Consolidating financial information (Tables) - HECO | 9 Months Ended |
Sep. 30, 2013 |
Schedule of consolidating statements of income (loss) | ' |
Selected financial information |
American Savings Bank, F.S.B. |
Statements of Income Data |
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| | Three months ended | | Nine months ended | | | | |
September 30 | September 30 | | | | |
(in thousands) | | 2013 | | 2012 | | 2013 | | 2012 | | | | |
Interest and dividend income | | | | | | | | | | | | | | | | |
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Interest and fees on loans | | $ | 43,337 | | | $ | 43,880 | | | $ | 129,564 | | | $ | 133,241 | | | | | |
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Interest and dividend on investment and mortgage-related securities | | 3,025 | | | 3,432 | | | 9,723 | | | 10,534 | | | | | |
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Total interest and dividend income | | 46,362 | | | 47,312 | | | 139,287 | | | 143,775 | | | | | |
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Interest expense | | | | | | | | | | | | | | | | |
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Interest on deposit liabilities | | 1,262 | | | 1,540 | | | 3,870 | | | 5,015 | | | | | |
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Interest on other borrowings | | 1,206 | | | 1,201 | | | 3,548 | | | 3,676 | | | | | |
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Total interest expense | | 2,468 | | | 2,741 | | | 7,418 | | | 8,691 | | | | | |
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Net interest income | | 43,894 | | | 44,571 | | | 131,869 | | | 135,084 | | | | | |
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Provision for loan losses | | 54 | | | 3,580 | | | 953 | | | 9,504 | | | | | |
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Net interest income after provision for loan losses | | 43,840 | | | 40,991 | | | 130,916 | | | 125,580 | | | | | |
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Noninterest income | | | | | | | | | | | | | | | | |
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Fees from other financial services | | 5,728 | | | 7,674 | | | 21,367 | | | 22,474 | | | | | |
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Fee income on deposit liabilities | | 4,819 | | | 4,527 | | | 13,566 | | | 13,127 | | | | | |
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Fee income on other financial products | | 2,714 | | | 1,660 | | | 6,288 | | | 4,741 | | | | | |
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Mortgage banking income | | 1,547 | | | 4,077 | | | 6,896 | | | 8,297 | | | | | |
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Gain on sale of securities | | — | | | — | | | 1,226 | | | 134 | | | | | |
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Other income | | 3,888 | | | 1,346 | | | 7,211 | | | 4,021 | | | | | |
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Total noninterest income | | 18,696 | | | 19,284 | | | 56,554 | | | 52,794 | | | | | |
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Noninterest expense | | | | | | | | | | | | | | | | |
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Compensation and employee benefits | | 20,564 | | | 18,684 | | | 60,715 | | | 56,026 | | | | | |
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Occupancy | | 4,208 | | | 4,400 | | | 12,550 | | | 12,866 | | | | | |
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Data processing | | 2,168 | | | 2,644 | | | 7,982 | | | 7,244 | | | | | |
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Services | | 2,424 | | | 3,062 | | | 6,855 | | | 7,066 | | | | | |
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Equipment | | 1,825 | | | 1,762 | | | 5,469 | | | 5,299 | | | | | |
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Other expense | | 8,539 | | | 8,096 | | | 24,634 | | | 22,909 | | | | | |
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Total noninterest expense | | 39,728 | | | 38,648 | | | 118,205 | | | 111,410 | | | | | |
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Income before income taxes | | 22,808 | | | 21,627 | | | 69,265 | | | 66,964 | | | | | |
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Income taxes | | 7,532 | | | 7,419 | | | 23,915 | | | 22,690 | | | | | |
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Net income | | $ | 15,276 | | | $ | 14,208 | | | $ | 45,350 | | | $ | 44,274 | | | | | |
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Schedule of consolidating balance sheets | ' |
American Savings Bank, F.S.B. |
Balance Sheets Data |
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(in thousands) | | 30-Sep-13 | | 31-Dec-12 | | | | |
Assets | | | | | | | | | | | | | | | | |
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Cash and cash equivalents | | | | | $ | 189,524 | | | | | | $ | 184,430 | | | | | |
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Available-for-sale investment and mortgage-related securities | | | | | 535,264 | | | | | | 671,358 | | | | | |
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Investment in stock of Federal Home Loan Bank of Seattle | | | | | 93,413 | | | | | | 96,022 | | | | | |
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Loans receivable held for investment | | | | | 4,046,184 | | | | | | 3,779,218 | | | | | |
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Allowance for loan losses | | | | | (41,052 | ) | | | | | (41,985 | ) | | | | |
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Loans receivable held for investment, net | | | | | 4,005,132 | | | | | | 3,737,233 | | | | | |
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Loans held for sale, at lower of cost or fair value | | | | | 5,829 | | | | | | 26,005 | | | | | |
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Other | | | | | 248,020 | | | | | | 244,435 | | | | | |
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Goodwill | | | | | 82,190 | | | | | | 82,190 | | | | | |
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Total assets | | | | | $ | 5,159,372 | | | | | | $ | 5,041,673 | | | | | |
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Liabilities and shareholder’s equity | | | | | | | | | | | | | | | | |
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Deposit liabilities—noninterest-bearing | | | | | $ | 1,205,526 | | | | | | $ | 1,164,308 | | | | | |
