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Electric utility segment (Tables) | 12 Months Ended
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Dec. 31, 2018
Electric utility subsidiary |
Schedule of consolidating statements of income | Statements of Income Data
Years ended December 31 | 2018 |  |  | 2017 |  |  | 2016 |
(in thousands) |  |  |  |  |  |  |  |
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans | $ | 220,463 |  |  | $ | 207,255 |  |  | $ | 199,774 |
Interest and dividends on investment securities | 37,762 |  |  | 28,823 |  |  | 19,184 |
Total interest and dividend income | 258,225 |  |  | 236,078 |  |  | 218,958 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities | 13,991 |  |  | 9,660 |  |  | 7,167 |
Interest on other borrowings | 1,548 |  |  | 2,496 |  |  | 5,588 |
Total interest expense | 15,539 |  |  | 12,156 |  |  | 12,755 |
Net interest income | 242,686 |  |  | 223,922 |  |  | 206,203 |
Provision for loan losses | 14,745 |  |  | 10,901 |  |  | 16,763 |
Net interest income after provision for loan losses | 227,941 |  |  | 213,021 |  |  | 189,440 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services | 18,937 |  |  | 22,796 |  |  | 22,384 |
Fee income on deposit liabilities | 21,311 |  |  | 22,204 |  |  | 21,759 |
Fee income on other financial products | 7,052 |  |  | 7,205 |  |  | 8,707 |
Bank-owned life insurance | 5,057 |  |  | 5,539 |  |  | 4,637 |
Mortgage banking income | 1,493 |  |  | 2,201 |  |  | 6,625 |
Gains on sale of investment securities, net | — |  |  | — |  |  | 598 |
Other income, net | 2,200 |  |  | 1,617 |  |  | 2,256 |
Total noninterest income | 56,050 |  |  | 61,562 |  |  | 66,966 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits | 98,387 |  |  | 94,931 |  |  | 89,242 |
Occupancy | 17,073 |  |  | 16,699 |  |  | 16,321 |
Data processing | 14,268 |  |  | 13,280 |  |  | 13,030 |
Services | 10,847 |  |  | 10,994 |  |  | 11,054 |
Equipment | 7,186 |  |  | 7,232 |  |  | 6,938 |
Office supplies, printing and postage | 6,134 |  |  | 6,182 |  |  | 6,075 |
Marketing | 3,567 |  |  | 3,501 |  |  | 3,489 |
FDIC insurance | 2,713 |  |  | 2,904 |  |  | 3,543 |
Other expense | 17,238 |  |  | 20,144 |  |  | 19,362 |
Total noninterest expense | 177,413 |  |  | 175,867 |  |  | 169,054 |
Income before income taxes | 106,578 |  |  | 98,716 |  |  | 87,352 |
Income taxes | 24,069 |  |  | 31,719 |  |  | 30,073 |
Net income | $ | 82,509 |  |  | $ | 66,997 |  |  | $ | 57,279 |
Reconciliation to amounts per HEI Consolidated Statements of Income*:
Years ended December 31 | 2018 |  |  | 2017 |  |  | 2016 |
(in thousands) |  |  |  |  |
Interest and dividend income | $ | 258,225 |  |  | $ | 236,078 |  |  | $ | 218,958 |
Noninterest income | 56,050 |  |  | 61,562 |  |  | 66,966 |
*Revenues-Bank | 314,275 |  |  | 297,640 |  |  | 285,924 |
Total interest expense | 15,539 |  |  | 12,156 |  |  | 12,755 |
Provision for loan losses | 14,745 |  |  | 10,901 |  |  | 16,763 |
Total noninterest expense | 177,413 |  |  | 175,867 |  |  | 169,054 |
Less: Retirement defined benefits expense—other than service costs | (1,657 | ) |  | (820 | ) |  | (875 | )
*Expenses-Bank | 206,040 |  |  | 198,104 |  |  | 197,697 |
*Operating income-Bank | 108,235 |  |  | 99,536 |  |  | 88,227 |
Add back: Retirement defined benefits expense—other than service costs | 1,657 |  |  | 820 |  |  | 875 |
Income before income taxes | $ | 106,578 |  |  | $ | 98,716 |  |  | $ | 87,352 |
Schedule of consolidating balance sheets | Balance Sheets Data
December 31 |  | 2018 |  |  | 2017 |
(in thousands) |  |  |  |  |  |
Assets |  |  |  |  |  |
Cash and due from banks |  | $ | 122,059 |  |  | $ | 140,934 |
Interest-bearing deposits |  | 4,225 |  |  | 93,165 |
Investment securities |  |  |  |
Available-for-sale, at fair value |  | 1,388,533 |  |  | 1,401,198 |
Held-to-maturity, at amortized cost (fair value of $142,057 and $44,412 at December 31, 2018 and 2017, respectively) |  | 141,875 |  |  | 44,515 |
Stock in Federal Home Loan Bank, at cost |  | 9,958 |  |  | 9,706 |
Loans held for investment |  | 4,843,021 |  |  | 4,670,768 |
Allowance for loan losses |  | (52,119 | ) |  | (53,637 | )
Net loans |  | 4,790,902 |  |  | 4,617,131 |
Loans held for sale, at lower of cost or fair value |  | 1,805 |  |  | 11,250 |
Other |  | 486,347 |  |  | 398,570 |
Goodwill |  | 82,190 |  |  | 82,190 |
Total assets |  | $ | 7,027,894 |  |  | $ | 6,798,659 |
Liabilities and shareholder’s equity |  |  |  |  |  |
Deposit liabilities–noninterest-bearing |  | $ | 1,800,727 |  |  | $ | 1,760,233 |
Deposit liabilities–interest-bearing |  | 4,358,125 |  |  | 4,130,364 |
Other borrowings |  | 110,040 |  |  | 190,859 |
Other |  | 124,613 |  |  | 110,356 |
Total liabilities |  | 6,393,505 |  |  | 6,191,812 |
Commitments and contingencies |  |  |  |  |  |
Common stock |  | 1 |  |  | 1 |
Additional paid in capital |  | 347,170 |  |  | 345,018 |
Retained earnings |  | 325,286 |  |  | 292,957 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |
Net unrealized losses on securities | $ | (24,423 | ) |  | $ | (14,951 | ) |
