Electric utility segment (Tables)

6 Months Ended

Jun. 30, 2016

Regulatory projects and legal obligations

Schedule of derivative financial instruments

ASB’s derivative financial instruments, their fair values, and balance sheet location were as follows:

Derivative Financial Instruments Not Designated as Hedging Instruments 1	June 30, 2016				December 31, 2015
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	795	$	—	$	384	$	—
Forward commitments	4		270		1		30
	$	799	$	270	$	385	$	30

¹ Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets.

Schedule of consolidating statements of income (loss)

Statements of Income Data

	Three months ended June 30				Six months ended June 30
(in thousands)	2016		2015		2016		2015
Interest and dividend income
Interest and fees on loans	$	49,690	$	46,035	$	98,127	$	91,233
Interest and dividends on investment securities	4,443		3,306		9,460		6,357
Total interest and dividend income	54,133		49,341		107,587		97,590
Interest expense
Interest on deposit liabilities	1,691		1,266		3,283		2,526
Interest on other borrowings	1,467		1,487		2,952		2,953
Total interest expense	3,158		2,753		6,235		5,479
Net interest income	50,975		46,588		101,352		92,111
Provision for loan losses	4,753		1,825		9,519		2,439
Net interest income after provision for loan losses	46,222		44,763		91,833		89,672
Noninterest income
Fees from other financial services	5,701		5,550		11,200		10,905
Fee income on deposit liabilities	5,262		5,424		10,418		10,739
Fee income on other financial products	2,207		2,103		4,412		3,992
Bank-owned life insurance	1,006		1,058		2,004		2,041
Mortgage banking income	1,554		2,068		2,749		3,890
Gains on sale of investment securities, net	598		—		598		—
Other income, net	288		239		621		974
Total noninterest income	16,616		16,442		32,002		32,541
Noninterest expense
Compensation and employee benefits	21,919		22,319		44,353		44,085
Occupancy	4,115		4,009		8,253		8,122
Data processing	3,277		2,953		6,449		6,069
Services	2,755		2,833		5,666		5,174
Equipment	1,771		1,690		3,434		3,391
Office supplies, printing and postage	1,583		1,303		2,948		2,786
Marketing	899		844		1,760		1,685
FDIC insurance	913		773		1,797		1,584
Other expense	5,382		4,755		9,357		8,960
Total noninterest expense	42,614		41,479		84,017		81,856
Income before income taxes	20,224		19,726		39,818		40,357
Income taxes	6,939		6,875		13,860		14,031
Net income	$	13,285	$	12,851	$	25,958	$	26,326

Schedule of consolidating balance sheets

Balance Sheets Data

(in thousands)	June 30, 2016						December 31, 2015
Assets
Cash and due from banks				$	111,738					$	127,201
Interest-bearing deposits				62,850						93,680
Available-for-sale investment securities, at fair value				894,021						820,648
Stock in Federal Home Loan Bank, at cost				11,218						10,678
Loans receivable held for investment				4,754,954						4,615,819
Allowance for loan losses				(55,331		)				(50,038		)
Net loans				4,699,623						4,565,781
Loans held for sale, at lower of cost or fair value				6,217						4,631
Other				320,233						309,946
Goodwill				82,190						82,190
Total assets				$	6,188,090					$	6,014,755
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,583,420					$	1,520,374
Deposit liabilities—interest-bearing				3,648,783						3,504,880
Other borrowings				272,887						328,582
Other				103,396						101,029
Total liabilities				5,608,486						5,454,865
Commitments and contingencies
Common stock				1						1
Additional paid in capital				341,849						340,496
Retained earnings				244,622						236,664
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains (losses) on securities	$	8,111					$	(1,872	)
Retirement benefit plans	(14,979		)	(6,868		)	(15,399		)	(17,271		)
Total shareholder’s equity				579,604						559,890
Total liabilities and shareholder’s equity				$	6,188,090					$	6,014,755
Other assets
Bank-owned life insurance				$	140,176					$	138,139
Premises and equipment, net				91,256						88,077
Prepaid expenses				4,715						3,550
Accrued interest receivable				15,749						15,192
Mortgage-servicing rights				9,016						8,884
Low-income housing equity investments				41,080						37,793
Real estate acquired in settlement of loans, net				446						1,030
Other				17,795						17,281
				$	320,233					$	309,946
Other liabilities
Accrued expenses				$	30,569					$	30,705
Federal and state income taxes payable				16,761						13,448
Cashier’s checks				21,497						21,768
Advance payments by borrowers				10,851						10,311
Other				23,718						24,797
				$	103,396					$	101,029

