Electric utility segment (Tables)

3 Months Ended

Mar. 31, 2019

Regulatory Projects and Legal Obligations [Line Items]

Schedule of condensed consolidating statements of income (loss)

Statements of Income Data

	Three months ended March 31
(in thousands)	2019		2018
Interest and dividend income
Interest and fees on loans	$	57,860	$	52,800
Interest and dividends on investment securities	10,628		9,202
Total interest and dividend income	68,488		62,002
Interest expense
Interest on deposit liabilities	4,252		2,957
Interest on other borrowings	528		496
Total interest expense	4,780		3,453
Net interest income	63,708		58,549
Provision for loan losses	6,870		3,541
Net interest income after provision for loan losses	56,838		55,008
Noninterest income
Fees from other financial services	4,562		4,654
Fee income on deposit liabilities	5,078		5,189
Fee income on other financial products	1,593		1,654
Bank-owned life insurance	2,259		871
Mortgage banking income	614		613
Other income, net	458		436
Total noninterest income	14,564		13,417
Noninterest expense
Compensation and employee benefits	25,512		24,440
Occupancy	4,670		4,280
Data processing	3,738		3,464
Services	2,426		3,047
Equipment	2,064		1,728
Office supplies, printing and postage	1,360		1,507
Marketing	990		645
FDIC insurance	626		713
Other expense	3,854		4,101
Total noninterest expense	45,240		43,925
Income before income taxes	26,162		24,500
Income taxes	5,323		5,540
Net income	$	20,839	$	18,960

Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:

	Three months ended March 31
(in thousands)	2019			2018
Interest and dividend income	$	68,488		$	62,002
Noninterest income	14,564			13,417
*Revenues-Bank	83,052			75,419
Total interest expense	4,780			3,453
Provision for loan losses	6,870			3,541
Noninterest expense	45,240			43,925
Less: Retirement defined benefits gain (expense)—other than service costs	40			(387		)
*Expenses-Bank	56,930			50,532
*Operating income-Bank	26,122			24,887
Add back: Retirement defined benefits gain (expense)—other than service costs	(40		)	387
Income before income taxes	$	26,162		$	24,500

Schedule of condensed consolidating balance sheet

Balance Sheets Data

(in thousands)	March 31, 2019						December 31, 2018
Assets
Cash and due from banks				$	136,585					$	122,059
Interest-bearing deposits				31,703						4,225
Investment securities
Available-for-sale, at fair value				1,348,263						1,388,533
Held-to-maturity, at amortized cost (fair value of $142,333 and $142,057, respectively)				140,203						141,875
Stock in Federal Home Loan Bank, at cost				9,434						9,958
Loans held for investment				4,858,180						4,843,021
Allowance for loan losses				(54,297		)				(52,119		)
Net loans				4,803,883						4,790,902
Loans held for sale, at lower of cost or fair value				8,136						1,805
Other				501,970						486,347
Goodwill				82,190						82,190
Total assets				$	7,062,367					$	7,027,894
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,879,244					$	1,800,727
Deposit liabilities—interest-bearing				4,326,415						4,358,125
Other borrowings				89,870						110,040
Other				122,651						124,613
Total liabilities				6,418,180						6,393,505
Commitments and contingencies
Common stock				1						1
Additional paid-in capital				347,877						347,170
Retained earnings				328,125						325,286
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(14,984	)				$	(24,423	)
Retirement benefit plans	(16,832		)	(31,816		)	(13,645		)	(38,068		)
Total shareholder’s equity				644,187						634,389
Total liabilities and shareholder’s equity				$	7,062,367					$	7,027,894
Other assets
Bank-owned life insurance				$	150,705					$	151,172
Premises and equipment, net				208,309						214,415
Accrued interest receivable				20,654						20,140
Mortgage-servicing rights				7,897						8,062
Low-income housing equity investments				65,428						67,626
Real estate acquired in settlement of loans, net				—						406
Real estate held for sale				9,014						—
Other				39,963						24,526
				$	501,970					$	486,347
Other liabilities
Accrued expenses				$	36,067					$	54,084
Federal and state income taxes payable				5,391						2,012
Cashier’s checks				27,432						26,906
Advance payments by borrowers				5,956						10,183
Other				47,805						31,428
				$	122,651					$	124,613

Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows:

	Three months ended March 31
(in millions)	2019		2018
Kalaeloa	$	40	$	40
AES Hawaii	32		37
HPOWER	18		15
Puna Geothermal Venture	—		11
Hamakua Energy	16		7
Wind IPPs	20		22
Solar IPPs	7		6
Other IPPs 1	1		2
Total IPPs	$	134	$	140

¹ 

Includes hydro power and other PPAs

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

The net annual incremental amounts proposed to be collected (refunded) from June 1, 2019 through May 31, 2020 are as follows:

(in millions)	Hawaiian Electric			Hawaii Electric Light			Maui Electric
2019 Annual incremental RAM adjusted revenues	$	14.0		$	3.5		$	3.3
Annual change in accrued RBA balance as of December 31, 2018 (and associated revenue taxes)	$	(12.2	)	$	(1.9	)	$	0.8
2017 Tax Act Adjustment*	$	—		$	—		$	2.8
Performance Incentive Mechanism	$	0.1		$	—		$	(0.4	)
Net annual incremental amount to be collected under the tariffs	$	1.9		$	1.6		$	6.5

*   Maui Electric incorporated a $2.8 million adjustment into its 2018 annual decoupling filing to incorporate the impact of the lower corporate income tax rate and the exclusion of the domestic production activities deduction, as a result of the 2017 Tax Cuts and Jobs Act (the Tax Act). This item is not recurring in 2019, therefore it is shown on this schedule of incremental changes as in increase.

Schedule of condensed consolidating statements of income (loss)

Condensed Consolidating Statement of Income

Three months ended March 31, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	401,180		87,933		81,356		—	(42	)	$	570,427
Expenses
Fuel oil	114,498			18,487		33,983		—	—		166,968
Purchased power	107,370			23,834		8,706		—	—		139,910
Other operation and maintenance	72,940			16,098		18,572		—	—		107,610
Depreciation	34,439			10,055		5,972		—	—		50,466
Taxes, other than income taxes	38,167			8,212		7,725		—	—		54,104
Total expenses	367,414			76,686		74,958		—	—		519,058
Operating income	33,766			11,247		6,398		—	(42	)	51,369
Allowance for equity funds used during construction	2,887			111		296		—	—		3,294
Equity in earnings of subsidiaries	9,325			—		—		—	(9,325	)	—
Retirement defined benefits expense—other than service costs	(1,062		)	(103	)	(99	)	—	—		(1,264		)
Interest expense and other charges, net	(12,495		)	(2,907	)	(2,334	)	—	42		(17,694		)
Allowance for borrowed funds used during construction	1,238			64		142		—	—		1,444
Income before income taxes	33,659			8,412		4,403		—	(9,325	)	37,149
Income taxes	5,914			2,177		1,084		—	—		9,175
Net income	27,745			6,235		3,319		—	(9,325	)	27,974
Preferred stock dividends of subsidiaries	—			134		95		—	—		229
Net income attributable to Hawaiian Electric	27,745			6,101		3,224		—	(9,325	)	27,745
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	27,475		6,101		3,224		—	(9,325	)	$	27,475

