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Electric utility segment (Tables)

9 Months Ended

Sep. 30, 2018

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)	2018		2017		2018		2017
Interest and dividend income
Interest and fees on loans	$	55,885	$	52,210	$	163,318	$	155,269
Interest and dividends on investment securities	9,300		6,850		27,130		20,593
Total interest and dividend income	65,185		59,060		190,448		175,862
Interest expense
Interest on deposit liabilities	3,635		2,444		9,876		6,858
Interest on other borrowings	404		470		1,293		2,110
Total interest expense	4,039		2,914		11,169		8,968
Net interest income	61,146		56,146		179,279		166,894
Provision for loan losses	6,033		490		12,337		7,231
Net interest income after provision for loan losses	55,113		55,656		166,942		159,663
Noninterest income
Fees from other financial services	4,543		5,635		13,941		17,055
Fee income on deposit liabilities	5,454		5,533		15,781		16,526
Fee income on other financial products	1,746		1,904		5,075		5,741
Bank-owned life insurance	2,663		1,257		4,667		4,165
Mortgage banking income	169		520		1,399		1,896
Other income, net	736		380		1,708		1,229
Total noninterest income	15,311		15,229		42,571		46,612
Noninterest expense
Compensation and employee benefits	23,952		23,512		72,047		71,095
Occupancy	4,363		4,284		12,837		12,623
Data processing	3,583		3,262		10,587		9,749
Services	2,485		2,863		8,560		7,989
Equipment	1,783		1,814		5,385		5,333
Office supplies, printing and postage	1,556		1,444		4,554		4,506
Marketing	993		934		2,723		2,290
FDIC insurance	638		746		2,078		2,296
Other expense	4,240		5,262		12,897		14,674
Total noninterest expense	43,593		44,121		131,668		130,555
Income before income taxes	26,831		26,764		77,845		75,720
Income taxes	5,610		9,172		17,103		25,582
Net income	$	21,221	$	17,592	$	60,742	$	50,138

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



	Three months ended September 30						Nine months ended September 30
(in thousands)	2018			2017			2018			2017
Interest and dividend income	65,185			59,060			$	190,448		$	175,862
Noninterest income	15,311			15,229			42,571			46,612
*Revenues-Bank	80,496			74,289			233,019			222,474
Total interest expense	4,039			2,914			11,169			8,968
Provision for loan losses	6,033			490			12,337			7,231
Noninterest expense	43,593			44,121			131,668			130,555
Less: Retirement defined benefits expense—other than service costs	(433		)	(212		)	(1,223		)	(608		)
*Expenses-Bank	53,232			47,313			153,951			146,146
*Operating income-Bank	27,264			26,976			79,068			76,328
Add back: Retirement defined benefits expense—other than service costs	433			212			1,223			608
Income before income taxes	$	26,831		$	26,764		$	77,845		$	75,720

Schedule of condensed consolidating balance sheet

Balance Sheets Data



(in thousands)	September 30, 2018						December 31, 2017
Assets
Cash and due from banks				$	119,453					$	140,934
Interest-bearing deposits				39,575						93,165
Investment securities
Available-for-sale, at fair value				1,387,571						1,401,198
Held-to-maturity, at amortized cost (fair value of $99,929 and $44,412, respectively)				102,498						44,515
Stock in Federal Home Loan Bank, at cost				8,158						9,706
Loans held for investment				4,754,359						4,670,768
Allowance for loan losses				(54,127		)				(53,637		)
Net loans				4,700,232						4,617,131
Loans held for sale, at lower of cost or fair value				1,036						11,250
Other				488,743						398,570
Goodwill				82,190						82,190
Total assets				$	6,929,456					$	6,798,659
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing				$	1,789,351					$	1,760,233
Deposit liabilities—interest-bearing				4,341,064						4,130,364
Other borrowings				71,110						190,859
Other				115,401						110,356
Total liabilities				6,316,926						6,191,812
Commitments and contingencies
Common stock				1						1
Additional paid in capital				346,757						345,018
Retained earnings				317,519						292,957
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(37,719	)				$	(14,951	)
Retirement benefit plans	(14,028		)	(51,747		)	(16,178		)	(31,129		)
Total shareholder’s equity				612,530						606,847
Total liabilities and shareholder’s equity				$	6,929,456					$	6,798,659

