Electric utility subsidiary (Tables)

6 Months Ended

Jun. 30, 2015

Regulatory projects and legal obligations

Schedule of consolidating statements of income (loss)

Selected financial information

American Savings Bank, F.S.B.

Statements of Income Data

	Three months ended   June 30				Six months    ended June 30
(in thousands)	2015		2014		2015		2014
Interest and dividend income
Interest and fees on loans	$	46,035	$	43,851	$	91,233	$	87,533
Interest and dividends on investment securities	3,306		2,950		6,357		5,985
Total interest and dividend income	49,341		46,801		97,590		93,518
Interest expense
Interest on deposit liabilities	1,266		1,237		2,526		2,462
Interest on other borrowings	1,487		1,420		2,953		2,825
Total interest expense	2,753		2,657		5,479		5,287
Net interest income	46,588		44,144		92,111		88,231
Provision for loan losses	1,825		1,021		2,439		2,016
Net interest income after provision for loan losses	44,763		43,123		89,672		86,215
Noninterest income
Fees from other financial services	5,550		5,217		10,905		10,345
Fee income on deposit liabilities	5,424		4,645		10,739		9,066
Fee income on other financial products	2,103		2,064		3,992		4,354
Bank-owned life insurance	1,058		982		2,041		1,945
Mortgage banking income	2,068		246		3,890		874
Gains on sale of investment securities	—		—		—		2,847
Other income, net	239		661		974		1,286
Total noninterest income	16,442		13,815		32,541		30,717
Noninterest expense
Compensation and employee benefits	22,319		19,872		44,085		40,158
Occupancy	4,009		4,489		8,122		8,442
Data processing	2,953		2,971		6,069		6,031
Services	2,833		2,855		5,174		5,128
Equipment	1,690		1,609		3,391		3,254
Office supplies, printing and postage	1,303		1,456		2,786		3,072
Marketing	844		1,031		1,685		1,742
FDIC insurance	773		805		1,584		1,601
Other expense	4,755		3,894		8,960		7,016
Total noninterest expense	41,479		38,982		81,856		76,444
Income before income taxes	19,726		17,956		40,357		40,488
Income taxes	6,875		6,420		14,031		14,553
Net income	$	12,851	$	11,536	$	26,326	$	25,935

Schedule of consolidating balance sheets

American Savings Bank, F.S.B.

Balance Sheets Data

(in thousands)	June 30, 2015						December 31, 2014
Assets
Cash and due from banks				$	106,914					$	107,233
Interest-bearing deposits				162,088						54,230
Available-for-sale investment securities, at fair value				693,520						550,394
Stock in Federal Home Loan Bank, at cost				10,678						69,302
Loans receivable held for investment				4,457,182						4,434,651
Allowance for loan losses				(46,365		)				(45,618		)
Net loans				4,410,817						4,389,033
Loans held for sale, at lower of cost or fair value				5,581						8,424
Other				305,310						305,416
Goodwill				82,190						82,190
Total assets				$	5,777,098					$	5,566,222
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,455,721					$	1,342,794
Deposit liabilities—interest-bearing				3,347,550						3,280,621
Other borrowings				314,157						290,656
Other				113,015						118,363
Total liabilities				5,230,443						5,032,434
Commitments and contingencies
Common stock				1						1
Additional paid in capital				339,416						338,411
Retained earnings				223,260						211,934
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains on securities	$	219					$	462
Retirement benefit plans	(16,241		)	(16,022		)	(17,020		)	(16,558		)
Total shareholder’s equity				546,655						533,788
Total liabilities and shareholder’s equity				$	5,777,098					$	5,566,222
Other assets
Bank-owned life insurance				$	136,062					$	134,115
Premises and equipment, net				85,976						92,407
Prepaid expenses				3,728						3,196
Accrued interest receivable				14,052						13,632
Mortgage-servicing rights				12,265						11,540
Low-income housing equity investments				30,974						33,438
Real estate acquired in settlement of loans, net				318						891
Other				21,935						16,197
				$	305,310					$	305,416
Other liabilities
Accrued expenses				$	26,915					$	37,880
Federal and state income taxes payable				26,502						28,642
Cashier’s checks				27,670						20,509
Advance payments by borrowers				10,093						9,652
Other				21,835						21,680
				$	113,015					$	118,363

