Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2020

Electric utility subsidiary

Schedule of consolidating statements of income

Statements of Income and Comprehensive Income Data

Years ended December 31	2020		2019		2018
(in thousands)
Interest and dividend income
Interest and fees on loans	$	214,134	$	233,632	$	220,463
Interest and dividends on investment securities	30,529		32,922		37,762
Total interest and dividend income	244,663		266,554		258,225
Interest expense
Interest on deposit liabilities	10,654		16,830		13,991
Interest on other borrowings	460		1,610		1,548
Total interest expense	11,114		18,440		15,539
Net interest income	233,549		248,114		242,686
Provision for credit losses	50,811		23,480		14,745
Net interest income after provision for credit losses	182,738		224,634		227,941
Noninterest income
Fees from other financial services	16,447		19,275		18,937
Fee income on deposit liabilities	16,059		20,877		21,311
Fee income on other financial products	6,381		6,507		7,052
Bank-owned life insurance	6,483		7,687		5,057
Mortgage banking income	23,734		4,943		1,493
Gain on sale of real estate	—		10,762		—
Gain on sale of investment securities, net	9,275		653		—
Other income, net	(256)		2,074		2,200
Total noninterest income	78,123		72,778		56,050
Noninterest expense
Compensation and employee benefits	104,443		103,009		98,387
Occupancy	21,573		21,272		17,073
Data processing	14,769		15,306		14,268
Services	11,121		10,239		10,847
Equipment	9,001		8,760		7,186
Office supplies, printing and postage	4,623		5,512		6,134
Marketing	3,435		4,490		3,567
FDIC insurance	2,342		1,204		2,713
Other expense1	20,283		15,586		17,238
Total noninterest expense	191,590		185,378		177,413
Income before income taxes	69,271		112,034		106,578
Income taxes	11,688		23,061		24,069
Net income	57,583		88,973		82,509
Other comprehensive income (loss), net of taxes	23,608		29,406		(7,119)
Comprehensive income	$	81,191	$	118,379	$	75,390

1 2020 includes approximately $5.1 million of certain direct and incremental COVID-19 related costs. For 2020, these costs, which have been recorded in Other expense, include $2.5 million of compensation expense and $2.0 million of enhanced cleaning and sanitation costs.

Reconciliation to amounts per HEI Consolidated Statements of Income*:

Years ended December 31	2020		2019		2018
(in thousands)
Interest and dividend income	$	244,663	$	266,554	$	258,225
Noninterest income	78,123		72,778		56,050
Less: Gain on sale of real estate	—		10,762		—
Less: Gain on sale of investment securities, net	9,275		653		—
*Revenues-Bank	313,511		327,917		314,275
Total interest expense	11,114		18,440		15,539
Provision for credit losses	50,811		23,480		14,745
Noninterest expense	191,590		185,378		177,413
Less: Retirement defined benefits expense (credit)—other than service costs	1,813		(472)		1,657
Add: Gain on sale of real estate	—		10,762		—
*Expenses-Bank	251,702		217,008		206,040
*Operating income-Bank	61,809		110,909		108,235
Add back: Retirement defined benefits expense (credit)—other than service costs	1,813		(472)		1,657
Add back: Gain on sale of investment securities, net	9,275		653		—
Income before income taxes	$	69,271	$	112,034	$	106,578

