Electric utility segment (Tables)

9 Months Ended

Sep. 30, 2019

Regulatory Projects and Legal Obligations [Line Items]

Schedule of condensed consolidating statements of income (loss)

Statements of Income Data

	Three months ended September 30,					Nine months ended September 30
(in thousands)	2019			2018		2019		2018
Interest and dividend income
Interest and fees on loans	$	59,260		$	55,885	$	175,740	$	163,318
Interest and dividends on investment securities	7,599			9,300		25,762		27,130
Total interest and dividend income	66,859			65,185		201,502		190,448
Interest expense
Interest on deposit liabilities	4,384			3,635		12,923		9,876
Interest on other borrowings	422			404		1,361		1,293
Total interest expense	4,806			4,039		14,284		11,169
Net interest income	62,053			61,146		187,218		179,279
Provision for loan losses	3,315			6,033		17,873		12,337
Net interest income after provision for loan losses	58,738			55,113		169,345		166,942
Noninterest income
Fees from other financial services	5,085			4,543		14,445		13,941
Fee income on deposit liabilities	5,320			5,454		15,402		15,781
Fee income on other financial products	1,706			1,746		5,129		5,075
Bank-owned life insurance	1,660			2,663		6,309		4,667
Mortgage banking income	1,490			169		3,080		1,399
Gains on sale of investment securities, net	653			—		653		—
Other income, net	428			736		1,420		1,708
Total noninterest income	16,342			15,311		46,438		42,571
Noninterest expense
Compensation and employee benefits	25,364			23,952		76,626		72,047
Occupancy	5,694			4,363		15,843		12,837
Data processing	3,763			3,583		11,353		10,587
Services	2,829			2,485		7,861		8,560
Equipment	2,163			1,783		6,416		5,385
Office supplies, printing and postage	1,297			1,556		4,320		4,554
Marketing	1,142			993		3,455		2,723
FDIC insurance	(5		)	638		1,249		2,078
Other expense	3,676			4,240		12,049		12,897
Total noninterest expense	45,923			43,593		139,172		131,668
Income before income taxes	29,157			26,831		76,611		77,845
Income taxes	6,269			5,610		15,868		17,103
Net income	$	22,888		$	21,221	$	60,743	$	60,742

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

	Three months ended September 30,						Nine months ended September 30
(in thousands)	2019			2018			2019			2018
Interest and dividend income	66,859			65,185			$	201,502		$	190,448
Noninterest income	16,342			15,311			46,438			42,571
*Revenues-Bank	83,201			80,496			247,940			233,019
Total interest expense	4,806			4,039			14,284			11,169
Provision for loan losses	3,315			6,033			17,873			12,337
Noninterest expense	45,923			43,593			139,172			131,668
Less: Retirement defined benefits gain (expense)—other than service costs	196			(433		)	276			(1,223		)
*Expenses-Bank	54,240			53,232			171,605			153,951
*Operating income-Bank	28,961			27,264			76,335			79,068
Add back: Retirement defined benefits (gain) expense—other than service costs	(196		)	433			(276		)	1,223
Income before income taxes	$	29,157		$	26,831		$	76,611		$	77,845

