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Consolidating financial information (Tables) - HECO | 9 Months Ended
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Sep. 30, 2013
Schedule of consolidating statements of income (loss) | Selected financial information American Savings Bank, F.S.B. Statements of Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2013 |  | 2012 |  | 2013 |  | 2012
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 43,337 |  |  | $ | 43,880 |  |  | $ | 129,564 |  |  | $ | 133,241 |
Interest and dividend on investment and mortgage-related securities |  | 3,025 |  |  | 3,432 |  |  | 9,723 |  |  | 10,534 |
Total interest and dividend income |  | 46,362 |  |  | 47,312 |  |  | 139,287 |  |  | 143,775 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,262 |  |  | 1,540 |  |  | 3,870 |  |  | 5,015 |
Interest on other borrowings |  | 1,206 |  |  | 1,201 |  |  | 3,548 |  |  | 3,676 |
Total interest expense |  | 2,468 |  |  | 2,741 |  |  | 7,418 |  |  | 8,691 |
Net interest income |  | 43,894 |  |  | 44,571 |  |  | 131,869 |  |  | 135,084 |
Provision for loan losses |  | 54 |  |  | 3,580 |  |  | 953 |  |  | 9,504 |
Net interest income after provision for loan losses |  | 43,840 |  |  | 40,991 |  |  | 130,916 |  |  | 125,580 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,728 |  |  | 7,674 |  |  | 21,367 |  |  | 22,474 |
Fee income on deposit liabilities |  | 4,819 |  |  | 4,527 |  |  | 13,566 |  |  | 13,127 |
Fee income on other financial products |  | 2,714 |  |  | 1,660 |  |  | 6,288 |  |  | 4,741 |
Mortgage banking income |  | 1,547 |  |  | 4,077 |  |  | 6,896 |  |  | 8,297 |
Gain on sale of securities |  | — |  |  | — |  |  | 1,226 |  |  | 134 |
Other income |  | 3,888 |  |  | 1,346 |  |  | 7,211 |  |  | 4,021 |
Total noninterest income |  | 18,696 |  |  | 19,284 |  |  | 56,554 |  |  | 52,794 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 20,564 |  |  | 18,684 |  |  | 60,715 |  |  | 56,026 |
Occupancy |  | 4,208 |  |  | 4,400 |  |  | 12,550 |  |  | 12,866 |
Data processing |  | 2,168 |  |  | 2,644 |  |  | 7,982 |  |  | 7,244 |
Services |  | 2,424 |  |  | 3,062 |  |  | 6,855 |  |  | 7,066 |
Equipment |  | 1,825 |  |  | 1,762 |  |  | 5,469 |  |  | 5,299 |
Other expense |  | 8,539 |  |  | 8,096 |  |  | 24,634 |  |  | 22,909 |
Total noninterest expense |  | 39,728 |  |  | 38,648 |  |  | 118,205 |  |  | 111,410 |
Income before income taxes |  | 22,808 |  |  | 21,627 |  |  | 69,265 |  |  | 66,964 |
Income taxes |  | 7,532 |  |  | 7,419 |  |  | 23,915 |  |  | 22,690 |
Net income |  | $ | 15,276 |  |  | $ | 14,208 |  |  | $ | 45,350 |  |  | $ | 44,274 |
Schedule of consolidating balance sheets | American Savings Bank, F.S.B. Balance Sheets Data
(in thousands) |  | September 30, 2013 |  | December 31, 2012
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  | $ | 189,524 |  |  |  |  |  | $ | 184,430 |
Available-for-sale investment and mortgage-related securities |  |  |  |  | 535,264 |  |  |  |  |  | 671,358 |
Investment in stock of Federal Home Loan Bank of Seattle |  |  |  |  | 93,413 |  |  |  |  |  | 96,022 |
Loans receivable held for investment |  |  |  |  | 4,046,184 |  |  |  |  |  | 3,779,218 |
Allowance for loan losses |  |  |  |  | (41,052 | ) |  |  |  |  | (41,985 | )
Loans receivable held for investment, net |  |  |  |  | 4,005,132 |  |  |  |  |  | 3,737,233 |
Loans held for sale, at lower of cost or fair value |  |  |  |  | 5,829 |  |  |  |  |  | 26,005 |
Other |  |  |  |  | 248,020 |  |  |  |  |  | 244,435 |
Goodwill |  |  |  |  | 82,190 |  |  |  |  |  | 82,190 |
Total assets |  |  |  |  | $ | 5,159,372 |  |  |  |  |  | $ | 5,041,673 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  |  | $ | 1,205,526 |  |  |  |  |  | $ | 1,164,308 |
Deposit liabilities—interest-bearing |  |  |  |  | 3,105,316 |  |  |  |  |  | 3,065,608 |
Other borrowings |  |  |  |  | 239,612 |  |  |  |  |  | 195,926 |
Other |  |  |  |  | 102,172 |  |  |  |  |  | 117,752 |
Total liabilities |  |  |  |  | 4,652,626 |  |  |  |  |  | 4,543,594 |
Commitments and contingencies (see “Litigation” below) |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  |  |  | 335,448 |  |  |  |  |  | 333,712 |
Retained earnings |  |  |  |  | 195,113 |  |  |  |  |  | 179,763 |
Accumulated other comprehensive income (loss), net of taxes |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities |  | $ | (701 | ) |  |  |  |  | $ | 10,761 |  |  |  |
Retirement benefit plans |  | (23,114 | ) |  | (23,815 | ) |  | (26,157 | ) |  | (15,396 | )
Total shareholder’s equity |  |  |  |  | 506,746 |  |  |  |  |  | 498,079 |
Total liabilities and shareholder’s equity |  |  |  |  | $ | 5,159,372 |  |  |  |  |  | $ | 5,041,673 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  |  | $ | 128,833 |  |  |  |  |  | $ | 125,726 |
Premises and equipment, net |  |  |  |  | 67,634 |  |  |  |  |  | 62,458 |
Prepaid expenses |  |  |  |  | 4,394 |  |  |  |  |  | 13,199 |
