XML 15 R2.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues        
Total revenues $ 715,485 $ 685,277 $ 1,377,100 $ 1,331,151
Expenses        
Purchased power 162,000 161,000 296,000 301,000
Total expenses 642,851 606,478 1,226,529 1,180,463
Operating income (loss)        
Total operating income 72,634 78,799 150,571 150,688
Retirement defined benefits expense—other than service costs (761) (1,564) (1,524) (3,397)
Interest expense, net—other than on deposit liabilities and other bank borrowings (23,533) (22,001) (46,656) (43,519)
Allowance for borrowed funds used during construction 1,179 1,365 2,257 2,809
Allowance for equity funds used during construction 3,175 2,983 6,085 6,277
Income before income taxes 52,694 59,582 110,733 112,858
Income taxes 9,709 13,055 21,587 25,611
Net income 42,985 46,527 89,146 87,247
Preferred stock dividends of subsidiaries 473 473 946 946
Net income for common stock $ 42,512 $ 46,054 $ 88,200 $ 86,301
Basic earnings per common share (in dollars per share) $ 0.39 $ 0.42 $ 0.81 $ 0.79
Diluted earnings per common share (in dollars per share) $ 0.39 $ 0.42 $ 0.81 $ 0.79
Weighted-average number of common shares outstanding (in shares) 108,938 108,842 108,925 108,830
Net effect of potentially dilutive shares (in shares) 317 121 399 223
Weighted-average shares assuming dilution (in shares) 109,255 108,963 109,324 109,053
Hawaiian Electric Company, Inc. and Subsidiaries        
Revenues        
Total revenues $ 633,784 $ 608,126 $ 1,212,279 $ 1,178,553
Expenses        
Fuel oil 181,620 171,717 342,229 338,685
Purchased power 162,854 160,738 297,299 300,648
Other operation and maintenance 119,260 112,642 237,390 220,252
Depreciation 53,913 50,361 107,860 100,827
Taxes, other than income taxes 60,443 57,524 115,247 111,628
Total expenses 578,090 552,982 1,100,025 1,072,040
Operating income (loss)        
Total operating income 55,694 55,144 112,254 106,513
Retirement defined benefits expense—other than service costs (701) (988) (1,404) (2,252)
Allowance for borrowed funds used during construction 1,179 1,365 2,257 2,809
Allowance for equity funds used during construction 3,175 2,983 6,085 6,277
Interest expense and other charges, net (18,530) (18,160) (36,516) (35,854)
Income before income taxes 40,817 40,344 82,676 77,493
Income taxes 7,744 8,676 16,978 17,851
Net income 33,073 31,668 65,698 59,642
Preferred stock dividends of subsidiaries 229 229 458 458
Net income attributable to Hawaiian Electric 32,844 31,439 65,240 59,184
Preferred stock dividends of Hawaiian Electric 270 270 540 540
Net income for common stock 32,574 31,169 64,700 58,644
Electric utility        
Revenues        
Total revenues 633,784 608,126 1,212,279 1,178,553
Expenses        
Total expenses 578,090 552,982 1,100,025 1,072,040
Operating income (loss)        
Total operating income 55,694 55,144 112,254 106,513
Income before income taxes 40,817 40,344 82,676 77,493
Income taxes 7,744 8,676 16,978 17,851
Net income 33,073 31,668 65,698 59,642
Preferred stock dividends of subsidiaries 499 499 998 998
Net income for common stock 32,574 31,169 64,700 58,644
Bank        
Revenues        
Total revenues 81,687 77,104 164,739 152,523
Expenses        
Total expenses 60,435 50,187 117,365 100,719
Operating income (loss)        
Total operating income 21,252 26,917 47,374 51,804
Income before income taxes 21,292 26,514 47,454 51,014
Income taxes 4,276 5,953 9,599 11,493
Net income 17,016 20,561 37,855 39,521
Preferred stock dividends of subsidiaries 0 0 0 0
Net income for common stock 17,016 20,561 37,855 39,521
Other        
Revenues        
Total revenues 14 47 82 75
Expenses        
Total expenses 4,326 3,309 9,139 7,704
Operating income (loss)        
Total operating income (4,312) (3,262) (9,057) (7,629)
Income before income taxes (9,415) (7,276) (19,397) (15,649)
Income taxes (2,311) (1,574) (4,990) (3,733)
Net income (7,104) (5,702) (14,407) (11,916)
Preferred stock dividends of subsidiaries (26) (26) (52) (52)
Net income for common stock $ (7,078) $ (5,676) $ (14,355) $ (11,864)