Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2013

Electric utility subsidiary

Schedule of voluntary liquidation and redemption prices of cumulative preferred stock

The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption:

December 31, 2013	Voluntary liquidation price		Redemption price
Series
C, D, E, H, J and K (Hawaiian Electric)	$	20	$	21
I (Hawaiian Electric)	20		20
G (Hawaii Electric Light)	100		100
H (Maui Electric)	100		100

Schedule of reductions from interim decision and order

Reductions from the interim D&O relate primarily to:

(in millions)
Lower ROACE	$	4.0
Customer Information System expenses	0.3
Pension and OPEB expense based on 3-year average	1.5
Integrated resource planning expenses	0.9
Operational and Renewable Energy Integration study costs	1.1
Total adjustment	$	7.8

Schedule of consolidating statements of income

Statements of Income Data

Years ended December 31	2013		2012		2011
(in thousands)
Interest and dividend income
Interest and fees on loans	$	172,969	$	176,057	$	184,485
Interest and dividends on investment and mortgage-related securities	13,095		13,822		14,568
Total interest and dividend income	186,064		189,879		199,053
Interest expense
Interest on deposit liabilities	5,092		6,423		8,983
Interest on other borrowings	4,985		4,869		5,486
Total interest expense	10,077		11,292		14,469
Net interest income	175,987		178,587		184,584
Provision for loan losses	1,507		12,883		15,009
Net interest income after provision for loan losses	174,480		165,704		169,575
Noninterest income
Fees from other financial services	27,099		31,361		28,881
Fee income on deposit liabilities	18,363		17,775		18,026
Fee income on other financial products	8,405		6,577		6,704
Mortgage banking income	8,309		14,628		5,028
Gains on sale of securities	1,226		134		371
Other income, net	8,681		5,185		6,344
Total noninterest income	72,083		75,660		65,354
Noninterest expense
Compensation and employee benefits	82,910		75,979		71,137
Occupancy	16,747		17,179		17,154
Data processing	10,952		10,098		8,155
Services	9,015		9,866		7,396
Equipment	7,295		7,105		6,903
Office supplies, printing and postage	4,233		3,870		3,934
Marketing	3,373		3,260		3,001
Communication	1,864		1,809		1,764
Other expense	23,115		23,177		23,949
Total noninterest expense	159,504		152,343		143,393
Income before income taxes	87,059		89,021		91,536
Income taxes	29,525		30,384		31,693
Net income	$	57,534	$	58,637	$	59,843

Schedule of consolidating balance sheets

Balance Sheet Data

December 31				2013						2012
(in thousands)
Assets
Cash and cash equivalents				$	156,603					$	184,430
Available-for-sale investment and mortgage-related securities				529,007						671,358
Investment in stock of Federal Home Loan Bank of Seattle				92,546						96,022
Loans receivable held for investment				4,150,229						3,779,218
Allowance for loan losses				(40,116		)				(41,985		)
Loans receivable held for investment, net				4,110,113						3,737,233
Loans held for sale, at lower of cost or fair value				5,302						26,005
Other				268,063						244,435
Goodwill				82,190						82,190
Total assets				$	5,243,824					$	5,041,673
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing				$	1,214,418					$	1,164,308
Deposit liabilities–interest-bearing				3,158,059						3,065,608
Other borrowings				244,514						195,926
Other				105,679						117,752
Total liabilities				4,722,670						4,543,594
Commitments and contingencies (see “Litigation” below)
Common stock				336,054						333,712
Retained earnings				197,297						179,763
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains (losses) on securities	$	(3,663	)				$	10,761
Retirement benefit plans	(8,534		)	(12,197		)	(26,157		)	(15,396		)
Total shareholder’s equity				521,154						498,079
Total liabilities and shareholder’s equity				$	5,243,824					$	5,041,673
Other assets
Bank-owned life insurance				$	129,963					$	125,726
Premises and equipment, net				67,766						62,458
Prepaid expenses				3,616						13,199
Accrued interest receivable				13,133						13,228
Mortgage-servicing rights				11,687						10,818
Real estate acquired in settlement of loans, net				1,205						6,050
Other				40,693						12,956
				$	268,063					$	244,435
Other liabilities
Accrued expenses				$	19,989					$	17,103
Federal and state income taxes payable				37,807						35,408
Cashier’s checks				21,110						23,478
Advance payments by borrowers				9,647						9,685
Other				17,126						32,078
				$	105,679					$	117,752

