Consolidating financial information - HECO (Hawaiian Electric Company, Inc. and Subsidiaries)

6 Months Ended

Jun. 30, 2011

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating financial information

12 · Consolidating financial information

HECO is not required to provide separate financial statements or other disclosures concerning HELCO and MECO to holders of the 2004 Debentures issued by HELCO and MECO to Trust III since all of their voting capital stock is owned, and their obligations with respect to these securities have been fully and unconditionally guaranteed, on a subordinated basis, by HECO. Consolidating information is provided below for these and other HECO subsidiaries for the periods ended and as of the dates indicated.

HECO also unconditionally guarantees HELCO’s and MECO’s obligations (a) to the State of Hawaii for the repayment of principal and interest on Special Purpose Revenue Bonds issued for the benefit of HELCO and MECO and (b) relating to the trust preferred securities of Trust III (see Note 2 above). HECO is also obligated, after the satisfaction of its obligations on its own preferred stock, to make dividend, redemption and liquidation payments on HELCO’s and MECO’s preferred stock if the respective subsidiary is unable to make such payments.

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Income (Loss) (unaudited)

Three months ended June 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI	UBC		Reclassifications and eliminations		HECO Consolidated
Operating revenues	$	510,653		110,595		106,404		—	—		—		$	727,652
Operating expenses
Fuel oil	220,231			32,123		59,787		—	—		—		312,141
Purchased power	131,921			32,242		7,574		—	—		—		171,737
Other operation	48,396			9,524		9,468		—	—		—		67,388
Maintenance	22,077			4,297		4,902		—	—		—		31,276
Depreciation	22,885			8,148		5,225		—	—		—		36,258
Taxes, other than income taxes	47,108			10,163		9,881		—	—		—		67,152
Income taxes	3,640			4,725		2,795		—	—		—		11,160
	496,258			101,222		99,632		—	—		—		697,112
Operating income	14,395			9,373		6,772		—	—		—		30,540
Other income
Allowance for equity funds used during construction	974			233		110		—	—		—		1,317
Equity in earnings of subsidiaries	10,963			—		—		—	—		(10,963	)	—
Other, net	626			214		62		—	(1	)	(3	)	898
	12,563			447		172		—	(1	)	(10,966	)	2,215
Interest and other charges
Interest on long-term debt	9,131			2,984		2,268		—	—		—		14,383
Amortization of net bond premium and expense	503			137		126		—	—		—		766
Other interest charges	442			93		104		—	—		(3	)	636
Allowance for borrowed funds used during construction	(412		)	(102	)	(39	)	—	—		—		(553		)
	9,664			3,112		2,459		—	—		(3	)	15,232
Net income (loss)	17,294			6,708		4,485		—	(1	)	(10,963	)	17,523
Preferred stock dividend of subsidiaries	—			133		96		—	—		—		229
Net income (loss) attributable to HECO	17,294			6,575		4,389		—	(1	)	(10,963	)	17,294
Preferred stock dividends of HECO	270			—		—		—	—		—		270
Net income (loss) for common stock	$	17,024		6,575		4,389		—	(1	)	(10,963	)	$	17,024

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Income (Loss) (unaudited)

Three months ended June 30, 2010

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassifications and eliminations		HECO Consolidated
Operating revenues	$	407,566		91,443		83,085		—		—		—		$	582,094
Operating expenses
Fuel oil	150,121			23,153		42,048		—		—		—		215,322
Purchased power	104,693			27,763		7,057		—		—		—		139,513
Other operation	44,220			8,232		7,802		—		—		—		60,254
Maintenance	18,566			7,915		5,742		—		—		—		32,223
Depreciation	21,912			9,127		7,610		—		—		—		38,649
Taxes, other than income taxes	37,834			8,509		7,827		—		—		—		54,170
Income taxes	8,847			1,395		871		—		—		—		11,113
	386,193			86,094		78,957		—		—		—		551,244
Operating income	21,373			5,349		4,128		—		—		—		30,850
Other income
Allowance for equity funds used during construction	1,599			106		142		—		—		—		1,847
Equity in earnings of subsidiaries	3,426			—		—		—		—		(3,426	)	—
Other, net	890			140		(629	)	(2	)	(5	)	(22	)	372
	5,915			246		(487	)	(2	)	(5	)	(3,448	)	2,219
Interest and other charges
Interest on long-term debt	9,131			2,984		2,268		—		—		—		14,383
Amortization of net bond premium and expense	484			118		124		—		—		—		726
Other interest charges	441			95		95		—		—		(22	)	609
Allowance for borrowed funds used during construction	(680		)	(53	)	(57	)	—		—		—		(790		)
	9,376			3,144		2,430		—		—		(22	)	14,928
Net income (loss)	17,912			2,451		1,211		(2	)	(5	)	(3,426	)	18,141
Preferred stock dividend of subsidiaries	—			133		96		—		—		—		229
Net income (loss) attributable to HECO	17,912			2,318		1,115		(2	)	(5	)	(3,426	)	17,912
Preferred stock dividends of HECO	270			—		—		—		—		—		270
Net income (loss) for common stock	$	17,642		2,318		1,115		(2	)	(5	)	(3,426	)	$	17,642

