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Electric utility segment | 6 Months Ended
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Jun. 30, 2019
Electric utility subsidiary [Abstract] |
Electric utility segment | Electric utility segment HECO Capital Trust III. Trust III, a statutory trust, which was formed to effect the issuance of $50 million of cumulative quarterly income trust preferred securities in 2004 (2004 Trust Preferred Securities), and had at all times been a wholly-owned unconsolidated subsidiary of Hawaiian Electric, redeemed $50 million of its outstanding 2004 Trust Preferred Securities and $1.5 million of trust common securities on May 15, 2019. Subsequently, a Certificate of Cancellation of Statutory Trust was filed with the Delaware Secretary of State in order to cancel the Trust III, which became effective on June 10, 2019. For the six months ended June 30, 2019 and 2018, Trust III’s income statements consisted of $1.2 million and $1.7 million, respectively, of interest income received from the 2004 Debentures; $1.2 million and $1.6 million, respectively, of distributions to holders of the Trust Preferred Securities; $37,000 and $50,000, respectively, of common dividends on the trust common securities to Hawaiian Electric. Unconsolidated variable interest entities. Power purchase agreements. As of June 30, 2019, the Utilities had four PPAs for firm capacity (excluding the PGV PPA as PGV has been offline since May 2018 due to lava flow on Hawaii Island) and other PPAs with independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or power production facilities who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs. Pursuant to the current accounting standards for VIEs, the Utilities are deemed to have a variable interest in Kalaeloa Partners, L.P. (Kalaeloa), AES Hawaii, Inc. (AES Hawaii) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the three IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa, AES Hawaii and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the three IPPs’ economic performance nor the obligation to absorb their expected losses, if any, that could potentially be significant to the IPPs. Thus, the Utilities have not consolidated Kalaeloa, AES Hawaii and Hamakua Energy in its condensed consolidated financial statements. Hamakua Energy is an indirect subsidiary of Pacific Current and is consolidated in HEI’s condensed consolidated financial statements. For the other PPAs with IPPs, the Utilities have concluded that the consolidation of the IPPs was not required because either the Utilities do not have variable interests in the IPPs due to the absence of an obligation in the PPAs for the Utilities to absorb any variability of the IPPs, or the IPP was considered a “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. Two IPPs of as-available energy declined to provide the information necessary for Utilities to determine the applicability of accounting standards for VIEs. If information is ultimately received from the IPPs, a possible outcome of future analyses of such information is the consolidation of one or both of such IPPs in the unaudited condensed consolidated financial statements. The consolidation of any significant IPP could have a material effect on the unaudited condensed consolidated financial statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs to the IPP. Commitments and contingencies. Fuel Contracts. The fuel contract entered into in January 2019, by the Utilities and PAR Hawaii Refining, LLC, for the Utilities' low sulfur fuel oil, high sulfur fuel oil, No. 2 diesel, and ultra-low sulfur diesel requirements was approved by the PUC, and became effective on April 28, 2019 and terminates on December 31, 2022. The existing fuel contracts with Island Energy Services, LLC (IES), terminated on April 27, 2019, as agreed with IES under a mutual termination and release agreement entered into in November 2018. Contingencies. The Utilities are subject in the normal course of business to pending and threatened legal proceedings. Management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future. Power purchase agreements. Purchases from all IPPs were as follows:
|  | Three months ended June 30 |  | Six months ended June 30
(in millions) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Kalaeloa |  | $ | 61 |  |  | $ | 52 |  |  | $ | 101 |  |  | $ | 92 |
AES Hawaii |  | 32 |  |  | 32 |  |  | 64 |  |  | 69 |
HPOWER |  | 19 |  |  | 17 |  |  | 37 |  |  | 32 |
Puna Geothermal Venture |  | — |  |  | 4 |  |  | — |  |  | 15 |
Hamakua Energy |  | 18 |  |  | 15 |  |  | 34 |  |  | 22 |
Wind IPPs |  | 23 |  |  | 31 |  |  | 43 |  |  | 53 |
Solar IPPs |  | 8 |  |  | 8 |  |  | 15 |  |  | 14 |
Other IPPs 1 |  | 1 |  |  | 2 |  |  | 2 |  |  | 4 |
Total IPPs |  | $ | 162 |  |  | $ | 161 |  |  | $ | 296 |  |  | $ | 301 |
1 | Includes hydro power and other PPAs
Kalaeloa Partners, L.P. Under a 1988 PPA, as amended, Hawaiian Electric is committed to purchase 208 MW of firm capacity from Kalaeloa. Hawaiian Electric and Kalaeloa are currently in negotiations to address the PPA term that ended on May 23, 2016. The PPA automatically extends on a month-to-month basis as long as the parties are still negotiating in good faith. Hawaiian Electric and Kalaeloa have agreed that neither party will terminate the PPA (which has been subject to automatic extension on a month-to-month basis) prior to October 31, 2019, to allow for a negotiated resolution and PUC approval. AES Hawaii, Inc. Under a PPA entered into in March 1988, as amended (through Amendment No. 2) for a period of 30 years ending September 2022, Hawaiian Electric agreed to purchase 180 MW of firm capacity from AES Hawaii. Hawaiian Electric and AES Hawaii have been in dispute over an additional 9 MW of capacity. In February 2018, Hawaiian Electric reached agreement with AES Hawaii on an amendment to the PPA. However, in June 2018, the PUC issued an order suspending review of the amendment pending a DOH decision on AES’ request for approval of its Emission Reduction Plan and partnership with Hawaiian Electric. If approved by the PUC, the amendment will resolve AES Hawaii’s claims related to the additional capacity. Hu Honua Bioenergy, LLC (Hu Honua). In May 2012, Hawaii Electric Light signed a PPA, which the PUC approved in December 2013, with Hu Honua for 21.5 MW of