Other assets
Bank-owned life insurance				$	150,772					$	148,775
Premises and equipment, net				203,062						136,270
Prepaid expenses				5,477						3,961
Accrued interest receivable				19,818						18,724
Mortgage-servicing rights				8,426						8,639
Low-income housing equity investments				69,865						59,016
Real estate acquired in settlement of loans, net				438						133
Other				30,885						23,052
				$	488,743					$	398,570
Other liabilities
Accrued expenses				$	56,830					$	39,312
Federal and state income taxes payable				1,287						3,736
Cashier’s checks				23,711						27,000
Advance payments by borrowers				4,998						10,245
Other				28,575						30,063
				$	115,401					$	110,356

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)	2018		2017		2018		2017
Kalaeloa	$	62	$	48	$	154	$	136
AES Hawaii	38		39		107		103
HPOWER	19		18		51		51
Puna Geothermal Venture	—		10		15		28
Hamakua Energy	17		8		39		25
Other IPPs ¹	41		38		112		98
Total IPPs	$	177	$	161	$	478	$	441


¹	Includes wind power, solar power, feed-in tariff projects 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, 2018 through May 31, 2019 are as follows:



(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric
2018 Annual incremental RAM adjusted revenues *	$	13.8	$	3.4	$	2.0
Annual change in accrued RBA balance as of December 31, 2017 (and associated revenue taxes)	$	6.6	$	0.7	$	3.2
2017 Tax Act Adjustment **	$	—	$	—	$	(2.8	)
Net annual incremental amount to be collected under the tariffs	$	20.4	$	4.1	$	2.4

* The 2018 annual RAM adjusted revenues for Maui Electric terminated on August 23, 2018, the effective date of interim increase tariff rates that were implemented pursuant to the Interim D&O issued in the Maui Electric consolidated 2015 and 2018 rate case.

** Maui Electric incorporated a $2.8 million adjustment into its 2018 annual decoupling filing to incorporate the impact of the lower corporate income tax rate and the exclusion of the domestic production activities deduction, as a result of the 2017 Tax Cuts and Jobs Act (the Tax Act). Tax adjustments for Hawaiian Electric and Hawaii Electric Light are described in the discussion below of their respective on-going rate cases.

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

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

Nine months ended September 30, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,186,524		245,026		242,756		—	(51	)	$	1,674,255
Expenses
Fuel oil	301,774			47,486		82,527		—	—		431,787
Purchased power	340,498			63,403		36,637		—	—		440,538
Other operation and maintenance	200,648			49,850		51,939		—	—		302,437
Depreciation	98,167			29,056		17,355		—	—		144,578
Taxes, other than income taxes	113,483			23,080		23,012		—	—		159,575
Total expenses	1,054,570			212,875		211,470		—	—		1,478,915
Operating income	131,954			32,151		31,286		—	(51	)	195,340
Allowance for equity funds used during construction	7,823			416		669		—	—		8,908
Equity in earnings of subsidiaries	29,306			—		—		—	(29,306	)	—
Retirement defined benefits expense—other than service costs	(3,812		)	183		(650	)	—	—		(4,279		)
Interest expense and other charges, net	(36,405		)	(8,899	)	(7,372	)	—	51		(52,625		)
Allowance for borrowed funds used during construction	2,910			172		289		—	—		3,371
Income before income taxes	131,776			24,023		24,222		—	(29,306	)	150,715
Income taxes	36,370			8,973		9,280		—	—		54,623
Net income	95,406			15,050		14,942		—	(29,306	)	96,092
Preferred stock dividends of subsidiaries	—			400		286		—	—		686
Net income attributable to Hawaiian Electric	95,406			14,650		14,656		—	(29,306	)	95,406
Preferred stock dividends of Hawaiian Electric	810			—		—		—	—		810
Net income for common stock	$	94,596		14,650		14,656		—	(29,306	)	$	94,596

