Electric utility segment (Tables)

6 Months Ended

Jun. 30, 2019

Regulatory Projects and Legal Obligations [Line Items]

Schedule of condensed consolidating statements of income (loss)

Statements of Income Data

	Three months ended June 30				Six months ended June 30
(in thousands)	2019		2018		2019		2018
Interest and dividend income
Interest and fees on loans	$	58,620	$	54,633	$	116,480	$	107,433
Interest and dividends on investment securities	7,535		8,628		18,163		17,830
Total interest and dividend income	66,155		63,261		134,643		125,263
Interest expense
Interest on deposit liabilities	4,287		3,284		8,539		6,241
Interest on other borrowings	411		393		939		889
Total interest expense	4,698		3,677		9,478		7,130
Net interest income	61,457		59,584		125,165		118,133
Provision for loan losses	7,688		2,763		14,558		6,304
Net interest income after provision for loan losses	53,769		56,821		110,607		111,829
Noninterest income
Fees from other financial services	4,798		4,744		9,360		9,398
Fee income on deposit liabilities	5,004		5,138		10,082		10,327
Fee income on other financial products	1,830		1,675		3,423		3,329
Bank-owned life insurance	2,390		1,133		4,649		2,004
Mortgage banking income	976		617		1,590		1,230
Other income, net	534		536		992		972
Total noninterest income	15,532		13,843		30,096		27,260
Noninterest expense
Compensation and employee benefits	25,750		23,655		51,262		48,095
Occupancy	5,479		4,194		10,149		8,474
Data processing	3,852		3,540		7,590		7,004
Services	2,606		3,028		5,032		6,075
Equipment	2,189		1,874		4,253		3,602
Office supplies, printing and postage	1,663		1,491		3,023		2,998
Marketing	1,323		1,085		2,313		1,730
FDIC insurance	628		727		1,254		1,440
Other expense	4,519		4,556		8,373		8,657
Total noninterest expense	48,009		44,150		93,249		88,075
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

Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:

	Three months ended June 30						Six months ended June 30
(in thousands)	2019			2018			2019			2018
Interest and dividend income	66,155			63,261			$	134,643		$	125,263
Noninterest income	15,532			13,843			30,096			27,260
*Revenues-Bank	81,687			77,104			164,739			152,523
Total interest expense	4,698			3,677			9,478			7,130
Provision for loan losses	7,688			2,763			14,558			6,304
Noninterest expense	48,009			44,150			93,249			88,075
Less: Retirement defined benefits gain (expense)—other than service costs	40			(403		)	80			(790		)
*Expenses-Bank	60,435			50,187			117,365			100,719
*Operating income-Bank	21,252			26,917			47,374			51,804
Add back: Retirement defined benefits (gain) expense—other than service costs	(40		)	403			(80		)	790
Income before income taxes	$	21,292		$	26,514		$	47,454		$	51,014

Schedule of condensed consolidating balance sheet

Balance Sheets Data

(in thousands)	June 30, 2019						December 31, 2018
Assets
Cash and due from banks				$	115,214					$	122,059
Interest-bearing deposits				52,415						4,225
Investment securities
Available-for-sale, at fair value				1,298,010						1,388,533
Held-to-maturity, at amortized cost (fair value of $141,231 and $142,057, respectively)				137,029						141,875
Stock in Federal Home Loan Bank, at cost				8,434						9,958
Loans held for investment				5,008,489						4,843,021
Allowance for loan losses				(58,425		)				(52,119		)
Net loans				4,950,064						4,790,902
Loans held for sale, at lower of cost or fair value				9,196						1,805
Other				511,502						486,347
Goodwill				82,190						82,190
Total assets				$	7,164,054					$	7,027,894
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,883,044					$	1,800,727
Deposit liabilities—interest-bearing				4,374,339						4,358,125
Other borrowings				111,485						110,040
Other				134,162						124,613
Total liabilities				6,503,030						6,393,505
Commitments and contingencies
Common stock				1						1
Additional paid-in capital				348,423						347,170
Retained earnings				330,141						325,286
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(830	)				$	(24,423	)
Retirement benefit plans	(16,711		)	(17,541		)	(13,645		)	(38,068		)
Total shareholder’s equity				661,024						634,389
Total liabilities and shareholder’s equity				$	7,164,054					$	7,027,894
Other assets
Bank-owned life insurance				$	151,607					$	151,172
Premises and equipment, net				208,956						214,415
Accrued interest receivable				20,675						20,140
Mortgage-servicing rights				8,103						8,062
Low-income housing equity investments				71,484						67,626
Real estate acquired in settlement of loans, net				—						406
Real estate held for sale				9,014						—
Other				41,663						24,526
				$	511,502					$	486,347
Other liabilities
Accrued expenses				$	42,129					$	54,084
Federal and state income taxes payable				7,176						2,012
Cashier’s checks				25,135						26,906
Advance payments by borrowers				11,080						10,183
Other				48,642						31,428
				$	134,162					$	124,613

Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows:

	Three months ended June 30				Six months ended June 30
(in millions)	2019		2018		2019		2018
Kalaeloa	$	61	$	52	$	101	$	92
AES Hawaii	32		32		64		69
HPOWER	19		17		37		32
Puna Geothermal Venture	—		4		—		15
Hamakua Energy	18		15		34		22
Wind IPPs	23		31		43		53
Solar IPPs	8		8		15		14
Other IPPs 1	1		2		2		4
Total IPPs	$	162	$	161	$	296	$	301

¹ 

Includes hydro power and other PPAs

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

The net annual incremental amounts approved to be collected (refunded) from June 1, 2019 through May 31, 2020 are as follows:

(in millions)	Hawaiian Electric			Hawaii Electric Light			Maui Electric			Total
2019 Annual incremental RAM adjusted revenues, net of changes in Tax Act adjustment*	$	6.5		$	1.1		$	5.4		$	13.0
Annual change in accrued RBA balance as of December 31, 2018 (and associated revenue taxes) which incorporates MPIR recovery	(12.2		)	(2.0		)	0.8			(13.4		)
Performance Incentive Mechanisms (net)	(1.3		)	—			(0.4		)	(1.7		)
Net annual incremental amount to be collected (refunded) under the tariffs	$	(7.0	)	$	(0.9	)	$	5.8		$	(2.1	)

*   The 2017 Tax Cuts and Jobs Act (the Tax Act) had two incremental impacts in 2019. First, the 2019 RAM calculation for all of the Utilities incorporated additional amortization of the regulatory liability associated with certain deferred taxes. Secondly, Maui Electric incorporated a $2.8 million adjustment in its 2018 annual decoupling filing related to the Tax Act which is not recurring in 2019.

Schedule of condensed consolidating statements of income (loss)

Condensed Consolidating Statement of Income

Six months ended June 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	832,879		177,481		168,294		—	(101	)	$	1,178,553
Expenses
Fuel oil	234,505			37,919		66,261		—	—		338,685
Purchased power	229,182			48,498		22,968		—	—		300,648
Other operation and maintenance	149,785			35,113		35,354		—	—		220,252
Depreciation	68,830			20,093		11,904		—	—		100,827
Taxes, other than income taxes	79,118			16,620		15,890		—	—		111,628
Total expenses	761,420			158,243		152,377		—	—		1,072,040
Operating income	71,459			19,238		15,917		—	(101	)	106,513
Allowance for equity funds used during construction	5,475			235		567		—	—		6,277
Equity in earnings of subsidiaries	18,405			—		—		—	(18,405	)	—
Retirement defined benefits expense—other than service costs	(1,616		)	(208	)	(428	)	—	—		(2,252		)
Interest expense and other charges, net	(25,425		)	(5,829	)	(4,701	)	—	101		(35,854		)
Allowance for borrowed funds used during construction	2,388			141		280		—	—		2,809
Income before income taxes	70,686			13,577		11,635		—	(18,405	)	77,493
Income taxes	11,502			3,446		2,903		—	—		17,851
Net income	59,184			10,131		8,732		—	(18,405	)	59,642
Preferred stock dividends of subsidiaries	—			267		191		—	—		458
Net income attributable to Hawaiian Electric	59,184			9,864		8,541		—	(18,405	)	59,184
Preferred stock dividends of Hawaiian Electric	540			—		—		—	—		540
Net income for common stock	$	58,644		9,864		8,541		—	(18,405	)	$	58,644

