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Electric utility segment (Tables) | 6 Months Ended
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Jun. 30, 2018
Regulatory Projects and Legal Obligations [Line Items] |
Schedule of condensed consolidating statements of income (loss) | Statements of Income Data
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 54,633 |  |  | $ | 52,317 |  |  | $ | 107,433 |  |  | $ | 103,059 |
Interest and dividends on investment securities |  | 8,628 |  |  | 6,763 |  |  | 17,830 |  |  | 13,743 |
Total interest and dividend income |  | 63,261 |  |  | 59,080 |  |  | 125,263 |  |  | 116,802 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 3,284 |  |  | 2,311 |  |  | 6,241 |  |  | 4,414 |
Interest on other borrowings |  | 393 |  |  | 824 |  |  | 889 |  |  | 1,640 |
Total interest expense |  | 3,677 |  |  | 3,135 |  |  | 7,130 |  |  | 6,054 |
Net interest income |  | 59,584 |  |  | 55,945 |  |  | 118,133 |  |  | 110,748 |
Provision for loan losses |  | 2,763 |  |  | 2,834 |  |  | 6,304 |  |  | 6,741 |
Net interest income after provision for loan losses |  | 56,821 |  |  | 53,111 |  |  | 111,829 |  |  | 104,007 |
Noninterest income |  |  |  |  |  |  |  |  |  |  |  |
Fees from other financial services |  | 4,744 |  |  | 5,810 |  |  | 9,398 |  |  | 11,420 |
Fee income on deposit liabilities |  | 5,138 |  |  | 5,565 |  |  | 10,327 |  |  | 10,993 |
Fee income on other financial products |  | 1,675 |  |  | 1,971 |  |  | 3,329 |  |  | 3,837 |
Bank-owned life insurance |  | 1,133 |  |  | 1,925 |  |  | 2,004 |  |  | 2,908 |
Mortgage banking income |  | 617 |  |  | 587 |  |  | 1,230 |  |  | 1,376 |
Other income, net |  | 536 |  |  | 391 |  |  | 972 |  |  | 849 |
Total noninterest income |  | 13,843 |  |  | 16,249 |  |  | 27,260 |  |  | 31,383 |
Noninterest expense |  |  |  |  |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 23,655 |  |  | 24,541 |  |  | 48,095 |  |  | 47,583 |
Occupancy |  | 4,194 |  |  | 4,185 |  |  | 8,474 |  |  | 8,339 |
Data processing |  | 3,540 |  |  | 3,207 |  |  | 7,004 |  |  | 6,487 |
Services |  | 3,028 |  |  | 2,766 |  |  | 6,075 |  |  | 5,126 |
Equipment |  | 1,874 |  |  | 1,771 |  |  | 3,602 |  |  | 3,519 |
Office supplies, printing and postage |  | 1,491 |  |  | 1,527 |  |  | 2,998 |  |  | 3,062 |
Marketing |  | 1,085 |  |  | 839 |  |  | 1,730 |  |  | 1,356 |
FDIC insurance |  | 727 |  |  | 822 |  |  | 1,440 |  |  | 1,550 |
Other expense |  | 4,556 |  |  | 4,906 |  |  | 8,657 |  |  | 9,412 |
Total noninterest expense |  | 44,150 |  |  | 44,564 |  |  | 88,075 |  |  | 86,434 |
Income before income taxes |  | 26,514 |  |  | 24,796 |  |  | 51,014 |  |  | 48,956 |
Income taxes |  | 5,953 |  |  | 8,063 |  |  | 11,493 |  |  | 16,410 |
Net income |  | $ | 20,561 |  |  | $ | 16,733 |  |  | $ | 39,521 |  |  | $ | 32,546 |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended June 30 |  | Six months ended June 30
(in thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Interest and dividend income |  | 63,261 |  |  | 59,080 |  |  | $ | 125,263 |  |  | $ | 116,802 |
Noninterest income |  | 13,843 |  |  | 16,249 |  |  | 27,260 |  |  | 31,383 |
*Revenues-Bank |  | 77,104 |  |  | 75,329 |  |  | 152,523 |  |  | 148,185 |
Total interest expense |  | 3,677 |  |  | 3,135 |  |  | 7,130 |  |  | 6,054 |
Provision for loan losses |  | 2,763 |  |  | 2,834 |  |  | 6,304 |  |  | 6,741 |
Noninterest expense |  | 44,150 |  |  | 44,564 |  |  | 88,075 |  |  | 86,434 |
Less: Retirement defined benefits expense—other than service costs |  | (403 | ) |  | (201 | ) |  | (790 | ) |  | (396 | )
*Expenses-Bank |  | 50,187 |  |  | 50,332 |  |  | 100,719 |  |  | 98,833 |
*Operating income-Bank |  | 26,917 |  |  | 24,997 |  |  | 51,804 |  |  | 49,352 |
Add back: Retirement defined benefits expense—other than service costs |  | 403 |  |  | 201 |  |  | 790 |  |  | 396 |
Income before income taxes |  | $ | 26,514 |  |  | $ | 24,796 |  |  | $ | 51,014 |  |  | $ | 48,956 |
Schedule of condensed consolidating balance sheet | Balance Sheets Data
(in thousands) |  | June 30, 2018 |  | December 31, 2017
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  |  | $ | 120,189 |  |  |  |  |  | $ | 140,934 |
