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Electric utility segment (Tables) | 12 Months Ended
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Dec. 31, 2014
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, 2014 | 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 related 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 | 2014 |  |  | 2013 |  |  | 2012 |
(in thousands) |  |  |  |  |  |  |  |
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 179,341 |  |  | $ | 172,969 |  |  | $ | 176,057 |
Interest and dividends on investment securities | 11,945 |  |  | 13,095 |  |  | 13,822 |
Total interest and dividend income | 191,286 |  |  | 186,064 |  |  | 189,879 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities | 5,077 |  |  | 5,092 |  |  | 6,423 |
Interest on other borrowings | 5,731 |  |  | 4,985 |  |  | 4,869 |
Total interest expense | 10,808 |  |  | 10,077 |  |  | 11,292 |
Net interest income | 180,478 |  |  | 175,987 |  |  | 178,587 |
Provision for loan losses | 6,126 |  |  | 1,507 |  |  | 12,883 |
Net interest income after provision for loan losses | 174,352 |  |  | 174,480 |  |  | 165,704 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services | 21,747 |  |  | 27,099 |  |  | 31,361 |
Fee income on deposit liabilities | 19,249 |  |  | 18,363 |  |  | 17,775 |
Fee income on other financial products | 8,131 |  |  | 8,405 |  |  | 6,577 |
Bank-owned life insurance | 3,949 |  |  | 3,928 |  |  | 3,981 |
Mortgage banking income | 2,913 |  |  | 8,309 |  |  | 14,628 |
Gains on sale of investment securities | 2,847 |  |  | 1,226 |  |  | 134 |
Other income, net | 2,375 |  |  | 4,753 |  |  | 1,204 |
Total noninterest income | 61,211 |  |  | 72,083 |  |  | 75,660 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits | 79,885 |  |  | 82,910 |  |  | 75,979 |
Occupancy | 17,197 |  |  | 16,747 |  |  | 17,179 |
Data processing | 11,690 |  |  | 10,952 |  |  | 10,098 |
Services | 10,269 |  |  | 9,015 |  |  | 9,866 |
Equipment | 6,564 |  |  | 7,295 |  |  | 7,105 |
Office supplies, printing and postage | 6,089 |  |  | 4,233 |  |  | 3,870 |
Marketing | 3,999 |  |  | 3,373 |  |  | 3,260 |
FDIC insurance | 3,261 |  |  | 3,253 |  |  | 3,307 |
Other expense | 20,990 |  |  | 21,726 |  |  | 21,679 |
Total noninterest expense | 159,944 |  |  | 159,504 |  |  | 152,343 |
Income before income taxes | 75,619 |  |  | 87,059 |  |  | 89,021 |
Income taxes | 24,127 |  |  | 29,525 |  |  | 30,384 |
Net income | $ | 51,492 |  |  | $ | 57,534 |  |  | $ | 58,637 |
Schedule of consolidating balance sheets | Balance Sheets Data
December 31 |  | 2014 |  |  | 2013 |
(in thousands) |  |  |  |  |  |
Assets |  |  |  |  |  |
Cash and due from banks |  | $ | 107,233 |  |  | $ | 108,998 |
Interest-bearing deposits |  | 54,230 |  |  | 47,605 |
Available-for-sale investment securities, at fair value |  | 550,394 |  |  | 529,007 |
Stock in Federal Home Loan Bank of Seattle, at cost |  | 69,302 |  |  | 92,546 |
Loans receivable held for investment |  | 4,434,651 |  |  | 4,150,229 |
Allowance for loan losses |  | (45,618 | ) |  | (40,116 | )
Net loans |  | 4,389,033 |  |  | 4,110,113 |
Loans held for sale, at lower of cost or fair value |  | 8,424 |  |  | 5,302 |
Other |  | 304,435 |  |  | 268,063 |
Goodwill |  | 82,190 |  |  | 82,190 |