Condensed Consolidating Statement of Income

Three months ended March 31, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	405,669		87,205		85,653		—	(32	)	$	578,495
Expenses
Fuel oil	108,922			20,842		30,845		—	—		160,609
Purchased power	105,223			19,177		10,045		—	—		134,445
Other operation and maintenance	81,178			18,736		18,216		—	—		118,130
Depreciation	35,867			10,453		7,627		—	—		53,947
Taxes, other than income taxes	38,631			8,105		8,068		—	—		54,804
Total expenses	369,821			77,313		74,801		—	—		521,935
Operating income	35,848			9,892		10,852		—	(32	)	56,560
Allowance for equity funds used during construction	2,447			132		331		—	—		2,910
Equity in earnings of subsidiaries	11,849			—		—		—	(11,849	)	—
Retirement defined benefits expense—other than service costs	(567		)	(106	)	(30	)	—	—		(703		)
Interest expense and other charges, net	(12,800		)	(2,901	)	(2,317	)	—	32		(17,986		)
Allowance for borrowed funds used during construction	902			56		120		—	—		1,078
Income before income taxes	37,679			7,073		8,956		—	(11,849	)	41,859
Income taxes	5,283			1,770		2,181		—	—		9,234
Net income	32,396			5,303		6,775		—	(11,849	)	32,625
Preferred stock dividends of subsidiaries	—			134		95		—	—		229
Net income attributable to Hawaiian Electric	32,396			5,169		6,680		—	(11,849	)	32,396
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	32,126		5,169		6,680		—	(11,849	)	$	32,126

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	27,475		6,101		3,224		—	(9,325	)	$	27,475
Other comprehensive income (loss), net of taxes:
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	4,653			675		562		—	(1,237	)	4,653
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,622		)	(675	)	(562	)	—	1,237		(4,622		)
Other comprehensive income, net of taxes	31			—		—		—	—		31
Comprehensive income attributable to common shareholder	$	27,506		6,101		3,224		—	(9,325	)	$	27,506

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	32,126		5,169		6,680		—	(11,849	)	$	32,126
Other comprehensive income (loss), net of taxes:
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	2,322			352		289		—	(641	)	2,322
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,298		)	(351	)	(289	)	—	640		(2,298		)
Other comprehensive income, net of taxes	24			1		—		—	(1	)	24
Comprehensive income attributable to common shareholder	$	32,150		5,170		6,680		—	(11,850	)	$	32,150

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

December 31, 2018

(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	$	40,449		5,606		3,612		—	—		$	49,667
Plant and equipment	4,456,090			1,259,553		1,094,028		—	—		6,809,671
Less accumulated depreciation	(1,523,861		)	(547,848	)	(505,633	)	—	—		(2,577,342		)
Construction in progress	193,677			8,781		30,687		—	—		233,145
Utility property, plant and equipment, net	3,166,355			726,092		622,694		—	—		4,515,141
Nonutility property, plant and equipment, less accumulated depreciation	5,314			115		1,532		—	—		6,961
Total property, plant and equipment, net	3,171,669			726,207		624,226		—	—		4,522,102
Investment in wholly owned subsidiaries, at equity	576,838			—		—		—	(576,838	)	—
Current assets
Cash and cash equivalents	16,732			15,623		3,421		101	—		35,877
Customer accounts receivable, net	125,960			26,483		25,453		—	—		177,896
Accrued unbilled revenues, net	88,060			17,051		16,627		—	—		121,738
Other accounts receivable, net	21,962			3,131		3,033		—	(21,911	)	6,215
Fuel oil stock, at average cost	54,262			11,027		14,646		—	—		79,935
Materials and supplies, at average cost	30,291			7,155		17,758		—	—		55,204
Prepayments and other	23,214			5,212		3,692		—	—		32,118
Regulatory assets	60,093			3,177		7,746		—	—		71,016
Total current assets	420,574			88,859		92,376		101	(21,911	)	579,999
Other long-term assets
Regulatory assets	537,708			120,658		104,044		—	—		762,410
Other	69,749			15,944		17,299		—	—		102,992
Total other long-term assets	607,457			136,602		121,343		—	—		865,402
Total assets	$	4,776,538		951,668		837,945		101	(598,749	)	$	5,967,503
Capitalization and liabilities
Capitalization
Common stock equity	$	1,957,641		295,874		280,863		101	(576,838	)	$	1,957,641
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	1,000,137			217,749		200,916		—	—		1,418,802
Total capitalization	2,980,071			520,623		486,779		101	(576,838	)	3,410,736
Current liabilities
Short-term borrowings-non-affiliate	25,000			—		—		—	—		25,000
Accounts payable	126,384			20,045		25,362		—	—		171,791
Interest and preferred dividends payable	16,203			4,203		2,841		—	(32	)	23,215
Taxes accrued	164,747			34,128		34,458		—	—		233,333
Regulatory liabilities	7,699			4,872		5,406		—	—		17,977
Other	46,391			15,077		20,414		—	(21,879	)	60,003
Total current liabilities	386,424			78,325		88,481		—	(21,911	)	531,319
Deferred credits and other liabilities
Deferred income taxes	271,438			54,936		56,823		—	—		383,197
Regulatory liabilities	657,210			176,101		98,948		—	—		932,259
Unamortized tax credits	60,271			16,217		15,034		—	—		91,522
Defined benefit pension and other postretirement benefit plans liability	359,174			73,147		71,338		—	—		503,659
Other	61,950			32,319		20,542		—	—		114,811
Total deferred credits and other liabilities	1,410,043			352,720		262,685		—	—		2,025,448
Total capitalization and liabilities	$	4,776,538		951,668		837,945		101	(598,749	)	$	5,967,503