Schedule of consolidating balance sheets

Balance Sheets Data

December 31			2020				2019
(in thousands)
Assets
Cash and due from banks			$	178,422			$	129,770
Interest-bearing deposits			114,304				48,628
Cash and cash equivalents			292,726				178,398
Investment securities
Available-for-sale, at fair value			1,970,417				1,232,826
Held-to-maturity, at amortized cost (fair value of $229,963 and $143,467 at December 31, 2020 and 2019, respectively)			226,947				139,451
Stock in Federal Home Loan Bank, at cost			8,680				8,434
Loans held for investment			5,333,843				5,121,176
Allowance for credit losses			(101,201)				(53,355)
Net loans			5,232,642				5,067,821
Loans held for sale, at lower of cost or fair value			28,275				12,286
Other			554,656				511,611
Goodwill			82,190				82,190
Total assets			$	8,396,533			$	7,233,017
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing			$	2,598,500			$	1,909,682
Deposit liabilities–interest-bearing			4,788,457				4,362,220
Other borrowings			89,670				115,110
Other			183,731				146,954
Total liabilities			7,660,358				6,533,966
Commitments and contingencies
Common stock			1				1
Additional paid in capital			351,758				349,453
Retained earnings			369,470				358,259
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains (losses) on securities	$	19,986			$	2,481
Retirement benefit plans	(5,040)		14,946		(11,143)		(8,662)
Total shareholder’s equity			736,175				699,051
Total liabilities and shareholder’s equity			$	8,396,533			$	7,233,017

December 31	2020		2019
(in thousands)
Other assets
Bank-owned life insurance	$	163,265	$	157,465
Premises and equipment, net	206,134		204,449
Accrued interest receivable	24,616		19,365
Mortgage servicing rights	10,020		9,101
Low-income housing investments	83,435		66,302
Other	67,186		54,929
	$	554,656	$	511,611
Other liabilities
Accrued expenses	$	62,694	$	45,822
Federal and state income taxes payable	6,582		14,996
Cashier’s checks	38,011		23,647
Advance payments by borrowers	10,207		10,486
Other	66,237		52,003
	$	183,731	$	146,954

Hawaiian Electric Company, Inc. and Subsidiaries

Electric utility subsidiary

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2020		2019
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	592,644	$	554,485
Income taxes (1-55 years)	96,171		102,612
Decoupling revenue balancing account and RAM (1-2 years)	10,432		—
Unamortized expense and premiums on retired debt and equity issuances (1-19 years; 1-18 years remaining)	8,654		10,228
Vacation earned, but not yet taken (1 year)	15,665		12,535
COVID-19 related costs (to be determined by PUC)	18,032		—
Other (1-39 years remaining)	25,110		35,220
Total regulatory assets	$	766,708	$	715,080
Included in:
Current assets	$	30,435	$	30,710
Long-term assets	736,273		684,370
Total regulatory assets	$	766,708	$	715,080

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2020		2019
(in thousands)
Cost of removal in excess of salvage value (1-79 years)	$	541,730	$	521,977
Income taxes (1-55 years)	360,426		386,990
Decoupling revenue balancing account and RAM (1-2 years)	1,957		16,370
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	29,759		21,707
Other (1-18 years remaining)	25,914		25,266
Total regulatory liabilities	$	959,786	$	972,310
Included in:
Current liabilities	$	37,301	$	30,724
Long-term liabilities	922,485		941,586
Total regulatory liabilities	$	959,786	$	972,310

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, 2020	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	2020		2019		2018
(in millions)
Kalaeloa	$	149	$	214	$	216
AES Hawaii	133		139		140
HPOWER	70		76		69
Hamakua Energy	50		68		56
Puna Geothermal Venture	1		—		15
Wind IPPs	105		95		107
Solar IPPs	57		36		29
Other IPPs1	4		5		7
Total IPPs	$	569	$	633	$	639

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)	2020		2019
Balance, January 1	$	10,324	$	8,426
Accretion expense	405		312
Liabilities incurred	—		1,594
Liabilities settled	(37)		(8)
Balance, December 31	$	10,692	$	10,324

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 refunded under the tariffs	$	(23.7)	$	(6.8)	$	(5.4)	$	(35.9)

