,551 | |||||||||||||||||||||
Troubled debt restructurings. A loan modification is deemed to be a TDR when ASB grants a concession it would not otherwise consider were it not for the borrower’s financial difficulty. When a borrower experiencing financial difficulty fails to make a required payment on a loan or is in imminent default, ASB takes a number of steps to improve the collectability of the loan and maximize the likelihood of full repayment. At times, ASB may modify or restructure a loan to help a distressed borrower improve its financial position to eventually be able to fully repay the loan, provided the borrower has demonstrated both the willingness and the ability to fulfill the modified terms. TDR loans are considered an alternative to foreclosure or liquidation with the goal of minimizing losses to ASB and maximizing recovery. | ||||||||||||||||||||||||||||||||||||||||
ASB may consider various types of concessions in granting a TDR including maturity date extensions, extended amortization of principal, temporary deferral of principal payments, and temporary interest rate reductions. ASB rarely grants principal forgiveness in its TDR modifications. Residential loan modifications generally involve interest rate reduction, extending the amortization period, or capitalizing certain delinquent amounts owed not to exceed the original loan balance. Land loans at origination are typically structured as a three-year term, interest-only monthly payment with a balloon payment due at maturity. Land loan TDR modifications typically involve extending the maturity date up to five years and converting the payments from interest-only to principal and interest monthly, at the same or higher interest rate. Commercial loan modifications generally involve extensions of maturity dates, extending the amortization period, and temporary deferral of principal payments. ASB generally does not reduce the interest rate on commercial loan TDR modifications. Occasionally, additional collateral and/or guaranties are obtained. | ||||||||||||||||||||||||||||||||||||||||
All TDR loans are classified as impaired and are segregated and reviewed separately when assessing the adequacy of the allowance for loan losses based on the appropriate method of measuring impairment: (1) present value of expected future cash flows discounted at the loan’s effective original contractual rate, (2) fair value of collateral less cost to sell, or (3) observable market price. The financial impact of the calculated impairment amount is an increase to the allowance associated with the modified loan. When available information confirms that specific loans or portions thereof are uncollectible (confirmed losses), these amounts are charged off against the allowance for loan losses. | ||||||||||||||||||||||||||||||||||||||||
Loan modifications that occurred were as follows for the indicated periods: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Number | Outstanding recorded investment | Number | Outstanding recorded investment | Number | Outstanding recorded investment | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | of | Pre-modification | Post-modification | of | Pre-modification | Post-modification | of | Pre-modification | Post-modification | |||||||||||||||||||||||||||||||
contracts | contracts | contracts | ||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 34 | $ | 8,876 | $ | 8,957 | 35 | $ | 8,805 | $ | 8,232 | 42 | $ | 11,233 | $ | 9,853 | |||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Home equity line of credit | 5 | 637 | 390 | — | — | — | 1 | 93 | 93 | |||||||||||||||||||||||||||||||
Residential land | 20 | 6,215 | 6,206 | 26 | 6,149 | 5,484 | 46 | 9,965 | 9,946 | |||||||||||||||||||||||||||||||
Commercial loans | 7 | 4,646 | 4,646 | 19 | 2,583 | 2,583 | 56 | 35,349 | 35,349 | |||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | 1 | 25 | 25 | |||||||||||||||||||||||||||||||
66 | $ | 20,374 | $ | 20,199 | 80 | $ | 17,537 | $ | 16,299 | 146 | $ | 56,665 | $ | 55,266 | ||||||||||||||||||||||||||
Loans modified in TDRs that experienced a payment default of 90 days or more in 2013, 2012 and 2011, and for which the payment default occurred within one year of the modification, were as follows: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||
contracts | investment | contracts | investment | contracts | investment | |||||||||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Home equity line of credit | 1 | 67 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Residential land | — | — | — | — | 1 | 528 | ||||||||||||||||||||||||||||||||||
Commercial loans | 2 | 660 | 1 | 482 | 4 | 799 | ||||||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
3 | $ | 727 | 1 | $ | 482 | 5 | $ | 1,327 | ||||||||||||||||||||||||||||||||
If loans modified in a TDR subsequently default, ASB evaluates the loan for further impairment. Based on its evaluation, adjustments may be made in the allocation of the allowance or partial charge-offs may be taken to further write-down the carrying value of the loan. Commitments to lend additional funds to borrowers whose loan terms have been impaired or modified in TDRs totaled $0.3 million at December 31, 2013. | ||||||||||||||||||||||||||||||||||||||||
Deposit liabilities. | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Weighted-average stated rate | Amount | Weighted-average stated rate | Amount | ||||||||||||||||||||||||||||||||||||
Savings | 0.06 | % | $ | 1,826,907 | 0.06 | % | $ | 1,758,547 | ||||||||||||||||||||||||||||||||
Other checking | ||||||||||||||||||||||||||||||||||||||||
Interest-bearing | 0.02 | 721,700 | 0.02 | 641,970 | ||||||||||||||||||||||||||||||||||||
Noninterest-bearing | — | 643,628 | — | 621,806 | ||||||||||||||||||||||||||||||||||||
Commercial checking | — | 570,790 | — | 542,502 | ||||||||||||||||||||||||||||||||||||
Money market | 0.13 | 182,546 | 0.13 | 191,398 | ||||||||||||||||||||||||||||||||||||
Term certificates | 0.8 | 426,906 | 0.86 | 473,693 | ||||||||||||||||||||||||||||||||||||
0.11 | % | $ | 4,372,477 | 0.13 | % | $ | 4,229,916 | |||||||||||||||||||||||||||||||||
As of December 31, 2013 and 2012, certificate accounts of $100,000 or more totaled $102 million and $106 million, respectively. | ||||||||||||||||||||||||||||||||||||||||
The approximate amounts of term certificates outstanding as of December 31, 2013 with scheduled maturities for 2014 through 2018 were $244 million in 2014, $94 million in 2015, $46 million in 2016, $22 million in 2017, $16 million in 2018, and $5 million thereafter. | ||||||||||||||||||||||||||||||||||||||||
Interest expense on deposit liabilities by type of deposit was as follows: | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Term certificates | $ | 3,702 | $ | 4,865 | $ | 6,393 | ||||||||||||||||||||||||||||||||||
Savings | 1,052 | 1,128 | 1,756 | |||||||||||||||||||||||||||||||||||||
Money market | 232 | 319 | 650 | |||||||||||||||||||||||||||||||||||||
Interest-bearing checking | 106 | 111 | 184 | |||||||||||||||||||||||||||||||||||||
$ | 5,092 | $ | 6,423 | $ | 8,983 | |||||||||||||||||||||||||||||||||||
Other borrowings. | ||||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase. Securities sold under agreements to repurchase are accounted for as financing transactions and the obligations to repurchase these securities are recorded as liabilities in the balance sheet. All such agreements are subject to master netting arrangements, which provide for a right of set-off in case of default by either party; however, ASB presents securities sold under agreements to repurchase on a gross basis in the balance sheet. The following tables present information about the securities sold under agreements to repurchase, including the related collateral received from or pledged to counterparties: | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross amount of | Gross amount | Net amount of | |||||||||||||||||||||||||||||||||||||
recognized liabilities | offset in the | liabilities presented | ||||||||||||||||||||||||||||||||||||||
Balance Sheet | in the Balance Sheet | |||||||||||||||||||||||||||||||||||||||
Repurchase agreements | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | $ | 145 | $ | — | $ | 145 | ||||||||||||||||||||||||||||||||||
31-Dec-12 | 146 | — | 146 | |||||||||||||||||||||||||||||||||||||
Gross amount not offset in the Balance Sheet | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Net amount of | Financial | Cash | Net amount | ||||||||||||||||||||||||||||||||||||
liabilities presented | instruments | collateral | ||||||||||||||||||||||||||||||||||||||
in the Balance Sheet | pledged | |||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Financial institution | $ | 51 | $ | 51 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Commercial account holders | 94 | 94 | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 145 | $ | 145 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Financial institution | $ | 50 | $ | 50 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Commercial account holders | 96 | 96 | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 146 | $ | 146 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Maturity | Repurchase liability | Weighted-average | Collateralized by | |||||||||||||||||||||||||||||||||||||
interest rate | mortgage-related | |||||||||||||||||||||||||||||||||||||||
securities and federal | ||||||||||||||||||||||||||||||||||||||||
agency obligations– | ||||||||||||||||||||||||||||||||||||||||
fair value plus | ||||||||||||||||||||||||||||||||||||||||
accrued interest | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Overnight | $ | 94,224 | 0.15 | % | $ | 127,293 | ||||||||||||||||||||||||||||||||||
1 to 29 days | — | — | — | |||||||||||||||||||||||||||||||||||||
30 to 90 days | — | — | — | |||||||||||||||||||||||||||||||||||||
Over 90 days | 50,290 | 1 | 4.75 | 60,233 | ||||||||||||||||||||||||||||||||||||
$ | 144,514 | 1.75 | % | $ | 187,526 | |||||||||||||||||||||||||||||||||||
1 | Callable quarterly at par until maturity in 2016. | |||||||||||||||||||||||||||||||||||||||
The securities underlying the agreements to repurchase are book-entry securities and were delivered by appropriate entry into the counterparties’ accounts and segregated safekeeping accounts at the FHLB of Seattle. Securities sold under agreements to repurchase are accounted for as financing transactions and the obligations to repurchase these securities are recorded as liabilities in the consolidated balance sheets. The securities underlying the agreements to repurchase continue to be reflected in ASB’s asset accounts. | ||||||||||||||||||||||||||||||||||||||||
Information concerning securities sold under agreements to repurchase, which provided for the repurchase of identical securities, was as follows: | ||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Amount outstanding as of December 31 | $ | 145 | $ | 146 | $ | 183 | ||||||||||||||||||||||||||||||||||
Average amount outstanding during the year | $ | 147 | $ | 173 | $ | 183 | ||||||||||||||||||||||||||||||||||
Maximum amount outstanding as of any month-end | $ | 151 | $ | 189 | $ | 186 | ||||||||||||||||||||||||||||||||||
Weighted-average interest rate as of December 31 | 1.75 | % | 1.74 | % | 1.56 | % | ||||||||||||||||||||||||||||||||||
Weighted-average interest rate during the year | 1.74 | % | 1.56 | % | 1.61 | % | ||||||||||||||||||||||||||||||||||
Weighted-average remaining days to maturity as of December 31 | 367 | 489 | 490 | |||||||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank. | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Weighted-average | Amount | ||||||||||||||||||||||||||||||||||||||
stated rate | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Due in | ||||||||||||||||||||||||||||||||||||||||
2014 | — | % | $ | — | ||||||||||||||||||||||||||||||||||||
2015 | — | — | ||||||||||||||||||||||||||||||||||||||
2016 | — | — | ||||||||||||||||||||||||||||||||||||||
2017 | 4.28 | 50,000 | 1 | |||||||||||||||||||||||||||||||||||||
2018 | 1.95 | 50,000 | ||||||||||||||||||||||||||||||||||||||
Thereafter | — | — | ||||||||||||||||||||||||||||||||||||||
3.12 | % | $ | 100,000 | |||||||||||||||||||||||||||||||||||||
1 | Callable quarterly at par until maturity in 2017. | |||||||||||||||||||||||||||||||||||||||
ASB and the FHLB of Seattle are parties to an Advances, Security and Deposit Agreement (Advances Agreement), which applies to currently outstanding and future advances, and governs the terms and conditions under which ASB borrows and the FHLB of Seattle makes loans or advances from time to time. Under the Advances Agreement, ASB agrees to abide by the FHLB of Seattle’s credit policies, and makes certain warranties and representations to the FHLB of Seattle. Upon the occurrence of and during the continuation of an “Event of Default” (which term includes any event of nonpayment of interest or principal of any advance when due or failure to perform any promise or obligation under the Advances Agreement or other credit arrangements between the parties), the FHLB of Seattle may, at its option, declare all indebtedness and accrued interest thereon, including any prepayment fees or charges, to be immediately due and payable. Advances from the FHLB of Seattle are collateralized by loans and stock in the FHLB of Seattle. ASB is required to obtain and hold a specific number of shares of capital stock of the FHLB of Seattle. ASB was in compliance with all Advances Agreement requirements as of December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||||||||||
Common stock equity. In 1988, HEI agreed with the OTS predecessor regulatory agency at the time, to contribute additional capital to ASB up to a maximum aggregate amount of approximately $65.1 million (Capital Maintenance Agreement). As of December 31, 2013, as a result of capital contributions in prior years, HEI’s maximum obligation to contribute additional capital under the Capital Maintenance Agreement has been reduced to approximately $28.3 million. As of December 31, 2013, ASB was in compliance with the minimum capital requirements under OCC regulations. | ||||||||||||||||||||||||||||||||||||||||
In 2013, ASB paid cash dividends of $40 million to HEI, compared to cash dividends of $45 million in 2012. The FRB and OCC approved the dividends. | ||||||||||||||||||||||||||||||||||||||||
Related-party transactions. HEI charged ASB $2.3 million, $1.9 million and $1.4 million for general management and administrative services in 2013, 2012 and 2011, respectively. The amounts charged by HEI for services performed by HEI employees to its subsidiaries are allocated primarily on the basis of time expended in providing such services. | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments. ASB enters into interest rate lock commitments with borrowers, and forward commitments to sell loans or to-be-announced mortgage-backed securities to investors to hedge against the inherent interest rate and pricing risk associated with selling loans. | ||||||||||||||||||||||||||||||||||||||||
ASB enters into interest rate lock commitments (IRLCs) for residential mortgage loans, which commit ASB to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose ASB to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. The IRLCs are free-standing derivatives which are carried at fair value with changes recorded in mortgage banking income. | ||||||||||||||||||||||||||||||||||||||||
ASB enters into forward commitments to hedge the interest rate risk for rate locked mortgage applications in process and closed mortgage loans held for sale. These commitments are primarily forward sales of to-be-announced mortgage backed securities. Generally, when mortgage loans are closed, the forward commitment is liquidated and replaced with a mandatory delivery forward sale of the mortgage to a secondary market investor. In some cases, a best-efforts forward sale agreement is utilized as the forward commitment. These commitments are free-standing derivatives which are carried at fair value with changes recorded in mortgage banking income. | ||||||||||||||||||||||||||||||||||||||||
Changes in the fair value of IRLCs and forward commitments subsequent to inception are based on changes in the fair value of the underlying loan resulting from the fulfillment of the commitment and changes in the probability that the loan will fund within the terms of the commitment, which is affected primarily by changes in interest rates and the passage of time. | ||||||||||||||||||||||||||||||||||||||||
The notional amount and fair value of ASB’s derivative financial instruments as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 25,070 | $ | 464 | $ | 60,428 | $ | — | ||||||||||||||||||||||||||||||||
Forward commitments | 26,018 | 139 | 86,563 | — | ||||||||||||||||||||||||||||||||||||
The following table presents ASB’s derivative financial instruments, their fair values, and balance sheet location as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments Not Designated | ||||||||||||||||||||||||||||||||||||||||
as Hedging Instruments 1 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Asset derivative | Liability derivative | Asset derivative | Liability derivative | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 488 | $ | 24 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Forward commitments | 141 | 2 | — | — | ||||||||||||||||||||||||||||||||||||
$ | 629 | $ | 26 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets. | ||||||||||||||||||||||||||||||||||||||||
The following table presents ASB’s derivative financial instruments and the amount and location of the net gains or losses recognized in the statements of income for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments Not Designated | Location of net gains | |||||||||||||||||||||||||||||||||||||||
as Hedging Instruments | (losses) recognized in | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | the Statement of Income | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Mortgage banking income | $ | 464 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Forward commitments | Mortgage banking income | 139 | — | — | ||||||||||||||||||||||||||||||||||||
$ | 603 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
There were no significant gains or losses on derivatives in 2012 or 2011. | ||||||||||||||||||||||||||||||||||||||||
Guarantees. In October 2007, ASB, as a member financial institution of Visa U.S.A. Inc., received restricted shares of Visa, Inc. (Visa) as a result of a restructuring of Visa U.S.A. Inc. in preparation for an initial public offering by Visa. As a part of the restructuring, ASB entered into a judgment and loss sharing agreement with Visa in order to apportion financial responsibilities arising from any potential adverse judgment or negotiated settlements related to indemnified litigation involving Visa. In November 2012, a federal judge granted preliminary approval to a proposed settlement between merchants and Visa over credit card fees and in December 2013, a federal judge granted final approval to the settlement. Some merchants and trade organizations have filed a notice of appeal shortly after the approval was issued. As of December 31, 2013, ASB had accrued $1.1 million related to the agreement. Because the extent of ASB’s obligations under this agreement depends entirely upon the occurrence of future events, ASB’s maximum potential future liability under this agreement is not determinable. | ||||||||||||||||||||||||||||||||||||||||
Federal Deposit Insurance Corporation restoration plan. In November 2009, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a restoration plan that required banks to prepay, by December 30, 2009, their estimated quarterly, risk-based assessments for the fourth quarter of 2009, and for all of 2010, 2011 and 2012. For the fourth quarter of 2009 and all of 2010, the prepaid assessment rate was assessed according to a risk-based premium schedule adopted earlier in 2009. The prepaid assessment rate for 2011 and 2012 was the current assessment rate plus 3 basis points. The prepaid assessment was recorded as a prepaid asset as of December 30, 2009, and each quarter thereafter ASB recorded a charge to earnings for its regular quarterly assessment and offset the prepaid expense until the asset was exhausted. ASB’s prepaid assessment was approximately $24 million. For the year ended December 31, 2010, ASB’s assessment rate was 14 basis points of deposits, or $5.7 million. | ||||||||||||||||||||||||||||||||||||||||
In February 2011, the FDIC finalized rules to change its assessment base from total domestic deposits to average total assets minus average tangible equity, as required in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Assessment rates were reduced to a range of 2.5 to 9 basis points on the new assessment base for financial institutions in the lowest risk category. Financial institutions in the highest risk category have assessment rates of 30 to 45 basis points. The new rate schedule was effective April 1, 2011. For the years ended December 31, 2013 and 2012, ASB’s FDIC insurance assessments were $2.9 million and $3.0 million, respectively. In June 2013, the FDIC returned the remaining amount of the prepaid assessment. The cash received was included in the change in other assets and liabilities on HEI’s consolidated statements of cash flows. | ||||||||||||||||||||||||||||||||||||||||
The FDIC may impose additional special assessments in the future if it is deemed necessary to ensure the Deposit Insurance Fund ratio does not decline to a level that is close to zero or that could otherwise undermine public confidence in federal deposit insurance. | ||||||||||||||||||||||||||||||||||||||||
Litigation. In March 2011, a purported class action lawsuit was filed in the First Circuit Court of the state of Hawaii by a customer who claimed that ASB had improperly charged overdraft fees on debit card transactions. The lawsuit is still in its preliminary stage. ASB filed a motion to dismiss the lawsuit on the basis that as a bank chartered under federal law, ASB believes its business practices are governed by federal regulations established for federal savings banks and not by state law. In July 2011, the Circuit Court denied ASB’s motion and ASB appealed that decision. ASB’s appeal is currently pending before the Hawaii Supreme Court. The probable outcome and range of reasonably possible loss remains indeterminable at this time. | ||||||||||||||||||||||||||||||||||||||||
ASB is subject in the normal course of business to pending and threatened legal proceedings. Management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, ASB cannot rule out the possibility that such outcomes could have a material adverse effect on the results of operations or liquidity for a particular reporting period in the future. |
Unconsolidated_variable_intere
Unconsolidated variable interest entities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ' | |||||||||||
Unconsolidated variable interest entities | ' | |||||||||||
5 · Unconsolidated variable interest entities | ||||||||||||
HECO Capital Trust III. Trust III was created and exists for the exclusive purposes of (i) issuing in March 2004 2,000,000 6.50% Cumulative Quarterly Income Preferred Securities, Series 2004 (2004 Trust Preferred Securities) ($50 million aggregate liquidation preference) to the public and trust common securities ($1.5 million aggregate liquidation preference) to Hawaiian Electric, (ii) investing the proceeds of these trust securities in 2004 Debentures issued by Hawaiian Electric in the principal amount of $31.5 million and issued by Hawaii Electric Light and Maui Electric each in the principal amount of $10 million, (iii) making distributions on these trust securities and (iv) engaging in only those other activities necessary or incidental thereto. The 2004 Trust Preferred Securities are mandatorily redeemable at the maturity of the underlying debt on March 18, 2034, which maturity may be extended to no later than March 18, 2053; and are currently redeemable at the issuer’s option without premium. The 2004 Debentures, together with the obligations of the Utilities under an expense agreement and Hawaiian Electric’s obligations under its trust guarantee and its guarantee of the obligations of Hawaii Electric Light and Maui Electric under their respective debentures, are the sole assets of Trust III. Taken together, Hawaiian Electric’s obligations under the Hawaiian Electric debentures, the Hawaiian Electric indenture, the subsidiary guarantees, the trust agreement, the expense agreement and trust guarantee provide, in the aggregate, a full, irrevocable and unconditional guarantee of payments of amounts due on the Trust Preferred Securities. Trust III has at all times been an unconsolidated subsidiary of Hawaiian Electric. Since Hawaiian Electric, as the holder of 100% of the trust common securities, does not absorb the majority of the variability of Trust III, Hawaiian Electric is not the primary beneficiary and does not consolidate Trust III in accordance with accounting rules on the consolidation of VIEs. Trust III’s balance sheet as of December 31, 2013 consisted of $51.5 million of 2004 Debentures; $50.0 million of 2004 Trust Preferred Securities; and $1.5 million of trust common securities. Trust III’s income statement for 2013 consisted of $3.4 million of interest income received from the 2004 Debentures; $3.3 million of distributions to holders of the Trust Preferred Securities; and $0.1 million of common dividends on the trust common securities to Hawaiian Electric. So long as the 2004 Trust Preferred Securities are outstanding, Hawaiian Electric is not entitled to receive any funds from Trust III other than pro-rata distributions, subject to certain subordination provisions, on the trust common securities. In the event of a default by Hawaiian Electric in the performance of its obligations under the 2004 Debentures or under its Guarantees, or in the event any of the Utilities elect to defer payment of interest on any of their respective 2004 Debentures, then Hawaiian Electric will be subject to a number of restrictions, including a prohibition on the payment of dividends on its common stock. | ||||||||||||
Power purchase agreements. As of December 31, 2013, the Utilities had six PPAs for firm capacity and other PPAs with smaller IPPs and Schedule Q providers (i.e., customers with cogeneration and/or small power production facilities with a capacity of 100 kilowatts (kWs) or less who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs. Approximately 90% of the firm capacity is purchased from AES Hawaii, Inc. (AES Hawaii), Kalaeloa Partners, L.P. (Kalaeloa), Hamakua Energy Partners, L.P. (HEP) and HPOWER. Purchases from all IPPs were as follows: | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
(in millions) | ||||||||||||
AES Hawaii | $ | 134 | $ | 146 | $ | 133 | ||||||
Kalaeloa | 301 | 310 | 310 | |||||||||
HEP | 51 | 65 | 59 | |||||||||
HPOWER | 61 | 65 | 62 | |||||||||
Other IPPs | 164 | 138 | 126 | |||||||||
Total IPPs | $ | 711 | $ | 724 | $ | 690 | ||||||
Some of the IPPs provided sufficient information for Hawaiian Electric to determine that the IPP was not a VIE, or was either a “business” or “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. Other IPPs, including the three largest, declined to provide the information necessary for Hawaiian Electric to determine the applicability of accounting standards for VIEs. | ||||||||||||
Since 2004, Hawaiian Electric has continued its efforts to obtain from the IPPs the information necessary to make the determinations required under accounting standards for VIEs. In each year from 2005 to 2013, the Utilities sent letters to the identified IPPs requesting the required information. All of these IPPs declined to provide the necessary information, except that Kalaeloa later agreed to provide the information pursuant to the amendments to its PPA (see below) and an entity owning a wind farm provided information as required under its PPA. Management has concluded that the consolidation of two entities owning wind farms was not required as Hawaii Electric Light and Maui Electric do not have variable interests in the entities because the PPAs do not require them to absorb any variability of the entities. | ||||||||||||
If the requested information is ultimately received from the remaining IPPs, a possible outcome of future analyses of such information is the consolidation of one or more of such IPPs in the Consolidated Financial Statements. The consolidation of any significant IPP could have a material effect on the Consolidated Financial Statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs. | ||||||||||||
Kalaeloa Partners, L.P. In October 1988, Hawaiian Electric entered into a PPA with Kalaeloa, subsequently approved by the PUC, which provided that Hawaiian Electric would purchase 180 MW of firm capacity for a period of 25 years beginning in May 1991. In October 2004, Hawaiian Electric and Kalaeloa entered into amendments to the PPA, subsequently approved by the PUC, which together effectively increased the firm capacity from 180 MW to 208 MW. The energy payments that Hawaiian Electric makes to Kalaeloa include: (1) a fuel component, with a fuel price adjustment based on the cost of low sulfur fuel oil, (2) a fuel additives cost component, and (3) a non-fuel component, with an adjustment based on changes in the Gross National Product Implicit Price Deflator. The capacity payments that Hawaiian Electric makes to Kalaeloa are fixed in accordance with the PPA. Kalaeloa also has a steam delivery cogeneration contract with another customer, the term of which coincides with the PPA. The facility has been certified by the Federal Energy Regulatory Commission as a Qualifying Facility under the Public Utility Regulatory Policies Act of 1978. | ||||||||||||
Pursuant to the current accounting standards for VIEs, Hawaiian Electric is deemed to have a variable interest in Kalaeloa by reason of the provisions of Hawaiian Electric’s PPA with Kalaeloa. However, management has concluded that Hawaiian Electric is not the primary beneficiary of Kalaeloa because Hawaiian Electric does not have the power to direct the activities that most significantly impact Kalaeloa’s economic performance nor the obligation to absorb Kalaeloa’s expected losses, if any, that could potentially be significant to Kalaeloa. Thus, Hawaiian Electric has not consolidated Kalaeloa in its consolidated financial statements. A significant factor affecting the level of expected losses Hawaiian Electric could potentially absorb is the fact that Hawaiian Electric’s exposure to fuel price variability is limited to the remaining term of the PPA as compared to the facility’s remaining useful life. Although Hawaiian Electric absorbs fuel price variability for the remaining term of the PPA, the PPA does not currently expose Hawaiian Electric to losses as the fuel and fuel related energy payments under the PPA have been approved by the PUC for recovery from customers through base electric rates and through Hawaiian Electric’s ECAC to the extent the fuel and fuel related energy payments are not included in base energy rates. As of December 31, 2013, Hawaiian Electric’s accounts payable to Kalaeloa amounted to $23 million. |
Interest_rate_swap_agreements
Interest rate swap agreements | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Interest rate swap agreements | ' |
6 · Interest rate swap agreements | |
In June 2010, HEI entered into multiple Forward Starting Swaps (FSS) with notional amounts totaling $125 million to hedge against interest rate fluctuations on medium-term notes expected to be issued by HEI in 2011, thereby enabling HEI to better forecast its future interest expense. The FSS entitled HEI to receive/(pay) the present value of the positive/(negative) difference between three-month LIBOR and a fixed rate at termination applied to the notional amount over a five-year period. The outstanding FSS were designated and accounted for as cash flow hedges. Changes in fair value were recognized (1) in other comprehensive income to the extent that they were considered effective, and (2) in “Interest expense—other than on deposit liabilities and other bank borrowings” for any portion considered ineffective. | |
In 2011, HEI settled the FSS for payments totaling $5.2 million, of which $3.3 million was the ineffective portion ($2.5 million recognized in 2011) and $1.9 million being amortized to interest expense over 5 years beginning March 24, 2011 (the date that HEI issued $125 million of Senior Notes via a private placement). |
Shortterm_borrowings
Short-term borrowings | 12 Months Ended |
Dec. 31, 2013 | |
Short-term Debt [Abstract] | ' |
Short-term borrowings | ' |
7 · Short-term borrowings | |
As of December 31, 2013 and 2012, HEI had $105 million and $84 million of outstanding commercial paper, respectively, with a weighted-average interest rate of 0.7% and 0.9%, respectively, and Hawaiian Electric had no commercial paper outstanding. | |
As of December 31, 2013, HEI and Hawaiian Electric each maintained a syndicated credit facility of $125 million and $175 million, respectively. HEI borrowed under its facility in August 2012 and repaid such borrowings in the same month. HEI had no borrowings under its facility during 2013 and Hawaiian Electric had no borrowings under its facility during 2013 and 2012. None of the facilities are collateralized. | |
Credit agreements. | |
HEI. Effective December 5, 2011, HEI and a syndicate of eight financial institutions entered into an amendment to their revolving unsecured credit agreement. The amendment revised the pricing of HEI’s $125 million line of credit facility (with a letter of credit sub-facility) and extended the term of the facility to December 5, 2016. Any draws on the facility bear interest at the “Adjusted LIBO Rate”, as defined in the agreement, plus 150 basis points; or the greatest of (a) the “Prime Rate,” (b) the sum of the “Federal Funds Rate” plus 50 basis points and (c) the “Adjusted LIBO Rate” for a one month “Interest Period” plus 50 basis points per annum, as defined in the agreement. Annual fees on undrawn commitments are 25 basis points. The amended agreement contains provisions for revised pricing in the event of a long-term ratings change. The agreement does not contain clauses that would affect access to the lines by reason of a ratings downgrade, nor does it have broad “material adverse change” clauses. However, the agreement contains customary conditions which must be met in order to draw on it, including compliance with its covenants (such as covenants preventing its subsidiaries from entering into agreements that restrict the ability of the subsidiaries to pay dividends to, or to repay borrowings from, HEI). In addition to customary defaults, HEI’s failure to maintain its financial ratios, as defined in its agreement, or meet other requirements may result in an event of default. For example, under its agreement, it is an event of default if HEI fails to maintain a nonconsolidated “Capitalization Ratio” (funded debt) of 50% or less (ratio of 18% as of December 31, 2013, as calculated under the agreement) and “Consolidated Net Worth” of at least $975 million (Net Worth of $1.8 billion as of December 31, 2013, as calculated under the agreement), or if HEI no longer owns Hawaiian Electric. | |
The facility will be maintained to support the issuance of commercial paper, but also may be drawn to repay HEI’s short-term and long-term indebtedness, to make investments in or loans to subsidiaries and for HEI’s working capital and general corporate purposes. | |
Hawaiian Electric. Effective December 5, 2011, Hawaiian Electric and a syndicate of eight financial institutions entered into an amendment to their revolving unsecured credit agreement. The amendment revised the pricing of Hawaiian Electric’s $175 million line of credit facility (with a letter of credit sub-facility). The credit agreement, as amended, has a term which expires on December 5, 2016. Any draws on the facility bear interest at the “Adjusted LIBO Rate”, as defined in the agreement, plus 150 basis points; or the greatest of (a) the “Prime Rate,” (b) the sum of the “Federal Funds Rate” plus 50 basis points and (c) the “Adjusted LIBO Rate” for a one month “Interest Period” plus 50 basis points per annum, as defined in the agreement. Annual fees on undrawn commitments are 25 basis points. The amended agreement contains provisions for revised pricing in the event of a long-term ratings change. The agreement does not contain clauses that would affect access to the lines by reason of a ratings downgrade, nor does it have broad “material adverse change” clauses. However, the agreement contains customary conditions that must be met in order to draw on the credit facility, including compliance with several covenants (such as covenants preventing its subsidiaries from entering into agreements that restrict the ability of the subsidiaries to pay dividends to, or to repay borrowings from, Hawaiian Electric, and restricting its ability as well as the ability of any of its subsidiaries to guarantee additional indebtedness of the subsidiaries if such additional debt would cause the subsidiary’s “Consolidated Subsidiary Funded Debt to Capitalization Ratio” to exceed 65% (ratio of 42% for Hawaii Electric Light and 43% for Maui Electric as of December 31, 2013, as calculated under the agreement)). In addition to customary defaults, Hawaiian Electric’s failure to maintain its financial ratios, as defined in its credit agreement, or meet other requirements may result in an event of default. For example, under the credit agreement, it is an event of default if Hawaiian Electric fails to maintain a “Consolidated Capitalization Ratio” (equity) of at least 35% (ratio of 56% as of December 31, 2013, as calculated under the credit agreement), or if Hawaiian Electric is no longer owned by HEI. | |
The credit facility will be maintained to support the issuance of commercial paper, but also may be drawn to repay Hawaiian Electric’s short-term indebtedness, to make loans to subsidiaries and for Hawaiian Electric’s capital expenditures, working capital and general corporate purposes. |
Longterm_debt
Long-term debt | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||||
Long-term debt | ' | |||||||||||||
8 · Long-term debt | ||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||||
Long-term debt of Utilities 1 | $ | 1,217,945 | $ | 1,147,872 | ||||||||||
HEI medium-term note 5.25%, due 2013 | — | 50,000 | ||||||||||||
HEI medium-term note 6.51%, due 2014 | 100,000 | 100,000 | ||||||||||||
HEI senior note 4.41%, due 2016 | 75,000 | 75,000 | ||||||||||||
HEI senior note 5.67%, due 2021 | 50,000 | 50,000 | ||||||||||||
HEI senior note 3.99%, due 2023 | 50,000 | — | ||||||||||||
$ | 1,492,945 | $ | 1,422,872 | |||||||||||
1 | See components of "Total long-term debt" and unamortized discount in Hawaiian Electric and subsidiaries' Consolidated Statements of Capitalization. | |||||||||||||
As of December 31, 2013, the aggregate principal payments required on the Company's long-term debt for 2014 through 2018 are $111 million in 2014, nil in 2015, $75 million in 2016, nil in 2017 and $50 million in 2018. As of December 31, 2013, the aggregate payments of principal required on the Utilities' long-term debt for 2014 through 2018 are $11 million in 2014, nil in 2015, 2016 and 2017, and $50 million in 2018. | ||||||||||||||
The HEI medium-term notes and senior notes contain customary representation and warranties, affirmative and negative covenants, and events of default (the occurrence of which may result in some or all of the notes then outstanding becoming immediately due and payable). The HEI senior notes also contain provisions requiring the maintenance by HEI of certain financial ratios generally consistent with those in HEI’s revolving noncollateralized credit agreement, expiring on December 5, 2016. Upon a change of control or certain dispositions of assets (as defined in the Master Note Purchase Agreement dated March 24, 2011), HEI is required to offer to prepay the senior notes. | ||||||||||||||
The Utilities' senior notes contain customary representations and warranties, affirmative and negative covenants, and events of default (the occurrence of which may result in some or all of the notes of each and all of the utilities then outstanding becoming immediately due and payable) and provisions requiring the maintenance by Hawaiian Electric, and each of Hawaii Electric Light and Maui Electric, of certain financial ratios generally consistent with those in Hawaiian Electric’s existing amended revolving noncollateralized credit agreement, expiring on December 5, 2016. | ||||||||||||||
March 6, 2013 senior notes. On March 6, 2013, HEI entered into a First Supplement (the First Supplement) to the Master Note Purchase Agreement dated March 24, 2011. Under the First Supplement, HEI issued $50 million of its unsecured, 3.99% Series 2013A Senior Notes, due March 6, 2023, via a private placement. The net proceeds from the issuance of the Notes were used by HEI to refinance $50 million of its unsecured, 5.25% Medium-Term Notes, Series D, which matured on March 7, 2013. | ||||||||||||||
October 3, 2013 senior notes. On October 3, 2013, Hawaiian Electric, Hawaii Electric Light and Maui Electric each entered into its separate note purchase agreement with various purchasers of their taxable unsecured senior notes (Notes) with an aggregate principal amount of $236 million. The Utilities issued through a private placement the following notes: | ||||||||||||||
(in millions) | Maturity | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric Consolidated | |||||||||
3.83% Senior Notes 1 | July 1, 2020 | $ | — | $ | 14 | $ | — | $ | 14 | |||||
4.45% Senior Notes 1 | December 1, 2022 | 40 | 12 | — | 52 | |||||||||
4.84% Senior Notes 1 | October 1, 2027 | 50 | 30 | 20 | 100 | |||||||||
5.65% Senior Notes 2 | October 1, 2043 | 50 | — | 20 | 70 | |||||||||
Total | $ | 140 | $ | 56 | $ | 40 | $ | 236 | ||||||
1 | Proceeds were used in October 2013 to redeem the following special purpose revenue bonds (SPRBs) and refunding SPRBs of the same maturities issued by the Department of Budget and Finance of the State of Hawaii for the benefit of the Utilities in an aggregate principal amount of $166 million: | |||||||||||||
Series | Year of maturity | |||||||||||||
4.75% Refunding Series 2003A Bonds | 2020 | |||||||||||||
5.00% Refunding Series 2003B Bonds | 2022 | |||||||||||||
5.65% Series 1997A Bonds | 2027 | |||||||||||||
2 | Proceeds were used by the respective utility to finance their capital expenditures and/or for the reimbursement of funds used for the payment of capital expenditures. | |||||||||||||
Hawaiian Electric has guaranteed the obligations of Hawaii Electric Light and Maui Electric under their respective Notes. |
Shareholders_equity
Shareholders' equity | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Shareholders' equity | ' | ||||||||||||||
9 · Shareholders’ equity | |||||||||||||||
Reserved shares. As of December 31, 2013, HEI had reserved (a) a total of 16,231,674 shares of common stock for future issuance under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP), the Hawaiian Electric Industries Retirement Savings Plan (HEIRSP), the 1987 Stock Option and Incentive Plan, the HEI 2011 Nonemployee Director Stock Plan, the ASB 401(k) Plan and the 2010 Executive Incentive Plan and (b) a total of 5.7 million shares of common stock for future issuance in connection with the equity forward transaction described below. | |||||||||||||||
Equity forward transaction. On March 19, 2013, HEI entered into an equity forward transaction in connection with a public offering on that date of 6.1 million shares of HEI common stock at $26.75 per share. On March 19, 2013, HEI common stock closed at $27.01 per share. On March 20, 2013, the underwriters exercised their over-allotment option in full and HEI entered into an equity forward transaction in connection with the resulting additional 0.9 million shares of HEI common stock. | |||||||||||||||
The use of an equity forward transaction substantially eliminates future equity market price risk by fixing a common equity offering sales price under the then existing market conditions, while mitigating immediate share dilution resulting from the offering by postponing the actual issuance of common stock until funds are needed in accordance with the Company’s capital investment plans. Pursuant to the terms of these transactions, a forward counterparty borrowed 7 million shares of HEI’s common stock from third parties and sold them to a group of underwriters for $26.75 per share, less an underwriting discount equal to $1.00312 per share. Under the terms of the equity forward transactions, to the extent that the transactions are physically settled, HEI would be required to issue and deliver shares of HEI common stock to the forward counterparty at the then applicable forward sale price. The forward sale price was initially determined to be $25.74688 per share at the time the equity forward transactions were entered into, and the amount of cash to be received by HEI upon physical settlement of the equity forward is subject to certain adjustments in accordance with the terms of the equity forward transactions. The equity forward transactions must be settled fully by March 25, 2015. Except in specified circumstances or events that would require physical settlement, HEI is able to elect to settle the equity forward transactions by means of physical, cash or net share settlement, in whole or in part, at any time on or prior to March 25, 2015. | |||||||||||||||
The equity forward transactions had no initial fair value since they were entered into at the then market price of the common stock. HEI receives proceeds from the sale of common stock when the equity forward transactions are settled and records the proceeds at that time in equity. HEI concluded that the equity forward transactions were equity instruments based on the accounting guidance in ASC 480, "Distinguishing Liabilities from Equity," and ASC 815, "Derivatives and Hedging," and that they qualified for an exception from derivative accounting under ASC 815 because the forward sale transactions were indexed to its own stock. On December 19, 2013, HEI settled 1.3 million shares under the equity forward for proceeds of $32.1 million (net of the underwriting discount of $1.3 million), which funds were ultimately used to purchase Hawaiian Electric shares. HEI anticipates settling the remaining 5.7 million shares remaining under the equity forward transactions through physical settlement. | |||||||||||||||
At December 31, 2013, the 5.7 million shares remaining under the equity forward transactions could have been settled with physical delivery of the shares to the forward counterparty in exchange for cash of $141 million. At December 31, 2013, the shares remaining under the equity forward transactions could also have been cash settled, with delivery of cash of approximately $5 million (which amount includes $6 million of underwriting discount) to the forward counterparty, or net share settled with delivery of approximately 188,000 shares of common stock to the forward counterparty. | |||||||||||||||
Prior to their settlement, the shares remaining under the equity forward transactions will be reflected in HEI’s diluted EPS calculations using the treasury stock method. Under this method, the number of shares of HEI’s common stock used in calculating diluted EPS for a reporting period would be increased by the number of shares, if any, that would be issued upon physical settlement of the equity forward transactions less the number of shares that could be purchased by HEI in the market (based on the average market price during that reporting period) using the proceeds receivable upon settlement of the equity forward transactions (based on the adjusted forward sale price at the end of that reporting period). The excess number of shares is weighted for the portion of the reporting period in which the equity forward transactions are outstanding. | |||||||||||||||
Accordingly, before physical or net share settlement of the equity forward transactions, and subject to the occurrence of certain events, HEI anticipates that the forward sale agreement and additional forward sale agreement will have a dilutive effect on HEI’s EPS only during periods when the applicable average market price per share of HEI’s common stock is above the per share adjusted forward sale price, as described above. However, if HEI decides to physically or net share settle the forward sale agreement and additional forward sale agreement, any delivery by HEI of shares upon settlement could result in dilution to HEI’s EPS. | |||||||||||||||
For 2013, the equity forward transactions did not have a material dilutive effect on HEI’s EPS. | |||||||||||||||
Accumulated other comprehensive income/(loss). Reclassifications out of AOCI were as follows: | |||||||||||||||
Amount reclassified from AOCI | |||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | Affected line item in the Statement of Income | |||||||||||
(in thousands) | |||||||||||||||
HEI consolidated | |||||||||||||||
Net realized gains on securities | $ | (738 | ) | $ | (81 | ) | $ | (224 | ) | Revenues-bank (net gains on sales of securities) | |||||
Derivatives qualified as cash flow hedges | |||||||||||||||
Interest rate contracts (settled in 2011) | 235 | 236 | 181 | Interest expense | |||||||||||
Retirement benefit plan items | |||||||||||||||
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | 23,280 | 15,291 | 9,364 | See Note 10 for additional details | |||||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | (222,595 | ) | 75,471 | 100,692 | See Note 10 for additional details | ||||||||||
Total reclassifications | $ | (199,818 | ) | $ | 90,917 | $ | 110,013 | ||||||||
Hawaiian Electric consolidated | |||||||||||||||
Retirement benefit plan items | |||||||||||||||
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | $ | 20,694 | $ | 13,673 | $ | 8,372 | See Note 10 for additional details | ||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | (222,595 | ) | 75,471 | 100,692 | See Note 10 for additional details | ||||||||||
Total reclassifications | $ | (201,901 | ) | $ | 89,144 | $ | 109,064 | ||||||||
Retirement_benefits
Retirement benefits | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Retirement benefits | ' | |||||||||||||||||||||||
10 · Retirement benefits | ||||||||||||||||||||||||
Defined benefit plans. Substantially all of the employees of HEI and the Utilities participate in the Retirement Plan for Employees of Hawaiian Electric Industries, Inc. and Participating Subsidiaries (HEI Pension Plan). Substantially all of the employees of ASB and its subsidiaries participated in the American Savings Bank Retirement Plan (ASB Pension Plan) until it was frozen on December 31, 2007. The HEI Pension Plan and the ASB Pension Plan (collectively, the Plans) are qualified, noncontributory defined benefit pension plans and include, in the case of the HEI Pension Plan, benefits for utility union employees determined in accordance with the terms of the collective bargaining agreements between the Utilities and the union. The Plans are subject to the provisions of ERISA. In addition, some current and former executives and directors of HEI and its subsidiaries participate in noncontributory, nonqualified plans (collectively, Supplemental Plans). In general, benefits are based on the employees’ or directors’ years of service and compensation. | ||||||||||||||||||||||||
The continuation of the Plans and the Supplemental Plans and the payment of any contribution thereunder are not assumed as contractual obligations by the participating employers. The Supplemental Plan for directors has been frozen since 1996. The ASB Pension Plan was frozen as of December 31, 2007. The HEI Supplemental Executive Retirement Plan and ASB Supplemental Executive Retirement, Disability, and Death Benefit Plan (noncontributory, nonqualified, defined benefit plans) were frozen as of December 31, 2008. No participants have accrued any benefits under these plans after the respective plan’s freeze and the plans will be terminated at the time all remaining benefits have been paid. | ||||||||||||||||||||||||
Each participating employer reserves the right to terminate its participation in the applicable plans at any time, and HEI and ASB reserve the right to terminate their respective plans at any time. If a participating employer terminates its participation in the Plans, the interest of each affected participant would become 100% vested to the extent funded. Upon the termination of the Plans, assets would be distributed to affected participants in accordance with the applicable allocation provisions of ERISA and any excess assets that exist would be paid to the participating employers. Participants’ benefits in the Plans are covered up to certain limits under insurance provided by the Pension Benefit Guaranty Corporation. | ||||||||||||||||||||||||
To determine pension costs for HEI and its subsidiaries under the Plans and the Supplemental Plans, it is necessary to make complex calculations and estimates based on numerous assumptions, including the assumptions identified under “Defined benefit pension and other postretirement benefit plans information” below. | ||||||||||||||||||||||||
Postretirement benefits other than pensions. HEI and the Utilities provide eligible employees health and life insurance benefits upon retirement under the Postretirement Welfare Benefits Plan for Employees of Hawaiian Electric Company, Inc. and participating employers (Hawaiian Electric Benefits Plan). Eligibility of employees and dependents are based on eligibility to retire at termination, the retirement date and the date of hire. The plan was amended in 2011, changing eligibility for certain bargaining unit employees hired prior to May 1, 2011, based on new minimum age and service requirements effective January 1, 2012, per the collective bargaining agreement, and certain management employees hired prior to May 1, 2011 based on new eligibility minimum age and service requirements effective January 1, 2012. The minimum age and service requirements for management and bargaining unit employees hired May 1, 2011 and thereafter have increased and their dependents are not eligible to receive postretirement benefits. Employees may be eligible to receive benefits from the HEI Pension Plan but may not be eligible for postretirement welfare benefits if the different eligibility requirements are not met. | ||||||||||||||||||||||||
The executive death benefit plan was frozen on September 10, 2009 to participants and benefit levels as of that date. The electric discount was eliminated for management employees and retirees of Hawaiian Electric in August 2009, Hawaii Electric Light in November 2010, and Maui Electric in August 2010, and for bargaining unit employees and retirees on January 31, 2011 per the collective bargaining agreement. | ||||||||||||||||||||||||
The Company’s and Utilities' cost for OPEB has been adjusted to reflect the plan amendments, which reduced benefits. The elimination of the electric discount benefit will generate credits through other benefit costs over the next few years as the total amendment credit is amortized. Each participating employer reserves the right to terminate its participation in the Hawaiian Electric Benefits Plan at any time. | ||||||||||||||||||||||||
Balance sheet recognition of the funded status of retirement plans. Employers must recognize on their balance sheets the funded status of defined benefit pension and other postretirement benefit plans with an offset to AOCI in shareholders’ equity (using the projected benefit obligation (PBO), to calculate the funded status). | ||||||||||||||||||||||||
The PUC allowed the Utilities to adopt pension and OPEB tracking mechanisms in previous rate cases. The amount of the net periodic pension cost (NPPC) and net periodic benefits costs (NPBC) to be recovered in rates is established by the PUC in each rate case. Under the Utilities’ tracking mechanisms, any actual costs determined in accordance with GAAP that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will then be amortized over 5 years beginning with the respective utility’s next rate case. Accordingly, all retirement benefit expenses (except for executive life and nonqualified pension plan expenses, which amounted to $1.2 million in 2013 and $1.6 million in 2012) determined in accordance with GAAP will be recovered. | ||||||||||||||||||||||||
Under the tracking mechanisms, amounts that would otherwise be recorded in AOCI (excluding amounts for executive life and nonqualified pension plans), which amounts include the prepaid pension asset, net of taxes, as well as other pension and OPEB charges, are allowed to be reclassified as a regulatory asset, as those costs will be recovered in rates through the NPPC and NPBC in the future. The Utilities have reclassified to a regulatory asset/(liability) charges for retirement benefits that would otherwise be recorded in AOCI (amounting to the elimination of a potential charge to AOCI of $(364) million pretax and $124 million pretax for 2013 and 2012, respectively). | ||||||||||||||||||||||||
In 2007, the PUC allowed Hawaii Electric Light to record a regulatory asset in the amount of $12.8 million (representing Hawaii Electric Light’s prepaid pension asset and reflecting the accumulated pension contributions to its pension fund in excess of accumulated NPPC), which is included in rate base, and allowed recovery of that asset over a period of five years. Hawaii Electric Light is required to make contributions to the pension trust in the amount of the actuarially calculated NPPC that would be allowed without penalty by the tax laws. | ||||||||||||||||||||||||
In 2007, the PUC declined to allow Hawaiian Electric and Maui Electric to include their pension assets (representing the accumulated contributions to their pension fund in excess of accumulated NPPC), in their rate bases. However, under the tracking mechanisms, Hawaiian Electric and Maui Electric are required to fund only the minimum level required under the law until their pension assets are reduced to zero, at which time Hawaiian Electric and Maui Electric will make contributions to the pension trust in the amount of the actuarially calculated NPPC, except when limited by the ERISA minimum contribution requirements or the maximum contribution limitations on deductible contributions imposed by the Internal Revenue Code. | ||||||||||||||||||||||||
The PUC’s exclusion of Hawaiian Electric’s and Maui Electric’s pension assets from rate base does not allow Hawaiian Electric and Maui Electric to earn a return on the pension asset, but this exclusion does not result in the exclusion of any pension benefit costs from their rates. The pension asset is to be (and has been, in the case of Maui Electric) recovered in rates (as NPPC is recorded in excess of contributions). As of December 31, 2013, Hawaiian Electric’s pension asset had been reduced to nil. | ||||||||||||||||||||||||
The OPEB tracking mechanisms generally require the Utilities to make contributions to the OPEB trust in the amount of the actuarially calculated NPBC, except when limited by material, adverse consequences imposed by federal regulations. | ||||||||||||||||||||||||
Retirement benefits expense for the Utilities for 2013, 2012 and 2011 was $30 million, $32 million and $34 million, respectively. | ||||||||||||||||||||||||
Retirement benefit plan changes. On March 11, 2011, the Utilities’ bargaining unit employees ratified a new benefit agreement, which included changes to retirement benefits. Changes to retirement benefits for HEI and utility employees commencing employment after April 30, 2011 include a modified defined benefit plan (the Retirement Plan for Employees of Hawaiian Electric Industries, Inc. and Participating Subsidiaries) (with a lower payment formula than the formula in the plan for employees hired before May 1, 2011) and the addition of a 50% match by the applicable employer on the first 6% of employee elective deferrals by such employees through the defined contribution plan (under the HEIRSP). In addition, new eligibility rules and contribution levels applicable to existing and new HEI and utility employees were adopted for postretirement welfare benefits. In general, defined pension benefits are based on the employees’ years of service and compensation. | ||||||||||||||||||||||||
Defined benefit pension and other postretirement benefit plans information. The changes in the obligations and assets of the Company’s and Utilities' retirement benefit plans and the changes in AOCI (gross) for 2013 and 2012 and the funded status of these plans and amounts related to these plans reflected in the Company’s and Utilities' consolidated balance sheet as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in thousands) | Pension | Other | Pension | Other | ||||||||||||||||||||
benefits | benefits | benefits | benefits | |||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||
Benefit obligation, January 1 | $ | 1,590,304 | $ | 194,135 | $ | 1,322,430 | $ | 190,549 | ||||||||||||||||
Service cost | 56,405 | 4,306 | 43,221 | 4,211 | ||||||||||||||||||||
Interest cost | 64,788 | 7,569 | 67,480 | 9,009 | ||||||||||||||||||||
Actuarial losses (gains) | (203,302 | ) | (21,743 | ) | 217,205 | (1,991 | ) | |||||||||||||||||
Benefits paid and expenses | (61,904 | ) | (8,168 | ) | (60,032 | ) | (7,643 | ) | ||||||||||||||||
Benefit obligation, December 31 | 1,446,291 | 176,099 | 1,590,304 | 194,135 | ||||||||||||||||||||
Fair value of plan assets, January 1 | 971,314 | 156,731 | 839,580 | 142,992 | ||||||||||||||||||||
Actual return on plan assets | 194,130 | 29,164 | 115,794 | 18,477 | ||||||||||||||||||||
Employer contributions | 82,083 | 954 | 74,923 | 2,780 | ||||||||||||||||||||
Benefits paid and expenses | (60,858 | ) | (7,519 | ) | (58,983 | ) | (7,518 | ) | ||||||||||||||||
Fair value of plan assets, December 31 | 1,186,669 | 179,330 | 971,314 | 156,731 | ||||||||||||||||||||
Accrued benefit asset (liability), December 31 | $ | (259,622 | ) | $ | 3,231 | $ | (618,990 | ) | $ | (37,404 | ) | |||||||||||||
Other assets | $ | 24,948 | $ | 7,200 | $ | — | $ | — | ||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | (284,570 | ) | (3,969 | ) | (618,990 | ) | (37,404 | ) | ||||||||||||||||
Accrued benefit asset (liability), December 31 | $ | (259,622 | ) | $ | 3,231 | $ | (618,990 | ) | $ | (37,404 | ) | |||||||||||||
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) | $ | 680,781 | $ | 18,846 | $ | 533,537 | $ | 28,684 | ||||||||||||||||
Recognized during year – net recognized transition obligation | — | — | (1 | ) | — | |||||||||||||||||||
Recognized during year – prior service credit | 97 | 1,793 | 325 | 1,793 | ||||||||||||||||||||
Recognized during year – net actuarial losses | (38,438 | ) | (1,602 | ) | (25,675 | ) | (1,498 | ) | ||||||||||||||||
Occurring during year – net actuarial losses (gains) | (324,896 | ) | (40,759 | ) | 172,595 | (10,133 | ) | |||||||||||||||||
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 317,544 | (21,722 | ) | 680,781 | 18,846 | |||||||||||||||||||
Cumulative impact of PUC D&Os | (294,266 | ) | 19,206 | (621,310 | ) | (18,123 | ) | |||||||||||||||||
AOCI debit/(credit), December 31 | $ | 23,278 | $ | (2,516 | ) | $ | 59,471 | $ | 723 | |||||||||||||||
Net actuarial loss (gain) | $ | 317,639 | $ | (5,840 | ) | $ | 680,973 | $ | 36,521 | |||||||||||||||
Prior service gain | (95 | ) | (15,882 | ) | (192 | ) | (17,675 | ) | ||||||||||||||||
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 317,544 | (21,722 | ) | 680,781 | 18,846 | |||||||||||||||||||
Cumulative impact of PUC D&Os | (294,266 | ) | 19,206 | (621,310 | ) | (18,123 | ) | |||||||||||||||||
AOCI debit/(credit), December 31 | 23,278 | (2,516 | ) | 59,471 | 723 | |||||||||||||||||||
Income taxes (benefits) | (9,180 | ) | 980 | (23,489 | ) | (281 | ) | |||||||||||||||||
AOCI debit/(credit), net of taxes (benefits), December 31 | $ | 14,098 | $ | (1,536 | ) | $ | 35,982 | $ | 442 | |||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in thousands) | Pension | Other | Pension | Other | ||||||||||||||||||||
benefits | benefits | benefits | benefits | |||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||
Benefit obligation, January 1 | $ | 1,449,445 | $ | 187,110 | $ | 1,203,943 | $ | 184,240 | ||||||||||||||||
Service cost | 54,482 | 4,163 | 41,603 | 4,014 | ||||||||||||||||||||
Interest cost | 59,119 | 7,288 | 61,453 | 8,703 | ||||||||||||||||||||
Actuarial losses (gains) | (185,185 | ) | (20,900 | ) | 197,718 | (2,301 | ) | |||||||||||||||||
Benefits paid and expenses | (57,051 | ) | (8,082 | ) | (55,272 | ) | (7,546 | ) | ||||||||||||||||
Benefit obligation, December 31 | 1,320,810 | 169,579 | 1,449,445 | 187,110 | ||||||||||||||||||||
Fair value of plan assets, January 1 | 861,778 | 154,186 | 752,285 | 140,764 | ||||||||||||||||||||
Actual return on plan assets | 172,822 | 28,700 | 103,941 | 18,206 | ||||||||||||||||||||
Employer contributions | 80,325 | 839 | 60,442 | 2,634 | ||||||||||||||||||||
Benefits paid and expenses | (56,665 | ) | (7,434 | ) | (54,890 | ) | (7,418 | ) | ||||||||||||||||
Fair value of plan assets, December 31 | 1,058,260 | 176,291 | 861,778 | 154,186 | ||||||||||||||||||||