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Deposit liabilities—interest-bearing | | | | | 3,105,316 | | | | | | 3,065,608 | | | | | |
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Other borrowings | | | | | 239,612 | | | | | | 195,926 | | | | | |
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Other | | | | | 102,172 | | | | | | 117,752 | | | | | |
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Total liabilities | | | | | 4,652,626 | | | | | | 4,543,594 | | | | | |
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Commitments and contingencies (see “Litigation” below) | | | | | | | | | | | | | | | | |
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Common stock | | | | | 335,448 | | | | | | 333,712 | | | | | |
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Retained earnings | | | | | 195,113 | | | | | | 179,763 | | | | | |
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Accumulated other comprehensive income (loss), net of taxes | | | | | | | | | | | | | | | | |
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Net unrealized gains (losses) on securities | | $ | (701 | ) | | | | | $ | 10,761 | | | | | | | | |
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Retirement benefit plans | | (23,114 | ) | | (23,815 | ) | | (26,157 | ) | | (15,396 | ) | | | | |
Total shareholder’s equity | | | | | 506,746 | | | | | | 498,079 | | | | | |
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Total liabilities and shareholder’s equity | | | | | $ | 5,159,372 | | | | | | $ | 5,041,673 | | | | | |
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Other assets | | | | | | | | | | | | | | | | |
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Bank-owned life insurance | | | | | $ | 128,833 | | | | | | $ | 125,726 | | | | | |
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Premises and equipment, net | | | | | 67,634 | | | | | | 62,458 | | | | | |
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Prepaid expenses | | | | | 4,394 | | | | | | 13,199 | | | | | |
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Accrued interest receivable | | | | | 13,372 | | | | | | 13,228 | | | | | |
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Mortgage-servicing rights | | | | | 11,806 | | | | | | 10,818 | | | | | |
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Real estate acquired in settlement of loans, net | | | | | 1,488 | | | | | | 6,050 | | | | | |
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Other | | | | | 20,493 | | | | | | 12,956 | | | | | |
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| | | | | $ | 248,020 | | | | | | $ | 244,435 | | | | | |
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Other liabilities | | | | | | | | | | | | | | | | |
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Accrued expenses | | | | | $ | 20,463 | | | | | | $ | 17,103 | | | | | |
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Federal and state income taxes payable | | | | | 30,249 | | | | | | 35,408 | | | | | |
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Cashier’s checks | | | | | 24,183 | | | | | | 23,478 | | | | | |
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Advance payments by borrowers | | | | | 5,694 | | | | | | 9,685 | | | | | |
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Other | | | | | 21,583 | | | | | | 32,078 | | | | | |
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| | | | | $ | 102,172 | | | | | | $ | 117,752 | | | | | |
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Hawaiian Electric Company, Inc. and Subsidiaries | ' |
Schedule of consolidating statements of income (loss) | ' |
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Income (Loss) (unaudited) |
Three months ended September 30, 2013 |
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(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Operating revenues | | $ | 547,310 | | | 107,924 | | | 108,699 | | | — | | | — | | | $ | 763,933 | |
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Operating expenses | | | | | | | | | | | | | | | | | | |
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Fuel oil | | 206,478 | | | 27,615 | | | 49,267 | | | — | | | — | | | 283,360 | |
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Purchased power | | 143,280 | | | 34,480 | | | 17,101 | | | — | | | — | | | 194,861 | |
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Other operation | | 51,023 | | | 11,057 | | | 9,928 | | | — | | | — | | | 72,008 | |
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Maintenance | | 19,619 | | | 5,680 | | | 6,214 | | | — | | | — | | | 31,513 | |
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Depreciation | | 25,442 | | | 8,547 | | | 5,006 | | | — | | | — | | | 38,995 | |
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Taxes, other than income taxes | | 51,712 | | | 10,448 | | | 10,222 | | | — | | | — | | | 72,382 | |
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Income taxes | | 13,556 | | | 1,991 | | | 3,381 | | | — | | | — | | | 18,928 | |
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Total operating expenses | | 511,110 | | | 99,818 | | | 101,119 | | | — | | | — | | | 712,047 | |
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Operating income | | 36,200 | | | 8,106 | | | 7,580 | | | — | | | — | | | 51,886 | |
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Other income (loss) | | | | | | | | | | | | | | | | | | |
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Allowance for equity funds used during construction | | 914 | | | 222 | | | 119 | | | — | | | — | | | 1,255 | |
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Equity in earnings of subsidiaries | | 10,794 | | | — | | | — | | | — | | | (10,794 | ) | | — | |
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Other, net | | 795 | | | 217 | | | 124 | | | (1 | ) | | (36 | ) | | 1,099 | |
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Income tax expense | | (77 | ) | | (32 | ) | | (20 | ) | | — | | | — | | | (129 | ) |
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Total other income (loss) | | 12,426 | | | 407 | | | 223 | | | (1 | ) | | (10,830 | ) | | 2,225 | |
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Interest and other charges | | | | | | | | | | | | | | | | | | |