Interest-bearing deposits |  |  |  | 109,230 |  |  |  |  | 93,165 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  |  | 1,409,528 |  |  |  |  |  | 1,401,198 |
Held-to-maturity, at amortized cost (fair value of $61,444 and $44,412, respectively) |  |  |  | 62,630 |  |  |  |  | 44,515 |
Stock in Federal Home Loan Bank, at cost |  |  |  |  | 10,158 |  |  |  |  |  | 9,706 |
Loans held for investment |  |  |  |  | 4,774,744 |  |  |  |  |  | 4,670,768 |
Allowance for loan losses |  |  |  |  | (52,803 | ) |  |  |  |  | (53,637 | )
Net loans |  |  |  |  | 4,721,941 |  |  |  |  |  | 4,617,131 |
Loans held for sale, at lower of cost or fair value |  |  |  |  | 5,248 |  |  |  |  |  | 11,250 |
Other |  |  |  |  | 462,469 |  |  |  |  |  | 398,570 |
Goodwill |  |  |  |  | 82,190 |  |  |  |  |  | 82,190 |
Total assets |  |  |  |  | $ | 6,983,583 |  |  |  |  |  | $ | 6,798,659 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  |  | $ | 1,812,348 |  |  |  |  |  | $ | 1,760,233 |
Deposit liabilities—interest-bearing |  |  |  |  | 4,303,761 |  |  |  |  |  | 4,130,364 |
Other borrowings |  |  |  |  | 126,930 |  |  |  |  |  | 190,859 |
Other |  |  |  |  | 131,063 |  |  |  |  |  | 110,356 |
Total liabilities |  |  |  |  | 6,374,102 |  |  |  |  |  | 6,191,812 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  |  |  | 1 |  |  |  |  |  | 1 |
Additional paid in capital |  |  |  | 346,188 |  |  |  |  | 345,018 |
Retained earnings |  |  |  |  | 310,298 |  |  |  |  |  | 292,957 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized losses on securities |  | $ | (32,596 | ) |  |  |  |  | $ | (14,951 | ) |  |  |
Retirement benefit plans |  | (14,410 | ) |  | (47,006 | ) |  | (16,178 | ) |  | (31,129 | )
Total shareholder’s equity |  |  |  |  | 609,481 |  |  |  |  |  | 606,847 |
Total liabilities and shareholder’s equity |  |  |  |  | $ | 6,983,583 |  |  |  |  |  | $ | 6,798,659 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  |  | $ | 150,797 |  |  |  |  |  | $ | 148,775 |
Premises and equipment, net |  |  |  |  | 186,620 |  |  |  |  |  | 136,270 |
Prepaid expenses |  |  |  |  | 4,993 |  |  |  |  |  | 3,961 |
Accrued interest receivable |  |  |  |  | 19,597 |  |  |  |  |  | 18,724 |
Mortgage-servicing rights |  |  |  |  | 8,509 |  |  |  |  |  | 8,639 |
Low-income housing equity investments |  |  |  | 63,033 |  |  |  |  | 59,016 |
Real estate acquired in settlement of loans, net |  |  |  |  | — |  |  |  |  |  | 133 |
Other |  |  |  |  | 28,920 |  |  |  |  |  | 23,052 |
|  |  |  |  | $ | 462,469 |  |  |  |  |  | $ | 398,570 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accrued expenses |  |  |  |  | $ | 63,734 |  |  |  |  |  | $ | 39,312 |
Federal and state income taxes payable |  |  |  |  | 1,200 |  |  |  |  |  | 3,736 |
Cashier’s checks |  |  |  |  | 28,236 |  |  |  |  |  | 27,000 |
Advance payments by borrowers |  |  |  |  | 10,415 |  |  |  |  |  | 10,245 |
Other |  |  |  |  | 27,478 |  |  |  |  |  | 30,063 |
|  |  |  |  | $ | 131,063 |  |  |  |  |  | $ | 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 June 30 |  | Six months ended June 30
(in millions) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Kalaeloa |  | $ | 52 |  |  | $ | 48 |  |  | $ | 92 |  |  | $ | 88 |
AES Hawaii |  | 32 |  |  | 35 |  |  | 69 |  |  | 64 |
HPOWER |  | 17 |  |  | 16 |  |  | 32 |  |  | 33 |
Puna Geothermal Venture |  | 4 |  |  | 10 |  |  | 15 |  |  | 18 |
Hamakua Energy |  | 15 |  |  | 10 |  |  | 22 |  |  | 17 |
Other IPPs 1 |  | 41 |  |  | 34 |  |  | 71 |  |  | 60 |
Total IPPs |  | $ | 161 |  |  | $ | 153 |  |  | $ | 301 |  |  | $ | 280 |
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 |
* 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 Six months ended June 30, 2017
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 757,257 |  |  | 160,692 |  |  | 157,558 |  |  | — |  |  | (21 | ) |  | $ | 1,075,486 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 197,815 |  |  | 31,732 |  |  | 55,982 |  |  | — |  |  | — |  |  | 285,529 |
Purchased power |  | 216,605 |  |  | 42,071 |  |  | 21,515 |  |  | — |  |  | — |  |  | 280,191 |
Other operation and maintenance |  | 135,652 |  |  | 33,242 |  |  | 34,862 |  |  | — |  |  | — |  |  | 203,756 |
