XML 39 R47.htm IDEA: XBRL DOCUMENT v2.4.0.8
Electric utility subsidiary - Consolidating financial statements (Details 5) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities        
Net income $ 41,894 $ 41,061 $ 88,294 $ 75,213
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation of property, plant and equipment     86,397 79,843
Other amortization     4,014 2,868
Increase in deferred income taxes     28,252 40,403
Allowance for equity funds used during construction (1,387) (1,560) (2,996) (2,775)
Change in cash overdraft     (1,038) 0
Changes in assets and liabilities        
Decrease (increase) in fuel oil stock     (27,206) 43,974
Increase in regulatory assets     (17,731) (37,586)
Change in prepaid and accrued income and utility revenue taxes     (32,510) (33,822)
Decrease in defined benefit pension and other postretirement benefit plans liability     (1,714) (330)
Net cash provided by operating activities     46,195 130,792
Cash flows from investing activities        
Capital expenditures     (149,253) (158,830)
Contributions in aid of construction     13,209 17,188
Other     (16) 622
Net cash used in investing activities     (272,102) (240,285)
Cash flows from financing activities        
Common stock dividends     (62,892) (48,921)
Net increase in short-term borrowings with original maturities of three months or less     79,693 42,093
Other     (252) 606
Net cash provided by financing activities     194,248 43,543
Net increase (decrease) in cash and cash equivalents     (31,659) (65,950)
Hawaiian Electric Company
       
Cash flows from operating activities        
Net income 34,500 28,963 70,190 53,662
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Equity in earnings of subsidiaries     (18,826) (19,702)
Common stock dividends received from subsidiaries     13,038 14,227
Depreciation of property, plant and equipment     54,601 49,708
Other amortization     554 (160)
Increase in deferred income taxes     34,976 27,560
Change in tax credits, net     3,482 2,598
Allowance for equity funds used during construction (1,417) (1,247) (2,889) (2,230)
Changes in assets and liabilities        
Decrease (increase) in accounts receivable     (4,840) 35,431
Decrease (increase) in accrued unbilled revenues     1,058 (2,095)
Decrease (increase) in fuel oil stock     (23,457) 38,428
Increase in materials and supplies     (229) (4,069)
Increase in regulatory assets     (15,893) (25,647)
Decrease in accounts payable     (54,777) (36,971)
Change in prepaid and accrued income and utility revenue taxes     (33,867) (25,831)
Decrease in defined benefit pension and other postretirement benefit plans liability     (281) 1,163
Change in other assets and liabilities     (19,897) (12,731)
Net cash provided by operating activities     2,943 93,341
Cash flows from investing activities        
Capital expenditures     (104,710) (104,846)
Contributions in aid of construction     8,520 11,924
Other       623
Advances from (to) affiliates     (16,761) (8,600)
Net cash used in investing activities     (112,951) (100,899)
Cash flows from financing activities        
Common stock dividends     (44,246) (40,789)
Preferred stock dividends of Hawaiian Electric and subsidiaries     (540) (540)
Net increase in short-term borrowings with original maturities of three months or less     101,989 45,542
Other     (334) (6)
Net cash provided by financing activities     56,869 4,207
Net increase (decrease) in cash and cash equivalents     (53,139) (3,351)
Cash and cash equivalents, beginning of period     61,245 8,265
Cash and cash equivalents, end of period 8,106 4,914 8,106 4,914
HELCO
       
Cash flows from operating activities        
Net income 4,979 5,013 10,274 9,567
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation of property, plant and equipment     17,951 17,094
Other amortization     1,299 716
Increase in deferred income taxes     4,478 5,584
Change in tax credits, net     434 70
Allowance for equity funds used during construction (121) (192) (186) (330)
Changes in assets and liabilities        
Decrease (increase) in accounts receivable     (1,527) (2,281)
Decrease (increase) in accrued unbilled revenues     (352) (2,848)
Decrease (increase) in fuel oil stock     1,661 5,812
Increase in materials and supplies     (246) (1,480)
Increase in regulatory assets     (1,640) (4,852)
Decrease in accounts payable     (5,621) (2,513)
Change in prepaid and accrued income and utility revenue taxes     (3,709) (6,171)
Decrease in defined benefit pension and other postretirement benefit plans liability     0 (128)
Change in other assets and liabilities     (2,586) (3,171)
Net cash provided by operating activities     20,230 15,069
Cash flows from investing activities        
Capital expenditures     (20,567) (22,367)
Contributions in aid of construction     2,493 4,270
Advances from (to) affiliates     1,000 8,450
Net cash used in investing activities     (17,074) (9,647)
Cash flows from financing activities        
Common stock dividends     (5,813) (7,194)
Preferred stock dividends of Hawaiian Electric and subsidiaries     (267) (267)
Net increase in short-term borrowings with original maturities of three months or less     3,400  
Other     (48) (1)
Net cash provided by financing activities     (2,728) (7,462)
Net increase (decrease) in cash and cash equivalents     428 (2,040)
Cash and cash equivalents, beginning of period     1,326 5,441
Cash and cash equivalents, end of period 1,754 3,401 1,754 3,401
Maui Electric
       