Hawaiian Electric Company, Inc. and Subsidiaries

Electric utility subsidiary

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2013		2012
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	350,821	$	660,835
Income taxes, net (1 to 55 years)	85,430		84,931
Decoupling revenue balancing account (1 to 2 years)	90,386		66,076
Unamortized expense and premiums on retired debt and equity issuances (14 to 30 years; 2 to 20 years remaining)	17,342		17,130
Vacation earned, but not yet taken (1 year)	9,149		8,493
Postretirement benefits other than pensions (18 years; 1 year remaining)	62		249
Other (1 to 50 years; 1 to 47 years remaining)	22,734		26,882
	$	575,924	$	864,596
Included in:
Current assets	$	69,738	$	51,267
Long-term assets	506,186		813,329
	$	575,924	$	864,596

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2013		2012
(in thousands)
Cost of removal in excess of salvage value (1 to 60 years)	$	315,164	$	305,978
Retirement benefit plans (5 years beginning with respective utility’s next rate case; primarily 5 years remaining)	31,546		15,563
Other (5 years; 1 to 2 years remaining)	2,589		2,611
	$	349,299	$	324,152
Included in:
Current liabilities	$	1,916	$	1,212
Long-term liabilities	347,383		322,940
	$	349,299	$	324,152

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:

(in thousands)	2013			2012
Balance, January 1	$	48,431		$	50,871
Accretion expense	1,263			1,563
Liabilities incurred	—			—
Liabilities settled	(5,672		)	(4,003		)
Revisions in estimated cash flows	(916		)	—
Balance, December 31	$	43,106		$	48,431

Schedule of consolidating statements of income

Consolidating statement of income

Year ended December 31, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	2,124,174		431,517		424,603		—		(122	)	[1]	$	2,980,172
Expenses
Fuel oil	851,365			125,516		208,671		—		—			1,185,552
Purchased power	527,839			128,368		54,474		—		—			710,681
Other operation and maintenance	283,768			61,418		58,081		3		—			403,270
Depreciation	99,738			34,188		20,099		—		—			154,025
Taxes, other than income taxes	200,962			40,092		40,077		—		—			281,131
Total expenses	1,963,672			389,582		381,402		3		—			2,734,659
Operating income (loss)	160,502			41,935		43,201		(3	)	(122	)		245,513
Allowance for equity funds used during construction	4,495			643		423		—		—			5,561
Equity in earnings of subsidiaries	41,410			—		—		—		(41,410	)	[2]	—
Interest expense and other charges, net	(39,107		)	(11,341	)	(8,953	)	—		122		[1]	(59,279		)
Allowance for borrowed funds used during construction	1,814			263		169		—		—			2,246
Income (loss) before income taxes	169,114			31,500		34,840		(3	)	(41,410	)		194,041
Income taxes	45,105			10,830		13,182		—		—			69,117
Net income (loss)	124,009			20,670		21,658		(3	)	(41,410	)		124,924
Preferred stock dividends of subsidiaries	—			534		381		—		—			915
Net income (loss) attributable to Hawaiian Electric	124,009			20,136		21,277		(3	)	(41,410	)		124,009
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—		—			1,080
Net income (loss) for common stock	$	122,929		20,136		21,277		(3	)	(41,410	)		$	122,929

