SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

Hawaiian Electric Industries, Inc.

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT

HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)

CONDENSED BALANCE SHEETS

December 31	2014			2013
(dollars in thousands)
Assets
Cash and cash equivalents	$	276		$	571
Accounts receivable	1,991			1,661
Property, plant and equipment, net	4,917			5,419
Deferred income tax assets	15,922			10,057
Other assets	11,070			9,550
Investments in subsidiaries, at equity	2,224,452			2,122,841
	$	2,258,628		$	2,150,099
Liabilities and shareholders’ equity
Liabilities
Accounts payable	$	1,993		$	817
Interest payable	2,583			4,630
Notes payable to subsidiaries	7,857			7,936
Commercial paper	118,972			105,482
Long-term debt, net	300,000			275,000
Retirement benefits liability	32,030			21,559
Other	3,765			7,605
	467,200			423,029
Shareholders’ equity
Preferred stock, no par value, authorized 10,000,000 shares; issued: none	—			—
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 102,565,266 shares and 101,259,800 shares	1,521,297			1,488,126
Retained earnings	297,509			255,694
Accumulated other comprehensive loss	(27,378		)	(16,750		)
	1,791,428			1,727,070
	$	2,258,628		$	2,150,099
Note to Balance Sheets
HEI Term loan LIBOR + .90%, due 2016	$	125,000		$	—
HEI medium-term note 6.51%, due 2014	—			100,000
HEI senior note 4.41%, due 2016	75,000			75,000
HEI senior note 5.67%, due 2021	50,000			50,000
HEI senior note 3.99%, due 2023	50,000			50,000
	$	300,000		$	275,000

The aggregate payments of principal required subsequent to December 31, 2014 on long-term debt are nil in 2015, $200 million in 2016, nil in 2017, 2018 and 2019.

As of December 31, 2014, HEI has a General Agreement of Indemnity in favor of both Liberty Mutual Insurance Company (Liberty) and Travelers Casualty and Surety Company of America (Travelers) for losses in connection with any and all bonds, undertakings or instruments of guarantee and any renewals or extensions thereof executed by Liberty or Travelers, including, but not limited to, a $0.2 million self-insured United States Longshore & Harbor bond and a $0.6 million self-insured automobile bond.

The Company has revised its previously issued "Schedule I - Condensed Financial Information of Registrant; Hawaiian Electric Industries, Inc. (Parent Company); Condensed Balance Sheets" to correct for an error in the presentation of deferred tax amounts related to Hawaiian Electric’s net operating loss carryforwards as of December 31, 2013. Amounts were reclassified among deferred income tax assets, other assets, deferred income taxes (liabilities) and other liabilities. These adjustments are not considered material, individually or in the aggregate, to the previously issued Condensed Balance Sheet as of December 31, 2013 and had no impact on the Company's Consolidated Balance Sheet as of December 31, 2013. The table below illustrates the effects of these adjustments on the Condensed Balance Sheet for those line items affected:

	December 31, 2013
(in thousands)	As previously filed		As revised		Difference
Deferred income tax assets	$	1,594	$	10,057	$	8,463
Other assets	23,679		9,550		(14,129		)
Total assets	2,155,765		2,150,099		(5,666		)
Deferred income taxes	11,385		—		(11,385		)
Other liabilities	1,886		7,605		5,719
Total liabilities	428,695		423,029		(5,666		)
Total liabilities and shareholders' equity	2,155,765		2,150,099		(5,666		)

Hawaiian Electric Industries, Inc.

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)

HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)

CONDENSED STATEMENTS OF INCOME

Years ended December 31	2014		2013		2012
(in thousands)
Revenues	$	303	$	288	$	221
Equity in net income of subsidiaries	188,534		180,359		157,883
Expenses:
Operating, administrative and general	20,921		16,063		16,191
Depreciation of property, plant and equipment	575		596		672
Taxes, other than income taxes	469		497		421
Interest expense	11,599		16,207		16,695
Income before income tax benefits	155,273		147,284		124,125
Income tax benefits	13,047		14,232		14,533
Net income	$	168,320	$	161,516	$	138,658

The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision.

HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)

STATEMENTS OF COMPREHENSIVE INCOME

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Incorporated by reference are HEI and Subsidiaries’ Statements of Consolidated Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity in Part II, Item 8.