Accrued interest receivable |  |  |  |  | 13,372 |  |  |  |  |  | 13,228 |
Mortgage-servicing rights |  |  |  |  | 11,806 |  |  |  |  |  | 10,818 |
Real estate acquired in settlement of loans, net |  |  |  |  | 1,488 |  |  |  |  |  | 6,050 |
Other |  |  |  |  | 20,493 |  |  |  |  |  | 12,956 |
|  |  |  |  | $ | 248,020 |  |  |  |  |  | $ | 244,435 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses |  |  |  |  | $ | 20,463 |  |  |  |  |  | $ | 17,103 |
Federal and state income taxes payable |  |  |  |  | 30,249 |  |  |  |  |  | 35,408 |
Cashier’s checks |  |  |  |  | 24,183 |  |  |  |  |  | 23,478 |
Advance payments by borrowers |  |  |  |  | 5,694 |  |  |  |  |  | 9,685 |
Other |  |  |  |  | 21,583 |  |  |  |  |  | 32,078 |
|  |  |  |  | $ | 102,172 |  |  |  |  |  | $ | 117,752 |
Hawaiian Electric Company, Inc. and Subsidiaries |
Schedule of consolidating statements of income (loss) | Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Income (Loss) (unaudited) Three months ended September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Operating revenues |  | $ | 547,310 |  |  | 107,924 |  |  | 108,699 |  |  | — |  |  | — |  |  | $ | 763,933 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 206,478 |  |  | 27,615 |  |  | 49,267 |  |  | — |  |  | — |  |  | 283,360 |
Purchased power |  | 143,280 |  |  | 34,480 |  |  | 17,101 |  |  | — |  |  | — |  |  | 194,861 |
Other operation |  | 51,023 |  |  | 11,057 |  |  | 9,928 |  |  | — |  |  | — |  |  | 72,008 |
Maintenance |  | 19,619 |  |  | 5,680 |  |  | 6,214 |  |  | — |  |  | — |  |  | 31,513 |
Depreciation |  | 25,442 |  |  | 8,547 |  |  | 5,006 |  |  | — |  |  | — |  |  | 38,995 |
Taxes, other than income taxes |  | 51,712 |  |  | 10,448 |  |  | 10,222 |  |  | — |  |  | — |  |  | 72,382 |
Income taxes |  | 13,556 |  |  | 1,991 |  |  | 3,381 |  |  | — |  |  | — |  |  | 18,928 |
Total operating expenses |  | 511,110 |  |  | 99,818 |  |  | 101,119 |  |  | — |  |  | — |  |  | 712,047 |
Operating income |  | 36,200 |  |  | 8,106 |  |  | 7,580 |  |  | — |  |  | — |  |  | 51,886 |
Other income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for equity funds used during construction |  | 914 |  |  | 222 |  |  | 119 |  |  | — |  |  | — |  |  | 1,255 |
Equity in earnings of subsidiaries |  | 10,794 |  |  | — |  |  | — |  |  | — |  |  | (10,794 | ) |  | — |
Other, net |  | 795 |  |  | 217 |  |  | 124 |  |  | (1 | ) |  | (36 | ) |  | 1,099 |
Income tax expense |  | (77 | ) |  | (32 | ) |  | (20 | ) |  | — |  |  | — |  |  | (129 | )
Total other income (loss) |  | 12,426 |  |  | 407 |  |  | 223 |  |  | (1 | ) |  | (10,830 | ) |  | 2,225 |
Interest and other charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  | 9,902 |  |  | 2,751 |  |  | 1,962 |  |  | — |  |  | — |  |  | 14,615 |
Amortization of net bond premium and expense |  | 410 |  |  | 116 |  |  | 120 |  |  | — |  |  | — |  |  | 646 |
Other interest charges |  | 585 |  |  | 160 |  |  | 324 |  |  | — |  |  | (36 | ) |  | 1,033 |
Allowance for borrowed funds used during construction |  | (358 | ) |  | (91 | ) |  | (49 | ) |  | — |  |  | — |  |  | (498 | )
Total interest and other charges |  | 10,539 |  |  | 2,936 |  |  | 2,357 |  |  | — |  |  | (36 | ) |  | 15,796 |
Net income (loss) |  | 38,087 |  |  | 5,577 |  |  | 5,446 |  |  | (1 | ) |  | (10,794 | ) |  | 38,315 |
Preferred stock dividend of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | 38,087 |  |  | 5,444 |  |  | 5,351 |  |  | (1 | ) |  | (10,794 | ) |  | 38,087 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | 37,817 |  |  | 5,444 |  |  | 5,351 |  |  | (1 | ) |  | (10,794 | ) |  | $ | 37,817 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Income (Loss) (unaudited) Nine months ended September 30, 2012
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Operating revenues |  | $ | 1,677,604 |  |  | 332,558 |  |  | 324,664 |  |  | — |  |  | — |  |  | $ | 2,334,826 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 724,862 |  |  | 88,778 |  |  | 172,436 |  |  | — |  |  | — |  |  | 986,076 |
Purchased power |  | 401,423 |  |  | 108,996 |  |  | 29,421 |  |  | — |  |  | — |  |  | 539,840 |
Other operation |  | 132,770 |  |  | 29,851 |  |  | 34,185 |  |  | — |  |  | — |  |  | 196,806 |
Maintenance |  | 60,993 |  |  | 14,280 |  |  | 16,368 |  |  | — |  |  | — |  |  | 91,641 |
Depreciation |  | 68,046 |  |  | 25,036 |  |  | 15,474 |  |  | — |  |  | — |  |  | 108,556 |
Taxes, other than income taxes |  | 159,928 |  |  | 31,330 |  |  | 30,891 |  |  | — |  |  | — |  |  | 222,149 |
Income taxes |  | 41,049 |  |  | 9,836 |  |  | 7,406 |  |  | — |  |  | — |  |  | 58,291 |
Total operating expenses |  | 1,589,071 |  |  | 308,107 |  |  | 306,181 |  |  | — |  |  | — |  |  | 2,203,359 |
Operating income |  | 88,533 |  |  | 24,451 |  |  | 18,483 |  |  | — |  |  | — |  |  | 131,467 |
Other income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for equity funds used during construction |  | 4,558 |  |  | 433 |  |  | 557 |  |  | — |  |  | — |  |  | 5,548 |
