Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2014

Electric utility subsidiary

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, 2014	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 reductions from interim decision and order

Reductions from the interim D&O related primarily to:

(in millions)
Lower ROACE	$	4.0
Customer Information System expenses	0.3
Pension and OPEB expense based on 3-year average	1.5
Integrated resource planning expenses	0.9
Operational and Renewable Energy Integration study costs	1.1
Total adjustment	$	7.8

Schedule of consolidating statements of income

Statements of Income Data

Years ended December 31	2014		2013		2012
(in thousands)
Interest and dividend income
Interest and fees on loans	$	179,341	$	172,969	$	176,057
Interest and dividends on investment securities	11,945		13,095		13,822
Total interest and dividend income	191,286		186,064		189,879
Interest expense
Interest on deposit liabilities	5,077		5,092		6,423
Interest on other borrowings	5,731		4,985		4,869
Total interest expense	10,808		10,077		11,292
Net interest income	180,478		175,987		178,587
Provision for loan losses	6,126		1,507		12,883
Net interest income after provision for loan losses	174,352		174,480		165,704
Noninterest income
Fees from other financial services	21,747		27,099		31,361
Fee income on deposit liabilities	19,249		18,363		17,775
Fee income on other financial products	8,131		8,405		6,577
Bank-owned life insurance	3,949		3,928		3,981
Mortgage banking income	2,913		8,309		14,628
Gains on sale of investment securities	2,847		1,226		134
Other income, net	2,375		4,753		1,204
Total noninterest income	61,211		72,083		75,660
Noninterest expense
Compensation and employee benefits	79,885		82,910		75,979
Occupancy	17,197		16,747		17,179
Data processing	11,690		10,952		10,098
Services	10,269		9,015		9,866
Equipment	6,564		7,295		7,105
Office supplies, printing and postage	6,089		4,233		3,870
Marketing	3,999		3,373		3,260
FDIC insurance	3,261		3,253		3,307
Other expense	20,990		21,726		21,679
Total noninterest expense	159,944		159,504		152,343
Income before income taxes	75,619		87,059		89,021
Income taxes	24,127		29,525		30,384
Net income	$	51,492	$	57,534	$	58,637

Schedule of consolidating balance sheets

Balance Sheets Data

December 31				2014						2013
(in thousands)
Assets
Cash and due from banks				$	107,233					$	108,998
Interest-bearing deposits				54,230						47,605
Available-for-sale investment securities, at fair value				550,394						529,007
Stock in Federal Home Loan Bank of Seattle, at cost				69,302						92,546
Loans receivable held for investment				4,434,651						4,150,229
Allowance for loan losses				(45,618		)				(40,116		)
Net loans				4,389,033						4,110,113
Loans held for sale, at lower of cost or fair value				8,424						5,302
Other				304,435						268,063
Goodwill				82,190						82,190
Total assets				$	5,565,241					$	5,243,824
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing				$	1,342,794					$	1,214,418
Deposit liabilities–interest-bearing				3,280,621						3,158,059
Other borrowings				290,656						244,514
Other				116,527						105,679
Total liabilities				5,030,598						4,722,670
Commitments and contingencies (see “Litigation” below)
Common stock				1						1
Additional paid in capital				338,411						336,053
Retained earnings				212,789						197,297
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains (losses) on securities	$	462					$	(3,663	)
Retirement benefit plans	(17,020		)	(16,558		)	(8,534		)	(12,197		)
Total shareholder’s equity				534,643						521,154
Total liabilities and shareholder’s equity				$	5,565,241					$	5,243,824

December 31	2014		2013
(in thousands)
Other assets
Bank-owned life insurance	$	134,115	$	129,963
Premises and equipment, net	92,407		67,766
Prepaid expenses	3,196		3,616
Accrued interest receivable	13,632		13,133
Mortgage-servicing rights	11,540		11,687
Low-income housing equity investments	32,457		14,543
Real estate acquired in settlement of loans, net	891		1,205
Other	16,197		26,150
	$	304,435	$	268,063
Other liabilities
Accrued expenses	$	37,880	$	19,989
Federal and state income taxes payable	26,806		37,807
Cashier’s checks	20,509		21,110
Advance payments by borrowers	9,652		9,647
Other	21,680		17,126
	$	116,527	$	105,679

