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Electric utility subsidiary (Tables) | 6 Months Ended
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Jun. 30, 2015
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 June 30 |  | Six months ended June 30
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 46,035 |  |  | $ | 43,851 |  |  | $ | 91,233 |  |  | $ | 87,533 |
Interest and dividends on investment securities |  | 3,306 |  |  | 2,950 |  |  | 6,357 |  |  | 5,985 |
Total interest and dividend income |  | 49,341 |  |  | 46,801 |  |  | 97,590 |  |  | 93,518 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,266 |  |  | 1,237 |  |  | 2,526 |  |  | 2,462 |
Interest on other borrowings |  | 1,487 |  |  | 1,420 |  |  | 2,953 |  |  | 2,825 |
Total interest expense |  | 2,753 |  |  | 2,657 |  |  | 5,479 |  |  | 5,287 |
Net interest income |  | 46,588 |  |  | 44,144 |  |  | 92,111 |  |  | 88,231 |
Provision for loan losses |  | 1,825 |  |  | 1,021 |  |  | 2,439 |  |  | 2,016 |
Net interest income after provision for loan losses |  | 44,763 |  |  | 43,123 |  |  | 89,672 |  |  | 86,215 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,550 |  |  | 5,217 |  |  | 10,905 |  |  | 10,345 |
Fee income on deposit liabilities |  | 5,424 |  |  | 4,645 |  |  | 10,739 |  |  | 9,066 |
Fee income on other financial products |  | 2,103 |  |  | 2,064 |  |  | 3,992 |  |  | 4,354 |
Bank-owned life insurance |  | 1,058 |  |  | 982 |  |  | 2,041 |  |  | 1,945 |
Mortgage banking income |  | 2,068 |  |  | 246 |  |  | 3,890 |  |  | 874 |
Gains on sale of investment securities |  | — |  |  | — |  |  | — |  |  | 2,847 |
Other income, net |  | 239 |  |  | 661 |  |  | 974 |  |  | 1,286 |
Total noninterest income |  | 16,442 |  |  | 13,815 |  |  | 32,541 |  |  | 30,717 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 22,319 |  |  | 19,872 |  |  | 44,085 |  |  | 40,158 |
Occupancy |  | 4,009 |  |  | 4,489 |  |  | 8,122 |  |  | 8,442 |
Data processing |  | 2,953 |  |  | 2,971 |  |  | 6,069 |  |  | 6,031 |
Services |  | 2,833 |  |  | 2,855 |  |  | 5,174 |  |  | 5,128 |
Equipment |  | 1,690 |  |  | 1,609 |  |  | 3,391 |  |  | 3,254 |
Office supplies, printing and postage |  | 1,303 |  |  | 1,456 |  |  | 2,786 |  |  | 3,072 |
Marketing |  | 844 |  |  | 1,031 |  |  | 1,685 |  |  | 1,742 |
FDIC insurance |  | 773 |  |  | 805 |  |  | 1,584 |  |  | 1,601 |
Other expense |  | 4,755 |  |  | 3,894 |  |  | 8,960 |  |  | 7,016 |
Total noninterest expense |  | 41,479 |  |  | 38,982 |  |  | 81,856 |  |  | 76,444 |
Income before income taxes |  | 19,726 |  |  | 17,956 |  |  | 40,357 |  |  | 40,488 |
Income taxes |  | 6,875 |  |  | 6,420 |  |  | 14,031 |  |  | 14,553 |
Net income |  | $ | 12,851 |  |  | $ | 11,536 |  |  | $ | 26,326 |  |  | $ | 25,935 |
Schedule of consolidating balance sheets | American Savings Bank, F.S.B. Balance Sheets Data
(in thousands) |  | June 30, 2015 |  | December 31, 2014
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  |  | $ | 106,914 |  |  |  |  |  | $ | 107,233 |
Interest-bearing deposits |  |  |  | 162,088 |  |  |  |  | 54,230 |
Available-for-sale investment securities, at fair value |  |  |  |  | 693,520 |  |  |  |  |  | 550,394 |
Stock in Federal Home Loan Bank, at cost |  |  |  |  | 10,678 |  |  |  |  |  | 69,302 |
Loans receivable held for investment |  |  |  |  | 4,457,182 |  |  |  |  |  | 4,434,651 |
Allowance for loan losses |  |  |  |  | (46,365 | ) |  |  |  |  | (45,618 | )
Net loans |  |  |  |  | 4,410,817 |  |  |  |  |  | 4,389,033 |
Loans held for sale, at lower of cost or fair value |  |  |  |  | 5,581 |  |  |  |  |  | 8,424 |
Other |  |  |  |  | 305,310 |  |  |  |  |  | 305,416 |
Goodwill |  |  |  |  | 82,190 |  |  |  |  |  | 82,190 |
Total assets |  |  |  |  | $ | 5,777,098 |  |  |  |  |  | $ | 5,566,222 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  |  | $ | 1,455,721 |  |  |  |  |  | $ | 1,342,794 |
Deposit liabilities—interest-bearing |  |  |  |  | 3,347,550 |  |  |  |  |  | 3,280,621 |
