XML 114 R34.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Electric utility segment (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Electric utility subsidiary |
Schedule of voluntary liquidation and redemption prices of cumulative preferred stock | The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption:
December 31, 2013 | Voluntary liquidation price |  | Redemption price
Series |  |  |  |  |
C, D, E, H, J and K (Hawaiian Electric) | $ | 20 |  |  | $ | 21 |
I (Hawaiian Electric) | 20 |  |  | 20 |
G (Hawaii Electric Light) | 100 |  |  | 100 |
H (Maui Electric) | 100 |  |  | 100 |
Schedule of reductions from interim decision and order | Reductions from the interim D&O relate primarily to:
(in millions) |
Lower ROACE | $ | 4.0 |
Customer Information System expenses | 0.3 |
Pension and OPEB expense based on 3-year average | 1.5 |
Integrated resource planning expenses | 0.9 |
Operational and Renewable Energy Integration study costs | 1.1 |
Total adjustment | $ | 7.8 |
Schedule of consolidating statements of income | Statements of Income Data
Years ended December 31 | 2013 |  |  | 2012 |  |  | 2011 |
(in thousands) |  |  |  |  |  |  |  |
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 172,969 |  |  | $ | 176,057 |  |  | $ | 184,485 |
Interest and dividends on investment and mortgage-related securities | 13,095 |  |  | 13,822 |  |  | 14,568 |
Total interest and dividend income | 186,064 |  |  | 189,879 |  |  | 199,053 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities | 5,092 |  |  | 6,423 |  |  | 8,983 |
Interest on other borrowings | 4,985 |  |  | 4,869 |  |  | 5,486 |
Total interest expense | 10,077 |  |  | 11,292 |  |  | 14,469 |
Net interest income | 175,987 |  |  | 178,587 |  |  | 184,584 |
Provision for loan losses | 1,507 |  |  | 12,883 |  |  | 15,009 |
Net interest income after provision for loan losses | 174,480 |  |  | 165,704 |  |  | 169,575 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services | 27,099 |  |  | 31,361 |  |  | 28,881 |
Fee income on deposit liabilities | 18,363 |  |  | 17,775 |  |  | 18,026 |
Fee income on other financial products | 8,405 |  |  | 6,577 |  |  | 6,704 |
Mortgage banking income | 8,309 |  |  | 14,628 |  |  | 5,028 |
Gains on sale of securities | 1,226 |  |  | 134 |  |  | 371 |
Other income, net | 8,681 |  |  | 5,185 |  |  | 6,344 |
Total noninterest income | 72,083 |  |  | 75,660 |  |  | 65,354 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits | 82,910 |  |  | 75,979 |  |  | 71,137 |
Occupancy | 16,747 |  |  | 17,179 |  |  | 17,154 |
Data processing | 10,952 |  |  | 10,098 |  |  | 8,155 |
Services | 9,015 |  |  | 9,866 |  |  | 7,396 |
Equipment | 7,295 |  |  | 7,105 |  |  | 6,903 |
Office supplies, printing and postage | 4,233 |  |  | 3,870 |  |  | 3,934 |
Marketing | 3,373 |  |  | 3,260 |  |  | 3,001 |
Communication | 1,864 |  |  | 1,809 |  |  | 1,764 |
Other expense | 23,115 |  |  | 23,177 |  |  | 23,949 |
Total noninterest expense | 159,504 |  |  | 152,343 |  |  | 143,393 |
Income before income taxes | 87,059 |  |  | 89,021 |  |  | 91,536 |
Income taxes | 29,525 |  |  | 30,384 |  |  | 31,693 |
Net income | $ | 57,534 |  |  | $ | 58,637 |  |  | $ | 59,843 |
Schedule of consolidating balance sheets | Balance Sheet Data
December 31 |  | 2013 |  |  | 2012 |
(in thousands) |  |  |  |  |  |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 156,603 |  |  | $ | 184,430 |
Available-for-sale investment and mortgage-related securities |  | 529,007 |  |  | 671,358 |
Investment in stock of Federal Home Loan Bank of Seattle |  | 92,546 |  |  | 96,022 |
Loans receivable held for investment |  | 4,150,229 |  |  | 3,779,218 |
Allowance for loan losses |  | (40,116 | ) |  | (41,985 | )
Loans receivable held for investment, net |  | 4,110,113 |  |  | 3,737,233 |
Loans held for sale, at lower of cost or fair value |  | 5,302 |  |  | 26,005 |
Other |  | 268,063 |  |  | 244,435 |
Goodwill |  | 82,190 |  |  | 82,190 |
Total assets |  | $ | 5,243,824 |  |  | $ | 5,041,673 |
Liabilities and shareholder’s equity |  |  |  |  |  |
Deposit liabilities–noninterest-bearing |  | $ | 1,214,418 |  |  | $ | 1,164,308 |
Deposit liabilities–interest-bearing |  | 3,158,059 |  |  | 3,065,608 |
Other borrowings |  | 244,514 |  |  | 195,926 |
Other |  | 105,679 |  |  | 117,752 |
Total liabilities |  | 4,722,670 |  |  | 4,543,594 |
Commitments and contingencies (see “Litigation” below) |  |  |  |  |  |
Common stock |  | 336,054 |  |  | 333,712 |
Retained earnings |  | 197,297 |  |  | 179,763 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |
Net unrealized gains (losses) on securities | $ | (3,663 | ) |  | $ | 10,761 |  |
Retirement benefit plans | (8,534 | ) | (12,197 | ) | (26,157 | ) | (15,396 | )
Total shareholder’s equity |  | 521,154 |  |  | 498,079 |
Total liabilities and shareholder’s equity |  | $ | 5,243,824 |  |  | $ | 5,041,673 |
Other assets |  |  |  |  |  |
Bank-owned life insurance |  | $ | 129,963 |  |  | $ | 125,726 |
Premises and equipment, net |  | 67,766 |  |  | 62,458 |
Prepaid expenses |  | 3,616 |  |  | 13,199 |
Accrued interest receivable |  | 13,133 |  |  | 13,228 |
Mortgage-servicing rights |  | 11,687 |  |  | 10,818 |
Real estate acquired in settlement of loans, net |  | 1,205 |  |  | 6,050 |
Other |  | 40,693 |  |  | 12,956 |