Hawaiian Electric Company, Inc. and Subsidiaries

Electric utility subsidiary

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2014		2013
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	683,243	$	350,821
Income taxes, net (1 to 55 years)	86,836		85,430
Decoupling revenue balancing account (1 to 2 years)	80,183		90,386
Unamortized expense and premiums on retired debt and equity issuances (19 to 30 years; 6 to 18 years remaining)	15,569		17,342
Vacation earned, but not yet taken (1 year)	10,248		9,149
Postretirement benefits other than pensions (18 years; less than 1 year remaining)	18		62
Other (1 to 50 years; 1 to 46 years remaining)	29,167		22,734
	$	905,264	$	575,924
Included in:
Current assets	$	71,421	$	69,738
Long-term assets	833,843		506,186
	$	905,264	$	575,924

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2014		2013
(in thousands)
Cost of removal in excess of salvage value (1 to 60 years)	$	331,000	$	315,164
Retirement benefit plans (5 years beginning with respective utility’s next rate case)	12,413		31,546
Other (5 years; 1 to 2 years remaining)	1,436		2,589
	$	344,849	$	349,299
Included in:
Current liabilities	$	632	$	1,916
Long-term liabilities	344,217		347,383
	$	344,849	$	349,299

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)	2014			2013
Balance, January 1	$	43,106		$	48,431
Accretion expense	890			1,263
Liabilities incurred	—			—
Liabilities settled	(14,577		)	(5,672		)
Revisions in estimated cash flows	—			(916		)
Balance, December 31	$	29,419		$	43,106

Schedule of consolidating statements of income

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

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

Consolidating statement of income

Year ended December 31, 2012

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	2,228,233		441,013		440,270		—		(77	)	[1]	$	3,109,439
Expenses
Fuel oil	945,246			116,866		235,307		—		—			1,297,419
Purchased power	540,802			145,386		38,052		—		—			724,240
Other operation and maintenance	266,208			60,447		70,771		3		—			397,429
Depreciation	90,783			33,337		20,378		—		—			144,498
Taxes, other than income taxes	209,943			41,370		41,528		—		—			292,841
Impairment of utility assets	29,000			5,500		5,500		—		—			40,000
Total expenses	2,081,982			402,906		411,536		3		—			2,896,427
Operating income (loss)	146,251			38,107		28,734		(3	)	(77	)		213,012
Allowance for equity funds used    during construction	5,735			585		687		—		—			7,007
Equity in earnings of subsidiaries	28,836			—		—		—		(28,836	)	[2]	—
Interest expense and other charges, net	(40,842		)	(12,066	)	(9,224	)	—		77		[1]	(62,055		)
Allowance for borrowed funds used during construction	3,642			235		478		—		—			4,355
Income (loss) before income taxes	143,622			26,861		20,675		(3	)	(28,836	)		162,319
Income taxes	43,266			10,115		7,667		—		—			61,048
Net income (loss)	100,356			16,746		13,008		(3	)	(28,836	)		101,271
Preferred stock dividends of subsidiaries	—			534		381		—		—			915
Net income (loss) attributable to Hawaiian Electric	100,356			16,212		12,627		(3	)	(28,836	)		100,356
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—		—			1,080
Net income (loss) for common stock	$	99,276		16,212		12,627		(3	)	(28,836	)		$	99,276

Schedule of consolidating statements of comprehensive income

Consolidating statement of comprehensive income (loss)

Year ended December 31, 2012

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Net income (loss) for common stock	$	99,276		16,212		12,627		(3	)	(28,836	)		$	99,276
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	(90,082		)	(13,577	)	(10,935	)	—		24,512		[1]	(90,082		)
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	13,673			2,101		1,771		—		(3,872	)	[1]	13,673
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits	75,471			11,442		9,093		—		(20,535	)	[1]	75,471
Other comprehensive loss, net of tax benefits	(938		)	(34	)	(71	)	—		105			(938		)
Comprehensive income (loss) attributable to common shareholder	$	98,338		16,178		12,556		(3	)	(28,731	)		$	98,338

