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Electric utility segment (Tables) | 9 Months Ended
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Sep. 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 September 30 |  | Nine months ended September 30
(in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 46,413 |  |  | $ | 45,532 |  |  | $ | 137,646 |  |  | $ | 133,065 |
Interest and dividends on investment securities |  | 4,213 |  |  | 2,773 |  |  | 10,570 |  |  | 8,758 |
Total interest and dividend income |  | 50,626 |  |  | 48,305 |  |  | 148,216 |  |  | 141,823 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,355 |  |  | 1,312 |  |  | 3,881 |  |  | 3,774 |
Interest on other borrowings |  | 1,515 |  |  | 1,438 |  |  | 4,468 |  |  | 4,263 |
Total interest expense |  | 2,870 |  |  | 2,750 |  |  | 8,349 |  |  | 8,037 |
Net interest income |  | 47,756 |  |  | 45,555 |  |  | 139,867 |  |  | 133,786 |
Provision for loan losses |  | 2,997 |  |  | 1,550 |  |  | 5,436 |  |  | 3,566 |
Net interest income after provision for loan losses |  | 44,759 |  |  | 44,005 |  |  | 134,431 |  |  | 130,220 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,639 |  |  | 5,642 |  |  | 16,544 |  |  | 15,987 |
Fee income on deposit liabilities |  | 5,883 |  |  | 5,109 |  |  | 16,622 |  |  | 14,175 |
Fee income on other financial products |  | 2,096 |  |  | 1,971 |  |  | 6,088 |  |  | 6,325 |
Bank-owned life insurance |  | 1,021 |  |  | 1,000 |  |  | 3,062 |  |  | 2,945 |
Mortgage banking income |  | 1,437 |  |  | 875 |  |  | 5,327 |  |  | 1,749 |
Gains on sale of investment securities |  | — |  |  | — |  |  | — |  |  | 2,847 |
Other income, net |  | 2,389 |  |  | 634 |  |  | 3,363 |  |  | 1,920 |
Total noninterest income |  | 18,465 |  |  | 15,231 |  |  | 51,006 |  |  | 45,948 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 22,728 |  |  | 19,892 |  |  | 66,813 |  |  | 60,050 |
Occupancy |  | 4,128 |  |  | 4,517 |  |  | 12,250 |  |  | 12,959 |
Data processing |  | 3,032 |  |  | 2,684 |  |  | 9,101 |  |  | 8,715 |
Services |  | 2,556 |  |  | 2,580 |  |  | 7,730 |  |  | 7,708 |
Equipment |  | 1,608 |  |  | 1,672 |  |  | 4,999 |  |  | 4,926 |
Office supplies, printing and postage |  | 1,511 |  |  | 1,415 |  |  | 4,297 |  |  | 4,487 |
Marketing |  | 934 |  |  | 948 |  |  | 2,619 |  |  | 2,690 |
FDIC insurance |  | 809 |  |  | 840 |  |  | 2,393 |  |  | 2,441 |
Other expense |  | 5,116 |  |  | 4,182 |  |  | 14,076 |  |  | 11,198 |
Total noninterest expense |  | 42,422 |  |  | 38,730 |  |  | 124,278 |  |  | 115,174 |
Income before income taxes |  | 20,802 |  |  | 20,506 |  |  | 61,159 |  |  | 60,994 |
Income taxes |  | 7,351 |  |  | 7,253 |  |  | 21,382 |  |  | 21,806 |
Net income |  | $ | 13,451 |  |  | $ | 13,253 |  |  | $ | 39,777 |  |  | $ | 39,188 |
Schedule of consolidating balance sheets | American Savings Bank, F.S.B. Balance Sheets Data
(in thousands) |  | September 30, 2015 |  | December 31, 2014
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  |  | $ | 103,934 |  |  |  |  |  | $ | 107,233 |
Interest-bearing deposits |  |  |  | 73,041 |  |  |  |  | 54,230 |
Available-for-sale investment securities, at fair value |  |  |  |  | 785,837 |  |  |  |  |  | 550,394 |
Stock in Federal Home Loan Bank, at cost |  |  |  |  | 10,678 |  |  |  |  |  | 69,302 |
Loans receivable held for investment |  |  |  |  | 4,535,404 |  |  |  |  |  | 4,434,651 |
Allowance for loan losses |  |  |  |  | (48,274 | ) |  |  |  |  | (45,618 | )
Net loans |  |  |  |  | 4,487,130 |  |  |  |  |  | 4,389,033 |
Loans held for sale, at lower of cost or fair value |  |  |  |  | 5,598 |  |  |  |  |  | 8,424 |
Other |  |  |  |  | 307,089 |  |  |  |  |  | 305,416 |
Goodwill |  |  |  |  | 82,190 |  |  |  |  |  | 82,190 |
Total assets |  |  |  |  | $ | 5,855,497 |  |  |  |  |  | $ | 5,566,222 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  |  | $ | 1,422,843 |  |  |  |  |  | $ | 1,342,794 |
Deposit liabilities—interest-bearing |  |  |  |  | 3,403,111 |  |  |  |  |  | 3,280,621 |
Other borrowings |  |  |  |  | 368,593 |  |  |  |  |  | 290,656 |
Other |  |  |  |  | 103,553 |  |  |  |  |  | 118,363 |
