Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2019

Electric utility subsidiary

Schedule of consolidating statements of income

Statements of Income and Comprehensive Income Data

Years ended December 31	2019		2018			2017
(in thousands)
Interest and dividend income
Interest and fees on loans	$	233,632	$	220,463		$	207,255
Interest and dividends on investment securities	32,922		37,762			28,823
Total interest and dividend income	266,554		258,225			236,078
Interest expense
Interest on deposit liabilities	16,830		13,991			9,660
Interest on other borrowings	1,610		1,548			2,496
Total interest expense	18,440		15,539			12,156
Net interest income	248,114		242,686			223,922
Provision for loan losses	23,480		14,745			10,901
Net interest income after provision for loan losses	224,634		227,941			213,021
Noninterest income
Fees from other financial services	19,275		18,937			22,796
Fee income on deposit liabilities	20,877		21,311			22,204
Fee income on other financial products	6,507		7,052			7,205
Bank-owned life insurance	7,687		5,057			5,539
Mortgage banking income	4,943		1,493			2,201
Gain on sale of real estate	10,762		—			—
Gains on sale of investment securities, net	653		—			—
Other income, net	2,074		2,200			1,617
Total noninterest income	72,778		56,050			61,562
Noninterest expense
Compensation and employee benefits	103,009		98,387			94,931
Occupancy	21,272		17,073			16,699
Data processing	15,306		14,268			13,280
Services	10,239		10,847			10,994
Equipment	8,760		7,186			7,232
Office supplies, printing and postage	5,512		6,134			6,182
Marketing	4,490		3,567			3,501
FDIC insurance	1,204		2,713			2,904
Other expense	15,586		17,238			20,144
Total noninterest expense	185,378		177,413			175,867
Income before income taxes	112,034		106,578			98,716
Income taxes	23,061		24,069			31,719
Net income	88,973		82,509			66,997
Other comprehensive income (loss), net of taxes	29,406		(7,119		)	(3,139		)
Comprehensive income	$	118,379	$	75,390		$	63,858

Reconciliation to amounts per HEI Consolidated Statements of Income*:

Years ended December 31	2019			2018			2017
(in thousands)
Interest and dividend income	$	266,554		$	258,225		$	236,078
Noninterest income	72,778			56,050			61,562
Less: Gain on sale of real estate	(10,762		)	—			—
*Revenues-Bank	328,570			314,275			297,640
Total interest expense	18,440			15,539			12,156
Provision for loan losses	23,480			14,745			10,901
Noninterest expense	185,378			177,413			175,867
Less: Retirement defined benefits credit (expense)—other than service costs	472			(1,657		)	(820		)
Add: Gain on sale of real estate	(10,762		)	—			—
*Expenses-Bank	217,008			206,040			198,104
*Operating income-Bank	111,562			108,235			99,536
Add back: Retirement defined benefits expense (credit)—other than service costs	(472		)	1,657			820
Income before income taxes	$	112,034		$	106,578		$	98,716

Schedule of consolidating balance sheets

Balance Sheets Data

December 31				2019						2018
(in thousands)
Assets
Cash and due from banks				$	129,770					$	122,059
Interest-bearing deposits				48,628						4,225
Investment securities
Available-for-sale, at fair value				1,232,826						1,388,533
Held-to-maturity, at amortized cost (fair value of $143,467 and $142,057 at December 31, 2019 and 2018, respectively)				139,451						141,875
Stock in Federal Home Loan Bank, at cost				8,434						9,958
Loans held for investment				5,121,176						4,843,021
Allowance for loan losses				(53,355		)				(52,119		)
Net loans				5,067,821						4,790,902
Loans held for sale, at lower of cost or fair value				12,286						1,805
Other				511,611						486,347
Goodwill				82,190						82,190
Total assets				$	7,233,017					$	7,027,894
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing				$	1,909,682					$	1,800,727
Deposit liabilities–interest-bearing				4,362,220						4,358,125
Other borrowings				115,110						110,040
Other				146,954						124,613
Total liabilities				6,533,966						6,393,505
Commitments and contingencies
Common stock				1						1
Additional paid in capital				349,453						347,170
Retained earnings				358,259						325,286
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains (losses) on securities	$	2,481					$	(24,423	)
Retirement benefit plans	(11,143		)	(8,662		)	(13,645		)	(38,068		)
Total shareholder’s equity				699,051						634,389
Total liabilities and shareholder’s equity				$	7,233,017					$	7,027,894