Schedule of condensed consolidating balance sheet

Balance Sheets Data

(in thousands)	September 30, 2019						December 31, 2018
Assets
Cash and due from banks				$	135,813					$	122,059
Interest-bearing deposits				1,315						4,225
Investment securities
Available-for-sale, at fair value				1,210,748						1,388,533
Held-to-maturity, at amortized cost (fair value of $137,497 and $142,057, respectively)				132,704						141,875
Stock in Federal Home Loan Bank, at cost				9,953						9,958
Loans held for investment				5,084,336						4,843,021
Allowance for loan losses				(53,040		)				(52,119		)
Net loans				5,031,296						4,790,902
Loans held for sale, at lower of cost or fair value				17,115						1,805
Other				514,116						486,347
Goodwill				82,190						82,190
Total assets				$	7,135,250					$	7,027,894
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,885,028					$	1,800,727
Deposit liabilities—interest-bearing				4,311,195						4,358,125
Other borrowings				129,190						110,040
Other				135,606						124,613
Total liabilities				6,461,019						6,393,505
Commitments and contingencies
Common stock				1						1
Additional paid-in capital				348,933						347,170
Retained earnings				339,029						325,286
Accumulated other comprehensive loss, net of tax benefits
Net unrealized gains (losses) on securities	$	2,945					$	(24,423	)
Retirement benefit plans	(16,677		)	(13,732		)	(13,645		)	(38,068		)
Total shareholder’s equity				674,231						634,389
Total liabilities and shareholder’s equity				$	7,135,250					$	7,027,894
Other assets
Bank-owned life insurance				$	156,077					$	151,172
Premises and equipment, net				207,659						214,415
Accrued interest receivable				19,743						20,140
Mortgage-servicing rights				8,567						8,062
Low-income housing equity investments				69,286						67,626
Real estate acquired in settlement of loans, net				—						406
Real estate held for sale				9,074						—
Other				43,710						24,526
				$	514,116					$	486,347
Other liabilities
Accrued expenses				$	41,264					$	54,084
Federal and state income taxes payable				9,472						2,012
Cashier’s checks				27,498						26,906
Advance payments by borrowers				5,164						10,183
Other				52,208						31,428
				$	135,606					$	124,613

Hawaiian Electric Company, Inc. and Subsidiaries

Regulatory Projects and Legal Obligations [Line Items]

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows:

	Three months ended September 30				Nine months ended September 30
(in millions)	2019		2018		2019		2018
Kalaeloa	$	58	$	62	$	159	$	154
AES Hawaii	38		38		102		107
HPOWER	20		19		57		51
Puna Geothermal Venture	—		—		—		15
Hamakua Energy	17		17		51		39
Wind IPPs	30		31		73		84
Solar IPPs	11		8		26		22
Other IPPs 1	2		2		4		6
Total IPPs	$	176	$	177	$	472	$	478

¹ 

Includes hydro power and other PPAs

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

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

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

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

Schedule of condensed consolidating statements of income (loss)

Condensed Consolidating Statement of Income

Nine months ended September 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,321,089		276,462		268,567		—	(156	)	$	1,865,962
Expenses
Fuel oil	375,862			64,348		105,026		—	—		545,236
Purchased power	367,317			72,589		38,332		—	—		478,238
Other operation and maintenance	228,773			50,366		54,666		—	—		333,805
Depreciation	103,112			30,165		18,533		—	—		151,810
Taxes, other than income taxes	125,214			25,835		25,275		—	—		176,324
Total expenses	1,200,278			243,303		241,832		—	—		1,685,413
Operating income	120,811			33,159		26,735		—	(156	)	180,549
Allowance for equity funds used during construction	7,123			274		842		—	—		8,239
Equity in earnings of subsidiaries	35,041			—		—		—	(35,041	)	—
Retirement defined benefits expense—other than service costs	(2,091		)	(312	)	(531	)	—	—		(2,934		)
Interest expense and other charges, net	(38,967		)	(8,855	)	(7,156	)	—	156		(54,822		)
Allowance for borrowed funds used during construction	3,198			190		427		—	—		3,815
Income before income taxes	125,115			24,456		20,317		—	(35,041	)	134,847
Income taxes	15,949			5,017		4,029		—	—		24,995
Net income	109,166			19,439		16,288		—	(35,041	)	109,852
Preferred stock dividends of subsidiaries	—			400		286		—	—		686
Net income attributable to Hawaiian Electric	109,166			19,039		16,002		—	(35,041	)	109,166
Preferred stock dividends of Hawaiian Electric	810			—		—		—	—		810
Net income for common stock	$	108,356		19,039		16,002		—	(35,041	)	$	108,356