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Income (Loss) (unaudited)

Six months ended June 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassifications and eliminations		HECO Consolidated
Operating revenues	$	960,477		210,230		201,246		—		—		—		$	1,371,953
Operating expenses
Fuel oil	403,497			58,614		110,890		—		—		—		573,001
Purchased power	244,672			62,264		12,759		—		—		—		319,695
Other operation	95,651			17,792		19,476		—		—		—		132,919
Maintenance	43,269			8,148		9,055		—		—		—		60,472
Depreciation	45,768			16,471		10,451		—		—		—		72,690
Taxes, other than income taxes	88,997			19,336		18,814		—		—		—		127,147
Income taxes	8,338			8,494		5,938		—		—		—		22,770
	930,192			191,119		187,383		—		—		—		1,308,694
Operating income	30,285			19,111		13,863		—		—		—		63,259
Other income
Allowance for equity funds used during construction	1,934			316		311		—		—		—		2,561
Equity in earnings of subsidiaries	22,453			—		—		—		—		(22,453	)	—
Other, net	1,358			320		154		(2	)	(4	)	(18	)	1,808
	25,745			636		465		(2	)	(4	)	(22,471	)	4,369
Interest and other charges
Interest on long-term debt	18,261			5,969		4,536		—		—		—		28,766
Amortization of net bond premium and expense	1,016			280		253		—		—		—		1,549
Other interest charges	820			174		199		—		—		(18	)	1,175
Allowance for borrowed funds used during construction	(820		)	(135	)	(118	)	—		—		—		(1,073		)
	19,277			6,288		4,870		—		—		(18	)	30,417
Net income (loss)	36,753			13,459		9,458		(2	)	(4	)	(22,453	)	37,211
Preferred stock dividend of subsidiaries	—			267		191		—		—		—		458
Net income (loss) attributable to HECO	36,753			13,192		9,267		(2	)	(4	)	(22,453	)	36,753
Preferred stock dividends of HECO	540			—		—		—		—		—		540
Net income (loss) for common stock	$	36,213		13,192		9,267		(2	)	(4	)	(22,453	)	$	36,213

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Income (Loss) (unaudited)

Six months ended June 30, 2010

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassifications and eliminations		HECO Consolidated
Operating revenues	$	783,670		180,475		164,661		—		—		—		$	1,128,806
Operating expenses
Fuel oil	296,463			46,632		83,979		—		—		—		427,074
Purchased power	190,554			53,465		12,276		—		—		—		256,295
Other operation	85,846			17,249		16,403		—		—		—		119,498
Maintenance	35,640			11,310		12,326		—		—		—		59,276
Depreciation	43,825			18,253		15,213		—		—		—		77,291
Taxes, other than income taxes	73,557			16,837		15,567		—		—		—		105,961
Income taxes	16,752			4,042		1,360		—		—		—		22,154
	742,637			167,788		157,124		—		—		—		1,067,549
Operating income	41,033			12,687		7,537		—		—		—		61,257
Other income
Allowance for equity funds used during construction	3,158			201		261		—		—		—		3,620
Equity in earnings of subsidiaries	8,719			—		—		—		—		(8,719	)	—
Other, net	2,004			255		(584	)	(4	)	(10	)	(48	)	1,613
	13,881			456		(323	)	(4	)	(10	)	(8,767	)	5,233
Interest and other charges
Interest on long-term debt	18,261			5,969		4,536		—		—		—		28,766
Amortization of net bond premium and expense	917			235		241		—		—		—		1,393
Other interest charges	866			196		194		—		—		(48	)	1,208
Allowance for borrowed funds used during construction	(1,364		)	(102	)	(103	)	—		—		—		(1,569		)
	18,680			6,298		4,868		—		—		(48	)	29,798
Net income (loss)	36,234			6,845		2,346		(4	)	(10	)	(8,719	)	36,692
Preferred stock dividend of subsidiaries	—			267		191		—		—		—		458
Net income (loss) attributable to HECO	36,234			6,578		2,155		(4	)	(10	)	(8,719	)	36,234
Preferred stock dividends of HECO	540			—		—		—		—		—		540
Net income (loss) for common stock	$	35,694		6,578		2,155		(4	)	(10	)	(8,719	)	$	35,694