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Interest on long-term debt | | 9,902 | | | 2,751 | | | 1,962 | | | — | | | — | | | 14,615 | |
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Amortization of net bond premium and expense | | 410 | | | 116 | | | 120 | | | — | | | — | | | 646 | |
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Other interest charges | | 585 | | | 160 | | | 324 | | | — | | | (36 | ) | | 1,033 | |
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Allowance for borrowed funds used during construction | | (358 | ) | | (91 | ) | | (49 | ) | | — | | | — | | | (498 | ) |
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Total interest and other charges | | 10,539 | | | 2,936 | | | 2,357 | | | — | | | (36 | ) | | 15,796 | |
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Net income (loss) | | 38,087 | | | 5,577 | | | 5,446 | | | (1 | ) | | (10,794 | ) | | 38,315 | |
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Preferred stock dividend of subsidiaries | | — | | | 133 | | | 95 | | | — | | | — | | | 228 | |
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Net income (loss) attributable to Hawaiian Electric | | 38,087 | | | 5,444 | | | 5,351 | | | (1 | ) | | (10,794 | ) | | 38,087 | |
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Preferred stock dividends of Hawaiian Electric | | 270 | | | — | | | — | | | — | | | — | | | 270 | |
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Net income (loss) for common stock | | $ | 37,817 | | | 5,444 | | | 5,351 | | | (1 | ) | | (10,794 | ) | | $ | 37,817 | |
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Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Income (Loss) (unaudited) |
Nine months ended September 30, 2012 |
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(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Operating revenues | | $ | 1,677,604 | | | 332,558 | | | 324,664 | | | — | | | — | | | $ | 2,334,826 | |
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Operating expenses | | | | | | | | | | | | | | | | | | |
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Fuel oil | | 724,862 | | | 88,778 | | | 172,436 | | | — | | | — | | | 986,076 | |
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Purchased power | | 401,423 | | | 108,996 | | | 29,421 | | | — | | | — | | | 539,840 | |
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Other operation | | 132,770 | | | 29,851 | | | 34,185 | | | — | | | — | | | 196,806 | |
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Maintenance | | 60,993 | | | 14,280 | | | 16,368 | | | — | | | — | | | 91,641 | |
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Depreciation | | 68,046 | | | 25,036 | | | 15,474 | | | — | | | — | | | 108,556 | |
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Taxes, other than income taxes | | 159,928 | | | 31,330 | | | 30,891 | | | — | | | — | | | 222,149 | |
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Income taxes | | 41,049 | | | 9,836 | | | 7,406 | | | — | | | — | | | 58,291 | |
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Total operating expenses | | 1,589,071 | | | 308,107 | | | 306,181 | | | — | | | — | | | 2,203,359 | |
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Operating income | | 88,533 | | | 24,451 | | | 18,483 | | | — | | | — | | | 131,467 | |
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Other income (loss) | | | | | | | | | | | | | | | | | | |
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Allowance for equity funds used during construction | | 4,558 | | | 433 | | | 557 | | | — | | | — | | | 5,548 | |
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Equity in earnings of subsidiaries | | 28,025 | | | — | | | — | | | — | | | (28,025 | ) | | — | |
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Other, net | | 3,215 | | | 361 | | | 293 | | | (3 | ) | | (56 | ) | | 3,810 | |
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Income tax benefits (expense) | | (101 | ) | | (47 | ) | | 11 | | | — | | | — | | | (137 | ) |
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Total other income (loss) | | 35,697 | | | 747 | | | 861 | | | (3 | ) | | (28,081 | ) | | 9,221 | |
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Interest and other charges | | | | | | | | | | | | | | | | | | |
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Interest on long-term debt | | 29,301 | | | 8,649 | | | 6,450 | | | — | | | — | | | 44,400 | |
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Amortization of net bond premium and expense | | 1,541 | | | 362 | | | 373 | | | — | | | — | | | 2,276 | |
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Other interest charges | | (412 | ) | | 131 | | | 253 | | | — | | | (56 | ) | | (84 | ) |
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Allowance for borrowed funds used during construction | | (2,061 | ) | | (174 | ) | | (216 | ) | | — | | | — | | | (2,451 | ) |
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Total interest and other charges | | 28,369 | | | 8,968 | | | 6,860 | | | — | | | (56 | ) | | 44,141 | |
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Net income (loss) | | 95,861 | | | 16,230 | | | 12,484 | | | (3 | ) | | (28,025 | ) | | 96,547 | |
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Preferred stock dividend of subsidiaries | | — | | | 400 | | | 286 | | | — | | | — | | | 686 | |
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Net income (loss) attributable to Hawaiian Electric | | 95,861 | | | 15,830 | | | 12,198 | | | (3 | ) | | (28,025 | ) | | 95,861 | |
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Preferred stock dividends of Hawaiian Electric | | 810 | | | — | | | — | | | — | | | — | | | 810 | |
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Net income (loss) for common stock | | $ | 95,051 | | | 15,830 | | | 12,198 | | | (3 | ) | | (28,025 | ) | | $ | 95,051 | |
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Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Income (Loss) (unaudited) |
Nine months ended September 30, 2013 |
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(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Operating revenues | | $ | 1,574,869 | | | 320,314 | | | 313,740 | | | — | | | — | | | $ | 2,208,923 | |
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Operating expenses | | | | | | | | | | | | | | | | | | |
