Electric utility segment (Tables)

6 Months Ended

Jun. 30, 2020

Regulatory Projects and Legal Obligations [Line Items]

Schedule of condensed consolidating statements of income (loss)

Statements of Income and Comprehensive Income Data

	Three months ended June 30,				Six months ended June 30
(in thousands)	2020		2019		2020		2019
Interest and dividend income
Interest and fees on loans	$	53,541	$	58,620	$	109,086	$	116,480
Interest and dividends on investment securities	6,288		7,535		15,718		18,163
Total interest and dividend income	59,829		66,155		124,804		134,643
Interest expense
Interest on deposit liabilities	3,071		4,287		6,658		8,539
Interest on other borrowings	75		411		388		939
Total interest expense	3,146		4,698		7,046		9,478
Net interest income	56,683		61,457		117,758		125,165
Provision for credit losses	15,133		7,688		25,534		14,558
Net interest income after provision for credit losses	41,550		53,769		92,224		110,607
Noninterest income
Fees from other financial services	3,102		4,798		7,673		9,360
Fee income on deposit liabilities	2,897		5,004		8,010		10,082
Fee income on other financial products	1,212		1,830		3,084		3,423
Bank-owned life insurance	1,673		2,390		2,467		4,649
Mortgage banking income	6,252		976		8,252		1,590
Gain on sale of investment securities, net	9,275		—		9,275		—
Other income, net	(251)		534		162		992
Total noninterest income	24,160		15,532		38,923		30,096
Noninterest expense
Compensation and employee benefits	25,079		25,750		50,856		51,262
Occupancy	5,442		5,479		10,709		10,149
Data processing	3,849		3,852		7,686		7,590
Services	2,474		2,606		5,283		5,032
Equipment	2,290		2,189		4,629		4,253
Office supplies, printing and postage	1,049		1,663		2,390		3,023
Marketing	379		1,323		1,181		2,313
FDIC insurance	751		628		853		1,254
Other expense1	7,063		4,519		11,257		8,373
Total noninterest expense	48,376		48,009		94,844		93,249
Income before income taxes	17,334		21,292		36,303		47,454
Income taxes	3,320		4,276		6,528		9,599
Net income	14,014		17,016		29,775		37,855
Other comprehensive income (loss), net of taxes	(280)		14,275		19,567		20,527
Comprehensive income	$	13,734	$	31,291	$	49,342	$	58,382

¹ The three- and six-month periods ended June 30, 2020 include approximately $3.7 million and $3.8 million, respectively, of certain significant direct and incremental COVID-19 related costs. These costs, which have been recorded in Other expense, include $2.3 million of compensation expense and $1.1 million of enhanced cleaning and sanitation costs.

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

	Three months ended June 30,				Six months ended June 30
(in thousands)	2020		2019		2020		2019
Interest and dividend income	$	59,829	$	66,155	$	124,804	$	134,643
Noninterest income	24,160		15,532		38,923		30,096
Less: Gain on sale of investment securities, net	(9,275)		—		(9,275)		—
*Revenues-Bank	74,714		81,687		154,452		164,739
Total interest expense	3,146		4,698		7,046		9,478
Provision for credit losses	15,133		7,688		25,534		14,558
Noninterest expense	48,376		48,009		94,844		93,249
Less: Retirement defined benefits gain (expense)—other than service costs	(434)		40		(868)		80
*Expenses-Bank	66,221		60,435		126,556		117,365
*Operating income-Bank	8,493		21,252		27,896		47,374
Add back: Retirement defined benefits (gain) expense—other than service costs	434		(40)		868		(80)
Add back: Gain on sale of investment securities, net	(9,275)		—		(9,275)		—
Income before income taxes	$	17,334	$	21,292	$	36,303	$	47,454