Condensed Consolidating Statement of Income

Three months ended September 30, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	429,267		84,334		85,198		—	(30	)	$	598,769
Expenses
Fuel oil	103,959			15,754		26,545		—	—		146,258
Purchased power	123,893			21,332		15,122		—	—		160,347
Other operation and maintenance	64,996			16,608		17,077		—	—		98,681
Depreciation	32,722			9,685		5,799		—	—		48,206
Taxes, other than income taxes	40,824			7,928		8,028		—	—		56,780
Total expenses	366,394			71,307		72,571		—	—		510,272
Operating income	62,873			13,027		12,627		—	(30	)	88,497
Allowance for equity funds used during construction	3,108			167		207		—	—		3,482
Equity in earnings of subsidiaries	12,767			—		—		—	(12,767	)	—
Retirement defined benefits expense—other than service costs	(1,225		)	15		(211	)	—	—		(1,421		)
Interest expense and other charges, net	(11,786		)	(2,899	)	(2,252	)	—	30		(16,907		)
Allowance for borrowed funds used during construction	1,173			72		94		—	—		1,339
Income before income taxes	66,910			10,382		10,465		—	(12,767	)	74,990
Income taxes	19,153			3,815		4,037		—	—		27,005
Net income	47,757			6,567		6,428		—	(12,767	)	47,985
Preferred stock dividends of subsidiaries	—			133		95		—	—		228
Net income attributable to Hawaiian Electric	47,757			6,434		6,333		—	(12,767	)	47,757
Preferred stock dividends of Hawaiian Electric	270			—		—		—	—		270
Net income for common stock	$	47,487		6,434		6,333		—	(12,767	)	$	47,487

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	47,487		6,434		6,333		—	(12,767	)	$	47,487
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	3,618			476		404		—	(880	)	3,618
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(3,596		)	(476	)	(404	)	—	880		(3,596		)
Other comprehensive income, net of taxes	22			—		—		—	—		22
Comprehensive income attributable to common shareholder	$	47,509		6,434		6,333		—	(12,767	)	$	47,509

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

Nine months ended September 30, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	94,596		14,650		14,656		—	(29,306	)	$	94,596
Other comprehensive income (loss), net of taxes:
Derivatives qualifying as cash flow hedges:
Reclassification adjustment to net income, net of taxes	454			—		—		—	—		454
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	10,857			1,428		1,214		—	(2,642	)	10,857
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(10,790		)	(1,427	)	(1,214	)	—	2,641		(10,790		)
Other comprehensive income, net of taxes	521			1		—		—	(1	)	521
Comprehensive income attributable to common shareholder	$	95,117		14,651		14,656		—	(29,307	)	$	95,117