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Balance Sheet (unaudited)

June 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI	UBC	Reclassifications and Eliminations		HECO Consolidated
Assets
Utility plant, at cost
Land	$	43,241		5,182		3,016		—	—	—		$	51,439
Plant and equipment	3,028,815			1,023,920		889,152		—	—	—		4,941,887
Less accumulated depreciation	(1,158,380		)	(406,262	)	(403,565	)	—	—	—		(1,968,207		)
Construction in progress	94,880			14,545		13,521		—	—	—		122,946
Net utility plant	2,008,556			637,385		502,124		—	—	—		3,148,065
Investment in wholly owned subsidiaries, at equity	509,216			—		—		—	—	(509,216	)	—
Current assets
Cash and cash equivalents	23,287			1,844		291		85	27	—		25,534
Advances to affiliates	—			36,800		17,000		—	—	(53,800	)	—
Customer accounts receivable, net	119,404			28,788		26,242		—	—	—		174,434
Accrued unbilled revenues, net	88,283			17,787		16,793		—	—	—		122,863
Other accounts receivable, net	11,485			1,126		1,125		—	—	(7,311	)	6,425
Fuel oil stock, at average cost	109,190			20,919		29,105		—	—	—		159,214
Materials and supplies, at average cost	19,846			4,586		13,775		—	—	—		38,207
Prepayments and other	31,631			4,393		5,108		—	—	(38	)	41,094
Regulatory assets	7,407			1,309		1,266		—	—	—		9,982
Total current assets	410,533			117,552		110,705		85	27	(61,149	)	577,753
Other long-term assets
Regulatory assets	348,662			59,947		60,175		—	—	—		468,784
Unamortized debt expense	8,648			2,515		1,982		—	—	—		13,145
Other	46,435			9,261		15,679		—	—	—		71,375
Total other long-term assets	403,745			71,723		77,836		—	—	—		553,304
Total assets	$	3,332,050		826,660		690,665		85	27	(570,365	)	$	4,279,122
Capitalization and liabilities
Capitalization
Common stock equity	$	1,338,406		275,705		233,401		84	26	(509,216	)	$	1,338,406
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—	—		34,293
Long-term debt, net	629,722			204,095		166,689		—	—	—		1,000,506
Total capitalization	1,990,421			486,800		405,090		84	26	(509,216	)	2,373,205
Current liabilities
Current portion of long-term debt	42,580			7,200		7,720		—	—	—		57,500
Short-term borrowings-affiliate	53,800			—		—		—	—	(53,800	)	—
Accounts payable	98,986			23,218		17,976		—	—	—		140,180
Interest and preferred dividends payable	13,383			4,319		2,756		—	—	(1	)	20,457
Taxes accrued	114,485			29,794		29,570		—	—	(38	)	173,811
Other	37,748			12,770		14,610		1	1	(7,310	)	57,820
Total current liabilities	360,982			77,301		72,632		1	1	(61,149	)	449,768
Deferred credits and other liabilities
Deferred income taxes	217,426			51,034		33,043		—	—	—		301,503
Regulatory liabilities	211,981			59,291		38,537		—	—	—		309,809
Unamortized tax credits	34,661			13,153		12,329		—	—	—		60,143
Retirement benefits liability	256,391			37,360		42,123		—	—	—		335,874
Other	68,403			28,368		12,560		—	—	—		109,331
Total deferred credits and other liabilities	788,862			189,206		138,592		—	—	—		1,116,660
Contributions in aid of construction	191,785			73,353		74,351		—	—	—		339,489
Total capitalization and liabilities	$	3,332,050		826,660		690,665		85	27	(570,365	)	$	4,279,122

