Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2018

Electric utility subsidiary

Schedule of consolidating statements of income

Statements of Income Data

Years ended December 31	2018		2017		2016
(in thousands)
Interest and dividend income
Interest and fees on loans	$	220,463	$	207,255	$	199,774
Interest and dividends on investment securities	37,762		28,823		19,184
Total interest and dividend income	258,225		236,078		218,958
Interest expense
Interest on deposit liabilities	13,991		9,660		7,167
Interest on other borrowings	1,548		2,496		5,588
Total interest expense	15,539		12,156		12,755
Net interest income	242,686		223,922		206,203
Provision for loan losses	14,745		10,901		16,763
Net interest income after provision for loan losses	227,941		213,021		189,440
Noninterest income
Fees from other financial services	18,937		22,796		22,384
Fee income on deposit liabilities	21,311		22,204		21,759
Fee income on other financial products	7,052		7,205		8,707
Bank-owned life insurance	5,057		5,539		4,637
Mortgage banking income	1,493		2,201		6,625
Gains on sale of investment securities, net	—		—		598
Other income, net	2,200		1,617		2,256
Total noninterest income	56,050		61,562		66,966
Noninterest expense
Compensation and employee benefits	98,387		94,931		89,242
Occupancy	17,073		16,699		16,321
Data processing	14,268		13,280		13,030
Services	10,847		10,994		11,054
Equipment	7,186		7,232		6,938
Office supplies, printing and postage	6,134		6,182		6,075
Marketing	3,567		3,501		3,489
FDIC insurance	2,713		2,904		3,543
Other expense	17,238		20,144		19,362
Total noninterest expense	177,413		175,867		169,054
Income before income taxes	106,578		98,716		87,352
Income taxes	24,069		31,719		30,073
Net income	$	82,509	$	66,997	$	57,279

Reconciliation to amounts per HEI Consolidated Statements of Income*:

Years ended December 31	2018			2017			2016
(in thousands)
Interest and dividend income	$	258,225		$	236,078		$	218,958
Noninterest income	56,050			61,562			66,966
*Revenues-Bank	314,275			297,640			285,924
Total interest expense	15,539			12,156			12,755
Provision for loan losses	14,745			10,901			16,763
Total noninterest expense	177,413			175,867			169,054
Less: Retirement defined benefits expense—other than service costs	(1,657		)	(820		)	(875		)
*Expenses-Bank	206,040			198,104			197,697
*Operating income-Bank	108,235			99,536			88,227
Add back: Retirement defined benefits expense—other than service costs	1,657			820			875
Income before income taxes	$	106,578		$	98,716		$	87,352

Schedule of consolidating balance sheets

Balance Sheets Data

December 31				2018						2017
(in thousands)
Assets
Cash and due from banks				$	122,059					$	140,934
Interest-bearing deposits				4,225						93,165
Investment securities
Available-for-sale, at fair value				1,388,533						1,401,198
Held-to-maturity, at amortized cost (fair value of $142,057 and $44,412 at December 31, 2018 and 2017, respectively)				141,875						44,515
Stock in Federal Home Loan Bank, at cost				9,958						9,706
Loans held for investment				4,843,021						4,670,768
Allowance for loan losses				(52,119		)				(53,637		)
Net loans				4,790,902						4,617,131
Loans held for sale, at lower of cost or fair value				1,805						11,250
Other				486,347						398,570
Goodwill				82,190						82,190
Total assets				$	7,027,894					$	6,798,659
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing				$	1,800,727					$	1,760,233
Deposit liabilities–interest-bearing				4,358,125						4,130,364
Other borrowings				110,040						190,859
Other				124,613						110,356
Total liabilities				6,393,505						6,191,812
Commitments and contingencies
Common stock				1						1
Additional paid in capital				347,170						345,018
Retained earnings				325,286						292,957
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(24,423	)				$	(14,951	)
Retirement benefit plans	(13,645		)	(38,068		)	(16,178		)	(31,129		)
Total shareholder’s equity				634,389						606,847
Total liabilities and shareholder’s equity				$	7,027,894					$	6,798,659