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)	2015		2014		2015		2014
AES Hawaii	$	26	$	36	$	60	$	69
Kalaeloa	48		74		92		141
HEP	10		8		21		20
HPOWER	16		16		32		32
Other IPPs	49		54		80		91
Total IPPs	$	149	$	188	$	285	$	353

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)	2015			2014
Balance, beginning of period	$	29,419		$	43,106
Accretion expense	12			643
Liabilities incurred	—			—
Liabilities settled	(1,881		)	(6,052		)
Revisions in estimated cash flows	—			—
Balance, end of period	$	27,550		$	37,697

Schedule of annual decoupling filings

Below is a summary of the 2015 incremental impact by company.

($ in millions)	Hawaiian Electric			Hawaii Electric Light		Maui Electric
Annual incremental RAM adjusted revenues	$	8.1		$	1.5	$	1.5
Annual change in accrued earnings sharing credits to be refunded	$	—		$	—	$	(0.1	)
Annual change in accrued RBA balance as of December 31, 2014 (and associated revenue taxes) to be collected	$	(9.2	)	$	0.1	$	(2.2	)
Net annual incremental amount to be collected under the tariffs	$	(1.1	)	$	1.5	$	(0.8	)
Impact on typical residential customer monthly bill (in dollars) *	$	(0.09	)	$	0.88	$	(0.13	)

Note: Columns may not foot due to rounding

* Based on a 500 KWH bill for Hawaiian Electric, Maui Electric, and Hawaii Electric Light. The bill impact for Lanai and Molokai customers is a decrease of $0.11, based on a 400 KWH bill.

Schedule of consolidating statements of income (loss)

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

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, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	530,991		103,544		103,916		—	(22	)	$	738,429
Expenses
Fuel oil	195,549			31,179		43,529		—	—		270,257
Purchased power	140,805			28,170		19,348		—	—		188,323
Other operation and maintenance	68,992			14,817		14,755		—	—		98,564
Depreciation	27,300			8,976		5,317		—	—		41,593
Taxes, other than income taxes	49,949			9,757		9,918		—	—		69,624
Total expenses	482,595			92,899		92,867		—	—		668,361
Operating income	48,396			10,645		11,049		—	(22	)	70,068
Allowance for equity funds used during construction	1,417			121		(151	)	—	—		1,387
Equity in earnings of subsidiaries	9,859			—		—		—	(9,859	)	—
Interest expense and other charges, net	(11,553		)	(2,852	)	(2,469	)	—	22		(16,852		)
Allowance for borrowed funds used during construction	535			47		(59	)	—	—		523
Income before income taxes	48,654			7,961		8,370		—	(9,859	)	55,126
Income taxes	14,154			2,982		3,261		—	—		20,397
Net income	34,500			4,979		5,109		—	(9,859	)	34,729
Preferred stock dividends of subsidiaries	—			133		96		—	—		229
Net income attributable to Hawaiian Electric	34,500			4,846		5,013		—	(9,859	)	34,500
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	34,230		4,846		5,013		—	(9,859	)	$	34,230

