Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2016

Electric utility subsidiary

Schedule of consolidating statements of income

Statements of Income Data

Years ended December 31	2016		2015		2014
(in thousands)
Interest and dividend income
Interest and fees on loans	$	199,774	$	184,782	$	179,341
Interest and dividends on investment securities	19,184		15,120		11,945
Total interest and dividend income	218,958		199,902		191,286
Interest expense
Interest on deposit liabilities	7,167		5,348		5,077
Interest on other borrowings	5,588		5,978		5,731
Total interest expense	12,755		11,326		10,808
Net interest income	206,203		188,576		180,478
Provision for loan losses	16,763		6,275		6,126
Net interest income after provision for loan losses	189,440		182,301		174,352
Noninterest income
Fees from other financial services	22,384		22,211		21,747
Fee income on deposit liabilities	21,759		22,368		19,249
Fee income on other financial products	8,707		8,094		8,131
Bank-owned life insurance	4,637		4,078		3,949
Mortgage banking income	6,625		6,330		2,913
Gains on sale of investment securities	598		—		2,847
Other income, net	2,256		4,750		2,375
Total noninterest income	66,966		67,831		61,211
Noninterest expense
Compensation and employee benefits	90,117		90,518		79,885
Occupancy	16,321		16,365		17,197
Data processing	13,030		12,103		11,690
Services	11,054		10,204		10,269
Equipment	6,938		6,577		6,564
Office supplies, printing and postage	6,075		5,749		6,089
Marketing	3,489		3,463		3,999
FDIC insurance	3,543		3,274		3,261
Other expense	18,487		18,067		17,314
Total noninterest expense	169,054		166,320		156,268
Income before income taxes	87,352		83,812		79,295
Income taxes	30,073		29,082		27,994
Net income	$	57,279	$	54,730	$	51,301

Schedule of consolidating balance sheets

Balance Sheets Data

December 31				2016						2015
(in thousands)
Assets
Cash and due from banks				$	137,083					$	127,201
Interest-bearing deposits				52,128						93,680
Restricted cash				1,764						—
Available-for-sale investment securities, at fair value				1,105,182						820,648
Stock in Federal Home Loan Bank, at cost				11,218						10,678
Loans receivable held for investment				4,738,693						4,615,819
Allowance for loan losses				(55,533		)				(50,038		)
Net loans				4,683,160						4,565,781
Loans held for sale, at lower of cost or fair value				18,817						4,631
Other				329,815						309,946
Goodwill				82,190						82,190
Total assets				$	6,421,357					$	6,014,755
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing				$	1,639,051					$	1,520,374
Deposit liabilities–interest-bearing				3,909,878						3,504,880
Other borrowings				192,618						328,582
Other				101,635						101,029
Total liabilities				5,843,182						5,454,865
Commitments and contingencies
Common stock				1						1
Additional paid in capital				342,704						340,496
Retained earnings				257,943						236,664
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(7,931	)				$	(1,872	)
Retirement benefit plans	(14,542		)	(22,473		)	(15,399		)	(17,271		)
Total shareholder’s equity				578,175						559,890
Total liabilities and shareholder’s equity				$	6,421,357					$	6,014,755

December 31	2016		2015
(in thousands)
Other assets
Bank-owned life insurance	$	143,197	$	138,139
Premises and equipment, net	90,570		88,077
Prepaid expenses	3,348		3,550
Accrued interest receivable	16,824		15,192
Mortgage-servicing rights	9,373		8,884
Low-income housing equity investments	47,081		37,793
Real estate acquired in settlement of loans, net	1,189		1,030
Other	18,233		17,281
	$	329,815	$	309,946
Other liabilities
Accrued expenses	$	36,754	$	30,705
Federal and state income taxes payable	4,728		13,448
Cashier’s checks	24,156		21,768
Advance payments by borrowers	10,335		10,311
Other	25,662		24,797
	$	101,635	$	101,029