|  | $ | 268,063 |  |  | $ | 244,435 |
Other liabilities |  |  |  |  |  |
Accrued expenses |  | $ | 19,989 |  |  | $ | 17,103 |
Federal and state income taxes payable |  | 37,807 |  |  | 35,408 |
Cashier’s checks |  | 21,110 |  |  | 23,478 |
Advance payments by borrowers |  | 9,647 |  |  | 9,685 |
Other |  | 17,126 |  |  | 32,078 |
|  | $ | 105,679 |  |  | $ | 117,752 |
Hawaiian Electric Company, Inc. and Subsidiaries |
Electric utility subsidiary |
Schedule of regulatory assets | Regulatory assets were as follows:
December 31 | 2013 |  |  | 2012 |
(in thousands) |  |  |  |  |
Retirement benefit plans (balance primarily varies with plans’ funded statuses) | $ | 350,821 |  |  | $ | 660,835 |
Income taxes, net (1 to 55 years) | 85,430 |  |  | 84,931 |
Decoupling revenue balancing account (1 to 2 years) | 90,386 |  |  | 66,076 |
Unamortized expense and premiums on retired debt and equity issuances (14 to 30 years; 2 to 20 years remaining) | 17,342 |  |  | 17,130 |
Vacation earned, but not yet taken (1 year) | 9,149 |  |  | 8,493 |
Postretirement benefits other than pensions (18 years; 1 year remaining) | 62 |  |  | 249 |
Other (1 to 50 years; 1 to 47 years remaining) | 22,734 |  |  | 26,882 |
| $ | 575,924 |  |  | $ | 864,596 |
Included in: |  |  |  |  |
Current assets | $ | 69,738 |  |  | $ | 51,267 |
Long-term assets | 506,186 |  |  | 813,329 |
| $ | 575,924 |  |  | $ | 864,596 |
Schedule of regulatory liabilities | Regulatory liabilities were as follows:
December 31 | 2013 |  |  | 2012 |
(in thousands) |  |  |  |  |
Cost of removal in excess of salvage value (1 to 60 years) | $ | 315,164 |  |  | $ | 305,978 |
Retirement benefit plans (5 years beginning with respective utility’s next rate case; primarily 5 years remaining) | 31,546 |  |  | 15,563 |
Other (5 years; 1 to 2 years remaining) | 2,589 |  |  | 2,611 |
| $ | 349,299 |  |  | $ | 324,152 |
Included in: |  |  |
Current liabilities | $ | 1,916 |  |  | $ | 1,212 |
Long-term liabilities | 347,383 |  |  | 322,940 |
| $ | 349,299 |  |  | $ | 324,152 |
Schedule of changes in asset retirement obligation | Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:
(in thousands) | 2013 |  | 2012
Balance, January 1 | $ | 48,431 |  |  | $ | 50,871 |
Accretion expense | 1,263 |  |  | 1,563 |
Liabilities incurred | — |  |  | — |
Liabilities settled | (5,672 | ) |  | (4,003 | )
Revisions in estimated cash flows | (916 | ) |  | — |
Balance, December 31 | $ | 43,106 |  |  | $ | 48,431 |
Schedule of consolidating statements of income | Consolidating statement of income Year ended December 31, 2013
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 2,124,174 |  |  | 431,517 |  |  | 424,603 |  |  | — |  |  | (122 | ) | [1] |  | $ | 2,980,172 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 851,365 |  |  | 125,516 |  |  | 208,671 |  |  | — |  |  | — |  |  |  | 1,185,552 |
Purchased power | 527,839 |  |  | 128,368 |  |  | 54,474 |  |  | — |  |  | — |  |  |  | 710,681 |
Other operation and maintenance | 283,768 |  |  | 61,418 |  |  | 58,081 |  |  | 3 |  |  | — |  |  |  | 403,270 |
Depreciation | 99,738 |  |  | 34,188 |  |  | 20,099 |  |  | — |  |  | — |  |  |  | 154,025 |
Taxes, other than income taxes | 200,962 |  |  | 40,092 |  |  | 40,077 |  |  | — |  |  | — |  |  |  | 281,131 |
Total expenses | 1,963,672 |  |  | 389,582 |  |  | 381,402 |  |  | 3 |  |  | — |  |  |  | 2,734,659 |
Operating income (loss) | 160,502 |  |  | 41,935 |  |  | 43,201 |  |  | (3 | ) |  | (122 | ) |  |  | 245,513 |
Allowance for equity funds used during construction | 4,495 |  |  | 643 |  |  | 423 |  |  | — |  |  | — |  |  |  | 5,561 |
Equity in earnings of subsidiaries | 41,410 |  |  | — |  |  | — |  |  | — |  |  | (41,410 | ) | [2] |  | — |
Interest expense and other charges, net | (39,107 | ) |  | (11,341 | ) |  | (8,953 | ) |  | — |  |  | 122 |  | [1] |  | (59,279 | )
Allowance for borrowed funds used during construction | 1,814 |  |  | 263 |  |  | 169 |  |  | — |  |  | — |  |  |  | 2,246 |
Income (loss) before income taxes | 169,114 |  |  | 31,500 |  |  | 34,840 |  |  | (3 | ) |  | (41,410 | ) |  |  | 194,041 |
Income taxes | 45,105 |  |  | 10,830 |  |  | 13,182 |  |  | — |  |  | — |  |  |  | 69,117 |
Net income (loss) | 124,009 |  |  | 20,670 |  |  | 21,658 |  |  | (3 | ) |  | (41,410 | ) |  |  | 124,924 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  | — |  |  | — |  |  |  | 915 |
Net income (loss) attributable to Hawaiian Electric | 124,009 |  |  | 20,136 |  |  | 21,277 |  |  | (3 | ) |  | (41,410 | ) |  |  | 124,009 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,080 |
Net income (loss) for common stock | $ | 122,929 |  |  | 20,136 |  |  | 21,277 |  |  | (3 | ) |  | (41,410 | ) |  |  | $ | 122,929 |
Consolidating statement of income Year ended December 31, 2012
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 2,228,233 |  |  | 441,013 |  |  | 440,270 |  |  | — |  |  | (77 | ) | [1] |  | $ | 3,109,439 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 945,246 |  |  | 116,866 |  |  | 235,307 |  |  | — |  |  | — |  |  |  | 1,297,419 |
Purchased power | 540,802 |  |  | 145,386 |  |  | 38,052 |  |  | — |  |  | — |  |  |  | 724,240 |
Other operation and maintenance | 266,208 |  |  | 60,447 |  |  | 70,771 |  |  | 3 |  |  | — |  |  |  | 397,429 |
Depreciation | 90,783 |  |  | 33,337 |  |  | 20,378 |  |  | — |  |  | — |  |  |  | 144,498 |