Consolidating statement of income

Year ended December 31, 2012

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	2,228,233		441,013		440,270		—		(77	)	[1]	$	3,109,439
Expenses
Fuel oil	945,246			116,866		235,307		—		—			1,297,419
Purchased power	540,802			145,386		38,052		—		—			724,240
Other operation and maintenance	266,208			60,447		70,771		3		—			397,429
Depreciation	90,783			33,337		20,378		—		—			144,498
Taxes, other than income taxes	209,943			41,370		41,528		—		—			292,841
Impairment of utility assets	29,000			5,500		5,500		—		—			40,000
Total expenses	2,081,982			402,906		411,536		3		—			2,896,427
Operating income (loss)	146,251			38,107		28,734		(3	)	(77	)		213,012
Allowance for equity funds used    during construction	5,735			585		687		—		—			7,007
Equity in earnings of subsidiaries	28,836			—		—		—		(28,836	)	[2]	—
Interest expense and other charges, net	(40,842		)	(12,066	)	(9,224	)			77		[1]	(62,055		)
Allowance for borrowed funds used during construction	3,642			235		478		—		—			4,355
Income (loss) before income taxes	143,622			26,861		20,675		(3	)	(28,836	)		162,319
Income taxes	43,266			10,115		7,667		—		—			61,048
Net income (loss)	100,356			16,746		13,008		(3	)	(28,836	)		101,271
Preferred stock dividends of subsidiaries	—			534		381		—		—			915
Net income (loss) attributable to Hawaiian Electric	100,356			16,212		12,627		(3	)	(28,836	)		100,356
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—		—			1,080
Net income (loss) for common stock	$	99,276		16,212		12,627		(3	)	(28,836	)		$	99,276

Consolidating statement of income

Year ended December 31, 2011

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	2,114,066		444,891		419,760		—		(27	)	[1]	$	2,978,690
Expenses
Fuel oil	909,172			121,839		234,115		—		—			1,265,126
Purchased power	522,503			137,453		29,696		—		—			689,652
Other operation and maintenance	266,807			56,066		57,202		9		—			380,084
Depreciation	89,324			32,767		20,884		—		—			142,975
Taxes, other than income taxes	196,170			41,028		39,306		—		—			276,504
Impairment of utility assets	9,215			—		—		—		—			9,215
Total expenses	1,993,191			389,153		381,203		9		—			2,763,556
Operating income (loss)	120,875			55,738		38,557		(9	)	(27	)		215,134
Allowance for equity funds used    during construction	4,572			592		800		—		—			5,964
Equity in earnings of subsidiaries	44,616			—		—		—		(44,616	)	[2]	—
Interest expense and other charges, net	(37,624		)	(12,554	)	(9,880	)	—		27		[1]	(60,031		)
Allowance for borrowed funds used during construction	1,941			248		309		—		—			2,498
Income (loss) before income taxes	134,380			44,024		29,786		(9	)	(44,616	)		163,565
Income taxes	33,314			16,839		11,431		—		—			61,584
Net income (loss)	101,066			27,185		18,355		(9	)	(44,616	)		101,981
Preferred stock dividends of subsidiaries	—			534		381		—		—			915
Net income (loss) attributable to Hawaiian Electric	101,066			26,651		17,974		(9	)	(44,616	)		101,066
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—		—			1,080
Net income (loss) for common stock	$	99,986		26,651		17,974		(9	)	(44,616	)		$	99,986

Schedule of consolidating statements of comprehensive income

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Net income (loss) for common stock	$	99,276		16,212		12,627		(3	)	(28,836	)		$	99,276
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	(90,082		)	(13,577	)	(10,935	)	—		24,512		[1]	(90,082		)
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	13,673			2,101		1,771		—		(3,872	)	[1]	13,673
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits	75,471			11,442		9,093		—		(20,535	)	[1]	75,471
Other comprehensive loss, net of tax benefits	(938		)	(34	)	(71	)	—		105			(938		)
Comprehensive income (loss) attributable to common shareholder	$	98,338		16,178		12,556		(3	)	(28,731	)		$	98,338

Consolidating statement of comprehensive income

Year ended December 31, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Net income (loss) for common stock	$	122,929		20,136		21,277		(3	)	(41,410	)		$	122,929
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net gains arising during the period, net of taxes	203,479			30,542		27,919		—		(58,461	)	[1]	203,479
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	20,694			2,880		2,557		—		(5,437	)	[1]	20,694
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(222,595		)	(33,277	)	(30,377	)	—		63,654		[1]	(222,595		)
Other comprehensive income, net of taxes	1,578			145		99		—		(244	)		1,578
Comprehensive income (loss) attributable to common shareholder	$	124,507		20,281		21,376		(3	)	(41,654	)		$	124,507

