Revenue taxes - HECO (Hawaiian Electric Company and Subsidiaries)

3 Months Ended

Mar. 31, 2012

Hawaiian Electric Company 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 three months ended March 31, 2012 and 2011, HECO and its subsidiaries included approximately $67 million and $57 million, respectively, of revenue taxes in “operating revenues” and in “taxes, other than income taxes” expense.