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Electric utility segment (Tables)

3 Months Ended

Mar. 31, 2016

Regulatory projects and legal obligations

Schedule of derivative financial instruments

ASB’s derivative financial instruments, their fair values, and balance sheet location were as follows:

Derivative Financial Instruments Not Designated as Hedging Instruments 1		March 31, 2016								December 31, 2015
(in thousands)		Asset derivatives				Liability derivatives				Asset derivatives				Liability derivatives
Interest rate lock commitments		$	655			$	—			$	384			$	—
Forward commitments		—				192				1				30
		$	655			$	192			$	385			$	30

¹ Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets.

Schedule of consolidating statements of income (loss)

American Savings Bank, F.S.B.

Statements of Income Data

		Three months ended March 31
(in thousands)		2016				2015
Interest and dividend income
Interest and fees on loans		$	48,437			$	45,198
Interest and dividends on investment securities		5,017				3,051
Total interest and dividend income		53,454				48,249
Interest expense
Interest on deposit liabilities		1,592				1,260
Interest on other borrowings		1,485				1,466
Total interest expense		3,077				2,726
Net interest income		50,377				45,523
Provision for loan losses		4,766				614
Net interest income after provision for loan losses		45,611				44,909
Noninterest income
Fees from other financial services		5,499				5,355
Fee income on deposit liabilities		5,156				5,315
Fee income on other financial products		2,205				1,889
Bank-owned life insurance		998				983
Mortgage banking income		1,195				1,822
Other income, net		333				735
Total noninterest income		15,386				16,099
Noninterest expense
Compensation and employee benefits		22,434				21,766
Occupancy		4,138				4,113
Data processing		3,172				3,116
Services		2,911				2,341
Equipment		1,663				1,701
Office supplies, printing and postage		1,365				1,483
Marketing		861				841
FDIC insurance		884				811
Other expense		3,975				4,205
Total noninterest expense		41,403				40,377
Income before income taxes		19,594				20,631
Income taxes		6,921				7,156
Net income		$	12,673			$	13,475

Schedule of consolidating balance sheets

American Savings Bank, F.S.B.

Balance Sheets Data

(in thousands)		March 31, 2016								December 31, 2015
Assets
Cash and due from banks						$	110,200							$	127,201
Interest-bearing deposits						120,428								93,680
Available-for-sale investment securities, at fair value						906,295								820,648
Stock in Federal Home Loan Bank, at cost						11,218								10,678
Loans receivable held for investment						4,642,276								4,615,819
Allowance for loan losses						(52,326		)						(50,038		)
Net loans						4,589,950								4,565,781
Loans held for sale, at lower of cost or fair value						7,900								4,631
Other						312,333								309,946
Goodwill						82,190								82,190
Total assets						$	6,140,514							$	6,014,755
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing						$	1,541,402							$	1,520,374
Deposit liabilities—interest-bearing						3,598,530								3,504,880
Other borrowings						329,081								328,582
Other						99,605								101,029
Total liabilities						5,568,618								5,454,865
Commitments and contingencies
Common stock						1								1
Additional paid in capital						341,192								340,496
Retained earnings						240,337								236,664
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains (losses) on securities		$	5,556							$	(1,872	)
Retirement benefit plans		(15,190		)		(9,634		)		(15,399		)		(17,271		)
Total shareholder’s equity						571,896								559,890
Total liabilities and shareholder’s equity						$	6,140,514							$	6,014,755
Other assets
Bank-owned life insurance						$	138,732							$	138,139
Premises and equipment, net						89,525								88,077
Prepaid expenses						5,329								3,550
Accrued interest receivable						15,723								15,192
Mortgage-servicing rights						8,857								8,884
Low-income housing equity investments						36,450								37,793
Real estate acquired in settlement of loans, net						797								1,030
Other						16,920								17,281
						$	312,333							$	309,946
Other liabilities
Accrued expenses						$	26,055							$	30,705
Federal and state income taxes payable						22,324								13,448
Cashier’s checks						21,542								21,768
Advance payments by borrowers						6,403								10,311
Other						23,281								24,797
						$	99,605							$	101,029

