Electric utility subsidiary (Tables)

3 Months Ended

Mar. 31, 2015

Regulatory projects and legal obligations

Schedule of consolidating statements of income (loss)

Selected financial information

American Savings Bank, F.S.B.

Statements of Income Data

	Three months    ended March 31
(in thousands)	2015		2014
Interest and dividend income
Interest and fees on loans	$	45,198	$	43,682
Interest and dividends on investment securities	3,051		3,035
Total interest and dividend income	48,249		46,717
Interest expense
Interest on deposit liabilities	1,260		1,225
Interest on other borrowings	1,466		1,405
Total interest expense	2,726		2,630
Net interest income	45,523		44,087
Provision for loan losses	614		995
Net interest income after provision for loan losses	44,909		43,092
Noninterest income
Fees from other financial services	5,355		5,128
Fee income on deposit liabilities	5,315		4,421
Fee income on other financial products	1,889		2,290
Bank-owned life insurance	983		963
Mortgage banking income	1,822		628
Gains on sale of investment securities	—		2,847
Other income, net	735		625
Total noninterest income	16,099		16,902
Noninterest expense
Compensation and employee benefits	21,766		20,286
Occupancy	4,113		3,953
Data processing	3,116		3,060
Services	2,341		2,273
Equipment	1,701		1,645
Office supplies, printing and postage	1,483		1,616
Marketing	841		711
FDIC insurance	811		796
Other expense	4,205		3,122
Total noninterest expense	40,377		37,462
Income before income taxes	20,631		22,532
Income taxes	7,156		8,133
Net income	$	13,475	$	14,399

Schedule of consolidating balance sheets

American Savings Bank, F.S.B.

Balance Sheets Data

(in thousands)	March 31, 2015						December 31, 2014
Assets
Cash and due from banks				$	98,484					$	107,233
Interest-bearing deposits				172,517						54,230
Available-for-sale investment securities, at fair value				590,648						550,394
Stock in Federal Home Loan Bank of Seattle, at cost				63,711						69,302
Loans receivable held for investment				4,447,299						4,434,651
Allowance for loan losses				(45,795		)				(45,618		)
Net loans				4,401,504						4,389,033
Loans held for sale, at lower of cost or fair value				9,906						8,424
Other				305,917						305,416
Goodwill				82,190						82,190
Total assets				$	5,724,877					$	5,566,222
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,420,085					$	1,342,794
Deposit liabilities—interest-bearing				3,331,243						3,280,621
Other borrowings				312,094						290,656
Other				117,849						118,363
Total liabilities				5,181,271						5,032,434
Commitments and contingencies
Common stock				1						1
Additional paid in capital				338,411						338,411
Retained earnings				217,909						211,934
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains on securities	$	3,913					$	462
Retirement benefit plans	(16,628		)	(12,715		)	(17,020		)	(16,558		)
Total shareholder’s equity				543,606						533,788
Total liabilities and shareholder’s equity				$	5,724,877					$	5,566,222
Other assets
Bank-owned life insurance				$	135,141					$	134,115
Premises and equipment, net				85,174						92,407
Prepaid expenses				4,892						3,196
Accrued interest receivable				13,720						13,632
Mortgage-servicing rights				11,965						11,540
Low-income housing equity investments				32,140						33,438
Real estate acquired in settlement of loans, net				665						891
Other				22,220						16,197
				$	305,917					$	305,416
Other liabilities
Accrued expenses				$	29,670					$	37,880
Federal and state income taxes payable				36,010						28,642
Cashier’s checks				24,686						20,509
Advance payments by borrowers				5,904						9,652
Other				21,579						21,680
				$	117,849					$	118,363

Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory projects and legal obligations

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows:

	Three months ended March 31
(in millions)	2015		2014
AES Hawaii	$	34	$	33
Kalaeloa	44		67
HEP	11		12
HPOWER	16		16
Other IPPs	31		37
Total IPPs	$	136	$	165

Schedule of changes in asset retirement obligation

Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:

	Three months ended March 31
(in thousands)	2015			2014
Balance, beginning of period	$	29,419		$	43,106
Accretion expense	6			370
Liabilities incurred	—			—
Liabilities settled	(1,614		)	(2,240		)
Revisions in estimated cash flows	—			—
Balance, end of period	$	27,811		$	41,236

Schedule of annual decoupling filings

(in millions)	Hawaiian Electric			Hawaii Electric Light		Maui Electric
Annual incremental RAM adjusted revenues	$	20.3		$	2.4	$	3.4
Annual change in accrued earnings sharing credits to be refunded	$	—		$	—	$	(0.1	)
Annual change in accrued RBA balance as of December 31, 2014 (and associated revenue taxes) to be collected	$	(9.2	)	$	0.1	$	(2.2	)
Net annual incremental amount to be collected under the tariffs	$	11.1		$	2.5	$	1.1
Impact on typical residential customer monthly bill (in dollars) *	$	0.56		$	1.10	$	0.60

* Based on 600 KWH bill for Hawaiian Electric and Maui Electric and 500 KWH bill for Hawaii Electric Light.