Total liabilities |  |  |  |  | 5,298,100 |  |  |  |  |  | 5,032,434 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  |  |  | 1 |  |  |  |  |  | 1 |
Additional paid in capital |  |  |  | 339,980 |  |  |  |  | 338,411 |
Retained earnings |  |  |  |  | 229,211 |  |  |  |  |  | 211,934 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains on securities |  | $ | 4,070 |  |  |  |  |  | $ | 462 |  |  |  |
Retirement benefit plans |  | (15,865 | ) |  | (11,795 | ) |  | (17,020 | ) |  | (16,558 | )
Total shareholder’s equity |  |  |  |  | 557,397 |  |  |  |  |  | 533,788 |
Total liabilities and shareholder’s equity |  |  |  |  | $ | 5,855,497 |  |  |  |  |  | $ | 5,566,222 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  |  | $ | 136,969 |  |  |  |  |  | $ | 134,115 |
Premises and equipment, net |  |  |  |  | 87,432 |  |  |  |  |  | 92,407 |
Prepaid expenses |  |  |  |  | 3,879 |  |  |  |  |  | 3,196 |
Accrued interest receivable |  |  |  |  | 14,577 |  |  |  |  |  | 13,632 |
Mortgage-servicing rights |  |  |  |  | 12,258 |  |  |  |  |  | 11,540 |
Low-income housing equity investments |  |  |  | 34,323 |  |  |  |  | 33,438 |
Real estate acquired in settlement of loans, net |  |  |  |  | 247 |  |  |  |  |  | 891 |
Other |  |  |  |  | 17,404 |  |  |  |  |  | 16,197 |
|  |  |  |  | $ | 307,089 |  |  |  |  |  | $ | 305,416 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses |  |  |  |  | $ | 28,952 |  |  |  |  |  | $ | 37,880 |
Federal and state income taxes payable |  |  |  |  | 21,565 |  |  |  |  |  | 28,642 |
Cashier’s checks |  |  |  |  | 25,852 |  |  |  |  |  | 20,509 |
Advance payments by borrowers |  |  |  |  | 5,389 |  |  |  |  |  | 9,652 |
Other |  |  |  |  | 21,795 |  |  |  |  |  | 21,680 |
|  |  |  |  | $ | 103,553 |  |  |  |  |  | $ | 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 September 30 |  | Nine months ended September 30
(in millions) |  | 2015 |  | 2014 |  | 2015 |  | 2014
AES Hawaii |  | $ | 37 |  |  | $ | 38 |  |  | $ | 97 |  |  | $ | 107 |
Kalaeloa |  | 51 |  |  | 73 |  |  | 143 |  |  | 214 |
HEP |  | 13 |  |  | 16 |  |  | 34 |  |  | 36 |
Hpower |  | 18 |  |  | 18 |  |  | 50 |  |  | 50 |
Puna Geothermal Venture |  | 8 |  |  | 10 |  |  | 22 |  |  | 36 |
Hawaiian Commercial & Sugar (HC&S) |  | 2 |  |  | 2 |  |  | 7 |  |  | 50 |
Other IPPs |  | 32 |  |  | 36 |  |  | 93 |  |  | 53 |
Total IPPs |  | $ | 161 |  |  | $ | 193 |  |  | $ | 446 |  |  | $ | 546 |
Schedule of changes in asset retirement obligation | Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:
|  | Nine months ended September 30
(in thousands) |  | 2015 |  | 2014
Balance, beginning of period |  | $ | 29,419 |  |  | $ | 43,106 |
Accretion expense |  | 18 |  |  | 816 |
Liabilities incurred |  | — |  |  | — |
Liabilities settled |  | (2,349 | ) |  | (11,338 | )
Revisions in estimated cash flows |  | — |  |  | — |
Balance, end of period |  | $ | 27,088 |  |  | $ | 32,584 |
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 kilowatthour (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 Nine months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,623,223 |  |  | 319,629 |  |  | 319,265 |  |  | — |  |  | (61 | ) |  | $ | 2,262,056 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 628,164 |  |  | 92,234 |  |  | 145,591 |  |  | — |  |  | — |  |  | 865,989 |
Purchased power |  | 406,895 |  |  | 91,827 |  |  | 47,399 |  |  | — |  |  | — |  |  | 546,121 |
Other operation and maintenance |  | 199,091 |  |  | 48,701 |  |  | 47,691 |  |  | — |  |  | — |  |  | 295,483 |
Depreciation |  | 81,903 |  |  | 26,926 |  |  | 15,961 |  |  | — |  |  | — |  |  | 124,790 |
Taxes, other than income taxes |  | 152,545 |  |  | 30,127 |  |  | 30,111 |  |  | — |  |  | — |  |  | 212,783 |
Total expenses |  | 1,468,598 |  |  | 289,815 |  |  | 286,753 |  |  | — |  |  | — |  |  | 2,045,166 |
Operating income |  | 154,625 |  |  | 29,814 |  |  | 32,512 |  |  | — |  |  | (61 | ) |  | 216,890 |
Allowance for equity funds used during construction |  | 4,557 |  |  | 328 |  |  | 48 |  |  | — |  |  | — |  |  | 4,933 |
Equity in earnings of subsidiaries |  | 28,576 |  |  | — |  |  | — |  |  | — |  |  | (28,576 | ) |  | — |
