Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2015

Electric utility subsidiary

Schedule of consolidating statements of income

Statements of Income Data

Years ended December 31	2015		2014		2013
(in thousands)
Interest and dividend income
Interest and fees on loans	$	184,782	$	179,341	$	172,969
Interest and dividends on investment securities	15,120		11,945		13,095
Total interest and dividend income	199,902		191,286		186,064
Interest expense
Interest on deposit liabilities	5,348		5,077		5,092
Interest on other borrowings	5,978		5,731		4,985
Total interest expense	11,326		10,808		10,077
Net interest income	188,576		180,478		175,987
Provision for loan losses	6,275		6,126		1,507
Net interest income after provision for loan losses	182,301		174,352		174,480
Noninterest income
Fees from other financial services	22,211		21,747		27,099
Fee income on deposit liabilities	22,368		19,249		18,363
Fee income on other financial products	8,094		8,131		8,405
Bank-owned life insurance	4,078		3,949		3,928
Mortgage banking income	6,330		2,913		8,309
Gains on sale of investment securities	—		2,847		1,226
Other income, net	4,750		2,375		4,753
Total noninterest income	67,831		61,211		72,083
Noninterest expense
Compensation and employee benefits	90,518		79,885		82,910
Occupancy	16,365		17,197		16,747
Data processing	12,103		11,690		10,952
Services	10,204		10,269		9,015
Equipment	6,577		6,564		7,295
Office supplies, printing and postage	5,749		6,089		4,233
Marketing	3,463		3,999		3,373
FDIC insurance	3,274		3,261		3,253
Other expense	18,067		17,314		19,637
Total noninterest expense	166,320		156,268		157,415
Income before income taxes	83,812		79,295		89,148
Income taxes	29,082		27,994		31,421
Net income	$	54,730	$	51,301	$	57,727

Schedule of consolidating balance sheets

Balance Sheets Data

December 31				2015						2014
(in thousands)
Assets
Cash and due from banks				$	127,201					$	107,233
Interest-bearing deposits				93,680						54,230
Available-for-sale investment securities, at fair value				820,648						550,394
Stock in Federal Home Loan Bank, at cost				10,678						69,302
Loans receivable held for investment				4,615,819						4,434,651
Allowance for loan losses				(50,038		)				(45,618		)
Net loans				4,565,781						4,389,033
Loans held for sale, at lower of cost or fair value				4,631						8,424
Other				309,946						305,416
Goodwill				82,190						82,190
Total assets				$	6,014,755					$	5,566,222
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing				$	1,520,374					$	1,342,794
Deposit liabilities–interest-bearing				3,504,880						3,280,621
Other borrowings				328,582						290,656
Other				101,029						118,363
Total liabilities				5,454,865						5,032,434
Commitments and contingencies
Common stock				1						1
Additional paid in capital				340,496						338,411
Retained earnings				236,664						211,934
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains (losses) on securities	$	(1,872	)				$	462
Retirement benefit plans	(15,399		)	(17,271		)	(17,020		)	(16,558		)
Total shareholder’s equity				559,890						533,788
Total liabilities and shareholder’s equity				$	6,014,755					$	5,566,222

December 31	2015		2014
(in thousands)
Other assets
Bank-owned life insurance	$	138,139	$	134,115
Premises and equipment, net	88,077		92,407
Prepaid expenses	3,550		3,196
Accrued interest receivable	15,192		13,632
Mortgage-servicing rights	8,884		11,540
Low-income housing equity investments	37,793		33,438
Real estate acquired in settlement of loans, net	1,030		891
Other	17,281		16,197
	$	309,946	$	305,416
Other liabilities
Accrued expenses	$	30,705	$	37,880
Federal and state income taxes payable	13,448		28,642
Cashier’s checks	21,768		20,509
Advance payments by borrowers	10,311		9,652
Other	24,797		21,680
	$	101,029	$	118,363

