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Electric utility subsidiary (Tables) | 9 Months Ended
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Sep. 30, 2014
Regulatory projects and legal obligations |
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) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 45,532 |  |  | $ | 43,337 |  |  | $ | 133,065 |  |  | $ | 129,564 |
Interest and dividends on investment and mortgage-related securities |  | 2,773 |  |  | 3,025 |  |  | 8,758 |  |  | 9,723 |
Total interest and dividend income |  | 48,305 |  |  | 46,362 |  |  | 141,823 |  |  | 139,287 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,312 |  |  | 1,262 |  |  | 3,774 |  |  | 3,870 |
Interest on other borrowings |  | 1,438 |  |  | 1,206 |  |  | 4,263 |  |  | 3,548 |
Total interest expense |  | 2,750 |  |  | 2,468 |  |  | 8,037 |  |  | 7,418 |
Net interest income |  | 45,555 |  |  | 43,894 |  |  | 133,786 |  |  | 131,869 |
Provision for loan losses |  | 1,550 |  |  | 54 |  |  | 3,566 |  |  | 953 |
Net interest income after provision for loan losses |  | 44,005 |  |  | 43,840 |  |  | 130,220 |  |  | 130,916 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,642 |  |  | 5,728 |  |  | 15,987 |  |  | 21,367 |
Fee income on deposit liabilities |  | 5,109 |  |  | 4,819 |  |  | 14,175 |  |  | 13,566 |
Fee income on other financial products |  | 1,971 |  |  | 2,714 |  |  | 6,325 |  |  | 6,288 |
Mortgage banking income |  | 875 |  |  | 1,547 |  |  | 1,749 |  |  | 6,896 |
Gain on sale of securities |  | — |  |  | — |  |  | 2,847 |  |  | 1,226 |
Other income, net |  | 1,634 |  |  | 3,888 |  |  | 4,865 |  |  | 7,211 |
Total noninterest income |  | 15,231 |  |  | 18,696 |  |  | 45,948 |  |  | 56,554 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 19,892 |  |  | 20,564 |  |  | 60,050 |  |  | 60,715 |
Occupancy |  | 4,517 |  |  | 4,208 |  |  | 12,959 |  |  | 12,550 |
Data processing |  | 2,684 |  |  | 2,168 |  |  | 8,715 |  |  | 7,982 |
Services |  | 2,580 |  |  | 2,424 |  |  | 7,708 |  |  | 6,855 |
Equipment |  | 1,672 |  |  | 1,825 |  |  | 4,926 |  |  | 5,469 |
Office supplies, printing and postage |  | 1,415 |  |  | 907 |  |  | 4,487 |  |  | 2,806 |
Marketing |  | 948 |  |  | 692 |  |  | 2,690 |  |  | 2,054 |
Communication |  | 412 |  |  | 479 |  |  | 1,363 |  |  | 1,374 |
Other expense |  | 5,544 |  |  | 6,461 |  |  | 15,026 |  |  | 18,400 |
Total noninterest expense |  | 39,664 |  |  | 39,728 |  |  | 117,924 |  |  | 118,205 |
Income before income taxes |  | 19,572 |  |  | 22,808 |  |  | 58,244 |  |  | 69,265 |
Income taxes |  | 6,312 |  |  | 7,532 |  |  | 18,769 |  |  | 23,915 |
Net income |  | $ | 13,260 |  |  | $ | 15,276 |  |  | $ | 39,475 |  |  | $ | 45,350 |
Schedule of consolidating balance sheets | American Savings Bank, F.S.B. Balance Sheets Data
(in thousands) |  | September 30, 2014 |  | December 31, 2013
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  |  | $ | 98,879 |  |  |  |  |  | $ | 108,998 |
Interest-bearing deposits |  |  |  | 74,654 |  |  |  |  | 47,605 |
Available-for-sale investment and mortgage-related securities |  |  |  |  | 531,603 |  |  |  |  |  | 529,007 |
Investment in stock of Federal Home Loan Bank of Seattle |  |  |  |  | 75,063 |  |  |  |  |  | 92,546 |
Loans receivable held for investment |  |  |  |  | 4,335,421 |  |  |  |  |  | 4,150,229 |
Allowance for loan losses |  |  |  |  | (43,461 | ) |  |  |  |  | (40,116 | )
Loans receivable held for investment, net |  |  |  |  | 4,291,960 |  |  |  |  |  | 4,110,113 |
Loans held for sale, at lower of cost or fair value |  |  |  |  | 2,328 |  |  |  |  |  | 5,302 |
Other |  |  |  |  | 285,659 |  |  |  |  |  | 268,063 |