Other borrowings |  |  |  |  | 314,157 |  |  |  |  |  | 290,656 |
Other |  |  |  |  | 113,015 |  |  |  |  |  | 118,363 |
Total liabilities |  |  |  |  | 5,230,443 |  |  |  |  |  | 5,032,434 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  |  |  | 1 |  |  |  |  |  | 1 |
Additional paid in capital |  |  |  | 339,416 |  |  |  |  | 338,411 |
Retained earnings |  |  |  |  | 223,260 |  |  |  |  |  | 211,934 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains on securities |  | $ | 219 |  |  |  |  |  | $ | 462 |  |  |  |
Retirement benefit plans |  | (16,241 | ) |  | (16,022 | ) |  | (17,020 | ) |  | (16,558 | )
Total shareholder’s equity |  |  |  |  | 546,655 |  |  |  |  |  | 533,788 |
Total liabilities and shareholder’s equity |  |  |  |  | $ | 5,777,098 |  |  |  |  |  | $ | 5,566,222 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  |  | $ | 136,062 |  |  |  |  |  | $ | 134,115 |
Premises and equipment, net |  |  |  |  | 85,976 |  |  |  |  |  | 92,407 |
Prepaid expenses |  |  |  |  | 3,728 |  |  |  |  |  | 3,196 |
Accrued interest receivable |  |  |  |  | 14,052 |  |  |  |  |  | 13,632 |
Mortgage-servicing rights |  |  |  |  | 12,265 |  |  |  |  |  | 11,540 |
Low-income housing equity investments |  |  |  | 30,974 |  |  |  |  | 33,438 |
Real estate acquired in settlement of loans, net |  |  |  |  | 318 |  |  |  |  |  | 891 |
Other |  |  |  |  | 21,935 |  |  |  |  |  | 16,197 |
|  |  |  |  | $ | 305,310 |  |  |  |  |  | $ | 305,416 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses |  |  |  |  | $ | 26,915 |  |  |  |  |  | $ | 37,880 |
Federal and state income taxes payable |  |  |  |  | 26,502 |  |  |  |  |  | 28,642 |
Cashier’s checks |  |  |  |  | 27,670 |  |  |  |  |  | 20,509 |
Advance payments by borrowers |  |  |  |  | 10,093 |  |  |  |  |  | 9,652 |
Other |  |  |  |  | 21,835 |  |  |  |  |  | 21,680 |
|  |  |  |  | $ | 113,015 |  |  |  |  |  | $ | 118,363 |
Hawaiian Electric Company, Inc. and Subsidiaries |
Regulatory projects and legal obligations |
Schedule of purchases from all IPPs | Purchases from all IPPs were as follows:
|  | Three months ended June 30 |  | Six months ended June 30
(in millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014
AES Hawaii |  | $ | 26 |  |  | $ | 36 |  |  | $ | 60 |  |  | $ | 69 |
Kalaeloa |  | 48 |  |  | 74 |  |  | 92 |  |  | 141 |
HEP |  | 10 |  |  | 8 |  |  | 21 |  |  | 20 |
HPOWER |  | 16 |  |  | 16 |  |  | 32 |  |  | 32 |
Other IPPs |  | 49 |  |  | 54 |  |  | 80 |  |  | 91 |
Total IPPs |  | $ | 149 |  |  | $ | 188 |  |  | $ | 285 |  |  | $ | 353 |
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:
|  | Six months ended June 30
(in thousands) |  | 2015 |  | 2014
Balance, beginning of period |  | $ | 29,419 |  |  | $ | 43,106 |
Accretion expense |  | 12 |  |  | 643 |
Liabilities incurred |  | — |  |  | — |
Liabilities settled |  | (1,881 | ) |  | (6,052 | )
Revisions in estimated cash flows |  | — |  |  | — |
Balance, end of period |  | $ | 27,550 |  |  | $ | 37,697 |
Schedule of annual decoupling filings | Below is a summary of the 2015 incremental impact by company.
($ in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric
Annual incremental RAM adjusted revenues |  | $ | 8.1 |  |  | $ | 1.5 |  |  | $ | 1.5 |
Annual change in accrued earnings sharing credits to be refunded |  | $ | — |  |  | $ | — |  |  | $ | (0.1 | )
Annual change in accrued RBA balance as of December 31, 2014 (and associated revenue taxes) to be collected |  | $ | (9.2 | ) |  | $ | 0.1 |  |  | $ | (2.2 | )
Net annual incremental amount to be collected under the tariffs |  | $ | (1.1 | ) |  | $ | 1.5 |  |  | $ | (0.8 | )
Impact on typical residential customer monthly bill (in dollars) * |  | $ | (0.09 | ) |  | $ | 0.88 |  |  | $ | (0.13 | )
Note: Columns may not foot due to rounding * Based on a 500 KWH bill for Hawaiian Electric, Maui Electric, and Hawaii Electric Light. The bill impact for Lanai and Molokai customers is a decrease of $0.11, based on a 400 KWH bill.
