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Electric utility segment (Tables)

3 Months Ended

Mar. 31, 2017

Regulatory projects and legal obligations

Schedule of derivative financial instruments

ASB’s derivative financial instruments, their fair values and balance sheet location were as follows:



Derivative Financial Instruments Not Designated as Hedging Instruments ¹	March 31, 2017				December 31, 2016
(in thousands)	Asset derivatives		Liability derivatives		Asset derivatives		Liability derivatives
Interest rate lock commitments	$	317	$	—	$	445	$	24
Forward commitments	—		104		8		185
	$	317	$	104	$	453	$	209

¹ Asset derivatives are included in other assets and liability derivatives are included in other liabilities in the balance sheets.

Schedule of condensed consolidating statements of income (loss)

Statements of Income Data (unaudited)



	Three months ended March 31
(in thousands)	2017		2016
Interest and dividend income
Interest and fees on loans	$	50,742	$	48,437
Interest and dividends on investment securities	6,980		5,017
Total interest and dividend income	57,722		53,454
Interest expense
Interest on deposit liabilities	2,103		1,592
Interest on other borrowings	816		1,485
Total interest expense	2,919		3,077
Net interest income	54,803		50,377
Provision for loan losses	3,907		4,766
Net interest income after provision for loan losses	50,896		45,611
Noninterest income
Fees from other financial services	5,610		5,499
Fee income on deposit liabilities	5,428		5,156
Fee income on other financial products	1,866		2,205
Bank-owned life insurance	983		998
Mortgage banking income	789		1,195
Other income, net	458		333
Total noninterest income	15,134		15,386
Noninterest expense
Compensation and employee benefits	23,237		22,434
Occupancy	4,154		4,138
Data processing	3,280		3,172
Services	2,360		2,911
Equipment	1,748		1,663
Office supplies, printing and postage	1,535		1,365
Marketing	517		861
FDIC insurance	728		884
Other expense	4,311		3,975
Total noninterest expense	41,870		41,403
Income before income taxes	24,160		19,594
Income taxes	8,347		6,921
Net income	$	15,813	$	12,673

Schedule of condensed consolidating balance sheets

Balance Sheets Data (unaudited)



(in thousands)	March 31, 2017						December 31, 2016
Assets
Cash and due from banks				$	125,901					$	137,083
Interest-bearing deposits				94,573						52,128
Restricted cash				—						1,764
Available-for-sale investment securities, at fair value				1,228,922						1,105,182
Stock in Federal Home Loan Bank, at cost				11,706						11,218
Loans receivable held for investment				4,725,271						4,738,693
Allowance for loan losses				(55,997		)				(55,533		)
Net loans				4,669,274						4,683,160
Loans held for sale, at lower of cost or fair value				10,454						18,817
Other				336,626						329,815
Goodwill				82,190						82,190
Total assets				$	6,559,646					$	6,421,357

Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,696,390					$	1,639,051
Deposit liabilities—interest-bearing				3,978,700						3,909,878
Other borrowings				200,154						192,618
Other				98,223						101,635
Total liabilities				5,973,467						5,843,182
Commitments and contingencies
Common stock				1						1
Additional paid in capital				343,435						342,704
Retained earnings				264,381						257,943
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(7,708	)				$	(7,931	)
Retirement benefit plans	(13,930		)	(21,638		)	(14,542		)	(22,473		)
Total shareholder’s equity				586,179						578,175
Total liabilities and shareholder’s equity				$	6,559,646					$	6,421,357

Other assets
Bank-owned life insurance				$	144,661					$	143,197
Premises and equipment, net				94,865						90,570
Prepaid expenses				4,031						3,348
Accrued interest receivable				16,508						16,824
Mortgage-servicing rights				9,294						9,373
Low-income housing equity investments				46,782						47,081
Real estate acquired in settlement of loans, net				1,242						1,189
Other				19,243						18,233
				$	336,626					$	329,815
Other liabilities
Accrued expenses				$	32,324					$	36,754
Federal and state income taxes payable				10,642						4,728
Cashier’s checks				23,777						24,156
Advance payments by borrowers				6,134						10,335
Other				25,346						25,662
				$	98,223					$	101,635

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 March 31
(in millions)	2017		2016
Kalaeloa	$	40	$	29
AES Hawaii	29		38
HPOWER	17		16
Puna Geothermal Venture	8		7
HEP	7		11
Other IPPs ¹	26		15
Total IPPs	$	127	$	116


¹	Includes wind power, solar power, feed-in tariff projects and other PPAs.