Hawaiian Electric Company, Inc. and Subsidiaries

Electric utility subsidiary

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2015		2014
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	679,766	$	683,243
Income taxes, net (1 to 55 years)	88,039		86,836
Decoupling revenue balancing account and RAM regulatory asset (1 to 2 years)	74,462		91,353
Unamortized expense and premiums on retired debt and equity issuances (19 to 30 years; 6 to 18 years remaining)	14,089		15,569
Vacation earned, but not yet taken (1 year)	10,420		10,248
Postretirement benefits other than pensions (18 years; less than 1 year remaining)	—		18
Other (1 to 50 years; 1 to 46 years remaining)	29,955		17,997
	$	896,731	$	905,264
Included in:
Current assets	$	72,231	$	71,421
Long-term assets	824,500		833,843
	$	896,731	$	905,264

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2015		2014
(in thousands)
Cost of removal in excess of salvage value (1 to 60 years)	$	357,825	$	331,000
Retirement benefit plans (5 years beginning with respective utility’s next rate case)	9,835		12,413
Other (5 years; 1 to 2 years remaining)	3,883		1,436
	$	371,543	$	344,849
Included in:
Current liabilities	$	2,204	$	632
Long-term liabilities	369,339		344,217
	$	371,543	$	344,849

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, 2015	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 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)	2015			2014
Balance, January 1	$	29,419		$	43,106
Accretion expense	24			890
Liabilities incurred	—			—
Liabilities settled	(2,595		)	(14,577		)
Revisions in estimated cash flows	—			—
Balance, December 31	$	26,848		$	29,419

Schedule of Annual Decoupling Filings [Table Text Block]

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, 2015 (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

Consolidating statement of income

Year ended December 31, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	2,142,245		422,200		422,965		—	(87	)	[1]	$	2,987,323
Expenses
Fuel oil	821,246			117,215		193,224		—	—			1,131,685
Purchased power	537,821			123,226		60,961		—	—			722,008
Other operation and maintenance	283,532			65,471		61,609		—	—			410,612
Depreciation	109,204			35,904		21,279		—	—			166,387
Taxes, other than income taxes	201,426			39,521		39,916		—	—			280,863
Impairment of utility assets	—			—		—		—	—			—
Total expenses	1,953,229			381,337		376,989		—	—			2,711,555
Operating income	189,016			40,863		45,976		—	(87	)		275,768
Allowance for equity funds used    during construction	6,085			472		214		—	—			6,771
Equity in earnings of subsidiaries	40,964			—		—		—	(40,964	)	[2]	—
Interest expense and other charges, net	(44,041		)	(11,030	)	(9,773	)		87		[1]	(64,757		)
Allowance for borrowed funds used during construction	2,306			182		91		—	—			2,579
Income before income taxes	194,330			30,487		36,508		—	(40,964	)		220,361
Income taxes	55,609			11,264		13,852		—	—			80,725
Net income	138,721			19,223		22,656		—	(40,964	)		139,636
Preferred stock dividends of subsidiaries	—			534		381		—	—			915
Net income attributable to Hawaiian Electric	138,721			18,689		22,275		—	(40,964	)		138,721
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—	—			1,080
Net income for common stock	$	137,641		18,689		22,275		—	(40,964	)		$	137,641

Consolidating statement of income

Year ended December 31, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	1,644,181		345,549		345,517		—	(81	)	[1]	$	2,335,166
Expenses
Fuel oil	458,069			71,851		124,680		—	—			654,600
Purchased power	440,983			97,503		55,610		—	—			594,096
Other operation and maintenance	284,583			63,098		65,408		—	—			413,089
Depreciation	117,682			37,250		22,448		—	—			177,380
Taxes, other than income taxes	156,871			32,312		32,702		—	—			221,885
Total expenses	1,458,188			302,014		300,848		—	—			2,061,050
Operating income	185,993			43,535		44,669		—	(81	)		274,116
Allowance for equity funds used during construction	5,641			604		683		—	—			6,928
Equity in earnings of subsidiaries	42,920			—		—		—	(42,920	)	[2]	—
Interest expense and other charges, net	(45,899		)	(10,773	)	(9,779	)	—	81		[1]	(66,370		)
Allowance for borrowed funds used during construction	1,967			215		275		—	—			2,457
Income before income taxes	190,622			33,581		35,848		—	(42,920	)		217,131
Income taxes	53,828			12,292		13,302		—	—			79,422
Net income	136,794			21,289		22,546		—	(42,920	)		137,709
Preferred stock dividends of subsidiaries	—			534		381		—	—			915
Net income attributable to Hawaiian Electric	136,794			20,755		22,165		—	(42,920	)		136,794
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—	—			1,080
Net income for common stock	$	135,714		20,755		22,165		—	(42,920	)		$	135,714