Condensed Consolidating Balance Sheet March 31, 2019

(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	$	40,449		5,606		3,612		—	—		$	49,667
Plant and equipment	4,505,063			1,262,332		1,107,173		—	—		6,874,568
Less accumulated depreciation	(1,548,895		)	(554,438	)	(511,881	)	—	—		(2,615,214		)
Construction in progress	200,399			14,520		32,398		—	—		247,317
Utility property, plant and equipment, net	3,197,016			728,020		631,302		—	—		4,556,338
Nonutility property, plant and equipment, less accumulated depreciation	5,313			115		1,532		—	—		6,960
Total property, plant and equipment, net	3,202,329			728,135		632,834		—	—		4,563,298
Investment in wholly owned subsidiaries, at equity	582,374			—		—		—	(582,374	)	—
Current assets
Cash and cash equivalents	2,994			3,825		1,461		101	—		8,381
Advances to affiliates	9,500			9,200		—		—	(18,700	)	—
Customer accounts receivable, net	94,489			23,373		19,551		—	—		137,413
Accrued unbilled revenues, net	69,315			13,398		13,192		—	—		95,905
Other accounts receivable, net	10,667			1,447		1,967		—	(6,828	)	7,253
Fuel oil stock, at average cost	91,090			10,796		14,612		—	—		116,498
Materials and supplies, at average cost	30,766			8,037		17,781		—	—		56,584
Prepayments and other	25,940			3,944		4,003		—	—		33,887
Regulatory assets	60,374			2,993		8,651		—	—		72,018
Total current assets	395,135			77,013		81,218		101	(25,528	)	527,939
Other long-term assets
Operating lease right-of-use assets	219,246			1,605		410		—	—		221,261
Regulatory assets	530,424			118,315		105,429		—	—		754,168
Other	71,528			16,076		16,618		—	—		104,222
Total other long-term assets	821,198			135,996		122,457		—	—		1,079,651
Total assets	$	5,001,036		941,144		836,509		101	(607,902	)	$	6,170,888
Capitalization and liabilities
Capitalization
Common stock equity	$	1,964,478		298,497		283,776		101	(582,374	)	$	1,964,478
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	938,284			217,775		180,957		—	—		1,337,016
Total capitalization	2,925,055			523,272		469,733		101	(582,374	)	3,335,787
Current liabilities
Current portion of operating lease liabilities	61,149			91		29		—	—		61,269
Current portion of long-term debt	61,968			—		19,989		—	—		81,957
Short-term borrowings from non-affiliates	55,999			—		—		—	—		55,999
Short-term borrowings from affiliate	9,200			—		9,500		—	(18,700	)	—
Accounts payable	120,366			14,391		21,389		—	—		156,146
Interest and preferred dividends payable	19,629			4,073		3,929		—	(23	)	27,608
Taxes accrued	135,189			29,238		28,907		—	—		193,334
Regulatory liabilities	3,981			3,882		4,750		—	—		12,613
Other	45,380			9,355		14,493		—	(6,805	)	62,423
Total current liabilities	512,861			61,030		102,986		—	(25,528	)	651,349
Deferred credits and other liabilities
Operating lease liabilities	157,980			1,513		382		—	—		159,875
Deferred income taxes	271,098			53,967		57,607		—	—		382,672
Regulatory liabilities	664,229			177,240		99,137		—	—		940,606
Unamortized tax credits	60,323			16,366		14,880		—	—		91,569
Defined benefit pension and other postretirement benefit plans liability	359,109			72,991		71,304		—	—		503,404
Other	50,381			34,765		20,480		—	—		105,626
Total deferred credits and other liabilities	1,563,120			356,842		263,790		—	—		2,183,752
Total capitalization and liabilities	$	5,001,036		941,144		836,509		101	(607,902	)	$	6,170,888