Interest expense and other charges, net |  | (33,236 | ) |  | (8,411 | ) |  | (7,403 | ) |  | — |  |  | 61 |  |  | (48,989 | )
Allowance for borrowed funds used during construction |  | 1,728 |  |  | 126 |  |  | 23 |  |  | — |  |  | — |  |  | 1,877 |
Income before income taxes |  | 156,250 |  |  | 21,857 |  |  | 25,180 |  |  | — |  |  | (28,576 | ) |  | 174,711 |
Income taxes |  | 46,911 |  |  | 8,149 |  |  | 9,626 |  |  | — |  |  | — |  |  | 64,686 |
Net income |  | 109,339 |  |  | 13,708 |  |  | 15,554 |  |  | — |  |  | (28,576 | ) |  | 110,025 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 109,339 |  |  | 13,308 |  |  | 15,268 |  |  | — |  |  | (28,576 | ) |  | 109,339 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 108,529 |  |  | 13,308 |  |  | 15,268 |  |  | — |  |  | (28,576 | ) |  | $ | 108,529 |
Consolidating Statement of Income Nine months ended September 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,254,142 |  |  | 261,604 |  |  | 264,057 |  |  | — |  |  | (71 | ) |  | $ | 1,779,732 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 364,875 |  |  | 56,834 |  |  | 96,961 |  |  | — |  |  | — |  |  | 518,670 |
Purchased power |  | 329,922 |  |  | 73,161 |  |  | 42,726 |  |  | — |  |  | — |  |  | 445,809 |
Other operation and maintenance |  | 206,133 |  |  | 51,493 |  |  | 48,893 |  |  | — |  |  | — |  |  | 306,519 |
Depreciation |  | 88,167 |  |  | 27,938 |  |  | 16,735 |  |  | — |  |  | — |  |  | 132,840 |
Taxes, other than income taxes |  | 119,603 |  |  | 24,783 |  |  | 25,054 |  |  | — |  |  | — |  |  | 169,440 |
Total expenses |  | 1,108,700 |  |  | 234,209 |  |  | 230,369 |  |  | — |  |  | — |  |  | 1,573,278 |
Operating income |  | 145,442 |  |  | 27,395 |  |  | 33,688 |  |  | — |  |  | (71 | ) |  | 206,454 |
Allowance for equity funds used during construction |  | 4,418 |  |  | 458 |  |  | 490 |  |  | — |  |  | — |  |  | 5,366 |
Equity in earnings of subsidiaries |  | 29,174 |  |  | — |  |  | — |  |  | — |  |  | (29,174 | ) |  | — |
Interest expense and other charges, net |  | (33,996 | ) |  | (7,946 | ) |  | (7,299 | ) |  | — |  |  | 71 |  |  | (49,170 | )
Allowance for borrowed funds used during construction |  | 1,557 |  |  | 164 |  |  | 197 |  |  | — |  |  | — |  |  | 1,918 |
Income before income taxes |  | 146,595 |  |  | 20,071 |  |  | 27,076 |  |  | — |  |  | (29,174 | ) |  | 164,568 |
Income taxes |  | 43,064 |  |  | 7,210 |  |  | 10,077 |  |  | — |  |  | — |  |  | 60,351 |
Net income |  | 103,531 |  |  | 12,861 |  |  | 16,999 |  |  | — |  |  | (29,174 | ) |  | 104,217 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 103,531 |  |  | 12,461 |  |  | 16,713 |  |  | — |  |  | (29,174 | ) |  | 103,531 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 102,721 |  |  | 12,461 |  |  | 16,713 |  |  | — |  |  | (29,174 | ) |  | $ | 102,721 |
Consolidating Statement of Income Three months ended September 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 463,394 |  |  | 89,817 |  |  | 94,941 |  |  | — |  |  | (25 | ) |  | $ | 648,127 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 142,194 |  |  | 17,208 |  |  | 36,231 |  |  | — |  |  | — |  |  | 195,633 |
Purchased power |  | 119,302 |  |  | 26,713 |  |  | 14,503 |  |  | — |  |  | — |  |  | 160,518 |
Other operation and maintenance |  | 69,621 |  |  | 18,936 |  |  | 15,096 |  |  | — |  |  | — |  |  | 103,653 |
Depreciation |  | 29,389 |  |  | 9,313 |  |  | 5,654 |  |  | — |  |  | — |  |  | 44,356 |
Taxes, other than income taxes |  | 43,923 |  |  | 8,455 |  |  | 8,932 |  |  | — |  |  | — |  |  | 61,310 |
Total expenses |  | 404,429 |  |  | 80,625 |  |  | 80,416 |  |  | — |  |  | — |  |  | 565,470 |
Operating income |  | 58,965 |  |  | 9,192 |  |  | 14,525 |  |  | — |  |  | (25 | ) |  | 82,657 |
Allowance for equity funds used during construction |  | 1,714 |  |  | 148 |  |  | 195 |  |  | — |  |  | — |  |  | 2,057 |
Equity in earnings of subsidiaries |  | 11,858 |  |  | — |  |  | — |  |  | — |  |  | (11,858 | ) |  | — |
Interest expense and other charges, net |  | (11,468 | ) |  | (2,674 | ) |  | (2,440 | ) |  | — |  |  | 25 |  |  | (16,557 | )
Allowance for borrowed funds used during construction |  | 605 |  |  | 53 |  |  | 79 |  |  | — |  |  | — |  |  | 737 |