Schedule of consolidating statements of income (loss)

Consolidating Statement of Income (unaudited)

Three months ended March 31, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	512,455		104,931		102,693		—	(17	)	$	720,062
Expenses
Fuel oil	203,547			31,500		51,253		—	—		286,300
Purchased power	123,969			29,491		11,456		—	—		164,916
Other operation and maintenance	58,515			14,047		16,044		—	—		88,606
Depreciation	27,301			8,975		5,327		—	—		41,603
Taxes, other than income taxes	48,184			9,763		10,024		—	—		67,971
Total expenses	461,516			93,776		94,104		—	—		649,396
Operating income	50,939			11,155		8,589		—	(17	)	70,666
Allowance for equity funds used during construction	1,472			65		72		—	—		1,609
Equity in earnings of subsidiaries	8,917			—		—		—	(8,917	)	—
Interest expense and other charges, net	(10,487		)	(2,748	)	(2,505	)	—	17		(15,723		)
Allowance for borrowed funds used during construction	559			25		30		—	—		614
Income before income taxes	51,400			8,497		6,186		—	(8,917	)	57,166
Income taxes	15,710			3,202		2,335		—	—		21,247
Net income	35,690			5,295		3,851		—	(8,917	)	35,919
Preferred stock dividends of subsidiaries	—			134		95		—	—		229
Net income attributable to Hawaiian Electric	35,690			5,161		3,756		—	(8,917	)	35,690
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	35,420		5,161		3,756		—	(8,917	)	$	35,420

Consolidating Statement of Income (unaudited)

Three months ended March 31, 2015

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

Schedule of consolidating statement of comprehensive income (loss)

Consolidating Statement of Comprehensive Income (unaudited)

Three months ended March 31, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	26,874		3,788		3,904		—	(7,692	)	$	26,874
Other comprehensive income, net of taxes:
Retirement benefit plans:
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	4,933			651		600		—	(1,251	)	4,933
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,911		)	(651	)	(600	)	—	1,251		(4,911		)
Other comprehensive income, net of taxes	22			—		—		—	—		22
Comprehensive income attributable to common shareholder	$	26,896		3,788		3,904		—	(7,692	)	$	26,896

Consolidating Statement of Comprehensive Income (unaudited)

Three months ended March 31, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net incomefor common stock	$	35,420		5,161		3,756		—	(8,917	)	$	35,420
Other comprehensive income, net of taxes:
Retirement benefit plans:
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,519			344		253		—	(597	)	2,519
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,510		)	(344	)	(253	)	—	597		(2,510		)
Other comprehensive income, net of taxes	9			—		—		—	—		9
Comprehensive income attributable to common shareholder	$	35,429		5,161		3,756		—	(8,917	)	$	35,429

Schedule of consolidating balance sheets

Consolidating Balance Sheet (unaudited)