Schedule of consolidating statements of income (loss) | Consolidating Statement of Income (unaudited) Three months ended June 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 391,007 |  |  | 83,732 |  |  | 83,442 |  |  | — |  |  | (18 | ) |  | $ | 558,163 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 104,278 |  |  | 16,241 |  |  | 25,712 |  |  | — |  |  | — |  |  | 146,231 |
Purchased power |  | 107,370 |  |  | 24,555 |  |  | 17,359 |  |  | — |  |  | — |  |  | 149,284 |
Other operation and maintenance |  | 66,428 |  |  | 16,158 |  |  | 16,278 |  |  | — |  |  | — |  |  | 98,864 |
Depreciation |  | 29,389 |  |  | 9,312 |  |  | 5,540 |  |  | — |  |  | — |  |  | 44,241 |
Taxes, other than income taxes |  | 37,479 |  |  | 7,944 |  |  | 7,959 |  |  | — |  |  | — |  |  | 53,382 |
Total expenses |  | 344,944 |  |  | 74,210 |  |  | 72,848 |  |  | — |  |  | — |  |  | 492,002 |
Operating income |  | 46,063 |  |  | 9,522 |  |  | 10,594 |  |  | — |  |  | (18 | ) |  | 66,161 |
Allowance for equity funds used during construction |  | 1,581 |  |  | 165 |  |  | 150 |  |  | — |  |  | — |  |  | 1,896 |
Equity in earnings of subsidiaries |  | 9,624 |  |  | — |  |  | — |  |  | — |  |  | (9,624 | ) |  | — |
Interest expense and other charges, net |  | (11,290 | ) |  | (2,592 | ) |  | (2,424 | ) |  | — |  |  | 18 |  |  | (16,288 | )
Allowance for borrowed funds used during construction |  | 564 |  |  | 58 |  |  | 60 |  |  | — |  |  | — |  |  | 682 |
Income before income taxes |  | 46,542 |  |  | 7,153 |  |  | 8,380 |  |  | — |  |  | (9,624 | ) |  | 52,451 |
Income taxes |  | 13,431 |  |  | 2,536 |  |  | 3,144 |  |  | — |  |  | — |  |  | 19,111 |
Net income |  | 33,111 |  |  | 4,617 |  |  | 5,236 |  |  | — |  |  | (9,624 | ) |  | 33,340 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 33,111 |  |  | 4,484 |  |  | 5,140 |  |  | — |  |  | (9,624 | ) |  | 33,111 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 32,841 |  |  | 4,484 |  |  | 5,140 |  |  | — |  |  | (9,624 | ) |  | $ | 32,841 |
Consolidating Statement of Income (unaudited) Six months ended June 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 790,748 |  |  | 171,787 |  |  | 169,116 |  |  | — |  |  | (46 | ) |  | $ | 1,131,605 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 222,681 |  |  | 39,626 |  |  | 60,730 |  |  | — |  |  | — |  |  | 323,037 |
Purchased power |  | 210,620 |  |  | 46,448 |  |  | 28,223 |  |  | — |  |  | — |  |  | 285,291 |
Other operation and maintenance |  | 136,512 |  |  | 32,557 |  |  | 33,797 |  |  | — |  |  | — |  |  | 202,866 |
Depreciation |  | 58,778 |  |  | 18,625 |  |  | 11,081 |  |  | — |  |  | — |  |  | 88,484 |
Taxes, other than income taxes |  | 75,680 |  |  | 16,328 |  |  | 16,122 |  |  | — |  |  | — |  |  | 108,130 |
Total expenses |  | 704,271 |  |  | 153,584 |  |  | 149,953 |  |  | — |  |  | — |  |  | 1,007,808 |
Operating income |  | 86,477 |  |  | 18,203 |  |  | 19,163 |  |  | — |  |  | (46 | ) |  | 123,797 |
Allowance for equity funds used during construction |  | 2,704 |  |  | 310 |  |  | 295 |  |  | — |  |  | — |  |  | 3,309 |
Equity in earnings of subsidiaries |  | 17,316 |  |  | — |  |  | — |  |  | — |  |  | (17,316 | ) |  | — |
Interest expense and other charges, net |  | (22,528 | ) |  | (5,272 | ) |  | (4,859 | ) |  | — |  |  | 46 |  |  | (32,613 | )
Allowance for borrowed funds used during construction |  | 952 |  |  | 111 |  |  | 118 |  |  | — |  |  | — |  |  | 1,181 |
Income before income taxes |  | 84,921 |  |  | 13,352 |  |  | 14,717 |  |  | — |  |  | (17,316 | ) |  | 95,674 |
Income taxes |  | 24,666 |  |  | 4,813 |  |  | 5,482 |  |  | — |  |  | — |  |  | 34,961 |
Net income |  | 60,255 |  |  | 8,539 |  |  | 9,235 |  |  | — |  |  | (17,316 | ) |  | 60,713 |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net income attributable to Hawaiian Electric |  | 60,255 |  |  | 8,272 |  |  | 9,044 |  |  | — |  |  | (17,316 | ) |  | 60,255 |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net income for common stock |  | $ | 59,715 |  |  | 8,272 |  |  | 9,044 |  |  | — |  |  | (17,316 | ) |  | $ | 59,715 |
Consolidating Statement of Income (unaudited) Three months ended June 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 530,991 |  |  | 103,544 |  |  | 103,916 |  |  | — |  |  | (22 | ) |  | $ | 738,429 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 195,549 |  |  | 31,179 |  |  | 43,529 |  |  | — |  |  | — |  |  | 270,257 |