Condensed Consolidating Statement of Income

Nine months ended September 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,347,412		270,697		282,939		—	(439	)	$	1,900,609
Expenses
Fuel oil	374,100			62,210		105,012		—	—		541,322
Purchased power	367,541			67,548		37,247		—	—		472,336
Other operation and maintenance	240,311			56,635		64,859		—	—		361,805
Depreciation	107,602			31,359		22,834		—	—		161,795
Taxes, other than income taxes	127,654			25,170		26,480		—	—		179,304
Total expenses	1,217,208			242,922		256,432		—	—		1,716,562
Operating income	130,204			27,775		26,507		—	(439	)	184,047
Allowance for equity funds used during construction	7,746			579		1,010		—	—		9,335
Equity in earnings of subsidiaries	30,983			—		—		—	(30,983	)	—
Retirement defined benefits expense—other than service costs	(1,716		)	(316	)	(95	)	—	—		(2,127		)
Interest expense and other charges, net	(38,961		)	(8,345	)	(7,078	)	—	439		(53,945		)
Allowance for borrowed funds used during construction	2,854			242		369		—	—		3,465
Income before income taxes	131,110			19,935		20,713		—	(30,983	)	140,775
Income taxes	18,821			4,431		4,548		—	—		27,800
Net income	112,289			15,504		16,165		—	(30,983	)	112,975
Preferred stock dividends of subsidiaries	—			400		286		—	—		686
Net income attributable to Hawaiian Electric	112,289			15,104		15,879		—	(30,983	)	112,289
Preferred stock dividends of Hawaiian Electric	810			—		—		—	—		810
Net income for common stock	$	111,479		15,104		15,879		—	(30,983	)	$	111,479

Condensed Consolidating Statement of Income

Three months ended September 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	488,210		98,981		100,273		—	(55	)	$	687,409
Expenses
Fuel oil	141,357			26,429		38,765		—	—		206,551
Purchased power	138,135			24,091		15,364		—	—		177,590
Other operation and maintenance	78,988			15,253		19,312		—	—		113,553
Depreciation	34,282			10,072		6,629		—	—		50,983
Taxes, other than income taxes	46,096			9,215		9,385		—	—		64,696
Total expenses	438,858			85,060		89,455		—	—		613,373
Operating income	49,352			13,921		10,818		—	(55	)	74,036
Allowance for equity funds used during construction	1,648			39		275		—	—		1,962
Equity in earnings of subsidiaries	16,636			—		—		—	(16,636	)	—
Retirement defined benefits expense—other than service costs	(475		)	(104	)	(103	)	—	—		(682		)
Interest expense and other charges, net	(13,542		)	(3,026	)	(2,455	)	—	55		(18,968		)
Allowance for borrowed funds used during construction	810			49		147		—	—		1,006
Income before income taxes	54,429			10,879		8,682		—	(16,636	)	57,354
Income taxes	4,447			1,571		1,126		—	—		7,144
Net income	49,982			9,308		7,556		—	(16,636	)	50,210
Preferred stock dividends of subsidiaries	—			133		95		—	—		228
Net income attributable to Hawaiian Electric	49,982			9,175		7,461		—	(16,636	)	49,982
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	49,712		9,175		7,461		—	(16,636	)	$	49,712

Condensed Consolidating Statement of Income

Three months ended September 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	491,723		93,576		103,236		—	(205	)	$	688,330
Expenses
Fuel oil	139,747			21,427		37,919		—	—		199,093
Purchased power	135,447			24,342		15,248		—	—		175,037
Other operation and maintenance	80,582			19,868		23,965		—	—		124,415
Depreciation	35,867			10,453		7,615		—	—		53,935
Taxes, other than income taxes	46,433			8,359		9,265		—	—		64,057
Total expenses	438,076			84,449		94,012		—	—		616,537
Operating income	53,647			9,127		9,224		—	(205	)	71,793
Allowance for equity funds used during construction	2,685			229		336		—	—		3,250
Equity in earnings of subsidiaries	11,048			—		—		—	(11,048	)	—
Retirement defined benefits expense—other than service costs	(582		)	(105	)	(36	)	—	—		(723		)
Interest expense and other charges, net	(12,771		)	(2,524	)	(2,339	)	—	205		(17,429		)
Allowance for borrowed funds used during construction	990			95		123		—	—		1,208
Income before income taxes	55,017			6,822		7,308		—	(11,048	)	58,099
Income taxes	7,968			1,420		1,434		—	—		10,822
Net income	47,049			5,402		5,874		—	(11,048	)	47,277
Preferred stock dividends of subsidiaries	—			133		95		—	—		228
Net income attributable to Hawaiian Electric	47,049			5,269		5,779		—	(11,048	)	47,049
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	46,779		5,269		5,779		—	(11,048	)	$	46,779

