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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
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Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED BALANCE SHEETS
December 31 | 2017 |  | 2016
(dollars in thousands) |  |  |  |  |
Assets |  |  |  |  |
Cash and cash equivalents | $ | 11,702 |  |  | $ | 14,924 |
Accounts receivable | 2,347 |  |  | 3,788 |
Property, plant and equipment, net | 3,910 |  |  | 4,143 |
Deferred income tax assets | 8,710 |  |  | 17,280 |
Other assets | 15,480 |  |  | 9,858 |
Investments in subsidiaries, at equity | 2,466,342 |  |  | 2,383,405 |
Total assets | $ | 2,508,491 |  |  | $ | 2,433,398 |
Liabilities and shareholders’ equity |  |  |  |  |
Liabilities |  |  |  |  |
Accounts payable | $ | 561 |  |  | $ | 379 |
Interest payable | 2,319 |  |  | 1,735 |
Notes payable to subsidiaries | 1,918 |  |  | 5,373 |
Commercial paper | 62,993 |  |  | — |
Short-term debt, net | 49,953 |  |  | — |
Long-term debt, net | 249,588 |  |  | 299,759 |
Retirement benefits liability | 31,518 |  |  | 33,939 |
Other | 12,255 |  |  | 25,460 |
Total liabilities | 411,105 |  |  | 366,645 |
Shareholders’ equity |  |  |  |  |
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | — |  |  | — |
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 108,787,807 shares and 108,583,413 shares at December 31, 2017 and 2016, respectively | 1,662,491 |  |  | 1,660,910 |
Retained earnings | 476,836 |  |  | 438,972 |
Accumulated other comprehensive loss | (41,941 | ) |  | (33,129 | )
Total shareholders' equity | 2,097,386 |  |  | 2,066,753 |
Total liabilities and shareholders' equity | $ | 2,508,491 |  |  | $ | 2,433,398 |
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF INCOME
Years ended December 31 | 2017 |  | 2016 |  | 2015
(in thousands) |  |  |  |  |  |  |  |
Revenues | $ | 798 |  |  | $ | 647 |  |  | $ | 327 |
Equity in net income of subsidiaries | 187,097 |  |  | 199,485 |  |  | 190,033 |
Expenses: |  |  |  |  |  |  |  |
Operating, administrative and general | 17,697 |  |  | 18,701 |  |  | 34,350 |
Depreciation of property, plant and equipment | 548 |  |  | 566 |  |  | 576 |
Taxes, other than income taxes | 496 |  |  | 4,726 |  |  | 440 |
Total expenses | 18,741 |  |  | 23,993 |  |  | 35,366 |
Income before merger termination fee, interest expense and income (taxes) benefits | 169,154 |  |  | 176,139 |  |  | 154,994 |
Merger termination fee | — |  |  | 90,000 |  |  | — |
Income before interest expense and income (taxes) benefits | 169,154 |  |  | 266,139 |  |  | 154,994 |
Interest expense | 9,389 |  |  | 9,037 |  |  | 10,788 |
Income before income (taxes) benefits | 159,765 |  |  | 257,102 |  |  | 144,206 |
Income (taxes) benefits | 5,532 |  |  | (8,846 | ) |  | 15,671 |
Net income | $ | 165,297 |  |  | $ | 248,256 |  |  | $ | 159,877 |
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) STATEMENTS OF COMPREHENSIVE INCOME STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Incorporated by reference are HEI and Subsidiaries’ Statements of Consolidated Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity in Part II, Item 8. SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS
Years ended December 31 | 2017 |  | 2016 |  | 2015
(in thousands) |  |  |  |  |
Net cash provided by operating activities | $ | 99,600 |  |  | $ | 191,710 |  |  | $ | 98,119 |
Cash flows from investing activities |  |  |  |  |  |  |  |
Increase in note receivable from subsidiary | (70,000 | ) |  | — |  |  | — |
Decrease in note receivable from subsidiary | 66,391 |  |  | — |  |  | — |
Capital expenditures | (317 | ) |  | (212 | ) |  | (173 | )
Investments in subsidiaries | (22,353 | ) |  | (24,000 | ) |  | — |
Other | (177 | ) |  | 1 |  |  | — |
Net cash used in investing activities | (26,456 | ) |  | (24,211 | ) |  | (173 | )
Cash flows from financing activities |  |  |  |  |  |  |  |
Net increase (decrease) in notes payable to subsidiaries with original maturities of three months or less | 98 |  |  | (618 | ) |  | 87 |