Total assets |  | $ | 5,565,241 |  |  | $ | 5,243,824 |
Liabilities and shareholder’s equity |  |  |  |  |  |
Deposit liabilities–noninterest-bearing |  | $ | 1,342,794 |  |  | $ | 1,214,418 |
Deposit liabilities–interest-bearing |  | 3,280,621 |  |  | 3,158,059 |
Other borrowings |  | 290,656 |  |  | 244,514 |
Other |  | 116,527 |  |  | 105,679 |
Total liabilities |  | 5,030,598 |  |  | 4,722,670 |
Commitments and contingencies (see “Litigation” below) |  |  |  |  |  |
Common stock |  | 1 |  |  | 1 |
Additional paid in capital |  | 338,411 |  |  | 336,053 |
Retained earnings |  | 212,789 |  |  | 197,297 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |
Net unrealized gains (losses) on securities | $ | 462 |  |  | $ | (3,663 | ) |
Retirement benefit plans | (17,020 | ) | (16,558 | ) | (8,534 | ) | (12,197 | )
Total shareholder’s equity |  | 534,643 |  |  | 521,154 |
Total liabilities and shareholder’s equity |  | $ | 5,565,241 |  |  | $ | 5,243,824 |
December 31 |  | 2014 |  |  | 2013 |
(in thousands) |  |  |  |  |  |
Other assets |  |  |  |  |  |
Bank-owned life insurance |  | $ | 134,115 |  |  | $ | 129,963 |
Premises and equipment, net |  | 92,407 |  |  | 67,766 |
Prepaid expenses |  | 3,196 |  |  | 3,616 |
Accrued interest receivable |  | 13,632 |  |  | 13,133 |
Mortgage-servicing rights |  | 11,540 |  |  | 11,687 |
Low-income housing equity investments |  | 32,457 |  |  | 14,543 |
Real estate acquired in settlement of loans, net |  | 891 |  |  | 1,205 |
Other |  | 16,197 |  |  | 26,150 |
|  | $ | 304,435 |  |  | $ | 268,063 |
Other liabilities |  |  |  |  |  |
Accrued expenses |  | $ | 37,880 |  |  | $ | 19,989 |
Federal and state income taxes payable |  | 26,806 |  |  | 37,807 |
Cashier’s checks |  | 20,509 |  |  | 21,110 |
Advance payments by borrowers |  | 9,652 |  |  | 9,647 |
Other |  | 21,680 |  |  | 17,126 |
|  | $ | 116,527 |  |  | $ | 105,679 |
Hawaiian Electric Company, Inc. and Subsidiaries |
Electric utility subsidiary |
Schedule of regulatory assets | Regulatory assets were as follows:
December 31 | 2014 |  |  | 2013 |
(in thousands) |  |  |  |  |
Retirement benefit plans (balance primarily varies with plans’ funded statuses) | $ | 683,243 |  |  | $ | 350,821 |
Income taxes, net (1 to 55 years) | 86,836 |  |  | 85,430 |
Decoupling revenue balancing account (1 to 2 years) | 80,183 |  |  | 90,386 |
Unamortized expense and premiums on retired debt and equity issuances (19 to 30 years; 6 to 18 years remaining) | 15,569 |  |  | 17,342 |
Vacation earned, but not yet taken (1 year) | 10,248 |  |  | 9,149 |
Postretirement benefits other than pensions (18 years; less than 1 year remaining) | 18 |  |  | 62 |
Other (1 to 50 years; 1 to 46 years remaining) | 29,167 |  |  | 22,734 |
| $ | 905,264 |  |  | $ | 575,924 |
Included in: |  |  |  |  |
Current assets | $ | 71,421 |  |  | $ | 69,738 |
Long-term assets | 833,843 |  |  | 506,186 |
| $ | 905,264 |  |  | $ | 575,924 |
Schedule of regulatory liabilities | Regulatory liabilities were as follows:
December 31 | 2014 |  |  | 2013 |
(in thousands) |  |  |  |  |
Cost of removal in excess of salvage value (1 to 60 years) | $ | 331,000 |  |  | $ | 315,164 |
Retirement benefit plans (5 years beginning with respective utility’s next rate case) | 12,413 |  |  | 31,546 |