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:



	Three months ended March 31
(in thousands)	2017			2016
Balance, beginning of period	$	25,589		$	26,848
Accretion expense	3			3
Liabilities incurred	—			—
Liabilities settled	(403		)	(138		)
Revisions in estimated cash flows	—			—
Balance, end of period	$	25,189		$	26,713

Schedule of net annual incremental amounts proposed to be collected (refunded)

The net annual incremental amounts proposed to be collected (refunded) were as follows:



($ in millions)	Hawaiian Electric			Hawaii Electric Light			Maui Electric
2017 Annual incremental RAM adjusted revenues	$	12.7		$	3.2		$	2.4
Annual change in accrued earnings sharing credits	$	—		$	—		$	—
Annual change in accrued RBA balance as of December 31, 2016 (and associated revenue taxes) (refunded)	$	(2.4	)	$	(2.5	)	$	(0.2	)
Net annual incremental amount to be collected under the tariffs	$	10.3		$	0.7		$	2.2
Impact on typical residential customer monthly bill (in dollars) *	$	0.60		$	0.15		$	1.18

* Based on a 500 kilowatthour (KWH) bill for Hawaiian Electric, Maui Electric, and Hawaii Electric Light. The bill impact for Lanai and Molokai customers is expected to be an increase of $0.95, based on a 400 KWH bill.

Schedule of derivative financial instruments



	March 31, 2017					December 31, 2016
(dollars in thousands)	Notional amount		Fair value			Notional amount		Fair value
Window forward contracts	$	15,838	$	(277	)	$	20,734	$	(743	)

Schedule of condensed consolidating statements of income (loss)

Condensed Consolidating Statement of Income (unaudited)

Three months ended March 31, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	362,843		78,982		76,793		—	(7	)	$	518,611
Expenses
Fuel oil	98,001			17,257		29,012		—	—		144,270
Purchased power	100,147			18,589		8,388		—	—		127,124
Other operation and maintenance	67,278			15,516		17,446		—	—		100,240
Depreciation	32,722			9,685		5,809		—	—		48,216
Taxes, other than income taxes	35,040			7,450		7,333		—	—		49,823
Total expenses	333,188			68,497		67,988		—	—		469,673
Operating income	29,655			10,485		8,805		—	(7	)	48,938
Allowance for equity funds used during construction	2,056			115		228		—	—		2,399
Equity in earnings of subsidiaries	8,603			—		—		—	(8,603	)	—
Interest expense and other charges, net	(12,057		)	(3,004	)	(2,450	)	—	7		(17,504		)
Allowance for borrowed funds used during construction	749			45		95		—	—		889
Income before income taxes	29,006			7,641		6,678		—	(8,603	)	34,722
Income taxes	7,271			2,923		2,564		—	—		12,758
Net income	21,735			4,718		4,114		—	(8,603	)	21,964
Preferred stock dividends of subsidiaries	—			134		95		—	—		229
Net income attributable to Hawaiian Electric	21,735			4,584		4,019		—	(8,603	)	21,735
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	21,465		4,584		4,019		—	(8,603	)	$	21,465

Condensed Consolidating Statement of Income (unaudited)

Three months ended March 31, 2016



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	337,175		73,183		71,706		—	(12	)	$	482,052
Expenses
Fuel oil	74,085			14,374		25,281		—	—		113,740
Purchased power	91,917			16,797		7,145		—	—		115,859
Other operation and maintenance	69,558			16,441		17,909		—	—		103,908
Depreciation	31,522			9,449		5,810		—	—		46,781
Taxes, other than income taxes	32,684			6,891		6,863		—	—		46,438
Total expenses	299,766			63,952		63,008		—	—		426,726
Operating income	37,409			9,231		8,698		—	(12	)	55,326
Allowance for equity funds used during construction	1,406			127		206		—	—		1,739
Equity in earnings of subsidiaries	7,929			—		—		—	(7,929	)	—
Interest expense and other charges, net	(11,865		)	(2,965	)	(2,490	)	—	12		(17,308		)
Allowance for borrowed funds used during construction	529			49		84		—	—		662
Income before income taxes	35,408			6,442		6,498		—	(7,929	)	40,419
Income taxes	9,771			2,346		2,436		—	—		14,553
Net income	25,637			4,096		4,062		—	(7,929	)	25,866
Preferred stock dividends of subsidiaries	—			134		95		—	—		229
Net income attributable to Hawaiian Electric	25,637			3,962		3,967		—	(7,929	)	25,637
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	25,367		3,962		3,967		—	(7,929	)	$	25,367