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
Impairment of utility assets	—			—		—		—		—			—
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

Schedule of consolidating statements of comprehensive income

Consolidating statement of comprehensive income

Year ended December 31, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock	$	135,714		20,755		22,165		—	(42,920	)		$	135,714
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net gains (losses) arising during the period, net of tax benefits	5,638			(2,710	)	(1,352	)	—	4,062		[1]	5,638
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	20,381			2,728		2,503		—	(5,231	)	[1]	20,381
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(25,139		)	104		(1,107	)	—	1,003		[1]	(25,139		)
Other comprehensive income, net of tax benefits	880			122		44		—	(166	)		880
Comprehensive income attributable to common shareholder	$	136,594		20,877		22,209		—	(43,086	)		$	136,594

Consolidating statement of comprehensive income (loss)

Year ended December 31, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock	$	137,641		18,689		22,275		—	(40,964	)		$	137,641
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net gains arising during the period, net of taxes	(218,608		)	(28,725	)	(29,352	)	—	58,077		[1]	(218,608		)
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	10,212			1,270		1,090		—	(2,360	)	[1]	10,212
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits	207,833			27,437		28,257		—	(55,694	)	[1]	207,833
Other comprehensive loss, net of tax benefits	(563		)	(18	)	(5	)	—	23			(563		)
Comprehensive income attributable to common shareholder	$	137,078		18,671		22,270		—	(40,941	)		$	137,078

Consolidating statement of comprehensive income (loss)

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, net of taxes:
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	203,479			30,542		27,820		—		(58,362	)	[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 tax benefits	(222,595		)	(33,277	)	(30,254	)	—		63,531		[1]	(222,595		)
Other comprehensive income, net of taxes	1,578			145		123		—		(268	)		1,578
Comprehensive income (loss) attributable to common shareholder	$	124,507		20,281		21,400		(3	)	(41,678	)		$	124,507

Schedule of consolidating balance sheets

Consolidating balance sheet

December 31, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	43,557		6,219		3,016		—	—			$	52,792
Plant and equipment	4,026,079			1,212,195		1,077,424		—	—			6,315,698
Less accumulated depreciation	(1,316,467		)	(486,028	)	(463,509	)	—	—			(2,266,004		)
Construction in progress	147,979			11,455		15,875		—	—			175,309
Utility property, plant and equipment, net	2,901,148			743,841		632,806		—	—			4,277,795
Nonutility property, plant and equipment, less accumulated depreciation	5,659			82		1,531		—	—			7,272
Total property, plant and equipment, net	2,906,807			743,923		634,337		—	—			4,285,067
Investment in wholly-owned subsidiaries, at equity	556,528			—		—		—	(556,528	)	[2]	0
Current assets
Cash and equivalents	16,281			2,682		5,385		101	—			24,449
Advances to affiliates	—			15,500		7,500		—	(23,000	)	[1]	—
Customer accounts receivable, net	93,515			20,508		18,755		—	—			132,778
Accrued unbilled revenues, net	60,080			12,531		11,898		—	—			84,509
Other accounts receivable, net	16,421			1,275		1,674		—	(8,962	)	[1]	10,408
Fuel oil stock, at average cost	49,455			8,310		13,451		—	—			71,216
Materials and supplies, at average cost	30,921			6,865		16,643		—	—			54,429
Prepayments and other	25,505			9,091		2,295		—	(251	)	[3]	36,640
Regulatory assets	63,615			4,501		4,115		—	—			72,231
Total current assets	355,793			81,263		81,716		101	(32,213	)		486,660
Other long-term assets
Regulatory assets	608,957			114,562		100,981		—	—			824,500
Unamortized debt expense	5,742			1,494		1,105		—	—			8,341
Other	47,731			14,693		13,062		—	—			75,486
Total other long-term assets	662,430			130,749		115,148		—	—			908,327
Total assets	$	4,481,558		955,935		831,201		101	(588,741	)		$	5,680,054
Capitalization and liabilities
Capitalization
Common stock equity	$	1,728,325		292,702		263,725		101	(556,528	)	[2]	$	1,728,325
Cumulative preferred stock–not subject to mandatory redemption	22,293			7,000		5,000		—	—			34,293
Long-term debt, net	880,546			215,000		191,000		—	—			1,286,546
Total capitalization	2,631,164			514,702		459,725		101	(556,528	)		3,049,164
Current liabilities
Short-term borrowings-affiliate	23,000			—		—		—	(23,000	)	[1]	—
Accounts payable	84,631			17,702		12,513		—	—			114,846
Interest and preferred dividends payable	15,747			4,255		3,113		—	(4	)	[1]	23,111
Taxes accrued	131,668			30,342		29,325		—	(251	)	[3]	191,084
Regulatory liabilities	—			1,030		1,174		—	—			2,204
Other	41,083			8,760		13,194		—	(8,958	)	[1]	54,079
Total current liabilities	296,129			62,089		59,319		—	(32,213	)		385,324
Deferred credits and other liabilities
Deferred income taxes	466,133			100,681		87,706		—	286		[1]	654,806
Regulatory liabilities	254,033			84,623		30,683		—	—			369,339
Unamortized tax credits	54,078			15,406		14,730		—	—			84,214
Defined benefit pension and other postretirement benefit plans liability	409,021			69,893		74,060		—	—			552,974
Other	51,273			13,243		13,916		—	(286	)	[1]	78,146
Total deferred credits and other liabilities	1,234,538			283,846		221,095		—	—			1,739,479
Contributions in aid of construction	319,727			95,298		91,062		—	—			506,087
Total capitalization and liabilities	$	4,481,558		955,935		831,201		101	(588,741	)		$	5,680,054