December 31	2019		2018
(in thousands)
Other assets
Bank-owned life insurance	$	157,465	$	151,172
Premises and equipment, net	204,449		214,415
Accrued interest receivable	19,365		20,140
Mortgage servicing rights	9,101		8,062
Low-income housing investments	66,302		67,626
Real estate acquired in settlement of loans, net	—		406
Other	54,929		24,526
	$	511,611	$	486,347
Other liabilities
Accrued expenses	$	45,822	$	54,084
Federal and state income taxes payable	14,996		2,012
Cashier’s checks	23,647		26,906
Advance payments by borrowers	10,486		10,183
Other	52,003		31,428
	$	146,954	$	124,613

Hawaiian Electric Company, Inc. and Subsidiaries

Electric utility subsidiary

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2019		2018
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	554,485	$	624,126
Income taxes (1-55 years)	102,612		114,076
Decoupling revenue balancing account and RAM (1-2 years)	—		49,560
Unamortized expense and premiums on retired debt and equity issuances (1-20 years; 1-19 years remaining)	10,228		10,065
Vacation earned, but not yet taken (1 year)	12,535		10,820
Other (1-39 years remaining)	35,220		24,779
Total regulatory assets	$	715,080	$	833,426
Included in:
Current assets	$	30,710	$	71,016
Long-term assets	684,370		762,410
Total regulatory assets	$	715,080	$	833,426

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2019		2018
(in thousands)
Cost of removal in excess of salvage value (1-60 years)	$	521,977	$	491,006
Income taxes (1-55 years)	386,990		413,339
Decoupling revenue balancing account and RAM (1-2 years)	16,370		—
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	21,707		19,129
Other (1-19 years remaining)	25,266		26,762
Total regulatory liabilities	$	972,310	$	950,236
Included in:
Current liabilities	$	30,724	$	17,977
Long-term liabilities	941,586		932,259
Total regulatory liabilities	$	972,310	$	950,236

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, 2019	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	2019		2018		2017
(in millions)
Kalaeloa	$	214	$	216	$	180
AES Hawaii	139		140		140
HPOWER	76		69		67
Puna Geothermal Venture	—		15		38
Hamakua Energy	68		56		35
Wind IPPs	95		107		97
Solar IPPs	36		29		27
Other IPPs1	5		7		3
Total IPPs	$	633	$	639	$	587

¹ Includes hydro power and other PPAs

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)	2019			2018
Balance, January 1	$	8,426		$	6,035
Accretion expense	312			282
Liabilities incurred	1,594			1,058
Liabilities settled	(8		)	(74		)
Revisions in estimated cash flows	—			1,125
Balance, December 31	$	10,324		$	8,426

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 consolidating statements of income