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 March 31
(in millions)		2016				2015
AES Hawaii		$	38			$	34
Kalaeloa		29				44
HEP		11				11
Hpower		16				16
Puna Geothermal Venture		7				7
Hawaiian Commercial & Sugar (HC&S)		—				2
Other IPPs		15				22
Total IPPs		$	116			$	136

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:

		Three months ended March 31
(in thousands)		2016				2015
Balance, beginning of period		$	26,848			$	29,419
Accretion expense		3				6
Liabilities incurred		—				—
Liabilities settled		(138		)		(1,614		)
Revisions in estimated cash flows		—				—
Balance, end of period		$	26,713			$	27,811

Schedule of annual decoupling filings

The net annual incremental amounts to be collected (refunded) were comprised as follows:

($ in millions)		Hawaiian Electric				Hawaii Electric Light				Maui Electric
2016 Annual incremental RAM adjusted revenues		$	11.0			$	2.9			$	2.4
Annual change in accrued earnings sharing credits		$	—			$	—			$	0.5
Annual change in accrued RBA balance as of December 31, 2015 (and associated revenue taxes) (refunded)		$	(13.6	)		$	(2.5	)		$	(4.3	)
Net annual incremental amount to be collected (refunded) under the tariffs		$	(2.6	)		$	0.4			$	(1.4	)
Impact on typical residential customer monthly bill (in dollars) *		$	0.01			$	0.41			$	(0.95	)

* 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 $0.76, based on a 400 KWH bill. Although Hawaiian Electric’s net annual incremental amount is a refund, the typical residential customer monthly bill will increase $0.01 due to lower anticipated KWH sales.

Schedule of derivative financial instruments

		March 31, 2016								December 31, 2015
(dollars in thousands)		Notional amount				Fair value				Notional amount				Fair value
Window forward contract		$	31,335			$	1,640			$	—			$	—

Schedule of consolidating statements of income (loss)

Consolidating Statement of Income

Three months ended March 31, 2016

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Revenues		$	337,175			73,183			71,706			—			(12	)		$	482,052
Expenses
Fuel oil		74,085				14,374			25,281			—			—			113,740
Purchased power		91,917				16,797			7,145			—			—			115,859
Other operation and maintenance		69,558				16,441			17,909			—			—			103,908
Depreciation		31,522				9,449			5,810			—			—			46,781
Taxes, other than income taxes		32,684				6,891			6,863			—			—			46,438
Total expenses		299,766				63,952			63,008			—			—			426,726
Operating income		37,409				9,231			8,698			—			(12	)		55,326
Allowance for equity funds used during construction		1,406				127			206			—			—			1,739
Equity in earnings of subsidiaries		7,929				—			—			—			(7,929	)		—
Interest expense and other charges, net		(11,865		)		(2,965	)		(2,490	)		—			12			(17,308		)
Allowance for borrowed funds used during construction		529				49			84			—			—			662
Income before income taxes		35,408				6,442			6,498			—			(7,929	)		40,419
Income taxes		9,771				2,346			2,436			—			—			14,553
Net income		25,637				4,096			4,062			—			(7,929	)		25,866
Preferred stock dividends of subsidiaries		—				134			95			—			—			229
Net income attributable to Hawaiian Electric		25,637				3,962			3,967			—			(7,929	)		25,637
Preferred stock dividends of Hawaiian Electric		270				—			—			—			—			270
Net income for common stock		$	25,367			3,962			3,967			—			(7,929	)		$	25,367