Retirement benefit plans | (13,645 | ) | (38,068 | ) | (16,178 | ) | (31,129 | )
Total shareholder’s equity |  | 634,389 |  |  | 606,847 |
Total liabilities and shareholder’s equity |  | $ | 7,027,894 |  |  | $ | 6,798,659 |
December 31 |  | 2018 |  |  | 2017 |
(in thousands) |  |  |  |  |  |
Other assets |  |  |  |  |  |
Bank-owned life insurance |  | $ | 151,172 |  |  | $ | 148,775 |
Premises and equipment, net |  | 214,415 |  |  | 136,270 |
Accrued interest receivable |  | 20,140 |  |  | 18,724 |
Mortgage servicing rights |  | 8,062 |  |  | 8,639 |
Low-income housing investments |  | 67,626 |  |  | 59,016 |
Real estate acquired in settlement of loans, net |  | 406 |  |  | 133 |
Other |  | 24,526 |  |  | 27,013 |
|  | $ | 486,347 |  |  | $ | 398,570 |
Other liabilities |  |  |  |  |  |
Accrued expenses |  | $ | 54,084 |  |  | $ | 39,312 |
Federal and state income taxes payable |  | 2,012 |  |  | 3,736 |
Cashier’s checks |  | 26,906 |  |  | 27,000 |
Advance payments by borrowers |  | 10,183 |  |  | 10,245 |
Other |  | 31,428 |  |  | 30,063 |
|  | $ | 124,613 |  |  | $ | 110,356 |
Hawaiian Electric Company, Inc. and Subsidiaries |
Electric utility subsidiary |
Schedule of regulatory assets | Regulatory assets were as follows:
December 31 | 2018 |  |  | 2017 |
(in thousands) |  |  |  |  |
Retirement benefit plans (balance primarily varies with plans’ funded statuses) | $ | 624,126 |  |  | $ | 637,204 |
Income taxes (1-55 years) | 114,076 |  |  | 118,201 |
Decoupling revenue balancing account and RAM regulatory asset (1-2 years) | 49,560 |  |  | 64,087 |
Unamortized expense and premiums on retired debt and equity issuances (19-30 years; 6-18 years remaining) | 10,065 |  |  | 11,993 |
Vacation earned, but not yet taken (1 year) | 10,820 |  |  | 11,224 |
Other (1-50 years; 1-46 years remaining) | 24,779 |  |  | 26,588 |
| $ | 833,426 |  |  | $ | 869,297 |
Included in: |  |  |  |  |
Current assets | $ | 71,016 |  |  | $ | 88,390 |
Long-term assets | 762,410 |  |  | 780,907 |
| $ | 833,426 |  |  | $ | 869,297 |
Schedule of regulatory liabilities | Regulatory liabilities were as follows:
December 31 | 2018 |  |  | 2017 |
(in thousands) |  |  |  |  |
Cost of removal in excess of salvage value (1-60 years) | $ | 491,006 |  |  | $ | 453,986 |
Income taxes (1-55 years) | 413,339 |  |  | 406,324 |
Retirement benefit plans (5 years beginning with respective utility’s next rate case) | 9,546 |  |  | 9,961 |
Other (5 years; 1-2 years remaining) | 36,345 |  |  | 10,499 |
| $ | 950,236 |  |  | $ | 880,770 |
Included in: |  |  |
Current liabilities | $ | 17,977 |  |  | $ | 3,401 |
Long-term liabilities | 932,259 |  |  | 877,369 |
| $ | 950,236 |  |  | $ | 880,770 |
Schedule of voluntary liquidation and redemption prices of cumulative preferred stock | The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption:
December 31, 2018 | Voluntary liquidation price |  | Redemption price
Series |  |  |  |  |
C, D, E, H, J and K (Hawaiian Electric) | $ | 20 |  |  | $ | 21 |
I (Hawaiian Electric) | 20 |  |  | 20 |
G (Hawaii Electric Light) | 100 |  |  | 100 |
H (Maui Electric) | 100 |  |  | 100 |
Schedule of purchases from all IPPs | Purchases from all IPPs were as follows:
Years ended December 31 |  | 2018 |  |  | 2017 |  |  | 2016 |
(in millions) |  |  |  |  |  |
Kalaeloa |  | $ | 216 |  |  | $ | 180 |  |  | $ | 152 |
AES Hawaii |  | 140 |  |  | 140 |  |  | 149 |
HPOWER |  | 69 |  |  | 67 |  |  | 71 |
Puna Geothermal Venture |  | 15 |  |  | 38 |  |  | 28 |
Hamakua Energy |  | 56 |  |  | 35 |  |  | 29 |
Hawaiian Commercial & Sugar |  | — |  |  | — |  |  | 1 |
Wind IPPs |  | 107 |  |  | 97 |  |  | 113 |
Solar IPPs |  | 29 |  |  | 27 |  |  | 15 |
Other IPPs 1 |  | 7 |  |  | 3 |  |  | 5 |
Total IPPs |  | $ | 639 |  |  | $ | 587 |  |  | $ | 563 |
Schedule of changes in asset retirement obligation | Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:
(in thousands) | 2018 |  |  | 2017 |
Balance, January 1 | $ | 6,035 |  |  | $ | 25,589 |
Accretion expense | 282 |  |  | 10 |
Liabilities incurred | 1,058 |  |  | 5,370 |
Liabilities settled | (74 | ) |  | (527 | )
Revisions in estimated cash flows | 1,125 |  |  | (24,407 | )
Balance, December 31 | $ | 8,426 |  |  | $ | 6,035 |
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 consolidating statements of income | Consolidating statement of income Year ended December 31, 2018
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 1,802,550 |  |  | 375,493 |  |  | 368,700 |  |  | — |  |  | (218 | ) | [1] |  | $ | 2,546,525 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 523,706 |  |  | 90,792 |  |  | 146,030 |  |  | — |  |  | — |  |  |  | 760,528 |
Purchased power | 494,450 |  |  | 95,838 |  |  | 49,019 |  |  | — |  |  | — |  |  |  | 639,307 |
Other operation and maintenance | 313,346 |  |  | 70,396 |  |  | 77,749 |  |  | — |  |  | — |  |  |  | 461,491 |
Depreciation | 137,410 |  |  | 40,235 |  |  | 25,981 |  |  | — |  |  | — |  |  |  | 203,626 |
Taxes, other than income taxes | 170,363 |  |  | 34,850 |  |  | 34,699 |  |  | — |  |  | — |  |  |  | 239,912 |