Net increase (decrease) in short-term borrowings with original maturities of three months or less | 62,993 |  |  | (103,063 | ) |  | (15,909 | )
Proceeds from issuance of short-term debt | 125,000 |  |  | — |  |  | — |
Repayment of short-term debt | (75,000 | ) |  | — |  |  | — |
Proceeds from issuance of long-term debt | 150,000 |  |  | 75,000 |  |  | — |
Repayment of long-term debt | (200,000 | ) |  | (75,000 | ) |  | — |
Withheld shares for employee taxes on vested share-based compensation | (3,828 | ) |  | (2,416 | ) |  | (3,260 | )
Net proceeds from issuance of common stock | — |  |  | 13,220 |  |  | 104,435 |
Common stock dividends | (134,873 | ) |  | (117,274 | ) |  | (131,765 | )
Other | (756 | ) |  | 2,460 |  |  | 3,306 |
Net cash used in financing activities | (76,366 | ) |  | (207,691 | ) |  | (43,106 | )
Net increase (decrease) in cash and equivalents | (3,222 | ) |  | (40,192 | ) |  | 54,840 |
Cash and cash equivalents, January 1 | 14,924 |  |  | 55,116 |  |  | 276 |
Cash and cash equivalents, December 31 | $ | 11,702 |  |  | $ | 14,924 |  |  | $ | 55,116 |
NOTES TO CONDENSED FINANCIAL INFORMATION The “Notes to Consolidated Financial Statements” in Part II, Item 8 should be read in conjunction with the above HEI (Parent Company) financial statements. All HEI subsidiaries are reflected in the Condensed Financial Statements under the equity method. Long-term debt The components of long-term debt, net, were as follows:
December 31 | 2017 |  | 2016
(dollars in thousands) |  |  |  |  |
HEI 2.99% term loan, due 2022 | $ | 150,000 |  |  | $ | — |
HEI 5.67% senior note, due 2021 | 50,000 |  |  | 50,000 |
HEI 3.99% senior note, due 2023 | 50,000 |  |  | 50,000 |
HEI Term loans (LIBOR + 0.75%), paid in 2017 | — |  |  | 200,000 |
Less unamortized debt issuance costs | (412 | ) |  | (241 | )
Long-term debt, net | $ | 249,588 |  |  | $ | 299,759 |
The aggregate payments of principal required within five years after December 31, 2017 on long-term debt are nil in 2018, 2019 and 2020 and $50 million in 2021 and $150 million in 2022. Indemnities As of December 31, 2017, HEI has a General Agreement of Indemnity in favor of both Liberty Mutual Insurance Company (Liberty) and Travelers Casualty and Surety Company of America (Travelers) for losses in connection with any and all bonds, undertakings or instruments of guarantee and any renewals or extensions thereof executed by Liberty or Travelers, including, but not limited to, a $0.2 million self-insured United States Longshore & Harbor bond and a $0.6 million self-insured automobile bond. Income taxes The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision. Dividends from HEI subsidiaries In 2017, 2016 and 2015, cash dividends received from subsidiaries were $125 million, $130 million and $121 million, respectively. Supplemental disclosures of noncash activities In 2017, 2016 and 2015, $2.8 million, $2.3 million and $2.3 million, respectively, of HEI accounts receivable from ASB Hawaii were reduced with a corresponding reduction in HEI notes payable to ASB Hawaii in noncash transactions. In 2017, 2016 and 2015, $2.8 million, $2.3 million and $0.3 million, respectively, were contributed as equity by HEI into ASB Hawaii with a corresponding increase in HEI notes payable to ASB Hawaii in noncash transactions. In 2017, $3.6 million of HEI notes receivable from Hamakua Energy, LLC were converted to equity in a noncash transaction. Under the HEI DRIP, common stock dividends reinvested by shareholders in HEI common stock in noncash transactions amounted to nil, $17 million and nil in 2017, 2016 and 2015, respectively. From March 6, 2014 through January 5, 2016, and from December 7, 2016 to date, HEI satisfied the share purchase requirements of the DRIP through open market purchases of its common stock rather than new issuances.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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