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	111,479		15,104		15,879		—	(30,983	)	$	111,479
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	7,162			1,091		887		—	(1,978	)	7,162
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(7,089		)	(1,089	)	(887	)	—	1,976		(7,089		)
Other comprehensive income, net of taxes	73			2		—		—	(2	)	73
Comprehensive income attributable to common shareholder	$	111,552		15,106		15,879		—	(30,985	)	$	111,552

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	108,356		19,039		16,002		—	(35,041	)	$	108,356
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	14,259			2,114		1,817		—	(3,931	)	14,259
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(14,174		)	(2,113	)	(1,817	)	—	3,930		(14,174		)
Other comprehensive income, net of taxes	85			1		—		—	(1	)	85
Comprehensive income attributable to common shareholder	$	108,441		19,040		16,002		—	(35,042	)	$	108,441

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	46,779		5,269		5,779		—	(11,048	)	$	46,779
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	2,519			387		309		—	(696	)	2,519
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(2,493		)	(387	)	(309	)	—	696		(2,493		)
Other comprehensive income, net of taxes	26			—		—		—	—		26
Comprehensive income attributable to common shareholder	$	46,805		5,269		5,779		—	(11,048	)	$	46,805

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	49,712		9,175		7,461		—	(16,636	)	$	49,712
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	4,753			705		606		—	(1,311	)	4,753
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,725		)	(705	)	(606	)	—	1,311		(4,725		)
Other comprehensive income, net of taxes	28			—		—		—	—		28
Comprehensive income attributable to common shareholder	$	49,740		9,175		7,461		—	(16,636	)	$	49,740

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

December 31, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consoli- dating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	40,449		5,606		3,612		—	—		$	49,667
Plant and equipment	4,456,090			1,259,553		1,094,028		—	—		6,809,671
Less accumulated depreciation	(1,523,861		)	(547,848	)	(505,633	)	—	—		(2,577,342		)
Construction in progress	193,677			8,781		30,687		—	—		233,145
Utility property, plant and equipment, net	3,166,355			726,092		622,694		—	—		4,515,141
Nonutility property, plant and equipment, less accumulated depreciation	5,314			115		1,532		—	—		6,961
Total property, plant and equipment, net	3,171,669			726,207		624,226		—	—		4,522,102
Investment in wholly owned subsidiaries, at equity	576,838			—		—		—	(576,838	)	—
Current assets
Cash and cash equivalents	16,732			15,623		3,421		101	—		35,877
Customer accounts receivable, net	125,960			26,483		25,453		—	—		177,896
Accrued unbilled revenues, net	88,060			17,051		16,627		—	—		121,738
Other accounts receivable, net	21,962			3,131		3,033		—	(21,911	)	6,215
Fuel oil stock, at average cost	54,262			11,027		14,646		—	—		79,935
Materials and supplies, at average cost	30,291			7,155		17,758		—	—		55,204
Prepayments and other	23,214			5,212		3,692		—	—		32,118
Regulatory assets	60,093			3,177		7,746		—	—		71,016
Total current assets	420,574			88,859		92,376		101	(21,911	)	579,999
Other long-term assets
Regulatory assets	537,708			120,658		104,044		—	—		762,410
Other	69,749			15,944		17,299		—	—		102,992
Total other long-term assets	607,457			136,602		121,343		—	—		865,402
Total assets	$	4,776,538		951,668		837,945		101	(598,749	)	$	5,967,503
Capitalization and liabilities
Capitalization
Common stock equity	$	1,957,641		295,874		280,863		101	(576,838	)	$	1,957,641
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	1,000,137			217,749		200,916		—	—		1,418,802
Total capitalization	2,980,071			520,623		486,779		101	(576,838	)	3,410,736
Current liabilities
Short-term borrowings-non-affiliate	25,000			—		—		—	—		25,000
Accounts payable	126,384			20,045		25,362		—	—		171,791
Interest and preferred dividends payable	16,203			4,203		2,841		—	(32	)	23,215
Taxes accrued	164,747			34,128		34,458		—	—		233,333
Regulatory liabilities	7,699			4,872		5,406		—	—		17,977
Other	46,391			15,077		20,414		—	(21,879	)	60,003
Total current liabilities	386,424			78,325		88,481		—	(21,911	)	531,319
Deferred credits and other liabilities
Deferred income taxes	271,438			54,936		56,823		—	—		383,197
Regulatory liabilities	657,210			176,101		98,948		—	—		932,259
Unamortized tax credits	60,271			16,217		15,034		—	—		91,522
Defined benefit pension and other postretirement benefit plans liability	359,174			73,147		71,338		—	—		503,659
Other	61,950			32,319		20,542		—	—		114,811
Total deferred credits and other liabilities	1,410,043			352,720		262,685		—	—		2,025,448
Total capitalization and liabilities	$	4,776,538		951,668		837,945		101	(598,749	)	$	5,967,503