Consolidating statement of comprehensive income

Year ended December 31, 2011

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Net income (loss) for common stock	$	99,986		26,651		17,974		(9	)	(44,616	)		$	99,986
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Prior service credit arising during the period, net of taxes	6,921			1,419		1,239		—		(2,658	)	[1]	6,921
Net losses arising during the period, net of tax benefits	(116,726		)	(18,224	)	(16,816	)	—		35,040		[1]	(116,726		)
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	8,372			1,324		1,158		—		(2,482	)	[1]	8,372
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits	100,692			15,436		14,366		—		(29,802	)	[1]	100,692
Other comprehensive loss, net of tax benefits	(741		)	(45	)	(53	)	—		98			(741		)
Comprehensive income (loss) attributable to common shareholder	$	99,245		26,606		17,921		(9	)	(44,518	)		$	99,245

Schedule of consolidating balance sheets

Consolidating balance sheet

December 31, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Assets
Utility plant, at cost
Land	$	43,407		5,460		3,016		—	—			$	51,883
Plant and equipment	3,558,569			1,136,923		1,006,383		—	—			5,701,875
Less accumulated depreciation	(1,222,129		)	(453,721	)	(435,379	)	—	—			(2,111,229		)
Construction in progress	124,494			7,709		11,030		—	—			143,233
Net utility plant	2,504,341			696,371		585,050		—	—			3,785,762
Investment in wholly-owned subsidiaries, at equity	523,674			—		—		—	(523,674	)	[2]	—
Current assets
Cash and equivalents	61,245			1,326		153		101	—			62,825
Advances to affiliates	6,839			1,000		—		—	(7,839	)	[1]	—
Customer accounts receivable, net	121,282			28,088		26,078		—	—			175,448
Accrued unbilled revenues, net	107,752			17,100		19,272		—	—			144,124
Other accounts receivable, net	16,373			4,265		2,451		—	(9,027	)	[1]	14,062
Fuel oil stock, at average cost	99,613			14,178		20,296		—	—			134,087
Materials and supplies, at average cost	37,377			6,883		14,784		—	—			59,044
Prepayments and other	29,798			8,334		16,140		—	(1,415	)	[3]	52,857
Regulatory assets	54,979			6,931		7,828		—	—			69,738
Total current assets	535,258			88,105		107,002		101	(18,281	)		712,185
Other long-term assets
Regulatory assets	381,346			64,552		60,288		—	—			506,186
Unamortized debt expense	6,051			1,580		1,372		—	—			9,003
Other	47,116			11,352		15,525		—	—			73,993
Total other long-term assets	434,513			77,484		77,185		—	—			589,182
Total assets	$	3,997,786		861,960		769,237		101	(541,955	)		$	5,087,129
Capitalization and liabilities
Capitalization
Common stock equity	$	1,593,564		274,802		248,771		101	(523,674	)	[2]	$	1,593,564
Cumulative preferred stock–not subject to mandatory redemption	22,293			7,000		5,000		—	—			34,293
Long-term debt, net	830,547			189,998		186,000		—	—			1,206,545
Total capitalization	2,446,404			471,800		439,771		101	(523,674	)		2,834,402
Current liabilities
Current portion of long-term debt	—			11,400		—		—	—			11,400
Short-term borrowings-affiliate	1,000			—		6,839		—	(7,839	)	[1]	—
Accounts payable	145,062			24,383		20,114		—	—			189,559
Interest and preferred dividends payable	15,190			3,885		2,585		—	(8	)	[1]	21,652
Taxes accrued	175,790			37,899		37,171		—	(1,415	)	[3]	249,445
Regulatory liabilities	1,705			—		211		—	—			1,916
Other	48,443			9,033		15,424		—	(9,019	)	[1]	63,881
Total current liabilities	387,190			86,600		82,344		—	(18,281	)		537,853
Deferred credits and other liabilities
Deferred income taxes	359,621			79,947		67,593		—	—			507,161
Regulatory liabilities	235,786			76,475		35,122		—	—			347,383
Unamortized tax credits	44,931			14,245		14,363		—	—			73,539
Defined benefit pension and other postretirement benefit plans liability	202,396			28,427		31,339		—	—			262,162
Other	63,374			14,703		13,658		—	—			91,735
Total deferred credits and other liabilities	906,108			213,797		162,075		—	—			1,281,980
Contributions in aid of construction	258,084			89,763		85,047		—	—			432,894
Total capitalization and liabilities	$	3,997,786		861,960		769,237		101	(541,955	)		$	5,087,129