Accrued benefit asset (liability), December 31 | $ | (262,550 | ) | $ | 6,712 | $ | (587,667 | ) | $ | (32,924 | ) | |||||||||||||
Other assets | $ | — | $ | 7,200 | $ | — | $ | — | ||||||||||||||||
Other liabilities (short-term) | (388 | ) | (488 | ) | (386 | ) | — | |||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | (262,162 | ) | — | (587,281 | ) | (32,924 | ) | |||||||||||||||||
Accrued benefit asset (liability), December 31 | $ | (262,550 | ) | $ | 6,712 | $ | (587,667 | ) | $ | (32,924 | ) | |||||||||||||
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) | $ | 623,588 | $ | 17,432 | $ | 488,556 | $ | 27,390 | ||||||||||||||||
Recognized during year – net recognized transition asset | — | — | — | 9 | ||||||||||||||||||||
Recognized during year – prior service credit | 464 | 1,803 | 689 | 1,803 | ||||||||||||||||||||
Recognized during year – net actuarial losses | (34,597 | ) | (1,544 | ) | (23,428 | ) | (1,455 | ) | ||||||||||||||||
Occurring during year – net actuarial losses (gains) | (293,482 | ) | (39,598 | ) | 157,771 | (10,315 | ) | |||||||||||||||||
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 295,973 | (21,907 | ) | 623,588 | 17,432 | |||||||||||||||||||
Cumulative impact of PUC D&Os | (294,266 | ) | 19,206 | (621,310 | ) | (18,123 | ) | |||||||||||||||||
AOCI debit/(credit), December 31 | $ | 1,707 | $ | (2,701 | ) | $ | 2,278 | $ | (691 | ) | ||||||||||||||
Net actuarial loss (gain) | $ | 295,825 | $ | (6,001 | ) | $ | 623,904 | $ | 35,141 | |||||||||||||||
Prior service cost (gain) | 148 | (15,906 | ) | (316 | ) | (17,709 | ) | |||||||||||||||||
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 295,973 | (21,907 | ) | 623,588 | 17,432 | |||||||||||||||||||
Cumulative impact of PUC D&Os | (294,266 | ) | 19,206 | (621,310 | ) | (18,123 | ) | |||||||||||||||||
AOCI debit/(credit), December 31 | 1,707 | (2,701 | ) | 2,278 | (691 | ) | ||||||||||||||||||
Income taxes (benefits) | (664 | ) | 1,050 | (886 | ) | 269 | ||||||||||||||||||
AOCI debit/(credit), net of taxes (benefits), December 31 | $ | 1,043 | $ | (1,651 | ) | $ | 1,392 | $ | (422 | ) | ||||||||||||||
The dates used to determine retirement benefit measurements for the defined benefit plans were December 31 of 2013, 2012 and 2011. | ||||||||||||||||||||||||
On July 6, 2012, President Obama signed the Moving Ahead for Progress in the 21st Century Act (MAP-21), which included provisions related to the funding and administration of pension plans. This law does not affect the Company’s accounting for pension benefits; therefore, the net periodic benefit costs disclosed for the plans were not affected. The Company elected to apply MAP-21 for 2012, which improved the plans’ Adjusted Funding Target Attainment Percentage for funding and benefit distribution purposes and thereby reduced the 2012 minimum funding requirement and lifted the restrictions on accelerated distribution options (which restrictions were in effect April 1, 2011 to September 30, 2012) for HEI and the Utilities. MAP-21 caused the minimum required funding under ERISA to be less than the net periodic cost for 2013 and is expected to have the same effect in 2014; therefore, to satisfy the requirements of the Utilities pension and OPEB tracking mechanisms, the Utilities expect to contribute the net periodic cost in 2014. | ||||||||||||||||||||||||
The Pension Protection Act provides that if a pension plan’s funded status falls below certain levels, more conservative assumptions must be used to value obligations under the pension plan. The HEI Retirement Plan fell below these thresholds in 2011 and the minimum required contribution for 2012 incorporated the more conservative assumptions required. However, the HEI Retirement Plan met the threshold requirements in each of 2012 and 2013 so that the more conservative assumptions do not apply for either the 2013 or 2014 valuation of plan liabilities for purposes of calculating the minimum required contribution. Other factors could cause changes to the required contribution levels. | ||||||||||||||||||||||||
The Company and the Utilities have determined the market-related value of retirement benefit plan assets by calculating the difference between the expected return and the actual return on the fair value of the plan assets, then amortizing the difference over future years – 0% in the first year and 25% in each of years two through five – and finally adding or subtracting the unamortized differences for the past four years from fair value. The method includes a 15% range around the fair value of such assets (i.e., 85% to 115% of fair value). If the market-related value is outside the 15% range, then the amount outside the range will be recognized immediately in the calculation of annual NPBC. | ||||||||||||||||||||||||
A primary goal of the plans is to achieve long-term asset growth sufficient to pay future benefit obligations at a reasonable level of risk. The investment policy target for defined benefit pension and OPEB plans reflects the philosophy that long-term growth can best be achieved by prudent investments in equity securities while balancing overall fund volatility by an appropriate allocation to fixed income securities. In order to reduce the level of portfolio risk and volatility in returns, efforts have been made to diversify the plans’ investments by asset class, geographic region, market capitalization and investment style. | ||||||||||||||||||||||||
The weighted-average asset allocation of defined benefit retirement plans was as follows: | ||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||
Investment policy | Investment policy | |||||||||||||||||||||||
December 31 | 2013 | 2012 | Target | Range | 2013 | 2012 | Target | Range | ||||||||||||||||
Asset category | ||||||||||||||||||||||||
Equity securities | 73 | % | 69 | % | 70 | % | 65-75 | 74 | % | 70 | % | 70 | % | 65-75 | ||||||||||
Fixed income | 27 | 31 | 30 | 25-35 | 26 | 30 | 30 | 25-35 | ||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
See Note 16 for additional disclosures about the fair value of the retirement benefit plans’ assets. | ||||||||||||||||||||||||
The following weighted-average assumptions were used in the accounting for the plans: | ||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||
December 31 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Benefit obligation | ||||||||||||||||||||||||
Discount rate | 5.09 | % | 4.13 | % | 5.19 | % | 5.03 | % | 4.07 | % | 4.9 | % | ||||||||||||
Rate of compensation increase | 3.5 | 3.5 | 3.5 | NA | NA | NA | ||||||||||||||||||
Net periodic benefit cost (years ended) | ||||||||||||||||||||||||
Discount rate | 4.13 | 5.19 | 5.68 | 4.07 | 4.9 | 5.6 | ||||||||||||||||||
Expected return on plan assets | 7.75 | 7.75 | 8 | 7.75 | 7.75 | 8 | ||||||||||||||||||
Rate of compensation increase | 3.5 | 3.5 | 3.5 | NA | NA | NA | ||||||||||||||||||
NA Not applicable | ||||||||||||||||||||||||
The Company and the Utilities based their selection of an assumed discount rate for 2014 NPBC and December 31, 2013 disclosure on a cash flow matching analysis that utilized bond information provided by Bloomberg for all non-callable, high quality bonds (i.e., rated AA- or better) as of December 31, 2013. In selecting the expected rate of return on plan assets of 7.75% for 2014 NPBC, the Company and the Utilities considered economic forecasts for the types of investments held by the plans (primarily equity and fixed income investments), the Plans’ asset allocations, industry and corporate surveys and the past performance of the plans’ assets. | ||||||||||||||||||||||||
As of December 31, 2013, the assumed health care trend rates for 2014 and future years were as follows: medical, 7.5%, grading down to 5% for 2024 and thereafter; dental, 5%; and vision, 4%. As of December 31, 2012, the assumed health care trend rates for 2013 and future years were as follows: medical, 8.0%, grading down to 5% for 2019 and thereafter; dental, 5%; and vision, 4%. Medicare Advantage reimbursements are expected to phase out by 2016; therefore, post age 65 medical trends are adjusted to reflect anticipated increases above the ordinary medical trend rates. For post age 65, the medical trend is 4% higher than pre-65 for 2013 through 2014 and 3% higher in 2015. | ||||||||||||||||||||||||
The components of NPBC were as follows: | ||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||
Service cost | $ | 56,405 | $ | 43,221 | $ | 35,016 | $ | 4,306 | $ | 4,211 | $ | 4,409 | ||||||||||||
Interest cost | 64,788 | 67,480 | 64,966 | 7,569 | 9,009 | 9,534 | ||||||||||||||||||
Expected return on plan assets | (72,537 | ) | (71,183 | ) | (68,901 | ) | (10,147 | ) | (10,336 | ) | (10,650 | ) | ||||||||||||
Amortization of net transition obligation | — | 1 | 2 | — | — | — | ||||||||||||||||||
Amortization of net prior service gain | (97 | ) | (325 | ) | (389 | ) | (1,793 | ) | (1,793 | ) | (1,494 | ) | ||||||||||||
Amortization of net actuarial loss | 38,438 | 25,675 | 16,987 | 1,602 | 1,498 | 234 | ||||||||||||||||||
Net periodic benefit cost | 86,997 | 64,869 | 47,681 | 1,537 | 2,589 | 2,033 | ||||||||||||||||||
Impact of PUC D&Os | (38,104 | ) | (15,754 | ) | (3,516 | ) | (1,458 | ) | (2,227 | ) | 2,674 | |||||||||||||
Net periodic benefit cost (adjusted for impact of PUC D&Os) | 48,893 | 49,115 | 44,165 | 79 | 362 | 4,707 | ||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||
Service cost | $ | 54,482 | $ | 41,603 | $ | 33,627 | $ | 4,163 | $ | 4,014 | $ | 4,238 | ||||||||||||
Interest cost | 59,119 | 61,453 | 59,077 | 7,288 | 8,703 | 9,228 | ||||||||||||||||||
Expected return on plan assets | (64,551 | ) | (64,004 | ) | (61,615 | ) | (10,002 | ) | (10,195 | ) | (10,508 | ) | ||||||||||||
Amortization of net transition obligation | — | — | — | — | (9 | ) | (8 | ) | ||||||||||||||||
Amortization of net prior service gain | (464 | ) | (689 | ) | (747 | ) | (1,803 | ) | (1,803 | ) | (1,505 | ) | ||||||||||||
Amortization of net actuarial loss | 34,597 | 23,428 | 15,752 | 1,544 | 1,455 | 212 | ||||||||||||||||||
Net periodic benefit cost | 83,183 | 61,791 | 46,094 | 1,190 | 2,165 | 1,657 | ||||||||||||||||||
Impact of PUC D&Os | (38,104 | ) | (15,754 | ) | (3,516 | ) | (1,458 | ) | (2,227 | ) | 2,674 | |||||||||||||
Net periodic benefit cost (adjusted for impact of PUC D&Os) | $ | 45,079 | $ | 46,037 | $ | 42,578 | $ | (268 | ) | $ | (62 | ) | $ | 4,331 | ||||||||||
The estimated prior service credit, net actuarial loss and net transition obligation for defined benefit plans that will be amortized from AOCI or regulatory assets into net periodic benefit cost during 2014 is as follows: | ||||||||||||||||||||||||
HEI consolidated | Hawaiian Electric consolidated | |||||||||||||||||||||||
(in millions) | Pension benefits | Other benefits | Pension benefits | Other benefits | ||||||||||||||||||||
Estimated prior service cost (credit) | $ | 0.1 | $ | (1.8 | ) | $ | 0.1 | $ | (1.8 | ) | ||||||||||||||
Net actuarial loss | 20.2 | — | 18.2 | — | ||||||||||||||||||||
Net transition obligation | — | — | — | — | ||||||||||||||||||||
The Company recorded pension expense of $34 million, $35 million and $32 million and OPEB expense of $0.4 million, $1 million and $4 million in 2013, 2012 and 2011, respectively, and charged the remaining amounts primarily to electric utility plant. The Utilities recorded pension expense of $30 million, $32 million and $31 million and OPEB expense of nil, $0.4 million and $3 million in 2013, 2012 and 2011, respectively, and charged the remaining amounts primarily to electric utility plant. | ||||||||||||||||||||||||
The health care cost trend rate assumptions can have a significant effect on the amounts reported for other benefits. As of December 31, 2013, for the Company, a one-percentage-point increase in the assumed health care cost trend rates would have increased the total service and interest cost by $0.3 million and the accumulated postretirement benefit obligation (APBO) by $4.5 million, and a one-percentage-point decrease would have reduced the total service and interest cost by $0.3 million and the APBO by $4.9 million. As of December 31, 2013, for the Utilities, a one-percentage-point increase in the assumed health care cost trend rates would have increased the total service and interest cost by $0.3 million and the APBO by $4.5 million, and a one-percentage-point decrease would have reduced the total service and interest cost by $0.3 million and the APBO by $4.8 million. | ||||||||||||||||||||||||
HEI consolidated. The defined benefit pension plans with accumulated benefit obligations (ABOs), which do not consider projected pay increases (unlike the PBOs shown in the table above), in excess of plan assets as of December 31, 2013 and 2012, had aggregate ABOs of $1.2 billion and $1.4 billion, respectively, and plan assets of $1.1 billion and $1.0 billion, respectively. The defined benefit pension plans with PBOs in excess of plan assets as of December 31, 2013, had aggregate PBOs of $1.4 billion and plan assets of $1.1 billion. As of December 31, 2012, all the defined benefit pension plans shown in the table above had PBOs in excess of plan assets. The other postretirement benefit plans with ABOs in excess of plan assets as of December 31, 2013 had aggregate ABOs of $0.4 million and plan assets of nil. As of December 31, 2012, all the other postretirement benefit plans shown in the table above had ABOs in excess of plan assets. | ||||||||||||||||||||||||
The Company estimates that the cash funding for the qualified defined benefit pension plans in 2014 will be $59 million, which should fully satisfy the minimum required contributions to those plans, including requirements of the Utilities’ pension tracking mechanisms and the Plan’s funding policy. The Company's current estimate of contributions to its other postretirement benefit plans in 2014 is de minimis. | ||||||||||||||||||||||||
As of December 31, 2013, the benefits expected to be paid under all retirement benefit plans in 2014, 2015, 2016, 2017, 2018 and 2019 through 2023 amounted to $72 million, $75 million, $78 million, $81 million, $85 million and $483 million, respectively. | ||||||||||||||||||||||||
Hawaiian Electric consolidated. The defined benefit pension plans with ABOs in excess of plan assets as of December 31, 2013 and 2012, had aggregate ABOs of $1.2 billion and $1.2 billion, respectively, and plan assets of $1.1 billion and $0.9 billion, respectively. All the defined benefit pension plans shown in the table above had PBOs in excess of plan assets as of December 31, 2013 and 2012. As of December 31, 2013, the other postretirement benefit plan shown in the table above had plan assets in excess of ABO. As of December 31, 2012, the other postretirement benefit plan shown in the table above had an ABO in excess of plan assets. | ||||||||||||||||||||||||
The Utilities estimate that the cash funding for the qualified defined benefit pension plan in 2014 will be $58 million, which should fully satisfy the minimum required contributions to that Plan, including requirements of the pension tracking mechanisms and the Plan’s funding policy. The Utilities' current estimate of contributions to its other postretirement benefit plans in 2014 is nil. | ||||||||||||||||||||||||
As of December 31, 2013, the benefits expected to be paid under all retirement benefit plans in 2014, 2015, 2016, 2017, 2018 and 2019 through 2023 amounted to $67 million, $69 million, $72 million, $75 million, $77 million and $441 million, respectively. | ||||||||||||||||||||||||
Defined contribution plans information. The ASB 401(k) Plan is a defined contribution plan, which includes a discretionary employer profit sharing contribution by ASB (AmeriShare) and a matching contribution by ASB on the first 4% of employee deferrals (AmeriMatch). | ||||||||||||||||||||||||
Changes to retirement benefits for HEI and utility employees commencing employment after April 30, 2011 include a reduction of benefits provided through the defined benefit plan and the addition of a 50% match by the applicable employer on the first 6% of employee deferrals through the defined contribution plan (under the Hawaiian Electric Industries Retirement Savings Plan). | ||||||||||||||||||||||||
For 2013, 2012 and 2011, the Company’s expense for its defined contribution pension plans under the HEIRSP and the ASB 401(k) Plan was $5 million, $4 million and $3 million, respectively, and cash contributions were $4 million for each year. The Utilities’ expense for its defined contribution pension plan under the HEIRSP Plan for 2013 was $0.6 million and for 2012 and 2011 was de minimis. |
Sharebased_compensation
Share-based compensation | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Share-based compensation | ' | |||||||||||||||||||||||
11 · Share-based compensation | ||||||||||||||||||||||||
Under the 2010 Equity and Incentive Plan (EIP) HEI can issue shares of common stock as incentive compensation to selected employees in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares and other share-based and cash-based awards. | ||||||||||||||||||||||||
As of December 31, 2013, there were 3.6 million shares remaining available for future issuance under the EIP of which an estimated 2.2 million shares could be issued upon the vesting of outstanding restricted stock units and the achievement of performance goals under long-term incentive plans (based on the assumption that long-term incentive plan (LTIP) awards are achieved at maximum levels). | ||||||||||||||||||||||||
Under the 1987 Stock Option and Incentive Plan, as amended (SOIP), there are possible future issuances of an estimated 2,000 shares upon exercise of outstanding stock appreciation rights (SARs) and dividend equivalents based on the market price of shares on December 31, 2013. As of May 11, 2010 (when the EIP became effective), no new awards may be granted under the SOIP. After the shares of common stock for the outstanding SOIP grants and awards are issued or such grants and awards expire, the remaining shares registered under the SOIP will be deregistered and delisted. | ||||||||||||||||||||||||
For the SARs outstanding under the SOIP, the exercise price of each SAR generally equaled the fair market value of HEI’s stock on or near the date of grant. SARs and related dividend equivalents issued in the form of stock awards generally became exercisable in installments of 25% each year for four years, and expire if not exercised ten years from the date of the grant. SARs compensation expense has been recognized in accordance with the fair value-based measurement method of accounting. The estimated fair value of each SAR grant was calculated on the date of grant using a Binomial Option Pricing Model. | ||||||||||||||||||||||||
The restricted shares that have been issued under the EIP become unrestricted in four equal annual increments on the anniversaries of the grant date and are forfeited to the extent they have not become unrestricted for terminations of employment during the vesting period, except accelerated vesting is provided for terminations by reason of death, disability and termination without cause. Restricted shares compensation expense has been recognized in accordance with the fair-value-based measurement method of accounting. Dividends on restricted shares are paid quarterly in cash. | ||||||||||||||||||||||||
Restricted stock units awarded under the EIP in 2013, 2012 and 2011 will vest and be issued in unrestricted stock in four equal annual increments on the anniversaries of the grant date and are forfeited to the extent they have not become vested for terminations of employment during the vesting period, except that pro-rata vesting is provided for terminations due to death, disability and retirement. Restricted stock units awarded under the SOIP and EIP in 2010 and prior years generally vest and will be issued as unrestricted stock four years after the date of the grant and are forfeited for terminations of employment during the vesting period, except that pro-rata vesting is provided for terminations due to death, disability and retirement. Restricted stock units expense has been recognized in accordance with the fair-value-based measurement method of accounting. Dividend equivalent rights are accrued quarterly and are paid at the end of the restriction period when the associated restricted stock units vest. | ||||||||||||||||||||||||
Stock performance awards granted under the 2011-2013, 2012-2014 and 2013-2015 LTIPs entitle the grantee to shares of common stock with dividend equivalent rights once service conditions and performance conditions are satisfied at the end of the three-year performance period. LTIP awards are forfeited for terminations of employment during the performance period, except that pro-rata participation is provided for terminations due to death, disability and retirement based upon completed months of service after a minimum of 12 months of service in the performance period. Compensation expense for the stock performance awards portion of the LTIP has been recognized in accordance with the fair-value-based measurement method of accounting for performance shares. | ||||||||||||||||||||||||
Under the 2011 Nonemployee Director Stock Plan (2011 Director Plan), HEI can issue shares of common stock as compensation to nonemployee directors of HEI, Hawaiian Electric and ASB. As of December 31, 2013, there were 202,460 shares remaining available for future issuance under the 2011 Director Plan. | ||||||||||||||||||||||||
The Company’s share-based compensation expense and related income tax benefit were as follows: | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Share-based compensation expense 1 | $ | 7.8 | $ | 6.7 | $ | 4.3 | ||||||||||||||||||
Income tax benefit | 2.8 | 2.4 | 1.5 | |||||||||||||||||||||
1 | The Company has not capitalized any share-based compensation cost. | |||||||||||||||||||||||
The Company has revised its prior year disclosure to correct for an error that excluded from the disclosure amounts for stock awards to non-employee directors of HEI, Hawaiian Electric and ASB. The amounts excluded from the disclosure were not considered to be material to previously issued financial statements. The table below illustrates the effects of this revision on the previous disclosure (the revised disclosure had no impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Income or Consolidated Statements of Cash Flows): | ||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
(in millions) | As previously | As revised | Difference | As previously | As revised | Difference | ||||||||||||||||||
filed | filed | |||||||||||||||||||||||
Share-based compensation expense | $ | 5.9 | $ | 6.7 | $ | 0.8 | $ | 3.8 | $ | 4.3 | $ | 0.5 | ||||||||||||
Income tax benefit | 2 | 2.4 | 0.4 | 1.3 | 1.5 | 0.2 | ||||||||||||||||||
Stock awards. HEI granted HEI common stock to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan as follows: | ||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Shares granted | 33,184 | 29,448 | 34,908 | |||||||||||||||||||||
Fair value | $ | 0.8 | $ | 0.8 | $ | 0.8 | ||||||||||||||||||
Income tax benefit | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||
The number of shares issued to each nonemployee director of HEI, Hawaiian Electric and ASB is determined based on the closing price of HEI Common Stock on grant date. | ||||||||||||||||||||||||
Nonqualified stock options. Information about HEI’s NQSOs was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 14,000 | $ | 20.49 | 55,500 | $ | 20.92 | 215,500 | $ | 20.76 | |||||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||||
Exercised | (14,000 | ) | 20.49 | (41,500 | ) | 21.06 | (160,000 | ) | 20.7 | |||||||||||||||
Forfeited | — | — | — | — | — | — | ||||||||||||||||||
Expired | — | — | — | — | — | — | ||||||||||||||||||
Outstanding, December 31 | — | $ | — | 14,000 | $ | 20.49 | 55,500 | $ | 20.92 | |||||||||||||||
Exercisable, December 31 | — | $ | — | 14,000 | $ | 20.49 | 55,500 | $ | 20.92 | |||||||||||||||
-1 | Weighted-average exercise price | |||||||||||||||||||||||
As of December 31, 2013, there were no NQSOs outstanding. | ||||||||||||||||||||||||
NQSO activity and statistics were as follows: | ||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Cash received from exercise | $ | 287 | $ | 874 | $ | 3,312 | ||||||||||||||||||
Intrinsic value of shares exercised 1 | 128 | 354 | 1,270 | |||||||||||||||||||||
Tax benefit realized for the deduction of exercises | 50 | 138 | 181 | |||||||||||||||||||||
1 | Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalents exceeds the exercise price of the option. | |||||||||||||||||||||||
Stock appreciation rights. Information about HEI’s SARs is summarized as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 164,000 | $ | 26.12 | 282,000 | $ | 26.14 | 450,000 | $ | 26.13 | |||||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||||
Exercised | — | — | (114,000 | ) | 26.17 | (110,000 | ) | 26.09 | ||||||||||||||||
Forfeited | — | — | — | — | — | — | ||||||||||||||||||
Expired | — | — | (4,000 | ) | 26.18 | (58,000 | ) | 26.13 | ||||||||||||||||
Outstanding, December 31 | 164,000 | $ | 26.12 | 164,000 | $ | 26.12 | 282,000 | $ | 26.14 | |||||||||||||||
Exercisable, December 31 | 164,000 | $ | 26.12 | 164,000 | $ | 26.12 | 282,000 | $ | 26.14 | |||||||||||||||
-1 | Weighted-average exercise price | |||||||||||||||||||||||
31-Dec-13 | Outstanding & Exercisable (Vested) | |||||||||||||||||||||||
Year of | Range of | Number of shares | Weighted-average | Weighted-average | ||||||||||||||||||||
Grant | exercise prices | underlying SARs | remaining contractual life | exercise price | ||||||||||||||||||||
2004 | $26.02 | 62,000 | 0.3 | $ | 26.02 | |||||||||||||||||||
2005 | 26.18 | 102,000 | 1.3 | 26.18 | ||||||||||||||||||||
$26.02 –26.18 | 164,000 | 0.9 | $ | 26.12 | ||||||||||||||||||||
As of December 31, 2013, all SARs outstanding were exercisable and had an aggregate intrinsic value (including dividend equivalents) of $0.1 million. | ||||||||||||||||||||||||
SARs activity and statistics were as follows: | ||||||||||||||||||||||||
(dollars in thousands, except prices) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Intrinsic value of shares exercised 1 | $ | — | $ | 197 | $ | 64 | ||||||||||||||||||
Tax benefit realized for the deduction of exercises | — | 77 | 25 | |||||||||||||||||||||
1 | Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalents exceeds the exercise price of the right. | |||||||||||||||||||||||
Restricted shares and restricted stock awards. Information about HEI’s grants of restricted shares and restricted stock awards was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 9,005 | $ | 22.21 | 46,807 | $ | 24.45 | 89,709 | $ | 24.64 | |||||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||||
Vested | (4,502 | ) | 22.21 | (37,802 | ) | 24.99 | (40,102 | ) | 24.83 | |||||||||||||||
Forfeited | — | — | — | — | (2,800 | ) | 24.93 | |||||||||||||||||
Outstanding, December 31 | 4,503 | $ | 22.21 | 9,005 | $ | 22.21 | 46,807 | $ | 24.45 | |||||||||||||||
-1 | Weighted-average grant-date fair value per share based on the closing or average price of HEI common stock on the date of grant. | |||||||||||||||||||||||
For 2013, 2012 and 2011, total restricted stock vested had a grant-date fair value of $0.1 million, $0.9 million and $1.0 million, respectively, and the tax benefits realized for the tax deductions related to restricted stock awards were nil for 2013, $0.2 million for 2012 and $0.2 million for 2011. | ||||||||||||||||||||||||
As of December 31, 2013, there was $0.1 million of total unrecognized compensation cost related to nonvested restricted shares and restricted stock awards. The cost is expected to be recognized over a weighted-average period of 0.9 years. | ||||||||||||||||||||||||
Restricted stock units. Information about HEI’s grants of restricted stock units was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 315,094 | $ | 22.82 | 247,286 | $ | 21.8 | 146,500 | $ | 19.8 | |||||||||||||||
Granted | 111,231 | 26.88 | 98,446 | 25.99 | 101,786 | 24.68 | ||||||||||||||||||
Vested | (118,885 | ) | 20.48 | (25,728 | ) | 24.68 | — | — | ||||||||||||||||
Forfeited | (19,289 | ) | 25.62 | (4,910 | ) | 24.92 | (1,000 | ) | 22.6 | |||||||||||||||
Outstanding, December 31 | 288,151 | $ | 25.17 | 315,094 | $ | 22.82 | 247,286 | $ | 21.8 | |||||||||||||||
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | 3 | $ | 2.6 | $ | 2.5 | ||||||||||||||||||
-1 | Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. | |||||||||||||||||||||||
For 2013 and 2012, total restricted stock units that vested and related dividends had a grant-date fair value of $2.4 million and $0.7 million, respectively, and the related tax benefits were $0.9 million and $0.2 million, respectively. | ||||||||||||||||||||||||
As of December 31, 2013, there was $3.7 million of total unrecognized compensation cost related to the nonvested restricted stock units. The cost is expected to be recognized over a weighted-average period of 2.5 years. | ||||||||||||||||||||||||
LTIP payable in stock. The 2011-2013 LTIP, 2012-2014 LTIP and 2013-2015 LTIP provide for performance awards under the EIP of shares of HEI common stock based on the satisfaction of performance goals considered to be a market condition and service conditions. The number of shares of HEI common stock that may be awarded is fixed on the date the grants are made subject to the achievement of specified performance levels. The potential payout varies from 0% to 200% of the number of target shares depending on achievement of the goals. The LTIP performance goals for the LTIP periods include awards with a market goal based on total return to shareholders (TRS) of HEI stock as a percentile to the Edison Electric Institute Index over the applicable three-year period. In addition, the 2011-2013 LTIP, 2012-2014 LTIP and 2013-2015 LTIP have performance goals related to levels of HEI consolidated net income, HEI consolidated return on average common equity (ROACE), Hawaiian Electric consolidated net income, Hawaiian Electric consolidated ROACE, ASB net income and ASB return on assets – all based on the applicable three-year averages. | ||||||||||||||||||||||||
LTIP linked to TRS. Information about HEI’s LTIP grants linked to TRS was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 239,256 | $ | 29.12 | 197,385 | $ | 25.94 | 126,782 | $ | 20.33 | |||||||||||||||
Granted | 91,038 | 32.69 | 81,223 | 30.71 | 75,015 | 35.46 | ||||||||||||||||||
Vested (settled or lapsed) | (87,753 | ) | 22.45 | (35,397 | ) | 14.85 | — | — | ||||||||||||||||
Forfeited | (10,414 | ) | 32.72 | (3,955 | ) | 30.82 | (4,412 | ) | 29.56 | |||||||||||||||
Outstanding, December 31 | 232,127 | $ | 32.88 | 239,256 | $ | 29.12 | 197,385 | $ | 25.94 | |||||||||||||||
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | 3 | $ | 2.5 | $ | 2.7 | ||||||||||||||||||
-1 | Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model. | |||||||||||||||||||||||
The grant date fair values of the shares were determined using a Monte Carlo simulation model utilizing actual information for the common shares of HEI and its peers for the period from the beginning of the performance period to the grant date and estimated future stock volatility and dividends of HEI and its peers over the remaining three-year performance period. The expected stock volatility assumptions for HEI and its peer group were based on the three-year historic stock volatility, and the annual dividend yield assumptions were based on dividend yields calculated on the basis of daily stock prices over the same three-year historical period. | ||||||||||||||||||||||||
The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TRS and the resulting fair value of LTIP awards granted: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Risk-free interest rate | 0.38 | % | 0.33 | % | 1.25 | % | ||||||||||||||||||
Expected life in years | 3 | 3 | 3 | |||||||||||||||||||||
Expected volatility | 19.4 | % | 25.3 | % | 27.8 | % | ||||||||||||||||||
Range of expected volatility for Peer Group | 12.4% to 25.3% | 15.5% to 34.5% | 21.2% to 82.6% | |||||||||||||||||||||
Grant date fair value (per share) | $ | 32.69 | $ | 30.71 | $ | 35.46 | ||||||||||||||||||
For 2013 and 2012, total vested LTIP awards linked to TRS and related dividends had a fair value of $2.2 million and $0.6 million, respectively, and the related tax benefits were $0.9 million and $0.2 million, respectively. Of the 87,753 shares vested and granted (at target level based on the satisfaction of TRS performance) for the 2010-2012 LTIP, the HEI Compensation Committee approved settlement of 70,205 shares of HEI common stock in February 2013 (17,548 of the vested shares lapsed). | ||||||||||||||||||||||||
As of December 31, 2013, there was $2.4 million of total unrecognized compensation cost related to the nonvested performance awards payable in shares linked to TRS. The cost is expected to be recognized over a weighted-average period of 1.5 years. | ||||||||||||||||||||||||
LTIP awards linked to other performance conditions. Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 247,175 | $ | 25.04 | 182,498 | $ | 22.63 | 161,310 | $ | 18.66 | |||||||||||||||
Granted | 120,399 | 26.89 | 125,157 | 26.05 | 113,831 | 24.96 | ||||||||||||||||||
Vested and settled | (18,280 | ) | 18.95 | — | — | — | — | |||||||||||||||||
Cancelled | (41,599 | ) | 24.97 | (50,786 | ) | 18.95 | (81,908 | ) | 18.38 | |||||||||||||||
Forfeited | (10,852 | ) | 26.2 | (9,694 | ) | 24.44 | (10,735 | ) | 20.12 | |||||||||||||||
Outstanding, December 31 | 296,843 | $ | 26.14 | 247,175 | $ | 25.04 | 182,498 | $ | 22.63 | |||||||||||||||
Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions) | $ | 3.2 | $ | 3.3 | $ | 2.8 | ||||||||||||||||||
-1 | Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. | |||||||||||||||||||||||
For 2013, total vested LTIP awards linked to other performance conditions and related dividends had a fair value of $0.6 million and the related tax benefits were $0.2 million. | ||||||||||||||||||||||||
As of December 31, 2013, there was $3.1 million of total unrecognized compensation cost related to the nonvested shares linked to performance conditions other than TRS. The cost is expected to be recognized over a weighted-average period of 1.5 years. |
Income_taxes
Income taxes | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Income taxes | ' | |||||||||||||||||||||||
12 · Income taxes | ||||||||||||||||||||||||
The components of income taxes attributable to net income for common stock were as follows: | ||||||||||||||||||||||||
HEI consolidated | Hawaiian Electric consolidated | |||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Federal | ||||||||||||||||||||||||
Current | $ | (1,520 | ) | $ | (15,411 | ) | $ | (7,639 | ) | $ | 1,313 | $ | (26,965 | ) | $ | (10,820 | ) | |||||||
Deferred | 73,680 | 82,138 | 73,495 | 58,024 | 79,437 | 64,646 | ||||||||||||||||||
Deferred tax credits, net | 224 | 187 | — | 224 | 186 | — | ||||||||||||||||||
72,384 | 66,914 | 65,856 | 59,561 | 52,658 | 53,826 | |||||||||||||||||||
State | ||||||||||||||||||||||||
Current | (1,555 | ) | (4,654 | ) | 2,437 | (3,720 | ) | (4,940 | ) | 1,226 | ||||||||||||||
Deferred | 6,719 | 8,710 | 5,949 | 6,483 | 7,441 | 4,445 | ||||||||||||||||||
Deferred tax credits, net | 6,793 | 5,889 | 1,690 | 6,793 | 5,889 | 2,087 | ||||||||||||||||||
11,957 | 9,945 | 10,076 | 9,556 | 8,390 | 7,758 | |||||||||||||||||||
Total | $ | 84,341 | $ | 76,859 | $ | 75,932 | $ | 69,117 | $ | 61,048 | $ | 61,584 | ||||||||||||
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 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amount at the federal statutory income tax rate | $ | 86,711 | $ | 76,092 | $ | 75,618 | $ | 67,914 | $ | 56,812 | $ | 57,248 | ||||||||||||
Increase (decrease) resulting from: | ||||||||||||||||||||||||
State income taxes, net of federal income tax benefit | 7,772 | 6,464 | 6,550 | 6,211 | 5,453 | 5,042 | ||||||||||||||||||
Other, net | (10,142 | ) | (5,697 | ) | (6,236 | ) | (5,008 | ) | (1,217 | ) | (706 | ) | ||||||||||||
Total | $ | 84,341 | $ | 76,859 | $ | 75,932 | $ | 69,117 | $ | 61,048 | $ | 61,584 | ||||||||||||
Effective income tax rate | 34 | % | 35.4 | % | 35.1 | % | 35.6 | % | 37.6 | % | 37.7 | % | ||||||||||||
The Company’s and the Utilities' effective tax rate decreased in 2013 compared to 2012 primarily due to $3.5 million lower deferred taxes related to the tax gross-up of AFUDC-equity and a $3.1 million (including $2.7 million related to the Utilities) out-of-period income tax benefit (see “Out-of-period income tax benefit”). The Company's effective tax rate increased slightly from 2011 to 2012 due primarily to lower utility tax credit amortization and its lower relative impact on higher operating income in 2012, and tax-free bank-owned life insurance proceeds received in 2011. | ||||||||||||||||||||||||
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 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||||
Allowance for loan losses | $ | 16,172 | $ | 17,254 | $ | — | $ | — | ||||||||||||||||
Retirement benefits | — | 266 | — | — | ||||||||||||||||||||
Net operating loss | — | — | 19,848 | 6,413 | ||||||||||||||||||||
Other | 41,067 | 34,354 | 17,295 | 13,986 | ||||||||||||||||||||
Total deferred tax assets | 57,239 | 51,874 | 37,143 | 20,399 | ||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||||
Property, plant and equipment related | 378,280 | 316,900 | 375,771 | 315,409 | ||||||||||||||||||||
Goodwill | 23,781 | 23,781 | — | — | ||||||||||||||||||||
Regulatory assets, excluding amounts attributable to property, plant and equipment | 33,251 | 33,071 | 33,251 | 33,071 | ||||||||||||||||||||
FHLB stock dividend | 18,847 | 20,062 | — | — | ||||||||||||||||||||
Repairs deduction | 75,127 | 69,514 | 75,127 | 69,514 | ||||||||||||||||||||
Retirement benefits | 29,280 | — | 23,851 | 8,688 | ||||||||||||||||||||
Other | 27,933 | 27,875 | 15,602 | 11,328 | ||||||||||||||||||||
Total deferred tax liabilities | 586,499 | 491,203 | 523,602 | 438,010 | ||||||||||||||||||||
Net deferred income tax liability | $ | 529,260 | $ | 439,329 | $ | 486,459 | $ | 417,611 | ||||||||||||||||
Prepayments and other | $ | — | $ | — | $ | 20,702 | $ | — | ||||||||||||||||
Deferred income taxes | 529,260 | 439,329 | 507,161 | 417,611 | ||||||||||||||||||||
Net deferred income tax liability | $ | 529,260 | $ | 439,329 | $ | 486,459 | $ | 417,611 | ||||||||||||||||
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are deductible. Based upon historical taxable income and projections for future taxable income, management believes it is more likely than not the Company and the Utilities will realize substantially all of the benefits of the deferred tax assets. As of December 31, 2013, the valuation allowance for deferred tax benefits is not significant. In 2013, the net deferred income tax liability continued to increase primarily as a result of accelerated tax deductions taken for bonus depreciation (resulting from the American Taxpayer Relief Act of 2012). The Utilities are included in the consolidated federal and Hawaii income tax returns of HEI and are subject to the provisions of HEI’s tax sharing agreement, which determines each subsidiary’s (or subgroup) income tax return liabilities and refunds on a standalone basis as if it filed a separate return (or subgroup consolidated return). Consequently, although HEI consolidated does not expect any unutilized net operating loss (NOL) as of December 31, 2013, standalone Hawaiian Electric consolidated expects a $55 million (pretax) NOL for federal tax purposes in accordance with the HEI tax sharing agreement. The deferred tax asset associated with this NOL is included in “Prepayments and other.” | ||||||||||||||||||||||||
HEI consolidated. In 2013, 2012 and 2011, credit adjustments to interest expense on income taxes was reflected in “Interest expense – other than on deposit liabilities and other bank borrowings” in the amount of $0.3 million, $1.4 million and $1.2 million, respectively. The credit adjustments to interest expense were primarily due to the resolution of tax issues with the Internal Revenue Service (IRS). As of December 31, 2013 and 2012, the total amount of accrued interest related to uncertain tax positions and recognized on the balance sheet in “Interest and dividends payable” was $0.4 million and $0.3 million, respectively. | ||||||||||||||||||||||||
As of December 31, 2013, the total amount of liability for uncertain tax positions was $0.9 million and, of this amount, $0.7 million, if recognized, would affect the Company’s effective tax rate. The Company’s unrecognized tax benefits are primarily the result of differences relating to the tax basis of property and equipment. | ||||||||||||||||||||||||
Hawaiian Electric consolidated. In 2013, 2012 and 2011, credit adjustments to interest expense on income taxes was reflected in “Interest and other charges” in the amount of $0.3 million, $0.5 million and $1.0 million, respectively. The credit adjustments to interest expense were primarily due to the resolution of tax issues with the IRS. As of December 31, 2013 and 2012, the total amount of accrued interest related to uncertain tax positions and recognized on the balance sheet in “Interest and preferred dividends payable” was de minimis. | ||||||||||||||||||||||||
As of December 31, 2013, the total amount of liability for uncertain tax positions was $0.5 million and, if recognized, would affect the Utilities' effective tax rate. The Utilities' unrecognized tax benefits are primarily the result of differences relating to the tax basis of property and equipment. | ||||||||||||||||||||||||
The changes in total unrecognized tax benefits were as follows: | ||||||||||||||||||||||||
HEI consolidated | Hawaiian Electric consolidated | |||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Unrecognized tax benefits, January 1 | $ | 0.8 | $ | 5.7 | $ | 15.4 | $ | 0.4 | $ | 3.7 | 14.2 | |||||||||||||
Additions based on tax positions taken during the year | — | 0.3 | — | — | 0.3 | — | ||||||||||||||||||
Reductions based on tax positions taken during the year | — | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||||
Additions for tax positions of prior years | 0.5 | — | 0.1 | 0.5 | — | — | ||||||||||||||||||
Reductions for tax positions of prior years | (0.4 | ) | (4.1 | ) | (8.1 | ) | (0.4 | ) | (3.6 | ) | (8.8 | ) | ||||||||||||
Settlements | — | — | — | — | — | — | ||||||||||||||||||
Lapses of statute of limitations | — | (1.1 | ) | (1.1 | ) | — | — | (1.1 | ) | |||||||||||||||
Unrecognized tax benefits, December 31 | $ | 0.9 | $ | 0.8 | $ | 5.7 | $ | 0.5 | $ | 0.4 | $ | 3.7 | ||||||||||||
The 2012 reduction in unrecognized tax benefits was primarily due to the IRS’s acceptance of the deductibility of costs of repairs to utility generation property for tax years 2007-2009. The 2011 reduction in unrecognized tax benefits was primarily due to the IRS’s issuance of guidance (Revenue Procedure 2011-43, issued in August 2011) on the deductibility of costs of repairs to utility transmission and distribution (T&D) property, including a “safe harbor” method under which taxpayers could transition and minimize the uncertainty of the repairs expense deduction for T&D property. The Company elected the “safe harbor” method in its 2011 tax return, which resulted in the reduction of associated unrecognized tax benefits for 2011. | ||||||||||||||||||||||||
The IRS is currently auditing tax years 2010 and 2011. Tax years 2007 to 2012 remain subject to examination by the Department of Taxation of the State of Hawaii. | ||||||||||||||||||||||||
As of December 31, 2013, the disclosures above present the Company’s and the Utilities' accruals for potential tax liabilities and related interest. Based on information currently available, the Company and the Utilities believe these accruals have adequately provided for potential income tax issues with federal and state tax authorities and related interest, and that the ultimate resolution of tax issues for all open tax periods will not have a material adverse effect on its results of operations, financial condition or liquidity. | ||||||||||||||||||||||||
Out-of-period income tax benefit. During 2013, the Company recorded a $3.1 million (including $2.7 million related to the Utilities) out-of-period income tax benefit, resulting primarily from the reversal of deferred tax liabilities due to errors in the amount of book over tax basis differences in plant and equipment. Management concluded that this out-of-period adjustment was not material to either the current or any prior period financial statements. | ||||||||||||||||||||||||
Recent tax developments. In September 2013, the IRS issued final regulations addressing the acquisition, production and improvement of tangible property, which are effective January 1, 2014. Management is currently evaluating the impact of these new regulations, but does not expect a material impact on the Utilities since specific guidance on network (i.e., transmission and distribution) assets and generation property has already been received. The IRS also proposed regulations addressing the disposition of property. | ||||||||||||||||||||||||
The Utilities adopted the safe harbor guidelines with respect to network assets in 2011 and in June 2013, the IRS released a revenue procedure relating to deductions for repairs of generation property, which provides some guidance (that is elective) for taxpayers that own steam or electric generation property. This guidance defines the relevant components of generation property to be used in determining whether such component expenditures should be deducted as repairs or capitalized and depreciated by taxpayers. The revenue procedure also provides an extrapolation methodology that could be used by taxpayers in determining deductions for prior years’ repairs without going back to the specific documentation of those years. The guidance does not provide specific methods for determining the repairs amount. Management continues to evaluate the costs and benefits of adopting this guidance, in order to determine whether and when an election should be made. |
Cash_flows
Cash flows | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Cash flows | ' | |||||||||||
13 · Cash flows | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
(in millions) | ||||||||||||
Supplemental disclosures of cash flow information | ||||||||||||
HEI consolidated | ||||||||||||
Interest paid to non-affiliates | $ | 85 | $ | 84 | $ | 97 | ||||||
Income taxes paid (refunded) | 14 | (14 | ) | (22 | ) | |||||||
Hawaiian Electric consolidated | ||||||||||||
Interest paid to non-affiliates | 59 | 57 | 58 | |||||||||
Income taxes refunded | (26 | ) | (3 | ) | (23 | ) | ||||||
Supplemental disclosures of noncash activities | ||||||||||||
HEI consolidated | ||||||||||||
Common stock dividends reinvested in HEI common stock 1 | 24 | 24 | 12 | |||||||||
Increases in common stock related to director and officer compensatory plans | 5 | 6 | 8 | |||||||||
Loans transferred from held for investment to held for sale | 25 | — | 6 | |||||||||
Real estate acquired in settlement of loans | 4 | 11 | 12 | |||||||||
Hawaiian Electric consolidated | ||||||||||||
Electric utility property, plant and equipment | ||||||||||||
AFUDC-equity | 6 | 7 | 6 | |||||||||
Estimated fair value of noncash contributions in aid of construction | 5 | 10 | 7 | |||||||||
Unpaid invoices and other | 24 | 37 | 45 | |||||||||
1 | The amounts shown represents common stock dividends reinvested in HEI common stock under the HEI DRIP in noncash transactions. |
Regulatory_restrictions_on_net
Regulatory restrictions on net assets | 12 Months Ended |
Dec. 31, 2013 | |
Regulatory Capital Requirements [Abstract] | ' |
Regulatory restrictions on net assets | ' |
14 · Regulatory restrictions on net assets | |
As of December 31, 2013, the Utilities could not transfer approximately $674 million of net assets to HEI in the form of dividends, loans or advances without PUC approval. | |
ASB is required to notify the FRB and OCC prior to making any capital distribution (including dividends) to HEI (through ASHI). Generally, the FRB and OCC may disapprove or deny ASB’s request to make a capital distribution if the proposed distribution will cause ASB to become undercapitalized, or the proposed distribution raises safety and soundness concerns, or the proposed distribution violates a prohibition contained in any statute, regulation, or agreement between ASB and the OCC. As of December 31, 2013, ASB could transfer approximately $91 million of net assets to HEI in the form of dividends and still maintain its “well-capitalized” position. | |
HEI management expects that the regulatory restrictions will not materially affect the operations of the Company nor HEI’s ability to pay common stock dividends. |
Significant_group_concentratio
Significant group concentrations of credit risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Significant group concentrations of credit risk | ' |
15 · Significant group concentrations of credit risk | |
Most of the Company’s business activity is with customers located in the State of Hawaii. | |
The Utilities are regulated operating electric public utilities engaged in the generation, purchase, transmission, distribution and sale of electricity on the islands of Oahu, Hawaii, Maui, Lanai and Molokai in the State of Hawaii. The Utilities provide the only electric public utility service on the islands they serve. The Utilities grant credit to customers, all of whom reside or conduct business in the State of Hawaii. | |
Most of ASB’s financial instruments are based in the State of Hawaii, except for the investment and mortgage-related securities it owns. Substantially all real estate loans receivable are collateralized by real estate in Hawaii. ASB’s policy is to require mortgage insurance on all real estate loans with a loan to appraisal ratio in excess of 80% at origination. |
Fair_value_measurements
Fair value measurements | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Fair value measurements | ' | |||||||||||||||||||||||||||||||
16 · Fair value measurements | ||||||||||||||||||||||||||||||||
Fair value estimates are estimates of the price that would be received to sell an asset, or paid upon the transfer of a liability, in an orderly transaction between market participants at the measurement date. The fair value estimates are generally determined based on assumptions that market participants would use in pricing the asset or liability and are based on market data obtained from independent sources. However, in certain cases, the Company and the Utilities use their own assumptions about market participant assumptions based on the best information available in the circumstances. These valuations are estimates at a specific point in time, based on relevant market information, information about the financial instrument and judgments regarding future expected loss experience, economic conditions, risk characteristics of various financial instruments and other factors. These estimates do not reflect any premium or discount that could result if the Company or the Utilities were to sell its entire holdings of a particular financial instrument at one time. Because no active trading market exists for a portion of the Company’s and the Utilities' financial instruments, fair value estimates cannot be determined with precision. Changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the estimates. In addition, the tax ramifications related to the realization of the unrealized gains and losses could have a significant effect on fair value estimates, but have not been considered in making such estimates. | ||||||||||||||||||||||||||||||||
The Company and the Utilities group their financial assets measured at fair value in three levels outlined as follows: | ||||||||||||||||||||||||||||||||
Level 1: | Inputs to the valuation methodology are quoted prices, unadjusted, for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and is used to measure fair value whenever available. | |||||||||||||||||||||||||||||||
Level 2: | Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; inputs to the valuation methodology include quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs to the valuation methodology that are derived principally from or can be corroborated by observable market data by correlation or other means. | |||||||||||||||||||||||||||||||
Level 3: | Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using discounted cash flow methodologies, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | |||||||||||||||||||||||||||||||
The Company and/or the Utilities used the following methods and assumptions to estimate the fair value of each applicable class of financial instruments for which it is practicable to estimate that value: | ||||||||||||||||||||||||||||||||
Short-term borrowings—other than bank. The carrying amount approximated fair value because of the short maturity of these instruments. | ||||||||||||||||||||||||||||||||
Investment and mortgage-related securities. To determine the fair value of investment securities held in ASB’s available-for-sale portfolio, independent third-party vendor or broker pricing is used on an unadjusted basis. Prices for investments and mortgage-related securities are based on observable inputs, including historical trading levels or sector yields, using market-based valuation techniques. The third party pricing service uses applications, models and pricing matrices that correlate security prices to benchmark securities which are adjusted for various inputs. Inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark security bids and offers, TBA (to be announced) prices, monthly payment information, and reference data including market research. The pricing service may prioritize inputs differently on any given day for any security, and not all inputs are available for use in the evaluation process on any given day or for each security. The pricing vendor corroborates its finding on an on-going basis by monitoring market activity and events. | ||||||||||||||||||||||||||||||||
Third party pricing services provide security prices in good faith using rigorous methodologies; however, they do not warrant or guarantee the adequacy or accuracy of their information. Therefore, ASB utilizes a separate third party pricing vendor to corroborate security pricing of the first pricing vendor. If the pricing differential between the two pricing sources exceeds an established threshold, a pricing inquiry will be sent to both vendors or to an independent broker to determine a price that can be supported based on observable inputs found in the market. Such challenges to pricing are required infrequently and are generally resolved using additional security-specific information that was not available to a specific vendor. | ||||||||||||||||||||||||||||||||
Loans receivable. The estimated fair value of loans receivable is determined based on characteristics such as loan category, repricing features and remaining maturity, and includes prepayment estimates. | ||||||||||||||||||||||||||||||||
For residential real estate loans, fair values were estimated by discounting estimated cash flows using discount rates based on current industry pricing for loans with similar contractual characteristics and remaining maturity. | ||||||||||||||||||||||||||||||||
For other types of loans, fair values were estimated by discounting contractual cash flows using discount rates that reflect current industry pricing for loans with similar characteristics and remaining maturity. Where industry pricing is not available, discount rates are based on ASB’s current pricing for loans with similar characteristics and remaining maturity. | ||||||||||||||||||||||||||||||||
The fair value of all loans was adjusted to reflect current assessments of loan collectability. Also see “Fair value measurements on a nonrecurring basis” below. | ||||||||||||||||||||||||||||||||
Deposit liabilities. The fair value of savings, negotiable orders of withdrawal, demand and money market deposits was the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit was estimated by discounting the future cash flows using the rates currently offered for deposits of similar remaining maturities. | ||||||||||||||||||||||||||||||||
Other bank borrowings. Fair value was estimated by discounting the future cash flows using the current rates available for borrowings with similar credit terms and remaining maturities. | ||||||||||||||||||||||||||||||||
Long-term debt. Fair value was obtained from third-party financial services providers based on the current rates offered for debt of the same or similar remaining maturities and from discounting the future cash flows using the current rates offered for debt of the same or similar remaining maturities. | ||||||||||||||||||||||||||||||||
Derivative financial instruments. See “Fair value measurements on a recurring basis” below. | ||||||||||||||||||||||||||||||||
Off-balance sheet financial instruments. The fair value of loans serviced for others was calculated by discounting expected net income streams using discount rates that reflect industry pricing for similar assets. Expected net income streams were estimated based on industry assumptions regarding prepayment speeds and income and expenses associated with servicing residential mortgage loans for others. The fair value of commitments to originate loans was estimated based on the change in current primary market prices of new commitments. Since lines of credit can expire without being drawn and customers are under no obligation to utilize the lines, no fair value was assigned to unused lines of credit. The fair value of letters of credit was estimated based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements. | ||||||||||||||||||||||||||||||||
The estimated fair values of certain of the Company’s and the Utilities' financial instruments were as follows: | ||||||||||||||||||||||||||||||||
Estimated fair value | ||||||||||||||||||||||||||||||||
(in thousands) | Carrying or | Quoted prices in active markets for identical assets (Level 1) | Significant other Observable inputs (Level 2) | Significant Unobservable inputs | Total | |||||||||||||||||||||||||||
notional | (Level 3) | |||||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
Money market funds | $ | 10 | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||
Available-for-sale investment and mortgage-related securities | 529,007 | — | 529,007 | — | 529,007 | |||||||||||||||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 92,546 | — | 92,546 | — | 92,546 | |||||||||||||||||||||||||||
Loans receivable, net | 4,115,415 | — | — | 4,211,290 | 4,211,290 | |||||||||||||||||||||||||||
Derivative assets | 46,356 | 98 | 531 | — | 629 | |||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
Deposit liabilities | 4,372,477 | — | 4,374,377 | — | 4,374,377 | |||||||||||||||||||||||||||
Short-term borrowings—other than bank | 105,482 | — | 105,482 | — | 105,482 | |||||||||||||||||||||||||||
Other bank borrowings | 244,514 | — | 256,029 | — | 256,029 | |||||||||||||||||||||||||||
Long-term debt, net—other than bank | 1,492,945 | — | 1,508,425 | — | 1,508,425 | |||||||||||||||||||||||||||
The Utilities' long-term debt, net (included in amount above) | 1,217,945 | — | 1,228,966 | — | 1,228,966 | |||||||||||||||||||||||||||
Derivative liabilities | 4,732 | — | 26 | — | 26 | |||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
Money market funds | $ | 10 | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||
Available-for-sale investment and mortgage-related securities | 671,358 | — | 671,358 | — | 671,358 | |||||||||||||||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 96,022 | — | 96,022 | — | 96,022 | |||||||||||||||||||||||||||
Loans receivable, net | 3,763,238 | — | — | 3,957,752 | 3,957,752 | |||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
Deposit liabilities | 4,229,916 | — | 4,235,527 | — | 4,235,527 | |||||||||||||||||||||||||||
Short-term borrowings—other than bank | 83,693 | — | 83,693 | — | 83,693 | |||||||||||||||||||||||||||
Other bank borrowings | 195,926 | — | 212,163 | — | 212,163 | |||||||||||||||||||||||||||
Long-term debt, net—other than bank | 1,422,872 | — | 1,481,004 | — | 1,481,004 | |||||||||||||||||||||||||||
The Utilities' long-term debt, net (included in amount above) | 1,147,872 | — | 1,181,631 | — | 1,181,631 | |||||||||||||||||||||||||||
As of December 31, 2013 and 2012, loan commitments and unused lines and letters of credit issued by ASB had notional amounts of $1.6 billion and $1.5 billion, respectively, and their estimated fair value on such dates were $0.2 million and $1.2 million, respectively. As of December 31, 2013 and 2012, loans serviced by ASB for others had notional amounts of $1.4 billion and $1.3 billion, respectively, and the estimated fair value of the servicing rights for such loans was $15.7 million and $11.9 million, respectively. | ||||||||||||||||||||||||||||||||
Fair value measurements on a recurring basis. | ||||||||||||||||||||||||||||||||
Securities. While securities held in ASB’s investment portfolio trade in active markets, they do not trade on listed exchanges nor do the specific holdings trade in quoted markets by dealers or brokers. All holdings are valued using market-based approaches that are based on exit prices that are taken from identical or similar market transactions, even in situations where trading volume may be low when compared with prior periods. Inputs to these valuation techniques reflect the assumptions that consider credit and nonperformance risk that market participants would use in pricing the asset based on market data obtained from independent sources. Available-for-sale securities were comprised of federal agency obligations and mortgage-backed securities and municipal bonds. | ||||||||||||||||||||||||||||||||
Derivative financial instruments. ASB enters into interest rate lock commitments (IRLC) for residential mortgage loans, which commit ASB to lend funds to a potential borrower at a specific interest rate and within a specified period of time. The estimated fair value of commitments to originate residential mortgage loans for sale is based on quoted prices for similar loans in active markets. IRLCs are classified as Level 2 measurements. | ||||||||||||||||||||||||||||||||
ASB utilizes forward commitments as economic hedges against potential changes in the values of the IRLCs and loans held for sale. To reduce the impact of price fluctuations of IRLC and mortgage loans held for sale, ASB will purchase to be announced (TBA) mortgage-backed securities forward commitments, mandatory and best effort commitments. These commitments help protect ASB's loan sale profit margin from fluctuations in interest rates. The changes in the fair value of these commitments are recognized as part of mortgage banking income on the consolidated statements of income. TBA forward commitments are classified as Level 1, and consist of publicly-traded debt securities for which identical fair values can be obtained through quoted market prices in active exchange markets. The fair values of ASB’s best efforts and mandatory delivery loan sale commitments are determined similarly to the IRLCs using quoted prices in the market place that are observable and are classified as Level 2 measurements. | ||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Fair value measurements using | Fair value measurements using | |||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Money market funds (“other” segment) | $ | — | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||||||||||
Available-for-sale securities (bank segment) | ||||||||||||||||||||||||||||||||
Mortgage-related securities-FNMA, FHLMC and GNMA | $ | — | $ | 369,444 | $ | — | $ | — | $ | 417,383 | $ | — | ||||||||||||||||||||
Federal agency obligations | — | 80,973 | — | — | 171,491 | — | ||||||||||||||||||||||||||
Municipal bonds | — | 78,590 | — | — | 82,484 | — | ||||||||||||||||||||||||||
$ | — | $ | 529,007 | $ | — | $ | — | $ | 671,358 | $ | — | |||||||||||||||||||||
Derivative assets 1 | ||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | — | $ | 488 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Forward commitments | 98 | 43 | — | — | — | — | ||||||||||||||||||||||||||
$ | 98 | $ | 531 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Derivative liabilities 1 | ||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | — | $ | 24 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Forward commitments | — | 2 | — | — | — | — | ||||||||||||||||||||||||||
$ | — | $ | 26 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
1 | Derivatives are carried at fair value with changes in value reflected in the balance sheet in other assets or other liabilities and included in mortgage banking income. | |||||||||||||||||||||||||||||||
Fair value measurements on a nonrecurring basis. From time to time, the Company may be required to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from the writedowns of individual assets. ASB does not record loans at fair value on a recurring basis. However, from time to time, ASB records nonrecurring fair value adjustments based on the current appraised value of the collateral securing the loans or unobservable market assumptions. Unobservable assumptions reflect ASB’s own estimate of the fair value of collateral used in valuing the loan. ASB may also be required to measure goodwill at fair value on a nonrecurring basis. See “Goodwill and other intangibles” in Note 1 for ASB’s goodwill valuation methodology. During 2013 and 2012, goodwill was not measured at fair value. | ||||||||||||||||||||||||||||||||