Other (5 years; 1 to 2 years remaining) | 1,436 |  |  | 2,589 |
| $ | 344,849 |  |  | $ | 349,299 |
Included in: |  |  |
Current liabilities | $ | 632 |  |  | $ | 1,916 |
Long-term liabilities | 344,217 |  |  | 347,383 |
| $ | 344,849 |  |  | $ | 349,299 |
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) | 2014 |  | 2013
Balance, January 1 | $ | 43,106 |  |  | $ | 48,431 |
Accretion expense | 890 |  |  | 1,263 |
Liabilities incurred | — |  |  | — |
Liabilities settled | (14,577 | ) |  | (5,672 | )
Revisions in estimated cash flows | — |  |  | (916 | )
Balance, December 31 | $ | 29,419 |  |  | $ | 43,106 |
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 |
Impairment of utility assets | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |
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, 2014
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 2,142,245 |  |  | 422,200 |  |  | 422,965 |  |  | — |  |  | (87 | ) | [1] |  | $ | 2,987,323 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 821,246 |  |  | 117,215 |  |  | 193,224 |  |  | — |  |  | — |  |  |  | 1,131,685 |
Purchased power | 537,821 |  |  | 123,226 |  |  | 60,961 |  |  | — |  |  | — |  |  |  | 722,008 |
Other operation and maintenance | 283,532 |  |  | 65,471 |  |  | 61,609 |  |  |  |  |  | — |  |  |  | 410,612 |
Depreciation | 109,204 |  |  | 35,904 |  |  | 21,279 |  |  | — |  |  | — |  |  |  | 166,387 |
Taxes, other than income taxes | 201,426 |  |  | 39,521 |  |  | 39,916 |  |  | — |  |  | — |  |  |  | 280,863 |
Total expenses | 1,953,229 |  |  | 381,337 |  |  | 376,989 |  |  | — |  |  | — |  |  |  | 2,711,555 |
Operating income | 189,016 |  |  | 40,863 |  |  | 45,976 |  |  | — |  |  | (87 | ) |  |  | 275,768 |
Allowance for equity funds used during construction | 6,085 |  |  | 472 |  |  | 214 |  |  | — |  |  | — |  |  |  | 6,771 |
Equity in earnings of subsidiaries | 40,964 |  |  | — |  |  | — |  |  | — |  |  | (40,964 | ) | [2] |  | — |
Interest expense and other charges, net | (44,041 | ) |  | (11,030 | ) |  | (9,773 | ) |  | — |  |  | 87 |  | [1] |  | (64,757 | )
Allowance for borrowed funds used during construction | 2,306 |  |  | 182 |  |  | 91 |  |  | — |  |  | — |  |  |  | 2,579 |
Income before income taxes | 194,330 |  |  | 30,487 |  |  | 36,508 |  |  | — |  |  | (40,964 | ) |  |  | 220,361 |
Income taxes | 55,609 |  |  | 11,264 |  |  | 13,852 |  |  | — |  |  | — |  |  |  | 80,725 |
Net income | 138,721 |  |  | 19,223 |  |  | 22,656 |  |  | — |  |  | (40,964 | ) |  |  | 139,636 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  | — |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 138,721 |  |  | 18,689 |  |  | 22,275 |  |  | — |  |  | (40,964 | ) |  |  | 138,721 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 137,641 |  |  | 18,689 |  |  | 22,275 |  |  | — |  |  | (40,964 | ) |  |  | $ | 137,641 |
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 |
Schedule of consolidating statements of comprehensive income | Consolidating statement of comprehensive income (loss) Year ended December 31, 2012
(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 |