Consolidating statement of income

Year ended December 31, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	1,803,698		364,590		378,202		—	(548	)	[1]	$	2,545,942
Expenses
Fuel oil	494,728			84,565		141,416		—	—			720,709
Purchased power	494,215			90,989		48,052		—	—			633,256
Other operation and maintenance	319,771			76,091		85,875		—	—			481,737
Depreciation	143,470			41,812		30,449		—	—			215,731
Taxes, other than income taxes	170,979			33,787		35,365		—	—			240,131
Total expenses	1,623,163			327,244		341,157		—	—			2,291,564
Operating income	180,535			37,346		37,045		—	(548	)		254,378
Allowance for equity funds used during construction	9,955			816		1,216		—	—			11,987
Equity in earnings of subsidiaries	43,167			—		—		—	(43,167	)	[2]	—
Retirement defined benefits expense—other than service costs	(2,287		)	(422	)	(127	)	—	—			(2,836		)
Interest expense and other charges, net	(51,199		)	(10,741	)	(9,450	)	—	548		[1]	(70,842		)
Allowance for borrowed funds used during construction	3,666			342		445		—	—			4,453
Income before income taxes	183,837			27,341		29,129		—	(43,167	)		197,140
Income taxes	25,917			5,990		6,398		—	—			38,305
Net income	157,920			21,351		22,731		—	(43,167	)		158,835
Preferred stock dividends of subsidiaries	—			534		381		—	—			915
Net income attributable to Hawaiian Electric	157,920			20,817		22,350		—	(43,167	)		157,920
Preferred stock dividends of Hawaiian Electric	1,080			—		—		—	—			1,080
Net income for common stock	$	156,840		20,817		22,350		—	(43,167	)		$	156,840

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

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

Schedule of consolidating statements of comprehensive income

Consolidating statement of comprehensive income

Year ended December 31, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Net income for common stock	$	156,840		20,817		22,350		—	(43,167	)		$	156,840
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes	5,249			373		(204	)	—	(169	)	[1]	5,249
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	9,550			1,455		1,182		—	(2,637	)	[1]	9,550
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(16,177		)	(1,840	)	(1,152	)	—	2,992		[1]	(16,177		)
Other comprehensive loss, net of tax benefits	(1,378		)	(12	)	(174	)	—	186			(1,378		)
Comprehensive income attributable to common shareholder	$	155,462		20,805		22,176		—	(42,981	)		$	155,462

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 gains arising during the period, net of taxes	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

Schedule of consolidating balance sheets

Consolidating balance sheet

December 31, 2019

(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	$	42,598		5,606		3,612		—	—			$	51,816
Plant and equipment	4,765,362			1,313,727		1,161,199		—	—			7,240,288
Less accumulated depreciation	(1,591,241		)	(574,615	)	(524,301	)	—	—			(2,690,157		)
Construction in progress	165,137			9,993		17,944		—	—			193,074
Utility property, plant and equipment, net	3,381,856			754,711		658,454		—	—			4,795,021