Consolidating balance sheet

December 31, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating 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	)	[2]	—
Current assets
Cash and equivalents	12,416			612		633		101	—			13,762
Advances to affiliates	16,100			—		—		—	(16,100	)	[1]	—
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	)	[1]	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	20,231			10,137		3,575		—	(475	)	[1], [3]	33,468
Regulatory assets	58,550			6,745		6,126		—	—			71,421
Total current assets	439,480			79,087		88,919		101	(25,499	)		582,088
Other long-term assets
Regulatory assets	623,784			107,454		102,788		—	(183	)	[1]	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	$	4,372,366		926,411		822,985		101	(564,321	)		$	5,557,542
Capitalization and liabilities
Capitalization
Common stock equity	$	1,682,144		281,846		256,692		101	(538,639	)	[2]	$	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-affiliate	—			10,500		5,600		—	(16,100	)	[1]	—
Accounts payable	122,433			23,728		17,773		—	—			163,934
Interest and preferred dividends payable	15,407			3,989		2,931		—	(11	)	[1]	22,316
Taxes accrued	176,339			37,548		36,807		—	(292	)	[3]	250,402
Regulatory liabilities	191			—		441		—	—			632
Other	45,369			9,587		15,804		—	(9,096	)	[1]	61,664
Total current liabilities	359,739			85,352		79,356		—	(25,499	)		498,948
Deferred credits and other liabilities
Deferred income taxes	407,979			91,924		73,536		—	—			573,439
Regulatory liabilities	236,727			77,707		29,966		—	(183	)	[1]	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	1,193,905			267,738		207,719		—	(183	)		1,669,179
Contributions in aid of construction	283,739			94,475		88,218		—	—			466,432
Total capitalization and liabilities	$	4,372,366		926,411		822,985		101	(564,321	)		$	5,557,542