(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, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net gains arising during the period, net of taxes | 203,479 |  |  | 30,542 |  |  | 27,820 |  |  | — |  |  | (58,362 | ) | [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 tax benefits | (222,595 | ) |  | (33,277 | ) |  | (30,254 | ) |  | — |  |  | 63,531 |  | [1] |  | (222,595 | )
Other comprehensive income, net of tax benefits | 1,578 |  |  | 145 |  |  | 123 |  |  | — |  |  | (268 | ) |  |  | 1,578 |
Comprehensive income (loss) attributable to common shareholder | $ | 124,507 |  |  | 20,281 |  |  | 21,400 |  |  | (3 | ) |  | (41,678 | ) |  |  | $ | 124,507 |
Consolidating statement of comprehensive income Year ended December 31, 2014
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income for common stock | $ | 137,641 |  |  | 18,689 |  |  | 22,275 |  |  | — |  |  | (40,964 | ) |  |  | $ | 137,641 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses arising during the period, net of tax benefits | (218,608 | ) |  | (28,725 | ) |  | (29,352 | ) |  | — |  |  | 58,077 |  | [1] |  | (218,608 | )
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 10,212 |  |  | 1,270 |  |  | 1,090 |  |  | — |  |  | (2,360 | ) | [1] |  | 10,212 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | 207,833 |  |  | 27,437 |  |  | 28,257 |  |  | — |  |  | (55,694 | ) | [1] |  | 207,833 |
Other comprehensive loss, net of tax benefits | (563 | ) |  | (18 | ) |  | (5 | ) |  | — |  |  | 23 |  |  |  | (563 | )
Comprehensive income attributable to common shareholder | $ | 137,078 |  |  | 18,671 |  |  | 22,270 |  |  | — |  |  | (40,941 | ) |  |  | $ | 137,078 |
Schedule of consolidating balance sheets | Consolidating balance sheet December 31, 2014
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land | $ | 43,819 |  |  | 5,464 |  |  | 3,016 |  |  | — |  |  | — |  |  |  | $ | 52,299 |
Plant and equipment | 3,782,438 |  |  | 1,179,032 |  |  | 1,048,012 |  |  | — |  |  | — |  |  |  | 6,009,482 |
Less accumulated depreciation | (1,253,866 | ) |  | (473,933 | ) |  | (447,711 | ) |  | — |  |  | — |  |  |  | (2,175,510 | )
Construction in progress | 134,376 |  |  | 12,421 |  |  | 11,819 |  |  | — |  |  | — |  |  |  | 158,616 |
Utility property, plant and equipment, net | 2,706,767 |  |  | 722,984 |  |  | 615,136 |  |  | — |  |  | — |  |  |  | 4,044,887 |
Nonutility property, plant and equipment, less accumulated depreciation | 4,950 |  |  | 82 |  |  | 1,531 |  |  | — |  |  | — |  |  |  | 6,563 |
Total property, plant and equipment, net | 2,711,717 |  |  | 723,066 |  |  | 616,667 |  |  | — |  |  | — |  |  |  | 4,051,450 |
Investment in wholly-owned subsidiaries, at equity | 538,639 |  |  | — |  |  | — |  |  | — |  |  | (538,639 | ) | [2] |  | 0 |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and equivalents | 12,416 |  |  | 612 |  |  | 633 |  |  | 101 |  |  | — |  |  |  | 13,762 |
Advances to affiliates | 16,100 |  |  | — |  |  | — |  |  | — |  |  | (16,100 | ) | [1] |  | — |
Customer accounts receivable, net | 111,462 |  |  | 24,222 |  |  | 22,800 |  |  | — |  |  | — |  |  |  | 158,484 |
Accrued unbilled revenues, net | 103,072 |  |  | 15,926 |  |  | 18,376 |  |  | — |  |  | — |  |  |  | 137,374 |
Other accounts receivable, net | 9,980 |  |  | 981 |  |  | 2,246 |  |  | — |  |  | (8,924 | ) | [1] |  | 4,283 |