renewable, dispatchable firm capacity fueled by locally grown biomass from a facility on the island of Hawaii. Under the terms of the PPA, the Hu Honua plant was scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in an amended and restated PPA between Hawaii Electric Light and Hu Honua dated May 5, 2017. In July 2017, the PUC approved the amended and restated PPA, which becomes effective once the PUC’s order is final and non-appealable. In August 2017, the PUC’s approval was appealed by a third party. On May 10, 2019, the Hawaii Supreme Court issued a decision remanding the matter to the PUC for further proceedings consistent with the court’s decision which must include express consideration of Green House Gas emissions that would result from approving the PPA, whether the cost of energy under the PPA is reasonable in light of the potential for GHG emissions, and whether the terms of the PPA are prudent and in the public interest, in light of its potential hidden and long-term consequences. On June 20, 2019, the PUC issued an order reopening the docket for further proceedings. The parties have submitted updated status reports and the PUC will be establishing a procedural schedule. Hu Honua expects to complete construction of the plant in the fourth quarter of 2019. Utility projects. Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits can result in significantly increased project costs or even cancellation of projects. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, or if PUC-imposed caps on project costs are expected to be exceeded, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income. Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM) implementation project. The ERP/EAM Implementation Project went live in October 2018. In the Hawaiian Electric 2017 rate case, a settlement agreement approved by the PUC included authorization for the deferred project costs to accrue a return at 1.75% after the project went into service and until the deferred project costs are included in rate base, and for amortization of the deferred costs to not begin until the amortization expense is incorporated in rates and the unamortized deferred project costs are included in rate base. As of June 30, 2019, the total deferred project costs and accrued carrying costs after the project went into service amounted to $58.9 million. In February 2019, the PUC approved a methodology for passing the future cost saving benefits of the new ERP/EAM system to customers developed by the Utilities in collaboration with the Consumer Advocate. The Utilities filed a benefits clarification document on June 10, 2019, reflecting $150 million in future net O&M expense reductions and cost avoidance, and $96 million in capital cost reductions and tax savings over the 12-year service life. To the extent the reduction in O&M expense relates to amounts reflected in electric rates, the Utilities would reduce future rates for such amounts. As of June 2019, the Utilities recorded $0.5 million as a regulatory liability for amounts to be returned to customers for reduction in O&M expense included in rates. West Loch PV Project. In June 2017, the PUC approved the expenditure of funds for Hawaiian Electric to build, own and operate a utility-owned, grid-tied 20-MW (ac) solar facility on property owned by the Department of the Navy, including a proposed project cost cap of $67 million and a performance guarantee to provide energy at 9.56 cents/kWh or less to the system. In approving the project, the PUC agreed that the project is eligible for recovery of costs offset by related net benefits under the newly-established major project interim recovery (MPIR) adjustment mechanism. (See “Decoupling” section below for MPIR guidelines and cost recovery discussion.) Hawaiian Electric has provided supplemental materials, as requested by the PUC, to support meeting the MPIR guidelines, accompanied by system performance guarantee and cost savings sharing mechanisms. A decision on these matters is pending. Hawaiian Electric executed a fixed-price Engineering, Procurement, and Construction (EPC) contract for the project on December 6, 2017. Construction of the facility began in the second quarter of 2018, and the facility is expected to be placed in service no later than October 2019. Project costs incurred as of June 30, 2019 amounted to $46.5 million. Environmental regulation. The Utilities are subject to environmental laws and regulations that regulate the operation of existing facilities, the construction and operation of new facilities and the proper cleanup and disposal of hazardous waste and toxic substances. Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically encounter petroleum or other chemical releases associated with current or previous operations. The Utilities report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity. Former Molokai Electric Company generation site. In 1989, Maui Electric acquired by merger Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983, but continued to operate at the Site under a lease until 1985. The Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the Hawaii Department of Health and EPA, Maui Electric further investigated the Site and the Adjacent Parcel to determine the extent of impacts of polychlorinated biphenyls (PCBs), residual fuel oils and other subsurface contaminants. Maui Electric has a reserve balance of $2.7 million as of June 30, 2019, representing the probable and reasonably estimable cost for remediation of the Site and the Adjacent Parcel; however, final costs of remediation will depend on cleanup approach implemented. Pearl Harbor sediment study. In July 2014, the U.S. Navy notified Hawaiian Electric of the Navy’s determination that Hawaiian Electric is a Potentially Responsible Party responsible for the costs of investigation and cleanup of PCB contamination in sediment in the area offshore of the Waiau Power Plant as part of the Pearl Harbor Superfund Site. Hawaiian Electric was also required by the EPA to assess potential sources and extent of PCB contamination onshore at Waiau Power Plant. As of June 30, 2019, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $4.7 million. The reserve balance represents the probable and reasonably estimable cost for the onshore investigation and the remediation of PCB contamination in the offshore sediment. The