Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2015

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of new accounting pronouncements and changes in accounting principles

The table below illustrates the effects of the restatement on the previously filed financial statements:

	Six months ended June 30, 2015									Six months ended June 30, 2014
	As									As
	previously			As						previously			As
(in thousands)	filed			restated			Difference			filed			restated			Difference
Consolidated Statements of Cash Flows
HEI consolidated
Cash flows from operating activities
Other amortization	$	4,320		$	4,792		$	472		N/A			N/A			N/A
Increase/(decrease) in deferred income taxes (1)	22,980			(4,463		)	(27,443		)	$	28,570		$	44,494		$	15,924
Share-based compensation expense	—			3,769			3,769			—			5,206			5,206
Increase/(decrease) in accounts, interest and dividends payable	(56,076		)	8,504			64,580			(64,843		)	(40,230		)	24,613
Change in other assets and liabilities (1)	(47,146		)	(24,455		)	22,691			(16,909		)	(38,540		)	(21,631		)
Net cash provided by operating activities	104,303			168,372			64,069			46,195			70,307			24,112
Cash flows from investing activities
Capital expenditures	(142,236		)	(206,816		)	(64,580		)	(149,253		)	(173,866		)	(24,613		)
Cash flows from investing activities-Other	3,308			3,819			511			(16		)	485			501
Net cash used in investing activities	(227,706		)	(291,775		)	(64,069		)	(272,102		)	(296,214		)	(24,112		)
Hawaiian Electric consolidated
Cash flows from operating activities
Other amortization	2,748			3,220			472			N/A			N/A			N/A
Decrease in accounts payable	(68,951		)	(4,371		)	64,580			(63,306		)	(38,693		)	24,613
Change in other assets and liabilities	(13,102		)	(14,085		)	(983		)	(26,258		)	(26,759		)	(501		)
Net cash provided by operating activities	63,607			127,676			64,069			25,132			49,244			24,112
Cash flows from investing activities
Capital expenditures	(134,563		)	(199,143		)	(64,580		)	(145,734		)	(170,347		)	(24,613		)
Cash flows from investing activities-Other	—			511			511			—			501			501
Net cash used in investing activities	(115,474		)	(179,543		)	(64,069		)	(132,525		)	(156,637		)	(24,112		)
Note 10
HEI consolidated and Hawaiian Electric consolidated
Additions to electric utility property, plant and equipment - unpaid invoices and accruals (investing) (in millions)	53			(12		)	(65		)	28			3			(25		)

(1) As previously filed and adjusted by ASU No. 2014-01 (see Note 11).

N/A - Not applicable.

The table below summarizes the impact to prior period financial statements of the adoption of ASU No. 2014-01:

	HEI Consolidated												ASB
(in thousands)	As previously  filed			Adjustment from adoption of ASU No. 2014-01			Restatement adjustment (see Note 1)			As currently reported			As previously  filed		Adjustment from adoption of ASU No. 2014-01			As currently reported
HEI Consolidated Income Statement/ASB Statement of Income Data
Three months ended June 30, 2014
Bank expenses/Noninterest expense	$	43,568		$	(908	)				$	42,660		$	39,890	$	(908	)	$	38,982
Bank operating income/Income before income taxes	$	17,048		$	908					$	17,956		$	17,048	$	908		$	17,956
Income taxes	$	22,269		$	1,048					$	23,317		$	5,372	$	1,048		$	6,420
Net income for common stock/Net income	$	41,421		$	(140	)				$	41,281		$	11,676	$	(140	)	$	11,536
Six months ended June 30, 2014
Bank expenses/Noninterest expense	$	85,564		$	(1,816	)				$	83,748		$	78,260	$	(1,816	)	$	76,444
Bank operating income/Income before income taxes	$	38,671		$	1,816					$	40,487		$	38,672	$	1,816		$	40,488
Income taxes	$	46,942		$	2,096					$	49,038		$	12,457	$	2,096		$	14,553
Net income for common stock/Net income	$	87,348		$	(280	)				$	87,068		$	26,215	$	(280	)	$	25,935
HEI Consolidated Balance Sheet/ASB Balance Sheet Data
December 31, 2014
Other assets	$	541,542		$	981					$	542,523		$	304,435	$	981		$	305,416
Total assets and Total liabilities and shareholders’ equity	$	11,184,161		$	981					$	11,185,142		$	5,565,241	$	981		$	5,566,222
Deferred income taxes/Other liabilities	$	631,734		$	1,836					$	633,570		$	116,527	$	1,836		$	118,363
Total liabilities	$	9,358,440		$	1,836					$	9,360,276		$	5,030,598	$	1,836		$	5,032,434
Retained earnings	$	297,509		$	(855	)				$	296,654		$	212,789	$	(855	)	$	211,934
Total shareholders’ equity	$	1,791,428		$	(855	)				$	1,790,573		$	534,643	$	(855	)	$	533,788
HEI Consolidated Statement of Changes in Stockholders’ Equity
December 31, 2013
Retained earnings	$	255,694		$	(664	)				$	255,030
Total shareholders’ equity	$	1,727,070		$	(664	)				$	1,726,406
HEI Consolidated Cash Flows
Six months ended June 30, 2014
Net income	$	88,294		$	(280	)				$	88,014
Increase in deferred income taxes	$	28,252		$	318		$	15,924		$	44,494
Change in other assets and liabilities	$	(16,871	)	$	(38	)	$	(21,631	)	$	(38,540	)