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Balance Sheet (unaudited)

December 31, 2010

(in thousands)	HECO			HELCO		MECO		RHI	UBC	Reclassifications and Eliminations		HECO Consolidated
Assets
Utility plant, at cost
Land	$	43,240		5,108		3,016		—	—	—		$	51,364
Plant and equipment	2,984,887			1,030,520		881,567		—	—	—		4,896,974
Less accumulated depreciation	(1,134,423		)	(408,704	)	(397,932	)	—	—	—		(1,941,059		)
Construction in progress	78,934			9,828		12,800		—	—	—		101,562
Net utility plant	1,972,638			636,752		499,451		—	—	—		3,108,841
Investment in wholly owned subsidiaries, at equity	500,801			—		—		—	—	(500,801	)	—
Current assets
Cash and cash equivalents	121,019			1,229		594		89	5	—		122,936
Advances to affiliates	—			30,950		29,500		—	—	(60,450	)	—
Customer accounts receivable, net	93,474			23,484		21,213		—	—	—		138,171
Accrued unbilled revenues, net	71,712			16,018		16,654		—	—	—		104,384
Other accounts receivable, net	11,536			3,319		668		—	—	(6,147	)	9,376
Fuel oil stock, at average cost	121,280			15,751		15,674		—	—	—		152,705
Materials and supplies, at average cost	18,890			4,498		13,329		—	—	—		36,717
Prepayments and other	36,974			9,825		8,417		—	—	—		55,216
Regulatory assets	5,294			1,064		991		—	—	—		7,349
Total current assets	480,179			106,138		107,040		89	5	(66,597	)	626,854
Other long-term assets
Regulatory assets	352,038			61,051		57,892		—	—	—		470,981
Unamortized debt expense	9,240			2,681		2,109		—	—	—		14,030
Other	41,236			8,257		15,481		—	—	—		64,974
Total other long-term assets	402,514			71,989		75,482		—	—	—		549,985
Total assets	$	3,356,132		814,879		681,973		89	5	(567,398	)	$	4,285,680
Capitalization and liabilities
Capitalization
Common stock equity	$	1,337,398		270,573		230,137		86	5	(500,801	)	$	1,337,398
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—	—		34,293
Long-term debt, net	672,268			211,279		174,395		—	—	—		1,057,942
Total capitalization	2,031,959			488,852		409,532		86	5	(500,801	)	2,429,633
Current liabilities
Short-term borrowings-affiliate	60,450			—		—		—	—	(60,450	)	—
Accounts payable	135,739			22,888		20,332		—	—	—		178,959
Interest and preferred dividends payable	13,648			4,196		2,762		—	—	(3	)	20,603
Taxes accrued	116,840			31,229		27,891		—	—	—		175,960
Other	35,784			13,065		13,646		3	—	(6,144	)	56,354
Total current liabilities	362,461			71,378		64,631		3	—	(66,597	)	431,876
Deferred credits and other liabilities
Deferred income taxes	198,753			44,971		25,562		—	—	—		269,286
Regulatory liabilities	201,587			56,190		39,020		—	—	—		296,797
Unamortized tax credits	33,661			12,857		12,292		—	—	—		58,810
Retirement benefits liability	271,499			39,811		44,534		—	—	—		355,844
Other	66,898			28,739		12,433		—	—	—		108,070
Total deferred credits and other liabilities	772,398			182,568		133,841		—	—	—		1,088,807
Contributions in aid of construction	189,314			72,081		73,969		—	—	—		335,364
Total capitalization and liabilities	$	3,356,132		814,879		681,973		89	5	(567,398	)	$	4,285,680

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Changes in Common Stock Equity (unaudited)