Hawaiian Electric Company, Inc. and Subsidiaries

Electric utility subsidiary

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2016		2015
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	745,367	$	679,766
Income taxes, net (1 to 55 years)	90,100		88,039
Decoupling revenue balancing account and RAM regulatory asset (1 to 2 years)	73,485		74,462
Unamortized expense and premiums on retired debt and equity issuances (19 to 30 years; 6 to 18 years remaining)	12,299		14,089
Vacation earned, but not yet taken (1 year)	10,970		10,420
Other (1 to 50 years; 1 to 46 years remaining)	25,230		29,955
	$	957,451	$	896,731
Included in:
Current assets	$	66,032	$	72,231
Long-term assets	891,419		824,500
	$	957,451	$	896,731

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2016		2015
(in thousands)
Cost of removal in excess of salvage value (1 to 60 years)	$	394,072	$	357,825
Retirement benefit plans (5 years beginning with respective utility’s next rate case)	10,824		9,835
Other (5 years; 1 to 2 years remaining)	5,797		3,883
	$	410,693	$	371,543
Included in:
Current liabilities	$	3,762	$	2,204
Long-term liabilities	406,931		369,339
	$	410,693	$	371,543

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, 2016	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)	2016			2015
Balance, January 1	$	26,848		$	29,419
Accretion expense	10			24
Liabilities incurred	—			—
Liabilities settled	(1,269		)	(2,595		)
Revisions in estimated cash flows	—			—
Balance, December 31	$	25,589		$	26,848

Schedule of derivative instruments

December 31	2016
(dollars in thousands)	Notional amount		Fair value
Window forward contract	$	20,734	$	(743	)

Schedule of consolidating statements of income

Consolidating statement of income

Year ended December 31, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	1,474,384		311,385		308,705		—	(106	)	[1]	$	2,094,368
Expenses
Fuel oil	305,359			55,094		94,251		—	—			454,704
Purchased power	431,009			81,018		50,713		—	—			562,740
Other operation and maintenance	273,176			63,897		68,460		—	—			405,533
Depreciation	126,086			37,797		23,178		—	—			187,061
Taxes, other than income taxes	141,615			29,017		29,230		—	—			199,862
Total expenses	1,277,245			266,823		265,832		—	—			1,809,900
Operating income	197,139			44,562		42,873		—	(106	)		284,468
Allowance for equity funds used during construction	6,659			765		901		—	—			8,325
Equity in earnings of subsidiaries	42,391			—		—		—	(42,391	)	[2]	—
Interest expense and other charges, net	(45,839		)	(11,555	)	(9,536	)	—	106		[1]	(66,824		)
Allowance for borrowed funds used during construction	2,484			294		366		—	—			3,144
Income before income taxes	202,834			34,066		34,604		—	(42,391	)		229,113
Income taxes	59,437			12,277		13,087		—	—			84,801
Net income	143,397			21,789		21,517		—	(42,391	)		144,312
Preferred stock dividends of subsidiaries	—			534		381		—	—			915
Net income attributable to Hawaiian Electric	143,397			21,255		21,136		—	(42,391	)		143,397
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—	—			1,080
Net income for common stock	$	142,317		21,255		21,136		—	(42,391	)		$	142,317

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, 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
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

Schedule of consolidating statements of comprehensive income

Consolidating statement of comprehensive income

Year ended December 31, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock	$	142,317		21,255		21,136		—	(42,391	)		$	142,317
Other comprehensive income (loss), net of taxes:
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized losses arising during the period, net of tax benefits	(281		)	—		—		—	—			(281		)
Less: reclassification adjustment to net income, net of taxes	(173		)	—		—		—	—			(173		)
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	(42,631		)	(5,141	)	(5,447	)	—	10,588		[1]	(42,631		)
Less: amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	13,254			1,718		1,549		—	(3,267	)	[1]	13,254
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	28,584			3,269		3,852		—	(7,121	)	[1]	28,584
Other comprehensive loss, net of tax benefits	(1,247		)	(154	)	(46	)	—	200			(1,247		)
Comprehensive income attributable to common shareholder	$	141,070		21,101		21,090		—	(42,191	)		$	141,070

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 taxes	5,638			(2,710	)	(1,352	)	—	4,062		[1]	5,638
Less: amortization of 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 taxes	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 losses arising during the period, net of tax benefits	(218,608		)	(28,725	)	(29,352	)	—	58,077		[1]	(218,608		)
Less: amortization of 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