Condensed Consolidating Statement of Income

Six months ended June 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	855,689		177,121		179,703		—	(234	)	$	1,212,279
Expenses
Fuel oil	234,353			40,783		67,093		—	—		342,229
Purchased power	232,094			43,206		21,999		—	—		297,299
Other operation and maintenance	159,729			36,767		40,894		—	—		237,390
Depreciation	71,735			20,906		15,219		—	—		107,860
Taxes, other than income taxes	81,221			16,811		17,215		—	—		115,247
Total expenses	779,132			158,473		162,420		—	—		1,100,025
Operating income	76,557			18,648		17,283		—	(234	)	112,254
Allowance for equity funds used during construction	5,061			350		674		—	—		6,085
Equity in earnings of subsidiaries	19,935			—		—		—	(19,935	)	—
Retirement defined benefits expense—other than service costs	(1,134		)	(211	)	(59	)	—	—		(1,404		)
Interest expense and other charges, net	(26,190		)	(5,821	)	(4,739	)	—	234		(36,516		)
Allowance for borrowed funds used during construction	1,864			147		246		—	—		2,257
Income before income taxes	76,093			13,113		13,405		—	(19,935	)	82,676
Income taxes	10,853			3,011		3,114		—	—		16,978
Net income	65,240			10,102		10,291		—	(19,935	)	65,698
Preferred stock dividends of subsidiaries	—			267		191		—	—		458
Net income attributable to Hawaiian Electric	65,240			9,835		10,100		—	(19,935	)	65,240
Preferred stock dividends of Hawaiian Electric	540			—		—		—	—		540
Net income for common stock	$	64,700		9,835		10,100		—	(19,935	)	$	64,700

Condensed Consolidating Statement of Income

Three months ended June 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	431,699		89,548		86,938		—	(59	)	$	608,126
Expenses
Fuel oil	120,007			19,432		32,278		—	—		171,717
Purchased power	121,812			24,664		14,262		—	—		160,738
Other operation and maintenance	76,845			19,015		16,782		—	—		112,642
Depreciation	34,391			10,038		5,932		—	—		50,361
Taxes, other than income taxes	40,951			8,408		8,165		—	—		57,524
Total expenses	394,006			81,557		77,419		—	—		552,982
Operating income	37,693			7,991		9,519		—	(59	)	55,144
Allowance for equity funds used during construction	2,588			124		271		—	—		2,983
Equity in earnings of subsidiaries	9,080			—		—		—	(9,080	)	—
Retirement defined benefits expense—other than service costs	(554		)	(105	)	(329	)	—	—		(988		)
Interest expense and other charges, net	(12,930		)	(2,922	)	(2,367	)	—	59		(18,160		)
Allowance for borrowed funds used during construction	1,150			77		138		—	—		1,365
Income before income taxes	37,027			5,165		7,232		—	(9,080	)	40,344
Income taxes	5,588			1,269		1,819		—	—		8,676
Net income	31,439			3,896		5,413		—	(9,080	)	31,668
Preferred stock dividends of subsidiaries	—			133		96		—	—		229
Net income attributable to Hawaiian Electric	31,439			3,763		5,317		—	(9,080	)	31,439
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	31,169		3,763		5,317		—	(9,080	)	$	31,169

Condensed Consolidating Statement of Income

Three months ended June 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	450,020		89,916		94,050		—	(202	)	$	633,784
Expenses
Fuel oil	125,431			19,941		36,248		—	—		181,620
Purchased power	126,871			24,029		11,954		—	—		162,854
Other operation and maintenance	78,551			18,031		22,678		—	—		119,260
Depreciation	35,868			10,453		7,592		—	—		53,913
Taxes, other than income taxes	42,590			8,706		9,147		—	—		60,443
Total expenses	409,311			81,160		87,619		—	—		578,090
Operating income	40,709			8,756		6,431		—	(202	)	55,694
Allowance for equity funds used during construction	2,614			218		343		—	—		3,175
Equity in earnings of subsidiaries	8,086			—		—		—	(8,086	)	—
Retirement defined benefits expense—other than service costs	(567		)	(105	)	(29	)	—	—		(701		)
Interest expense and other charges, net	(13,390		)	(2,920	)	(2,422	)	—	202		(18,530		)
Allowance for borrowed funds used during construction	962			91		126		—	—		1,179
Income before income taxes	38,414			6,040		4,449		—	(8,086	)	40,817
Income taxes	5,570			1,241		933		—	—		7,744
Net income	32,844			4,799		3,516		—	(8,086	)	33,073
Preferred stock dividends of subsidiaries	—			133		96		—	—		229
Net income attributable to Hawaiian Electric	32,844			4,666		3,420		—	(8,086	)	32,844
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	32,574		4,666		3,420		—	(8,086	)	$	32,574