Taxes, other than income taxes | 209,943 |  |  | 41,370 |  |  | 41,528 |  |  | — |  |  | — |  |  |  | 292,841 |
Impairment of utility assets | 29,000 |  |  | 5,500 |  |  | 5,500 |  |  | — |  |  | — |  |  |  | 40,000 |
Total expenses | 2,081,982 |  |  | 402,906 |  |  | 411,536 |  |  | 3 |  |  | — |  |  |  | 2,896,427 |
Operating income (loss) | 146,251 |  |  | 38,107 |  |  | 28,734 |  |  | (3 | ) |  | (77 | ) |  |  | 213,012 |
Allowance for equity funds used during construction | 5,735 |  |  | 585 |  |  | 687 |  |  | — |  |  | — |  |  |  | 7,007 |
Equity in earnings of subsidiaries | 28,836 |  |  | — |  |  | — |  |  | — |  |  | (28,836 | ) | [2] |  | — |
Interest expense and other charges, net | (40,842 | ) |  | (12,066 | ) |  | (9,224 | ) |  |  |  | 77 |  | [1] |  | (62,055 | )
Allowance for borrowed funds used during construction | 3,642 |  |  | 235 |  |  | 478 |  |  | — |  |  | — |  |  |  | 4,355 |
Income (loss) before income taxes | 143,622 |  |  | 26,861 |  |  | 20,675 |  |  | (3 | ) |  | (28,836 | ) |  |  | 162,319 |
Income taxes | 43,266 |  |  | 10,115 |  |  | 7,667 |  |  | — |  |  | — |  |  |  | 61,048 |
Net income (loss) | 100,356 |  |  | 16,746 |  |  | 13,008 |  |  | (3 | ) |  | (28,836 | ) |  |  | 101,271 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  | — |  |  | — |  |  |  | 915 |
Net income (loss) attributable to Hawaiian Electric | 100,356 |  |  | 16,212 |  |  | 12,627 |  |  | (3 | ) |  | (28,836 | ) |  |  | 100,356 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,080 |
Net income (loss) for common stock | $ | 99,276 |  |  | 16,212 |  |  | 12,627 |  |  | (3 | ) |  | (28,836 | ) |  |  | $ | 99,276 |
Consolidating statement of income Year ended December 31, 2011
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 2,114,066 |  |  | 444,891 |  |  | 419,760 |  |  | — |  |  | (27 | ) | [1] |  | $ | 2,978,690 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 909,172 |  |  | 121,839 |  |  | 234,115 |  |  | — |  |  | — |  |  |  | 1,265,126 |
Purchased power | 522,503 |  |  | 137,453 |  |  | 29,696 |  |  | — |  |  | — |  |  |  | 689,652 |
Other operation and maintenance | 266,807 |  |  | 56,066 |  |  | 57,202 |  |  | 9 |  |  | — |  |  |  | 380,084 |
Depreciation | 89,324 |  |  | 32,767 |  |  | 20,884 |  |  | — |  |  | — |  |  |  | 142,975 |
Taxes, other than income taxes | 196,170 |  |  | 41,028 |  |  | 39,306 |  |  | — |  |  | — |  |  |  | 276,504 |
Impairment of utility assets | 9,215 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 9,215 |
Total expenses | 1,993,191 |  |  | 389,153 |  |  | 381,203 |  |  | 9 |  |  | — |  |  |  | 2,763,556 |
Operating income (loss) | 120,875 |  |  | 55,738 |  |  | 38,557 |  |  | (9 | ) |  | (27 | ) |  |  | 215,134 |
Allowance for equity funds used during construction | 4,572 |  |  | 592 |  |  | 800 |  |  | — |  |  | — |  |  |  | 5,964 |
Equity in earnings of subsidiaries | 44,616 |  |  | — |  |  | — |  |  | — |  |  | (44,616 | ) | [2] |  | — |
Interest expense and other charges, net | (37,624 | ) |  | (12,554 | ) |  | (9,880 | ) |  | — |  |  | 27 |  | [1] |  | (60,031 | )
Allowance for borrowed funds used during construction | 1,941 |  |  | 248 |  |  | 309 |  |  | — |  |  | — |  |  |  | 2,498 |
Income (loss) before income taxes | 134,380 |  |  | 44,024 |  |  | 29,786 |  |  | (9 | ) |  | (44,616 | ) |  |  | 163,565 |
Income taxes | 33,314 |  |  | 16,839 |  |  | 11,431 |  |  | — |  |  | — |  |  |  | 61,584 |
Net income (loss) | 101,066 |  |  | 27,185 |  |  | 18,355 |  |  | (9 | ) |  | (44,616 | ) |  |  | 101,981 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  | — |  |  | — |  |  |  | 915 |
Net income (loss) attributable to Hawaiian Electric | 101,066 |  |  | 26,651 |  |  | 17,974 |  |  | (9 | ) |  | (44,616 | ) |  |  | 101,066 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,080 |
Net income (loss) for common stock | $ | 99,986 |  |  | 26,651 |  |  | 17,974 |  |  | (9 | ) |  | (44,616 | ) |  |  | $ | 99,986 |
Schedule of consolidating statements of comprehensive income |
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income (loss) for common stock | $ | 99,276 |  |  | 16,212 |  |  | 12,627 |  |  | (3 | ) |  | (28,836 | ) |  |  | $ | 99,276 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses arising during the period, net of tax benefits | (90,082 | ) |  | (13,577 | ) |  | (10,935 | ) |  | — |  |  | 24,512 |  | [1] |  | (90,082 | )
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 13,673 |  |  | 2,101 |  |  | 1,771 |  |  | — |  |  | (3,872 | ) | [1] |  | 13,673 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits | 75,471 |  |  | 11,442 |  |  | 9,093 |  |  | — |  |  | (20,535 | ) | [1] |  | 75,471 |
Other comprehensive loss, net of tax benefits | (938 | ) |  | (34 | ) |  | (71 | ) |  | — |  |  | 105 |  |  |  | (938 | )
Comprehensive income (loss) attributable to common shareholder | $ | 98,338 |  |  | 16,178 |  |  | 12,556 |  |  | (3 | ) |  | (28,731 | ) |  |  | $ | 98,338 |
Consolidating statement of comprehensive income Year ended December 31, 2013