Depreciation |  | 65,445 |  |  | 19,371 |  |  | 11,556 |  |  | — |  |  | — |  |  | 96,372 |
Taxes, other than income taxes |  | 72,659 |  |  | 15,152 |  |  | 14,984 |  |  | — |  |  | — |  |  | 102,795 |
Total expenses |  | 688,176 |  |  | 141,568 |  |  | 138,899 |  |  | — |  |  | — |  |  | 968,643 |
Operating income |  | 69,081 |  |  | 19,124 |  |  | 18,659 |  |  | — |  |  | (21 | ) |  | 106,843 |
Allowance for equity funds used during construction |  | 4,715 |  |  | 249 |  |  | 462 |  |  | — |  |  | — |  |  | 5,426 |
Equity in earnings of subsidiaries |  | 16,539 |  |  | — |  |  | — |  |  | — |  |  | (16,539 | ) |  | — |
Retirement defined benefits expense—other than service costs |  | (2,587 | ) |  | 168 |  |  | (439 | ) |  | — |  |  | — |  |  | (2,858 | )
Interest expense and other charges, net |  | (24,619 | ) |  | (6,000 | ) |  | (5,120 | ) |  | — |  |  | 21 |  |  | (35,718 | )
Allowance for borrowed funds used during construction |  | 1,737 |  |  | 100 |  |  | 195 |  |  | — |  |  | — |  |  | 2,032 |
Income before income taxes |  | 64,866 |  |  | 13,641 |  |  | 13,757 |  |  | — |  |  | (16,539 | ) |  | 75,725 |
Income taxes |  | 17,217 |  |  | 5,158 |  |  | 5,243 |  |  | — |  |  | — |  |  | 27,618 |
Net income |  | 47,649 |  |  | 8,483 |  |  | 8,514 |  |  | — |  |  | (16,539 | ) |  | 48,107 |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net income attributable to Hawaiian Electric |  | 47,649 |  |  | 8,216 |  |  | 8,323 |  |  | — |  |  | (16,539 | ) |  | 47,649 |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net income for common stock |  | $ | 47,109 |  |  | 8,216 |  |  | 8,323 |  |  | — |  |  | (16,539 | ) |  | $ | 47,109 |
Condensed Consolidating Statement of Income Three months ended June 30, 2018
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 431,699 |  |  | 89,548 |  |  | 86,938 |  |  | — |  |  | (59 | ) |  | $ | 608,126 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 120,007 |  |  | 19,432 |  |  | 32,278 |  |  | — |  |  | — |  |  | 171,717 |
Purchased power |  | 121,812 |  |  | 24,664 |  |  | 14,262 |  |  | — |  |  | — |  |  | 160,738 |
Other operation and maintenance |  | 76,845 |  |  | 19,015 |  |  | 16,782 |  |  | — |  |  | — |  |  | 112,642 |
Depreciation |  | 34,391 |  |  | 10,038 |  |  | 5,932 |  |  | — |  |  | — |  |  | 50,361 |
Taxes, other than income taxes |  | 40,951 |  |  | 8,408 |  |  | 8,165 |  |  | — |  |  | — |  |  | 57,524 |
Total expenses |  | 394,006 |  |  | 81,557 |  |  | 77,419 |  |  | — |  |  | — |  |  | 552,982 |
Operating income |  | 37,693 |  |  | 7,991 |  |  | 9,519 |  |  | — |  |  | (59 | ) |  | 55,144 |
Allowance for equity funds used during construction |  | 2,588 |  |  | 124 |  |  | 271 |  |  | — |  |  | — |  |  | 2,983 |
Equity in earnings of subsidiaries |  | 9,080 |  |  | — |  |  | — |  |  | — |  |  | (9,080 | ) |  | — |
Retirement defined benefits expense—other than service costs |  | (554 | ) |  | (105 | ) |  | (329 | ) |  | — |  |  | — |  |  | (988 | )
Interest expense and other charges, net |  | (12,930 | ) |  | (2,922 | ) |  | (2,367 | ) |  | — |  |  | 59 |  |  | (18,160 | )
Allowance for borrowed funds used during construction |  | 1,150 |  |  | 77 |  |  | 138 |  |  | — |  |  | — |  |  | 1,365 |
Income before income taxes |  | 37,027 |  |  | 5,165 |  |  | 7,232 |  |  | — |  |  | (9,080 | ) |  | 40,344 |
Income taxes |  | 5,588 |  |  | 1,269 |  |  | 1,819 |  |  | — |  |  | — |  |  | 8,676 |
Net income |  | 31,439 |  |  | 3,896 |  |  | 5,413 |  |  | — |  |  | (9,080 | ) |  | 31,668 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 31,439 |  |  | 3,763 |  |  | 5,317 |  |  | — |  |  | (9,080 | ) |  | 31,439 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 31,169 |  |  | 3,763 |  |  | 5,317 |  |  | — |  |  | (9,080 | ) |  | $ | 31,169 |
Condensed Consolidating Statement of Income Three months ended June 30, 2017
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 394,414 |  |  | 81,710 |  |  | 80,765 |  |  | — |  |  | (14 | ) |  | $ | 556,875 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 99,814 |  |  | 14,475 |  |  | 26,970 |  |  | — |  |  | — |  |  | 141,259 |
Purchased power |  | 116,458 |  |  | 23,482 |  |  | 13,127 |  |  | — |  |  | — |  |  | 153,067 |