Income before income taxes |  | 61,674 |  |  | 6,719 |  |  | 12,359 |  |  | — |  |  | (11,858 | ) |  | 68,894 |
Income taxes |  | 18,398 |  |  | 2,397 |  |  | 4,595 |  |  | — |  |  | — |  |  | 25,390 |
Net income |  | 43,276 |  |  | 4,322 |  |  | 7,764 |  |  | — |  |  | (11,858 | ) |  | 43,504 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income attributable to Hawaiian Electric |  | 43,276 |  |  | 4,189 |  |  | 7,669 |  |  | — |  |  | (11,858 | ) |  | 43,276 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 43,006 |  |  | 4,189 |  |  | 7,669 |  |  | — |  |  | (11,858 | ) |  | $ | 43,006 |
Consolidating Statement of Income Three months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 579,777 |  |  | 111,154 |  |  | 112,656 |  |  | — |  |  | (22 | ) |  | $ | 803,565 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 229,068 |  |  | 29,555 |  |  | 50,809 |  |  | — |  |  | — |  |  | 309,432 |
Purchased power |  | 142,121 |  |  | 34,166 |  |  | 16,595 |  |  | — |  |  | — |  |  | 192,882 |
Other operation and maintenance |  | 71,584 |  |  | 19,837 |  |  | 16,892 |  |  | — |  |  | — |  |  | 108,313 |
Depreciation |  | 27,302 |  |  | 8,975 |  |  | 5,317 |  |  | — |  |  | — |  |  | 41,594 |
Taxes, other than income taxes |  | 54,412 |  |  | 10,607 |  |  | 10,169 |  |  | — |  |  | — |  |  | 75,188 |
Total expenses |  | 524,487 |  |  | 103,140 |  |  | 99,782 |  |  | — |  |  | — |  |  | 727,409 |
Operating income |  | 55,290 |  |  | 8,014 |  |  | 12,874 |  |  | — |  |  | (22 | ) |  | 76,156 |
Allowance for equity funds used during construction |  | 1,668 |  |  | 142 |  |  | 127 |  |  | — |  |  | — |  |  | 1,937 |
Equity in earnings of subsidiaries |  | 9,800 |  |  | — |  |  | — |  |  | — |  |  | (9,800 | ) |  | — |
Interest expense and other charges, net |  | (11,196 | ) |  | (2,811 | ) |  | (2,429 | ) |  | — |  |  | 22 |  |  | (16,414 | )
Allowance for borrowed funds used during construction |  | 634 |  |  | 54 |  |  | 52 |  |  | — |  |  | — |  |  | 740 |
Income before income taxes |  | 56,196 |  |  | 5,399 |  |  | 10,624 |  |  | — |  |  | (9,800 | ) |  | 62,419 |
Income taxes |  | 17,047 |  |  | 1,965 |  |  | 4,030 |  |  | — |  |  | — |  |  | 23,042 |
Net income |  | 39,149 |  |  | 3,434 |  |  | 6,594 |  |  | — |  |  | (9,800 | ) |  | 39,377 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income attributable to Hawaiian Electric |  | 39,149 |  |  | 3,301 |  |  | 6,499 |  |  | — |  |  | (9,800 | ) |  | 39,149 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 38,879 |  |  | 3,301 |  |  | 6,499 |  |  | — |  |  | (9,800 | ) |  | $ | 38,879 |
Schedule of consolidating statement of comprehensive income (loss) | Consolidating Statement of Comprehensive Income Nine months ended September 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 102,721 |  |  | 12,461 |  |  | 16,713 |  |  | — |  |  | (29,174 | ) |  | $ | 102,721 |
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 |  | 15,285 |  |  | 2,046 |  |  | 1,878 |  |  | — |  |  | (3,924 | ) |  | 15,285 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (15,274 | ) |  | (2,050 | ) |  | (1,882 | ) |  | — |  |  | 3,932 |  |  | (15,274 | )
Other comprehensive income (loss), net of taxes |  | 11 |  |  | (4 | ) |  | (4 | ) |  | — |  |  | 8 |  |  | 11 |
Comprehensive income attributable to common shareholder |  | $ | 102,732 |  |  | 12,457 |  |  | 16,709 |  |  | — |  |  | (29,166 | ) |  | $ | 102,732 |
Consolidating Statement of Comprehensive Income Three months ended September 30, 2015
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 43,006 |  |  | 4,189 |  |  | 7,669 |  |  | — |  |  | (11,858 | ) |  | $ | 43,006 |
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 |  | 5,095 |  |  | 682 |  |  | 626 |  |  | — |  |  | (1,308 | ) |  | 5,095 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (5,091 | ) |  | (683 | ) |  | (627 | ) |  | — |  |  | 1,310 |  |  | (5,091 | )
Other comprehensive income (loss), net of taxes |  | 4 |  |  | (1 | ) |  | (1 | ) |  | — |  |  | 2 |  |  | 4 |
Comprehensive income attributable to common shareholder |  | $ | 43,010 |  |  | 4,188 |  |  | 7,668 |  |  | — |  |  | (11,856 | ) |  | $ | 43,010 |
