Electric utility segment (Tables)

9 Months Ended

Sep. 30, 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   September 30				Nine months ended   September 30
(in thousands)	2015		2014		2015		2014
Interest and dividend income
Interest and fees on loans	$	46,413	$	45,532	$	137,646	$	133,065
Interest and dividends on investment securities	4,213		2,773		10,570		8,758
Total interest and dividend income	50,626		48,305		148,216		141,823
Interest expense
Interest on deposit liabilities	1,355		1,312		3,881		3,774
Interest on other borrowings	1,515		1,438		4,468		4,263
Total interest expense	2,870		2,750		8,349		8,037
Net interest income	47,756		45,555		139,867		133,786
Provision for loan losses	2,997		1,550		5,436		3,566
Net interest income after provision for loan losses	44,759		44,005		134,431		130,220
Noninterest income
Fees from other financial services	5,639		5,642		16,544		15,987
Fee income on deposit liabilities	5,883		5,109		16,622		14,175
Fee income on other financial products	2,096		1,971		6,088		6,325
Bank-owned life insurance	1,021		1,000		3,062		2,945
Mortgage banking income	1,437		875		5,327		1,749
Gains on sale of investment securities	—		—		—		2,847
Other income, net	2,389		634		3,363		1,920
Total noninterest income	18,465		15,231		51,006		45,948
Noninterest expense
Compensation and employee benefits	22,728		19,892		66,813		60,050
Occupancy	4,128		4,517		12,250		12,959
Data processing	3,032		2,684		9,101		8,715
Services	2,556		2,580		7,730		7,708
Equipment	1,608		1,672		4,999		4,926
Office supplies, printing and postage	1,511		1,415		4,297		4,487
Marketing	934		948		2,619		2,690
FDIC insurance	809		840		2,393		2,441
Other expense	5,116		4,182		14,076		11,198
Total noninterest expense	42,422		38,730		124,278		115,174
Income before income taxes	20,802		20,506		61,159		60,994
Income taxes	7,351		7,253		21,382		21,806
Net income	$	13,451	$	13,253	$	39,777	$	39,188

Schedule of consolidating balance sheets

American Savings Bank, F.S.B.

Balance Sheets Data

(in thousands)	September 30, 2015						December 31, 2014
Assets
Cash and due from banks				$	103,934					$	107,233
Interest-bearing deposits				73,041						54,230
Available-for-sale investment securities, at fair value				785,837						550,394
Stock in Federal Home Loan Bank, at cost				10,678						69,302
Loans receivable held for investment				4,535,404						4,434,651
Allowance for loan losses				(48,274		)				(45,618		)
Net loans				4,487,130						4,389,033
Loans held for sale, at lower of cost or fair value				5,598						8,424
Other				307,089						305,416
Goodwill				82,190						82,190
Total assets				$	5,855,497					$	5,566,222
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,422,843					$	1,342,794
Deposit liabilities—interest-bearing				3,403,111						3,280,621
Other borrowings				368,593						290,656
Other				103,553						118,363
Total liabilities				5,298,100						5,032,434
Commitments and contingencies
Common stock				1						1
Additional paid in capital				339,980						338,411
Retained earnings				229,211						211,934
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains on securities	$	4,070					$	462
Retirement benefit plans	(15,865		)	(11,795		)	(17,020		)	(16,558		)
Total shareholder’s equity				557,397						533,788
Total liabilities and shareholder’s equity				$	5,855,497					$	5,566,222
Other assets
Bank-owned life insurance				$	136,969					$	134,115
Premises and equipment, net				87,432						92,407
Prepaid expenses				3,879						3,196
Accrued interest receivable				14,577						13,632
Mortgage-servicing rights				12,258						11,540
Low-income housing equity investments				34,323						33,438
Real estate acquired in settlement of loans, net				247						891
Other				17,404						16,197
				$	307,089					$	305,416
Other liabilities
Accrued expenses				$	28,952					$	37,880
Federal and state income taxes payable				21,565						28,642
Cashier’s checks				25,852						20,509
Advance payments by borrowers				5,389						9,652
Other				21,795						21,680
				$	103,553					$	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 September 30				Nine months ended September 30
(in millions)	2015		2014		2015		2014
AES Hawaii	$	37	$	38	$	97	$	107
Kalaeloa	51		73		143		214
HEP	13		16		34		36
Hpower	18		18		50		50
Puna Geothermal Venture	8		10		22		36
Hawaiian Commercial & Sugar (HC&S)	2		2		7		50
Other IPPs	32		36		93		53
Total IPPs	$	161	$	193	$	446	$	546

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)	2015			2014
Balance, beginning of period	$	29,419		$	43,106
Accretion expense	18			816
Liabilities incurred	—			—
Liabilities settled	(2,349		)	(11,338		)
Revisions in estimated cash flows	—			—
Balance, end of period	$	27,088		$	32,584

Schedule of annual decoupling filings

Below is a summary of the 2015 incremental impact by company.