Schedule of condensed consolidating statement of comprehensive income (loss)

Condensed Consolidating Statement of Comprehensive Income (unaudited)

Three months ended March 31, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	21,465		4,584		4,019		—	(8,603	)	$	21,465
Other comprehensive income (loss), net of taxes:
Derivatives qualifying as cash flow hedges:
Reclassification adjustment to net income, net of tax benefits	454			—		—		—	—		454
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	3,618			503		466		—	(969	)	3,618
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(3,613		)	(503	)	(467	)	—	970		(3,613		)
Other comprehensive income (loss), net of taxes	459			—		(1	)	—	1		459
Comprehensive income attributable to common shareholder	$	21,924		4,584		4,018		—	(8,602	)	$	21,924

Condensed Consolidating Statement of Comprehensive Income (unaudited)

Three months ended March 31, 2016



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	25,367		3,962		3,967		—	(7,929	)	$	25,367
Other comprehensive income, net of taxes:
Derivatives qualifying as cash flow hedges:
Effective portion of foreign currency hedge net unrealized gain, net of taxes	1,002			—		—		—	—		1,002
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	3,236			458		418		—	(876	)	3,236
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(3,222		)	(458	)	(418	)	—	876		(3,222		)
Other comprehensive income, net of taxes	1,016			—		—		—	—		1,016
Comprehensive income attributable to common shareholder	$	26,383		3,962		3,967		—	(7,929	)	$	26,383

Schedule of condensed consolidating balance sheets

Condensed Consolidating Balance Sheet (unaudited)

December 31, 2016



(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	$	43,956		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	)	—
Current assets
Cash and cash equivalents	61,388			10,749		2,048		101	—		74,286
Advances to affiliates	—			3,500		10,000		—	(13,500	)	—
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	)	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	)	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	)	$	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 from affiliate	13,500			—		—		—	(13,500	)	—
Accounts payable	86,369			18,126		13,319		—	—		117,814
Interest and preferred dividends payable	15,761			4,206		2,882		—	(11	)	22,838
Taxes accrued	120,176			28,100		25,387		—	(933	)	172,730
Regulatory liabilities	—			2,219		1,543		—	—		3,762
Other	41,352			7,637		12,501		—	(6,269	)	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		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	)	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

Condensed Consolidating Balance Sheet (unaudited)