From time to time, the Company may be required to measure certain liabilities at fair value on a nonrecurring basis in accordance with GAAP. The fair value of Hawaiian Electric’s ARO (Level 3) was determined by discounting the expected future cash flows using market-observable risk-free rates as adjusted by Hawaiian Electric’s credit spread (also see Note 3). | ||||||||||||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis were as follows: | ||||||||||||||||||||||||||||||||
Fair value measurements using | ||||||||||||||||||||||||||||||||
(in millions) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||
31-Dec-13 | $ | 4 | $ | — | $ | — | $ | 4 | ||||||||||||||||||||||||
31-Dec-12 | 21 | — | — | 21 | ||||||||||||||||||||||||||||
Real estate acquired in settlement of loans | ||||||||||||||||||||||||||||||||
31-Dec-13 | — | — | — | — | ||||||||||||||||||||||||||||
31-Dec-12 | 3 | — | — | 3 | ||||||||||||||||||||||||||||
For 2013 and 2012, there were no adjustments to fair value for ASB’s loans held for sale. | ||||||||||||||||||||||||||||||||
Residential loans. The fair value of ASB’s residential loans that were written down due to impairment was determined based on third party appraisals, which include the appraisers’ assumptions and judgment, and therefore, is classified as a Level 3 measurement. | ||||||||||||||||||||||||||||||||
Home equity lines of credit. The fair value of ASB’s home equity lines of credit that were written down due to impairment was determined based on third party appraisals, which include the appraisers’ assumptions and judgment, and therefore, is classified as a Level 3 measurement. | ||||||||||||||||||||||||||||||||
Commercial loans. The fair value of ASB’s commercial loans that were written down due to impairment was determined based on the value placed on the assets of the business, and therefore, is classified as a Level 3 measurement. | ||||||||||||||||||||||||||||||||
Real estate acquired in settlement of loans. The fair value of ASB’s real estate acquired in settlement of loans that were written down due to impairment was determined based on third party appraisals, which include the appraisers’ assumptions and judgment, and therefore, is classified as a Level 3 measurement. | ||||||||||||||||||||||||||||||||
For loans and real estate acquired in settlement of loans classified as Level 3 as of December 31, 2013, the significant unobservable inputs used in the fair value measurement were as follows: | ||||||||||||||||||||||||||||||||
Fair value at | Significant unobservable | |||||||||||||||||||||||||||||||
input value 1 | ||||||||||||||||||||||||||||||||
($ in thousands) | December 31, 2013 | Valuation technique | Significant unobservable input | Range | Weighted | |||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||||||
Residential loans | $ | 2,361 | Fair value of property or collateral | Appraised value less 7% selling cost | 44-96% | 87% | ||||||||||||||||||||||||||
Home equity lines of credit | 170 | Fair value of property or collateral | Appraised value less 7% selling cost | 45-50% | 50% | |||||||||||||||||||||||||||
Commercial loans | 217 | Fair value of property or collateral | Fair value of business assets | 19% | ||||||||||||||||||||||||||||
Commercial loans | 1,668 | Discounted cash flow | Present value of expected future cash flows | 58% | ||||||||||||||||||||||||||||
Discount rate | 4.50% | |||||||||||||||||||||||||||||||
Total loans | $ | 4,416 | ||||||||||||||||||||||||||||||
1 | Represent percent of outstanding principal balance. | |||||||||||||||||||||||||||||||
Significant increases (decreases) in any of those inputs in isolation would result in significantly higher (lower) fair value measurements. | ||||||||||||||||||||||||||||||||
Retirement benefit plans | ||||||||||||||||||||||||||||||||
Assets held in various trusts for the retirement benefit plans are measured at fair value on a recurring basis and were as follows: | ||||||||||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||||||||||
Fair value measurements using | Fair value measurements using | |||||||||||||||||||||||||||||||
(in millions) | December 31 | Level 1 | Level 2 | Level 3 | December 31 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Equity securities | $ | 672 | $ | 672 | $ | — | $ | — | $ | 102 | $ | 102 | $ | — | $ | — | ||||||||||||||||
Equity index funds | 127 | 127 | — | — | 19 | 19 | — | — | ||||||||||||||||||||||||
Fixed income securities | 350 | 122 | 228 | — | 46 | 40 | 6 | — | ||||||||||||||||||||||||
Pooled and mutual funds and other | 84 | — | 83 | 1 | 13 | — | 13 | — | ||||||||||||||||||||||||
Total | $ | 1,233 | $ | 921 | $ | 311 | $ | 1 | $ | 180 | $ | 161 | $ | 19 | $ | — | ||||||||||||||||
Receivables and payables, net | (46 | ) | (1 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,187 | $ | 179 | ||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||
Equity securities | $ | 513 | $ | 513 | $ | — | $ | — | $ | 83 | $ | 83 | $ | — | $ | — | ||||||||||||||||
Equity index funds | 95 | 95 | — | — | 15 | 15 | — | — | ||||||||||||||||||||||||
Fixed income securities | 338 | 125 | 213 | — | 47 | 41 | 6 | — | ||||||||||||||||||||||||
Pooled and mutual funds and other | 78 | 1 | 76 | 1 | 13 | — | 13 | — | ||||||||||||||||||||||||
Total | 1,024 | $ | 734 | $ | 289 | $ | 1 | 158 | $ | 139 | $ | 19 | $ | — | ||||||||||||||||||
Receivables and payables, net | (53 | ) | (1 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets | $ | 971 | $ | 157 | ||||||||||||||||||||||||||||
The fair values of the financial instruments shown in the table above represent the Company’s best estimates of the amounts that would be received upon sale of those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances. | ||||||||||||||||||||||||||||||||
In connection with the adoption of the fair value measurement standards, the Company adopted the provisions of ASU 2009-12, “Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent),” which allows for the estimation of the fair value of investments in investment companies for which the investment does not have a readily determinable fair value, using net asset value per share or its equivalent as a practical expedient. | ||||||||||||||||||||||||||||||||
The Company used the following valuation methodologies for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2013 and 2012. | ||||||||||||||||||||||||||||||||
Equity securities, equity index funds, U.S. Treasury fixed income securities and public mutual funds (Level 1). Equity securities, equity index funds, U.S. Treasury fixed income securities and public mutual funds are valued at the closing price reported on the active market on which the individual securities or funds are traded. | ||||||||||||||||||||||||||||||||
Fixed income securities and pooled and mutual funds and other (Level 2). Fixed income securities, other than those issued by the U.S. Treasury, are valued based on yields currently available on comparable securities of issuers with similar credit ratings. Pooled and mutual funds include commingled equity funds and other closed funds, respectively, that are not open to public investment and are valued at the net asset value per share. Certain other investments are valued based on discounted cash flow analyses, using observable inputs. | ||||||||||||||||||||||||||||||||
Other (Level 3). Venture capital interest is valued at historical cost, modified by revaluation of financial assets and financial liabilities at fair value through profit or loss. | ||||||||||||||||||||||||||||||||
For 2013 and 2012, the changes in Level 3 assets were as follows: | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | Pension | Other | Pension | Other | ||||||||||||||||||||||||||||
benefits | benefits | benefits | benefits | |||||||||||||||||||||||||||||
Balance, January 1 | $ | 581 | $ | 18 | $ | 217 | $ | 7 | ||||||||||||||||||||||||
Realized and unrealized losses | (1 | ) | — | (24 | ) | (1 | ) | |||||||||||||||||||||||||
Purchases and settlements, net | — | — | 388 | 12 | ||||||||||||||||||||||||||||
Balance, December 31 | $ | 580 | $ | 18 | $ | 581 | $ | 18 | ||||||||||||||||||||||||
Quarterly_information_unaudite
Quarterly information (unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Quarterly information (unaudited) | ' | |||||||||||||||||||
17 · Quarterly information (unaudited) | ||||||||||||||||||||
Selected quarterly information was as follows: | ||||||||||||||||||||
Quarters ended | Years ended | |||||||||||||||||||
(in thousands, except per share amounts) | March 31 | June 30 | Sept. 30 | Dec. 31 | December 31 | |||||||||||||||
HEI consolidated | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 784,064 | $ | 796,730 | $ | 831,229 | $ | 826,447 | $ | 3,238,470 | ||||||||||
Operating income | 70,657 | 82,370 | 90,099 | 72,293 | 315,419 | |||||||||||||||
Net income | 34,152 | 41,061 | 48,707 | 39,486 | 163,406 | |||||||||||||||
Net income for common stock | 33,679 | 40,588 | 48,236 | 39,013 | 161,516 | |||||||||||||||
Basic earnings per common share 1 | 0.34 | 0.41 | 0.49 | 0.39 | 1.63 | |||||||||||||||
Diluted earnings per common share 2 | 0.34 | 0.41 | 0.48 | 0.39 | 1.62 | |||||||||||||||
Dividends per common share | 0.31 | 0.31 | 0.31 | 0.31 | 1.24 | |||||||||||||||
Market price per common share 3 | ||||||||||||||||||||
High | 27.92 | 28.3 | 27.24 | 27.15 | 28.3 | |||||||||||||||
Low | 25.5 | 23.84 | 24.12 | 24.51 | 23.84 | |||||||||||||||
2012 | ||||||||||||||||||||
Revenues | $ | 814,860 | $ | 854,268 | $ | 867,720 | $ | 838,147 | $ | 3,374,995 | ||||||||||
Operating income | 75,816 | 79,406 | 91,702 | 37,272 | 284,196 | |||||||||||||||
Net income 4 | 38,789 | 39,273 | 48,177 | 14,309 | 140,548 | |||||||||||||||
Net income for common stock 4 | 38,316 | 38,800 | 47,706 | 13,836 | 138,658 | |||||||||||||||
Basic earnings per common share 1 | 0.4 | 0.4 | 0.49 | 0.14 | 1.43 | |||||||||||||||
Diluted earnings per common share 2 | 0.4 | 0.4 | 0.49 | 0.14 | 1.42 | |||||||||||||||
Dividends per common share | 0.31 | 0.31 | 0.31 | 0.31 | 1.24 | |||||||||||||||
Market price per common share 3 | ||||||||||||||||||||
High | 26.79 | 28.87 | 29.24 | 26.75 | 29.24 | |||||||||||||||
Low | 24.86 | 24.65 | 26.26 | 23.65 | 23.65 | |||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 719,273 | $ | 730,688 | $ | 766,115 | $ | 764,096 | $ | 2,980,172 | ||||||||||
Operating income | 52,953 | 61,138 | 71,914 | 59,508 | 245,513 | |||||||||||||||
Net income | 24,928 | 29,192 | 38,315 | 32,489 | 124,924 | |||||||||||||||
Net income for common stock | 24,429 | 28,693 | 37,817 | 31,990 | 122,929 | |||||||||||||||
2012 | ||||||||||||||||||||
Revenues | 749,610 | 789,552 | 801,095 | 769,182 | 3,109,439 | |||||||||||||||
Operating income | 57,254 | 61,496 | 74,819 | 19,443 | 213,012 | |||||||||||||||
Net income 4 | 27,799 | 29,875 | 38,873 | 4,724 | 101,271 | |||||||||||||||
Net income for common stock 4 | 27,300 | 29,376 | 38,375 | 4,225 | 99,276 | |||||||||||||||
Note: HEI owns all of Hawaiian Electric's common stock, therefore per share data for Hawaiian Electric is not meaningful. | ||||||||||||||||||||
1 | The quarterly basic earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter. | |||||||||||||||||||
2 | The quarterly diluted earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter plus the dilutive incremental shares at quarter end. | |||||||||||||||||||
3 | Market prices of HEI common stock (symbol HE) shown are as reported on the NYSE Composite Tape. | |||||||||||||||||||
4 | In the fourth quarter of 2012, as part of a settlement agreement with the Consumer Advocate, the Utilities recorded a writedown of $24 million (net of taxes) of CIS project costs in lieu of conducting regulatory audits of the CIP CT-1 and CIS projects |
SCHEDULE_I_CONDENSED_FINANCIAL
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ' | |||||||||||
Hawaiian Electric Industries, Inc. | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT | ||||||||||||
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) | ||||||||||||
CONDENSED BALANCE SHEETS | ||||||||||||
December 31 | 2013 | 2012 | ||||||||||
(dollars in thousands) | ||||||||||||
Assets | ||||||||||||
Cash and cash equivalents | $ | 571 | $ | 18,021 | ||||||||
Accounts receivable | 1,661 | 1,836 | ||||||||||
Property, plant and equipment, net | 5,419 | 5,814 | ||||||||||
Deferred income tax assets | 1,594 | 8,517 | ||||||||||
Other assets | 23,679 | 8,390 | ||||||||||
Investments in subsidiaries, at equity | 2,122,841 | 1,978,283 | ||||||||||
$ | 2,155,765 | $ | 2,020,861 | |||||||||
Liabilities and shareholders’ equity | ||||||||||||
Liabilities | ||||||||||||
Accounts payable | $ | 817 | $ | 24,086 | ||||||||
Interest payable | 4,630 | 4,781 | ||||||||||
Notes payable to subsidiaries | 7,936 | 7,722 | ||||||||||
Commercial paper | 105,482 | 83,694 | ||||||||||
Long-term debt, net | 275,000 | 275,000 | ||||||||||
Deferred income taxes | 11,385 | — | ||||||||||
Retirement benefits liability | 21,559 | 28,004 | ||||||||||
Other | 1,886 | 3,709 | ||||||||||
428,695 | 426,996 | |||||||||||
Shareholders’ equity | ||||||||||||
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | — | — | ||||||||||
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 101,259,800 shares and 97,928,403 shares | 1,488,126 | 1,403,484 | ||||||||||
Retained earnings | 255,694 | 216,804 | ||||||||||
Accumulated other comprehensive loss | (16,750 | ) | (26,423 | ) | ||||||||
1,727,070 | 1,593,865 | |||||||||||
$ | 2,155,765 | $ | 2,020,861 | |||||||||
Note to Balance Sheets | ||||||||||||
HEI medium-term note 5.25%, due 2013 | $ | — | $ | 50,000 | ||||||||
HEI medium-term note 6.51%, due 2014 | 100,000 | 100,000 | ||||||||||
HEI senior note 4.41%, due 2016 | 75,000 | 75,000 | ||||||||||
HEI senior note 5.67%, due 2021 | 50,000 | 50,000 | ||||||||||
HEI senior note 3.99%, due 2023 | 50,000 | — | ||||||||||
$ | 275,000 | $ | 275,000 | |||||||||
The aggregate payments of principal required subsequent to December 31, 2013 on long-term debt are $100 million in 2014, nil in 2015, $75 million in 2016 and nil in 2017 and 2018. | ||||||||||||
As of December 31, 2013, HEI has a General Agreement of Indemnity in favor of both Liberty Mutual Insurance Company (Liberty) and Travelers Casualty and Surety Company of America (Travelers) for losses in connection with any and all bonds, undertakings or instruments of guarantee and any renewals or extensions thereof executed by Liberty or Travelers, including, but not limited to, a $0.2 million self-insured United States Longshore & Harbor bond and a $0.5 million self-insured automobile bond. | ||||||||||||
Hawaiian Electric Industries, Inc. | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) | ||||||||||||
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) | ||||||||||||
CONDENSED STATEMENTS OF INCOME | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
(in thousands) | ||||||||||||
Revenues | $ | 288 | $ | 221 | $ | 253 | ||||||
Equity in net income of subsidiaries | 180,359 | 157,883 | 158,722 | |||||||||
Expenses: | ||||||||||||
Operating, administrative and general | 16,063 | 16,191 | 15,401 | |||||||||
Depreciation of property, plant and equipment | 596 | 672 | 227 | |||||||||
Taxes, other than income taxes | 497 | 421 | 409 | |||||||||
Interest expense | 16,207 | 16,695 | 22,013 | |||||||||
Income before income tax benefits | 147,284 | 124,125 | 120,925 | |||||||||
Income tax benefits | 14,232 | 14,533 | 17,305 | |||||||||
Net income | $ | 161,516 | $ | 138,658 | $ | 138,230 | ||||||
The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision. | ||||||||||||
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) | ||||||||||||
STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | ||||||||||||
Incorporated by reference are HEI and Subsidiaries’ Statements of Consolidated Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity in Part II, Item 8. | ||||||||||||
Hawaiian Electric Industries, Inc. | ||||||||||||
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) | ||||||||||||
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) | ||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||
Years ended December 31, | 2013 | 2012 | 2011 | |||||||||
(in thousands) | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 161,516 | $ | 138,658 | $ | 138,230 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Equity in net income | (180,359 | ) | (157,883 | ) | (158,722 | ) | ||||||
Common stock dividends/distributions received from subsidiaries | 121,578 | 118,044 | 128,558 | |||||||||
Depreciation of property, plant and equipment | 596 | 672 | 227 | |||||||||
Other amortization | 800 | 845 | 981 | |||||||||
Increase in deferred income taxes | 15,228 | 150 | 276 | |||||||||
Excess tax benefits from share-based payment arrangements | (430 | ) | (61 | ) | — | |||||||
Changes in assets and liabilities | ||||||||||||
Decrease (increase) in accounts receivable | (2,167 | ) | (475 | ) | 412 | |||||||
Increase (decrease) in accounts and interest payable | (23,420 | ) | 19,995 | 1,324 | ||||||||
Change in prepaid and accrued income taxes | (15,604 | ) | (4,861 | ) | 3,550 | |||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | (6,449 | ) | 1,805 | 5,313 | ||||||||
Changes in other assets and liabilities | 10,985 | 10,229 | (1,880 | ) | ||||||||
Net cash provided by operating activities | 82,274 | 127,118 | 118,269 | |||||||||
Cash flows from investing activities | ||||||||||||
Capital expenditures | (201 | ) | (410 | ) | (110 | ) | ||||||
Investments in subsidiaries | (78,500 | ) | (44,000 | ) | (40,000 | ) | ||||||
Other | — | — | (4,206 | ) | ||||||||
Net cash used in investing activities | (78,701 | ) | (44,410 | ) | (44,316 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Net decrease in notes payable to subsidiaries with original maturities of three months or less | 56 | (1,797 | ) | (1,757 | ) | |||||||
Net increase in short-term borrowings with original maturities of three months or less | 21,788 | 14,873 | 43,897 | |||||||||
Proceeds from issuance of long-term debt | 50,000 | — | 125,000 | |||||||||
Repayment of long-term debt | (50,000 | ) | (7,000 | ) | (150,000 | ) | ||||||
Excess tax benefits from share-based payment arrangements | 430 | 61 | — | |||||||||
Net proceeds from issuance of common stock | 55,086 | 23,613 | 15,979 | |||||||||
Common stock dividends | (98,383 | ) | (96,202 | ) | (106,812 | ) | ||||||
Other | — | — | (35 | ) | ||||||||
Net cash used in financing activities | (21,023 | ) | (66,452 | ) | (73,728 | ) | ||||||
Net increase (decrease) in cash and equivalents | (17,450 | ) | 16,256 | 225 | ||||||||
Cash and cash equivalents, January 1 | 18,021 | 1,765 | 1,540 | |||||||||
Cash and cash equivalents, December 31 | $ | 571 | $ | 18,021 | $ | 1,765 | ||||||
Supplemental disclosures of noncash activities: | ||||||||||||
In 2013, 2012 and 2011, $2.3 million, $1.8 million and $1.3 million, respectively, of HEI accounts receivable from ASHI were reduced with a corresponding reduction in HEI notes payable to ASHI in noncash transactions. | ||||||||||||
In 2013, 2012 and 2011, $2.5 million, $2.5 million and $2.0 million, respectively, were contributed as equity by HEI into ASHI with a corresponding increase in HEI notes payable to ASHI in noncash transactions. | ||||||||||||
Under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP), common stock dividends reinvested by shareholders in HEI common stock in noncash transactions amounted to $24 million, $24 million and $12 million in 2013, 2012 and 2011, respectively. HEI satisfied the requirements of the HEI DRIP, Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) and ASB 401(k) Plan (from August 18, 2011 through January 8, 2012) by acquiring for cash its common shares through open market purchases rather than by issuing additional shares. | ||||||||||||
Note: | ||||||||||||
The “Notes to Consolidated Financial Statements” in Part II, Item 8 should be read in conjunction with the above HEI (Parent Company) financial statements. |
SCHEDULE_IIVALUATION_AND_QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||||||||||
Hawaiian Electric Industries, Inc. and subsidiaries | ||||||||||||||||||||||
and Hawaiian Electric Company, Inc. and subsidiaries | ||||||||||||||||||||||
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||
Years ended December 31, 2013, 2012 and 2011 | ||||||||||||||||||||||
Col. A | Col. B | Col. C | Col. D | Col. E | ||||||||||||||||||
(in thousands) | Additions | |||||||||||||||||||||
Description | Balance | Charged to | Charged | Deductions | Balance at | |||||||||||||||||
at begin- | costs and | to other | end of | |||||||||||||||||||
ning of | expenses | accounts | period | |||||||||||||||||||
period | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||
Allowance for uncollectible accounts – electric utility | $ | 2,148 | $ | 3,812 | $ | 1,943 | (a) | $ | 5,574 | (b) | $ | 2,329 | ||||||||||
Allowance for uncollectible interest – bank | $ | 3,166 | $ | — | $ | — | $ | 1,505 | $ | 1,661 | ||||||||||||
Allowance for losses for loans receivable – bank | $ | 41,985 | $ | 1,507 | $ | 4,826 | (a) | $ | 8,202 | (b) | $ | 40,116 | ||||||||||
Allowance for mortgage-servicing assets – bank | $ | 498 | $ | — | $ | (60 | ) | (a) | $ | 187 | $ | 251 | ||||||||||
Deferred tax valuation allowance – HEI | $ | 278 | $ | — | $ | — | $ | — | $ | 278 | ||||||||||||
2012 | ||||||||||||||||||||||
Allowance for uncollectible accounts – electric utility | $ | 2,221 | $ | 3,230 | $ | 1,180 | (a) | $ | 4,483 | (b) | $ | 2,148 | ||||||||||
Allowance for uncollectible interest – bank | $ | 4,825 | $ | — | $ | — | $ | 1,659 | $ | 3,166 | ||||||||||||
Allowance for losses for loans receivable – bank | $ | 37,906 | $ | 12,883 | $ | 4,026 | (a) | $ | 12,830 | (b) | $ | 41,985 | ||||||||||
Allowance for mortgage-servicing assets – bank | $ | 175 | $ | 504 | $ | — | $ | 181 | $ | 498 | ||||||||||||
Deferred tax valuation allowance – HEI | $ | 278 | $ | — | $ | — | $ | — | $ | 278 | ||||||||||||
2011 | ||||||||||||||||||||||
Allowance for uncollectible accounts – electric utility | $ | 1,278 | $ | 4,419 | $ | 1,857 | (a) | $ | 5,333 | (b) | $ | 2,221 | ||||||||||
Allowance for uncollectible interest – bank | $ | 4,397 | $ | — | $ | 428 | $ | — | $ | 4,825 | ||||||||||||
Allowance for losses for loans receivable – bank | $ | 40,646 | $ | 15,009 | $ | 1,741 | (a) | $ | 19,490 | (b) | $ | 37,906 | ||||||||||
Allowance for mortgage-servicing assets – bank | $ | 128 | $ | 121 | $ | — | $ | 74 | $ | 175 | ||||||||||||
Deferred tax valuation allowance – HEI | $ | — | $ | 278 | $ | — | $ | — | $ | 278 | ||||||||||||
(a) | Primarily recoveries. | |||||||||||||||||||||
(b) | Bad debts charged off. | |||||||||||||||||||||
The Company has revised its previously issued "Schedule II - Valuation and Qualifying Accounts" to correct for an error that resulted from the exclusion of the following line items: (a) Allowance for mortgage servicing assets - bank and (b) Deferred tax valuation allowance - HEI. The amounts excluded from the schedule were not considered to be material to previously issued financial statement schedules and the revisions to the schedule had no impact on the Company's Consolidated Balance Sheets, Consolidated Statements of Income or Consolidated Statements of Cash Flows. |
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||
Basis of presentation | ' | |||||||||||||||||||||||||||
Basis of presentation. In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ significantly from those estimates. | ||||||||||||||||||||||||||||
Material estimates that are particularly susceptible to significant change for the Company include the amounts reported for investment and mortgage-related securities (ASB only); property, plant and equipment; pension and other postretirement benefit obligations; contingencies and litigation; income taxes; regulatory assets and liabilities (Utilities only); electric utility revenues (Utilities only); and allowance for loan losses (ASB only). | ||||||||||||||||||||||||||||
Consolidation | ' | |||||||||||||||||||||||||||
Consolidation. The HEI consolidated financial statements include the accounts of HEI and its subsidiaries (collectively, the Company). The Hawaiian Electric consolidated financial statements include the accounts of Hawaiian Electric and its subsidiaries. The consolidated financial statements exclude subsidiaries which are variable interest entities (VIEs) when the Company or the Utilities are not the primary beneficiaries. Investments in companies over which the Company or the Utilities have the ability to exercise significant influence, but not control, are accounted for using the equity method. All material intercompany accounts and transactions have been eliminated in consolidation. See Note 5 for information regarding unconsolidated VIEs. | ||||||||||||||||||||||||||||
Cash and cash equivalents | ' | |||||||||||||||||||||||||||
Cash and cash equivalents. The Utilities consider cash on hand, deposits in banks, money market accounts, certificates of deposit, short-term commercial paper of non-affiliates and liquid investments (with original maturities of three months or less) to be cash and cash equivalents. The Company considers the same items to be cash and cash equivalents as well as ASB’s deposits with the Federal Home Loan Bank (FHLB) of Seattle, federal funds sold (excess funds that ASB loans to other banks overnight at the federal funds rate) and securities purchased under resale agreements. | ||||||||||||||||||||||||||||
Investment and mortgage-related securities | ' | |||||||||||||||||||||||||||
Investment and mortgage-related securities. Debt securities that the Company intends to and has the ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Marketable equity securities and debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Marketable equity securities and debt securities not classified as either held-to-maturity or trading securities are classified as available-for-sale securities and reported at fair value, with unrealized gains and losses and other-than-temporary impairment (OTTI) not related to credit losses excluded from earnings and reported on a net basis in accumulated other comprehensive income (loss) (AOCI). | ||||||||||||||||||||||||||||
For securities that are not trading securities, individual securities are assessed for impairment at least on a quarterly basis, and more frequently when economic or market conditions warrant. An investment is impaired if the fair value of the security is less than its carrying value at the financial statement date. When a security is impaired, the Company determines whether this impairment is temporary or other-than-temporary. If the Company does not expect to recover the entire amortized cost basis of the security, an OTTI exists. If the Company intends to sell the security, or will more likely than not be required to sell the security before recovery of its amortized cost, the OTTI must be recognized in earnings. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost, the OTTI must be separated into the amount representing the credit loss and the amount related to all other factors. The amount of OTTI related to the credit loss is recognized in earnings while the remaining OTTI is recognized in other comprehensive income. Once an OTTI has been recognized on a security, the Company accounts for the security as if the security had been purchased on the measurement date of the OTTI at an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. The difference between the new amortized cost basis and the cash flows expected to be collected is accreted in accordance with existing applicable guidance as interest income. Any discount or reduced premium recorded for the security will be amortized over the remaining life of the security in a prospective manner based on the amount and timing of future estimated cash flows. If upon subsequent evaluation, there is a significant increase in cash flows expected to be collected or if actual cash flows are significantly greater than cash flows previously expected, such changes shall be accounted for as a prospective adjustment to the accretable yield. | ||||||||||||||||||||||||||||
The specific identification method is used in determining realized gains and losses on the sales of securities. Discounts and premiums on investment securities are accreted or amortized over the remaining lives of the securities, adjusted for actual portfolio prepayments, using the interest method. Discounts and premiums on mortgage-related securities are accreted or amortized over the remaining lives of the securities, adjusted based on changes in anticipated prepayments, using the interest method. | ||||||||||||||||||||||||||||
Equity method | ' | |||||||||||||||||||||||||||
Equity method. Investments in up to 50%-owned affiliates over which the Company or the Utilities have the ability to exercise significant influence over the operating and financing policies and investments in unconsolidated subsidiaries (e.g. HECO Capital Trust III) are accounted for under the equity method, whereby the investment is carried at cost, plus (or minus) the equity in undistributed earnings (or losses) and minus distributions since acquisition. Equity in earnings or losses is reflected in operating revenues. Equity method investments are also evaluated for OTTI. Also see Note 5 below. | ||||||||||||||||||||||||||||
Property, plant and equipment | ' | |||||||||||||||||||||||||||
Property, plant and equipment. Property, plant and equipment are reported at cost. Self-constructed electric utility plant includes engineering, supervision, administrative and general costs and an allowance for the cost of funds used during the construction period. These costs are recorded in construction in progress and are transferred to utility plant when construction is completed and the facilities are either placed in service or become useful for public utility purposes. Costs for betterments that make utility plant more useful, more efficient, of greater durability or of greater capacity are also capitalized. Upon the retirement or sale of electric utility plant, generally no gain or loss is recognized. The cost of the plant retired is charged to accumulated depreciation. Amounts collected from customers for cost of removal (expected to exceed salvage value in the future) are included in regulatory liabilities. | ||||||||||||||||||||||||||||
Depreciation | ' | |||||||||||||||||||||||||||
Depreciation. Depreciation is computed primarily using the straight-line method over the estimated lives of the assets being depreciated. Electric utility plant additions in the current year are depreciated beginning January 1 of the following year in accordance with rate-making. Electric utility plant has lives ranging from 20 to 88 years for production plant, from 25 to 65 years for transmission and distribution plant and from 5 to 65 years for general plant. The Utilities’ composite annual depreciation rate, which includes a component for cost of removal, was 3.1% in 2013, 3.1% in 2012 and 3.2% in 2011. | ||||||||||||||||||||||||||||
Leases | ' | |||||||||||||||||||||||||||
Leases. HEI, the Utilities and ASB have entered into lease agreements for the use of equipment and office space. The provisions of some of the lease agreements contain renewal options. | ||||||||||||||||||||||||||||
Retirement benefits | ' | |||||||||||||||||||||||||||
Retirement benefits. Pension and other postretirement benefit costs are charged primarily to expense and electric utility plant (in the case of the Utilities). Funding for the Company’s qualified pension plans (Plans) is based on actuarial assumptions adopted by the Pension Investment Committee administering the Plans on the advice of an enrolled actuary. The participating employers contribute amounts to a master pension trust for the Plans in accordance with the funding requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA), including changes promulgated by the Pension Protection Act of 2006, and considering the deductibility of contributions under the Internal Revenue Code. The Company generally funds at least the net periodic pension cost during the year, subject to limits and targeted funded status as determined with the consulting actuary. Under a pension tracking mechanism approved by the Public Utilities Commission of the State of Hawaii (PUC), the Utilities generally will make contributions to the pension fund at the greater of the minimum level required under the law or net periodic pension cost. | ||||||||||||||||||||||||||||
Certain health care and/or life insurance benefits are provided to eligible retired employees and the employees’ beneficiaries and covered dependents. The Company generally funds the net periodic postretirement benefit costs other than pensions and the amortization of the regulatory asset for postretirement benefits other than pensions (OPEB), while maximizing the use of the most tax advantaged funding vehicles, subject to cash flow requirements and reviews of the funded status with the consulting actuary. The Utilities must fund OPEB costs as specified in the OPEB tracking mechanisms, which were approved by the PUC. Future decisions in rate cases could further impact funding amounts. | ||||||||||||||||||||||||||||
The Company and the Utilities recognize on their respective balance sheets the funded status of their defined benefit pension and other postretirement benefit plans, as adjusted by the impact of decisions of the PUC. | ||||||||||||||||||||||||||||
Environmental expenditures | ' | |||||||||||||||||||||||||||
Environmental expenditures. The Company and the Utilities are subject to numerous federal and state environmental statutes and regulations. In general, environmental contamination treatment costs are charged to expense, unless it is probable that the PUC would allow such costs to be recovered in future rates, in which case such costs would be capitalized as regulatory assets. Also, environmental costs are capitalized if the costs extend the life, increase the capacity, or improve the safety or efficiency of property; the costs mitigate or prevent future environmental contamination; or the costs are incurred in preparing the property for sale. Environmental costs are either capitalized or charged to expense when environmental assessments and/or remedial efforts are probable and the cost can be reasonably estimated. | ||||||||||||||||||||||||||||
Financing costs | ' | |||||||||||||||||||||||||||
Financing costs. Financing costs related to the registration and sale of HEI common stock are recorded in shareholders’ equity. | ||||||||||||||||||||||||||||
HEI uses the straight-line method, which approximates the effective interest method, to amortize the long-term debt financing costs of the holding company over the term of the related debt. | ||||||||||||||||||||||||||||
The Utilities use the straight-line method, which approximates the effective interest method, to amortize long-term debt financing costs and premiums or discounts over the term of the related debt. Unamortized financing costs and premiums or discounts on the Utilities' long-term debt retired prior to maturity are classified as regulatory assets (costs and premiums) or liabilities (discounts) and are amortized on a straight-line basis over the remaining original term of the retired debt. The method and periods for amortizing financing costs, premiums and discounts, including the treatment of these items when long-term debt is retired prior to maturity, have been established by the PUC as part of the rate-making process. | ||||||||||||||||||||||||||||
HEI and the Utilities use the straight-line method to amortize the fees and related costs paid to secure a firm commitment under their line-of-credit arrangements. | ||||||||||||||||||||||||||||
Income taxes | ' | |||||||||||||||||||||||||||
Income taxes. Deferred income tax assets and liabilities are established for the temporary differences between the financial reporting bases and the tax bases of the Company’s and the Utilities' assets and liabilities at federal and state tax rates expected to be in effect when such deferred tax assets or liabilities are realized or settled. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. | ||||||||||||||||||||||||||||
The Company recognizes investment tax credits as a reduction of income tax expense in the period the assets giving rise to such credits are placed in service, except for the Utilities' investment tax credits, which are deferred and amortized over the estimated useful lives of the properties to which the credits relate, in accordance with Accounting Standards Codification (ASC) Topic 980, “Regulated Operations.” | ||||||||||||||||||||||||||||
The Utilities are included in the consolidated income tax returns of HEI. However, income tax expense has been computed for financial statement purposes as if the Utilities filed separate consolidated Hawaiian Electric income tax returns. | ||||||||||||||||||||||||||||
Governmental tax authorities could challenge a tax return position taken by management. If the Company’s position does not prevail, the Company’s results of operations and financial condition may be adversely affected as the related deferred or current income tax asset might be impaired and written down or an unanticipated tax liability might be incurred. | ||||||||||||||||||||||||||||
The Company and the Utilities use a “more-likely-than-not” recognition threshold and measurement standard for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | ||||||||||||||||||||||||||||
Earnings per share | ' | |||||||||||||||||||||||||||
Earnings per share (HEI only). Basic earnings per share (EPS) is computed by dividing net income for common stock by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed similarly, except that dilutive common shares for stock compensation and the equity forward transactions are added to the denominator. HEI uses the two-class method of computing EPS as restricted stock grants include non-forfeitable rights to dividends and are participating securities. | ||||||||||||||||||||||||||||
Share-based compensation | ' | |||||||||||||||||||||||||||
Share-based compensation. The Company and the Utilities apply the fair value based method of accounting to account for its stock compensation, including the use of a forfeiture assumption. See Note 11. | ||||||||||||||||||||||||||||
Impairment of long-lived assets and long-lived assets to be disposed of | ' | |||||||||||||||||||||||||||
Impairment of long-lived assets and long-lived assets to be disposed of. The Company and the Utilities review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. | ||||||||||||||||||||||||||||
Reclassifications and revisions | ' | |||||||||||||||||||||||||||
Reclassifications. | ||||||||||||||||||||||||||||
Electric utility | ' | |||||||||||||||||||||||||||
Accounts receivable | ' | |||||||||||||||||||||||||||
Accounts receivable. Accounts receivable are recorded at the invoiced amount. The Utilities generally assess a late payment charge on balances unpaid from the previous month. The allowance for doubtful accounts is the Utilities’ best estimate of the amount of probable credit losses in the Utilities existing accounts receivable. On a monthly basis, the Utilities adjust their allowance, with a corresponding charge (credit) on the statement of income, based on its historical write-off experience. Account balances are charged off against the allowance after collection efforts have been exhausted and the potential for recovery is considered remote. | ||||||||||||||||||||||||||||
Contributions in aid of construction | ' | |||||||||||||||||||||||||||
Contributions in aid of construction. The Utilities receive contributions from customers for special construction requirements. As directed by the PUC, contributions are amortized on a straight-line basis over 30 to 55 years as an offset against depreciation expense. | ||||||||||||||||||||||||||||
Electric utility revenues | ' | |||||||||||||||||||||||||||
Electric utility revenues. Electric utility revenues are based on rates authorized by the PUC. Prior to the implementation of decoupling, revenues related to the sale of energy were generally recorded when service was rendered or energy was delivered to customers and included revenues applicable to energy consumed in the accounting period but not yet billed to the customers. | ||||||||||||||||||||||||||||
The rate schedules of the Utilities include energy cost adjustment clauses (ECACs) under which electric rates are adjusted for changes in the weighted-average price paid for fuel oil and certain components of purchased power, and the relative amounts of company-generated power and purchased power. The rate schedules also include purchased power adjustment clauses (PPACs) under which the remaining purchase power expenses are recovered through surcharge mechanisms. The amounts collected through the ECACs and PPACs are required to be reconciled quarterly. | ||||||||||||||||||||||||||||
Upon the implementation of decoupling (Hawaiian Electric on March 1, 2011, Hawaii Electric Light on April 9, 2012 and Maui Electric on May 4, 2012), the Utilities: (1) recognize monthly revenue balancing account (RBA) revenues or refunds for the difference between PUC-approved target revenues and recorded adjusted revenues, which delinks revenues from kilowatthour sales, (2) recognize a revenue escalation component via a revenue adjustment mechanism (RAM) for certain operation and maintenance (O&M) expenses and rate base changes and (3) recognize (when applicable) an earnings sharing mechanism, which would provide for a reduction of revenues between rate cases in the event the utility’s ratemaking return on average common equity (ROACE) exceeds the ROACE allowed in its most recent rate case. | ||||||||||||||||||||||||||||
The Utilities’ operating revenues include amounts for various Hawaii state revenue taxes. Revenue taxes are generally recorded as an expense in the year the related revenues are recognized. However, the Utilities’ revenue tax payments to the taxing authorities in the period are based on the prior year’s billed revenues (in the case of public service company taxes and PUC fees) or on the current year’s cash collections from electric sales (in the case of franchise taxes). | ||||||||||||||||||||||||||||
Power purchase agreements | ' | |||||||||||||||||||||||||||
Power purchase agreements. If a power purchase agreement (PPA) falls within the scope of ASC Topic 840, “Leases,” and results in the classification of the agreement as a capital lease, the Utilities would recognize a capital asset and a lease obligation. Currently, none of the PPAs are required to be recorded as a capital lease. | ||||||||||||||||||||||||||||
The Utilities evaluate PPAs to determine if the PPAs are VIEs, if the Utilities are primary beneficiaries and if consolidation is required. See Note 5. | ||||||||||||||||||||||||||||
Repairs and maintenance costs | ' | |||||||||||||||||||||||||||
Repairs and maintenance costs. Repairs and maintenance costs for overhauls of generating units are generally expensed as they are incurred. | ||||||||||||||||||||||||||||
Allowance for funds used during construction (AFUDC) | ' | |||||||||||||||||||||||||||
Allowance for funds used during construction (AFUDC). AFUDC is an accounting practice whereby the costs of debt and equity funds used to finance plant construction are credited on the statement of income and charged to construction in progress on the balance sheet. If a project under construction is delayed for an extended period of time, AFUDC on the delayed project may be stopped after assessing the causes of the delay and probability of recovery. | ||||||||||||||||||||||||||||
The weighted-average AFUDC rate was 7.6% in 2013, 7.6% in 2012 and 8.0% in 2011, and reflected quarterly compounding. | ||||||||||||||||||||||||||||
Bank | ' | |||||||||||||||||||||||||||
Loans receivable | ' | |||||||||||||||||||||||||||
Loans receivable. ASB states loans receivable at amortized cost less the allowance for loan losses, loan origination fees (net of direct loan origination costs), commitment fees and purchase premiums and discounts. Interest on loans is credited to income as it is earned. Discounts and premiums are accreted or amortized over the life of the loans using the interest method. | ||||||||||||||||||||||||||||
Loan origination fees (net of direct loan origination costs) are deferred and recognized as an adjustment in yield over the life of the loan using the interest method or taken into income when the loan is paid off or sold. Nonrefundable commitment fees (net of direct loan origination costs, if applicable) received for commitments to originate or purchase loans are deferred and, if the commitment is exercised, recognized as an adjustment of yield over the life of the loan using the interest method. Nonrefundable commitment fees received for which the commitment expires unexercised are recognized as income upon expiration of the commitment. | ||||||||||||||||||||||||||||
Loans held for sale, gain on sale of loans, and mortgage servicing assets and liabilities | ' | |||||||||||||||||||||||||||
Loans held for sale, gain on sale of loans, and mortgage servicing assets and liabilities. Mortgage loans held for sale are stated at the lower of cost or estimated fair value on an aggregate basis. Generally, the determination of fair value is based on the fair value of the loans. A sale is recognized only when the consideration received is other than beneficial interests in the assets sold and control over the assets is transferred irrevocably to the buyer. Gains or losses on sales of loans are recognized at the time of sale and are determined by the difference between the net sales proceeds and the allocated basis of the loans sold. | ||||||||||||||||||||||||||||
ASB capitalizes mortgage servicing assets or liabilities when the related loans are sold with servicing rights retained. Accounting for the servicing of financial assets requires that mortgage servicing assets or liabilities resulting from the sale or securitization of loans be initially measured at fair value at the date of transfer, and permits a class-by-class election between fair value and the lower of amortized cost or fair value for subsequent measurements of mortgage servicing asset classes. Mortgage servicing assets or liabilities are included as a component of gain on sale of loans. Under ASC Topic 860, “Transfers and Servicing,” ASB elected to continue to amortize all mortgage servicing assets in proportion to and over the period of estimated net servicing income and assess servicing assets for impairment based on fair value at each reporting date. Such amortization is reflected as a component of revenues on the consolidated statements of income. The fair value of mortgage servicing assets, for the purposes of impairment, is calculated by discounting expected net income streams using discount rates that reflect industry pricing for similar assets. Expected net income streams are estimated based on industry assumptions regarding prepayment speeds and income and expenses associated with servicing residential mortgage loans for others. ASB measures impairment of mortgage servicing assets on a disaggregated basis based on certain risk characteristics including loan type and note rate. Impairment losses are recognized through a valuation allowance for each impaired stratum, with any associated provision recorded as a component of loan servicing fees included in ASB’s noninterest income. | ||||||||||||||||||||||||||||
Allowance for loan losses | ' | |||||||||||||||||||||||||||
Allowance for loan losses. ASB maintains an allowance for loan losses that it believes is adequate to absorb losses inherent in its loan portfolio. The level of allowance for loan losses is based on a continuing assessment of existing risks in the loan portfolio, historical loss experience, changes in collateral values and current conditions (e.g., economic conditions, real estate market conditions and interest rate environment). Adverse changes in any of these factors could result in higher charge-offs and provision for loan losses. | ||||||||||||||||||||||||||||
Commercial and commercial real estate loans are defined as non-homogeneous loans and ASB utilizes a ten-point risk rating system for evaluating the credit quality of the loans. Loans are rated based on the degree of risk at origination and periodically thereafter, as appropriate. Ratings are applied separately to the probability of default (borrower risk) and loss given default (transaction risk). ASB’s credit review department performs an evaluation of these loan portfolios to ensure compliance with the internal risk rating system and timeliness of rating changes. Non-homogeneous loans are categorized into the regulatory asset quality classifications – Pass (Risk Rating 1 to 6), Special Mention (Risk Rating 7), Substandard (Risk Rating 8), Doubtful (Risk Rating 9), and Loss (Risk Rating 10) based on credit quality. The allowance for loan loss allocations for these loans are based on internal migration analyses with actual net losses. For loans classified as substandard, an analysis is done to determine if the loan is impaired. A loan is deemed impaired when it is probable that ASB will be unable to collect all amounts due according to the contractual terms of the loan agreement. Once a loan is deemed impaired, ASB applies a valuation methodology to determine whether there is an impairment shortfall. The measurement of impairment may be based on (i) the present value of the expected future cash flows of the impaired loan discounted at the loan’s original effective interest rate, (ii) the observable market price of the impaired loan, or (iii) the fair value of the collateral, net of costs to sell. For all loans collateralized by real estate whose repayment is dependent on the sale of the underlying collateral property, ASB measures impairment by utilizing the fair value of the collateral, net of costs to sell; for other loans that are not considered collateral dependent, generally the discounted cash flow method is used to measure impairment. For loans collateralized by real estate that are classified as troubled debt restructured loans, the present value of the expected future cash flows of the loans may also be used to measure impairment as these loans are expected to perform according to their restructured terms. Impairment shortfalls are charged to the provision for loan losses and included in the allowance for loan losses. However, impairment shortfalls that are deemed to be confirmed losses (uncollectible) are charged off, with the loan written down by the amount of the confirmed loss. | ||||||||||||||||||||||||||||
Residential, consumer and credit scored business loans are considered homogeneous loans, which are typically underwritten based on common, uniform standards, and are generally classified as to the level of loss exposure based on delinquency status. The homogeneous loan portfolios are stratified into individual products with common risk characteristics and the allowance for loan loss allocations for these loan types uses historical loss ratio analyses based on actual net charge-offs. For residential loans, the loan portfolio is segmented by loan categories and geographic location within the State of Hawaii. The consumer loan portfolio is segmented into various secured and unsecured loan product types. The credit scored business loan portfolio is segmented by loans under lines of credit or term loans, and corporate credit cards. The look-back period of actual loss experience is reviewed annually and may vary depending on the credit environment. | ||||||||||||||||||||||||||||
In addition to actual loss experience, ASB considers the following qualitative factors for all loans in estimating the allowance for loan losses: | ||||||||||||||||||||||||||||
• | changes in lending policies and procedures; | |||||||||||||||||||||||||||
• | changes in economic and business conditions and developments that affect the collectability of the portfolio; | |||||||||||||||||||||||||||
• | changes in the nature, volume and terms of the loan portfolio; | |||||||||||||||||||||||||||
• | changes in lending management and other relevant staff; | |||||||||||||||||||||||||||
• | changes in loan quality (past due, non-accrual, classified loans); | |||||||||||||||||||||||||||
• | changes in the quality of the loan review system; | |||||||||||||||||||||||||||
• | changes in the value of underlying collateral; | |||||||||||||||||||||||||||
• | effect of, and changes in the level of, any concentrations of credit; and | |||||||||||||||||||||||||||
• | effect of other external and internal factors. | |||||||||||||||||||||||||||
For all loan segments, ASB generally ceases the accrual of interest on loans when they become contractually 90 days past due or when there is reasonable doubt as to collectability. Subsequent recognition of interest income for such loans is on the cash or cost recovery method. When, in management’s judgment, supported by underwriting, the borrower’s ability to make principal and interest payments has resumed and collectability is reasonably assured, a loan not accruing interest (nonaccrual loan) is returned to accrual status. ASB uses either the cash or cost-recovery method to record cash receipts on impaired loans that are not accruing interest. While the majority of consumer loans are subject to ASB’s policies regarding nonaccrual loans, all past due unsecured consumer loans may be charged off upon reaching a predetermined delinquency status varying from 120 to 180 days. | ||||||||||||||||||||||||||||
Management believes its allowance for loan losses adequately estimates actual loan losses that will ultimately be incurred. However, such estimates are based on currently available information and historical experience, and future adjustments may be required from time to time to the allowance for loan losses based on new information and changes that occur (e.g., due to changes in economic conditions, particularly in Hawaii). Actual losses could differ from management’s estimates, and these differences and subsequent adjustments could be material. | ||||||||||||||||||||||||||||
Loans modified in a troubled debt restructuring | ' | |||||||||||||||||||||||||||
Loans modified in a troubled debt restructuring. Loans are considered to have been modified in a troubled debt restructuring (TDR) when, due to a borrower’s financial difficulties, ASB makes concessions to the borrower that it would not otherwise consider for a non-troubled borrower. Modifications may include interest rate reductions, interest only payments for an extended period of time, protracted terms such as amortization and maturity beyond the customary length of time found in the normal market place, and other actions intended to minimize economic loss and to provide alternatives to foreclosure or repossession of collateral. Generally, a nonaccrual loan that has been modified in a TDR remains on nonaccrual status until the borrower has demonstrated sustained repayment performance for a period of six consecutive months. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, or there is reasonable doubt over the full collectability of principal and interest, the loan remains on nonaccrual status. | ||||||||||||||||||||||||||||
Real estate acquired in settlement of loans | ' | |||||||||||||||||||||||||||
Real estate acquired in settlement of loans. ASB records real estate acquired in settlement of loans at fair value, less estimated selling expenses. ASB obtains appraisals based on recent comparable sales to assist management in estimating the fair value of real estate acquired in settlement of loans. Subsequent declines in value are charged to expense through a valuation allowance. Costs related to holding real estate are charged to operations as incurred. | ||||||||||||||||||||||||||||
Goodwill and other intangibles | ' | |||||||||||||||||||||||||||
Goodwill and other intangibles. Goodwill is tested for impairment at least annually. Intangible assets with definite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with ASC 350, “Intangibles—Goodwill and other” (ASC 350). | ||||||||||||||||||||||||||||
Goodwill. At December 31, 2013 and 2012, the amount of goodwill was $82.2 million. The goodwill is with respect to ASB and is the Company’s only intangible asset with an indefinite useful life and is tested for impairment annually in the fourth quarter using data as of September 30. | ||||||||||||||||||||||||||||
To determine if there was any impairment to the book value of goodwill pertaining to ASB, the fair value of ASB was estimated using a valuation method based on a market approach and discounted cash flow method with each method having an equal weighting in determining the fair value of ASB. The market approach considers publicly traded financial institutions with assets of $3.5 billion to $8 billion and measures the institutions’ market values as a multiple to (1) net income and (2) book equity. ASB used the median market value multiples for net income and book equity from its selection criteria and applied the multiples to its net income and book equity to calculate ASB’s fair value using the market approach. In order to reflect a premium that a buyer would pay for a controlling interest in ASB, a control premium of 18.3% was included in determining the market approach fair value. The control premium was based on control premiums paid in 18 acquisitions completed within the last two years where 100% interest was purchased and control premium information was available. The discounted cash flow method values a company on a going concern basis and is based on the concept that the future benefits derived from a particular company can be measured by its sustainable after-tax cash flows in the future. ASB’s discounted cash flow analysis was based on its income statement forecasts and a discount rate of 8.5% was applied to present value the cash flows. ASB used a Capital Asset Pricing Model analysis to determine its discount rate. As of September 30, 2013, the estimated fair value of ASB using this valuation methodology exceeded its book value by approximately 60%. For the three years ended December 31, 2013, there has been no impairment of goodwill. | ||||||||||||||||||||||||||||
Amortized intangible assets. The table below presents the gross carrying amount, accumulated amortization, valuation allowance and net carrying amount of ASB’s mortgage servicing assets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | Gross | Accumulated amortization | Valuation allowance | Net | Gross | Accumulated amortization | Valuation allowance | Net | ||||||||||||||||||||
carrying amount | carrying amount | carrying amount | carrying amount | |||||||||||||||||||||||||
Mortgage servicing assets | $ | 25,644 | (13,706 | ) | (251 | ) | $ | 11,687 | $ | 25,835 | (14,519 | ) | (498 | ) | $ | 10,818 | ||||||||||||
Changes in the valuation allowance for mortgage servicing assets were as follows: | ||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Valuation allowance, January 1 | $ | 498 | $ | 175 | $ | 128 | ||||||||||||||||||||||
Provision (recovery) | (60 | ) | 504 | 121 | ||||||||||||||||||||||||
Other-than-temporary impairment | (187 | ) | (181 | ) | (74 | ) | ||||||||||||||||||||||
Valuation allowance, December 31 | $ | 251 | $ | 498 | $ | 175 | ||||||||||||||||||||||
The estimated aggregate amortization expenses for mortgage servicing assets for 2014, 2015, 2016, 2017 and 2018 are $1.6 million, $1.4 million, $1.3 million, $1.1 million and $1.0 million, respectively. ASB capitalizes mortgage servicing assets acquired through either the purchase or origination of mortgage loans for sale or the securitization of mortgage loans with servicing rights retained. Changes in mortgage interest rates impact the value of ASB’s mortgage servicing assets. Rising interest rates typically result in slower prepayment speeds in the loans being serviced for others which increases the value of mortgage servicing assets, whereas declining interest rates typically result in faster prepayment speeds which decrease the value of mortgage servicing assets and increase the amortization of the mortgage servicing assets. In 2013, 2012 and 2011, mortgage servicing assets acquired through the sale or securitization of loans held for sale were $2.6 million, $4.8 million and $2.8 million, respectively. Amortization expenses for ASB’s mortgage servicing assets amounted to $1.8 million, $1.7 million and $1.1 million for 2013, 2012 and 2011, respectively, and are recorded as a reduction in revenues on the consolidated statements of income. |
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of earnings per share basic and diluted under two-class method | ' | |||||||||||||||||||||||||||
Under the two-class method, HEI's EPS was comprised as follows for both participating securities and unrestricted common stock: | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||
Distributed earnings | $ | 1.24 | $ | 1.24 | $ | 1.24 | $ | 1.24 | $ | 1.24 | $ | 1.24 | ||||||||||||||||
Undistributed earnings | 0.39 | 0.38 | 0.19 | 0.18 | 0.21 | 0.2 | ||||||||||||||||||||||
$ | 1.63 | $ | 1.62 | $ | 1.43 | $ | 1.42 | $ | 1.45 | $ | 1.44 | |||||||||||||||||
Schedule of amortized intangible assets | ' | |||||||||||||||||||||||||||
Amortized intangible assets. The table below presents the gross carrying amount, accumulated amortization, valuation allowance and net carrying amount of ASB’s mortgage servicing assets as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | Gross | Accumulated amortization | Valuation allowance | Net | Gross | Accumulated amortization | Valuation allowance | Net | ||||||||||||||||||||
carrying amount | carrying amount | carrying amount | carrying amount | |||||||||||||||||||||||||
Mortgage servicing assets | $ | 25,644 | (13,706 | ) | (251 | ) | $ | 11,687 | $ | 25,835 | (14,519 | ) | (498 | ) | $ | 10,818 | ||||||||||||
Schedule of changes in valuation allowance for mortgage servicing assets | ' | |||||||||||||||||||||||||||
Changes in the valuation allowance for mortgage servicing assets were as follows: | ||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Valuation allowance, January 1 | $ | 498 | $ | 175 | $ | 128 | ||||||||||||||||||||||
Provision (recovery) | (60 | ) | 504 | 121 | ||||||||||||||||||||||||
Other-than-temporary impairment | (187 | ) | (181 | ) | (74 | ) | ||||||||||||||||||||||
Valuation allowance, December 31 | $ | 251 | $ | 498 | $ | 175 | ||||||||||||||||||||||
Segment_financial_information_
Segment financial information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of segment financial information | ' | |||||||||||||||
Segment financial information was as follows: | ||||||||||||||||
(in thousands) | Electric utility | Bank | Other | Total | ||||||||||||
2013 | ||||||||||||||||
Revenues from external customers | $ | 2,980,139 | $ | 258,147 | $ | 184 | $ | 3,238,470 | ||||||||
Intersegment revenues (eliminations) | 33 | — | (33 | ) | — | |||||||||||
Revenues | 2,980,172 | 258,147 | 151 | 3,238,470 | ||||||||||||
Depreciation and amortization | 159,102 | 4,230 | 1,396 | 164,728 | ||||||||||||
Interest expense, net | 59,279 | 10,077 | 16,200 | 85,556 | ||||||||||||
Income (loss) before income taxes | 194,041 | 87,059 | (33,353 | ) | 247,747 | |||||||||||
Income taxes (benefit) | 69,117 | 29,525 | (14,301 | ) | 84,341 | |||||||||||
Net income (loss) | 124,924 | 57,534 | (19,052 | ) | 163,406 | |||||||||||
Preferred stock dividends of subsidiaries | 1,995 | — | (105 | ) | 1,890 | |||||||||||
Net income (loss) for common stock | 122,929 | 57,534 | (18,947 | ) | 161,516 | |||||||||||
Capital expenditures | 342,485 | 11,193 | 201 | 353,879 | ||||||||||||
Assets (at December 31, 2013) | 5,087,129 | 5,243,824 | 9,091 | 10,340,044 | ||||||||||||
2012 | ||||||||||||||||
Revenues from external customers | $ | 3,109,353 | $ | 265,539 | $ | 103 | $ | 3,374,995 | ||||||||
Intersegment revenues (eliminations) | 86 | — | (86 | ) | — | |||||||||||
Revenues | 3,109,439 | 265,539 | 17 | 3,374,995 | ||||||||||||
Depreciation and amortization | 151,496 | 5,334 | 1,517 | 158,347 | ||||||||||||
Interest expense, net | 62,055 | 11,292 | 16,096 | 89,443 | ||||||||||||
Income (loss) before income taxes | 162,319 | 89,021 | (33,933 | ) | 217,407 | |||||||||||
Income taxes (benefit) | 61,048 | 30,384 | (14,573 | ) | 76,859 | |||||||||||
Net income (loss) | 101,271 | 58,637 | (19,360 | ) | 140,548 | |||||||||||
Preferred stock dividends of subsidiaries | 1,995 | — | (105 | ) | 1,890 | |||||||||||
Net income (loss) for common stock | 99,276 | 58,637 | (19,255 | ) | 138,658 | |||||||||||
Capital expenditures | 310,091 | 14,979 | 410 | 325,480 | ||||||||||||
Assets (at December 31, 2012) | 5,108,793 | 5,041,673 | (1,334 | ) | 10,149,132 | |||||||||||
2011 | ||||||||||||||||
Revenues from external customers | $ | 2,978,547 | $ | 264,407 | $ | (619 | ) | $ | 3,242,335 | |||||||
Intersegment revenues (eliminations) | 143 | — | (143 | ) | — | |||||||||||
Revenues | 2,978,690 | 264,407 | (762 | ) | 3,242,335 | |||||||||||
Depreciation and amortization | 160,353 | 5,909 | 1,208 | 167,470 | ||||||||||||
Interest expense, net | 60,031 | 14,469 | 22,075 | 96,575 | ||||||||||||
Income (loss) before income taxes | 163,565 | 91,536 | (39,049 | ) | 216,052 | |||||||||||
Income taxes (benefit) | 61,584 | 31,693 | (17,345 | ) | 75,932 | |||||||||||
Net income (loss) | 101,981 | 59,843 | (21,704 | ) | 140,120 | |||||||||||