final remediation costs will depend on the potential onshore source control requirements and actual offshore cleanup costs. Regulatory proceedings Decoupling. Decoupling is a regulatory model that is intended to provide the Utilities with financial stability and facilitate meeting the State of Hawaii’s goals to transition to a clean energy economy and achieve an aggressive renewable portfolio standard. The decoupling mechanism has the following major components: (1) monthly revenue balancing account (RBA) revenues or refunds for the difference between PUC-approved target revenues and recorded adjusted revenues, which delinks revenues from kilowatthour sales, (2) RAM revenues for escalation in certain O&M expenses and rate base changes, (3) MPIR component, (4) performance incentive mechanisms (PIMs), and (5) an earnings sharing mechanism, which would provide for a reduction of revenues between rate cases in the event the utility exceeds the return on average common equity (ROACE) allowed in its most recent rate case. Under the decoupling mechanism, triennial general rate cases are required. Rate adjustment mechanism. The RAM is based on the lesser of: a) an inflationary adjustment for certain O&M expenses and return on investment for certain rate base changes, or b) cumulative annual compounded increase in Gross Domestic Product Price Index applied to annualized target revenues (the RAM Cap). Annualized target revenues reset upon the issuance of an interim or final decision and order (D&O) in a rate case. Each of the Utilities’ RAM revenues was below its respective RAM Cap in 2019. The 2019 RAM also incorporated additional amortization of the regulatory liability associated with certain excess deferred taxes resulting from the 2017 Tax Cuts and Jobs Act decrease in tax rates. The reduction in the RAM revenues will be counterbalanced by the lower income tax expense, therefore will have no net income impact. Major project interim recovery. On April 27, 2017, the PUC issued an order that provided guidelines for interim recovery of revenues to support major projects placed in service between general rate cases. The PUC approved recovery of capital costs under the MPIR for Schofield Generating Station, which increased revenues in 2018 by $3.6 million and will be collected in customer bills beginning in June 2019. In February 2019, Hawaiian Electric submitted an MPIR filing of $19.8 million for 2019 (which accrued effective January 1, 2019) that included the 2019 return on project amount (up to the capped amount) in rate base, depreciation and incremental O&M expenses, for collection from June 2020 through May 2021. The PUC has also indicated that it intends to approve MPIR recovery for the West Loch PV Project. Performance incentive mechanisms. The PUC has ordered the following PIMs.
• | Service Quality performance incentives are measured on a calendar-year basis. The PIM tariff requires the performance targets, deadbands and the amount of maximum financial incentives used to determine the PIM financial incentive levels for each of the PIMs to be re-determined upon issuance of an interim or final order in a general rate case for each utility.
• | Service Reliability Performance measured by System Average Interruption Duration and Frequency Indexes (penalties only). Target performance is based on each utility’s historical 10-year average performance with a deadband of one standard deviation. The maximum penalty for each performance index is 20 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties of approximately $6.7 million - for both indices in total for the three utilities).
• | Call Center Performance measured by the percentage of calls answered within 30 seconds. Target performance is based on the annual average performance for each utility for the most recent 8 quarters with a deadband of 3% above and below the target. The maximum penalty or incentive is 8 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties or incentives of approximately $1.3 million - in total for the three utilities).
• | In 2018, the Utilities accrued $2.1 million in estimated penalties for service reliability net of call center performance incentives for 2018. As a result of a PUC order denying the exclusion of the impact of a specific project on the service reliability performance, in May 2019, Hawaiian Electric accrued an additional $1.3 million in service reliability penalties related to 2018. The net service quality performance penalties related to 2018 were reflected in the 2019 annual decoupling filing and will reduce customer rates in the period June 1, 2019 through May 31, 2020.
• | In May 2019, the Utilities filed an application for approval to among other things, modify the measurement of performance for the System Average Interruption Duration and Frequency Indexes, adjust the PIM targets, deadbands, and financial incentive levels for each of the PIMs upon issuance of a final order in a general rate case, and adjust the call center performance PIM level for Hawaii Electric Light.
• | Procurement of low-cost variable renewable resources through the request for proposal process in 2018 is measured by comparison of the procurement price to target prices. The incentive is a percentage of the savings determined by comparing procured price to a target of 11.5 cents per kilowatt-hour for renewable projects with storage capability and 9.5 cents per kilowatt-hour for energy-only renewable projects. For PPAs filed by December 31, 2018 and subsequently approved by the PUC, the incentive is 20% of the savings, with a cap of $3.5 million for the three utilities in total. For PPAs filed in January, February, and March 2019 and subsequently approved by the PUC, scaled incentives are 15%, 10% and 5%, respectively, of the savings for PPAs, with a cap of $3 million for the three utilities in total. There are no penalties. On March 25, 2019, the PUC approved six contracts, which were filed by December 31, 2018 and qualified for incentives. Half of the incentive is earned upon PUC approval of the contract and the other half is eligible to be earned in the year following the in-service date of the projects. The Utilities accrued $1.7 million in incentives in March 2019, which were reflected in the 2019 annual decoupling filing and will be recovered in rates in the period June 1, 2019 through May 31, 2020.