Equity in earnings of subsidiaries |  | 28,025 |  |  | — |  |  | — |  |  | — |  |  | (28,025 | ) |  | — |
Other, net |  | 3,215 |  |  | 361 |  |  | 293 |  |  | (3 | ) |  | (56 | ) |  | 3,810 |
Income tax benefits (expense) |  | (101 | ) |  | (47 | ) |  | 11 |  |  | — |  |  | — |  |  | (137 | )
Total other income (loss) |  | 35,697 |  |  | 747 |  |  | 861 |  |  | (3 | ) |  | (28,081 | ) |  | 9,221 |
Interest and other charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  | 29,301 |  |  | 8,649 |  |  | 6,450 |  |  | — |  |  | — |  |  | 44,400 |
Amortization of net bond premium and expense |  | 1,541 |  |  | 362 |  |  | 373 |  |  | — |  |  | — |  |  | 2,276 |
Other interest charges |  | (412 | ) |  | 131 |  |  | 253 |  |  | — |  |  | (56 | ) |  | (84 | )
Allowance for borrowed funds used during construction |  | (2,061 | ) |  | (174 | ) |  | (216 | ) |  | — |  |  | — |  |  | (2,451 | )
Total interest and other charges |  | 28,369 |  |  | 8,968 |  |  | 6,860 |  |  | — |  |  | (56 | ) |  | 44,141 |
Net income (loss) |  | 95,861 |  |  | 16,230 |  |  | 12,484 |  |  | (3 | ) |  | (28,025 | ) |  | 96,547 |
Preferred stock dividend of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income (loss) attributable to Hawaiian Electric |  | 95,861 |  |  | 15,830 |  |  | 12,198 |  |  | (3 | ) |  | (28,025 | ) |  | 95,861 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income (loss) for common stock |  | $ | 95,051 |  |  | 15,830 |  |  | 12,198 |  |  | (3 | ) |  | (28,025 | ) |  | $ | 95,051 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Income (Loss) (unaudited) Nine months ended September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Operating revenues |  | $ | 1,574,869 |  |  | 320,314 |  |  | 313,740 |  |  | — |  |  | — |  |  | $ | 2,208,923 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 631,824 |  |  | 94,120 |  |  | 151,794 |  |  | — |  |  | — |  |  | 877,738 |
Purchased power |  | 389,706 |  |  | 93,880 |  |  | 43,083 |  |  | — |  |  | — |  |  | 526,669 |
Other operation |  | 149,218 |  |  | 32,267 |  |  | 28,130 |  |  | — |  |  | — |  |  | 209,615 |
Maintenance |  | 60,922 |  |  | 13,787 |  |  | 13,846 |  |  | — |  |  | — |  |  | 88,555 |
Depreciation |  | 75,150 |  |  | 25,641 |  |  | 15,074 |  |  | — |  |  | — |  |  | 115,865 |
Taxes, other than income taxes |  | 149,084 |  |  | 30,094 |  |  | 29,650 |  |  | — |  |  | — |  |  | 208,828 |
Income taxes |  | 33,753 |  |  | 7,765 |  |  | 9,838 |  |  | — |  |  | — |  |  | 51,356 |
Total operating expenses |  | 1,489,657 |  |  | 297,554 |  |  | 291,415 |  |  | — |  |  | — |  |  | 2,078,626 |
Operating income |  | 85,212 |  |  | 22,760 |  |  | 22,325 |  |  | — |  |  | — |  |  | 130,297 |
Other income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for equity funds used during construction |  | 3,144 |  |  | 552 |  |  | 334 |  |  | — |  |  | — |  |  | 4,030 |
Equity in earnings of subsidiaries |  | 30,446 |  |  | — |  |  | — |  |  | — |  |  | (30,446 | ) |  | — |
Other, net |  | 3,518 |  |  | 526 |  |  | 412 |  |  | (2 | ) |  | (103 | ) |  | 4,351 |
Income tax expense |  | (266 | ) |  | (73 | ) |  | (81 | ) |  | — |  |  | — |  |  | (420 | )
Total other income (loss) |  | 36,842 |  |  | 1,005 |  |  | 665 |  |  | (2 | ) |  | (30,549 | ) |  | 7,961 |
Interest and other charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  | 29,705 |  |  | 8,252 |  |  | 5,886 |  |  | — |  |  | — |  |  | 43,843 |
Amortization of net bond premium and expense |  | 1,231 |  |  | 350 |  |  | 359 |  |  | — |  |  | — |  |  | 1,940 |
Other interest charges |  | 637 |  |  | 245 |  |  | 887 |  |  | — |  |  | (103 | ) |  | 1,666 |
Allowance for borrowed funds used during construction |  | (1,268 | ) |  | (226 | ) |  | (132 | ) |  | — |  |  | — |  |  | (1,626 | )
Total interest and other charges |  | 30,305 |  |  | 8,621 |  |  | 7,000 |  |  | — |  |  | (103 | ) |  | 45,823 |
Net income (loss) |  | 91,749 |  |  | 15,144 |  |  | 15,990 |  |  | (2 | ) |  | (30,446 | ) |  | 92,435 |
Preferred stock dividend of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income (loss) attributable to Hawaiian Electric |  | 91,749 |  |  | 14,744 |  |  | 15,704 |  |  | (2 | ) |  | (30,446 | ) |  | 91,749 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income (loss) for common stock |  | $ | 90,939 |  |  | 14,744 |  |  | 15,704 |  |  | (2 | ) |  | (30,446 | ) |  | $ | 90,939 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Income (Loss) (unaudited) Three months ended September 30, 2012
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Operating revenues |  | $ | 579,464 |  |  | 108,490 |  |  | 111,249 |  |  | — |  |  | — |  |  | $ | 799,203 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 248,443 |  |  | 25,752 |  |  | 52,978 |  |  | — |  |  | — |  |  | 327,173 |
Purchased power |  | 135,507 |  |  | 37,693 |  |  | 13,499 |  |  | — |  |  | — |  |  | 186,699 |
Other operation |  | 48,201 |  |  | 10,888 |  |  | 11,352 |  |  | — |  |  | — |  |  | 70,441 |