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Fuel oil | | 631,824 | | | 94,120 | | | 151,794 | | | — | | | — | | | 877,738 | |
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Purchased power | | 389,706 | | | 93,880 | | | 43,083 | | | — | | | — | | | 526,669 | |
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Other operation | | 149,218 | | | 32,267 | | | 28,130 | | | — | | | — | | | 209,615 | |
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Maintenance | | 60,922 | | | 13,787 | | | 13,846 | | | — | | | — | | | 88,555 | |
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Depreciation | | 75,150 | | | 25,641 | | | 15,074 | | | — | | | — | | | 115,865 | |
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Taxes, other than income taxes | | 149,084 | | | 30,094 | | | 29,650 | | | — | | | — | | | 208,828 | |
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Income taxes | | 33,753 | | | 7,765 | | | 9,838 | | | — | | | — | | | 51,356 | |
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Total operating expenses | | 1,489,657 | | | 297,554 | | | 291,415 | | | — | | | — | | | 2,078,626 | |
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Operating income | | 85,212 | | | 22,760 | | | 22,325 | | | — | | | — | | | 130,297 | |
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Other income (loss) | | | | | | | | | | | | | | | | | | |
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Allowance for equity funds used during construction | | 3,144 | | | 552 | | | 334 | | | — | | | — | | | 4,030 | |
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Equity in earnings of subsidiaries | | 30,446 | | | — | | | — | | | — | | | (30,446 | ) | | — | |
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Other, net | | 3,518 | | | 526 | | | 412 | | | (2 | ) | | (103 | ) | | 4,351 | |
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Income tax expense | | (266 | ) | | (73 | ) | | (81 | ) | | — | | | — | | | (420 | ) |
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Total other income (loss) | | 36,842 | | | 1,005 | | | 665 | | | (2 | ) | | (30,549 | ) | | 7,961 | |
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Interest and other charges | | | | | | | | | | | | | | | | | | |
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Interest on long-term debt | | 29,705 | | | 8,252 | | | 5,886 | | | — | | | — | | | 43,843 | |
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Amortization of net bond premium and expense | | 1,231 | | | 350 | | | 359 | | | — | | | — | | | 1,940 | |
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Other interest charges | | 637 | | | 245 | | | 887 | | | — | | | (103 | ) | | 1,666 | |
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Allowance for borrowed funds used during construction | | (1,268 | ) | | (226 | ) | | (132 | ) | | — | | | — | | | (1,626 | ) |
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Total interest and other charges | | 30,305 | | | 8,621 | | | 7,000 | | | — | | | (103 | ) | | 45,823 | |
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Net income (loss) | | 91,749 | | | 15,144 | | | 15,990 | | | (2 | ) | | (30,446 | ) | | 92,435 | |
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Preferred stock dividend of subsidiaries | | — | | | 400 | | | 286 | | | — | | | — | | | 686 | |
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Net income (loss) attributable to Hawaiian Electric | | 91,749 | | | 14,744 | | | 15,704 | | | (2 | ) | | (30,446 | ) | | 91,749 | |
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Preferred stock dividends of Hawaiian Electric | | 810 | | | — | | | — | | | — | | | — | | | 810 | |
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Net income (loss) for common stock | | $ | 90,939 | | | 14,744 | | | 15,704 | | | (2 | ) | | (30,446 | ) | | $ | 90,939 | |
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Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Income (Loss) (unaudited) |
Three months ended September 30, 2012 |
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(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Operating revenues | | $ | 579,464 | | | 108,490 | | | 111,249 | | | — | | | — | | | $ | 799,203 | |
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Operating expenses | | | | | | | | | | | | | | | | | | |
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Fuel oil | | 248,443 | | | 25,752 | | | 52,978 | | | — | | | — | | | 327,173 | |
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Purchased power | | 135,507 | | | 37,693 | | | 13,499 | | | — | | | — | | | 186,699 | |
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Other operation | | 48,201 | | | 10,888 | | | 11,352 | | | — | | | — | | | 70,441 | |
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Maintenance | | 19,615 | | | 5,146 | | | 5,607 | | | — | | | — | | | 30,368 | |
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Depreciation | | 22,738 | | | 8,299 | | | 4,904 | | | — | | | — | | | 35,941 | |
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Taxes, other than income taxes | | 53,935 | | | 10,444 | | | 10,471 | | | — | | | — | | | 74,850 | |
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Income taxes | | 15,725 | | | 2,782 | | | 3,845 | | | — | | | — | | | 22,352 | |
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Total operating expenses | | 544,164 | | | 101,004 | | | 102,656 | | | — | | | — | | | 747,824 | |
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Operating income | | 35,300 | | | 7,486 | | | 8,593 | | | — | | | — | | | 51,379 | |
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Other income (loss) | | | | | | | | | | | | | | | | | | |
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Allowance for equity funds used during construction | | 1,323 | | | 148 | | | 140 | | | — | | | — | | | 1,611 | |
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Equity in earnings of subsidiaries | | 11,285 | | | — | | | — | | | — | | | (11,285 | ) | | — | |
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Other, net | | 950 | | | 128 | | | 38 | | | (1 | ) | | (28 | ) | | 1,087 | |
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Income tax benefits (expense) | | (37 | ) | | (14 | ) | | 9 | | | — | | | — | | | (42 | ) |
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Total other income (loss) | | 13,521 | | | 262 | | | 187 | | | (1 | ) | | (11,313 | ) | | 2,656 | |