Nonutility property, plant and equipment, less accumulated depreciation	5,310			114		1,532		—	—			6,956
Total property, plant and equipment, net	3,387,166			754,825		659,986		—	—			4,801,977
Investment in wholly-owned subsidiaries, at equity	591,969			—		—		—	(591,969	)	[2]	—
Current assets
Cash and cash equivalents	2,239			6,885		1,797		101	—			11,022
Restricted cash	30,749			123		—		—	—			30,872
Advances to affiliates	27,700			8,000		—		—	(35,700	)	[1]	—
Customer accounts receivable, net	105,454			24,520		22,816		—	—			152,790
Accrued unbilled revenues, net	83,148			17,071		17,008		—	—			117,227
Other accounts receivable, net	18,396			1,907		1,960		—	(10,695	)	[1]	11,568
Fuel oil stock, at average cost	69,003			8,901		14,033		—	—			91,937
Materials and supplies, at average cost	34,876			8,313		17,513		—	—			60,702
Prepayments and other	88,334			3,725		24,921		—	—			116,980
Regulatory assets	27,689			1,641		1,380		—	—			30,710
Total current assets	487,588			81,086		101,428		101	(46,395	)		623,808
Other long-term assets
Operating lease right-of-use assets	174,886			1,537		386		—	—			176,809
Regulatory assets	476,390			109,163		98,817		—	—			684,370
Other	69,010			15,493		17,215		—	—			101,718
Total other long-term assets	720,286			126,193		116,418		—	—			962,897
Total assets	$	5,187,009		962,104		877,832		101	(638,364	)		$	6,388,682
Capitalization and liabilities
Capitalization
Common stock equity	$	2,047,352		298,998		292,870		101	(591,969	)	[2]	$	2,047,352
Cumulative preferred stock–not subject to mandatory redemption	22,293			7,000		5,000		—	—			34,293
Long-term debt, net	1,006,737			206,416		188,561		—	—			1,401,714
Total capitalization	3,076,382			512,414		486,431		101	(591,969	)		3,483,359
Current liabilities
Current portion of operating lease liabilities	63,582			94		31		—	—			63,707
Current portion of long-term debt, net	61,958			13,995		20,000		—	—			95,953
Short-term borrowings-non-affiliate	88,987			—		—		—	—			88,987
Short-term borrowings-affiliate	8,000			—		27,700		—	(35,700	)	[1]	—
Accounts payable	139,056			25,629		23,085		—	—			187,770
Interest and preferred dividends payable	14,759			3,115		2,900		—	(46	)	[1]	20,728
Taxes accrued	143,522			32,541		31,929		—	—			207,992
Regulatory liabilities	13,363			9,454		7,907		—	—			30,724
Other	51,295			11,362		15,297		—	(10,649	)	[1]	67,305
Total current liabilities	584,522			96,190		128,849		—	(46,395	)		763,166
Deferred credits and other liabilities
Operating lease liabilities	111,598			1,442		360		—	—			113,400
Deferred income taxes	265,864			53,534		57,752		—	—			377,150
Regulatory liabilities	664,894			178,474		98,218		—	—			941,586
Unamortized tax credits	86,852			16,196		14,820		—	—			117,868
Defined benefit pension and other postretirement benefit plans liability	339,471			69,928		69,364		—	—			478,763
Other	57,426			33,926		22,038		—	—			113,390
Total deferred credits and other liabilities	1,526,105			353,500		262,552		—	—			2,142,157
Total capitalization and liabilities	$	5,187,009		962,104		877,832		101	(638,364	)		$	6,388,682