Cash flows from operating activities        
Net income 5,109 3,884 8,960 10,544
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Depreciation of property, plant and equipment     10,644 10,068
Other amortization     1,744 2,328
Increase in deferred income taxes     5,932 5,636
Change in tax credits, net     311 329
Allowance for equity funds used during construction 151 (121) 79 (215)
Change in cash overdraft     (1,038)  
Changes in assets and liabilities        
Decrease (increase) in accounts receivable     708 (318)
Decrease (increase) in accrued unbilled revenues     1,549 54
Decrease (increase) in fuel oil stock     (5,410) (266)
Increase in materials and supplies     (1,360) (1,590)
Increase in regulatory assets     (198) (7,087)
Decrease in accounts payable     (2,908) (1,750)
Change in prepaid and accrued income and utility revenue taxes     (694) (6,121)
Decrease in defined benefit pension and other postretirement benefit plans liability     (217) (46)
Change in other assets and liabilities     (3,155) 5,929
Net cash provided by operating activities     14,947 17,495
Cash flows from investing activities        
Capital expenditures     (20,457) (23,038)
Contributions in aid of construction     2,196 994
Advances from (to) affiliates     0  
Net cash used in investing activities     (18,261) (22,044)
Cash flows from financing activities        
Common stock dividends     (7,175) (7,008)
Preferred stock dividends of Hawaiian Electric and subsidiaries     (191) (191)
Net increase in short-term borrowings with original maturities of three months or less     13,361 8,600
Other     (75) (2)
Net cash provided by financing activities     5,920 1,399
Net increase (decrease) in cash and cash equivalents     2,606 (3,150)
Cash and cash equivalents, beginning of period     153 3,349
Cash and cash equivalents, end of period 2,759 199 2,759 199
Other subsidiaries
       
Cash flows from operating activities        
Net income 0 (1) 0 (1)
Changes in assets and liabilities        
Net cash provided by operating activities     0 (1)
Cash flows from investing activities        
Capital expenditures     0  
Contributions in aid of construction     0  
Advances from (to) affiliates     0  
Net cash used in investing activities     0  
Cash flows from financing activities        
Net increase (decrease) in cash and cash equivalents     0 (1)
Cash and cash equivalents, beginning of period     101 104
Cash and cash equivalents, end of period 101 103 101 103
Consolidating adjustments
       
Cash flows from operating activities        
Net income (9,859) (8,667) (18,776) (19,652)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Equity in earnings of subsidiaries     18,776 19,652
Common stock dividends received from subsidiaries     (12,988) (14,202)
Changes in assets and liabilities        
Decrease (increase) in accounts receivable     620 (579)
Change in other assets and liabilities     (620) 579
Net cash provided by operating activities     (12,988) (14,202)
Cash flows from investing activities        
Capital expenditures     0  
Contributions in aid of construction     0  
Advances from (to) affiliates     15,761 150
Net cash used in investing activities     15,761 150
Cash flows from financing activities        
Common stock dividends     12,988 14,202
Net increase in short-term borrowings with original maturities of three months or less     (15,761) (150)
Net cash provided by financing activities     (2,773) 14,052
Net increase (decrease) in cash and cash equivalents       0
Cash and cash equivalents, beginning of period       0
Cash and cash equivalents, end of period   0   0
HECO Consolidated
       
Cash flows from operating activities        
Net income 34,729 29,192 70,648 54,120
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Equity in earnings of subsidiaries     (50) (50)
Common stock dividends received from subsidiaries     50 25
Depreciation of property, plant and equipment     83,196 76,870
Other amortization     3,597 2,884
Increase in deferred income taxes     45,386 38,780
Change in tax credits, net     4,227 2,997
Allowance for equity funds used during construction (1,387) (1,560) (2,996) (2,775)
Change in cash overdraft     (1,038) 0
Changes in assets and liabilities        
Decrease (increase) in accounts receivable     (5,039) 32,253
Decrease (increase) in accrued unbilled revenues     2,255 (4,889)
Decrease (increase) in fuel oil stock     (27,206) 43,974
Increase in materials and supplies     (1,835) (7,139)
Increase in regulatory assets     (17,731) (37,586)
Decrease in accounts payable     (63,306) (41,234)
Change in prepaid and accrued income and utility revenue taxes     (38,270) (38,123)
Decrease in defined benefit pension and other postretirement benefit plans liability     (498) 989
Change in other assets and liabilities     (26,258) (9,394)
Net cash provided by operating activities     25,132 111,702
Cash flows from investing activities        
Capital expenditures     (145,734) (150,251)
Contributions in aid of construction     13,209 17,188
Other     0 623
Advances from (to) affiliates       0
Net cash used in investing activities     (132,525) (132,440)
Cash flows from financing activities        
Common stock dividends     (44,246) (40,789)
Preferred stock dividends of Hawaiian Electric and subsidiaries     (998) (998)
Net increase in short-term borrowings with original maturities of three months or less     102,989 53,992
Other     (457) (9)
Net cash provided by financing activities     57,288 12,196
Net increase (decrease) in cash and cash equivalents     (50,105) (8,542)
Cash and cash equivalents, beginning of period     62,825 17,159
Cash and cash equivalents, end of period $ 12,720 $ 8,617 $ 12,720 $ 8,617