Other operation and maintenance |  | 69,659 |  |  | 17,643 |  |  | 17,637 |  |  | — |  |  | — |  |  | 104,939 |
Depreciation |  | 32,723 |  |  | 9,686 |  |  | 5,747 |  |  | — |  |  | — |  |  | 48,156 |
Taxes, other than income taxes |  | 37,619 |  |  | 7,702 |  |  | 7,651 |  |  | — |  |  | — |  |  | 52,972 |
Total expenses |  | 356,273 |  |  | 72,988 |  |  | 71,132 |  |  | — |  |  | — |  |  | 500,393 |
Operating income |  | 38,141 |  |  | 8,722 |  |  | 9,633 |  |  | — |  |  | (14 | ) |  | 56,482 |
Allowance for equity funds used during construction |  | 2,659 |  |  | 134 |  |  | 234 |  |  | — |  |  | — |  |  | 3,027 |
Equity in earnings of subsidiaries |  | 7,936 |  |  | — |  |  | — |  |  | — |  |  | (7,936 | ) |  | — |
Retirement defined benefits expense—other than service costs |  | (1,302 | ) |  | 85 |  |  | (218 | ) |  | — |  |  | — |  |  | (1,435 | )
Interest expense and other charges, net |  | (12,562 | ) |  | (2,996 | ) |  | (2,670 | ) |  | — |  |  | 14 |  |  | (18,214 | )
Allowance for borrowed funds used during construction |  | 988 |  |  | 55 |  |  | 100 |  |  | — |  |  | — |  |  | 1,143 |
Income before income taxes |  | 35,860 |  |  | 6,000 |  |  | 7,079 |  |  | — |  |  | (7,936 | ) |  | 41,003 |
Income taxes |  | 9,946 |  |  | 2,235 |  |  | 2,679 |  |  | — |  |  | — |  |  | 14,860 |
Net income |  | 25,914 |  |  | 3,765 |  |  | 4,400 |  |  | — |  |  | (7,936 | ) |  | 26,143 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 25,914 |  |  | 3,632 |  |  | 4,304 |  |  | — |  |  | (7,936 | ) |  | 25,914 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 25,644 |  |  | 3,632 |  |  | 4,304 |  |  | — |  |  | (7,936 | ) |  | $ | 25,644 |
Condensed Consolidating Statement of Income Six months ended June 30, 2018
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 832,879 |  |  | 177,481 |  |  | 168,294 |  |  | — |  |  | (101 | ) |  | $ | 1,178,553 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 234,505 |  |  | 37,919 |  |  | 66,261 |  |  | — |  |  | — |  |  | 338,685 |
Purchased power |  | 229,182 |  |  | 48,498 |  |  | 22,968 |  |  | — |  |  | — |  |  | 300,648 |
Other operation and maintenance |  | 149,785 |  |  | 35,113 |  |  | 35,354 |  |  | — |  |  | — |  |  | 220,252 |
Depreciation |  | 68,830 |  |  | 20,093 |  |  | 11,904 |  |  | — |  |  | — |  |  | 100,827 |
Taxes, other than income taxes |  | 79,118 |  |  | 16,620 |  |  | 15,890 |  |  | — |  |  | — |  |  | 111,628 |
Total expenses |  | 761,420 |  |  | 158,243 |  |  | 152,377 |  |  | — |  |  | — |  |  | 1,072,040 |
Operating income |  | 71,459 |  |  | 19,238 |  |  | 15,917 |  |  | — |  |  | (101 | ) |  | 106,513 |
Allowance for equity funds used during construction |  | 5,475 |  |  | 235 |  |  | 567 |  |  | — |  |  | — |  |  | 6,277 |
Equity in earnings of subsidiaries |  | 18,405 |  |  | — |  |  | — |  |  | — |  |  | (18,405 | ) |  | — |
Retirement defined benefits expense—other than service costs |  | (1,616 | ) |  | (208 | ) |  | (428 | ) |  | — |  |  | — |  |  | (2,252 | )
Interest expense and other charges, net |  | (25,425 | ) |  | (5,829 | ) |  | (4,701 | ) |  | — |  |  | 101 |  |  | (35,854 | )
Allowance for borrowed funds used during construction |  | 2,388 |  |  | 141 |  |  | 280 |  |  | — |  |  | — |  |  | 2,809 |
Income before income taxes |  | 70,686 |  |  | 13,577 |  |  | 11,635 |  |  | — |  |  | (18,405 | ) |  | 77,493 |
Income taxes |  | 11,502 |  |  | 3,446 |  |  | 2,903 |  |  | — |  |  | — |  |  | 17,851 |
Net income |  | 59,184 |  |  | 10,131 |  |  | 8,732 |  |  | — |  |  | (18,405 | ) |  | 59,642 |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net income attributable to Hawaiian Electric |  | 59,184 |  |  | 9,864 |  |  | 8,541 |  |  | — |  |  | (18,405 | ) |  | 59,184 |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net income for common stock |  | $ | 58,644 |  |  | 9,864 |  |  | 8,541 |  |  | — |  |  | (18,405 | ) |  | $ | 58,644 |
Schedule of condensed consolidating statement of comprehensive income | Condensed Consolidating Statement of Comprehensive Income Three months ended June 30, 2017
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 25,644 |  |  | 3,632 |  |  | 4,304 |  |  | — |  |  | (7,936 | ) |  | $ | 25,644 |