Maintenance |  | 19,615 |  |  | 5,146 |  |  | 5,607 |  |  | — |  |  | — |  |  | 30,368 |
Depreciation |  | 22,738 |  |  | 8,299 |  |  | 4,904 |  |  | — |  |  | — |  |  | 35,941 |
Taxes, other than income taxes |  | 53,935 |  |  | 10,444 |  |  | 10,471 |  |  | — |  |  | — |  |  | 74,850 |
Income taxes |  | 15,725 |  |  | 2,782 |  |  | 3,845 |  |  | — |  |  | — |  |  | 22,352 |
Total operating expenses |  | 544,164 |  |  | 101,004 |  |  | 102,656 |  |  | — |  |  | — |  |  | 747,824 |
Operating income |  | 35,300 |  |  | 7,486 |  |  | 8,593 |  |  | — |  |  | — |  |  | 51,379 |
Other income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for equity funds used during construction |  | 1,323 |  |  | 148 |  |  | 140 |  |  | — |  |  | — |  |  | 1,611 |
Equity in earnings of subsidiaries |  | 11,285 |  |  | — |  |  | — |  |  | — |  |  | (11,285 | ) |  | — |
Other, net |  | 950 |  |  | 128 |  |  | 38 |  |  | (1 | ) |  | (28 | ) |  | 1,087 |
Income tax benefits (expense) |  | (37 | ) |  | (14 | ) |  | 9 |  |  | — |  |  | — |  |  | (42 | )
Total other income (loss) |  | 13,521 |  |  | 262 |  |  | 187 |  |  | (1 | ) |  | (11,313 | ) |  | 2,656 |
Interest and other charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  | 9,981 |  |  | 2,751 |  |  | 1,962 |  |  | — |  |  | — |  |  | 14,694 |
Amortization of net bond premium and expense |  | 629 |  |  | 117 |  |  | 124 |  |  | — |  |  | — |  |  | 870 |
Other interest charges |  | 142 |  |  | 78 |  |  | 94 |  |  | — |  |  | (28 | ) |  | 286 |
Allowance for borrowed funds used during construction |  | (576 | ) |  | (59 | ) |  | (53 | ) |  | — |  |  | — |  |  | (688 | )
Total interest and other charges |  | 10,176 |  |  | 2,887 |  |  | 2,127 |  |  | — |  |  | (28 | ) |  | 15,162 |
Net income (loss) |  | 38,645 |  |  | 4,861 |  |  | 6,653 |  |  | (1 | ) |  | (11,285 | ) |  | 38,873 |
Preferred stock dividend of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | 38,645 |  |  | 4,728 |  |  | 6,558 |  |  | (1 | ) |  | (11,285 | ) |  | 38,645 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | 38,375 |  |  | 4,728 |  |  | 6,558 |  |  | (1 | ) |  | (11,285 | ) |  | $ | 38,375 |
Schedule of consolidating statement of comprehensive income (loss) | Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Comprehensive Income (Loss) (unaudited) Nine months ended September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | 90,939 |  |  | 14,744 |  |  | 15,704 |  |  | (2 | ) |  | (30,446 | ) |  | $ | 90,939 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 15,520 |  |  | 2,160 |  |  | 1,918 |  |  | — |  |  | (4,078 | ) |  | 15,520 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (15,468 | ) |  | (2,162 | ) |  | (1,918 | ) |  | — |  |  | 4,080 |  |  | (15,468 | )
Other comprehensive income (loss), net of taxes |  | 52 |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | 52 |
Comprehensive income (loss) attributable to common shareholder |  | $ | 90,991 |  |  | 14,742 |  |  | 15,704 |  |  | (2 | ) |  | (30,444 | ) |  | $ | 90,991 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Comprehensive Income (Loss) (unaudited) Three months ended September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | 37,817 |  |  | 5,444 |  |  | 5,351 |  |  | (1 | ) |  | (10,794 | ) |  | $ | 37,817 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 5,173 |  |  | 720 |  |  | 639 |  |  | — |  |  | (1,359 | ) |  | 5,173 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (5,156 | ) |  | (721 | ) |  | (639 | ) |  | — |  |  | 1,360 |  |  | (5,156 | )
Other comprehensive income (loss), net of taxes |  | 17 |  |  | (1 | ) |  | — |  |  | — |  |  | 1 |  |  | 17 |
Comprehensive income (loss) attributable to common shareholder |  | $ | 37,834 |  |  | 5,443 |  |  | 5,351 |  |  | (1 | ) |  | (10,793 | ) |  | $ | 37,834 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Comprehensive Income (Loss) (unaudited) Nine months ended September 30, 2012
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | 95,051 |  |  | 15,830 |  |  | 12,198 |  |  | (3 | ) |  | (28,025 | ) |  | $ | 95,051 |
Other comprehensive income, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 10,255 |  |  | 1,576 |  |  | 1,328 |  |  | — |  |  | (2,904 | ) |  | 10,255 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (10,026 | ) |  | (1,558 | ) |  | (1,309 | ) |  | — |  |  | 2,867 |  |  | (10,026 | )
Other comprehensive income, net of taxes |  | 229 |  |  | 18 |  |  | 19 |  |  | — |  |  | (37 | ) |  | 229 |
Comprehensive income (loss) attributable to common shareholder |  | $ | 95,280 |  |  | 15,848 |  |  | 12,217 |  |  | (3 | ) |  | (28,062 | ) |  | $ | 95,280 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Comprehensive Income (Loss) (unaudited) Three months ended September 30, 2012
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | 38,375 |  |  | 4,728 |  |  | 6,558 |  |  | (1 | ) |  | (11,285 | ) |  | $ | 38,375 |