March 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	$	43,542		5,464		3,016		—	—		$	52,022
Plant and equipment	3,826,826			1,182,567		1,057,130		—	—		6,066,523
Less accumulated depreciation	(1,256,950		)	(478,692	)	(453,448	)	—	—		(2,189,090		)
Construction in progress	135,984			14,947		13,920		—	—		164,851
Utility property, plant and equipment, net	2,749,402			724,286		620,618		—	—		4,094,306
Nonutility property, plant and equipment, less accumulated depreciation	4,949			82		1,531		—	—		6,562
Total property, plant and equipment, net	2,754,351			724,368		622,149		—	—		4,100,868
Investment in wholly owned subsidiaries, at equity	540,032			—		—		—	(540,032	)	—
Current assets
Cash and cash equivalents	5,484			1,654		881		101	—		8,120
Advances to affiliates	12,600			—		—		—	(12,600	)	—
Customer accounts receivable, net	86,157			21,485		17,353		—	—		124,995
Accrued unbilled revenues, net	81,346			14,500		13,648		—	—		109,494
Other accounts receivable, net	13,582			1,571		3,285		—	(9,770	)	8,668
Fuel oil stock, at average cost	65,861			7,983		11,471		—	—		85,315
Materials and supplies, at average cost	34,269			6,589		17,749		—	—		58,607
Prepayments and other	31,970			230		12,534		—	(1,379	)	43,355
Regulatory assets	85,353			9,359		8,033		—	—		102,745
Total current assets	416,622			63,371		84,954		101	(23,749	)	541,299
Other long-term assets
Regulatory assets	598,535			104,663		99,749		—	(103	)	802,844
Unamortized debt expense	5,621			1,396		1,199		—	—		8,216
Other	53,370			15,689		13,214		—	—		82,273
Total other long-term assets	657,526			121,748		114,162		—	(103	)	893,333
Total assets	$	4,368,531		909,487		821,265		101	(563,884	)	$	5,535,500
Capitalization and liabilities
Capitalization
Common stock equity	$	1,686,434		283,129		256,802		101	(540,032	)	$	1,686,434
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	830,546			190,000		186,000		—	—		1,206,546
Total capitalization	2,539,273			480,129		447,802		101	(540,032	)	2,927,273
Current liabilities
Current portion of long-term debt	—			—		—		—	—		—
Short-term borrowings from non-affiliates	30,000			—		—		—	—		30,000
Short-term borrowings from affiliate	—			10,000		2,600		—	(12,600	)	—
Accounts payable	106,975			14,988		16,546		—	—		138,509
Interest and preferred dividends payable	16,678			3,560		4,029		—	(10	)	24,257
Taxes accrued	126,742			30,060		27,449		—	(1,379	)	182,872
Regulatory liabilities	681			—		493		—	—		1,174
Other	49,389			10,126		16,234		—	(9,760	)	65,989
Total current liabilities	330,465			68,734		67,351		—	(23,749	)	442,801
Deferred credits and other liabilities
Deferred income taxes	423,151			89,923		83,910		—	—		596,984
Regulatory liabilities	240,749			79,504		30,388		—	(103	)	350,538
Unamortized tax credits	52,093			15,096		14,848		—	—		82,037
Defined benefit pension and other postretirement benefit plans liability	443,249			68,989		74,927			—		587,165
Other	48,044			12,664		13,609		—	—		74,317
Total deferred credits and other liabilities	1,207,286			266,176		217,682		—	(103	)	1,691,041
Contributions in aid of construction	291,507			94,448		88,430		—	—		474,385
Total capitalization and liabilities	$	4,368,531		909,487		821,265		101	(563,884	)	$	5,535,500

Consolidating Balance Sheet (unaudited)

