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

9 Months Ended

Sep. 30, 2011

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating financial information

11 · 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 September 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI		UBC	Reclassifications and eliminations		HECO Consolidated
Operating revenues	$	590,014		118,420		110,473		—		—	—		$	818,907
Operating expenses
Fuel oil	259,027			31,433		62,015		—		—	—		352,475
Purchased power	141,742			38,252		8,490		—		—	—		188,484
Other operation	43,604			8,530		9,281		—		—	—		61,415
Maintenance	20,776			5,115		6,445		—		—	—		32,336
Depreciation	21,613			8,148		5,222		—		—	—		34,983
Taxes, other than income taxes	54,052			10,929		10,374		—		—	—		75,355
Income taxes	16,341			4,988		2,531		—		—	—		23,860
	557,155			107,395		104,358		—		—	—		768,908
Operating income	32,859			11,025		6,115		—		—	—		49,999
Other income
Allowance for equity funds used during construction	1,220			131		219		—		—	—		1,570
Equity in earnings of subsidiaries	11,929			—		—		—		—	(11,929	)	—
Other, net	930			130		116		(2	)	—	(4	)	1,170
	14,079			261		335		(2	)	—	(11,933	)	2,740
Interest and other charges
Interest on long-term debt	9,130			2,985		2,268		—		—	—		14,383
Amortization of net bond premium and expense	503			137		127		—		—	—		767
Other interest charges	(406		)	97		103		—		—	(4	)	(210		)
Allowance for borrowed funds used during construction	(518		)	(54	)	(86	)	—		—	—		(658		)
	8,709			3,165		2,412		—		—	(4	)	14,282
Net income (loss)	38,229			8,121		4,038		(2	)	—	(11,929	)	38,457
Preferred stock dividend of subsidiaries	—			133		95		—		—	—		228
Net income (loss) attributable to HECO	38,229			7,988		3,943		(2	)	—	(11,929	)	38,229
Preferred stock dividends of HECO	270			—		—		—		—	—		270
Net income (loss) for common stock	$	37,959		7,988		3,943		(2	)	—	(11,929	)	$	37,959

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Income (Loss) (unaudited)

Three months ended September 30, 2010

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassifications and eliminations		HECO Consolidated
Operating revenues	$	436,919		95,645		89,659		—		—		—		$	622,223
Operating expenses
Fuel oil	168,019			22,968		44,547		—		—		—		235,534
Purchased power	111,552			30,206		6,122		—		—		—		147,880
Other operation	44,949			7,848		9,868		—		—		—		62,665
Maintenance	20,258			4,995		5,365		—		—		—		30,618
Depreciation	21,197			9,127		5,953		—		—		—		36,277
Taxes, other than income taxes	40,924			8,904		8,489		—		—		—		58,317
Income taxes	8,665			3,327		2,826		—		—		—		14,818
	415,564			87,375		83,170		—		—		—		586,109
Operating income	21,355			8,270		6,489		—		—		—		36,114
Other income
Allowance for equity funds used during construction	923			129		145		—		—		—		1,197
Equity in earnings of subsidiaries	9,454			—		—		—		—		(9,454	)	—
Other, net	267			147		120		(2	)	(2	)	(20	)	510
	10,644			276		265		(2	)	(2	)	(9,474	)	1,707
Interest and other charges
Interest on long-term debt	9,130			2,985		2,268		—		—		—		14,383
Amortization of net bond premium and expense	512			160		127		—		—		—		799
Other interest charges	476			92		105		—		—		(20	)	653
Allowance for borrowed funds used during construction	(369		)	(66	)	(57	)	—		—		—		(492		)
	9,749			3,171		2,443		—		—		(20	)	15,343
Net income (loss)	22,250			5,375		4,311		(2	)	(2	)	(9,454	)	22,478
Preferred stock dividend of subsidiaries	—			133		95		—		—		—		228
Net income (loss) attributable to HECO	22,250			5,242		4,216		(2	)	(2	)	(9,454	)	22,250
Preferred stock dividends of HECO	270			—		—		—		—		—		270
Net income (loss) for common stock	$	21,980		5,242		4,216		(2	)	(2	)	(9,454	)	$	21,980

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Income (Loss) (unaudited)