Other comprehensive income, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 3,419 |  |  | 526 |  |  | 443 |  |  | — |  |  | (969 | ) |  | 3,419 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (3,342 | ) |  | (521 | ) |  | (436 | ) |  | — |  |  | 957 |  |  | (3,342 | )
Other comprehensive income, net of taxes |  | 77 |  |  | 5 |  |  | 7 |  |  | — |  |  | (12 | ) |  | 77 |
Comprehensive income (loss) attributable to common shareholder |  | $ | 38,452 |  |  | 4,733 |  |  | 6,565 |  |  | (1 | ) |  | (11,297 | ) |  | $ | 38,452 |
Schedule of consolidating balance sheets | Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Balance Sheet (unaudited) September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utility plant, at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 43,392 |  |  | 5,426 |  |  | 3,016 |  |  | — |  |  | — |  |  | $ | 51,834 |
Plant and equipment |  | 3,488,617 |  |  | 1,116,702 |  |  | 988,482 |  |  | — |  |  | — |  |  | 5,593,801 |
Less accumulated depreciation |  | (1,211,045 | ) |  | (449,547 | ) |  | (432,983 | ) |  | — |  |  | — |  |  | (2,093,575 | )
Construction in progress |  | 122,399 |  |  | 14,120 |  |  | 14,558 |  |  | — |  |  | — |  |  | 151,077 |
Net utility plant |  | 2,443,363 |  |  | 686,701 |  |  | 573,073 |  |  | — |  |  | — |  |  | 3,703,137 |
Investment in wholly owned subsidiaries, at equity |  | 507,080 |  |  | — |  |  | — |  |  | — |  |  | (507,080 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 18,906 |  |  | 2,754 |  |  | 3,423 |  |  | 102 |  |  | — |  |  | 25,185 |
Advances to affiliates |  | 23,000 |  |  | 7,000 |  |  | — |  |  | — |  |  | (30,000 | ) |  | — |
Customer accounts receivable, net |  | 134,641 |  |  | 29,569 |  |  | 23,494 |  |  | — |  |  | — |  |  | 187,704 |
Accrued unbilled revenues, net |  | 104,981 |  |  | 16,120 |  |  | 18,800 |  |  | — |  |  | — |  |  | 139,901 |
Other accounts receivable, net |  | 15,094 |  |  | 3,877 |  |  | 2,214 |  |  | — |  |  | (12,011 | ) |  | 9,174 |
Fuel oil stock, at average cost |  | 105,231 |  |  | 14,615 |  |  | 17,241 |  |  | — |  |  | — |  |  | 137,087 |
Materials and supplies, at average cost |  | 37,171 |  |  | 7,042 |  |  | 15,221 |  |  | — |  |  | — |  |  | 59,434 |
Prepayments and other |  | 26,024 |  |  | 4,413 |  |  | 14,939 |  |  | — |  |  | — |  |  | 45,376 |
Regulatory assets |  | 36,006 |  |  | 4,636 |  |  | 5,081 |  |  | — |  |  | — |  |  | 45,723 |
Total current assets |  | 501,054 |  |  | 90,026 |  |  | 100,413 |  |  | 102 |  |  | (42,011 | ) |  | 649,584 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | 626,209 |  |  | 112,244 |  |  | 106,243 |  |  | — |  |  | — |  |  | 844,696 |
Unamortized debt expense |  | 6,491 |  |  | 1,882 |  |  | 1,301 |  |  | — |  |  | — |  |  | 9,674 |
Other |  | 40,343 |  |  | 8,405 |  |  | 13,919 |  |  | — |  |  | — |  |  | 62,667 |
Total other long-term assets |  | 673,043 |  |  | 122,531 |  |  | 121,463 |  |  | — |  |  | — |  |  | 917,037 |
Total assets |  | $ | 4,124,540 |  |  | 899,258 |  |  | 794,949 |  |  | 102 |  |  | (549,091 | ) |  | $ | 5,269,758 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,501,944 |  |  | 272,860 |  |  | 234,118 |  |  | 102 |  |  | (507,080 | ) |  | $ | 1,501,944 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 780,546 |  |  | 201,334 |  |  | 166,000 |  |  | — |  |  | — |  |  | 1,147,880 |
Total capitalization |  | 2,304,783 |  |  | 481,194 |  |  | 405,118 |  |  | 102 |  |  | (507,080 | ) |  | 2,684,117 |
Commitments and contingencies (Note 5) |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings from non-affiliates |  | 73,246 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 73,246 |
Short-term borrowings from affiliate |  | 7,000 |  |  | — |  |  | 23,000 |  |  | — |  |  | (30,000 | ) |  | — |
Accounts payable |  | 136,087 |  |  | 25,352 |  |  | 19,518 |  |  | — |  |  | — |  |  | 180,957 |
Interest and preferred dividends payable |  | 15,097 |  |  | 3,949 |  |  | 3,363 |  |  | — |  |  | (12 | ) |  | 22,397 |
Taxes accrued |  | 163,204 |  |  | 35,403 |  |  | 34,846 |  |  | — |  |  | — |  |  | 233,453 |
Other |  | 54,571 |  |  | 11,298 |  |  | 24,664 |  |  | — |  |  | (11,999 | ) |  | 78,534 |
Total current liabilities |  | 449,205 |  |  | 76,002 |  |  | 105,391 |  |  | — |  |  | (42,011 | ) |  | 588,587 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | 340,014 |  |  | 75,866 |  |  | 62,721 |  |  | — |  |  | — |  |  | 478,601 |
Regulatory liabilities |  | 224,568 |  |  | 71,230 |  |  | 33,333 |  |  | — |  |  | — |  |  | 329,131 |
Unamortized tax credits |  | 43,564 |  |  | 13,552 |  |  | 13,922 |  |  | — |  |  | — |  |  | 71,038 |
Defined benefit pension and other postretirement benefit plans liability |  | 442,613 |  |  | 77,004 |  |  | 76,623 |  |  |  |  |  | — |  |  | 596,240 |
Other |  | 67,157 |  |  | 15,386 |  |  | 13,585 |  |  | — |  |  | — |  |  | 96,128 |
Total deferred credits and other liabilities |  | 1,117,916 |  |  | 253,038 |  |  | 200,184 |  |  | — |  |  | — |  |  | 1,571,138 |