Consolidating Statement of Comprehensive Income Three months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 38,879 |  |  | 3,301 |  |  | 6,499 |  |  | — |  |  | (9,800 | ) |  | $ | 38,879 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 2,552 |  |  | 317 |  |  | 272 |  |  | — |  |  | (589 | ) |  | 2,552 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (2,542 | ) |  | (319 | ) |  | (272 | ) |  | — |  |  | 591 |  |  | (2,542 | )
Other comprehensive income (loss), net of taxes |  | 10 |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | 10 |
Comprehensive income attributable to common shareholder |  | $ | 38,889 |  |  | 3,299 |  |  | 6,499 |  |  | — |  |  | (9,798 | ) |  | $ | 38,889 |
Consolidating Statement of Comprehensive Income Nine months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 108,529 |  |  | 13,308 |  |  | 15,268 |  |  | — |  |  | (28,576 | ) |  | $ | 108,529 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits |  | 7,659 |  |  | 953 |  |  | 817 |  |  | — |  |  | (1,770 | ) |  | 7,659 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (7,627 | ) |  | (955 | ) |  | (817 | ) |  | — |  |  | 1,772 |  |  | (7,627 | )
Other comprehensive income (loss), net of taxes |  | 32 |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | 32 |
Comprehensive income attributable to common shareholder |  | $ | 108,561 |  |  | 13,306 |  |  | 15,268 |  |  | — |  |  | (28,574 | ) |  | $ | 108,561 |
Schedule of consolidating balance sheets | Consolidating Balance Sheet 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 September 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 |  | $ | 43,536 |  |  | 5,731 |  |  | 3,016 |  |  | — |  |  | — |  |  | $ | 52,283 |
Plant and equipment |  | 3,941,406 |  |  | 1,202,463 |  |  | 1,072,245 |  |  | — |  |  | — |  |  | 6,216,114 |
Less accumulated depreciation |  | (1,293,046 | ) |  | (491,606 | ) |  | (461,962 | ) |  | — |  |  | — |  |  | (2,246,614 | )
Construction in progress |  | 166,027 |  |  | 14,111 |  |  | 16,543 |  |  | — |  |  | — |  |  | 196,681 |
Utility property, plant and equipment, net |  | 2,857,923 |  |  | 730,699 |  |  | 629,842 |  |  | — |  |  | — |  |  | 4,218,464 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 4,948 |  |  | 82 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,562 |
Total property, plant and equipment, net |  | 2,862,871 |  |  | 730,781 |  |  | 631,374 |  |  | — |  |  | — |  |  | 4,225,026 |
Investment in wholly owned subsidiaries, at equity |  | 548,907 |  |  | — |  |  | — |  |  | — |  |  | (548,907 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 7,665 |  |  | 2,399 |  |  | 539 |  |  | 101 |  |  | — |  |  | 10,704 |
Advances to affiliates |  | 12,000 |  |  | — |  |  | 2,500 |  |  | — |  |  | (14,500 | ) |  | — |
Customer accounts receivable, net |  | 113,130 |  |  | 26,105 |  |  | 23,233 |  |  | — |  |  | — |  |  | 162,468 |
Accrued unbilled revenues, net |  | 96,789 |  |  | 12,230 |  |  | 14,559 |  |  | — |  |  | — |  |  | 123,578 |
Other accounts receivable, net |  | 12,538 |  |  | 1,168 |  |  | 1,770 |  |  | — |  |  | (10,713 | ) |  | 4,763 |
Fuel oil stock, at average cost |  | 49,496 |  |  | 8,442 |  |  | 12,166 |  |  | — |  |  | — |  |  | 70,104 |
Materials and supplies, at average cost |  | 33,913 |  |  | 8,279 |  |  | 16,781 |  |  | — |  |  | — |  |  | 58,973 |
Prepayments and other |  | 34,555 |  |  | 3,957 |  |  | 8,630 |  |  | — |  |  | (251 | ) |  | 46,891 |
Regulatory assets |  | 67,673 |  |  | 6,719 |  |  | 5,558 |  |  | — |  |  | — |  |  | 79,950 |
Total current assets |  | 427,759 |  |  | 69,299 |  |  | 85,736 |  |  | 101 |  |  | (25,464 | ) |  | 557,431 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | 612,347 |  |  | 106,581 |  |  | 99,070 |  |  | — |  |  | — |  |  | 817,998 |
Unamortized debt expense |  | 5,171 |  |  | 1,312 |  |  | 1,103 |  |  | — |  |  | — |  |  | 7,586 |
Other |  | 48,268 |  |  | 13,885 |  |  | 13,798 |  |  | — |  |  | — |  |  | 75,951 |
Total other long-term assets |  | 665,786 |  |  | 121,778 |  |  | 113,971 |  |  | — |  |  | — |  |  | 901,535 |