Consolidating Statement of Income

Three months ended March 31, 2015

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Revenues		$	399,741			88,055			85,674			—			(28	)		$	573,442
Expenses
Fuel oil		118,403				23,385			35,018			—			—			176,806
Purchased power		103,250				21,893			10,864			—			—			136,007
Other operation and maintenance		70,084				16,399			17,519			—			—			104,002
Depreciation		29,389				9,313			5,541			—			—			44,243
Taxes, other than income taxes		38,201				8,384			8,163			—			—			54,748
Total expenses		359,327				79,374			77,105			—			—			515,806
Operating income		40,414				8,681			8,569			—			(28	)		57,636
Allowance for equity funds used during construction		1,123				145			145			—			—			1,413
Equity in earnings of subsidiaries		7,692				—			—			—			(7,692	)		—
Interest expense and other charges, net		(11,238		)		(2,680	)		(2,435	)		—			28			(16,325		)
Allowance for borrowed funds used during construction		388				53			58			—			—			499
Income before income taxes		38,379				6,199			6,337			—			(7,692	)		43,223
Income taxes		11,235				2,277			2,338			—			—			15,850
Net income		27,144				3,922			3,999			—			(7,692	)		27,373
Preferred stock dividends of subsidiaries		—				134			95			—			—			229
Net income attributable to Hawaiian Electric		27,144				3,788			3,904			—			(7,692	)		27,144
Preferred stock dividends of Hawaiian Electric		270				—			—			—			—			270
Net income for common stock		$	26,874			3,788			3,904			—			(7,692	)		$	26,874

Schedule of consolidating statement of comprehensive income (loss)

Consolidating Statement of Comprehensive Income

Three months ended March 31, 2016

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock		$	25,367			3,962			3,967			—			(7,929	)		$	25,367
Other comprehensive income, net of taxes:
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized gain, net of taxes		1,002				—			—			—			—			1,002
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		3,236				458			418			—			(876	)		3,236
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(3,222		)		(458	)		(418	)		—			876			(3,222		)
Other comprehensive income, net of taxes		1,016				—			—			—			—			1,016
Comprehensive income attributable to common shareholder		$	26,383			3,962			3,967			—			(7,929	)		$	26,383

Consolidating Statement of Comprehensive Income

Three months ended March 31, 2015

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock		$	26,874			3,788			3,904			—			(7,692	)		$	26,874
Other comprehensive income, 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		4,933				651			600			—			(1,251	)		4,933
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(4,911		)		(651	)		(600	)		—			1,251			(4,911		)
Other comprehensive income, net of taxes		22				—			—			—			—			22
Comprehensive income attributable to common shareholder		$	26,896			3,788			3,904			—			(7,692	)		$	26,896

Schedule of consolidating balance sheets

Consolidating Balance Sheet

March 31, 2016

(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		$	43,972			6,219			3,016			—			—			$	53,207
Plant and equipment		4,059,986				1,213,924			1,082,096			—			—			6,356,006
Less accumulated depreciation		(1,325,559		)		(490,883	)		(468,486	)		—			—			(2,284,928		)
Construction in progress		163,196				16,648			18,160			—			—			198,004
Utility property, plant and equipment, net		2,941,595				745,908			634,786			—			—			4,322,289
Nonutility property, plant and equipment, less accumulated depreciation		5,762				82			1,531			—			—			7,375
Total property, plant and equipment, net		2,947,357				745,990			636,317			—			—			4,329,664
Investment in wholly owned subsidiaries, at equity		557,885				—			—			—			(557,885	)		—
Current assets
Cash and cash equivalents		29,307				12,070			7,564			101			—			49,042
Advances to affiliates		—				12,500			7,000			—			(19,500	)		—
Customer accounts receivable, net		69,744				18,399			15,596			—			—			103,739
Accrued unbilled revenues, net		60,022				12,857			12,488			—			—			85,367
Other accounts receivable, net		13,180				1,271			1,269			—			(8,947	)		6,773
Fuel oil stock, at average cost		34,553				5,688			8,163			—			—			48,404
Materials and supplies, at average cost		30,543				6,892			16,821			—			—			54,256
Prepayments and other		18,430				2,223			2,436			—			(1,286	)		21,803
Regulatory assets		80,918				5,563			2,711			—			—			89,192
Total current assets		336,697				77,463			74,048			101			(29,733	)		458,576
Other long-term assets
Regulatory assets		586,873				112,052			100,291			—			—			799,216
Unamortized debt expense		304				60			56			—			—			420
Other		47,516				14,129			12,850			—			—			74,495
Total other long-term assets		634,693				126,241			113,197			—			—			874,131
Total assets		$	4,476,632			949,694			823,562			101			(587,618	)		$	5,662,371
Capitalization and liabilities
Capitalization
Common stock equity		$	1,731,304			293,358			264,426			101			(557,885	)		$	1,731,304
Cumulative preferred stock—not subject to mandatory redemption		22,293				7,000			5,000			—			—			34,293
Long-term debt, net		875,308				213,608			190,000			—			—			1,278,916
Total capitalization		2,628,905				513,966			459,426			101			(557,885	)		3,044,513
Current liabilities
Short-term borrowings from non-affiliates		12,998				—			—			—			—			12,998
Short-term borrowings from affiliate		19,500				—			—			—			(19,500	)		—
Accounts payable		73,021				12,391			9,678			—			—			95,090
Interest and preferred dividends payable		18,543				4,173			4,301			—			(2	)		27,015
Taxes accrued		87,303				22,787			20,435			—			(1,286	)		129,239
Regulatory liabilities		—				4,063			1,353			—			—			5,416
Other		62,307				9,019			12,625			—			(8,945	)		75,006
Total current liabilities		273,672				52,433			48,392			—			(29,733	)		344,764
Deferred credits and other liabilities
Deferred income taxes		477,446				102,039			90,353			—			288			670,126
Regulatory liabilities		259,907				87,514			30,956			—			—			378,377
Unamortized tax credits		55,446				15,555			14,901			—			—			85,902
Defined benefit pension and other postretirement benefit plans liability		405,024				69,103			73,390			—			—			547,517
Other		49,944				13,625			14,371			—			(288	)		77,652
Total deferred credits and other liabilities		1,247,767				287,836			223,971			—			—			1,759,574
Contributions in aid of construction		326,288				95,459			91,773			—			—			513,520
Total capitalization and liabilities		$	4,476,632			949,694			823,562			101			(587,618	)		$	5,662,371