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income (loss) for common stock | $ | 122,929 |  |  | 20,136 |  |  | 21,277 |  |  | (3 | ) |  | (41,410 | ) |  |  | $ | 122,929 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains arising during the period, net of taxes | 203,479 |  |  | 30,542 |  |  | 27,919 |  |  | — |  |  | (58,461 | ) | [1] |  | 203,479 |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 20,694 |  |  | 2,880 |  |  | 2,557 |  |  | — |  |  | (5,437 | ) | [1] |  | 20,694 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (222,595 | ) |  | (33,277 | ) |  | (30,377 | ) |  | — |  |  | 63,654 |  | [1] |  | (222,595 | )
Other comprehensive income, net of taxes | 1,578 |  |  | 145 |  |  | 99 |  |  | — |  |  | (244 | ) |  |  | 1,578 |
Comprehensive income (loss) attributable to common shareholder | $ | 124,507 |  |  | 20,281 |  |  | 21,376 |  |  | (3 | ) |  | (41,654 | ) |  |  | $ | 124,507 |
Consolidating statement of comprehensive income Year ended December 31, 2011
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income (loss) for common stock | $ | 99,986 |  |  | 26,651 |  |  | 17,974 |  |  | (9 | ) |  | (44,616 | ) |  |  | $ | 99,986 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service credit arising during the period, net of taxes | 6,921 |  |  | 1,419 |  |  | 1,239 |  |  | — |  |  | (2,658 | ) | [1] |  | 6,921 |
Net losses arising during the period, net of tax benefits | (116,726 | ) |  | (18,224 | ) |  | (16,816 | ) |  | — |  |  | 35,040 |  | [1] |  | (116,726 | )
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 8,372 |  |  | 1,324 |  |  | 1,158 |  |  | — |  |  | (2,482 | ) | [1] |  | 8,372 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits | 100,692 |  |  | 15,436 |  |  | 14,366 |  |  | — |  |  | (29,802 | ) | [1] |  | 100,692 |
Other comprehensive loss, net of tax benefits | (741 | ) |  | (45 | ) |  | (53 | ) |  | — |  |  | 98 |  |  |  | (741 | )
Comprehensive income (loss) attributable to common shareholder | $ | 99,245 |  |  | 26,606 |  |  | 17,921 |  |  | (9 | ) |  | (44,518 | ) |  |  | $ | 99,245 |
Schedule of consolidating balance sheets | Consolidating balance sheet December 31, 2013
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Utility plant, at cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land | $ | 43,407 |  |  | 5,460 |  |  | 3,016 |  |  | — |  |  | — |  |  |  | $ | 51,883 |
Plant and equipment | 3,558,569 |  |  | 1,136,923 |  |  | 1,006,383 |  |  | — |  |  | — |  |  |  | 5,701,875 |
Less accumulated depreciation | (1,222,129 | ) |  | (453,721 | ) |  | (435,379 | ) |  | — |  |  | — |  |  |  | (2,111,229 | )
Construction in progress | 124,494 |  |  | 7,709 |  |  | 11,030 |  |  | — |  |  | — |  |  |  | 143,233 |
Net utility plant | 2,504,341 |  |  | 696,371 |  |  | 585,050 |  |  | — |  |  | — |  |  |  | 3,785,762 |
Investment in wholly-owned subsidiaries, at equity | 523,674 |  |  | — |  |  | — |  |  | — |  |  | (523,674 | ) | [2] |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | 61,245 |  |  | 1,326 |  |  | 153 |  |  | 101 |  |  | — |  |  |  | 62,825 |
Advances to affiliates | 6,839 |  |  | 1,000 |  |  | — |  |  | — |  |  | (7,839 | ) | [1] |  | — |
Customer accounts receivable, net | 121,282 |  |  | 28,088 |  |  | 26,078 |  |  | — |  |  | — |  |  |  | 175,448 |
Accrued unbilled revenues, net | 107,752 |  |  | 17,100 |  |  | 19,272 |  |  | — |  |  | — |  |  |  | 144,124 |
Other accounts receivable, net | 16,373 |  |  | 4,265 |  |  | 2,451 |  |  | — |  |  | (9,027 | ) | [1] |  | 14,062 |
Fuel oil stock, at average cost | 99,613 |  |  | 14,178 |  |  | 20,296 |  |  | — |  |  | — |  |  |  | 134,087 |
Materials and supplies, at average cost | 37,377 |  |  | 6,883 |  |  | 14,784 |  |  | — |  |  | — |  |  |  | 59,044 |
Prepayments and other | 29,798 |  |  | 8,334 |  |  | 16,140 |  |  | — |  |  | (1,415 | ) | [3] |  | 52,857 |
Regulatory assets | 54,979 |  |  | 6,931 |  |  | 7,828 |  |  | — |  |  | — |  |  |  | 69,738 |
Total current assets | 535,258 |  |  | 88,105 |  |  | 107,002 |  |  | 101 |  |  | (18,281 | ) |  |  | 712,185 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets | 381,346 |  |  | 64,552 |  |  | 60,288 |  |  | — |  |  | — |  |  |  | 506,186 |
Unamortized debt expense | 6,051 |  |  | 1,580 |  |  | 1,372 |  |  | — |  |  | — |  |  |  | 9,003 |
Other | 47,116 |  |  | 11,352 |  |  | 15,525 |  |  | — |  |  | — |  |  |  | 73,993 |
Total other long-term assets | 434,513 |  |  | 77,484 |  |  | 77,185 |  |  | — |  |  | — |  |  |  | 589,182 |
Total assets | $ | 3,997,786 |  |  | 861,960 |  |  | 769,237 |  |  | 101 |  |  | (541,955 | ) |  |  | $ | 5,087,129 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity | $ | 1,593,564 |  |  | 274,802 |  |  | 248,771 |  |  | 101 |  |  | (523,674 | ) | [2] |  | $ | 1,593,564 |
Cumulative preferred stock–not subject to mandatory redemption | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  |  | 34,293 |
Long-term debt, net | 830,547 |  |  | 189,998 |  |  | 186,000 |  |  | — |  |  | — |  |  |  | 1,206,545 |
Total capitalization | 2,446,404 |  |  | 471,800 |  |  | 439,771 |  |  | 101 |  |  | (523,674 | ) |  |  | 2,834,402 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt | — |  |  | 11,400 |  |  | — |  |  | — |  |  | — |  |  |  | 11,400 |
Short-term borrowings-affiliate | 1,000 |  |  | — |  |  | 6,839 |  |  | — |  |  | (7,839 | ) | [1] |  | — |
Accounts payable | 145,062 |  |  | 24,383 |  |  | 20,114 |  |  | — |  |  | — |  |  |  | 189,559 |
Interest and preferred dividends payable | 15,190 |  |  | 3,885 |  |  | 2,585 |  |  | — |  |  | (8 | ) | [1] |  | 21,652 |