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 |  | 3,621 |  |  | 449 |  |  | 344 |  |  | — |  |  | (793 | ) |  | 3,621 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (3,581 | ) |  | (448 | ) |  | (343 | ) |  | — |  |  | 791 |  |  | (3,581 | )
Other comprehensive income, net of taxes |  | 40 |  |  | 1 |  |  | 1 |  |  | — |  |  | (2 | ) |  | 40 |
Comprehensive income attributable to common shareholder |  | $ | 25,684 |  |  | 3,633 |  |  | 4,305 |  |  | — |  |  | (7,938 | ) |  | $ | 25,684 |
Condensed Consolidating Statement of Comprehensive Income Six months ended June 30, 2018
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 58,644 |  |  | 9,864 |  |  | 8,541 |  |  | — |  |  | (18,405 | ) |  | $ | 58,644 |
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 |  | 9,506 |  |  | 1,409 |  |  | 1,211 |  |  | — |  |  | (2,620 | ) |  | 9,506 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (9,449 | ) |  | (1,408 | ) |  | (1,211 | ) |  | — |  |  | 2,619 |  |  | (9,449 | )
Other comprehensive income, net of taxes |  | 57 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 57 |
Comprehensive income attributable to common shareholder |  | $ | 58,701 |  |  | 9,865 |  |  | 8,541 |  |  | — |  |  | (18,406 | ) |  | $ | 58,701 |
Condensed Consolidating Statement of Comprehensive Income Three months ended June 30, 2018
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 31,169 |  |  | 3,763 |  |  | 5,317 |  |  | — |  |  | (9,080 | ) |  | $ | 31,169 |
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 |  | 4,853 |  |  | 734 |  |  | 649 |  |  | — |  |  | (1,383 | ) |  | 4,853 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (4,827 | ) |  | (733 | ) |  | (649 | ) |  | — |  |  | 1,382 |  |  | (4,827 | )
Other comprehensive income, net of taxes |  | 26 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 26 |
Comprehensive income attributable to common shareholder |  | $ | 31,195 |  |  | 3,764 |  |  | 5,317 |  |  | — |  |  | (9,081 | ) |  | $ | 31,195 |
Condensed Consolidating Statement of Comprehensive Income Six months ended June 30, 2017
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 47,109 |  |  | 8,216 |  |  | 8,323 |  |  | — |  |  | (16,539 | ) |  | $ | 47,109 |
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 |  | 7,239 |  |  | 952 |  |  | 810 |  |  | — |  |  | (1,762 | ) |  | 7,239 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (7,194 | ) |  | (951 | ) |  | (810 | ) |  | — |  |  | 1,761 |  |  | (7,194 | )
Other comprehensive income, net of taxes |  | 499 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 499 |
Comprehensive income attributable to common shareholder |  | $ | 47,608 |  |  | 8,217 |  |  | 8,323 |  |  | — |  |  | (16,540 | ) |  | $ | 47,608 |
Schedule of condensed consolidating balance sheet | Condensed Consolidating Balance Sheet June 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 |  | $ | 44,023 |  |  | 5,876 |  |  | 3,015 |  |  | — |  |  | — |  |  | $ | 52,914 |
Plant and equipment |  | 4,363,195 |  |  | 1,217,147 |  |  | 1,072,640 |  |  | — |  |  | — |  |  | 6,652,982 |
Less accumulated depreciation |  | (1,491,505 | ) |  | (536,210 | ) |  | (506,713 | ) |  | — |  |  | — |  |  | (2,534,428 | )
Construction in progress |  | 127,343 |  |  | 10,154 |  |  | 28,111 |  |  | — |  |  | — |  |  | 165,608 |
Utility property, plant and equipment, net |  | 3,043,056 |  |  | 696,967 |  |  | 597,053 |  |  | — |  |  | — |  |  | 4,337,076 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,934 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 7,581 |
Total property, plant and equipment, net |  | 3,048,990 |  |  | 697,082 |  |  | 598,585 |  |  | — |  |  | — |  |  | 4,344,657 |
Investment in wholly owned subsidiaries, at equity |  | 561,764 |  |  | — |  |  | — |  |  | — |  |  | (561,764 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 13,922 |  |  | 4,516 |  |  | 2,321 |  |  | 101 |  |  | — |  |  | 20,860 |
Advances to affiliates |  | 5,600 |  |  | 1,000 |  |  | — |  |  | — |  |  | (6,600 | ) |  | — |
Customer accounts receivable, net |  | 109,285 |  |  | 24,005 |  |  | 23,970 |  |  | — |  |  | — |  |  | 157,260 |
Accrued unbilled revenues, net |  | 80,239 |  |  | 15,243 |  |  | 15,357 |  |  | — |  |  | — |  |  | 110,839 |