Consolidating balance sheet

December 31, 2012

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Assets
Utility plant, at cost
Land	$	43,370		5,182		3,016		—	—			$	51,568
Plant and equipment	3,325,862			1,086,048		952,490		—	—			5,364,400
Less accumulated depreciation	(1,185,899		)	(433,531	)	(421,359	)	—	—			(2,040,789		)
Construction in progress	130,143			12,126		9,109		—	—			151,378
Net utility plant	2,313,476			669,825		543,256		—	—			3,526,557
Investment in wholly-owned subsidiaries, at equity	497,939			—		—		—	(497,939	)	[2]	—
Current assets
Cash and equivalents	8,265			5,441		3,349		104	—			17,159
Advances to affiliates	9,400			18,050		—		—	(27,450	)	[1]	—
Customer accounts receivable, net	154,316			29,772		26,691		—	—			210,779
Accrued unbilled revenues, net	100,600			14,393		19,305		—	—			134,298
Other accounts receivable, net	33,313			1,122		3,016		—	(9,275	)	[1]	28,176
Fuel oil stock, at average cost	123,176			15,485		22,758		—	—			161,419
Materials and supplies, at average cost	31,779			5,336		13,970		—	—			51,085
Prepayments and other	21,708			5,146		6,011		—	—			32,865
Regulatory assets	42,675			4,056		4,536		—	—			51,267
Total current assets	525,232			98,801		99,636		104	(36,725	)		687,048
Other long-term assets
Regulatory assets	601,451			109,815		102,063		—	—			813,329
Unamortized debt expense	7,042			2,066		1,446		—	—			10,554
Other	46,586			9,871		14,848		—	—			71,305
Total other long-term assets	655,079			121,752		118,357		—	—			895,188
Total assets	$	3,991,726		890,378		761,249		104	(534,664	)		$	5,108,793
Capitalization and liabilities
Capitalization
Common stock equity	$	1,472,136		268,908		228,927		104	(497,939	)	[2]	$	1,472,136
Cumulative preferred stock–not subject to mandatory redemption	22,293			7,000		5,000		—	—			34,293
Long-term debt, net	780,546			201,326		166,000		—	—			1,147,872
Total capitalization	2,274,975			477,234		399,927		104	(497,939	)		2,654,301
Current liabilities
Short-term borrowings-affiliate	18,050			—		9,400		—	(27,450	)	[1]	—
Accounts payable	134,651			27,457		24,716		—	—			186,824
Interest and preferred dividends payable	14,479			4,027		2,593		—	(7	)	[1]	21,092
Taxes accrued	174,477			38,778		37,811		—	—			251,066
Regulatory liabilities	1,212			—		—		—	—			1,212
Other	45,125			10,310		14,634		—	(9,268	)	[1]	60,801
Total current liabilities	387,994			80,572		89,154		—	(36,725	)		520,995
Deferred credits and other liabilities
Deferred income taxes	302,569			68,479		46,563		—	—			417,611
Regulatory liabilities	219,303			67,359		36,278		—	—			322,940
Unamortized tax credits	39,827			13,450		13,307		—	—			66,584
Defined benefit pension and other postretirement benefit plans liability	459,765			80,686		79,754		—	—			620,205
Other	68,783			17,799		14,055		—	—			100,637
Total deferred credits and other liabilities	1,090,247			247,773		189,957		—	—			1,527,977
Contributions in aid of construction	238,510			84,799		82,211		—	—			405,520
Total capitalization and liabilities	$	3,991,726		890,378		761,249		104	(534,664	)		$	5,108,793

