Revenue taxes - HECO (Hawaiian Electric Company, Inc. and Subsidiaries)

6 Months Ended

Jun. 30, 2011

Hawaiian Electric Company, Inc. and Subsidiaries

Revenue taxes

3 · Revenue taxes

HECO and its subsidiaries’ operating revenues include amounts for various Hawaii state revenue taxes. Revenue taxes are generally recorded as an expense in the period the related revenues are recognized. However, HECO and its subsidiaries’ revenue tax payments to the taxing authorities are based on the prior year’s revenues. For the six months ended June 30, 2011 and 2010, HECO and its subsidiaries included approximately $121 million and $100 million, respectively, of revenue taxes in “operating revenues” and in “taxes, other than income taxes” expense.