March 31, 2017



(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	$	43,950		6,191		3,016		—	—		$	53,157
Plant and equipment	4,272,395			1,261,079		1,117,620		—	—		6,651,094
Less accumulated depreciation	(1,404,024		)	(511,473	)	(483,725	)	—	—		(2,399,222		)
Construction in progress	196,535			13,249		20,288		—	—		230,072
Utility property, plant and equipment, net	3,108,856			769,046		657,199		—	—		4,535,101
Nonutility property, plant and equipment, less accumulated depreciation	5,763			115		1,532		—	—		7,410
Total property, plant and equipment, net	3,114,619			769,161		658,731		—	—		4,542,511
Investment in wholly owned subsidiaries, at equity	552,688			—		—		—	(552,688	)	—
Current assets
Cash and cash equivalents	8,617			2,952		1,537		101	—		13,207
Advances to affiliates	—			6,500		2,500		—	(9,000	)	—
Customer accounts receivable, net	82,389			18,735		16,866		—	—		117,990
Accrued unbilled revenues, net	70,398			13,883		13,351		—	—		97,632
Other accounts receivable, net	24,489			2,526		1,125		—	(7,752	)	20,388
Fuel oil stock, at average cost	56,473			6,744		10,657		—	—		73,874
Materials and supplies, at average cost	32,195			8,494		16,356		—	—		57,045
Prepayments and other	21,150			4,621		3,163		—	—		28,934
Regulatory assets	73,548			4,210		4,194		—	—		81,952
Total current assets	369,259			68,665		69,749		101	(16,752	)	491,022
Other long-term assets
Regulatory assets	637,014			119,783		106,660		—	—		863,457
Unamortized debt expense	133			20		30		—	—		183
Other	44,598			13,120		14,151		—	—		71,869
Total other long-term assets	681,745			132,923		120,841		—	—		935,509
Total assets	$	4,718,311		970,749		849,321		101	(569,440	)	$	5,969,042
Capitalization and liabilities
Capitalization
Common stock equity	$	1,799,769		292,001		260,586		101	(552,688	)	$	1,799,769
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	915,175			213,732		189,964		—	—		1,318,871
Total capitalization	2,737,237			512,733		455,550		101	(552,688	)	3,152,933
Current liabilities
Short-term borrowings from non-affiliates	1,500			—		—		—	—		1,500
Short-term borrowings from affiliate	9,000			—		—		—	(9,000	)	—
Accounts payable	103,957			14,665		11,241		—	—		129,863
Interest and preferred dividends payable	18,172			4,007		3,997		—	(2	)	26,174
Taxes accrued	90,035			21,965		19,330		—	—		131,330
Regulatory liabilities	—			2,004		687		—	—		2,691
Other	42,721			7,938		13,326		—	(7,750	)	56,235
Total current liabilities	265,385			50,579		48,581		—	(16,752	)	347,793
Deferred credits and other liabilities
Deferred income taxes	532,497			109,733		103,572		—	215		746,017
Regulatory liabilities	288,748			96,380		32,121		—	—		417,249
Unamortized tax credits	58,691			16,941		15,380		—	—		91,012
Defined benefit pension and other postretirement benefit plans liability	440,246			74,100		79,510		—	—		593,856
Other	49,630			12,996		16,197		—	(215	)	78,608
Total deferred credits and other liabilities	1,369,812			310,150		246,780		—	—		1,926,742
Contributions in aid of construction	345,877			97,287		98,410		—	—		541,574
Total capitalization and liabilities	$	4,718,311		970,749		849,321		101	(569,440	)	$	5,969,042

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity (unaudited)

Three months ended March 31, 2016



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2015	$	1,728,325		292,702		263,725		101	(556,528	)	$	1,728,325
Net income for common stock	25,367			3,962		3,967		—	(7,929	)	25,367
Other comprehensive income, net of taxes	1,016			—		—		—	—		1,016
Common stock dividends	(23,400		)	(3,302	)	(3,265	)	—	6,567		(23,400		)
Common stock issuance expenses	(4		)	(4	)	(1	)	—	5		(4		)
Balance, March 31, 2016	$	1,731,304		293,358		264,426		101	(557,885	)	$	1,731,304

Condensed Consolidating Statement of Changes in Common Stock Equity (unaudited)

Three months ended March 31, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2016	$	1,799,787		291,291		259,554		101	(550,946	)	$	1,799,787
Net income for common stock	21,465			4,584		4,019		—	(8,603	)	21,465
Other comprehensive income (loss), net of taxes	459			—		(1	)	—	1		459
Common stock dividends	(21,942		)	(3,874	)	(2,986	)	—	6,860		(21,942		)
Balance, March 31, 2017	$	1,799,769		292,001		260,586		101	(552,688	)	$	1,799,769

Schedule of condensed condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows (unaudited)

