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Electric utility segment (Tables)

9 Months Ended

Sep. 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		September 30, 2016								December 31, 2015
(in thousands)		Asset derivatives				Liability derivatives				Asset derivatives				Liability derivatives
Interest rate lock commitments		$	843			$	—			$	384			$	—
Forward commitments		1				164				1				30
		$	844			$	164			$	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 September 30								Nine months ended September 30
(in thousands)		2016				2015				2016				2015
Interest and dividend income
Interest and fees on loans		$	50,444			$	46,413			$	148,571			$	137,646
Interest and dividends on investment securities		4,759				4,213				14,219				10,570
Total interest and dividend income		55,203				50,626				162,790				148,216
Interest expense
Interest on deposit liabilities		1,871				1,355				5,154				3,881
Interest on other borrowings		1,464				1,515				4,416				4,468
Total interest expense		3,335				2,870				9,570				8,349
Net interest income		51,868				47,756				153,220				139,867
Provision for loan losses		5,747				2,997				15,266				5,436
Net interest income after provision for loan losses		46,121				44,759				137,954				134,431
Noninterest income
Fees from other financial services		5,599				5,639				16,799				16,544
Fee income on deposit liabilities		5,627				5,883				16,045				16,622
Fee income on other financial products		2,151				2,096				6,563				6,088
Bank-owned life insurance		1,616				1,021				3,620				3,062
Mortgage banking income		2,347				1,437				5,096				5,327
Gains on sale of investment securities, net		—				—				598				—
Other income, net		1,165				2,389				1,786				3,363
Total noninterest income		18,505				18,465				50,507				51,006
Noninterest expense
Compensation and employee benefits		22,844				22,728				67,197				66,813
Occupancy		3,991				4,128				12,244				12,250
Data processing		3,150				3,032				9,599				9,101
Services		2,427				2,556				8,093				7,730
Equipment		1,759				1,608				5,193				4,999
Office supplies, printing and postage		1,483				1,511				4,431				4,297
Marketing		747				934				2,507				2,619
FDIC insurance		907				809				2,704				2,393
Other expense		4,591				5,116				13,948				14,076
Total noninterest expense		41,899				42,422				125,916				124,278
Income before income taxes		22,727				20,802				62,545				61,159
Income taxes		7,623				7,351				21,483				21,382
Net income		$	15,104			$	13,451			$	41,062			$	39,777

Schedule of consolidating balance sheets

Balance Sheets Data

(in thousands)		September 30, 2016								December 31, 2015
Assets
Cash and due from banks						$	109,591							$	127,201
Interest-bearing deposits						103,989								93,680
Available-for-sale investment securities, at fair value						996,984								820,648
Stock in Federal Home Loan Bank, at cost						11,218								10,678
Loans receivable held for investment						4,734,638								4,615,819
Allowance for loan losses						(58,737		)						(50,038		)
Net loans						4,675,901								4,565,781
Loans held for sale, at lower of cost or fair value						26,743								4,631
Other						330,054								309,946
Goodwill						82,190								82,190
Total assets						$	6,336,670							$	6,014,755
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing						$	1,570,613							$	1,520,374
Deposit liabilities—interest-bearing						3,810,108								3,504,880
Other borrowings						265,388								328,582
Other						106,396								101,029
Total liabilities						5,752,505								5,454,865
Commitments and contingencies
Common stock						1								1
Additional paid in capital						342,234								340,496
Retained earnings						250,726								236,664
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains (losses) on securities		$	5,965							$	(1,872	)
Retirement benefit plans		(14,761		)		(8,796		)		(15,399		)		(17,271		)
Total shareholder’s equity						584,165								559,890
Total liabilities and shareholder’s equity						$	6,336,670							$	6,014,755
Other assets
Bank-owned life insurance						$	141,262							$	138,139
Premises and equipment, net						91,354								88,077
Prepaid expenses						4,072								3,550
Accrued interest receivable						15,489								15,192
Mortgage-servicing rights						9,191								8,884
Low-income housing equity investments						48,474								37,793
Real estate acquired in settlement of loans, net						219								1,030
Other						19,993								17,281
						$	330,054							$	309,946
Other liabilities
Accrued expenses						$	37,671							$	30,705
Federal and state income taxes payable						13,971								13,448
Cashier’s checks						24,923								21,768
Advance payments by borrowers						5,531								10,311
Other						24,300								24,797
						$	106,396							$	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 September 30								Nine months ended September 30
(in millions)		2016				2015				2016				2015
AES Hawaii		$	38			$	37			$	112			$	97
Kalaeloa		44				51				109				143
HEP		8				13				23				34
Hpower		19				18				52				50
Puna Geothermal Venture		7				8				19				22
Hawaiian Commercial & Sugar (HC&S)		1				2				1				7
Other IPPs		41				32				97				93
Total IPPs		$	158			$	161			$	413			$	446