Fuel oil stock, at average cost | 74,515 |  |  | 13,800 |  |  | 17,731 |  |  | — |  |  | — |  |  |  | 106,046 |
Materials and supplies, at average cost | 33,154 |  |  | 6,664 |  |  | 17,432 |  |  | — |  |  | — |  |  |  | 57,250 |
Prepayments and other | 44,680 |  |  | 8,611 |  |  | 13,567 |  |  | — |  |  | (475 | ) | [3] |  | 66,383 |
Regulatory assets | 58,550 |  |  | 6,745 |  |  | 6,126 |  |  | — |  |  | — |  |  |  | 71,421 |
Total current assets | 463,929 |  |  | 77,561 |  |  | 98,911 |  |  | 101 |  |  | (25,499 | ) |  |  | 615,003 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets | 623,784 |  |  | 107,454 |  |  | 102,788 |  |  | — |  |  | (183 | ) | [1] |  | 833,843 |
Unamortized debt expense | 5,640 |  |  | 1,438 |  |  | 1,245 |  |  | — |  |  | — |  |  |  | 8,323 |
Other | 53,106 |  |  | 15,366 |  |  | 13,366 |  |  | — |  |  | — |  |  |  | 81,838 |
Total other long-term assets | 682,530 |  |  | 124,258 |  |  | 117,399 |  |  | — |  |  | (183 | ) |  |  | 924,004 |
Total assets | $ | 4,396,815 |  |  | 924,885 |  |  | 832,977 |  |  | 101 |  |  | (564,321 | ) |  |  | $ | 5,590,457 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity | $ | 1,682,144 |  |  | 281,846 |  |  | 256,692 |  |  | 101 |  |  | (538,639 | ) | [2] |  | $ | 1,682,144 |
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 | 2,534,983 |  |  | 478,846 |  |  | 447,692 |  |  | 101 |  |  | (538,639 | ) |  |  | 2,922,983 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |
Short-term borrowings-affiliate | — |  |  | 10,500 |  |  | 5,600 |  |  | — |  |  | (16,100 | ) | [1] |  | — |
Accounts payable | 122,433 |  |  | 23,728 |  |  | 17,773 |  |  | — |  |  | — |  |  |  | 163,934 |
Interest and preferred dividends payable | 15,407 |  |  | 3,989 |  |  | 2,931 |  |  | — |  |  | (11 | ) | [1] |  | 22,316 |
Taxes accrued | 176,339 |  |  | 37,548 |  |  | 36,807 |  |  | — |  |  | (292 | ) | [3] |  | 250,402 |
Regulatory liabilities | 191 |  |  | — |  |  | 441 |  |  | — |  |  | — |  |  |  | 632 |
Other | 48,282 |  |  | 9,866 |  |  | 16,094 |  |  | — |  |  | (9,096 | ) | [1] |  | 65,146 |
Total current liabilities | 362,652 |  |  | 85,631 |  |  | 79,646 |  |  | — |  |  | (25,499 | ) |  |  | 502,430 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes | 429,515 |  |  | 90,119 |  |  | 83,238 |  |  | — |  |  | — |  |  |  | 602,872 |
Regulatory liabilities | 236,727 |  |  | 77,707 |  |  | 29,966 |  |  | — |  |  | (183 | ) | [1] |  | 344,217 |
Unamortized tax credits | 49,865 |  |  | 14,902 |  |  | 14,725 |  |  | — |  |  | — |  |  |  | 79,492 |
Defined benefit pension and other postretirement benefit plans liability | 446,888 |  |  | 72,547 |  |  | 75,960 |  |  | — |  |  | — |  |  |  | 595,395 |
Other | 52,446 |  |  | 10,658 |  |  | 13,532 |  |  | — |  |  | — |  |  |  | 76,636 |
Total deferred credits and other liabilities | 1,215,441 |  |  | 265,933 |  |  | 217,421 |  |  | — |  |  | (183 | ) |  |  | 1,698,612 |
Contributions in aid of construction | 283,739 |  |  | 94,475 |  |  | 88,218 |  |  | — |  |  | — |  |  |  | 466,432 |
Total capitalization and liabilities | $ | 4,396,815 |  |  | 924,885 |  |  | 832,977 |  |  | 101 |  |  | (564,321 | ) |  |  | $ | 5,590,457 |
Consolidating balance sheet December 31, 2013