($ in millions)	Hawaiian Electric			Hawaii Electric Light		Maui Electric
Annual incremental RAM adjusted revenues	$	8.1		$	1.5	$	1.5
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	$	(1.1	)	$	1.5	$	(0.8	)
Impact on typical residential customer monthly bill (in dollars) *	$	(0.09	)	$	0.88	$	(0.13	)

Note: Columns may not foot due to rounding

* 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 $0.11, based on a 400 KWH bill.

Schedule of consolidating statements of income (loss)

Consolidating Statement of Income

Nine months ended September 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,623,223		319,629		319,265		—	(61	)	$	2,262,056
Expenses
Fuel oil	628,164			92,234		145,591		—	—		865,989
Purchased power	406,895			91,827		47,399		—	—		546,121
Other operation and maintenance	199,091			48,701		47,691		—	—		295,483
Depreciation	81,903			26,926		15,961		—	—		124,790
Taxes, other than income taxes	152,545			30,127		30,111		—	—		212,783
Total expenses	1,468,598			289,815		286,753		—	—		2,045,166
Operating income	154,625			29,814		32,512		—	(61	)	216,890
Allowance for equity funds used during construction	4,557			328		48		—	—		4,933
Equity in earnings of subsidiaries	28,576			—		—		—	(28,576	)	—
Interest expense and other charges, net	(33,236		)	(8,411	)	(7,403	)	—	61		(48,989		)
Allowance for borrowed funds used during construction	1,728			126		23		—	—		1,877
Income before income taxes	156,250			21,857		25,180		—	(28,576	)	174,711
Income taxes	46,911			8,149		9,626		—	—		64,686
Net income	109,339			13,708		15,554		—	(28,576	)	110,025
Preferred stock dividends of subsidiaries	—			400		286		—	—		686
Net income attributable to Hawaiian Electric	109,339			13,308		15,268		—	(28,576	)	109,339
Preferred stock dividends of Hawaiian Electric	810			—		—		—	—		810
Net income for common stock	$	108,529		13,308		15,268		—	(28,576	)	$	108,529

Consolidating Statement of Income

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

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

Three months ended September 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	579,777		111,154		112,656		—	(22	)	$	803,565
Expenses
Fuel oil	229,068			29,555		50,809		—	—		309,432
Purchased power	142,121			34,166		16,595		—	—		192,882
Other operation and maintenance	71,584			19,837		16,892		—	—		108,313
Depreciation	27,302			8,975		5,317		—	—		41,594
Taxes, other than income taxes	54,412			10,607		10,169		—	—		75,188
Total expenses	524,487			103,140		99,782		—	—		727,409
Operating income	55,290			8,014		12,874		—	(22	)	76,156
Allowance for equity funds used during construction	1,668			142		127		—	—		1,937
Equity in earnings of subsidiaries	9,800			—		—		—	(9,800	)	—
Interest expense and other charges, net	(11,196		)	(2,811	)	(2,429	)	—	22		(16,414		)
Allowance for borrowed funds used during construction	634			54		52		—	—		740
Income before income taxes	56,196			5,399		10,624		—	(9,800	)	62,419
Income taxes	17,047			1,965		4,030		—	—		23,042
Net income	39,149			3,434		6,594		—	(9,800	)	39,377
Preferred stock dividends of subsidiaries	—			133		95		—	—		228
Net income attributable to Hawaiian Electric	39,149			3,301		6,499		—	(9,800	)	39,149
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	38,879		3,301		6,499		—	(9,800	)	$	38,879

Schedule of consolidating statement of comprehensive income (loss)

Consolidating Statement of Comprehensive Income

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

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

Three months ended September 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net incomefor common stock	$	38,879		3,301		6,499		—	(9,800	)	$	38,879
Other comprehensive income (loss), 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	2,552			317		272		—	(589	)	2,552
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,542		)	(319	)	(272	)	—	591		(2,542		)
Other comprehensive income (loss), net of taxes	10			(2	)	—		—	2		10
Comprehensive income attributable to common shareholder	$	38,889		3,299		6,499		—	(9,798	)	$	38,889

Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net incomefor common stock	$	108,529		13,308		15,268		—	(28,576	)	$	108,529
Other comprehensive income (loss), 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	7,659			953		817		—	(1,770	)	7,659
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(7,627		)	(955	)	(817	)	—	1,772		(7,627		)
Other comprehensive income (loss), net of taxes	32			(2	)	—		—	2		32
Comprehensive income attributable to common shareholder	$	108,561		13,306		15,268		—	(28,574	)	$	108,561

Schedule of consolidating balance sheets

Consolidating Balance Sheet

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

Consolidating Balance Sheet

September 30, 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	$	43,536		5,731		3,016		—	—		$	52,283
Plant and equipment	3,941,406			1,202,463		1,072,245		—	—		6,216,114
Less accumulated depreciation	(1,293,046		)	(491,606	)	(461,962	)	—	—		(2,246,614		)
Construction in progress	166,027			14,111		16,543		—	—		196,681
Utility property, plant and equipment, net	2,857,923			730,699		629,842		—	—		4,218,464
Nonutility property, plant and equipment, less accumulated depreciation	4,948			82		1,532		—	—		6,562
Total property, plant and equipment, net	2,862,871			730,781		631,374		—	—		4,225,026
Investment in wholly owned subsidiaries, at equity	548,907			—		—		—	(548,907	)	—
Current assets
Cash and cash equivalents	7,665			2,399		539		101	—		10,704
Advances to affiliates	12,000			—		2,500		—	(14,500	)	—
Customer accounts receivable, net	113,130			26,105		23,233		—	—		162,468
Accrued unbilled revenues, net	96,789			12,230		14,559		—	—		123,578
Other accounts receivable, net	12,538			1,168		1,770		—	(10,713	)	4,763
Fuel oil stock, at average cost	49,496			8,442		12,166		—	—		70,104
Materials and supplies, at average cost	33,913			8,279		16,781		—	—		58,973
Prepayments and other	34,555			3,957		8,630		—	(251	)	46,891
Regulatory assets	67,673			6,719		5,558		—	—		79,950
Total current assets	427,759			69,299		85,736		101	(25,464	)	557,431
Other long-term assets
Regulatory assets	612,347			106,581		99,070		—	—		817,998
Unamortized debt expense	5,171			1,312		1,103		—	—		7,586
Other	48,268			13,885		13,798		—	—		75,951
Total other long-term assets	665,786			121,778		113,971		—	—		901,535
Total assets	$	4,505,323		921,858		831,081		101	(574,371	)	$	5,683,992
Capitalization and liabilities
Capitalization
Common stock equity	$	1,717,064		286,788		262,018		101	(548,907	)	$	1,717,064
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	2,569,903			483,788		453,018		101	(548,907	)	2,957,903
Current liabilities
Short-term borrowings from non-affiliates	94,995			—		—		—	—		94,995
Short-term borrowings from affiliate	2,500			12,000		—		—	(14,500	)	—
Accounts payable	93,654			16,128		14,997		—	—		124,779
Interest and preferred dividends payable	17,370			3,553		4,161		—	(6	)	25,078
Taxes accrued	134,076			30,252		29,498		—	(251	)	193,575
Regulatory liabilities	—			—		347		—	—		347
Other	58,392			11,063		16,702		—	(10,707	)	75,450
Total current liabilities	400,987			72,996		65,705		—	(25,464	)	514,224
Deferred credits and other liabilities
Deferred income taxes	444,261			91,571		89,276		—	314		625,422
Regulatory liabilities	248,068			83,194		30,642		—	—		361,904
Unamortized tax credits	53,491			15,258		14,899		—	—		83,648
Defined benefit pension and other postretirement benefit plans liability	430,838			66,632		72,872		—	(314	)	570,028
Other	47,720			13,647		13,829		—	—		75,196
Total deferred credits and other liabilities	1,224,378			270,302		221,518		—	—		1,716,198
Contributions in aid of construction	310,055			94,772		90,840		—	—		495,667
Total capitalization and liabilities	$	4,505,323		921,858		831,081		101	(574,371	)	$	5,683,992