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Interest and other charges | | | | | | | | | | | | | | | | | |
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Interest on long-term debt | | 9,981 | | | 2,751 | | | 1,962 | | | — | | | — | | | 14,694 | |
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Amortization of net bond premium and expense | | 629 | | | 117 | | | 124 | | | — | | | — | | | 870 | |
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Other interest charges | | 142 | | | 78 | | | 94 | | | — | | | (28 | ) | | 286 | |
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Allowance for borrowed funds used during construction | | (576 | ) | | (59 | ) | | (53 | ) | | — | | | — | | | (688 | ) |
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Total interest and other charges | | 10,176 | | | 2,887 | | | 2,127 | | | — | | | (28 | ) | | 15,162 | |
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Net income (loss) | | 38,645 | | | 4,861 | | | 6,653 | | | (1 | ) | | (11,285 | ) | | 38,873 | |
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Preferred stock dividend of subsidiaries | | — | | | 133 | | | 95 | | | — | | | — | | | 228 | |
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Net income (loss) attributable to Hawaiian Electric | | 38,645 | | | 4,728 | | | 6,558 | | | (1 | ) | | (11,285 | ) | | 38,645 | |
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Preferred stock dividends of Hawaiian Electric | | 270 | | | — | | | — | | | — | | | — | | | 270 | |
|
Net income (loss) for common stock | | $ | 38,375 | | | 4,728 | | | 6,558 | | | (1 | ) | | (11,285 | ) | | $ | 38,375 | |
|
Schedule of consolidating statement of comprehensive income (loss) | ' |
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Comprehensive Income (Loss) (unaudited) |
Nine months ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Net income (loss) for common stock | | $ | 90,939 | | | 14,744 | | | 15,704 | | | (2 | ) | | (30,446 | ) | | $ | 90,939 | |
|
Other comprehensive income (loss), net of taxes: | | | | | | | | | | | | | | | | | | |
|
Retirement benefit plans: | | | | | | | | | | | | | | | | | | |
|
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | | 15,520 | | | 2,160 | | | 1,918 | | | — | | | (4,078 | ) | | 15,520 | |
|
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | | (15,468 | ) | | (2,162 | ) | | (1,918 | ) | | — | | | 4,080 | | | (15,468 | ) |
|
Other comprehensive income (loss), net of taxes | | 52 | | | (2 | ) | | — | | | — | | | 2 | | | 52 | |
|
Comprehensive income (loss) attributable to common shareholder | | $ | 90,991 | | | 14,742 | | | 15,704 | | | (2 | ) | | (30,444 | ) | | $ | 90,991 | |
|
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Comprehensive Income (Loss) (unaudited) |
Three months ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Net income (loss) for common stock | | $ | 37,817 | | | 5,444 | | | 5,351 | | | (1 | ) | | (10,794 | ) | | $ | 37,817 | |
|
Other comprehensive income (loss), net of taxes: | | | | | | | | | | | | |
Retirement benefit plans: | | | | | | | | | | | | |
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | | 5,173 | | | 720 | | | 639 | | | — | | | (1,359 | ) | | 5,173 | |
|
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | | (5,156 | ) | | (721 | ) | | (639 | ) | | — | | | 1,360 | | | (5,156 | ) |
|
Other comprehensive income (loss), net of taxes | | 17 | | | (1 | ) | | — | | | — | | | 1 | | | 17 | |
|
Comprehensive income (loss) attributable to common shareholder | | $ | 37,834 | | | 5,443 | | | 5,351 | | | (1 | ) | | (10,793 | ) | | $ | 37,834 | |
|
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Comprehensive Income (Loss) (unaudited) |
Nine months ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Net income (loss) for common stock | | $ | 95,051 | | | 15,830 | | | 12,198 | | | (3 | ) | | (28,025 | ) | | $ | 95,051 | |
|
Other comprehensive income, net of taxes: | | | | | | | | | | | | | | | | | | |
|
Retirement benefit plans: | | | | | | | | | | | | | | | | | | |
|
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | | 10,255 | | | 1,576 | | | 1,328 | | | — | | | (2,904 | ) | | 10,255 | |
|
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | | (10,026 | ) | | (1,558 | ) | | (1,309 | ) | | — | | | 2,867 | | | (10,026 | ) |
|
Other comprehensive income, net of taxes | | 229 | | | 18 | | | 19 | | | — | | | (37 | ) | | 229 | |
|
Comprehensive income (loss) attributable to common shareholder | | $ | 95,280 | | | 15,848 | | | 12,217 | | | (3 | ) | | (28,062 | ) | | $ | 95,280 | |
|
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Comprehensive Income (Loss) (unaudited) |
Three months ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Net income (loss) for common stock | | $ | 38,375 | | | 4,728 | | | 6,558 | | | (1 | ) | | (11,285 | ) | | $ | 38,375 | |
|
Other comprehensive income, net of taxes: | | | | | | | | | | | | | | | | | | |
|
Retirement benefit plans: | | | | | | | | | | | | | | | | | | |
|
Less: amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | | 3,419 | | | 526 | | | 443 | | | — | | | (969 | ) | | 3,419 | |
|
Less: reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | | (3,342 | ) | | (521 | ) | | (436 | ) | | — | | | 957 | | | (3,342 | ) |
|
Other comprehensive income, net of taxes | | 77 | | | 5 | | | 7 | | | — | | | (12 | ) | | 77 | |
|
Comprehensive income (loss) attributable to common shareholder | | $ | 38,452 | | | 4,733 | | | 6,565 | | | (1 | ) | | (11,297 | ) | | $ | 38,452 | |
|
Schedule of consolidating balance sheets | ' |
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Balance Sheet (unaudited) |
September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Assets | | | | | | | | | | | | | | | | | | |
|
Utility plant, at cost | | | | | | | | | | | | | | | | | | |
|
Land | | $ | 43,392 | | | 5,426 | | | 3,016 | | | — | | | — | | | $ | 51,834 | |
|
Plant and equipment | | 3,488,617 | | | 1,116,702 | | | 988,482 | | | — | | | — | | | 5,593,801 | |
|
Less accumulated depreciation | | (1,211,045 | ) | | (449,547 | ) | | (432,983 | ) | | — | | | — | | | (2,093,575 | ) |
|
Construction in progress | | 122,399 | | | 14,120 | | | 14,558 | | | — | | | — | | | 151,077 | |
|
Net utility plant | | 2,443,363 | | | 686,701 | | | 573,073 | | | — | | | — | | | 3,703,137 | |
|
Investment in wholly owned subsidiaries, at equity | | 507,080 | | | — | | | — | | | — | | | (507,080 | ) | | — | |
