XML 24 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 134,344,000 $ 205,039,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 150,123,000 145,684,000
Other amortization 15,362,000 7,368,000
Provision for loan losses 7,231,000 15,266,000
Loans receivable originated and purchased, held for sale (105,816,000) (172,657,000)
Proceeds from sale of loans receivable, held for sale 119,731,000 168,490,000
Deferred income taxes 21,397,000 30,667,000
Share-based compensation expense 4,383,000 3,581,000
Allowance for equity funds used during construction (8,908,000) (6,010,000)
Other (1,350,000) 3,234,000
Changes in assets and liabilities    
Increase in accounts receivable and unbilled revenues, net (26,250,000) (12,104,000)
Decrease in fuel oil stock 6,177,000 6,736,000
Decrease (increase) in regulatory assets 3,922,000 (2,251,000)
Increase (decrease) in accounts, interest and dividends payable (10,390,000) 3,399,000
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes 2,828,000 52,558,000
Increase in defined benefit pension and other postretirement benefit plans liability 670,000 150,000
Change in other assets and liabilities (22,311,000) (39,850,000)
Net cash provided by operating activities 291,143,000 409,300,000
Cash flows from investing activities    
Available-for-sale investment securities purchased (369,467,000) (354,165,000)
Principal repayments on available-for-sale investment securities 155,026,000 172,829,000
Proceeds from sale of available-for-sale investment securities 0 16,423,000
Purchase of stock from Federal Home Loan Bank (2,868,000) (2,773,000)
Redemption of stock from Federal Home Loan Bank 4,380,000 2,233,000
Net decrease (increase) in loans held for investment 13,188,000 (175,303,000)
Proceeds from sale of commercial loans 31,427,000 37,946,000
Proceeds from sale of real estate acquired in settlement of loans 411,000 829,000
Proceeds from sale of real estate held-for-sale 0 1,764,000
Capital expenditures (314,404,000) (259,207,000)
Contributions in aid of construction 40,603,000 23,568,000
Other 1,345,000 112,000
Net cash used in investing activities (440,359,000) (535,744,000)
Cash flows from financing activities    
Net increase in deposit liabilities 203,397,000 355,467,000
Net increase (decrease) in short-term borrowings with original maturities of three months or less 24,498,000 (103,063,000)
Net increase (decrease) in retail repurchase agreements 24,469,000 (21,121,000)
Proceeds from other bank borrowings 59,500,000 55,835,000
Repayments of other bank borrowings (123,034,000) (97,902,000)
Proceeds from issuance of long-term debt 265,000,000 75,000,000
Repayment of long-term debt and funds transferred for redemption of special purpose revenue bonds (265,000,000) (75,000,000)
Withheld shares for employee taxes on vested share-based compensation (3,796,000) (2,398,000)
Net proceeds from issuance of common stock 0 10,901,000
Common stock dividends (101,149,000) (83,620,000)
Preferred stock dividends of subsidiaries (1,417,000) (1,417,000)
Other (9,531,000) (2,361,000)
Net cash provided by financing activities 72,937,000 110,321,000
Net decrease in cash and cash equivalents (76,279,000) (16,123,000)
Cash and cash equivalents, beginning of period 278,452,000 300,478,000
Cash and cash equivalents, end of period 202,173,000 284,355,000
Hawaiian Electric Company, Inc. and Subsidiaries    
Cash flows from operating activities    
Net income 96,092,000 109,694,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of property, plant and equipment 144,578,000 140,300,000
Other amortization 6,118,000 5,380,000
Deferred income taxes 29,537,000 55,648,000
Allowance for equity funds used during construction (8,908,000) (6,010,000)
Other 526,000 3,234,000
Changes in assets and liabilities    
Increase in accounts receivable (8,087,000) (655,000)
Increase in accrued unbilled revenues (18,014,000) (10,658,000)
Decrease in fuel oil stock 6,177,000 6,736,000
Increase in materials and supplies (2,280,000) (2,927,000)
Decrease (increase) in regulatory assets 3,922,000 (2,251,000)
Increase (decrease) in accounts payable (22,841,000) (676,000)
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes 5,291,000 (9,595,000)
Increase in defined benefit pension and other postretirement benefit plans liability 453,000 360,000
Change in other assets and liabilities (2,662,000) (13,309,000)
Net cash provided by operating activities 229,902,000 275,271,000
Cash flows from investing activities    
Capital expenditures (278,004,000) (250,704,000)
Contributions in aid of construction 40,603,000 23,568,000
Other 8,114,000 1,100,000
Net cash used in investing activities (229,287,000) (226,036,000)
Cash flows from financing activities    
Net increase (decrease) in short-term borrowings with original maturities of three months or less 6,000,000 21,000,000
Proceeds from issuance of long-term debt 265,000,000 0
Repayment of long-term debt and funds transferred for redemption of special purpose revenue bonds (265,000,000) 0
Common stock dividends (65,825,000) (70,199,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries (1,496,000) (1,496,000)
Other (3,593,000) (12,000)
Net cash provided by financing activities (64,914,000) (50,707,000)
Net decrease in cash and cash equivalents (64,299,000) (1,472,000)
Cash and cash equivalents, beginning of period 74,286,000 24,449,000
Cash and cash equivalents, end of period $ 9,987,000 $ 22,977,000