Other accounts receivable, net |  | 10,657 |  |  | 2,561 |  |  | 1,124 |  |  | — |  |  | (7,446 | ) |  | 6,896 |
Fuel oil stock, at average cost |  | 74,485 |  |  | 12,632 |  |  | 19,899 |  |  | — |  |  | — |  |  | 107,016 |
Materials and supplies, at average cost |  | 31,077 |  |  | 8,600 |  |  | 18,264 |  |  | — |  |  | — |  |  | 57,941 |
Prepayments and other |  | 21,482 |  |  | 6,329 |  |  | 2,943 |  |  | — |  |  | (1,514 | ) |  | 29,240 |
Regulatory assets |  | 88,581 |  |  | 6,353 |  |  | 8,632 |  |  | — |  |  | — |  |  | 103,566 |
Total current assets |  | 435,328 |  |  | 81,239 |  |  | 92,510 |  |  | 101 |  |  | (15,560 | ) |  | 593,618 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets |  | 538,925 |  |  | 118,000 |  |  | 99,919 |  |  | — |  |  | — |  |  | 756,844 |
Other |  | 71,486 |  |  | 19,378 |  |  | 17,731 |  |  | — |  |  | — |  |  | 108,595 |
Total other long-term assets |  | 610,411 |  |  | 137,378 |  |  | 117,650 |  |  | — |  |  | — |  |  | 865,439 |
Total assets |  | $ | 4,656,493 |  |  | 915,699 |  |  | 808,745 |  |  | 101 |  |  | (577,324 | ) |  | $ | 5,803,714 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,852,324 |  |  | 288,865 |  |  | 272,798 |  |  | 101 |  |  | (561,764 | ) |  | $ | 1,852,324 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 999,915 |  |  | 217,699 |  |  | 200,860 |  |  | — |  |  | — |  |  | 1,418,474 |
Total capitalization |  | 2,874,532 |  |  | 513,564 |  |  | 478,658 |  |  | 101 |  |  | (561,764 | ) |  | 3,305,091 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | 29,990 |  |  | 10,996 |  |  | 8,997 |  |  | — |  |  | — |  |  | 49,983 |
Short-term borrowings from non-affiliates |  | 91,880 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91,880 |
Short-term borrowings from affiliate |  | 1,000 |  |  | — |  |  | 5,600 |  |  | — |  |  | (6,600 | ) |  | — |
Accounts payable |  | 115,806 |  |  | 17,405 |  |  | 20,548 |  |  | — |  |  | — |  |  | 153,759 |
Interest and preferred dividends payable |  | 15,743 |  |  | 4,203 |  |  | 2,752 |  |  | — |  |  | (14 | ) |  | 22,684 |
Taxes accrued |  | 120,513 |  |  | 27,353 |  |  | 25,711 |  |  | — |  |  | (1,514 | ) |  | 172,063 |
Regulatory liabilities |  | 2,751 |  |  | 2,499 |  |  | 4,537 |  |  | — |  |  | — |  |  | 9,787 |
Other |  | 42,449 |  |  | 10,223 |  |  | 13,963 |  |  | — |  |  | (7,432 | ) |  | 59,203 |
Total current liabilities |  | 420,132 |  |  | 72,679 |  |  | 82,108 |  |  | — |  |  | (15,560 | ) |  | 559,359 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | 277,599 |  |  | 54,505 |  |  | 56,771 |  |  | — |  |  | — |  |  | 388,875 |
Regulatory liabilities |  | 627,369 |  |  | 173,305 |  |  | 94,755 |  |  | — |  |  | — |  |  | 895,429 |
Unamortized tax credits |  | 60,893 |  |  | 16,463 |  |  | 15,442 |  |  | — |  |  | — |  |  | 92,798 |
Defined benefit pension and other postretirement benefit plans liability |  | 330,356 |  |  | 64,175 |  |  | 63,422 |  |  | — |  |  | — |  |  | 457,953 |
Other |  | 65,612 |  |  | 21,008 |  |  | 17,589 |  |  | — |  |  | — |  |  | 104,209 |
Total deferred credits and other liabilities |  | 1,361,829 |  |  | 329,456 |  |  | 247,979 |  |  | — |  |  | — |  |  | 1,939,264 |
Total capitalization and liabilities |  | $ | 4,656,493 |  |  | 915,699 |  |  | 808,745 |  |  | 101 |  |  | (577,324 | ) |  | $ | 5,803,714 |
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 |
Schedule of condensed consolidating statement of changes in common stock equity | Condensed Consolidating Statement of Changes in Common Stock Equity Six months ended June 30, 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 |  | 58,644 |  |  | 9,864 |  |  | 8,541 |  |  | — |  |  | (18,405 | ) |  | 58,644 |
Other comprehensive income, net of taxes |  | 57 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 57 |
Common stock dividends |  | (51,652 | ) |  | (7,644 | ) |  | (6,010 | ) |  | — |  |  | 13,654 |  |  | (51,652 | )
Common stock issuance expenses |  | (8 | ) |  | (3 | ) |  | 2 |  |  | — |  |  | 1 |  |  | (8 | )
Balance, June 30, 2018 |  | $ | 1,852,324 |  |  | 288,865 |  |  | 272,798 |  |  | 101 |  |  | (561,764 | ) |  | $ | 1,852,324 |