Six months ended June 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassifications and eliminations		HECO Consolidated
Balance, December 31, 2010	$	1,337,398		270,573		230,137		86		5		(500,801	)	$	1,337,398
Comprehensive income (loss):
Net income (loss) for common stock	36,213			13,192		9,267		(2	)	(4	)	(22,453	)	36,213
Retirement benefit plans:
Less: amortization of net loss, prior service gain and transition obligation included in net periodic benefit cost, net of tax benefits	4,426			696		567		—		—		(1,263	)	4,426
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,352		)	(695	)	(568	)	—		—		1,263		(4,352		)
Comprehensive income (loss)	36,287			13,193		9,266		(2	)	(4	)	(22,453	)	36,287
Common stock dividends	(35,279		)	(8,061	)	(6,002	)	—		—		14,063		(35,279		)
Common stock issuance	—			—		—		—		25		(25	)	—
Balance, June 30, 2011	$	1,338,406		275,705		233,401		84		26		(509,216	)	$	1,338,406

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Changes in Common Stock Equity (unaudited)

Six months ended June 30, 2010

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassifications and eliminations		HECO Consolidated
Balance, December 31, 2009	$	1,306,408		240,576		221,319		94		17		(462,006	)	$	1,306,408
Comprehensive income (loss):
Net income (loss) for common stock	35,694			6,578		2,155		(4	)	(10	)	(8,719	)	35,694
Retirement benefit plans:
Less: amortization of net loss, prior service gain and transition obligation included in net periodic benefit cost, net of tax benefits	1,813			385		320		—		—		(705	)	1,813
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(1,697		)	(376	)	(308	)	—		—		684		(1,697		)
Comprehensive income (loss)	35,810			6,587		2,167		(4	)	(10	)	(8,740	)	35,810
Common stock dividends	(26,887		)	(6,203	)	(2,276	)	—		—		8,479		(26,887		)
Common stock issue expenses	(7		)	(3	)	—		—		—		3		(7		)
Balance, June 30, 2010	$	1,315,324		240,957		221,210		90		7		(462,264	)	$	1,315,324

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Cash Flows (unaudited)

Six months ended June 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Elimination addition to (deduction from) cash flows		HECO Consolidated
Cash flows from operating activities:
Net income (loss)	$	36,753		13,459		9,458		(2	)	(4	)	(22,453	)	$	37,211
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings	(22,503		)	—		—		—		—		22,453		(50		)
Common stock dividends received from subsidiaries	14,113			—		—		—		—		(14,063	)	50
Depreciation of property, plant and equipment	45,768			16,471		10,451		—		—		—		72,690
Other amortization	8,602			1,283		948		—		—		—		10,833
Changes in deferred income taxes	19,474			6,234		7,748		—		—		—		33,456
Changes in tax credits, net	1,193			307		56		—		—		—		1,556
Allowance for equity funds used during construction	(1,934		)	(316	)	(311	)	—		—		—		(2,561		)
Increase in cash overdraft	—			(2,527	)	222		—		—		—		(2,305		)
Changes in assets and liabilities:
Increase in accounts receivable	(25,879		)	(3,111	)	(5,486	)	—		—		1,164		(33,312		)
Increase in accrued unbilled revenues	(16,571		)	(1,769	)	(139	)	—		—		—		(18,479		)
Decrease (increase) in fuel oil stock	12,090			(5,168	)	(13,431	)	—		—		—		(6,509		)
Increase in materials and supplies	(956		)	(88	)	(446	)	—		—		—		(1,490		)
Increase in regulatory assets	(9,650		)	(1,057	)	(3,791	)	—		—		—		(14,498		)
Decrease in accounts payable	(45,638		)	(35	)	(2,615	)	—		—		—		(48,288		)
Changes in prepaid and accrued income and utility revenue taxes	3,724			3,682		4,772		—		—		—		12,178
Changes in other assets and liabilities	(18,315		)	(1,136	)	(3,809	)	(2	)	1		(1,164	)	(24,425		)
Net cash provided by (used in) operating activities	271			26,229		3,627		(4	)	(3	)	(14,063	)	16,057
Cash flows from investing activities:
Capital expenditures	(60,386		)	(13,937	)	(11,072	)	—		—		—		(85,395		)
Contributions in aid of construction	4,816			2,501		836		—		—		—		8,153
Other	77			—		—		—		—		—		77
Investment in consolidated subsidiary	(25		)	—		—		—		—		25		—
Advances from (to) affiliates	—			(5,850	)	12,500		—		—		(6,650	)	—
Net cash provided by (used in) investing activities	(55,518		)	(17,286	)	2,264		—		—		(6,625	)	(77,165		)
Cash flows from financing activities:
Common stock dividends	(35,279		)	(8,061	)	(6,002	)	—		—		14,063		(35,279		)
Preferred stock dividends of HECO and subsidiaries	(540		)	(267	)	(191	)	—		—		—		(998		)
Net decrease in short-term borrowings from nonaffiliates and affiliate with original maturities of three months or less	(6,650		)	—		—		—		—		6,650		—
Proceeds from issuance of common stock	—			—		—		—		25		(25	)	—
Other	(16		)	—		(1	)	—		—		—		(17		)
Net cash provided by (used in) financing activities	(42,485		)	(8,328	)	(6,194	)	—		25		20,688		(36,294		)
Net increase (decrease) in cash and cash equivalents	(97,732		)	615		(303	)	(4	)	22		—		(97,402		)
Cash and cash equivalents, beginning of period	121,019			1,229		594		89		5		—		122,936
Cash and cash equivalents, end of period	$	23,287		1,844		291		85		27		—		$	25,534