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating 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 | ) | [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 | 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 | ) | [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 |
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, 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 benefits | (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 |  |  | 123 |  |  | — |  |  | (268 | ) |  | 1,578 |
Issuance of common stock, net of expenses | 78,499 |  |  | — |  |  | 12,461 |  |  | — |  |  | (12,461 | ) |  | 78,499 |
Common stock dividends | (81,578 | ) |  | (14,387 | ) |  | (14,017 | ) |  | — |  |  | 28,404 |  |  | (81,578 | )
Balance, December 31, 2013 | $ | 1,593,564 |  |  | 274,802 |  |  | 248,771 |  |  | 101 |  |  | (523,674 | ) |  | $ | 1,593,564 |
Net income for common stock | 137,641 |  |  | 18,689 |  |  | 22,275 |  |  | — |  |  | (40,964 | ) |  | 137,641 |
Other comprehensive loss, net of tax benefits | (563 | ) |  | (18 | ) |  | (5 | ) |  | — |  |  | 23 |  |  | (563 | )
Issuance of common stock, net of expenses | 39,994 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 39,994 |
Common stock dividends | (88,492 | ) |  | (11,627 | ) |  | (14,349 | ) |  | — |  |  | 25,976 |  |  | (88,492 | )
Balance, December 31, 2014 | $ | 1,682,144 |  |  | 281,846 |  |  | 256,692 |  |  | 101 |  |  | (538,639 | ) |  | $ | 1,682,144 |
Schedule of consolidating statements of cash flows | Consolidating statement of cash flows Year ended December 31, 2014
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 138,721 |  |  | 19,223 |  |  | 22,656 |  |  | — |  |  | (40,964 | ) | [2] |  | $ | 139,636 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings | (41,064 | ) |  | — |  |  | — |  |  | — |  |  | 40,964 |  | [2] |  | (100 | )
Common stock dividends received from subsidiaries | 26,076 |  |  | — |  |  | — |  |  | — |  |  | (25,976 | ) | [2] |  | 100 |
Depreciation of property, plant and equipment | 109,204 |  |  | 35,904 |  |  | 21,279 |  |  | — |  |  | — |  |  |  | 166,387 |
Other amortization | 1,749 |  |  | 2,596 |  |  | 3,746 |  |  | — |  |  | — |  |  |  | 8,091 |
Increase in deferred income taxes | 56,901 |  |  | 12,083 |  |  | 13,963 |  |  | — |  |  | — |  |  |  | 82,947 |
Change in tax credits, net | 4,998 |  |  | 680 |  |  | 384 |  |  | — |  |  | — |  |  |  | 6,062 |
Allowance for equity funds used during construction | (6,085 | ) |  | (472 | ) |  | (214 | ) |  | — |  |  | — |  |  |  | (6,771 | )
Change in cash overdraft | — |  |  | — |  |  | (1,038 | ) |  | — |  |  | — |  |  |  | (1,038 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in accounts receivable | 16,213 |  |  | 7,150 |  |  | 3,483 |  |  | — |  |  | (103 | ) | [1] |  | 26,743 |
Decrease in accrued unbilled revenues | 4,680 |  |  | 1,174 |  |  | 896 |  |  | — |  |  | — |  |  |  | 6,750 |
Decrease in fuel oil stock | 25,098 |  |  | 378 |  |  | 2,565 |  |  | — |  |  | — |  |  |  | 28,041 |
Decrease (increase) in materials and supplies | 4,223 |  |  | 219 |  |  | (2,648 | ) |  | — |  |  | — |  |  |  | 1,794 |
Increase in regulatory assets | (14,620 | ) |  | (3,357 | ) |  | 977 |  |  | — |  |  | — |  |  |  | (17,000 | )
Decrease in accounts payable | (74,276 | ) |  | (8,490 | ) |  | (7,866 | ) |  | — |  |  | — |  |  |  | (90,632 | )
