Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of future minimum lease payments

HEI’s consolidated and the Utilities’ future minimum lease payments are as follows:



(in millions)	HEI		Hawaiian Electric
2019	$	11	$	6
2020	9		6
2021	8		5
2022	5		2
2023	4		2
Thereafter	12		3
	$	49	$	24

Summary of impact to prior period financial statements of the adoption of ASU 2017-07

The following table summarizes the impact to the prior period financial statements of the adoption of ASU No. 2017-07:



	2017									2016
(in thousands)	As previously filed			Adjustment from adoption of ASU No. 2017-07			As currently reported			As previously filed			Adjustment from adoption of ASU No. 2017-07			As currently reported
HEI Consolidated Statements of Income
Expenses
Electric utility	$	2,000,045		$	(6,003	)	$	1,994,042		$	1,809,900		$	(5,602	)	$	1,804,298
Bank	198,924			(820		)	198,104			198,572			(875		)	197,697
Other	18,365			(1,119		)	17,246			24,007			(1,186		)	22,821
Total expenses	$	2,217,334		$	(7,942	)	$	2,209,392		$	2,032,479		$	(7,663	)	$	2,024,816
Operating income
Electric utility	$	257,521		$	6,003		$	263,524		$	284,468		$	5,602		$	290,070
Bank	98,716			820			99,536			87,352			875			88,227
Other	(17,946		)	1,119			(16,827		)	(23,645		)	1,186			(22,459		)
Total operating income	$	338,291		$	7,942		$	346,233		$	348,175		$	7,663		$	355,838
Retirement defined benefits expense--other than service costs	$	—		$	(7,942	)	$	(7,942	)	$	—		$	(7,663	)	$	(7,663	)
Hawaiian Electric Consolidated Statements of Income
Other operation and maintenance	$	417,910		$	(6,003	)	$	411,907		$	405,533		$	(5,602	)	$	399,931
Total expense	2,000,045			(6,003		)	1,994,042			1,809,900			(5,602		)	1,804,298
Operating income	257,521			6,003			263,524			284,468			5,602			290,070
Retirement defined benefits expense--other than service costs	—			(6,003		)	(6,003		)	—			(5,602		)	(5,602		)
Hawaiian Electric Consolidating Statements of Income (in Note 3)
Hawaiian Electric (parent only)
Other operation and maintenance	279,440			(5,049		)	274,391			273,176			(5,058		)	268,118
Total expense	1,425,655			(5,049		)	1,420,606			1,277,245			(5,058		)	1,272,187
Operating income	172,849			5,049			177,898			197,139			5,058			202,197
Retirement defined benefits expense--other than service costs	—			(5,049		)	(5,049		)	—			(5,058		)	(5,058		)



	2017								2016
(in thousands)	As previously filed		Adjustment from adoption of ASU No. 2017-07			As currently reported			As previously filed		Adjustment from adoption of ASU No. 2017-07			As currently reported
Hawaiian Electric Consolidating Statements of Income (in Note 3)
Hawaii Electric Light
Other operation and maintenance	$	66,277	$	(93	)	$	66,184		$	63,897	$	319		$	64,216
Total expense	287,868		(93		)	287,775			266,823		319			267,142
Operating income	45,599		93			45,692			44,562		(319		)	44,243
Retirement defined benefits expense--other than service costs	—		(93		)	(93		)	—		319			319
Maui Electric
Other operation and maintenance	72,193		(861		)	71,332			68,460		(863		)	67,597
Total expense	286,522		(861		)	285,661			265,832		(863		)	264,969
Operating income	39,156		861			40,017			42,873		863			43,736
Retirement defined benefits expense--other than service costs	—		(861		)	(861		)	—		(863		)	(863		)
ASB Statements of Income Data (in Note 4)
Compensation and employee benefits	95,751		(820		)	94,931			90,117		(875		)	89,242
Other expense	19,324		820			20,144			18,487		875			19,362

Summary of amounts in income tax expense related to investments in qualifying affordable housing projects

The table below summarizes the amounts in income tax expense related to ASB’s LIHTC investments:



Years ended December 31	2018			2017			2016
(in millions)
Amounts in income taxes related to low-income housing tax credit investments
Amortization recognized in the provision for income taxes	$	(7.7	)	$	(7.4	)	$	(5.8	)
Tax credits and other tax benefits recognized in the provision for income taxes	10.9			10.7			8.4
Net benefit to income tax expense	$	3.2		$	3.3		$	2.6