December 31	2018		2017
(in thousands)
Other assets
Bank-owned life insurance	$	151,172	$	148,775
Premises and equipment, net	214,415		136,270
Accrued interest receivable	20,140		18,724
Mortgage servicing rights	8,062		8,639
Low-income housing investments	67,626		59,016
Real estate acquired in settlement of loans, net	406		133
Other	24,526		27,013
	$	486,347	$	398,570
Other liabilities
Accrued expenses	$	54,084	$	39,312
Federal and state income taxes payable	2,012		3,736
Cashier’s checks	26,906		27,000
Advance payments by borrowers	10,183		10,245
Other	31,428		30,063
	$	124,613	$	110,356

Hawaiian Electric Company, Inc. and Subsidiaries

Electric utility subsidiary

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2018		2017
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	624,126	$	637,204
Income taxes (1-55 years)	114,076		118,201
Decoupling revenue balancing account and RAM regulatory asset (1-2 years)	49,560		64,087
Unamortized expense and premiums on retired debt and equity issuances (19-30 years; 6-18 years remaining)	10,065		11,993
Vacation earned, but not yet taken (1 year)	10,820		11,224
Other (1-50 years; 1-46 years remaining)	24,779		26,588
	$	833,426	$	869,297
Included in:
Current assets	$	71,016	$	88,390
Long-term assets	762,410		780,907
	$	833,426	$	869,297

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2018		2017
(in thousands)
Cost of removal in excess of salvage value (1-60 years)	$	491,006	$	453,986
Income taxes (1-55 years)	413,339		406,324
Retirement benefit plans (5 years beginning with respective utility’s next rate case)	9,546		9,961
Other (5 years; 1-2 years remaining)	36,345		10,499
	$	950,236	$	880,770
Included in:
Current liabilities	$	17,977	$	3,401
Long-term liabilities	932,259		877,369
	$	950,236	$	880,770

Schedule of voluntary liquidation and redemption prices of cumulative preferred stock

The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption:

December 31, 2018	Voluntary liquidation  price		Redemption price
Series
C, D, E, H, J and K (Hawaiian Electric)	$	20	$	21
I (Hawaiian Electric)	20		20
G (Hawaii Electric Light)	100		100
H (Maui Electric)	100		100

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows: 

Years ended December 31	2018		2017		2016
(in millions)
Kalaeloa	$	216	$	180	$	152
AES Hawaii	140		140		149
HPOWER	69		67		71
Puna Geothermal Venture	15		38		28
Hamakua Energy	56		35		29
Hawaiian Commercial & Sugar	—		—		1
Wind IPPs	107		97		113
Solar IPPs	29		27		15
Other IPPs1	7		3		5
Total IPPs	$	639	$	587	$	563

Schedule of changes in asset retirement obligation

Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:

(in thousands)	2018			2017
Balance, January 1	$	6,035		$	25,589
Accretion expense	282			10
Liabilities incurred	1,058			5,370
Liabilities settled	(74		)	(527		)
Revisions in estimated cash flows	1,125			(24,407		)
Balance, December 31	$	8,426		$	6,035

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

The net annual incremental amounts to be collected (refunded) from June 1, 2018 through May 31, 2019 are as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric
2018 Annual incremental RAM adjusted revenues*	$	13.8	$	3.4	$	2.0
Annual change in accrued RBA balance as of December 31, 2017 (and associated revenue taxes)	$	6.6	$	0.7	$	3.2
2017 Tax Act Adjustment **	$	—	$	—	$	(2.8	)
Net annual incremental amount to be collected under the tariffs	$	20.4	$	4.1	$	2.4

* The 2018 annual RAM adjusted revenues for Maui Electric terminated on August 23, 2018, the effective date of interim increase tariff rates that were implemented pursuant to the Interim D&O issued in the Maui Electric consolidated 2015 and 2018 rate case.