Condensed Consolidating Statement of Changes in Common Stock Equity Six months ended June 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 |  | 47,109 |  |  | 8,216 |  |  | 8,323 |  |  | — |  |  | (16,539 | ) |  | 47,109 |
Other comprehensive income, net of taxes |  | 499 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 499 |
Common stock dividends |  | (43,884 | ) |  | (7,748 | ) |  | (5,973 | ) |  | — |  |  | 13,721 |  |  | (43,884 | )
Common stock issuance expenses |  | (5 | ) |  | — |  |  | (1 | ) |  | — |  |  | 1 |  |  | (5 | )
Balance, June 30, 2017 |  | $ | 1,803,506 |  |  | 291,760 |  |  | 261,903 |  |  | 101 |  |  | (553,764 | ) |  | $ | 1,803,506 |
Schedule of condensed consolidating statement of cash flows | Condensed Consolidating Statement of Cash Flows Six months ended June 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 |  | $ | 59,184 |  |  | 10,131 |  |  | 8,732 |  |  | — |  |  | (18,405 | ) |  | $ | 59,642 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (18,455 | ) |  | — |  |  | — |  |  | — |  |  | 18,405 |  |  | (50 | )
Common stock dividends received from subsidiaries |  | 13,679 |  |  | — |  |  | — |  |  | — |  |  | (13,654 | ) |  | 25 |
Depreciation of property, plant and equipment |  | 68,830 |  |  | 20,093 |  |  | 11,904 |  |  | — |  |  | — |  |  | 100,827 |
Other amortization |  | 9,200 |  |  | 2,976 |  |  | 845 |  |  | — |  |  | — |  |  | 13,021 |
Deferred income taxes |  | (6,708 | ) |  | (2,429 | ) |  | 794 |  |  | — |  |  | — |  |  | (8,343 | )
Allowance for equity funds used during construction |  | (5,475 | ) |  | (235 | ) |  | (567 | ) |  | — |  |  | — |  |  | (6,277 | )
Other |  | 1,469 |  |  | (322 | ) |  | (169 | ) |  | — |  |  | — |  |  | 978 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in accounts receivable |  | (25,673 | ) |  | (2,387 | ) |  | (5,763 | ) |  | — |  |  | (245 | ) |  | (34,068 | )
Decrease (increase) in accrued unbilled revenues |  | (3,063 | ) |  | 697 |  |  | (1,419 | ) |  | — |  |  | — |  |  | (3,785 | )
Increase in fuel oil stock |  | (9,513 | ) |  | (3,934 | ) |  | (6,696 | ) |  | — |  |  | — |  |  | (20,143 | )
Increase in materials and supplies |  | (2,752 | ) |  | (559 | ) |  | (233 | ) |  | — |  |  | — |  |  | (3,544 | )
Increase in regulatory assets |  | (14,728 | ) |  | (1,974 | ) |  | (2,898 | ) |  | — |  |  | — |  |  | (19,600 | )
Increase in accounts payable |  | 13,093 |  |  | 3,096 |  |  | 2,095 |  |  | — |  |  | — |  |  | 18,284 |
Change in prepaid and accrued income taxes, tax credits and revenue taxes |  | (15,343 | ) |  | (9,952 | ) |  | (5,165 | ) |  | — |  |  | (601 | ) |  | (31,061 | )
Decrease in defined benefit pension and other postretirement benefit plans liability |  | (1,117 | ) |  | (380 | ) |  | (464 | ) |  | — |  |  | — |  |  | (1,961 | )
Change in other assets and liabilities |  | 1,116 |  |  | 3,173 |  |  | 1,357 |  |  | — |  |  | 245 |  |  | 5,891 |
Net cash provided by operating activities |  | 63,744 |  |  | 17,994 |  |  | 2,353 |  |  | — |  |  | (14,255 | ) |  | 69,836 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (156,600 | ) |  | (26,667 | ) |  | (29,953 | ) |  | — |  |  | — |  |  | (213,220 | )
Contributions in aid of construction |  | 9,680 |  |  | 2,243 |  |  | 1,650 |  |  | — |  |  | — |  |  | 13,573 |
Other |  | 2,241 |  |  | 884 |  |  | 575 |  |  | — |  |  | 601 |  |  | 4,301 |
Advances (to) from affiliates |  | (5,600 | ) |  | (1,000 | ) |  | 12,000 |  |  | — |  |  | (5,400 | ) |  | — |
Net cash used in investing activities |  | (150,279 | ) |  | (24,540 | ) |  | (15,728 | ) |  | — |  |  | (4,799 | ) |  | (195,346 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (51,652 | ) |  | (7,644 | ) |  | (6,010 | ) |  | — |  |  | 13,654 |  |  | (51,652 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (540 | ) |  | (267 | ) |  | (191 | ) |  | — |  |  | — |  |  | (998 | )
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 |  | 75,881 |  |  | — |  |  | 5,600 |  |  | — |  |  | 5,400 |  |  | 86,881 |
Other |  | (291 | ) |  | (52 | ) |  | (35 | ) |  | — |  |  | — |  |  | (378 | )
Net cash provided by financing activities |  | 98,398 |  |  | 7,037 |  |  | 9,364 |  |  | — |  |  | 19,054 |  |  | 133,853 |