Contributions in aid of construction |  | 252,636 |  |  | 89,024 |  |  | 84,256 |  |  | — |  |  | — |  |  | 425,916 |
Total capitalization and liabilities |  | $ | 4,124,540 |  |  | 899,258 |  |  | 794,949 |  |  | 102 |  |  | (549,091 | ) |  | $ | 5,269,758 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Balance Sheet (unaudited) December 31, 2012
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utility plant, at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 43,370 |  |  | 5,182 |  |  | 3,016 |  |  | — |  |  | — |  |  | $ | 51,568 |
Plant and equipment |  | 3,325,862 |  |  | 1,086,048 |  |  | 952,490 |  |  | — |  |  | — |  |  | 5,364,400 |
Less accumulated depreciation |  | (1,185,899 | ) |  | (433,531 | ) |  | (421,359 | ) |  | — |  |  | — |  |  | (2,040,789 | )
Construction in progress |  | 130,143 |  |  | 12,126 |  |  | 9,109 |  |  | — |  |  | — |  |  | 151,378 |
Net utility plant |  | 2,313,476 |  |  | 669,825 |  |  | 543,256 |  |  | — |  |  | — |  |  | 3,526,557 |
Investment in wholly owned subsidiaries, at equity |  | 497,939 |  |  | — |  |  | — |  |  | — |  |  | (497,939 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 8,265 |  |  | 5,441 |  |  | 3,349 |  |  | 104 |  |  | — |  |  | 17,159 |
Advances to affiliates |  | 9,400 |  |  | 18,050 |  |  | — |  |  | — |  |  | (27,450 | ) |  | — |
Customer accounts receivable, net |  | 154,316 |  |  | 29,772 |  |  | 26,691 |  |  | — |  |  | — |  |  | 210,779 |
Accrued unbilled revenues, net |  | 100,600 |  |  | 14,393 |  |  | 19,305 |  |  | — |  |  | — |  |  | 134,298 |
Other accounts receivable, net |  | 33,313 |  |  | 1,122 |  |  | 3,016 |  |  | — |  |  | (9,275 | ) |  | 28,176 |
Fuel oil stock, at average cost |  | 123,176 |  |  | 15,485 |  |  | 22,758 |  |  | — |  |  | — |  |  | 161,419 |
Materials and supplies, at average cost |  | 31,779 |  |  | 5,336 |  |  | 13,970 |  |  | — |  |  | — |  |  | 51,085 |
Prepayments and other |  | 21,708 |  |  | 5,146 |  |  | 6,011 |  |  | — |  |  | — |  |  | 32,865 |
Regulatory assets |  | 42,675 |  |  | 4,056 |  |  | 4,536 |  |  | — |  |  | — |  |  | 51,267 |
Total current assets |  | 525,232 |  |  | 98,801 |  |  | 99,636 |  |  | 104 |  |  | (36,725 | ) |  | 687,048 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | 601,451 |  |  | 109,815 |  |  | 102,063 |  |  | — |  |  | — |  |  | 813,329 |
Unamortized debt expense |  | 7,042 |  |  | 2,066 |  |  | 1,446 |  |  | — |  |  | — |  |  | 10,554 |
Other |  | 46,586 |  |  | 9,871 |  |  | 14,848 |  |  | — |  |  | — |  |  | 71,305 |
Total other long-term assets |  | 655,079 |  |  | 121,752 |  |  | 118,357 |  |  | — |  |  | — |  |  | 895,188 |
Total assets |  | $ | 3,991,726 |  |  | 890,378 |  |  | 761,249 |  |  | 104 |  |  | (534,664 | ) |  | $ | 5,108,793 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,472,136 |  |  | 268,908 |  |  | 228,927 |  |  | 104 |  |  | (497,939 | ) |  | $ | 1,472,136 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 780,546 |  |  | 201,326 |  |  | 166,000 |  |  | — |  |  | — |  |  | 1,147,872 |
Total capitalization |  | 2,274,975 |  |  | 477,234 |  |  | 399,927 |  |  | 104 |  |  | (497,939 | ) |  | 2,654,301 |
Commitments and contingencies (Note 5) |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term borrowings from affiliate |  | 18,050 |  |  | — |  |  | 9,400 |  |  | — |  |  | (27,450 | ) |  | — |
Accounts payable |  | 134,651 |  |  | 27,457 |  |  | 24,716 |  |  | — |  |  | — |  |  | 186,824 |
Interest and preferred dividends payable |  | 14,479 |  |  | 4,027 |  |  | 2,593 |  |  | — |  |  | (7 | ) |  | 21,092 |
Taxes accrued |  | 174,477 |  |  | 38,778 |  |  | 37,811 |  |  | — |  |  | — |  |  | 251,066 |
Other |  | 47,203 |  |  | 10,310 |  |  | 14,634 |  |  | — |  |  | (9,268 | ) |  | 62,879 |
Total current liabilities |  | 388,860 |  |  | 80,572 |  |  | 89,154 |  |  | — |  |  | (36,725 | ) |  | 521,861 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | 302,569 |  |  | 68,479 |  |  | 46,563 |  |  | — |  |  | — |  |  | 417,611 |
Regulatory liabilities |  | 218,437 |  |  | 67,359 |  |  | 36,278 |  |  | — |  |  | — |  |  | 322,074 |
Unamortized tax credits |  | 39,827 |  |  | 13,450 |  |  | 13,307 |  |  | — |  |  | — |  |  | 66,584 |
Defined benefit pension and other postretirement benefit plans liability |  | 459,765 |  |  | 80,686 |  |  | 79,754 |  |  | — |  |  | — |  |  | 620,205 |
Other |  | 68,783 |  |  | 17,799 |  |  | 14,055 |  |  | — |  |  | — |  |  | 100,637 |
Total deferred credits and other liabilities |  | 1,089,381 |  |  | 247,773 |  |  | 189,957 |  |  | — |  |  | — |  |  | 1,527,111 |
Contributions in aid of construction |  | 238,510 |  |  | 84,799 |  |  | 82,211 |  |  | — |  |  | — |  |  | 405,520 |
Total capitalization and liabilities |  | $ | 3,991,726 |  |  | 890,378 |  |  | 761,249 |  |  | 104 |  |  | (534,664 | ) |  | $ | 5,108,793 |
