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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2013
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
Hawaiian Electric Industries, Inc.
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED BALANCE SHEETS
December 31
2013
 
2012
(dollars in thousands)
 

 
 

Assets
 

 
 

Cash and cash equivalents
$
571

 
$
18,021

Accounts receivable
1,661

 
1,836

Property, plant and equipment, net
5,419

 
5,814

Deferred income tax assets
1,594

 
8,517

Other assets
23,679

 
8,390

Investments in subsidiaries, at equity
2,122,841

 
1,978,283

 
$
2,155,765

 
$
2,020,861

Liabilities and shareholders’ equity
 

 
 

Liabilities
 

 
 

Accounts payable
$
817

 
$
24,086

Interest payable
4,630

 
4,781

Notes payable to subsidiaries
7,936

 
7,722

Commercial paper
105,482

 
83,694

Long-term debt, net
275,000

 
275,000

Deferred income taxes
11,385

 
—

Retirement benefits liability
21,559

 
28,004

Other
1,886

 
3,709

 
428,695

 
426,996

Shareholders’ equity
 

 
 

Preferred stock, no par value, authorized 10,000,000 shares; issued: none
—

 
—

Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 101,259,800 shares and 97,928,403 shares
1,488,126

 
1,403,484

Retained earnings
255,694

 
216,804

Accumulated other comprehensive loss
(16,750
)
 
(26,423
)
 
1,727,070

 
1,593,865

 
$
2,155,765

 
$
2,020,861

Note to Balance Sheets
 

 
 

HEI medium-term note 5.25%, due 2013
$
—

 
$
50,000

HEI medium-term note 6.51%, due 2014
100,000

 
100,000

HEI senior note 4.41%, due 2016
75,000

 
75,000

HEI senior note 5.67%, due 2021
50,000

 
50,000

HEI senior note 3.99%, due 2023
50,000

 
—

 
$
275,000

 
$
275,000

The aggregate payments of principal required subsequent to December 31, 2013 on long-term debt are $100 million in 2014, nil in 2015, $75 million in 2016 and nil in 2017 and 2018.
As of December 31, 2013, HEI has a General Agreement of Indemnity in favor of both Liberty Mutual Insurance Company (Liberty) and Travelers Casualty and Surety Company of America (Travelers) for losses in connection with any and all bonds, undertakings or instruments of guarantee and any renewals or extensions thereof executed by Liberty or Travelers, including, but not limited to, a $0.2 million self-insured United States Longshore & Harbor bond and a $0.5 million self-insured automobile bond.
Hawaiian Electric Industries, Inc.
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED STATEMENTS OF INCOME
Years ended December 31
2013
 
2012
 
2011
(in thousands)
 

 
 

 
 

Revenues
$
288

 
$
221

 
$
253

Equity in net income of subsidiaries
180,359

 
157,883

 
158,722

Expenses:
 

 
 

 
 

Operating, administrative and general
16,063

 
16,191

 
15,401

Depreciation of property, plant and equipment
596

 
672

 
227

Taxes, other than income taxes
497

 
421

 
409

Interest expense
16,207

 
16,695

 
22,013

Income before income tax benefits
147,284

 
124,125

 
120,925

Income tax benefits
14,232

 
14,533

 
17,305

Net income
$
161,516

 
$
138,658

 
$
138,230

The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision.

HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
STATEMENTS OF COMPREHENSIVE INCOME
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Incorporated by reference are HEI and Subsidiaries’ Statements of Consolidated Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity in Part II, Item 8.
Hawaiian Electric Industries, Inc.
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED STATEMENTS OF CASH FLOWS
Years ended December 31,
2013
 
2012
 
2011
(in thousands)
 
 
 
 
 
Cash flows from operating activities
 

 
 

 
 

Net income
$
161,516

 
$
138,658

 
$
138,230

Adjustments to reconcile net income to net cash provided by operating activities
 

 
 

 
 

Equity in net income
(180,359
)
 
(157,883
)
 
(158,722
)
Common stock dividends/distributions received from subsidiaries
121,578

 
118,044

 
128,558

Depreciation of property, plant and equipment
596

 
672

 
227

Other amortization
800

 
845

 
981

Increase in deferred income taxes
15,228

 
150

 
276

Excess tax benefits from share-based payment arrangements
(430
)
 
(61
)
 
—

Changes in assets and liabilities
 

 
 

 
 

Decrease (increase) in accounts receivable
(2,167
)
 
(475
)
 
412

Increase (decrease) in accounts and interest payable
(23,420
)
 
19,995

 
1,324

Change in prepaid and accrued income taxes
(15,604
)
 
(4,861
)
 
3,550

Increase (decrease) in defined benefit pension and other postretirement benefit plans liability
(6,449
)
 
1,805

 
5,313

Changes in other assets and liabilities
10,985

 
10,229

 
(1,880
)
Net cash provided by operating activities
82,274

 
127,118

 
118,269

Cash flows from investing activities
 

 
 

 
 

Capital expenditures
(201
)
 
(410
)
 
(110
)
Investments in subsidiaries
(78,500
)
 
(44,000
)
 
(40,000
)
Other
—

 
—

 
(4,206
)
Net cash used in investing activities
(78,701
)
 
(44,410
)
 
(44,316
)
Cash flows from financing activities
 

 
 

 
 

Net decrease in notes payable to subsidiaries with original maturities of three months or less
56

 
(1,797
)
 
(1,757
)
Net increase in short-term borrowings with original maturities of three months or less
21,788

 
14,873

 
43,897

Proceeds from issuance of long-term debt
50,000

 
—

 
125,000

Repayment of long-term debt
(50,000
)
 
(7,000
)
 
(150,000
)
Excess tax benefits from share-based payment arrangements
430

 
61

 
—

Net proceeds from issuance of common stock
55,086

 
23,613

 
15,979

Common stock dividends
(98,383
)
 
(96,202
)
 
(106,812
)
Other
—

 
—

 
(35
)
Net cash used in financing activities
(21,023
)
 
(66,452
)
 
(73,728
)
Net increase (decrease) in cash and equivalents
(17,450
)
 
16,256

 
225

Cash and cash equivalents, January 1
18,021

 
1,765

 
1,540

Cash and cash equivalents, December 31
$
571

 
$
18,021

 
$
1,765

Supplemental disclosures of noncash activities:
In 2013, 2012 and 2011, $2.3 million, $1.8 million and $1.3 million, respectively, of HEI accounts receivable from ASHI were reduced with a corresponding reduction in HEI notes payable to ASHI in noncash transactions.
In 2013, 2012 and 2011, $2.5 million, $2.5 million and $2.0 million, respectively, were contributed as equity by HEI into ASHI with a corresponding increase in HEI notes payable to ASHI in noncash transactions.
Under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP), common stock dividends reinvested by shareholders in HEI common stock in noncash transactions amounted to $24 million, $24 million and $12 million in 2013, 2012 and 2011, respectively. HEI satisfied the requirements of the HEI DRIP, Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) and ASB 401(k) Plan (from August 18, 2011 through January 8, 2012) by acquiring for cash its common shares through open market purchases rather than by issuing additional shares.
Note:
The “Notes to Consolidated Financial Statements” in Part II, Item 8 should be read in conjunction with the above HEI (Parent Company) financial statements.