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Electric utility segment (Tables)

6 Months Ended

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

- 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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