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v3.10.0.1

Consolidated Statements of Income - HECO - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended
--- | --- | ---
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016
Revenues |  |  |  |  |  |  |  |  | $ 2,614,831 |  | $ 2,380,654
Expenses |  |  |  |  |  |  |  |  |  |  |
Purchased power |  |  |  |  |  |  |  |  | 639,000 | $ 587,000 | 563,000
Total expenses |  |  |  |  |  |  |  |  | 2,527,493 | 2,209,392 | 2,024,816
Operating income | $ 84,604 | $ 98,064 | $ 78,799 | $ 71,889 | $ 87,220 | $ 111,473 | $ 77,802 | $ 69,738 | 333,356 | 346,233 | 355,838
Allowance for equity funds used during construction |  |  |  |  |  |  |  |  | 10,877 | 12,483 | 8,325
Retirement defined benefits expense—other than service costs |  |  |  |  |  |  |  |  | (5,962) | (7,942) | (7,663)
Allowance for borrowed funds used during construction |  |  |  |  |  |  |  |  | 4,867 | 4,778 | 3,144
Income before income taxes |  |  |  |  |  |  |  |  | 254,461 | 276,580 | 373,841
Income taxes |  |  |  |  |  |  |  |  | 50,797 | 109,393 | 123,695
Net income (loss) | 50,046 | 66,371 | 46,527 | 40,720 | 32,843 | 60,544 | 39,134 | 34,666 | 203,664 | 167,187 | 250,146
Preferred stock dividends of subsidiaries |  |  |  |  |  |  |  |  | 1,890 | 1,890 | 1,890
Net income for common stock | 49,573 | 65,900 | 46,054 | 40,247 | 32,370 | 60,073 | 38,661 | 34,193 | 201,774 | 165,297 | 248,256
Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  | 2,546,525 | 2,257,566 | 2,094,368
Expenses |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  |  |  |  |  |  |  |  | 760,528 | 587,768 | 454,704
Purchased power |  |  |  |  |  |  |  |  | 639,307 | 586,634 | 562,740
Other operation and maintenance |  |  |  |  |  |  |  |  | 461,491 | 411,907 | 399,931
Depreciation |  |  |  |  |  |  |  |  | 203,626 | 192,784 | 187,061
Taxes, other than income taxes |  |  |  |  |  |  |  |  | 239,912 | 214,949 | 199,862
Total expenses |  |  |  |  |  |  |  |  | 2,304,864 | 1,994,042 | 1,804,298
Operating income | 61,112 | 74,036 | 55,144 | 51,369 | 68,184 | 88,497 | 56,482 | 50,361 | 241,661 | 263,524 | 290,070
Allowance for equity funds used during construction |  |  |  |  |  |  |  |  | 10,877 | 12,483 | 8,325
Retirement defined benefits expense—other than service costs |  |  |  |  |  |  |  |  | (3,631) | (6,003) | (5,602)
Interest expense and other charges, net |  |  |  |  |  |  |  |  | (73,348) | (69,637) | (66,824)
Allowance for borrowed funds used during construction |  |  |  |  |  |  |  |  | 4,867 | 4,778 | 3,144
Income before income taxes |  |  |  |  |  |  |  |  | 180,426 | 205,145 | 229,113
Income taxes |  |  |  |  |  |  |  |  | 34,778 | 83,199 | 84,801
Net income (loss) | 35,796 | 50,210 | 31,668 | 27,974 | 25,854 | 47,985 | 26,143 | 21,964 | 145,648 | 121,946 | 144,312
Preferred stock dividends of subsidiaries |  |  |  |  |  |  |  |  | 915 | 915 | 915
Net income attributable to Hawaiian Electric |  |  |  |  |  |  |  |  | 144,733 | 121,031 | 143,397
Preferred stock dividends of Hawaiian Electric |  |  |  |  |  |  |  |  | 1,080 | 1,080 | 1,080
Net income for common stock | $ 35,297 | $ 49,712 | $ 31,169 | $ 27,475 | $ 25,355 | $ 47,487 | $ 25,644 | $ 21,465 | $ 143,653 | $ 119,951 | $ 142,317

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