Change in prepaid and accrued income taxes and revenue taxes | (4,166 | ) |  | (3,251 | ) |  | 3,381 |  |  | — |  |  | — |  |  |  | (4,036 | )
Decrease in defined benefit pension and other postretirement benefit plans liability | (562 | ) |  | — |  |  | (399 | ) |  | — |  |  | — |  |  |  | (961 | )
Change in other assets and liabilities | (46,032 | ) |  | (12,085 | ) |  | (4,945 | ) |  | — |  |  | 103 |  | [1] |  | (62,959 | )
Net cash provided by operating activities | 201,058 |  |  | 51,752 |  |  | 56,220 |  |  | — |  |  | (25,976 | ) |  |  | 283,054 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (219,738 | ) |  | (48,050 | ) |  | (43,786 | ) |  | — |  |  | — |  |  |  | (311,574 | )
Contributions in aid of construction | 30,021 |  |  | 7,695 |  |  | 4,090 |  |  | — |  |  | — |  |  |  | 41,806 |
Advances from affiliates | (9,261 | ) |  | 1,000 |  |  | — |  |  | — |  |  | 8,261 |  | [1] |  | — |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |
Investment in consolidated subsidiary | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |
Net cash used in investing activities | (198,978 | ) |  | (39,355 | ) |  | (39,696 | ) |  | — |  |  | 8,261 |  |  |  | (269,768 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (88,492 | ) |  | (11,627 | ) |  | (14,349 | ) |  | — |  |  | 25,976 |  | [2] |  | (88,492 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) |  | (534 | ) |  | (381 | ) |  | — |  |  | — |  |  |  | (1,995 | )
Proceeds from issuance of common stock | 40,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 40,000 |
Proceeds from issuance of long-term debt | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | — |
Repayment of long-term debt | — |  |  | (11,400 | ) |  | — |  |  | — |  |  | — |  |  |  | (11,400 | )
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (1,000 | ) |  | 10,500 |  |  | (1,239 | ) |  | — |  |  | (8,261 | ) | [2] |  | — |
Other | (337 | ) |  | (50 | ) |  | (75 | ) |  | — |  |  | — |  |  |  | (462 | )
Net cash used in financing activities | (50,909 | ) |  | (13,111 | ) |  | (16,044 | ) |  | — |  |  | 17,715 |  |  |  | (62,349 | )
Net increase (decrease) in cash and cash equivalents | (48,829 | ) |  | (714 | ) |  | 480 |  |  | — |  |  | — |  |  |  | (49,063 | )
Cash and cash equivalents, January 1 | 61,245 |  |  | 1,326 |  |  | 153 |  |  | 101 |  |  | — |  |  |  | 62,825 |
Cash and cash equivalents, December 31 | $ | 12,416 |  |  | 612 |  |  | 633 |  |  | 101 |  |  | — |  |  |  | $ | 13,762 |
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 the issuance of common stock | 78,500 |  |  | — |  |  | 12,461 |  |  | — |  |  | (12,461 | ) | [2] |  | 78,500 |
Proceeds from the 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 |  | [1] |  | — |
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 benefits 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 long-term debt | 367,000 |  |  | 31,000 |  |  | 59,000 |  |  | — |  |  | — |  |  |  | 457,000 |
Proceeds from issuance of common stock | 44,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 44,000 |
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 |
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.

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