Goodwill |  |  |  |  | 82,190 |  |  |  |  |  | 82,190 |
Total assets |  |  |  |  | $ | 5,442,336 |  |  |  |  |  | $ | 5,243,824 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  |  | $ | 1,298,726 |  |  |  |  |  | $ | 1,214,418 |
Deposit liabilities—interest-bearing |  |  |  |  | 3,235,071 |  |  |  |  |  | 3,158,059 |
Other borrowings |  |  |  |  | 263,204 |  |  |  |  |  | 244,514 |
Other |  |  |  |  | 107,814 |  |  |  |  |  | 105,679 |
Total liabilities |  |  |  |  | 4,904,815 |  |  |  |  |  | 4,722,670 |
Commitments and contingencies (see “Litigation” section) |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  |  |  | 1 |  |  |  |  |  | 1 |
Additional paid in capital |  |  |  | 337,862 |  |  |  |  | 336,053 |
Retained earnings |  |  |  |  | 209,522 |  |  |  |  |  | 197,297 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized losses on securities |  | $ | (1,972 | ) |  |  |  |  | $ | (3,663 | ) |  |  |
Retirement benefit plans |  | (7,892 | ) |  | (9,864 | ) |  | (8,534 | ) |  | (12,197 | )
Total shareholder’s equity |  |  |  |  | 537,521 |  |  |  |  |  | 521,154 |
Total liabilities and shareholder’s equity |  |  |  |  | $ | 5,442,336 |  |  |  |  |  | $ | 5,243,824 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  |  | $ | 133,066 |  |  |  |  |  | $ | 129,963 |
Premises and equipment, net |  |  |  |  | 70,105 |  |  |  |  |  | 67,766 |
Prepaid expenses |  |  |  |  | 3,941 |  |  |  |  |  | 3,616 |
Accrued interest receivable |  |  |  |  | 13,436 |  |  |  |  |  | 13,133 |
Mortgage-servicing rights |  |  |  |  | 11,524 |  |  |  |  |  | 11,687 |
Low-income housing equity investments |  |  |  | 22,825 |  |  |  |  | 14,543 |
Real estate acquired in settlement of loans, net |  |  |  |  | 580 |  |  |  |  |  | 1,205 |
Other |  |  |  |  | 30,182 |  |  |  |  |  | 26,150 |
|  |  |  |  | $ | 285,659 |  |  |  |  |  | $ | 268,063 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses |  |  |  |  | $ | 24,733 |  |  |  |  |  | $ | 19,989 |
Federal and state income taxes payable |  |  |  |  | 35,096 |  |  |  |  |  | 37,807 |
Cashier’s checks |  |  |  |  | 23,754 |  |  |  |  |  | 21,110 |
Advance payments by borrowers |  |  |  |  | 5,013 |  |  |  |  |  | 9,647 |
Other |  |  |  |  | 19,218 |  |  |  |  |  | 17,126 |
|  |  |  |  | $ | 107,814 |  |  |  |  |  | $ | 105,679 |
Hawaiian Electric Company, Inc. and Subsidiaries |
Regulatory projects and legal obligations |
Schedule of purchases from all IPPs | Power purchase agreements. As of September 30, 2014, the Utilities had six purchase power agreements (PPAs) for firm capacity and several other PPAs with variable generation independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or small power production facilities with a capacity of 100 kilowatts (kWs) or less who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs. The PPAs with AES Hawaii, Inc. (AES Hawaii), Kalaeloa Partners, L.P. (Kalaeloa), Hamakua Energy Partners, L.P. (HEP) and Hpower comprise approximately 90% of IPP contractual firm capacity available to the Utilities. Purchases from all IPPs were as follows:
|  | Three months ended September 30 |  | Nine months ended September 30
(in millions) |  | 2014 |  | 2013 |  | 2014 |  | 2013
AES Hawaii |  | $ | 38 |  |  | $ | 38 |  |  | $ | 107 |  |  | $ | 98 |
Kalaeloa |  | 73 |  |  | 80 |  |  | 214 |  |  | 223 |
HEP |  | 16 |  |  | 15 |  |  | 36 |  |  | 36 |
Hpower |  | 18 |  |  | 17 |  |  | 50 |  |  | 44 |
Other IPPs |  | 48 |  |  | 45 |  |  | 139 |  |  | 126 |
Total IPPs |  | $ | 193 |  |  | $ | 195 |  |  | $ | 546 |  |  | $ | 527 |
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:
|  | Nine months ended September 30