|
Current assets | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents | | 18,906 | | | 2,754 | | | 3,423 | | | 102 | | | — | | | 25,185 | |
|
Advances to affiliates | | 23,000 | | | 7,000 | | | — | | | — | | | (30,000 | ) | | — | |
|
Customer accounts receivable, net | | 134,641 | | | 29,569 | | | 23,494 | | | — | | | — | | | 187,704 | |
|
Accrued unbilled revenues, net | | 104,981 | | | 16,120 | | | 18,800 | | | — | | | — | | | 139,901 | |
|
Other accounts receivable, net | | 15,094 | | | 3,877 | | | 2,214 | | | — | | | (12,011 | ) | | 9,174 | |
|
Fuel oil stock, at average cost | | 105,231 | | | 14,615 | | | 17,241 | | | — | | | — | | | 137,087 | |
|
Materials and supplies, at average cost | | 37,171 | | | 7,042 | | | 15,221 | | | — | | | — | | | 59,434 | |
|
Prepayments and other | | 26,024 | | | 4,413 | | | 14,939 | | | — | | | — | | | 45,376 | |
|
Regulatory assets | | 36,006 | | | 4,636 | | | 5,081 | | | — | | | — | | | 45,723 | |
|
Total current assets | | 501,054 | | | 90,026 | | | 100,413 | | | 102 | | | (42,011 | ) | | 649,584 | |
|
Other long-term assets | | | | | | | | | | | | | | | | | | |
|
Regulatory assets | | 626,209 | | | 112,244 | | | 106,243 | | | — | | | — | | | 844,696 | |
|
Unamortized debt expense | | 6,491 | | | 1,882 | | | 1,301 | | | — | | | — | | | 9,674 | |
|
Other | | 40,343 | | | 8,405 | | | 13,919 | | | — | | | — | | | 62,667 | |
|
Total other long-term assets | | 673,043 | | | 122,531 | | | 121,463 | | | — | | | — | | | 917,037 | |
|
Total assets | | $ | 4,124,540 | | | 899,258 | | | 794,949 | | | 102 | | | (549,091 | ) | | $ | 5,269,758 | |
|
Capitalization and liabilities | | | | | | | | | | | | | | | | | | |
|
Capitalization | | | | | | | | | | | | | | | | | | |
|
Common stock equity | | $ | 1,501,944 | | | 272,860 | | | 234,118 | | | 102 | | | (507,080 | ) | | $ | 1,501,944 | |
|
Cumulative preferred stock—not subject to mandatory redemption | | 22,293 | | | 7,000 | | | 5,000 | | | — | | | — | | | 34,293 | |
|
Long-term debt, net | | 780,546 | | | 201,334 | | | 166,000 | | | — | | | — | | | 1,147,880 | |
|
Total capitalization | | 2,304,783 | | | 481,194 | | | 405,118 | | | 102 | | | (507,080 | ) | | 2,684,117 | |
|
Commitments and contingencies (Note 5) | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | |
|
Short-term borrowings from non-affiliates | | 73,246 | | | — | | | — | | | — | | | — | | | 73,246 | |
|
Short-term borrowings from affiliate | | 7,000 | | | — | | | 23,000 | | | — | | | (30,000 | ) | | — | |
|
Accounts payable | | 136,087 | | | 25,352 | | | 19,518 | | | — | | | — | | | 180,957 | |
|
Interest and preferred dividends payable | | 15,097 | | | 3,949 | | | 3,363 | | | — | | | (12 | ) | | 22,397 | |
|
Taxes accrued | | 163,204 | | | 35,403 | | | 34,846 | | | — | | | — | | | 233,453 | |
|
Other | | 54,571 | | | 11,298 | | | 24,664 | | | — | | | (11,999 | ) | | 78,534 | |
|
Total current liabilities | | 449,205 | | | 76,002 | | | 105,391 | | | — | | | (42,011 | ) | | 588,587 | |
|
Deferred credits and other liabilities | | | | | | | | | | | | | | | | | | |
|
Deferred income taxes | | 340,014 | | | 75,866 | | | 62,721 | | | — | | | — | | | 478,601 | |
|
Regulatory liabilities | | 224,568 | | | 71,230 | | | 33,333 | | | — | | | — | | | 329,131 | |
|
Unamortized tax credits | | 43,564 | | | 13,552 | | | 13,922 | | | — | | | — | | | 71,038 | |
|
Defined benefit pension and other postretirement benefit plans liability | | 442,613 | | | 77,004 | | | 76,623 | | | | | | — | | | 596,240 | |
|
Other | | 67,157 | | | 15,386 | | | 13,585 | | | — | | | — | | | 96,128 | |
|
Total deferred credits and other liabilities | | 1,117,916 | | | 253,038 | | | 200,184 | | | — | | | — | | | 1,571,138 | |
|
Contributions in aid of construction | | 252,636 | | | 89,024 | | | 84,256 | | | — | | | — | | | 425,916 | |
|
Total capitalization and liabilities | | $ | 4,124,540 | | | 899,258 | | | 794,949 | | | 102 | | | (549,091 | ) | | $ | 5,269,758 | |
|
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Balance Sheet (unaudited) |
December 31, 2012 |
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Assets | | | | | | | | | | | | | | | | | | |
|
Utility plant, at cost | | | | | | | | | | | | | | | | | | |
|
Land | | $ | 43,370 | | | 5,182 | | | 3,016 | | | — | | | — | | | $ | 51,568 | |
|
Plant and equipment | | 3,325,862 | | | 1,086,048 | | | 952,490 | | | — | | | — | | | 5,364,400 | |
|
Less accumulated depreciation | | (1,185,899 | ) | | (433,531 | ) | | (421,359 | ) | | — | | | — | | | (2,040,789 | ) |
|
Construction in progress | | 130,143 | | | 12,126 | | | 9,109 | | | — | | | — | | | 151,378 | |
|
Net utility plant | | 2,313,476 | | | 669,825 | | | 543,256 | | | — | | | — | | | 3,526,557 | |
|
Investment in wholly owned subsidiaries, at equity | | 497,939 | | | — | | | — | | | — | | | (497,939 | ) | | — | |
|
Current assets | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents | | 8,265 | | | 5,441 | | | 3,349 | | | 104 | | | — | | | 17,159 | |
|
Advances to affiliates | | 9,400 | | | 18,050 | | | — | | | — | | | (27,450 | ) | | — | |
|
Customer accounts receivable, net | | 154,316 | | | 29,772 | | | 26,691 | | | — | | | — | | | 210,779 | |
|
Accrued unbilled revenues, net | | 100,600 | | | 14,393 | | | 19,305 | | | — | | | — | | | 134,298 | |
|
Other accounts receivable, net | | 33,313 | | | 1,122 | | | 3,016 | | | — | | | (9,275 | ) | | 28,176 | |
|
Fuel oil stock, at average cost | | 123,176 | | | 15,485 | | | 22,758 | | | — | | | — | | | 161,419 | |
|
Materials and supplies, at average cost | | 31,779 | | | 5,336 | | | 13,970 | | | — | | | — | | | 51,085 | |
|
Prepayments and other | | 21,708 | | | 5,146 | | | 6,011 | | | — | | | — | | | 32,865 | |
|
Regulatory assets | | 42,675 | | | 4,056 | | | 4,536 | | | — | | | — | | | 51,267 | |
|
Total current assets | | 525,232 | | | 98,801 | | | 99,636 | | | 104 | | | (36,725 | ) | | 687,048 | |
|
Other long-term assets | | | | | | | | | | | | | | | | | | |
|
Regulatory assets | | 601,451 | | | 109,815 | | | 102,063 | | | — | | | — | | | 813,329 | |
|
Unamortized debt expense | | 7,042 | | | 2,066 | | | 1,446 | | | — | | | — | | | 10,554 | |
|
Other | | 46,586 | | | 9,871 | | | 14,848 | | | — | | | — | | | 71,305 | |
|
Total other long-term assets | | 655,079 | | | 121,752 | | | 118,357 | | | — | | | — | | | 895,188 | |
|