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 June 30				Six months ended June 30
(in millions)	2016		2015		2016		2015
AES Hawaii	$	36	$	26	$	74	$	60
Kalaeloa	36		48		65		92
HEP	4		10		15		21
Hpower	17		16		33		32
Puna Geothermal Venture	5		7		12		14
Hawaiian Commercial & Sugar (HC&S)	—		3		—		5
Other IPPs	41		39		56		61
Total IPPs	$	139	$	149	$	255	$	285

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:

	Six months ended June 30
(in thousands)	2016			2015
Balance, beginning of period	$	26,848		$	29,419
Accretion expense	7			12
Liabilities incurred	—			—
Liabilities settled	(259		)	(1,881		)
Revisions in estimated cash flows	—			—
Balance, end of period	$	26,596		$	27,550

Schedule of annual decoupling filings

($ in millions)	Hawaiian Electric			Hawaii Electric Light			Maui Electric
Annual incremental RAM adjusted revenues	$	11.0		$	2.3		$	2.4
Annual change in accrued earnings sharing credits	$	—		$	—		$	0.5
Annual change in accrued RBA balance as of December 31, 2015 (and associated revenue taxes)	$	(13.6	)	$	(2.5	)	$	(4.3	)
Net annual incremental decrease in amount to be collected under the tariffs	$	(2.6	)	$	(0.2	)	$	(1.4	)
Impact on typical residential customer monthly bill (in dollars) *	$	0.01		$	0.13		$	(0.95	)

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 $0.76, based on a 400 KWH bill. Although Hawaiian Electric and Hawaii Electric Light have a net annual incremental decrease in amount to be collected under the tariffs, their bills will increase by $0.01 and $0.13, respectively, due to lower anticipated KWH sales.

Schedule of derivative financial instruments

	June 30, 2016				December 31, 2015
(dollars in thousands)	Notional amount		Fair value		Notional amount		Fair value
Window forward contract	$	20,637	$	466	$	—	$	—

Schedule of consolidating statements of income (loss)

Consolidating Statement of Income

Three months ended June 30, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	347,010		73,652		74,758		—	(25	)	$	495,395
Expenses
Fuel oil	62,234			11,748		17,917		—	—		91,899
Purchased power	103,062			19,360		16,636		—	—		139,058
Other operation and maintenance	68,197			15,116		16,250		—	—		99,563
Depreciation	31,522			9,449		5,789		—	—		46,760
Taxes, other than income taxes	33,414			6,905		7,110		—	—		47,429
Total expenses	298,429			62,578		63,702		—	—		424,709
Operating income	48,581			11,074		11,056		—	(25	)	70,686
Allowance for equity funds used during construction	1,559			206		232		—	—		1,997
Equity in earnings of subsidiaries	10,883			—		—		—	(10,883	)	—
Interest expense and other charges, net	(10,345		)	(2,669	)	(2,114	)	—	25		(15,103		)
Allowance for borrowed funds used during construction	587			79		94		—	—		760
Income before income taxes	51,265			8,690		9,268		—	(10,883	)	58,340
Income taxes	15,138			3,337		3,509		—	—		21,984
Net income	36,127			5,353		5,759		—	(10,883	)	36,356
Preferred stock dividends of subsidiaries	—			133		96		—	—		229
Net income attributable to Hawaiian Electric	36,127			5,220		5,663		—	(10,883	)	36,127
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	35,857		5,220		5,663		—	(10,883	)	$	35,857

Consolidating Statement of Income

Six months ended June 30, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	684,185		146,835		146,464		—	(37	)	$	977,447
Expenses
Fuel oil	136,319			26,122		43,198		—	—		205,639
Purchased power	194,979			36,157		23,781		—	—		254,917
Other operation and maintenance	137,755			31,557		34,159		—	—		203,471
Depreciation	63,044			18,898		11,599		—	—		93,541
Taxes, other than income taxes	66,098			13,796		13,973		—	—		93,867
Total expenses	598,195			126,530		126,710		—	—		851,435
Operating income	85,990			20,305		19,754		—	(37	)	126,012
Allowance for equity funds used during construction	2,965			333		438		—	—		3,736
Equity in earnings of subsidiaries	18,812			—		—		—	(18,812	)	—
Interest expense and other charges, net	(22,210		)	(5,634	)	(4,604	)	—	37		(32,411		)
Allowance for borrowed funds used during construction	1,116			128		178		—	—		1,422
Income before income taxes	86,673			15,132		15,766		—	(18,812	)	98,759
Income taxes	24,909			5,683		5,945		—	—		36,537
Net income	61,764			9,449		9,821		—	(18,812	)	62,222
Preferred stock dividends of subsidiaries	—			267		191		—	—		458
Net income attributable to Hawaiian Electric	61,764			9,182		9,630		—	(18,812	)	61,764
Preferred stock dividends of Hawaiian Electric	540			—		—		—	—		540
Net income for common stock	$	61,224		9,182		9,630		—	(18,812	)	$	61,224