Consolidating Balance Sheet

December 31, 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		$	43,557			6,219			3,016			—			—			$	52,792
Plant and equipment		4,026,079				1,212,195			1,077,424			—			—			6,315,698
Less accumulated depreciation		(1,316,467		)		(486,028	)		(463,509	)		—			—			(2,266,004		)
Construction in progress		147,979				11,455			15,875			—			—			175,309
Utility property, plant and equipment, net		2,901,148				743,841			632,806			—			—			4,277,795
Nonutility property, plant and equipment, less accumulated depreciation		5,659				82			1,531			—			—			7,272
Total property, plant and equipment, net		2,906,807				743,923			634,337			—			—			4,285,067
Investment in wholly owned subsidiaries, at equity		556,528				—			—			—			(556,528	)		—
Current assets
Cash and cash equivalents		16,281				2,682			5,385			101			—			24,449
Advances to affiliates		—				15,500			7,500			—			(23,000	)		—
Customer accounts receivable, net		93,515				20,508			18,755			—			—			132,778
Accrued unbilled revenues, net		60,080				12,531			11,898			—			—			84,509
Other accounts receivable, net		16,421				1,275			1,674			—			(8,962	)		10,408
Fuel oil stock, at average cost		49,455				8,310			13,451			—			—			71,216
Materials and supplies, at average cost		30,921				6,865			16,643			—			—			54,429
Prepayments and other		25,505				9,091			2,295			—			(251	)		36,640
Regulatory assets		63,615				4,501			4,115			—			—			72,231
Total current assets		355,793				81,263			81,716			101			(32,213	)		486,660
Other long-term assets
Regulatory assets		608,957				114,562			100,981			—			—			824,500
Unamortized debt expense		359				74			64			—			—			497
Other		47,731				14,693			13,062			—			—			75,486
Total other long-term assets		657,047				129,329			114,107			—			—			900,483
Total assets		$	4,476,175			954,515			830,160			101			(588,741	)		$	5,672,210
Capitalization and liabilities
Capitalization
Common stock equity		$	1,728,325			292,702			263,725			101			(556,528	)		$	1,728,325
Cumulative preferred stock—not subject to mandatory redemption		22,293				7,000			5,000			—			—			34,293
Long-term debt, net		875,163				213,580			189,959			—			—			1,278,702
Total capitalization		2,625,781				513,282			458,684			101			(556,528	)		3,041,320
Current liabilities
Short-term borrowings from affiliate		23,000				—			—			—			(23,000	)		—
Accounts payable		84,631				17,702			12,513			—			—			114,846
Interest and preferred dividends payable		15,747				4,255			3,113			—			(4	)		23,111
Taxes accrued		131,668				30,342			29,325			—			(251	)		191,084
Regulatory liabilities		—				1,030			1,174			—			—			2,204
Other		41,083				8,760			13,194			—			(8,958	)		54,079
Total current liabilities		296,129				62,089			59,319			—			(32,213	)		385,324
Deferred credits and other liabilities
Deferred income taxes		466,133				100,681			87,706			—			286			654,806
Regulatory liabilities		254,033				84,623			30,683			—			—			369,339
Unamortized tax credits		54,078				15,406			14,730			—			—			84,214
Defined benefit pension and other postretirement benefit plans liability		409,021				69,893			74,060			—			—			552,974
Other		51,273				13,243			13,916			—			(286	)		78,146
Total deferred credits and other liabilities		1,234,538				283,846			221,095			—			—			1,739,479
Contributions in aid of construction		319,727				95,298			91,062			—			—			506,087
Total capitalization and liabilities		$	4,476,175			954,515			830,160			101			(588,741	)		$	5,672,210