**    Maui Electric incorporated a $2.8 million adjustment into its 2018 annual decoupling filing to incorporate the impact of the lower corporate income tax rate and the exclusion of the domestic production activities deduction, as a result of the 2017 Tax Cuts and Jobs Act (the Tax Act). Tax adjustments for Hawaiian Electric and Hawaii Electric Light are described in the discussion below of their respective on-going rate cases.

Schedule of consolidating statements of income

Consolidating statement of income

Year ended December 31, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	1,802,550		375,493		368,700		—	(218	)	[1]	$	2,546,525
Expenses
Fuel oil	523,706			90,792		146,030		—	—			760,528
Purchased power	494,450			95,838		49,019		—	—			639,307
Other operation and maintenance	313,346			70,396		77,749		—	—			461,491
Depreciation	137,410			40,235		25,981		—	—			203,626
Taxes, other than income taxes	170,363			34,850		34,699		—	—			239,912
Total expenses	1,639,275			332,111		333,478		—	—			2,304,864
Operating income	163,275			43,382		35,222		—	(218	)		241,661
Allowance for equity funds used during construction	9,208			478		1,191		—	—			10,877
Equity in earnings of subsidiaries	45,393			—		—		—	(45,393	)	[2]	—
Retirement defined benefits expense—other than service costs	(2,649		)	(417	)	(565	)	—	—			(3,631		)
Interest expense and other charges, net	(52,180		)	(11,836	)	(9,550	)	—	218		[1]	(73,348		)
Allowance for borrowed funds used during construction	4,019			276		572		—	—			4,867
Income before income taxes	167,066			31,883		26,870		—	(45,393	)		180,426
Income taxes	22,333			6,868		5,577		—	—			34,778
Net income	144,733			25,015		21,293		—	(45,393	)		145,648
Preferred stock dividends of subsidiaries	—			534		381		—	—			915
Net income attributable to Hawaiian Electric	144,733			24,481		20,912		—	(45,393	)		144,733
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—	—			1,080
Net income for common stock	$	143,653		24,481		20,912		—	(45,393	)		$	143,653

Consolidating statement of income

Year ended December 31, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	1,474,384		311,385		308,705		—	(106	)	[1]	$	2,094,368
Expenses
Fuel oil	305,359			55,094		94,251		—	—			454,704
Purchased power	431,009			81,018		50,713		—	—			562,740
Other operation and maintenance	268,118			64,216		67,597		—	—			399,931
Depreciation	126,086			37,797		23,178		—	—			187,061
Taxes, other than income taxes	141,615			29,017		29,230		—	—			199,862
Total expenses	1,272,187			267,142		264,969		—	—			1,804,298
Operating income	202,197			44,243		43,736		—	(106	)		290,070
Allowance for equity funds used    during construction	6,659			765		901		—	—			8,325
Equity in earnings of subsidiaries	42,391			—		—		—	(42,391	)	[2]	—
Retirement defined benefits expense—other than service costs	(5,058		)	319		(863	)	—	—			(5,602		)
Interest expense and other charges, net	(45,839		)	(11,555	)	(9,536	)	—	106		[1]	(66,824		)
Allowance for borrowed funds used during construction	2,484			294		366		—	—			3,144
Income before income taxes	202,834			34,066		34,604		—	(42,391	)		229,113
Income taxes	59,437			12,277		13,087		—	—			84,801
Net income	143,397			21,789		21,517		—	(42,391	)		144,312
Preferred stock dividends of subsidiaries	—			534		381		—	—			915
Net income attributable to Hawaiian Electric	143,397			21,255		21,136		—	(42,391	)		143,397
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—	—			1,080
Net income for common stock	$	142,317		21,255		21,136		—	(42,391	)		$	142,317