Taxes accrued | 175,790 |  |  | 37,899 |  |  | 37,171 |  |  | — |  |  | (1,415 | ) | [3] |  | 249,445 |
Regulatory liabilities | 1,705 |  |  | — |  |  | 211 |  |  | — |  |  | — |  |  |  | 1,916 |
Other | 48,443 |  |  | 9,033 |  |  | 15,424 |  |  | — |  |  | (9,019 | ) | [1] |  | 63,881 |
Total current liabilities | 387,190 |  |  | 86,600 |  |  | 82,344 |  |  | — |  |  | (18,281 | ) |  |  | 537,853 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes | 359,621 |  |  | 79,947 |  |  | 67,593 |  |  | — |  |  | — |  |  |  | 507,161 |
Regulatory liabilities | 235,786 |  |  | 76,475 |  |  | 35,122 |  |  | — |  |  | — |  |  |  | 347,383 |
Unamortized tax credits | 44,931 |  |  | 14,245 |  |  | 14,363 |  |  | — |  |  | — |  |  |  | 73,539 |
Defined benefit pension and other postretirement benefit plans liability | 202,396 |  |  | 28,427 |  |  | 31,339 |  |  | — |  |  | — |  |  |  | 262,162 |
Other | 63,374 |  |  | 14,703 |  |  | 13,658 |  |  | — |  |  | — |  |  |  | 91,735 |
Total deferred credits and other liabilities | 906,108 |  |  | 213,797 |  |  | 162,075 |  |  | — |  |  | — |  |  |  | 1,281,980 |
Contributions in aid of construction | 258,084 |  |  | 89,763 |  |  | 85,047 |  |  | — |  |  | — |  |  |  | 432,894 |
Total capitalization and liabilities | $ | 3,997,786 |  |  | 861,960 |  |  | 769,237 |  |  | 101 |  |  | (541,955 | ) |  |  | $ | 5,087,129 |
Consolidating balance sheet 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 | ) | [2] |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | 8,265 |  |  | 5,441 |  |  | 3,349 |  |  | 104 |  |  | — |  |  |  | 17,159 |
Advances to affiliates | 9,400 |  |  | 18,050 |  |  | — |  |  | — |  |  | (27,450 | ) | [1] |  | — |
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 | ) | [1] |  | 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 | ) | [2] |  | $ | 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 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings-affiliate | 18,050 |  |  | — |  |  | 9,400 |  |  | — |  |  | (27,450 | ) | [1] |  | — |
Accounts payable | 134,651 |  |  | 27,457 |  |  | 24,716 |  |  | — |  |  | — |  |  |  | 186,824 |
Interest and preferred dividends payable | 14,479 |  |  | 4,027 |  |  | 2,593 |  |  | — |  |  | (7 | ) | [1] |  | 21,092 |
Taxes accrued | 174,477 |  |  | 38,778 |  |  | 37,811 |  |  | — |  |  | — |  |  |  | 251,066 |
Regulatory liabilities | 1,212 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,212 |
Other | 45,125 |  |  | 10,310 |  |  | 14,634 |  |  | — |  |  | (9,268 | ) | [1] |  | 60,801 |
Total current liabilities | 387,994 |  |  | 80,572 |  |  | 89,154 |  |  | — |  |  | (36,725 | ) |  |  | 520,995 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes | 302,569 |  |  | 68,479 |  |  | 46,563 |  |  | — |  |  | — |  |  |  | 417,611 |
Regulatory liabilities | 219,303 |  |  | 67,359 |  |  | 36,278 |  |  | — |  |  | — |  |  |  | 322,940 |
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 | 1,090,247 |  |  | 247,773 |  |  | 189,957 |  |  | — |  |  | — |  |  |  | 1,527,977 |
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 statements of changes in common stock equity | Consolidating statements of changes in common stock equity
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2010 | $ | 1,334,155 |  |  | 269,986 |  |  | 229,651 |  |  | 91 |  |  | (499,728 | ) |  | $ | 1,334,155 |
Net income (loss) for common stock | 99,986 |  |  | 26,651 |  |  | 17,974 |  |  | (9 | ) |  | (44,616 | ) |  | 99,986 |
Other comprehensive loss, net of tax benefit | (741 | ) |  | (45 | ) |  | (53 | ) |  | — |  |  | 98 |  |  | (741 | )
Issuance of common stock, net of expenses | 39,999 |  |  | — |  |  | — |  |  | 25 |  |  | (25 | ) |  | 39,999 |
Common stock dividends | (70,558 | ) |  | (16,124 | ) |  | (12,004 | ) |  | — |  |  | 28,128 |  |  | (70,558 | )
Balance, December 31, 2011 | $ | 1,402,841 |  |  | 280,468 |  |  | 235,568 |  |  | 107 |  |  | (516,143 | ) |  | $ | 1,402,841 |
Net income (loss) for common stock | 99,276 |  |  | 16,212 |  |  | 12,627 |  |  | (3 | ) |  | (28,836 | ) |  | 99,276 |
Other comprehensive loss, net of tax benefit | (938 | ) |  | (34 | ) |  | (71 | ) |  | — |  |  | 105 |  |  | (938 | )
Issuance of common stock, net of expenses | 44,001 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 44,001 |
Common stock dividends | (73,044 | ) |  | (27,738 | ) |  | (19,197 | ) |  | — |  |  | 46,935 |  |  | (73,044 | )
Balance, December 31, 2012 | $ | 1,472,136 |  |  | 268,908 |  |  | 228,927 |  |  | 104 |  |  | (497,939 | ) |  | $ | 1,472,136 |
Net income (loss) for common stock | 122,929 |  |  | 20,136 |  |  | 21,277 |  |  | (3 | ) |  | (41,410 | ) |  | 122,929 |
Other comprehensive income, net of taxes | 1,578 |  |  | 145 |  |  | 99 |  |  | — |  |  | (244 | ) |  | 1,578 |
Issuance of common stock, net of expenses | 78,499 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 78,499 |
Common stock dividends | (81,578 | ) |  | (14,387 | ) |  | (1,532 | ) |  | — |  |  | 15,919 |  |  | (81,578 | )
Balance, December 31, 2013 | $ | 1,593,564 |  |  | 274,802 |  |  | 248,771 |  |  | 101 |  |  | (523,674 | ) |  | $ | 1,593,564 |