Total expenses | 1,639,275 |  |  | 332,111 |  |  | 333,478 |  |  | — |  |  | — |  |  |  | 2,304,864 |
Operating income | 163,275 |  |  | 43,382 |  |  | 35,222 |  |  | — |  |  | (218 | ) |  |  | 241,661 |
Allowance for equity funds used during construction | 9,208 |  |  | 478 |  |  | 1,191 |  |  | — |  |  | — |  |  |  | 10,877 |
Equity in earnings of subsidiaries | 45,393 |  |  | — |  |  | — |  |  | — |  |  | (45,393 | ) | [2] |  | — |
Retirement defined benefits expense—other than service costs | (2,649 | ) |  | (417 | ) |  | (565 | ) |  | — |  |  | — |  |  |  | (3,631 | )
Interest expense and other charges, net | (52,180 | ) |  | (11,836 | ) |  | (9,550 | ) |  | — |  |  | 218 |  | [1] |  | (73,348 | )
Allowance for borrowed funds used during construction | 4,019 |  |  | 276 |  |  | 572 |  |  | — |  |  | — |  |  |  | 4,867 |
Income before income taxes | 167,066 |  |  | 31,883 |  |  | 26,870 |  |  | — |  |  | (45,393 | ) |  |  | 180,426 |
Income taxes | 22,333 |  |  | 6,868 |  |  | 5,577 |  |  | — |  |  | — |  |  |  | 34,778 |
Net income | 144,733 |  |  | 25,015 |  |  | 21,293 |  |  | — |  |  | (45,393 | ) |  |  | 145,648 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  | — |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 144,733 |  |  | 24,481 |  |  | 20,912 |  |  | — |  |  | (45,393 | ) |  |  | 144,733 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 143,653 |  |  | 24,481 |  |  | 20,912 |  |  | — |  |  | (45,393 | ) |  |  | $ | 143,653 |
Consolidating statement of income Year ended December 31, 2016
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 1,474,384 |  |  | 311,385 |  |  | 308,705 |  |  | — |  |  | (106 | ) | [1] |  | $ | 2,094,368 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 305,359 |  |  | 55,094 |  |  | 94,251 |  |  | — |  |  | — |  |  |  | 454,704 |
Purchased power | 431,009 |  |  | 81,018 |  |  | 50,713 |  |  | — |  |  | — |  |  |  | 562,740 |
Other operation and maintenance | 268,118 |  |  | 64,216 |  |  | 67,597 |  |  | — |  |  | — |  |  |  | 399,931 |
Depreciation | 126,086 |  |  | 37,797 |  |  | 23,178 |  |  | — |  |  | — |  |  |  | 187,061 |
Taxes, other than income taxes | 141,615 |  |  | 29,017 |  |  | 29,230 |  |  | — |  |  | — |  |  |  | 199,862 |
Total expenses | 1,272,187 |  |  | 267,142 |  |  | 264,969 |  |  | — |  |  | — |  |  |  | 1,804,298 |
Operating income | 202,197 |  |  | 44,243 |  |  | 43,736 |  |  | — |  |  | (106 | ) |  |  | 290,070 |
Allowance for equity funds used during construction | 6,659 |  |  | 765 |  |  | 901 |  |  | — |  |  | — |  |  |  | 8,325 |
Equity in earnings of subsidiaries | 42,391 |  |  | — |  |  | — |  |  | — |  |  | (42,391 | ) | [2] |  | — |
Retirement defined benefits expense—other than service costs | (5,058 | ) |  | 319 |  |  | (863 | ) |  | — |  |  | — |  |  |  | (5,602 | )
Interest expense and other charges, net | (45,839 | ) |  | (11,555 | ) |  | (9,536 | ) |  | — |  |  | 106 |  | [1] |  | (66,824 | )
Allowance for borrowed funds used during construction | 2,484 |  |  | 294 |  |  | 366 |  |  | — |  |  | — |  |  |  | 3,144 |
Income before income taxes | 202,834 |  |  | 34,066 |  |  | 34,604 |  |  | — |  |  | (42,391 | ) |  |  | 229,113 |
Income taxes | 59,437 |  |  | 12,277 |  |  | 13,087 |  |  | — |  |  | — |  |  |  | 84,801 |
Net income | 143,397 |  |  | 21,789 |  |  | 21,517 |  |  | — |  |  | (42,391 | ) |  |  | 144,312 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  | — |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 143,397 |  |  | 21,255 |  |  | 21,136 |  |  | — |  |  | (42,391 | ) |  |  | 143,397 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 142,317 |  |  | 21,255 |  |  | 21,136 |  |  | — |  |  | (42,391 | ) |  |  | $ | 142,317 |
Consolidating statement of income Year ended December 31, 2017
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 1,598,504 |  |  | 333,467 |  |  | 325,678 |  |  | — |  |  | (83 | ) | [1] |  | $ | 2,257,566 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 408,204 |  |  | 63,894 |  |  | 115,670 |  |  | — |  |  | — |  |  |  | 587,768 |
Purchased power | 454,189 |  |  | 87,772 |  |  | 44,673 |  |  | — |  |  | — |  |  |  | 586,634 |
Other operation and maintenance | 274,391 |  |  | 66,184 |  |  | 71,332 |  |  | — |  |  | — |  |  |  | 411,907 |
Depreciation | 130,889 |  |  | 38,741 |  |  | 23,154 |  |  | — |  |  | — |  |  |  | 192,784 |
Taxes, other than income taxes | 152,933 |  |  | 31,184 |  |  | 30,832 |  |  | — |  |  | — |  |  |  | 214,949 |
Total expenses | 1,420,606 |  |  | 287,775 |  |  | 285,661 |  |  | — |  |  | — |  |  |  | 1,994,042 |
Operating income | 177,898 |  |  | 45,692 |  |  | 40,017 |  |  | — |  |  | (83 | ) |  |  | 263,524 |
Allowance for equity funds used during construction | 10,896 |  |  | 554 |  |  | 1,033 |  |  | — |  |  | — |  |  |  | 12,483 |
Equity in earnings of subsidiaries | 38,057 |  |  | — |  |  | — |  |  | — |  |  | (38,057 | ) | [2] |  | — |
Retirement defined benefits expense—other than service costs | (5,049 | ) |  | (93 | ) |  | (861 | ) |  | — |  |  | — |  |  |  | (6,003 | )