Schedule of consolidating statement of changes in common stock equity

Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 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		26,874				3,788			3,904			—			(7,692	)		26,874
Other comprehensive income, net of taxes		22				—			—			—			—			22
Common stock dividends		(22,601		)		(2,505	)		(3,794	)		—			6,299			(22,601		)
Common stock issuance expenses		(5		)		—			—			—			—			(5		)
Balance, March 31, 2015		$	1,686,434			283,129			256,802			101			(540,032	)		$	1,686,434

Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2016

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Balance, December 31, 2015		$	1,728,325			292,702			263,725			101			(556,528	)		$	1,728,325
Net income for common stock		25,367				3,962			3,967			—			(7,929	)		25,367
Other comprehensive income, net of taxes		1,016				—			—			—			—			1,016
Common stock dividends		(23,400		)		(3,302	)		(3,265	)		—			6,567			(23,400		)
Common stock issuance expenses		(4		)		(4	)		(1	)		—			5			(4		)
Balance, March 31, 2016		$	1,731,304			293,358			264,426			101			(557,885	)		$	1,731,304

Schedule of condensed consolidating statement of cash flows

Consolidating Statement of Cash Flows

Three months ended March 31, 2015

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income		$	27,144			3,922			3,999			—			(7,692	)		$	27,373
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries		(7,717		)		—			—			—			7,692			(25		)
Common stock dividends received from subsidiaries		6,324				—			—			—			(6,299	)		25
Depreciation of property, plant and equipment		29,389				9,313			5,541			—			—			44,243
Other amortization		590				500			608			—			—			1,698
Increase in deferred income taxes		12,048				719			2,365			—			—			15,132
Change in tax credits, net		2,246				200			130			—			—			2,576
Allowance for equity funds used during construction		(1,123		)		(145	)		(145	)		—			—			(1,413		)
Changes in assets and liabilities:
Decrease in accounts receivable		21,703				2,147			4,408			—			846			29,104
Decrease in accrued unbilled revenues		21,726				1,426			4,728			—			—			27,880
Decrease in fuel oil stock		8,654				5,817			6,260			—			—			20,731
Decrease (increase) in materials and supplies		(1,115		)		75			(317	)		—			—			(1,357		)
Increase in regulatory assets		(8,903		)		(1,522	)		(402	)		—			—			(10,827		)
Increase (decrease) in accounts payable		16,520				(2,548	)		1,408			—			—			15,380
Change in prepaid and accrued income and utility revenue taxes		(52,273		)		(1,807	)		(9,616	)		—			—			(63,696		)
Increase in defined benefit pension and other postretirement benefit plans liability		—				—			110			—			—			110
Change in other assets and liabilities		(8,614		)		203			(517	)		—			(846	)		(9,774		)
Net cash provided by operating activities		66,599				18,300			18,560			—			(6,299	)		97,160
Cash flows from investing activities
Capital expenditures		(92,242		)		(14,902	)		(11,730	)		—			—			(118,874		)
Contributions in aid of construction		8,121				758			266			—			—			9,145
Other		175				26			42			—			—			243
Advances from (to) affiliates		3,500				—			—			—			(3,500	)		—
Net cash used in investing activities		(80,446		)		(14,118	)		(11,422	)		—			(3,500	)		(109,486		)
Cash flows from financing activities
Common stock dividends		(22,601		)		(2,505	)		(3,794	)		—			6,299			(22,601		)
Preferred stock dividends of Hawaiian Electric and subsidiaries		(270		)		(134	)		(95	)		—			—			(499		)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less		30,000				(500	)		(3,000	)		—			3,500			30,000
Other		(214		)		(1	)		(1	)		—			—			(216		)
Net cash provided by (used in) financing activities		6,915				(3,140	)		(6,890	)		—			9,799			6,684
Net increase (decrease) in cash and cash equivalents		(6,932		)		1,042			248			—			—			(5,642		)
Cash and cash equivalents, beginning of period		12,416				612			633			101			—			13,762
Cash and cash equivalents, end of period		$	5,484			1,654			881			101			—			$	8,120

Consolidating Statement of Cash Flows

Three months ended March 31, 2016

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income		$	25,637			4,096			4,062			—			(7,929	)		$	25,866
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries		(7,954		)		—			—			—			7,929			(25		)
Common stock dividends received from subsidiaries		6,592				—			—			—			(6,567	)		25
Depreciation of property, plant and equipment		31,522				9,449			5,810			—			—			46,781
Other amortization		1,045				268			461			—			—			1,774
Increase in deferred income taxes		9,764				1,277			2,517			—			—			13,558
Change in tax credits, net		1,386				154			162			—			—			1,702
Allowance for equity funds used during construction		(1,406		)		(127	)		(206	)		—			—			(1,739		)
Changes in assets and liabilities:
Decrease in accounts receivable		22,606				2,113			3,563			—			15			28,297
Decrease (increase) in accrued unbilled revenues		58				(326	)		(590	)		—			—			(858		)
Decrease in fuel oil stock		14,902				2,622			5,288			—			—			22,812
Decrease (increase) in materials and supplies		378				(27	)		(178	)		—			—			173
Decrease in regulatory assets		79				397			1,109			—			—			1,585
Increase in accounts payable		24,827				1,652			1,287			—			—			27,766
Change in prepaid and accrued income and utility revenue taxes		(31,916		)		(1,634	)		(8,466	)		—			(2	)		(42,018		)
Increase in defined benefit pension and other postretirement benefit plans liability		177				13			15			—			—			205
Change in other assets and liabilities		15,249				5,562			169			—			(13	)		20,967
Net cash provided by operating activities		112,946				25,489			15,003			—			(6,567	)		146,871
Cash flows from investing activities
Capital expenditures		(97,363		)		(16,649	)		(11,171	)		—			—			(125,183		)
Contributions in aid of construction		11,585				969			1,207			—			—			13,761
Other		22				23			—			—			—			45
Advances from affiliates		—				3,000			500			—			(3,500	)		—
Net cash used in investing activities		(85,756		)		(12,657	)		(9,464	)		—			(3,500	)		(111,377		)
Cash flows from financing activities
Common stock dividends		(23,400		)		(3,302	)		(3,265	)		—			6,567			(23,400		)
Preferred stock dividends of Hawaiian Electric and subsidiaries		(270		)		(134	)		(95	)		—			—			(499		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less		9,498				—			—			—			3,500			12,998
Other		8				(8	)		—			—			—			—
Net cash used in financing activities		(14,164		)		(3,444	)		(3,360	)		—			10,067			(10,901		)
Net increase in cash and cash equivalents		13,026				9,388			2,179			—			—			24,593
Cash and cash equivalents, beginning of period		16,281				2,682			5,385			101			—			24,449
Cash and cash equivalents, end of period		$	29,307			12,070			7,564			101			—			$	49,042

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