Purchased power |  | 140,805 |  |  | 28,170 |  |  | 19,348 |  |  | — |  |  | — |  |  | 188,323 |
Other operation and maintenance |  | 68,992 |  |  | 14,817 |  |  | 14,755 |  |  | — |  |  | — |  |  | 98,564 |
Depreciation |  | 27,300 |  |  | 8,976 |  |  | 5,317 |  |  | — |  |  | — |  |  | 41,593 |
Taxes, other than income taxes |  | 49,949 |  |  | 9,757 |  |  | 9,918 |  |  | — |  |  | — |  |  | 69,624 |
Total expenses |  | 482,595 |  |  | 92,899 |  |  | 92,867 |  |  | — |  |  | — |  |  | 668,361 |
Operating income |  | 48,396 |  |  | 10,645 |  |  | 11,049 |  |  | — |  |  | (22 | ) |  | 70,068 |
Allowance for equity funds used during construction |  | 1,417 |  |  | 121 |  |  | (151 | ) |  | — |  |  | — |  |  | 1,387 |
Equity in earnings of subsidiaries |  | 9,859 |  |  | — |  |  | — |  |  | — |  |  | (9,859 | ) |  | — |
Interest expense and other charges, net |  | (11,553 | ) |  | (2,852 | ) |  | (2,469 | ) |  | — |  |  | 22 |  |  | (16,852 | )
Allowance for borrowed funds used during construction |  | 535 |  |  | 47 |  |  | (59 | ) |  | — |  |  | — |  |  | 523 |
Income before income taxes |  | 48,654 |  |  | 7,961 |  |  | 8,370 |  |  | — |  |  | (9,859 | ) |  | 55,126 |
Income taxes |  | 14,154 |  |  | 2,982 |  |  | 3,261 |  |  | — |  |  | — |  |  | 20,397 |
Net income |  | 34,500 |  |  | 4,979 |  |  | 5,109 |  |  | — |  |  | (9,859 | ) |  | 34,729 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 34,500 |  |  | 4,846 |  |  | 5,013 |  |  | — |  |  | (9,859 | ) |  | 34,500 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 34,230 |  |  | 4,846 |  |  | 5,013 |  |  | — |  |  | (9,859 | ) |  | $ | 34,230 |
Consolidating Statement of Income (unaudited) Six months ended June 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,043,446 |  |  | 208,475 |  |  | 206,609 |  |  | — |  |  | (39 | ) |  | $ | 1,458,491 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 399,096 |  |  | 62,679 |  |  | 94,782 |  |  | — |  |  | — |  |  | 556,557 |
Purchased power |  | 264,774 |  |  | 57,661 |  |  | 30,804 |  |  | — |  |  | — |  |  | 353,239 |
Other operation and maintenance |  | 127,507 |  |  | 28,864 |  |  | 30,799 |  |  | — |  |  | — |  |  | 187,170 |
Depreciation |  | 54,601 |  |  | 17,951 |  |  | 10,644 |  |  | — |  |  | — |  |  | 83,196 |
Taxes, other than income taxes |  | 98,133 |  |  | 19,520 |  |  | 19,942 |  |  | — |  |  | — |  |  | 137,595 |
Total expenses |  | 944,111 |  |  | 186,675 |  |  | 186,971 |  |  | — |  |  | — |  |  | 1,317,757 |
Operating income |  | 99,335 |  |  | 21,800 |  |  | 19,638 |  |  | — |  |  | (39 | ) |  | 140,734 |
Allowance for equity funds used during construction |  | 2,889 |  |  | 186 |  |  | (79 | ) |  | — |  |  | — |  |  | 2,996 |
Equity in earnings of subsidiaries |  | 18,776 |  |  | — |  |  | — |  |  | — |  |  | (18,776 | ) |  | — |
Interest expense and other charges, net |  | (22,040 | ) |  | (5,600 | ) |  | (4,974 | ) |  | — |  |  | 39 |  |  | (32,575 | )
Allowance for borrowed funds used during construction |  | 1,094 |  |  | 72 |  |  | (29 | ) |  | — |  |  | — |  |  | 1,137 |
Income before income taxes |  | 100,054 |  |  | 16,458 |  |  | 14,556 |  |  | — |  |  | (18,776 | ) |  | 112,292 |
Income taxes |  | 29,864 |  |  | 6,184 |  |  | 5,596 |  |  | — |  |  | — |  |  | 41,644 |
Net income |  | 70,190 |  |  | 10,274 |  |  | 8,960 |  |  | — |  |  | (18,776 | ) |  | 70,648 |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net income attributable to Hawaiian Electric |  | 70,190 |  |  | 10,007 |  |  | 8,769 |  |  | — |  |  | (18,776 | ) |  | 70,190 |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net income for common stock |  | $ | 69,650 |  |  | 10,007 |  |  | 8,769 |  |  | — |  |  | (18,776 | ) |  | $ | 69,650 |
Schedule of consolidating statement of comprehensive income (loss) | Consolidating Statement of Comprehensive Income (unaudited) Six months ended June 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 69,650 |  |  | 10,007 |  |  | 8,769 |  |  | — |  |  | (18,776 | ) |  | $ | 69,650 |
Other comprehensive income, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 5,107 |  |  | 636 |  |  | 545 |  |  | — |  |  | (1,181 | ) |  | 5,107 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (5,085 | ) |  | (636 | ) |  | (545 | ) |  | — |  |  | 1,181 |  |  | (5,085 | )
Other comprehensive income, net of taxes |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |
Comprehensive income attributable to common shareholder |  | $ | 69,672 |  |  | 10,007 |  |  | 8,769 |  |  | — |  |  | (18,776 | ) |  | $ | 69,672 |