Consolidating Statement of Income

Six months ended June 30, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	790,748		171,787		169,116		—	(46	)	$	1,131,605
Expenses
Fuel oil	222,681			39,626		60,730		—	—		323,037
Purchased power	210,620			46,448		28,223		—	—		285,291
Other operation and maintenance	136,512			32,557		33,797		—	—		202,866
Depreciation	58,778			18,625		11,081		—	—		88,484
Taxes, other than income taxes	75,680			16,328		16,122		—	—		108,130
Total expenses	704,271			153,584		149,953		—	—		1,007,808
Operating income	86,477			18,203		19,163		—	(46	)	123,797
Allowance for equity funds used during construction	2,704			310		295		—	—		3,309
Equity in earnings of subsidiaries	17,316			—		—		—	(17,316	)	—
Interest expense and other charges, net	(22,528		)	(5,272	)	(4,859	)	—	46		(32,613		)
Allowance for borrowed funds used during construction	952			111		118		—	—		1,181
Income before income taxes	84,921			13,352		14,717		—	(17,316	)	95,674
Income taxes	24,666			4,813		5,482		—	—		34,961
Net income	60,255			8,539		9,235		—	(17,316	)	60,713
Preferred stock dividends of subsidiaries	—			267		191		—	—		458
Net income attributable to Hawaiian Electric	60,255			8,272		9,044		—	(17,316	)	60,255
Preferred stock dividends of Hawaiian Electric	540			—		—		—	—		540
Net income for common stock	$	59,715		8,272		9,044		—	(17,316	)	$	59,715

Consolidating Statement of Income

Three months ended June 30, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	391,007		83,732		83,442		—	(18	)	$	558,163
Expenses
Fuel oil	104,278			16,241		25,712		—	—		146,231
Purchased power	107,370			24,555		17,359		—	—		149,284
Other operation and maintenance	66,428			16,158		16,278		—	—		98,864
Depreciation	29,389			9,312		5,540		—	—		44,241
Taxes, other than income taxes	37,479			7,944		7,959		—	—		53,382
Total expenses	344,944			74,210		72,848		—	—		492,002
Operating income	46,063			9,522		10,594		—	(18	)	66,161
Allowance for equity funds used during construction	1,581			165		150		—	—		1,896
Equity in earnings of subsidiaries	9,624			—		—		—	(9,624	)	—
Interest expense and other charges, net	(11,290		)	(2,592	)	(2,424	)	—	18		(16,288		)
Allowance for borrowed funds used during construction	564			58		60		—	—		682
Income before income taxes	46,542			7,153		8,380		—	(9,624	)	52,451
Income taxes	13,431			2,536		3,144		—	—		19,111
Net income	33,111			4,617		5,236		—	(9,624	)	33,340
Preferred stock dividends of subsidiaries	—			133		96		—	—		229
Net income attributable to Hawaiian Electric	33,111			4,484		5,140		—	(9,624	)	33,111
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	32,841		4,484		5,140		—	(9,624	)	$	32,841

Schedule of consolidating statement of comprehensive income (loss)

Consolidating Statement of Comprehensive Income

Three months ended June 30, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net incomefor common stock	$	32,841		4,484		5,140		—	(9,624	)	$	32,841
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	5,257			713		652		—	(1,365	)	5,257
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,272		)	(716	)	(655	)	—	1,371		(5,272		)
Other comprehensive income (loss), net of taxes	(15		)	(3	)	(3	)	—	6		(15		)
Comprehensive income attributable to common shareholder	$	32,826		4,481		5,137		—	(9,618	)	$	32,826

Consolidating Statement of Comprehensive Income

Six months ended June 30, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net incomefor common stock	$	59,715		8,272		9,044		—	(17,316	)	$	59,715
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	10,190			1,364		1,252		—	(2,616	)	10,190
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(10,183		)	(1,367	)	(1,255	)	—	2,622		(10,183		)
Other comprehensive income (loss), net of taxes	7			(3	)	(3	)	—	6		7
Comprehensive income attributable to common shareholder	$	59,722		8,269		9,041		—	(17,310	)	$	59,722