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)		2016				2015
Balance, beginning of period		$	26,848			$	29,419
Accretion expense		10				18
Liabilities incurred		—				—
Liabilities settled		(661		)		(2,349		)
Revisions in estimated cash flows		—				—
Balance, end of period		$	26,197			$	27,088

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	)

* 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

		September 30, 2016								December 31, 2015
(dollars in thousands)		Notional amount				Fair value				Notional amount				Fair value
Window forward contract		$	20,725			$	664			$	—			$	—

Schedule of consolidating statements of income (loss)

Consolidating Statement of Income (unaudited)

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 (unaudited)

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 (unaudited)

Three months ended September 30, 2016

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Revenues		$	404,352			83,105			84,831			—			(35	)		$	572,253
Expenses
Fuel oil		88,676				14,603			25,345			—			—			128,624
Purchased power		118,751				22,728			16,271			—			—			157,750
Other operation and maintenance		64,683				15,017			15,089			—			—			94,789
Depreciation		31,520				9,449			5,790			—			—			46,759
Taxes, other than income taxes		38,666				7,836			8,017			—			—			54,519
Total expenses		342,296				69,633			70,512			—			—			482,441
Operating income		62,056				13,472			14,319			—			(35	)		89,812
Allowance for equity funds used during construction		1,806				238			230			—			—			2,274
Equity in earnings of subsidiaries		14,729				—			—			—			(14,729	)		—
Interest expense and other charges, net		(11,903		)		(2,972	)		(2,483	)		—			35			(17,323		)
Allowance for borrowed funds used during construction		669				91			94			—			—			854
Income before income taxes		67,357				10,829			12,160			—			(14,729	)		75,617
Income taxes		20,113				3,392			4,640			—			—			28,145
Net income		47,244				7,437			7,520			—			(14,729	)		47,472
Preferred stock dividends of subsidiaries		—				133			95			—			—			228
Net income attributable to Hawaiian Electric		47,244				7,304			7,425			—			(14,729	)		47,244
Preferred stock dividends of Hawaiian Electric		270				—			—			—			—			270
Net income for common stock		$	46,974			7,304			7,425			—			(14,729	)		$	46,974

Consolidating Statement of Income (unaudited)

Nine months ended September 30, 2016

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Revenues		$	1,088,537			229,940			231,295			—			(72	)		$	1,549,700
Expenses
Fuel oil		224,995				40,725			68,543			—			—			334,263
Purchased power		313,730				58,885			40,052			—			—			412,667
Other operation and maintenance		202,438				46,574			49,248			—			—			298,260
Depreciation		94,564				28,347			17,389			—			—			140,300
Taxes, other than income taxes		104,764				21,632			21,990			—			—			148,386
Total expenses		940,491				196,163			197,222			—			—			1,333,876
Operating income		148,046				33,777			34,073			—			(72	)		215,824
Allowance for equity funds used during construction		4,771				571			668			—			—			6,010
Equity in earnings of subsidiaries		33,541				—			—			—			(33,541	)		—
Interest expense and other charges, net		(34,113		)		(8,606	)		(7,087	)		—			72			(49,734		)
Allowance for borrowed funds used during construction		1,785				219			272			—			—			2,276
Income before income taxes		154,030				25,961			27,926			—			(33,541	)		174,376
Income taxes		45,022				9,075			10,585			—			—			64,682
Net income		109,008				16,886			17,341			—			(33,541	)		109,694
Preferred stock dividends of subsidiaries		—				400			286			—			—			686
Net income attributable to Hawaiian Electric		109,008				16,486			17,055			—			(33,541	)		109,008
Preferred stock dividends of Hawaiian Electric		810				—			—			—			—			810
Net income for common stock		$	108,198			16,486			17,055			—			(33,541	)		$	108,198

Schedule of consolidating statement of comprehensive income (loss)

Consolidating Statement of Comprehensive Income (unaudited)