Schedule of consolidating statements of cash flows | Consolidating statement of cash flows Year ended December 31, 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) | $ | 124,009 |  |  | 20,670 |  |  | 21,658 |  |  | (3 | ) |  | (41,410 | ) | [2] |  | $ | 124,924 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings | (41,510 | ) |  | — |  |  | — |  |  | — |  |  | 41,410 |  | [2] |  | (100 | )
Common stock dividends received from subsidiaries | 28,505 |  |  | — |  |  | — |  |  | — |  |  | (28,405 | ) | [2] |  | 100 |
Depreciation of property, plant and equipment | 99,738 |  |  | 34,188 |  |  | 20,099 |  |  | — |  |  | — |  |  |  | 154,025 |
Other amortization | 554 |  |  | 1,979 |  |  | 2,544 |  |  | — |  |  | — |  |  |  | 5,077 |
Increase in deferred income taxes | 41,409 |  |  | 10,569 |  |  | 12,529 |  |  | — |  |  | — |  |  |  | 64,507 |
Change in tax credits, net | 5,152 |  |  | 818 |  |  | 1,047 |  |  | — |  |  | — |  |  |  | 7,017 |
Allowance for equity funds used during construction | (4,495 | ) |  | (643 | ) |  | (423 | ) |  | — |  |  | — |  |  |  | (5,561 | )
Change in cash overdraft | — |  |  | — |  |  | 1,038 |  |  | — |  |  | — |  |  |  | 1,038 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable | 49,974 |  |  | (1,459 | ) |  | 1,178 |  |  | — |  |  | (248 | ) | [1] |  | 49,445 |
Decrease (increase) in accrued unbilled revenues | (7,152 | ) |  | (2,707 | ) |  | 33 |  |  | — |  |  | — |  |  |  | (9,826 | )
Decrease in fuel oil stock | 23,563 |  |  | 1,307 |  |  | 2,462 |  |  | — |  |  | — |  |  |  | 27,332 |
Increase in materials and supplies | (5,598 | ) |  | (1,547 | ) |  | (814 | ) |  | — |  |  | — |  |  |  | (7,959 | )
Increase in regulatory assets | (46,047 | ) |  | (9,237 | ) |  | (10,177 | ) |  | — |  |  | — |  |  |  | (65,461 | )
Decrease in accounts payable | (6,136 | ) |  | (4,756 | ) |  | (9,936 | ) |  | — |  |  | — |  |  |  | (20,828 | )
Change in prepaid and accrued income taxes and revenue taxes | 4,632 |  |  | (4,114 | ) |  | (2,546 | ) |  | — |  |  | — |  |  |  | (2,028 | )
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 2,325 |  |  | (1 | ) |  | (84 | ) |  | — |  |  | — |  |  |  | 2,240 |
Change in other assets and liabilities | (17,941 | ) |  | (6,262 | ) |  | (7,544 | ) |  | — |  |  | 248 |  | [1] |  | (31,499 | )
Net cash provided by (used in) operating activities | 250,982 |  |  | 38,805 |  |  | 31,064 |  |  | (3 | ) |  | (28,405 | ) |  |  | 292,443 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (237,899 | ) |  | (52,135 | ) |  | (52,451 | ) |  | — |  |  | — |  |  |  | (342,485 | )
Contributions in aid of construction | 21,686 |  |  | 7,590 |  |  | 2,884 |  |  | — |  |  | — |  |  |  | 32,160 |
Advances from affiliates | 2,561 |  |  | 17,050 |  |  | — |  |  | — |  |  | (19,611 | ) | [1] |  | — |
Other | — |  |  | (230 | ) |  | — |  |  | — |  |  | — |  |  |  | (230 | )
Investment in consolidated subsidiary | (12,461 | ) |  | — |  |  | — |  |  | — |  |  | 12,461 |  | [2] |  | — |
Net cash used in investing activities | (226,113 | ) |  | (27,725 | ) |  | (49,567 | ) |  | — |  |  | (7,150 | ) |  |  | (310,555 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (81,578 | ) |  | (14,388 | ) |  | (14,017 | ) |  | — |  |  | 28,405 |  | [2] |  | (81,578 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) |  | (534 | ) |  | (381 | ) |  | — |  |  | — |  |  |  | (1,995 | )
Proceeds from issuance of common stock | 78,500 |  |  |  |  |  | 12,461 |  |  | — |  |  | (12,461 | ) | [2] |  | 78,500 |
Proceeds from issuance of long-term debt | 140,000 |  |  | 56,000 |  |  | 40,000 |  |  | — |  |  | — |  |  |  | 236,000 |
Repayment of long-term debt | (90,000 | ) |  | (56,000 | ) |  | (20,000 | ) |  | — |  |  | — |  |  |  | (166,000 | )
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (17,050 | ) |  | — |  |  | (2,561 | ) |  | — |  |  | 19,611 |  | [2] |  | — |
Other | (681 | ) |  | (273 | ) |  | (195 | ) |  | — |  |  | — |  |  |  | (1,149 | )
Net cash provided by (used in) financing activities | 28,111 |  |  | (15,195 | ) |  | 15,307 |  |  | — |  |  | 35,555 |  |  |  | 63,778 |
Net increase (decrease) in cash and cash equivalents | 52,980 |  |  | (4,115 | ) |  | (3,196 | ) |  | (3 | ) |  | — |  |  |  | 45,666 |
Cash and cash equivalents, January 1 | 8,265 |  |  | 5,441 |  |  | 3,349 |  |  | 104 |  |  | — |  |  |  | 17,159 |
Cash and cash equivalents, December 31 | $ | 61,245 |  |  | 1,326 |  |  | 153 |  |  | 101 |  |  | — |  |  |  | $ | 62,825 |
Consolidating statement of cash flows Year ended December 31, 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) | $ | 100,356 |  |  | 16,746 |  |  | 13,008 |  |  | (3 | ) |  | (28,836 | ) | [2] |  | $ | 101,271 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings | (28,936 | ) |  | — |  |  | — |  |  | — |  |  | 28,836 |  | [2] |  | (100 | )
Common stock dividends received from subsidiaries | 47,035 |  |  | — |  |  | — |  |  | — |  |  | (46,935 | ) | [2] |  | 100 |
Depreciation of property, plant and equipment | 90,783 |  |  | 33,337 |  |  | 20,378 |  |  | — |  |  | — |  |  |  | 144,498 |
Other amortization | 1,508 |  |  | 3,252 |  |  | 2,238 |  |  | — |  |  | — |  |  |  | 6,998 |
Impairment of utility assets | 29,000 |  |  | 5,500 |  |  | 5,500 |  |  | — |  |  | — |  |  |  | 40,000 |
Increase in deferred income taxes | 66,968 |  |  | 7,457 |  |  | 12,453 |  |  | — |  |  | — |  |  |  | 86,878 |
Change in tax credits, net | 5,006 |  |  | 522 |  |  | 547 |  |  | — |  |  | — |  |  |  | 6,075 |