Consolidating Statement of Income

Six months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,043,446		208,475		206,609		—	(39	)	$	1,458,491
Expenses
Fuel oil	399,096			62,679		94,782		—	—		556,557
Purchased power	264,774			57,661		30,804		—	—		353,239
Other operation and maintenance	127,507			28,864		30,799		—	—		187,170
Depreciation	54,601			17,951		10,644		—	—		83,196
Taxes, other than income taxes	98,133			19,520		19,942		—	—		137,595
Total expenses	944,111			186,675		186,971		—	—		1,317,757
Operating income	99,335			21,800		19,638		—	(39	)	140,734
Allowance for equity funds used during construction	2,889			186		(79	)	—	—		2,996
Equity in earnings of subsidiaries	18,776			—		—		—	(18,776	)	—
Interest expense and other charges, net	(22,040		)	(5,600	)	(4,974	)	—	39		(32,575		)
Allowance for borrowed funds used during construction	1,094			72		(29	)	—	—		1,137
Income before income taxes	100,054			16,458		14,556		—	(18,776	)	112,292
Income taxes	29,864			6,184		5,596		—	—		41,644
Net income	70,190			10,274		8,960		—	(18,776	)	70,648
Preferred stock dividends of subsidiaries	—			267		191		—	—		458
Net income attributable to Hawaiian Electric	70,190			10,007		8,769		—	(18,776	)	70,190
Preferred stock dividends of Hawaiian Electric	540			—		—		—	—		540
Net income for common stock	$	69,650		10,007		8,769		—	(18,776	)	$	69,650

Schedule of consolidating statement of comprehensive income (loss)

Consolidating Statement of Comprehensive Income

Six months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net incomefor common stock	$	69,650		10,007		8,769		—	(18,776	)	$	69,650
Other comprehensive income, net of taxes:
Retirement benefit plans:
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	5,107			636		545		—	(1,181	)	5,107
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,085		)	(636	)	(545	)	—	1,181		(5,085		)
Other comprehensive income, net of taxes	22			—		—		—	—		22
Comprehensive income attributable to common shareholder	$	69,672		10,007		8,769		—	(18,776	)	$	69,672

Consolidating Statement of Comprehensive Income (Loss)

Six months ended June 30, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for 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 (Loss)

Three months ended June 30, 2015

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for 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

Three months ended June 30, 2014

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net incomefor common stock	$	34,230		4,846		5,013		—	(9,859	)	$	34,230
Other comprehensive income, net of taxes:
Retirement benefit plans:
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,588			292		292		—	(584	)	2,588
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,575		)	(292	)	(292	)	—	584		(2,575		)
Other comprehensive income, net of taxes	13			—		—		—	—		13
Comprehensive income attributable to common shareholder	$	34,243		4,846		5,013		—	(9,859	)	$	34,243

Schedule of consolidating balance sheets

Consolidating Balance Sheet

December 31, 2014

(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	$	43,819		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	)	—
Current assets
Cash and cash equivalents	12,416			612		633		101	—		13,762
Advances to affiliates	16,100			—		—		—	(16,100	)	—
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	)	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	)	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	)	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	)	$	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
Short-term borrowings from affiliate	—			10,500		5,600		—	(16,100	)	—
Accounts payable	122,433			23,728		17,773		—	—		163,934
Interest and preferred dividends payable	15,407			3,989		2,931		—	(11	)	22,316
Taxes accrued	176,339			37,548		36,807		—	(292	)	250,402
Regulatory liabilities	191			—		441		—	—		632
Other	48,282			9,866		16,094		—	(9,096	)	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	)	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