Condensed Consolidating Balance Sheet

September 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consoli- dating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,112		5,606		3,612		—	—		$	51,330
Plant and equipment	4,676,163			1,282,065		1,139,058		—	—		7,097,286
Less accumulated depreciation	(1,595,962		)	(569,878	)	(520,548	)	—	—		(2,686,388		)
Construction in progress	185,022			17,219		24,315		—	—		226,556
Utility property, plant and equipment, net	3,307,335			735,012		646,437		—	—		4,688,784
Nonutility property, plant and equipment, less accumulated depreciation	5,311			115		1,532		—	—		6,958
Total property, plant and equipment, net	3,312,646			735,127		647,969		—	—		4,695,742
Investment in wholly owned subsidiaries, at equity	588,886			—		—		—	(588,886	)	—
Current assets
Cash and cash equivalents	22,073			5,003		5,330		101	—		32,507
Advances to affiliates	22,200			15,000		—		—	(37,200	)	—
Customer accounts receivable, net	111,171			25,676		26,246		—	—		163,093
Accrued unbilled revenues, net	90,015			15,880		17,925		—	—		123,820
Other accounts receivable, net	10,994			1,516		2,056		—	(9,948	)	4,618
Fuel oil stock, at average cost	62,645			10,694		11,204		—	—		84,543
Materials and supplies, at average cost	33,747			10,170		16,893		—	—		60,810
Prepayments and other	38,439			4,622		4,655		—	(1,395	)	46,321
Regulatory assets	29,410			1,684		1,857		—	—		32,951
Total current assets	420,694			90,245		86,166		101	(48,543	)	548,663
Other long-term assets
Operating lease right-of-use assets	190,300			1,560		394		—	—		192,254
Regulatory assets	502,254			112,900		101,162		—	—		716,316
Other	72,386			17,096		18,511		—	—		107,993
Total other long-term assets	764,940			131,556		120,067		—	—		1,016,563
Total assets	$	5,087,166		956,928		854,202		101	(637,429	)	$	6,260,968
Capitalization and liabilities
Capitalization
Common stock equity	$	1,993,254		303,345		285,440		101	(588,886	)	$	1,993,254
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	937,211			203,952		181,092		—	—		1,322,255
Total capitalization	2,952,758			514,297		471,532		101	(588,886	)	3,349,802
Current liabilities
Current portion of operating lease liabilities	62,634			94		30		—	—		62,758
Current portion of long-term debt	61,976			13,992		19,997		—	—		95,965
Short-term borrowings from non-affiliates	112,353			—		—		—	—		112,353
Short-term borrowings from affiliate	15,000			—		22,200		—	(37,200	)	—
Accounts payable	113,544			17,654		21,364		—	—		152,562
Interest and preferred dividends payable	19,699			3,695		4,215		—	(69	)	27,540
Taxes accrued	143,156			30,874		32,204		—	(1,395	)	204,839
Regulatory liabilities	9,255			5,836		4,425		—	—		19,516
Other	51,943			10,187		15,648		—	(9,879	)	67,899
Total current liabilities	589,560			82,332		120,083		—	(48,543	)	743,432
Deferred credits and other liabilities
Operating lease liabilities	126,979			1,466		367		—	—		128,812
Deferred income taxes	282,336			53,939		56,286		—	—		392,561
Regulatory liabilities	663,414			181,472		99,338		—	—		944,224
Unamortized tax credits	60,095			16,054		14,571		—	—		90,720
Defined benefit pension and other postretirement benefit plans liability	359,420			71,112		69,654		—	—		500,186
Other	52,604			36,256		22,371		—	—		111,231
Total deferred credits and other liabilities	1,544,848			360,299		262,587		—	—		2,167,734
Total capitalization and liabilities	$	5,087,166		956,928		854,202		101	(637,429	)	$	6,260,968