(in thousands) |  | 2014 |  | 2013
Balance, beginning of period |  | $ | 43,106 |  |  | $ | 48,431 |
Accretion expense |  | 816 |  |  | 833 |
Liabilities incurred |  | — |  |  | — |
Liabilities settled |  | (11,338 | ) |  | (1,165 | )
Revisions in estimated cash flows |  | — |  |  | (916 | )
Balance, end of period |  | $ | 32,584 |  |  | $ | 47,183 |
Schedule of consolidating statements of income (loss) | Consolidating Statement of Income (unaudited) Three months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 579,777 |  |  | 111,154 |  |  | 112,656 |  |  | — |  |  | (22 | ) |  | $ | 803,565 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 229,068 |  |  | 29,555 |  |  | 50,809 |  |  | — |  |  | — |  |  | 309,432 |
Purchased power |  | 142,121 |  |  | 34,166 |  |  | 16,595 |  |  | — |  |  | — |  |  | 192,882 |
Other operation and maintenance |  | 71,584 |  |  | 19,837 |  |  | 16,892 |  |  | — |  |  | — |  |  | 108,313 |
Depreciation |  | 27,302 |  |  | 8,975 |  |  | 5,317 |  |  | — |  |  | — |  |  | 41,594 |
Taxes, other than income taxes |  | 54,412 |  |  | 10,607 |  |  | 10,169 |  |  | — |  |  | — |  |  | 75,188 |
Total expenses |  | 524,487 |  |  | 103,140 |  |  | 99,782 |  |  | — |  |  | — |  |  | 727,409 |
Operating income |  | 55,290 |  |  | 8,014 |  |  | 12,874 |  |  | — |  |  | (22 | ) |  | 76,156 |
Allowance for equity funds used during construction |  | 1,668 |  |  | 142 |  |  | 127 |  |  | — |  |  | — |  |  | 1,937 |
Equity in earnings of subsidiaries |  | 9,800 |  |  | — |  |  | — |  |  | — |  |  | (9,800 | ) |  | — |
Interest expense and other charges, net |  | (11,196 | ) |  | (2,811 | ) |  | (2,429 | ) |  | — |  |  | 22 |  |  | (16,414 | )
Allowance for borrowed funds used during construction |  | 634 |  |  | 54 |  |  | 52 |  |  | — |  |  | — |  |  | 740 |
Income before income taxes |  | 56,196 |  |  | 5,399 |  |  | 10,624 |  |  | — |  |  | (9,800 | ) |  | 62,419 |
Income taxes |  | 17,047 |  |  | 1,965 |  |  | 4,030 |  |  | — |  |  | — |  |  | 23,042 |
Net income |  | 39,149 |  |  | 3,434 |  |  | 6,594 |  |  | — |  |  | (9,800 | ) |  | 39,377 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income attributable to Hawaiian Electric |  | 39,149 |  |  | 3,301 |  |  | 6,499 |  |  | — |  |  | (9,800 | ) |  | 39,149 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 38,879 |  |  | 3,301 |  |  | 6,499 |  |  | — |  |  | (9,800 | ) |  | $ | 38,879 |
Consolidating Statement of Income (unaudited) Nine months ended September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,576,068 |  |  | 320,330 |  |  | 313,725 |  |  | — |  |  | (103 | ) |  | $ | 2,210,020 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 631,824 |  |  | 94,120 |  |  | 151,794 |  |  | — |  |  | — |  |  | 877,738 |
Purchased power |  | 389,706 |  |  | 93,880 |  |  | 43,083 |  |  | — |  |  | — |  |  | 526,669 |
Other operation and maintenance |  | 212,474 |  |  | 46,158 |  |  | 42,089 |  |  | 2 |  |  | — |  |  | 300,723 |
Depreciation |  | 75,150 |  |  | 25,641 |  |  | 15,074 |  |  | — |  |  | — |  |  | 115,865 |
Taxes, other than income taxes |  | 149,282 |  |  | 30,113 |  |  | 29,681 |  |  | — |  |  | — |  |  | 209,076 |
Total expenses |  | 1,458,436 |  |  | 289,912 |  |  | 281,721 |  |  | 2 |  |  | — |  |  | 2,030,071 |
Operating income (loss) |  | 117,632 |  |  | 30,418 |  |  | 32,004 |  |  | (2 | ) |  | (103 | ) |  | 179,949 |
Allowance for equity funds used during construction |  | 3,144 |  |  | 552 |  |  | 334 |  |  | — |  |  | — |  |  | 4,030 |
Equity in earnings of subsidiaries |  | 30,446 |  |  | — |  |  | — |  |  | — |  |  | (30,446 | ) |  | — |
Interest expense and other charges, net |  | (28,723 | ) |  | (8,566 | ) |  | (6,774 | ) |  | — |  |  | 103 |  |  | (43,960 | )