Nine months ended September 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassifications and eliminations		HECO Consolidated
Operating revenues	$	1,550,491		328,650		311,719		—		—		—		$	2,190,860
Operating expenses
Fuel oil	662,524			90,047		172,905		—		—		—		925,476
Purchased power	386,414			100,516		21,249		—		—		—		508,179
Other operation	139,255			26,322		28,757		—		—		—		194,334
Maintenance	64,045			13,263		15,500		—		—		—		92,808
Depreciation	67,381			24,619		15,673		—		—		—		107,673
Taxes, other than income taxes	143,049			30,265		29,188		—		—		—		202,502
Income taxes	24,679			13,482		8,469		—		—		—		46,630
	1,487,347			298,514		291,741		—		—		—		2,077,602
Operating income	63,144			30,136		19,978		—		—		—		113,258
Other income
Allowance for equity funds used during construction	3,154			447		530		—		—		—		4,131
Equity in earnings of subsidiaries	34,382			—		—		—		—		(34,382	)	—
Other, net	2,288			450		270		(4	)	(4	)	(22	)	2,978
	39,824			897		800		(4	)	(4	)	(34,404	)	7,109
Interest and other charges
Interest on long-term debt	27,391			8,954		6,804		—		—		—		43,149
Amortization of net bond premium and expense	1,519			417		380		—		—		—		2,316
Other interest charges	414			271		302		—		—		(22	)	965
Allowance for borrowed funds used during construction	(1,338		)	(189	)	(204	)	—		—		—		(1,731		)
	27,986			9,453		7,282		—		—		(22	)	44,699
Net income (loss)	74,982			21,580		13,496		(4	)	(4	)	(34,382	)	75,668
Preferred stock dividend of subsidiaries	—			400		286		—		—		—		686
Net income (loss) attributable to HECO	74,982			21,180		13,210		(4	)	(4	)	(34,382	)	74,982
Preferred stock dividends of HECO	810			—		—		—		—		—		810
Net income (loss) for common stock	$	74,172		21,180		13,210		(4	)	(4	)	(34,382	)	$	74,172

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Income (Loss) (unaudited)

Nine months ended September 30, 2010

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassifications and eliminations		HECO Consolidated
Operating revenues	$	1,220,589		276,120		254,320		—		—		—		$	1,751,029
Operating expenses
Fuel oil	464,482			69,600		128,526		—		—		—		662,608
Purchased power	302,106			83,671		18,398		—		—		—		404,175
Other operation	130,795			25,097		26,271		—		—		—		182,163
Maintenance	55,898			16,305		17,691		—		—		—		89,894
Depreciation	65,022			27,380		21,166		—		—		—		113,568
Taxes, other than income taxes	114,481			25,741		24,056		—		—		—		164,278
Income taxes	25,417			7,369		4,186		—		—		—		36,972
	1,158,201			255,163		240,294		—		—		—		1,653,658
Operating income	62,388			20,957		14,026		—		—		—		97,371
Other income
Allowance for equity funds used during construction	4,081			330		406		—		—		—		4,817
Equity in earnings of subsidiaries	18,173			—		—		—		—		(18,173	)	—
Other, net	2,271			402		(464	)	(6	)	(12	)	(68	)	2,123
	24,525			732		(58	)	(6	)	(12	)	(18,241	)	6,940
Interest and other charges
Interest on long-term debt	27,391			8,954		6,804		—		—		—		43,149
Amortization of net bond premium and expense	1,429			395		368		—		—		—		2,192
Other interest charges	1,342			288		299		—		—		(68	)	1,861
Allowance for borrowed funds used during construction	(1,733		)	(168	)	(160	)	—		—		—		(2,061		)
	28,429			9,469		7,311		—		—		(68	)	45,141
Net income (loss)	58,484			12,220		6,657		(6	)	(12	)	(18,173	)	59,170
Preferred stock dividend of subsidiaries	—			400		286		—		—		—		686
Net income (loss) attributable to HECO	58,484			11,820		6,371		(6	)	(12	)	(18,173	)	58,484
Preferred stock dividends of HECO	810			—		—		—		—		—		810
Net income (loss) for common stock	$	57,674		11,820		6,371		(6	)	(12	)	(18,173	)	$	57,674

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Balance Sheet (unaudited)