Annual decoupling filings. The net annual incremental amounts approved to be collected (refunded) from June 1, 2019 through May 31, 2020 are as follows:
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
2019 Annual incremental RAM adjusted revenues, net of changes in Tax Act adjustment* |  | $ | 6.5 |  |  | $ | 1.1 |  |  | $ | 5.4 |  |  | $ | 13.0 |
Annual change in accrued RBA balance as of December 31, 2018 (and associated revenue taxes) which incorporates MPIR recovery |  | (12.2 | ) |  | (2.0 | ) |  | 0.8 |  |  | (13.4 | )
Performance Incentive Mechanisms (net) |  | (1.3 | ) |  | — |  |  | (0.4 | ) |  | (1.7 | )
Net annual incremental amount to be collected (refunded) under the tariffs |  | $ | (7.0 | ) |  | $ | (0.9 | ) |  | $ | 5.8 |  |  | $ | (2.1 | )
* The 2017 Tax Cuts and Jobs Act (the Tax Act) had two incremental impacts in 2019. First, the 2019 RAM calculation for all of the Utilities incorporated additional amortization of the regulatory liability associated with certain deferred taxes. Secondly, Maui Electric incorporated a $2.8 million adjustment in its 2018 annual decoupling filing related to the Tax Act which is not recurring in 2019. Performance-based regulation proceeding. On April 18, 2018, the PUC issued an order, instituting a proceeding to investigate performance-based regulation (PBR). The PUC stated that PBR seeks to utilize both revenue adjustment mechanisms and performance mechanisms to more strongly align utilities’ incentives with customer interests. The order stated that, in general, the PUC is interested in ratemaking elements and/or mechanisms that result in:
• | Greater cost control and reduced rate volatility;
• | Efficient investment and allocation of resources regardless of classification as capital or operating expense;
• | Fair distribution of risks between utilities and customers; and
• | Fulfillment of State policy goals.
The proceeding has two phases. Phase 1 examined the current regulatory framework and identified those areas of utility performance that are deserving of further focus in Phase 2. In May 2019, the PUC issued an order concluding Phase 1, which established guiding principles, regulatory goals, and priority outcomes to guide the development of the PBR mechanisms in Phase 2. The PUC identified the following guiding principles, which will inform the development of the PBR framework: 1) a customer-centric approach, 2) administrative efficiency to reduce regulatory burdens; and 3) utility financial integrity to maintain the utility’s financial health. Priority goals (and priority outcomes) identified by the PUC were: enhance customer experience (affordability, reliability, interconnection experience, and customer engagement), improve utility performance (cost control, DER asset effectiveness, and grid investment efficiency), and advance societal outcomes (capital formation, customer equity, greenhouse gas reduction, electrification of transportation, and resilience). The order also outlined the PUC’s vision of a comprehensive PBR framework that would be further developed in Phase 2. The framework envisioned would include 1) a five-year multi-year rate plan with an index-driven annual revenue adjustment based on an inflation factor, an X-factor which would encompass productivity, a Z-factor to account for exceptional circumstances not in the utility’s control and a customer dividend, 2) a symmetric earnings sharing mechanism that would help ensure that utility earnings do not excessively benefit or suffer from external factors outside of utility control or unforeseen results of regulatory mechanisms, 3) off-ramp provisions, 4) continuation of the RBA, MPIR adjustment mechanism, the pension and OPEB tracking mechanism, and other recovery mechanisms, and 5) a portfolio of performance incentive mechanisms for customer engagement and DER asset effectiveness (rewards only), and interconnection experience (both rewards and penalties), in addition to scorecards to track progress against targeted performance levels, shared savings mechanisms to apportion savings to the utility and customers, and reported metrics. The Phase 2 schedule includes working group meetings through the first half of 2020, followed by statements of positions, evidentiary hearing in October 2020 and anticipated decision in December 2020. Most recent rate proceedings. Hawaiian Electric 2020 test year rate case. On April 26, 2019, Hawaiian Electric filed a notice that it intends to file an application for a general rate increase after June 30, 2019, but not later than September 30, 2019, based