Schedule of condensed consolidating balance sheet

Balance Sheets Data

(in thousands)	June 30, 2020				December 31, 2019
Assets
Cash and due from banks			$	140,968			$	129,770
Interest-bearing deposits			365,996				48,628
Investment securities
Available-for-sale, at fair value			1,389,633				1,232,826
Held-to-maturity, at amortized cost (fair value of $131,131 and $143,467, respectively)			124,623				139,451
Stock in Federal Home Loan Bank, at cost			9,880				8,434
Loans held for investment			5,437,817				5,121,176
Allowance for credit losses			(81,307)				(53,355)
Net loans			5,356,510				5,067,821
Loans held for sale, at lower of cost or fair value			37,143				12,286
Other			512,722				511,611
Goodwill			82,190				82,190
Total assets			$	8,019,665			$	7,233,017
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,422,042			$	1,909,682
Deposit liabilities—interest-bearing			4,607,910				4,362,220
Other borrowings			124,975				115,110
Other			158,344				146,954
Total liabilities			7,313,271				6,533,966
Commitments and contingencies
Common stock			1				1
Additional paid-in capital			350,826				349,453
Retained earnings			344,662				358,259
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains on securities	$	21,264			$	2,481
Retirement benefit plans	(10,359)		10,905		(11,143)		(8,662)
Total shareholder’s equity			706,394				699,051
Total liabilities and shareholder’s equity			$	8,019,665			$	7,233,017
Other assets
Bank-owned life insurance			$	159,951			$	157,465
Premises and equipment, net			203,217				204,449
Accrued interest receivable			23,381				19,365
Mortgage-servicing rights			9,647				9,101
Low-income housing investments			61,632				66,302
Real estate acquired in settlement of loans, net			43				—
Other			54,851				54,929
			$	512,722			$	511,611
Other liabilities
Accrued expenses			$	40,382			$	45,822
Federal and state income taxes payable			18,021				14,996
Cashier’s checks			25,284				23,647
Advance payments by borrowers			10,458				10,486
Other			64,199				52,003
			$	158,344			$	146,954

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)	2020		2019		2020		2019
Kalaeloa	$	34	$	61	$	72	$	101
AES Hawaii	32		32		63		64
HPOWER	17		19		34		37
Hamakua Energy	11		18		24		34
Wind IPPs	25		23		53		43
Solar IPPs	17		8		28		15
Other IPPs 1	1		1		3		2
Total IPPs	$	137	$	162	$	277	$	296

1Includes hydro power and other PPAs

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

The net annual incremental amounts to be collected (refunded) from June 1, 2020 through May 31, 2021 are as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2020 Annual incremental RAM adjusted revenues	$	20.6	$	3.2	$	5.7	$	29.5
Annual change in accrued RBA balance as of December 31, 2019 (and associated revenue taxes) which incorporates MPIR recovery	(46.5)		(9.9)		(11.0)		(67.4)
Incremental Performance Incentive Mechanisms (net)	2.2		(0.1)		(0.1)		2.0
Net annual incremental amount to be collected (refunded) under the tariffs	$	(23.7)	$	(6.8)	$	(5.4)	$	(35.9)

Schedule of condensed consolidating statements of income (loss)

Condensed Consolidating Statement of Income

Three months ended June 30, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	380,634	78,505	75,216	—	(140)	$	534,215
Expenses
Fuel oil	77,290		16,254	18,907	—	—	112,451
Purchased power	108,946		15,846	12,046	—	—	136,838
Other operation and maintenance	74,274		17,581	18,186	—	—	110,041
Depreciation	37,860		9,761	8,075	—	—	55,696
Taxes, other than income taxes	36,673		7,470	7,245	—	—	51,388
Total expenses	335,043		66,912	64,459	—	—	466,414
Operating income	45,591		11,593	10,757	—	(140)	67,801
Allowance for equity funds used during construction	1,807		193	194	—	—	2,194
Equity in earnings of subsidiaries	13,776		—	—	—	(13,776)	—
Retirement defined benefits expense—other than service costs	(546)		193	(29)	—	—	(382)
Interest expense and other charges, net	(12,499)		(2,533)	(2,446)	—	140	(17,338)
Allowance for borrowed funds used during construction	626		62	64	—	—	752
Income before income taxes	48,755		9,508	8,540	—	(13,776)	53,027
Income taxes	6,156		2,196	1,847			10,199
Net income	42,599		7,312	6,693	—	(13,776)	42,828
Preferred stock dividends of subsidiaries	—		133	96	—		229
Net income attributable to Hawaiian Electric	42,599		7,179	6,597	—	(13,776)	42,599
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	42,329	7,179	6,597	—	(13,776)	$	42,329