Schedule of consolidating statements of income

Consolidating statement of income

Year ended December 31, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Other subsidiaries		Consolidating adjustments			Hawaiian Electric Consolidated
Revenues	$	1,608,305	334,221		323,430		—		(636)		[1]	$	2,265,320
Expenses
Fuel oil	354,087		72,202		88,985		—		—			515,274
Purchased power	446,672		73,120		48,957		—		—			568,749
Other operation and maintenance	311,781		73,746		88,665		—		—			474,192
Depreciation	151,387		39,041		32,305		—		—			222,733
Taxes, other than income taxes	154,191		31,181		30,450		—		—			215,822
Total expenses	1,418,118		289,290		289,362		—		—			1,996,770
Operating income	190,187		44,931		34,068		—		(636)			268,550
Allowance for equity funds used during construction	7,335		543		890		—		—			8,768
Equity in earnings of subsidiaries	47,504		—		—		—		(47,504)		[2]	—
Retirement defined benefits expense—other than service costs	(1,294)		672		(141)		—		—			(763)
Interest expense and other charges, net	(48,775)		(10,004)		(9,651)		—		636		[1]	(67,794)
Allowance for borrowed funds used during construction	2,540		160		292		—		—			2,992
Income before income taxes	197,497		36,302		25,458		—		(47,504)			211,753
Income taxes	27,077		8,275		5,066		—		—			40,418
Net income	170,420		28,027		20,392		—		(47,504)			171,335
Preferred stock dividends of subsidiaries	—		534		381		—		—			915
Net income attributable to Hawaiian Electric	170,420		27,493		20,011		—		(47,504)			170,420
Preferred stock dividends of Hawaiian Electric	1,080		—		—		—		—			1,080
Net income for common stock	$	169,340	$	27,493	$	20,011	$	—	$	(47,504)		$	169,340

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, 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, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	169,340	27,493	20,011	—	(47,504)		$	169,340
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	(63,050)		(9,424)	(10,897)	—	20,321	[1]	(63,050)
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	21,550		3,179	2,763	—	(5,942)	[1]	21,550
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	39,860		6,025	8,000	—	(14,025)	[1]	39,860
Other comprehensive loss, net of tax benefits	(1,640)		(220)	(134)	—	354		(1,640)
Comprehensive income attributable to common shareholder	$	167,700	27,273	19,877	—	(47,150)		$	167,700

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, 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, 2020