Net increase (decrease) in cash and cash equivalents |  | 11,863 |  |  | 491 |  |  | (4,011 | ) |  | — |  |  | — |  |  | 8,343 |
Cash and cash equivalents, beginning of period |  | 2,059 |  |  | 4,025 |  |  | 6,332 |  |  | 101 |  |  | — |  |  | 12,517 |
Cash and cash equivalents, end of period |  | $ | 13,922 |  |  | 4,516 |  |  | 2,321 |  |  | 101 |  |  | — |  |  | $ | 20,860 |
Condensed Consolidating Statement of Cash Flows Six months ended June 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 |  | $ | 47,649 |  |  | 8,483 |  |  | 8,514 |  |  | — |  |  | (16,539 | ) |  | $ | 48,107 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (16,589 | ) |  | — |  |  | — |  |  | — |  |  | 16,539 |  |  | (50 | )
Common stock dividends received from subsidiaries |  | 13,771 |  |  | — |  |  | — |  |  | — |  |  | (13,721 | ) |  | 50 |
Depreciation of property, plant and equipment |  | 65,445 |  |  | 19,371 |  |  | 11,556 |  |  | — |  |  | — |  |  | 96,372 |
Other amortization |  | 1,875 |  |  | 905 |  |  | 1,482 |  |  | — |  |  | — |  |  | 4,262 |
Deferred income taxes |  | 15,060 |  |  | 3,590 |  |  | 4,988 |  |  | — |  |  | (39 | ) |  | 23,599 |
Allowance for equity funds used during construction |  | (4,715 | ) |  | (249 | ) |  | (462 | ) |  | — |  |  | — |  |  | (5,426 | )
Other |  | 1,089 |  |  | 699 |  |  | (173 | ) |  | — |  |  | — |  |  | 1,615 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable |  | (5,100 | ) |  | 1,182 |  |  | (1,067 | ) |  | — |  |  | 3,256 |  |  | (1,729 | )
Increase in accrued unbilled revenues |  | (8,819 | ) |  | (602 | ) |  | (2,482 | ) |  | — |  |  | — |  |  | (11,903 | )
Decrease (increase) in fuel oil stock |  | (4,250 | ) |  | 94 |  |  | (1,806 | ) |  | — |  |  | — |  |  | (5,962 | )
Increase in materials and supplies |  | (788 | ) |  | (1,472 | ) |  | (1,160 | ) |  | — |  |  | — |  |  | (3,420 | )
Decrease (increase) in regulatory assets |  | 11,378 |  |  | (1,575 | ) |  | (1,624 | ) |  | — |  |  | — |  |  | 8,179 |
Increase in accounts payable |  | 33,121 |  |  | 970 |  |  | 5,625 |  |  | — |  |  | — |  |  | 39,716 |
Change in prepaid and accrued income taxes, tax credits and revenue taxes |  | (29,430 | ) |  | (6,290 | ) |  | (4,725 | ) |  | — |  |  | (465 | ) |  | (40,910 | )
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability |  | 355 |  |  | 26 |  |  | (79 | ) |  | — |  |  | — |  |  | 302 |
Change in other assets and liabilities |  | (12,727 | ) |  | 129 |  |  | 1,807 |  |  | — |  |  | (3,256 | ) |  | (14,047 | )
Net cash provided by operating activities |  | 107,325 |  |  | 25,261 |  |  | 20,394 |  |  | — |  |  | (14,225 | ) |  | 138,755 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (146,721 | ) |  | (22,423 | ) |  | (21,015 | ) |  | — |  |  | — |  |  | (190,159 | )
Contributions in aid of construction |  | 14,078 |  |  | 1,870 |  |  | 1,623 |  |  | — |  |  | — |  |  | 17,571 |
Other |  | 4,820 |  |  | 619 |  |  | 307 |  |  | — |  |  | 504 |  |  | 6,250 |
Advances (to) from affiliates |  | — |  |  | (600 | ) |  | 9,000 |  |  | — |  |  | (8,400 | ) |  | — |
Net cash used in investing activities |  | (127,823 | ) |  | (20,534 | ) |  | (10,085 | ) |  | — |  |  | (7,896 | ) |  | (166,338 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (43,884 | ) |  | (7,748 | ) |  | (5,973 | ) |  | — |  |  | 13,721 |  |  | (43,884 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (540 | ) |  | (267 | ) |  | (191 | ) |  | — |  |  | — |  |  | (998 | )
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 |  | 35,590 |  |  | — |  |  | — |  |  | — |  |  | 8,400 |  |  | 43,990 |
Other |  | (2,068 | ) |  | (357 | ) |  | (804 | ) |  | — |  |  | — |  |  | (3,229 | )
Net cash used in financing activities |  | (10,902 | ) |  | (8,372 | ) |  | (6,968 | ) |  | — |  |  | 22,121 |  |  | (4,121 | )
Net increase (decrease) in cash and cash equivalents |  | (31,400 | ) |  | (3,645 | ) |  | 3,341 |  |  | — |  |  | — |  |  | (31,704 | )
Cash and cash equivalents, beginning of period |  | 61,388 |  |  | 10,749 |  |  | 2,048 |  |  | 101 |  |  | — |  |  | 74,286 |
Cash and cash equivalents, end of period |  | $ | 29,988 |  |  | 7,104 |  |  | 5,389 |  |  | 101 |  |  | — |  |  | $ | 42,582 |

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