Consolidating Statement of Comprehensive Income (Loss) (unaudited) Six months ended June 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 59,715 |  |  | 8,272 |  |  | 9,044 |  |  | — |  |  | (17,316 | ) |  | $ | 59,715 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 10,190 |  |  | 1,364 |  |  | 1,252 |  |  | — |  |  | (2,616 | ) |  | 10,190 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (10,183 | ) |  | (1,367 | ) |  | (1,255 | ) |  | — |  |  | 2,622 |  |  | (10,183 | )
Other comprehensive income (loss), net of taxes |  | 7 |  |  | (3 | ) |  | (3 | ) |  | — |  |  | 6 |  |  | 7 |
Comprehensive income attributable to common shareholder |  | $ | 59,722 |  |  | 8,269 |  |  | 9,041 |  |  | — |  |  | (17,310 | ) |  | $ | 59,722 |
Consolidating Statement of Comprehensive Income (Loss) (unaudited) Three months ended June 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 32,841 |  |  | 4,484 |  |  | 5,140 |  |  | — |  |  | (9,624 | ) |  | $ | 32,841 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 5,257 |  |  | 713 |  |  | 652 |  |  | — |  |  | (1,365 | ) |  | 5,257 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (5,272 | ) |  | (716 | ) |  | (655 | ) |  | — |  |  | 1,371 |  |  | (5,272 | )
Other comprehensive income (loss), net of taxes |  | (15 | ) |  | (3 | ) |  | (3 | ) |  | — |  |  | 6 |  |  | (15 | )
Comprehensive income attributable to common shareholder |  | $ | 32,826 |  |  | 4,481 |  |  | 5,137 |  |  | — |  |  | (9,618 | ) |  | $ | 32,826 |
Consolidating Statement of Comprehensive Income (unaudited) Three months ended June 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 34,230 |  |  | 4,846 |  |  | 5,013 |  |  | — |  |  | (9,859 | ) |  | $ | 34,230 |
Other comprehensive income, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 2,588 |  |  | 292 |  |  | 292 |  |  | — |  |  | (584 | ) |  | 2,588 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (2,575 | ) |  | (292 | ) |  | (292 | ) |  | — |  |  | 584 |  |  | (2,575 | )
Other comprehensive income, net of taxes |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13 |
Comprehensive income attributable to common shareholder |  | $ | 34,243 |  |  | 4,846 |  |  | 5,013 |  |  | — |  |  | (9,859 | ) |  | $ | 34,243 |
Schedule of consolidating balance sheets | Consolidating Balance Sheet (unaudited) December 31, 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 |  | $ | 43,819 |  |  | 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 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 12,416 |  |  | 612 |  |  | 633 |  |  | 101 |  |  | — |  |  | 13,762 |
Advances to affiliates |  | 16,100 |  |  | — |  |  | — |  |  | — |  |  | (16,100 | ) |  | — |
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 | ) |  | 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 | ) |  | 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 | ) |  | 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 | ) |  | $ | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings from affiliate |  | — |  |  | 10,500 |  |  | 5,600 |  |  | — |  |  | (16,100 | ) |  | — |
Accounts payable |  | 122,433 |  |  | 23,728 |  |  | 17,773 |  |  | — |  |  | — |  |  | 163,934 |
Interest and preferred dividends payable |  | 15,407 |  |  | 3,989 |  |  | 2,931 |  |  | — |  |  | (11 | ) |  | 22,316 |
Taxes accrued |  | 176,339 |  |  | 37,548 |  |  | 36,807 |  |  | — |  |  | (292 | ) |  | 250,402 |
Regulatory liabilities |  | 191 |  |  | — |  |  | 441 |  |  | — |  |  | — |  |  | 632 |
Other |  | 48,282 |  |  | 9,866 |  |  | 16,094 |  |  | — |  |  | (9,096 | ) |  | 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 | ) |  | 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 (unaudited) June 30, 2015
(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 |  | $ | 43,542 |  |  | 5,464 |  |  | 3,016 |  |  | — |  |  | — |  |  | $ | 52,022 |
Plant and equipment |  | 3,889,544 |  |  | 1,187,999 |  |  | 1,064,686 |  |  | — |  |  | — |  |  | 6,142,229 |
Less accumulated depreciation |  | (1,275,328 | ) |  | (484,930 | ) |  | (458,445 | ) |  | — |  |  | — |  |  | (2,218,703 | )
Construction in progress |  | 162,872 |  |  | 18,754 |  |  | 14,729 |  |  | — |  |  | — |  |  | 196,355 |
Utility property, plant and equipment, net |  | 2,820,630 |  |  | 727,287 |  |  | 623,986 |  |  | — |  |  | — |  |  | 4,171,903 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 4,949 |  |  | 82 |  |  | 1,531 |  |  | — |  |  | — |  |  | 6,562 |