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, 2017



(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	$	43,972		6,189		3,016		—	—		$	53,177
Plant and equipment	4,140,892			1,206,776		1,053,372		—	—		6,401,040
Less accumulated depreciation	(1,451,612		)	(528,024	)	(496,716	)	—	—		(2,476,352		)
Construction in progress	231,571			8,182		23,341		—	—		263,094
Utility property, plant and equipment, net	2,964,823			693,123		583,013		—	—		4,240,959
Nonutility property, plant and equipment, less accumulated depreciation	5,933			115		1,532		—	—		7,580
Total property, plant and equipment, net	2,970,756			693,238		584,545		—	—		4,248,539
Investment in wholly owned subsidiaries, at equity	557,013			—		—		—	(557,013	)	—
Current assets
Cash and cash equivalents	2,059			4,025		6,332		101	—		12,517
Advances to affiliates	—			—		12,000		—	(12,000	)	—
Customer accounts receivable, net	86,987			22,510		18,392		—	—		127,889
Accrued unbilled revenues, net	77,176			15,940		13,938		—	—		107,054
Other accounts receivable, net	11,376			2,268		1,210		—	(7,691	)	7,163
Fuel oil stock, at average cost	64,972			8,698		13,203		—	—		86,873
Materials and supplies, at average cost	28,325			8,041		18,031		—	—		54,397
Prepayments and other	17,928			4,514		2,913		—	—		25,355
Regulatory assets	76,203			5,038		7,149		—	—		88,390
Total current assets	365,026			71,034		93,168		101	(19,691	)	509,638
Other long-term assets
Regulatory assets	557,464			122,783		100,660		—	—		780,907
Other	60,157			16,311		15,061		—	—		91,529
Total other long-term assets	617,621			139,094		115,721		—	—		872,436
Total assets	$	4,510,416		903,366		793,434		101	(576,704	)	$	5,630,613
Capitalization and liabilities
Capitalization
Common stock equity	$	1,845,283		286,647		270,265		101	(557,013	)	$	1,845,283
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	924,979			202,701		190,836		—	—		1,318,516
Total capitalization	2,792,555			496,348		466,101		101	(557,013	)	3,198,092
Current liabilities
Current portion of long-term debt	29,978			10,992		8,993		—	—		49,963
Short-term borrowings-non-affiliate	4,999			—		—		—	—		4,999
Short-term borrowings-affiliate	12,000			—		—		—	(12,000	)	—
Accounts payable	121,328			17,855		20,427		—	—		159,610
Interest and preferred dividends payable	15,677			4,174		2,735		—	(11	)	22,575
Taxes accrued	133,839			34,950		30,312		—	—		199,101
Regulatory liabilities	607			1,245		1,549		—	—		3,401
Other	43,121			9,818		14,197		—	(7,680	)	59,456
Total current liabilities	361,549			79,034		78,213		—	(19,691	)	499,105
Deferred credits and other liabilities
Deferred income taxes	281,223			56,955		55,863		—	—		394,041
Regulatory liabilities	613,329			169,139		94,901		—	—		877,369
Unamortized tax credits	59,039			16,167		15,163		—	—		90,369
Defined benefit pension and other postretirement benefit plans liability	340,983			66,447		65,518		—	—		472,948
Other	61,738			19,276		17,675		—	—		98,689
Total deferred credits and other liabilities	1,356,312			327,984		249,120		—	—		1,933,416
Total capitalization and liabilities	$	4,510,416		903,366		793,434		101	(576,704	)	$	5,630,613