December 31, 2014

(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	$	43,819		5,464		3,016		—	—		$	52,299
Plant and equipment	3,782,438			1,179,032		1,048,012		—	—		6,009,482
Less accumulated depreciation	(1,253,866		)	(473,933	)	(447,711	)	—	—		(2,175,510		)
Construction in progress	134,376			12,421		11,819		—	—		158,616
Utility property, plant and equipment, net	2,706,767			722,984		615,136		—	—		4,044,887
Nonutility property, plant and equipment, less accumulated depreciation	4,950			82		1,531		—	—		6,563
Total property, plant and equipment, net	2,711,717			723,066		616,667		—	—		4,051,450
Investment in wholly owned subsidiaries,at equity	538,639			—		—		—	(538,639	)	—
Current assets
Cash and cash equivalents	12,416			612		633		101	—		13,762
Advances to affiliates	16,100			—		—		—	(16,100	)	—
Customer accounts receivable, net	111,462			24,222		22,800		—	—		158,484
Accrued unbilled revenues, net	103,072			15,926		18,376		—	—		137,374
Other accounts receivable, net	9,980			981		2,246		—	(8,924	)	4,283
Fuel oil stock, at average cost	74,515			13,800		17,731		—	—		106,046
Materials and supplies, at average cost	33,154			6,664		17,432		—	—		57,250
Prepayments and other	44,680			8,611		13,567		—	(475	)	66,383
Regulatory assets	58,550			6,745		6,126		—	—		71,421
Total current assets	463,929			77,561		98,911		101	(25,499	)	615,003
Other long-term assets
Regulatory assets	623,784			107,454		102,788		—	(183	)	833,843
Unamortized debt expense	5,640			1,438		1,245		—	—		8,323
Other	53,106			15,366		13,366		—	—		81,838
Total other long-term assets	682,530			124,258		117,399		—	(183	)	924,004
Total assets	$	4,396,815		924,885		832,977		101	(564,321	)	$	5,590,457
Capitalization and liabilities
Capitalization
Common stock equity	$	1,682,144		281,846		256,692		101	(538,639	)	$	1,682,144
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	830,546			190,000		186,000		—	—		1,206,546
Total capitalization	2,534,983			478,846		447,692		101	(538,639	)	2,922,983
Current liabilities
Short-term borrowings from affiliate	—			10,500		5,600		—	(16,100	)	—
Accounts payable	122,433			23,728		17,773		—	—		163,934
Interest and preferred dividends payable	15,407			3,989		2,931		—	(11	)	22,316
Taxes accrued	176,339			37,548		36,807		—	(292	)	250,402
Regulatory liabilities	191			—		441		—	—		632
Other	48,282			9,866		16,094		—	(9,096	)	65,146
Total current liabilities	362,652			85,631		79,646		—	(25,499	)	502,430
Deferred credits and other liabilities
Deferred income taxes	429,515			90,119		83,238		—	—		602,872
Regulatory liabilities	236,727			77,707		29,966		—	(183	)	344,217
Unamortized tax credits	49,865			14,902		14,725		—	—		79,492
Defined benefit pension and other postretirement benefit plans liability	446,888			72,547		75,960		—	—		595,395
Other	52,446			10,658		13,532		—	—		76,636
Total deferred credits and other liabilities	1,215,441			265,933		217,421		—	(183	)	1,698,612
Contributions in aid of construction	283,739			94,475		88,218		—	—		466,432
Total capitalization and liabilities	$	4,396,815		924,885		832,977		101	(564,321	)	$	5,590,457

Schedule of consolidating statement of changes in common stock equity

Consolidating Statement of Changes in Common Stock Equity (unaudited)

Three months ended March 31, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2014	$	1,682,144		281,846		256,692		101	(538,639	)	$	1,682,144
Net income for common stock	26,874			3,788		3,904		—	(7,692	)	26,874
Other comprehensive income, net of taxes	22			—		—		—	—		22
Common stock dividends	(22,601		)	(2,505	)	(3,794	)	—	6,299		(22,601		)
Common stock issuance expenses	(5		)	—		—		—	—		(5		)
Balance, March 31, 2015	$	1,686,434		283,129		256,802		101	(540,032	)	$	1,686,434

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Changes in Common Stock Equity (unaudited)

Three months ended March 31, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2013	$	1,593,564		274,802		248,771		101	(523,674	)	$	1,593,564
Net income for common stock	35,420			5,161		3,756		—	(8,917	)	35,420
Other comprehensive income, net of taxes	9			—		—		—	—		9
Common stock dividends	(22,707		)	(2,941	)	(3,629	)	—	6,570		(22,707		)
Common stock issuance expenses	(3		)	—		(1	)	—	1		(3		)
Balance, March 31, 2014	$	1,606,283		277,022		248,897		101	(526,020	)	$	1,606,283

Schedule of condensed consolidating statement of cash flows

Consolidating Statement of Cash Flows (unaudited)