Total assets |  | $ | 4,505,323 |  |  | 921,858 |  |  | 831,081 |  |  | 101 |  |  | (574,371 | ) |  | $ | 5,683,992 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,717,064 |  |  | 286,788 |  |  | 262,018 |  |  | 101 |  |  | (548,907 | ) |  | $ | 1,717,064 |
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 |  | 2,569,903 |  |  | 483,788 |  |  | 453,018 |  |  | 101 |  |  | (548,907 | ) |  | 2,957,903 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings from non-affiliates |  | 94,995 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 94,995 |
Short-term borrowings from affiliate |  | 2,500 |  |  | 12,000 |  |  | — |  |  | — |  |  | (14,500 | ) |  | — |
Accounts payable |  | 93,654 |  |  | 16,128 |  |  | 14,997 |  |  | — |  |  | — |  |  | 124,779 |
Interest and preferred dividends payable |  | 17,370 |  |  | 3,553 |  |  | 4,161 |  |  | — |  |  | (6 | ) |  | 25,078 |
Taxes accrued |  | 134,076 |  |  | 30,252 |  |  | 29,498 |  |  | — |  |  | (251 | ) |  | 193,575 |
Regulatory liabilities |  | — |  |  | — |  |  | 347 |  |  | — |  |  | — |  |  | 347 |
Other |  | 58,392 |  |  | 11,063 |  |  | 16,702 |  |  | — |  |  | (10,707 | ) |  | 75,450 |
Total current liabilities |  | 400,987 |  |  | 72,996 |  |  | 65,705 |  |  | — |  |  | (25,464 | ) |  | 514,224 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | 444,261 |  |  | 91,571 |  |  | 89,276 |  |  | — |  |  | 314 |  |  | 625,422 |
Regulatory liabilities |  | 248,068 |  |  | 83,194 |  |  | 30,642 |  |  | — |  |  | — |  |  | 361,904 |
Unamortized tax credits |  | 53,491 |  |  | 15,258 |  |  | 14,899 |  |  | — |  |  | — |  |  | 83,648 |
Defined benefit pension and other postretirement benefit plans liability |  | 430,838 |  |  | 66,632 |  |  | 72,872 |  |  | — |  |  | (314 | ) |  | 570,028 |
Other |  | 47,720 |  |  | 13,647 |  |  | 13,829 |  |  | — |  |  | — |  |  | 75,196 |
Total deferred credits and other liabilities |  | 1,224,378 |  |  | 270,302 |  |  | 221,518 |  |  | — |  |  | — |  |  | 1,716,198 |
Contributions in aid of construction |  | 310,055 |  |  | 94,772 |  |  | 90,840 |  |  | — |  |  | — |  |  | 495,667 |
Total capitalization and liabilities |  | $ | 4,505,323 |  |  | 921,858 |  |  | 831,081 |  |  | 101 |  |  | (574,371 | ) |  | $ | 5,683,992 |
Schedule of consolidating statement of changes in common stock equity | Consolidating Statement of Changes in Common Stock Equity Nine months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2013 |  | $ | 1,593,564 |  |  | 274,802 |  |  | 248,771 |  |  | 101 |  |  | (523,674 | ) |  | $ | 1,593,564 |
Net income for common stock |  | 108,529 |  |  | 13,308 |  |  | 15,268 |  |  | — |  |  | (28,576 | ) |  | 108,529 |
Other comprehensive income (loss), net of taxes |  | 32 |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | 32 |
Common stock dividends |  | (66,369 | ) |  | (8,720 | ) |  | (10,762 | ) |  | — |  |  | 19,482 |  |  | (66,369 | )
Common stock issuance expenses |  | (5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (5 | )
Balance, September 30, 2014 |  | $ | 1,635,751 |  |  | 279,388 |  |  | 253,277 |  |  | 101 |  |  | (532,766 | ) |  | $ | 1,635,751 |
Consolidating Statement of Changes in Common Stock Equity Nine months ended September 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 |  | 102,721 |  |  | 12,461 |  |  | 16,713 |  |  | — |  |  | (29,174 | ) |  | 102,721 |
Other comprehensive income (loss), net of taxes |  | 11 |  |  | (4 | ) |  | (4 | ) |  | — |  |  | 8 |  |  | 11 |
Common stock dividends |  | (67,804 | ) |  | (7,515 | ) |  | (11,382 | ) |  | — |  |  | 18,897 |  |  | (67,804 | )
Common stock issuance expenses |  | (8 | ) |  | — |  |  | (1 | ) |  | — |  |  | 1 |  |  | (8 | )
Balance, September 30, 2015 |  | $ | 1,717,064 |  |  | 286,788 |  |  | 262,018 |  |  | 101 |  |  | (548,907 | ) |  | $ | 1,717,064 |
Schedule of condensed consolidating statement of cash flows | Consolidating Statement of Cash Flows Nine months ended September 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 |  | $ | 103,531 |  |  | 12,861 |  |  | 16,999 |  |  | — |  |  | (29,174 | ) |  | $ | 104,217 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (29,249 | ) |  | — |  |  | — |  |  | — |  |  | 29,174 |  |  | (75 | )