Schedule of consolidating statement of changes in common stock equity | Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Changes in Common Stock Equity (unaudited) Nine months ended September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2012 |  | $ | 1,472,136 |  |  | 268,908 |  |  | 228,927 |  |  | 104 |  |  | (497,939 | ) |  | $ | 1,472,136 |
Net income (loss) for common stock |  | 90,939 |  |  | 14,744 |  |  | 15,704 |  |  | (2 | ) |  | (30,446 | ) |  | 90,939 |
Other comprehensive income (loss), net of taxes |  | 52 |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | 52 |
Common stock dividends |  | (61,183 | ) |  | (10,790 | ) |  | (10,513 | ) |  | — |  |  | 21,303 |  |  | (61,183 | )
Balance, September 30, 2013 |  | $ | 1,501,944 |  |  | 272,860 |  |  | 234,118 |  |  | 102 |  |  | (507,080 | ) |  | $ | 1,501,944 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Changes in Common Stock Equity (unaudited) Nine months ended September 30, 2012
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2011 |  | $ | 1,402,841 |  |  | 280,468 |  |  | 235,568 |  |  | 107 |  |  | (516,143 | ) |  | $ | 1,402,841 |
Net income (loss) for common stock |  | 95,051 |  |  | 15,830 |  |  | 12,198 |  |  | (3 | ) |  | (28,025 | ) |  | 95,051 |
Other comprehensive income, net of taxes |  | 229 |  |  | 18 |  |  | 19 |  |  | — |  |  | (37 | ) |  | 229 |
Common stock dividends |  | (54,783 | ) |  | (9,854 | ) |  | (6,560 | ) |  | — |  |  | 16,414 |  |  | (54,783 | )
Balance, September 30, 2012 |  | $ | 1,443,338 |  |  | 286,462 |  |  | 241,225 |  |  | 104 |  |  | (527,791 | ) |  | $ | 1,443,338 |
Schedule of Condensed consolidating statement of cash flows | Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Cash Flows (unaudited) Nine months ended September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 91,749 |  |  | 15,144 |  |  | 15,990 |  |  | (2 | ) |  | (30,446 | ) |  | $ | 92,435 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (30,522 | ) |  | — |  |  | — |  |  | — |  |  | 30,446 |  |  | (76 | )
Common stock dividends received from subsidiaries |  | 21,379 |  |  | — |  |  | — |  |  | — |  |  | (21,303 | ) |  | 76 |
Depreciation of property, plant and equipment |  | 75,150 |  |  | 25,641 |  |  | 15,074 |  |  | — |  |  | — |  |  | 115,865 |
Other amortization |  | (228 | ) |  | 1,075 |  |  | 1,623 |  |  | — |  |  | — |  |  | 2,470 |
Change in deferred income taxes |  | 31,361 |  |  | 7,165 |  |  | 9,488 |  |  | — |  |  | — |  |  | 48,014 |
Change in tax credits, net |  | 3,773 |  |  | 119 |  |  | 618 |  |  | — |  |  | — |  |  | 4,510 |
Allowance for equity funds used during construction |  | (3,144 | ) |  | (552 | ) |  | (334 | ) |  | — |  |  | — |  |  | (4,030 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable |  | 37,894 |  |  | (2,552 | ) |  | 3,999 |  |  | — |  |  | 2,736 |  |  | 42,077 |
Decrease (increase) in accrued unbilled revenues |  | (4,381 | ) |  | (1,727 | ) |  | 505 |  |  | — |  |  | — |  |  | (5,603 | )
Decrease in fuel oil stock |  | 17,945 |  |  | 870 |  |  | 5,517 |  |  | — |  |  | — |  |  | 24,332 |
Increase in materials and supplies |  | (5,392 | ) |  | (1,706 | ) |  | (1,251 | ) |  | — |  |  | — |  |  | (8,349 | )
Increase in regulatory assets |  | (37,032 | ) |  | (7,165 | ) |  | (9,117 | ) |  | — |  |  | — |  |  | (53,314 | )
Decrease in accounts payable |  | (10,435 | ) |  | (3,343 | ) |  | (9,196 | ) |  | — |  |  | — |  |  | (22,974 | )
Decrease in prepaid and accrued income and utility revenue taxes |  | (7,122 | ) |  | (3,566 | ) |  | (4,728 | ) |  | — |  |  | — |  |  | (15,416 | )
Contributions to defined benefit pension and other postretirement benefit plans |  | (44,650 | ) |  | (8,083 | ) |  | (8,143 | ) |  | — |  |  | — |  |  | (60,876 | )
Other increase in defined benefit pension and other postretirement benefit plans liability |  | 46,394 |  |  | 7,892 |  |  | 8,078 |  |  | — |  |  | — |  |  | 62,364 |
Change in other assets and liabilities |  | (10,562 | ) |  | (1,821 | ) |  | 4,924 |  |  | — |  |  | (2,736 | ) |  | (10,195 | )
Net cash provided by (used in) operating activities |  | 172,177 |  |  | 27,391 |  |  | 33,047 |  |  | (2 | ) |  | (21,303 | ) |  | 211,310 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (164,423 | ) |  | (35,900 | ) |  | (37,546 | ) |  | — |  |  | — |  |  | (237,869 | )
Contributions in aid of construction |  | 15,699 |  |  | 6,160 |  |  | 1,774 |  |  | — |  |  | — |  |  | 23,633 |
Other |  | 623 |  |  | (196 | ) |  | — |  |  | — |  |  | — |  |  | 427 |
Advances from (to) affiliates |  | (13,600 | ) |  | 11,050 |  |  | — |  |  | — |  |  | 2,550 |  |  | — |
Net cash used in investing activities |  | (161,701 | ) |  | (18,886 | ) |  | (35,772 | ) |  | — |  |  | 2,550 |  |  | (213,809 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (61,183 | ) |  | (10,790 | ) |  | (10,513 | ) |  | — |  |  | 21,303 |  |  | (61,183 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (810 | ) |  | (400 | ) |  | (286 | ) |  | — |  |  | — |  |  | (1,496 | )
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 62,196 |  |  | — |  |  | 13,600 |  |  | — |  |  | (2,550 | ) |  | 73,246 |