Hawaiian Electric Industries, Inc.

SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)

HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)

CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31	2014			2013			2012
				(As restated)
(in thousands)
Net cash provided by operating activities	$	100,794		$	82,274		$	127,118
Cash flows from investing activities
Capital expenditures	(74		)	(201		)	(410		)
Investments in subsidiaries	(40,000		)	(78,500		)	(44,000		)
Net cash used in investing activities	(40,074		)	(78,701		)	(44,410		)
Cash flows from financing activities
Net increase (decrease) in notes payable to subsidiaries with original maturities of three months or less	(222		)	56			(1,797		)
Net increase in short-term borrowings with original maturities of three months or less	13,490			21,788			14,873
Proceeds from issuance of long-term debt	125,000			50,000			—
Repayment of long-term debt	(100,000		)	(50,000		)	(7,000		)
Excess tax benefits from share-based payment arrangements	277			430			61
Net proceeds from issuance of common stock	26,898			55,086			23,613
Common stock dividends	(126,458		)	(98,383		)	(96,202		)
Net cash used in financing activities	(61,015		)	(21,023		)	(66,452		)
Net increase (decrease) in cash and equivalents	(295		)	(17,450		)	16,256
Cash and cash equivalents, January 1	571			18,021			1,765
Cash and cash equivalents, December 31	$	276		$	571		$	18,021

Supplemental disclosures of noncash activities:

In 2014, 2013 and 2012, $2.4 million, $2.3 million and $1.8 million, respectively, of HEI accounts receivable from ASB Hawaii were reduced with a corresponding reduction in HEI notes payable to ASB Hawaii in noncash transactions.

In 2014, 2013 and 2012, $2.5 million, $2.5 million and $2.5 million, respectively, were contributed as equity by HEI into ASB Hawaii with a corresponding increase in HEI notes payable to ASB Hawaii in noncash transactions.

Under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP), common stock dividends reinvested by shareholders in HEI common stock in noncash transactions amounted to nil, $24 million and $24 million in 2014, 2013 and 2012, respectively. HEI satisfied the requirements of the HEI DRIP, Hawaiian Electric Industries Retirement Savings Plan (HEIRSP) and ASB 401(k) Plan (from March 6, 2014 to date and from August 18, 2011 through January 8, 2012) by acquiring for cash its common shares through open market purchases rather than by issuing additional shares.

Note:

The “Notes to Consolidated Financial Statements” in Part II, Item 8 should be read in conjunction with the above HEI (Parent Company) financial statements.

The Company has revised its previously issued "Schedule I - Condensed Financial Information of Registrant; Hawaiian Electric Industries, Inc. (Parent Company); Condensed Statements of Cash Flows" for the year ended December 31, 2014 to correct for an error in the presentation of deferred tax expense related to Hawaiian Electric’s net operating loss carryforwards. The Company has restated its previously issued "Schedule I - Condensed Financial Information of Registrant; Hawaiian Electric Industries, Inc. (Parent Company); Condensed Statements of Cash Flows" for the year ended December 31, 2013 to correct for an error in the presentation of deferred tax expense related to Hawaiian Electric’s net operating loss carryforwards. Amounts were reclassified among “increase in deferred income taxes” and “change in prepaid and accrued income taxes”. These adjustments are not considered material, individually or in the aggregate, to the previously issued Condensed Statements of Cash Flows for the year ended December 31, 2014. The table below illustrates the effects of these adjustments on the Condensed Statement of Cash Flows for those line items affected. The Company has adjusted the presentation of the Condensed Statements of Cash Flows to reflect a condensed presentation and as such, no longer breaks out the components of operating activities. The below adjustments do not have an impact to total cash provided by operating activities:

(in thousands)	As previously filed			As corrected (1)			Difference
Year ended December 31, 2014
Decrease in deferred income taxes	$	(15,913	)	$	(3,269	)	$	12,644
Change in prepaid and accrued income taxes	15,867			3,223			(12,644		)
Year ended December 31, 2013 (restated)
Increase in deferred income taxes	15,228			1,086			(14,142		)
Change in prepaid and accrued income taxes	(15,604		)	(1,462		)	14,142

(1) The Company has adjusted the presentation of the Condensed Statements of Cash Flows to reflect a condensed presentation and as such, no longer breaks out the components of operating activities.