(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	$	42,411	5,606	3,594	—	—		$	51,611
Plant and equipment	4,960,470		1,352,885	1,195,988	—	—		7,509,343
Less accumulated depreciation	(1,677,256)		(597,606)	(544,217)	—	—		(2,819,079)
Construction in progress	143,616		13,043	31,683	—	—		188,342
Utility property, plant and equipment, net	3,469,241		773,928	687,048	—	—		4,930,217
Nonutility property, plant and equipment, less accumulated depreciation	5,306		115	1,532	—	—		6,953
Total property, plant and equipment, net	3,474,547		774,043	688,580	—	—		4,937,170
Investment in wholly-owned subsidiaries, at equity	626,890		—	—	—	(626,890)	[2]	—
Current assets
Cash and cash equivalents	42,205		3,046	2,032	77	—		47,360
Restricted cash	15,966		—	—	—	—		15,966
Advances to affiliates	26,700		—	—	—	(26,700)	[1]	—
Customer accounts receivable, net	102,736		23,989	21,107	—	—		147,832
Accrued unbilled revenues, net	73,628		13,631	13,777	—	—		101,036
Other accounts receivable, net	17,984		3,028	2,856	—	(16,195)	[1]	7,673
Fuel oil stock, at average cost	38,777		8,471	10,990	—	—		58,238
Materials and supplies, at average cost	38,786		9,896	18,662	—	—		67,344
Prepayments and other	34,306		5,197	4,580	—	—		44,083
Regulatory assets	22,095		1,954	6,386	—	—		30,435
Total current assets	413,183		69,212	80,390	77	(42,895)		519,967
Other long-term assets
Operating lease right-of-use assets	125,858		1,443	353	—	—		127,654
Regulatory assets	513,192		114,461	108,620	—	—		736,273
Other	98,307		17,992	20,010	—	—		136,309
Total other long-term assets	737,357		133,896	128,983	—	—		1,000,236
Total assets	$	5,251,977	977,151	897,953	77	(669,785)		$	6,457,373
Capitalization and liabilities
Capitalization
Common stock equity	$	2,141,918	317,451	309,363	77	(626,891)	[2]	$	2,141,918
Cumulative preferred stock–not subject to mandatory redemption	22,293		7,000	5,000	—	—		34,293
Long-term debt, net	1,116,426		216,447	228,429	—	—		1,561,302
Total capitalization	3,280,637		540,898	542,792	77	(626,891)		3,737,513
Current liabilities
Current portion of operating lease liabilities	64,599		98	33	—	—		64,730
Short-term borrowings-non-affiliate	49,979		—	—	—	—		49,979
Short-term borrowings-affiliate	—		18,800	7,900	—	(26,700)	[1]	—
Accounts payable	97,102		19,570	17,177	—	—		133,849
Interest and preferred dividends payable	14,480		3,138	2,790	—	(58)	[1]	20,350
Taxes accrued	135,018		29,869	27,637	—	—		192,524
Regulatory liabilities	20,224		8,785	8,292	—	—		37,301
Other	57,926		13,851	18,621	—	(16,136)	[1]	74,262
Total current liabilities	439,328		94,111	82,450	—	(42,894)		572,995
Deferred credits and other liabilities
Operating lease liabilities	67,824		1,344	326	—	—		69,494
Deferred income taxes	282,685		54,108	61,005	—	—		397,798
Regulatory liabilities	656,270		173,938	92,277	—	—		922,485
Unamortized tax credits	82,563		15,363	13,989	—	—		111,915
Defined benefit pension and other postretirement benefit plans liability	373,112		77,679	79,741	—	—		530,532
Other	69,558		19,710	25,373	—	—		114,641
Total deferred credits and other liabilities	1,532,012		342,142	272,711	—	—		2,146,865
Total capitalization and liabilities	$	5,251,977	977,151	897,953	77	(669,785)		$	6,457,373

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	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

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, 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
Net income for common stock	169,340		27,493	20,011	—	(47,504)	169,340
Other comprehensive loss, net of tax benefits	(1,640)		(220)	(134)	—	354	(1,640)
Issuance of common stock, net of expenses	34,000		7,500	11,000	—	(18,500)	34,000
Common stock dividends	(107,134)		(16,320)	(14,384)	—	30,704	(107,134)
Dissolution of subsidiary	—		—	—	(24)	24	—
Balance, December 31, 2020	$	2,141,918	317,451	309,363	77	(626,891)	$	2,141,918