Consolidating statement of income

Year ended December 31, 2017

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	1,598,504		333,467		325,678		—	(83	)	[1]	$	2,257,566
Expenses
Fuel oil	408,204			63,894		115,670		—	—			587,768
Purchased power	454,189			87,772		44,673		—	—			586,634
Other operation and maintenance	274,391			66,184		71,332		—	—			411,907
Depreciation	130,889			38,741		23,154		—	—			192,784
Taxes, other than income taxes	152,933			31,184		30,832		—	—			214,949
Total expenses	1,420,606			287,775		285,661		—	—			1,994,042
Operating income	177,898			45,692		40,017		—	(83	)		263,524
Allowance for equity funds used    during construction	10,896			554		1,033		—	—			12,483
Equity in earnings of subsidiaries	38,057			—		—		—	(38,057	)	[2]	—
Retirement defined benefits expense—other than service costs	(5,049		)	(93	)	(861	)	—	—			(6,003		)
Interest expense and other charges, net	(48,277		)	(11,799	)	(9,644	)		83		[1]	(69,637		)
Allowance for borrowed funds used during construction	4,089			238		451		—	—			4,778
Income before income taxes	177,614			34,592		30,996		—	(38,057	)		205,145
Income taxes	56,583			13,912		12,704		—	—			83,199
Net income	121,031			20,680		18,292		—	(38,057	)		121,946
Preferred stock dividends of subsidiaries	—			534		381		—	—			915
Net income attributable to Hawaiian Electric	121,031			20,146		17,911		—	(38,057	)		121,031
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—	—			1,080
Net income for common stock	$	119,951		20,146		17,911		—	(38,057	)		$	119,951

Schedule of consolidating statements of comprehensive income

Consolidating statement of comprehensive income

Year ended December 31, 2017

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock	$	119,951		20,146		17,911		—	(38,057	)		$	119,951
Other comprehensive income (loss), net of taxes:
Derivatives qualified as cash flow hedges:
Reclassification adjustment to net income, net of tax benefits	454			—		—		—	—			454
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	63,105			3,093		7,329		—	(10,422	)	[1]	63,105
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	14,477			1,903		1,619		—	(3,522	)	[1]	14,477
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(78,724		)	(4,994	)	(9,003	)	—	13,997		[1]	(78,724		)
Other comprehensive income (loss), net of taxes	(688		)	2		(55	)	—	53			(688		)
Comprehensive income attributable to common shareholder	$	119,263		20,148		17,856		—	(38,004	)		$	119,263

Consolidating statement of comprehensive income

Year ended December 31, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock	$	143,653		24,481		20,912		—	(45,393	)		$	143,653
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	(26,019		)	(6,090	)	(5,004	)	—	11,094		[1]	(26,019		)
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	19,012			2,819		2,423		—	(5,242	)	[1]	19,012
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	8,325			3,305		2,788		—	(6,093	)	[1]	8,325
Other comprehensive income, net of taxes	1,318			34		207		—	(241	)		1,318
Comprehensive income attributable to common shareholder	$	144,971		24,515		21,119		—	(45,634	)		$	144,971

Consolidating statement of comprehensive income

Year ended December 31, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock	$	142,317		21,255		21,136		—	(42,391	)		$	142,317
Other comprehensive income (loss), net of taxes:
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized losses arising during the period, net of tax benefits	(281		)	—		—		—	—			(281		)
Less: reclassification adjustment to net income, net of taxes	(173		)	—		—		—	—			(173		)
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	(42,631		)	(5,141	)	(5,447	)	—	10,588		[1]	(42,631		)
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	13,254			1,718		1,549		—	(3,267	)	[1]	13,254
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits	28,584			3,269		3,852		—	(7,121	)	[1]	28,584
Other comprehensive loss, net of tax benefits	(1,247		)	(154	)	(46	)	—	200			(1,247		)
Comprehensive income attributable to common shareholder	$	141,070		21,101		21,090		—	(42,191	)		$	141,070