Total property, plant and equipment, net |  | 2,825,579 |  |  | 727,369 |  |  | 625,517 |  |  | — |  |  | — |  |  | 4,178,465 |
Investment in wholly owned subsidiaries, at equity |  | 543,351 |  |  | — |  |  | — |  |  | — |  |  | (543,351 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 3,393 |  |  | 801 |  |  | 175 |  |  | 101 |  |  | — |  |  | 4,470 |
Advances to affiliates |  | 18,200 |  |  | — |  |  | — |  |  | — |  |  | (18,200 | ) |  | — |
Customer accounts receivable, net |  | 95,975 |  |  | 23,981 |  |  | 19,966 |  |  | — |  |  | — |  |  | 139,922 |
Accrued unbilled revenues, net |  | 80,165 |  |  | 13,772 |  |  | 15,507 |  |  | — |  |  | — |  |  | 109,444 |
Other accounts receivable, net |  | 11,816 |  |  | 2,009 |  |  | 2,703 |  |  | — |  |  | (10,638 | ) |  | 5,890 |
Fuel oil stock, at average cost |  | 85,710 |  |  | 8,350 |  |  | 14,348 |  |  | — |  |  | — |  |  | 108,408 |
Materials and supplies, at average cost |  | 32,857 |  |  | 7,172 |  |  | 17,326 |  |  | — |  |  | — |  |  | 57,355 |
Prepayments and other |  | 23,986 |  |  | 3,345 |  |  | 8,882 |  |  | — |  |  | (251 | ) |  | 35,962 |
Regulatory assets |  | 82,751 |  |  | 8,829 |  |  | 7,656 |  |  | — |  |  | — |  |  | 99,236 |
Total current assets |  | 434,853 |  |  | 68,259 |  |  | 86,563 |  |  | 101 |  |  | (29,089 | ) |  | 560,687 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | 601,012 |  |  | 105,093 |  |  | 99,218 |  |  | — |  |  | — |  |  | 805,323 |
Unamortized debt expense |  | 5,397 |  |  | 1,353 |  |  | 1,150 |  |  | — |  |  | — |  |  | 7,900 |
Other |  | 52,211 |  |  | 15,303 |  |  | 14,418 |  |  | — |  |  | — |  |  | 81,932 |
Total other long-term assets |  | 658,620 |  |  | 121,749 |  |  | 114,786 |  |  | — |  |  | — |  |  | 895,155 |
Total assets |  | $ | 4,462,403 |  |  | 917,377 |  |  | 826,866 |  |  | 101 |  |  | (572,440 | ) |  | $ | 5,634,307 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,696,658 |  |  | 285,104 |  |  | 258,146 |  |  | 101 |  |  | (543,351 | ) |  | $ | 1,696,658 |
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 |  | 2,549,497 |  |  | 482,104 |  |  | 449,146 |  |  | 101 |  |  | (543,351 | ) |  | 2,937,497 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term borrowings from non-affiliates |  | 88,993 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 88,993 |
Short-term borrowings from affiliate |  | — |  |  | 13,000 |  |  | 5,200 |  |  | — |  |  | (18,200 | ) |  | — |
Accounts payable |  | 113,360 |  |  | 16,479 |  |  | 17,911 |  |  | — |  |  | — |  |  | 147,750 |
Interest and preferred dividends payable |  | 15,435 |  |  | 3,962 |  |  | 2,976 |  |  | — |  |  | (6 | ) |  | 22,367 |
Taxes accrued |  | 130,919 |  |  | 29,577 |  |  | 28,408 |  |  | — |  |  | (251 | ) |  | 188,653 |
Regulatory liabilities |  | 286 |  |  | — |  |  | 477 |  |  | — |  |  | — |  |  | 763 |
Other |  | 51,946 |  |  | 9,237 |  |  | 15,834 |  |  | — |  |  | (10,632 | ) |  | 66,385 |
Total current liabilities |  | 400,939 |  |  | 72,255 |  |  | 70,806 |  |  | — |  |  | (29,089 | ) |  | 514,911 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | 428,866 |  |  | 91,220 |  |  | 85,616 |  |  | — |  |  | — |  |  | 605,702 |
Regulatory liabilities |  | 245,038 |  |  | 81,195 |  |  | 30,093 |  |  | — |  |  | — |  |  | 356,326 |
Unamortized tax credits |  | 53,632 |  |  | 15,290 |  |  | 14,971 |  |  | — |  |  | — |  |  | 83,893 |
Defined benefit pension and other postretirement benefit plans liability |  | 436,946 |  |  | 67,802 |  |  | 73,889 |  |  | — |  |  | — |  |  | 578,637 |
Other |  | 47,777 |  |  | 13,142 |  |  | 13,662 |  |  | — |  |  | — |  |  | 74,581 |
Total deferred credits and other liabilities |  | 1,212,259 |  |  | 268,649 |  |  | 218,231 |  |  | — |  |  | — |  |  | 1,699,139 |
Contributions in aid of construction |  | 299,708 |  |  | 94,369 |  |  | 88,683 |  |  | — |  |  | — |  |  | 482,760 |
Total capitalization and liabilities |  | $ | 4,462,403 |  |  | 917,377 |  |  | 826,866 |  |  | 101 |  |  | (572,440 | ) |  | $ | 5,634,307 |
Schedule of consolidating statement of changes in common stock equity | Consolidating Statement of Changes in Common Stock Equity (unaudited) Six months ended June 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2014 |  | $ | 1,682,144 |  |  | 281,846 |  |  | 256,692 |  |  | 101 |  |  | (538,639 | ) |  | $ | 1,682,144 |
Net income for common stock |  | 59,715 |  |  | 8,272 |  |  | 9,044 |  |  | — |  |  | (17,316 | ) |  | 59,715 |