Schedule of consolidating statements of cash flows

Consolidating statement of cash flows

Year ended December 31, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	170,420	28,027	20,392	—	(47,504)	[2]	$	171,335
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(47,504)		—	—	—	47,504	[2]	—
Common stock dividends received from subsidiaries	30,704		—	—	—	(30,704)	[2]	—
Depreciation of property, plant and equipment	151,387		39,041	32,305	—	—		222,733
Other amortization	24,511		5,090	4,145	—	—		33,746
Deferred income taxes	2,130		(463)	1,484	—	—		3,151
State refundable credit	(6,668)		(1,593)	(1,700)	—	—		(9,961)
Bad debt expense	1,042		620	453	—	—		2,115
Allowance for equity funds used during construction	(7,335)		(543)	(890)	—	—		(8,768)
Accrued environmental reserve	6,556		—	—	—	—		6,556
Other	1,201		1,322	87	—	—		2,610
Changes in assets and liabilities:
Increase in accounts receivable	(8,093)		(3,349)	(1,343)	—	5,499	[1]	(7,286)
Decrease in accrued unbilled revenues	8,832		3,327	3,126	—	—		15,285
Decrease in fuel oil stock	30,226		430	3,043	—	—		33,699
Increase in materials and supplies	(3,910)		(1,583)	(1,149)	—	—		(6,642)
Decrease (increase) in regulatory assets	8,526		(2,908)	(4,611)	—	—		1,007
Decrease in regulatory liabilities	(5,490)		(4,489)	(6,583)				(16,562)
Decrease in accounts payable	(26,093)		(1,819)	(5,217)	—	—		(33,129)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(25,757)		(5,483)	(5,998)	—	58	[1]	(37,180)
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,092)		(643)	(571)	—	—		(4,306)
Change in other assets and liabilities	(21,124)		(8,864)	3,635	—	(5,499)	[1]	(31,852)
Net cash provided by operating activities	280,469		46,120	40,608	—	(30,646)		336,551
Cash flows from investing activities
Capital expenditures	(229,127)		(64,346)	(57,391)	—	—		(350,864)
Advances from affiliates	1,000		8,000	—	—	(9,000)	[1]	—
Other	(14,340)		1,032	960	(24)	18,442	[1],[2]	6,070
Net cash used in investing activities	(242,467)		(55,314)	(56,431)	(24)	9,442		(344,794)
Cash flows from financing activities
Common stock dividends	(107,134)		(16,320)	(14,384)	—	30,704	[2]	(107,134)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080)		(534)	(381)	—	—		(1,995)
Proceeds from issuance of common stock	34,000		7,500	11,000	—	(18,500)	[2]	34,000
Proceeds from issuance of long-term debt	205,000		10,000	40,000	—	—		255,000
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)		18,800	(19,800)	—	9,000	[1]	(38,987)
Proceeds from issuance of short-term debt	100,000		—	—	—	—		100,000
Repayment of short-term debt	(100,000)		—	—	—	—		(100,000)
Other	(1,618)		(214)	(377)	—	—		(2,209)
Net cash provided by (used in) financing activities	(12,819)		5,232	16,058	—	21,204		29,675
Net increase (decrease) in cash, cash equivalents and restricted cash	25,183		(3,962)	235	(24)	—		21,432
Cash, cash equivalents and restricted cash, January 1	32,988		7,008	1,797	101	—		41,894
Cash, cash equivalents and restricted cash, December 31	58,171		3,046	2,032	77	—		63,326
Less: Restricted cash	(15,966)		—	—	—	—		(15,966)
Cash and cash equivalents, December 31	42,205		3,046	2,032	77	—		$	47,360

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)
State refundable credit	(6,245)		(559)	(1,565)	—	—		(8,369)
Bad debt expense	1,236		470	444	—	—		2,150
Allowance for equity funds used during construction	(9,955)		(816)	(1,216)	—	—		(11,987)
Accrued environmental reserve	406		—	—	—	—		406
Other	27,575		(61)	(55)	—	—		27,459
Changes in assets and liabilities:
Decrease in accounts receivable	24,150		2,858	3,029	—	(11,215)	[1]	18,822
Decrease (increase) in accrued unbilled revenues	4,902		(22)	(385)	—	—		4,495
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	(15,747)		(6,152)	(6,940)	—	11,215	[1]	(17,624)
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 the issuance of common stock	35,500		—	4,900	—	(4,900)	[2]	35,500
Proceeds from the 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)
State refundable credit	(4,941)		(547)	(751)	—	—		(6,239)
Bad debt expense	1,388		600	217	—	—		2,205
Allowance for equity funds used during construction	(9,208)		(478)	(1,191)	—	—		(10,877)
Accrued environmental reserve	273		—	—	—	—		273
Other	3,908		334	427	—	—		4,669
Changes in assets and liabilities:
Increase in accounts receivable	(53,020)		(5,457)	(8,829)	—	14,220	[1]	(53,086)
Increase in accrued unbilled revenues	(10,908)		(1,121)	(2,691)	—	—		(14,720)
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	(8,329)		2,806	2,356	—	(14,220)	[1]	(17,387)
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

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.