Preferred stock dividends of subsidiaries | 1,995 | — | (105 | ) | 1,890 | |||||||||||
Net income (loss) for common stock | 99,986 | 59,843 | (21,599 | ) | 138,230 | |||||||||||
Capital expenditures | 226,022 | 8,984 | 110 | 235,116 | ||||||||||||
Assets (at December 31, 2011) | 4,674,007 | 4,909,974 | 10,496 | 9,594,477 | ||||||||||||
Electric_utility_segment_Table
Electric utility segment (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Electric utility subsidiary | ' | ||||||||||||||||||||
Schedule of voluntary liquidation and redemption prices of cumulative preferred stock | ' | ||||||||||||||||||||
The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption: | |||||||||||||||||||||
31-Dec-13 | Voluntary | Redemption | |||||||||||||||||||
liquidation price | price | ||||||||||||||||||||
Series | |||||||||||||||||||||
C, D, E, H, J and K (Hawaiian Electric) | $ | 20 | $ | 21 | |||||||||||||||||
I (Hawaiian Electric) | 20 | 20 | |||||||||||||||||||
G (Hawaii Electric Light) | 100 | 100 | |||||||||||||||||||
H (Maui Electric) | 100 | 100 | |||||||||||||||||||
Schedule of reductions from interim decision and order | ' | ||||||||||||||||||||
Reductions from the interim D&O relate primarily to: | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||
Lower ROACE | $ | 4 | |||||||||||||||||||
Customer Information System expenses | 0.3 | ||||||||||||||||||||
Pension and OPEB expense based on 3-year average | 1.5 | ||||||||||||||||||||
Integrated resource planning expenses | 0.9 | ||||||||||||||||||||
Operational and Renewable Energy Integration study costs | 1.1 | ||||||||||||||||||||
Total adjustment | $ | 7.8 | |||||||||||||||||||
Schedule of consolidating statements of income | ' | ||||||||||||||||||||
Statements of Income Data | |||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Interest and dividend income | |||||||||||||||||||||
Interest and fees on loans | $ | 172,969 | $ | 176,057 | $ | 184,485 | |||||||||||||||
Interest and dividends on investment and mortgage-related securities | 13,095 | 13,822 | 14,568 | ||||||||||||||||||
Total interest and dividend income | 186,064 | 189,879 | 199,053 | ||||||||||||||||||
Interest expense | |||||||||||||||||||||
Interest on deposit liabilities | 5,092 | 6,423 | 8,983 | ||||||||||||||||||
Interest on other borrowings | 4,985 | 4,869 | 5,486 | ||||||||||||||||||
Total interest expense | 10,077 | 11,292 | 14,469 | ||||||||||||||||||
Net interest income | 175,987 | 178,587 | 184,584 | ||||||||||||||||||
Provision for loan losses | 1,507 | 12,883 | 15,009 | ||||||||||||||||||
Net interest income after provision for loan losses | 174,480 | 165,704 | 169,575 | ||||||||||||||||||
Noninterest income | |||||||||||||||||||||
Fees from other financial services | 27,099 | 31,361 | 28,881 | ||||||||||||||||||
Fee income on deposit liabilities | 18,363 | 17,775 | 18,026 | ||||||||||||||||||
Fee income on other financial products | 8,405 | 6,577 | 6,704 | ||||||||||||||||||
Mortgage banking income | 8,309 | 14,628 | 5,028 | ||||||||||||||||||
Gains on sale of securities | 1,226 | 134 | 371 | ||||||||||||||||||
Other income, net | 8,681 | 5,185 | 6,344 | ||||||||||||||||||
Total noninterest income | 72,083 | 75,660 | 65,354 | ||||||||||||||||||
Noninterest expense | |||||||||||||||||||||
Compensation and employee benefits | 82,910 | 75,979 | 71,137 | ||||||||||||||||||
Occupancy | 16,747 | 17,179 | 17,154 | ||||||||||||||||||
Data processing | 10,952 | 10,098 | 8,155 | ||||||||||||||||||
Services | 9,015 | 9,866 | 7,396 | ||||||||||||||||||
Equipment | 7,295 | 7,105 | 6,903 | ||||||||||||||||||
Office supplies, printing and postage | 4,233 | 3,870 | 3,934 | ||||||||||||||||||
Marketing | 3,373 | 3,260 | 3,001 | ||||||||||||||||||
Communication | 1,864 | 1,809 | 1,764 | ||||||||||||||||||
Other expense | 23,115 | 23,177 | 23,949 | ||||||||||||||||||
Total noninterest expense | 159,504 | 152,343 | 143,393 | ||||||||||||||||||
Income before income taxes | 87,059 | 89,021 | 91,536 | ||||||||||||||||||
Income taxes | 29,525 | 30,384 | 31,693 | ||||||||||||||||||
Net income | $ | 57,534 | $ | 58,637 | $ | 59,843 | |||||||||||||||
Schedule of consolidating balance sheets | ' | ||||||||||||||||||||
Balance Sheet Data | |||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 156,603 | $ | 184,430 | |||||||||||||||||
Available-for-sale investment and mortgage-related securities | 529,007 | 671,358 | |||||||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 92,546 | 96,022 | |||||||||||||||||||
Loans receivable held for investment | 4,150,229 | 3,779,218 | |||||||||||||||||||
Allowance for loan losses | (40,116 | ) | (41,985 | ) | |||||||||||||||||
Loans receivable held for investment, net | 4,110,113 | 3,737,233 | |||||||||||||||||||
Loans held for sale, at lower of cost or fair value | 5,302 | 26,005 | |||||||||||||||||||
Other | 268,063 | 244,435 | |||||||||||||||||||
Goodwill | 82,190 | 82,190 | |||||||||||||||||||
Total assets | $ | 5,243,824 | $ | 5,041,673 | |||||||||||||||||
Liabilities and shareholder’s equity | |||||||||||||||||||||
Deposit liabilities–noninterest-bearing | $ | 1,214,418 | $ | 1,164,308 | |||||||||||||||||
Deposit liabilities–interest-bearing | 3,158,059 | 3,065,608 | |||||||||||||||||||
Other borrowings | 244,514 | 195,926 | |||||||||||||||||||
Other | 105,679 | 117,752 | |||||||||||||||||||
Total liabilities | 4,722,670 | 4,543,594 | |||||||||||||||||||
Commitments and contingencies (see “Litigation” below) | |||||||||||||||||||||
Common stock | 336,054 | 333,712 | |||||||||||||||||||
Retained earnings | 197,297 | 179,763 | |||||||||||||||||||
Accumulated other comprehensive loss, net of tax benefits | |||||||||||||||||||||
Net unrealized gains (losses) on securities | $ | (3,663 | ) | $ | 10,761 | ||||||||||||||||
Retirement benefit plans | (8,534 | ) | (12,197 | ) | (26,157 | ) | (15,396 | ) | |||||||||||||
Total shareholder’s equity | 521,154 | 498,079 | |||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 5,243,824 | $ | 5,041,673 | |||||||||||||||||
Other assets | |||||||||||||||||||||
Bank-owned life insurance | $ | 129,963 | $ | 125,726 | |||||||||||||||||
Premises and equipment, net | 67,766 | 62,458 | |||||||||||||||||||
Prepaid expenses | 3,616 | 13,199 | |||||||||||||||||||
Accrued interest receivable | 13,133 | 13,228 | |||||||||||||||||||
Mortgage-servicing rights | 11,687 | 10,818 | |||||||||||||||||||
Real estate acquired in settlement of loans, net | 1,205 | 6,050 | |||||||||||||||||||
Other | 40,693 | 12,956 | |||||||||||||||||||
$ | 268,063 | $ | 244,435 | ||||||||||||||||||
Other liabilities | |||||||||||||||||||||
Accrued expenses | $ | 19,989 | $ | 17,103 | |||||||||||||||||
Federal and state income taxes payable | 37,807 | 35,408 | |||||||||||||||||||
Cashier’s checks | 21,110 | 23,478 | |||||||||||||||||||
Advance payments by borrowers | 9,647 | 9,685 | |||||||||||||||||||
Other | 17,126 | 32,078 | |||||||||||||||||||
$ | 105,679 | $ | 117,752 | ||||||||||||||||||
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ||||||||||||||||||||
Electric utility subsidiary | ' | ||||||||||||||||||||
Schedule of regulatory assets | ' | ||||||||||||||||||||
Regulatory assets were as follows: | |||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Retirement benefit plans (balance primarily varies with plans’ funded statuses) | $ | 350,821 | $ | 660,835 | |||||||||||||||||
Income taxes, net (1 to 55 years) | 85,430 | 84,931 | |||||||||||||||||||
Decoupling revenue balancing account (1 to 2 years) | 90,386 | 66,076 | |||||||||||||||||||
Unamortized expense and premiums on retired debt and equity issuances (14 to 30 years; 2 to 20 years remaining) | 17,342 | 17,130 | |||||||||||||||||||
Vacation earned, but not yet taken (1 year) | 9,149 | 8,493 | |||||||||||||||||||
Postretirement benefits other than pensions (18 years; 1 year remaining) | 62 | 249 | |||||||||||||||||||
Other (1 to 50 years; 1 to 47 years remaining) | 22,734 | 26,882 | |||||||||||||||||||
$ | 575,924 | $ | 864,596 | ||||||||||||||||||
Included in: | |||||||||||||||||||||
Current assets | $ | 69,738 | $ | 51,267 | |||||||||||||||||
Long-term assets | 506,186 | 813,329 | |||||||||||||||||||
$ | 575,924 | $ | 864,596 | ||||||||||||||||||
Schedule of regulatory liabilities | ' | ||||||||||||||||||||
Regulatory liabilities were as follows: | |||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Cost of removal in excess of salvage value (1 to 60 years) | $ | 315,164 | $ | 305,978 | |||||||||||||||||
Retirement benefit plans (5 years beginning with respective utility’s next rate case; primarily 5 years remaining) | 31,546 | 15,563 | |||||||||||||||||||
Other (5 years; 1 to 2 years remaining) | 2,589 | 2,611 | |||||||||||||||||||
$ | 349,299 | $ | 324,152 | ||||||||||||||||||
Included in: | |||||||||||||||||||||
Current liabilities | $ | 1,916 | $ | 1,212 | |||||||||||||||||
Long-term liabilities | 347,383 | 322,940 | |||||||||||||||||||
$ | 349,299 | $ | 324,152 | ||||||||||||||||||
Schedule of changes in asset retirement obligation | ' | ||||||||||||||||||||
Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows: | |||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||
Balance, January 1 | $ | 48,431 | $ | 50,871 | |||||||||||||||||
Accretion expense | 1,263 | 1,563 | |||||||||||||||||||
Liabilities incurred | — | — | |||||||||||||||||||
Liabilities settled | (5,672 | ) | (4,003 | ) | |||||||||||||||||
Revisions in estimated cash flows | (916 | ) | — | ||||||||||||||||||
Balance, December 31 | $ | 43,106 | $ | 48,431 | |||||||||||||||||
Schedule of consolidating statements of income | ' | ||||||||||||||||||||
Consolidating statement of income | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Revenues | $ | 2,124,174 | 431,517 | 424,603 | — | (122 | ) | [1] | $ | 2,980,172 | |||||||||||
Expenses | |||||||||||||||||||||
Fuel oil | 851,365 | 125,516 | 208,671 | — | — | 1,185,552 | |||||||||||||||
Purchased power | 527,839 | 128,368 | 54,474 | — | — | 710,681 | |||||||||||||||
Other operation and maintenance | 283,768 | 61,418 | 58,081 | 3 | — | 403,270 | |||||||||||||||
Depreciation | 99,738 | 34,188 | 20,099 | — | — | 154,025 | |||||||||||||||
Taxes, other than income taxes | 200,962 | 40,092 | 40,077 | — | — | 281,131 | |||||||||||||||
Total expenses | 1,963,672 | 389,582 | 381,402 | 3 | — | 2,734,659 | |||||||||||||||
Operating income (loss) | 160,502 | 41,935 | 43,201 | (3 | ) | (122 | ) | 245,513 | |||||||||||||
Allowance for equity funds used during construction | 4,495 | 643 | 423 | — | — | 5,561 | |||||||||||||||
Equity in earnings of subsidiaries | 41,410 | — | — | — | (41,410 | ) | [2] | — | |||||||||||||
Interest expense and other charges, net | (39,107 | ) | (11,341 | ) | (8,953 | ) | — | 122 | [1] | (59,279 | ) | ||||||||||
Allowance for borrowed funds used during construction | 1,814 | 263 | 169 | — | — | 2,246 | |||||||||||||||
Income (loss) before income taxes | 169,114 | 31,500 | 34,840 | (3 | ) | (41,410 | ) | 194,041 | |||||||||||||
Income taxes | 45,105 | 10,830 | 13,182 | — | — | 69,117 | |||||||||||||||
Net income (loss) | 124,009 | 20,670 | 21,658 | (3 | ) | (41,410 | ) | 124,924 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 534 | 381 | — | — | 915 | |||||||||||||||
Net income (loss) attributable to Hawaiian Electric | 124,009 | 20,136 | 21,277 | (3 | ) | (41,410 | ) | 124,009 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 1,080 | — | — | — | — | 1,080 | |||||||||||||||
Net income (loss) for common stock | $ | 122,929 | 20,136 | 21,277 | (3 | ) | (41,410 | ) | $ | 122,929 | |||||||||||
Consolidating statement of income | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Revenues | $ | 2,228,233 | 441,013 | 440,270 | — | (77 | ) | [1] | $ | 3,109,439 | |||||||||||
Expenses | |||||||||||||||||||||
Fuel oil | 945,246 | 116,866 | 235,307 | — | — | 1,297,419 | |||||||||||||||
Purchased power | 540,802 | 145,386 | 38,052 | — | — | 724,240 | |||||||||||||||
Other operation and maintenance | 266,208 | 60,447 | 70,771 | 3 | — | 397,429 | |||||||||||||||
Depreciation | 90,783 | 33,337 | 20,378 | — | — | 144,498 | |||||||||||||||
Taxes, other than income taxes | 209,943 | 41,370 | 41,528 | — | — | 292,841 | |||||||||||||||
Impairment of utility assets | 29,000 | 5,500 | 5,500 | — | — | 40,000 | |||||||||||||||
Total expenses | 2,081,982 | 402,906 | 411,536 | 3 | — | 2,896,427 | |||||||||||||||
Operating income (loss) | 146,251 | 38,107 | 28,734 | (3 | ) | (77 | ) | 213,012 | |||||||||||||
Allowance for equity funds used | 5,735 | 585 | 687 | — | — | 7,007 | |||||||||||||||
during construction | |||||||||||||||||||||
Equity in earnings of subsidiaries | 28,836 | — | — | — | (28,836 | ) | [2] | — | |||||||||||||
Interest expense and other charges, net | (40,842 | ) | (12,066 | ) | (9,224 | ) | 77 | [1] | (62,055 | ) | |||||||||||
Allowance for borrowed funds used during construction | 3,642 | 235 | 478 | — | — | 4,355 | |||||||||||||||
Income (loss) before income taxes | 143,622 | 26,861 | 20,675 | (3 | ) | (28,836 | ) | 162,319 | |||||||||||||
Income taxes | 43,266 | 10,115 | 7,667 | — | — | 61,048 | |||||||||||||||
Net income (loss) | 100,356 | 16,746 | 13,008 | (3 | ) | (28,836 | ) | 101,271 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 534 | 381 | — | — | 915 | |||||||||||||||
Net income (loss) attributable to Hawaiian Electric | 100,356 | 16,212 | 12,627 | (3 | ) | (28,836 | ) | 100,356 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 1,080 | — | — | — | — | 1,080 | |||||||||||||||
Net income (loss) for common stock | $ | 99,276 | 16,212 | 12,627 | (3 | ) | (28,836 | ) | $ | 99,276 | |||||||||||
Consolidating statement of income | |||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Revenues | $ | 2,114,066 | 444,891 | 419,760 | — | (27 | ) | [1] | $ | 2,978,690 | |||||||||||
Expenses | |||||||||||||||||||||
Fuel oil | 909,172 | 121,839 | 234,115 | — | — | 1,265,126 | |||||||||||||||
Purchased power | 522,503 | 137,453 | 29,696 | — | — | 689,652 | |||||||||||||||
Other operation and maintenance | 266,807 | 56,066 | 57,202 | 9 | — | 380,084 | |||||||||||||||
Depreciation | 89,324 | 32,767 | 20,884 | — | — | 142,975 | |||||||||||||||
Taxes, other than income taxes | 196,170 | 41,028 | 39,306 | — | — | 276,504 | |||||||||||||||
Impairment of utility assets | 9,215 | — | — | — | — | 9,215 | |||||||||||||||
Total expenses | 1,993,191 | 389,153 | 381,203 | 9 | — | 2,763,556 | |||||||||||||||
Operating income (loss) | 120,875 | 55,738 | 38,557 | (9 | ) | (27 | ) | 215,134 | |||||||||||||
Allowance for equity funds used | 4,572 | 592 | 800 | — | — | 5,964 | |||||||||||||||
during construction | |||||||||||||||||||||
Equity in earnings of subsidiaries | 44,616 | — | — | — | (44,616 | ) | [2] | — | |||||||||||||
Interest expense and other charges, net | (37,624 | ) | (12,554 | ) | (9,880 | ) | — | 27 | [1] | (60,031 | ) | ||||||||||
Allowance for borrowed funds used during construction | 1,941 | 248 | 309 | — | — | 2,498 | |||||||||||||||
Income (loss) before income taxes | 134,380 | 44,024 | 29,786 | (9 | ) | (44,616 | ) | 163,565 | |||||||||||||
Income taxes | 33,314 | 16,839 | 11,431 | — | — | 61,584 | |||||||||||||||
Net income (loss) | 101,066 | 27,185 | 18,355 | (9 | ) | (44,616 | ) | 101,981 | |||||||||||||
Preferred stock dividends of subsidiaries | — | 534 | 381 | — | — | 915 | |||||||||||||||
Net income (loss) attributable to Hawaiian Electric | 101,066 | 26,651 | 17,974 | (9 | ) | (44,616 | ) | 101,066 | |||||||||||||
Preferred stock dividends of Hawaiian Electric | 1,080 | — | — | — | — | 1,080 | |||||||||||||||
Net income (loss) for common stock | $ | 99,986 | 26,651 | 17,974 | (9 | ) | (44,616 | ) | $ | 99,986 | |||||||||||
Schedule of consolidating statements of comprehensive income | ' | ||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Net income (loss) for common stock | $ | 99,276 | 16,212 | 12,627 | (3 | ) | (28,836 | ) | $ | 99,276 | |||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||
Retirement benefit plans: | |||||||||||||||||||||
Net losses arising during the period, net of tax benefits | (90,082 | ) | (13,577 | ) | (10,935 | ) | — | 24,512 | [1] | (90,082 | ) | ||||||||||
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 13,673 | 2,101 | 1,771 | — | (3,872 | ) | [1] | 13,673 | |||||||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits | 75,471 | 11,442 | 9,093 | — | (20,535 | ) | [1] | 75,471 | |||||||||||||
Other comprehensive loss, net of tax benefits | (938 | ) | (34 | ) | (71 | ) | — | 105 | (938 | ) | |||||||||||
Comprehensive income (loss) attributable to common shareholder | $ | 98,338 | 16,178 | 12,556 | (3 | ) | (28,731 | ) | $ | 98,338 | |||||||||||
Consolidating statement of comprehensive income | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Net income (loss) for common stock | $ | 122,929 | 20,136 | 21,277 | (3 | ) | (41,410 | ) | $ | 122,929 | |||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||
Retirement benefit plans: | |||||||||||||||||||||
Net gains arising during the period, net of taxes | 203,479 | 30,542 | 27,919 | — | (58,461 | ) | [1] | 203,479 | |||||||||||||
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 20,694 | 2,880 | 2,557 | — | (5,437 | ) | [1] | 20,694 | |||||||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (222,595 | ) | (33,277 | ) | (30,377 | ) | — | 63,654 | [1] | (222,595 | ) | ||||||||||
Other comprehensive income, net of taxes | 1,578 | 145 | 99 | — | (244 | ) | 1,578 | ||||||||||||||
Comprehensive income (loss) attributable to common shareholder | $ | 124,507 | 20,281 | 21,376 | (3 | ) | (41,654 | ) | $ | 124,507 | |||||||||||
Consolidating statement of comprehensive income | |||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating adjustments | Hawaiian Electric | |||||||||||||||
Consolidated | |||||||||||||||||||||
Net income (loss) for common stock | $ | 99,986 | 26,651 | 17,974 | (9 | ) | (44,616 | ) | $ | 99,986 | |||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||
Retirement benefit plans: | |||||||||||||||||||||
Prior service credit arising during the period, net of taxes | 6,921 | 1,419 | 1,239 | — | (2,658 | ) | [1] | 6,921 | |||||||||||||
Net losses arising during the period, net of tax benefits | (116,726 | ) | (18,224 | ) | (16,816 | ) | — | 35,040 | [1] | (116,726 | ) | ||||||||||
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 8,372 | 1,324 | 1,158 | — | (2,482 | ) | [1] | 8,372 | |||||||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits | 100,692 | 15,436 | 14,366 | — | (29,802 | ) | [1] | 100,692 | |||||||||||||
Other comprehensive loss, net of tax benefits | (741 | ) | (45 | ) | (53 | ) | — | 98 | (741 | ) | |||||||||||
Comprehensive income (loss) attributable to common shareholder | $ | 99,245 | 26,606 | 17,921 | (9 | ) | (44,518 | ) | $ | 99,245 | |||||||||||
Schedule of consolidating balance sheets | ' | ||||||||||||||||||||
Consolidating balance sheet | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Utility plant, at cost | |||||||||||||||||||||
Land | $ | 43,407 | 5,460 | 3,016 | — | — | $ | 51,883 | |||||||||||||
Plant and equipment | 3,558,569 | 1,136,923 | 1,006,383 | — | — | 5,701,875 | |||||||||||||||
Less accumulated depreciation | (1,222,129 | ) | (453,721 | ) | (435,379 | ) | — | — | (2,111,229 | ) | |||||||||||
Construction in progress | 124,494 | 7,709 | 11,030 | — | — | 143,233 | |||||||||||||||
Net utility plant | 2,504,341 | 696,371 | 585,050 | — | — | 3,785,762 | |||||||||||||||
Investment in wholly-owned subsidiaries, at equity | 523,674 | — | — | — | (523,674 | ) | [2] | — | |||||||||||||
Current assets | |||||||||||||||||||||
Cash and equivalents | 61,245 | 1,326 | 153 | 101 | — | 62,825 | |||||||||||||||
Advances to affiliates | 6,839 | 1,000 | — | — | (7,839 | ) | [1] | — | |||||||||||||
Customer accounts receivable, net | 121,282 | 28,088 | 26,078 | — | — | 175,448 | |||||||||||||||
Accrued unbilled revenues, net | 107,752 | 17,100 | 19,272 | — | — | 144,124 | |||||||||||||||
Other accounts receivable, net | 16,373 | 4,265 | 2,451 | — | (9,027 | ) | [1] | 14,062 | |||||||||||||
Fuel oil stock, at average cost | 99,613 | 14,178 | 20,296 | — | — | 134,087 | |||||||||||||||
Materials and supplies, at average cost | 37,377 | 6,883 | 14,784 | — | — | 59,044 | |||||||||||||||
Prepayments and other | 29,798 | 8,334 | 16,140 | — | (1,415 | ) | [3] | 52,857 | |||||||||||||
Regulatory assets | 54,979 | 6,931 | 7,828 | — | — | 69,738 | |||||||||||||||
Total current assets | 535,258 | 88,105 | 107,002 | 101 | (18,281 | ) | 712,185 | ||||||||||||||
Other long-term assets | |||||||||||||||||||||
Regulatory assets | 381,346 | 64,552 | 60,288 | — | — | 506,186 | |||||||||||||||
Unamortized debt expense | 6,051 | 1,580 | 1,372 | — | — | 9,003 | |||||||||||||||
Other | 47,116 | 11,352 | 15,525 | — | — | 73,993 | |||||||||||||||
Total other long-term assets | 434,513 | 77,484 | 77,185 | — | — | 589,182 | |||||||||||||||
Total assets | $ | 3,997,786 | 861,960 | 769,237 | 101 | (541,955 | ) | $ | 5,087,129 | ||||||||||||
Capitalization and liabilities | |||||||||||||||||||||
Capitalization | |||||||||||||||||||||
Common stock equity | $ | 1,593,564 | 274,802 | 248,771 | 101 | (523,674 | ) | [2] | $ | 1,593,564 | |||||||||||
Cumulative preferred stock–not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | |||||||||||||||
Long-term debt, net | 830,547 | 189,998 | 186,000 | — | — | 1,206,545 | |||||||||||||||
Total capitalization | 2,446,404 | 471,800 | 439,771 | 101 | (523,674 | ) | 2,834,402 | ||||||||||||||
Current liabilities | |||||||||||||||||||||
Current portion of long-term debt | — | 11,400 | — | — | — | 11,400 | |||||||||||||||
Short-term borrowings-affiliate | 1,000 | — | 6,839 | — | (7,839 | ) | [1] | — | |||||||||||||
Accounts payable | 145,062 | 24,383 | 20,114 | — | — | 189,559 | |||||||||||||||
Interest and preferred dividends payable | 15,190 | 3,885 | 2,585 | — | (8 | ) | [1] | 21,652 | |||||||||||||
Taxes accrued | 175,790 | 37,899 | 37,171 | — | (1,415 | ) | [3] | 249,445 | |||||||||||||
Regulatory liabilities | 1,705 | — | 211 | — | — | 1,916 | |||||||||||||||
Other | 48,443 | 9,033 | 15,424 | — | (9,019 | ) | [1] | 63,881 | |||||||||||||
Total current liabilities | 387,190 | 86,600 | 82,344 | — | (18,281 | ) | 537,853 | ||||||||||||||
Deferred credits and other liabilities | |||||||||||||||||||||
Deferred income taxes | 359,621 | 79,947 | 67,593 | — | — | 507,161 | |||||||||||||||
Regulatory liabilities | 235,786 | 76,475 | 35,122 | — | — | 347,383 | |||||||||||||||
Unamortized tax credits | 44,931 | 14,245 | 14,363 | — | — | 73,539 | |||||||||||||||
Defined benefit pension and other | 202,396 | 28,427 | 31,339 | — | — | 262,162 | |||||||||||||||
postretirement benefit plans liability | |||||||||||||||||||||
Other | 63,374 | 14,703 | 13,658 | — | — | 91,735 | |||||||||||||||
Total deferred credits and other liabilities | 906,108 | 213,797 | 162,075 | — | — | 1,281,980 | |||||||||||||||
Contributions in aid of construction | 258,084 | 89,763 | 85,047 | — | — | 432,894 | |||||||||||||||
Total capitalization and liabilities | $ | 3,997,786 | 861,960 | 769,237 | 101 | (541,955 | ) | $ | 5,087,129 | ||||||||||||
Consolidating balance sheet | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||
Utility plant, at cost | |||||||||||||||||||||
Land | $ | 43,370 | 5,182 | 3,016 | — | — | $ | 51,568 | |||||||||||||
Plant and equipment | 3,325,862 | 1,086,048 | 952,490 | — | — | 5,364,400 | |||||||||||||||
Less accumulated depreciation | (1,185,899 | ) | (433,531 | ) | (421,359 | ) | — | — | (2,040,789 | ) | |||||||||||
Construction in progress | 130,143 | 12,126 | 9,109 | — | — | 151,378 | |||||||||||||||
Net utility plant | 2,313,476 | 669,825 | 543,256 | — | — | 3,526,557 | |||||||||||||||
Investment in wholly-owned subsidiaries, at equity | 497,939 | — | — | — | (497,939 | ) | [2] | — | |||||||||||||
Current assets | |||||||||||||||||||||
Cash and equivalents | 8,265 | 5,441 | 3,349 | 104 | — | 17,159 | |||||||||||||||
Advances to affiliates | 9,400 | 18,050 | — | — | (27,450 | ) | [1] | — | |||||||||||||
Customer accounts receivable, net | 154,316 | 29,772 | 26,691 | — | — | 210,779 | |||||||||||||||
Accrued unbilled revenues, net | 100,600 | 14,393 | 19,305 | — | — | 134,298 | |||||||||||||||
Other accounts receivable, net | 33,313 | 1,122 | 3,016 | — | (9,275 | ) | [1] | 28,176 | |||||||||||||
Fuel oil stock, at average cost | 123,176 | 15,485 | 22,758 | — | — | 161,419 | |||||||||||||||
Materials and supplies, at average cost | 31,779 | 5,336 | 13,970 | — | — | 51,085 | |||||||||||||||
Prepayments and other | 21,708 | 5,146 | 6,011 | — | — | 32,865 | |||||||||||||||
Regulatory assets | 42,675 | 4,056 | 4,536 | — | — | 51,267 | |||||||||||||||
Total current assets | 525,232 | 98,801 | 99,636 | 104 | (36,725 | ) | 687,048 | ||||||||||||||
Other long-term assets | |||||||||||||||||||||
Regulatory assets | 601,451 | 109,815 | 102,063 | — | — | 813,329 | |||||||||||||||
Unamortized debt expense | 7,042 | 2,066 | 1,446 | — | — | 10,554 | |||||||||||||||
Other | 46,586 | 9,871 | 14,848 | — | — | 71,305 | |||||||||||||||
Total other long-term assets | 655,079 | 121,752 | 118,357 | — | — | 895,188 | |||||||||||||||
Total assets | $ | 3,991,726 | 890,378 | 761,249 | 104 | (534,664 | ) | $ | 5,108,793 | ||||||||||||
Capitalization and liabilities | |||||||||||||||||||||
Capitalization | |||||||||||||||||||||
Common stock equity | $ | 1,472,136 | 268,908 | 228,927 | 104 | (497,939 | ) | [2] | $ | 1,472,136 | |||||||||||
Cumulative preferred stock–not subject to mandatory redemption | 22,293 | 7,000 | 5,000 | — | — | 34,293 | |||||||||||||||
Long-term debt, net | 780,546 | 201,326 | 166,000 | — | — | 1,147,872 | |||||||||||||||
Total capitalization | 2,274,975 | 477,234 | 399,927 | 104 | (497,939 | ) | 2,654,301 | ||||||||||||||
Current liabilities | |||||||||||||||||||||
Short-term borrowings-affiliate | 18,050 | — | 9,400 | — | (27,450 | ) | [1] | — | |||||||||||||
Accounts payable | 134,651 | 27,457 | 24,716 | — | — | 186,824 | |||||||||||||||
Interest and preferred dividends payable | 14,479 | 4,027 | 2,593 | — | (7 | ) | [1] | 21,092 | |||||||||||||
Taxes accrued | 174,477 | 38,778 | 37,811 | — | — | 251,066 | |||||||||||||||
Regulatory liabilities | 1,212 | — | — | — | — | 1,212 | |||||||||||||||
Other | 45,125 | 10,310 | 14,634 | — | (9,268 | ) | [1] | 60,801 | |||||||||||||
Total current liabilities | 387,994 | 80,572 | 89,154 | — | (36,725 | ) | 520,995 | ||||||||||||||
Deferred credits and other liabilities | |||||||||||||||||||||
Deferred income taxes | 302,569 | 68,479 | 46,563 | — | — | 417,611 | |||||||||||||||
Regulatory liabilities | 219,303 | 67,359 | 36,278 | — | — | 322,940 | |||||||||||||||
Unamortized tax credits | 39,827 | 13,450 | 13,307 | — | — | 66,584 | |||||||||||||||
Defined benefit pension and other | 459,765 | 80,686 | 79,754 | — | — | 620,205 | |||||||||||||||
postretirement benefit plans liability | |||||||||||||||||||||
Other | 68,783 | 17,799 | 14,055 | — | — | 100,637 | |||||||||||||||
Total deferred credits and other liabilities | 1,090,247 | 247,773 | 189,957 | — | — | 1,527,977 | |||||||||||||||
Contributions in aid of construction | 238,510 | 84,799 | 82,211 | — | — | 405,520 | |||||||||||||||
Total capitalization and liabilities | $ | 3,991,726 | 890,378 | 761,249 | 104 | (534,664 | ) | $ | 5,108,793 | ||||||||||||
Schedule of consolidating statements of changes in common stock equity | ' | ||||||||||||||||||||
Consolidating statements of changes in common stock equity | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Balance, December 31, 2010 | $ | 1,334,155 | 269,986 | 229,651 | 91 | (499,728 | ) | $ | 1,334,155 | ||||||||||||
Net income (loss) for common stock | 99,986 | 26,651 | 17,974 | (9 | ) | (44,616 | ) | 99,986 | |||||||||||||
Other comprehensive loss, net of tax benefit | (741 | ) | (45 | ) | (53 | ) | — | 98 | (741 | ) | |||||||||||
Issuance of common stock, net of expenses | 39,999 | — | — | 25 | (25 | ) | 39,999 | ||||||||||||||
Common stock dividends | (70,558 | ) | (16,124 | ) | (12,004 | ) | — | 28,128 | (70,558 | ) | |||||||||||
Balance, December 31, 2011 | $ | 1,402,841 | 280,468 | 235,568 | 107 | (516,143 | ) | $ | 1,402,841 | ||||||||||||
Net income (loss) for common stock | 99,276 | 16,212 | 12,627 | (3 | ) | (28,836 | ) | 99,276 | |||||||||||||
Other comprehensive loss, net of tax benefit | (938 | ) | (34 | ) | (71 | ) | — | 105 | (938 | ) | |||||||||||
Issuance of common stock, net of expenses | 44,001 | — | — | — | — | 44,001 | |||||||||||||||
Common stock dividends | (73,044 | ) | (27,738 | ) | (19,197 | ) | — | 46,935 | (73,044 | ) | |||||||||||
Balance, December 31, 2012 | $ | 1,472,136 | 268,908 | 228,927 | 104 | (497,939 | ) | $ | 1,472,136 | ||||||||||||
Net income (loss) for common stock | 122,929 | 20,136 | 21,277 | (3 | ) | (41,410 | ) | 122,929 | |||||||||||||
Other comprehensive income, net of taxes | 1,578 | 145 | 99 | — | (244 | ) | 1,578 | ||||||||||||||
Issuance of common stock, net of expenses | 78,499 | — | — | — | — | 78,499 | |||||||||||||||
Common stock dividends | (81,578 | ) | (14,387 | ) | (1,532 | ) | — | 15,919 | (81,578 | ) | |||||||||||
Balance, December 31, 2013 | $ | 1,593,564 | 274,802 | 248,771 | 101 | (523,674 | ) | $ | 1,593,564 | ||||||||||||
Schedule of consolidating statements of cash flows | ' | ||||||||||||||||||||
Consolidating statement of cash flows | |||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 124,009 | 20,670 | 21,658 | (3 | ) | (41,410 | ) | [2] | $ | 124,924 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||||||
Equity in earnings | (41,510 | ) | — | — | — | 41,410 | [2] | (100 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 28,505 | — | — | — | (28,405 | ) | [2] | 100 | |||||||||||||
Depreciation of property, plant and equipment | 99,738 | 34,188 | 20,099 | — | — | 154,025 | |||||||||||||||
Other amortization | 554 | 1,979 | 2,544 | — | — | 5,077 | |||||||||||||||
Increase in deferred income taxes | 41,409 | 10,569 | 12,529 | — | — | 64,507 | |||||||||||||||
Change in tax credits, net | 5,152 | 818 | 1,047 | — | — | 7,017 | |||||||||||||||
Allowance for equity funds used during construction | (4,495 | ) | (643 | ) | (423 | ) | — | — | (5,561 | ) | |||||||||||
Change in cash overdraft | — | — | 1,038 | — | — | 1,038 | |||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||
Decrease (increase) in accounts receivable | 49,974 | (1,459 | ) | 1,178 | — | (248 | ) | [1] | 49,445 | ||||||||||||
Decrease (increase) in accrued unbilled revenues | (7,152 | ) | (2,707 | ) | 33 | — | — | (9,826 | ) | ||||||||||||
Decrease in fuel oil stock | 23,563 | 1,307 | 2,462 | — | — | 27,332 | |||||||||||||||
Increase in materials and supplies | (5,598 | ) | (1,547 | ) | (814 | ) | — | — | (7,959 | ) | |||||||||||
Increase in regulatory assets | (46,047 | ) | (9,237 | ) | (10,177 | ) | — | — | (65,461 | ) | |||||||||||
Decrease in accounts payable | (6,136 | ) | (4,756 | ) | (9,936 | ) | — | — | (20,828 | ) | |||||||||||
Change in prepaid and accrued income taxes and revenue taxes | 4,632 | (4,114 | ) | (2,546 | ) | — | — | (2,028 | ) | ||||||||||||
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 2,325 | (1 | ) | (84 | ) | — | — | 2,240 | |||||||||||||
Change in other assets and liabilities | (17,941 | ) | (6,262 | ) | (7,544 | ) | — | 248 | [1] | (31,499 | ) | ||||||||||
Net cash provided by (used in) operating activities | 250,982 | 38,805 | 31,064 | (3 | ) | (28,405 | ) | 292,443 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures | (237,899 | ) | (52,135 | ) | (52,451 | ) | — | — | (342,485 | ) | |||||||||||
Contributions in aid of construction | 21,686 | 7,590 | 2,884 | — | — | 32,160 | |||||||||||||||
Advances from affiliates | 2,561 | 17,050 | — | — | (19,611 | ) | [1] | — | |||||||||||||
Other | — | (230 | ) | — | — | — | (230 | ) | |||||||||||||
Investment in consolidated subsidiary | (12,461 | ) | — | — | — | 12,461 | [2] | — | |||||||||||||
Net cash used in investing activities | (226,113 | ) | (27,725 | ) | (49,567 | ) | — | (7,150 | ) | (310,555 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Common stock dividends | (81,578 | ) | (14,388 | ) | (14,017 | ) | — | 28,405 | [2] | (81,578 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) | (534 | ) | (381 | ) | — | — | (1,995 | ) | |||||||||||
Proceeds from issuance of common stock | 78,500 | 12,461 | — | (12,461 | ) | [2] | 78,500 | ||||||||||||||
Proceeds from issuance of long-term debt | 140,000 | 56,000 | 40,000 | — | — | 236,000 | |||||||||||||||
Repayment of long-term debt | (90,000 | ) | (56,000 | ) | (20,000 | ) | — | — | (166,000 | ) | |||||||||||
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (17,050 | ) | — | (2,561 | ) | — | 19,611 | [2] | — | ||||||||||||
Other | (681 | ) | (273 | ) | (195 | ) | — | — | (1,149 | ) | |||||||||||
Net cash provided by (used in) financing activities | 28,111 | (15,195 | ) | 15,307 | — | 35,555 | 63,778 | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | 52,980 | (4,115 | ) | (3,196 | ) | (3 | ) | — | 45,666 | ||||||||||||
Cash and cash equivalents, January 1 | 8,265 | 5,441 | 3,349 | 104 | — | 17,159 | |||||||||||||||
Cash and cash equivalents, December 31 | $ | 61,245 | 1,326 | 153 | 101 | — | $ | 62,825 | |||||||||||||
Consolidating statement of cash flows | |||||||||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 100,356 | 16,746 | 13,008 | (3 | ) | (28,836 | ) | [2] | $ | 101,271 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||||||
Equity in earnings | (28,936 | ) | — | — | — | 28,836 | [2] | (100 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 47,035 | — | — | — | (46,935 | ) | [2] | 100 | |||||||||||||
Depreciation of property, plant and equipment | 90,783 | 33,337 | 20,378 | — | — | 144,498 | |||||||||||||||
Other amortization | 1,508 | 3,252 | 2,238 | — | — | 6,998 | |||||||||||||||
Impairment of utility assets | 29,000 | 5,500 | 5,500 | — | — | 40,000 | |||||||||||||||
Increase in deferred income taxes | 66,968 | 7,457 | 12,453 | — | — | 86,878 | |||||||||||||||
Change in tax credits, net | 5,006 | 522 | 547 | — | — | 6,075 | |||||||||||||||
Allowance for equity funds used during construction | (5,735 | ) | (585 | ) | (687 | ) | — | — | (7,007 | ) | |||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||
Increase in accounts receivable | (48,451 | ) | (1,106 | ) | (2,164 | ) | — | 4,717 | [1] | (47,004 | ) | ||||||||||
Decrease (increase) in accrued unbilled revenues | 2,728 | 4,106 | (3,306 | ) | — | — | 3,528 | ||||||||||||||
Decrease in fuel oil stock | 4,861 | 3,732 | 1,536 | — | — | 10,129 | |||||||||||||||
Increase in materials and supplies | (6,683 | ) | (636 | ) | (578 | ) | — | — | (7,897 | ) | |||||||||||
Increase in regulatory assets | (55,605 | ) | (9,649 | ) | (7,147 | ) | — | — | (72,401 | ) | |||||||||||
Increase (decrease) in accounts payable | (31,743 | ) | (8,110 | ) | 940 | — | — | (38,913 | ) | ||||||||||||
Change in prepaid and accrued income taxes and revenue taxes | 19,871 | 1,935 | 3,433 | — | — | 25,239 | |||||||||||||||
Decrease in defined benefit pension and other postretirement benefit plans liability | (434 | ) | (191 | ) | (119 | ) | — | — | (744 | ) | |||||||||||
Change in other assets and liabilities | (44,880 | ) | (11,143 | ) | (12,678 | ) | (1 | ) | (4,717 | ) | [1] | (73,419 | ) | ||||||||
Net cash provided by (used in) operating activities | 145,649 | 45,167 | 33,354 | (4 | ) | (46,935 | ) | 177,231 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures | (233,792 | ) | (41,060 | ) | (35,239 | ) | — | — | (310,091 | ) | |||||||||||
Contributions in aid of construction | 32,285 | 8,184 | 5,513 | — | — | 45,982 | |||||||||||||||
Advances from (to) affiliates | (9,400 | ) | 28,100 | 18,500 | — | (37,200 | ) | [1] | — | ||||||||||||
Net cash used in investing activities | (210,907 | ) | (4,776 | ) | (11,226 | ) | — | (37,200 | ) | (264,109 | ) | ||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Common stock dividends | (73,044 | ) | (27,738 | ) | (19,197 | ) | — | 46,935 | [2] | (73,044 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) | (534 | ) | (381 | ) | — | — | (1,995 | ) | |||||||||||
Proceeds from the issuance of common stock | 44,000 | — | — | — | — | 44,000 | |||||||||||||||
Proceeds from the issuance of long-term debt | 367,000 | 31,000 | 59,000 | — | — | 457,000 | |||||||||||||||
Repayment of long-term debt | (259,580 | ) | (41,200 | ) | (67,720 | ) | — | — | (368,500 | ) | |||||||||||
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (46,600 | ) | — | 9,400 | — | 37,200 | [1] | — | |||||||||||||
Other | (1,992 | ) | 139 | (377 | ) | — | — | (2,230 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 28,704 | (38,333 | ) | (19,275 | ) | — | 84,135 | 55,231 | |||||||||||||
Net increase (decrease) in cash and cash equivalents | (36,554 | ) | 2,058 | 2,853 | (4 | ) | — | (31,647 | ) | ||||||||||||
Cash and cash equivalents, January 1 | 44,819 | 3,383 | 496 | 108 | — | 48,806 | |||||||||||||||
Cash and cash equivalents, December 31 | $ | 8,265 | 5,441 | 3,349 | 104 | — | $ | 17,159 | |||||||||||||
Consolidating statement of cash flows | |||||||||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||
(in thousands) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Other subsidiaries | Consolidating | Hawaiian Electric | |||||||||||||||
adjustments | Consolidated | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||
Net income (loss) | $ | 101,066 | 27,185 | 18,355 | (9 | ) | (44,616 | ) | [2] | $ | 101,981 | ||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities | |||||||||||||||||||||
Equity in earnings | (44,716 | ) | — | — | — | 44,616 | [2] | (100 | ) | ||||||||||||
Common stock dividends received from subsidiaries | 28,228 | — | — | — | (28,128 | ) | [2] | 100 | |||||||||||||
Depreciation of property, plant and equipment | 89,324 | 32,767 | 20,884 | — | — | 142,975 | |||||||||||||||
Other amortization | 9,890 | 2,528 | 4,960 | — | — | 17,378 | |||||||||||||||
Impairment of utility assets | 9,215 | — | — | — | — | 9,215 | |||||||||||||||
Increase in deferred income taxes | 38,548 | 16,101 | 14,442 | — | — | 69,091 | |||||||||||||||
Change in tax credits, net | 1,464 | 117 | 506 | — | — | 2,087 | |||||||||||||||
Allowance for equity funds used during construction | (4,572 | ) | (592 | ) | (800 | ) | — | — | (5,964 | ) | |||||||||||
Change in cash overdraft | — | (2,527 | ) | (161 | ) | — | — | (2,688 | ) | ||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||
Increase in accounts receivable | (34,167 | ) | (2,985 | ) | (5,663 | ) | — | (1,589 | ) | [1] | (44,404 | ) | |||||||||
Decrease (increase) in accrued unbilled revenues | (31,616 | ) | (2,481 | ) | 655 | — | — | (33,442 | ) | ||||||||||||
Increase in fuel oil stock | (6,757 | ) | (3,466 | ) | (8,620 | ) | — | — | (18,843 | ) | |||||||||||
Increase in materials and supplies | (6,206 | ) | (202 | ) | (63 | ) | — | — | (6,471 | ) | |||||||||||
Increase in regulatory assets | (31,774 | ) | (2,025 | ) | (6,333 | ) | — | — | (40,132 | ) | |||||||||||
Increase (decrease) in accounts payable | (34,515 | ) | 4,391 | (5,691 | ) | — | — | (35,815 | ) | ||||||||||||
Change in prepaid and accrued income taxes and revenue taxes | 51,593 | 9,641 | 8,502 | — | — | 69,736 | |||||||||||||||
Decrease in defined benefit pension and other postretirement benefits plans liability | (20,439 | ) | (3,241 | ) | (3,324 | ) | — | — | (27,004 | ) | |||||||||||
Change in other assets and liabilities | (17,432 | ) | (13,124 | ) | (7,337 | ) | (2 | ) | 1,589 | [1] | (36,306 | ) | |||||||||
Net cash provided by (used in) operating activities | 97,134 | 62,087 | 30,312 | (11 | ) | (28,128 | ) | 161,394 | |||||||||||||
Cash flows from investing activities | |||||||||||||||||||||
Capital expenditures | (160,528 | ) | (34,230 | ) | (31,264 | ) | — | — | (226,022 | ) | |||||||||||
Contributions in aid of construction | 15,003 | 6,271 | 2,260 | — | — | 23,534 | |||||||||||||||
Advances from (to) affiliates | — | (15,200 | ) | 11,000 | — | 4,200 | [1] | — | |||||||||||||
Other | 77 | — | — | — | — | 77 | |||||||||||||||
Investment in consolidated subsidiary | (25 | ) | — | — | — | 25 | [2] | — | |||||||||||||
Net cash used in investing activities | (145,473 | ) | (43,159 | ) | (18,004 | ) | — | 4,225 | (202,411 | ) | |||||||||||
Cash flows from financing activities | |||||||||||||||||||||
Common stock dividends | (70,558 | ) | (16,124 | ) | (12,004 | ) | — | 28,128 | [2] | (70,558 | ) | ||||||||||
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) | (534 | ) | (381 | ) | — | — | (1,995 | ) | |||||||||||
Proceeds from issuance of common stock | 40,000 | — | — | 25 | (25 | ) | [2] | 40,000 | |||||||||||||
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 4,200 | — | — | — | (4,200 | ) | [1] | — | |||||||||||||
Other | (423 | ) | (116 | ) | (21 | ) | — | — | (560 | ) | |||||||||||
Net cash provided by (used in) financing activities | (27,861 | ) | (16,774 | ) | (12,406 | ) | 25 | 23,903 | (33,113 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | (76,200 | ) | 2,154 | (98 | ) | 14 | — | (74,130 | ) | ||||||||||||
Cash and cash equivalents, January 1 | 121,019 | 1,229 | 594 | 94 | — | 122,936 | |||||||||||||||
Cash and cash equivalents, December 31 | $ | 44,819 | 3,383 | 496 | 108 | — | $ | 48,806 | |||||||||||||
Explanation of consolidating adjustments on consolidating schedules: | |||||||||||||||||||||
[1] | Eliminations of intercompany receivables and payables and other intercompany transactions. | ||||||||||||||||||||
[2] | Elimination of investment in subsidiaries, carried at equity. | ||||||||||||||||||||
[3] | Reclassification of accrued income taxes for financial statement presentation. |
Bank_subsidiary_HEI_only_Table
Bank subsidiary (HEI only) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||
Bank subsidiary | ' | |||||||||||||||||||||||||||||||||||||||
Schedule of statements of income data | ' | |||||||||||||||||||||||||||||||||||||||
Statements of Income Data | ||||||||||||||||||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | ||||||||||||||||||||||||||||||||||||||||
Interest and fees on loans | $ | 172,969 | $ | 176,057 | $ | 184,485 | ||||||||||||||||||||||||||||||||||
Interest and dividends on investment and mortgage-related securities | 13,095 | 13,822 | 14,568 | |||||||||||||||||||||||||||||||||||||
Total interest and dividend income | 186,064 | 189,879 | 199,053 | |||||||||||||||||||||||||||||||||||||
Interest expense | ||||||||||||||||||||||||||||||||||||||||
Interest on deposit liabilities | 5,092 | 6,423 | 8,983 | |||||||||||||||||||||||||||||||||||||
Interest on other borrowings | 4,985 | 4,869 | 5,486 | |||||||||||||||||||||||||||||||||||||
Total interest expense | 10,077 | 11,292 | 14,469 | |||||||||||||||||||||||||||||||||||||
Net interest income | 175,987 | 178,587 | 184,584 | |||||||||||||||||||||||||||||||||||||
Provision for loan losses | 1,507 | 12,883 | 15,009 | |||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 174,480 | 165,704 | 169,575 | |||||||||||||||||||||||||||||||||||||
Noninterest income | ||||||||||||||||||||||||||||||||||||||||
Fees from other financial services | 27,099 | 31,361 | 28,881 | |||||||||||||||||||||||||||||||||||||
Fee income on deposit liabilities | 18,363 | 17,775 | 18,026 | |||||||||||||||||||||||||||||||||||||
Fee income on other financial products | 8,405 | 6,577 | 6,704 | |||||||||||||||||||||||||||||||||||||
Mortgage banking income | 8,309 | 14,628 | 5,028 | |||||||||||||||||||||||||||||||||||||
Gains on sale of securities | 1,226 | 134 | 371 | |||||||||||||||||||||||||||||||||||||
Other income, net | 8,681 | 5,185 | 6,344 | |||||||||||||||||||||||||||||||||||||
Total noninterest income | 72,083 | 75,660 | 65,354 | |||||||||||||||||||||||||||||||||||||
Noninterest expense | ||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | 82,910 | 75,979 | 71,137 | |||||||||||||||||||||||||||||||||||||
Occupancy | 16,747 | 17,179 | 17,154 | |||||||||||||||||||||||||||||||||||||
Data processing | 10,952 | 10,098 | 8,155 | |||||||||||||||||||||||||||||||||||||
Services | 9,015 | 9,866 | 7,396 | |||||||||||||||||||||||||||||||||||||
Equipment | 7,295 | 7,105 | 6,903 | |||||||||||||||||||||||||||||||||||||
Office supplies, printing and postage | 4,233 | 3,870 | 3,934 | |||||||||||||||||||||||||||||||||||||
Marketing | 3,373 | 3,260 | 3,001 | |||||||||||||||||||||||||||||||||||||
Communication | 1,864 | 1,809 | 1,764 | |||||||||||||||||||||||||||||||||||||
Other expense | 23,115 | 23,177 | 23,949 | |||||||||||||||||||||||||||||||||||||
Total noninterest expense | 159,504 | 152,343 | 143,393 | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 87,059 | 89,021 | 91,536 | |||||||||||||||||||||||||||||||||||||
Income taxes | 29,525 | 30,384 | 31,693 | |||||||||||||||||||||||||||||||||||||
Net income | $ | 57,534 | $ | 58,637 | $ | 59,843 | ||||||||||||||||||||||||||||||||||
Schedule of statements of comprehensive income data | ' | |||||||||||||||||||||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Net income | $ | 57,534 | $ | 58,637 | $ | 59,843 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities: | ||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities arising during the period, net of (taxes) benefits of $9,037, ($631) and ($4,343), for 2013, 2012 and 2011, respectively | (13,686 | ) | 956 | 6,578 | ||||||||||||||||||||||||||||||||||||
Less: reclassification adjustment for net realized gains included in net income, net of taxes of $488, $53 and $148 for 2013, 2012 and 2011, respectively | (738 | ) | (81 | ) | (224 | ) | ||||||||||||||||||||||||||||||||||
Retirement benefit plans: | ||||||||||||||||||||||||||||||||||||||||
Net gains (losses) arising during the period, net of (taxes) benefits of ($10,450), $5,240 and $6,577 for 2013, 2012 and 2011, respectively | 15,826 | (7,936 | ) | (9,960 | ) | |||||||||||||||||||||||||||||||||||
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $1,187, $684 and $346 for 2013, 2012 and 2011, respectively | 1,797 | 1,036 | 523 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 3,199 | (6,025 | ) | (3,083 | ) | |||||||||||||||||||||||||||||||||||
Comprehensive income | $ | 60,733 | $ | 52,612 | $ | 56,760 | ||||||||||||||||||||||||||||||||||
Schedule of balance sheets data | ' | |||||||||||||||||||||||||||||||||||||||
Balance Sheet Data | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 156,603 | $ | 184,430 | ||||||||||||||||||||||||||||||||||||
Available-for-sale investment and mortgage-related securities | 529,007 | 671,358 | ||||||||||||||||||||||||||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 92,546 | 96,022 | ||||||||||||||||||||||||||||||||||||||
Loans receivable held for investment | 4,150,229 | 3,779,218 | ||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (40,116 | ) | (41,985 | ) | ||||||||||||||||||||||||||||||||||||
Loans receivable held for investment, net | 4,110,113 | 3,737,233 | ||||||||||||||||||||||||||||||||||||||
Loans held for sale, at lower of cost or fair value | 5,302 | 26,005 | ||||||||||||||||||||||||||||||||||||||
Other | 268,063 | 244,435 | ||||||||||||||||||||||||||||||||||||||
Goodwill | 82,190 | 82,190 | ||||||||||||||||||||||||||||||||||||||
Total assets | $ | 5,243,824 | $ | 5,041,673 | ||||||||||||||||||||||||||||||||||||
Liabilities and shareholder’s equity | ||||||||||||||||||||||||||||||||||||||||
Deposit liabilities–noninterest-bearing | $ | 1,214,418 | $ | 1,164,308 | ||||||||||||||||||||||||||||||||||||
Deposit liabilities–interest-bearing | 3,158,059 | 3,065,608 | ||||||||||||||||||||||||||||||||||||||
Other borrowings | 244,514 | 195,926 | ||||||||||||||||||||||||||||||||||||||
Other | 105,679 | 117,752 | ||||||||||||||||||||||||||||||||||||||
Total liabilities | 4,722,670 | 4,543,594 | ||||||||||||||||||||||||||||||||||||||
Commitments and contingencies (see “Litigation” below) | ||||||||||||||||||||||||||||||||||||||||
Common stock | 336,054 | 333,712 | ||||||||||||||||||||||||||||||||||||||
Retained earnings | 197,297 | 179,763 | ||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax benefits | ||||||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities | $ | (3,663 | ) | $ | 10,761 | |||||||||||||||||||||||||||||||||||
Retirement benefit plans | (8,534 | ) | (12,197 | ) | (26,157 | ) | (15,396 | ) | ||||||||||||||||||||||||||||||||
Total shareholder’s equity | 521,154 | 498,079 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 5,243,824 | $ | 5,041,673 | ||||||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | $ | 129,963 | $ | 125,726 | ||||||||||||||||||||||||||||||||||||
Premises and equipment, net | 67,766 | 62,458 | ||||||||||||||||||||||||||||||||||||||
Prepaid expenses | 3,616 | 13,199 | ||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 13,133 | 13,228 | ||||||||||||||||||||||||||||||||||||||
Mortgage-servicing rights | 11,687 | 10,818 | ||||||||||||||||||||||||||||||||||||||
Real estate acquired in settlement of loans, net | 1,205 | 6,050 | ||||||||||||||||||||||||||||||||||||||
Other | 40,693 | 12,956 | ||||||||||||||||||||||||||||||||||||||
$ | 268,063 | $ | 244,435 | |||||||||||||||||||||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||||||||||||||||||
Accrued expenses | $ | 19,989 | $ | 17,103 | ||||||||||||||||||||||||||||||||||||
Federal and state income taxes payable | 37,807 | 35,408 | ||||||||||||||||||||||||||||||||||||||
Cashier’s checks | 21,110 | 23,478 | ||||||||||||||||||||||||||||||||||||||
Advance payments by borrowers | 9,647 | 9,685 | ||||||||||||||||||||||||||||||||||||||
Other | 17,126 | 32,078 | ||||||||||||||||||||||||||||||||||||||
$ | 105,679 | $ | 117,752 | |||||||||||||||||||||||||||||||||||||
Schedule of the book value and aggregate fair value by major security type | ' | |||||||||||||||||||||||||||||||||||||||
Gross | Gross | Estimated | Gross unrealized losses | |||||||||||||||||||||||||||||||||||||
Amortized | unrealized | unrealized | fair | Less than 12 months | 12 months or longer | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | cost | gains | losses | value | Fair value | Amount | Fair value | Amount | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||
Federal agency obligations | $ | 83,193 | $ | 174 | $ | (2,394 | ) | $ | 80,973 | $ | 70,799 | $ | (2.394 | ) | $ | — | $ | — | ||||||||||||||||||||||
Mortgage-related securities- FNMA, FHLMC and GNMA | 374,993 | 4,911 | (10,460 | ) | 369,444 | 228,543 | (8,819 | ) | 19,655 | (1,641 | ) | |||||||||||||||||||||||||||||
Municipal bonds | 76,904 | 1,826 | (140 | ) | 78,590 | 14,478 | (140 | ) | — | — | ||||||||||||||||||||||||||||||
$ | 535,090 | $ | 6,911 | $ | (12,994 | ) | $ | 529,007 | $ | 313,820 | $ | (11,353 | ) | $ | 19,655 | $ | (1,641 | ) | ||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||||||||
Federal agency obligations | $ | 168,324 | $ | 3,167 | $ | — | $ | 171,491 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||
Mortgage-related securities- FNMA, FHLMC and GNMA | 407,175 | 10,412 | (204 | ) | 417,383 | 32,269 | (204 | ) | — | — | ||||||||||||||||||||||||||||||
Municipal bonds | 77,993 | 4,491 | — | 82,484 | — | — | — | — | ||||||||||||||||||||||||||||||||
$ | 653,492 | $ | 18,070 | $ | (204 | ) | $ | 671,358 | $ | 32,269 | $ | (204 | ) | $ | — | $ | — | |||||||||||||||||||||||
Schedule of contractual maturities of available-for-sale securities | ' | |||||||||||||||||||||||||||||||||||||||
The contractual maturities of available-for-sale securities were as follows: | ||||||||||||||||||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||||||||||||||||||
(in thousands) | Cost | value | ||||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Due after one year through five years | 42,920 | 43,137 | ||||||||||||||||||||||||||||||||||||||
Due after five years through ten years | 95,860 | 96,751 | ||||||||||||||||||||||||||||||||||||||
Due after ten years | 21,317 | 19,675 | ||||||||||||||||||||||||||||||||||||||
160,097 | 159,563 | |||||||||||||||||||||||||||||||||||||||
Mortgage-related securities-FNMA,FHLMC and GNMA | 374,993 | 369,444 | ||||||||||||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 535,090 | $ | 529,007 | ||||||||||||||||||||||||||||||||||||
Schedule of loans receivable | ' | |||||||||||||||||||||||||||||||||||||||
Loans receivable. | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,006,007 | $ | 1,866,450 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | 440,443 | 375,677 | ||||||||||||||||||||||||||||||||||||||
Home equity line of credit | 739,331 | 630,175 | ||||||||||||||||||||||||||||||||||||||
Residential land | 16,176 | 25,815 | ||||||||||||||||||||||||||||||||||||||
Commercial construction | 52,112 | 43,988 | ||||||||||||||||||||||||||||||||||||||
Residential construction | 12,774 | 6,171 | ||||||||||||||||||||||||||||||||||||||
Total real estate loans | 3,266,843 | 2,948,276 | ||||||||||||||||||||||||||||||||||||||
Commercial loans | 783,388 | 721,349 | ||||||||||||||||||||||||||||||||||||||
Consumer loans | 108,722 | 121,231 | ||||||||||||||||||||||||||||||||||||||
Total loans | 4,158,953 | 3,790,856 | ||||||||||||||||||||||||||||||||||||||
Deferred loan fees, net and unamortized discounts | (8,724 | ) | (11,638 | ) | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (40,116 | ) | (41,985 | ) | ||||||||||||||||||||||||||||||||||||
Total loans, net | $ | 4,110,113 | $ | 3,737,233 | ||||||||||||||||||||||||||||||||||||
Schedule of allowance for loan losses | ' | |||||||||||||||||||||||||||||||||||||||
The allowance for loan losses (balances and changes) and financing receivables were as follows: | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Residential 1-4 family | Commercial | Home equity | Residential land | Commercial construction | Residential construction | Commer- | Consumer loans | Unallo- cated | Total | ||||||||||||||||||||||||||||||
real estate | line of credit | cial loans | ||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,068 | $ | 2,965 | $ | 4,493 | $ | 4,275 | $ | 2,023 | $ | 9 | $ | 15,931 | $ | 4,019 | $ | 2,202 | $ | 41,985 | ||||||||||||||||||||
Charge-offs | (1,162 | ) | — | (782 | ) | (485 | ) | — | — | (3,056 | ) | (2,717 | ) | — | (8,202 | ) | ||||||||||||||||||||||||
Recoveries | 1,881 | — | 358 | 868 | — | — | 1,089 | 630 | — | 4,826 | ||||||||||||||||||||||||||||||
Provision | (1,253 | ) | 2,094 | 1,160 | (2,841 | ) | 374 | 10 | 1,839 | 435 | (311 | ) | 1,507 | |||||||||||||||||||||||||||
Ending balance | $ | 5,534 | $ | 5,059 | $ | 5,229 | $ | 1,817 | $ | 2,397 | $ | 19 | $ | 15,803 | $ | 2,367 | $ | 1,891 | $ | 40,116 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 642 | $ | 1,118 | $ | — | $ | 1,332 | $ | — | $ | — | $ | 2,246 | $ | — | $ | — | $ | 5,338 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 4,892 | $ | 3,941 | $ | 5,229 | $ | 485 | $ | 2,397 | $ | 19 | $ | 13,557 | $ | 2,367 | $ | 1,891 | $ | 34,778 | ||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 2,006,007 | $ | 440,443 | $ | 739,331 | $ | 16,176 | $ | 52,112 | $ | 12,774 | $ | 783,388 | $ | 108,722 | $ | — | $ | 4,158,953 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 20,317 | $ | 4,604 | $ | 1,179 | $ | 10,577 | $ | — | $ | — | $ | 21,225 | $ | 19 | $ | — | $ | 57,921 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,985,690 | $ | 435,839 | $ | 738,152 | $ | 5,599 | $ | 52,112 | $ | 12,774 | $ | 762,163 | $ | 108,703 | $ | — | $ | 4,101,032 | ||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,500 | $ | 1,688 | $ | 4,354 | $ | 3,795 | $ | 1,888 | $ | 4 | $ | 14,867 | $ | 3,806 | $ | 1,004 | $ | 37,906 | ||||||||||||||||||||
Charge-offs | (3,183 | ) | — | (716 | ) | (2,808 | ) | — | — | (3,606 | ) | (2,517 | ) | — | (12,830 | ) | ||||||||||||||||||||||||
Recoveries | 1,328 | — | 108 | 1,443 | — | — | 649 | 498 | — | 4,026 | ||||||||||||||||||||||||||||||
Provision | 1,423 | 1,277 | 747 | 1,845 | 135 | 5 | 4,021 | 2,232 | 1,198 | 12,883 | ||||||||||||||||||||||||||||||
Ending balance | $ | 6,068 | $ | 2,965 | $ | 4,493 | $ | 4,275 | $ | 2,023 | $ | 9 | $ | 15,931 | $ | 4,019 | $ | 2,202 | $ | 41,985 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 384 | $ | 535 | $ | — | $ | 3,221 | $ | — | $ | — | $ | 2,659 | $ | — | $ | — | $ | 6,799 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 5,684 | $ | 2,430 | $ | 4,493 | $ | 1,054 | $ | 2,023 | $ | 9 | $ | 13,272 | $ | 4,019 | $ | 2,202 | $ | 35,186 | ||||||||||||||||||||
Financing Receivables: | ||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,866,450 | $ | 375,677 | $ | 630,175 | $ | 25,815 | $ | 43,988 | $ | 6,171 | $ | 721,349 | $ | 121,231 | $ | — | $ | 3,790,856 | ||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | 25,279 | $ | 6,751 | $ | 1,560 | $ | 18,563 | $ | — | $ | — | $ | 20,298 | $ | 22 | $ | — | $ | 72,473 | ||||||||||||||||||||
Ending balance: collectively evaluated for impairment | $ | 1,841,171 | $ | 368,926 | $ | 628,615 | $ | 7,252 | $ | 43,988 | $ | 6,171 | $ | 701,051 | $ | 121,209 | $ | — | $ | 3,718,383 | ||||||||||||||||||||
Schedule of changes in allowance for loan losses | ' | |||||||||||||||||||||||||||||||||||||||
Changes in the allowance for loan losses were as follows: | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses, January 1 | $ | 41,985 | $ | 37,906 | $ | 40,646 | ||||||||||||||||||||||||||||||||||
Provision for loan losses | 1,507 | 12,883 | 15,009 | |||||||||||||||||||||||||||||||||||||
Charge-offs, net of recoveries | ||||||||||||||||||||||||||||||||||||||||
Real estate loans | (678 | ) | 3,828 | 10,733 | ||||||||||||||||||||||||||||||||||||
Other loans | 4,054 | 4,976 | 7,016 | |||||||||||||||||||||||||||||||||||||
Net charge-offs | 3,376 | 8,804 | 17,749 | |||||||||||||||||||||||||||||||||||||
Allowance for loan losses, December 31 | $ | 40,116 | $ | 41,985 | $ | 37,906 | ||||||||||||||||||||||||||||||||||
Ratio of net charge-offs to average loans outstanding | 0.09 | % | 0.24 | % | 0.49 | % | ||||||||||||||||||||||||||||||||||
Schedule of credit risk profile by internally assigned grade for loans | ' | |||||||||||||||||||||||||||||||||||||||
The credit risk profile by internally assigned grade for loans was as follows: | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial | Commercial | Commercial | Commercial | Commercial | Commercial | ||||||||||||||||||||||||||||||||||
real estate | construction | real estate | construction | |||||||||||||||||||||||||||||||||||||
Grade: | ||||||||||||||||||||||||||||||||||||||||
Pass | $ | 375,217 | $ | 52,112 | $ | 703,053 | $ | 314,182 | $ | 39,063 | $ | 638,854 | ||||||||||||||||||||||||||||
Special mention | 33,436 | — | 17,634 | 25,437 | 4,925 | 24,511 | ||||||||||||||||||||||||||||||||||
Substandard | 28,020 | — | 59,663 | 29,308 | — | 53,538 | ||||||||||||||||||||||||||||||||||
Doubtful | 3,770 | — | 3,038 | 6,750 | — | 4,446 | ||||||||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Total | $ | 440,443 | $ | 52,112 | $ | 783,388 | $ | 375,677 | $ | 43,988 | $ | 721,349 | ||||||||||||||||||||||||||||
Schedule of credit risk profile based on payment activity for loans | ' | |||||||||||||||||||||||||||||||||||||||
The credit risk profile based on payment activity for loans was as follows: | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 30-59 | 60-89 | Greater | Total | Current | Total | Recorded | |||||||||||||||||||||||||||||||||
days | days | than | past due | financing | Investment> | |||||||||||||||||||||||||||||||||||
past due | past due | 90 days | receivables | 90 days and | ||||||||||||||||||||||||||||||||||||
accruing | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 2,728 | $ | 622 | $ | 15,411 | $ | 18,761 | $ | 1,987,246 | $ | 2,006,007 | $ | — | ||||||||||||||||||||||||||
Commercial real estate | — | — | 3,770 | 3,770 | 436,673 | 440,443 | — | |||||||||||||||||||||||||||||||||
Home equity line of credit | 765 | 312 | 960 | 2,037 | 737,294 | 739,331 | — | |||||||||||||||||||||||||||||||||
Residential land | 184 | 48 | 2,756 | 2,988 | 13,188 | 16,176 | — | |||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 52,112 | 52,112 | — | |||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 12,774 | 12,774 | — | |||||||||||||||||||||||||||||||||
Commercial loans | 1,668 | 612 | 3,026 | 5,306 | 778,082 | 783,388 | — | |||||||||||||||||||||||||||||||||
Consumer loans | 436 | 158 | 304 | 898 | 107,824 | 108,722 | — | |||||||||||||||||||||||||||||||||
Total loans | $ | 5,781 | $ | 1,752 | $ | 26,227 | $ | 33,760 | $ | 4,125,193 | $ | 4,158,953 | $ | — | ||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 6,353 | $ | 1,741 | $ | 24,054 | $ | 32,148 | $ | 1,834,302 | $ | 1,866,450 | $ | — | ||||||||||||||||||||||||||
Commercial real estate | 85 | — | 6,750 | 6,835 | 368,842 | 375,677 | — | |||||||||||||||||||||||||||||||||
Home equity line of credit | 1,077 | 142 | 1,319 | 2,538 | 627,637 | 630,175 | — | |||||||||||||||||||||||||||||||||
Residential land | 2,851 | 75 | 7,788 | 10,714 | 15,101 | 25,815 | — | |||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 43,988 | 43,988 | — | |||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | 6,171 | 6,171 | — | |||||||||||||||||||||||||||||||||
Commercial loans | 3,052 | 2,814 | 1,098 | 6,964 | 714,385 | 721,349 | 131 | |||||||||||||||||||||||||||||||||
Consumer loans | 598 | 348 | 424 | 1,370 | 119,861 | 121,231 | 242 | |||||||||||||||||||||||||||||||||
Total loans | $ | 14,016 | $ | 5,120 | $ | 41,433 | $ | 60,569 | $ | 3,730,287 | $ | 3,790,856 | $ | 373 | ||||||||||||||||||||||||||
Schedule of credit risk profile based on nonaccrual loans, accruing loans 90 days or more past due | ' | |||||||||||||||||||||||||||||||||||||||
The credit risk profile based on nonaccrual loans and accruing loans 90 days or more past due was as follows: | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Nonaccrual | Accruing loans | Nonaccrual | Accruing loans | |||||||||||||||||||||||||||||||||||||
loans | 90 days or | loans | 90 days or | |||||||||||||||||||||||||||||||||||||
more past due | more past due | |||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1–4 family | $ | 19,679 | $ | — | $ | 26,721 | $ | — | ||||||||||||||||||||||||||||||||
Commercial real estate | 4,439 | — | 6,750 | — | ||||||||||||||||||||||||||||||||||||
Home equity line of credit | 2,060 | — | 2,349 | — | ||||||||||||||||||||||||||||||||||||
Residential land | 3,161 | — | 8,561 | — | ||||||||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial loans | 18,781 | — | 20,222 | 131 | ||||||||||||||||||||||||||||||||||||
Consumer loans | 401 | — | 284 | 242 | ||||||||||||||||||||||||||||||||||||
Total | $ | 48,521 | $ | — | $ | 64,887 | $ | 373 | ||||||||||||||||||||||||||||||||
Schedule of the carrying amount and the total unpaid principal balance of impaired loans | ' | |||||||||||||||||||||||||||||||||||||||
The total carrying amount and the total unpaid principal balance of impaired loans was as follows: | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | Average | Interest | Recorded | Unpaid | Related | Average | Interest | ||||||||||||||||||||||||||||||
investment | principal | Allow- | recorded | income | investment | principal | allow- | recorded | income | |||||||||||||||||||||||||||||||
balance | ance | investment | recognized | balance | ance | investment | recognized | |||||||||||||||||||||||||||||||||
With no related allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | $ | 9,708 | $ | 12,144 | $ | — | $ | 11,674 | $ | 386 | $ | 14,633 | $ | 20,247 | $ | — | $ | 16,688 | $ | 294 | ||||||||||||||||||||
Commercial real estate | — | — | — | 802 | — | 2,929 | 2,929 | — | 7,771 | 237 | ||||||||||||||||||||||||||||||
Home equity line of credit | 672 | 1,227 | — | 623 | 2 | 581 | 1,374 | — | 632 | 1 | ||||||||||||||||||||||||||||||
Residential land | 2,622 | 3,612 | — | 6,675 | 482 | 7,691 | 10,624 | — | 21,589 | 1,185 | ||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial loans | 3,466 | 4,715 | — | 4,837 | 12 | 4,265 | 6,994 | — | 24,605 | 986 | ||||||||||||||||||||||||||||||
Consumer loans | 19 | 19 | — | 20 | — | 21 | 21 | — | 23 | — | ||||||||||||||||||||||||||||||
16,487 | 21,717 | — | 24,631 | 882 | 30,120 | 42,189 | — | 71,308 | 2,703 | |||||||||||||||||||||||||||||||
With an allowance recorded | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 6,216 | 6,236 | 642 | 6,455 | 372 | 4,803 | 4,803 | 384 | 4,204 | 250 | ||||||||||||||||||||||||||||||
Commercial real estate | 4,604 | 4,686 | 1,118 | 5,745 | 152 | 3,821 | 3,840 | 535 | 1,295 | — | ||||||||||||||||||||||||||||||
Home equity line of credit | — | — | — | — | — | — | — | — | 26 | — | ||||||||||||||||||||||||||||||
Residential land | 7,452 | 7,623 | 1,332 | 6,844 | 409 | 9,984 | 10,364 | 3,221 | 7,428 | 575 | ||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial loans | 17,759 | 20,640 | 2,246 | 15,635 | 139 | 16,033 | 16,912 | 2,659 | 8,429 | 23 | ||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
36,031 | 39,185 | 5,338 | 34,679 | 1,072 | 34,641 | 35,919 | 6,799 | 21,382 | 848 | |||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 15,924 | 18,380 | 642 | 18,129 | 758 | 19,436 | 25,050 | 384 | 20,892 | 544 | ||||||||||||||||||||||||||||||
Commercial real estate | 4,604 | 4,686 | 1,118 | 6,547 | 152 | 6,750 | 6,769 | 535 | 9,066 | 237 | ||||||||||||||||||||||||||||||
Home equity line of credit | 672 | 1,227 | — | 623 | 2 | 581 | 1,374 | — | 658 | 1 | ||||||||||||||||||||||||||||||
Residential land | 10,074 | 11,235 | 1,332 | 13,519 | 891 | 17,675 | 20,988 | 3,221 | 29,017 | 1,760 | ||||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Residential construction | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial loans | 21,225 | 25,355 | 2,246 | 20,472 | 151 | 20,298 | 23,906 | 2,659 | 33,034 | 1,009 | ||||||||||||||||||||||||||||||
Consumer loans | 19 | 19 | — | 20 | — | 21 | 21 | — | 23 | — | ||||||||||||||||||||||||||||||