Total assets | | $ | 3,991,726 | | | 890,378 | | | 761,249 | | | 104 | | | (534,664 | ) | | $ | 5,108,793 | |
|
Capitalization and liabilities | | | | | | | | | | | | | | | | | | |
|
Capitalization | | | | | | | | | | | | | | | | | | |
|
Common stock equity | | $ | 1,472,136 | | | 268,908 | | | 228,927 | | | 104 | | | (497,939 | ) | | $ | 1,472,136 | |
|
Cumulative preferred stock—not subject to mandatory redemption | | 22,293 | | | 7,000 | | | 5,000 | | | — | | | — | | | 34,293 | |
|
Long-term debt, net | | 780,546 | | | 201,326 | | | 166,000 | | | — | | | — | | | 1,147,872 | |
|
Total capitalization | | 2,274,975 | | | 477,234 | | | 399,927 | | | 104 | | | (497,939 | ) | | 2,654,301 | |
|
Commitments and contingencies (Note 5) | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | |
|
Current portion of long-term debt | | — | | | — | | | — | | | — | | | — | | | — | |
|
Short-term borrowings from affiliate | | 18,050 | | | — | | | 9,400 | | | — | | | (27,450 | ) | | — | |
|
Accounts payable | | 134,651 | | | 27,457 | | | 24,716 | | | — | | | — | | | 186,824 | |
|
Interest and preferred dividends payable | | 14,479 | | | 4,027 | | | 2,593 | | | — | | | (7 | ) | | 21,092 | |
|
Taxes accrued | | 174,477 | | | 38,778 | | | 37,811 | | | — | | | — | | | 251,066 | |
|
Other | | 47,203 | | | 10,310 | | | 14,634 | | | — | | | (9,268 | ) | | 62,879 | |
|
Total current liabilities | | 388,860 | | | 80,572 | | | 89,154 | | | — | | | (36,725 | ) | | 521,861 | |
|
Deferred credits and other liabilities | | | | | | | | | | | | | | | | | |
|
Deferred income taxes | | 302,569 | | | 68,479 | | | 46,563 | | | — | | | — | | | 417,611 | |
|
Regulatory liabilities | | 218,437 | | | 67,359 | | | 36,278 | | | — | | | — | | | 322,074 | |
|
Unamortized tax credits | | 39,827 | | | 13,450 | | | 13,307 | | | — | | | — | | | 66,584 | |
|
Defined benefit pension and other postretirement benefit plans liability | | 459,765 | | | 80,686 | | | 79,754 | | | — | | | — | | | 620,205 | |
|
Other | | 68,783 | | | 17,799 | | | 14,055 | | | — | | | — | | | 100,637 | |
|
Total deferred credits and other liabilities | | 1,089,381 | | | 247,773 | | | 189,957 | | | — | | | — | | | 1,527,111 | |
|
Contributions in aid of construction | | 238,510 | | | 84,799 | | | 82,211 | | | — | | | — | | | 405,520 | |
|
Total capitalization and liabilities | | $ | 3,991,726 | | | 890,378 | | | 761,249 | | | 104 | | | (534,664 | ) | | $ | 5,108,793 | |
|
Schedule of consolidating statement of changes in common stock equity | ' |
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Changes in Common Stock Equity (unaudited) |
Nine months ended September 30, 2013 |
|
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Balance, December 31, 2012 | | $ | 1,472,136 | | | 268,908 | | | 228,927 | | | 104 | | | (497,939 | ) | | $ | 1,472,136 | |
|
Net income (loss) for common stock | | 90,939 | | | 14,744 | | | 15,704 | | | (2 | ) | | (30,446 | ) | | 90,939 | |
|
Other comprehensive income (loss), net of taxes | | 52 | | | (2 | ) | | — | | | — | | | 2 | | | 52 | |
|
Common stock dividends | | (61,183 | ) | | (10,790 | ) | | (10,513 | ) | | — | | | 21,303 | | | (61,183 | ) |
|
Balance, September 30, 2013 | | $ | 1,501,944 | | | 272,860 | | | 234,118 | | | 102 | | | (507,080 | ) | | $ | 1,501,944 | |
|
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Changes in Common Stock Equity (unaudited) |
Nine months ended September 30, 2012 |
|
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Balance, December 31, 2011 | | $ | 1,402,841 | | | 280,468 | | | 235,568 | | | 107 | | | (516,143 | ) | | $ | 1,402,841 | |
|
Net income (loss) for common stock | | 95,051 | | | 15,830 | | | 12,198 | | | (3 | ) | | (28,025 | ) | | 95,051 | |
|
Other comprehensive income, net of taxes | | 229 | | | 18 | | | 19 | | | — | | | (37 | ) | | 229 | |
|
Common stock dividends | | (54,783 | ) | | (9,854 | ) | | (6,560 | ) | | — | | | 16,414 | | | (54,783 | ) |
|
Balance, September 30, 2012 | | $ | 1,443,338 | | | 286,462 | | | 241,225 | | | 104 | | | (527,791 | ) | | $ | 1,443,338 | |
|
Schedule of Condensed consolidating statement of cash flows | ' |
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Cash Flows (unaudited) |
Nine months ended September 30, 2013 |
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | |
|
Net income (loss) | | $ | 91,749 | | | 15,144 | | | 15,990 | | | (2 | ) | | (30,446 | ) | | $ | 92,435 | |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | |
|
Equity in earnings of subsidiaries | | (30,522 | ) | | — | | | — | | | — | | | 30,446 | | | (76 | ) |
|
Common stock dividends received from subsidiaries | | 21,379 | | | — | | | — | | | — | | | (21,303 | ) | | 76 | |
|
Depreciation of property, plant and equipment | | 75,150 | | | 25,641 | | | 15,074 | | | — | | | — | | | 115,865 | |
|
Other amortization | | (228 | ) | | 1,075 | | | 1,623 | | | — | | | — | | | 2,470 | |
|
Change in deferred income taxes | | 31,361 | | | 7,165 | | | 9,488 | | | — | | | — | | | 48,014 | |
|
Change in tax credits, net | | 3,773 | | | 119 | | | 618 | | | — | | | — | | | 4,510 | |
|
Allowance for equity funds used during construction | | (3,144 | ) | | (552 | ) | | (334 | ) | | — | | | — | | | (4,030 | ) |
|
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | |
|
Decrease (increase) in accounts receivable | | 37,894 | | | (2,552 | ) | | 3,999 | | | — | | | 2,736 | | | 42,077 | |
|
Decrease (increase) in accrued unbilled revenues | | (4,381 | ) | | (1,727 | ) | | 505 | | | — | | | — | | | (5,603 | ) |
|
Decrease in fuel oil stock | | 17,945 | | | 870 | | | 5,517 | | | — | | | — | | | 24,332 | |
|
Increase in materials and supplies | | (5,392 | ) | | (1,706 | ) | | (1,251 | ) | | — | | | — | | | (8,349 | ) |
|
Increase in regulatory assets | | (37,032 | ) | | (7,165 | ) | | (9,117 | ) | | — | | | — | | | (53,314 | ) |
|
Decrease in accounts payable | | (10,435 | ) | | (3,343 | ) | | (9,196 | ) | | — | | | — | | | (22,974 | ) |
|
Decrease in prepaid and accrued income and utility revenue taxes | | (7,122 | ) | | (3,566 | ) | | (4,728 | ) | | — | | | — | | | (15,416 | ) |
|
Contributions to defined benefit pension and other postretirement benefit plans | | (44,650 | ) | | (8,083 | ) | | (8,143 | ) | | — | | | — | | | (60,876 | ) |
|
Other increase in defined benefit pension and other postretirement benefit plans liability | | 46,394 | | | 7,892 | | | 8,078 | | | — | | | — | | | 62,364 | |
|