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	64,700		9,835		10,100		—	(19,935	)	$	64,700
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	4,643			704		578		—	(1,282	)	4,643
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,596		)	(702	)	(578	)	—	1,280		(4,596		)
Other comprehensive income, net of taxes	47			2		—		—	(2	)	47
Comprehensive income attributable to common shareholder	$	64,747		9,837		10,100		—	(19,937	)	$	64,747

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	58,644		9,864		8,541		—	(18,405	)	$	58,644
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	9,506			1,409		1,211		—	(2,620	)	9,506
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(9,449		)	(1,408	)	(1,211	)	—	2,619		(9,449		)
Other comprehensive income, net of taxes	57			1		—		—	(1	)	57
Comprehensive income attributable to common shareholder	$	58,701		9,865		8,541		—	(18,406	)	$	58,701

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	32,574		4,666		3,420		—	(8,086	)	$	32,574
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	2,321			352		289		—	(641	)	2,321
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,298		)	(351	)	(289	)	—	640		(2,298		)
Other comprehensive income, net of taxes	23			1		—		—	(1	)	23
Comprehensive income attributable to common shareholder	$	32,597		4,667		3,420		—	(8,087	)	$	32,597

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	31,169		3,763		5,317		—	(9,080	)	$	31,169
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	4,853			734		649		—	(1,383	)	4,853
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,827		)	(733	)	(649	)	—	1,382		(4,827		)
Other comprehensive income, net of taxes	26			1		—		—	(1	)	26
Comprehensive income attributable to common shareholder	$	31,195		3,764		5,317		—	(9,081	)	$	31,195

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

December 31, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consoli- dating 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	)	—
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	)	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	)	$	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	)	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	)	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

Condensed Consolidating Balance Sheet

June 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consoli- dating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,183		5,606		3,612		—	—		$	51,401
Plant and equipment	4,558,178			1,268,694		1,112,171		—	—		6,939,043
Less accumulated depreciation	(1,573,545		)	(562,286	)	(514,379	)	—	—		(2,650,210		)
Construction in progress	222,328			17,791		35,193		—	—		275,312
Utility property, plant and equipment, net	3,249,144			729,805		636,597		—	—		4,615,546
Nonutility property, plant and equipment, less accumulated depreciation	5,312			115		1,532		—	—		6,959
Total property, plant and equipment, net	3,254,456			729,920		638,129		—	—		4,622,505
Investment in wholly owned subsidiaries, at equity	584,149			—		—		—	(584,149	)	—
Current assets
Cash and cash equivalents	17,121			3,352		2,787		101	—		23,361
Advances to affiliates	25,300			5,000		—		—	(30,300	)	—
Customer accounts receivable, net	109,401			26,864		25,824		—	—		162,089
Accrued unbilled revenues, net	86,291			15,429		17,428		—	—		119,148
Other accounts receivable, net	17,447			8,526		2,086		—	(19,570	)	8,489
Fuel oil stock, at average cost	100,903			11,376		9,362		—	—		121,641
Materials and supplies, at average cost	33,874			9,611		17,609		—	—		61,094
Prepayments and other	23,804			5,202		2,980		—	—		31,986
Regulatory assets	46,673			2,122		6,830		—	—		55,625
Total current assets	460,814			87,482		84,906		101	(49,870	)	583,433
Other long-term assets
Operating lease right-of-use assets	205,148			1,582		402		—	—		207,132
Regulatory assets	513,738			115,178		103,224		—	—		732,140
Other	74,994			16,677		16,965		—	—		108,636
Total other long-term assets	793,880			133,437		120,591		—	—		1,047,908
Total assets	$	5,093,299		950,839		843,626		101	(634,019	)	$	6,253,846
Capitalization and liabilities
Capitalization
Common stock equity	$	1,971,762		300,619		283,429		101	(584,149	)	$	1,971,762
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	937,068			217,845		181,065		—	—		1,335,978
Total capitalization	2,931,123			525,464		469,494		101	(584,149	)	3,342,033
Current liabilities
Current portion of operating lease liabilities	61,941			92		30		—	—		62,063
Current portion of long-term debt	61,946			—		19,993		—	—		81,939
Short-term borrowings from non-affiliates	161,901			—		—		—	—		161,901
Short-term borrowings from affiliate	5,000			—		25,300		—	(30,300	)	—
Accounts payable	121,032			15,059		18,414		—	—		154,505
Interest and preferred dividends payable	16,287			4,225		2,914		—	(81	)	23,345
Taxes accrued	127,413			28,748		27,305		—	—		183,466
Regulatory liabilities	5,687			5,781		3,485		—	—		14,953
Other	53,450			14,842		13,249		—	(19,489	)	62,052
Total current liabilities	614,657			68,747		110,690		—	(49,870	)	744,224
Deferred credits and other liabilities
Operating lease liabilities	142,905			1,490		374		—	—		144,769
Deferred income taxes	271,441			53,564		57,559		—	—		382,564
Regulatory liabilities	660,351			178,018		99,224		—	—		937,593
Unamortized tax credits	60,375			16,514		14,725		—	—		91,614
Defined benefit pension and other postretirement benefit plans liability	362,174			71,830		70,243		—	—		504,247
Other	50,273			35,212		21,317		—	—		106,802
Total deferred credits and other liabilities	1,547,519			356,628		263,442		—	—		2,167,589
Total capitalization and liabilities	$	5,093,299		950,839		843,626		101	(634,019	)	$	6,253,846