on a 2020 calendar year test period. Maui Electric consolidated 2015 and 2018 test year rate cases. On August 9, 2018, the PUC approved an interim rate increase based on a stipulated settlement, that included the effects of the 2017 Tax Act, between Maui Electric and the Consumer Advocate. On March 18, 2019, the PUC issued its D&O that approved, with certain modifications, the stipulated settlement, addressed all issues in the rate case. Revised tariffs reflecting a final increase of $12.2 million over revenues at current effective rates based on the approved 7.43% rate of return (which incorporates a ROACE of 9.5% and a capital structure that includes a 57% common equity capitalization) on a $454 million rate base became effective on June 1, 2019. Maui Electric’s ECRC tariff, resulting in the recovery of all fuel and purchased energy through the ECRC and the removal of the recovery of these costs from base rates, will be effective September 1, 2019. The ECRC will reflect a 98%/2% fossil fuel generation cost risk-sharing split between ratepayers and Maui Electric, with an annual maximum increase or decrease to revenues to $0.6 million for the utility. Hawaii Electric Light 2019 test year rate case. On December 14, 2018, Hawaii Electric Light filed an application for a general rate increase for its 2019 test year rate case, requesting an increase of $13.4 million over revenues at current effective rates (for a 3.4% increase in revenues), based on an 8.3% rate of return (which incorporates a ROACE of 10.5%). The procedural schedule for the proceeding includes an interim decision by November 14, 2019, and evidentiary hearings during the week of December 16, 2019. Condensed consolidating financial information. Condensed consolidating financial information for Hawaiian Electric and its subsidiaries are presented for the three and six month periods ended June 30, 2019 and 2018, and as of June 30, 2018 and December 31, 2018. Hawaiian Electric unconditionally guarantees Hawaii Electric Light’s and Maui Electric’s obligations (a) to the State of Hawaii for the repayment of principal and interest on Special Purpose Revenue Bonds issued for the benefit of Hawaii Electric Light and Maui Electric, (b) under their respective private placement note agreements and the Hawaii Electric Light notes and Maui Electric notes issued thereunder and (c) relating to the trust preferred securities of Trust III, which were redeemed on May 15, 2019. Hawaiian Electric is also obligated, after the satisfaction of its obligations on its own preferred stock, to make dividend, redemption and liquidation payments on Hawaii Electric Light’s and Maui Electric’s preferred stock if the respective subsidiary is unable to make such payments. Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Income Three months ended June 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 450,020 |  |  | 89,916 |  |  | 94,050 |  |  | — |  |  | (202 | ) |  | $ | 633,784 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 125,431 |  |  | 19,941 |  |  | 36,248 |  |  | — |  |  | — |  |  | 181,620 |
Purchased power |  | 126,871 |  |  | 24,029 |  |  | 11,954 |  |  | — |  |  | — |  |  | 162,854 |
Other operation and maintenance |  | 78,551 |  |  | 18,031 |  |  | 22,678 |  |  | — |  |  | — |  |  | 119,260 |
Depreciation |  | 35,868 |  |  | 10,453 |  |  | 7,592 |  |  | — |  |  | — |  |  | 53,913 |
Taxes, other than income taxes |  | 42,590 |  |  | 8,706 |  |  | 9,147 |  |  | — |  |  | — |  |  | 60,443 |
Total expenses |  | 409,311 |  |  | 81,160 |  |  | 87,619 |  |  | — |  |  | — |  |  | 578,090 |
Operating income |  | 40,709 |  |  | 8,756 |  |  | 6,431 |  |  | — |  |  | (202 | ) |  | 55,694 |
Allowance for equity funds used during construction |  | 2,614 |  |  | 218 |  |  | 343 |  |  | — |  |  | — |  |  | 3,175 |
Equity in earnings of subsidiaries |  | 8,086 |  |  | — |  |  | — |  |  | — |  |  | (8,086 | ) |  | — |
Retirement defined benefits expense—other than service costs |  | (567 | ) |  | (105 | ) |  | (29 | ) |  | — |  |  | — |  |  | (701 | )
Interest expense and other charges, net |  | (13,390 | ) |  | (2,920 | ) |  | (2,422 | ) |  | — |  |  | 202 |  |  | (18,530 | )
Allowance for borrowed funds used during construction |  | 962 |  |  | 91 |  |  | 126 |  |  | — |  |  | — |  |  | 1,179 |
Income before income taxes |  | 38,414 |  |  | 6,040 |  |  | 4,449 |  |  | — |  |  | (8,086 | ) |  | 40,817 |
Income taxes |  | 5,570 |  |  | 1,241 |  |  | 933 |  |  | — |  |  | — |  |  | 7,744 |