Schedule of consolidating balance sheets

Consolidating balance sheet

December 31, 2018

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

Consolidating balance sheet

December 31, 2017

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	40,392		5,922		3,016		—	—			$	49,330
Plant and equipment	4,144,472			1,207,043		1,053,372		—	—			6,404,887
Less accumulated depreciation	(1,451,612		)	(528,024	)	(496,716	)	—	—			(2,476,352		)
Construction in progress	231,571			8,182		23,341		—	—			263,094
Utility property, plant and equipment, net	2,964,823			693,123		583,013		—	—			4,240,959
Nonutility property, plant and equipment, less accumulated depreciation	5,933			115		1,532		—	—			7,580
Total property, plant and equipment, net	2,970,756			693,238		584,545		—	—			4,248,539
Investment in wholly-owned subsidiaries, at equity	557,013			—		—		—	(557,013	)	[2]	—
Current assets
Cash and cash equivalents	2,059			4,025		6,332		101	—			12,517
Advances to affiliates	—			—		12,000		—	(12,000	)	[1]	—
Customer accounts receivable, net	86,987			22,510		18,392		—	—			127,889
Accrued unbilled revenues, net	77,176			15,940		13,938		—	—			107,054
Other accounts receivable, net	11,376			2,268		1,210		—	(7,691	)	[1]	7,163
Fuel oil stock, at average cost	64,972			8,698		13,203		—	—			86,873
Materials and supplies, at average cost	28,325			8,041		18,031		—	—			54,397
Prepayments and other	17,928			4,514		2,913		—	—			25,355
Regulatory assets	76,203			5,038		7,149		—	—			88,390
Total current assets	365,026			71,034		93,168		101	(19,691	)		509,638
Other long-term assets
Regulatory assets	557,464			122,783		100,660		—	—			780,907
Other	60,157			16,311		15,061		—	—			91,529
Total other long-term assets	617,621			139,094		115,721		—	—			872,436
Total assets	$	4,510,416		903,366		793,434		101	(576,704	)		$	5,630,613
Capitalization and liabilities
Capitalization
Common stock equity	$	1,845,283		286,647		270,265		101	(557,013	)	[2]	$	1,845,283
Cumulative preferred stock–not subject to mandatory redemption	22,293			7,000		5,000		—	—			34,293
Long-term debt, net	924,979			202,701		190,836		—	—			1,318,516
Total capitalization	2,792,555			496,348		466,101		101	(557,013	)		3,198,092
Current liabilities
Current portion of long-term debt	29,978			10,992		8,993		—	—			49,963
Short-term borrowings-non-affiliate	4,999			—		—		—	—			4,999
Short-term borrowings-affiliate	12,000			—		—		—	(12,000	)	[1]	—
Accounts payable	121,328			17,855		20,427		—	—			159,610
Interest and preferred dividends payable	15,677			4,174		2,735		—	(11	)	[1]	22,575
Taxes accrued	133,839			34,950		30,312		—	—			199,101
Regulatory liabilities	607			1,245		1,549		—	—			3,401
Other	43,121			9,818		14,197		—	(7,680	)	[1]	59,456
Total current liabilities	361,549			79,034		78,213		—	(19,691	)		499,105
Deferred credits and other liabilities
Deferred income taxes	281,223			56,955		55,863		—	—			394,041
Regulatory liabilities	613,329			169,139		94,901		—	—			877,369
Unamortized tax credits	59,039			16,167		15,163		—	—			90,369
Defined benefit pension and other postretirement benefit plans liability	340,983			66,447		65,518		—	—			472,948
Other	61,738			19,276		17,675		—	—			98,689
Total deferred credits and other liabilities	1,356,312			327,984		249,120		—	—			1,933,416
Total capitalization and liabilities	$	4,510,416		903,366		793,434		101	(576,704	)		$	5,630,613