Three months ended March 31, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	21,735		4,718		4,114		—	(8,603	)	$	21,964
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(8,628		)	—		—		—	8,603		(25		)
Common stock dividends received from subsidiaries	6,910			—		—		—	(6,860	)	50
Depreciation of property, plant and equipment	32,722			9,685		5,809		—	—		48,216
Other amortization	914			442		593		—	—		1,949
Deferred income taxes	6,810			1,700		2,602		—	(48	)	11,064
Allowance for equity funds used during construction	(2,056		)	(115	)	(228	)	—	—		(2,399		)
Other	661			(138	)	(87	)	—	—		436
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	(10,724		)	1,239		685		—	1,472		(7,328		)
Increase in accrued unbilled revenues	(4,577		)	(319	)	(1,043	)	—	—		(5,939		)
Decrease (increase) in fuel oil stock	(9,234		)	1,485		305		—	—		(7,444		)
Decrease (increase) in materials and supplies	(2,267		)	(1,114	)	15		—	—		(3,366		)
Decrease (increase) in regulatory assets	7,711			(677	)	(1,125	)	—	—		5,909
Increase in accounts payable	59,861			2,735		1,578		—	—		64,174
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(32,272		)	(5,352	)	(6,408	)	—	48		(43,984		)
Increase in defined benefit pension and other postretirement benefit plans liability	240			14		10		—	—		264
Change in other assets and liabilities	(4,249		)	805		197		—	(1,472	)	(4,719		)
Net cash provided by operating activities	63,557			15,108		7,017		—	(6,860	)	78,822
Cash flows from investing activities
Capital expenditures	(101,953		)	(16,890	)	(12,812	)	—	—		(131,655		)
Contributions in aid of construction	8,934			915		801		—	—		10,650
Other	2,352			78		272		—	—		2,702
Advances from affiliates	—			(3,000	)	7,500		—	(4,500	)	—
Net cash used in investing activities	(90,667		)	(18,897	)	(4,239	)	—	(4,500	)	(118,303		)
Cash flows from financing activities
Common stock dividends	(21,942		)	(3,874	)	(2,986	)	—	6,860		(21,942		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270		)	(134	)	(95	)	—	—		(499		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(3,000		)	—		—		—	4,500		1,500
Other	(449		)	—		(208	)	—	—		(657		)
Net cash used in financing activities	(25,661		)	(4,008	)	(3,289	)	—	11,360		(21,598		)
Net increase (decrease) in cash and cash equivalents	(52,771		)	(7,797	)	(511	)	—	—		(61,079		)
Cash and cash equivalents, beginning of period	61,388			10,749		2,048		101	—		74,286
Cash and cash equivalents, end of period	$	8,617		2,952		1,537		101	—		$	13,207

Condensed Consolidating Statement of Cash Flows (unaudited)

Three months ended March 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	$	25,637		4,096		4,062		—	(7,929	)	$	25,866
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(7,954		)	—		—		—	7,929		(25		)
Common stock dividends received from subsidiaries	6,592			—		—		—	(6,567	)	25
Depreciation of property, plant and equipment	31,522			9,449		5,810		—	—		46,781
Other amortization	1,045			268		461		—	—		1,774
Deferred income taxes	9,764			1,277		2,517		—	—		13,558
Allowance for equity funds used during construction	(1,406		)	(127	)	(206	)	—	—		(1,739		)
Other	1,386			154		162		—	—		1,702
Changes in assets and liabilities:
Decrease in accounts receivable	22,606			2,113		3,563		—	15		28,297
Decrease (increase) in accrued unbilled revenues	58			(326	)	(590	)	—	—		(858		)
Decrease in fuel oil stock	14,902			2,622		5,288		—	—		22,812
Decrease (increase) in materials and supplies	378			(27	)	(178	)	—	—		173
Increase in regulatory assets	79			397		1,109		—	—		1,585
Increase in accounts payable	24,827			1,652		1,287		—	—		27,766
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(31,916		)	(1,634	)	(8,466	)	—	(2	)	(42,018		)
Increase in defined benefit pension and other postretirement benefit plans liability	177			13		15		—	—		205
Change in other assets and liabilities	15,249			5,562		169		—	(13	)	20,967
Net cash provided by operating activities	112,946			25,489		15,003		—	(6,567	)	146,871
Cash flows from investing activities
Capital expenditures	(97,363		)	(16,649	)	(11,171	)	—	—		(125,183		)
Contributions in aid of construction	11,585			969		1,207		—	—		13,761
Other	22			23		—		—	—		45
Advances from affiliates	—			3,000		500		—	(3,500	)	—
Net cash used in investing activities	(85,756		)	(12,657	)	(9,464	)	—	(3,500	)	(111,377		)
Cash flows from financing activities
Common stock dividends	(23,400		)	(3,302	)	(3,265	)	—	6,567		(23,400		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270		)	(134	)	(95	)	—	—		(499		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	9,498			—		—		—	3,500		12,998
Other	8			(8	)	—		—	—		—
Net cash used in financing activities	(14,164		)	(3,444	)	(3,360	)	—	10,067		(10,901		)
Net increase in cash and cash equivalents	13,026			9,388		2,179		—	—		24,593
Cash and cash equivalents, beginning of period	16,281			2,682		5,385		101	—		24,449
Cash and cash equivalents, end of period	$	29,307		12,070		7,564		101	—		$	49,042