(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 gains arising during the period, net of taxes	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 tax benefits	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

Consolidating statement of comprehensive income

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 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 taxes	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, 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]	0
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	44,680			8,611		13,567		—	(475	)	[3]	66,383
Regulatory assets	58,550			6,745		6,126		—	—			71,421
Total current assets	463,929			77,561		98,911		101	(25,499	)		615,003
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	$	4,396,815		924,885		832,977		101	(564,321	)		$	5,590,457
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
Current portion of long-term debt	—			—		—		—	—			—
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	48,282			9,866		16,094		—	(9,096	)	[1]	65,146
Total current liabilities	362,652			85,631		79,646		—	(25,499	)		502,430
Deferred credits and other liabilities
Deferred income taxes	429,515			90,119		83,238		—	—			602,872
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	1,215,441			265,933		217,421		—	(183	)		1,698,612
Contributions in aid of construction	283,739			94,475		88,218		—	—			466,432
Total capitalization and liabilities	$	4,396,815		924,885		832,977		101	(564,321	)		$	5,590,457

Consolidating balance sheet

December 31, 2013

(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	$	43,407		5,460		3,016		—	—			$	51,883
Plant and equipment	3,558,569			1,136,923		1,006,383		—	—			5,701,875
Less accumulated depreciation	(1,222,129		)	(453,721	)	(435,379	)	—	—			(2,111,229		)
Construction in progress	124,494			7,709		11,030		—	—			143,233
Utility property, plant and equipment, net	2,504,341			696,371		585,050		—	—			3,785,762
Nonutility property, plant and equipment, less accumulated depreciation	4,953			82		1,532		—	—			6,567
Total property, plant and equipment, net	2,509,294			696,453		586,582		—	—			3,792,329
Investment in wholly-owned subsidiaries, at equity	523,674			—		—		—	(523,674	)	[2]	—
Current assets
Cash and equivalents	61,245			1,326		153		101	—			62,825
Advances to affiliates	6,839			1,000		—		—	(7,839	)	[1]	—
Customer accounts receivable, net	121,282			28,088		26,078		—	—			175,448
Accrued unbilled revenues, net	107,752			17,100		19,272		—	—			144,124
Other accounts receivable, net	16,373			4,265		2,451		—	(9,027	)	[1]	14,062
Fuel oil stock, at average cost	99,613			14,178		20,296		—	—			134,087
Materials and supplies, at average cost	37,377			6,883		14,784		—	—			59,044
Prepayments and other	29,798			8,334		16,140		—	(1,415	)	[3]	52,857
Regulatory assets	54,979			6,931		7,828		—	—			69,738
Total current assets	535,258			88,105		107,002		101	(18,281	)		712,185
Other long-term assets
Regulatory assets	381,346			64,552		60,288		—	—			506,186
Unamortized debt expense	6,051			1,580		1,372		—	—			9,003
Other	42,163			11,270		13,993		—	—			67,426
Total other long-term assets	429,560			77,402		75,653		—	—			582,615
Total assets	$	3,997,786		861,960		769,237		101	(541,955	)		$	5,087,129
Capitalization and liabilities
Capitalization
Common stock equity	$	1,593,564		274,802		248,771		101	(523,674	)	[2]	$	1,593,564
Cumulative preferred stock–not subject to mandatory redemption	22,293			7,000		5,000		—	—			34,293
Long-term debt, net	830,547			189,998		186,000		—	—			1,206,545
Total capitalization	2,446,404			471,800		439,771		101	(523,674	)		2,834,402
Current liabilities
Current portion of long-term debt	—			11,400		—		—	—			11,400
Short-term borrowings-affiliate	1,000			—		6,839		—	(7,839	)	[1]	—
Accounts payable	145,062			24,383		20,114		—	—			189,559
Interest and preferred dividends payable	15,190			3,885		2,585		—	(8	)	[1]	21,652
Taxes accrued	175,790			37,899		37,171		—	(1,415	)	[3]	249,445
Regulatory liabilities	1,705			—		211		—	—			1,916
Other	48,443			9,033		15,424		—	(9,019	)	[1]	63,881
Total current liabilities	387,190			86,600		82,344		—	(18,281	)		537,853
Deferred credits and other liabilities
Deferred income taxes	359,621			79,947		67,593		—	—			507,161
Regulatory liabilities	235,786			76,475		35,122		—	—			347,383
Unamortized tax credits	44,931			14,245		14,363		—	—			73,539
Defined benefit pension and other postretirement benefit plans liability	202,396			28,427		31,339		—	—			262,162
Other	63,374			14,703		13,658		—	—			91,735
Total deferred credits and other liabilities	906,108			213,797		162,075		—	—			1,281,980
Contributions in aid of construction	258,084			89,763		85,047		—	—			432,894
Total capitalization and liabilities	$	3,997,786		861,960		769,237		101	(541,955	)		$	5,087,129