Allowance for borrowed funds used during construction |  | 1,268 |  |  | 226 |  |  | 132 |  |  | — |  |  | — |  |  | 1,626 |
Income (loss) before income taxes |  | 123,767 |  |  | 22,630 |  |  | 25,696 |  |  | (2 | ) |  | (30,446 | ) |  | 141,645 |
Income taxes |  | 32,018 |  |  | 7,486 |  |  | 9,706 |  |  | — |  |  | — |  |  | 49,210 |
Net income (loss) |  | 91,749 |  |  | 15,144 |  |  | 15,990 |  |  | (2 | ) |  | (30,446 | ) |  | 92,435 |
Preferred stock dividends 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 |
Consolidating Statement of Income (unaudited) Nine months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,623,223 |  |  | 319,629 |  |  | 319,265 |  |  | — |  |  | (61 | ) |  | $ | 2,262,056 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 628,164 |  |  | 92,234 |  |  | 145,591 |  |  | — |  |  | — |  |  | 865,989 |
Purchased power |  | 406,895 |  |  | 91,827 |  |  | 47,399 |  |  | — |  |  | — |  |  | 546,121 |
Other operation and maintenance |  | 199,091 |  |  | 48,701 |  |  | 47,691 |  |  | — |  |  | — |  |  | 295,483 |
Depreciation |  | 81,903 |  |  | 26,926 |  |  | 15,961 |  |  | — |  |  | — |  |  | 124,790 |
Taxes, other than income taxes |  | 152,545 |  |  | 30,127 |  |  | 30,111 |  |  | — |  |  | — |  |  | 212,783 |
Total expenses |  | 1,468,598 |  |  | 289,815 |  |  | 286,753 |  |  | — |  |  | — |  |  | 2,045,166 |
Operating income |  | 154,625 |  |  | 29,814 |  |  | 32,512 |  |  | — |  |  | (61 | ) |  | 216,890 |
Allowance for equity funds used during construction |  | 4,557 |  |  | 328 |  |  | 48 |  |  | — |  |  | — |  |  | 4,933 |
Equity in earnings of subsidiaries |  | 28,576 |  |  | — |  |  | — |  |  | — |  |  | (28,576 | ) |  | — |
Interest expense and other charges, net |  | (33,236 | ) |  | (8,411 | ) |  | (7,403 | ) |  | — |  |  | 61 |  |  | (48,989 | )
Allowance for borrowed funds used during construction |  | 1,728 |  |  | 126 |  |  | 23 |  |  | — |  |  | — |  |  | 1,877 |
Income before income taxes |  | 156,250 |  |  | 21,857 |  |  | 25,180 |  |  | — |  |  | (28,576 | ) |  | 174,711 |
Income taxes |  | 46,911 |  |  | 8,149 |  |  | 9,626 |  |  | — |  |  | — |  |  | 64,686 |
Net income |  | 109,339 |  |  | 13,708 |  |  | 15,554 |  |  | — |  |  | (28,576 | ) |  | 110,025 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 109,339 |  |  | 13,308 |  |  | 15,268 |  |  | — |  |  | (28,576 | ) |  | 109,339 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 108,529 |  |  | 13,308 |  |  | 15,268 |  |  | — |  |  | (28,576 | ) |  | $ | 108,529 |
Consolidating Statement of Income (unaudited) Three months ended September 30, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 547,434 |  |  | 107,957 |  |  | 108,699 |  |  | — |  |  | (36 | ) |  | $ | 764,054 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 206,478 |  |  | 27,615 |  |  | 49,267 |  |  | — |  |  | — |  |  | 283,360 |
Purchased power |  | 143,280 |  |  | 34,480 |  |  | 17,101 |  |  | — |  |  | — |  |  | 194,861 |
Other operation and maintenance |  | 71,498 |  |  | 16,793 |  |  | 16,221 |  |  | 1 |  |  | — |  |  | 104,513 |
Depreciation |  | 25,442 |  |  | 8,547 |  |  | 5,006 |  |  | — |  |  | — |  |  | 38,995 |
Taxes, other than income taxes |  | 51,781 |  |  | 10,457 |  |  | 10,234 |  |  | — |  |  | — |  |  | 72,472 |
Total expenses |  | 498,479 |  |  | 97,892 |  |  | 97,829 |  |  | 1 |  |  | — |  |  | 694,201 |
Operating income (loss) |  | 48,955 |  |  | 10,065 |  |  | 10,870 |  |  | (1 | ) |  | (36 | ) |  | 69,853 |
Allowance for equity funds used during construction |  | 914 |  |  | 222 |  |  | 119 |  |  | — |  |  | — |  |  | 1,255 |