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, 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 tax benefits	1,578			145		123		—		(268	)	1,578
Issuance of common stock, net of expenses	78,499			—		12,461		—		(12,461	)	78,499
Common stock dividends	(81,578		)	(14,387	)	(14,017	)	—		28,404		(81,578		)
Balance, December 31, 2013	$	1,593,564		274,802		248,771		101		(523,674	)	$	1,593,564
Net income for common stock	137,641			18,689		22,275		—		(40,964	)	137,641
Other comprehensive loss, net of taxes	(563		)	(18	)	(5	)	—		23		(563		)
Issuance of common stock, net of expenses	39,994			—		—		—		—		39,994
Common stock dividends	(88,492		)	(11,627	)	(14,349	)	—		25,976		(88,492		)
Balance, December 31, 2014	$	1,682,144		281,846		256,692		101		(538,639	)	$	1,682,144
Net income for common stock	135,714			20,755		22,165		—		(42,920	)	135,714
Other comprehensive income, net of tax benefits	880			122		44		—		(166	)	880
Common stock issuance expenses	(8		)	—		(1	)	—		1		(8		)
Common stock dividends	(90,405		)	(10,021	)	(15,175	)	—		25,196		(90,405		)
Balance, December 31, 2015	$	1,728,325		292,702		263,725		101		(556,528	)	$	1,728,325

Schedule of consolidating statements of cash flows

Consolidating statement of cash flows

Year ended December 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	$	136,794		21,289		22,546		—	(42,920	)	[2]	$	137,709
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings	(43,020		)	—		—		—	42,920		[2]	(100		)
Common stock dividends received from subsidiaries	25,296			—		—		—	(25,196	)	[2]	100
Depreciation of property, plant and equipment	117,682			37,250		22,448		—	—			177,380
Other amortization	4,678			2,124		2,137		—	—			8,939
Impairment of utility assets	4,573			724		724		—	—			6,021
Other	4,403			(2,476	)	(255	)	—	—			1,672
Increase in deferred income taxes	53,338			8,295		13,707		—	286		[1]	75,626
Change in tax credits, net	4,284			527		33		—	—			4,844
Allowance for equity funds used during construction	(5,641		)	(604	)	(683	)	—	—			(6,928		)
Changes in assets and liabilities:
Decrease in accounts receivable	15,652			3,420		4,617		—	38		[1]	23,727
Decrease in accrued unbilled revenues	29,733			4,593		5,767		—	—			40,093
Decrease in fuel oil stock	25,060			5,490		4,280		—	—			34,830
Decrease (increase) in materials and supplies	2,233			(201	)	789		—	—			2,821
Decrease (increase) in regulatory assets	(20,356		)	(3,930	)	104		—	—			(24,182		)
Decrease in accounts payable	(42,751		)	(6,425	)	(5,379	)	—	—			(54,555		)
Change in prepaid and accrued income taxes and revenue taxes	(50,382		)	(6,166	)	(6,548	)	—	—			(63,096		)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	870			(161	)	416		—	—			1,125
Change in other assets and liabilities	(24,197		)	(3,545	)	(4,554	)	—	(324	)	[1]	(32,620		)
Net cash provided by operating activities	238,249			60,204		60,149		—	(25,196	)		333,406
Cash flows from investing activities
Capital expenditures	(267,621		)	(48,645	)	(33,895	)	—	—			(350,161		)
Contributions in aid of construction	35,955			2,160		2,124		—	—			40,239
Advances from affiliates	16,100			(15,500	)	(7,500	)	—	6,900		[1]	—
Other	924			132		84		—	—			1,140
Net cash used in investing activities	(214,642		)	(61,853	)	(39,187	)	—	6,900			(308,782		)
Cash flows from financing activities
Common stock dividends	(90,405		)	(10,021	)	(15,175	)	—	25,196		[2]	(90,405		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—	—			(1,995		)
Proceeds from issuance of long-term debt	50,000			25,000		5,000		—	—			80,000
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	23,000			(10,500	)	(5,600	)	—	(6,900	)	[2]	—
Other	(1,257		)	(226	)	(54	)	—	—			(1,537		)
Net cash (used in) provided by financing activities	(19,742		)	3,719		(16,210	)	—	18,296			(13,937		)
Net increase in cash and cash equivalents	3,865			2,070		4,752		—	—			10,687
Cash and cash equivalents, January 1	12,416			612		633		101	—			13,762
Cash and cash equivalents, December 31	$	16,281		2,682		5,385		101	—			$	24,449