$ | 52,518 | $ | 60,902 | $ | 5,338 | $ | 59,310 | $ | 1,954 | $ | 64,761 | $ | 78,108 | $ | 6,799 | $ | 92,690 | $ | 3,551 | |||||||||||||||||||||
Schedule of loan modifications | ' | |||||||||||||||||||||||||||||||||||||||
Loan modifications that occurred were as follows for the indicated periods: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Number | Outstanding recorded investment | Number | Outstanding recorded investment | Number | Outstanding recorded investment | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | of | Pre-modification | Post-modification | of | Pre-modification | Post-modification | of | Pre-modification | Post-modification | |||||||||||||||||||||||||||||||
contracts | contracts | contracts | ||||||||||||||||||||||||||||||||||||||
Troubled debt restructurings | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | 34 | $ | 8,876 | $ | 8,957 | 35 | $ | 8,805 | $ | 8,232 | 42 | $ | 11,233 | $ | 9,853 | |||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Home equity line of credit | 5 | 637 | 390 | — | — | — | 1 | 93 | 93 | |||||||||||||||||||||||||||||||
Residential land | 20 | 6,215 | 6,206 | 26 | 6,149 | 5,484 | 46 | 9,965 | 9,946 | |||||||||||||||||||||||||||||||
Commercial loans | 7 | 4,646 | 4,646 | 19 | 2,583 | 2,583 | 56 | 35,349 | 35,349 | |||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | 1 | 25 | 25 | |||||||||||||||||||||||||||||||
66 | $ | 20,374 | $ | 20,199 | 80 | $ | 17,537 | $ | 16,299 | 146 | $ | 56,665 | $ | 55,266 | ||||||||||||||||||||||||||
Schedule of loans modified in TDRS that experienced a payment default of 90 days or more, and for which payment default occurred within one year of the modification | ' | |||||||||||||||||||||||||||||||||||||||
Loans modified in TDRs that experienced a payment default of 90 days or more in 2013, 2012 and 2011, and for which the payment default occurred within one year of the modification, were as follows: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of | Recorded | Number of | Recorded | Number of | Recorded | ||||||||||||||||||||||||||||||||||
contracts | investment | contracts | investment | contracts | investment | |||||||||||||||||||||||||||||||||||
Troubled debt restructurings that subsequently defaulted | ||||||||||||||||||||||||||||||||||||||||
Real estate loans: | ||||||||||||||||||||||||||||||||||||||||
Residential 1-4 family | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||
Commercial real estate | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Home equity line of credit | 1 | 67 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Residential land | — | — | — | — | 1 | 528 | ||||||||||||||||||||||||||||||||||
Commercial loans | 2 | 660 | 1 | 482 | 4 | 799 | ||||||||||||||||||||||||||||||||||
Consumer loans | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
3 | $ | 727 | 1 | $ | 482 | 5 | $ | 1,327 | ||||||||||||||||||||||||||||||||
Schedule of deposit liabilities | ' | |||||||||||||||||||||||||||||||||||||||
Deposit liabilities. | ||||||||||||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Weighted-average stated rate | Amount | Weighted-average stated rate | Amount | ||||||||||||||||||||||||||||||||||||
Savings | 0.06 | % | $ | 1,826,907 | 0.06 | % | $ | 1,758,547 | ||||||||||||||||||||||||||||||||
Other checking | ||||||||||||||||||||||||||||||||||||||||
Interest-bearing | 0.02 | 721,700 | 0.02 | 641,970 | ||||||||||||||||||||||||||||||||||||
Noninterest-bearing | — | 643,628 | — | 621,806 | ||||||||||||||||||||||||||||||||||||
Commercial checking | — | 570,790 | — | 542,502 | ||||||||||||||||||||||||||||||||||||
Money market | 0.13 | 182,546 | 0.13 | 191,398 | ||||||||||||||||||||||||||||||||||||
Term certificates | 0.8 | 426,906 | 0.86 | 473,693 | ||||||||||||||||||||||||||||||||||||
0.11 | % | $ | 4,372,477 | 0.13 | % | $ | 4,229,916 | |||||||||||||||||||||||||||||||||
Schedule of interest expense on deposit liabilities by type | ' | |||||||||||||||||||||||||||||||||||||||
Interest expense on deposit liabilities by type of deposit was as follows: | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Term certificates | $ | 3,702 | $ | 4,865 | $ | 6,393 | ||||||||||||||||||||||||||||||||||
Savings | 1,052 | 1,128 | 1,756 | |||||||||||||||||||||||||||||||||||||
Money market | 232 | 319 | 650 | |||||||||||||||||||||||||||||||||||||
Interest-bearing checking | 106 | 111 | 184 | |||||||||||||||||||||||||||||||||||||
$ | 5,092 | $ | 6,423 | $ | 8,983 | |||||||||||||||||||||||||||||||||||
Schedule of securities sold under agreements to repurchase | ' | |||||||||||||||||||||||||||||||||||||||
The following tables present information about the securities sold under agreements to repurchase, including the related collateral received from or pledged to counterparties: | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Gross amount of | Gross amount | Net amount of | |||||||||||||||||||||||||||||||||||||
recognized liabilities | offset in the | liabilities presented | ||||||||||||||||||||||||||||||||||||||
Balance Sheet | in the Balance Sheet | |||||||||||||||||||||||||||||||||||||||
Repurchase agreements | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | $ | 145 | $ | — | $ | 145 | ||||||||||||||||||||||||||||||||||
31-Dec-12 | 146 | — | 146 | |||||||||||||||||||||||||||||||||||||
Gross amount not offset in the Balance Sheet | ||||||||||||||||||||||||||||||||||||||||
(in millions) | Net amount of | Financial | Cash | Net amount | ||||||||||||||||||||||||||||||||||||
liabilities presented | instruments | collateral | ||||||||||||||||||||||||||||||||||||||
in the Balance Sheet | pledged | |||||||||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Financial institution | $ | 51 | $ | 51 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Commercial account holders | 94 | 94 | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 145 | $ | 145 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Financial institution | $ | 50 | $ | 50 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Commercial account holders | 96 | 96 | — | — | ||||||||||||||||||||||||||||||||||||
Total | $ | 146 | $ | 146 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||||||
Maturity | Repurchase liability | Weighted-average | Collateralized by | |||||||||||||||||||||||||||||||||||||
interest rate | mortgage-related | |||||||||||||||||||||||||||||||||||||||
securities and federal | ||||||||||||||||||||||||||||||||||||||||
agency obligations– | ||||||||||||||||||||||||||||||||||||||||
fair value plus | ||||||||||||||||||||||||||||||||||||||||
accrued interest | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Overnight | $ | 94,224 | 0.15 | % | $ | 127,293 | ||||||||||||||||||||||||||||||||||
1 to 29 days | — | — | — | |||||||||||||||||||||||||||||||||||||
30 to 90 days | — | — | — | |||||||||||||||||||||||||||||||||||||
Over 90 days | 50,290 | 1 | 4.75 | 60,233 | ||||||||||||||||||||||||||||||||||||
$ | 144,514 | 1.75 | % | $ | 187,526 | |||||||||||||||||||||||||||||||||||
1 | Callable quarterly at par until maturity in 2016. | |||||||||||||||||||||||||||||||||||||||
Schedule of securities sold under agreements to repurchase, which provided for repurchase of identical securities | ' | |||||||||||||||||||||||||||||||||||||||
Information concerning securities sold under agreements to repurchase, which provided for the repurchase of identical securities, was as follows: | ||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Amount outstanding as of December 31 | $ | 145 | $ | 146 | $ | 183 | ||||||||||||||||||||||||||||||||||
Average amount outstanding during the year | $ | 147 | $ | 173 | $ | 183 | ||||||||||||||||||||||||||||||||||
Maximum amount outstanding as of any month-end | $ | 151 | $ | 189 | $ | 186 | ||||||||||||||||||||||||||||||||||
Weighted-average interest rate as of December 31 | 1.75 | % | 1.74 | % | 1.56 | % | ||||||||||||||||||||||||||||||||||
Weighted-average interest rate during the year | 1.74 | % | 1.56 | % | 1.61 | % | ||||||||||||||||||||||||||||||||||
Weighted-average remaining days to maturity as of December 31 | 367 | 489 | 490 | |||||||||||||||||||||||||||||||||||||
Schedule of advances from Federal Home Loan Bank | ' | |||||||||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank. | ||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Weighted-average | Amount | ||||||||||||||||||||||||||||||||||||||
stated rate | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||
Due in | ||||||||||||||||||||||||||||||||||||||||
2014 | — | % | $ | — | ||||||||||||||||||||||||||||||||||||
2015 | — | — | ||||||||||||||||||||||||||||||||||||||
2016 | — | — | ||||||||||||||||||||||||||||||||||||||
2017 | 4.28 | 50,000 | 1 | |||||||||||||||||||||||||||||||||||||
2018 | 1.95 | 50,000 | ||||||||||||||||||||||||||||||||||||||
Thereafter | — | — | ||||||||||||||||||||||||||||||||||||||
3.12 | % | $ | 100,000 | |||||||||||||||||||||||||||||||||||||
1 | Callable quarterly at par until maturity in 2017. | |||||||||||||||||||||||||||||||||||||||
Schedule of notional amounts and fair value of derivatives | ' | |||||||||||||||||||||||||||||||||||||||
The notional amount and fair value of ASB’s derivative financial instruments as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 25,070 | $ | 464 | $ | 60,428 | $ | — | ||||||||||||||||||||||||||||||||
Forward commitments | 26,018 | 139 | 86,563 | — | ||||||||||||||||||||||||||||||||||||
Schedule of derivative financial instruments, fair values, and balance sheet location | ' | |||||||||||||||||||||||||||||||||||||||
The following table presents ASB’s derivative financial instruments, their fair values, and balance sheet location as of December 31, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments Not Designated | ||||||||||||||||||||||||||||||||||||||||
as Hedging Instruments 1 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Asset derivative | Liability derivative | Asset derivative | Liability derivative | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 488 | $ | 24 | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Forward commitments | 141 | 2 | — | — | ||||||||||||||||||||||||||||||||||||
$ | 629 | $ | 26 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
1 Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets. | ||||||||||||||||||||||||||||||||||||||||
Schedule of derivative financial instruments and amount and location of net gains or losses | ' | |||||||||||||||||||||||||||||||||||||||
The following table presents ASB’s derivative financial instruments and the amount and location of the net gains or losses recognized in the statements of income for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments Not Designated | Location of net gains | |||||||||||||||||||||||||||||||||||||||
as Hedging Instruments | (losses) recognized in | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | the Statement of Income | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Interest rate lock commitments | Mortgage banking income | $ | 464 | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Forward commitments | Mortgage banking income | 139 | — | — | ||||||||||||||||||||||||||||||||||||
$ | 603 | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Unconsolidated_variable_intere1
Unconsolidated variable interest entities Tables (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ' | |||||||||||
Schedule of purchases from independent power producers | ' | |||||||||||
Purchases from all IPPs were as follows: | ||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
(in millions) | ||||||||||||
AES Hawaii | $ | 134 | $ | 146 | $ | 133 | ||||||
Kalaeloa | 301 | 310 | 310 | |||||||||
HEP | 51 | 65 | 59 | |||||||||
HPOWER | 61 | 65 | 62 | |||||||||
Other IPPs | 164 | 138 | 126 | |||||||||
Total IPPs | $ | 711 | $ | 724 | $ | 690 | ||||||
Longterm_debt_Tables
Long-term debt (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Long-term Debt, Unclassified [Abstract] | ' | |||||||||||||
Schedule of long-term debt | ' | |||||||||||||
The Utilities issued through a private placement the following notes: | ||||||||||||||
(in millions) | Maturity | Hawaiian Electric | Hawaii Electric Light | Maui Electric | Hawaiian Electric Consolidated | |||||||||
3.83% Senior Notes 1 | July 1, 2020 | $ | — | $ | 14 | $ | — | $ | 14 | |||||
4.45% Senior Notes 1 | December 1, 2022 | 40 | 12 | — | 52 | |||||||||
4.84% Senior Notes 1 | October 1, 2027 | 50 | 30 | 20 | 100 | |||||||||
5.65% Senior Notes 2 | October 1, 2043 | 50 | — | 20 | 70 | |||||||||
Total | $ | 140 | $ | 56 | $ | 40 | $ | 236 | ||||||
1 | Proceeds were used in October 2013 to redeem the following special purpose revenue bonds (SPRBs) and refunding SPRBs of the same maturities issued by the Department of Budget and Finance of the State of Hawaii for the benefit of the Utilities in an aggregate principal amount of $166 million: | |||||||||||||
Series | Year of maturity | |||||||||||||
4.75% Refunding Series 2003A Bonds | 2020 | |||||||||||||
5.00% Refunding Series 2003B Bonds | 2022 | |||||||||||||
5.65% Series 1997A Bonds | 2027 | |||||||||||||
2 | Proceeds were used by the respective utility to finance their capital expenditures and/or for the reimbursement of funds used for the payment of capital expenditures. | |||||||||||||
December 31 | 2013 | 2012 | ||||||||||||
(dollars in thousands) | ||||||||||||||
Long-term debt of Utilities 1 | $ | 1,217,945 | $ | 1,147,872 | ||||||||||
HEI medium-term note 5.25%, due 2013 | — | 50,000 | ||||||||||||
HEI medium-term note 6.51%, due 2014 | 100,000 | 100,000 | ||||||||||||
HEI senior note 4.41%, due 2016 | 75,000 | 75,000 | ||||||||||||
HEI senior note 5.67%, due 2021 | 50,000 | 50,000 | ||||||||||||
HEI senior note 3.99%, due 2023 | 50,000 | — | ||||||||||||
$ | 1,492,945 | $ | 1,422,872 | |||||||||||
1 | See components of "Total long-term debt" and unamortized discount in Hawaiian Electric and subsidiaries' Consolidated Statements of Capitalization. |
Shareholders_equity_Tables
Shareholders' equity (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Equity [Abstract] | ' | ||||||||||||||
Reclassification Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||
Reclassifications out of AOCI were as follows: | |||||||||||||||
Amount reclassified from AOCI | |||||||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | Affected line item in the Statement of Income | |||||||||||
(in thousands) | |||||||||||||||
HEI consolidated | |||||||||||||||
Net realized gains on securities | $ | (738 | ) | $ | (81 | ) | $ | (224 | ) | Revenues-bank (net gains on sales of securities) | |||||
Derivatives qualified as cash flow hedges | |||||||||||||||
Interest rate contracts (settled in 2011) | 235 | 236 | 181 | Interest expense | |||||||||||
Retirement benefit plan items | |||||||||||||||
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | 23,280 | 15,291 | 9,364 | See Note 10 for additional details | |||||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | (222,595 | ) | 75,471 | 100,692 | See Note 10 for additional details | ||||||||||
Total reclassifications | $ | (199,818 | ) | $ | 90,917 | $ | 110,013 | ||||||||
Hawaiian Electric consolidated | |||||||||||||||
Retirement benefit plan items | |||||||||||||||
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | $ | 20,694 | $ | 13,673 | $ | 8,372 | See Note 10 for additional details | ||||||||
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | (222,595 | ) | 75,471 | 100,692 | See Note 10 for additional details | ||||||||||
Total reclassifications | $ | (201,901 | ) | $ | 89,144 | $ | 109,064 | ||||||||
Retirement_benefits_Tables
Retirement benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of changes in the obligations and assets of the Company's retirement benefit plans and the changes in AOCI (gross) and the funded status | ' | |||||||||||||||||||||||
The changes in the obligations and assets of the Company’s and Utilities' retirement benefit plans and the changes in AOCI (gross) for 2013 and 2012 and the funded status of these plans and amounts related to these plans reflected in the Company’s and Utilities' consolidated balance sheet as of December 31, 2013 and 2012 were as follows: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in thousands) | Pension | Other | Pension | Other | ||||||||||||||||||||
benefits | benefits | benefits | benefits | |||||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||
Benefit obligation, January 1 | $ | 1,590,304 | $ | 194,135 | $ | 1,322,430 | $ | 190,549 | ||||||||||||||||
Service cost | 56,405 | 4,306 | 43,221 | 4,211 | ||||||||||||||||||||
Interest cost | 64,788 | 7,569 | 67,480 | 9,009 | ||||||||||||||||||||
Actuarial losses (gains) | (203,302 | ) | (21,743 | ) | 217,205 | (1,991 | ) | |||||||||||||||||
Benefits paid and expenses | (61,904 | ) | (8,168 | ) | (60,032 | ) | (7,643 | ) | ||||||||||||||||
Benefit obligation, December 31 | 1,446,291 | 176,099 | 1,590,304 | 194,135 | ||||||||||||||||||||
Fair value of plan assets, January 1 | 971,314 | 156,731 | 839,580 | 142,992 | ||||||||||||||||||||
Actual return on plan assets | 194,130 | 29,164 | 115,794 | 18,477 | ||||||||||||||||||||
Employer contributions | 82,083 | 954 | 74,923 | 2,780 | ||||||||||||||||||||
Benefits paid and expenses | (60,858 | ) | (7,519 | ) | (58,983 | ) | (7,518 | ) | ||||||||||||||||
Fair value of plan assets, December 31 | 1,186,669 | 179,330 | 971,314 | 156,731 | ||||||||||||||||||||
Accrued benefit asset (liability), December 31 | $ | (259,622 | ) | $ | 3,231 | $ | (618,990 | ) | $ | (37,404 | ) | |||||||||||||
Other assets | $ | 24,948 | $ | 7,200 | $ | — | $ | — | ||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | (284,570 | ) | (3,969 | ) | (618,990 | ) | (37,404 | ) | ||||||||||||||||
Accrued benefit asset (liability), December 31 | $ | (259,622 | ) | $ | 3,231 | $ | (618,990 | ) | $ | (37,404 | ) | |||||||||||||
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) | $ | 680,781 | $ | 18,846 | $ | 533,537 | $ | 28,684 | ||||||||||||||||
Recognized during year – net recognized transition obligation | — | — | (1 | ) | — | |||||||||||||||||||
Recognized during year – prior service credit | 97 | 1,793 | 325 | 1,793 | ||||||||||||||||||||
Recognized during year – net actuarial losses | (38,438 | ) | (1,602 | ) | (25,675 | ) | (1,498 | ) | ||||||||||||||||
Occurring during year – net actuarial losses (gains) | (324,896 | ) | (40,759 | ) | 172,595 | (10,133 | ) | |||||||||||||||||
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 317,544 | (21,722 | ) | 680,781 | 18,846 | |||||||||||||||||||
Cumulative impact of PUC D&Os | (294,266 | ) | 19,206 | (621,310 | ) | (18,123 | ) | |||||||||||||||||
AOCI debit/(credit), December 31 | $ | 23,278 | $ | (2,516 | ) | $ | 59,471 | $ | 723 | |||||||||||||||
Net actuarial loss (gain) | $ | 317,639 | $ | (5,840 | ) | $ | 680,973 | $ | 36,521 | |||||||||||||||
Prior service gain | (95 | ) | (15,882 | ) | (192 | ) | (17,675 | ) | ||||||||||||||||
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 317,544 | (21,722 | ) | 680,781 | 18,846 | |||||||||||||||||||
Cumulative impact of PUC D&Os | (294,266 | ) | 19,206 | (621,310 | ) | (18,123 | ) | |||||||||||||||||
AOCI debit/(credit), December 31 | 23,278 | (2,516 | ) | 59,471 | 723 | |||||||||||||||||||
Income taxes (benefits) | (9,180 | ) | 980 | (23,489 | ) | (281 | ) | |||||||||||||||||
AOCI debit/(credit), net of taxes (benefits), December 31 | $ | 14,098 | $ | (1,536 | ) | $ | 35,982 | $ | 442 | |||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in thousands) | Pension | Other | Pension | Other | ||||||||||||||||||||
benefits | benefits | benefits | benefits | |||||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||
Benefit obligation, January 1 | $ | 1,449,445 | $ | 187,110 | $ | 1,203,943 | $ | 184,240 | ||||||||||||||||
Service cost | 54,482 | 4,163 | 41,603 | 4,014 | ||||||||||||||||||||
Interest cost | 59,119 | 7,288 | 61,453 | 8,703 | ||||||||||||||||||||
Actuarial losses (gains) | (185,185 | ) | (20,900 | ) | 197,718 | (2,301 | ) | |||||||||||||||||
Benefits paid and expenses | (57,051 | ) | (8,082 | ) | (55,272 | ) | (7,546 | ) | ||||||||||||||||
Benefit obligation, December 31 | 1,320,810 | 169,579 | 1,449,445 | 187,110 | ||||||||||||||||||||
Fair value of plan assets, January 1 | 861,778 | 154,186 | 752,285 | 140,764 | ||||||||||||||||||||
Actual return on plan assets | 172,822 | 28,700 | 103,941 | 18,206 | ||||||||||||||||||||
Employer contributions | 80,325 | 839 | 60,442 | 2,634 | ||||||||||||||||||||
Benefits paid and expenses | (56,665 | ) | (7,434 | ) | (54,890 | ) | (7,418 | ) | ||||||||||||||||
Fair value of plan assets, December 31 | 1,058,260 | 176,291 | 861,778 | 154,186 | ||||||||||||||||||||
Accrued benefit asset (liability), December 31 | $ | (262,550 | ) | $ | 6,712 | $ | (587,667 | ) | $ | (32,924 | ) | |||||||||||||
Other assets | $ | — | $ | 7,200 | $ | — | $ | — | ||||||||||||||||
Other liabilities (short-term) | (388 | ) | (488 | ) | (386 | ) | — | |||||||||||||||||
Defined benefit pension and other postretirement benefit plans liability | (262,162 | ) | — | (587,281 | ) | (32,924 | ) | |||||||||||||||||
Accrued benefit asset (liability), December 31 | $ | (262,550 | ) | $ | 6,712 | $ | (587,667 | ) | $ | (32,924 | ) | |||||||||||||
AOCI debit/(credit), January 1 (excluding impact of PUC D&Os) | $ | 623,588 | $ | 17,432 | $ | 488,556 | $ | 27,390 | ||||||||||||||||
Recognized during year – net recognized transition asset | — | — | — | 9 | ||||||||||||||||||||
Recognized during year – prior service credit | 464 | 1,803 | 689 | 1,803 | ||||||||||||||||||||
Recognized during year – net actuarial losses | (34,597 | ) | (1,544 | ) | (23,428 | ) | (1,455 | ) | ||||||||||||||||
Occurring during year – net actuarial losses (gains) | (293,482 | ) | (39,598 | ) | 157,771 | (10,315 | ) | |||||||||||||||||
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 295,973 | (21,907 | ) | 623,588 | 17,432 | |||||||||||||||||||
Cumulative impact of PUC D&Os | (294,266 | ) | 19,206 | (621,310 | ) | (18,123 | ) | |||||||||||||||||
AOCI debit/(credit), December 31 | $ | 1,707 | $ | (2,701 | ) | $ | 2,278 | $ | (691 | ) | ||||||||||||||
Net actuarial loss (gain) | $ | 295,825 | $ | (6,001 | ) | $ | 623,904 | $ | 35,141 | |||||||||||||||
Prior service cost (gain) | 148 | (15,906 | ) | (316 | ) | (17,709 | ) | |||||||||||||||||
AOCI debit/(credit) before cumulative impact of PUC D&Os, December 31 | 295,973 | (21,907 | ) | 623,588 | 17,432 | |||||||||||||||||||
Cumulative impact of PUC D&Os | (294,266 | ) | 19,206 | (621,310 | ) | (18,123 | ) | |||||||||||||||||
AOCI debit/(credit), December 31 | 1,707 | (2,701 | ) | 2,278 | (691 | ) | ||||||||||||||||||
Income taxes (benefits) | (664 | ) | 1,050 | (886 | ) | 269 | ||||||||||||||||||
AOCI debit/(credit), net of taxes (benefits), December 31 | $ | 1,043 | $ | (1,651 | ) | $ | 1,392 | $ | (422 | ) | ||||||||||||||
Schedule of weighted-average asset allocation of defined benefit retirement plans | ' | |||||||||||||||||||||||
The weighted-average asset allocation of defined benefit retirement plans was as follows: | ||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||
Investment policy | Investment policy | |||||||||||||||||||||||
December 31 | 2013 | 2012 | Target | Range | 2013 | 2012 | Target | Range | ||||||||||||||||
Asset category | ||||||||||||||||||||||||
Equity securities | 73 | % | 69 | % | 70 | % | 65-75 | 74 | % | 70 | % | 70 | % | 65-75 | ||||||||||
Fixed income | 27 | 31 | 30 | 25-35 | 26 | 30 | 30 | 25-35 | ||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||
Schedule of weighted-average assumptions used in accounting for plans | ' | |||||||||||||||||||||||
The following weighted-average assumptions were used in the accounting for the plans: | ||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||
December 31 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Benefit obligation | ||||||||||||||||||||||||
Discount rate | 5.09 | % | 4.13 | % | 5.19 | % | 5.03 | % | 4.07 | % | 4.9 | % | ||||||||||||
Rate of compensation increase | 3.5 | 3.5 | 3.5 | NA | NA | NA | ||||||||||||||||||
Net periodic benefit cost (years ended) | ||||||||||||||||||||||||
Discount rate | 4.13 | 5.19 | 5.68 | 4.07 | 4.9 | 5.6 | ||||||||||||||||||
Expected return on plan assets | 7.75 | 7.75 | 8 | 7.75 | 7.75 | 8 | ||||||||||||||||||
Rate of compensation increase | 3.5 | 3.5 | 3.5 | NA | NA | NA | ||||||||||||||||||
NA Not applicable | ||||||||||||||||||||||||
Schedule of components of net periodic benefit cost for consolidated HEI | ' | |||||||||||||||||||||||
The components of NPBC were as follows: | ||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
HEI consolidated | ||||||||||||||||||||||||
Service cost | $ | 56,405 | $ | 43,221 | $ | 35,016 | $ | 4,306 | $ | 4,211 | $ | 4,409 | ||||||||||||
Interest cost | 64,788 | 67,480 | 64,966 | 7,569 | 9,009 | 9,534 | ||||||||||||||||||
Expected return on plan assets | (72,537 | ) | (71,183 | ) | (68,901 | ) | (10,147 | ) | (10,336 | ) | (10,650 | ) | ||||||||||||
Amortization of net transition obligation | — | 1 | 2 | — | — | — | ||||||||||||||||||
Amortization of net prior service gain | (97 | ) | (325 | ) | (389 | ) | (1,793 | ) | (1,793 | ) | (1,494 | ) | ||||||||||||
Amortization of net actuarial loss | 38,438 | 25,675 | 16,987 | 1,602 | 1,498 | 234 | ||||||||||||||||||
Net periodic benefit cost | 86,997 | 64,869 | 47,681 | 1,537 | 2,589 | 2,033 | ||||||||||||||||||
Impact of PUC D&Os | (38,104 | ) | (15,754 | ) | (3,516 | ) | (1,458 | ) | (2,227 | ) | 2,674 | |||||||||||||
Net periodic benefit cost (adjusted for impact of PUC D&Os) | 48,893 | 49,115 | 44,165 | 79 | 362 | 4,707 | ||||||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||||||
Service cost | $ | 54,482 | $ | 41,603 | $ | 33,627 | $ | 4,163 | $ | 4,014 | $ | 4,238 | ||||||||||||
Interest cost | 59,119 | 61,453 | 59,077 | 7,288 | 8,703 | 9,228 | ||||||||||||||||||
Expected return on plan assets | (64,551 | ) | (64,004 | ) | (61,615 | ) | (10,002 | ) | (10,195 | ) | (10,508 | ) | ||||||||||||
Amortization of net transition obligation | — | — | — | — | (9 | ) | (8 | ) | ||||||||||||||||
Amortization of net prior service gain | (464 | ) | (689 | ) | (747 | ) | (1,803 | ) | (1,803 | ) | (1,505 | ) | ||||||||||||
Amortization of net actuarial loss | 34,597 | 23,428 | 15,752 | 1,544 | 1,455 | 212 | ||||||||||||||||||
Net periodic benefit cost | 83,183 | 61,791 | 46,094 | 1,190 | 2,165 | 1,657 | ||||||||||||||||||
Impact of PUC D&Os | (38,104 | ) | (15,754 | ) | (3,516 | ) | (1,458 | ) | (2,227 | ) | 2,674 | |||||||||||||
Net periodic benefit cost (adjusted for impact of PUC D&Os) | $ | 45,079 | $ | 46,037 | $ | 42,578 | $ | (268 | ) | $ | (62 | ) | $ | 4,331 | ||||||||||
Schedule of amounts in accumulated other comprehensive Income (loss) to be recognized over next fiscal year | ' | |||||||||||||||||||||||
The estimated prior service credit, net actuarial loss and net transition obligation for defined benefit plans that will be amortized from AOCI or regulatory assets into net periodic benefit cost during 2014 is as follows: | ||||||||||||||||||||||||
HEI consolidated | Hawaiian Electric consolidated | |||||||||||||||||||||||
(in millions) | Pension benefits | Other benefits | Pension benefits | Other benefits | ||||||||||||||||||||
Estimated prior service cost (credit) | $ | 0.1 | $ | (1.8 | ) | $ | 0.1 | $ | (1.8 | ) | ||||||||||||||
Net actuarial loss | 20.2 | — | 18.2 | — | ||||||||||||||||||||
Net transition obligation | — | — | — | — | ||||||||||||||||||||
Sharebased_compensation_Tables
Share-based compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||
Schedule of share-based compensation expense and related income tax benefit | ' | |||||||||||||||||||||||
The Company’s share-based compensation expense and related income tax benefit were as follows: | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Share-based compensation expense 1 | $ | 7.8 | $ | 6.7 | $ | 4.3 | ||||||||||||||||||
Income tax benefit | 2.8 | 2.4 | 1.5 | |||||||||||||||||||||
1 | The Company has not capitalized any share-based compensation cost. | |||||||||||||||||||||||
Schedule of effects of revision on previous disclosure | ' | |||||||||||||||||||||||
The table below illustrates the effects of this revision on the previous disclosure (the revised disclosure had no impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Income or Consolidated Statements of Cash Flows): | ||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
(in millions) | As previously | As revised | Difference | As previously | As revised | Difference | ||||||||||||||||||
filed | filed | |||||||||||||||||||||||
Share-based compensation expense | $ | 5.9 | $ | 6.7 | $ | 0.8 | $ | 3.8 | $ | 4.3 | $ | 0.5 | ||||||||||||
Income tax benefit | 2 | 2.4 | 0.4 | 1.3 | 1.5 | 0.2 | ||||||||||||||||||
Schedule of common stock granted to nonemployee directors | ' | |||||||||||||||||||||||
HEI granted HEI common stock to nonemployee directors of HEI, Hawaiian Electric and ASB under the 2011 Director Plan as follows: | ||||||||||||||||||||||||
($ in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Shares granted | 33,184 | 29,448 | 34,908 | |||||||||||||||||||||
Fair value | $ | 0.8 | $ | 0.8 | $ | 0.8 | ||||||||||||||||||
Income tax benefit | 0.3 | 0.3 | 0.3 | |||||||||||||||||||||
Summary of information about nonqualified stock options | ' | |||||||||||||||||||||||
Information about HEI’s NQSOs was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 14,000 | $ | 20.49 | 55,500 | $ | 20.92 | 215,500 | $ | 20.76 | |||||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||||
Exercised | (14,000 | ) | 20.49 | (41,500 | ) | 21.06 | (160,000 | ) | 20.7 | |||||||||||||||
Forfeited | — | — | — | — | — | — | ||||||||||||||||||
Expired | — | — | — | — | — | — | ||||||||||||||||||
Outstanding, December 31 | — | $ | — | 14,000 | $ | 20.49 | 55,500 | $ | 20.92 | |||||||||||||||
Exercisable, December 31 | — | $ | — | 14,000 | $ | 20.49 | 55,500 | $ | 20.92 | |||||||||||||||
-1 | Weighted-average exercise price | |||||||||||||||||||||||
Schedule of nonqualified stock options activity and statistics | ' | |||||||||||||||||||||||
NQSO activity and statistics were as follows: | ||||||||||||||||||||||||
(dollars in thousands) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Cash received from exercise | $ | 287 | $ | 874 | $ | 3,312 | ||||||||||||||||||
Intrinsic value of shares exercised 1 | 128 | 354 | 1,270 | |||||||||||||||||||||
Tax benefit realized for the deduction of exercises | 50 | 138 | 181 | |||||||||||||||||||||
1 | Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalents exceeds the exercise price of the option. | |||||||||||||||||||||||
Summary of information about stock appreciation rights | ' | |||||||||||||||||||||||
Information about HEI’s SARs is summarized as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 164,000 | $ | 26.12 | 282,000 | $ | 26.14 | 450,000 | $ | 26.13 | |||||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||||
Exercised | — | — | (114,000 | ) | 26.17 | (110,000 | ) | 26.09 | ||||||||||||||||
Forfeited | — | — | — | — | — | — | ||||||||||||||||||
Expired | — | — | (4,000 | ) | 26.18 | (58,000 | ) | 26.13 | ||||||||||||||||
Outstanding, December 31 | 164,000 | $ | 26.12 | 164,000 | $ | 26.12 | 282,000 | $ | 26.14 | |||||||||||||||
Exercisable, December 31 | 164,000 | $ | 26.12 | 164,000 | $ | 26.12 | 282,000 | $ | 26.14 | |||||||||||||||
-1 | Weighted-average exercise price | |||||||||||||||||||||||
Schedule of stock appreciation rights by grant year | ' | |||||||||||||||||||||||
31-Dec-13 | Outstanding & Exercisable (Vested) | |||||||||||||||||||||||
Year of | Range of | Number of shares | Weighted-average | Weighted-average | ||||||||||||||||||||
Grant | exercise prices | underlying SARs | remaining contractual life | exercise price | ||||||||||||||||||||
2004 | $26.02 | 62,000 | 0.3 | $ | 26.02 | |||||||||||||||||||
2005 | 26.18 | 102,000 | 1.3 | 26.18 | ||||||||||||||||||||
$26.02 –26.18 | 164,000 | 0.9 | $ | 26.12 | ||||||||||||||||||||
Schedule of stock appreciation rights activity and statistics | ' | |||||||||||||||||||||||
SARs activity and statistics were as follows: | ||||||||||||||||||||||||
(dollars in thousands, except prices) | 2013 | 2012 | 2011 | |||||||||||||||||||||
Intrinsic value of shares exercised 1 | $ | — | $ | 197 | $ | 64 | ||||||||||||||||||
Tax benefit realized for the deduction of exercises | — | 77 | 25 | |||||||||||||||||||||
1 | Intrinsic value is the amount by which the fair market value of the underlying stock and the related dividend equivalents exceeds the exercise price of the right. | |||||||||||||||||||||||
Schedule of restricted share and stock awards | ' | |||||||||||||||||||||||
Information about HEI’s grants of restricted shares and restricted stock awards was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 9,005 | $ | 22.21 | 46,807 | $ | 24.45 | 89,709 | $ | 24.64 | |||||||||||||||
Granted | — | — | — | — | — | — | ||||||||||||||||||
Vested | (4,502 | ) | 22.21 | (37,802 | ) | 24.99 | (40,102 | ) | 24.83 | |||||||||||||||
Forfeited | — | — | — | — | (2,800 | ) | 24.93 | |||||||||||||||||
Outstanding, December 31 | 4,503 | $ | 22.21 | 9,005 | $ | 22.21 | 46,807 | $ | 24.45 | |||||||||||||||
-1 | Weighted-average grant-date fair value per share based on the closing or average price of HEI common stock on the date of grant. | |||||||||||||||||||||||
Schedule of restricted stock units | ' | |||||||||||||||||||||||
Restricted stock units. Information about HEI’s grants of restricted stock units was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 315,094 | $ | 22.82 | 247,286 | $ | 21.8 | 146,500 | $ | 19.8 | |||||||||||||||
Granted | 111,231 | 26.88 | 98,446 | 25.99 | 101,786 | 24.68 | ||||||||||||||||||
Vested | (118,885 | ) | 20.48 | (25,728 | ) | 24.68 | — | — | ||||||||||||||||
Forfeited | (19,289 | ) | 25.62 | (4,910 | ) | 24.92 | (1,000 | ) | 22.6 | |||||||||||||||
Outstanding, December 31 | 288,151 | $ | 25.17 | 315,094 | $ | 22.82 | 247,286 | $ | 21.8 | |||||||||||||||
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | 3 | $ | 2.6 | $ | 2.5 | ||||||||||||||||||
-1 | Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. | |||||||||||||||||||||||
Schedule of Long-Term Incentive Plan (LTIP) linked to total return to shareholders | ' | |||||||||||||||||||||||
Information about HEI’s LTIP grants linked to TRS was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 239,256 | $ | 29.12 | 197,385 | $ | 25.94 | 126,782 | $ | 20.33 | |||||||||||||||
Granted | 91,038 | 32.69 | 81,223 | 30.71 | 75,015 | 35.46 | ||||||||||||||||||
Vested (settled or lapsed) | (87,753 | ) | 22.45 | (35,397 | ) | 14.85 | — | — | ||||||||||||||||
Forfeited | (10,414 | ) | 32.72 | (3,955 | ) | 30.82 | (4,412 | ) | 29.56 | |||||||||||||||
Outstanding, December 31 | 232,127 | $ | 32.88 | 239,256 | $ | 29.12 | 197,385 | $ | 25.94 | |||||||||||||||
Total weighted-average grant-date fair value of shares granted ($ millions) | $ | 3 | $ | 2.5 | $ | 2.7 | ||||||||||||||||||
-1 | Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model. | |||||||||||||||||||||||
Schedule of assumptions used to determine the fair value of Long-Term Incentive Plan (LTIP) linked to total return to shareholders (TRS) | ' | |||||||||||||||||||||||
The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TRS and the resulting fair value of LTIP awards granted: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Risk-free interest rate | 0.38 | % | 0.33 | % | 1.25 | % | ||||||||||||||||||
Expected life in years | 3 | 3 | 3 | |||||||||||||||||||||
Expected volatility | 19.4 | % | 25.3 | % | 27.8 | % | ||||||||||||||||||
Range of expected volatility for Peer Group | 12.4% to 25.3% | 15.5% to 34.5% | 21.2% to 82.6% | |||||||||||||||||||||
Grant date fair value (per share) | $ | 32.69 | $ | 30.71 | $ | 35.46 | ||||||||||||||||||
Schedule of Long-Term Incentive Plan (LTIP) linked to other performance conditions | ' | |||||||||||||||||||||||
Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows: | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
Shares | -1 | Shares | -1 | Shares | -1 | |||||||||||||||||||
Outstanding, January 1 | 247,175 | $ | 25.04 | 182,498 | $ | 22.63 | 161,310 | $ | 18.66 | |||||||||||||||
Granted | 120,399 | 26.89 | 125,157 | 26.05 | 113,831 | 24.96 | ||||||||||||||||||
Vested and settled | (18,280 | ) | 18.95 | — | — | — | — | |||||||||||||||||
Cancelled | (41,599 | ) | 24.97 | (50,786 | ) | 18.95 | (81,908 | ) | 18.38 | |||||||||||||||
Forfeited | (10,852 | ) | 26.2 | (9,694 | ) | 24.44 | (10,735 | ) | 20.12 | |||||||||||||||
Outstanding, December 31 | 296,843 | $ | 26.14 | 247,175 | $ | 25.04 | 182,498 | $ | 22.63 | |||||||||||||||
Total weighted-average grant-date fair value of shares granted (at target performance levels) ($ millions) | $ | 3.2 | $ | 3.3 | $ | 2.8 | ||||||||||||||||||
-1 | Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant. |
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
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 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Federal | ||||||||||||||||||||||||
Current | $ | (1,520 | ) | $ | (15,411 | ) | $ | (7,639 | ) | $ | 1,313 | $ | (26,965 | ) | $ | (10,820 | ) | |||||||
Deferred | 73,680 | 82,138 | 73,495 | 58,024 | 79,437 | 64,646 | ||||||||||||||||||
Deferred tax credits, net | 224 | 187 | — | 224 | 186 | — | ||||||||||||||||||
72,384 | 66,914 | 65,856 | 59,561 | 52,658 | 53,826 | |||||||||||||||||||
State | ||||||||||||||||||||||||
Current | (1,555 | ) | (4,654 | ) | 2,437 | (3,720 | ) | (4,940 | ) | 1,226 | ||||||||||||||
Deferred | 6,719 | 8,710 | 5,949 | 6,483 | 7,441 | 4,445 | ||||||||||||||||||
Deferred tax credits, net | 6,793 | 5,889 | 1,690 | 6,793 | 5,889 | 2,087 | ||||||||||||||||||
11,957 | 9,945 | 10,076 | 9,556 | 8,390 | 7,758 | |||||||||||||||||||
Total | $ | 84,341 | $ | 76,859 | $ | 75,932 | $ | 69,117 | $ | 61,048 | $ | 61,584 | ||||||||||||
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 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amount at the federal statutory income tax rate | $ | 86,711 | $ | 76,092 | $ | 75,618 | $ | 67,914 | $ | 56,812 | $ | 57,248 | ||||||||||||
Increase (decrease) resulting from: | ||||||||||||||||||||||||
State income taxes, net of federal income tax benefit | 7,772 | 6,464 | 6,550 | 6,211 | 5,453 | 5,042 | ||||||||||||||||||
Other, net | (10,142 | ) | (5,697 | ) | (6,236 | ) | (5,008 | ) | (1,217 | ) | (706 | ) | ||||||||||||
Total | $ | 84,341 | $ | 76,859 | $ | 75,932 | $ | 69,117 | $ | 61,048 | $ | 61,584 | ||||||||||||
Effective income tax rate | 34 | % | 35.4 | % | 35.1 | % | 35.6 | % | 37.6 | % | 37.7 | % | ||||||||||||
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 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||||
Allowance for loan losses | $ | 16,172 | $ | 17,254 | $ | — | $ | — | ||||||||||||||||
Retirement benefits | — | 266 | — | — | ||||||||||||||||||||
Net operating loss | — | — | 19,848 | 6,413 | ||||||||||||||||||||
Other | 41,067 | 34,354 | 17,295 | 13,986 | ||||||||||||||||||||
Total deferred tax assets | 57,239 | 51,874 | 37,143 | 20,399 | ||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||||
Property, plant and equipment related | 378,280 | 316,900 | 375,771 | 315,409 | ||||||||||||||||||||
Goodwill | 23,781 | 23,781 | — | — | ||||||||||||||||||||
Regulatory assets, excluding amounts attributable to property, plant and equipment | 33,251 | 33,071 | 33,251 | 33,071 | ||||||||||||||||||||
FHLB stock dividend | 18,847 | 20,062 | — | — | ||||||||||||||||||||
Repairs deduction | 75,127 | 69,514 | 75,127 | 69,514 | ||||||||||||||||||||
Retirement benefits | 29,280 | — | 23,851 | 8,688 | ||||||||||||||||||||
Other | 27,933 | 27,875 | 15,602 | 11,328 | ||||||||||||||||||||
Total deferred tax liabilities | 586,499 | 491,203 | 523,602 | 438,010 | ||||||||||||||||||||
Net deferred income tax liability | $ | 529,260 | $ | 439,329 | $ | 486,459 | $ | 417,611 | ||||||||||||||||
Prepayments and other | $ | — | $ | — | $ | 20,702 | $ | — | ||||||||||||||||
Deferred income taxes | 529,260 | 439,329 | 507,161 | 417,611 | ||||||||||||||||||||
Net deferred income tax liability | $ | 529,260 | $ | 439,329 | $ | 486,459 | $ | 417,611 | ||||||||||||||||
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) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
Unrecognized tax benefits, January 1 | $ | 0.8 | $ | 5.7 | $ | 15.4 | $ | 0.4 | $ | 3.7 | 14.2 | |||||||||||||
Additions based on tax positions taken during the year | — | 0.3 | — | — | 0.3 | — | ||||||||||||||||||
Reductions based on tax positions taken during the year | — | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||||
Additions for tax positions of prior years | 0.5 | — | 0.1 | 0.5 | — | — | ||||||||||||||||||
Reductions for tax positions of prior years | (0.4 | ) | (4.1 | ) | (8.1 | ) | (0.4 | ) | (3.6 | ) | (8.8 | ) | ||||||||||||
Settlements | — | — | — | — | — | — | ||||||||||||||||||
Lapses of statute of limitations | — | (1.1 | ) | (1.1 | ) | — | — | (1.1 | ) | |||||||||||||||
Unrecognized tax benefits, December 31 | $ | 0.9 | $ | 0.8 | $ | 5.7 | $ | 0.5 | $ | 0.4 | $ | 3.7 | ||||||||||||
Cash_flows_Tables
Cash flows (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Schedule of supplemental disclosures of cash and noncash activity | ' | |||||||||||
Years ended December 31 | 2013 | 2012 | 2011 | |||||||||
(in millions) | ||||||||||||
Supplemental disclosures of cash flow information | ||||||||||||
HEI consolidated | ||||||||||||
Interest paid to non-affiliates | $ | 85 | $ | 84 | $ | 97 | ||||||
Income taxes paid (refunded) | 14 | (14 | ) | (22 | ) | |||||||
Hawaiian Electric consolidated | ||||||||||||
Interest paid to non-affiliates | 59 | 57 | 58 | |||||||||
Income taxes refunded | (26 | ) | (3 | ) | (23 | ) | ||||||
Supplemental disclosures of noncash activities | ||||||||||||
HEI consolidated | ||||||||||||
Common stock dividends reinvested in HEI common stock 1 | 24 | 24 | 12 | |||||||||
Increases in common stock related to director and officer compensatory plans | 5 | 6 | 8 | |||||||||
Loans transferred from held for investment to held for sale | 25 | — | 6 | |||||||||
Real estate acquired in settlement of loans | 4 | 11 | 12 | |||||||||
Hawaiian Electric consolidated | ||||||||||||
Electric utility property, plant and equipment | ||||||||||||
AFUDC-equity | 6 | 7 | 6 | |||||||||
Estimated fair value of noncash contributions in aid of construction | 5 | 10 | 7 | |||||||||
Unpaid invoices and other | 24 | 37 | 45 | |||||||||
1 | The amounts shown represents common stock dividends reinvested in HEI common stock under the HEI DRIP in noncash transactions. |
Fair_value_measurements_Tables
Fair value measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of estimated fair values of certain of the Company's financial instruments | ' | |||||||||||||||||||||||||||||||
The estimated fair values of certain of the Company’s and the Utilities' financial instruments were as follows: | ||||||||||||||||||||||||||||||||
Estimated fair value | ||||||||||||||||||||||||||||||||
(in thousands) | Carrying or | Quoted prices in active markets for identical assets (Level 1) | Significant other Observable inputs (Level 2) | Significant Unobservable inputs | Total | |||||||||||||||||||||||||||
notional | (Level 3) | |||||||||||||||||||||||||||||||
amount | ||||||||||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
Money market funds | $ | 10 | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||
Available-for-sale investment and mortgage-related securities | 529,007 | — | 529,007 | — | 529,007 | |||||||||||||||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 92,546 | — | 92,546 | — | 92,546 | |||||||||||||||||||||||||||
Loans receivable, net | 4,115,415 | — | — | 4,211,290 | 4,211,290 | |||||||||||||||||||||||||||
Derivative assets | 46,356 | 98 | 531 | — | 629 | |||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
Deposit liabilities | 4,372,477 | — | 4,374,377 | — | 4,374,377 | |||||||||||||||||||||||||||
Short-term borrowings—other than bank | 105,482 | — | 105,482 | — | 105,482 | |||||||||||||||||||||||||||
Other bank borrowings | 244,514 | — | 256,029 | — | 256,029 | |||||||||||||||||||||||||||
Long-term debt, net—other than bank | 1,492,945 | — | 1,508,425 | — | 1,508,425 | |||||||||||||||||||||||||||
The Utilities' long-term debt, net (included in amount above) | 1,217,945 | — | 1,228,966 | — | 1,228,966 | |||||||||||||||||||||||||||
Derivative liabilities | 4,732 | — | 26 | — | 26 | |||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
Money market funds | $ | 10 | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||||||||||||||||
Available-for-sale investment and mortgage-related securities | 671,358 | — | 671,358 | — | 671,358 | |||||||||||||||||||||||||||
Investment in stock of Federal Home Loan Bank of Seattle | 96,022 | — | 96,022 | — | 96,022 | |||||||||||||||||||||||||||
Loans receivable, net | 3,763,238 | — | — | 3,957,752 | 3,957,752 | |||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
Deposit liabilities | 4,229,916 | — | 4,235,527 | — | 4,235,527 | |||||||||||||||||||||||||||
Short-term borrowings—other than bank | 83,693 | — | 83,693 | — | 83,693 | |||||||||||||||||||||||||||
Other bank borrowings | 195,926 | — | 212,163 | — | 212,163 | |||||||||||||||||||||||||||
Long-term debt, net—other than bank | 1,422,872 | — | 1,481,004 | — | 1,481,004 | |||||||||||||||||||||||||||
The Utilities' long-term debt, net (included in amount above) | 1,147,872 | — | 1,181,631 | — | 1,181,631 | |||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis were as follows: | ||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Fair value measurements using | Fair value measurements using | |||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Money market funds (“other” segment) | $ | — | $ | 10 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||||||||||
Available-for-sale securities (bank segment) | ||||||||||||||||||||||||||||||||
Mortgage-related securities-FNMA, FHLMC and GNMA | $ | — | $ | 369,444 | $ | — | $ | — | $ | 417,383 | $ | — | ||||||||||||||||||||
Federal agency obligations | — | 80,973 | — | — | 171,491 | — | ||||||||||||||||||||||||||
Municipal bonds | — | 78,590 | — | — | 82,484 | — | ||||||||||||||||||||||||||
$ | — | $ | 529,007 | $ | — | $ | — | $ | 671,358 | $ | — | |||||||||||||||||||||
Derivative assets 1 | ||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | — | $ | 488 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Forward commitments | 98 | 43 | — | — | — | — | ||||||||||||||||||||||||||
$ | 98 | $ | 531 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Derivative liabilities 1 | ||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | — | $ | 24 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Forward commitments | — | 2 | — | — | — | — | ||||||||||||||||||||||||||
$ | — | $ | 26 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Schedule of assets measured at fair value on a nonrecurring basis | ' | |||||||||||||||||||||||||||||||
Assets measured at fair value on a nonrecurring basis were as follows: | ||||||||||||||||||||||||||||||||
Fair value measurements using | ||||||||||||||||||||||||||||||||
(in millions) | Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||||||
31-Dec-13 | $ | 4 | $ | — | $ | — | $ | 4 | ||||||||||||||||||||||||
31-Dec-12 | 21 | — | — | 21 | ||||||||||||||||||||||||||||
Real estate acquired in settlement of loans | ||||||||||||||||||||||||||||||||
31-Dec-13 | — | — | — | — | ||||||||||||||||||||||||||||
31-Dec-12 | 3 | — | — | 3 | ||||||||||||||||||||||||||||
Schedule of significant unobservable inputs used in the fair value measurement | ' | |||||||||||||||||||||||||||||||
For loans and real estate acquired in settlement of loans classified as Level 3 as of December 31, 2013, the significant unobservable inputs used in the fair value measurement were as follows: | ||||||||||||||||||||||||||||||||
Fair value at | Significant unobservable | |||||||||||||||||||||||||||||||
input value 1 | ||||||||||||||||||||||||||||||||
($ in thousands) | December 31, 2013 | Valuation technique | Significant unobservable input | Range | Weighted | |||||||||||||||||||||||||||
Average | ||||||||||||||||||||||||||||||||
Residential loans | $ | 2,361 | Fair value of property or collateral | Appraised value less 7% selling cost | 44-96% | 87% | ||||||||||||||||||||||||||
Home equity lines of credit | 170 | Fair value of property or collateral | Appraised value less 7% selling cost | 45-50% | 50% | |||||||||||||||||||||||||||
Commercial loans | 217 | Fair value of property or collateral | Fair value of business assets | 19% | ||||||||||||||||||||||||||||
Commercial loans | 1,668 | Discounted cash flow | Present value of expected future cash flows | 58% | ||||||||||||||||||||||||||||
Discount rate | 4.50% | |||||||||||||||||||||||||||||||
Total loans | $ | 4,416 | ||||||||||||||||||||||||||||||
Schedule of assets held in various trusts are measured at fair value on a recurring basis | ' | |||||||||||||||||||||||||||||||
Assets held in various trusts for the retirement benefit plans are measured at fair value on a recurring basis and were as follows: | ||||||||||||||||||||||||||||||||
Pension benefits | Other benefits | |||||||||||||||||||||||||||||||
Fair value measurements using | Fair value measurements using | |||||||||||||||||||||||||||||||
(in millions) | December 31 | Level 1 | Level 2 | Level 3 | December 31 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||
Equity securities | $ | 672 | $ | 672 | $ | — | $ | — | $ | 102 | $ | 102 | $ | — | $ | — | ||||||||||||||||
Equity index funds | 127 | 127 | — | — | 19 | 19 | — | — | ||||||||||||||||||||||||
Fixed income securities | 350 | 122 | 228 | — | 46 | 40 | 6 | — | ||||||||||||||||||||||||
Pooled and mutual funds and other | 84 | — | 83 | 1 | 13 | — | 13 | — | ||||||||||||||||||||||||
Total | $ | 1,233 | $ | 921 | $ | 311 | $ | 1 | $ | 180 | $ | 161 | $ | 19 | $ | — | ||||||||||||||||
Receivables and payables, net | (46 | ) | (1 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,187 | $ | 179 | ||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||
Equity securities | $ | 513 | $ | 513 | $ | — | $ | — | $ | 83 | $ | 83 | $ | — | $ | — | ||||||||||||||||
Equity index funds | 95 | 95 | — | — | 15 | 15 | — | — | ||||||||||||||||||||||||
Fixed income securities | 338 | 125 | 213 | — | 47 | 41 | 6 | — | ||||||||||||||||||||||||
Pooled and mutual funds and other | 78 | 1 | 76 | 1 | 13 | — | 13 | — | ||||||||||||||||||||||||
Total | 1,024 | $ | 734 | $ | 289 | $ | 1 | 158 | $ | 139 | $ | 19 | $ | — | ||||||||||||||||||
Receivables and payables, net | (53 | ) | (1 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets | $ | 971 | $ | 157 | ||||||||||||||||||||||||||||
Schedule of changes in Level 3 assets | ' | |||||||||||||||||||||||||||||||
For 2013 and 2012, the changes in Level 3 assets were as follows: | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
(in thousands) | Pension | Other | Pension | Other | ||||||||||||||||||||||||||||
benefits | benefits | benefits | benefits | |||||||||||||||||||||||||||||
Balance, January 1 | $ | 581 | $ | 18 | $ | 217 | $ | 7 | ||||||||||||||||||||||||
Realized and unrealized losses | (1 | ) | — | (24 | ) | (1 | ) | |||||||||||||||||||||||||
Purchases and settlements, net | — | — | 388 | 12 | ||||||||||||||||||||||||||||
Balance, December 31 | $ | 580 | $ | 18 | $ | 581 | $ | 18 | ||||||||||||||||||||||||
Quarterly_information_unaudite1
Quarterly information (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of selected quarterly information | ' | |||||||||||||||||||
Selected quarterly information was as follows: | ||||||||||||||||||||
Quarters ended | Years ended | |||||||||||||||||||
(in thousands, except per share amounts) | March 31 | June 30 | Sept. 30 | Dec. 31 | December 31 | |||||||||||||||
HEI consolidated | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 784,064 | $ | 796,730 | $ | 831,229 | $ | 826,447 | $ | 3,238,470 | ||||||||||
Operating income | 70,657 | 82,370 | 90,099 | 72,293 | 315,419 | |||||||||||||||
Net income | 34,152 | 41,061 | 48,707 | 39,486 | 163,406 | |||||||||||||||
Net income for common stock | 33,679 | 40,588 | 48,236 | 39,013 | 161,516 | |||||||||||||||
Basic earnings per common share 1 | 0.34 | 0.41 | 0.49 | 0.39 | 1.63 | |||||||||||||||
Diluted earnings per common share 2 | 0.34 | 0.41 | 0.48 | 0.39 | 1.62 | |||||||||||||||
Dividends per common share | 0.31 | 0.31 | 0.31 | 0.31 | 1.24 | |||||||||||||||
Market price per common share 3 | ||||||||||||||||||||
High | 27.92 | 28.3 | 27.24 | 27.15 | 28.3 | |||||||||||||||
Low | 25.5 | 23.84 | 24.12 | 24.51 | 23.84 | |||||||||||||||
2012 | ||||||||||||||||||||
Revenues | $ | 814,860 | $ | 854,268 | $ | 867,720 | $ | 838,147 | $ | 3,374,995 | ||||||||||
Operating income | 75,816 | 79,406 | 91,702 | 37,272 | 284,196 | |||||||||||||||
Net income 4 | 38,789 | 39,273 | 48,177 | 14,309 | 140,548 | |||||||||||||||
Net income for common stock 4 | 38,316 | 38,800 | 47,706 | 13,836 | 138,658 | |||||||||||||||
Basic earnings per common share 1 | 0.4 | 0.4 | 0.49 | 0.14 | 1.43 | |||||||||||||||
Diluted earnings per common share 2 | 0.4 | 0.4 | 0.49 | 0.14 | 1.42 | |||||||||||||||
Dividends per common share | 0.31 | 0.31 | 0.31 | 0.31 | 1.24 | |||||||||||||||
Market price per common share 3 | ||||||||||||||||||||
High | 26.79 | 28.87 | 29.24 | 26.75 | 29.24 | |||||||||||||||
Low | 24.86 | 24.65 | 26.26 | 23.65 | 23.65 | |||||||||||||||
Hawaiian Electric consolidated | ||||||||||||||||||||
2013 | ||||||||||||||||||||
Revenues | $ | 719,273 | $ | 730,688 | $ | 766,115 | $ | 764,096 | $ | 2,980,172 | ||||||||||
Operating income | 52,953 | 61,138 | 71,914 | 59,508 | 245,513 | |||||||||||||||
Net income | 24,928 | 29,192 | 38,315 | 32,489 | 124,924 | |||||||||||||||
Net income for common stock | 24,429 | 28,693 | 37,817 | 31,990 | 122,929 | |||||||||||||||
2012 | ||||||||||||||||||||
Revenues | 749,610 | 789,552 | 801,095 | 769,182 | 3,109,439 | |||||||||||||||
Operating income | 57,254 | 61,496 | 74,819 | 19,443 | 213,012 | |||||||||||||||
Net income 4 | 27,799 | 29,875 | 38,873 | 4,724 | 101,271 | |||||||||||||||
Net income for common stock 4 | 27,300 | 29,376 | 38,375 | 4,225 | 99,276 | |||||||||||||||
Note: HEI owns all of Hawaiian Electric's common stock, therefore per share data for Hawaiian Electric is not meaningful. | ||||||||||||||||||||
1 | The quarterly basic earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter. | |||||||||||||||||||
2 | The quarterly diluted earnings per common share are based upon the weighted-average number of shares of common stock outstanding in each quarter plus the dilutive incremental shares at quarter end. | |||||||||||||||||||
3 | Market prices of HEI common stock (symbol HE) shown are as reported on the NYSE Composite Tape. | |||||||||||||||||||
4 | In the fourth quarter of 2012, as part of a settlement agreement with the Consumer Advocate, the Utilities recorded a writedown of $24 million (net of taxes) of CIS project costs in lieu of conducting regulatory audits of the CIP CT-1 and CIS projects |
Summary_of_significant_account3
Summary of significant accounting policies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Future minimum lease payments | ' | ' | ' |
2014 | $18 | ' | ' |
2015 | 16 | ' | ' |
2016 | 13 | ' | ' |
2017 | 10 | ' | ' |
2018 | 7 | ' | ' |
Thereafter | 29 | ' | ' |
Leases | ' | ' | ' |
Operating lease expense | 19 | 19 | 14 |
Maximum | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' |
Original maturity period of investments classified as cash equivalents | '3 months | ' | ' |
Equity method | ' | ' | ' |
Ownership percentage of affiliates classified as equity method investments | 50.00% | ' | ' |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Future minimum lease payments | ' | ' | ' |
2014 | 9 | ' | ' |
2015 | 8 | ' | ' |
2016 | 6 | ' | ' |
2017 | 5 | ' | ' |
2018 | 3 | ' | ' |
Thereafter | 18 | ' | ' |
Leases | ' | ' | ' |
Operating lease expense | $8 | $8 | $6 |
Summary_of_significant_account4
Summary of significant accounting policies (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Depreciation | ' | ' | ' |
Composite annual depreciation rate (as a percent) | 3.10% | 3.10% | 3.20% |
Minimum | ' | ' | ' |
Depreciation | ' | ' | ' |
Estimated useful life under production plant (in years) | '20 years | ' | ' |
Estimated useful life under transmission and distribution plant (in years) | '25 years | ' | ' |
Estimated useful life under general plant (in years) | '5 years | ' | ' |
Maximum | ' | ' | ' |
Depreciation | ' | ' | ' |
Estimated useful life under production plant (in years) | '88 years | ' | ' |
Estimated useful life under transmission and distribution plant (in years) | '65 years | ' | ' |
Estimated useful life under general plant (in years) | '65 years | ' | ' |
Summary_of_significant_account5
Summary of significant accounting policies (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributed earnings (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.24 | $1.24 | $1.24 |
Undistributed earnings (loss) (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.39 | $0.19 | $0.21 |
Earnings Per Share, basic (in dollars per share) | $0.39 | $0.49 | $0.41 | $0.34 | $0.14 | $0.49 | $0.40 | $0.40 | $1.63 | $1.43 | $1.45 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributed earnings (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.24 | $1.24 | $1.24 |
Undistributed earnings (losses) (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.38 | $0.18 | $0.20 |
Earnings Per Share, diluted (in dollars per share) | $0.39 | $0.48 | $0.41 | $0.34 | $0.14 | $0.49 | $0.40 | $0.40 | $1.62 | $1.42 | $1.44 |
Accounts Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for customer accounts receivable, accrued unbilled revenues and other accounts receivable | $2,000,000 | ' | ' | ' | $2,000,000 | ' | ' | ' | $2,000,000 | $2,000,000 | ' |
Goodwill and other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 82,190,000 | ' | ' | ' | 82,190,000 | ' | ' | ' | 82,190,000 | 82,190,000 | ' |
Estimated fair value in excess of book value (as a percent) | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Impairment Loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electric utility revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue taxes included in "operating revenues" and in "taxes, other than income taxes" expense | ' | ' | ' | ' | ' | ' | ' | ' | 266,000,000 | 280,000,000 | 264,000,000 |
Weighted average AFUDC rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 7.60% | 7.60% | 8.00% |
Hawaiian Electric Company, Inc. and Subsidiaries | Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions in aid of construction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions amortized period | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' |
Hawaiian Electric Company, Inc. and Subsidiaries | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions in aid of construction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions amortized period | ' | ' | ' | ' | ' | ' | ' | ' | '55 years | ' | ' |
Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Past due period after which the accrual of interest on loans ceases | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' |
Loans modified in a troubled debt restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive months of repayment required for loans to be removed from nonaccrual status | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' |
Goodwill and other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 82,190,000 | ' | ' | ' | 82,190,000 | ' | ' | ' | 82,190,000 | 82,190,000 | ' |
Bank | Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Past due unsecured consumer loans, period to reach delinquency status | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' |
Bank | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Past due unsecured consumer loans, period to reach delinquency status | ' | ' | ' | ' | ' | ' | ' | ' | '180 days | ' | ' |
Stock appreciation rights (SARs) | Common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive effect of stock appreciation rights (SARs) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive effects of SARs shares that were not included in the computation of diluted EPS (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 102,000 | 102,000,000 | 0 |
Market Approach Valuation Technique [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Control premium | ' | ' | ' | ' | ' | ' | ' | ' | 18.30% | ' | ' |
Number of acquisitions used in valuation | ' | ' | ' | ' | ' | ' | ' | ' | 18 | ' | ' |
Period used in control premium | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' |
Fair Value Inputs, Control Premium, Observation Events, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Market Approach Valuation Technique [Member] | Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset value of financial institutions used in comparability | 3,500,000,000 | ' | ' | ' | ' | ' | ' | ' | 3,500,000,000 | ' | ' |
Market Approach Valuation Technique [Member] | Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset value of financial institutions used in comparability | $8,000,000,000 | ' | ' | ' | ' | ' | ' | ' | $8,000,000,000 | ' | ' |
Discounted cash flow | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill and other intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | ' | ' |
Summary_of_significant_account6
Summary of significant accounting policies (Details 4) (Mortgage servicing assets, Bank, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Mortgage servicing assets | Bank | ' | ' | ' |
Amortized intangible assets | ' | ' | ' |
Gross carrying amount | $25,644,000 | $25,835,000 | ' |
Accumulated amortization | -13,706,000 | -14,519,000 | ' |
Valuation allowance | -251,000 | -498,000 | -175,000 |
Net carrying value | 11,687,000 | 10,818,000 | ' |
Changes in the valuation allowance for mortgage servicing assets | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 498,000 | 175,000 | 128,000 |
Provision (recovery) | -60,000 | 504,000 | 121,000 |
Other-than-temporary impairment | -187,000 | -181,000 | -74,000 |
Valuation allowance, balance at the end of the period | 251,000 | 498,000 | 175,000 |
Estimated aggregate amortization expenses | ' | ' | ' |
2014 | 1,600,000 | ' | ' |
2015 | 1,400,000 | ' | ' |
2016 | 1,300,000 | ' | ' |
2017 | 1,100,000 | ' | ' |
2018 | 1,000,000 | ' | ' |
Assets acquired through the sale or securitization of loans held for sale | 2,600,000 | 4,800,000 | 2,800,000 |
Amortization Expenses | $1,800,000 | $1,700,000 | $1,100,000 |
Segment_financial_information_1
Segment financial information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | $3,238,470 | $3,374,995 | $3,242,335 |
Intersegment revenues (eliminations) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | 826,447 | 831,229 | 796,730 | 784,064 | 838,147 | 867,720 | 854,268 | 814,860 | 3,238,470 | 3,374,995 | 3,242,335 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 164,728 | 158,347 | 167,470 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 85,556 | 89,443 | 96,575 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 247,747 | 217,407 | 216,052 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 84,341 | 76,859 | 75,932 |
Net income | 39,486 | 48,707 | 41,061 | 34,152 | 14,309 | 48,177 | 39,273 | 38,789 | 163,406 | 140,548 | 140,120 |
Preferred stock dividends of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,890 | 1,890 | 1,890 |
Net income for common stock | 39,013 | 48,236 | 40,588 | 33,679 | 13,836 | 47,706 | 38,800 | 38,316 | 161,516 | 138,658 | 138,230 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 353,879 | 325,480 | 235,116 |
Assets | 10,340,044 | ' | ' | ' | 10,149,132 | ' | ' | ' | 10,340,044 | 10,149,132 | 9,594,477 |
Electric utility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of entities involved | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 2,980,139 | 3,109,353 | 2,978,547 |
Intersegment revenues (eliminations) | ' | ' | ' | ' | ' | ' | ' | ' | 33 | 86 | 143 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,980,172 | 3,109,439 | 2,978,690 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 159,102 | 151,496 | 160,353 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 59,279 | 62,055 | 60,031 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 194,041 | 162,319 | 163,565 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 69,117 | 61,048 | 61,584 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 124,924 | 101,271 | 101,981 |
Preferred stock dividends of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,995 | 1,995 | 1,995 |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 122,929 | 99,276 | 99,986 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 342,485 | 310,091 | 226,022 |
Assets | 5,087,129 | ' | ' | ' | 5,108,793 | ' | ' | ' | 5,087,129 | 5,108,793 | 4,674,007 |
Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 258,147 | 265,539 | 264,407 |
Intersegment revenues (eliminations) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 258,147 | 265,539 | 264,407 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,230 | 5,334 | 5,909 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 10,077 | 11,292 | 14,469 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 87,059 | 89,021 | 91,536 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 29,525 | 30,384 | 31,693 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 57,534 | 58,637 | 59,843 |
Preferred stock dividends of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 57,534 | 58,637 | 59,843 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 11,193 | 14,979 | 8,984 |