Equity in earnings of subsidiaries |  | 10,794 |  |  | — |  |  | — |  |  | — |  |  | (10,794 | ) |  | — |
Interest expense and other charges, net |  | (9,883 | ) |  | (2,920 | ) |  | (2,266 | ) |  | — |  |  | 36 |  |  | (15,033 | )
Allowance for borrowed funds used during construction |  | 358 |  |  | 91 |  |  | 49 |  |  | — |  |  | — |  |  | 498 |
Income (loss) before income taxes |  | 51,138 |  |  | 7,458 |  |  | 8,772 |  |  | (1 | ) |  | (10,794 | ) |  | 56,573 |
Income taxes |  | 13,051 |  |  | 1,881 |  |  | 3,326 |  |  | — |  |  | — |  |  | 18,258 |
Net income (loss) |  | 38,087 |  |  | 5,577 |  |  | 5,446 |  |  | (1 | ) |  | (10,794 | ) |  | 38,315 |
Preferred stock dividends 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 |
Schedule of consolidating statement of comprehensive income (loss) | Consolidating Statement of Comprehensive Income (unaudited) Three months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 38,879 |  |  | 3,301 |  |  | 6,499 |  |  | — |  |  | (9,800 | ) |  | $ | 38,879 |
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 |  | 2,552 |  |  | 317 |  |  | 272 |  |  | — |  |  | (589 | ) |  | 2,552 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (2,542 | ) |  | (319 | ) |  | (272 | ) |  | — |  |  | 591 |  |  | (2,542 | )
Other comprehensive income (loss), net of taxes |  | 10 |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | 10 |
Comprehensive income attributable to common shareholder |  | $ | 38,889 |  |  | 3,299 |  |  | 6,499 |  |  | — |  |  | (9,798 | ) |  | $ | 38,889 |
Consolidating Statement of Comprehensive Income (unaudited) Nine months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 108,529 |  |  | 13,308 |  |  | 15,268 |  |  | — |  |  | (28,576 | ) |  | $ | 108,529 |
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 |  | 7,659 |  |  | 953 |  |  | 817 |  |  | — |  |  | (1,770 | ) |  | 7,659 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (7,627 | ) |  | (955 | ) |  | (817 | ) |  | — |  |  | 1,772 |  |  | (7,627 | )
Other comprehensive income (loss), net of taxes |  | 32 |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | 32 |
Comprehensive income attributable to common shareholder |  | $ | 108,561 |  |  | 13,306 |  |  | 15,268 |  |  | — |  |  | (28,574 | ) |  | $ | 108,561 |
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 |
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 |
Schedule of consolidating balance sheets | Consolidating Balance Sheet (unaudited) December 31, 2013
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Utility property, plant and equipment, net |  | 2,504,341 |  |  | 696,371 |  |  | 585,050 |  |  | — |  |  | — |  |  | 3,785,762 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 4,953 |  |  | 82 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,567 |
Total property, plant and equipment, net |  | 2,509,294 |  |  | 696,453 |  |  | 586,582 |  |  | — |  |  | — |  |  | 3,792,329 |
Investment in wholly owned subsidiaries, at equity |  | 523,674 |  |  | — |  |  | — |  |  | — |  |  | (523,674 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 61,245 |  |  | 1,326 |  |  | 153 |  |  | 101 |  |  | — |  |  | 62,825 |
Advances to affiliates |  | 6,839 |  |  | 1,000 |  |  | — |  |  | — |  |  | (7,839 | ) |  | — |
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 | ) |  | 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 | ) |  | 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 |  | 42,163 |  |  | 11,270 |  |  | 13,993 |  |  | — |  |  | — |  |  | 67,426 |
Total other long-term assets |  | 429,560 |  |  | 77,402 |  |  | 75,653 |  |  | — |  |  | — |  |  | 582,615 |