Consolidating statement of cash flows

Year ended December 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	$	138,721		19,223		22,656		—	(40,964	)	[2]	$	139,636
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings	(41,064		)	—		—		—	40,964		[2]	(100		)
Common stock dividends received from subsidiaries	26,076			—		—		—	(25,976	)	[2]	100
Depreciation of property, plant and equipment	109,204			35,904		21,279		—	—			166,387
Other amortization	4,535			2,926		2,436		—	—			9,897
Impairment of utility assets	1,866			—		—		—	—			1,866
Other	758			—		—		—	—			758
Increase in deferred income taxes	56,901			12,083		13,963		—	—			82,947
Change in tax credits, net	4,998			680		384		—	—			6,062
Allowance for equity funds used during construction	(6,085		)	(472	)	(214	)	—	—			(6,771		)
Change in cash overdraft	—			—		(1,038	)	—	—			(1,038		)
Changes in assets and liabilities:
Decrease in accounts receivable	16,213			7,150		3,483		—	(103	)	[1]	26,743
Decrease in accrued unbilled revenues	4,680			1,174		896		—	—			6,750
Decrease in fuel oil stock	25,098			378		2,565		—	—			28,041
Decrease (increase) in materials and supplies	2,357			219		(2,648	)	—	—			(72		)
Decrease (increase) in regulatory assets	(14,620		)	(3,357	)	977		—	—			(17,000		)
Decrease in accounts payable	(56,044		)	(6,645	)	(2,838	)	—	—			(65,527		)
Change in prepaid and accrued income taxes and revenue taxes	(4,166		)	(3,251	)	3,381		—	—			(4,036		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(562		)	—		(399	)	—	—			(961		)
Change in other assets and liabilities	(50,180		)	(12,907	)	(3,703	)	—	103		[1]	(66,687		)
Net cash provided by operating activities	218,686			53,105		61,180		—	(25,976	)		306,995
Cash flows from investing activities
Capital expenditures	(237,970		)	(49,895	)	(48,814	)	—	—			(336,679		)
Contributions in aid of construction	30,021			7,695		4,090		—	—			41,806
Advances from affiliates	(9,261		)	1,000		—		—	8,261		[1]	—
Other	604			492		68		—	—			1,164
Investment in consolidated subsidiary	—			—		—		—	—			—
Net cash used in investing activities	(216,606		)	(40,708	)	(44,656	)	—	8,261			(293,709		)
Cash flows from financing activities
Common stock dividends	(88,492		)	(11,627	)	(14,349	)	—	25,976		[2]	(88,492		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—	—			(1,995		)
Proceeds from the issuance of common stock	40,000			—		—		—	—			40,000
Repayment of long-term debt	—			(11,400	)	—		—	—			(11,400		)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(1,000		)	10,500		(1,239	)	—	(8,261	)	[1]	—
Other	(337		)	(50	)	(75	)	—	—			(462		)
Net cash used in financing activities	(50,909		)	(13,111	)	(16,044	)	—	17,715			(62,349		)
Net increase (decrease) in cash and cash equivalents	(48,829		)	(714	)	480		—	—			(49,063		)
Cash and cash equivalents, January 1	61,245			1,326		153		101	—			62,825
Cash and cash equivalents, December 31	$	12,416		612		633		101	—			$	13,762

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	2,549			2,360		2,825		—		—			7,734
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		)
Increase (decrease) in accounts payable	18,527			1,525		(5,321	)	—		—			14,731
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	(20,613		)	(6,894	)	(8,034	)	—		248		[1]	(35,293		)
Net cash provided by (used in) operating activities	274,968			44,835		35,470		(3	)	(28,405	)		326,865
Cash flows from investing activities
Capital expenditures	(262,562		)	(58,416	)	(57,066	)	—		—			(378,044		)
Contributions in aid of construction	21,686			7,590		2,884		—		—			32,160
Advances from affiliates	2,561			17,050		—		—		(19,611	)	[1]	—
Other	677			21		209		—		—			907
Investment in consolidated subsidiary	(12,461		)	—		—		—		12,461		[2]	—
Net cash used in investing activities	(250,099		)	(33,755	)	(53,973	)	—		(7,150	)		(344,977		)
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 the issuance of common stock	78,500			—		12,461		—		(12,461	)	[2]	78,500
Proceeds from the 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		[1]	—
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