Schedule of consolidating statements of changes in common stock equity

Consolidating statements of changes in common stock equity

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2015	$	1,728,325		292,702		263,725		101	(556,528	)	$	1,728,325
Net income for common stock	142,317			21,255		21,136		—	(42,391	)	142,317
Other comprehensive loss, net of tax benefits	(1,247		)	(154	)	(46	)	—	200		(1,247		)
Issuance of common stock, net of expenses	23,991			(5	)	—		—	5		23,991
Common stock dividends	(93,599		)	(22,507	)	(25,261	)	—	47,768		(93,599		)
Balance, December 31, 2016	1,799,787			291,291		259,554		101	(550,946	)	1,799,787
Net income for common stock	119,951			20,146		17,911		—	(38,057	)	119,951
Other comprehensive income (loss), net of taxes	(688		)	2		(55	)	—	53		(688		)
Issuance of common stock, net of expenses	14,000			4		4,801		—	(4,805	)	14,000
Common stock dividends	(87,767		)	(24,796	)	(11,946	)	—	36,742		(87,767		)
Balance, December 31, 2017	1,845,283			286,647		270,265		101	(557,013	)	1,845,283
Net income for common stock	143,653			24,481		20,912		—	(45,393	)	143,653
Other comprehensive income, net of taxes	1,318			34		207		—	(241	)	1,318
Issuance of common stock, net of expenses	70,692			1		1,498		—	(1,499	)	70,692
Common stock dividends	(103,305		)	(15,289	)	(12,019	)	—	27,308		(103,305		)
Balance, December 31, 2018	$	1,957,641		295,874		280,863		101	(576,838	)	$	1,957,641

Schedule of consolidating statements of cash flows

Consolidating statement of cash flows

Year ended December 31, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	144,733		25,015		21,293		—	(45,393	)	[2]	$	145,648
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(45,493		)	—		—		—	45,393		[2]	(100		)
Common stock dividends received from subsidiaries	27,408			—		—		—	(27,308	)	[2]	100
Depreciation of property, plant and equipment	137,410			40,235		25,981		—	—			203,626
Other amortization	20,956			5,069		577		—	—			26,602
Deferred income taxes	(9,806		)	(341	)	2,165		—	—			(7,982		)
Allowance for equity funds used during construction	(9,208		)	(478	)	(1,191	)	—	—			(10,877		)
Other	(1,033		)	(213	)	(324	)	—	—			(1,570		)
Changes in assets and liabilities:
Increase in accounts receivable	(51,656		)	(4,867	)	(8,614	)	—	14,220		[1]	(50,917		)
Increase in accrued unbilled revenues	(10,884		)	(1,111	)	(2,689	)	—	—			(14,684		)
Decrease (increase) in fuel oil stock	10,710			(2,329	)	(1,443	)	—	—			6,938
Decrease (increase) in materials and supplies	(1,966		)	886		273		—	—			(807		)
Decrease (increase) in regulatory assets	12,192			71		(3,011	)	—	—			9,252
Increase in accounts payable	14,748			6,104		3,506		—	—			24,358
Change in prepaid and accrued income taxes, tax credits and revenue taxes	24,438			(2,118	)	3,047		—	(331	)	[1]	25,036
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	17,178			(760	)	2,328		—	—			18,746
Change in other assets and liabilities	18,484			8,186		7,794		—	(14,220	)	[1]	20,244
Net cash provided by operating activities	298,211			73,349		49,692		—	(27,639	)		393,613
Cash flows from investing activities
Capital expenditures	(330,531		)	(54,553	)	(60,779	)	—	—			(445,863		)
Contributions in aid of construction	24,828			3,499		2,272		—	—			30,599
Advances from (to) affiliates	—			—		12,000		—	(12,000	)	[1]	—
Other	3,226			1,182		3,843		—	1,831		[1], [2]	10,082
Net cash used in investing activities	(302,477		)	(49,872	)	(42,664	)	—	(10,169	)		(405,182		)
Cash flows from financing activities
Common stock dividends	(103,305		)	(15,289	)	(12,019	)	—	27,308		[2]	(103,305		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—	—			(1,995		)
Proceeds from issuance of common stock	70,700			—		1,500		—	(1,500	)	[2]	70,700
Proceeds from issuance of long-term debt	75,000			15,000		10,000		—	—			100,000
Repayment of long-term debt	(30,000		)	(11,000	)	(9,000	)	—	—			(50,000		)
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(16,999		)	—		—		—	12,000		[1]	(4,999		)
Proceeds from other bank borrowings	25,000			—		—		—	—			25,000
Other	(377		)	(56	)	(39	)	—	—			(472		)
Net cash provided by (used in) financing activities	18,939			(11,879	)	(9,939	)	—	37,808			34,929
Net increase (decrease) in cash and cash equivalents	14,673			11,598		(2,911	)	—	—			23,360
Cash and cash equivalents, January 1	2,059			4,025		6,332		101	—			12,517
Cash and cash equivalents, December 31	$	16,732		15,623		3,421		101	—			$	35,877