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 | ) |  | $ | 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 from affiliate |  | 1,000 |  |  | — |  |  | 6,839 |  |  | — |  |  | (7,839 | ) |  | — |
Accounts payable |  | 145,062 |  |  | 24,383 |  |  | 20,114 |  |  | — |  |  | — |  |  | 189,559 |
Interest and preferred dividends payable |  | 15,190 |  |  | 3,885 |  |  | 2,585 |  |  | — |  |  | (8 | ) |  | 21,652 |
Taxes accrued |  | 175,790 |  |  | 37,899 |  |  | 37,171 |  |  | — |  |  | (1,415 | ) |  | 249,445 |
Regulatory liabilities |  | 1,705 |  |  | — |  |  | 211 |  |  | — |  |  | — |  |  | 1,916 |
Other |  | 48,443 |  |  | 9,033 |  |  | 15,424 |  |  | — |  |  | (9,019 | ) |  | 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 (unaudited) September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 43,816 |  |  | 5,464 |  |  | 3,064 |  |  | — |  |  | — |  |  | $ | 52,344 |
Plant and equipment |  | 3,700,063 |  |  | 1,165,542 |  |  | 1,036,792 |  |  | — |  |  | — |  |  | 5,902,397 |
Less accumulated depreciation |  | (1,245,695 | ) |  | (472,044 | ) |  | (449,806 | ) |  | — |  |  | — |  |  | (2,167,545 | )
Construction in progress |  | 149,115 |  |  | 13,267 |  |  | 16,808 |  |  | — |  |  | — |  |  | 179,190 |
Utility property, plant and equipment, net |  | 2,647,299 |  |  | 712,229 |  |  | 606,858 |  |  | — |  |  | — |  |  | 3,966,386 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 4,948 |  |  | 82 |  |  | 1,531 |  |  | — |  |  | — |  |  | 6,561 |
Total property, plant and equipment, net |  | 2,652,247 |  |  | 712,311 |  |  | 608,389 |  |  | — |  |  | — |  |  | 3,972,947 |
Investment in wholly owned subsidiaries, at equity |  | 532,766 |  |  | — |  |  | — |  |  | — |  |  | (532,766 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 14,856 |  |  | 809 |  |  | 2,621 |  |  | 101 |  |  | — |  |  | 18,387 |
Advances to affiliates |  | 11,800 |  |  | — |  |  | — |  |  | — |  |  | (11,800 | ) |  | — |
Customer accounts receivable, net |  | 132,809 |  |  | 31,023 |  |  | 25,901 |  |  | — |  |  | — |  |  | 189,733 |
Accrued unbilled revenues, net |  | 108,306 |  |  | 16,474 |  |  | 18,373 |  |  | — |  |  | — |  |  | 143,153 |
Other accounts receivable, net |  | 22,386 |  |  | 6,044 |  |  | 3,070 |  |  | — |  |  | (11,992 | ) |  | 19,508 |
Fuel oil stock, at average cost |  | 88,285 |  |  | 13,959 |  |  | 16,059 |  |  | — |  |  | — |  |  | 118,303 |
Materials and supplies, at average cost |  | 36,502 |  |  | 7,870 |  |  | 16,267 |  |  | — |  |  | — |  |  | 60,639 |
Prepayments and other |  | 32,033 |  |  | 6,112 |  |  | 12,358 |  |  | — |  |  | (233 | ) |  | 50,270 |
Regulatory assets |  | 44,736 |  |  | 4,855 |  |  | 5,109 |  |  | — |  |  | — |  |  | 54,700 |
Total current assets |  | 491,713 |  |  | 87,146 |  |  | 99,758 |  |  | 101 |  |  | (24,025 | ) |  | 654,693 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | 395,343 |  |  | 66,004 |  |  | 59,665 |  |  | — |  |  | — |  |  | 521,012 |
Unamortized debt expense |  | 5,830 |  |  | 1,485 |  |  | 1,304 |  |  | — |  |  | — |  |  | 8,619 |
Other |  | 42,203 |  |  | 11,889 |  |  | 13,799 |  |  | — |  |  | — |  |  | 67,891 |
Total other long-term assets |  | 443,376 |  |  | 79,378 |  |  | 74,768 |  |  | — |  |  | — |  |  | 597,522 |
Total assets |  | $ | 4,120,102 |  |  | 878,835 |  |  | 782,915 |  |  | 101 |  |  | (556,791 | ) |  | $ | 5,225,162 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,635,751 |  |  | 279,388 |  |  | 253,277 |  |  | 101 |  |  | (532,766 | ) |  | $ | 1,635,751 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 830,546 |  |  | 190,000 |  |  | 186,000 |  |  | — |  |  | — |  |  | 1,206,546 |