September 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI	UBC	Reclassifications and Eliminations		HECO Consolidated
Assets
Utility plant, at cost
Land	$	43,271		5,182		3,015		—	—	—		$	51,468
Plant and equipment	3,029,505			1,026,081		896,213		—	—	—		4,951,799
Less accumulated depreciation	(1,131,520		)	(410,842	)	(406,102	)	—	—	—		(1,948,464		)
Construction in progress	101,762			19,546		15,332		—	—	—		136,640
Net utility plant	2,043,018			639,967		508,458		—	—	—		3,191,443
Investment in wholly owned subsidiaries, at equity	514,143			—		—		—	—	(514,143	)	—
Current assets
Cash and cash equivalents	8,847			3,292		1,621		83	26	—		13,869
Advances to affiliates	—			44,700		19,000		—	—	(63,700	)	—
Customer accounts receivable, net	127,968			29,198		25,766		—	—	—		182,932
Accrued unbilled revenues, net	104,194			17,737		15,956		—	—	—		137,887
Other accounts receivable, net	10,747			1,205		2,041		—	—	(6,412	)	7,581
Fuel oil stock, at average cost	113,649			20,442		23,206		—	—	—		157,297
Materials and supplies, at average cost	23,530			4,584		13,883		—	—	—		41,997
Prepayments and other	27,438			3,818		3,449		—	—	(1,549	)	33,156
Regulatory assets	7,327			1,286		1,234		—	—	—		9,847
Total current assets	423,700			126,262		106,156		83	26	(71,661	)	584,566
Other long-term assets
Regulatory assets	364,309			59,516		60,815		—	—	—		484,640
Unamortized debt expense	8,389			2,432		1,923		—	—	—		12,744
Other	51,642			10,590		15,134		—	—	—		77,366
Total other long-term assets	424,340			72,538		77,872		—	—	—		574,750
Total assets	$	3,405,201		838,767		692,486		83	26	(585,804	)	$	4,350,759
Capitalization and liabilities
Capitalization
Common stock equity	$	1,358,847		279,672		234,363		82	26	(514,143	)	$	1,358,847
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—	—		34,293
Long-term debt, net	629,740			204,102		166,696		—	—	—		1,000,538
Total capitalization	2,010,880			490,774		406,059		82	26	(514,143	)	2,393,678
Current liabilities
Current portion of long-term debt	42,580			7,200		7,720		—	—	—		57,500
Short-term borrowings-nonaffiliates	12,498			—		—		—	—	—		12,498
Short-term borrowings-affiliate	63,700			—		—		—	—	(63,700	)	—
Accounts payable	101,479			23,695		15,664		—	—	—		140,838
Interest and preferred dividends payable	13,300			4,247		3,803		—	—	(1	)	21,349
Taxes accrued	133,631			35,022		32,439		—	—	(1,549	)	199,543
Other	34,490			11,250		15,083		1	—	(6,411	)	54,413
Total current liabilities	401,678			81,414		74,709		1	—	(71,661	)	486,141
Deferred credits and other liabilities
Deferred income taxes	232,657			54,699		33,226		—	—	—		320,582
Regulatory liabilities	214,267			60,748		38,284		—	—	—		313,299
Unamortized tax credits	34,198			13,350		12,399		—	—	—		59,947
Retirement benefits liability	248,585			35,798		40,677		—	—	—		325,060
Other	67,829			27,832		12,281		—	—	—		107,942
Total deferred credits and other liabilities	797,536			192,427		136,867		—	—	—		1,126,830
Contributions in aid of construction	195,107			74,152		74,851		—	—	—		344,110
Total capitalization and liabilities	$	3,405,201		838,767		692,486		83	26	(585,804	)	$	4,350,759

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)

Nine months ended September 30, 2011

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassificationsandeliminations		HECOConsolidated
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	74,172			21,180		13,210		(4	)	(4	)	(34,382	)	74,172
Retirement benefit plans:
Less: amortization of net loss, prior service gain and transition obligation included in netperiodic benefit cost, net of tax benefits	6,280			992		868		—		—		(1,860	)	6,280
Less: reclassification adjustment for impactof D&Os of the PUC included in regulatoryassets, net of taxes	(6,084		)	(980	)	(849	)	—		—		1,829		(6,084		)
Other comprehensive income	196			12		19		—		—		(31	)	196
Comprehensive income	74,368			21,192		13,229		(4	)	(4	)	(34,413	)	74,368
Common stock dividends	(52,919		)	(12,093	)	(9,003	)	—		—		21,096		(52,919		)
Common stock issuance	—			—		—		—		25		(25	)	—
Balance, September 30, 2011	$	1,358,847		279,672		234,363		82		26		(514,143	)	$	1,358,847