Change in other assets and liabilities | | (10,562 | ) | | (1,821 | ) | | 4,924 | | | — | | | (2,736 | ) | | (10,195 | ) |
|
Net cash provided by (used in) operating activities | | 172,177 | | | 27,391 | | | 33,047 | | | (2 | ) | | (21,303 | ) | | 211,310 | |
|
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | |
|
Capital expenditures | | (164,423 | ) | | (35,900 | ) | | (37,546 | ) | | — | | | — | | | (237,869 | ) |
|
Contributions in aid of construction | | 15,699 | | | 6,160 | | | 1,774 | | | — | | | — | | | 23,633 | |
|
Other | | 623 | | | (196 | ) | | — | | | — | | | — | | | 427 | |
|
Advances from (to) affiliates | | (13,600 | ) | | 11,050 | | | — | | | — | | | 2,550 | | | — | |
|
Net cash used in investing activities | | (161,701 | ) | | (18,886 | ) | | (35,772 | ) | | — | | | 2,550 | | | (213,809 | ) |
|
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | |
|
Common stock dividends | | (61,183 | ) | | (10,790 | ) | | (10,513 | ) | | — | | | 21,303 | | | (61,183 | ) |
|
Preferred stock dividends of Hawaiian Electric and subsidiaries | | (810 | ) | | (400 | ) | | (286 | ) | | — | | | — | | | (1,496 | ) |
|
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | | 62,196 | | | — | | | 13,600 | | | — | | | (2,550 | ) | | 73,246 | |
|
Other | | (38 | ) | | (2 | ) | | (2 | ) | | — | | | — | | | (42 | ) |
|
Net cash provided by (used in) financing activities | | 165 | | | (11,192 | ) | | 2,799 | | | — | | | 18,753 | | | 10,525 | |
|
Net increase (decrease) in cash and cash equivalents | | 10,641 | | | (2,687 | ) | | 74 | | | (2 | ) | | — | | | 8,026 | |
|
Cash and cash equivalents, beginning of period | | 8,265 | | | 5,441 | | | 3,349 | | | 104 | | | — | | | 17,159 | |
|
Cash and cash equivalents, end of period | | $ | 18,906 | | | 2,754 | | | 3,423 | | | 102 | | | — | | | $ | 25,185 | |
|
Hawaiian Electric Company, Inc. and Subsidiaries |
Consolidating Statement of Cash Flows (unaudited) |
Nine months ended September 30, 2012 |
|
| | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Hawaiian Electric | | Hawaii Electric Light | | Maui Electric | | Other | | Consolidating | | Hawaiian Electric |
subsidiaries | adjustments | Consolidated |
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | |
|
Net income (loss) | | $ | 95,861 | | | 16,230 | | | 12,484 | | | (3 | ) | | (28,025 | ) | | $ | 96,547 | |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | |
|
Equity in earnings of subsidiaries | | (28,100 | ) | | — | | | — | | | — | | | 28,025 | | | (75 | ) |
|
Common stock dividends received from subsidiaries | | 16,464 | | | — | | | — | | | — | | | (16,414 | ) | | 50 | |
|
Depreciation of property, plant and equipment | | 68,046 | | | 25,036 | | | 15,474 | | | — | | | — | | | 108,556 | |
|
Other amortization | | 691 | | | 1,776 | | | 1,607 | | | — | | | — | | | 4,074 | |
|
Change in deferred income taxes | | 64,790 | | | 8,290 | | | 9,637 | | | — | | | — | | | 82,717 | |
|
Change in tax credits, net | | 3,256 | | | 256 | | | 130 | | | — | | | — | | | 3,642 | |
|
Allowance for equity funds used during construction | | (4,558 | ) | | (433 | ) | | (557 | ) | | — | | | — | | | (5,548 | ) |
|
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | |
|
Decrease (increase) in accounts receivable | | (43,284 | ) | | (7,236 | ) | | 1,287 | | | — | | | 12,326 | | | (36,907 | ) |
|
Decrease (increase) in accrued unbilled revenues | | 3,427 | | | 3,107 | | | (798 | ) | | — | | | — | | | 5,736 | |
|
Decrease (increase) in fuel oil stock | | (36,365 | ) | | 3,163 | | | 1,830 | | | — | | | — | | | (31,372 | ) |
|
Increase in materials and supplies | | (6,320 | ) | | (719 | ) | | (266 | ) | | — | | | — | | | (7,305 | ) |
|
Increase in regulatory assets | | (44,175 | ) | | (6,621 | ) | | (6,997 | ) | | — | | | — | | | (57,793 | ) |
|
Increase (decrease) in accounts payable | | 7,872 | | | (8,518 | ) | | (2,835 | ) | | — | | | — | | | (3,481 | ) |
|
Decrease in prepaid and accrued income and utility revenue taxes | | (14,006 | ) | | (3,562 | ) | | (3,097 | ) | | — | | | — | | | (20,665 | ) |
|
Contributions to defined benefit pension and other postretirement benefit plans | | (45,878 | ) | | (8,270 | ) | | (8,269 | ) | | — | | | — | | | (62,417 | ) |
|
Other increase in defined benefit pension and other postretirement benefit plans liability | | 34,421 | | | 6,133 | | | 9,307 | | | | | | — | | | 49,861 | |
|
Change in other assets and liabilities | | (28,970 | ) | | (1,120 | ) | | (3,192 | ) | | — | | | (12,326 | ) | | (45,608 | ) |
|
Net cash provided by (used in) operating activities | | 43,172 | | | 27,512 | | | 25,745 | | | (3 | ) | | (16,414 | ) | | 80,012 | |
|
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | |
|
Capital expenditures | | (172,872 | ) | | (26,331 | ) | | (21,767 | ) | | — | | | — | | | (220,970 | ) |
|
Contributions in aid of construction | | 25,547 | | | 4,199 | | | 3,360 | | | — | | | — | | | 33,106 | |
|
Advances from (to) affiliates | | — | | | 16,750 | | | 11,500 | | | — | | | (28,250 | ) | | — | |
|
Net cash used in investing activities | | (147,325 | ) | | (5,382 | ) | | (6,907 | ) | | — | | | (28,250 | ) | | (187,864 | ) |
|
Cash flows from financing activities: | | | | | | | | | | | | | | | | | |
|
Common stock dividends | | (54,783 | ) | | (9,854 | ) | | (6,560 | ) | | — | | | 16,414 | | | (54,783 | ) |
|
Preferred stock dividends of Hawaiian Electric and subsidiaries | | (810 | ) | | (400 | ) | | (286 | ) | | — | | | — | | | (1,496 | ) |
|
Proceeds from issuance of long-term debt | | 367,000 | | | 31,000 | | | 59,000 | | | — | | | — | | | 457,000 | |
|
Repayment of long-term debt | | (259,580 | ) | | (41,200 | ) | | (67,720 | ) | | — | | | — | | | (368,500 | ) |
|
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | | 16,469 | | | — | | | — | | | — | | | 28,250 | | | 44,719 | |
|
Other | | (1,980 | ) | | 167 | | | (359 | ) | | — | | | — | | | (2,172 | ) |
|
Net cash provided by (used in) financing activities | | 66,316 | | | (20,287 | ) | | (15,925 | ) | | — | | | 44,664 | | | 74,768 | |
|
Net increase (decrease) in cash and cash equivalents | | (37,837 | ) | | 1,843 | | | 2,913 | | | (3 | ) | | — | | | (33,084 | ) |
|
Cash and cash equivalents, beginning of period | | 44,819 | | | 3,383 | | | 496 | | | 108 | | | — | | | 48,806 | |
|
Cash and cash equivalents, end of period | | $ | 6,982 | | | 5,226 | | | 3,409 | | | 105 | | | — | | | $ | 15,722 | |
|
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