Consolidating Statement of Comprehensive Income

Three months ended June 30, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	35,857		5,220		5,663		—	(10,883	)	$	35,857
Other comprehensive income (loss), net of taxes:
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized loss, net of tax benefits	(745		)	—		—		—	—		(745		)
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	3,391			401		357		—	(758	)	3,391
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(3,401		)	(402	)	(359	)	—	761		(3,401		)
Other comprehensive income (loss), net of taxes	(755		)	(1	)	(2	)	—	3		(755		)
Comprehensive income attributable to common shareholder	$	35,102		5,219		5,661		—	(10,880	)	$	35,102

Consolidating Statement of Comprehensive Income

Six months ended June 30, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	61,224		9,182		9,630		—	(18,812	)	$	61,224
Other comprehensive income (loss), net of taxes:
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized gain, net of taxes	257			—		—		—	—		257
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	6,627			859		775		—	(1,634	)	6,627
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(6,623		)	(860	)	(777	)	—	1,637		(6,623		)
Other comprehensive income (loss), net of taxes	261			(1	)	(2	)	—	3		261
Comprehensive income attributable to common shareholder	$	61,485		9,181		9,628		—	(18,809	)	$	61,485

Schedule of consolidating balance sheets

Consolidating Balance Sheet

December 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	$	43,557		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	)	—
Current assets
Cash and cash equivalents	16,281			2,682		5,385		101	—		24,449
Advances to affiliates	—			15,500		7,500		—	(23,000	)	—
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	)	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	)	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	359			74		64		—	—		497
Other	47,731			14,693		13,062		—	—		75,486
Total other long-term assets	657,047			129,329		114,107		—	—		900,483
Total assets	$	4,476,175		954,515		830,160		101	(588,741	)	$	5,672,210
Capitalization and liabilities
Capitalization
Common stock equity	$	1,728,325		292,702		263,725		101	(556,528	)	$	1,728,325
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	875,163			213,580		189,959		—	—		1,278,702
Total capitalization	2,625,781			513,282		458,684		101	(556,528	)	3,041,320
Current liabilities
Short-term borrowings from affiliate	23,000			—		—		—	(23,000	)	—
Accounts payable	84,631			17,702		12,513		—	—		114,846
Interest and preferred dividends payable	15,747			4,255		3,113		—	(4	)	23,111
Taxes accrued	131,668			30,342		29,325		—	(251	)	191,084
Regulatory liabilities	—			1,030		1,174		—	—		2,204
Other	41,083			8,760		13,194		—	(8,958	)	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		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	)	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	$	4,476,175		954,515		830,160		101	(588,741	)	$	5,672,210