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2018  

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2017	$	1,845,283		286,647		270,265		101	(557,013	)	$	1,845,283
Net income for common stock	27,475			6,101		3,224		—	(9,325	)	27,475
Other comprehensive income, net of taxes	31			—		—		—	—		31
Common stock dividends	(25,826		)	(3,821	)	(3,006	)	—	6,827		(25,826		)
Common stock issuance expenses	(8		)	—		—		—	—		(8		)
Balance, March 31, 2018	$	1,846,955		288,927		270,483		101	(559,511	)	$	1,846,955

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2018	$	1,957,641		295,874		280,863		101	(576,838	)	$	1,957,641
Net income for common stock	32,126			5,169		6,680		—	(11,849	)	32,126
Other comprehensive income, net of taxes	24			1		—		—	(1	)	24
Common stock dividends	(25,313		)	(2,545	)	(3,767	)	—	6,312		(25,313		)
Common stock issuance expenses	—			(2	)	—		—	2		—
Balance, March 31, 2019	$	1,964,478		298,497		283,776		101	(582,374	)	$	1,964,478

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	27,745		6,235		3,319		—	(9,325	)	$	27,974
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(9,350		)	—		—		—	9,325		(25		)
Common stock dividends received from subsidiaries	6,827			—		—		—	(6,827	)	—
Depreciation of property, plant and equipment	34,439			10,055		5,972		—	—		50,466
Other amortization	3,237			1,554		553		—	—		5,344
Deferred income taxes	(271		)	(1,806	)	497		—	—		(1,580		)
Allowance for equity funds used during construction	(2,887		)	(111	)	(296	)	—	—		(3,294		)
Other	2,868			(103	)	(84	)	—	—		2,681
Changes in assets and liabilities:
Increase in accounts receivable	(13,255		)	(2,048	)	(1,396	)	—	1,662		(15,037		)
Increase in accrued unbilled revenues	6,558			758		103		—	—		7,419
Decrease (increase) in fuel oil stock	(1,322		)	(803	)	275		—	—		(1,850		)
Decrease (increase) in materials and supplies	(1,095		)	(550	)	350		—	—		(1,295		)
Increase in regulatory assets	(13,256		)	(1,773	)	(1,871	)	—	—		(16,900		)
Increase (decrease) in accounts payable	(2,028		)	4,050		3,121		—	—		5,143
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(25,892		)	(1,882	)	(5,532	)	—	440		(32,866		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(592		)	(198	)	(148	)	—	—		(938		)
Change in other assets and liabilities	2,976			2,875		349		—	(1,662	)	4,538
Net cash provided by operating activities	14,702			16,253		5,212		—	(6,387	)	29,780
Cash flows from investing activities
Capital expenditures	(80,899		)	(14,505	)	(14,723	)	—	—		(110,127		)
Advances (to) from affiliates	(3,000		)	—		12,000		—	(9,000	)	—
Other	269			264		510		—	(440	)	603
Net cash used in investing activities	(83,630		)	(14,241	)	(2,213	)	—	(9,440	)	(109,524		)
Cash flows from financing activities
Common stock dividends	(25,826		)	(3,821	)	(3,006	)	—	6,827		(25,826		)
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	104,984			3,000		—		—	9,000		116,984
Other	(31		)	(2	)	—		—	—		(33		)
Net cash provided by (used in) financing activities	78,857			(957	)	(3,101	)	—	15,827		90,626
Net increase (decrease) in cash and cash equivalents	9,929			1,055		(102	)	—	—		10,882
Cash and cash equivalents, beginning of period	2,059			4,025		6,332		101	—		12,517
Cash and cash equivalents, end of period	$	11,988		5,080		6,230		101	—		$	23,399