Net income |  | 32,844 |  |  | 4,799 |  |  | 3,516 |  |  | — |  |  | (8,086 | ) |  | 33,073 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 96 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 32,844 |  |  | 4,666 |  |  | 3,420 |  |  | — |  |  | (8,086 | ) |  | 32,844 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 32,574 |  |  | 4,666 |  |  | 3,420 |  |  | — |  |  | (8,086 | ) |  | $ | 32,574 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income Three months ended June 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 32,574 |  |  | 4,666 |  |  | 3,420 |  |  | — |  |  | (8,086 | ) |  | $ | 32,574 |
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 |  | 2,321 |  |  | 352 |  |  | 289 |  |  | — |  |  | (641 | ) |  | 2,321 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (2,298 | ) |  | (351 | ) |  | (289 | ) |  | — |  |  | 640 |  |  | (2,298 | )
Other comprehensive income, net of taxes |  | 23 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 23 |
Comprehensive income attributable to common shareholder |  | $ | 32,597 |  |  | 4,667 |  |  | 3,420 |  |  | — |  |  | (8,087 | ) |  | $ | 32,597 |
Hawaiian Electric Company, Inc. and Subsidiaries 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 |
Hawaiian Electric Company, Inc. and Subsidiaries 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 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Income Six months ended June 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 855,689 |  |  | 177,121 |  |  | 179,703 |  |  | — |  |  | (234 | ) |  | $ | 1,212,279 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 234,353 |  |  | 40,783 |  |  | 67,093 |  |  | — |  |  | — |  |  | 342,229 |
Purchased power |  | 232,094 |  |  | 43,206 |  |  | 21,999 |  |  | — |  |  | — |  |  | 297,299 |
Other operation and maintenance |  | 159,729 |  |  | 36,767 |  |  | 40,894 |  |  | — |  |  | — |  |  | 237,390 |
Depreciation |  | 71,735 |  |  | 20,906 |  |  | 15,219 |  |  | — |  |  | — |  |  | 107,860 |
Taxes, other than income taxes |  | 81,221 |  |  | 16,811 |  |  | 17,215 |  |  | — |  |  | — |  |  | 115,247 |
Total expenses |  | 779,132 |  |  | 158,473 |  |  | 162,420 |  |  | — |  |  | — |  |  | 1,100,025 |
Operating income |  | 76,557 |  |  | 18,648 |  |  | 17,283 |  |  | — |  |  | (234 | ) |  | 112,254 |
Allowance for equity funds used during construction |  | 5,061 |  |  | 350 |  |  | 674 |  |  | — |  |  | — |  |  | 6,085 |
Equity in earnings of subsidiaries |  | 19,935 |  |  | — |  |  | — |  |  | — |  |  | (19,935 | ) |  | — |
Retirement defined benefits expense—other than service costs |  | (1,134 | ) |  | (211 | ) |  | (59 | ) |  | — |  |  | — |  |  | (1,404 | )
Interest expense and other charges, net |  | (26,190 | ) |  | (5,821 | ) |  | (4,739 | ) |  | — |  |  | 234 |  |  | (36,516 | )
Allowance for borrowed funds used during construction |  | 1,864 |  |  | 147 |  |  | 246 |  |  | — |  |  | — |  |  | 2,257 |
Income before income taxes |  | 76,093 |  |  | 13,113 |  |  | 13,405 |  |  | — |  |  | (19,935 | ) |  | 82,676 |
Income taxes |  | 10,853 |  |  | 3,011 |  |  | 3,114 |  |  | — |  |  | — |  |  | 16,978 |
Net income |  | 65,240 |  |  | 10,102 |  |  | 10,291 |  |  | — |  |  | (19,935 | ) |  | 65,698 |
Preferred stock dividends of subsidiaries |  | — |  |  | 267 |  |  | 191 |  |  | — |  |  | — |  |  | 458 |
Net income attributable to Hawaiian Electric |  | 65,240 |  |  | 9,835 |  |  | 10,100 |  |  | — |  |  | (19,935 | ) |  | 65,240 |
Preferred stock dividends of Hawaiian Electric |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Net income for common stock |  | $ | 64,700 |  |  | 9,835 |  |  | 10,100 |  |  | — |  |  | (19,935 | ) |  | $ | 64,700 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income Six months ended June 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 64,700 |  |  | 9,835 |  |  | 10,100 |  |  | — |  |  | (19,935 | ) |  | $ | 64,700 |
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 |  | 4,643 |  |  | 704 |  |  | 578 |  |  | — |  |  | (1,282 | ) |  | 4,643 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (4,596 | ) |  | (702 | ) |  | (578 | ) |  | — |  |  | 1,280 |  |  | (4,596 | )
Other comprehensive income, net of taxes |  | 47 |  |  | 2 |  |  | — |  |  | — |  |  | (2 | ) |  | 47 |
Comprehensive income attributable to common shareholder |  | $ | 64,747 |  |  | 9,837 |  |  | 10,100 |  |  | — |  |  | (19,937 | ) |  | $ | 64,747 |
Hawaiian Electric Company, Inc. and Subsidiaries 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 |
Hawaiian Electric Company, Inc. and Subsidiaries 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 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet June 30, 2019