Consolidating statement of cash flows

Year ended December 31, 2017

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	121,031		20,680		18,292		—	(38,057	)	[2]	$	121,946
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(38,157		)	—		—		—	38,057		[2]	(100		)
Common stock dividends received from subsidiaries	36,867			—		—		—	(36,742	)	[2]	125
Depreciation of property, plant and equipment	130,889			38,741		23,154		—	—			192,784
Other amortization	2,398			3,225		2,875		—	—			8,498
Deferred income taxes	26,342			3,954		8,004		—	(263	)	[1]	38,037
Allowance for equity funds used during construction	(10,896		)	(554	)	(1,033	)	—	—			(12,483		)
Other	(1,154		)	430		(342	)	—	—			(1,066		)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	1,817			(359	)	45		—	1,411		[1]	2,914
Increase in accrued unbilled revenues	(11,355		)	(2,376	)	(1,630	)	—	—			(15,361		)
Increase in fuel oil stock	(17,733		)	(469	)	(2,241	)	—	—			(20,443		)
Decrease (increase) in materials and supplies	1,603			(661	)	(1,660	)	—	—			(718		)
Increase in regulatory assets	(8,395		)	(4,007	)	(4,854	)	—	—			(17,256		)
Increase (decrease) in accounts payable	23,519			(3,547	)	5,762		—	—			25,734
Change in prepaid and accrued income taxes, tax credits and revenue taxes	16,716			7,961		5,362		—	(177	)	[1]	29,862
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	709			52		(157	)	—	—			604
Change in other assets and liabilities	(16,213		)	(433	)	166		—	(1,411	)	[1]	(17,891		)
Net cash provided by operating activities	257,988			62,637		51,743		—	(37,182	)		335,186
Cash flows from investing activities
Capital expenditures	(339,279		)	(52,077	)	(50,242	)	—	—			(441,598		)
Contributions in aid of construction	57,527			4,293		2,913		—	—			64,733
Advances from (to) affiliates	—			3,500		(2,000	)	—	(1,500	)	[1]	—
Other	(1,711		)	649		400		—	5,240		[1],[2]	4,578
Net cash used in investing activities	(283,463		)	(43,635	)	(48,929	)	—	3,740			(372,287		)
Cash flows from financing activities
Common stock dividends	(87,767		)	(24,796	)	(11,946	)	—	36,742		[2]	(87,767		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—	—			(1,995		)
Proceeds from the issuance of common stock	14,000			—		4,800		—	(4,800	)	[2]	14,000
Proceeds from the issuance of long-term debt	202,000			28,000		85,000		—	—			315,000
Funds transferred for redemption of special purpose revenue bonds	(162,000		)	(28,000	)	(75,000	)	—	—			(265,000		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	3,499			—		—		—	1,500		[1]	4,999
Other	(2,506		)	(396	)	(1,003	)	—	—			(3,905		)
Net cash provided by (used in) financing activities	(33,854		)	(25,726	)	1,470		—	33,442			(24,668		)
Net increase (decrease) in cash and cash equivalents	(59,329		)	(6,724	)	4,284		—	—			(61,769		)
Cash and cash equivalents, January 1	61,388			10,749		2,048		101	—			74,286
Cash and cash equivalents, December 31	$	2,059		4,025		6,332		101	—			$	12,517