Condensed Consolidating Balance Sheet

September 30, 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	$	44,030		5,873		3,612		—	—		$	53,515
Plant and equipment	4,404,946			1,227,530		1,087,570		—	—		6,720,046
Less accumulated depreciation	(1,513,351		)	(541,451	)	(512,906	)	—	—		(2,567,708		)
Construction in progress	154,566			11,060		27,460		—	—		193,086
Utility property, plant and equipment, net	3,090,191			703,012		605,736		—	—		4,398,939
Nonutility property, plant and equipment, less accumulated depreciation	5,933			115		1,532		—	—		7,580
Total property, plant and equipment, net	3,096,124			703,127		607,268		—	—		4,406,519
Investment in wholly owned subsidiaries, at equity	571,574			—		—		—	(571,574	)	—
Current assets
Cash and cash equivalents	3,867			3,027		229		101	—		7,224
Advances to affiliates	2,000			—		—		—	(2,000	)	—
Customer accounts receivable, net	124,792			29,364		24,629		—	—		178,785
Accrued unbilled revenues, net	94,956			15,810		16,936		—	—		127,702
Other accounts receivable, net	10,312			1,352		1,069		—	(9,355	)	3,378
Fuel oil stock, at average cost	61,110			11,483		19,229		—	—		91,822
Materials and supplies, at average cost	32,407			7,840		18,260		—	—		58,507
Prepayments and other	44,458			8,604		7,670		—	—		60,732
Regulatory assets	75,541			6,217		7,672		—	—		89,430
Total current assets	449,443			83,697		95,694		101	(11,355	)	617,580
Other long-term assets
Regulatory assets	527,650			115,114		98,730		—	—		741,494
Other	77,899			20,363		18,272		—	—		116,534
Total other long-term assets	605,549			135,477		117,002		—	—		858,028
Total assets	$	4,722,690		922,301		819,964		101	(582,929	)	$	5,882,127
Capitalization and liabilities
Capitalization
Common stock equity	$	1,876,237		294,220		277,253		101	(571,574	)	$	1,876,237
Cumulative preferred stock—not subject to mandatory redemption	22,293			7,000		5,000		—	—		34,293
Long-term debt, net	1,000,020			217,724		200,887		—	—		1,418,631
Total capitalization	2,898,550			518,944		483,140		101	(571,574	)	3,329,161
Current liabilities
Current portion of long-term debt	29,996			10,998		8,999		—	—		49,993
Short-term borrowings from non-affiliates	85,913			—		—		—	—		85,913
Short-term borrowings from affiliate	—			—		2,000		—	(2,000	)	—
Accounts payable	90,937			12,289		19,706		—	—		122,932
Interest and preferred dividends payable	19,994			4,243		4,030		—	(9	)	28,258
Taxes accrued	136,485			30,829		28,462		—	—		195,776
Regulatory liabilities	3,124			2,850		4,185		—	—		10,159
Other	64,697			9,594		16,109		—	(9,346	)	81,054
Total current liabilities	431,146			70,803		83,491		—	(11,355	)	574,085
Deferred credits and other liabilities
Deferred income taxes	285,789			56,417		58,863		—	—		401,069
Regulatory liabilities	649,761			174,739		97,693		—	—		922,193
Unamortized tax credits	61,299			16,271		15,503		—	—		93,073
Defined benefit pension and other postretirement benefit plans liability	332,743			64,026		63,510		—	—		460,279
Other	63,402			21,101		17,764		—	—		102,267
Total deferred credits and other liabilities	1,392,994			332,554		253,333		—	—		1,978,881
Total capitalization and liabilities	$	4,722,690		922,301		819,964		101	(582,929	)	$	5,882,127

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, 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

Condensed Consolidating Statement of Changes in Common Stock Equity

Nine months ended September 30, 2017



(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	94,596			14,650		14,656		—	(29,306	)	94,596
Other comprehensive income, net of taxes	521			1		—		—	(1	)	521
Common stock dividends	(65,825		)	(11,622	)	(8,959	)	—	20,581		(65,825		)
Common stock issuance expenses	(4		)	(1	)	—		—	1		(4		)
Balance, September 30, 2017	$	1,829,075		294,319		265,251		101	(559,671	)	$	1,829,075

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Nine months ended September 30, 2017