Assets | 5,243,824 | ' | ' | ' | 5,041,673 | ' | ' | ' | 5,243,824 | 5,041,673 | 4,909,974 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment financial information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues from external customers | ' | ' | ' | ' | ' | ' | ' | ' | 184 | 103 | -619 |
Intersegment revenues (eliminations) | ' | ' | ' | ' | ' | ' | ' | ' | -33 | -86 | -143 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 151 | 17 | -762 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,396 | 1,517 | 1,208 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,200 | 16,096 | 22,075 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -33,353 | -33,933 | -39,049 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -14,301 | -14,573 | -17,345 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -19,052 | -19,360 | -21,704 |
Preferred stock dividends of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -105 | -105 | -105 |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | -18,947 | -19,255 | -21,599 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 201 | 410 | 110 |
Assets | $9,091 | ' | ' | ' | ($1,334) | ' | ' | ' | $9,091 | ($1,334) | $10,496 |
Electric_utility_segment_Detai
Electric utility segment (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Regulatory assets | ' | ' |
Regulatory assets | $575,924 | $864,596 |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 349,299 | 324,152 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 575,924 | 864,596 |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 349,299 | 324,152 |
Hawaiian Electric Company, Inc. and Subsidiaries | Cost of removal in excess of salvage value | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 315,164 | 305,978 |
Hawaiian Electric Company, Inc. and Subsidiaries | Retirement benefit plans, regulatory liabilities | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 31,546 | 15,563 |
Authorized amortization or recovery periods | '5 years | '5 years |
Remaining amortization or recovery periods | '5 years | '5 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Other, regulatory liabilities | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 2,589 | 2,611 |
Authorized amortization or recovery periods | '5 years | '5 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Retirement benefit plans, regulatory assets | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 350,821 | 660,835 |
Hawaiian Electric Company, Inc. and Subsidiaries | Income taxes, net | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 85,430 | 84,931 |
Hawaiian Electric Company, Inc. and Subsidiaries | Decoupling revenue balancing account | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 90,386 | 66,076 |
Hawaiian Electric Company, Inc. and Subsidiaries | Unamortized expense and premiums on retired debt and equity issuances | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 17,342 | 17,130 |
Hawaiian Electric Company, Inc. and Subsidiaries | Vacation earned, but not yet taken | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 9,149 | 8,493 |
Authorized amortization or recovery periods | '1 year | '1 year |
Hawaiian Electric Company, Inc. and Subsidiaries | Postretirement benefits other than pensions | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 62 | 249 |
Authorized amortization or recovery periods | '18 years | '18 years |
Remaining amortization or recovery periods | '1 year | '1 year |
Hawaiian Electric Company, Inc. and Subsidiaries | Other, regulatory assets | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 22,734 | 26,882 |
Hawaiian Electric Company, Inc. and Subsidiaries | Maximum | Cost of removal in excess of salvage value | ' | ' |
Regulatory liabilities | ' | ' |
Authorized amortization or recovery periods | '60 years | '60 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Maximum | Other, regulatory liabilities | ' | ' |
Regulatory liabilities | ' | ' |
Remaining amortization or recovery periods | '2 years | '2 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Maximum | Income taxes, net | ' | ' |
Regulatory assets | ' | ' |
Authorized amortization or recovery periods | '55 years | '55 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Maximum | Decoupling revenue balancing account | ' | ' |
Regulatory assets | ' | ' |
Authorized amortization or recovery periods | '2 years | '2 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Maximum | Unamortized expense and premiums on retired debt and equity issuances | ' | ' |
Regulatory assets | ' | ' |
Authorized amortization or recovery periods | '30 years | '30 years |
Remaining amortization or recovery periods | '20 years | '20 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Maximum | Other, regulatory assets | ' | ' |
Regulatory assets | ' | ' |
Authorized amortization or recovery periods | '50 years | '50 years |
Remaining amortization or recovery periods | '47 years | '47 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Minimum | Cost of removal in excess of salvage value | ' | ' |
Regulatory liabilities | ' | ' |
Authorized amortization or recovery periods | '1 year | '1 year |
Hawaiian Electric Company, Inc. and Subsidiaries | Minimum | Other, regulatory liabilities | ' | ' |
Regulatory liabilities | ' | ' |
Remaining amortization or recovery periods | '1 year | '1 year |
Hawaiian Electric Company, Inc. and Subsidiaries | Minimum | Income taxes, net | ' | ' |
Regulatory assets | ' | ' |
Authorized amortization or recovery periods | '1 year | '1 year |
Hawaiian Electric Company, Inc. and Subsidiaries | Minimum | Decoupling revenue balancing account | ' | ' |
Regulatory assets | ' | ' |
Authorized amortization or recovery periods | '1 year | '1 year |
Hawaiian Electric Company, Inc. and Subsidiaries | Minimum | Unamortized expense and premiums on retired debt and equity issuances | ' | ' |
Regulatory assets | ' | ' |
Authorized amortization or recovery periods | '14 years | '14 years |
Remaining amortization or recovery periods | '2 years | '2 years |
Hawaiian Electric Company, Inc. and Subsidiaries | Minimum | Other, regulatory assets | ' | ' |
Regulatory assets | ' | ' |
Authorized amortization or recovery periods | '1 year | '1 year |
Remaining amortization or recovery periods | '1 year | '1 year |
Hawaiian Electric Company, Inc. and Subsidiaries | Current assets | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 69,738 | 51,267 |
Hawaiian Electric Company, Inc. and Subsidiaries | Long-term assets | ' | ' |
Regulatory assets | ' | ' |
Regulatory assets | 506,186 | 813,329 |
Hawaiian Electric Company, Inc. and Subsidiaries | Current liabilities | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | 1,916 | 1,212 |
Hawaiian Electric Company, Inc. and Subsidiaries | Long-term liabilities | ' | ' |
Regulatory liabilities | ' | ' |
Regulatory liabilities | $347,383 | $322,940 |
Electric_utility_segment_Detai1
Electric utility segment (Details 2) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | 31-May-13 | Feb. 21, 2014 | Nov. 30, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Oct. 19, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | 31-May-12 | Feb. 28, 2012 | Nov. 30, 2011 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 07, 2014 | Feb. 07, 2014 | Feb. 07, 2014 | Mar. 31, 2012 | Dec. 31, 2011 | |
agreement | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light Company, Inc. (HELCO) | Maui Electric Company, Limited (MECO) | Maui Electric Company, Limited (MECO) | Maui Electric Company, Limited (MECO) | Maui Electric Company, Limited (MECO) | Maui Electric Company, Limited (MECO) | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | East Oahu Transmission Project Phase 1 | East Oahu Transmission Project Phase 1 | |
project | project | project | project | agreement | generation_unit | bid | MW | MW | MW | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | ||||||||||||||||||||
Minimum | Maximum | |||||||||||||||||||||||||||||||||
Fuel contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated cost of minimum purchase within 2014 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated cost of minimum purchase in 2015 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated cost of minimum purchase in 2016 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' |
Cost of purchases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | 1,300,000,000 | 1,300,000,000 | ' | ' | ' | ' | ' |
Power purchase agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of power purchase agreements (PPAs) | 6 | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Power purchase capacity excluding agreements with smaller IPPs (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 567 | ' | ' | ' | ' | ' | ' | ' |
Purchased power | ' | ' | ' | ' | ' | ' | ' | 527,839,000 | 540,802,000 | 522,503,000 | ' | 128,368,000 | 145,386,000 | 137,453,000 | ' | 54,474,000 | 38,052,000 | 29,696,000 | ' | ' | ' | ' | ' | ' | ' | ' | 710,681,000 | 724,240,000 | 689,652,000 | ' | ' | ' | ' | ' |
Expected fixed capacity charges per year for 2014 through 2018, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Expected fixed capacity charges from 2019 through 2033 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' |
Renewable projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross plant cost agreed to be written-off in lieu of regulatory audit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | ' |
After-tax charge to net income due to settlement agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 |
Additional increase in test year rate case | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' |
Deferred cost to be recovered subject to PUC approval | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional deferred cost to be recovered subject to PUC approval | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 555,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Integration from renewable energy sources (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' |
Maximum deferred cost recovery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,890,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Integration from firm renewable geothermal dispatchable energy (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of bids received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Environmental regulation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional accrued investigation and estimated cleanup costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of reduction in GHG emissions by 2020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 16.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Utilities Deferred Cost Accrual Rate Per Annum | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of renewable portfolio standard to be achieved by 2030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Period for Deferred Cost Recovery | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Projects for Bidding Subject to PUC Approval | ' | ' | ' | 2 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of PV Projects for Bidding Subject to PUC Approval | ' | ' | ' | 6 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Wind Projects for Bidding Subject to PUC Approval | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Projects for Bidding Subsequently Withdrawn | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Projects for Bidding Granted Waivers | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Generating Units Subject to New Regulation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in the asset retirement obligation liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,431,000 | 50,871,000 | ' | ' | ' | ' | ' | ' |
Accretion expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,263,000 | 1,563,000 | ' | ' | ' | ' | ' | ' |
Liabilities incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Liabilities settled | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,672,000 | -4,003,000 | ' | ' | ' | ' | ' | ' |
Revisions in estimated cash flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -916,000 | 0 | ' | ' | ' | ' | ' | ' |
Balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,106,000 | 48,431,000 | 50,871,000 | ' | ' | ' | ' | ' |
Public Utilities, Baseline Capital Project Value to Determine Revenue Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Proposed Rate Base Adjustment, Percent of Previous Rate Base Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' |
Public Utilities, Proposed Effective Interest Rate, Revenue Balancing Account | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 3.25% | ' | ' |
Public Utilites, Effective Interest Rate, Revenue Balancing Account | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Public Utilities, Regulatory Response Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' |
Revenues | ' | 5,300,000 | ' | ' | ' | ' | ' | 2,124,174,000 | 2,228,233,000 | 2,114,066,000 | ' | 431,517,000 | 441,013,000 | 444,891,000 | ' | 424,603,000 | 440,270,000 | 419,760,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,980,172,000 | 3,109,439,000 | 2,978,690,000 | ' | ' | ' | ' | ' |
Lower ROACE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Customer Information System expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension and OPEB expense based on 3-year average | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Integrated resource planning expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operational and Renewable Energy Integration study costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stipulated Return on Common Equity Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return on Common Equity Percentage Approved by PUC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return on Common Equity Percentage Approved by PUC Allocated to Lower Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return on Common Equity Percentage Approved by PUC Allocated for OverCurtailment of Renewable Energy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period as Basis for Calculation of Average Pension Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred IRP Cost Allowed by PUC Order | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charge Recorded Net of Revenue Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount to be Refunded to Customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase(Decrease) in Employee Benefit Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred IRP Cost Allowed By PUC Order, Reclassified To Deferred Accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Electric_utility_segment_Detai2
Electric utility segment (Details 3) (Operating revenues, Customer concentration, Various federal government agencies, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating revenues | Customer concentration | Various federal government agencies | ' | ' | ' |
Major customers | ' | ' | ' |
Operating revenues percentage | 11.00% | 11.00% | 11.00% |
Operating revenues amount | $340 | $349 | $316 |
Electric_utility_segment_Detai3
Electric utility segment (Details 4) (USD $) | Dec. 31, 2013 |
HECO | Multiple Series Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Preferred Stock Voluntary Liquidation Preference | $20 |
Preferred Stock, Redemption Price Per Share | $21 |
HECO | Series I Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Preferred Stock Voluntary Liquidation Preference | $20 |
Preferred Stock, Redemption Price Per Share | $20 |
Hawaii Electric Light Company, Inc. (HELCO) | Series G Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Preferred Stock Voluntary Liquidation Preference | $100 |
Preferred Stock, Redemption Price Per Share | $100 |
MECO | Series H Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Preferred Stock Voluntary Liquidation Preference | $100 |
Preferred Stock, Redemption Price Per Share | $100 |
Electric_utility_segment_Detai4
Electric utility segment (Details 5) (Hawaiian Electric Industries, Inc., HECO, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Hawaiian Electric Industries, Inc. | HECO | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Amount charged to subsidiaries for general management and administrative services | $6.20 | $6.10 | $4.90 |
Effective interest rate basis term | '30 days | ' | ' |
Line of credit facility basis point spread (as a percent) | 0.15% | ' | ' |
Electric_utility_segment_Detai5
Electric utility segment (Details 6) (USD $) | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jan. 28, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | HECO | HELCO | MECO | |
CIS project | CIS project | CIS project | CIS project | CIS project | |||
Regulatory projects and legal obligations | ' | ' | ' | ' | ' | ' | ' |
Project costs to be written off, subject to approval by PUC | ' | ' | ' | $40 | ' | ' | ' |
After-tax charge to net income due to write-off of project costs | ' | 24 | 24 | ' | 17.1 | 3.4 | 3.2 |
Remaining recoverable project costs included in rate base, in accordance with the settlement agreement | $52 | ' | ' | ' | ' | ' | ' |
Electric_utility_segment_Detai6
Electric utility segment (Details 7) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
HECO | HECO | HECO | HECO | HELCO | HELCO | HELCO | MECO | MECO | MECO | RHI | RHI | RHI | Consolidating adjustments | Consolidating adjustments | Consolidating adjustments | HECO Consolidated | HECO Consolidated | HECO Consolidated | HECO Consolidated | HECO Consolidated | HECO Consolidated | HECO Consolidated | HECO Consolidated | HECO Consolidated | HECO Consolidated | HECO Consolidated | ||||||||||||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,300 | $2,124,174 | $2,228,233 | $2,114,066 | $431,517 | $441,013 | $444,891 | $424,603 | $440,270 | $419,760 | $0 | ' | ' | ($122) | ($77) | ($27) | ' | ' | ' | ' | ' | ' | ' | ' | $2,980,172 | $3,109,439 | $2,978,690 |
Fuel oil | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 851,365 | 945,246 | 909,172 | 125,516 | 116,866 | 121,839 | 208,671 | 235,307 | 234,115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,185,552 | 1,297,419 | 1,265,126 |
Purchased power | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 527,839 | 540,802 | 522,503 | 128,368 | 145,386 | 137,453 | 54,474 | 38,052 | 29,696 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 710,681 | 724,240 | 689,652 |
Other operation and maintenance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 283,768 | 266,208 | 266,807 | 61,418 | 60,447 | 56,066 | 58,081 | 70,771 | 57,202 | 3 | 3 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403,270 | 397,429 | 380,084 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,738 | 90,783 | 89,324 | 34,188 | 33,337 | 32,767 | 20,099 | 20,378 | 20,884 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 154,025 | 144,498 | 142,975 |
Taxes, other than income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,962 | 209,943 | 196,170 | 40,092 | 41,370 | 41,028 | 40,077 | 41,528 | 39,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281,131 | 292,841 | 276,504 |
Impairment of utility assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,000 | 9,215 | ' | 5,500 | 0 | ' | 5,500 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 40,000 | 9,215 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,923,051 | 3,090,799 | 2,952,639 | ' | 1,963,672 | 2,081,982 | 1,993,191 | 389,582 | 402,906 | 389,153 | 381,402 | 411,536 | 381,203 | 3 | 3 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,734,659 | 2,896,427 | 2,763,556 |
Total operating income | 72,293 | 90,099 | 82,370 | 70,657 | 37,272 | 91,702 | 79,406 | 75,816 | 315,419 | 284,196 | 289,696 | ' | 160,502 | 146,251 | 120,875 | 41,935 | 38,107 | 55,738 | 43,201 | 28,734 | 38,557 | -3 | -3 | -9 | -122 | -77 | -27 | 59,508 | 71,914 | 61,138 | 52,953 | 19,443 | 74,819 | 61,496 | 57,254 | 245,513 | 213,012 | 215,134 |
Allowance for equity funds used during construction | ' | ' | ' | ' | ' | ' | ' | ' | 5,561 | 7,007 | 5,964 | ' | 4,495 | 5,735 | 4,572 | 643 | 585 | 592 | 423 | 687 | 800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,561 | 7,007 | 5,964 |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,410 | 28,836 | 44,616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,410 | -28,836 | -44,616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense and other charges, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -39,107 | -40,842 | -37,624 | -11,341 | -12,066 | -12,554 | -8,953 | -9,224 | -9,880 | ' | ' | ' | 122 | 77 | 27 | ' | ' | ' | ' | ' | ' | ' | ' | -59,279 | -62,055 | -60,031 |
Allowance for borrowed funds used during construction | ' | ' | ' | ' | ' | ' | ' | ' | 2,246 | 4,355 | 2,498 | ' | 1,814 | 3,642 | 1,941 | 263 | 235 | 248 | 169 | 478 | 309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,246 | 4,355 | 2,498 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 247,747 | 217,407 | 216,052 | ' | 169,114 | 143,622 | 134,380 | 31,500 | 26,861 | 44,024 | 34,840 | 20,675 | 29,786 | -3 | -3 | -9 | -41,410 | -28,836 | -44,616 | ' | ' | ' | ' | ' | ' | ' | ' | 194,041 | 162,319 | 163,565 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 84,341 | 76,859 | 75,932 | ' | 45,105 | 43,266 | 33,314 | 10,830 | 10,115 | 16,839 | 13,182 | 7,667 | 11,431 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,117 | 61,048 | 61,584 |
Net income | 39,486 | 48,707 | 41,061 | 34,152 | 14,309 | 48,177 | 39,273 | 38,789 | 163,406 | 140,548 | 140,120 | ' | 124,009 | 100,356 | 101,066 | 20,670 | 16,746 | 27,185 | 21,658 | 13,008 | 18,355 | -3 | -3 | -9 | -41,410 | -28,836 | -44,616 | 32,489 | 38,315 | 29,192 | 24,928 | 4,724 | 38,873 | 29,875 | 27,799 | 124,924 | 101,271 | 101,981 |
Preferred stock dividends of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 1,890 | 1,890 | 1,890 | ' | ' | ' | ' | 534 | 534 | 534 | 381 | 381 | 381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 915 | 915 | 915 |
Net income (loss) attributable to Hawaiian Electric | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,009 | 100,356 | 101,066 | 20,136 | 16,212 | 26,651 | 21,277 | 12,627 | 17,974 | -3 | -3 | -9 | -41,410 | -28,836 | -44,616 | ' | ' | ' | ' | ' | ' | ' | ' | 124,009 | 100,356 | 101,066 |
Preferred stock dividends of Hawaiian Electric | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,080 | 1,080 | 1,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,080 | 1,080 | 1,080 |
Net income for common stock | $39,013 | $48,236 | $40,588 | $33,679 | $13,836 | $47,706 | $38,800 | $38,316 | $161,516 | $138,658 | $138,230 | ' | $122,929 | $99,276 | $99,986 | $20,136 | $16,212 | $26,651 | $21,277 | $12,627 | $17,974 | ($3) | ($3) | ($9) | ($41,410) | ($28,836) | ($44,616) | $31,990 | $37,817 | $28,693 | $24,429 | $4,225 | $38,375 | $29,376 | $27,300 | $122,929 | $99,276 | $99,986 |
Electric_utility_segment_Detai7
Electric utility segment (Details 8) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income for common stock | $39,013 | $48,236 | $40,588 | $33,679 | $13,836 | $47,706 | $38,800 | $38,316 | $161,516 | $138,658 | $138,230 |
Prior service credit arising during the period, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 6,943 |
Net gains (losses) arising during the period, net of (taxes) benefits | ' | ' | ' | ' | ' | ' | ' | ' | 223,177 | -99,159 | -130,191 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 23,280 | 15,291 | 9,364 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -222,595 | 75,471 | 100,692 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,673 | -7,286 | -6,665 |
Comprehensive income attributable to common shareholder | ' | ' | ' | ' | ' | ' | ' | ' | 171,189 | 131,372 | 131,565 |
HECO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 122,929 | 99,276 | 99,986 |
Prior service credit arising during the period, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,921 |
Net gains (losses) arising during the period, net of (taxes) benefits | ' | ' | ' | ' | ' | ' | ' | ' | 203,479 | -90,082 | -116,726 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 20,694 | 13,673 | 8,372 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -222,595 | 75,471 | 100,692 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,578 | -938 | -741 |
Comprehensive income attributable to common shareholder | ' | ' | ' | ' | ' | ' | ' | ' | 124,507 | 98,338 | 99,245 |
HELCO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 20,136 | 16,212 | 26,651 |
Prior service credit arising during the period, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,419 |
Net gains (losses) arising during the period, net of (taxes) benefits | ' | ' | ' | ' | ' | ' | ' | ' | 30,542 | -13,577 | -18,224 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 2,880 | 2,101 | 1,324 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -33,277 | 11,442 | 15,436 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 145 | -34 | -45 |
Comprehensive income attributable to common shareholder | ' | ' | ' | ' | ' | ' | ' | ' | 20,281 | 16,178 | 26,606 |
MECO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 21,277 | 12,627 | 17,974 |
Prior service credit arising during the period, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,239 |
Net gains (losses) arising during the period, net of (taxes) benefits | ' | ' | ' | ' | ' | ' | ' | ' | 27,919 | -10,935 | -16,816 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 2,557 | 1,771 | 1,158 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -30,377 | 9,093 | 14,366 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 99 | -71 | -53 |
Comprehensive income attributable to common shareholder | ' | ' | ' | ' | ' | ' | ' | ' | 21,376 | 12,556 | 17,921 |
RHI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -3 | -9 |
Prior service credit arising during the period, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Net gains (losses) arising during the period, net of (taxes) benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Comprehensive income attributable to common shareholder | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -3 | -9 |
Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | -41,410 | -28,836 | -44,616 |
Prior service credit arising during the period, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,658 |
Net gains (losses) arising during the period, net of (taxes) benefits | ' | ' | ' | ' | ' | ' | ' | ' | -58,461 | 24,512 | 35,040 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | -5,437 | -3,872 | -2,482 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 63,654 | -20,535 | -29,802 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -244 | 105 | 98 |
Comprehensive income attributable to common shareholder | ' | ' | ' | ' | ' | ' | ' | ' | -41,654 | -28,731 | -44,518 |
HECO Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income for common stock | 31,990 | 37,817 | 28,693 | 24,429 | 4,225 | 38,375 | 29,376 | 27,300 | 122,929 | 99,276 | 99,986 |
Prior service credit arising during the period, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 6,921 |
Net gains (losses) arising during the period, net of (taxes) benefits | ' | ' | ' | ' | ' | ' | ' | ' | 203,479 | -90,082 | -116,726 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 20,694 | 13,673 | 8,372 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -222,595 | 75,471 | 100,692 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,578 | -938 | -741 |
Comprehensive income attributable to common shareholder | ' | ' | ' | ' | ' | ' | ' | ' | $124,507 | $98,338 | $99,245 |
Electric_utility_segment_Detai8
Electric utility segment (Details 9) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2007 |
In Thousands, unless otherwise specified | |||||
Total assets | $10,340,044 | $10,149,132 | ' | ' | ' |
Cumulative preferred stock-not subject to mandatory redemption | 0 | 0 | ' | ' | ' |
Interest and dividends payable | 26,716 | 26,258 | ' | ' | ' |
Deferred income taxes | 529,260 | 439,329 | ' | ' | ' |
Contributions in aid of construction | 432,894 | 405,520 | ' | ' | ' |
Total liabilities and shareholders' equity | 10,340,044 | 10,149,132 | ' | ' | ' |
HECO | ' | ' | ' | ' | ' |
Land | 43,407 | 43,370 | ' | ' | ' |
Plant and equipment | 3,558,569 | 3,325,862 | ' | ' | ' |
Less accumulated depreciation | -1,222,129 | -1,185,899 | ' | ' | ' |
Construction in progress | 124,494 | 130,143 | ' | ' | ' |
Net utility plant | 2,504,341 | 2,313,476 | ' | ' | ' |
Investment in wholly-owned subsidiaries, at equity | 523,674 | 497,939 | ' | ' | ' |
Cash and cash equivalents | 61,245 | 8,265 | 44,819 | 121,019 | ' |
Advances to affiliates | 6,839 | 9,400 | ' | ' | ' |
Customer accounts receivable, net | 121,282 | 154,316 | ' | ' | ' |
Accrued unbilled revenues, net | 107,752 | 100,600 | ' | ' | ' |
Other accounts receivable, net | 16,373 | 33,313 | ' | ' | ' |
Fuel oil stock, at average cost | 99,613 | 123,176 | ' | ' | ' |
Materials and supplies, at average cost | 37,377 | 31,779 | ' | ' | ' |
Prepayments and other | 29,798 | 21,708 | ' | ' | ' |
Regulatory assets | 54,979 | 42,675 | ' | ' | ' |
Total current assets | 535,258 | 525,232 | ' | ' | ' |
Regulatory assets | 381,346 | 601,451 | ' | ' | ' |
Unamortized debt expense | 6,051 | 7,042 | ' | ' | ' |
Other | 47,116 | 46,586 | ' | ' | ' |
Total other long-term assets | 434,513 | 655,079 | ' | ' | ' |
Total assets | 3,997,786 | 3,991,726 | ' | ' | ' |
Common stock equity | 1,593,564 | 1,472,136 | ' | ' | ' |
Cumulative preferred stock-not subject to mandatory redemption | 22,293 | 22,293 | ' | ' | ' |
Long-term debt, net | 830,547 | 780,546 | ' | ' | ' |
Total capitalization | 2,446,404 | 2,274,975 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Short-term borrowings-affiliate | 1,000 | 18,050 | ' | ' | ' |
Accounts payable | 145,062 | 134,651 | ' | ' | ' |
Interest and dividends payable | 15,190 | 14,479 | ' | ' | ' |
Taxes accrued | 175,790 | 174,477 | ' | ' | ' |
Regulatory liabilities | 1,705 | 1,212 | ' | ' | ' |
Other | 48,443 | 45,125 | ' | ' | ' |
Total current liabilities | 387,190 | 387,994 | ' | ' | ' |
Deferred income taxes | 359,621 | 302,569 | ' | ' | ' |
Regulatory liabilities | 235,786 | 219,303 | ' | ' | ' |
Unamortized tax credits | 44,931 | 39,827 | ' | ' | ' |
Defined benefit pension and other postretirement benefit plans liability | 202,396 | 459,765 | ' | ' | ' |
Other | 63,374 | 68,783 | ' | ' | ' |
Total deferred credits and other liabilities | 906,108 | 1,090,247 | ' | ' | ' |
Contributions in aid of construction | 258,084 | 238,510 | ' | ' | ' |
Total liabilities and shareholders' equity | 3,997,786 | 3,991,726 | ' | ' | ' |
Consolidating adjustments | ' | ' | ' | ' | ' |
Investment in wholly-owned subsidiaries, at equity | -523,674 | -497,939 | ' | ' | ' |
Advances to affiliates | -7,839 | -27,450 | ' | ' | ' |
Other accounts receivable, net | -9,027 | -9,275 | ' | ' | ' |
Prepayments and other | -1,415 | 0 | ' | ' | ' |
Total current assets | -18,281 | -36,725 | ' | ' | ' |
Total assets | -541,955 | -534,664 | ' | ' | ' |
Common stock equity | -523,674 | -497,939 | ' | ' | ' |
Total capitalization | -523,674 | -497,939 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Short-term borrowings-affiliate | -7,839 | -27,450 | ' | ' | ' |
Interest and dividends payable | -8 | -7 | ' | ' | ' |
Taxes accrued | -1,415 | 0 | ' | ' | ' |
Regulatory liabilities | ' | 0 | ' | ' | ' |
Other | -9,019 | -9,268 | ' | ' | ' |
Total current liabilities | -18,281 | -36,725 | ' | ' | ' |
Total liabilities and shareholders' equity | -541,955 | -534,664 | ' | ' | ' |
HELCO | ' | ' | ' | ' | ' |
Land | 5,460 | 5,182 | ' | ' | ' |
Plant and equipment | 1,136,923 | 1,086,048 | ' | ' | ' |
Less accumulated depreciation | -453,721 | -433,531 | ' | ' | ' |
Construction in progress | 7,709 | 12,126 | ' | ' | ' |
Net utility plant | 696,371 | 669,825 | ' | ' | ' |
Cash and cash equivalents | 1,326 | 5,441 | 3,383 | 1,229 | ' |
Advances to affiliates | 1,000 | 18,050 | ' | ' | ' |
Customer accounts receivable, net | 28,088 | 29,772 | ' | ' | ' |
Accrued unbilled revenues, net | 17,100 | 14,393 | ' | ' | ' |
Other accounts receivable, net | 4,265 | 1,122 | ' | ' | ' |
Fuel oil stock, at average cost | 14,178 | 15,485 | ' | ' | ' |
Materials and supplies, at average cost | 6,883 | 5,336 | ' | ' | ' |
Prepayments and other | 8,334 | 5,146 | ' | ' | ' |
Regulatory assets | 6,931 | 4,056 | ' | ' | ' |
Total current assets | 88,105 | 98,801 | ' | ' | ' |
Regulatory assets | 64,552 | 109,815 | ' | ' | 12,800 |
Unamortized debt expense | 1,580 | 2,066 | ' | ' | ' |
Other | 11,352 | 9,871 | ' | ' | ' |
Total other long-term assets | 77,484 | 121,752 | ' | ' | ' |
Total assets | 861,960 | 890,378 | ' | ' | ' |
Common stock equity | 274,802 | 268,908 | ' | ' | ' |
Cumulative preferred stock-not subject to mandatory redemption | 7,000 | 7,000 | ' | ' | ' |
Long-term debt, net | 189,998 | 201,326 | ' | ' | ' |
Total capitalization | 471,800 | 477,234 | ' | ' | ' |
Current portion of long-term debt | 11,400 | ' | ' | ' | ' |
Accounts payable | 24,383 | 27,457 | ' | ' | ' |
Interest and dividends payable | 3,885 | 4,027 | ' | ' | ' |
Taxes accrued | 37,899 | 38,778 | ' | ' | ' |
Regulatory liabilities | ' | 0 | ' | ' | ' |
Other | 9,033 | 10,310 | ' | ' | ' |
Total current liabilities | 86,600 | 80,572 | ' | ' | ' |
Deferred income taxes | 79,947 | 68,479 | ' | ' | ' |
Regulatory liabilities | 76,475 | 67,359 | ' | ' | ' |
Unamortized tax credits | 14,245 | 13,450 | ' | ' | ' |
Defined benefit pension and other postretirement benefit plans liability | 28,427 | 80,686 | ' | ' | ' |
Other | 14,703 | 17,799 | ' | ' | ' |
Total deferred credits and other liabilities | 213,797 | 247,773 | ' | ' | ' |
Contributions in aid of construction | 89,763 | 84,799 | ' | ' | ' |
Total liabilities and shareholders' equity | 861,960 | 890,378 | ' | ' | ' |
MECO | ' | ' | ' | ' | ' |
Land | 3,016 | 3,016 | ' | ' | ' |
Plant and equipment | 1,006,383 | 952,490 | ' | ' | ' |
Less accumulated depreciation | -435,379 | -421,359 | ' | ' | ' |
Construction in progress | 11,030 | 9,109 | ' | ' | ' |
Net utility plant | 585,050 | 543,256 | ' | ' | ' |
Cash and cash equivalents | 153 | 3,349 | 496 | 594 | ' |
Advances to affiliates | ' | 0 | ' | ' | ' |
Customer accounts receivable, net | 26,078 | 26,691 | ' | ' | ' |
Accrued unbilled revenues, net | 19,272 | 19,305 | ' | ' | ' |
Other accounts receivable, net | 2,451 | 3,016 | ' | ' | ' |
Fuel oil stock, at average cost | 20,296 | 22,758 | ' | ' | ' |
Materials and supplies, at average cost | 14,784 | 13,970 | ' | ' | ' |
Prepayments and other | 16,140 | 6,011 | ' | ' | ' |
Regulatory assets | 7,828 | 4,536 | ' | ' | ' |
Total current assets | 107,002 | 99,636 | ' | ' | ' |
Regulatory assets | 60,288 | 102,063 | ' | ' | ' |
Unamortized debt expense | 1,372 | 1,446 | ' | ' | ' |
Other | 15,525 | 14,848 | ' | ' | ' |
Total other long-term assets | 77,185 | 118,357 | ' | ' | ' |
Total assets | 769,237 | 761,249 | ' | ' | ' |
Common stock equity | 248,771 | 228,927 | ' | ' | ' |
Cumulative preferred stock-not subject to mandatory redemption | 5,000 | 5,000 | ' | ' | ' |
Long-term debt, net | 186,000 | 166,000 | ' | ' | ' |
Total capitalization | 439,771 | 399,927 | ' | ' | ' |
Current portion of long-term debt | 0 | ' | ' | ' | ' |
Short-term borrowings-affiliate | 6,839 | 9,400 | ' | ' | ' |
Accounts payable | 20,114 | 24,716 | ' | ' | ' |
Interest and dividends payable | 2,585 | 2,593 | ' | ' | ' |
Taxes accrued | 37,171 | 37,811 | ' | ' | ' |
Regulatory liabilities | 211 | 0 | ' | ' | ' |
Other | 15,424 | 14,634 | ' | ' | ' |
Total current liabilities | 82,344 | 89,154 | ' | ' | ' |
Deferred income taxes | 67,593 | 46,563 | ' | ' | ' |
Regulatory liabilities | 35,122 | 36,278 | ' | ' | ' |
Unamortized tax credits | 14,363 | 13,307 | ' | ' | ' |
Defined benefit pension and other postretirement benefit plans liability | 31,339 | 79,754 | ' | ' | ' |
Other | 13,658 | 14,055 | ' | ' | ' |
Total deferred credits and other liabilities | 162,075 | 189,957 | ' | ' | ' |
Contributions in aid of construction | 85,047 | 82,211 | ' | ' | ' |
Total liabilities and shareholders' equity | 769,237 | 761,249 | ' | ' | ' |
HECO Consolidated | ' | ' | ' | ' | ' |
Land | 51,883 | 51,568 | ' | ' | ' |
Plant and equipment | 5,701,875 | 5,364,400 | ' | ' | ' |
Less accumulated depreciation | -2,111,229 | -2,040,789 | ' | ' | ' |
Construction in progress | 143,233 | 151,378 | ' | ' | ' |
Net utility plant | 3,785,762 | 3,526,557 | ' | ' | ' |
Cash and cash equivalents | 62,825 | 17,159 | 48,806 | 122,936 | ' |
Customer accounts receivable, net | 175,448 | 210,779 | ' | ' | ' |
Accrued unbilled revenues, net | 144,124 | 134,298 | ' | ' | ' |
Other accounts receivable, net | 14,062 | 28,176 | ' | ' | ' |
Fuel oil stock, at average cost | 134,087 | 161,419 | ' | ' | ' |
Materials and supplies, at average cost | 59,044 | 51,085 | ' | ' | ' |
Prepayments and other | 52,857 | 32,865 | ' | ' | ' |
Regulatory assets | 69,738 | 51,267 | ' | ' | ' |
Total current assets | 712,185 | 687,048 | ' | ' | ' |
Regulatory assets | 506,186 | 813,329 | ' | ' | ' |
Unamortized debt expense | 9,003 | 10,554 | ' | ' | ' |
Other | 73,993 | 71,305 | ' | ' | ' |
Total other long-term assets | 589,182 | 895,188 | ' | ' | ' |
Total assets | 5,087,129 | 5,108,793 | ' | ' | ' |
Common stock equity | 1,593,564 | 1,472,136 | ' | ' | ' |
Cumulative preferred stock-not subject to mandatory redemption | 34,293 | 34,293 | ' | ' | ' |
Long-term debt, net | 1,206,545 | 1,147,872 | ' | ' | ' |
Total capitalization | 2,834,402 | 2,654,301 | ' | ' | ' |
Current portion of long-term debt | 11,400 | 0 | ' | ' | ' |
Accounts payable | 189,559 | 186,824 | ' | ' | ' |
Interest and dividends payable | 21,652 | 21,092 | ' | ' | ' |
Taxes accrued | 249,445 | 251,066 | ' | ' | ' |
Regulatory liabilities | 1,916 | 1,212 | ' | ' | ' |
Other | 63,881 | 60,801 | ' | ' | ' |
Total current liabilities | 537,853 | 520,995 | ' | ' | ' |
Deferred income taxes | 507,161 | 417,611 | ' | ' | ' |
Regulatory liabilities | 347,383 | 322,940 | ' | ' | ' |
Unamortized tax credits | 73,539 | 66,584 | ' | ' | ' |
Defined benefit pension and other postretirement benefit plans liability | 262,162 | 620,205 | ' | ' | ' |
Other | 91,735 | 100,637 | ' | ' | ' |
Total deferred credits and other liabilities | 1,281,980 | 1,527,977 | ' | ' | ' |
Contributions in aid of construction | 432,894 | 405,520 | ' | ' | ' |
Total liabilities and shareholders' equity | 5,087,129 | 5,108,793 | ' | ' | ' |
RHI | ' | ' | ' | ' | ' |
Cash and cash equivalents | 101 | 104 | 108 | 94 | ' |
Total current assets | 101 | 104 | ' | ' | ' |
Total assets | 101 | 104 | ' | ' | ' |
Common stock equity | 101 | 104 | ' | ' | ' |
Total capitalization | 101 | 104 | ' | ' | ' |
Other | ' | 0 | ' | ' | ' |
Total current liabilities | ' | 0 | ' | ' | ' |
Total liabilities and shareholders' equity | $101 | $104 | ' | ' | ' |
Electric_utility_segment_Detai9
Electric utility segment (Details 10) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Beginning Balance | ' | ' | ' | $1,593,865,000 | ' | ' | ' | $1,528,706,000 | $1,593,865,000 | $1,528,706,000 | $1,480,394,000 |
Net income for common stock | 39,013,000 | 48,236,000 | 40,588,000 | 33,679,000 | 13,836,000 | 47,706,000 | 38,800,000 | 38,316,000 | 161,516,000 | 138,658,000 | 138,230,000 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,673,000 | -7,286,000 | -6,665,000 |
Issuance of common stock, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | 41,692,000 | 41,295,000 | 21,217,000 |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -122,626,000 | -120,150,000 | -118,500,000 |
Ending Balance | 1,727,070,000 | ' | ' | ' | 1,593,865,000 | ' | ' | ' | 1,727,070,000 | 1,593,865,000 | 1,528,706,000 |
HECO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 1,472,136,000 | ' | ' | ' | 1,402,841,000 | 1,472,136,000 | 1,402,841,000 | 1,334,155,000 |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 122,929,000 | 99,276,000 | 99,986,000 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,578,000 | -938,000 | -741,000 |
Issuance of common stock, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | 78,499,000 | 44,001,000 | 39,999,000 |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -81,578,000 | -73,044,000 | -70,558,000 |
Ending Balance | 1,593,564,000 | ' | ' | ' | 1,472,136,000 | ' | ' | ' | 1,593,564,000 | 1,472,136,000 | 1,402,841,000 |
HELCO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 268,908,000 | ' | ' | ' | 280,468,000 | 268,908,000 | 280,468,000 | 269,986,000 |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 20,136,000 | 16,212,000 | 26,651,000 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 145,000 | -34,000 | -45,000 |
Issuance of common stock, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -14,387,000 | -27,738,000 | -16,124,000 |
Ending Balance | 274,802,000 | ' | ' | ' | 268,908,000 | ' | ' | ' | 274,802,000 | 268,908,000 | 280,468,000 |
MECO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 228,927,000 | ' | ' | ' | 235,568,000 | 228,927,000 | 235,568,000 | 229,651,000 |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 21,277,000 | 12,627,000 | 17,974,000 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 99,000 | -71,000 | -53,000 |
Issuance of common stock, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -1,532,000 | -19,197,000 | -12,004,000 |
Ending Balance | 248,771,000 | ' | ' | ' | 228,927,000 | ' | ' | ' | 248,771,000 | 228,927,000 | 235,568,000 |
RHI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 104,000 | ' | ' | ' | 107,000 | 104,000 | 107,000 | 91,000 |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | -3,000 | -3,000 | -9,000 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Issuance of common stock, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 |
Ending Balance | 101,000 | ' | ' | ' | 104,000 | ' | ' | ' | 101,000 | 104,000 | 107,000 |
Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | -497,939,000 | ' | ' | ' | -516,143,000 | -497,939,000 | -516,143,000 | -499,728,000 |
Net income for common stock | ' | ' | ' | ' | ' | ' | ' | ' | -41,410,000 | -28,836,000 | -44,616,000 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | -244,000 | 105,000 | 98,000 |
Issuance of common stock, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -25,000 |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 15,919,000 | 46,935,000 | 28,128,000 |
Ending Balance | -523,674,000 | ' | ' | ' | -497,939,000 | ' | ' | ' | -523,674,000 | -497,939,000 | -516,143,000 |
HECO Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 1,472,136,000 | ' | ' | ' | 1,402,841,000 | 1,472,136,000 | 1,402,841,000 | 1,334,155,000 |
Net income for common stock | 31,990,000 | 37,817,000 | 28,693,000 | 24,429,000 | 4,225,000 | 38,375,000 | 29,376,000 | 27,300,000 | 122,929,000 | 99,276,000 | 99,986,000 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,578,000 | -938,000 | -741,000 |
Issuance of common stock, net of expenses | ' | ' | ' | ' | ' | ' | ' | ' | 78,499,000 | 44,001,000 | 39,999,000 |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -81,578,000 | -73,044,000 | -70,558,000 |
Ending Balance | $1,593,564,000 | ' | ' | ' | $1,472,136,000 | ' | ' | ' | $1,593,564,000 | $1,472,136,000 | $1,402,841,000 |
Recovered_Sheet1
Electric utility segment (Details 11) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Net income (loss) | $39,486 | $48,707 | $41,061 | $34,152 | $14,309 | $48,177 | $39,273 | $38,789 | $163,406 | $140,548 | $140,120 | ' |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 160,061 | 150,389 | 148,152 | ' |
Other amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,667 | 7,958 | 19,318 | ' |
Impairment of utility plant | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 40,000 | 9,215 | ' |
Increase in deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 80,399 | 90,848 | 79,444 | ' |
Allowance for equity funds used during construction | ' | ' | ' | ' | ' | ' | ' | ' | -5,561 | -7,007 | -5,964 | ' |
Change in cash overdraft | ' | ' | ' | ' | ' | ' | ' | ' | 1,038 | 0 | -2,688 | ' |
Decrease (increase) in fuel oil stock | ' | ' | ' | ' | ' | ' | ' | ' | 27,332 | 10,129 | -18,843 | ' |
Increase in regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | -65,461 | -72,401 | -40,132 | ' |
Change in prepaid and accrued income taxes and revenue taxes | ' | ' | ' | ' | ' | ' | ' | ' | -19,406 | 21,079 | 73,153 | ' |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | ' | ' | ' | ' | ' | ' | ' | ' | -33,014 | -228 | -6,922 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 327,146 | 234,542 | 250,366 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -353,879 | -325,480 | -235,116 | ' |
Contributions in aid of construction | ' | ' | ' | ' | ' | ' | ' | ' | 32,160 | 45,982 | 23,534 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 3,516 | 2,677 | -2,974 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -563,760 | -427,047 | -326,787 | ' |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -98,383 | -96,202 | -106,812 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 286,000 | 457,000 | 125,000 | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 55,086 | 23,613 | 15,979 | ' |
Repayment of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -216,000 | -375,500 | -150,000 | ' |
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | ' | ' | ' | ' | ' | ' | ' | ' | 21,789 | 14,872 | 43,898 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,187 | -2,645 | -710 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 236,988 | 141,902 | 16,035 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 374 | -50,603 | -60,386 | ' |
HECO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 124,009 | 100,356 | 101,066 | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -41,510 | -28,936 | -44,716 | ' |
Common stock dividends received from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 28,505 | 47,035 | 28,228 | ' |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 99,738 | 90,783 | 89,324 | ' |
Other amortization | ' | ' | ' | ' | ' | ' | ' | ' | 554 | 1,508 | 9,890 | ' |
Impairment of utility plant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,000 | 9,215 | ' |
Increase in deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 41,409 | 66,968 | 38,548 | ' |
Change in tax credits, net | ' | ' | ' | ' | ' | ' | ' | ' | 5,152 | 5,006 | 1,464 | ' |
Allowance for equity funds used during construction | ' | ' | ' | ' | ' | ' | ' | ' | -4,495 | -5,735 | -4,572 | ' |
Decrease (increase) in accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 49,974 | -48,451 | -34,167 | ' |
Decrease (increase) in accrued unbilled revenues | ' | ' | ' | ' | ' | ' | ' | ' | -7,152 | 2,728 | -31,616 | ' |
Decrease (increase) in fuel oil stock | ' | ' | ' | ' | ' | ' | ' | ' | 23,563 | 4,861 | -6,757 | ' |
Increase in materials and supplies | ' | ' | ' | ' | ' | ' | ' | ' | -5,598 | -6,683 | -6,206 | ' |
Increase in regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | -46,047 | -55,605 | -31,774 | ' |
Increase (decrease) in accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | -6,136 | -31,743 | -34,515 | ' |
Change in prepaid and accrued income taxes and revenue taxes | ' | ' | ' | ' | ' | ' | ' | ' | 4,632 | 19,871 | 51,593 | ' |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | ' | ' | ' | ' | ' | ' | ' | ' | 2,325 | -434 | -20,439 | ' |
Changes in other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -17,941 | -44,880 | -17,432 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 250,982 | 145,649 | 97,134 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -237,899 | -233,792 | -160,528 | ' |
Contributions in aid of construction | ' | ' | ' | ' | ' | ' | ' | ' | 21,686 | 32,285 | 15,003 | ' |
Advances from affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 2,561 | -9,400 | 0 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 77 | ' |
Investment in consolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | -12,461 | ' | -25 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -226,113 | -210,907 | -145,473 | ' |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -81,578 | -73,044 | -70,558 | ' |
Preferred stock dividends of Hawaiian Electric and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,080 | -1,080 | -1,080 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | 367,000 | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 78,500 | 44,000 | 40,000 | ' |
Repayment of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -90,000 | -259,580 | ' | ' |
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | ' | ' | ' | ' | ' | ' | ' | ' | -17,050 | -46,600 | 4,200 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -681 | -1,992 | -423 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 28,111 | 28,704 | -27,861 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 52,980 | -36,554 | -76,200 | ' |
Cash and cash equivalents | 61,245 | ' | ' | ' | 8,265 | ' | ' | ' | 61,245 | 8,265 | 44,819 | 121,019 |
HELCO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 20,670 | 16,746 | 27,185 | ' |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 34,188 | 33,337 | 32,767 | ' |
Other amortization | ' | ' | ' | ' | ' | ' | ' | ' | 1,979 | 3,252 | 2,528 | ' |
Impairment of utility plant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500 | ' | ' |
Increase in deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 10,569 | 7,457 | 16,101 | ' |
Change in tax credits, net | ' | ' | ' | ' | ' | ' | ' | ' | 818 | 522 | 117 | ' |
Allowance for equity funds used during construction | ' | ' | ' | ' | ' | ' | ' | ' | -643 | -585 | -592 | ' |
Change in cash overdraft | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,527 | ' |
Decrease (increase) in accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | -1,459 | -1,106 | -2,985 | ' |
Decrease (increase) in accrued unbilled revenues | ' | ' | ' | ' | ' | ' | ' | ' | -2,707 | 4,106 | -2,481 | ' |
Decrease (increase) in fuel oil stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,307 | 3,732 | -3,466 | ' |
Increase in materials and supplies | ' | ' | ' | ' | ' | ' | ' | ' | -1,547 | -636 | -202 | ' |
Increase in regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | -9,237 | -9,649 | -2,025 | ' |
Increase (decrease) in accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | -4,756 | -8,110 | 4,391 | ' |
Change in prepaid and accrued income taxes and revenue taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,114 | 1,935 | 9,641 | ' |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -191 | -3,241 | ' |
Changes in other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -6,262 | -11,143 | -13,124 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 38,805 | 45,167 | 62,087 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -52,135 | -41,060 | -34,230 | ' |
Contributions in aid of construction | ' | ' | ' | ' | ' | ' | ' | ' | 7,590 | 8,184 | 6,271 | ' |
Advances from affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 17,050 | 28,100 | -15,200 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -230 | ' | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -27,725 | -4,776 | -43,159 | ' |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -14,388 | -27,738 | -16,124 | ' |
Preferred stock dividends of Hawaiian Electric and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -534 | -534 | -534 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 56,000 | 31,000 | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Repayment of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -56,000 | -41,200 | ' | ' |
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -273 | 139 | -116 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -15,195 | -38,333 | -16,774 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -4,115 | 2,058 | 2,154 | ' |
Cash and cash equivalents | 1,326 | ' | ' | ' | 5,441 | ' | ' | ' | 1,326 | 5,441 | 3,383 | 1,229 |
MECO | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 21,658 | 13,008 | 18,355 | ' |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 20,099 | 20,378 | 20,884 | ' |
Other amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,544 | 2,238 | 4,960 | ' |
Impairment of utility plant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500 | ' | ' |
Increase in deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 12,529 | 12,453 | 14,442 | ' |
Change in tax credits, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,047 | 547 | 506 | ' |
Allowance for equity funds used during construction | ' | ' | ' | ' | ' | ' | ' | ' | -423 | -687 | -800 | ' |
Change in cash overdraft | ' | ' | ' | ' | ' | ' | ' | ' | 1,038 | ' | -161 | ' |
Decrease (increase) in accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 1,178 | -2,164 | -5,663 | ' |
Decrease (increase) in accrued unbilled revenues | ' | ' | ' | ' | ' | ' | ' | ' | 33 | -3,306 | 655 | ' |
Decrease (increase) in fuel oil stock | ' | ' | ' | ' | ' | ' | ' | ' | 2,462 | 1,536 | -8,620 | ' |
Increase in materials and supplies | ' | ' | ' | ' | ' | ' | ' | ' | -814 | -578 | -63 | ' |
Increase in regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | -10,177 | -7,147 | -6,333 | ' |
Increase (decrease) in accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | -9,936 | 940 | -5,691 | ' |
Change in prepaid and accrued income taxes and revenue taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,546 | 3,433 | 8,502 | ' |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | ' | ' | ' | ' | ' | ' | ' | ' | -84 | -119 | -3,324 | ' |
Changes in other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -7,544 | -12,678 | -7,337 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 31,064 | 33,354 | 30,312 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -52,451 | -35,239 | -31,264 | ' |
Contributions in aid of construction | ' | ' | ' | ' | ' | ' | ' | ' | 2,884 | 5,513 | 2,260 | ' |
Advances from affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 18,500 | 11,000 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -49,567 | -11,226 | -18,004 | ' |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -14,017 | -19,197 | -12,004 | ' |
Preferred stock dividends of Hawaiian Electric and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -381 | -381 | -381 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 59,000 | ' | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 12,461 | ' | 0 | ' |
Repayment of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -20,000 | -67,720 | ' | ' |
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | ' | ' | ' | ' | ' | ' | ' | ' | -2,561 | 9,400 | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -195 | -377 | -21 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 15,307 | -19,275 | -12,406 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -3,196 | 2,853 | -98 | ' |
Cash and cash equivalents | 153 | ' | ' | ' | 3,349 | ' | ' | ' | 153 | 3,349 | 496 | 594 |
RHI | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -3 | -9 | ' |
Changes in other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1 | -2 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -4 | -11 | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -4 | 14 | ' |
Cash and cash equivalents | 101 | ' | ' | ' | 104 | ' | ' | ' | 101 | 104 | 108 | 94 |
Consolidating adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -41,410 | -28,836 | -44,616 | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 41,410 | 28,836 | 44,616 | ' |
Common stock dividends received from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -28,405 | -46,935 | -28,128 | ' |
Decrease (increase) in accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | -248 | 4,717 | -1,589 | ' |
Changes in other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 248 | -4,717 | 1,589 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -28,405 | -46,935 | -28,128 | ' |
Advances from affiliates | ' | ' | ' | ' | ' | ' | ' | ' | -19,611 | -37,200 | 4,200 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Investment in consolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 12,461 | ' | 25 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -7,150 | -37,200 | 4,225 | ' |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 28,405 | 46,935 | 28,128 | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | -12,461 | ' | -25 | ' |
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | ' | ' | ' | ' | ' | ' | ' | ' | 19,611 | 37,200 | -4,200 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 35,555 | 84,135 | 23,903 | ' |
HECO Consolidated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 32,489 | 38,315 | 29,192 | 24,928 | 4,724 | 38,873 | 29,875 | 27,799 | 124,924 | 101,271 | 101,981 | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -100 | -100 | -100 | ' |
Common stock dividends received from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 100 | 100 | ' |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 154,025 | 144,498 | 142,975 | ' |
Other amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,077 | 6,998 | 17,378 | ' |
Impairment of utility plant | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 40,000 | 9,215 | ' |
Increase in deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 64,507 | 86,878 | 69,091 | ' |
Change in tax credits, net | ' | ' | ' | ' | ' | ' | ' | ' | 7,017 | 6,075 | 2,087 | ' |
Allowance for equity funds used during construction | ' | ' | ' | ' | ' | ' | ' | ' | -5,561 | -7,007 | -5,964 | ' |
Change in cash overdraft | ' | ' | ' | ' | ' | ' | ' | ' | 1,038 | 0 | -2,688 | ' |
Decrease (increase) in accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | 49,445 | -47,004 | -44,404 | ' |
Decrease (increase) in accrued unbilled revenues | ' | ' | ' | ' | ' | ' | ' | ' | -9,826 | 3,528 | -33,442 | ' |
Decrease (increase) in fuel oil stock | ' | ' | ' | ' | ' | ' | ' | ' | 27,332 | 10,129 | -18,843 | ' |
Increase in materials and supplies | ' | ' | ' | ' | ' | ' | ' | ' | -7,959 | -7,897 | -6,471 | ' |
Increase in regulatory assets | ' | ' | ' | ' | ' | ' | ' | ' | -65,461 | -72,401 | -40,132 | ' |
Increase (decrease) in accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | -20,828 | -38,913 | -35,815 | ' |
Change in prepaid and accrued income taxes and revenue taxes | ' | ' | ' | ' | ' | ' | ' | ' | -2,028 | 25,239 | 69,736 | ' |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | ' | ' | ' | ' | ' | ' | ' | ' | 2,240 | -744 | -27,004 | ' |
Changes in other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -31,499 | -73,419 | -36,306 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 292,443 | 177,231 | 161,394 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -342,485 | -310,091 | -226,022 | ' |
Contributions in aid of construction | ' | ' | ' | ' | ' | ' | ' | ' | 32,160 | 45,982 | 23,534 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -230 | 0 | 77 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -310,555 | -264,109 | -202,411 | ' |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -81,578 | -73,044 | -70,558 | ' |
Preferred stock dividends of Hawaiian Electric and subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -1,995 | -1,995 | -1,995 | ' |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 236,000 | 457,000 | 0 | ' |
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 78,500 | 44,000 | 40,000 | ' |
Repayment of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -166,000 | -368,500 | 0 | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,149 | -2,230 | -560 | ' |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 63,778 | 55,231 | -33,113 | ' |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 45,666 | -31,647 | -74,130 | ' |
Cash and cash equivalents | $62,825 | ' | ' | ' | $17,159 | ' | ' | ' | $62,825 | $17,159 | $48,806 | $122,936 |
Bank_subsidiary_HEI_only_Detai
Bank subsidiary (HEI only) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on deposit liabilities | ' | ' | ' | ' | ' | ' | ' | ' | $5,092 | $6,423 | $8,983 |
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 85,556 | 89,443 | 96,575 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,507 | 12,883 | 15,009 |
Noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 247,747 | 217,407 | 216,052 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 84,341 | 76,859 | 75,932 |
Net income | 39,486 | 48,707 | 41,061 | 34,152 | 14,309 | 48,177 | 39,273 | 38,789 | 163,406 | 140,548 | 140,120 |
American Savings Bank (ASB) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and fees on loans | ' | ' | ' | ' | ' | ' | ' | ' | 172,969 | 176,057 | 184,485 |
Interest and dividends on investment and mortgage-related securities | ' | ' | ' | ' | ' | ' | ' | ' | 13,095 | 13,822 | 14,568 |
Total interest and dividend income | ' | ' | ' | ' | ' | ' | ' | ' | 186,064 | 189,879 | 199,053 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on deposit liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 5,092 | 6,423 | 8,983 |
Interest on other borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 4,985 | 4,869 | 5,486 |
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 10,077 | 11,292 | 14,469 |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 175,987 | 178,587 | 184,584 |
Provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 1,507 | 12,883 | 15,009 |
Net interest income after provision for loan losses | ' | ' | ' | ' | ' | ' | ' | ' | 174,480 | 165,704 | 169,575 |
Noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees from other financial services | ' | ' | ' | ' | ' | ' | ' | ' | 27,099 | 31,361 | 28,881 |
Fee income on deposit liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 18,363 | 17,775 | 18,026 |
Fee income on other financial products | ' | ' | ' | ' | ' | ' | ' | ' | 8,405 | 6,577 | 6,704 |
Mortgage banking income | ' | ' | ' | ' | ' | ' | ' | ' | 8,309 | 14,628 | 5,028 |
Gain on sale of securities | ' | ' | ' | ' | ' | ' | ' | ' | 1,226 | 134 | 371 |
Other income, net | ' | ' | ' | ' | ' | ' | ' | ' | 8,681 | 5,185 | 6,344 |
Total noninterest income | ' | ' | ' | ' | ' | ' | ' | ' | 72,083 | 75,660 | 65,354 |
Noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation and employee benefits | ' | ' | ' | ' | ' | ' | ' | ' | 82,910 | 75,979 | 71,137 |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | 16,747 | 17,179 | 17,154 |
Data processing | ' | ' | ' | ' | ' | ' | ' | ' | 10,952 | 10,098 | 8,155 |
Services | ' | ' | ' | ' | ' | ' | ' | ' | 9,015 | 9,866 | 7,396 |
Equipment | ' | ' | ' | ' | ' | ' | ' | ' | 7,295 | 7,105 | 6,903 |
Office supplies, printing and postage | ' | ' | ' | ' | ' | ' | ' | ' | 4,233 | 3,870 | 3,934 |
Marketing | ' | ' | ' | ' | ' | ' | ' | ' | 3,373 | 3,260 | 3,001 |
Communication | ' | ' | ' | ' | ' | ' | ' | ' | 1,864 | 1,809 | 1,764 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | 23,115 | 23,177 | 23,949 |
Total noninterest expense | ' | ' | ' | ' | ' | ' | ' | ' | 159,504 | 152,343 | 143,393 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 87,059 | 89,021 | 91,536 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 29,525 | 30,384 | 31,693 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $57,534 | $58,637 | $59,843 |
Bank_subsidiary_HEI_only_Detai1
Bank subsidiary (HEI only) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $39,486 | $48,707 | $41,061 | $34,152 | $14,309 | $48,177 | $39,273 | $38,789 | $163,406 | $140,548 | $140,120 |
Net unrealized gains (losses) on securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gains (losses) on securities arising during the period, net of (taxes) benefits of $9,037, ($631) and ($4,343) for 2013, 2012 and 2011, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -13,686 | 956 | 6,578 |
Net unrealized gains (losses) on securities arising during the period, taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,037 | -631 | -4,343 |
Less: reclassification adjustment for net realized gains included in net income, net of taxes of $488, $53 and $148 for 2013, 2012 and 2011, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -738 | -81 | -224 |
Less: reclassification adjustment for net realized gains included in net income, taxes | ' | ' | ' | ' | ' | ' | ' | ' | -488 | -53 | -148 |
Retirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains (losses) arising during the period, net of (taxes) benefits of ($10,450), $5,240 and $6,577 for 2013, 2012 and 2011, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 223,177 | -99,159 | -130,191 |
Net gains (losses) arising during the period, tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | -142,478 | 63,303 | 83,147 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $1,187, $684 and $346 for 2013, 2012 and 2011, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 23,280 | 15,291 | 9,364 |
Less: amortization of net loss, prior service gain and transition obligation included in net periodic benefit cost, tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 14,870 | 9,764 | 5,976 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,673 | -7,286 | -6,665 |
Comprehensive income attributable to Hawaiian Electric | ' | ' | ' | ' | ' | ' | ' | ' | 171,189 | 131,372 | 131,565 |
American Savings Bank (ASB) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 57,534 | 58,637 | 59,843 |
Net unrealized gains (losses) on securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net unrealized gains (losses) on securities arising during the period, net of (taxes) benefits of $9,037, ($631) and ($4,343) for 2013, 2012 and 2011, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -13,686 | 956 | 6,578 |
Net unrealized gains (losses) on securities arising during the period, taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9,037 | -631 | -4,343 |
Less: reclassification adjustment for net realized gains included in net income, net of taxes of $488, $53 and $148 for 2013, 2012 and 2011, respectively | ' | ' | ' | ' | ' | ' | ' | ' | -738 | -81 | -224 |
