Income taxes (Tables)

12 Months Ended

Dec. 31, 2014

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	2014			2013			2012			2014			2013			2012
(in thousands)
Federal
Current, as revised (1)	$	(10,970	)	$	(1,520	)	$	(15,411	)	$	1,108		$	1,313		$	(26,965	)
Deferred, as revised (1)	91,159			73,680			82,138			68,775			58,024			79,437
Deferred tax credits, net	—			224			187			—			224			186
	80,189			72,384			66,914			69,883			59,561			52,658
State
Current	(7,339		)	(1,555		)	(4,654		)	(9,436		)	(3,720		)	(4,940		)
Deferred	12,756			6,719			8,710			14,172			6,483			7,441
Deferred tax credits, net	6,106			6,793			5,889			6,106			6,793			5,889
	11,523			11,957			9,945			10,842			9,556			8,390
Total	$	91,712		$	84,341		$	76,859		$	80,725		$	69,117		$	61,048

(1) As revised for HEI consolidated by $(44,732) for "Current" and $44,732 for "Deferred" for the year ended December 31, 2014 - See Note 1, “Summary of significant accounting policies - Revision and restatements of previously issued financial statements.”

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	2014			2013			2012			2014			2013			2012
(in thousands)
Amount at the federal statutory income tax rate	$	91,672		$	86,711		$	76,092		$	77,126		$	67,914		$	56,812
Increase (decrease) resulting from:
State income taxes, net of federal income tax benefit	7,490			7,772			6,464			7,047			6,211			5,453
Other, net	(7,450		)	(10,142		)	(5,697		)	(3,448		)	(5,008		)	(1,217		)
Total	$	91,712		$	84,341		$	76,859		$	80,725		$	69,117		$	61,048
Effective income tax rate	35.0		%	34.0		%	35.4		%	36.6		%	35.6		%	37.6		%

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	2014		2013		2014		2013
(in thousands)
Deferred tax assets
Net operating loss	$	—	$	—	51,936		19,848
Other	58,352		57,239		17,663		17,295
Total deferred tax assets	58,352		57,239		69,599		37,143
Deferred tax liabilities
Property, plant and equipment related	448,723		378,280		446,259		375,771
Repairs deduction	86,408		75,127		86,408		75,127
Regulatory assets, excluding amounts attributable to property, plant and equipment	33,795		33,251		33,795		33,251
Deferred RAM and RBA revenues	32,889		—		32,889		—
Retirement benefits	25,336		29,280		28,758		23,851
Other	62,935		70,561		14,929		15,602
Total deferred tax liabilities	690,086		586,499		643,038		523,602
Net deferred income tax liability	$	631,734	$	529,260	$	573,439	$	486,459
Prepayments and other (Current assets-debit)	$	—	$	—	$	32,915	$	20,702
Other (Current liabilities-credit)	—		—		3,482		—
Deferred income taxes (credit)	631,734		529,260		602,872		507,161
Net deferred income tax liability	$	631,734	$	529,260	$	573,439	$	486,459

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)	2014			2013			2012			2014			2013			2012
Unrecognized tax benefits, January 1	$	0.9		$	0.8		$	5.7		$	0.5		$	0.4		3.7
Additions based on tax positions taken during the year	—			—			0.3			—			—			0.3
Reductions based on tax positions taken during the year	—			—			—			—			—			—
Additions for tax positions of prior years	0.1			0.5			—			0.1			0.5			—
Reductions for tax positions of prior years	—			(0.4		)	(4.1		)	—			(0.4		)	(3.6		)
Settlements	(1.0		)	—			—			(0.6		)	—			—
Lapses of statute of limitations	—			—			(1.1		)	—			—			—
Unrecognized tax benefits, December 31	$	—		$	0.9		$	0.8		$	—		$	0.5		$	0.4