(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 |  | $ | 42,183 |  |  | 5,606 |  |  | 3,612 |  |  | — |  |  | — |  |  | $ | 51,401 |
Plant and equipment |  | 4,558,178 |  |  | 1,268,694 |  |  | 1,112,171 |  |  | — |  |  | — |  |  | 6,939,043 |
Less accumulated depreciation |  | (1,573,545 | ) |  | (562,286 | ) |  | (514,379 | ) |  | — |  |  | — |  |  | (2,650,210 | )
Construction in progress |  | 222,328 |  |  | 17,791 |  |  | 35,193 |  |  | — |  |  | — |  |  | 275,312 |
Utility property, plant and equipment, net |  | 3,249,144 |  |  | 729,805 |  |  | 636,597 |  |  | — |  |  | — |  |  | 4,615,546 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,312 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,959 |
Total property, plant and equipment, net |  | 3,254,456 |  |  | 729,920 |  |  | 638,129 |  |  | — |  |  | — |  |  | 4,622,505 |
Investment in wholly owned subsidiaries, at equity |  | 584,149 |  |  | — |  |  | — |  |  | — |  |  | (584,149 | ) |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 17,121 |  |  | 3,352 |  |  | 2,787 |  |  | 101 |  |  | — |  |  | 23,361 |
Advances to affiliates |  | 25,300 |  |  | 5,000 |  |  | — |  |  | — |  |  | (30,300 | ) |  | — |
Customer accounts receivable, net |  | 109,401 |  |  | 26,864 |  |  | 25,824 |  |  | — |  |  | — |  |  | 162,089 |
Accrued unbilled revenues, net |  | 86,291 |  |  | 15,429 |  |  | 17,428 |  |  | — |  |  | — |  |  | 119,148 |
Other accounts receivable, net |  | 17,447 |  |  | 8,526 |  |  | 2,086 |  |  | — |  |  | (19,570 | ) |  | 8,489 |
Fuel oil stock, at average cost |  | 100,903 |  |  | 11,376 |  |  | 9,362 |  |  | — |  |  | — |  |  | 121,641 |
Materials and supplies, at average cost |  | 33,874 |  |  | 9,611 |  |  | 17,609 |  |  | — |  |  | — |  |  | 61,094 |
Prepayments and other |  | 23,804 |  |  | 5,202 |  |  | 2,980 |  |  | — |  |  | — |  |  | 31,986 |
Regulatory assets |  | 46,673 |  |  | 2,122 |  |  | 6,830 |  |  | — |  |  | — |  |  | 55,625 |
Total current assets |  | 460,814 |  |  | 87,482 |  |  | 84,906 |  |  | 101 |  |  | (49,870 | ) |  | 583,433 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 205,148 |  |  | 1,582 |  |  | 402 |  |  | — |  |  | — |  |  | 207,132 |
Regulatory assets |  | 513,738 |  |  | 115,178 |  |  | 103,224 |  |  | — |  |  | — |  |  | 732,140 |
Other |  | 74,994 |  |  | 16,677 |  |  | 16,965 |  |  | — |  |  | — |  |  | 108,636 |
Total other long-term assets |  | 793,880 |  |  | 133,437 |  |  | 120,591 |  |  | — |  |  | — |  |  | 1,047,908 |
Total assets |  | $ | 5,093,299 |  |  | 950,839 |  |  | 843,626 |  |  | 101 |  |  | (634,019 | ) |  | $ | 6,253,846 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,971,762 |  |  | 300,619 |  |  | 283,429 |  |  | 101 |  |  | (584,149 | ) |  | $ | 1,971,762 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 937,068 |  |  | 217,845 |  |  | 181,065 |  |  | — |  |  | — |  |  | 1,335,978 |
Total capitalization |  | 2,931,123 |  |  | 525,464 |  |  | 469,494 |  |  | 101 |  |  | (584,149 | ) |  | 3,342,033 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 61,941 |  |  | 92 |  |  | 30 |  |  | — |  |  | — |  |  | 62,063 |
Current portion of long-term debt |  | 61,946 |  |  | — |  |  | 19,993 |  |  | — |  |  | — |  |  | 81,939 |
Short-term borrowings from non-affiliates |  | 161,901 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 161,901 |
Short-term borrowings from affiliate |  | 5,000 |  |  | — |  |  | 25,300 |  |  | — |  |  | (30,300 | ) |  | — |
Accounts payable |  | 121,032 |  |  | 15,059 |  |  | 18,414 |  |  | — |  |  | — |  |  | 154,505 |
Interest and preferred dividends payable |  | 16,287 |  |  | 4,225 |  |  | 2,914 |  |  | — |  |  | (81 | ) |  | 23,345 |
Taxes accrued |  | 127,413 |  |  | 28,748 |  |  | 27,305 |  |  | — |  |  | — |  |  | 183,466 |
Regulatory liabilities |  | 5,687 |  |  | 5,781 |  |  | 3,485 |  |  | — |  |  | — |  |  | 14,953 |
Other |  | 53,450 |  |  | 14,842 |  |  | 13,249 |  |  | — |  |  | (19,489 | ) |  | 62,052 |
Total current liabilities |  | 614,657 |  |  | 68,747 |  |  | 110,690 |  |  | — |  |  | (49,870 | ) |  | 744,224 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 142,905 |  |  | 1,490 |  |  | 374 |  |  | — |  |  | — |  |  | 144,769 |
Deferred income taxes |  | 271,441 |  |  | 53,564 |  |  | 57,559 |  |  | — |  |  | — |  |  | 382,564 |
Regulatory liabilities |  | 660,351 |  |  | 178,018 |  |  | 99,224 |  |  | — |  |  | — |  |  | 937,593 |
Unamortized tax credits |  | 60,375 |  |  | 16,514 |  |  | 14,725 |  |  | — |  |  | — |  |  | 91,614 |