Schedule of consolidating statements of changes in common stock equity

Consolidating statements of changes in common stock equity

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2010	$	1,334,155		269,986		229,651		91		(499,728	)	$	1,334,155
Net income (loss) for common stock	99,986			26,651		17,974		(9	)	(44,616	)	99,986
Other comprehensive loss, net of tax benefit	(741		)	(45	)	(53	)	—		98		(741		)
Issuance of common stock, net of expenses	39,999			—		—		25		(25	)	39,999
Common stock dividends	(70,558		)	(16,124	)	(12,004	)	—		28,128		(70,558		)
Balance, December 31, 2011	$	1,402,841		280,468		235,568		107		(516,143	)	$	1,402,841
Net income (loss) for common stock	99,276			16,212		12,627		(3	)	(28,836	)	99,276
Other comprehensive loss, net of tax benefit	(938		)	(34	)	(71	)	—		105		(938		)
Issuance of common stock, net of expenses	44,001			—		—		—		—		44,001
Common stock dividends	(73,044		)	(27,738	)	(19,197	)	—		46,935		(73,044		)
Balance, December 31, 2012	$	1,472,136		268,908		228,927		104		(497,939	)	$	1,472,136
Net income (loss) for common stock	122,929			20,136		21,277		(3	)	(41,410	)	122,929
Other comprehensive income, net of taxes	1,578			145		99		—		(244	)	1,578
Issuance of common stock, net of expenses	78,499			—		—		—		—		78,499
Common stock dividends	(81,578		)	(14,387	)	(1,532	)	—		15,919		(81,578		)
Balance, December 31, 2013	$	1,593,564		274,802		248,771		101		(523,674	)	$	1,593,564

Schedule of consolidating statements of cash flows

Consolidating statement of cash flows

Year ended December 31, 2013

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income (loss)	$	124,009		20,670		21,658		(3	)	(41,410	)	[2]	$	124,924
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Equity in earnings	(41,510		)	—		—		—		41,410		[2]	(100		)
Common stock dividends received from subsidiaries	28,505			—		—		—		(28,405	)	[2]	100
Depreciation of property, plant and equipment	99,738			34,188		20,099		—		—			154,025
Other amortization	554			1,979		2,544		—		—			5,077
Increase in deferred income taxes	41,409			10,569		12,529		—		—			64,507
Change in tax credits, net	5,152			818		1,047		—		—			7,017
Allowance for equity funds used during construction	(4,495		)	(643	)	(423	)	—		—			(5,561		)
Change in cash overdraft	—			—		1,038		—		—			1,038
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	49,974			(1,459	)	1,178		—		(248	)	[1]	49,445
Decrease (increase) in accrued unbilled revenues	(7,152		)	(2,707	)	33		—		—			(9,826		)
Decrease in fuel oil stock	23,563			1,307		2,462		—		—			27,332
Increase in materials and supplies	(5,598		)	(1,547	)	(814	)	—		—			(7,959		)
Increase in regulatory assets	(46,047		)	(9,237	)	(10,177	)	—		—			(65,461		)
Decrease in accounts payable	(6,136		)	(4,756	)	(9,936	)	—		—			(20,828		)
Change in prepaid and accrued income taxes and revenue taxes	4,632			(4,114	)	(2,546	)	—		—			(2,028		)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	2,325			(1	)	(84	)	—		—			2,240
Change in other assets and liabilities	(17,941		)	(6,262	)	(7,544	)	—		248		[1]	(31,499		)
Net cash provided by (used in) operating activities	250,982			38,805		31,064		(3	)	(28,405	)		292,443
Cash flows from investing activities
Capital expenditures	(237,899		)	(52,135	)	(52,451	)	—		—			(342,485		)
Contributions in aid of construction	21,686			7,590		2,884		—		—			32,160
Advances from affiliates	2,561			17,050		—		—		(19,611	)	[1]	—
Other	—			(230	)	—		—		—			(230		)
Investment in consolidated subsidiary	(12,461		)	—		—		—		12,461		[2]	—
Net cash used in investing activities	(226,113		)	(27,725	)	(49,567	)	—		(7,150	)		(310,555		)
Cash flows from financing activities
Common stock dividends	(81,578		)	(14,388	)	(14,017	)	—		28,405		[2]	(81,578		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—		—			(1,995		)
Proceeds from issuance of common stock	78,500					12,461		—		(12,461	)	[2]	78,500
Proceeds from issuance of long-term debt	140,000			56,000		40,000		—		—			236,000
Repayment of long-term debt	(90,000		)	(56,000	)	(20,000	)	—		—			(166,000		)
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(17,050		)	—		(2,561	)	—		19,611		[2]	—
Other	(681		)	(273	)	(195	)	—		—			(1,149		)
Net cash provided by (used in) financing activities	28,111			(15,195	)	15,307		—		35,555			63,778
Net increase (decrease) in cash and cash equivalents	52,980			(4,115	)	(3,196	)	(3	)	—			45,666
Cash and cash equivalents, January 1	8,265			5,441		3,349		104		—			17,159
Cash and cash equivalents, December 31	$	61,245		1,326		153		101		—			$	62,825