Other comprehensive income (loss), net of taxes |  | 7 |  |  | (3 | ) |  | (3 | ) |  | — |  |  | 6 |  |  | 7 |
Common stock dividends |  | (45,203 | ) |  | (5,010 | ) |  | (7,587 | ) |  | — |  |  | 12,597 |  |  | (45,203 | )
Common stock issuance expenses |  | (5 | ) |  | (1 | ) |  | — |  |  | — |  |  | 1 |  |  | (5 | )
Balance, June 30, 2015 |  | $ | 1,696,658 |  |  | 285,104 |  |  | 258,146 |  |  | 101 |  |  | (543,351 | ) |  | $ | 1,696,658 |
Hawaiian Electric Company, Inc. and Subsidiaries Consolidating Statement of Changes in Common Stock Equity (unaudited) Six months ended June 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 |  | 69,650 |  |  | 10,007 |  |  | 8,769 |  |  | — |  |  | (18,776 | ) |  | 69,650 |
Other comprehensive income, net of taxes |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |
Common stock dividends |  | (44,246 | ) |  | (5,813 | ) |  | (7,175 | ) |  | — |  |  | 12,988 |  |  | (44,246 | )
Common stock issuance expenses |  | (3 | ) |  | (1 | ) |  | — |  |  | — |  |  | 1 |  |  | (3 | )
Balance, June 30, 2014 |  | $ | 1,618,987 |  |  | 278,995 |  |  | 250,365 |  |  | 101 |  |  | (529,461 | ) |  | $ | 1,618,987 |
Schedule of condensed consolidating statement of cash flows | Consolidating Statement of Cash Flows (unaudited) Six months ended June 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 |  | $ | 70,190 |  |  | 10,274 |  |  | 8,960 |  |  | — |  |  | (18,776 | ) |  | $ | 70,648 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (18,826 | ) |  | — |  |  | — |  |  | — |  |  | 18,776 |  |  | (50 | )
Common stock dividends received from subsidiaries |  | 13,038 |  |  | — |  |  | — |  |  | — |  |  | (12,988 | ) |  | 50 |
Depreciation of property, plant and equipment |  | 54,601 |  |  | 17,951 |  |  | 10,644 |  |  | — |  |  | — |  |  | 83,196 |
Other amortization |  | 554 |  |  | 1,299 |  |  | 1,744 |  |  | — |  |  | — |  |  | 3,597 |
Increase in deferred income taxes |  | 34,976 |  |  | 4,478 |  |  | 5,932 |  |  | — |  |  | — |  |  | 45,386 |
Change in tax credits, net |  | 3,482 |  |  | 434 |  |  | 311 |  |  | — |  |  | — |  |  | 4,227 |
Allowance for equity funds used during construction |  | (2,889 | ) |  | (186 | ) |  | 79 |  |  | — |  |  | — |  |  | (2,996 | )
Change in cash overdraft |  | — |  |  | — |  |  | (1,038 | ) |  | — |  |  | — |  |  | (1,038 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable |  | (4,840 | ) |  | (1,527 | ) |  | 708 |  |  | — |  |  | 620 |  |  | (5,039 | )
Decrease (increase) in accrued unbilled revenues |  | 1,058 |  |  | (352 | ) |  | 1,549 |  |  | — |  |  | — |  |  | 2,255 |
Decrease (increase) in fuel oil stock |  | (23,457 | ) |  | 1,661 |  |  | (5,410 | ) |  | — |  |  | — |  |  | (27,206 | )
Increase in materials and supplies |  | (229 | ) |  | (246 | ) |  | (1,360 | ) |  | — |  |  | — |  |  | (1,835 | )
Increase in regulatory assets |  | (15,893 | ) |  | (1,640 | ) |  | (198 | ) |  | — |  |  | — |  |  | (17,731 | )
Decrease in accounts payable |  | (54,777 | ) |  | (5,621 | ) |  | (2,908 | ) |  | — |  |  | — |  |  | (63,306 | )
Change in prepaid and accrued income and utility revenue taxes |  | (33,867 | ) |  | (3,709 | ) |  | (694 | ) |  | — |  |  | — |  |  | (38,270 | )
Decrease in defined benefit pension and other postretirement benefit plans liability |  | (281 | ) |  | — |  |  | (217 | ) |  | — |  |  | — |  |  | (498 | )
Change in other assets and liabilities |  | (19,897 | ) |  | (2,586 | ) |  | (3,155 | ) |  | — |  |  | (620 | ) |  | (26,258 | )
Net cash provided by operating activities |  | 2,943 |  |  | 20,230 |  |  | 14,947 |  |  | — |  |  | (12,988 | ) |  | 25,132 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (104,710 | ) |  | (20,567 | ) |  | (20,457 | ) |  | — |  |  | — |  |  | (145,734 | )
Contributions in aid of construction |  | 8,520 |  |  | 2,493 |  |  | 2,196 |  |  | — |  |  | — |  |  | 13,209 |
Advances from (to) affiliates |  | (16,761 | ) |  | 1,000 |  |  | — |  |  | — |  |  | 15,761 |  |  | — |
Net cash used in investing activities |  | (112,951 | ) |  | (17,074 | ) |  | (18,261 | ) |  | — |  |  | 15,761 |  |  | (132,525 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (44,246 | ) |  | (5,813 | ) |  | (7,175 | ) |  | — |  |  | 12,988 |  |  | (44,246 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (540 | ) |  | (267 | ) |  | (191 | ) |  | — |  |  | — |  |  | (998 | )
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 101,989 |  |  | 3,400 |  |  | 13,361 |  |  | — |  |  | (15,761 | ) |  | 102,989 |