Interest expense and other charges, net | (48,277 | ) |  | (11,799 | ) |  | (9,644 | ) |  |  |  | 83 |  | [1] |  | (69,637 | )
Allowance for borrowed funds used during construction | 4,089 |  |  | 238 |  |  | 451 |  |  | — |  |  | — |  |  |  | 4,778 |
Income before income taxes | 177,614 |  |  | 34,592 |  |  | 30,996 |  |  | — |  |  | (38,057 | ) |  |  | 205,145 |
Income taxes | 56,583 |  |  | 13,912 |  |  | 12,704 |  |  | — |  |  | — |  |  |  | 83,199 |
Net income | 121,031 |  |  | 20,680 |  |  | 18,292 |  |  | — |  |  | (38,057 | ) |  |  | 121,946 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  | — |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 121,031 |  |  | 20,146 |  |  | 17,911 |  |  | — |  |  | (38,057 | ) |  |  | 121,031 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 119,951 |  |  | 20,146 |  |  | 17,911 |  |  | — |  |  | (38,057 | ) |  |  | $ | 119,951 |
Schedule of consolidating statements of comprehensive income | Consolidating statement of comprehensive income Year ended December 31, 2017
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income for common stock | $ | 119,951 |  |  | 20,146 |  |  | 17,911 |  |  | — |  |  | (38,057 | ) |  |  | $ | 119,951 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives qualified as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Reclassification adjustment to net income, net of tax benefits | 454 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 454 |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses arising during the period, net of tax benefits | 63,105 |  |  | 3,093 |  |  | 7,329 |  |  | — |  |  | (10,422 | ) | [1] |  | 63,105 |
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 14,477 |  |  | 1,903 |  |  | 1,619 |  |  | — |  |  | (3,522 | ) | [1] |  | 14,477 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (78,724 | ) |  | (4,994 | ) |  | (9,003 | ) |  | — |  |  | 13,997 |  | [1] |  | (78,724 | )
Other comprehensive income (loss), net of taxes | (688 | ) |  | 2 |  |  | (55 | ) |  | — |  |  | 53 |  |  |  | (688 | )
Comprehensive income attributable to common shareholder | $ | 119,263 |  |  | 20,148 |  |  | 17,856 |  |  | — |  |  | (38,004 | ) |  |  | $ | 119,263 |
Consolidating statement of comprehensive income Year ended December 31, 2018
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income for common stock | $ | 143,653 |  |  | 24,481 |  |  | 20,912 |  |  | — |  |  | (45,393 | ) |  |  | $ | 143,653 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses arising during the period, net of tax benefits | (26,019 | ) |  | (6,090 | ) |  | (5,004 | ) |  | — |  |  | 11,094 |  | [1] |  | (26,019 | )
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 19,012 |  |  | 2,819 |  |  | 2,423 |  |  | — |  |  | (5,242 | ) | [1] |  | 19,012 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | 8,325 |  |  | 3,305 |  |  | 2,788 |  |  | — |  |  | (6,093 | ) | [1] |  | 8,325 |
Other comprehensive income, net of taxes | 1,318 |  |  | 34 |  |  | 207 |  |  | — |  |  | (241 | ) |  |  | 1,318 |
Comprehensive income attributable to common shareholder | $ | 144,971 |  |  | 24,515 |  |  | 21,119 |  |  | — |  |  | (45,634 | ) |  |  | $ | 144,971 |
Consolidating statement of comprehensive income Year ended December 31, 2016
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income for common stock | $ | 142,317 |  |  | 21,255 |  |  | 21,136 |  |  | — |  |  | (42,391 | ) |  |  | $ | 142,317 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Derivatives qualified as cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |
Effective portion of foreign currency hedge net unrealized losses arising during the period, net of tax benefits | (281 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (281 | )
Less: reclassification adjustment to net income, net of taxes | (173 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (173 | )
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net losses arising during the period, net of tax benefits | (42,631 | ) |  | (5,141 | ) |  | (5,447 | ) |  | — |  |  | 10,588 |  | [1] |  | (42,631 | )
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits | 13,254 |  |  | 1,718 |  |  | 1,549 |  |  | — |  |  | (3,267 | ) | [1] |  | 13,254 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of tax benefits | 28,584 |  |  | 3,269 |  |  | 3,852 |  |  | — |  |  | (7,121 | ) | [1] |  | 28,584 |
Other comprehensive loss, net of tax benefits | (1,247 | ) |  | (154 | ) |  | (46 | ) |  | — |  |  | 200 |  |  |  | (1,247 | )
Comprehensive income attributable to common shareholder | $ | 141,070 |  |  | 21,101 |  |  | 21,090 |  |  | — |  |  | (42,191 | ) |  |  | $ | 141,070 |
Schedule of consolidating balance sheets | Consolidating balance sheet December 31, 2018
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land | $ | 40,449 |  |  | 5,606 |  |  | 3,612 |  |  | — |  |  | — |  |  |  | $ | 49,667 |
Plant and equipment | 4,456,090 |  |  | 1,259,553 |  |  | 1,094,028 |  |  | — |  |  | — |  |  |  | 6,809,671 |
Less accumulated depreciation | (1,523,861 | ) |  | (547,848 | ) |  | (505,633 | ) |  | — |  |  | — |  |  |  | (2,577,342 | )