Less: reclassification adjustment for net realized gains included in net income, taxes | ' | ' | ' | ' | ' | ' | ' | ' | -488 | -53 | -148 |
Retirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains (losses) arising during the period, net of (taxes) benefits of ($10,450), $5,240 and $6,577 for 2013, 2012 and 2011, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 15,826 | -7,936 | -9,960 |
Net gains (losses) arising during the period, tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | -10,450 | 5,240 | 6,577 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $1,187, $684 and $346 for 2013, 2012 and 2011, respectively | ' | ' | ' | ' | ' | ' | ' | ' | 1,797 | 1,036 | 523 |
Less: amortization of net loss, prior service gain and transition obligation included in net periodic benefit cost, tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 1,187 | 684 | 346 |
Other comprehensive income (loss), net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | 3,199 | -6,025 | -3,083 |
Comprehensive income attributable to Hawaiian Electric | ' | ' | ' | ' | ' | ' | ' | ' | $60,733 | $52,612 | $56,760 |
Bank_subsidiary_HEI_only_Detai2
Bank subsidiary (HEI only) (Details 3) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $220,036,000 | $219,662,000 | $270,265,000 | $330,651,000 |
Available-for-sale investment and mortgage-related securities | 529,007,000 | 671,358,000 | ' | ' |
Investment in stock of Federal Home Loan Bank of Seattle | 92,546,000 | 96,022,000 | ' | ' |
Allowance for loan losses | -40,116,000 | -41,985,000 | ' | ' |
Total loans, net | 4,110,113,000 | 3,737,233,000 | ' | ' |
Loans held for sale, at lower of cost or fair value | 5,302,000 | 26,005,000 | ' | ' |
Other | 519,194,000 | 494,414,000 | ' | ' |
Goodwill | 82,190,000 | 82,190,000 | ' | ' |
Total assets | 10,340,044,000 | 10,149,132,000 | ' | ' |
Liabilities and shareholder's equity | ' | ' | ' | ' |
Other | 524,224,000 | 524,535,000 | ' | ' |
Total liabilities | 8,578,681,000 | 8,520,974,000 | ' | ' |
Common stock | 1,488,126,000 | 1,403,484,000 | ' | ' |
Retained earnings | 255,694,000 | 216,804,000 | ' | ' |
Net unrealized gains (losses) on securities | -3,663,000 | 10,761,000 | ' | ' |
Accumulated other comprehensive income (loss), net of taxes | -16,750,000 | -26,423,000 | ' | ' |
Total shareholders' equity | 1,727,070,000 | 1,593,865,000 | 1,528,706,000 | 1,480,394,000 |
Total liabilities and shareholders' equity | 10,340,044,000 | 10,149,132,000 | ' | ' |
Other assets | ' | ' | ' | ' |
Premises and equipment, net | 3,858,947,000 | 3,594,829,000 | ' | ' |
Total other assets | 519,194,000 | 494,414,000 | ' | ' |
Other liabilities | ' | ' | ' | ' |
Total other liabilities | 524,224,000 | 524,535,000 | ' | ' |
American Savings Bank (ASB) | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 156,603,000 | 184,430,000 | ' | ' |
Available-for-sale investment and mortgage-related securities | 529,007,000 | 671,358,000 | ' | ' |
Investment in stock of Federal Home Loan Bank of Seattle | 92,546,000 | 96,022,000 | ' | ' |
Loans receivable held for investment | 4,150,229,000 | 3,779,218,000 | ' | ' |
Allowance for loan losses | -40,116,000 | -41,985,000 | ' | ' |
Total loans, net | 4,110,113,000 | 3,737,233,000 | ' | ' |
Loans held for sale, at lower of cost or fair value | 5,302,000 | 26,005,000 | ' | ' |
Other | 268,063,000 | 244,435,000 | ' | ' |
Goodwill | 82,190,000 | 82,190,000 | ' | ' |
Total assets | 5,243,824,000 | 5,041,673,000 | ' | ' |
Liabilities and shareholder's equity | ' | ' | ' | ' |
Deposit liabilities-noninterest-bearing | 1,214,418,000 | 1,164,308,000 | ' | ' |
Deposit liabilities-interest-bearing | 3,158,059,000 | 3,065,608,000 | ' | ' |
Other borrowings | 244,514,000 | 195,926,000 | ' | ' |
Other | 105,679,000 | 117,752,000 | ' | ' |
Total liabilities | 4,722,670,000 | 4,543,594,000 | ' | ' |
Common stock | 336,054,000 | 333,712,000 | ' | ' |
Retained earnings | 197,297,000 | 179,763,000 | ' | ' |
Net unrealized gains (losses) on securities | -3,663,000 | 10,761,000 | ' | ' |
Retirement benefit plans | -8,534,000 | -26,157,000 | ' | ' |
Accumulated other comprehensive income (loss), net of taxes | -12,197,000 | -15,396,000 | ' | ' |
Total shareholders' equity | 521,154,000 | 498,079,000 | ' | ' |
Total liabilities and shareholders' equity | 5,243,824,000 | 5,041,673,000 | ' | ' |
Other assets | ' | ' | ' | ' |
Bank-owned life insurance | 129,963,000 | 125,726,000 | ' | ' |
Premises and equipment, net | 67,766,000 | 62,458,000 | ' | ' |
Prepaid expenses | 3,616,000 | 13,199,000 | ' | ' |
Accrued interest receivable | 13,133,000 | 13,228,000 | ' | ' |
Mortgage-servicing rights | 11,687,000 | 10,818,000 | ' | ' |
Real estate acquired in settlement of loans, net | 1,205,000 | 6,050,000 | ' | ' |
Other | 40,693,000 | 12,956,000 | ' | ' |
Total other assets | 268,063,000 | 244,435,000 | ' | ' |
Other liabilities | ' | ' | ' | ' |
Accrued expenses | 19,989,000 | 17,103,000 | ' | ' |
Federal and state income taxes payable | 37,807,000 | 35,408,000 | ' | ' |
Cashier's checks | 21,110,000 | 23,478,000 | ' | ' |
Advance payments by borrowers | 9,647,000 | 9,685,000 | ' | ' |
Other | 17,126,000 | 32,078,000 | ' | ' |
Total other liabilities | $105,679,000 | $117,752,000 | ' | ' |
Bank_subsidiary_HEI_only_Detai3
Bank subsidiary (HEI only) (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Available-for-sale securities | ' | ' |
Amortized cost | $535,090 | $653,492 |
Gross unrealized gains | 6,911 | 18,070 |
Gross unrealized losses | -12,994 | -204 |
Estimated fair value | 529,007 | 671,358 |
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value, less than 12 months | 313,820 | 32,269 |
Gross unrealized losses, less than 12 months | -11,353 | -204 |
Fair value, 12 months or longer | 19,655 | 0 |
Gross unrealized losses, 12 months or longer | -1,641 | 0 |
Federal agency obligations | ' | ' |
Available-for-sale securities | ' | ' |
Investment portfolio distribution (as a percent) | 15.00% | ' |
Amortized cost | 83,193 | 168,324 |
Gross unrealized gains | 174 | 3,167 |
Gross unrealized losses | -2,394 | 0 |
Estimated fair value | 80,973 | 171,491 |
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value, less than 12 months | 70,799 | 0 |
Gross unrealized losses, less than 12 months | -2,394 | 0 |
Fair value, 12 months or longer | 0 | 0 |
Gross unrealized losses, 12 months or longer | 0 | 0 |
Mortgage-related securities - FNMA, FHLMC and GNMA | ' | ' |
Available-for-sale securities | ' | ' |
Investment portfolio distribution (as a percent) | 70.00% | ' |
Amortized cost | 374,993 | 407,175 |
Gross unrealized gains | 4,911 | 10,412 |
Gross unrealized losses | -10,460 | -204 |
Estimated fair value | 369,444 | 417,383 |
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value, less than 12 months | 228,543 | 32,269 |
Gross unrealized losses, less than 12 months | -8,819 | -204 |
Fair value, 12 months or longer | 19,655 | 0 |
Gross unrealized losses, 12 months or longer | -1,641 | 0 |
Municipal bonds | ' | ' |
Available-for-sale securities | ' | ' |
Investment portfolio distribution (as a percent) | 15.00% | ' |
Amortized cost | 76,904 | 77,993 |
Gross unrealized gains | 1,826 | 4,491 |
Gross unrealized losses | -140 | 0 |
Estimated fair value | 78,590 | 82,484 |
Available-for-sale Securities, Continuous Unrealized Loss Position | ' | ' |
Fair value, less than 12 months | 14,478 | 0 |
Gross unrealized losses, less than 12 months | -140 | 0 |
Fair value, 12 months or longer | 0 | 0 |
Gross unrealized losses, 12 months or longer | $0 | $0 |
Bank_subsidiary_HEI_only_Detai4
Bank subsidiary (HEI only) (Details 5) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Amortized Cost | ' | ' | ' |
Due in one year or less | $0 | ' | ' |
Due after one year through five years | 42,920,000 | ' | ' |
Due after five years through ten years | 95,860,000 | ' | ' |
Due after ten years | 21,317,000 | ' | ' |
Total amortized cost | 160,097,000 | ' | ' |
Mortgage-related securities-FNMA, FHLMC and GNMA - amortized cost | 374,993,000 | ' | ' |
Total available-for-sale securities, amortized cost | 535,090,000 | 653,492,000 | ' |
Fair value | ' | ' | ' |
Due in one year or less | 0 | ' | ' |
Due after one year through five years | 43,137,000 | ' | ' |
Due after five years through ten years | 96,751,000 | ' | ' |
Due after ten years | 19,675,000 | ' | ' |
Total fair value | 159,563,000 | ' | ' |
Mortgage-related securities-FNMA, FHLMC and GNMA - fair value | 369,444,000 | ' | ' |
Estimated fair value | 529,007,000 | 671,358,000 | ' |
Proceeds from sales of available-for-sale | 71,367,000 | 3,548,000 | 32,799,000 |
Available-for-sale securities pledged at carrying value | 87,100,000 | 98,000,000 | ' |
Available-for-sale securities, pledged at carrying value as collateral for securities sold under agreements to repurchase | 187,100,000 | 189,300,000 | ' |
Mortgage-related securities - FNMA, FHLMC and GNMA | ' | ' | ' |
Amortized Cost | ' | ' | ' |
Total available-for-sale securities, amortized cost | 374,993,000 | 407,175,000 | ' |
Fair value | ' | ' | ' |
Estimated fair value | 369,444,000 | 417,383,000 | ' |
Proceeds from sales of available-for-sale | ' | 3,500,000 | 30,700,000 |
Gross realized gains | ' | 100,000 | 400,000 |
Federal agency obligations | ' | ' | ' |
Amortized Cost | ' | ' | ' |
Total available-for-sale securities, amortized cost | 83,193,000 | 168,324,000 | ' |
Fair value | ' | ' | ' |
Estimated fair value | 80,973,000 | 171,491,000 | ' |
Proceeds from sales of available-for-sale | 71,400,000 | ' | ' |
Gross realized gains | 1,200,000 | ' | ' |
Municipal bonds | ' | ' | ' |
Amortized Cost | ' | ' | ' |
Total available-for-sale securities, amortized cost | 76,904,000 | 77,993,000 | ' |
Fair value | ' | ' | ' |
Estimated fair value | 78,590,000 | 82,484,000 | ' |
Proceeds from sales of available-for-sale | ' | 2,100,000 | ' |
Gross realized gains | ' | $5,000 | ' |
Bank_subsidiary_HEI_only_Detai5
Bank subsidiary (HEI only) (Details 6) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Loans receivable | ' | ' |
Total loans | $4,158,953,000 | $3,790,856,000 |
Deferred loan fees, net and unamortized discounts | -8,724,000 | -11,638,000 |
Allowance for loan losses | -40,116,000 | -41,985,000 |
Total loans, net | 4,110,113,000 | 3,737,233,000 |
Commitments to originate loans | 163,700,000 | 97,900,000 |
Real estate loans | ' | ' |
Loans receivable | ' | ' |
Total loans | 3,266,843,000 | 2,948,276,000 |
Residential 1-4 family | ' | ' |
Loans receivable | ' | ' |
Total loans | 2,006,007,000 | 1,866,450,000 |
Commercial real estate | ' | ' |
Loans receivable | ' | ' |
Total loans | 440,443,000 | 375,677,000 |
Home equity line of credit | ' | ' |
Loans receivable | ' | ' |
Total loans | 739,331,000 | 630,175,000 |
Residential land | ' | ' |
Loans receivable | ' | ' |
Total loans | 16,176,000 | 25,815,000 |
Commercial construction | ' | ' |
Loans receivable | ' | ' |
Total loans | 52,112,000 | 43,988,000 |
Residential construction | ' | ' |
Loans receivable | ' | ' |
Total loans | 12,774,000 | 6,171,000 |
Commercial loans | ' | ' |
Loans receivable | ' | ' |
Total loans | 783,388,000 | 721,349,000 |
Consumer loans | ' | ' |
Loans receivable | ' | ' |
Total loans | $108,722,000 | $121,231,000 |
Bank_subsidiary_HEI_only_Detai6
Bank subsidiary (HEI only) (Details 7) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
grade | |||
Derivative instrument | ' | ' | ' |
Standby, commercial and banker's acceptance letters of credit | $15,700,000 | $10,500,000 | ' |
Undrawn consumer lines of credit, including credit cards | 1,100,000,000 | 1,000,000,000 | ' |
Undrawn commercial loans including lines of credit | 396,400,000 | 376,200,000 | ' |
Real estate loans for investors | 1,400,000,000 | 1,300,000,000 | 1,000,000,000 |
Loans pledged as collateral to secure advances from the FHLB of Seattle | 1,700,000,000 | 1,000,000,000 | ' |
Loans to directors, executive directors, affiliates and any related interest of such individuals | 45,800,000 | 70,900,000 | ' |
Lines of credit closed and repaid, net of new loans and lines of credit to executive directors | 25,100,000 | ' | ' |
New loans and lines of credit to executive directors | 500,000 | ' | ' |
Lines of credit closed and repaid | 25,600,000 | ' | ' |
Loan balances, related interests of individuals who are directors | $40,500,000 | $65,900,000 | ' |
Categorization of loan grades considered special mention grades | 7 | ' | ' |
Categorization of loan grades considered substandard grades | 8 | ' | ' |
Categorization of loan grades considered doubtful grades | 9 | ' | ' |
Categorization of loan grades considered loss grades | 10 | ' | ' |
Residential real estate | ' | ' | ' |
Period of all residential real estate loans in delinquency | '180 days | ' | ' |
Minimum | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Categorization of loan grades considered pass grades | 1 | ' | ' |
Residential real estate | ' | ' | ' |
Period in delinquency status of past due unsecured consumer loans to be considered for write off | '120 days | ' | ' |
Maximum | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Categorization of loan grades considered pass grades | 6 | ' | ' |
Residential real estate | ' | ' | ' |
Period in delinquency status of past due unsecured consumer loans to be considered for write off | '180 days | ' | ' |
Bank_subsidiary_HEI_only_Detai7
Bank subsidiary (HEI only) (Details 8) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | $41,985 | $37,906 | $40,646 |
Charge-offs | -8,202 | -12,830 | ' |
Recoveries | 4,826 | 4,026 | ' |
Provision | 1,507 | 12,883 | ' |
Valuation allowance, balance at the end of the period | 40,116 | 41,985 | 40,646 |
Ending balance: individually evaluated for impairment | 5,338 | 6,799 | ' |
Ending balance: collectively evaluated for impairment | 34,778 | 35,186 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 4,158,953 | 3,790,856 | ' |
Ending balance: individually evaluated for impairment | 57,921 | 72,473 | ' |
Ending balance: collectively evaluated for impairment | 4,101,032 | 3,718,383 | ' |
Residential 1-4 family | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 6,068 | 6,500 | ' |
Charge-offs | -1,162 | -3,183 | ' |
Recoveries | 1,881 | 1,328 | ' |
Provision | -1,253 | 1,423 | ' |
Valuation allowance, balance at the end of the period | 5,534 | 6,068 | ' |
Ending balance: individually evaluated for impairment | 642 | 384 | ' |
Ending balance: collectively evaluated for impairment | 4,892 | 5,684 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 2,006,007 | 1,866,450 | ' |
Ending balance: individually evaluated for impairment | 20,317 | 25,279 | ' |
Ending balance: collectively evaluated for impairment | 1,985,690 | 1,841,171 | ' |
Commercial real estate | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 2,965 | 1,688 | ' |
Provision | 2,094 | 1,277 | ' |
Valuation allowance, balance at the end of the period | 5,059 | 2,965 | ' |
Ending balance: individually evaluated for impairment | 1,118 | 535 | ' |
Ending balance: collectively evaluated for impairment | 3,941 | 2,430 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 440,443 | 375,677 | ' |
Ending balance: individually evaluated for impairment | 4,604 | 6,751 | ' |
Ending balance: collectively evaluated for impairment | 435,839 | 368,926 | ' |
Home equity line of credit | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 4,493 | 4,354 | ' |
Charge-offs | -782 | -716 | ' |
Recoveries | 358 | 108 | ' |
Provision | 1,160 | 747 | ' |
Valuation allowance, balance at the end of the period | 5,229 | 4,493 | ' |
Ending balance: collectively evaluated for impairment | 5,229 | 4,493 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 739,331 | 630,175 | ' |
Ending balance: individually evaluated for impairment | 1,179 | 1,560 | ' |
Ending balance: collectively evaluated for impairment | 738,152 | 628,615 | ' |
Residential land | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 4,275 | 3,795 | ' |
Charge-offs | -485 | -2,808 | ' |
Recoveries | 868 | 1,443 | ' |
Provision | -2,841 | 1,845 | ' |
Valuation allowance, balance at the end of the period | 1,817 | 4,275 | ' |
Ending balance: individually evaluated for impairment | 1,332 | 3,221 | ' |
Ending balance: collectively evaluated for impairment | 485 | 1,054 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 16,176 | 25,815 | ' |
Ending balance: individually evaluated for impairment | 10,577 | 18,563 | ' |
Ending balance: collectively evaluated for impairment | 5,599 | 7,252 | ' |
Commercial construction | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 2,023 | 1,888 | ' |
Provision | 374 | 135 | ' |
Valuation allowance, balance at the end of the period | 2,397 | 2,023 | ' |
Ending balance: collectively evaluated for impairment | 2,397 | 2,023 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 52,112 | 43,988 | ' |
Ending balance: collectively evaluated for impairment | 52,112 | 43,988 | ' |
Residential construction | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 9 | 4 | ' |
Provision | 10 | 5 | ' |
Valuation allowance, balance at the end of the period | 19 | 9 | ' |
Ending balance: collectively evaluated for impairment | 19 | 9 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 12,774 | 6,171 | ' |
Ending balance: collectively evaluated for impairment | 12,774 | 6,171 | ' |
Commercial loans | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 15,931 | 14,867 | ' |
Charge-offs | -3,056 | -3,606 | ' |
Recoveries | 1,089 | 649 | ' |
Provision | 1,839 | 4,021 | ' |
Valuation allowance, balance at the end of the period | 15,803 | 15,931 | ' |
Ending balance: individually evaluated for impairment | 2,246 | 2,659 | ' |
Ending balance: collectively evaluated for impairment | 13,557 | 13,272 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 783,388 | 721,349 | ' |
Ending balance: individually evaluated for impairment | 21,225 | 20,298 | ' |
Ending balance: collectively evaluated for impairment | 762,163 | 701,051 | ' |
Consumer loans | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 4,019 | 3,806 | ' |
Charge-offs | -2,717 | -2,517 | ' |
Recoveries | 630 | 498 | ' |
Provision | 435 | 2,232 | ' |
Valuation allowance, balance at the end of the period | 2,367 | 4,019 | ' |
Ending balance: collectively evaluated for impairment | 2,367 | 4,019 | ' |
Financing Receivables: | ' | ' | ' |
Total financing receivables | 108,722 | 121,231 | ' |
Ending balance: individually evaluated for impairment | 19 | 22 | ' |
Ending balance: collectively evaluated for impairment | 108,703 | 121,209 | ' |
Unallocated | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | 2,202 | 1,004 | ' |
Provision | -311 | 1,198 | ' |
Valuation allowance, balance at the end of the period | 1,891 | 2,202 | ' |
Ending balance: collectively evaluated for impairment | $1,891 | $2,202 | ' |
Bank_subsidiary_HEI_only_Detai8
Bank subsidiary (HEI only) (Details 9) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for loan losses: | ' | ' | ' |
Valuation allowance, balance at the beginning of the period | $41,985 | $37,906 | $40,646 |
Provision for loan losses | 1,507 | 12,883 | 15,009 |
Charge-offs | 3,376 | 8,804 | 17,749 |
Valuation allowance, balance at the end of the period | 40,116 | 41,985 | 37,906 |
Ratio of net charge-offs to average loans outstanding (as a percent) | 0.09% | 0.24% | 0.49% |
Real estate loans | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Charge-offs | -678 | 3,828 | 10,733 |
Other loans | ' | ' | ' |
Allowance for loan losses: | ' | ' | ' |
Charge-offs | $4,054 | $4,976 | $7,016 |
Bank_subsidiary_HEI_only_Detai9
Bank subsidiary (HEI only) (Details 10) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Minimum | Maximum | Pass | Pass | Pass | Pass | Special mention | Special mention | Substandard | Substandard | Doubtful | Doubtful | ||
grade | grade | Minimum | Maximum | |||||||||||
grade | grade | |||||||||||||
Credit risk profile by internally assigned grade for loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Categorization of loan grades considered pass grades | ' | ' | 1 | 6 | ' | ' | 1 | 6 | ' | ' | ' | ' | ' | ' |
Commercial real estate | $440,443 | $375,677 | ' | ' | $375,217 | $314,182 | ' | ' | $33,436 | $25,437 | $28,020 | $29,308 | $3,770 | $6,750 |
Commercial construction | 52,112 | 43,988 | ' | ' | 52,112 | 39,063 | ' | ' | 0 | 4,925 | ' | ' | ' | ' |
Commercial | $783,388 | $721,349 | ' | ' | $703,053 | $638,854 | ' | ' | $17,634 | $24,511 | $59,663 | $53,538 | $3,038 | $4,446 |
Recovered_Sheet2
Bank subsidiary (HEI only) (Details 11) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit risk profile based on payment activity for loans | ' | ' |
30-59 days past due | $5,781 | $14,016 |
60-89 days past due | 1,752 | 5,120 |
Greater than 90 days | 26,227 | 41,433 |
Total past due | 33,760 | 60,569 |
Current | 4,125,193 | 3,730,287 |
Total financing receivables | 4,158,953 | 3,790,856 |
Recorded Investment greater than 90 days and accruing | 0 | 373 |
Residential 1-4 family | ' | ' |
Credit risk profile based on payment activity for loans | ' | ' |
30-59 days past due | 2,728 | 6,353 |
60-89 days past due | 622 | 1,741 |
Greater than 90 days | 15,411 | 24,054 |
Total past due | 18,761 | 32,148 |
Current | 1,987,246 | 1,834,302 |
Total financing receivables | 2,006,007 | 1,866,450 |
Commercial real estate | ' | ' |
Credit risk profile based on payment activity for loans | ' | ' |
30-59 days past due | 0 | 85 |
60-89 days past due | ' | 0 |
Greater than 90 days | 3,770 | 6,750 |
Total past due | 3,770 | 6,835 |
Current | 436,673 | 368,842 |
Total financing receivables | 440,443 | 375,677 |
Home equity line of credit | ' | ' |
Credit risk profile based on payment activity for loans | ' | ' |
30-59 days past due | 765 | 1,077 |
60-89 days past due | 312 | 142 |
Greater than 90 days | 960 | 1,319 |
Total past due | 2,037 | 2,538 |
Current | 737,294 | 627,637 |
Total financing receivables | 739,331 | 630,175 |
Residential land | ' | ' |
Credit risk profile based on payment activity for loans | ' | ' |
30-59 days past due | 184 | 2,851 |
60-89 days past due | 48 | 75 |
Greater than 90 days | 2,756 | 7,788 |
Total past due | 2,988 | 10,714 |
Current | 13,188 | 15,101 |
Total financing receivables | 16,176 | 25,815 |
Recorded Investment greater than 90 days and accruing | ' | 0 |
Commercial construction | ' | ' |
Credit risk profile based on payment activity for loans | ' | ' |
Current | 52,112 | 43,988 |
Total financing receivables | 52,112 | 43,988 |
Residential construction | ' | ' |
Credit risk profile based on payment activity for loans | ' | ' |
Current | 12,774 | 6,171 |
Total financing receivables | 12,774 | 6,171 |
Commercial loans | ' | ' |
Credit risk profile based on payment activity for loans | ' | ' |
30-59 days past due | 1,668 | 3,052 |
60-89 days past due | 612 | 2,814 |
Greater than 90 days | 3,026 | 1,098 |
Total past due | 5,306 | 6,964 |
Current | 778,082 | 714,385 |
Total financing receivables | 783,388 | 721,349 |
Recorded Investment greater than 90 days and accruing | 0 | 131 |
Consumer loans | ' | ' |
Credit risk profile based on payment activity for loans | ' | ' |
30-59 days past due | 436 | 598 |
60-89 days past due | 158 | 348 |
Greater than 90 days | 304 | 424 |
Total past due | 898 | 1,370 |
Current | 107,824 | 119,861 |
Total financing receivables | 108,722 | 121,231 |
Recorded Investment greater than 90 days and accruing | $0 | $242 |
Recovered_Sheet3
Bank subsidiary (HEI only) (Details 12) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Credit risk profile based on nonaccrual loans | ' | ' |
Nonaccrual loans | $48,521 | $64,887 |
Accruing loans 90 days or more past due | 0 | 373 |
Residential 1-4 family | ' | ' |
Credit risk profile based on nonaccrual loans | ' | ' |
Nonaccrual loans | 19,679 | 26,721 |
Commercial real estate | ' | ' |
Credit risk profile based on nonaccrual loans | ' | ' |
Nonaccrual loans | 4,439 | 6,750 |
Home equity line of credit | ' | ' |
Credit risk profile based on nonaccrual loans | ' | ' |
Nonaccrual loans | 2,060 | 2,349 |
Residential land | ' | ' |
Credit risk profile based on nonaccrual loans | ' | ' |
Nonaccrual loans | 3,161 | 8,561 |
Accruing loans 90 days or more past due | ' | 0 |
Commercial loans | ' | ' |
Credit risk profile based on nonaccrual loans | ' | ' |
Nonaccrual loans | 18,781 | 20,222 |
Accruing loans 90 days or more past due | 0 | 131 |
Consumer loans | ' | ' |
Credit risk profile based on nonaccrual loans | ' | ' |
Nonaccrual loans | 401 | 284 |
Accruing loans 90 days or more past due | $0 | $242 |
Recovered_Sheet4
Bank subsidiary (HEI only) (Details 13) (Class of financing receivables, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Recorded investment: | ' | ' |
With no related allowance recorded | $16,487 | $30,120 |
With an allowance recorded | 36,031 | 34,641 |
Recorded investment | 52,518 | 64,761 |
Unpaid principal balance: | ' | ' |
With no related allowance recorded | 21,717 | 42,189 |
With an allowance recorded | 39,185 | 35,919 |
Unpaid principal balance | 60,902 | 78,108 |
Related Allowance | 5,338 | 6,799 |
Average recorded investment: | ' | ' |
With no related allowance recorded | 24,631 | 71,308 |
With an allowance recorded | 34,679 | 21,382 |
Average recorded investment | 59,310 | 92,690 |
Interest income recognized: | ' | ' |
With no related allowance recorded | 882 | 2,703 |
With an allowance recorded | 1,072 | 848 |
Interest income recognized | 1,954 | 3,551 |
Residential 1-4 family | ' | ' |
Recorded investment: | ' | ' |
With no related allowance recorded | 9,708 | 14,633 |
With an allowance recorded | 6,216 | 4,803 |
Recorded investment | 15,924 | 19,436 |
Unpaid principal balance: | ' | ' |
With no related allowance recorded | 12,144 | 20,247 |
With an allowance recorded | 6,236 | 4,803 |
Unpaid principal balance | 18,380 | 25,050 |
Related Allowance | 642 | 384 |
Average recorded investment: | ' | ' |
With no related allowance recorded | 11,674 | 16,688 |
With an allowance recorded | 6,455 | 4,204 |
Average recorded investment | 18,129 | 20,892 |
Interest income recognized: | ' | ' |
With no related allowance recorded | 386 | 294 |
With an allowance recorded | 372 | 250 |
Interest income recognized | 758 | 544 |
Commercial real estate | ' | ' |
Recorded investment: | ' | ' |
With no related allowance recorded | 0 | 2,929 |
With an allowance recorded | 4,604 | 3,821 |
Recorded investment | 4,604 | 6,750 |
Unpaid principal balance: | ' | ' |
With no related allowance recorded | 0 | 2,929 |
With an allowance recorded | 4,686 | 3,840 |
Unpaid principal balance | 4,686 | 6,769 |
Related Allowance | 1,118 | 535 |
Average recorded investment: | ' | ' |
With no related allowance recorded | 802 | 7,771 |
With an allowance recorded | 5,745 | 1,295 |
Average recorded investment | 6,547 | 9,066 |
Interest income recognized: | ' | ' |
With no related allowance recorded | 0 | 237 |
With an allowance recorded | 152 | 0 |
Interest income recognized | 152 | 237 |
Home equity line of credit | ' | ' |
Recorded investment: | ' | ' |
With no related allowance recorded | 672 | 581 |
With an allowance recorded | ' | 0 |
Recorded investment | 672 | 581 |
Unpaid principal balance: | ' | ' |
With no related allowance recorded | 1,227 | 1,374 |
With an allowance recorded | ' | 0 |
Unpaid principal balance | 1,227 | 1,374 |
Related Allowance | ' | 0 |
Average recorded investment: | ' | ' |
With no related allowance recorded | 623 | 632 |
With an allowance recorded | 0 | 26 |
Average recorded investment | 623 | 658 |
Interest income recognized: | ' | ' |
With no related allowance recorded | 2 | 1 |
With an allowance recorded | 0 | 0 |
Interest income recognized | 2 | 1 |
Residential land | ' | ' |
Recorded investment: | ' | ' |
With no related allowance recorded | 2,622 | 7,691 |
With an allowance recorded | 7,452 | 9,984 |
Recorded investment | 10,074 | 17,675 |
Unpaid principal balance: | ' | ' |
With no related allowance recorded | 3,612 | 10,624 |
With an allowance recorded | 7,623 | 10,364 |
Unpaid principal balance | 11,235 | 20,988 |
Related Allowance | 1,332 | 3,221 |
Average recorded investment: | ' | ' |
With no related allowance recorded | 6,675 | 21,589 |
With an allowance recorded | 6,844 | 7,428 |
Average recorded investment | 13,519 | 29,017 |
Interest income recognized: | ' | ' |
With no related allowance recorded | 482 | 1,185 |
With an allowance recorded | 409 | 575 |
Interest income recognized | 891 | 1,760 |
Commercial loans | ' | ' |
Recorded investment: | ' | ' |
With no related allowance recorded | 3,466 | 4,265 |
With an allowance recorded | 17,759 | 16,033 |
Recorded investment | 21,225 | 20,298 |
Unpaid principal balance: | ' | ' |
With no related allowance recorded | 4,715 | 6,994 |
With an allowance recorded | 20,640 | 16,912 |
Unpaid principal balance | 25,355 | 23,906 |
Related Allowance | 2,246 | 2,659 |
Average recorded investment: | ' | ' |
With no related allowance recorded | 4,837 | 24,605 |
With an allowance recorded | 15,635 | 8,429 |
Average recorded investment | 20,472 | 33,034 |
Interest income recognized: | ' | ' |
With no related allowance recorded | 12 | 986 |
With an allowance recorded | 139 | 23 |
Interest income recognized | 151 | 1,009 |
Consumer loans | ' | ' |
Recorded investment: | ' | ' |
With no related allowance recorded | 19 | 21 |
Recorded investment | 19 | 21 |
Unpaid principal balance: | ' | ' |
With no related allowance recorded | 19 | 21 |
Unpaid principal balance | 19 | 21 |
Average recorded investment: | ' | ' |
With no related allowance recorded | 20 | 23 |
Average recorded investment | $20 | $23 |
Recovered_Sheet5
Bank subsidiary (HEI only) (Details 14) (Land loans) | 12 Months Ended |
Dec. 31, 2013 | |
Troubled debt restructurings | ' |
Period of interest-only monthly payment term loan | '3 years |
Maximum | ' |
Troubled debt restructurings | ' |
Extension of maturity date | '5 years |
Recovered_Sheet6
Bank subsidiary (HEI only) (Details 15) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
contract | contract | contract | |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Commitments to Borrowers whose Loan Terms are Impaired or Modified under Troubled Debt Restructuring | $300,000 | ' | ' |
Troubled debt restructurings real estate loans | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | 66 | 80 | 146 |
Pre-modification outstanding recorded investment | 20,374,000 | 17,537,000 | 56,665,000 |
Post-modification outstanding recorded investment | 20,199,000 | 16,299,000 | 55,266,000 |
Minimum period of payment default of loans determined to be TDRs | '90 days | '90 days | '90 days |
Troubled debt restructurings that subsequently defaulted | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | 3 | 1 | 5 |
Recorded investment | 727,000 | 482,000 | 1,327,000 |
Residential 1-4 family | Troubled debt restructurings real estate loans | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | 34 | 35 | 42 |
Pre-modification outstanding recorded investment | 8,876,000 | 8,805,000 | 11,233,000 |
Post-modification outstanding recorded investment | 8,957,000 | 8,232,000 | 9,853,000 |
Home equity line of credit | Troubled debt restructurings real estate loans | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | 5 | 0 | 1 |
Pre-modification outstanding recorded investment | 637,000 | 0 | 93,000 |
Post-modification outstanding recorded investment | 390,000 | 0 | 93,000 |
Home equity line of credit | Troubled debt restructurings that subsequently defaulted | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | 1 | ' | ' |
Recorded investment | 67,000 | ' | ' |
Residential land | Troubled debt restructurings real estate loans | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | 20 | 26 | 46 |
Pre-modification outstanding recorded investment | 6,215,000 | 6,149,000 | 9,965,000 |
Post-modification outstanding recorded investment | 6,206,000 | 5,484,000 | 9,946,000 |
Residential land | Troubled debt restructurings that subsequently defaulted | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | ' | 0 | 1 |
Recorded investment | ' | 0 | 528,000 |
Commercial loans | Troubled debt restructurings real estate loans | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | 7 | 19 | 56 |
Pre-modification outstanding recorded investment | 4,646,000 | 2,583,000 | 35,349,000 |
Post-modification outstanding recorded investment | 4,646,000 | 2,583,000 | 35,349,000 |
Commercial loans | Troubled debt restructurings that subsequently defaulted | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | 2 | 1 | 4 |
Recorded investment | 660,000 | 482,000 | 799,000 |
Consumer loans | Troubled debt restructurings real estate loans | ' | ' | ' |
Loan modifications determined to be troubled debt restructurings | ' | ' | ' |
Number of contracts | ' | 0 | 1 |
Pre-modification outstanding recorded investment | ' | 0 | 25,000 |
Post-modification outstanding recorded investment | ' | $0 | $25,000 |
Recovered_Sheet7
Bank subsidiary (HEI only) (Details 16) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deposit liabilities | ' | ' | ' |
Savings | $1,826,907,000 | $1,758,547,000 | ' |
Other checking | ' | ' | ' |
Interest-bearing | 721,700,000 | 641,970,000 | ' |
Noninterest-bearing | 643,628,000 | 621,806,000 | ' |
Commercial checking | 570,790,000 | 542,502,000 | ' |
Money market | 182,546,000 | 191,398,000 | ' |
Term certificates | 426,906,000 | 473,693,000 | ' |
Total Amount | 4,372,477,000 | 4,229,916,000 | ' |
Weighted-average stated rate | ' | ' | ' |
Savings (as a percent) | 0.06% | 0.06% | ' |
Other checking, interest bearing (as a percent) | 0.02% | 0.02% | ' |
Money market (as a percent) | 0.13% | 0.13% | ' |
Term certificates (as a percent) | 0.80% | 0.86% | ' |
Total weighted-average stated rate (as a percent) | 0.11% | 0.13% | ' |
Certificate accounts of $100,000 or more | 102,000,000 | 106,000,000 | ' |
Term certificates outstanding, scheduled maturities | ' | ' | ' |
2014 | 244,000,000 | ' | ' |
2015 | 94,000,000 | ' | ' |
2016 | 46,000,000 | ' | ' |
2017 | 22,000,000 | ' | ' |
2018 | 16,000,000 | ' | ' |
Thereafter | 5,000,000 | ' | ' |
Interest expense on deposit liabilities by type of deposit | ' | ' | ' |
Term certificates | 3,702,000 | 4,865,000 | 6,393,000 |
Savings | 1,052,000 | 1,128,000 | 1,756,000 |
Money market | 232,000 | 319,000 | 650,000 |
Interest-bearing checking | 106,000 | 111,000 | 184,000 |
Interest expense on deposit liabilities | $5,092,000 | $6,423,000 | $8,983,000 |
Recovered_Sheet8
Bank subsidiary (HEI only) (Details 17) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Securities sold under agreements to repurchase | ' | ' | ' |
Gross amount of recognized liabilities, repurchase agreements | $145,000,000 | $146,000,000 | ' |
Net amount of liabilities presented in the Balance Sheet, repurchase agreements | 145,000,000 | 146,000,000 | ' |
Repurchase liability | 144,514,000 | ' | ' |
Weighted-average interest rate (as a percent) | 1.75% | ' | ' |
Fair value plus accrued interest | 187,526,000 | ' | ' |
Amount outstanding as of end of the period | 144,514,000 | ' | ' |
Weighted-average interest rate as of end of the period (as a percent) | 1.75% | ' | ' |
Weighted-average stated rate | ' | ' | ' |
2014 (as a percent) | 0.00% | ' | ' |
2015 (as a percent) | 0.00% | ' | ' |
2016 (as a percent) | 0.00% | ' | ' |
2017 (as a percent) | 4.28% | ' | ' |
2018 (as a percent) | 1.95% | ' | ' |
Thereafter (as a percent) | 0.00% | ' | ' |
Total weighted-average stated rate (as a percent) | 3.12% | ' | ' |
Due in | ' | ' | ' |
2014 | 0 | ' | ' |
2015 | 0 | ' | ' |
2016 | 0 | ' | ' |
2017 | 50,000,000 | ' | ' |
2018 | 50,000,000 | ' | ' |
Thereafter | 0 | ' | ' |
Total amount due | 100,000,000 | ' | ' |
Identical securities | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Repurchase liability | 145,000,000 | 146,000,000 | 183,000,000 |
Weighted-average interest rate (as a percent) | 1.75% | 1.74% | 1.56% |
Amount outstanding as of end of the period | 145,000,000 | 146,000,000 | 183,000,000 |
Average amount outstanding during the year | 147,000,000 | 173,000,000 | 183,000,000 |
Maximum amount outstanding as of any month-end | 151,000,000 | 189,000,000 | 186,000,000 |
Weighted-average interest rate as of end of the period (as a percent) | 1.75% | 1.74% | 1.56% |
Weighted-average interest rate during the year (as a percent) | 1.74% | 1.56% | 1.61% |
Weighted-average remaining days to maturity as of end of the period | '367 days | '489 days | '490 days |
Overnight | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Repurchase liability | 94,224,000 | ' | ' |
Weighted-average interest rate (as a percent) | 0.15% | ' | ' |
Amount outstanding as of end of the period | 94,224,000 | ' | ' |
Weighted-average interest rate as of end of the period (as a percent) | 0.15% | ' | ' |
Overnight | Collateralized by mortgage-related securities and federal agency obligations | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Fair value plus accrued interest | 127,293,000 | ' | ' |
1 to 29 days | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Repurchase liability | 0 | ' | ' |
Weighted-average interest rate (as a percent) | 0.00% | ' | ' |
Amount outstanding as of end of the period | 0 | ' | ' |
Weighted-average interest rate as of end of the period (as a percent) | 0.00% | ' | ' |
1 to 29 days | Collateralized by mortgage-related securities and federal agency obligations | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Fair value plus accrued interest | 0 | ' | ' |
30 to 90 days | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Repurchase liability | 0 | ' | ' |
Weighted-average interest rate (as a percent) | 0.00% | ' | ' |
Amount outstanding as of end of the period | 0 | ' | ' |
Weighted-average interest rate as of end of the period (as a percent) | 0.00% | ' | ' |
30 to 90 days | Collateralized by mortgage-related securities and federal agency obligations | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Fair value plus accrued interest | 0 | ' | ' |
Over 90 days | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Repurchase liability | 50,290,000 | ' | ' |
Weighted-average interest rate (as a percent) | 4.75% | ' | ' |
Amount outstanding as of end of the period | 50,290,000 | ' | ' |
Weighted-average interest rate as of end of the period (as a percent) | 4.75% | ' | ' |
Over 90 days | Collateralized by mortgage-related securities and federal agency obligations | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Fair value plus accrued interest | 60,233,000 | ' | ' |
Financial Institution [Member] | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Net amount of liabilities presented in the Balance Sheet, repurchase agreements | 51,000,000 | 50,000,000 | ' |
Commercial Account Holders [Member] | ' | ' | ' |
Securities sold under agreements to repurchase | ' | ' | ' |
Net amount of liabilities presented in the Balance Sheet, repurchase agreements | $94,000,000 | $96,000,000 | ' |
Recovered_Sheet9
Bank subsidiary (HEI only) (Details 18) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Hawaiian Electric Industries, Inc. | Consolidated subsidiary | American Savings Bank (ASB) | Management and administrative services | ' | ' | ' |
Revenue from related party | $2.30 | $1.90 | $1.40 |
Hawaiian Electric Industries, Inc. | Maximum | ' | ' | ' |
Obligation to contribute additional capital under the Capital Maintenance Agreement | 65.1 | ' | ' |
Reduction in obligation to contribute additional capital under the Capital Maintenance Agreement | 28.3 | ' | ' |
American Savings Bank (ASB) | ' | ' | ' |
Cash dividends paid | $40 | $45 | ' |
Recovered_Sheet10
Bank subsidiary (HEI only) (Details 19) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative instrument | ' | ' | ' |
Net gains (losses) recognized in the Statement of Income | $603 | $0 | $0 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Asset derivative | 629 | 0 | ' |
Liability derivative | 26 | 0 | ' |
Forward Contracts [Member] | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Notional amount | 26,018 | 86,563 | ' |
Fair value | 139 | 0 | ' |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Asset derivative | 141 | 0 | ' |
Liability derivative | 2 | 0 | ' |
Forward Contracts [Member] | Not Designated as Hedging Instrument [Member] | Mortgage banking income [Member] | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Net gains (losses) recognized in the Statement of Income | 139 | 0 | 0 |
Interest Rate Lock Commitments [Member] | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Notional amount | 25,070 | 60,428 | ' |
Fair value | 464 | 0 | ' |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Asset derivative | 488 | 0 | ' |
Liability derivative | 24 | 0 | ' |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument [Member] | Mortgage banking income [Member] | ' | ' | ' |
Derivative instrument | ' | ' | ' |
Net gains (losses) recognized in the Statement of Income | $464 | $0 | $0 |
Recovered_Sheet11
Bank subsidiary (HEI only) (Details 20) (American Savings Bank (ASB), USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Guarantees | ' | ' | ' | ' |
Spread added to current assessment rate (as a percent) | ' | 0.03% | 0.03% | ' |
Prepaid assessment | $24 | ' | $5.70 | ' |
Assessment rate ( as a percent) | ' | ' | ' | 0.14% |
FDIC insurance assessment | 2.9 | 3 | ' | ' |
Minimum | ' | ' | ' | ' |
Guarantees | ' | ' | ' | ' |
Assessment rate for financial institutions in the lowest risk category (as a percent) | 0.03% | ' | ' | ' |
Assessment rate for financial institutions in the highest risk category (as a percent) | 0.30% | ' | ' | ' |
Maximum | ' | ' | ' | ' |
Guarantees | ' | ' | ' | ' |
Assessment rate for financial institutions in the lowest risk category (as a percent) | 0.09% | ' | ' | ' |
Assessment rate for financial institutions in the highest risk category (as a percent) | 0.45% | ' | ' | ' |
Indemnification Agreement | ' | ' | ' | ' |
Guarantees | ' | ' | ' | ' |
Accrued indemnification litigation obligation | $1.10 | ' | ' | ' |
Unconsolidated_variable_intere2
Unconsolidated variable interest entities (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2004 | Mar. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2004 | Mar. 31, 2004 | Mar. 31, 2004 | |
entity | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | HECO | HECO | HECO | HECO | Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light Company, Inc. (HELCO) | Maui Electric Company, Limited (MECO) | Maui Electric Company, Limited (MECO) | Maui Electric Company, Limited (MECO) | HECO Capital Trust III | HECO Capital Trust III | HECO Capital Trust III | HECO Capital Trust III | HECO Capital Trust III | HECO Capital Trust III | HECO Capital Trust III | HECO Capital Trust III | ||
agreement | AES Hawaii, Inc. (AES Hawaii) | AES Hawaii, Inc. (AES Hawaii) | AES Hawaii, Inc. (AES Hawaii) | Kalaeloa Partners, L.P. (Kalaeloa) | Kalaeloa Partners, L.P. (Kalaeloa) | Kalaeloa Partners, L.P. (Kalaeloa) | Hamakua Energy Partners, L.P. (HEP) | Hamakua Energy Partners, L.P. (HEP) | Hamakua Energy Partners, L.P. (HEP) | HPOWER | HPOWER | HPOWER | Other Independent Power Producers [Member] | Other Independent Power Producers [Member] | Other Independent Power Producers [Member] | agreement | Kalaeloa Partners, L.P. (Kalaeloa) | HECO | HECO | HECO | HECO | HECO | Hawaii Electric Light Company, Inc. (HELCO) | Maui Electric Company, Limited (MECO) | ||||||||||||||
entity | MW | 2004 Trust Preferred Securities | 2004 Trust Preferred Securities | Trust Common Securities | Trust Common Securities | |||||||||||||||||||||||||||||||||
kW | security | |||||||||||||||||||||||||||||||||||||
Unconsolidated variable interest entities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of 2004 Trust Preferred Securities issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' |
Dividend rate on 2004 Trust Preferred Securities (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' |
Aggregate Liquidation preference | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | $1,500,000 | ' | ' |
Principal amount of 2004 Debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,500,000 | ' | ' | ' | ' | 10,000,000 | 10,000,000 |
Investment in 2004 Debentures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,500,000 | ' | ' | ' | ' | ' | ' | ' |
Balance of Trust Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 1,500,000 | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' |
Dividend distributions on Trust Preferred Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' |
Common dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' |
Power purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of power purchase agreements (PPAs) | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum capacity of small power production facilities (in kilowatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of power purchase from AES Hawaii, Inc. (AES Hawaii), Kalaeloa Partners, L.P. (Kalaeloa), Hamakua Energy Partners, L.P. (HEP) and HPOWER | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases from IPPs | ' | ' | 710,681,000 | 724,240,000 | 689,652,000 | 134,000,000 | 146,000,000 | 133,000,000 | 301,000,000 | 310,000,000 | 310,000,000 | 51,000,000 | 65,000,000 | 59,000,000 | 61,000,000 | 65,000,000 | 62,000,000 | 164,000,000 | 138,000,000 | 126,000,000 | 527,839,000 | 540,802,000 | 522,503,000 | ' | 128,368,000 | 145,386,000 | 137,453,000 | 54,474,000 | 38,052,000 | 29,696,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of largest IPP's declining to provide financial information to determine primary beneficiary status | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of entities owning wind farms not required to be consolidated as VIE's | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum potential number of IPP entities consolidated into company in the future | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Power purchase capacity (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years entity entered under power purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Power purchase capacity that Increases from initial capacity (in megawatts) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | $212,331,000 | $212,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest_rate_swap_agreements_
Interest rate swap agreements (Details) (Designated as hedging instrument, USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2011 | Mar. 24, 2011 | Jun. 30, 2010 | |
Medium term notes issued in March 2011 | ||||
Interest rate swap agreements | ' | ' | ' | ' |
Notional amounts of interest rate derivatives | ' | ' | ' | $125,000,000 |
Reference rate of interest rate derivative | 'three-month LIBOR | ' | ' | ' |
Period over which entity hedges its interest rate derivative | '5 years | ' | ' | ' |
Payment on settlement of interest rate derivatives | ' | 5,200,000 | ' | ' |
Gain (loss) due to ineffective portion of interest rate, cumulative effect, recognized in earnings | ' | -3,300,000 | ' | ' |
Gain (loss) due to ineffective portion of interest rate, recognized in earnings | ' | -2,500,000 | ' | ' |
Amount amortized to interest expenses upon settlement | ' | -1,900,000 | ' | ' |
Amortization period of forward starting swaps | ' | '5 years | ' | ' |
Senior notes, face amount | ' | ' | $125,000,000 | ' |
Shortterm_borrowings_Details
Short-term borrowings (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 05, 2011 | Dec. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 05, 2011 | Dec. 31, 2010 | Dec. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 05, 2011 | Dec. 31, 2013 | Dec. 05, 2011 | Dec. 05, 2011 | Dec. 31, 2013 | Dec. 05, 2011 | Dec. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 05, 2011 | Dec. 05, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
HEI | HEI | HEI | HEI | HEI | HEI | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | HELCO | HELCO | HELCO | HELCO | MECO | MECO | MECO | MECO | Interest rate on draws, alternative one | Interest rate on draws, alternative one | Interest rate on draws, alternative one | Interest rate on draws, alternative two | Interest rate on draws, alternative two | Interest rate on draws, alternative three | Interest rate on draws, alternative three | Interest rate on draws, alternative three | Interest rate on draws, alternative three | Interest rate on draws, alternative four | Interest rate on draws, alternative four | Interest rate on draws, alternative four | Interest rate on draws, alternative four | Commercial paper | Commercial paper | |||||
Institution | Minimum | Minimum | Maximum | Institution | Maximum | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | HEI | Hawaiian Electric Company, Inc. and Subsidiaries | HEI | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | HEI | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | HEI | HEI | ||||||||||||||||||||||
Short-term borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount | $105,482,000 | $83,693,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $105,000,000 | $84,000,000 |
Weighted-average interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | 0.90% |
Maximum capacity under syndicated credit facilities | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum capacity under syndicated credit facilities | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | 175,000,000 | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of financial institutions | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, reference rate | ' | ' | ' | ' | 'Adjusted LIBO Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Adjusted LIBO Rate | ' | 'Prime Rate | 'Prime Rate | ' | 'Federal Funds Rate | 'Federal Funds Rate | ' | ' | 'bAdjusted LIBO Rateb for a one month bInterest Periodb | 'bAdjusted LIBO Rateb for a one month bInterest Periodb | ' | ' | ' |
Line of credit facility basis point spread (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | 1.50% | ' | ' | 0.50% | ' | ' | 0.50% | 0.50% | ' | ' | 0.50% | ' | ' |
Annual fees on undrawn commitments, basis points (as a percent) | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalization ratio required to be maintained as per the debt covenant (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual capitalization ratio (as a percent) | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated net worth | 1,727,070,000 | 1,593,865,000 | 1,528,706,000 | 1,480,394,000 | ' | 1,727,070,000 | 1,593,865,000 | ' | 975,000,000 | ' | 1,593,564,000 | 1,472,136,000 | 1,402,841,000 | ' | 1,334,155,000 | ' | 274,802,000 | 268,908,000 | 280,468,000 | 269,986,000 | 248,771,000 | 228,927,000 | 235,568,000 | 229,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated net worth calculated under the agreement | ' | ' | ' | ' | ' | ' | ' | $1,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated subsidiary debt to total consolidated capitalization required to be maintained as per the debt covenant (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual ratio of consolidated subsidiary debt to total consolidated capitalization (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.00% | ' | ' | ' | 43.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ratio of consolidated capitalization required to be maintained as per the debt covenant (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual ratio of consolidated debt to total consolidated capitalization (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Longterm_debt_Details
Long-term debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Oct. 03, 2013 | Dec. 31, 2013 |
Special purpose revenue bonds issued on behalf of electric utility subsidiaries | Special purpose revenue bonds issued on behalf of electric utility subsidiaries | HEI medium-term note 5.25%, due 2013 | HEI medium-term note 5.25%, due 2013 | HEI medium-term note 5.25%, due 2013 | HEI medium-term note 6.51%, due 2014 | HEI medium-term note 6.51%, due 2014 | HEI senior note 4.41%, due 2016 | HEI senior note 4.41%, due 2016 | HEI senior note 5.67%, due 2021 | HEI senior note 5.67%, due 2021 | HEI senior note 3.99%, due 2023 | HEI senior note 3.99%, due 2023 | HEI senior note 3.99%, due 2023 | Special Purpose Revenue Bonds | Hawaiian Electric Consolidated, Senior Notes [Member] | Hawaiian Electric Consolidated, Senior Notes Due July, 2020, 3.83% | Hawaiian Electric Consolidated, Senior Notes Due December, 2022, 4.45% | Hawaiian Electric Consolidated, Senior Notes Due October, 2027, 4.84% | Hawaiian Electric Consolidated, Senior Notes Due October, 2043, 5.65% | Hawaiian Electric Notes, Senior Notes | Hawaiian Electric, Senior Notes Due December, 2022, 4.45% | Hawaiian Electric, Senior Notes Due October, 2027, 4.84% | Hawaiian Electric, Senior Notes Due October, 2043, 5.65% | Hawaii Electric Light Notes, Senior Notes | Hawaiian Electric Light, Senior Notes Due July, 2020, 3.83% | Hawaiian Electric Light, Senior Notes Due December, 2022, 4.45% | Hawaiian Electric Light, Senior Notes Due October, 2027, 4.84% | Maui Electric Notes, Senior Notes | Maui Electric, Senior Notes Due October, 2027, 4.84% | Maui Electric, Senior Notes Due October, 2043, 5.65% | 4.75%, refunding series 2003A, due 2020 | 5.00%, refunding series 2003B, due 2022 | 5.65%, refunding series 1997A, due 2027 | Hawaiian Electric Company, Inc. and Subsidiaries | |||
Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | |||||||||||||||||||
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $1,492,945,000 | $1,422,872,000 | $1,217,945,000 | $1,147,872,000 | ' | $0 | $50,000,000 | $100,000,000 | $100,000,000 | $75,000,000 | $75,000,000 | $50,000,000 | $50,000,000 | ' | $50,000,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, stated interest rate (as a percent) | ' | ' | ' | ' | ' | 5.25% | 5.25% | 6.51% | 6.51% | 4.41% | 4.41% | 5.67% | 5.67% | 3.99% | 3.99% | 3.99% | ' | ' | ' | ' | ' | ' | ' | 4.45% | 4.84% | 5.65% | ' | 3.83% | 4.45% | 4.84% | ' | 4.84% | 5.65% | 4.75% | 5.00% | 5.65% | ' |
Aggregate principal payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 111,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 |
2015 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
2016 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
2017 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
2018 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 |
Additional borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Refinancing of unsecured debt payable | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 236,000,000 | 14,000,000 | 52,000,000 | 100,000,000 | 70,000,000 | 140,000,000 | 40,000,000 | 50,000,000 | 50,000,000 | 56,000,000 | 14,000,000 | 12,000,000 | 30,000,000 | 40,000,000 | 20,000,000 | 20,000,000 | ' | ' | ' | ' |
Bonds redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $166,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_equity_Details
Shareholders' equity (Details) (USD $) | Dec. 31, 2013 | Dec. 19, 2013 | Mar. 20, 2013 | Mar. 19, 2013 |
In Millions, except Share data, unless otherwise specified | ||||
Equity [Abstract] | ' | ' | ' | ' |
Common stock reserved for future issuance | 16,231,674 | ' | ' | ' |
Common stock reserved for future issuance in equity forward transaction | 5,700,000 | ' | ' | ' |
Public offering related to equity forward transaction (in shares) | ' | ' | ' | 6,100,000 |
Sale of common stock related to equity forward transaction (in dollars per share) | ' | ' | ' | $26.75 |
Closing price of common stock (in dollar per share) | ' | ' | ' | $27.01 |
Offering related to underwriters exercising their over-allotment option under equity forward transaction (in shares) | ' | ' | 900,000 | ' |
Shares borrowed by forward counterparty from third party | 7,000,000 | ' | ' | ' |
Underwriting discount (in dollars per share) | $1.00 | ' | ' | ' |
Forward sale price (in dollars per share) | $25.75 | ' | ' | ' |
Initial fair value (in dollars per share) | $0 | ' | ' | ' |
Delivery of net shares on settlement | 188,000 | 1,300,000 | ' | ' |
Delivery of cash on settlement | $5 | $32.10 | ' | ' |
Underwriting discount included in delivery of cash | 6 | 1.3 | ' | ' |
Cash in exchange of physical delivery of shares on settlement | $141 | ' | ' | ' |
Shareholders_equity_Details_2_
Shareholders' equity Details 2 (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Interest rate contracts (settled in 2011) | $75,479 | $78,151 | $82,106 |
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | -23,280 | -15,291 | -9,364 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | 222,595 | -75,471 | -100,692 |
Amount reclassified from AOCI | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Total reclassifications | -199,818 | 90,917 | 110,013 |
Amount reclassified from AOCI | Derivatives qualified as cash flow hedges Interest rate contracts (settled in 2011) | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Net realized gains on securities | -738 | -81 | -224 |
Interest rate contracts (settled in 2011) | 235 | 236 | 181 |
Amount reclassified from AOCI | Retirement benefit plan items | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | 23,280 | 15,291 | 9,364 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | -222,595 | 75,471 | 100,692 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | -20,694 | -13,673 | -8,372 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | 222,595 | -75,471 | -100,692 |
Hawaiian Electric Company, Inc. and Subsidiaries | Amount reclassified from AOCI | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Total reclassifications | -201,901 | 89,144 | 109,064 |
Hawaiian Electric Company, Inc. and Subsidiaries | Amount reclassified from AOCI | Retirement benefit plan items | ' | ' | ' |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost | 20,694 | 13,673 | 8,372 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets | ($222,595) | $75,471 | $100,692 |
Retirement_benefits_Details
Retirement benefits (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Minimum | Maximum | Hawaiian Electric Industries, Inc. | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light Company, Inc. (HELCO) | Hawaii Electric Light Company, Inc. (HELCO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Hawaiian Electric Company, Inc (HECO) | Maui Electric Company, Limited (MECO) | Maui Electric Company, Limited (MECO) | Maui Electric Company, Limited (MECO) | Pension benefits | Pension benefits | Pension benefits | Pension benefits | Pension benefits | Pension benefits | Other benefits | Other benefits | Other benefits | Other benefits | Other benefits | Other benefits | |||
Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | ||||||||||||||||||||||||
Retirement benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested percentage of interest of each affected participant after participating employer terminates participation | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years for which regulatory asset/liability for each utility will be amortized, beginning with respective utility's next rate case | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Executive life and nonqualified pension plan expenses | $1,200,000 | $1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory asset charges pretax | -364,000,000 | 124,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets | ' | ' | ' | ' | ' | 506,186,000 | 813,329,000 | ' | 64,552,000 | 109,815,000 | 12,800,000 | 381,346,000 | 601,451,000 | ' | 60,288,000 | 102,063,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory assets recovery period | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of plan assets requiring more than minimum level contributions required by law | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement benefits expense | ' | ' | ' | ' | ' | 30,000,000 | 32,000,000 | 34,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer's additional matching contribution on employee deferrals (as a percent) | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of participant deferrals eligible for Employer contribution match, towards defined contribution plan | ' | ' | ' | ' | 6.00% | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in benefit obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation, balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,590,304,000 | 1,322,430,000 | ' | 1,449,445,000 | 1,203,943,000 | ' | 194,135,000 | 190,549,000 | ' | 187,110,000 | 184,240,000 | ' |
Service cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,405,000 | 43,221,000 | 35,016,000 | 54,482,000 | 41,603,000 | 33,627,000 | 4,306,000 | 4,211,000 | 4,409,000 | 4,163,000 | 4,014,000 | 4,238,000 |
Interest cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,788,000 | 67,480,000 | 64,966,000 | 59,119,000 | 61,453,000 | 59,077,000 | 7,569,000 | 9,009,000 | 9,534,000 | 7,288,000 | 8,703,000 | 9,228,000 |
Actuarial losses (gains) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -203,302,000 | 217,205,000 | ' | -185,185,000 | 197,718,000 | ' | -21,743,000 | -1,991,000 | ' | -20,900,000 | -2,301,000 | ' |
Benefits paid and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -61,904,000 | -60,032,000 | ' | -57,051,000 | -55,272,000 | ' | -8,168,000 | -7,643,000 | ' | -8,082,000 | -7,546,000 | ' |
Benefit obligation, balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,446,291,000 | 1,590,304,000 | 1,322,430,000 | 1,320,810,000 | 1,449,445,000 | 1,203,943,000 | 176,099,000 | 194,135,000 | 190,549,000 | 169,579,000 | 187,110,000 | 184,240,000 |
Changes in fair value of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets, balance at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 971,314,000 | 839,580,000 | ' | 861,778,000 | 752,285,000 | ' | 156,731,000 | 142,992,000 | ' | 154,186,000 | 140,764,000 | ' |
Actual return on plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,130,000 | 115,794,000 | ' | 172,822,000 | 103,941,000 | ' | 29,164,000 | 18,477,000 | ' | 28,700,000 | 18,206,000 | ' |
Employer contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,083,000 | 74,923,000 | ' | 80,325,000 | 60,442,000 | ' | 954,000 | 2,780,000 | ' | 839,000 | 2,634,000 | ' |
Benefits paid and expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -60,858,000 | -58,983,000 | ' | -56,665,000 | -54,890,000 | ' | -7,519,000 | -7,518,000 | ' | -7,434,000 | -7,418,000 | ' |
Fair value of plan assets, balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,186,669,000 | 971,314,000 | 839,580,000 | 1,058,260,000 | 861,778,000 | 752,285,000 | 179,330,000 | 156,731,000 | 142,992,000 | 176,291,000 | 154,186,000 | 140,764,000 |
Accrued benefit asset (liability), balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -259,622,000 | -618,990,000 | ' | -262,550,000 | -587,667,000 | ' | 3,231,000 | -37,404,000 | ' | 6,712,000 | -32,924,000 | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,948,000 | 0 | ' | 0 | 0 | ' | 7,200,000 | 0 | ' | 7,200,000 | ' | ' |
Other liabilities (short-term) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -388,000 | -386,000 | ' | ' | 0 | ' | -488,000 | ' | ' |
Defined benefit pension and other postretirement benefit plans liability | ' | ' | ' | ' | ' | -262,162,000 | -620,205,000 | ' | -28,427,000 | -80,686,000 | ' | -202,396,000 | -459,765,000 | ' | -31,339,000 | -79,754,000 | ' | -284,570,000 | -618,990,000 | ' | -262,162,000 | -587,281,000 | ' | -3,969,000 | -37,404,000 | ' | 0 | -32,924,000 | ' |
Accrued benefit asset (liability), balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -259,622,000 | -618,990,000 | ' | -262,550,000 | -587,667,000 | ' | 3,231,000 | -37,404,000 | ' | 6,712,000 | -32,924,000 | ' |
Changes in accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
AOCI debit/(credit), balance at beginning of the period (excluding impact of PUC D&Os) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 680,781,000 | 533,537,000 | ' | 623,588,000 | 488,556,000 | ' | 18,846,000 | 28,684,000 | ' | 17,432,000 | 27,390,000 | ' |
Recognized during year - net recognized transition obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,000 | ' | 0 | 0 | ' | 0 | 0 | ' | 0 | 9,000 | ' |
Recognized during year - prior service credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,000 | 325,000 | ' | 464,000 | 689,000 | ' | 1,793,000 | 1,793,000 | ' | 1,803,000 | 1,803,000 | ' |
Recognized during year - net actuarial losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,438,000 | -25,675,000 | ' | -34,597,000 | -23,428,000 | ' | -1,602,000 | -1,498,000 | ' | -1,544,000 | -1,455,000 | ' |
Occurring during year - net actuarial losses (gains) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -324,896,000 | 172,595,000 | ' | 293,482,000 | -157,771,000 | ' | -40,759,000 | -10,133,000 | ' | 39,598,000 | 10,315,000 | ' |
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 317,544,000 | 680,781,000 | 533,537,000 | 295,973,000 | 623,588,000 | 488,556,000 | -21,722,000 | 18,846,000 | 28,684,000 | -21,907,000 | 17,432,000 | 27,390,000 |
Cumulative impact of PUC D&Os | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -294,266,000 | -621,310,000 | ' | -294,266,000 | -621,310,000 | ' | 19,206,000 | -18,123,000 | ' | 19,206,000 | -18,123,000 | ' |
AOCI debit/(credit), balance at end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,278,000 | 59,471,000 | ' | 1,707,000 | 2,278,000 | ' | -2,516,000 | 723,000 | ' | -2,701,000 | -691,000 | ' |
Net actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 317,639,000 | 680,973,000 | ' | 295,825,000 | 623,904,000 | ' | -5,840,000 | 36,521,000 | ' | -6,001,000 | 35,141,000 | ' |
Prior service gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -95,000 | -192,000 | ' | 148,000 | -316,000 | ' | -15,882,000 | -17,675,000 | ' | -15,906,000 | -17,709,000 | ' |