Common stock dividends received from subsidiaries |  | 18,972 |  |  | — |  |  | — |  |  | — |  |  | (18,897 | ) |  | 75 |
Depreciation of property, plant and equipment |  | 88,167 |  |  | 27,938 |  |  | 16,735 |  |  | — |  |  | — |  |  | 132,840 |
Other amortization |  | 5,409 |  |  | 2,055 |  |  | 2,363 |  |  | — |  |  | — |  |  | 9,827 |
Increase in deferred income taxes |  | 46,493 |  |  | 907 |  |  | 10,497 |  |  | — |  |  | 314 |  |  | 58,211 |
Change in tax credits, net |  | 3,680 |  |  | 372 |  |  | 195 |  |  | — |  |  | — |  |  | 4,247 |
Allowance for equity funds used during construction |  | (4,418 | ) |  | (458 | ) |  | (490 | ) |  | — |  |  | — |  |  | (5,366 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable |  | (4,226 | ) |  | (2,071 | ) |  | 43 |  |  | — |  |  | 1,790 |  |  | (4,464 | )
Decrease in accrued unbilled revenues |  | 6,283 |  |  | 3,696 |  |  | 3,817 |  |  | — |  |  | — |  |  | 13,796 |
Decrease in fuel oil stock |  | 25,019 |  |  | 5,358 |  |  | 5,565 |  |  | — |  |  | — |  |  | 35,942 |
Decrease (increase) in materials and supplies |  | (759 | ) |  | (1,615 | ) |  | 651 |  |  | — |  |  | — |  |  | (1,723 | )
Increase in regulatory assets |  | (19,138 | ) |  | (3,944 | ) |  | (376 | ) |  | — |  |  | — |  |  | (23,458 | )
Decrease in accounts payable |  | (34,476 | ) |  | (4,070 | ) |  | (1,829 | ) |  | — |  |  | — |  |  | (40,375 | )
Change in prepaid and accrued income and utility revenue taxes |  | (52,505 | ) |  | (2,276 | ) |  | (6,540 | ) |  | — |  |  | (314 | ) |  | (61,635 | )
Increase in defined benefit pension and other postretirement benefit plans liability |  | — |  |  | — |  |  | 331 |  |  | — |  |  | — |  |  | 331 |
Change in other assets and liabilities |  | (16,626 | ) |  | 436 |  |  | (2,824 | ) |  | — |  |  | (1,790 | ) |  | (20,804 | )
Net cash provided by operating activities |  | 136,157 |  |  | 39,189 |  |  | 45,137 |  |  | — |  |  | (18,897 | ) |  | 201,586 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (204,406 | ) |  | (34,048 | ) |  | (27,067 | ) |  | — |  |  | — |  |  | (265,521 | )
Contributions in aid of construction |  | 30,153 |  |  | 2,940 |  |  | 1,534 |  |  | — |  |  | — |  |  | 34,627 |
Other |  | 583 |  |  | 124 |  |  | 71 |  |  | — |  |  | — |  |  | 778 |
Advances from affiliates |  | 4,100 |  |  | — |  |  | (2,500 | ) |  | — |  |  | (1,600 | ) |  | — |
Net cash used in investing activities |  | (169,570 | ) |  | (30,984 | ) |  | (27,962 | ) |  | — |  |  | (1,600 | ) |  | (230,116 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (67,804 | ) |  | (7,515 | ) |  | (11,382 | ) |  | — |  |  | 18,897 |  |  | (67,804 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (810 | ) |  | (400 | ) |  | (286 | ) |  | — |  |  | — |  |  | (1,496 | )
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 97,495 |  |  | 1,500 |  |  | (5,600 | ) |  | — |  |  | 1,600 |  |  | 94,995 |
Other |  | (219 | ) |  | (3 | ) |  | (1 | ) |  | — |  |  | — |  |  | (223 | )
Net cash provided by (used in) financing activities |  | 28,662 |  |  | (6,418 | ) |  | (17,269 | ) |  | — |  |  | 20,497 |  |  | 25,472 |
Net increase (decrease) in cash and cash equivalents |  | (4,751 | ) |  | 1,787 |  |  | (94 | ) |  | — |  |  | — |  |  | (3,058 | )
Cash and cash equivalents, beginning of period |  | 12,416 |  |  | 612 |  |  | 633 |  |  | 101 |  |  | — |  |  | 13,762 |
Cash and cash equivalents, end of period |  | $ | 7,665 |  |  | 2,399 |  |  | 539 |  |  | 101 |  |  | — |  |  | $ | 10,704 |
Consolidating Statement of Cash Flows Nine months ended September 30, 2014
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 109,339 |  |  | 13,708 |  |  | 15,554 |  |  | — |  |  | (28,576 | ) |  | $ | 110,025 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (28,651 | ) |  | — |  |  | — |  |  | — |  |  | 28,576 |  |  | (75 | )
Common stock dividends received from subsidiaries |  | 19,557 |  |  | — |  |  | — |  |  | — |  |  | (19,482 | ) |  | 75 |
Depreciation of property, plant and equipment |  | 81,903 |  |  | 26,926 |  |  | 15,961 |  |  | — |  |  | — |  |  | 124,790 |
Other amortization (1) |  | 765 |  |  | 1,950 |  |  | 1,574 |  |  | — |  |  | — |  |  | 4,289 |