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, 2011	$	1,402,841		280,468		235,568		107		(516,143	)	$	1,402,841
Net income (loss) for common stock	99,276			16,212		12,627		(3	)	(28,836	)	99,276
Other comprehensive loss, net of tax benefits	(938		)	(34	)	(71	)	—		105		(938		)
Issuance of common stock, net of expenses	44,001			—		—		—		—		44,001
Common stock dividends	(73,044		)	(27,738	)	(19,197	)	—		46,935		(73,044		)
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 taxes	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 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

Schedule of consolidating statements of cash flows

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 (1)	1,749			2,596		2,065		—	—			6,410
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	4,223			219		(2,648	)	—	—			1,794
Increase in regulatory assets	(14,620		)	(3,357	)	977		—	—			(17,000		)
Decrease in accounts payable (2)	(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 (3)	(46,636		)	(12,577	)	(3,332	)	—	103		[1]	(62,442		)
Net cash provided by operating activities	218,686			53,105		61,180		—	(25,976	)		306,995
Cash flows from investing activities
Capital expenditures (4)	(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 (5)	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 issuance of common stock	40,000			—		—		—	—			40,000
Proceeds from issuance of long-term debt	—			—		—		—	—			—
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	)	[2]	—
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

(1) Prior to revision, other amortization for Maui Electric and Hawaiian Electric Consolidated were $3,746 and $8,091, respectively.

(2) Prior to revision, decrease in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(74,276), $(8,490), $(7,866) and $(90,632), respectively.

(3) Prior to revision, changes in other assets and liabilities for Hawaiian Electric, Hawaii Electric Light, Maui Electric, Consolidating adjustments and Hawaiian Electric Consolidated were $(46,032), $(12,085), $(4,945), $103 and $(62,959), respectively.

(4) Prior to revision, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(219,738), $(48,050), $(43,786) and $(311,574), respectively.

(5) Prior to revision, cash flows from investing activities-other for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were nil.

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
	As restated			As restated		As restated							As restated
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	554			1,979		2,544		—		—			5,077
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 (1)	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 (2)	(18,618		)	(6,513	)	(7,753	)	—		248		[1]	(32,636		)
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 (3)	(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 (4)	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

(1) Prior to restatement, decrease in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(6,136), $(4,756), $(9,936) and $(20,828), respectively.

(2) Prior to restatement,changes in other assets and liabilities for Hawaiian Electric, Hawaii Electric Light, Maui Electric, Consolidating adjustments and Hawaiian Electric Consolidated were $(17,941), $(6,262), $(7,544), $248 and $(31,499), respectively.

(3) Prior to restatement, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(237,899), $(52,135), $(52,451) and $(342,485), respectively.

(4) Prior to restatement, cash flows from investing activities-other for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were nil, $(230), nil and $(230), respectively.