Consolidating statement of cash flows

Year ended December 31, 2012

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income (loss)	$	100,356		16,746		13,008		(3	)	(28,836	)	[2]	$	101,271
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Equity in earnings	(28,936		)	—		—		—		28,836		[2]	(100		)
Common stock dividends received from subsidiaries	47,035			—		—		—		(46,935	)	[2]	100
Depreciation of property, plant and equipment	90,783			33,337		20,378		—		—			144,498
Other amortization	1,508			3,252		2,238		—		—			6,998
Impairment of utility assets	29,000			5,500		5,500		—		—			40,000
Increase in deferred income taxes	66,968			7,457		12,453		—		—			86,878
Change in tax credits, net	5,006			522		547		—		—			6,075
Allowance for equity funds used during construction	(5,735		)	(585	)	(687	)	—		—			(7,007		)
Changes in assets and liabilities:
Increase in accounts receivable	(48,451		)	(1,106	)	(2,164	)	—		4,717		[1]	(47,004		)
Decrease (increase) in accrued unbilled revenues	2,728			4,106		(3,306	)	—		—			3,528
Decrease in fuel oil stock	4,861			3,732		1,536		—		—			10,129
Increase in materials and supplies	(6,683		)	(636	)	(578	)	—		—			(7,897		)
Increase in regulatory assets	(55,605		)	(9,649	)	(7,147	)	—		—			(72,401		)
Increase (decrease) in accounts payable	(31,743		)	(8,110	)	940		—		—			(38,913		)
Change in prepaid and accrued income taxes and revenue taxes	19,871			1,935		3,433		—		—			25,239
Decrease in defined benefit pension and other postretirement benefit plans liability	(434		)	(191	)	(119	)	—		—			(744		)
Change in other assets and liabilities	(44,880		)	(11,143	)	(12,678	)	(1	)	(4,717	)	[1]	(73,419		)
Net cash provided by (used in) operating activities	145,649			45,167		33,354		(4	)	(46,935	)		177,231
Cash flows from investing activities
Capital expenditures	(233,792		)	(41,060	)	(35,239	)	—		—			(310,091		)
Contributions in aid of construction	32,285			8,184		5,513		—		—			45,982
Advances from (to) affiliates	(9,400		)	28,100		18,500		—		(37,200	)	[1]	—
Net cash used in investing activities	(210,907		)	(4,776	)	(11,226	)	—		(37,200	)		(264,109		)
Cash flows from financing activities
Common stock dividends	(73,044		)	(27,738	)	(19,197	)	—		46,935		[2]	(73,044		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—		—			(1,995		)
Proceeds from the issuance of common stock	44,000			—		—		—		—			44,000
Proceeds from the issuance of long-term debt	367,000			31,000		59,000		—		—			457,000
Repayment of long-term debt	(259,580		)	(41,200	)	(67,720	)	—		—			(368,500		)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(46,600		)	—		9,400		—		37,200		[1]	—
Other	(1,992		)	139		(377	)	—		—			(2,230		)
Net cash provided by (used in) financing activities	28,704			(38,333	)	(19,275	)	—		84,135			55,231
Net increase (decrease) in cash and cash equivalents	(36,554		)	2,058		2,853		(4	)	—			(31,647		)
Cash and cash equivalents, January 1	44,819			3,383		496		108		—			48,806
Cash and cash equivalents, December 31	$	8,265		5,441		3,349		104		—			$	17,159