Schedule of consolidating balance sheets

Consolidating balance sheet

December 31, 2016

(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	$	43,956		6,181		3,016		—	—			$	53,153
Plant and equipment	4,241,060			1,255,185		1,109,487		—	—			6,605,732
Less accumulated depreciation	(1,382,972		)	(507,666	)	(478,644	)	—	—			(2,369,282		)
Construction in progress	180,194			12,510		19,038		—	—			211,742
Utility property, plant and equipment, net	3,082,238			766,210		652,897		—	—			4,501,345
Nonutility property, plant and equipment, less accumulated depreciation	5,760			115		1,532		—	—			7,407
Total property, plant and equipment, net	3,087,998			766,325		654,429		—	—			4,508,752
Investment in wholly-owned subsidiaries, at equity	550,946			—		—		—	(550,946	)	[2]	—
Current assets
Cash and equivalents	61,388			10,749		2,048		101	—			74,286
Advances to affiliates	—			3,500		10,000		—	(13,500	)	[1]	—
Customer accounts receivable, net	86,373			20,055		17,260		—	—			123,688
Accrued unbilled revenues, net	65,821			13,564		12,308		—	—			91,693
Other accounts receivable, net	7,652			2,445		1,416		—	(6,280	)	[1]	5,233
Fuel oil stock, at average cost	47,239			8,229		10,962		—	—			66,430
Materials and supplies, at average cost	29,928			7,380		16,371		—	—			53,679
Prepayments and other	16,502			5,352		2,179		—	(933	)	[3]	23,100
Regulatory assets	60,185			3,483		2,364		—	—			66,032
Total current assets	375,088			74,757		74,908		101	(20,713	)		504,141
Other long-term assets
Regulatory assets	662,232			120,863		108,324		—	—			891,419
Unamortized debt expense	151			23		34		—	—			208
Other	43,743			13,573		13,592		—	—			70,908
Total other long-term assets	706,126			134,459		121,950		—	—			962,535
Total assets	$	4,720,158		975,541		851,287		101	(571,659	)		$	5,975,428
Capitalization and liabilities
Capitalization
Common stock equity	$	1,799,787		291,291		259,554		101	(550,946	)	[2]	$	1,799,787
Cumulative preferred stock–not subject to mandatory redemption	22,293			7,000		5,000		—	—			34,293
Long-term debt, net	915,437			213,703		190,120		—	—			1,319,260
Total capitalization	2,737,517			511,994		454,674		101	(550,946	)		3,153,340
Current liabilities
Short-term borrowings-affiliate	13,500			—		—		—	(13,500	)	[1]	—
Accounts payable	86,369			18,126		13,319		—	—			117,814
Interest and preferred dividends payable	15,761			4,206		2,882		—	(11	)	[1]	22,838
Taxes accrued	120,176			28,100		25,387		—	(933	)	[3]	172,730
Regulatory liabilities	—			2,219		1,543		—	—			3,762
Other	41,352			7,637		12,501		—	(6,269	)	[1]	55,221
Total current liabilities	277,158			60,288		55,632		—	(20,713	)		372,365
Deferred credits and other liabilities
Deferred income taxes	524,433			108,052		100,911		—	263		[1]	733,659
Regulatory liabilities	281,112			93,974		31,845		—	—			406,931
Unamortized tax credits	57,844			15,994		15,123		—	—			88,961
Defined benefit pension and other postretirement benefit plans liability	444,458			75,005		80,263		—	—			599,726
Other	49,191			13,024		14,969		—	(263	)	[1]	76,921
Total deferred credits and other liabilities	1,357,038			306,049		243,111		—	—			1,906,198
Contributions in aid of construction	348,445			97,210		97,870		—	—			543,525
Total capitalization and liabilities	$	4,720,158		975,541		851,287		101	(571,659	)		$	5,975,428

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]	—
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	)	[1], [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	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	)	[2]	$	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-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	$	4,476,175		954,515		830,160		101	(588,741	)		$	5,672,210