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2018	$	1,957,641		295,874		280,863		101	(576,838	)	$	1,957,641
Net income for common stock	32,126			5,169		6,680		—	(11,849	)	32,126
Other comprehensive income, net of taxes	24			1		—		—	(1	)	24
Common stock dividends	(25,313		)	(2,545	)	(3,767	)	—	6,312		(25,313		)
Common stock issuance expenses	—			(2	)	—		—	2		—
Balance, March 31, 2019	1,964,478			298,497		283,776		101	(582,374	)	1,964,478
Net income for common stock	32,574			4,666		3,420		—	(8,086	)	32,574
Other comprehensive income, net of taxes	23			1		—		—	(1	)	23
Common stock dividends	(25,313		)	(2,545	)	(3,767	)	—	6,312		(25,313		)
Balance, June 30, 2019	$	1,971,762		300,619		283,429		101	(584,149	)	$	1,971,762

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2018  

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2017	$	1,845,283		286,647		270,265		101	(557,013	)	$	1,845,283
Net income for common stock	27,475			6,101		3,224		—	(9,325	)	27,475
Other comprehensive income, net of taxes	31			—		—		—	—		31
Common stock dividends	(25,826		)	(3,821	)	(3,006	)	—	6,827		(25,826		)
Common stock issuance expenses	(8		)	—		—		—	—		(8		)
Balance, March 31, 2018	1,846,955			288,927		270,483		101	(559,511	)	1,846,955
Net income for common stock	31,169			3,763		5,317		—	(9,080	)	31,169
Other comprehensive income, net of taxes	26			1		—		—	(1	)	26
Common stock dividends	(25,826		)	(3,823	)	(3,004	)	—	6,827		(25,826		)
Common stock issuance expenses	—			(3	)	2		—	1		—
Balance, June 30, 2018	$	1,852,324		288,865		272,798		101	(561,764	)	$	1,852,324