Consolidating statement of cash flows

Year ended December 31, 2011

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income (loss)	$	101,066		27,185		18,355		(9	)	(44,616	)	[2]	$	101,981
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Equity in earnings	(44,716		)	—		—		—		44,616		[2]	(100		)
Common stock dividends received from subsidiaries	28,228			—		—		—		(28,128	)	[2]	100
Depreciation of property, plant and equipment	89,324			32,767		20,884		—		—			142,975
Other amortization	9,890			2,528		4,960		—		—			17,378
Impairment of utility assets	9,215			—		—		—		—			9,215
Increase in deferred income taxes	38,548			16,101		14,442		—		—			69,091
Change in tax credits, net	1,464			117		506		—		—			2,087
Allowance for equity funds used during construction	(4,572		)	(592	)	(800	)	—		—			(5,964		)
Change in cash overdraft	—			(2,527	)	(161	)	—		—			(2,688		)
Changes in assets and liabilities:
Increase in accounts receivable	(34,167		)	(2,985	)	(5,663	)	—		(1,589	)	[1]	(44,404		)
Decrease (increase) in accrued unbilled revenues	(31,616		)	(2,481	)	655		—		—			(33,442		)
Increase in fuel oil stock	(6,757		)	(3,466	)	(8,620	)	—		—			(18,843		)
Increase in materials and supplies	(6,206		)	(202	)	(63	)	—		—			(6,471		)
Increase in regulatory assets	(31,774		)	(2,025	)	(6,333	)	—		—			(40,132		)
Increase (decrease) in accounts payable	(34,515		)	4,391		(5,691	)	—		—			(35,815		)
Change in prepaid and accrued income taxes and revenue taxes	51,593			9,641		8,502		—		—			69,736
Decrease in defined benefit pension and other postretirement benefits plans liability	(20,439		)	(3,241	)	(3,324	)	—		—			(27,004		)
Change in other assets and liabilities	(17,432		)	(13,124	)	(7,337	)	(2	)	1,589		[1]	(36,306		)
Net cash provided by (used in) operating activities	97,134			62,087		30,312		(11	)	(28,128	)		161,394
Cash flows from investing activities
Capital expenditures	(160,528		)	(34,230	)	(31,264	)	—		—			(226,022		)
Contributions in aid of construction	15,003			6,271		2,260		—		—			23,534
Advances from (to) affiliates	—			(15,200	)	11,000		—		4,200		[1]	—
Other	77			—		—		—		—			77
Investment in consolidated subsidiary	(25		)	—		—		—		25		[2]	—
Net cash used in investing activities	(145,473		)	(43,159	)	(18,004	)	—		4,225			(202,411		)
Cash flows from financing activities
Common stock dividends	(70,558		)	(16,124	)	(12,004	)	—		28,128		[2]	(70,558		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—		—			(1,995		)
Proceeds from issuance of common stock	40,000			—		—		25		(25	)	[2]	40,000
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	4,200			—		—		—		(4,200	)	[1]	—
Other	(423		)	(116	)	(21	)	—		—			(560		)
Net cash provided by (used in) financing activities	(27,861		)	(16,774	)	(12,406	)	25		23,903			(33,113		)
Net increase (decrease) in cash and cash equivalents	(76,200		)	2,154		(98	)	14		—			(74,130		)
Cash and cash equivalents, January 1	121,019			1,229		594		94		—			122,936
Cash and cash equivalents, December 31	$	44,819		3,383		496		108		—			$	48,806

Explanation of consolidating adjustments on consolidating schedules:

[1] Eliminations of intercompany receivables and payables and other intercompany transactions.

[2] Elimination of investment in subsidiaries, carried at equity.

[3] Reclassification of accrued income taxes for financial statement presentation.