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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities      
Net income $ 170,210 $ 163,406 [1] $ 140,548 [1]
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property, plant and equipment 172,762 160,061 [1] 150,389 [1]
Other amortization 6,795 4,667 [1] 7,958 [1]
Provision for loan losses 6,126 1,507 [1] 12,883 [1]
Impairment of utility assets 0 0 [1] 40,000 [1]
Loans receivable originated and purchased, held for sale (155,755) (249,022) [1] (519,622) [1]
Proceeds from sale of loans receivable, held for sale 155,030 273,775 [1] 513,000 [1]
Gain on sale of credit card portfolio 0 (2,251) [1] 0 [1]
Increase (decrease) in deferred income taxes 103,916 80,399 [1] 90,848 [1]
Share-based compensation expense 9,287 7,780 [1] 6,698 [1]
Excess tax benefits from share-based payment arrangements (277) (430) [1] (61) [1]
Allowance for equity funds used during construction (6,771) (5,561) [1] (7,007) [1]
Change in cash overdraft (1,038) 1,038 [1] 0 [1]
Changes in assets and liabilities      
Decrease (increase) in accounts receivable and unbilled revenues, net 33,089 16,038 [1] (18,501) [1]
Decrease in fuel oil stock 28,041 27,332 [1] 10,129 [1]
Increase in regulatory assets (17,000) (65,461) [1] (72,401) [1]
Increase (decrease) in accounts, interest and dividends payable (67,189) 12,406 [1] 5,497 [1]
Change in prepaid and accrued income taxes and utility revenue taxes (39,091) (19,406) [1] 21,079 [1]
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability 22,251 (33,014) [1] (228) [1]
Change in other assets and liabilities (94,966) (11,696) [1] (102,275) [1]
Net cash provided by operating activities 325,420 361,568 [1] 278,934 [1]
Cash flows from investing activities      
Available-for-sale investment securities purchased (183,778) (112,654) [1] (243,633) [1]
Principal repayments on available-for-sale investment and mortgage-related securities 91,013 158,558 [1] 191,253 [1]
Proceeds from sale of available-for-sale investment securities 79,564 71,367 [1] 3,548 [1]
Redemption of stock from Federal Home Loan Bank of Seattle 23,244 3,476 [1] 1,742 [1]
Net increase in loans held for investment (283,810) (398,426) [1] (112,730) [1]
Proceeds from sale of real estate acquired in settlement of loans 3,213 9,212 [1] 11,336 [1]
Capital expenditures (364,826) (389,438) [1] (370,715) [1]
Contributions in aid of construction 41,806 32,160 [1] 45,982 [1]
Proceeds from sale of credit card portfolio 0 26,386 [1] 0 [1]
Other 1,125 1,177 [1] 1,778 [1]
Net cash used in investing activities (592,449) (598,182) [1] (471,439) [1]
Cash flows from financing activities      
Net increase in deposit liabilities 250,938 142,561 [1] 159,884 [1]
Net increase in short-term borrowings with original maturities of three months or less 13,490 21,789 [1] 14,872 [1]
Net decrease in retail repurchase agreements (9,465) (1,418) [1] (37,291) [1]
Proceeds from other bank borrowings 130,601 130,000 [1] 5,000 [1]
Repayments of other bank borrowings (75,000) (80,000) [1] (5,000) [1]
Proceeds from issuance of long-term debt 125,000 286,000 [1] 457,000 [1]
Repayment of long-term debt (111,400) (216,000) [1] (375,500) [1]
Excess tax benefits from share-based payment arrangements 277 430 [1] 61 [1]
Net proceeds from issuance of common stock 26,898 55,086 [1] 23,613 [1]
Common stock dividends (126,458) (98,383) [1] (96,202) [1]
Preferred stock dividends of subsidiaries (1,890) (1,890) [1] (1,890) [1]
Other (456) (1,187) [1] (2,645) [1]
Net cash provided by (used in) financing activities 222,535 236,988 [1] 141,902 [1]
Net increase (decrease) in cash and cash equivalents (44,494) 374 [1] (50,603) [1]
Cash and cash equivalents, January 1 [1] 220,036 219,662 270,265
Cash and cash equivalents, December 31 175,542 220,036 [1] 219,662 [1]
Hawaiian Electric Company, Inc. and Subsidiaries      
Cash flows from operating activities      
Net income 139,636 124,924 [1] 101,271 [1]
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation of property, plant and equipment 166,387 154,025 [1] 144,498 [1]
Other amortization 6,410 5,077 [1] 6,998 [1]
Impairment of utility assets 0 0 [1] 40,000 [1]
Increase (decrease) in deferred income taxes 82,947 64,507 [1] 86,878 [1]
Change in tax credits, net 6,062 7,017 [1] 6,075 [1]
Allowance for equity funds used during construction (6,771) (5,561) [1] (7,007) [1]
Change in cash overdraft (1,038) 1,038 [1] 0 [1]
Changes in assets and liabilities      
Decrease (increase) in accounts receivable 26,743 49,445 [1] (47,004) [1]
Decrease (increase) in accrued unbilled revenues 6,750 (9,826) [1] 3,528 [1]
Decrease in fuel oil stock 28,041 27,332 [1] 10,129 [1]
Decrease (increase) in materials and supplies 1,794 (7,959) [1] (7,897) [1]
Increase in regulatory assets (17,000) (65,461) [1] (72,401) [1]
Increase (decrease) in accounts payable (65,527) 14,731 [1] 6,322 [1]
Change in prepaid and accrued income taxes and utility revenue taxes (4,036) (2,028) [1] 25,239 [1]
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability (961) 2,240 [1] (744) [1]
Change in other assets and liabilities (62,442) (32,636) [1] (74,262) [1]
Net cash provided by operating activities 306,995 326,865 [1] 221,623 [1]
Cash flows from investing activities      
Capital expenditures (336,679) (378,044) [1] (355,326) [1]
Contributions in aid of construction 41,806 32,160 [1] 45,982 [1]
Other 1,164 907 [1] 843 [1]
Net cash used in investing activities (293,709) (344,977) [1] (308,501) [1]
Cash flows from financing activities      
Proceeds from issuance of long-term debt 0 236,000 [1] 457,000 [1]
Repayment of long-term debt (11,400) (166,000) [1] (368,500) [1]
Net proceeds from issuance of common stock 40,000 78,500 [1] 44,000 [1]
Common stock dividends (88,492) (81,578) [1] (73,044) [1]
Preferred stock dividends of Hawaiian Electric and subsidiaries (1,995) (1,995) [1] (1,995) [1]
Other (462) (1,149) [1] (2,230) [1]
Net cash provided by (used in) financing activities (62,349) 63,778 [1] 55,231 [1]
Net increase (decrease) in cash and cash equivalents (49,063) 45,666 [1] (31,647) [1]
Cash and cash equivalents, January 1 [1] 62,825 17,159 48,806
Cash and cash equivalents, December 31 $ 13,762 $ 62,825 [1] $ 17,159 [1]
[1] As restated - See Note 1, “Summary of significant accounting policies - Revision and restatements of previously issued financial statements.”