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	59,184		10,131		8,732		—	(18,405	)	$	59,642
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(18,455		)	—		—		—	18,405		(50		)
Common stock dividends received from subsidiaries	13,679			—		—		—	(13,654	)	25
Depreciation of property, plant and equipment	68,830			20,093		11,904		—	—		100,827
Other amortization	9,200			2,976		845		—	—		13,021
Deferred income taxes	(6,708		)	(2,429	)	794		—	—		(8,343		)
Allowance for equity funds used during construction	(5,475		)	(235	)	(567	)	—	—		(6,277		)
Other	1,469			(322	)	(169	)	—	—		978
Changes in assets and liabilities:
Increase in accounts receivable	(25,673		)	(2,387	)	(5,763	)	—	(245	)	(34,068		)
Decrease (increase) in accrued unbilled revenues	(3,063		)	697		(1,419	)	—	—		(3,785		)
Increase in fuel oil stock	(9,513		)	(3,934	)	(6,696	)	—	—		(20,143		)
Increase in materials and supplies	(2,752		)	(559	)	(233	)	—	—		(3,544		)
Increase in regulatory assets	(14,728		)	(1,974	)	(2,898	)	—	—		(19,600		)
Increase in accounts payable	13,093			3,096		2,095		—	—		18,284
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(15,343		)	(9,952	)	(5,165	)	—	(601	)	(31,061		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(1,117		)	(380	)	(464	)	—	—		(1,961		)
Change in other assets and liabilities	1,116			3,173		1,357		—	245		5,891
Net cash provided by operating activities	63,744			17,994		2,353		—	(14,255	)	69,836
Cash flows from investing activities
Capital expenditures	(146,920		)	(24,424	)	(28,303	)	—	—		(199,647		)
Advances (to) from affiliates	(5,600		)	(1,000	)	12,000		—	(5,400	)	—
Other	2,241			884		575		—	601		4,301
Net cash used in investing activities	(150,279		)	(24,540	)	(15,728	)	—	(4,799	)	(195,346		)
Cash flows from financing activities
Common stock dividends	(51,652		)	(7,644	)	(6,010	)	—	13,654		(51,652		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540		)	(267	)	(191	)	—	—		(998		)
Proceeds from issuance of long-term debt	75,000			15,000		10,000		—	—		100,000
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	75,881			—		5,600		—	5,400		86,881
Other	(291		)	(52	)	(35	)	—	—		(378		)
Net cash provided by financing activities	98,398			7,037		9,364		—	19,054		133,853
Net increase (decrease) in cash and cash equivalents	11,863			491		(4,011	)	—	—		8,343
Cash and cash equivalents, beginning of period	2,059			4,025		6,332		101	—		12,517
Cash and cash equivalents, end of period	$	13,922		4,516		2,321		101	—		$	20,860

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	65,240		10,102		10,291		—	(19,935	)	$	65,698
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(19,972		)	—		—		—	19,935		(37		)
Common stock dividends received from subsidiaries	12,661			—		—		—	(12,624	)	37
Depreciation of property, plant and equipment	71,735			20,906		15,219		—	—		107,860
Other amortization	11,444			2,142		75		—	—		13,661
Deferred income taxes	(5,354		)	(1,554	)	297		—	—		(6,611		)
Allowance for equity funds used during construction	(5,061		)	(350	)	(674	)	—	—		(6,085		)
Other	(2,494		)	(292	)	(767	)	—	—		(3,553		)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	19,969			(6,446	)	(1,188	)	—	(2,341	)	9,994
Decrease (increase) in accrued unbilled revenues	1,769			1,622		(801	)	—	—		2,590
Decrease (increase) in fuel oil stock	(46,641		)	(349	)	5,284		—	—		(41,706		)
Decrease (increase) in materials and supplies	(3,583		)	(2,456	)	149		—	—		(5,890		)
Decrease (increase) in regulatory assets	24,318			2,288		(1,214	)	—	—		25,392
Increase (decrease) in accounts payable	5,804			(3,454	)	(2,395	)	—	—		(45		)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(34,328		)	(5,111	)	(6,346	)	—	—		(45,785		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(1,205		)	(377	)	(317	)	—	—		(1,899		)
Change in other assets and liabilities	(9,875		)	(265	)	(5,006	)	—	2,341		(12,805		)
Net cash provided by operating activities	84,427			16,406		12,607		—	(12,624	)	100,816
Cash flows from investing activities
Capital expenditures	(150,945		)	(18,083	)	(30,868	)	—	—		(199,896		)
Advances to affiliates	(25,300		)	(5,000	)	—		—	30,300		—
Other	2,821			(280	)	(31	)	—	—		2,510
Net cash used in investing activities	(173,424		)	(23,363	)	(30,899	)	—	30,300		(197,386		)
Cash flows from financing activities
Common stock dividends	(50,626		)	(5,090	)	(7,534	)	—	12,624		(50,626		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540		)	(267	)	(191	)	—	—		(998		)
Proceeds from issuance of short-term debt	25,000			—		—		—	—		25,000
Proceeds from issuance of long-term debt	30,000			10,000		10,000		—	—		50,000
Repayment of long-term debt	(31,546		)	(10,000	)	(10,000	)	—	—		(51,546		)
Increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	116,901			—		25,300		—	(30,300	)	111,901
Other	197			43		83		—	—		323
Net cash provided by (used in) financing activities	89,386			(5,314	)	17,658		—	(17,676	)	84,054
Net increase (decrease) in cash and cash equivalents	389			(12,271	)	(634	)	—	—		(12,516		)
Cash and cash equivalents, beginning of period	16,732			15,623		3,421		101	—		35,877
Cash and cash equivalents, end of period	$	17,121		3,352		2,787		101	—		$	23,361