Three months ended September 30, 2016

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock		$	46,974			7,304			7,425			—			(14,729	)		$	46,974
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		321				—			—			—			—			321
Less: reclassification adjustment to net income, net of tax benefits		(173		)		—			—			—			—			(173		)
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		3,314				429			387			—			(816	)		3,314
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(3,311		)		(429	)		(389	)		—			818			(3,311		)
Other comprehensive income (loss), net of taxes		151				—			(2	)		—			2			151
Comprehensive income attributable to common shareholder		$	47,125			7,304			7,423			—			(14,727	)		$	47,125

Consolidating Statement of Comprehensive Income (unaudited)

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 (unaudited)

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 (unaudited)

Nine months ended September 30, 2016

(in thousands)		Hawaiian Electric				Hawaii Electric Light			Maui Electric			Other subsidiaries			Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock		$	108,198			16,486			17,055			—			(33,541	)		$	108,198
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		578				—			—			—			—			578
Less: reclassification adjustment to net income, net of tax benefits		(173		)		—			—			—			—			(173		)
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		9,941				1,288			1,162			—			(2,450	)		9,941
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(9,934		)		(1,289	)		(1,166	)		—			2,455			(9,934		)
Other comprehensive income (loss), net of taxes		412				(1	)		(4	)		—			5			412
Comprehensive income attributable to common shareholder		$	108,610			16,485			17,051			—			(33,536	)		$	108,610

Schedule of consolidating balance sheets

Consolidating Balance Sheet (unaudited)

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 (unaudited)

September 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		4,148,099				1,234,234			1,101,229			—			—			6,483,562
Less accumulated depreciation		(1,362,474		)		(503,109	)		(478,018	)		—			—			(2,343,601		)
Construction in progress		197,715				18,503			20,390			—			—			236,608
Utility property, plant and equipment, net		3,027,285				755,842			646,617			—			—			4,429,744
Nonutility property, plant and equipment, less accumulated depreciation		5,761				82			1,531			—			—			7,374
Total property, plant and equipment, net		3,033,046				755,924			648,148			—			—			4,437,118
Investment in wholly owned subsidiaries, at equity		570,358				—			—			—			(570,358	)		—
Current assets
Cash and cash equivalents		9,821				7,008			6,047			101			—			22,977
Advances to affiliates		—				18,500			15,500			—			(34,000	)		—
Customer accounts receivable, net		93,253				21,646			19,519			—			—			134,418
Accrued unbilled revenues, net		69,753				12,904			12,510			—			—			95,167
Other accounts receivable, net		11,469				2,852			2,316			—			(12,008	)		4,629
Fuel oil stock, at average cost		45,298				6,885			12,297			—			—			64,480
Materials and supplies, at average cost		32,676				8,424			16,256			—			—			57,356
Prepayments and other		28,073				4,484			3,548			—			(460	)		35,645
Regulatory assets		67,042				4,582			3,057			—			—			74,681
Total current assets		357,385				87,285			91,050			101			(46,468	)		489,353
Other long-term assets
Regulatory assets		594,723				111,715			98,656			—			—			805,094
Unamortized debt expense		193				33			41			—			—			267
Other		42,872				12,786			13,336			—			—			68,994
Total other long-term assets		637,788				124,534			112,033			—			—			874,355
Total assets		$	4,598,577			967,743			851,231			101			(616,826	)		$	5,800,826
Capitalization and liabilities
Capitalization
Common stock equity		$	1,766,727			299,276			270,981			101			(570,358	)		$	1,766,727
Cumulative preferred stock—not subject to mandatory redemption		22,293				7,000			5,000			—			—			34,293
Long-term debt, net		875,573				213,673			190,081			—			—			1,279,327
Total capitalization		2,664,593				519,949			466,062			101			(570,358	)		3,080,347
Current liabilities
Short-term borrowings from affiliate		55,000				—			—			—			(34,000	)		21,000
Accounts payable		79,341				14,844			13,312			—			—			107,497
Interest and preferred dividends payable		17,863				4,034			4,048			—			(11	)		25,934
Taxes accrued		115,245				27,669			24,822			—			(460	)		167,276
Regulatory liabilities		—				1,777			1,210			—			—			2,987
Other		46,326				9,856			12,568			—			(11,997	)		56,753
Total current liabilities		313,775				58,180			55,960			—			(46,468	)		381,447
Deferred credits and other liabilities
Deferred income taxes		510,457				105,574			98,213			—			315			714,559
Regulatory liabilities		274,070				91,897			31,525			—			—			397,492
Unamortized tax credits		57,058				15,774			14,962			—			—			87,794
Defined benefit pension and other postretirement benefit plans liability		396,468				67,415			72,029			—			—			535,912
Other		50,068				13,436			14,595			—			(315	)		77,784
Total deferred credits and other liabilities		1,288,121				294,096			231,324			—			—			1,813,541
Contributions in aid of construction		332,088				95,518			97,885			—			—			525,491
Total capitalization and liabilities		$	4,598,577			967,743			851,231			101			(616,826	)		$	5,800,826