June 30, 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	$	43,542		5,464		3,016		—	—		$	52,022
Plant and equipment	3,889,544			1,187,999		1,064,686		—	—		6,142,229
Less accumulated depreciation	(1,275,328		)	(484,930	)	(458,445	)	—	—		(2,218,703		)
Construction in progress	162,872			18,754		14,729		—	—		196,355
Utility property, plant and equipment, net	2,820,630			727,287		623,986		—	—		4,171,903
Nonutility property, plant and equipment, less accumulated depreciation	4,949			82		1,531		—	—		6,562
Total property, plant and equipment, net	2,825,579			727,369		625,517		—	—		4,178,465
Investment in wholly owned subsidiaries, at equity	543,351			—		—		—	(543,351	)	—
Current assets
Cash and cash equivalents	3,393			801		175		101	—		4,470
Advances to affiliates	18,200			—		—		—	(18,200	)	—
Customer accounts receivable, net	95,975			23,981		19,966		—	—		139,922
Accrued unbilled revenues, net	80,165			13,772		15,507		—	—		109,444
Other accounts receivable, net	11,816			2,009		2,703		—	(10,638	)	5,890
Fuel oil stock, at average cost	85,710			8,350		14,348		—	—		108,408
Materials and supplies, at average cost	32,857			7,172		17,326		—	—		57,355
Prepayments and other	23,986			3,345		8,882		—	(251	)	35,962
Regulatory assets	82,751			8,829		7,656		—	—		99,236
Total current assets	434,853			68,259		86,563		101	(29,089	)	560,687
Other long-term assets
Regulatory assets	601,012			105,093		99,218		—	—		805,323
Unamortized debt expense	5,397			1,353		1,150		—	—		7,900
Other	52,211			15,303		14,418		—	—		81,932
Total other long-term assets	658,620			121,749		114,786		—	—		895,155
Total assets	$	4,462,403		917,377		826,866		101	(572,440	)	$	5,634,307
Capitalization and liabilities
Capitalization
Common stock equity	$	1,696,658		285,104		258,146		101	(543,351	)	$	1,696,658
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	2,549,497			482,104		449,146		101	(543,351	)	2,937,497
Current liabilities
Current portion of long-term debt	—			—		—		—	—		—
Short-term borrowings from non-affiliates	88,993			—		—		—	—		88,993
Short-term borrowings from affiliate	—			13,000		5,200		—	(18,200	)	—
Accounts payable	113,360			16,479		17,911		—	—		147,750
Interest and preferred dividends payable	15,435			3,962		2,976		—	(6	)	22,367
Taxes accrued	130,919			29,577		28,408		—	(251	)	188,653
Regulatory liabilities	286			—		477		—	—		763
Other	51,946			9,237		15,834		—	(10,632	)	66,385
Total current liabilities	400,939			72,255		70,806		—	(29,089	)	514,911
Deferred credits and other liabilities
Deferred income taxes	428,866			91,220		85,616		—	—		605,702
Regulatory liabilities	245,038			81,195		30,093		—	—		356,326
Unamortized tax credits	53,632			15,290		14,971		—	—		83,893
Defined benefit pension and other postretirement benefit plans liability	436,946			67,802		73,889		—	—		578,637
Other	47,777			13,142		13,662		—	—		74,581
Total deferred credits and other liabilities	1,212,259			268,649		218,231		—	—		1,699,139
Contributions in aid of construction	299,708			94,369		88,683		—	—		482,760
Total capitalization and liabilities	$	4,462,403		917,377		826,866		101	(572,440	)	$	5,634,307

Schedule of consolidating statement of changes in common stock equity

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

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2014

(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	69,650			10,007		8,769		—	(18,776	)	69,650
Other comprehensive income, net of taxes	22			—		—		—	—		22
Common stock dividends	(44,246		)	(5,813	)	(7,175	)	—	12,988		(44,246		)
Common stock issuance expenses	(3		)	(1	)	—		—	1		(3		)
Balance, June 30, 2014	$	1,618,987		278,995		250,365		101	(529,461	)	$	1,618,987