Allowance for equity funds used during construction | (5,735 | ) |  | (585 | ) |  | (687 | ) |  | — |  |  | — |  |  |  | (7,007 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in accounts receivable | (48,451 | ) |  | (1,106 | ) |  | (2,164 | ) |  | — |  |  | 4,717 |  | [1] |  | (47,004 | )
Decrease (increase) in accrued unbilled revenues | 2,728 |  |  | 4,106 |  |  | (3,306 | ) |  | — |  |  | — |  |  |  | 3,528 |
Decrease in fuel oil stock | 4,861 |  |  | 3,732 |  |  | 1,536 |  |  | — |  |  | — |  |  |  | 10,129 |
Increase in materials and supplies | (6,683 | ) |  | (636 | ) |  | (578 | ) |  | — |  |  | — |  |  |  | (7,897 | )
Increase in regulatory assets | (55,605 | ) |  | (9,649 | ) |  | (7,147 | ) |  | — |  |  | — |  |  |  | (72,401 | )
Increase (decrease) in accounts payable | (31,743 | ) |  | (8,110 | ) |  | 940 |  |  | — |  |  | — |  |  |  | (38,913 | )
Change in prepaid and accrued income taxes and revenue taxes | 19,871 |  |  | 1,935 |  |  | 3,433 |  |  | — |  |  | — |  |  |  | 25,239 |
Decrease in defined benefit pension and other postretirement benefit plans liability | (434 | ) |  | (191 | ) |  | (119 | ) |  | — |  |  | — |  |  |  | (744 | )
Change in other assets and liabilities | (44,880 | ) |  | (11,143 | ) |  | (12,678 | ) |  | (1 | ) |  | (4,717 | ) | [1] |  | (73,419 | )
Net cash provided by (used in) operating activities | 145,649 |  |  | 45,167 |  |  | 33,354 |  |  | (4 | ) |  | (46,935 | ) |  |  | 177,231 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (233,792 | ) |  | (41,060 | ) |  | (35,239 | ) |  | — |  |  | — |  |  |  | (310,091 | )
Contributions in aid of construction | 32,285 |  |  | 8,184 |  |  | 5,513 |  |  | — |  |  | — |  |  |  | 45,982 |
Advances from (to) affiliates | (9,400 | ) |  | 28,100 |  |  | 18,500 |  |  | — |  |  | (37,200 | ) | [1] |  | — |
Net cash used in investing activities | (210,907 | ) |  | (4,776 | ) |  | (11,226 | ) |  | — |  |  | (37,200 | ) |  |  | (264,109 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (73,044 | ) |  | (27,738 | ) |  | (19,197 | ) |  | — |  |  | 46,935 |  | [2] |  | (73,044 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) |  | (534 | ) |  | (381 | ) |  | — |  |  | — |  |  |  | (1,995 | )
Proceeds from the issuance of common stock | 44,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 44,000 |
Proceeds from the 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 (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (46,600 | ) |  | — |  |  | 9,400 |  |  | — |  |  | 37,200 |  | [1] |  | — |
Other | (1,992 | ) |  | 139 |  |  | (377 | ) |  | — |  |  | — |  |  |  | (2,230 | )
Net cash provided by (used in) financing activities | 28,704 |  |  | (38,333 | ) |  | (19,275 | ) |  | — |  |  | 84,135 |  |  |  | 55,231 |
Net increase (decrease) in cash and cash equivalents | (36,554 | ) |  | 2,058 |  |  | 2,853 |  |  | (4 | ) |  | — |  |  |  | (31,647 | )
Cash and cash equivalents, January 1 | 44,819 |  |  | 3,383 |  |  | 496 |  |  | 108 |  |  | — |  |  |  | 48,806 |
Cash and cash equivalents, December 31 | $ | 8,265 |  |  | 5,441 |  |  | 3,349 |  |  | 104 |  |  | — |  |  |  | $ | 17,159 |
Consolidating statement of cash flows Year ended December 31, 2011
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 101,066 |  |  | 27,185 |  |  | 18,355 |  |  | (9 | ) |  | (44,616 | ) | [2] |  | $ | 101,981 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings | (44,716 | ) |  | — |  |  | — |  |  | — |  |  | 44,616 |  | [2] |  | (100 | )
Common stock dividends received from subsidiaries | 28,228 |  |  | — |  |  | — |  |  | — |  |  | (28,128 | ) | [2] |  | 100 |
Depreciation of property, plant and equipment | 89,324 |  |  | 32,767 |  |  | 20,884 |  |  | — |  |  | — |  |  |  | 142,975 |
Other amortization | 9,890 |  |  | 2,528 |  |  | 4,960 |  |  | — |  |  | — |  |  |  | 17,378 |
Impairment of utility assets | 9,215 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 9,215 |
Increase in deferred income taxes | 38,548 |  |  | 16,101 |  |  | 14,442 |  |  | — |  |  | — |  |  |  | 69,091 |
Change in tax credits, net | 1,464 |  |  | 117 |  |  | 506 |  |  | — |  |  | — |  |  |  | 2,087 |
Allowance for equity funds used during construction | (4,572 | ) |  | (592 | ) |  | (800 | ) |  | — |  |  | — |  |  |  | (5,964 | )
Change in cash overdraft | — |  |  | (2,527 | ) |  | (161 | ) |  | — |  |  | — |  |  |  | (2,688 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in accounts receivable | (34,167 | ) |  | (2,985 | ) |  | (5,663 | ) |  | — |  |  | (1,589 | ) | [1] |  | (44,404 | )
Decrease (increase) in accrued unbilled revenues | (31,616 | ) |  | (2,481 | ) |  | 655 |  |  | — |  |  | — |  |  |  | (33,442 | )
Increase in fuel oil stock | (6,757 | ) |  | (3,466 | ) |  | (8,620 | ) |  | — |  |  | — |  |  |  | (18,843 | )
Increase in materials and supplies | (6,206 | ) |  | (202 | ) |  | (63 | ) |  | — |  |  | — |  |  |  | (6,471 | )
Increase in regulatory assets | (31,774 | ) |  | (2,025 | ) |  | (6,333 | ) |  | — |  |  | — |  |  |  | (40,132 | )
Increase (decrease) in accounts payable | (34,515 | ) |  | 4,391 |  |  | (5,691 | ) |  | — |  |  | — |  |  |  | (35,815 | )
Change in prepaid and accrued income taxes and revenue taxes | 51,593 |  |  | 9,641 |  |  | 8,502 |  |  | — |  |  | — |  |  |  | 69,736 |