Construction in progress | 193,677 |  |  | 8,781 |  |  | 30,687 |  |  | — |  |  | — |  |  |  | 233,145 |
Utility property, plant and equipment, net | 3,166,355 |  |  | 726,092 |  |  | 622,694 |  |  | — |  |  | — |  |  |  | 4,515,141 |
Nonutility property, plant and equipment, less accumulated depreciation | 5,314 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  |  | 6,961 |
Total property, plant and equipment, net | 3,171,669 |  |  | 726,207 |  |  | 624,226 |  |  | — |  |  | — |  |  |  | 4,522,102 |
Investment in wholly-owned subsidiaries, at equity | 576,838 |  |  | — |  |  | — |  |  | — |  |  | (576,838 | ) | [2] |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 16,732 |  |  | 15,623 |  |  | 3,421 |  |  | 101 |  |  | — |  |  |  | 35,877 |
Customer accounts receivable, net | 125,960 |  |  | 26,483 |  |  | 25,453 |  |  | — |  |  | — |  |  |  | 177,896 |
Accrued unbilled revenues, net | 88,060 |  |  | 17,051 |  |  | 16,627 |  |  | — |  |  | — |  |  |  | 121,738 |
Other accounts receivable, net | 21,962 |  |  | 3,131 |  |  | 3,033 |  |  | — |  |  | (21,911 | ) | [1] |  | 6,215 |
Fuel oil stock, at average cost | 54,262 |  |  | 11,027 |  |  | 14,646 |  |  | — |  |  | — |  |  |  | 79,935 |
Materials and supplies, at average cost | 30,291 |  |  | 7,155 |  |  | 17,758 |  |  | — |  |  | — |  |  |  | 55,204 |
Prepayments and other | 23,214 |  |  | 5,212 |  |  | 3,692 |  |  | — |  |  | — |  |  |  | 32,118 |
Regulatory assets | 60,093 |  |  | 3,177 |  |  | 7,746 |  |  | — |  |  | — |  |  |  | 71,016 |
Total current assets | 420,574 |  |  | 88,859 |  |  | 92,376 |  |  | 101 |  |  | (21,911 | ) |  |  | 579,999 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory assets | 537,708 |  |  | 120,658 |  |  | 104,044 |  |  | — |  |  | — |  |  |  | 762,410 |
Other | 69,749 |  |  | 15,944 |  |  | 17,299 |  |  | — |  |  | — |  |  |  | 102,992 |
Total other long-term assets | 607,457 |  |  | 136,602 |  |  | 121,343 |  |  | — |  |  | — |  |  |  | 865,402 |
Total assets | $ | 4,776,538 |  |  | 951,668 |  |  | 837,945 |  |  | 101 |  |  | (598,749 | ) |  |  | $ | 5,967,503 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity | $ | 1,957,641 |  |  | 295,874 |  |  | 280,863 |  |  | 101 |  |  | (576,838 | ) | [2] |  | $ | 1,957,641 |
Cumulative preferred stock–not subject to mandatory redemption | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  |  | 34,293 |
Long-term debt, net | 1,000,137 |  |  | 217,749 |  |  | 200,916 |  |  | — |  |  | — |  |  |  | 1,418,802 |
Total capitalization | 2,980,071 |  |  | 520,623 |  |  | 486,779 |  |  | 101 |  |  | (576,838 | ) |  |  | 3,410,736 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term borrowings-non-affiliate | 25,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 25,000 |
Accounts payable | 126,384 |  |  | 20,045 |  |  | 25,362 |  |  | — |  |  | — |  |  |  | 171,791 |
Interest and preferred dividends payable | 16,203 |  |  | 4,203 |  |  | 2,841 |  |  | — |  |  | (32 | ) | [1] |  | 23,215 |
Taxes accrued | 164,747 |  |  | 34,128 |  |  | 34,458 |  |  | — |  |  | — |  |  |  | 233,333 |
Regulatory liabilities | 7,699 |  |  | 4,872 |  |  | 5,406 |  |  | — |  |  | — |  |  |  | 17,977 |
Other | 46,391 |  |  | 15,077 |  |  | 20,414 |  |  | — |  |  | (21,879 | ) | [1] |  | 60,003 |
Total current liabilities | 386,424 |  |  | 78,325 |  |  | 88,481 |  |  | — |  |  | (21,911 | ) |  |  | 531,319 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes | 271,438 |  |  | 54,936 |  |  | 56,823 |  |  | — |  |  | — |  |  |  | 383,197 |
Regulatory liabilities | 657,210 |  |  | 176,101 |  |  | 98,948 |  |  | — |  |  | — |  |  |  | 932,259 |
Unamortized tax credits | 60,271 |  |  | 16,217 |  |  | 15,034 |  |  | — |  |  | — |  |  |  | 91,522 |
Defined benefit pension and other postretirement benefit plans liability | 359,174 |  |  | 73,147 |  |  | 71,338 |  |  | — |  |  | — |  |  |  | 503,659 |
Other | 61,950 |  |  | 32,319 |  |  | 20,542 |  |  | — |  |  | — |  |  |  | 114,811 |
Total deferred credits and other liabilities | 1,410,043 |  |  | 352,720 |  |  | 262,685 |  |  | — |  |  | — |  |  |  | 2,025,448 |
Total capitalization and liabilities | $ | 4,776,538 |  |  | 951,668 |  |  | 837,945 |  |  | 101 |  |  | (598,749 | ) |  |  | $ | 5,967,503 |
Consolidating balance sheet December 31, 2017
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land | $ | 40,392 |  |  | 5,922 |  |  | 3,016 |  |  | — |  |  | — |  |  |  | $ | 49,330 |
Plant and equipment | 4,144,472 |  |  | 1,207,043 |  |  | 1,053,372 |  |  | — |  |  | — |  |  |  | 6,404,887 |
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 | ) | [2] |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 2,059 |  |  | 4,025 |  |  | 6,332 |  |  | 101 |  |  | — |  |  |  | 12,517 |
Advances to affiliates | — |  |  | — |  |  | 12,000 |  |  | — |  |  | (12,000 | ) | [1] |  | — |
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 | ) | [1] |  | 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 | ) | [2] |  | $ | 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 | ) | [1] |  | — |