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Changes in Common Stock Equity (unaudited)

Nine months ended September 30, 2010

(in thousands)	HECO			HELCO		MECO		RHI		UBC		Reclassificationsandeliminations		HECOConsolidated
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	57,674			11,820		6,371		(6	)	(12	)	(18,173	)	57,674
Retirement benefit plans:
Less: amortization of net loss, prior service gain and transition obligation included in netperiodic benefit cost, net of tax benefits	2,819			593		461		—		—		(1,054	)	2,819
Less: reclassification adjustment for impactof D&Os of the PUC included in regulatoryassets, net of taxes	(2,640		)	(579	)	(443	)	—		—		1,022		(2,640		)
Other comprehensive income	179			14		18		—		—		(32	)	179
Comprehensive income (loss)	57,853			11,834		6,389		(6	)	(12	)	(18,205	)	57,853
Common stock dividends	(38,360		)	(7,710	)	(3,001	)	—		—		10,711		(38,360		)
Common stock issue expenses	(9		)	(5	)	—		—		—		5		(9		)
Balance, September 30, 2010	$	1,325,892		244,695		224,707		88		5		(469,495	)	$	1,325,892

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Cash Flows (unaudited)

Nine months ended September 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)	$	74,982		21,580		13,496		(4	)	(4	)	(34,382	)	$	75,668
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings	(34,457		)	—		—		—		—		34,382		(75		)
Common stock dividends received from subsidiaries	21,171			—		—		—		—		(21,096	)	75
Depreciation of property, plant and equipment	67,381			24,619		15,673		—		—		—		107,673
Other amortization	9,390			1,928		1,376		—		—		—		12,694
Changes in deferred income taxes	33,606			9,801		7,713		—		—		—		51,120
Changes in tax credits, net	771			510		135		—		—		—		1,416
Allowance for equity funds used during construction	(3,154		)	(447	)	(530	)	—		—		—		(4,131		)
Change in cash overdraft	—			(2,527	)	(161	)	—		—		—		(2,688		)
Changes in assets and liabilities:
Increase in accounts receivable	(33,705		)	(3,600	)	(5,926	)	—		—		265		(42,966		)
Decrease (increase) in accrued unbilled revenues	(32,482		)	(1,719	)	698		—		—		—		(33,503		)
Decrease (increase) in fuel oil stock	7,631			(4,691	)	(7,532	)	—		—		—		(4,592		)
Increase in materials and supplies	(4,640		)	(86	)	(554	)	—		—		—		(5,280		)
Increase in regulatory assets	(27,602		)	(1,551	)	(5,078	)	—		—		—		(34,231		)
Increase (decrease) in accounts payable	(52,693		)	100		(6,933	)	—		—		—		(59,526		)
Changes in prepaid and accrued income and utility revenue taxes	25,633			8,760		10,105		—		—		—		44,498
Changes in other assets and liabilities	(35,362		)	(5,485	)	(4,570	)	(2	)	—		(265	)	(45,684		)
Net cash provided by (used in) operating activities	16,470			47,192		17,912		(6	)	(4	)	(21,096	)	60,468
Cash flows from investing activities:
Capital expenditures	(100,033		)	(22,770	)	(19,931	)	—		—		—		(142,734		)
Contributions in aid of construction	9,381			3,884		1,841		—		—		—		15,106
Other	77			—		—		—		—		—		77
Investment in consolidated subsidiary	(25		)	—		—		—		—		25		—
Advances from (to) affiliates	—			(13,750	)	10,500		—		—		3,250		—
Net cash used in investing activities	(90,600		)	(32,636	)	(7,590	)	—		—		3,275		(127,551		)
Cash flows from financing activities:
Common stock dividends	(52,919		)	(12,093	)	(9,003	)	—		—		21,096		(52,919		)
Preferred stock dividends of HECO and subsidiaries	(810		)	(400	)	(286	)	—		—		—		(1,496		)
Net increase in short-term borrowings from nonaffiliates and affiliate with original maturities of three months or less	15,748			—		—		—		—		(3,250	)	12,498
Proceeds from issuance of common stock	—			—		—		—		25		(25	)	—
Other	(61		)	—		(6	)	—		—		—		(67		)
Net cash provided by (used in) financing activities	(38,042		)	(12,493	)	(9,295	)	—		25		17,821		(41,984		)
Net increase (decrease) in cash and cash equivalents	(112,172		)	2,063		1,027		(6	)	21		—		(109,067		)
Cash and cash equivalents, beginning of period	121,019			1,229		594		89		5		—		122,936
Cash and cash equivalents, end of period	$	8,847		3,292		1,621		83		26		—		$	13,869