Three months ended March 31, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	27,144		3,922		3,999		—	(7,692	)	$	27,373
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(7,717		)	—		—		—	7,692		(25		)
Common stock dividends received from subsidiaries	6,324			—		—		—	(6,299	)	25
Depreciation of property, plant and equipment	29,389			9,313		5,541		—	—		44,243
Other amortization	590			500		(401	)	—	—		689
Increase in deferred income taxes	12,048			719		2,365		—	—		15,132
Change in tax credits, net	2,246			200		130		—	—		2,576
Allowance for equity funds used during construction	(1,123		)	(145	)	(145	)	—	—		(1,413		)
Change in cash overdraft	—			—		—		—	—		—
Changes in assets and liabilities:
Increase in accounts receivable	21,703			2,147		4,408		—	846		29,104
Decrease in accrued unbilled revenues	21,726			1,426		4,728		—	—		27,880
Decrease in fuel oil stock	8,654			5,817		6,260		—	—		20,731
Decrease (increase) in materials and supplies	(1,115		)	75		(317	)	—	—		(1,357		)
Increase in regulatory assets	(8,903		)	(1,522	)	(402	)	—	—		(10,827		)
Decrease in accounts payable	(35,128		)	(9,892	)	(4,116	)	—	—		(49,136		)
Change in prepaid and accrued income and utility revenue taxes	(52,273		)	(1,807	)	(9,616	)	—	—		(63,696		)
Increase in defined benefit pension and other postretirement benefit plans liability	—			—		110		—	—		110
Change in other assets and liabilities	(8,439		)	229		534		—	(846	)	(8,522		)
Net cash provided by operating activities	15,126			10,982		13,078		—	(6,299	)	32,887
Cash flows from investing activities
Capital expenditures	(40,594		)	(7,558	)	(6,206	)	—	—		(54,358		)
Contributions in aid of construction	8,121			758		266		—	—		9,145
Advances from affiliates	3,500			—		—		—	(3,500	)	—
Net cash used in investing activities	(28,973		)	(6,800	)	(5,940	)	—	(3,500	)	(45,213		)
Cash flows from financing activities
Common stock dividends	(22,601		)	(2,505	)	(3,794	)	—	6,299		(22,601		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270		)	(134	)	(95	)	—	—		(499		)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	30,000			(500	)	(3,000	)	—	3,500		30,000
Other	(214		)	(1	)	(1	)	—	—		(216		)
Net cash provided by (used in) financing activities	6,915			(3,140	)	(6,890	)	—	9,799		6,684
Net increase (decrease) in cash and cash equivalents	(6,932		)	1,042		248		—	—		(5,642		)
Cash and cash equivalents, beginning of period	12,416			612		633		101	—		13,762
Cash and cash equivalents, end of period	$	5,484		1,654		881		101	—		$	8,120

Consolidating Statement of Cash Flows (unaudited)

Three months ended March 31, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	35,690		5,295		3,851		—	(8,917	)	$	35,919
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in earnings of subsidiaries	(8,942		)	—		—		—	8,917		(25		)
Common stock dividends received from subsidiaries	6,595			—		—		—	(6,570	)	25
Depreciation of property, plant and equipment	27,301			8,975		5,327		—	—		41,603
Other amortization	235			501		885		—	—		1,621
Increase in deferred income taxes	17,123			862		2,359		—	—		20,344
Change in tax credits, net	1,741			217		74		—	—		2,032
Allowance for equity funds used during construction	(1,472		)	(65	)	(72	)	—	—		(1,609		)
Change in cash overdraft	—			—		(1,038	)	—	—		(1,038		)
Changes in assets and liabilities:
Decrease in accounts receivable	4,131			2,029		2,194		—	450		8,804
Decrease (increase) in accrued unbilled revenues	11,031			(230	)	1,459		—	—		12,260
Decrease (increase) in fuel oil stock	(35,060		)	1,166		(366	)	—	—		(34,260		)
Increase in materials and supplies	(330		)	(387	)	(328	)	—	—		(1,045		)
Increase in regulatory assets	(8,188		)	(881	)	(189	)	—	—		(9,258		)
Decrease in accounts payable	(837		)	(6,032	)	(9,155	)	—	—		(16,024		)
Change in prepaid and accrued income and utility revenue taxes	(39,581		)	(2,791	)	(5,154	)	—	—		(47,526		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(103		)	—		(102	)	—	—		(205		)
Change in other assets and liabilities	(10,874		)	1,041		(698	)	—	(450	)	(10,981		)
Net cash provided by (used in) operating activities	(1,540		)	9,700		(953	)	—	(6,570	)	637
Cash flows from investing activities
Capital expenditures	(49,432		)	(7,530	)	(7,500	)	—	—		(64,462		)
Contributions in aid of construction	4,541			1,121		1,296		—	—		6,958
Advances from (to) affiliates	(12,661		)	900		—		—	11,761		—
Net cash used in investing activities	(57,552		)	(5,509	)	(6,204	)	—	11,761		(57,504		)
Cash flows from financing activities
Common stock dividends	(22,707		)	(2,941	)	(3,629	)	—	6,570		(22,707		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270		)	(134	)	(95	)	—	—		(499		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	34,096			—		12,661		—	(11,761	)	34,996
Other	(320		)	—		(69	)	—	—		(389		)
Net cash provided by (used in) financing activities	10,799			(3,075	)	8,868		—	(5,191	)	11,401
Net increase (decrease) in cash and cash equivalents	(48,293		)	1,116		1,711		—	—		(45,466		)
Cash and cash equivalents, beginning of period	61,245			1,326		153		101	—		62,825
Cash and cash equivalents, end of period	$	12,952		2,442		1,864		101	—		$	17,359