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

Condensed Consolidating Statement of Income

Six months ended June 30, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	801,800	167,798	162,414	—	(355)	$	1,131,657
Expenses
Fuel oil	197,825		38,686	49,161	—	—	285,672
Purchased power	216,897		35,367	24,390	—	—	276,654
Other operation and maintenance	159,911		36,685	40,992	—	—	237,588
Depreciation	75,871		19,521	16,154	—	—	111,546
Taxes, other than income taxes	77,174		15,812	15,452	—	—	108,438
Total expenses	727,678		146,071	146,149	—	—	1,019,898
Operating income	74,122		21,727	16,265	—	(355)	111,759
Allowance for equity funds used during construction	3,550		312	347	—	—	4,209
Equity in earnings of subsidiaries	22,580		—	—	—	(22,580)	—
Retirement defined benefits expense—other than service costs	(1,092)		387	(58)	—	—	(763)
Interest expense and other charges, net	(24,501)		(5,017)	(4,769)	—	355	(33,932)
Allowance for borrowed funds used during construction	1,228		98	114	—	—	1,440
Income before income taxes	75,887		17,507	11,899	—	(22,580)	82,713
Income taxes	9,113		3,994	2,374	—	—	15,481
Net income	66,774		13,513	9,525	—	(22,580)	67,232
Preferred stock dividends of subsidiaries	—		267	191	—	—	458
Net income attributable to Hawaiian Electric	66,774		13,246	9,334	—	(22,580)	66,774
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	66,234	13,246	9,334	—	(22,580)	$	66,234

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

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	42,329	7,179	6,597	—	(13,776)	$	42,329
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	5,184		751	650	—	(1,401)	5,184
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(5,159)		(748)	(653)	—	1,401	(5,159)
Other comprehensive income (loss), net of taxes	25		3	(3)	—	—	25
Comprehensive income attributable to common shareholder	$	42,354	7,182	6,594	—	(13,776)	$	42,354

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

Six months ended June 30, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	66,234	13,246	9,334	—	(22,580)	$	66,234
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	10,368		1,499	1,302	—	(2,801)	10,368
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(10,317)		(1,495)	(1,305)	—	2,800	(10,317)
Other comprehensive income (loss), net of taxes	51		4	(3)	—	(1)	51
Comprehensive income attributable to common shareholder	$	66,285	13,250	9,331	—	(22,581)	$	66,285

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

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

June 30, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,389	5,606	3,612	—	—	$	51,607
Plant and equipment	4,859,373		1,321,091	1,173,377	—	—	7,353,841
Less accumulated depreciation	(1,636,504)		(586,351)	(535,689)	—	—	(2,758,544)
Construction in progress	170,655		20,181	23,651	—	—	214,487
Utility property, plant and equipment, net	3,435,913		760,527	664,951	—	—	4,861,391
Nonutility property, plant and equipment, less accumulated depreciation	5,308		115	1,532	—	—	6,955
Total property, plant and equipment, net	3,441,221		760,642	666,483	—	—	4,868,346
Investment in wholly owned subsidiaries, at equity	599,198		—	—	—	(599,198)	—
Current assets
Cash and cash equivalents	55,170		4,594	4,130	101	—	63,995
Restricted cash	29,376		—	—	—	—	29,376
Advances to affiliates	13,500		—	—	—	(13,500)	—
Customer accounts receivable, net	97,615		21,422	19,001	—	—	138,038
Accrued unbilled revenues, net	74,086		12,705	13,810	—	—	100,601
Other accounts receivable, net	19,409		3,592	4,358	—	(16,944)	10,415
Fuel oil stock, at average cost	30,477		14,965	15,037	—	—	60,479
Materials and supplies, at average cost	38,475		10,116	17,653	—	—	66,244
Prepayments and other	18,005		17,151	2,773	—	—	37,929
Regulatory assets	16,846		2,598	1,842	—	—	21,286
Total current assets	392,959		87,143	78,604	101	(30,444)	528,363
Other long-term assets
Operating lease right-of-use assets	159,169		1,490	370	—	—	161,029
Regulatory assets	460,493		104,707	96,084	—	—	661,284
Other	76,482		16,915	19,588	—	—	112,985
Total other long-term assets	696,144		123,112	116,042	—	—	935,298
Total assets	$	5,129,522	970,897	861,129	101	(629,642)	$	6,332,007
Capitalization and liabilities
Capitalization
Common stock equity	$	2,060,069	304,088	295,009	101	(599,198)	$	2,060,069
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,116,186		216,400	228,369	—	—	1,560,955
Total capitalization	3,198,548		527,488	528,378	101	(599,198)	3,655,317
Current liabilities
Current portion of operating lease liabilities	64,405		97	32	—	—	64,534
Current portion of long-term debt	—		14,000	—	—	—	14,000
Short-term borrowings from non-affiliates	49,919		—	—	—	—	49,919
Short-term borrowings from affiliate	—		12,000	1,500	—	(13,500)	—
Accounts payable	79,071		14,408	13,599	—	—	107,078
Interest and preferred dividends payable	14,580		3,349	2,736	—	(6)	20,659
Taxes accrued	133,321		32,526	28,004	—	—	193,851
Regulatory liabilities	11,467		7,401	7,199	—	—	26,067
Other	55,378		17,181	16,070	—	(16,938)	71,691
Total current liabilities	408,141		100,962	69,140	—	(30,444)	547,799
Deferred credits and other liabilities
Operating lease liabilities	100,833		1,394	343	—	—	102,570
Deferred income taxes	261,044		52,485	57,523	—	—	371,052
Regulatory liabilities	674,621		178,861	98,231	—	—	951,713
Unamortized tax credits	84,885		15,773	14,348	—	—	115,006
Defined benefit pension and other postretirement benefit plans liability	340,672		69,719	69,459	—	—	479,850
Other	60,778		24,215	23,707	—	—	108,700
Total deferred credits and other liabilities	1,522,833		342,447	263,611	—	—	2,128,891
Total capitalization and liabilities	$	5,129,522	970,897	861,129	101	(629,642)	$	6,332,007