Decrease in defined benefit pension and other postretirement benefits plans liability | (20,439 | ) |  | (3,241 | ) |  | (3,324 | ) |  | — |  |  | — |  |  |  | (27,004 | )
Change in other assets and liabilities | (17,432 | ) |  | (13,124 | ) |  | (7,337 | ) |  | (2 | ) |  | 1,589 |  | [1] |  | (36,306 | )
Net cash provided by (used in) operating activities | 97,134 |  |  | 62,087 |  |  | 30,312 |  |  | (11 | ) |  | (28,128 | ) |  |  | 161,394 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (160,528 | ) |  | (34,230 | ) |  | (31,264 | ) |  | — |  |  | — |  |  |  | (226,022 | )
Contributions in aid of construction | 15,003 |  |  | 6,271 |  |  | 2,260 |  |  | — |  |  | — |  |  |  | 23,534 |
Advances from (to) affiliates | — |  |  | (15,200 | ) |  | 11,000 |  |  | — |  |  | 4,200 |  | [1] |  | — |
Other | 77 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 77 |
Investment in consolidated subsidiary | (25 | ) |  | — |  |  | — |  |  | — |  |  | 25 |  | [2] |  | — |
Net cash used in investing activities | (145,473 | ) |  | (43,159 | ) |  | (18,004 | ) |  | — |  |  | 4,225 |  |  |  | (202,411 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (70,558 | ) |  | (16,124 | ) |  | (12,004 | ) |  | — |  |  | 28,128 |  | [2] |  | (70,558 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) |  | (534 | ) |  | (381 | ) |  | — |  |  | — |  |  |  | (1,995 | )
Proceeds from issuance of common stock | 40,000 |  |  | — |  |  | — |  |  | 25 |  |  | (25 | ) | [2] |  | 40,000 |
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | 4,200 |  |  | — |  |  | — |  |  | — |  |  | (4,200 | ) | [1] |  | — |
Other | (423 | ) |  | (116 | ) |  | (21 | ) |  | — |  |  | — |  |  |  | (560 | )
Net cash provided by (used in) financing activities | (27,861 | ) |  | (16,774 | ) |  | (12,406 | ) |  | 25 |  |  | 23,903 |  |  |  | (33,113 | )
Net increase (decrease) in cash and cash equivalents | (76,200 | ) |  | 2,154 |  |  | (98 | ) |  | 14 |  |  | — |  |  |  | (74,130 | )
Cash and cash equivalents, January 1 | 121,019 |  |  | 1,229 |  |  | 594 |  |  | 94 |  |  | — |  |  |  | 122,936 |
Cash and cash equivalents, December 31 | $ | 44,819 |  |  | 3,383 |  |  | 496 |  |  | 108 |  |  | — |  |  |  | $ | 48,806 |
Explanation of consolidating adjustments on consolidating schedules:
[1] | Eliminations of intercompany receivables and payables and other intercompany transactions.
[2] | Elimination of investment in subsidiaries, carried at equity.
[3] | Reclassification of accrued income taxes for financial statement presentation.

X
- Details
Name: | he_FinancialInformationForSubsidiariesLineItems
Namespace Prefix: | he_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in condensed consolidating common stock equity. + References No definition available. + Details
Name: | he_ScheduleOfCondensedConsolidatingStatementsOfChangesInCommonStockEquityTableTextBlock
Namespace Prefix: | he_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed consolidating comprehensive income. + References No definition available. + Details
Name: | he_ScheduleOfCondensedConsolidatingStatementsOfComprehensiveIncomeTableTextBlock
Namespace Prefix: | he_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of reductions from the interim decision and order. + References No definition available. + Details
Name: | he_ScheduleOfReductionsFromInterimDecisionAndOrderTableTextBlock
Namespace Prefix: | he_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the prices of cumulative preferred stock in the event of voluntary liquidation or redemption. + References No definition available. + Details
Name: | he_ScheduleOfVoluntaryLiquidationAndRedemptionPricesOfCumulativePreferredStockTableTextBlock
Namespace Prefix: | he_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859 + Details
Name: | us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a condensed balance sheet. Disclosure may include, but is not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a condensed cash flow statement. Disclosure may include, but is not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a condensed income statement. Disclosure may include, but is not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets that are created when regulatory agencies permit public utilities to defer certain costs included in rate-setting to the balance sheet. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 71 -Paragraph 10 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 71 -Paragraph 9 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 340 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6499975&loc=d3e44250-110382 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 715 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6501251&loc=d3e52485-110419 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 980 -SubTopic 340 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6499975&loc=d3e44264-110382 + Details
Name: | us-gaap_ScheduleOfRegulatoryAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of regulatory liabilities. Detailed information about liabilities that result from rate actions of a regulator. Rate actions of a regulator can impose a liability on a regulated enterprise resulting in a regulatory liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 71 -Paragraph 11 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration