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Electric utility segment (Tables) | 6 Months Ended
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Jun. 30, 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 |  | June 30, 2016 |  | December 31, 2015
(in thousands) |  | Asset derivatives |  | Liability derivatives |  | Asset derivatives |  | Liability derivatives
Interest rate lock commitments |  | $ | 795 |  |  | $ | — |  |  | $ | 384 |  |  | $ | — |
Forward commitments |  | 4 |  |  | 270 |  |  | 1 |  |  | 30 |
|  | $ | 799 |  |  | $ | 270 |  |  | $ | 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) | Statements of Income Data
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 49,690 |  |  | $ | 46,035 |  |  | $ | 98,127 |  |  | $ | 91,233 |
Interest and dividends on investment securities |  | 4,443 |  |  | 3,306 |  |  | 9,460 |  |  | 6,357 |
Total interest and dividend income |  | 54,133 |  |  | 49,341 |  |  | 107,587 |  |  | 97,590 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 1,691 |  |  | 1,266 |  |  | 3,283 |  |  | 2,526 |
Interest on other borrowings |  | 1,467 |  |  | 1,487 |  |  | 2,952 |  |  | 2,953 |
Total interest expense |  | 3,158 |  |  | 2,753 |  |  | 6,235 |  |  | 5,479 |
Net interest income |  | 50,975 |  |  | 46,588 |  |  | 101,352 |  |  | 92,111 |
Provision for loan losses |  | 4,753 |  |  | 1,825 |  |  | 9,519 |  |  | 2,439 |
Net interest income after provision for loan losses |  | 46,222 |  |  | 44,763 |  |  | 91,833 |  |  | 89,672 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,701 |  |  | 5,550 |  |  | 11,200 |  |  | 10,905 |
Fee income on deposit liabilities |  | 5,262 |  |  | 5,424 |  |  | 10,418 |  |  | 10,739 |
Fee income on other financial products |  | 2,207 |  |  | 2,103 |  |  | 4,412 |  |  | 3,992 |
Bank-owned life insurance |  | 1,006 |  |  | 1,058 |  |  | 2,004 |  |  | 2,041 |
Mortgage banking income |  | 1,554 |  |  | 2,068 |  |  | 2,749 |  |  | 3,890 |
Gains on sale of investment securities, net |  | 598 |  |  | — |  |  | 598 |  |  | — |
Other income, net |  | 288 |  |  | 239 |  |  | 621 |  |  | 974 |
Total noninterest income |  | 16,616 |  |  | 16,442 |  |  | 32,002 |  |  | 32,541 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 21,919 |  |  | 22,319 |  |  | 44,353 |  |  | 44,085 |
Occupancy |  | 4,115 |  |  | 4,009 |  |  | 8,253 |  |  | 8,122 |
Data processing |  | 3,277 |  |  | 2,953 |  |  | 6,449 |  |  | 6,069 |
Services |  | 2,755 |  |  | 2,833 |  |  | 5,666 |  |  | 5,174 |
Equipment |  | 1,771 |  |  | 1,690 |  |  | 3,434 |  |  | 3,391 |
Office supplies, printing and postage |  | 1,583 |  |  | 1,303 |  |  | 2,948 |  |  | 2,786 |
Marketing |  | 899 |  |  | 844 |  |  | 1,760 |  |  | 1,685 |
FDIC insurance |  | 913 |  |  | 773 |  |  | 1,797 |  |  | 1,584 |
Other expense |  | 5,382 |  |  | 4,755 |  |  | 9,357 |  |  | 8,960 |
Total noninterest expense |  | 42,614 |  |  | 41,479 |  |  | 84,017 |  |  | 81,856 |
Income before income taxes |  | 20,224 |  |  | 19,726 |  |  | 39,818 |  |  | 40,357 |
Income taxes |  | 6,939 |  |  | 6,875 |  |  | 13,860 |  |  | 14,031 |
Net income |  | $ | 13,285 |  |  | $ | 12,851 |  |  | $ | 25,958 |  |  | $ | 26,326 |
Schedule of consolidating balance sheets | Balance Sheets Data
(in thousands) |  | June 30, 2016 |  | December 31, 2015
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  |  | $ | 111,738 |  |  |  |  |  | $ | 127,201 |
Interest-bearing deposits |  |  |  | 62,850 |  |  |  |  | 93,680 |
Available-for-sale investment securities, at fair value |  |  |  |  | 894,021 |  |  |  |  |  | 820,648 |
Stock in Federal Home Loan Bank, at cost |  |  |  |  | 11,218 |  |  |  |  |  | 10,678 |
Loans receivable held for investment |  |  |  |  | 4,754,954 |  |  |  |  |  | 4,615,819 |
Allowance for loan losses |  |  |  |  | (55,331 | ) |  |  |  |  | (50,038 | )
Net loans |  |  |  |  | 4,699,623 |  |  |  |  |  | 4,565,781 |
Loans held for sale, at lower of cost or fair value |  |  |  |  | 6,217 |  |  |  |  |  | 4,631 |
Other |  |  |  |  | 320,233 |  |  |  |  |  | 309,946 |
Goodwill |  |  |  |  | 82,190 |  |  |  |  |  | 82,190 |
Total assets |  |  |  |  | $ | 6,188,090 |  |  |  |  |  | $ | 6,014,755 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  |  | $ | 1,583,420 |  |  |  |  |  | $ | 1,520,374 |
Deposit liabilities—interest-bearing |  |  |  |  | 3,648,783 |  |  |  |  |  | 3,504,880 |
Other borrowings |  |  |  |  | 272,887 |  |  |  |  |  | 328,582 |
Other |  |  |  |  | 103,396 |  |  |  |  |  | 101,029 |
Total liabilities |  |  |  |  | 5,608,486 |  |  |  |  |  | 5,454,865 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  |  |  | 1 |  |  |  |  |  | 1 |
Additional paid in capital |  |  |  | 341,849 |  |  |  |  | 340,496 |
Retained earnings |  |  |  |  | 244,622 |  |  |  |  |  | 236,664 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities |  | $ | 8,111 |  |  |  |  |  | $ | (1,872 | ) |  |  |
Retirement benefit plans |  | (14,979 | ) |  | (6,868 | ) |  | (15,399 | ) |  | (17,271 | )
Total shareholder’s equity |  |  |  |  | 579,604 |  |  |  |  |  | 559,890 |
Total liabilities and shareholder’s equity |  |  |  |  | $ | 6,188,090 |  |  |  |  |  | $ | 6,014,755 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  |  | $ | 140,176 |  |  |  |  |  | $ | 138,139 |
Premises and equipment, net |  |  |  |  | 91,256 |  |  |  |  |  | 88,077 |
Prepaid expenses |  |  |  |  | 4,715 |  |  |  |  |  | 3,550 |
Accrued interest receivable |  |  |  |  | 15,749 |  |  |  |  |  | 15,192 |
Mortgage-servicing rights |  |  |  |  | 9,016 |  |  |  |  |  | 8,884 |
Low-income housing equity investments |  |  |  | 41,080 |  |  |  |  | 37,793 |
Real estate acquired in settlement of loans, net |  |  |  |  | 446 |  |  |  |  |  | 1,030 |
Other |  |  |  |  | 17,795 |  |  |  |  |  | 17,281 |
|  |  |  |  | $ | 320,233 |  |  |  |  |  | $ | 309,946 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses |  |  |  |  | $ | 30,569 |  |  |  |  |  | $ | 30,705 |
Federal and state income taxes payable |  |  |  |  | 16,761 |  |  |  |  |  | 13,448 |
Cashier’s checks |  |  |  |  | 21,497 |  |  |  |  |  | 21,768 |
Advance payments by borrowers |  |  |  |  | 10,851 |  |  |  |  |  | 10,311 |
Other |  |  |  |  | 23,718 |  |  |  |  |  | 24,797 |
|  |  |  |  | $ | 103,396 |  |  |  |  |  | $ | 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 June 30 |  | Six months ended June 30
(in millions) |  | 2016 |  | 2015 |  | 2016 |  | 2015
AES Hawaii |  | $ | 36 |  |  | $ | 26 |  |  | $ | 74 |  |  | $ | 60 |
Kalaeloa |  | 36 |  |  | 48 |  |  | 65 |  |  | 92 |
HEP |  | 4 |  |  | 10 |  |  | 15 |  |  | 21 |
Hpower |  | 17 |  |  | 16 |  |  | 33 |  |  | 32 |
Puna Geothermal Venture |  | 5 |  |  | 7 |  |  | 12 |  |  | 14 |
Hawaiian Commercial & Sugar (HC&S) |  | — |  |  | 3 |  |  | — |  |  | 5 |
Other IPPs |  | 41 |  |  | 39 |  |  | 56 |  |  | 61 |
Total IPPs |  | $ | 139 |  |  | $ | 149 |  |  | $ | 255 |  |  | $ | 285 |
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) |  | 2016 |  | 2015
Balance, beginning of period |  | $ | 26,848 |  |  | $ | 29,419 |
Accretion expense |  | 7 |  |  | 12 |
Liabilities incurred |  | — |  |  | — |
Liabilities settled |  | (259 | ) |  | (1,881 | )
Revisions in estimated cash flows |  | — |  |  | — |
Balance, end of period |  | $ | 26,596 |  |  | $ | 27,550 |
Schedule of annual decoupling filings |
($ in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric
Annual incremental RAM adjusted revenues |  | $ | 11.0 |  |  | $ | 2.3 |  |  | $ | 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) |  | $ | (13.6 | ) |  | $ | (2.5 | ) |  | $ | (4.3 | )
Net annual incremental decrease in amount to be collected under the tariffs |  | $ | (2.6 | ) |  | $ | (0.2 | ) |  | $ | (1.4 | )
Impact on typical residential customer monthly bill (in dollars) * |  | $ | 0.01 |  |  | $ | 0.13 |  |  | $ | (0.95 | )
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 $0.76, based on a 400 KWH bill. Although Hawaiian Electric and Hawaii Electric Light have a net annual incremental decrease in amount to be collected under the tariffs, their bills will increase by $0.01 and $0.13, respectively, due to lower anticipated KWH sales.
Schedule of derivative financial instruments |
|  | June 30, 2016 |  | December 31, 2015
(dollars in thousands) |  | Notional amount |  | Fair value |  | Notional amount |  | Fair value
Window forward contract |  | $ | 20,637 |  |  | $ | 466 |  |  | $ | — |  |  | $ | — |
Schedule of consolidating statements of income (loss) | Consolidating Statement of Income Three months ended June 30, 2016
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 347,010 |  |  | 73,652 |  |  | 74,758 |  |  | — |  |  | (25 | ) |  | $ | 495,395 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 62,234 |  |  | 11,748 |  |  | 17,917 |  |  | — |  |  | — |  |  | 91,899 |
Purchased power |  | 103,062 |  |  | 19,360 |  |  | 16,636 |  |  | — |  |  | — |  |  | 139,058 |
Other operation and maintenance |  | 68,197 |  |  | 15,116 |  |  | 16,250 |  |  | — |  |  | — |  |  | 99,563 |
Depreciation |  | 31,522 |  |  | 9,449 |  |  | 5,789 |  |  | — |  |  | — |  |  | 46,760 |
Taxes, other than income taxes |  | 33,414 |  |  | 6,905 |  |  | 7,110 |  |  | — |  |  | — |  |  | 47,429 |
Total expenses |  | 298,429 |  |  | 62,578 |  |  | 63,702 |  |  | — |  |  | — |  |  | 424,709 |
Operating income |  | 48,581 |  |  | 11,074 |  |  | 11,056 |  |  | — |  |  | (25 | ) |  | 70,686 |
Allowance for equity funds used during construction |  | 1,559 |  |  | 206 |  |  | 232 |  |  | — |  |  | — |  |  | 1,997 |
Equity in earnings of subsidiaries |  | 10,883 |  |  | — |  |  | — |  |  | — |  |  | (10,883 | ) |  | — |
Interest expense and other charges, net |  | (10,345 | ) |  | (2,669 | ) |  | (2,114 | ) |  | — |  |  | 25 |  |  | (15,103 | )
Allowance for borrowed funds used during construction |  | 587 |  |  | 79 |  |  | 94 |  |  | — |  |  | — |  |  | 760 |
Income before income taxes |  | 51,265 |  |  | 8,690 |  |  | 9,268 |  |  | — |  |  | (10,883 | ) |  | 58,340 |
Income taxes |  | 15,138 |  |  | 3,337 |  |  | 3,509 |  |  | — |  |  | — |  |  | 21,984 |
Net income |  | 36,127 |  |  | 5,353 |  |  | 5,759 |  |  | — |  |  | (10,883 | ) |  | 36,356 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 36,127 |  |  | 5,220 |  |  | 5,663 |  |  | — |  |  | (10,883 | ) |  | 36,127 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 35,857 |  |  | 5,220 |  |  | 5,663 |  |  | — |  |  | (10,883 | ) |  | $ | 35,857 |
Consolidating Statement of Income Six months ended June 30, 2016
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 684,185 |  |  | 146,835 |  |  | 146,464 |  |  | — |  |  | (37 | ) |  | $ | 977,447 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 136,319 |  |  | 26,122 |  |  | 43,198 |  |  | — |  |  | — |  |  | 205,639 |
Purchased power |  | 194,979 |  |  | 36,157 |  |  | 23,781 |  |  | — |  |  | — |  |  | 254,917 |
Other operation and maintenance |  | 137,755 |  |  | 31,557 |  |  | 34,159 |  |  | — |  |  | — |  |  | 203,471 |
Depreciation |  | 63,044 |  |  | 18,898 |  |  | 11,599 |  |  | — |  |  | — |  |  | 93,541 |
Taxes, other than income taxes |  | 66,098 |  |  | 13,796 |  |  | 13,973 |  |  | — |  |  | — |  |  | 93,867 |
Total expenses |  | 598,195 |  |  | 126,530 |  |  | 126,710 |  |  | — |  |  | — |  |  | 851,435 |
Operating income |  | 85,990 |  |  | 20,305 |  |  | 19,754 |  |  | — |  |  | (37 | ) |  | 126,012 |
Allowance for equity funds used during construction |  | 2,965 |  |  | 333 |  |  | 438 |  |  | — |  |  | — |  |  | 3,736 |
Equity in earnings of subsidiaries |  | 18,812 |  |  | — |  |  | — |  |  | — |  |  | (18,812 | ) |  | — |
Interest expense and other charges, net |  | (22,210 | ) |  | (5,634 | ) |  | (4,604 | ) |  | — |  |  | 37 |  |  | (32,411 | )
Allowance for borrowed funds used during construction |  | 1,116 |  |  | 128 |  |  | 178 |  |  | — |  |  | — |  |  | 1,422 |
Income before income taxes |  | 86,673 |  |  | 15,132 |  |  | 15,766 |  |  | — |  |  | (18,812 | ) |  | 98,759 |
Income taxes |  | 24,909 |  |  | 5,683 |  |  | 5,945 |  |  | — |  |  | — |  |  | 36,537 |
Net income |  | 61,764 |  |  | 9,449 |  |  | 9,821 |  |  | — |  |  | (18,812 | ) |  | 62,222 |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net income attributable to Hawaiian Electric |  | 61,764 |  |  | 9,182 |  |  | 9,630 |  |  | — |  |  | (18,812 | ) |  | 61,764 |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net income for common stock |  | $ | 61,224 |  |  | 9,182 |  |  | 9,630 |  |  | — |  |  | (18,812 | ) |  | $ | 61,224 |
Consolidating Statement of Income 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 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 |
Schedule of consolidating statement of comprehensive income (loss) | Consolidating Statement of Comprehensive Income 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 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 Three months ended June 30, 2016
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 35,857 |  |  | 5,220 |  |  | 5,663 |  |  | — |  |  | (10,883 | ) |  | $ | 35,857 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives qualified as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Effective portion of foreign currency hedge net unrealized loss, net of tax benefits |  | (745 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (745 | )
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 |  | 3,391 |  |  | 401 |  |  | 357 |  |  | — |  |  | (758 | ) |  | 3,391 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (3,401 | ) |  | (402 | ) |  | (359 | ) |  | — |  |  | 761 |  |  | (3,401 | )
Other comprehensive income (loss), net of taxes |  | (755 | ) |  | (1 | ) |  | (2 | ) |  | — |  |  | 3 |  |  | (755 | )
Comprehensive income attributable to common shareholder |  | $ | 35,102 |  |  | 5,219 |  |  | 5,661 |  |  | — |  |  | (10,880 | ) |  | $ | 35,102 |
Consolidating Statement of Comprehensive Income Six months ended June 30, 2016
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 61,224 |  |  | 9,182 |  |  | 9,630 |  |  | — |  |  | (18,812 | ) |  | $ | 61,224 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives qualified as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Effective portion of foreign currency hedge net unrealized gain, net of taxes |  | 257 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 257 |
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 |  | 6,627 |  |  | 859 |  |  | 775 |  |  | — |  |  | (1,634 | ) |  | 6,627 |
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (6,623 | ) |  | (860 | ) |  | (777 | ) |  | — |  |  | 1,637 |  |  | (6,623 | )
Other comprehensive income (loss), net of taxes |  | 261 |  |  | (1 | ) |  | (2 | ) |  | — |  |  | 3 |  |  | 261 |
Comprehensive income attributable to common shareholder |  | $ | 61,485 |  |  | 9,181 |  |  | 9,628 |  |  | — |  |  | (18,809 | ) |  | $ | 61,485 |
Schedule of consolidating balance sheets | 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 |
Consolidating Balance Sheet June 30, 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 |  | $ | 43,945 |  |  | 6,214 |  |  | 3,016 |  |  | — |  |  | — |  |  | $ | 53,175 |
Plant and equipment |  | 4,098,246 |  |  | 1,218,424 |  |  | 1,094,874 |  |  | — |  |  | — |  |  | 6,411,544 |
Less accumulated depreciation |  | (1,344,064 | ) |  | (497,241 | ) |  | (473,438 | ) |  | — |  |  | — |  |  | (2,314,743 | )
Construction in progress |  | 188,057 |  |  | 23,420 |  |  | 18,666 |  |  | — |  |  | — |  |  | 230,143 |
Utility property, plant and equipment, net |  | 2,986,184 |  |  | 750,817 |  |  | 643,118 |  |  | — |  |  | — |  |  | 4,380,119 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,761 |  |  | 82 |  |  | 1,532 |  |  | — |  |  | — |  |  | 7,375 |
Total property, plant and equipment, net |  | 2,991,945 |  |  | 750,899 |  |  | 644,650 |  |  | — |  |  | — |  |  | 4,387,494 |
Investment in wholly owned subsidiaries, at equity |  | 562,199 |  |  | — |  |  | — |  |  | — |  |  | (562,199 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 19,842 |  |  | 5,264 |  |  | 2,372 |  |  | 101 |  |  | — |  |  | 27,579 |
Advances to affiliates |  | — |  |  | 18,500 |  |  | 18,500 |  |  | — |  |  | (37,000 | ) |  | — |
Customer accounts receivable, net |  | 79,632 |  |  | 18,376 |  |  | 18,257 |  |  | — |  |  | — |  |  | 116,265 |
Accrued unbilled revenues, net |  | 63,021 |  |  | 11,897 |  |  | 12,806 |  |  | — |  |  | — |  |  | 87,724 |
Other accounts receivable, net |  | 10,897 |  |  | 1,400 |  |  | 1,442 |  |  | — |  |  | (9,193 | ) |  | 4,546 |
Fuel oil stock, at average cost |  | 43,440 |  |  | 7,386 |  |  | 10,746 |  |  | — |  |  | — |  |  | 61,572 |
Materials and supplies, at average cost |  | 32,669 |  |  | 7,573 |  |  | 16,669 |  |  | — |  |  | — |  |  | 56,911 |
Prepayments and other |  | 15,495 |  |  | 5,456 |  |  | 1,693 |  |  | — |  |  | (765 | ) |  | 21,879 |
Regulatory assets |  | 83,235 |  |  | 4,891 |  |  | 2,345 |  |  | — |  |  | — |  |  | 90,471 |
Total current assets |  | 348,231 |  |  | 80,743 |  |  | 84,830 |  |  | 101 |  |  | (46,958 | ) |  | 466,947 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | 583,486 |  |  | 111,731 |  |  | 99,426 |  |  | — |  |  | — |  |  | 794,643 |
Unamortized debt expense |  | 249 |  |  | 46 |  |  | 49 |  |  | — |  |  | — |  |  | 344 |
Other |  | 46,537 |  |  | 13,423 |  |  | 12,465 |  |  | — |  |  | — |  |  | 72,425 |
Total other long-term assets |  | 630,272 |  |  | 125,200 |  |  | 111,940 |  |  | — |  |  | — |  |  | 867,412 |
Total assets |  | $ | 4,532,647 |  |  | 956,842 |  |  | 841,420 |  |  | 101 |  |  | (609,157 | ) |  | $ | 5,721,853 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,743,006 |  |  | 295,275 |  |  | 266,823 |  |  | 101 |  |  | (562,199 | ) |  | $ | 1,743,006 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 875,443 |  |  | 213,640 |  |  | 190,040 |  |  | — |  |  | — |  |  | 1,279,123 |
Total capitalization |  | 2,640,742 |  |  | 515,915 |  |  | 461,863 |  |  | 101 |  |  | (562,199 | ) |  | 3,056,422 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings from non-affiliates |  | 36,995 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 36,995 |
Short-term borrowings from affiliate |  | 37,000 |  |  | — |  |  | — |  |  | — |  |  | (37,000 | ) |  | — |
Accounts payable |  | 77,858 |  |  | 12,786 |  |  | 15,877 |  |  | — |  |  | — |  |  | 106,521 |
Interest and preferred dividends payable |  | 14,441 |  |  | 4,115 |  |  | 2,764 |  |  | — |  |  | (11 | ) |  | 21,309 |
Taxes accrued |  | 95,703 |  |  | 24,227 |  |  | 21,983 |  |  | — |  |  | (765 | ) |  | 141,148 |
Regulatory liabilities |  | — |  |  | 2,658 |  |  | 710 |  |  | — |  |  | — |  |  | 3,368 |
Other |  | 40,066 |  |  | 9,639 |  |  | 12,824 |  |  | — |  |  | (9,182 | ) |  | 53,347 |
Total current liabilities |  | 302,063 |  |  | 53,425 |  |  | 54,158 |  |  | — |  |  | (46,958 | ) |  | 362,688 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | 492,156 |  |  | 103,430 |  |  | 93,607 |  |  | — |  |  | 289 |  |  | 689,482 |
Regulatory liabilities |  | 266,592 |  |  | 89,774 |  |  | 31,269 |  |  | — |  |  | — |  |  | 387,635 |
Unamortized tax credits |  | 56,813 |  |  | 17,308 |  |  | 15,055 |  |  | — |  |  | — |  |  | 89,176 |
Defined benefit pension and other postretirement benefit plans liability |  | 400,713 |  |  | 68,241 |  |  | 72,702 |  |  | — |  |  | — |  |  | 541,656 |
Other |  | 50,055 |  |  | 13,509 |  |  | 14,769 |  |  | — |  |  | (289 | ) |  | 78,044 |
Total deferred credits and other liabilities |  | 1,266,329 |  |  | 292,262 |  |  | 227,402 |  |  | — |  |  | — |  |  | 1,785,993 |
Contributions in aid of construction |  | 323,513 |  |  | 95,240 |  |  | 97,997 |  |  | — |  |  | — |  |  | 516,750 |
Total capitalization and liabilities |  | $ | 4,532,647 |  |  | 956,842 |  |  | 841,420 |  |  | 101 |  |  | (609,157 | ) |  | $ | 5,721,853 |
Schedule of consolidating statement of changes in common stock equity | Consolidating Statement of Changes in Common Stock Equity Six months ended June 30, 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 |  | 61,224 |  |  | 9,182 |  |  | 9,630 |  |  | — |  |  | (18,812 | ) |  | 61,224 |
Other comprehensive income (loss), net of taxes |  | 261 |  |  | (1 | ) |  | (2 | ) |  | — |  |  | 3 |  |  | 261 |
Common stock dividends |  | (46,800 | ) |  | (6,604 | ) |  | (6,530 | ) |  | — |  |  | 13,134 |  |  | (46,800 | )
Common stock issuance expenses |  | (4 | ) |  | (4 | ) |  | — |  |  | — |  |  | 4 |  |  | (4 | )
Balance, June 30, 2016 |  | $ | 1,743,006 |  |  | 295,275 |  |  | 266,823 |  |  | 101 |  |  | (562,199 | ) |  | $ | 1,743,006 |
Consolidating Statement of Changes in Common Stock Equity 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 |
Schedule of condensed consolidating statement of cash flows | Consolidating Statement of Cash Flows Six months ended June 30, 2016
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 61,764 |  |  | 9,449 |  |  | 9,821 |  |  | — |  |  | (18,812 | ) |  | $ | 62,222 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (18,862 | ) |  | — |  |  | — |  |  | — |  |  | 18,812 |  |  | (50 | )
Common stock dividends received from subsidiaries |  | 13,184 |  |  | — |  |  | — |  |  | — |  |  | (13,134 | ) |  | 50 |
Depreciation of property, plant and equipment |  | 63,044 |  |  | 18,898 |  |  | 11,599 |  |  | — |  |  | — |  |  | 93,541 |
Other amortization |  | 1,919 |  |  | 911 |  |  | 963 |  |  | — |  |  | — |  |  | 3,793 |
Deferred income taxes |  | 23,954 |  |  | 2,538 |  |  | 5,623 |  |  | — |  |  | 3 |  |  | 32,118 |
Change in tax credits, net |  | 2,772 |  |  | 1,913 |  |  | 319 |  |  | — |  |  | — |  |  | 5,004 |
Allowance for equity funds used during construction |  | (2,965 | ) |  | (333 | ) |  | (438 | ) |  | — |  |  | — |  |  | (3,736 | )
Other |  | (1,389 | ) |  | (302 | ) |  | (331 | ) |  | — |  |  | — |  |  | (2,022 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease in accounts receivable |  | 14,177 |  |  | 2,007 |  |  | 729 |  |  | — |  |  | (231 | ) |  | 16,682 |
Decrease (increase) in accrued unbilled revenues |  | (2,941 | ) |  | 634 |  |  | (908 | ) |  | — |  |  | — |  |  | (3,215 | )
Decrease in fuel oil stock |  | 6,015 |  |  | 924 |  |  | 2,705 |  |  | — |  |  | — |  |  | 9,644 |
Increase in materials and supplies |  | (1,748 | ) |  | (708 | ) |  | (26 | ) |  | — |  |  | — |  |  | (2,482 | )
Decrease (increase) in regulatory assets |  | (3,974 | ) |  | 2,138 |  |  | 1,159 |  |  | — |  |  | — |  |  | (677 | )
Increase in accounts payable |  | 17,150 |  |  | 208 |  |  | 6,069 |  |  | — |  |  | — |  |  | 23,427 |
Change in prepaid and accrued income and utility revenue taxes |  | (21,371 | ) |  | (192 | ) |  | (6,626 | ) |  | — |  |  | (3 | ) |  | (28,192 | )
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability |  | 299 |  |  | 27 |  |  | (89 | ) |  | — |  |  | — |  |  | 237 |
Change in other assets and liabilities |  | (11,803 | ) |  | 11 |  |  | (659 | ) |  | — |  |  | 231 |  |  | (12,220 | )
Net cash provided by operating activities |  | 139,225 |  |  | 38,123 |  |  | 29,910 |  |  | — |  |  | (13,134 | ) |  | 194,124 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (152,283 | ) |  | (27,436 | ) |  | (17,613 | ) |  | — |  |  | — |  |  | (197,332 | )
Contributions in aid of construction |  | 12,824 |  |  | 1,605 |  |  | 2,381 |  |  | — |  |  | — |  |  | 16,810 |
Other |  | 132 |  |  | 169 |  |  | 30 |  |  | — |  |  | — |  |  | 331 |
Advances from affiliates |  | — |  |  | (3,000 | ) |  | (11,000 | ) |  | — |  |  | 14,000 |  |  | — |
Net cash used in investing activities |  | (139,327 | ) |  | (28,662 | ) |  | (26,202 | ) |  | — |  |  | 14,000 |  |  | (180,191 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (46,800 | ) |  | (6,604 | ) |  | (6,530 | ) |  | — |  |  | 13,134 |  |  | (46,800 | )
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 |  | 50,995 |  |  | — |  |  | — |  |  | — |  |  | (14,000 | ) |  | 36,995 |
Other |  | 8 |  |  | (8 | ) |  | — |  |  | — |  |  | — |  |  | — |
Net cash provided by (used in) financing activities |  | 3,663 |  |  | (6,879 | ) |  | (6,721 | ) |  | — |  |  | (866 | ) |  | (10,803 | )
Net increase (decrease) in cash and cash equivalents |  | 3,561 |  |  | 2,582 |  |  | (3,013 | ) |  | — |  |  | — |  |  | 3,130 |
Cash and cash equivalents, beginning of period |  | 16,281 |  |  | 2,682 |  |  | 5,385 |  |  | 101 |  |  | — |  |  | 24,449 |
Cash and cash equivalents, end of period |  | $ | 19,842 |  |  | 5,264 |  |  | 2,372 |  |  | 101 |  |  | — |  |  | $ | 27,579 |
Consolidating Statement of Cash Flows 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 |  |  | 1,173 |  |  | — |  |  | — |  |  | 3,220 |
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 |
Other |  | 1,405 |  |  | 351 |  |  | 21 |  |  | — |  |  | — |  |  | 1,777 |
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 | )
Increase (decrease) in accounts payable |  | (5,098 | ) |  | (1,411 | ) |  | 2,138 |  |  | — |  |  | — |  |  | (4,371 | )
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 |  | (7,838 | ) |  | (2,199 | ) |  | (4,111 | ) |  | — |  |  | (1,714 | ) |  | (15,862 | )
Net cash provided by operating activities |  | 87,808 |  |  | 26,483 |  |  | 25,982 |  |  | — |  |  | (12,597 | ) |  | 127,676 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (154,727 | ) |  | (25,106 | ) |  | (19,310 | ) |  | — |  |  | — |  |  | (199,143 | )
Contributions in aid of construction |  | 16,628 |  |  | 1,465 |  |  | 996 |  |  | — |  |  | — |  |  | 19,089 |
Other |  | 334 |  |  | 124 |  |  | 53 |  |  | — |  |  | — |  |  | 511 |
Advances from affiliates |  | (2,100 | ) |  | — |  |  | — |  |  | — |  |  | 2,100 |  |  | — |
Net cash used in investing activities |  | (139,865 | ) |  | (23,517 | ) |  | (18,261 | ) |  | — |  |  | 2,100 |  |  | (179,543 | )
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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