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Cash Flows (unaudited)

Six months ended June 30, 2010

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Elimination addition to (deduction from) cash flows		HECO Consolidated
Cash flows from operating activities:
Net income (loss)	$	36,234		6,845		2,346		(4	)	(10	)	(8,719	)	$	36,692
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings	(8,769		)	—		—		—		—		8,719		(50		)
Common stock dividends received from subsidiaries	8,529			—		—		—		—		(8,479	)	50
Depreciation of property, plant and equipment	43,825			18,253		15,213		—		—		—		77,291
Other amortization	2,411			1,716		(1,026	)	—		—		—		3,101
Changes in deferred income taxes	(3,745		)	(199	)	(578	)	—		—		—		(4,522		)
Changes in tax credits, net	1,609			238		(162	)	—		—		—		1,685
Allowance for equity funds used during construction	(3,158		)	(201	)	(261	)	—		—		—		(3,620		)
Decrease in cash overdraft	—			—		(302	)	—		—		—		(302		)
Changes in assets and liabilities:
Increase in accounts receivable	(18,653		)	(1,141	)	(2,921	)	—		—		4,457		(18,258		)
Decrease (increase) in accrued unbilled revenues	(6,884		)	316		71		—		—		—		(6,497		)
Increase in fuel oil stock	(45,841		)	(3,634	)	(284	)	—		—		—		(49,759		)
Decrease (increase) in materials and supplies	(1,102		)	(530	)	760		—		—		—		(872		)
Increase in regulatory assets	(1,331		)	(695	)	(226	)	—		—		—		(2,252		)
Increase (decrease) in accounts payable	(4,264		)	3,377		(299	)	—		—		—		(1,186		)
Changes in prepaid and accrued income and utility revenue taxes	(21,463		)	(4,904	)	(5,497	)	—		—		—		(31,864		)
Changes in other assets and liabilities	12,356			2,891		3,880		(2	)	1		(4,457	)	14,669
Net cash provided by (used in) operating activities	(10,246		)	22,332		10,714		(6	)	(9	)	(8,479	)	14,306
Cash flows from investing activities:
Capital expenditures	(51,025		)	(10,429	)	(10,043	)	—		—		—		(71,497		)
Contributions in aid of construction	5,871			2,206		1,353		—		—		—		9,430
Advances from (to) affiliates	5,250			—		2,000		—		—		(7,250	)	—
Net cash used in investing activities	(39,904		)	(8,223	)	(6,690	)	—		—		(7,250	)	(62,067		)
Cash flows from financing activities:
Common stock dividends	(26,887		)	(6,203	)	(2,276	)	—		—		8,479		(26,887		)
Preferred stock dividends of HECO and subsidiaries	(540		)	(267	)	(191	)	—		—		—		(998		)
Net increase (decrease) in short-term borrowings from nonaffiliates and affiliate with original maturities of three months or less	12,100			(5,250	)	—		—		—		7,250		14,100
Other	(948		)	(278	)	(123	)	—		—		—		(1,349		)
Net cash used in financing activities	(16,275		)	(11,998	)	(2,590	)	—		—		15,729		(15,134		)
Net increase (decrease) in cash and cash equivalents	(66,425		)	2,111		1,434		(6	)	(9	)	—		(62,895		)
Cash and cash equivalents, beginning of period	70,981			2,006		474		98		19		—		73,578
Cash and cash equivalents, end of period	$	4,556		4,117		1,908		92		10		—		$	10,683