Consolidating statement of cash flows

Year ended December 31, 2016

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	143,397		21,789		21,517		—	(42,391	)	[2]	$	144,312
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(42,491		)	—		—		—	42,391		[2]	(100		)
Common stock dividends received from subsidiaries	47,843			—		—		—	(47,768	)	[2]	75
Depreciation of property, plant and equipment	126,086			37,797		23,178		—	—			187,061
Other amortization	2,979			1,817		2,139		—	—			6,935
Deferred income taxes	54,721			7,027		12,661		—	(23	)	[1]	74,386
Allowance for equity funds used during construction	(6,659		)	(765	)	(901	)	—	—			(8,325		)
Other	(2,517		)	(750	)	(433	)	—	—			(3,700		)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	10,175			(718	)	1,776		—	(2,682	)	[1]	8,551
Increase in accrued unbilled revenues	(5,741		)	(1,033	)	(410	)	—	—			(7,184		)
Decrease in fuel oil stock	2,216			81		2,489		—	—			4,786
Decrease (increase) in materials and supplies	993			(515	)	272		—	—			750
Increase in regulatory assets	(16,161		)	(1,243	)	(869	)	—	—			(18,273		)
Increase (decrease) in accounts payable	(10,247		)	768		(1,135	)	—	—			(10,614		)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	2,933			2,645		(3,478	)	—	23		[1]	2,123
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	599			53		(168	)	—	—			484
Change in other assets and liabilities	(11,682		)	(78	)	(2,272	)	—	2,682		[1]	(11,350		)
Net cash provided by operating activities	296,444			66,875		54,366		—	(47,768	)		369,917
Cash flows from investing activities
Capital expenditures	(236,425		)	(51,344	)	(32,668	)	—	—			(320,437		)
Contributions in aid of construction	23,611			3,412		3,077		—	—			30,100
Advances from (to) affiliates	—			12,000		(2,500	)	—	(9,500	)	[1]	—
Other	1,932			175		31		—	—			2,138
Net cash used in investing activities	(210,882		)	(35,757	)	(32,060	)	—	(9,500	)		(288,199		)
Cash flows from financing activities
Common stock dividends	(93,599		)	(22,507	)	(25,261	)	—	47,768		[2]	(93,599		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—	—			(1,995		)
Proceeds from the issuance of common stock	24,000			—		—		—	—			24,000
Proceeds from the issuance of long-term debt	40,000			—		—		—	—			40,000
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(9,500		)	—		—		—	9,500		[1]	—
Other	(276		)	(10	)	(1	)	—	—			(287		)
Net cash used in financing activities	(40,455		)	(23,051	)	(25,643	)	—	57,268			(31,881		)
Net increase (decrease) in cash and cash equivalents	45,107			8,067		(3,337	)	—	—			49,837
Cash and cash equivalents, January 1	16,281			2,682		5,385		101	—			24,449
Cash and cash equivalents, December 31	$	61,388		10,749		2,048		101	—			$	74,286

Explanation of consolidating adjustments on consolidating schedules:

[1] Eliminations of intercompany receivables and payables and other intercompany transactions.

[2] Elimination of investment in subsidiaries, carried at equity.