(in thousands)	Hawaiian Electric			Hawaii Electric Light		Maui Electric		Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	95,406		15,050		14,942		—	(29,306	)	$	96,092
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(29,381		)	—		—		—	29,306		(75		)
Common stock dividends received from subsidiaries	20,656			—		—		—	(20,581	)	75
Depreciation of property, plant and equipment	98,167			29,056		17,355		—	—		144,578
Other amortization	2,168			1,718		2,232		—	—		6,118
Deferred income taxes	12,166			5,237		7,493		—	4,641		29,537
Allowance for equity funds used during construction	(7,823		)	(416	)	(669	)	—	—		(8,908		)
Other	216			566		(256	)	—	—		526
Changes in assets and liabilities:
Increase in accounts receivable	(6,114		)	(1,127	)	(1,912	)	—	1,066		(8,087		)
Increase in accrued unbilled revenues	(14,823		)	(1,581	)	(1,610	)	—	—		(18,014		)
Decrease (increase) in fuel oil stock	6,779			195		(797	)	—	—		6,177
Decrease (increase) in materials and supplies	1,063			(1,580	)	(1,763	)	—	—		(2,280		)
Decrease (increase) in regulatory assets	9,471			(2,935	)	(2,614	)	—	—		3,922
Increase (decrease) in accounts payable	7,010			(2,660	)	1,780		—	—		6,130
Change in prepaid and accrued income taxes, tax credits and revenue taxes	10,920			(758	)	210		—	(5,081	)	5,291
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	532			39		(118	)	—	—		453
Change in other assets and liabilities	(2,709		)	1,059		54		—	(1,066	)	(2,662		)
Net cash provided by operating activities	203,704			41,863		34,327		—	(21,021	)	258,873
Cash flows from investing activities
Capital expenditures	(236,727		)	(36,700	)	(33,548	)	—	—		(306,975		)
Contributions in aid of construction	34,787			3,460		2,356		—	—		40,603
Other	6,089			871		714		—	440		8,114
Advances (to) from affiliates	—			(3,100	)	6,000		—	(2,900	)	—
Net cash used in investing activities	(195,851		)	(35,469	)	(24,478	)	—	(2,460	)	(258,258		)
Cash flows from financing activities
Common stock dividends	(65,825		)	(11,622	)	(8,959	)	—	20,581		(65,825		)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(810		)	(400	)	(286	)	—	—		(1,496		)
Proceeds from issuance of special purpose revenue bonds	162,000			28,000		75,000		—			265,000
Funds transferred for redemption of special purpose revenue bonds	(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	3,100			—		—		—	2,900		6,000
Other	(2,252		)	(407	)	(934	)	—	—		(3,593		)
Net cash used in financing activities	(65,787		)	(12,429	)	(10,179	)	—	23,481		(64,914		)
Net decrease in cash and cash equivalents	(57,934		)	(6,035	)	(330	)	—	—		(64,299		)
Cash and cash equivalents, beginning of period	61,388			10,749		2,048		101	—		74,286
Cash and cash equivalents, end of period	$	3,454		4,714		1,718		101	—		$	9,987

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
Cash flows from operating activities
Net income	$	109,166		19,439		16,288		—	(35,041	)	$	109,852
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries	(35,116		)	—		—		—	35,041		(75		)
Common stock dividends received from subsidiaries	20,531			—		—		—	(20,481	)	50
Depreciation of property, plant and equipment	103,112			30,165		18,533		—	—		151,810
Other amortization	15,159			3,992		672		—	—		19,823
Deferred income taxes	7,182			1,195		4,458		—	—		12,835
Allowance for equity funds used during construction	(7,123		)	(274	)	(842	)	—	—		(8,239		)
Other	(1,227		)	(315	)	(410	)	—	—		(1,952		)
Changes in assets and liabilities:
Increase in accounts receivable	(41,566		)	(6,738	)	(6,499	)	—	1,664		(53,139		)
Decrease (increase) in accrued unbilled revenues	(17,780		)	130		(2,998	)	—	—		(20,648		)
Decrease (increase) in fuel oil stock	3,862			(2,785	)	(6,026	)	—	—		(4,949		)
Decrease (increase) in materials and supplies	(4,082		)	201		(229	)	—	—		(4,110		)
Increase in regulatory assets	(1,704		)	(2,245	)	(2,525	)	—	—		(6,474		)
Increase (decrease) in accounts payable	(10,541		)	234		1,595		—	—		(8,712		)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(20,949		)	(9,828	)	(6,029	)	—	(331	)	(37,137		)
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	6,018			(570	)	440		—	—		5,888
Change in other assets and liabilities	34,934			2,602		3,027		—	(1,664	)	38,899
Net cash provided by operating activities	159,876			35,203		19,455		—	(20,812	)	193,722
Cash flows from investing activities
Capital expenditures	(245,393		)	(43,417	)	(45,920	)	—	—		(334,730		)
Contributions in aid of construction	19,486			2,960		1,915		—	—		24,361
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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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