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, 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 tax benefits	(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 taxes	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
Net income for common stock	142,317			21,255		21,136		—	(42,391	)	142,317
Other comprehensive loss, net of tax benefits	(1,247		)	(154	)	(46	)	—	200		(1,247		)
Issuance of common stock, net of expenses	23,991			(5	)	—		—	5		23,991
Common stock dividends	(93,599		)	(22,507	)	(25,261	)	—	47,768		(93,599		)
Balance, December 31, 2016	$	1,799,787		291,291		259,554		101	(550,946	)	$	1,799,787

Schedule of consolidating statements of cash flows

Consolidating statement of cash flows

Year ended December 31, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	143,397		21,789		21,517		—	(42,391	)	[2]	$	144,312
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings	(42,491		)	—		—		—	42,391		[2]	(100		)
Common stock dividends received from subsidiaries	47,843			—		—		—	(47,768	)	[2]	75
Depreciation of property, plant and equipment	126,086			37,797		23,178		—	—			187,061
Other amortization	2,979			1,817		2,139		—	—			6,935
Deferred income taxes	54,721			7,027		12,661		—	(23	)	[1]	74,386
Income tax credits, net	177			60		(6	)	—	—			231
Allowance for equity funds used during construction	(6,659		)	(765	)	(901	)	—	—			(8,325		)
Other	(2,694		)	(810	)	(427	)	—	—			(3,931		)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	10,175			(718	)	1,776		—	(2,682	)	[1]	8,551
Increase in accrued unbilled revenues	(5,741		)	(1,033	)	(410	)	—	—			(7,184		)
Decrease in fuel oil stock	2,216			81		2,489		—	—			4,786
Decrease (increase) in materials and supplies	993			(515	)	272		—	—			750
Increase in regulatory assets	(16,161		)	(1,243	)	(869	)	—	—			(18,273		)
Increase (decrease) in accounts payable	(10,247		)	768		(1,135	)	—	—			(10,614		)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	2,933			2,645		(3,478	)	—	23		[1]	2,123
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	599			53		(168	)	—	—			484
Change in other assets and liabilities	(11,682		)	(78	)	(2,272	)	—	2,682		[1]	(11,350		)
Net cash provided by operating activities	296,444			66,875		54,366		—	(47,768	)		369,917
Cash flows from investing activities
Capital expenditures	(236,425		)	(51,344	)	(32,668	)	—	—			(320,437		)
Contributions in aid of construction	23,611			3,412		3,077		—	—			30,100
Advances from affiliates	—			12,000		(2,500	)	—	(9,500	)	[1]	—
Other	1,932			175		31		—	—			2,138
Net cash used in investing activities	(210,882		)	(35,757	)	(32,060	)	—	(9,500	)		(288,199		)
Cash flows from financing activities
Common stock dividends	(93,599		)	(22,507	)	(25,261	)	—	47,768		[2]	(93,599		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—	—			(1,995		)
Proceeds from issuance of common stock	24,000			—		—		—	—			24,000
Proceeds from issuance of long-term debt	40,000			—		—		—	—			40,000
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(9,500		)	—		—		—	9,500		[1]	—
Other	(276		)	(10	)	(1	)	—	—			(287		)
Net cash used in financing activities	(40,455		)	(23,051	)	(25,643	)	—	57,268			(31,881		)
Net increase (decrease) in cash and cash equivalents	45,107			8,067		(3,337	)	—	—			49,837
Cash and cash equivalents, January 1	16,281			2,682		5,385		101	—			24,449
Cash and cash equivalents, December 31	$	61,388		10,749		2,048		101	—			$	74,286

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
Deferred income taxes	53,338			8,295		13,707		—	286		[1]	75,626
Income 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, tax credits 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 (to) 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 the 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	)	[1]	—
Other	(1,257		)	(226	)	(54	)	—	—			(1,537		)
Net cash used in 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 assets	1,866			—		—		—	—			1,866
Other	758			—		—		—	—			758
Deferred income taxes	56,901			12,083		13,963		—	—			82,947
Income 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, tax credits 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 (to) affiliates	(9,261		)	1,000		—		—	8,261		[1]	—
Other	604			492		68		—	—			1,164
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