Electric utility subsidiary (Tables) (Hawaiian Electric Company and Subsidiaries)

12 Months Ended

Dec. 31, 2011

Hawaiian Electric Company and Subsidiaries

Electric utility subsidiary

Schedule of consolidated Statements of Income Data

Consolidated Statements of Income Data

Years ended December 31	201	1	2010		2009
(in thousands)
Revenues
Operating revenues	$2,973,764		$2,367,441		$2,026,672
Other – nonregulated	4,926		14,925		8,337
Total revenues	2,978,690		2,382,366		2,035,009
Expenses
Fuel oil	1,265,126		900,408		671,970
Purchased power	689,652		548,800		499,804
Other operation	257,065		251,027		248,515
Maintenance	121,219		127,487		107,531
Depreciation	142,975		149,708		144,533
Taxes, other than income taxes	276,504		222,117		191,699
Other – nonregulated	11,015		4,431		1,286
Total expenses	2,763,556		2,203,978		1,865,338
Operating income from regulated and nonregulated activities	215,134		178,388		169,671
Allowance for equity funds used during construction	5,964		6,016		12,222
Interest expense and other charges	(60,031	)	(61,510	)	(57,944	)
Allowance for borrowed funds used during construction	2,498		2,558		5,268
Income before income taxes	163,565		125,452		129,217
Income taxes	61,584		46,868		47,776
Net income	101,981		78,584		81,441
Preferred stock dividends of subsidiaries	915		915		915
Net income attributable to HECO	101,066		77,669		80,526
Preferred stock dividends of HECO	1,080		1,080		1,080
Net income for common stock	$     99,986		$     76,589		$     79,446

Schedule of consolidated Balance Sheet Data

Consolidated Balance Sheet Data

December 31	2011		2010
(in thousands, except share data)
Assets
Utility plant, at cost
Property, plant and equipment	$  5,103,541		$	4,948,338
Less accumulated depreciation	(1,966,894	)	(1,941,059		)
Construction in progress	138,838		101,562
Net utility plant	3,275,485		3,108,841
Regulatory assets	669,389		478,330
Other	727,068		698,509
Total assets	$  4,671,942		$	4,285,680
Capitalization and liabilities
Common stock ($6 2/3 par value, authorized 50,000,000 shares, outstanding 14,233,723 shares and 13,830,823 shares in 2011 and 2010, respectively)	$       94,911		$	92,224
Premium on common stock	426,921		389,609
Retained earnings	884,284		854,856
Accumulated other comprehensive income (loss), net of income taxes	(32	)	709
Common stock equity	1,406,084		1,337,398
Cumulative preferred stock – not subject to mandatory redemption (authorized 5,000,000 shares, $20 par value (1,114,657 shares outstanding), and 7,000,000 shares, $100 par value (120,000 shares outstanding); dividend rates of 4.25-7.625%)	34,293		34,293
Commitments and contingencies (see below)
Long-term debt, net	1,000,570		1,057,942
Total capitalization	2,440,947		2,429,633
Current portion of long-term debt	57,500		–
Deferred income taxes	337,863		269,286
Regulatory liabilities	315,466		296,797
Contributions in aid of construction	356,203		335,364
Other	1,163,963		954,600
Total capitalization and liabilities	$  4,671,942		$	4,285,680

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2011	2010
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$523,640	$356,591
Income taxes, net (1 to 48 years)	83,386	82,615
Decoupling revenue balancing account (1 year)	20,780	–
Unamortized expense and premiums on retired debt and equity issuances (14 to 30 years; 1 to 17 years remaining)	12,267	13,589
Vacation earned, but not yet taken (1 year)	8,161	7,349
Postretirement benefits other than pensions (18 years; 1 year remaining)	1,861	3,579
Other (1 to 50 years; 1 to 48 years remaining)	19,294	14,607
	$669,389	$478,330

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2011	2010
(in thousands)
Cost of removal in excess of salvage value (1 to 60 years)	$294,817	$277,341
Retirement benefit plans (5 years beginning with respective utility’s	20,000	18,617
next rate case; primarily 5 years remaining)
Other (5 years; 1 to 5 years remaining)	649	839
	$315,466	$296,797

Changes to the ARO liability inlcuded in other liabilities on balance sheet

(in thousands)	2011			2010
Balance, January 1	$	48,630		$	23,746
Accretion expense	2,202			2,519
Liabilities incurred	256			11,949
Liabilities settled	(835		)	(725		)
Revisions in estimated cash flows	618			11,141
Balance, December 31	$	50,871		$	48,630