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	32,396		5,303		6,775		—	(11,849	)	$	32,625
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(11,874		)	—		—		—	11,849		(25		)
Common stock dividends received from subsidiaries	6,311			—		—		—	(6,311	)	—
Depreciation of property, plant and equipment	35,867			10,453		7,627		—	—		53,947
Other amortization	5,740			1,072		(98	)	—	—		6,714
Deferred income taxes	(2,757		)	(987	)	617		—	—		(3,127		)
Allowance for equity funds used during construction	(2,447		)	(132	)	(331	)	—	—		(2,910		)
Other	(1,288		)	(145	)	(384	)	—	—		(1,817		)
Changes in assets and liabilities:
Decrease in accounts receivable	42,419			4,194		5,633		—	(15,083	)	37,163
Decrease in accrued unbilled revenues	18,745			3,653		3,435		—	—		25,833
Decrease (increase) in fuel oil stock	(36,828		)	230		34		—	—		(36,564		)
Increase in materials and supplies	(475		)	(883	)	(23	)	—	—		(1,381		)
Increase in regulatory assets	(1,114		)	(212	)	(3,714	)	—	—		(5,040		)
Increase (decrease) in accounts payable	6,251			(4,253	)	(2,925	)	—	—		(927		)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(25,874		)	(4,078	)	(4,716	)	—	—		(34,668		)
Increase in defined benefit pension and other postretirement benefit plans liability	2,322			313		356		—	—		2,991
Change in other assets and liabilities	(9,249		)	(5,783	)	(3,449	)	—	15,083		(3,398		)
Net cash provided by operating activities	58,145			8,745		8,837		—	(6,311	)	69,416
Cash flows from investing activities
Capital expenditures	(78,220		)	(8,371	)	(16,300	)	—	—		(102,891		)
Advances (to) from affiliates	(9,500		)	(9,200	)	—		—	18,700		—
Other	1,221			(293	)	(134	)	—	—		794
Net cash used in investing activities	(86,499		)	(17,864	)	(16,434	)	—	18,700		(102,097		)
Cash flows from financing activities
Common stock dividends	(25,313		)	(2,544	)	(3,767	)	—	6,311		(25,313		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270		)	(134	)	(95	)	—	—		(499		)
Increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	15,199			—		9,500		—	(18,700	)	5,999
Proceeds from other bank borrowings	25,000			—		—		—	—		25,000
Other	—			(1	)	(1	)	—	—		(2		)
Net cash provided by (used in) financing activities	14,616			(2,679	)	5,637		—	(12,389	)	5,185
Net decrease in cash and cash equivalents	(13,738		)	(11,798	)	(1,960	)	—	—		(27,496		)
Cash and cash equivalents, beginning of period	16,732			15,623		3,421		101	—		35,877
Cash and cash equivalents, end of period	$	2,994		3,825		1,461		101	—		$	8,381