Consolidating Balance Sheet

June 30, 2016

(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	$	43,945		6,214		3,016		—	—		$	53,175
Plant and equipment	4,098,246			1,218,424		1,094,874		—	—		6,411,544
Less accumulated depreciation	(1,344,064		)	(497,241	)	(473,438	)	—	—		(2,314,743		)
Construction in progress	188,057			23,420		18,666		—	—		230,143
Utility property, plant and equipment, net	2,986,184			750,817		643,118		—	—		4,380,119
Nonutility property, plant and equipment, less accumulated depreciation	5,761			82		1,532		—	—		7,375
Total property, plant and equipment, net	2,991,945			750,899		644,650		—	—		4,387,494
Investment in wholly owned subsidiaries, at equity	562,199			—		—		—	(562,199	)	—
Current assets
Cash and cash equivalents	19,842			5,264		2,372		101	—		27,579
Advances to affiliates	—			18,500		18,500		—	(37,000	)	—
Customer accounts receivable, net	79,632			18,376		18,257		—	—		116,265
Accrued unbilled revenues, net	63,021			11,897		12,806		—	—		87,724
Other accounts receivable, net	10,897			1,400		1,442		—	(9,193	)	4,546
Fuel oil stock, at average cost	43,440			7,386		10,746		—	—		61,572
Materials and supplies, at average cost	32,669			7,573		16,669		—	—		56,911
Prepayments and other	15,495			5,456		1,693		—	(765	)	21,879
Regulatory assets	83,235			4,891		2,345		—	—		90,471
Total current assets	348,231			80,743		84,830		101	(46,958	)	466,947
Other long-term assets
Regulatory assets	583,486			111,731		99,426		—	—		794,643
Unamortized debt expense	249			46		49		—	—		344
Other	46,537			13,423		12,465		—	—		72,425
Total other long-term assets	630,272			125,200		111,940		—	—		867,412
Total assets	$	4,532,647		956,842		841,420		101	(609,157	)	$	5,721,853
Capitalization and liabilities
Capitalization
Common stock equity	$	1,743,006		295,275		266,823		101	(562,199	)	$	1,743,006
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	875,443			213,640		190,040		—	—		1,279,123
Total capitalization	2,640,742			515,915		461,863		101	(562,199	)	3,056,422
Current liabilities
Short-term borrowings from non-affiliates	36,995			—		—		—	—		36,995
Short-term borrowings from affiliate	37,000			—		—		—	(37,000	)	—
Accounts payable	77,858			12,786		15,877		—	—		106,521
Interest and preferred dividends payable	14,441			4,115		2,764		—	(11	)	21,309
Taxes accrued	95,703			24,227		21,983		—	(765	)	141,148
Regulatory liabilities	—			2,658		710		—	—		3,368
Other	40,066			9,639		12,824		—	(9,182	)	53,347
Total current liabilities	302,063			53,425		54,158		—	(46,958	)	362,688
Deferred credits and other liabilities
Deferred income taxes	492,156			103,430		93,607		—	289		689,482
Regulatory liabilities	266,592			89,774		31,269		—	—		387,635
Unamortized tax credits	56,813			17,308		15,055		—	—		89,176
Defined benefit pension and other postretirement benefit plans liability	400,713			68,241		72,702		—	—		541,656
Other	50,055			13,509		14,769		—	(289	)	78,044
Total deferred credits and other liabilities	1,266,329			292,262		227,402		—	—		1,785,993
Contributions in aid of construction	323,513			95,240		97,997		—	—		516,750
Total capitalization and liabilities	$	4,532,647		956,842		841,420		101	(609,157	)	$	5,721,853

Schedule of consolidating statement of changes in common stock equity

Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2015	$	1,728,325		292,702		263,725		101	(556,528	)	$	1,728,325
Net income for common stock	61,224			9,182		9,630		—	(18,812	)	61,224
Other comprehensive income (loss), net of taxes	261			(1	)	(2	)	—	3		261
Common stock dividends	(46,800		)	(6,604	)	(6,530	)	—	13,134		(46,800		)
Common stock issuance expenses	(4		)	(4	)	—		—	4		(4		)
Balance, June 30, 2016	$	1,743,006		295,275		266,823		101	(562,199	)	$	1,743,006

Consolidating Statement of Changes in Common Stock Equity

Six months ended June 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	59,715			8,272		9,044		—	(17,316	)	59,715
Other comprehensive income (loss), net of taxes	7			(3	)	(3	)	—	6		7
Common stock dividends	(45,203		)	(5,010	)	(7,587	)	—	12,597		(45,203		)
Common stock issuance expenses	(5		)	(1	)	—		—	1		(5		)
Balance, June 30, 2015	$	1,696,658		285,104		258,146		101	(543,351	)	$	1,696,658