Other |  | (334 | ) |  | (48 | ) |  | (75 | ) |  | — |  |  | — |  |  | (457 | )
Net cash provided by (used in) financing activities |  | 56,869 |  |  | (2,728 | ) |  | 5,920 |  |  | — |  |  | (2,773 | ) |  | 57,288 |
Net increase (decrease) in cash and cash equivalents |  | (53,139 | ) |  | 428 |  |  | 2,606 |  |  | — |  |  | — |  |  | (50,105 | )
Cash and cash equivalents, beginning of period |  | 61,245 |  |  | 1,326 |  |  | 153 |  |  | 101 |  |  | — |  |  | 62,825 |
Cash and cash equivalents, end of period |  | $ | 8,106 |  |  | 1,754 |  |  | 2,759 |  |  | 101 |  |  | — |  |  | $ | 12,720 |
Consolidating Statement of Cash Flows (unaudited) Six months ended June 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 60,255 |  |  | 8,539 |  |  | 9,235 |  |  | — |  |  | (17,316 | ) |  | $ | 60,713 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (17,366 | ) |  | — |  |  | — |  |  | — |  |  | 17,316 |  |  | (50 | )
Common stock dividends received from subsidiaries |  | 12,647 |  |  | — |  |  | — |  |  | — |  |  | (12,597 | ) |  | 50 |
Depreciation of property, plant and equipment |  | 58,778 |  |  | 18,625 |  |  | 11,081 |  |  | — |  |  | — |  |  | 88,484 |
Other amortization |  | 1,177 |  |  | 870 |  |  | 701 |  |  | — |  |  | — |  |  | 2,748 |
Increase in deferred income taxes |  | 26,423 |  |  | 1,376 |  |  | 5,521 |  |  | — |  |  | — |  |  | 33,320 |
Change in tax credits, net |  | 3,803 |  |  | 399 |  |  | 259 |  |  | — |  |  | — |  |  | 4,461 |
Allowance for equity funds used during construction |  | (2,704 | ) |  | (310 | ) |  | (295 | ) |  | — |  |  | — |  |  | (3,309 | )
Change in cash overdraft |  | — |  |  | — |  |  | 193 |  |  | — |  |  | — |  |  | 193 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable |  | 13,651 |  |  | (787 | ) |  | 2,377 |  |  | — |  |  | 1,714 |  |  | 16,955 |
Decrease in accrued unbilled revenues |  | 22,907 |  |  | 2,154 |  |  | 2,869 |  |  | — |  |  | — |  |  | 27,930 |
Decrease (increase) in fuel oil stock |  | (11,195 | ) |  | 5,450 |  |  | 3,383 |  |  | — |  |  | — |  |  | (2,362 | )
Decrease (increase) in materials and supplies |  | 297 |  |  | (508 | ) |  | 106 |  |  | — |  |  | — |  |  | (105 | )
Increase in regulatory assets |  | (15,984 | ) |  | (2,987 | ) |  | (1,005 | ) |  | — |  |  | — |  |  | (19,976 | )
Decrease in accounts payable |  | (56,746 | ) |  | (8,755 | ) |  | (3,450 | ) |  | — |  |  | — |  |  | (68,951 | )
Change in prepaid and accrued income and utility revenue taxes |  | (53,350 | ) |  | (3,079 | ) |  | (7,184 | ) |  | — |  |  | — |  |  | (63,613 | )
Increase in defined benefit pension and other postretirement benefit plans liability |  | — |  |  | — |  |  | 221 |  |  | — |  |  | — |  |  | 221 |
Change in other assets and liabilities |  | (6,099 | ) |  | (1,724 | ) |  | (3,565 | ) |  | — |  |  | (1,714 | ) |  | (13,102 | )
Net cash provided by operating activities |  | 36,494 |  |  | 19,263 |  |  | 20,447 |  |  | — |  |  | (12,597 | ) |  | 63,607 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (103,079 | ) |  | (17,762 | ) |  | (13,722 | ) |  | — |  |  | — |  |  | (134,563 | )
Contributions in aid of construction |  | 16,628 |  |  | 1,465 |  |  | 996 |  |  | — |  |  | — |  |  | 19,089 |
Advances from affiliates |  | (2,100 | ) |  | — |  |  | — |  |  | — |  |  | 2,100 |  |  | — |
Net cash used in investing activities |  | (88,551 | ) |  | (16,297 | ) |  | (12,726 | ) |  | — |  |  | 2,100 |  |  | (115,474 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (45,203 | ) |  | (5,010 | ) |  | (7,587 | ) |  | — |  |  | 12,597 |  |  | (45,203 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (540 | ) |  | (267 | ) |  | (191 | ) |  | — |  |  | — |  |  | (998 | )
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 88,993 |  |  | 2,500 |  |  | (400 | ) |  | — |  |  | (2,100 | ) |  | 88,993 |
Other |  | (216 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | (217 | )
Net cash provided by (used in) financing activities |  | 43,034 |  |  | (2,777 | ) |  | (8,179 | ) |  | — |  |  | 10,497 |  |  | 42,575 |
Net increase (decrease) in cash and cash equivalents |  | (9,023 | ) |  | 189 |  |  | (458 | ) |  | — |  |  | — |  |  | (9,292 | )
Cash and cash equivalents, beginning of period |  | 12,416 |  |  | 612 |  |  | 633 |  |  | 101 |  |  | — |  |  | 13,762 |
Cash and cash equivalents, end of period |  | $ | 3,393 |  |  | 801 |  |  | 175 |  |  | 101 |  |  | — |  |  | $ | 4,470 |

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