Accounts payable | 121,328 |  |  | 17,855 |  |  | 20,427 |  |  | — |  |  | — |  |  |  | 159,610 |
Interest and preferred dividends payable | 15,677 |  |  | 4,174 |  |  | 2,735 |  |  | — |  |  | (11 | ) | [1] |  | 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 | ) | [1] |  | 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 consolidating statements of changes in common stock equity | Consolidating statements of changes in common stock equity
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2015 | $ | 1,728,325 |  |  | 292,702 |  |  | 263,725 |  |  | 101 |  |  | (556,528 | ) |  | $ | 1,728,325 |
Net income for common stock | 142,317 |  |  | 21,255 |  |  | 21,136 |  |  | — |  |  | (42,391 | ) |  | 142,317 |
Other comprehensive loss, net of tax benefits | (1,247 | ) |  | (154 | ) |  | (46 | ) |  | — |  |  | 200 |  |  | (1,247 | )
Issuance of common stock, net of expenses | 23,991 |  |  | (5 | ) |  | — |  |  | — |  |  | 5 |  |  | 23,991 |
Common stock dividends | (93,599 | ) |  | (22,507 | ) |  | (25,261 | ) |  | — |  |  | 47,768 |  |  | (93,599 | )
Balance, December 31, 2016 | 1,799,787 |  |  | 291,291 |  |  | 259,554 |  |  | 101 |  |  | (550,946 | ) |  | 1,799,787 |
Net income for common stock | 119,951 |  |  | 20,146 |  |  | 17,911 |  |  | — |  |  | (38,057 | ) |  | 119,951 |
Other comprehensive income (loss), net of taxes | (688 | ) |  | 2 |  |  | (55 | ) |  | — |  |  | 53 |  |  | (688 | )
Issuance of common stock, net of expenses | 14,000 |  |  | 4 |  |  | 4,801 |  |  | — |  |  | (4,805 | ) |  | 14,000 |
Common stock dividends | (87,767 | ) |  | (24,796 | ) |  | (11,946 | ) |  | — |  |  | 36,742 |  |  | (87,767 | )
Balance, December 31, 2017 | 1,845,283 |  |  | 286,647 |  |  | 270,265 |  |  | 101 |  |  | (557,013 | ) |  | 1,845,283 |
Net income for common stock | 143,653 |  |  | 24,481 |  |  | 20,912 |  |  | — |  |  | (45,393 | ) |  | 143,653 |
Other comprehensive income, net of taxes | 1,318 |  |  | 34 |  |  | 207 |  |  | — |  |  | (241 | ) |  | 1,318 |
Issuance of common stock, net of expenses | 70,692 |  |  | 1 |  |  | 1,498 |  |  | — |  |  | (1,499 | ) |  | 70,692 |
Common stock dividends | (103,305 | ) |  | (15,289 | ) |  | (12,019 | ) |  | — |  |  | 27,308 |  |  | (103,305 | )
Balance, December 31, 2018 | $ | 1,957,641 |  |  | 295,874 |  |  | 280,863 |  |  | 101 |  |  | (576,838 | ) |  | $ | 1,957,641 |
Schedule of consolidating statements of cash flows | Consolidating statement of cash flows Year ended December 31, 2018
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 144,733 |  |  | 25,015 |  |  | 21,293 |  |  | — |  |  | (45,393 | ) | [2] |  | $ | 145,648 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (45,493 | ) |  | — |  |  | — |  |  | — |  |  | 45,393 |  | [2] |  | (100 | )
Common stock dividends received from subsidiaries | 27,408 |  |  | — |  |  | — |  |  | — |  |  | (27,308 | ) | [2] |  | 100 |
Depreciation of property, plant and equipment | 137,410 |  |  | 40,235 |  |  | 25,981 |  |  | — |  |  | — |  |  |  | 203,626 |
Other amortization | 20,956 |  |  | 5,069 |  |  | 577 |  |  | — |  |  | — |  |  |  | 26,602 |
Deferred income taxes | (9,806 | ) |  | (341 | ) |  | 2,165 |  |  | — |  |  | — |  |  |  | (7,982 | )
Allowance for equity funds used during construction | (9,208 | ) |  | (478 | ) |  | (1,191 | ) |  | — |  |  | — |  |  |  | (10,877 | )
Other | (1,033 | ) |  | (213 | ) |  | (324 | ) |  | — |  |  | — |  |  |  | (1,570 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase in accounts receivable | (51,656 | ) |  | (4,867 | ) |  | (8,614 | ) |  | — |  |  | 14,220 |  | [1] |  | (50,917 | )
Increase in accrued unbilled revenues | (10,884 | ) |  | (1,111 | ) |  | (2,689 | ) |  | — |  |  | — |  |  |  | (14,684 | )
Decrease (increase) in fuel oil stock | 10,710 |  |  | (2,329 | ) |  | (1,443 | ) |  | — |  |  | — |  |  |  | 6,938 |
Decrease (increase) in materials and supplies | (1,966 | ) |  | 886 |  |  | 273 |  |  | — |  |  | — |  |  |  | (807 | )
Decrease (increase) in regulatory assets | 12,192 |  |  | 71 |  |  | (3,011 | ) |  | — |  |  | — |  |  |  | 9,252 |
Increase in accounts payable | 14,748 |  |  | 6,104 |  |  | 3,506 |  |  | — |  |  | — |  |  |  | 24,358 |
Change in prepaid and accrued income taxes, tax credits and revenue taxes | 24,438 |  |  | (2,118 | ) |  | 3,047 |  |  | — |  |  | (331 | ) | [1] |  | 25,036 |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 17,178 |  |  | (760 | ) |  | 2,328 |  |  | — |  |  | — |  |  |  | 18,746 |
Change in other assets and liabilities | 18,484 |  |  | 8,186 |  |  | 7,794 |  |  | — |  |  | (14,220 | ) | [1] |  | 20,244 |
Net cash provided by operating activities | 298,211 |  |  | 73,349 |  |  | 49,692 |  |  | — |  |  | (27,639 | ) |  |  | 393,613 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (330,531 | ) |  | (54,553 | ) |  | (60,779 | ) |  | — |  |  | — |  |  |  | (445,863 | )
Contributions in aid of construction | 24,828 |  |  | 3,499 |  |  | 2,272 |  |  | — |  |  | — |  |  |  | 30,599 |
Advances from (to) affiliates | — |  |  | — |  |  | 12,000 |  |  | — |  |  | (12,000 | ) | [1] |  | — |