Consolidating statement of cash flows

Year ended December 31, 2012

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
	As restated			As restated		As restated							As restated
Cash flows from operating activities
Net income (loss)	$	100,356		16,746		13,008		(3	)	(28,836	)	[2]	$	101,271
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Equity in earnings	(28,936		)	—		—		—		28,836		[2]	(100		)
Common stock dividends received from subsidiaries	47,035			—		—		—		(46,935	)	[2]	100
Depreciation of property, plant and equipment	90,783			33,337		20,378		—		—			144,498
Other amortization	1,508			3,252		2,238		—		—			6,998
Impairment of utility assets	29,000			5,500		5,500		—		—			40,000
Increase in deferred income taxes	66,968			7,457		12,453		—		—			86,878
Change in tax credits, net	5,006			522		547		—		—			6,075
Allowance for equity funds used during construction	(5,735		)	(585	)	(687	)	—		—			(7,007		)
Changes in assets and liabilities:
Increase in accounts receivable	(48,451		)	(1,106	)	(2,164	)	—		4,717		[1]	(47,004		)
Decrease (increase) in accrued unbilled revenues	2,728			4,106		(3,306	)	—		—			3,528
Decrease in fuel oil stock	4,861			3,732		1,536		—		—			10,129
Increase in materials and supplies	(6,683		)	(636	)	(578	)	—		—			(7,897		)
Increase in regulatory assets	(55,605		)	(9,649	)	(7,147	)	—		—			(72,401		)
Increase (decrease) in accounts payable (1)	6,329			(5,774	)	5,767		—		—			6,322
Change in prepaid and accrued income taxes and revenue taxes	19,871			1,935		3,433		—		—			25,239
Decrease in defined benefit pension and other postretirement benefits plans liability	(434		)	(191	)	(119	)	—		—			(744		)
Change in other assets and liabilities (2)	(45,366		)	(11,335	)	(12,843	)	(1	)	(4,717	)	[1]	(74,262		)
Net cash provided by (used in) operating activities	183,235			47,311		38,016		(4	)	(46,935	)		221,623
Cash flows from investing activities
Capital expenditures (3)	(271,864		)	(43,396	)	(40,066	)	—		—			(355,326		)
Contributions in aid of construction	32,285			8,184		5,513		—		—			45,982
Other (4)	486			192		165		—		—			843
Advances from (to) affiliates	(9,400		)	28,100		18,500		—		(37,200	)	[1]	—
Net cash used in investing activities	(248,493		)	(6,920	)	(15,888	)	—		(37,200	)		(308,501		)
Cash flows from financing activities
Common stock dividends	(73,044		)	(27,738	)	(19,197	)	—		46,935		[2]	(73,044		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—		—			(1,995		)
Proceeds from the issuance of long-term debt	367,000			31,000		59,000		—		—			457,000
Proceeds from issuance of common stock	44,000			—		—		—		—			44,000
Repayment of long-term debt	(259,580		)	(41,200	)	(67,720	)	—		—			(368,500		)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(46,600		)	—		9,400		—		37,200		[1]	—
Other	(1,992		)	139		(377	)	—		—			(2,230		)
Net cash provided by (used in) financing activities	28,704			(38,333	)	(19,275	)	—		84,135			55,231
Net increase (decrease) in cash and cash equivalents	(36,554		)	2,058		2,853		(4	)	—			(31,647		)
Cash and cash equivalents, January 1	44,819			3,383		496		108		—			48,806
Cash and cash equivalents, December 31	$	8,265		5,441		3,349		104		—			$	17,159

(1) Prior to restatement, increase (decrease) in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(31,743), $(8,110), $940 and $(38,913), respectively.

(2) Prior to restatement,changes in other assets and liabilities for Hawaiian Electric, Hawaii Electric Light, Maui Electric, Other subsidiaries, Consolidating adjustments and Hawaiian Electric Consolidated were $(44,880), $(11,143), $(12,678), $(1),$(4,717) and $(73,419), respectively.

(3) Prior to restatement, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(233,792), $(41,060), $(35,239) and $(310,091), respectively.