Condensed Consolidating Balance Sheet

December 31, 2019

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating 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)	—
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)	—
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)	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)	$	2,047,352
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	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)	—
Accounts payable	139,056		25,629	23,085	—	—	187,770
Interest and preferred dividends payable	14,759		3,115	2,900	—	(46)	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)	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

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, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2019	$	2,047,352	298,998	292,870	101	(591,969)	$	2,047,352
Net income for common stock	66,234		13,246	9,334	—	(22,580)	66,234
Other comprehensive income (loss), net of taxes	51		4	(3)	—	(1)	51
Common stock dividends	(53,568)		(8,160)	(7,192)	—	15,352	(53,568)
Balance, June 30, 2020	$	2,060,069	304,088	295,009	101	(599,198)	$	2,060,069

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	64,700		9,835	10,100	—	(19,935)	64,700
Other comprehensive income, net of taxes	47		2	—	—	(2)	47
Common stock dividends	(50,626)		(5,090)	(7,534)	—	12,624	(50,626)
Common stock issuance expenses	—		(2)	—	—	2	—
Balance, June 30, 2019	$	1,971,762	300,619	283,429	101	(584,149)	$	1,971,762

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	154,967	20,307	21,601	—	(15,407)	$	181,468
Cash flows from investing activities
Capital expenditures	(129,829)		(30,785)	(25,918)	—	—	(186,532)
Advances from affiliates	14,200		8,000	—	—	(22,200)	—
Other	4,354		552	480	—	55	5,441
Net cash used in investing activities	(111,275)		(22,233)	(25,438)	—	(22,145)	(181,091)
Cash flows from financing activities
Common stock dividends	(53,568)		(8,160)	(7,192)	—	15,352	(53,568)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(540)		(267)	(191)	—	—	(998)
Proceeds from issuance of short-term debt	100,000		—	—	—	—	100,000
Repayment of short-term debt	(100,000)		—	—	—	—	(100,000)
Proceeds from issuance of long-term debt	205,000		10,000	40,000	—	—	255,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	(95,000)		(14,000)	—	—	—	(109,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(46,987)		12,000	(26,200)	—	22,200	(38,987)
Other	(1,039)		(61)	(247)	—	—	(1,347)
Net cash provided by financing activities	7,866		(488)	6,170	—	37,552	51,100
Net increase (decrease) in cash and cash equivalents	51,558		(2,414)	2,333	—	—	51,477
Cash, cash equivalents and restricted cash, beginning of period	32,988		7,008	1,797	101	—	41,894
Cash, cash equivalents and restricted cash, end of period	84,546		4,594	4,130	101	—	93,371
Less: Restricted cash	(29,376)		—	—	—	—	(29,376)
Cash and cash equivalents, end of period	$	55,170	4,594	4,130	101	—	$	63,995

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
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)
Net increase 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