Other | 3,226 |  |  | 1,182 |  |  | 3,843 |  |  | — |  |  | 1,831 |  | [1], [2] |  | 10,082 |
Net cash used in investing activities | (302,477 | ) |  | (49,872 | ) |  | (42,664 | ) |  | — |  |  | (10,169 | ) |  |  | (405,182 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (103,305 | ) |  | (15,289 | ) |  | (12,019 | ) |  | — |  |  | 27,308 |  | [2] |  | (103,305 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) |  | (534 | ) |  | (381 | ) |  | — |  |  | — |  |  |  | (1,995 | )
Proceeds from issuance of common stock | 70,700 |  |  | — |  |  | 1,500 |  |  | — |  |  | (1,500 | ) | [2] |  | 70,700 |
Proceeds from issuance of long-term debt | 75,000 |  |  | 15,000 |  |  | 10,000 |  |  | — |  |  | — |  |  |  | 100,000 |
Repayment of long-term debt | (30,000 | ) |  | (11,000 | ) |  | (9,000 | ) |  | — |  |  | — |  |  |  | (50,000 | )
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (16,999 | ) |  | — |  |  | — |  |  | — |  |  | 12,000 |  | [1] |  | (4,999 | )
Proceeds from other bank borrowings | 25,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 25,000 |
Other | (377 | ) |  | (56 | ) |  | (39 | ) |  | — |  |  | — |  |  |  | (472 | )
Net cash provided by (used in) financing activities | 18,939 |  |  | (11,879 | ) |  | (9,939 | ) |  | — |  |  | 37,808 |  |  |  | 34,929 |
Net increase (decrease) in cash and cash equivalents | 14,673 |  |  | 11,598 |  |  | (2,911 | ) |  | — |  |  | — |  |  |  | 23,360 |
Cash and cash equivalents, January 1 | 2,059 |  |  | 4,025 |  |  | 6,332 |  |  | 101 |  |  | — |  |  |  | 12,517 |
Cash and cash equivalents, December 31 | $ | 16,732 |  |  | 15,623 |  |  | 3,421 |  |  | 101 |  |  | — |  |  |  | $ | 35,877 |
Consolidating statement of cash flows Year ended December 31, 2017
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 121,031 |  |  | 20,680 |  |  | 18,292 |  |  | — |  |  | (38,057 | ) | [2] |  | $ | 121,946 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (38,157 | ) |  | — |  |  | — |  |  | — |  |  | 38,057 |  | [2] |  | (100 | )
Common stock dividends received from subsidiaries | 36,867 |  |  | — |  |  | — |  |  | — |  |  | (36,742 | ) | [2] |  | 125 |
Depreciation of property, plant and equipment | 130,889 |  |  | 38,741 |  |  | 23,154 |  |  | — |  |  | — |  |  |  | 192,784 |
Other amortization | 2,398 |  |  | 3,225 |  |  | 2,875 |  |  | — |  |  | — |  |  |  | 8,498 |
Deferred income taxes | 26,342 |  |  | 3,954 |  |  | 8,004 |  |  | — |  |  | (263 | ) | [1] |  | 38,037 |
Allowance for equity funds used during construction | (10,896 | ) |  | (554 | ) |  | (1,033 | ) |  | — |  |  | — |  |  |  | (12,483 | )
Other | (1,154 | ) |  | 430 |  |  | (342 | ) |  | — |  |  | — |  |  |  | (1,066 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable | 1,817 |  |  | (359 | ) |  | 45 |  |  | — |  |  | 1,411 |  | [1] |  | 2,914 |
Increase in accrued unbilled revenues | (11,355 | ) |  | (2,376 | ) |  | (1,630 | ) |  | — |  |  | — |  |  |  | (15,361 | )
Increase in fuel oil stock | (17,733 | ) |  | (469 | ) |  | (2,241 | ) |  | — |  |  | — |  |  |  | (20,443 | )
Decrease (increase) in materials and supplies | 1,603 |  |  | (661 | ) |  | (1,660 | ) |  | — |  |  | — |  |  |  | (718 | )
Increase in regulatory assets | (8,395 | ) |  | (4,007 | ) |  | (4,854 | ) |  | — |  |  | — |  |  |  | (17,256 | )
Increase (decrease) in accounts payable | 23,519 |  |  | (3,547 | ) |  | 5,762 |  |  | — |  |  | — |  |  |  | 25,734 |
Change in prepaid and accrued income taxes, tax credits and revenue taxes | 16,716 |  |  | 7,961 |  |  | 5,362 |  |  | — |  |  | (177 | ) | [1] |  | 29,862 |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 709 |  |  | 52 |  |  | (157 | ) |  | — |  |  | — |  |  |  | 604 |
Change in other assets and liabilities | (16,213 | ) |  | (433 | ) |  | 166 |  |  | — |  |  | (1,411 | ) | [1] |  | (17,891 | )
Net cash provided by operating activities | 257,988 |  |  | 62,637 |  |  | 51,743 |  |  | — |  |  | (37,182 | ) |  |  | 335,186 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (339,279 | ) |  | (52,077 | ) |  | (50,242 | ) |  | — |  |  | — |  |  |  | (441,598 | )
Contributions in aid of construction | 57,527 |  |  | 4,293 |  |  | 2,913 |  |  | — |  |  | — |  |  |  | 64,733 |
Advances from (to) affiliates | — |  |  | 3,500 |  |  | (2,000 | ) |  | — |  |  | (1,500 | ) | [1] |  | — |
Other | (1,711 | ) |  | 649 |  |  | 400 |  |  | — |  |  | 5,240 |  | [1],[2] |  | 4,578 |
Net cash used in investing activities | (283,463 | ) |  | (43,635 | ) |  | (48,929 | ) |  | — |  |  | 3,740 |  |  |  | (372,287 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (87,767 | ) |  | (24,796 | ) |  | (11,946 | ) |  | — |  |  | 36,742 |  | [2] |  | (87,767 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) |  | (534 | ) |  | (381 | ) |  | — |  |  | — |  |  |  | (1,995 | )
Proceeds from the issuance of common stock | 14,000 |  |  | — |  |  | 4,800 |  |  | — |  |  | (4,800 | ) | [2] |  | 14,000 |
Proceeds from the issuance of long-term debt | 202,000 |  |  | 28,000 |  |  | 85,000 |  |  | — |  |  | — |  |  |  | 315,000 |