Schedule of consolidating statement of changes in common stock equity

Consolidating Statement of Changes in Common Stock Equity

Nine months ended September 30, 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	108,529			13,308		15,268		—	(28,576	)	108,529
Other comprehensive income (loss), net of taxes	32			(2	)	—		—	2		32
Common stock dividends	(66,369		)	(8,720	)	(10,762	)	—	19,482		(66,369		)
Common stock issuance expenses	(5		)	—		—		—	—		(5		)
Balance, September 30, 2014	$	1,635,751		279,388		253,277		101	(532,766	)	$	1,635,751

Consolidating Statement of Changes in Common Stock Equity

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

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	5,409			2,055		2,363		—	—		9,827
Increase in deferred income taxes	46,493			907		10,497		—	314		58,211
Change in tax credits, net	3,680			372		195		—	—		4,247
Allowance for equity funds used during construction	(4,418		)	(458	)	(490	)	—	—		(5,366		)
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	(16,626		)	436		(2,824	)	—	(1,790	)	(20,804		)
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

Consolidating Statement of Cash Flows

Nine months ended September 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	109,339		13,708		15,554		—	(28,576	)	$	110,025
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(28,651		)	—		—		—	28,576		(75		)
Common stock dividends received from subsidiaries	19,557			—		—		—	(19,482	)	75
Depreciation of property, plant and equipment	81,903			26,926		15,961		—	—		124,790
Other amortization (1)	765			1,950		1,574		—	—		4,289
Increase in deferred income taxes	52,274			5,146		9,972		—	—		67,392
Change in tax credits, net	4,725			687		404		—	—		5,816
Allowance for equity funds used during construction	(4,557		)	(328	)	(48	)	—	—		(4,933		)
Change in cash overdraft	—			—		(1,038	)	—	—		(1,038		)
Changes in assets and liabilities:
Increase in accounts receivable	(17,540		)	(4,714	)	(442	)	—	2,965		(19,731		)
Decrease (increase) in accrued unbilled revenues	(554		)	626		899		—	—		971
Decrease in fuel oil stock	11,328			219		4,237		—	—		15,784
Decrease (increase) in materials and supplies	875			(987	)	(1,483	)	—	—		(1,595		)
Decrease (increase) in regulatory assets	(15,159		)	(2,594	)	222		—	—		(17,531		)
Decrease in accounts payable (2)	(52,684		)	(454	)	(142	)	—	—		(53,280		)
Change in prepaid and accrued income and utility revenue taxes	(18,131		)	(1,310	)	1,366		—	—		(18,075		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(422		)	—		(326	)	—	—		(748		)
Change in other assets and liabilities (3)	(32,291		)	(4,040	)	(2,673	)	—	(2,965	)	(41,969		)
Net cash provided by operating activities	110,777			34,835		44,037		—	(19,482	)	170,167
Cash flows from investing activities
Capital expenditures (4)	(181,565		)	(34,565	)	(37,588	)	—	—		(253,718		)
Contributions in aid of construction	12,352			6,229		3,159		—	—		21,740
Other (5)	537			154		22		—	—		713
Advances from (to) affiliates	(4,961		)	1,000		—		—	3,961		—
Net cash used in investing activities	(173,637		)	(27,182	)	(34,407	)	—	3,961		(231,265		)
Cash flows from financing activities
Common stock dividends	(66,369		)	(8,720	)	(10,762	)	—	19,482		(66,369		)
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	83,987			1,000		3,961		—	(3,961	)	84,987
Other	(337		)	(50	)	(75	)	—	—		(462		)
Net cash provided by (used in) financing activities	16,471			(8,170	)	(7,162	)	—	15,521		16,660
Net increase (decrease) in cash and cash equivalents	(46,389		)	(517	)	2,468		—	—		(44,438		)
Cash and cash equivalents, beginning of period	61,245			1,326		153		101	—		62,825
Cash and cash equivalents, end of period	$	14,856		809		2,621		101	—		$	18,387

(1) Prior to revision, other amortization for Maui Electric and Hawaiian Electric Consolidated were $1,947 and $4,662, respectively.

(2) Prior to revision, decrease in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(70,916), $(1,807), $(5,170) and $(77,893), respectively.

(3) Prior to revision, changes in other assets and liabilities for Hawaiian Electric, Hawaii Electric Light, Maui Electric, Consolidating adjustments and Hawaiian Electric Consolidated were $(31,754), $(3,886), $(3,024), $(2,965) and $(41,629), respectively.

(4) Prior to revision, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(163,333), $(33,212), $(32,560) and $(229,105), respectively.

(5) Prior to revision, cash flows from investing activities-other for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were nil.