Increase in deferred income taxes |  | 52,274 |  |  | 5,146 |  |  | 9,972 |  |  | — |  |  | — |  |  | 67,392 |
Change in tax credits, net |  | 4,725 |  |  | 687 |  |  | 404 |  |  | — |  |  | — |  |  | 5,816 |
Allowance for equity funds used during construction |  | (4,557 | ) |  | (328 | ) |  | (48 | ) |  | — |  |  | — |  |  | (4,933 | )
Change in cash overdraft |  | — |  |  | — |  |  | (1,038 | ) |  | — |  |  | — |  |  | (1,038 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Increase in accounts receivable |  | (17,540 | ) |  | (4,714 | ) |  | (442 | ) |  | — |  |  | 2,965 |  |  | (19,731 | )
Decrease (increase) in accrued unbilled revenues |  | (554 | ) |  | 626 |  |  | 899 |  |  | — |  |  | — |  |  | 971 |
Decrease in fuel oil stock |  | 11,328 |  |  | 219 |  |  | 4,237 |  |  | — |  |  | — |  |  | 15,784 |
Decrease (increase) in materials and supplies |  | 875 |  |  | (987 | ) |  | (1,483 | ) |  | — |  |  | — |  |  | (1,595 | )
Decrease (increase) in regulatory assets |  | (15,159 | ) |  | (2,594 | ) |  | 222 |  |  | — |  |  | — |  |  | (17,531 | )
Decrease in accounts payable (2) |  | (52,684 | ) |  | (454 | ) |  | (142 | ) |  | — |  |  | — |  |  | (53,280 | )
Change in prepaid and accrued income and utility revenue taxes |  | (18,131 | ) |  | (1,310 | ) |  | 1,366 |  |  | — |  |  | — |  |  | (18,075 | )
Decrease in defined benefit pension and other postretirement benefit plans liability |  | (422 | ) |  | — |  |  | (326 | ) |  | — |  |  | — |  |  | (748 | )
Change in other assets and liabilities (3) |  | (32,291 | ) |  | (4,040 | ) |  | (2,673 | ) |  | — |  |  | (2,965 | ) |  | (41,969 | )
Net cash provided by operating activities |  | 110,777 |  |  | 34,835 |  |  | 44,037 |  |  | — |  |  | (19,482 | ) |  | 170,167 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures (4) |  | (181,565 | ) |  | (34,565 | ) |  | (37,588 | ) |  | — |  |  | — |  |  | (253,718 | )
Contributions in aid of construction |  | 12,352 |  |  | 6,229 |  |  | 3,159 |  |  | — |  |  | — |  |  | 21,740 |
Other (5) |  | 537 |  |  | 154 |  |  | 22 |  |  | — |  |  | — |  |  | 713 |
Advances from (to) affiliates |  | (4,961 | ) |  | 1,000 |  |  | — |  |  | — |  |  | 3,961 |  |  | — |
Net cash used in investing activities |  | (173,637 | ) |  | (27,182 | ) |  | (34,407 | ) |  | — |  |  | 3,961 |  |  | (231,265 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (66,369 | ) |  | (8,720 | ) |  | (10,762 | ) |  | — |  |  | 19,482 |  |  | (66,369 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (810 | ) |  | (400 | ) |  | (286 | ) |  | — |  |  | — |  |  | (1,496 | )
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 83,987 |  |  | 1,000 |  |  | 3,961 |  |  | — |  |  | (3,961 | ) |  | 84,987 |
Other |  | (337 | ) |  | (50 | ) |  | (75 | ) |  | — |  |  | — |  |  | (462 | )
Net cash provided by (used in) financing activities |  | 16,471 |  |  | (8,170 | ) |  | (7,162 | ) |  | — |  |  | 15,521 |  |  | 16,660 |
Net increase (decrease) in cash and cash equivalents |  | (46,389 | ) |  | (517 | ) |  | 2,468 |  |  | — |  |  | — |  |  | (44,438 | )
Cash and cash equivalents, beginning of period |  | 61,245 |  |  | 1,326 |  |  | 153 |  |  | 101 |  |  | — |  |  | 62,825 |
Cash and cash equivalents, end of period |  | $ | 14,856 |  |  | 809 |  |  | 2,621 |  |  | 101 |  |  | — |  |  | $ | 18,387 |
(1) Prior to revision, other amortization for Maui Electric and Hawaiian Electric Consolidated were $1,947 and $4,662, respectively. (2) Prior to revision, decrease in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(70,916), $(1,807), $(5,170) and $(77,893), respectively. (3) Prior to revision, changes in other assets and liabilities for Hawaiian Electric, Hawaii Electric Light, Maui Electric, Consolidating adjustments and Hawaiian Electric Consolidated were $(31,754), $(3,886), $(3,024), $(2,965) and $(41,629), respectively. (4) Prior to revision, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(163,333), $(33,212), $(32,560) and $(229,105), respectively. (5) Prior to revision, cash flows from investing activities-other for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were nil.

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