Other |  | (38 | ) |  | (2 | ) |  | (2 | ) |  | — |  |  | — |  |  | (42 | )
Net cash provided by (used in) financing activities |  | 165 |  |  | (11,192 | ) |  | 2,799 |  |  | — |  |  | 18,753 |  |  | 10,525 |
Net increase (decrease) in cash and cash equivalents |  | 10,641 |  |  | (2,687 | ) |  | 74 |  |  | (2 | ) |  | — |  |  | 8,026 |
Cash and cash equivalents, beginning of period |  | 8,265 |  |  | 5,441 |  |  | 3,349 |  |  | 104 |  |  | — |  |  | 17,159 |
Cash and cash equivalents, end of period |  | $ | 18,906 |  |  | 2,754 |  |  | 3,423 |  |  | 102 |  |  | — |  |  | $ | 25,185 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Cash Flows (unaudited) Nine months ended September 30, 2012
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 95,861 |  |  | 16,230 |  |  | 12,484 |  |  | (3 | ) |  | (28,025 | ) |  | $ | 96,547 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (28,100 | ) |  | — |  |  | — |  |  | — |  |  | 28,025 |  |  | (75 | )
Common stock dividends received from subsidiaries |  | 16,464 |  |  | — |  |  | — |  |  | — |  |  | (16,414 | ) |  | 50 |
Depreciation of property, plant and equipment |  | 68,046 |  |  | 25,036 |  |  | 15,474 |  |  | — |  |  | — |  |  | 108,556 |
Other amortization |  | 691 |  |  | 1,776 |  |  | 1,607 |  |  | — |  |  | — |  |  | 4,074 |
Change in deferred income taxes |  | 64,790 |  |  | 8,290 |  |  | 9,637 |  |  | — |  |  | — |  |  | 82,717 |
Change in tax credits, net |  | 3,256 |  |  | 256 |  |  | 130 |  |  | — |  |  | — |  |  | 3,642 |
Allowance for equity funds used during construction |  | (4,558 | ) |  | (433 | ) |  | (557 | ) |  | — |  |  | — |  |  | (5,548 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable |  | (43,284 | ) |  | (7,236 | ) |  | 1,287 |  |  | — |  |  | 12,326 |  |  | (36,907 | )
Decrease (increase) in accrued unbilled revenues |  | 3,427 |  |  | 3,107 |  |  | (798 | ) |  | — |  |  | — |  |  | 5,736 |
Decrease (increase) in fuel oil stock |  | (36,365 | ) |  | 3,163 |  |  | 1,830 |  |  | — |  |  | — |  |  | (31,372 | )
Increase in materials and supplies |  | (6,320 | ) |  | (719 | ) |  | (266 | ) |  | — |  |  | — |  |  | (7,305 | )
Increase in regulatory assets |  | (44,175 | ) |  | (6,621 | ) |  | (6,997 | ) |  | — |  |  | — |  |  | (57,793 | )
Increase (decrease) in accounts payable |  | 7,872 |  |  | (8,518 | ) |  | (2,835 | ) |  | — |  |  | — |  |  | (3,481 | )
Decrease in prepaid and accrued income and utility revenue taxes |  | (14,006 | ) |  | (3,562 | ) |  | (3,097 | ) |  | — |  |  | — |  |  | (20,665 | )
Contributions to defined benefit pension and other postretirement benefit plans |  | (45,878 | ) |  | (8,270 | ) |  | (8,269 | ) |  | — |  |  | — |  |  | (62,417 | )
Other increase in defined benefit pension and other postretirement benefit plans liability |  | 34,421 |  |  | 6,133 |  |  | 9,307 |  |  |  |  |  | — |  |  | 49,861 |
Change in other assets and liabilities |  | (28,970 | ) |  | (1,120 | ) |  | (3,192 | ) |  | — |  |  | (12,326 | ) |  | (45,608 | )
Net cash provided by (used in) operating activities |  | 43,172 |  |  | 27,512 |  |  | 25,745 |  |  | (3 | ) |  | (16,414 | ) |  | 80,012 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (172,872 | ) |  | (26,331 | ) |  | (21,767 | ) |  | — |  |  | — |  |  | (220,970 | )
Contributions in aid of construction |  | 25,547 |  |  | 4,199 |  |  | 3,360 |  |  | — |  |  | — |  |  | 33,106 |
Advances from (to) affiliates |  | — |  |  | 16,750 |  |  | 11,500 |  |  | — |  |  | (28,250 | ) |  | — |
Net cash used in investing activities |  | (147,325 | ) |  | (5,382 | ) |  | (6,907 | ) |  | — |  |  | (28,250 | ) |  | (187,864 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (54,783 | ) |  | (9,854 | ) |  | (6,560 | ) |  | — |  |  | 16,414 |  |  | (54,783 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (810 | ) |  | (400 | ) |  | (286 | ) |  | — |  |  | — |  |  | (1,496 | )
Proceeds from issuance of long-term debt |  | 367,000 |  |  | 31,000 |  |  | 59,000 |  |  | — |  |  | — |  |  | 457,000 |
Repayment of long-term debt |  | (259,580 | ) |  | (41,200 | ) |  | (67,720 | ) |  | — |  |  | — |  |  | (368,500 | )
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 16,469 |  |  | — |  |  | — |  |  | — |  |  | 28,250 |  |  | 44,719 |
Other |  | (1,980 | ) |  | 167 |  |  | (359 | ) |  | — |  |  | — |  |  | (2,172 | )
Net cash provided by (used in) financing activities |  | 66,316 |  |  | (20,287 | ) |  | (15,925 | ) |  | — |  |  | 44,664 |  |  | 74,768 |
Net increase (decrease) in cash and cash equivalents |  | (37,837 | ) |  | 1,843 |  |  | 2,913 |  |  | (3 | ) |  | — |  |  | (33,084 | )
Cash and cash equivalents, beginning of period |  | 44,819 |  |  | 3,383 |  |  | 496 |  |  | 108 |  |  | — |  |  | 48,806 |
Cash and cash equivalents, end of period |  | $ | 6,982 |  |  | 5,226 |  |  | 3,409 |  |  | 105 |  |  | — |  |  | $ | 15,722 |

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