Schedule of consolidating statement of changes in common stock equity

Consolidating Statement of Changes in Common Stock Equity (unaudited)

Nine months ended September 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		108,198				16,486			17,055			—			(33,541	)		108,198
Other comprehensive income (loss), net of taxes		412				(1	)		(4	)		—			5			412
Common stock dividends		(70,199		)		(9,906	)		(9,795	)		—			19,701			(70,199		)
Common stock issuance expenses		(9		)		(5	)		—			—			5			(9		)
Balance, September 30, 2016		$	1,766,727			299,276			270,981			101			(570,358	)		$	1,766,727

Consolidating Statement of Changes in Common Stock Equity (unaudited)

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 (unaudited)

Nine months ended September 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		$	109,008			16,886			17,341			—			(33,541	)		$	109,694
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries		(33,616		)		—			—			—			33,541			(75		)
Common stock dividends received from subsidiaries		19,776				—			—			—			(19,701	)		75
Depreciation of property, plant and equipment		94,564				28,347			17,389			—			—			140,300
Other amortization		2,462				1,366			1,552			—			—			5,380
Deferred income taxes		41,005				4,529			10,085			—			29			55,648
Tax credits, net		4,314				464			478			—			—			5,256
Allowance for equity funds used during construction		(4,771		)		(571	)		(668	)		—			—			(6,010		)
Other		(1,389		)		(302	)		(331	)		—			—			(2,022		)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable		328				(2,716	)		(1,313	)		—			3,046			(655		)
Increase in accrued unbilled revenues		(9,673		)		(373	)		(612	)		—			—			(10,658		)
Decrease in fuel oil stock		4,157				1,425			1,154			—			—			6,736
Decrease (increase) in materials and supplies		(1,755		)		(1,559	)		387			—			—			(2,927		)
Decrease (increase) in regulatory assets		(2,474		)		(150	)		373			—			—			(2,251		)
Increase (decrease) in accounts payable		(2,628		)		143			1,809			—			—			(676		)
Change in prepaid and accrued income and utility revenue taxes		(7,324		)		2,230			(4,472	)		—			(29	)		(9,595		)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability		449				40			(129	)		—			—			360
Change in other assets and liabilities		(10,548		)		2,856			(2,571	)		—			(3,046	)		(13,309		)
Net cash provided by operating activities		201,885				52,615			40,472			—			(19,701	)		275,271
Cash flows from investing activities
Capital expenditures		(188,415		)		(37,835	)		(24,454	)		—			—			(250,704		)
Contributions in aid of construction		18,181				2,691			2,696			—			—			23,568
Other		901				169			30			—			—			1,100
Advances from affiliates		—				(3,000	)		(8,000	)		—			11,000			—
Net cash used in investing activities		(169,333		)		(37,975	)		(29,728	)		—			11,000			(226,036		)
Cash flows from financing activities
Common stock dividends		(70,199		)		(9,906	)		(9,795	)		—			19,701			(70,199		)
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		32,000				—			—			—			(11,000	)		21,000
Other		(3		)		(8	)		(1	)		—			—			(12		)
Net cash used in financing activities		(39,012		)		(10,314	)		(10,082	)		—			8,701			(50,707		)
Net increase (decrease) in cash and cash equivalents		(6,460		)		4,326			662			—			—			(1,472		)
Cash and cash equivalents, beginning of period		16,281				2,682			5,385			101			—			24,449
Cash and cash equivalents, end of period		$	9,821			7,008			6,047			101			—			$	22,977

Consolidating Statement of Cash Flows (unaudited)

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		2,029				1,331			1,639			—			—			4,999
Deferred income taxes		46,493				907			10,497			—			314			58,211
Tax credits, net		3,680				372			195			—			—			4,247
Allowance for equity funds used during construction		(4,418		)		(458	)		(490	)		—			—			(5,366		)
Impairment of utility assets		3,380				724			724									4,828
Other		221				(286	)		(261	)								(326		)
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		(16,847		)		722			(2,563	)		—			(1,790	)		(20,478		)
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

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Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5747-111685

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6228884-111685

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5728-111685

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Variable Interest Entity
-URI http://asc.fasb.org/extlink&oid=6528138

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64801991&loc=SL6759159-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64801991&loc=d3e5710-111685

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