Schedule of condensed consolidating statement of cash flows

Consolidating Statement of Cash Flows

Six months ended June 30, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	61,764		9,449		9,821		—	(18,812	)	$	62,222
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(18,862		)	—		—		—	18,812		(50		)
Common stock dividends received from subsidiaries	13,184			—		—		—	(13,134	)	50
Depreciation of property, plant and equipment	63,044			18,898		11,599		—	—		93,541
Other amortization	1,919			911		963		—	—		3,793
Deferred income taxes	23,954			2,538		5,623		—	3		32,118
Change in tax credits, net	2,772			1,913		319		—	—		5,004
Allowance for equity funds used during construction	(2,965		)	(333	)	(438	)	—	—		(3,736		)
Other	(1,389		)	(302	)	(331	)	—	—		(2,022		)
Changes in assets and liabilities:
Decrease in accounts receivable	14,177			2,007		729		—	(231	)	16,682
Decrease (increase) in accrued unbilled revenues	(2,941		)	634		(908	)	—	—		(3,215		)
Decrease in fuel oil stock	6,015			924		2,705		—	—		9,644
Increase in materials and supplies	(1,748		)	(708	)	(26	)	—	—		(2,482		)
Decrease (increase) in regulatory assets	(3,974		)	2,138		1,159		—	—		(677		)
Increase in accounts payable	17,150			208		6,069		—	—		23,427
Change in prepaid and accrued income and utility revenue taxes	(21,371		)	(192	)	(6,626	)	—	(3	)	(28,192		)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	299			27		(89	)	—	—		237
Change in other assets and liabilities	(11,803		)	11		(659	)	—	231		(12,220		)
Net cash provided by operating activities	139,225			38,123		29,910		—	(13,134	)	194,124
Cash flows from investing activities
Capital expenditures	(152,283		)	(27,436	)	(17,613	)	—	—		(197,332		)
Contributions in aid of construction	12,824			1,605		2,381		—	—		16,810
Other	132			169		30		—	—		331
Advances from affiliates	—			(3,000	)	(11,000	)	—	14,000		—
Net cash used in investing activities	(139,327		)	(28,662	)	(26,202	)	—	14,000		(180,191		)
Cash flows from financing activities
Common stock dividends	(46,800		)	(6,604	)	(6,530	)	—	13,134		(46,800		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540		)	(267	)	(191	)	—	—		(998		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	50,995			—		—		—	(14,000	)	36,995
Other	8			(8	)	—		—	—		—
Net cash provided by (used in) financing activities	3,663			(6,879	)	(6,721	)	—	(866	)	(10,803		)
Net increase (decrease) in cash and cash equivalents	3,561			2,582		(3,013	)	—	—		3,130
Cash and cash equivalents, beginning of period	16,281			2,682		5,385		101	—		24,449
Cash and cash equivalents, end of period	$	19,842		5,264		2,372		101	—		$	27,579

Consolidating Statement of Cash Flows

Six months ended June 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	$	60,255		8,539		9,235		—	(17,316	)	$	60,713
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(17,366		)	—		—		—	17,316		(50		)
Common stock dividends received from subsidiaries	12,647			—		—		—	(12,597	)	50
Depreciation of property, plant and equipment	58,778			18,625		11,081		—	—		88,484
Other amortization	1,177			870		1,173		—	—		3,220
Deferred income taxes	26,423			1,376		5,521		—	—		33,320
Change in tax credits, net	3,803			399		259		—	—		4,461
Allowance for equity funds used during construction	(2,704		)	(310	)	(295	)	—	—		(3,309		)
Change in cash overdraft	—			—		193		—	—		193
Other	1,405			351		21		—	—		1,777
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	13,651			(787	)	2,377		—	1,714		16,955
Decrease in accrued unbilled revenues	22,907			2,154		2,869		—	—		27,930
Decrease (increase) in fuel oil stock	(11,195		)	5,450		3,383		—	—		(2,362		)
Decrease (increase) in materials and supplies	297			(508	)	106		—	—		(105		)
Increase in regulatory assets	(15,984		)	(2,987	)	(1,005	)	—	—		(19,976		)
Increase (decrease) in accounts payable	(5,098		)	(1,411	)	2,138		—	—		(4,371		)
Change in prepaid and accrued income and utility revenue taxes	(53,350		)	(3,079	)	(7,184	)	—	—		(63,613		)
Increase in defined benefit pension and other postretirement benefit plans liability	—			—		221		—	—		221
Change in other assets and liabilities	(7,838		)	(2,199	)	(4,111	)	—	(1,714	)	(15,862		)
Net cash provided by operating activities	87,808			26,483		25,982		—	(12,597	)	127,676
Cash flows from investing activities
Capital expenditures	(154,727		)	(25,106	)	(19,310	)	—	—		(199,143		)
Contributions in aid of construction	16,628			1,465		996		—	—		19,089
Other	334			124		53		—	—		511
Advances from affiliates	(2,100		)	—		—		—	2,100		—
Net cash used in investing activities	(139,865		)	(23,517	)	(18,261	)	—	2,100		(179,543		)
Cash flows from financing activities
Common stock dividends	(45,203		)	(5,010	)	(7,587	)	—	12,597		(45,203		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540		)	(267	)	(191	)	—	—		(998		)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	88,993			2,500		(400	)	—	(2,100	)	88,993
Other	(216		)	—		(1	)	—	—		(217		)
Net cash provided by (used in) financing activities	43,034			(2,777	)	(8,179	)	—	10,497		42,575
Net increase (decrease) in cash and cash equivalents	(9,023		)	189		(458	)	—	—		(9,292		)
Cash and cash equivalents, beginning of period	12,416			612		633		101	—		13,762
Cash and cash equivalents, end of period	$	3,393		801		175		101	—		$	4,470