Schedule of condensed consolidating statement of cash flows

Consolidating Statement of Cash Flows

Six months ended June 30, 2014

(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	$	70,190		10,274		8,960		—	(18,776	)	$	70,648
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(18,826		)	—		—		—	18,776		(50		)
Common stock dividends received from subsidiaries	13,038			—		—		—	(12,988	)	50
Depreciation of property, plant and equipment	54,601			17,951		10,644		—	—		83,196
Other amortization	554			1,299		1,744		—	—		3,597
Increase in deferred income taxes	34,976			4,478		5,932		—	—		45,386
Change in tax credits, net	3,482			434		311		—	—		4,227
Allowance for equity funds used during construction	(2,889		)	(186	)	79		—	—		(2,996		)
Change in cash overdraft	—			—		(1,038	)	—	—		(1,038		)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	(4,840		)	(1,527	)	708		—	620		(5,039		)
Decrease (increase) in accrued unbilled revenues	1,058			(352	)	1,549		—	—		2,255
Decrease (increase) in fuel oil stock	(23,457		)	1,661		(5,410	)	—	—		(27,206		)
Increase in materials and supplies	(229		)	(246	)	(1,360	)	—	—		(1,835		)
Increase in regulatory assets	(15,893		)	(1,640	)	(198	)	—	—		(17,731		)
Increase (decrease) in accounts payable (1)	(36,545		)	(4,268	)	2,120		—	—		(38,693		)
Change in prepaid and accrued income and utility revenue taxes	(33,867		)	(3,709	)	(694	)	—	—		(38,270		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(281		)	—		(217	)	—	—		(498		)
Change in other assets and liabilities (2)	(20,284		)	(2,690	)	(3,165	)	—	(620	)	(26,759		)
Net cash provided by operating activities	20,788			21,479		19,965		—	(12,988	)	49,244
Cash flows from investing activities
Capital expenditures (3)	(122,942		)	(21,920	)	(25,485	)	—	—		(170,347		)
Contributions in aid of construction	8,520			2,493		2,196		—	—		13,209
Other (4)	387			104		10		—			501
Advances from (to) affiliates	(16,761		)	1,000		—		—	15,761		—
Net cash used in investing activities	(130,796		)	(18,323	)	(23,279	)	—	15,761		(156,637		)
Cash flows from financing activities
Common stock dividends	(44,246		)	(5,813	)	(7,175	)	—	12,988		(44,246		)
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	101,989			3,400		13,361		—	(15,761	)	102,989
Other	(334		)	(48	)	(75	)	—	—		(457		)
Net cash provided by (used in) financing activities	56,869			(2,728	)	5,920		—	(2,773	)	57,288
Net increase (decrease) in cash and cash equivalents	(53,139		)	428		2,606		—	—		(50,105		)
Cash and cash equivalents, beginning of period	61,245			1,326		153		101	—		62,825
Cash and cash equivalents, end of period	$	8,106		1,754		2,759		101	—		$	12,720

(1) Prior to restatement, decrease in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated were $(54,777), $(5,621), $(2,908) and $(63,306), 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 $(19,897), $(2,586), $(3,155), $(620) and $(26,258), respectively.

(3) Prior to restatement, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated were $(104,710), $(20,567), $(20,457) and $(145,734), 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.

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
	As restated			As restated		As restated					As restated
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)	1,177			870		1,173		—	—		3,220
Increase in 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
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 (2)	(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 (3)	(6,433		)	(1,848	)	(4,090	)	—	(1,714	)	(14,085		)
Net cash provided by operating activities	87,808			26,483		25,982		—	(12,597	)	127,676
Cash flows from investing activities
Capital expenditures (4)	(154,727		)	(25,106	)	(19,310	)	—	—		(199,143		)
Contributions in aid of construction	16,628			1,465		996		—	—		19,089
Other (5)	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

(1) Prior to restatement, other amortization for Maui Electric and Hawaiian Electric Consolidated were $701 and $2,748, respectively.

(2) Prior to restatement, decrease in accounts payable for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(56,746), $(8,755), $(3,450) and $(68,951), respectively.

(3) Prior to restatement, changes in other assets and liabilities for Hawaiian Electric, Hawaii Electric Light, Maui Electric, Consolidating adjustments and Hawaiian Electric Consolidated were $(6,099), $(1,724), $(3,565), $(1,714) and $(13,102), respectively.

(4) Prior to restatement, capital expenditures for Hawaiian Electric, Hawaii Electric Light, Maui Electric and Hawaiian Electric Consolidated, were $(103,079), $(17,762), $(13,722) and $(134,563), respectively.