Hawaiian Electric Company, Inc. and Subsidiaries

Consolidating Statement of Cash Flows (unaudited)

Nine months ended September 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)	$	58,484		12,220		6,657		(6	)	(12	)	(18,173	)	$	59,170
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in earnings	(18,248		)	—		—		—		—		18,173		(75		)
Common stock dividends received from subsidiaries	10,786			—		—		—		—		(10,711	)	75
Depreciation of property, plant and equipment	65,022			27,380		21,166		—		—		—		113,568
Other amortization	3,686			2,595		(921	)	—		—		—		5,360
Changes in deferred income taxes	45,875			20,643		8,202		—		—		—		74,720
Changes in tax credits, net	1,992			132		(185	)	—		—		—		1,939
Allowance for equity funds used during construction	(4,081		)	(330	)	(406	)	—		—		—		(4,817		)
Change in cash overdraft	—			—		884		—		—		—		884
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	(11,894		)	1,469		861		—		—		2,780		(6,784		)
Increase in accrued unbilled revenues	(8,453		)	(1,116	)	(2,021	)	—		—		—		(11,590		)
Increase in fuel oil stock	(41,259		)	(673	)	(637	)	—		—		—		(42,569		)
Decrease (increase) in materials and supplies	(1,071		)	(282	)	968		—		—		—		(385		)
Increase in regulatory assets	(1,801		)	(1,144	)	(324	)	—		—		—		(3,269		)
Increase (decrease) in accounts payable	(26,400		)	(118	)	(2,211	)	—		—		—		(28,729		)
Changes in prepaid and accrued income and utility revenue taxes	(45,651		)	(2,567	)	(6,984	)	—		—		—		(55,202		)
Changes in other assets and liabilities	21,933			(20,580	)	2,845		(2	)	(1	)	(2,780	)	1,415
Net cash provided by (used in) operating activities	48,920			37,629		27,894		(8	)	(13	)	(10,711	)	103,711
Cash flows from investing activities:
Capital expenditures	(79,752		)	(21,216	)	(17,444	)	—		—		—		(118,412		)
Contributions in aid of construction	10,079			5,073		1,623		—		—		—		16,775
Other	657			—		—		—		—		—		657
Advances from (to) affiliates	13,050			—		(8,500	)	—		—		(4,550	)	—
Net cash used in investing activities	(55,966		)	(16,143	)	(24,321	)	—		—		(4,550	)	(100,980		)
Cash flows from financing activities:
Common stock dividends	(38,360		)	(7,710	)	(3,001	)	—		—		10,711		(38,360		)
Preferred stock dividends of HECO and subsidiaries	(810		)	(400	)	(286	)	—		—		—		(1,496		)
Net increase (decrease) in short-term borrowings from nonaffiliates and affiliate with original maturities of three months or less	8,500			(13,050	)	—		—		—		4,550		—
Other	(1,005		)	(279	)	(125	)	—		—		—		(1,409		)
Net cash used in financing activities	(31,675		)	(21,439	)	(3,412	)	—		—		15,261		(41,265		)
Net increase (decrease) in cash and cash equivalents	(38,721		)	47		161		(8	)	(13	)	—		(38,534		)
Cash and cash equivalents, beginning of period	70,981			2,006		474		98		19		—		73,578
Cash and cash equivalents, end of period	$	32,260		2,053		635		90		6		—		$	35,044