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Nine months ended September 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	111,479			15,104		15,879		—	(30,983	)	111,479
Other comprehensive income, net of taxes	73			2		—		—	(2	)	73
Common stock dividends	(75,939		)	(7,635	)	(11,301	)	—	18,936		(75,939		)
Common stock issuance expenses	—			—		(1	)	—	1		—
Balance, September 30, 2019	$	1,993,254		303,345		285,440		101	(588,886	)	$	1,993,254

Condensed Consolidating Statement of Changes in Common Stock Equity

Nine months ended September 30, 2018  

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Balance, December 31, 2017	$	1,845,283		286,647		270,265		101	(557,013	)	$	1,845,283
Net income for common stock	108,356			19,039		16,002		—	(35,041	)	108,356
Other comprehensive income, net of taxes	85			1		—		—	(1	)	85
Common stock dividends	(77,479		)	(11,467	)	(9,014	)	—	20,481		(77,479		)
Common stock issuance expenses	(8		)	—		—		—	—		(8		)
Balance, September 30, 2018	$	1,876,237		294,220		277,253		101	(571,574	)	$	1,876,237

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2018

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net cash provided by operating activities	$	159,876		35,203		19,455		—	(20,812	)	$	193,722
Cash flows from investing activities
Capital expenditures	(225,907		)	(40,457	)	(44,005	)	—	—		(310,369		)
Other	4,518			1,177		3,785		—	331		9,811
Advances (to) from affiliates	(2,000		)	—		12,000		—	(10,000	)	—
Net cash used in investing activities	(223,389		)	(39,280	)	(28,220	)	—	(9,669	)	(300,558		)
Cash flows from financing activities
Common stock dividends	(77,479		)	(11,467	)	(9,014	)	—	20,481		(77,479		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(810		)	(400	)	(286	)	—	—		(1,496		)
Proceeds from issuance of long-term debt	75,000			15,000		10,000		—	—		100,000
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	68,914			—		2,000		—	10,000		80,914
Other	(304		)	(54	)	(38	)	—	—		(396		)
Net cash provided by financing activities	65,321			3,079		2,662		—	30,481		101,543
Net increase (decrease) in cash and cash equivalents	1,808			(998	)	(6,103	)	—	—		(5,293		)
Cash and cash equivalents, beginning of period	2,059			4,025		6,332		101	—		12,517
Cash and cash equivalents, end of period	$	3,867		3,027		229		101	—		$	7,224

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2019

(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net cash provided by operating activities	$	223,733		41,694		36,126		—	(18,935	)	$	282,618
Cash flows from investing activities
Capital expenditures	(223,803		)	(29,119	)	(44,885	)	—	—		(297,807		)
Advances to affiliates	(22,200		)	(15,000	)	—		—	37,200		—
Other	2,975			(283	)	(30	)	—	—		2,662
Net cash used in investing activities	(243,028		)	(44,402	)	(44,915	)	—	37,200		(295,145		)
Cash flows from financing activities
Common stock dividends	(75,939		)	(7,635	)	(11,301	)	—	18,936		(75,939		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(810		)	(400	)	(286	)	—	—		(1,496		)
Proceeds from issuance of short-term debt	25,000			—		—		—	—		25,000
Proceeds from issuance of long-term debt	120,000			70,000		10,000		—	—		200,000
Repayment of long-term debt and funds transferred for redemption of special purpose revenue bonds	(121,546		)	(70,000	)	(10,000	)	—	—		(201,546		)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	77,353			—		22,200		—	(37,200	)	62,353
Other	578			123		85		—	(1	)	785
Net cash provided by financing activities	24,636			(7,912	)	10,698		—	(18,265	)	9,157
Net increase (decrease) in cash and cash equivalents	5,341			(10,620	)	1,909		—	—		(3,370		)
Cash and cash equivalents, beginning of period	16,732			15,623		3,421		101	—		35,877
Cash and cash equivalents, end of period	$	22,073		5,003		5,330		101	—		$	32,507