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

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, 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
Net income for common stock	156,840			20,817		22,350		—	(43,167	)	156,840
Other comprehensive loss, net of tax benefits	(1,378		)	(12	)	(174	)	—	186		(1,378		)
Issuance of common stock, net of expenses	35,501			(1	)	4,899		—	(4,898	)	35,501
Common stock dividends	(101,252		)	(17,680	)	(15,068	)	—	32,748		(101,252		)
Balance, December 31, 2019	$	2,047,352		298,998		292,870		101	(591,969	)	$	2,047,352

Schedule of consolidating statements of cash flows

Consolidating statement of cash flows

Year ended December 31, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments			Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	157,920		21,351		22,731		—	(43,167	)	[2]	$	158,835
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(43,204		)	—		—		—	43,167		[2]	(37		)
Common stock dividends received from subsidiaries	32,783			—		—		—	(32,748	)	[2]	35
Depreciation of property, plant and equipment	143,470			41,812		30,449		—	—			215,731
Other amortization	23,351			4,810		1,470		—	—			29,631
Deferred income taxes	(13,547		)	(2,383	)	(354	)	—	—			(16,284		)
Income tax credits, net	27,277			(13	)	(5	)	—	—			27,259
State refundable credit	(6,245		)	(559	)	(1,565	)	—	—			(8,369		)
Allowance for equity funds used during construction	(9,955		)	(816	)	(1,216	)	—	—			(11,987		)
Other	298			(48	)	(50	)	—	—			200
Changes in assets and liabilities:
Decrease in accounts receivable	25,376			3,326		3,469		—	(11,215	)	[1]	20,956
Decrease (increase) in accrued unbilled revenues	4,912			(20	)	(381	)	—	—			4,511
Decrease (increase) in fuel oil stock	(14,741		)	2,126		613		—	—			(12,002		)
Decrease (increase) in materials and supplies	(4,585		)	(1,158	)	245		—	—			(5,498		)
Decrease in regulatory assets	55,494			9,218		6,550		—	—			71,262
Increase (decrease) in regulatory liabilities	102			(1,558	)	3,409						1,953
Increase (decrease) in accounts payable	4,687			(3,160	)	(3,578	)	—	—			(2,051		)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(24,900		)	(893	)	(3,097	)	—	367		[1]	(28,523		)
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,033		)	(762	)	(653	)	—	—			(4,448		)
Change in other assets and liabilities	(15,341		)	(6,152	)	(6,940	)	—	11,215		[1]	(17,218		)
Net cash provided by operating activities	340,119			65,121		51,097		—	(32,381	)		423,956
Cash flows from investing activities
Capital expenditures	(311,538		)	(49,811	)	(58,549	)	—	—			(419,898		)
Advances to affiliates	(27,700		)	(8,000	)	—		—	35,700		[1]	—
Other	5,241			297		1,303		—	4,533		[1],[2]	11,374
Net cash used in investing activities	(333,997		)	(57,514	)	(57,246	)	—	40,233			(408,524		)
Cash flows from financing activities
Common stock dividends	(101,252		)	(17,680	)	(15,068	)	—	32,748		[2]	(101,252		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080		)	(534	)	(381	)	—	—			(1,995		)
Proceeds from issuance of common stock	35,500			—		4,900		—	(4,900	)	[2]	35,500
Proceeds from issuance of long-term debt	190,000			72,500		17,500		—	—			280,000
Repayment of long-term debt and funds transferred for repayment of long-term dent	(183,546		)	(70,000	)	(30,000	)	—	—			(283,546		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	46,987			—		27,700		—	(35,700	)	[1]	38,987
Proceeds from issuance of short-term debt	75,000			—		—		—	—			75,000
Repayment of short-term debt	(50,000		)	—		—		—	—			(50,000		)
Other	(1,475		)	(508	)	(126	)	—	—			(2,109		)
Net cash provided by (used in) financing activities	10,134			(16,222	)	4,525		—	(7,852	)		(9,415		)
Net increase (decrease) in cash, cash equivalents and restricted cash	16,256			(8,615	)	(1,624	)	—	—			6,017
Cash, cash equivalents and restricted cash, January 1	16,732			15,623		3,421		101	—			35,877
Cash, cash equivalents and restricted cash, December 31	32,988			7,008		1,797		101	—			41,894
Less: Restricted cash	(30,749		)	(123	)	—		—	—			(30,872		)
Cash and cash equivalents, December 31	$	2,239		6,885		1,797		101	—			$	11,022

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		)
Income tax credits, net	(83		)	(14	)	(2	)	—	—			(99		)
State refundable credit	(4,941		)	(547	)	(751	)	—	—			(6,239		)
Allowance for equity funds used during construction	(9,208		)	(478	)	(1,191	)	—	—			(10,877		)
Other	3,991			348		429		—	—			4,768
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 regulatory liabilities	26,540			5,380		5,438		—	—			37,358
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	(8,056		)	2,806		2,356		—	(14,220	)	[1]	(17,114		)
Net cash provided by operating activities	298,211			73,349		49,692		—	(27,639	)		393,613
Cash flows from investing activities
Capital expenditures	(305,703		)	(51,054	)	(58,507	)	—	—			(415,264		)
Advances from 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 the issuance of common stock	70,700			—		1,500		—	(1,500	)	[2]	70,700
Proceeds from the 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 issuance of short-term debt	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
Income tax credits, net	(35		)	(16	)	(1	)	—	—			(52		)
State refundable credit	(1,382		)	(528	)	(341	)	—	—			(2,251		)
Allowance for equity funds used during construction	(10,896		)	(554	)	(1,033	)	—	—			(12,483		)
Other	263			974		—		—	—			1,237
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 in regulatory liabilities	2,552			315		735		—	—			3,602
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	(18,765		)	(748	)	(569	)	—	(1,411	)	[1]	(21,493		)
Net cash provided by operating activities	257,988			62,637		51,743		—	(37,182	)		335,186
Cash flows from investing activities
Capital expenditures	(281,752		)	(47,784	)	(47,329	)	—	—			(376,865		)
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
Repayment of long-term debt	(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

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.