Total capitalization |  | 2,488,590 |  |  | 476,388 |  |  | 444,277 |  |  | 101 |  |  | (532,766 | ) |  | 2,876,590 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | — |  |  | 11,400 |  |  | — |  |  | — |  |  | — |  |  | 11,400 |
Short-term borrowings from non-affiliates |  | 84,987 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 84,987 |
Short-term borrowings from affiliate |  | — |  |  | 1,000 |  |  | 10,800 |  |  | — |  |  | (11,800 | ) |  | — |
Accounts payable |  | 107,108 |  |  | 27,077 |  |  | 17,793 |  |  | — |  |  | — |  |  | 151,978 |
Interest and preferred dividends payable |  | 16,700 |  |  | 3,772 |  |  | 3,936 |  |  | — |  |  | (7 | ) |  | 24,401 |
Taxes accrued |  | 165,787 |  |  | 35,837 |  |  | 35,090 |  |  | — |  |  | (233 | ) |  | 236,481 |
Regulatory liabilities |  | 289 |  |  | — |  |  | 239 |  |  | — |  |  | — |  |  | 528 |
Other |  | 46,727 |  |  | 10,596 |  |  | 17,062 |  |  | — |  |  | (11,985 | ) |  | 62,400 |
Total current liabilities |  | 421,598 |  |  | 89,682 |  |  | 84,920 |  |  | — |  |  | (24,025 | ) |  | 572,175 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | 404,144 |  |  | 84,905 |  |  | 76,450 |  |  | — |  |  | — |  |  | 565,499 |
Regulatory liabilities |  | 244,830 |  |  | 79,389 |  |  | 32,343 |  |  | — |  |  | — |  |  | 356,562 |
Unamortized tax credits |  | 49,609 |  |  | 14,914 |  |  | 14,745 |  |  | — |  |  | — |  |  | 79,268 |
Defined benefit pension and other postretirement benefit plans liability |  | 192,246 |  |  | 26,435 |  |  | 29,657 |  |  |  |  |  | — |  |  | 248,338 |
Other |  | 51,790 |  |  | 13,347 |  |  | 12,782 |  |  | — |  |  | — |  |  | 77,919 |
Total deferred credits and other liabilities |  | 942,619 |  |  | 218,990 |  |  | 165,977 |  |  | — |  |  | — |  |  | 1,327,586 |
Contributions in aid of construction |  | 267,295 |  |  | 93,775 |  |  | 87,741 |  |  | — |  |  | — |  |  | 448,811 |
Total capitalization and liabilities |  | $ | 4,120,102 |  |  | 878,835 |  |  | 782,915 |  |  | 101 |  |  | (556,791 | ) |  | $ | 5,225,162 |
Schedule of consolidating statement of changes in common stock equity | Consolidating Statement of Changes in Common Stock Equity (unaudited) Nine months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2013 |  | $ | 1,593,564 |  |  | 274,802 |  |  | 248,771 |  |  | 101 |  |  | (523,674 | ) |  | $ | 1,593,564 |
Net income for common stock |  | 108,529 |  |  | 13,308 |  |  | 15,268 |  |  | — |  |  | (28,576 | ) |  | 108,529 |
Other comprehensive income (loss), net of taxes |  | 32 |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | 32 |
Common stock dividends |  | (66,369 | ) |  | (8,720 | ) |  | (10,762 | ) |  | — |  |  | 19,482 |  |  | (66,369 | )
Common stock issuance expenses |  | (5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (5 | )
Balance, September 30, 2014 |  | $ | 1,635,751 |  |  | 279,388 |  |  | 253,277 |  |  | 101 |  |  | (532,766 | ) |  | $ | 1,635,751 |
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 |
Schedule of condensed consolidating statement of cash flows | Consolidating Statement of Cash Flows (unaudited) Nine months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 109,339 |  |  | 13,708 |  |  | 15,554 |  |  | — |  |  | (28,576 | ) |  | $ | 110,025 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (28,651 | ) |  | — |  |  | — |  |  | — |  |  | 28,576 |  |  | (75 | )
Common stock dividends received from subsidiaries |  | 19,557 |  |  | — |  |  | — |  |  | — |  |  | (19,482 | ) |  | 75 |
Depreciation of property, plant and equipment |  | 81,903 |  |  | 26,926 |  |  | 15,961 |  |  | — |  |  | — |  |  | 124,790 |
Other amortization |  | 765 |  |  | 1,950 |  |  | 1,947 |  |  | — |  |  | — |  |  | 4,662 |