AOCI debit/(credit), balance at end of the period (excluding impact of PUC D&Os) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 317,544,000 | 680,781,000 | 533,537,000 | 295,973,000 | 623,588,000 | 488,556,000 | -21,722,000 | 18,846,000 | 28,684,000 | -21,907,000 | 17,432,000 | 27,390,000 |
AOCI debit/(credit), balance at end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,278,000 | 59,471,000 | ' | 1,707,000 | 2,278,000 | ' | -2,516,000 | 723,000 | ' | -2,701,000 | -691,000 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,180,000 | -23,489,000 | ' | -664,000 | -886,000 | ' | 980,000 | -281,000 | ' | 1,050,000 | 269,000 | ' |
AOCI debit/(credit), net of taxes (benefits) balance at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,098,000 | 35,982,000 | ' | 1,043,000 | 1,392,000 | ' | -1,536,000 | 442,000 | ' | -1,651,000 | -422,000 | ' |
Defined benefit pension plans with accumulated benefit obligations in excess of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate accumulated benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 | 1,400,000,000 | ' | 1,200,000,000 | 1,200,000,000 | ' | 400,000 | ' | ' | ' | ' | ' |
Plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | 1,000,000,000 | ' | 1,100,000,000 | 900,000,000 | ' | 0 | ' | ' | ' | ' | ' |
Defined benefit plans with benefit obligations in excess of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate projected benefit obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected cash funding for qualified defined benefit plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,000,000 | ' | ' | 58,000,000 | ' | ' | 72,000,000 | ' | ' | 67,000,000 | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | 69,000,000 | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,000,000 | ' | ' | 72,000,000 | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,000,000 | ' | ' | 75,000,000 | ' | ' |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | 77,000,000 | ' | ' |
2019 through 2023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $483,000,000 | ' | ' | $441,000,000 | ' | ' |
Fair value of plan assets, valuation difference amortized in first year (as a percent) | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets, valuation difference amortized in two to five years (as a percent) | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of past years for adding or subtracting the unamortized differences from fair value | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of range around fair value | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold percentage around fair value | ' | ' | 85.00% | 115.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement_benefits_Details_2
Retirement benefits (Details 2) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assumed health care trend rates in next fiscal year and future years | ' | ' | ' |
Fair value of plan assets, valuation difference amortized in two to five years (as a percent) | 25.00% | ' | ' |
Pension benefits | ' | ' | ' |
Retirement benefits | ' | ' | ' |
Actual asset allocation (as a percent) | 100.00% | 100.00% | ' |
Asset category, Target | ' | ' | ' |
Target (as a percent) | 100.00% | ' | ' |
Benefit obligation | ' | ' | ' |
Discount rate (as a percent) | 5.09% | 4.13% | 5.19% |
Rate of compensation increase (as a percent) | 3.50% | 3.50% | 3.50% |
Net periodic benefit cost (years ended) | ' | ' | ' |
Discount rate (as a percent) | 4.13% | 5.19% | 5.68% |
Expected return on plan assets (as a percent) | 7.75% | 7.75% | 8.00% |
Rate of compensation increase (as a percent) | 3.50% | 3.50% | 3.50% |
Expected rate of return on plan assets for 2012 (as a percent) | 7.75% | ' | ' |
Pension benefits | Equity securities | ' | ' | ' |
Retirement benefits | ' | ' | ' |
Actual asset allocation (as a percent) | 73.00% | 69.00% | ' |
Asset category, Target | ' | ' | ' |
Target (as a percent) | 70.00% | ' | ' |
Target minimum range (as a percent) | 65.00% | 65.00% | ' |
Target maximum range (as a percent) | 75.00% | 75.00% | ' |
Pension benefits | Fixed income securities | ' | ' | ' |
Retirement benefits | ' | ' | ' |
Actual asset allocation (as a percent) | 27.00% | 31.00% | ' |
Asset category, Target | ' | ' | ' |
Target (as a percent) | 30.00% | ' | ' |
Target minimum range (as a percent) | 25.00% | 25.00% | ' |
Target maximum range (as a percent) | 35.00% | 35.00% | ' |
Other benefits | ' | ' | ' |
Retirement benefits | ' | ' | ' |
Actual asset allocation (as a percent) | 100.00% | 100.00% | ' |
Asset category, Target | ' | ' | ' |
Target (as a percent) | 100.00% | ' | ' |
Benefit obligation | ' | ' | ' |
Discount rate (as a percent) | 5.03% | 4.07% | 4.90% |
Net periodic benefit cost (years ended) | ' | ' | ' |
Discount rate (as a percent) | 4.07% | 4.90% | 5.60% |
Expected return on plan assets (as a percent) | 7.75% | 7.75% | 8.00% |
Assumed health care trend rates in next fiscal year and future years | ' | ' | ' |
Assumed health care trend rate for medical in next fiscal year (as a percent) | 7.50% | 8.00% | ' |
Assumed health care trend rate for grading down in 2019 and thereafter (as a percent) | 5.00% | 5.00% | ' |
Assumed health care trend rate for dental in next fiscal year (as a percent) | 5.00% | 5.00% | ' |
Assumed health care trend rate for vision in next fiscal year (as a percent) | 4.00% | 4.00% | ' |
Age threshold health care trend rates are adjusted | '65 years | ' | ' |
Percentage by which medical trend for post-65 is higher than pre-65 for 2012 through 2014 | 4.00% | ' | ' |
Percentage by which medical trend for post-65 is higher than pre-65 for 2015 | 3.00% | ' | ' |
Other benefits | Equity securities | ' | ' | ' |
Retirement benefits | ' | ' | ' |
Actual asset allocation (as a percent) | 74.00% | 70.00% | ' |
Asset category, Target | ' | ' | ' |
Target (as a percent) | 70.00% | ' | ' |
Target minimum range (as a percent) | 65.00% | 65.00% | ' |
Target maximum range (as a percent) | 75.00% | 75.00% | ' |
Other benefits | Fixed income securities | ' | ' | ' |
Retirement benefits | ' | ' | ' |
Actual asset allocation (as a percent) | 26.00% | 30.00% | ' |
Asset category, Target | ' | ' | ' |
Target (as a percent) | 30.00% | ' | ' |
Target minimum range (as a percent) | 25.00% | 25.00% | ' |
Target maximum range (as a percent) | 35.00% | 35.00% | ' |
Retirement_benefits_Details_3
Retirement benefits (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined contribution plan | ' | ' | ' |
Defined contribution plan, expenses recognized | $5,000,000 | $4,000,000 | $3,000,000 |
Cash contributions by the employer to defined contribution plan | 4,000,000 | 4,000,000 | 4,000,000 |
Hawaiian Electric Industries, Inc. | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Maximum percentage of participant deferrals eligible for Employer contribution match, towards defined contribution plan | 6.00% | ' | ' |
Employer's additional matching contribution on employee deferrals (as a percent) | 50.00% | ' | ' |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Maximum percentage of participant deferrals eligible for Employer contribution match, towards defined contribution plan | 6.00% | ' | ' |
Employer's additional matching contribution on employee deferrals (as a percent) | 50.00% | ' | ' |
Defined contribution plan, expenses recognized | 600,000 | ' | ' |
American Savings Bank (ASB) | ' | ' | ' |
Defined contribution plan | ' | ' | ' |
Maximum percentage of participant deferrals eligible for Employer contribution match, towards defined contribution plan | 4.00% | ' | ' |
Pension benefits | ' | ' | ' |
Defined benefit plans | ' | ' | ' |
Service cost | 56,405,000 | 43,221,000 | 35,016,000 |
Interest cost | 64,788,000 | 67,480,000 | 64,966,000 |
Expected return on plan assets | -72,537,000 | -71,183,000 | -68,901,000 |
Amortization of net transition obligation | 0 | 1,000 | 2,000 |
Amortization of net prior service gain | -97,000 | -325,000 | -389,000 |
Amortization of net actuarial loss (gain) | 38,438,000 | 25,675,000 | 16,987,000 |
Net periodic benefit cost | 86,997,000 | 64,869,000 | 47,681,000 |
Impact of PUC D&Os | -38,104,000 | -15,754,000 | -3,516,000 |
Net periodic benefit cost (adjusted for impact of PUC D&Os) | 48,893,000 | 49,115,000 | 44,165,000 |
Amounts amortized from AOCI or regulatory assets into net periodic pension benefit cost during 2013 | ' | ' | ' |
Prior service credit | 100,000 | ' | ' |
Net actuarial loss | -20,200,000 | ' | ' |
Net transition obligation | 0 | ' | ' |
Pension expense | 34,000,000 | 35,000,000 | 32,000,000 |
Pension benefits | Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Defined benefit plans | ' | ' | ' |
Service cost | 54,482,000 | 41,603,000 | 33,627,000 |
Interest cost | 59,119,000 | 61,453,000 | 59,077,000 |
Expected return on plan assets | -64,551,000 | -64,004,000 | -61,615,000 |
Amortization of net prior service gain | -464,000 | -689,000 | -747,000 |
Amortization of net actuarial loss (gain) | 34,597,000 | 23,428,000 | 15,752,000 |
Net periodic benefit cost | 83,183,000 | 61,791,000 | 46,094,000 |
Impact of PUC D&Os | -38,104,000 | -15,754,000 | -3,516,000 |
Net periodic benefit cost (adjusted for impact of PUC D&Os) | 45,079,000 | 46,037,000 | 42,578,000 |
Amounts amortized from AOCI or regulatory assets into net periodic pension benefit cost during 2013 | ' | ' | ' |
Prior service credit | 100,000 | ' | ' |
Net actuarial loss | -18,200,000 | ' | ' |
Net transition obligation | 0 | ' | ' |
Pension expense | 30,000,000 | 32,000,000 | 31,000,000 |
Other benefits | ' | ' | ' |
Defined benefit plans | ' | ' | ' |
Service cost | 4,306,000 | 4,211,000 | 4,409,000 |
Interest cost | 7,569,000 | 9,009,000 | 9,534,000 |
Expected return on plan assets | -10,147,000 | -10,336,000 | -10,650,000 |
Amortization of net prior service gain | -1,793,000 | -1,793,000 | -1,494,000 |
Amortization of net actuarial loss (gain) | 1,602,000 | 1,498,000 | 234,000 |
Net periodic benefit cost | 1,537,000 | 2,589,000 | 2,033,000 |
Impact of PUC D&Os | -1,458,000 | -2,227,000 | 2,674,000 |
Net periodic benefit cost (adjusted for impact of PUC D&Os) | 79,000 | 362,000 | 4,707,000 |
Amounts amortized from AOCI or regulatory assets into net periodic pension benefit cost during 2013 | ' | ' | ' |
Prior service credit | -1,800,000 | ' | ' |
Net actuarial loss | 0 | ' | ' |
Net transition obligation | 0 | ' | ' |
Postretirement benefits other than pension expense | 400,000 | 1,000,000 | 4,000,000 |
Effect of one-percentage-point increase in assumed health care cost trend rates that would have increased total service and interest cost | 300,000 | ' | ' |
Effect of one-percentage-point increase in assumed health care cost trend rates that would have increased the accumulated postretirement benefit obligation (APBO) | 4,500,000 | ' | ' |
Effect of one-percentage-point decrease that would have reduced total service and interest cost | -300,000 | ' | ' |
Effect of one-percentage-point decrease that would have reduced APBO | -4,900,000 | ' | ' |
Other benefits | Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Defined benefit plans | ' | ' | ' |
Service cost | 4,163,000 | 4,014,000 | 4,238,000 |
Interest cost | 7,288,000 | 8,703,000 | 9,228,000 |
Expected return on plan assets | -10,002,000 | -10,195,000 | -10,508,000 |
Amortization of net transition obligation | 0 | -9,000 | -8,000 |
Amortization of net prior service gain | -1,803,000 | -1,803,000 | -1,505,000 |
Amortization of net actuarial loss (gain) | 1,544,000 | 1,455,000 | 212,000 |
Net periodic benefit cost | 1,190,000 | 2,165,000 | 1,657,000 |
Impact of PUC D&Os | -1,458,000 | -2,227,000 | 2,674,000 |
Net periodic benefit cost (adjusted for impact of PUC D&Os) | -268,000 | -62,000 | 4,331,000 |
Amounts amortized from AOCI or regulatory assets into net periodic pension benefit cost during 2013 | ' | ' | ' |
Prior service credit | -1,800,000 | ' | ' |
Net actuarial loss | 0 | ' | ' |
Net transition obligation | 0 | ' | ' |
Postretirement benefits other than pension expense | 0 | 400,000 | 3,000,000 |
Effect of one-percentage-point increase in assumed health care cost trend rates that would have increased total service and interest cost | 300,000 | ' | ' |
Effect of one-percentage-point increase in assumed health care cost trend rates that would have increased the accumulated postretirement benefit obligation (APBO) | 4,500,000 | ' | ' |
Effect of one-percentage-point decrease that would have reduced total service and interest cost | -300,000 | ' | ' |
Effect of one-percentage-point decrease that would have reduced APBO | ($4,800,000) | ' | ' |
Sharebased_compensation_Detail
Share-based compensation (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Equity and Incentive Plan (EIP) | ' |
Share-based compensation | ' |
Shares remaining available for future issuance | 3,600,000 |
Shares that can be issued upon vesting of outstanding units and achievement of performance goals | 2,200,000 |
Stock Option and Incentive Plan (SOIP) | ' |
Share-based compensation | ' |
Outstanding shares | 2,000 |
Period of time from grant date after which awards become unrestricted | '4 years |
Nonemployee Director Stock Plan | ' |
Share-based compensation | ' |
Shares remaining available for future issuance | 202,460 |
Long-term incentive plan (LTIP) | ' |
Share-based compensation | ' |
Performance period | '3 years |
Exception to forfeiture, minimum requisite service period | '12 months |
Stock appreciation rights (SARs) | Stock Option and Incentive Plan (SOIP) | ' |
Share-based compensation | ' |
Percentage of award exercisable in installments | 25.00% |
Period during which the award vests and becomes exercisable in installments | '4 years |
Period award expires if not exercised | '10 years |
Restricted shares | Equity and Incentive Plan (EIP) | ' |
Share-based compensation | ' |
The number of equal annual increments for which the awards become unrestricted (in installments) | 4 |
Sharebased_compensation_Detail1
Share-based compensation (Details 2) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based compensation | ' | ' | ' |
Share-based compensation expense (in dollars) | $7,800,000 | $6,700,000 | $4,300,000 |
Income tax benefit (in dollars) | 2,800,000 | 2,400,000 | 1,500,000 |
Shares | ' | ' | ' |
Granted (in shares) | 0 | 0 | 0 |
Forfeited (in shares) | 0 | 0 | 0 |
Weighted-average exercise price | ' | ' | ' |
Granted (in dollars per share) | $0 | $0 | $0 |
Forfeited (in dollars per share) | $0 | $0 | $0 |
Shares | ' | ' | ' |
Granted (in shares) | 0 | ' | ' |
LTIP linked to TRS | ' | ' | ' |
Share-based compensation | ' | ' | ' |
Income tax benefit (in dollars) | 900,000 | 200,000 | ' |
Shares | ' | ' | ' |
Outstanding, beginning of period (in shares) | 239,256 | 197,385 | 126,782 |
Granted (in shares) | 91,038 | 81,223 | 75,015 |
Forfeited (in shares) | -10,414 | -3,955 | -4,412 |
Expired (in shares) | -17,548 | ' | ' |
Outstanding, end of period (in shares) | 232,127 | 239,256 | 197,385 |
Shares vested | 87,753 | 35,397 | 0 |
Shares settled | 70,205 | ' | ' |
Aggregate fair value of vested shares | 2,200,000 | 600,000 | ' |
Weighted-average exercise price | ' | ' | ' |
Granted (in dollars per share) | $32.69 | $30.71 | $35.46 |
Nonqualified stock options (NQSOs) | ' | ' | ' |
Shares | ' | ' | ' |
Outstanding at the beginning of the period (in shares) | 14,000 | 55,500 | 215,500 |
Exercised (in shares) | -14,000 | -41,500 | -160,000 |
Expired (in shares) | 0 | 0 | 0 |
Outstanding at the end of the period (in shares) | 0 | 14,000 | 55,500 |
Exercisable (in shares) | 0 | 14,000 | 55,500 |
Weighted-average exercise price | ' | ' | ' |
Outstanding, at the beginning of the period (in dollars per share) | $20.49 | $20.92 | $20.76 |
Exercised (in dollars per share) | $20.49 | $21.06 | $20.70 |
Expired (in dollars per share) | $0 | $0 | $0 |
Outstanding, at the end of the period (in dollars per share) | $0 | $20.49 | $20.92 |
Exercisable (in dollars per share) | $0 | $20.49 | $20.92 |
Cash received from exercise (in dollars) | 287,000 | 874,000 | 3,312,000 |
Intrinsic value of shares exercised (in dollars) | 128,000 | 354,000 | 1,270,000 |
Tax benefit realized for the deduction of exercises (in dollars) | 50,000 | 138,000 | 181,000 |
Stock appreciation rights (SARs) | ' | ' | ' |
Weighted-average exercise price | ' | ' | ' |
Lower range of exercise prices (in dollars per share) | $26.02 | ' | ' |
Upper range of exercise prices (in dollars per share) | $26.18 | ' | ' |
Number of shares underlying SARs | 164,000 | ' | ' |
Weighted-average remaining contractual life | '10 months 24 days | ' | ' |
Weighted-average exercise price of shares outstanding and exercisable (in dollars per share) | $26.12 | ' | ' |
Intrinsic value of equity instruments other than options, vested | 100,000 | ' | ' |
Shares | ' | ' | ' |
Outstanding, beginning of period (in shares) | 164,000 | 282,000 | 450,000 |
Granted (in shares) | ' | 0 | 0 |
Exercised (in shares) | 0 | -114,000 | -110,000 |
Forfeited (in shares) | 0 | 0 | 0 |
Expired (in shares) | 0 | -4,000 | -58,000 |
Outstanding, end of period (in shares) | 164,000 | 164,000 | 282,000 |
Exercisable (in shares) | 164,000 | 164,000 | 282,000 |
Intrinsic value of shares exercised | 0 | 197,000 | 64,000 |
Tax benefit realized for the deduction of exercises | 0 | 77,000 | 25,000 |
Weighted-average exercise price | ' | ' | ' |
Outstanding at the beginning of the period (in dollars per share) | $26.12 | $26.14 | $26.13 |
Granted (in dollars per share) | $0 | $0 | $0 |
Exercised (in dollars per share) | $0 | $26.17 | $26.09 |
Forfeited (in dollars per share) | $0 | $0 | $0 |
Expired (in dollars per share) | $0 | $26.18 | $26.13 |
Outstanding at the end of the period (in dollars per share) | $26.12 | $26.12 | $26.14 |
Exercisable (in dollars per share) | $26.12 | $26.12 | $26.14 |
Stock appreciation rights (SARs) | 2004 | ' | ' | ' |
Weighted-average exercise price | ' | ' | ' |
Range of exercise prices (in dollars per share) | $26.02 | ' | ' |
Number of shares underlying SARs | 62,000 | ' | ' |
Weighted-average remaining contractual life | '3 months 18 days | ' | ' |
Weighted-average exercise price of shares outstanding and exercisable (in dollars per share) | $26.02 | ' | ' |
Stock appreciation rights (SARs) | 2005 | ' | ' | ' |
Weighted-average exercise price | ' | ' | ' |
Range of exercise prices (in dollars per share) | $26.18 | ' | ' |
Number of shares underlying SARs | 102,000 | ' | ' |
Weighted-average remaining contractual life | '1 year 3 months 18 days | ' | ' |
Weighted-average exercise price of shares outstanding and exercisable (in dollars per share) | $26.18 | ' | ' |
As previously filed | ' | ' | ' |
Share-based compensation | ' | ' | ' |
Share-based compensation expense (in dollars) | ' | 5,900,000 | 3,800,000 |
Income tax benefit (in dollars) | ' | 2,000,000 | 1,300,000 |
Difference | ' | ' | ' |
Share-based compensation | ' | ' | ' |
Share-based compensation expense (in dollars) | ' | 800,000 | 500,000 |
Income tax benefit (in dollars) | ' | $400,000 | $200,000 |
Sharebased_compensation_Detail2
Share-based compensation (Details 3) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based compensation | ' | ' | ' |
Income tax benefit (in dollars) | $2.80 | $2.40 | $1.50 |
Common stock | ' | ' | ' |
Share-based compensation | ' | ' | ' |
Shares granted | 33,184 | 29,448 | 34,908 |
Fair value of vested stock (in dollars) | 0.8 | 0.8 | 0.8 |
Income tax benefit (in dollars) | $0.30 | $0.30 | $0.30 |
Sharebased_compensation_Detail3
Share-based compensation (Details 4) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted stock awards and restricted stock units | ' | ' | ' |
Granted (in shares) | 0 | ' | ' |
Weighted-average grant-date fair value per share | ' | ' | ' |
Total weighted-average grant-date fair value | $3 | $2.60 | $2.50 |
Tax benefits realized for the tax deductions | 2.8 | 2.4 | 1.5 |
Restricted shares | ' | ' | ' |
Restricted stock awards and restricted stock units | ' | ' | ' |
Outstanding, beginning of period (in shares) | 9,005 | 46,807 | 89,709 |
Granted (in shares) | 0 | 0 | 0 |
Vested (in shares) | -4,502 | -37,802 | -40,102 |
Forfeited (in shares) | 0 | 0 | -2,800 |
Outstanding, end of period (in shares) | 4,503 | 9,005 | 46,807 |
Weighted-average grant-date fair value per share | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | $22.21 | $24.45 | $24.64 |
Granted (in dollars per share) | $0 | $0 | $0 |
Vested (in dollars per share) | $22.21 | $24.99 | $24.83 |
Forfeited (in dollars per share) | $0 | $0 | $24.93 |
Outstanding, end of period (in dollars per share) | $22.21 | $22.21 | $24.45 |
Fair value of vested stock (in dollars) | 0.1 | 0.9 | 1 |
Tax benefits realized for the tax deductions | ' | 0.2 | 0.2 |
Unrecognized compensation cost | 0.1 | ' | ' |
Weighted-average period over which unrecognized compensation cost expected to be recognized | '10 months 24 days | ' | ' |
Restricted stock units | ' | ' | ' |
Restricted stock awards and restricted stock units | ' | ' | ' |
Outstanding, beginning of period (in shares) | 315,094 | 247,286 | 146,500 |
Granted (in shares) | 111,231 | 98,446 | 101,786 |
Vested (in shares) | -118,885 | -25,728 | 0 |
Forfeited (in shares) | -19,289 | -4,910 | -1,000 |
Outstanding, end of period (in shares) | 288,151 | 315,094 | 247,286 |
Weighted-average grant-date fair value per share | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | $22.82 | $21.80 | $19.80 |
Granted (in dollars per share) | $26.88 | $25.99 | $24.68 |
Vested (in dollars per share) | $20.48 | $24.68 | $0 |
Forfeited (in dollars per share) | $25.62 | $24.92 | $22.60 |
Outstanding, end of period (in dollars per share) | $25.17 | $22.82 | $21.80 |
Fair value of vested stock (in dollars) | 2.4 | 0.7 | ' |
Tax benefits realized for the tax deductions | 0.9 | 0.2 | ' |
Unrecognized compensation cost | $3.70 | ' | ' |
Weighted-average period over which unrecognized compensation cost expected to be recognized | '2 years 5 months 24 days | ' | ' |
Sharebased_compensation_Detail4
Share-based compensation (Details 5) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
LTIP linked to TRS and other performance conditions (in shares) | ' | ' | ' |
Granted (in shares) | 0 | ' | ' |
Weighted-average grant-date fair value per share | ' | ' | ' |
Total weighted-average grant-date fair value | $3 | $2.60 | $2.50 |
Tax benefits realized for the tax deductions | 2.8 | 2.4 | 1.5 |
LTIP awards linked to other performance conditions | ' | ' | ' |
LTIP linked to TRS and other performance conditions (in shares) | ' | ' | ' |
Outstanding, beginning of period (in shares) | 247,175 | 182,498 | 161,310 |
Granted (in shares) | 120,399 | 125,157 | 113,831 |
Vested (in shares) | -18,280 | 0 | 0 |
Cancelled (in shares) | -41,599 | -50,786 | -81,908 |
Forfeited (in shares) | -10,852 | -9,694 | -10,735 |
Outstanding, end of period (in shares) | 296,843 | 247,175 | 182,498 |
Weighted-average grant-date fair value per share | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | $25.04 | $22.63 | $18.66 |
Granted (in dollars per share) | $26.89 | $26.05 | $24.96 |
Vested (in dollars per share) | $18.95 | $0 | $0 |
Cancelled (in dollars per share) | $24.97 | $18.95 | $18.38 |
Forfeited (in dollars per share) | $26.20 | $24.44 | $20.12 |
Outstanding, end of period (in dollars per share) | $26.14 | $25.04 | $22.63 |
Total weighted-average grant-date fair value | 3.2 | 3.3 | 2.8 |
Fair value of vested stock (in dollars) | 0.6 | ' | ' |
Tax benefits realized for the tax deductions | 0.2 | ' | ' |
2012-2014 LTIP linked to other performance conditions | ' | ' | ' |
Weighted-average grant-date fair value per share | ' | ' | ' |
Unrecognized compensation cost | 3.1 | ' | ' |
Weighted-average period over which unrecognized compensation cost expected to be recognized | '1 year 6 months | ' | ' |
Long-term incentive plan (LTIP) | ' | ' | ' |
Share-based compensation | ' | ' | ' |
Payout low end of range (as a percent) | 0.00% | ' | ' |
Payout high end of range (as a percent) | 200.00% | ' | ' |
Performance period | '3 years | ' | ' |
LTIP linked to TRS | ' | ' | ' |
LTIP linked to TRS and other performance conditions (in shares) | ' | ' | ' |
Outstanding, beginning of period (in shares) | 239,256 | 197,385 | 126,782 |
Granted (in shares) | 91,038 | 81,223 | 75,015 |
Vested (in shares) | -87,753 | -35,397 | 0 |
Forfeited (in shares) | -10,414 | -3,955 | -4,412 |
Outstanding, end of period (in shares) | 232,127 | 239,256 | 197,385 |
Weighted-average grant-date fair value per share | ' | ' | ' |
Outstanding, beginning of period (in dollars per share) | $29.12 | $25.94 | $20.33 |
Granted (in dollars per share) | $32.69 | $30.71 | $35.46 |
Vested (in dollars per share) | $22.45 | $14.85 | $0 |
Forfeited (in dollars per share) | $32.72 | $30.82 | $29.56 |
Outstanding, end of period (in dollars per share) | $32.88 | $29.12 | $25.94 |
Total weighted-average grant-date fair value | 3 | 2.5 | 2.7 |
Risk-free interest rate (as a percent) | 0.38% | 0.33% | 1.25% |
Expected life | '3 years | '3 years | '3 years |
Expected volatility (as a percent) | 19.40% | 25.30% | 27.80% |
Range of expected volatility for Peer Group, minimum (as a percent) | 12.40% | 15.50% | 21.20% |
Range of expected volatility for Peer Group, maximum (as a percent) | 25.30% | 34.50% | 82.60% |
Grant date fair value (in dollars per share) | $32.69 | $30.71 | $35.46 |
Fair value of vested stock (in dollars) | 2.2 | 0.6 | ' |
Tax benefits realized for the tax deductions | 0.9 | 0.2 | ' |
Unrecognized compensation cost | $2.40 | ' | ' |
Weighted-average period over which unrecognized compensation cost expected to be recognized | '1 year 6 months | ' | ' |
Income_taxes_Details
Income taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Federal | ' | ' | ' |
Current | ($1,520,000) | ($15,411,000) | ($7,639,000) |
Deferred | 73,680,000 | 82,138,000 | 73,495,000 |
Deferred tax credits, net | 224,000 | 187,000 | 0 |
Federal taxes | 72,384,000 | 66,914,000 | 65,856,000 |
State | ' | ' | ' |
Current | -1,555,000 | -4,654,000 | 2,437,000 |
Deferred | 6,719,000 | 8,710,000 | 5,949,000 |
Deferred tax credits, net | 6,793,000 | 5,889,000 | 1,690,000 |
State taxes | 11,957,000 | 9,945,000 | 10,076,000 |
Federal and state taxes | 84,341,000 | 76,859,000 | 75,932,000 |
Reconciliation percentage of amount of income taxes computed at federal statutory rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) resulting from: | ' | ' | ' |
Amount at the federal statutory income tax rate | 86,711,000 | 76,092,000 | 75,618,000 |
State income taxes, net of effect on federal income taxes | 7,772,000 | 6,464,000 | 6,550,000 |
Other, net | -10,142,000 | -5,697,000 | -6,236,000 |
Federal and state taxes | 84,341,000 | 76,859,000 | 75,932,000 |
Effective income tax rate (as a percent) | 34.00% | 35.40% | 35.10% |
Amount of decrease in deferred taxes related to tax gross-up of AFUDC-equity | 3,500,000 | ' | ' |
Out-of-period income tax benefit | 3,100,000 | ' | ' |
Out-of-period tax benefit related to utilities | 2,700,000 | ' | ' |
Deferred tax assets | ' | ' | ' |
Allowance for loan losses | 16,172,000 | 17,254,000 | ' |
Retirement benefits | 0 | 266,000 | ' |
Net operating loss | 0 | 0 | ' |
Other | 41,067,000 | 34,354,000 | ' |
Total deferred tax assets | 57,239,000 | 51,874,000 | ' |
Deferred tax liabilities | ' | ' | ' |
Property, plant and equipment | 378,280,000 | 316,900,000 | ' |
Goodwill | 23,781,000 | 23,781,000 | ' |
Regulatory assets, excluding amounts attributable to property, plant and equipment | 33,251,000 | 33,071,000 | ' |
FHLB stock dividend | 18,847,000 | 20,062,000 | ' |
Repairs deduction | 75,127,000 | 69,514,000 | ' |
Retirement benefits | 29,280,000 | 0 | ' |
Other | 27,933,000 | 27,875,000 | ' |
Deferred Tax Liabilities, Gross | 586,499,000 | 491,203,000 | ' |
Total deferred tax liabilities | 529,260,000 | 439,329,000 | ' |
Credit adjustments to interest expense on income taxes | 300,000 | 1,400,000 | 1,200,000 |
Amount of accrued interest related to uncertain tax positions | 400,000 | 300,000 | ' |
Changes in total unrecognized tax benefits | ' | ' | ' |
Unrecognized tax benefits, at the beginning of the period | 800,000 | 5,700,000 | 15,400,000 |
Additions based on tax positions taken during the year | 0 | 300,000 | 0 |
Reductions based on tax positions taken during the year | 0 | 0 | -600,000 |
Additions for tax positions of prior years | 500,000 | 0 | 100,000 |
Reductions for tax positions of prior years | -400,000 | -4,100,000 | -8,100,000 |
Settlements | 0 | 0 | 0 |
Lapses of statute of limitations | 0 | -1,100,000 | -1,100,000 |
Unrecognized tax benefits, at the end of the period | 900,000 | 800,000 | 5,700,000 |
Unrecognized tax benefits that would affect effect tax rate | 700,000 | ' | ' |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Federal | ' | ' | ' |
Current | 1,313,000 | -26,965,000 | -10,820,000 |
Deferred | 58,024,000 | 79,437,000 | 64,646,000 |
Deferred tax credits, net | 224,000 | 186,000 | 0 |
Federal taxes | 59,561,000 | 52,658,000 | 53,826,000 |
State | ' | ' | ' |
Current | -3,720,000 | -4,940,000 | 1,226,000 |
Deferred | 6,483,000 | 7,441,000 | 4,445,000 |
Deferred tax credits, net | 6,793,000 | 5,889,000 | 2,087,000 |
State taxes | 9,556,000 | 8,390,000 | 7,758,000 |
Federal and state taxes | 69,117,000 | 61,048,000 | 61,584,000 |
Increase (decrease) resulting from: | ' | ' | ' |
Amount at the federal statutory income tax rate | 67,914,000 | 56,812,000 | 57,248,000 |
State income taxes, net of effect on federal income taxes | 6,211,000 | 5,453,000 | 5,042,000 |
Other, net | -5,008,000 | -1,217,000 | -706,000 |
Federal and state taxes | 69,117,000 | 61,048,000 | 61,584,000 |
Effective income tax rate (as a percent) | 35.60% | 37.60% | 37.70% |
Deferred tax assets | ' | ' | ' |
Allowance for loan losses | 0 | 0 | ' |
Retirement benefits | 0 | 0 | ' |
Net operating loss | 19,848,000 | 6,413,000 | ' |
Other | 17,295,000 | 13,986,000 | ' |
Total deferred tax assets | 37,143,000 | 20,399,000 | ' |
Deferred tax liabilities | ' | ' | ' |
Property, plant and equipment | 375,771,000 | 315,409,000 | ' |
Goodwill | 0 | 0 | ' |
Regulatory assets, excluding amounts attributable to property, plant and equipment | 33,251,000 | 33,071,000 | ' |
FHLB stock dividend | 0 | 0 | ' |
Repairs deduction | 75,127,000 | 69,514,000 | ' |
Retirement benefits | 23,851,000 | 8,688,000 | ' |
Other | 15,602,000 | 11,328,000 | ' |
Deferred Tax Liabilities, Gross | 523,602,000 | 438,010,000 | ' |
Total deferred tax liabilities | 486,459,000 | 417,611,000 | ' |
Net operating loss carryforwards | 55,000,000 | ' | ' |
Credit adjustments to interest expense on income taxes | 300,000 | 500,000 | 1,000,000 |
Changes in total unrecognized tax benefits | ' | ' | ' |
Unrecognized tax benefits, at the beginning of the period | 400,000 | 3,700,000 | 14,200,000 |
Additions based on tax positions taken during the year | 0 | 300,000 | 0 |
Reductions based on tax positions taken during the year | 0 | 0 | -600,000 |
Additions for tax positions of prior years | 500,000 | 0 | 0 |
Reductions for tax positions of prior years | -400,000 | -3,600,000 | -8,800,000 |
Settlements | 0 | 0 | 0 |
Lapses of statute of limitations | 0 | 0 | -1,100,000 |
Unrecognized tax benefits, at the end of the period | 500,000 | 400,000 | 3,700,000 |
Unrecognized tax benefits that would affect effect tax rate | 500,000 | ' | ' |
Prepayments and other | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' |
Total deferred tax liabilities | 0 | 0 | ' |
Prepayments and other | Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' |
Total deferred tax liabilities | 20,702,000 | 0 | ' |
Deferred income taxes, liabilities, noncurrent | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' |
Total deferred tax liabilities | 529,260,000 | 439,329,000 | ' |
Deferred income taxes, liabilities, noncurrent | Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' |
Total deferred tax liabilities | $507,161,000 | $417,611,000 | ' |
Cash_flows_Details
Cash flows (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Supplemental disclosures of cash flow information | ' | ' | ' |
Interest paid to non-affiliates | $85,000,000 | $84,000,000 | $97,000,000 |
Income taxes paid (refunded) | 14,000,000 | -14,000,000 | -22,000,000 |
Supplemental disclosures of noncash activities | ' | ' | ' |
Common stock dividends reinvested in HEI common stock | 24,000,000 | 24,000,000 | 12,000,000 |
Increases in common stock related to director and officer compensatory plans | 5,000,000 | 6,000,000 | 8,000,000 |
Loans transferred from held for investment to held for sale | 25,000,000 | 0 | 6,000,000 |
Real estate acquired in settlement of loans | 4,000,000 | 11,000,000 | 12,000,000 |
Electric utility property, plant and equipment | ' | ' | ' |
AFUDC-equity | 5,561,000 | 7,007,000 | 5,964,000 |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' |
Supplemental disclosures of cash flow information | ' | ' | ' |
Interest paid to non-affiliates | 59,000,000 | 57,000,000 | 58,000,000 |
Income taxes paid (refunded) | -26,000,000 | -3,000,000 | -23,000,000 |
Electric utility property, plant and equipment | ' | ' | ' |
AFUDC-equity | 5,561,000 | 7,007,000 | 5,964,000 |
Estimated fair value of noncash contributions in aid of construction | 5,000,000 | 10,000,000 | 7,000,000 |
Unpaid invoices and other | $24,000,000 | $37,000,000 | $45,000,000 |
Regulatory_restrictions_on_net1
Regulatory restrictions on net assets (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Hawaiian Electric Company, Inc. and Subsidiaries | ' |
Regulatory restrictions on net assets | ' |
Restrictions on transfer of net assets to the parent in the form of cash dividends, loans and advances | $674 |
American Savings Bank (ASB) | ' |
Regulatory restrictions on net assets | ' |
Amount of net assets available for transfer | $91 |
Significant_group_concentratio1
Significant group concentrations of credit risk (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Percentage of benchmark loan to appraisal ratio in excess of which mortgage insurance is required | 80.00% |
Fair_value_measurements_Detail
Fair value measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
Financial liabilities | ' | ' | |
Short-term borrowings-other than bank | $105,482,000 | $83,693,000 | |
Other bank borrowings | 244,514,000 | 195,926,000 | |
Carrying or notional amount | ' | ' | |
Financial assets | ' | ' | |
Money market funds | 10,000 | 10,000 | |
Available-for-sale investment and mortgage-related securities | 529,007,000 | 671,358,000 | |
Investment in stock of Federal Home Loan Bank of Seattle | 92,546,000 | 96,022,000 | |
Loans receivable, net | 4,115,415,000 | 3,763,238,000 | |
Derivative assets | 46,356,000 | ' | |
Financial liabilities | ' | ' | |
Deposit liabilities | 4,372,477,000 | 4,229,916,000 | |
Short-term borrowings-other than bank | 105,482,000 | 83,693,000 | |
Other bank borrowings | 244,514,000 | 195,926,000 | |
Long-term debt, net-other than bank | 1,492,945,000 | 1,422,872,000 | |
Derivative liabilities | 4,732,000 | ' | |
Carrying or notional amount | American Savings Bank (ASB) | ' | ' | |
Financial liabilities | ' | ' | |
Loan commitments and unused lines and letters of credit | 1,600,000,000 | 1,500,000,000 | |
Notional amount of loans serviced | 1,400,000,000 | 1,300,000,000 | |
Estimated fair value | ' | ' | |
Financial assets | ' | ' | |
Money market funds | 10,000 | 10,000 | |
Available-for-sale investment and mortgage-related securities | 529,007,000 | 671,358,000 | |
Investment in stock of Federal Home Loan Bank of Seattle | 92,546,000 | 96,022,000 | |
Loans receivable, net | 4,211,290,000 | 3,957,752,000 | |
Derivative assets | 629,000 | ' | |
Financial liabilities | ' | ' | |
Deposit liabilities | 4,374,377,000 | 4,235,527,000 | [1] |
Short-term borrowings-other than bank | 105,482,000 | 83,693,000 | |
Other bank borrowings | 256,029,000 | 212,163,000 | |
Long-term debt, net-other than bank | 1,508,425,000 | 1,481,004,000 | |
Derivative liabilities | 26,000 | ' | |
Estimated fair value | Level 1 | ' | ' | |
Financial assets | ' | ' | |
Derivative assets | 98,000 | ' | |
Estimated fair value | Level 2 | ' | ' | |
Financial assets | ' | ' | |
Money market funds | 10,000 | 10,000 | |
Available-for-sale investment and mortgage-related securities | 529,007,000 | 671,358,000 | |
Investment in stock of Federal Home Loan Bank of Seattle | 92,546,000 | 96,022,000 | |
Derivative assets | 531,000 | ' | |
Financial liabilities | ' | ' | |
Deposit liabilities | 4,374,377,000 | 4,235,527,000 | [1] |
Short-term borrowings-other than bank | 105,482,000 | 83,693,000 | |
Other bank borrowings | 256,029,000 | 212,163,000 | |
Long-term debt, net-other than bank | 1,508,425,000 | 1,481,004,000 | |
Derivative liabilities | 26,000 | ' | |
Estimated fair value | Level 3 | ' | ' | |
Financial assets | ' | ' | |
Loans receivable, net | 4,211,290,000 | 3,957,752,000 | |
Estimated fair value | American Savings Bank (ASB) | ' | ' | |
Financial liabilities | ' | ' | |
Loan commitments and unused lines and letters of credit | 200,000 | 1,200,000 | |
Servicing rights on loans | 15,700,000 | 11,900,000 | |
Hawaiian Electric Company, Inc. and Subsidiaries | Fair value measurements on a recurring basis | Carrying or notional amount | ' | ' | |
Financial liabilities | ' | ' | |
Long-term debt, net-other than bank | 1,217,945,000 | 1,147,872,000 | |
Hawaiian Electric Company, Inc. and Subsidiaries | Fair value measurements on a recurring basis | Estimated fair value | ' | ' | |
Financial liabilities | ' | ' | |
Long-term debt, net-other than bank | 1,228,966,000 | 1,181,631,000 | |
Hawaiian Electric Company, Inc. and Subsidiaries | Fair value measurements on a recurring basis | Estimated fair value | Level 2 | ' | ' | |
Financial liabilities | ' | ' | |
Long-term debt, net-other than bank | $1,228,966,000 | $1,181,631,000 | |
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Fair_value_measurements_Detail1
Fair value measurements (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair value measurements on a recurring basis | Level 1 | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Derivative assets | $98,000 | ' |
Derivative liabilities | 0 | ' |
Fair value measurements on a recurring basis | Level 2 | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Derivative assets | 531,000 | ' |
Derivative liabilities | 26,000 | ' |
Fair value measurements on a recurring basis | Level 2 | Bank | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Available-for-sale securities | 529,007,000 | 671,358,000 |
Fair value measurements on a recurring basis | Level 2 | Other | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Money market funds | 10,000 | 10,000 |
Fair value measurements on a recurring basis | Level 2 | Mortgage-related securities - FNMA, FHLMC and GNMA | Bank | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Available-for-sale securities | 369,444,000 | 417,383,000 |
Fair value measurements on a recurring basis | Level 2 | Federal agency obligations | Bank | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Available-for-sale securities | 80,973,000 | 171,491,000 |
Fair value measurements on a recurring basis | Level 2 | Municipal bonds | Bank | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Available-for-sale securities | 78,590,000 | 82,484,000 |
Fair value measurements on a nonrecurring basis | Estimated fair value | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Loans | 4,000,000 | 21,000,000 |
Real estate acquired in settlement of loans | 0 | 3,000,000 |
Fair value measurements on a nonrecurring basis | Level 3 | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Loans | 4,000,000 | 21,000,000 |
Real estate acquired in settlement of loans | 0 | 3,000,000 |
Interest Rate Lock Commitments [Member] | Fair value measurements on a recurring basis | Level 1 | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Derivative assets | 0 | ' |
Derivative liabilities | 0 | ' |
Interest Rate Lock Commitments [Member] | Fair value measurements on a recurring basis | Level 2 | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Derivative assets | 488,000 | ' |
Derivative liabilities | 24,000 | ' |
Forward Contracts [Member] | Fair value measurements on a recurring basis | Level 1 | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Derivative assets | 98,000 | ' |
Derivative liabilities | 0 | ' |
Forward Contracts [Member] | Fair value measurements on a recurring basis | Level 2 | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Derivative assets | 43,000 | ' |
Derivative liabilities | $2,000 | ' |
Fair_value_measurements_Detail2
Fair value measurements (Details 3) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Discounted cash flow | ' |
Fair value measurements | ' |
Discount rate (as a percent) | 8.50% |
Fair Value, Inputs, Level 3 | Residential loan | Fair value of property or collateral | ' |
Fair value measurements | ' |
Fair value | 2,361 |
Fair Value Assumptions, Appraised Value, Weighted Average Rate | 87.00% |
Fair Value, Inputs, Level 3 | Residential loan | Fair value of property or collateral | Minimum | ' |
Fair value measurements | ' |
Appraised value (as a percent) | 44.00% |
Fair Value, Inputs, Level 3 | Residential loan | Fair value of property or collateral | Maximum | ' |
Fair value measurements | ' |
Appraised value (as a percent) | 96.00% |
Fair Value, Inputs, Level 3 | Home equity line of credit | Fair value of property or collateral | ' |
Fair value measurements | ' |
Fair value | 170 |
Fair Value Assumptions, Appraised Value, Weighted Average Rate | 50.00% |
Fair Value, Inputs, Level 3 | Home equity line of credit | Fair value of property or collateral | Minimum | ' |
Fair value measurements | ' |
Appraised value (as a percent) | 45.00% |
Fair Value, Inputs, Level 3 | Home equity line of credit | Fair value of property or collateral | Maximum | ' |
Fair value measurements | ' |
Appraised value (as a percent) | 50.00% |
Fair Value, Inputs, Level 3 | Commercial loans | ' |
Fair value measurements | ' |
Fair value | 4,416 |
Fair Value, Inputs, Level 3 | Commercial loan 1 | Fair value of property or collateral | ' |
Fair value measurements | ' |
Fair value | 217 |
Fair value of business assets (as a percent) | 19.00% |
Fair Value, Inputs, Level 3 | Commercial loan 2 | Fair value of property or collateral | ' |
Fair value measurements | ' |
Fair value | 1,668 |
Fair Value, Inputs, Level 3 | Commercial loan 2 | Discounted cash flow | ' |
Fair value measurements | ' |
Present value of expected future cash flows based on anticipated debt restructuring (as a percent) | 58.00% |
Discount rate (as a percent) | 4.50% |
Fair_value_measurements_Detail3
Fair value measurements (Details 4) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Level 3 | Pension benefits | ' | ' |
Changes in Level 3 assets | ' | ' |
Balance at the beginning of the period | $581,000 | $217,000 |
Realized and unrealized losses | -1,000 | -24,000 |
Purchases and settlements, net | 0 | 388,000 |
Balance at the end of the period | 580,000 | 581,000 |
Level 3 | Other benefits | ' | ' |
Changes in Level 3 assets | ' | ' |
Balance at the beginning of the period | 18,000 | 7,000 |
Realized and unrealized losses | 0 | -1,000 |
Purchases and settlements, net | 0 | 12,000 |
Balance at the end of the period | 18,000 | 18,000 |
Fair value measurements on a recurring basis | Level 1 | Pension benefits | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Total assets | 921,000,000 | 734,000,000 |
Fair value measurements on a recurring basis | Level 1 | Pension benefits | Equity securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 672,000,000 | 513,000,000 |
Fair value measurements on a recurring basis | Level 1 | Pension benefits | Equity index funds | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 127,000,000 | 95,000,000 |
Fair value measurements on a recurring basis | Level 1 | Pension benefits | Fixed income securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 122,000,000 | 125,000,000 |
Fair value measurements on a recurring basis | Level 1 | Pension benefits | Pooled and mutual funds and other | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 0 | 1,000,000 |
Fair value measurements on a recurring basis | Level 1 | Other benefits | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Total assets | 161,000,000 | 139,000,000 |
Fair value measurements on a recurring basis | Level 1 | Other benefits | Equity securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 102,000,000 | 83,000,000 |
Fair value measurements on a recurring basis | Level 1 | Other benefits | Equity index funds | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 19,000,000 | 15,000,000 |
Fair value measurements on a recurring basis | Level 1 | Other benefits | Fixed income securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 40,000,000 | 41,000,000 |
Fair value measurements on a recurring basis | Level 2 | Pension benefits | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Total assets | 311,000,000 | 289,000,000 |
Fair value measurements on a recurring basis | Level 2 | Pension benefits | Fixed income securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 228,000,000 | 213,000,000 |
Fair value measurements on a recurring basis | Level 2 | Pension benefits | Pooled and mutual funds and other | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 83,000,000 | 76,000,000 |
Fair value measurements on a recurring basis | Level 2 | Other benefits | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Total assets | 19,000,000 | 19,000,000 |
Fair value measurements on a recurring basis | Level 2 | Other benefits | Fixed income securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 6,000,000 | 6,000,000 |
Fair value measurements on a recurring basis | Level 2 | Other benefits | Pooled and mutual funds and other | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 13,000,000 | 13,000,000 |
Fair value measurements on a recurring basis | Level 3 | Pension benefits | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Total assets | 1,000,000 | 1,000,000 |
Fair value measurements on a recurring basis | Level 3 | Pension benefits | Pooled and mutual funds and other | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 1,000,000 | 1,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Pension benefits | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Total assets | 1,233,000,000 | 1,024,000,000 |
Receivables and payables, net | -46,000,000 | -53,000,000 |
Fair value of plan assets | 1,187,000,000 | 971,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Pension benefits | Equity securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 672,000,000 | 513,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Pension benefits | Equity index funds | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 127,000,000 | 95,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Pension benefits | Fixed income securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 350,000,000 | 338,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Pension benefits | Pooled and mutual funds and other | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 84,000,000 | 78,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Other benefits | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Total assets | 180,000,000 | 158,000,000 |
Receivables and payables, net | -1,000,000 | -1,000,000 |
Fair value of plan assets | 179,000,000 | 157,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Other benefits | Equity securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 102,000,000 | 83,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Other benefits | Equity index funds | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 19,000,000 | 15,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Other benefits | Fixed income securities | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | 46,000,000 | 47,000,000 |
Fair value measurements on a recurring basis | Estimated fair value | Other benefits | Pooled and mutual funds and other | ' | ' |
Fair value measurements on a recurring and nonrecurring basis | ' | ' |
Fair value of plan assets | $13,000,000 | $13,000,000 |
Quarterly_information_unaudite2
Quarterly information (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $826,447,000 | $831,229,000 | $796,730,000 | $784,064,000 | $838,147,000 | $867,720,000 | $854,268,000 | $814,860,000 | $3,238,470,000 | $3,374,995,000 | $3,242,335,000 |
Operating income | 72,293,000 | 90,099,000 | 82,370,000 | 70,657,000 | 37,272,000 | 91,702,000 | 79,406,000 | 75,816,000 | 315,419,000 | 284,196,000 | 289,696,000 |
Net income | 39,486,000 | 48,707,000 | 41,061,000 | 34,152,000 | 14,309,000 | 48,177,000 | 39,273,000 | 38,789,000 | 163,406,000 | 140,548,000 | 140,120,000 |
Net income for common stock | 39,013,000 | 48,236,000 | 40,588,000 | 33,679,000 | 13,836,000 | 47,706,000 | 38,800,000 | 38,316,000 | 161,516,000 | 138,658,000 | 138,230,000 |
Basic earnings per common share (in dollars per share) | $0.39 | $0.49 | $0.41 | $0.34 | $0.14 | $0.49 | $0.40 | $0.40 | $1.63 | $1.43 | $1.45 |
Diluted earnings per common share (in dollars per share) | $0.39 | $0.48 | $0.41 | $0.34 | $0.14 | $0.49 | $0.40 | $0.40 | $1.62 | $1.42 | $1.44 |
Dividends per common share (in dollars per share) | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $1.24 | $1.24 | $1.24 |
Market price per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
High end of range (in dollars per share) | $27.15 | $27.24 | $28.30 | $27.92 | $26.75 | $29.24 | $28.87 | $26.79 | $28.30 | $29.24 | ' |
Low end of range (in dollars per share) | $24.51 | $24.12 | $23.84 | $25.50 | $23.65 | $26.26 | $24.65 | $24.86 | $23.84 | $23.65 | ' |
Hawaiian Electric Company, Inc. and Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 764,096,000 | 766,115,000 | 730,688,000 | 719,273,000 | 769,182,000 | 801,095,000 | 789,552,000 | 749,610,000 | 2,980,172,000 | 3,109,439,000 | 2,978,690,000 |
Operating income | 59,508,000 | 71,914,000 | 61,138,000 | 52,953,000 | 19,443,000 | 74,819,000 | 61,496,000 | 57,254,000 | 245,513,000 | 213,012,000 | 215,134,000 |
Net income | 32,489,000 | 38,315,000 | 29,192,000 | 24,928,000 | 4,724,000 | 38,873,000 | 29,875,000 | 27,799,000 | 124,924,000 | 101,271,000 | 101,981,000 |
Net income for common stock | 31,990,000 | 37,817,000 | 28,693,000 | 24,429,000 | 4,225,000 | 38,375,000 | 29,376,000 | 27,300,000 | 122,929,000 | 99,276,000 | 99,986,000 |
Market price per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of CIS project costs written down by electric utilities | ' | ' | ' | ' | $24,000,000 | ' | ' | ' | ' | ' | ' |
SCHEDULE_I_CONDENSED_FINANCIAL1
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Self-insured United States longshore & Harbor bond | Self-insured automobile bond | HEI medium-term note 5.25%, due 2013 | HEI medium-term note 5.25%, due 2013 | HEI medium-term note 6.51%, due 2014 | HEI medium-term note 6.51%, due 2014 | HEI senior note 4.41%, due 2016 | HEI senior note 4.41%, due 2016 | HEI senior note 5.67%, due 2021 | HEI senior note 5.67%, due 2021 | HEI senior note 3.99%, due 2023 | HEI senior note 3.99%, due 2023 | HEI senior note 3.99%, due 2023 | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | Hawaiian Electric Industries, Inc. | |||||
HEI medium-term note 5.25%, due 2013 | HEI medium-term note 5.25%, due 2013 | HEI medium-term note 6.51%, due 2014 | HEI medium-term note 6.51%, due 2014 | HEI senior note 4.41%, due 2016 | HEI senior note 4.41%, due 2016 | HEI senior note 5.67%, due 2021 | HEI senior note 5.67%, due 2021 | HEI senior note 3.99%, due 2023 | ||||||||||||||||||||||
ASSETS | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $220,036,000 | $219,662,000 | $270,265,000 | $330,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $571,000 | $18,021,000 | $1,765,000 | $1,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 346,785,000 | 362,823,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,661,000 | 1,836,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 3,858,947,000 | 3,594,829,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,419,000 | 5,814,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income tax assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,594,000 | 8,517,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other assets | 519,194,000 | 494,414,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,679,000 | 8,390,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in subsidiaries, at equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,122,841,000 | 1,978,283,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 10,340,044,000 | 10,149,132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,155,765,000 | 2,020,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 212,331,000 | 212,379,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 817,000 | 24,086,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,630,000 | 4,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable to subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,936,000 | 7,722,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,482,000 | 83,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,492,945,000 | 1,422,872,000 | ' | ' | ' | ' | 0 | 50,000,000 | 100,000,000 | 100,000,000 | 75,000,000 | 75,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ' | 0 | 275,000,000 | 275,000,000 | ' | ' | 0 | 50,000,000 | 100,000,000 | 100,000,000 | 75,000,000 | 75,000,000 | 50,000,000 | 50,000,000 | 50,000,000 |
Deferred income taxes | 586,499,000 | 491,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,385,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retirement benefits liability | 288,539,000 | 656,394,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,559,000 | 28,004,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 524,224,000 | 524,535,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,886,000 | 3,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 8,578,681,000 | 8,520,974,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 428,695,000 | 426,996,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 101,259,800 shares and 97,928,403 shares in 2013 and 2012, respectively | 1,488,126,000 | 1,403,484,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,488,126,000 | 1,403,484,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings | 255,694,000 | 216,804,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 255,694,000 | 216,804,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -16,750,000 | -26,423,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,750,000 | -26,423,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shareholders' equity | 1,727,070,000 | 1,593,865,000 | 1,528,706,000 | 1,480,394,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,727,070,000 | 1,593,865,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities and shareholders' equity | 10,340,044,000 | 10,149,132,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,155,765,000 | 2,020,861,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of medium-term notes (as a percent) | ' | ' | ' | ' | ' | ' | 5.25% | 5.25% | 6.51% | 6.51% | 4.41% | 4.41% | 5.67% | 5.67% | 3.99% | 3.99% | 3.99% | ' | ' | ' | ' | 5.25% | 5.25% | 6.51% | 6.51% | 4.41% | 4.41% | 5.67% | 5.67% | 3.99% |
Aggregate principal payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 111,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantee obligation maximum exposure | ' | ' | ' | ' | $200,000 | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, authorized shares | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, issued shares | 101,259,800 | 97,928,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,259,800 | 97,928,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, outstanding shares | 101,259,800 | 97,928,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,259,800 | 97,928,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SCHEDULE_I_CONDENSED_FINANCIAL2
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | $160,061 | $150,389 | $148,152 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 85,556 | 89,443 | 96,575 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 247,747 | 217,407 | 216,052 |
Income tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | -84,341 | -76,859 | -75,932 |
Net income | 39,486 | 48,707 | 41,061 | 34,152 | 14,309 | 48,177 | 39,273 | 38,789 | 163,406 | 140,548 | 140,120 |
Hawaiian Electric Industries, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 288 | 221 | 253 |
Equity in income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 180,359 | 157,883 | 158,722 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating, administrative and general | ' | ' | ' | ' | ' | ' | ' | ' | 16,063 | 16,191 | 15,401 |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 596 | 672 | 227 |
Taxes, other than income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 497 | 421 | 409 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 16,207 | 16,695 | 22,013 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 147,284 | 124,125 | 120,925 |
Income tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 14,232 | 14,533 | 17,305 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $161,516 | $138,658 | $138,230 |
SCHEDULE_I_CONDENSED_FINANCIAL3
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 3) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $39,486,000 | $48,707,000 | $41,061,000 | $34,152,000 | $14,309,000 | $48,177,000 | $39,273,000 | $38,789,000 | $163,406,000 | $140,548,000 | $140,120,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 160,061,000 | 150,389,000 | 148,152,000 |
Increase in deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 80,399,000 | 90,848,000 | 79,444,000 |
Excess tax benefits from share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | -430,000 | -61,000 | 0 |
Changes in assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in accounts, interest and dividends payable | ' | ' | ' | ' | ' | ' | ' | ' | -23,153,000 | -39,738,000 | -34,480,000 |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | ' | ' | ' | ' | ' | ' | ' | ' | -33,014,000 | -228,000 | -6,922,000 |
Change in other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | -2,779,000 | -94,734,000 | -53,966,000 |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 327,146,000 | 234,542,000 | 250,366,000 |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -353,879,000 | -325,480,000 | -235,116,000 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 3,516,000 | 2,677,000 | -2,974,000 |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -563,760,000 | -427,047,000 | -326,787,000 |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net increase in short-term borrowings with original maturities of three months or less | ' | ' | ' | ' | ' | ' | ' | ' | 21,789,000 | 14,872,000 | 43,898,000 |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 286,000,000 | 457,000,000 | 125,000,000 |
Repayment of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -216,000,000 | -375,500,000 | -150,000,000 |
Excess tax benefits from share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 430,000 | 61,000 | 0 |
Net proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 55,086,000 | 23,613,000 | 15,979,000 |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -98,383,000 | -96,202,000 | -106,812,000 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,187,000 | -2,645,000 | -710,000 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 236,988,000 | 141,902,000 | 16,035,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 374,000 | -50,603,000 | -60,386,000 |
Cash and cash equivalents, January 1 | ' | ' | ' | 219,662,000 | ' | ' | ' | 270,265,000 | 219,662,000 | 270,265,000 | 330,651,000 |
Cash and cash equivalents, December 31 | 220,036,000 | ' | ' | ' | 219,662,000 | ' | ' | ' | 220,036,000 | 219,662,000 | 270,265,000 |
Issuance of common stock: Dividend reinvestment and stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | 41,692,000 | 41,295,000 | 21,217,000 |
Common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Dividend reinvestment and stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | 41,692,000 | 41,295,000 | 21,217,000 |
Hawaiian Electric Industries, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 161,516,000 | 138,658,000 | 138,230,000 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net income | ' | ' | ' | ' | ' | ' | ' | ' | -180,359,000 | -157,883,000 | -158,722,000 |
Common stock dividends/distributions received from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 121,578,000 | 118,044,000 | 128,558,000 |
Depreciation of property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 596,000 | 672,000 | 227,000 |
Other amortization | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | 845,000 | 981,000 |
Increase in deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 15,228,000 | 150,000 | 276,000 |
Excess tax benefits from share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | -430,000 | -61,000 | 0 |
Changes in assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease (increase) in accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | -2,167,000 | -475,000 | 412,000 |
Decrease in accounts, interest and dividends payable | ' | ' | ' | ' | ' | ' | ' | ' | -23,420,000 | 19,995,000 | 1,324,000 |
Changes in prepaid and accrued income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -15,604,000 | -4,861,000 | 3,550,000 |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | ' | ' | ' | ' | ' | ' | ' | ' | -6,449,000 | 1,805,000 | 5,313,000 |
Change in other assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | 10,985,000 | 10,229,000 | -1,880,000 |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 82,274,000 | 127,118,000 | 118,269,000 |
Cash flows from investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -201,000 | -410,000 | -110,000 |
Investments in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -78,500,000 | -44,000,000 | -40,000,000 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -4,206,000 |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -78,701,000 | -44,410,000 | -44,316,000 |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net decrease in notes payable to subsidiaries with original maturities of three months or less | ' | ' | ' | ' | ' | ' | ' | ' | 56,000 | -1,797,000 | -1,757,000 |
Net increase in short-term borrowings with original maturities of three months or less | ' | ' | ' | ' | ' | ' | ' | ' | 21,788,000 | 14,873,000 | 43,897,000 |
Proceeds from issuance of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 0 | 125,000,000 |
Repayment of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | -50,000,000 | -7,000,000 | -150,000,000 |
Excess tax benefits from share-based payment arrangements | ' | ' | ' | ' | ' | ' | ' | ' | 430,000 | 61,000 | 0 |
Net proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 55,086,000 | 23,613,000 | 15,979,000 |
Common stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -98,383,000 | -96,202,000 | -106,812,000 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -35,000 |
Net cash provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -21,023,000 | -66,452,000 | -73,728,000 |
Net increase (decrease) in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | -17,450,000 | 16,256,000 | 225,000 |
Cash and cash equivalents, January 1 | ' | ' | ' | 18,021,000 | ' | ' | ' | 1,765,000 | 18,021,000 | 1,765,000 | 1,540,000 |
Cash and cash equivalents, December 31 | 571,000 | ' | ' | ' | 18,021,000 | ' | ' | ' | 571,000 | 18,021,000 | 1,765,000 |
Hawaiian Electric Industries, Inc. | ASHI | Consolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable reduction | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | 1,800,000 | 1,300,000 |
HEI notes payable increase to ASHI | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | 2,500,000 | 2,000,000 |
Hawaiian Electric Industries, Inc. | Common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from financing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock: Dividend reinvestment and stock purchase plan | ' | ' | ' | ' | ' | ' | ' | ' | $24,000,000 | $24,000,000 | $12,000,000 |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for uncollectible accounts- electric utility | Allowance for uncollectible accounts- electric utility | Allowance for uncollectible accounts- electric utility | Allowance for uncollectible interest- bank | Allowance for uncollectible interest- bank | Allowance for uncollectible interest- bank | Allowance for Loan and Lease Losses [Member] | Allowance for Loan and Lease Losses [Member] | Allowance for Loan and Lease Losses [Member] | Allowance for losses for loans receivable | Allowance for losses for loans receivable | Allowance for losses for loans receivable | Valuation Allowance of Deferred Tax Assets [Member] | Valuation Allowance of Deferred Tax Assets [Member] | Valuation Allowance of Deferred Tax Assets [Member] | ||||
Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | Bank | |||||||
Valuation and qualifying accounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | ' | $2,148 | $2,221 | $1,278 | $3,166 | $4,825 | $4,397 | $41,985 | $37,906 | $40,646 | $498 | $175 | $128 | $278 | $278 | $0 |
Charged to costs and expenses | ' | ' | ' | 3,812 | 3,230 | 4,419 | 0 | ' | ' | 1,507 | 12,883 | 15,009 | 0 | 504 | 121 | 0 | 0 | 278 |
Charged to other accounts | 0 | 0 | 428 | 1,943 | 1,180 | 1,857 | ' | ' | ' | 4,826 | 4,026 | 1,741 | -60 | 0 | 0 | 0 | 0 | 0 |
Deductions | ' | ' | ' | 5,574 | 4,483 | 5,333 | 1,505 | 1,659 | ' | 8,202 | 12,830 | 19,490 | 187 | 181 | 74 | 0 | 0 | 0 |
Balance at end of period | ' | ' | ' | $2,329 | $2,148 | $2,221 | $1,661 | $3,166 | $4,397 | $40,116 | $41,985 | $37,906 | $251 | $498 | $175 | $278 | $278 | $278 |