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 | 3,499 |  |  | — |  |  | — |  |  | — |  |  | 1,500 |  | [1] |  | 4,999 |
Other | (2,506 | ) |  | (396 | ) |  | (1,003 | ) |  | — |  |  | — |  |  |  | (3,905 | )
Net cash provided by (used in) financing activities | (33,854 | ) |  | (25,726 | ) |  | 1,470 |  |  | — |  |  | 33,442 |  |  |  | (24,668 | )
Net increase (decrease) in cash and cash equivalents | (59,329 | ) |  | (6,724 | ) |  | 4,284 |  |  | — |  |  | — |  |  |  | (61,769 | )
Cash and cash equivalents, January 1 | 61,388 |  |  | 10,749 |  |  | 2,048 |  |  | 101 |  |  | — |  |  |  | 74,286 |
Cash and cash equivalents, December 31 | $ | 2,059 |  |  | 4,025 |  |  | 6,332 |  |  | 101 |  |  | — |  |  |  | $ | 12,517 |
Consolidating statement of cash flows Year ended December 31, 2016
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 143,397 |  |  | 21,789 |  |  | 21,517 |  |  | — |  |  | (42,391 | ) | [2] |  | $ | 144,312 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (42,491 | ) |  | — |  |  | — |  |  | — |  |  | 42,391 |  | [2] |  | (100 | )
Common stock dividends received from subsidiaries | 47,843 |  |  | — |  |  | — |  |  | — |  |  | (47,768 | ) | [2] |  | 75 |
Depreciation of property, plant and equipment | 126,086 |  |  | 37,797 |  |  | 23,178 |  |  | — |  |  | — |  |  |  | 187,061 |
Other amortization | 2,979 |  |  | 1,817 |  |  | 2,139 |  |  | — |  |  | — |  |  |  | 6,935 |
Deferred income taxes | 54,721 |  |  | 7,027 |  |  | 12,661 |  |  | — |  |  | (23 | ) | [1] |  | 74,386 |
Allowance for equity funds used during construction | (6,659 | ) |  | (765 | ) |  | (901 | ) |  | — |  |  | — |  |  |  | (8,325 | )
Other | (2,517 | ) |  | (750 | ) |  | (433 | ) |  | — |  |  | — |  |  |  | (3,700 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable | 10,175 |  |  | (718 | ) |  | 1,776 |  |  | — |  |  | (2,682 | ) | [1] |  | 8,551 |
Increase in accrued unbilled revenues | (5,741 | ) |  | (1,033 | ) |  | (410 | ) |  | — |  |  | — |  |  |  | (7,184 | )
Decrease in fuel oil stock | 2,216 |  |  | 81 |  |  | 2,489 |  |  | — |  |  | — |  |  |  | 4,786 |
Decrease (increase) in materials and supplies | 993 |  |  | (515 | ) |  | 272 |  |  | — |  |  | — |  |  |  | 750 |
Increase in regulatory assets | (16,161 | ) |  | (1,243 | ) |  | (869 | ) |  | — |  |  | — |  |  |  | (18,273 | )
Increase (decrease) in accounts payable | (10,247 | ) |  | 768 |  |  | (1,135 | ) |  | — |  |  | — |  |  |  | (10,614 | )
Change in prepaid and accrued income taxes, tax credits and revenue taxes | 2,933 |  |  | 2,645 |  |  | (3,478 | ) |  | — |  |  | 23 |  | [1] |  | 2,123 |
Increase (decrease) in defined benefit pension and other postretirement benefit plans liability | 599 |  |  | 53 |  |  | (168 | ) |  | — |  |  | — |  |  |  | 484 |
Change in other assets and liabilities | (11,682 | ) |  | (78 | ) |  | (2,272 | ) |  | — |  |  | 2,682 |  | [1] |  | (11,350 | )
Net cash provided by operating activities | 296,444 |  |  | 66,875 |  |  | 54,366 |  |  | — |  |  | (47,768 | ) |  |  | 369,917 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (236,425 | ) |  | (51,344 | ) |  | (32,668 | ) |  | — |  |  | — |  |  |  | (320,437 | )
Contributions in aid of construction | 23,611 |  |  | 3,412 |  |  | 3,077 |  |  | — |  |  | — |  |  |  | 30,100 |
Advances from (to) affiliates | — |  |  | 12,000 |  |  | (2,500 | ) |  | — |  |  | (9,500 | ) | [1] |  | — |
Other | 1,932 |  |  | 175 |  |  | 31 |  |  | — |  |  | — |  |  |  | 2,138 |
Net cash used in investing activities | (210,882 | ) |  | (35,757 | ) |  | (32,060 | ) |  | — |  |  | (9,500 | ) |  |  | (288,199 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (93,599 | ) |  | (22,507 | ) |  | (25,261 | ) |  | — |  |  | 47,768 |  | [2] |  | (93,599 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080 | ) |  | (534 | ) |  | (381 | ) |  | — |  |  | — |  |  |  | (1,995 | )
Proceeds from the issuance of common stock | 24,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 24,000 |
Proceeds from the issuance of long-term debt | 40,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 40,000 |
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less | (9,500 | ) |  | — |  |  | — |  |  | — |  |  | 9,500 |  | [1] |  | — |
Other | (276 | ) |  | (10 | ) |  | (1 | ) |  | — |  |  | — |  |  |  | (287 | )
Net cash used in financing activities | (40,455 | ) |  | (23,051 | ) |  | (25,643 | ) |  | — |  |  | 57,268 |  |  |  | (31,881 | )
Net increase (decrease) in cash and cash equivalents | 45,107 |  |  | 8,067 |  |  | (3,337 | ) |  | — |  |  | — |  |  |  | 49,837 |
Cash and cash equivalents, January 1 | 16,281 |  |  | 2,682 |  |  | 5,385 |  |  | 101 |  |  | — |  |  |  | 24,449 |
Cash and cash equivalents, December 31 | $ | 61,388 |  |  | 10,749 |  |  | 2,048 |  |  | 101 |  |  | — |  |  |  | $ | 74,286 |
Explanation of consolidating adjustments on consolidating schedules:
[1] | Eliminations of intercompany receivables and payables and other intercompany transactions.
[2] | Elimination of investment in subsidiaries, carried at equity.

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