Increase in deferred income taxes |  | 52,274 |  |  | 5,146 |  |  | 9,972 |  |  | — |  |  | — |  |  | 67,392 |
Change in tax credits, net |  | 4,725 |  |  | 687 |  |  | 404 |  |  | — |  |  | — |  |  | 5,816 |
Allowance for equity funds used during construction |  | (4,557 | ) |  | (328 | ) |  | (48 | ) |  | — |  |  | — |  |  | (4,933 | )
Change in cash overdraft |  | — |  |  | — |  |  | (1,038 | ) |  | — |  |  | — |  |  | (1,038 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in accounts receivable |  | (17,540 | ) |  | (4,714 | ) |  | (442 | ) |  | — |  |  | 2,965 |  |  | (19,731 | )
Decrease (increase) in accrued unbilled revenues |  | (554 | ) |  | 626 |  |  | 899 |  |  | — |  |  | — |  |  | 971 |
Decrease in fuel oil stock |  | 11,328 |  |  | 219 |  |  | 4,237 |  |  | — |  |  | — |  |  | 15,784 |
Decrease (increase) in materials and supplies |  | 875 |  |  | (987 | ) |  | (1,483 | ) |  | — |  |  | — |  |  | (1,595 | )
Decrease (increase) in regulatory assets |  | (15,159 | ) |  | (2,594 | ) |  | 222 |  |  | — |  |  | — |  |  | (17,531 | )
Decrease in accounts payable |  | (70,916 | ) |  | (1,807 | ) |  | (5,170 | ) |  | — |  |  | — |  |  | (77,893 | )
Change in prepaid and accrued income and utility revenue taxes |  | (18,131 | ) |  | (1,310 | ) |  | 1,366 |  |  | — |  |  | — |  |  | (18,075 | )
Decrease in defined benefit pension and other postretirement benefit plans liability |  | (422 | ) |  | — |  |  | (326 | ) |  | — |  |  | — |  |  | (748 | )
Change in other assets and liabilities |  | (31,754 | ) |  | (3,886 | ) |  | (3,024 | ) |  | — |  |  | (2,965 | ) |  | (41,629 | )
Net cash provided by operating activities |  | 93,082 |  |  | 33,636 |  |  | 39,031 |  |  | — |  |  | (19,482 | ) |  | 146,267 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (163,333 | ) |  | (33,212 | ) |  | (32,560 | ) |  | — |  |  | — |  |  | (229,105 | )
Contributions in aid of construction |  | 12,352 |  |  | 6,229 |  |  | 3,159 |  |  | — |  |  | — |  |  | 21,740 |
Advances from (to) affiliates |  | (4,961 | ) |  | 1,000 |  |  | — |  |  | — |  |  | 3,961 |  |  | — |
Net cash used in investing activities |  | (155,942 | ) |  | (25,983 | ) |  | (29,401 | ) |  | — |  |  | 3,961 |  |  | (207,365 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (66,369 | ) |  | (8,720 | ) |  | (10,762 | ) |  | — |  |  | 19,482 |  |  | (66,369 | )
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 |  | 83,987 |  |  | 1,000 |  |  | 3,961 |  |  | — |  |  | (3,961 | ) |  | 84,987 |
Other |  | (337 | ) |  | (50 | ) |  | (75 | ) |  | — |  |  | — |  |  | (462 | )
Net cash provided by (used in) financing activities |  | 16,471 |  |  | (8,170 | ) |  | (7,162 | ) |  | — |  |  | 15,521 |  |  | 16,660 |
Net increase (decrease) in cash and cash equivalents |  | (46,389 | ) |  | (517 | ) |  | 2,468 |  |  | — |  |  | — |  |  | (44,438 | )
Cash and cash equivalents, beginning of period |  | 61,245 |  |  | 1,326 |  |  | 153 |  |  | 101 |  |  | — |  |  | 62,825 |
Cash and cash equivalents, end of period |  | $ | 14,856 |  |  | 809 |  |  | 2,621 |  |  | 101 |  |  | — |  |  | $ | 18,387 |
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 |
Increase 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 | )
Change in prepaid and accrued income and utility revenue taxes |  | (7,122 | ) |  | (3,566 | ) |  | (4,728 | ) |  | — |  |  | — |  |  | (15,416 | )
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability |  | 1,744 |  |  | (191 | ) |  | (65 | ) |  | — |  |  | — |  |  | 1,488 |
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 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 |

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