Defined benefit pension and other postretirement benefit plans liability |  | 362,174 |  |  | 71,830 |  |  | 70,243 |  |  | — |  |  | — |  |  | 504,247 |
Other |  | 50,273 |  |  | 35,212 |  |  | 21,317 |  |  | — |  |  | — |  |  | 106,802 |
Total deferred credits and other liabilities |  | 1,547,519 |  |  | 356,628 |  |  | 263,442 |  |  | — |  |  | — |  |  | 2,167,589 |
Total capitalization and liabilities |  | $ | 5,093,299 |  |  | 950,839 |  |  | 843,626 |  |  | 101 |  |  | (634,019 | ) |  | $ | 6,253,846 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet December 31, 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 |  | $ | 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 | ) |  | — |
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 | ) |  | 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 | ) |  | $ | 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 | ) |  | 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 | ) |  | 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 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Changes in Common Stock Equity Six months ended June 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2018 |  | $ | 1,957,641 |  |  | 295,874 |  |  | 280,863 |  |  | 101 |  |  | (576,838 | ) |  | $ | 1,957,641 |
Net income for common stock |  | 32,126 |  |  | 5,169 |  |  | 6,680 |  |  | — |  |  | (11,849 | ) |  | 32,126 |
Other comprehensive income, net of taxes |  | 24 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 24 |
Common stock dividends |  | (25,313 | ) |  | (2,545 | ) |  | (3,767 | ) |  | — |  |  | 6,312 |  |  | (25,313 | )
Common stock issuance expenses |  | — |  |  | (2 | ) |  | — |  |  | — |  |  | 2 |  |  | — |
Balance, March 31, 2019 |  | 1,964,478 |  |  | 298,497 |  |  | 283,776 |  |  | 101 |  |  | (582,374 | ) |  | 1,964,478 |
Net income for common stock |  | 32,574 |  |  | 4,666 |  |  | 3,420 |  |  | — |  |  | (8,086 | ) |  | 32,574 |
Other comprehensive income, net of taxes |  | 23 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 23 |
Common stock dividends |  | (25,313 | ) |  | (2,545 | ) |  | (3,767 | ) |  | — |  |  | 6,312 |  |  | (25,313 | )
Balance, June 30, 2019 |  | $ | 1,971,762 |  |  | 300,619 |  |  | 283,429 |  |  | 101 |  |  | (584,149 | ) |  | $ | 1,971,762 |
Hawaiian Electric Company, Inc. and Subsidiaries 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 |  | 27,475 |  |  | 6,101 |  |  | 3,224 |  |  | — |  |  | (9,325 | ) |  | 27,475 |
Other comprehensive income, net of taxes |  | 31 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 31 |
Common stock dividends |  | (25,826 | ) |  | (3,821 | ) |  | (3,006 | ) |  | — |  |  | 6,827 |  |  | (25,826 | )
Common stock issuance expenses |  | (8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (8 | )
Balance, March 31, 2018 |  | 1,846,955 |  |  | 288,927 |  |  | 270,483 |  |  | 101 |  |  | (559,511 | ) |  | 1,846,955 |
Net income for common stock |  | 31,169 |  |  | 3,763 |  |  | 5,317 |  |  | — |  |  | (9,080 | ) |  | 31,169 |
Other comprehensive income, net of taxes |  | 26 |  |  | 1 |  |  | — |  |  | — |  |  | (1 | ) |  | 26 |
Common stock dividends |  | (25,826 | ) |  | (3,823 | ) |  | (3,004 | ) |  | — |  |  | 6,827 |  |  | (25,826 | )
Common stock issuance expenses |  | — |  |  | (3 | ) |  | 2 |  |  | — |  |  | 1 |  |  | — |
Balance, June 30, 2018 |  | $ | 1,852,324 |  |  | 288,865 |  |  | 272,798 |  |  | 101 |  |  | (561,764 | ) |  | $ | 1,852,324 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows Six months ended June 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 65,240 |  |  | 10,102 |  |  | 10,291 |  |  | — |  |  | (19,935 | ) |  | $ | 65,698 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries |  | (19,972 | ) |  | — |  |  | — |  |  | — |  |  | 19,935 |  |  | (37 | )
Common stock dividends received from subsidiaries |  | 12,661 |  |  | — |  |  | — |  |  | — |  |  | (12,624 | ) |  | 37 |
Depreciation of property, plant and equipment |  | 71,735 |  |  | 20,906 |  |  | 15,219 |  |  | — |  |  | — |  |  | 107,860 |
Other amortization |  | 11,444 |  |  | 2,142 |  |  | 75 |  |  | — |  |  | — |  |  | 13,661 |
Deferred income taxes |  | (5,354 | ) |  | (1,554 | ) |  | 297 |  |  | — |  |  | — |  |  | (6,611 | )
Allowance for equity funds used during construction |  | (5,061 | ) |  | (350 | ) |  | (674 | ) |  | — |  |  | — |  |  | (6,085 | )
Other |  | (2,494 | ) |  | (292 | ) |  | (767 | ) |  | — |  |  | — |  |  | (3,553 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Decrease (increase) in accounts receivable |  | 19,969 |  |  | (6,446 | ) |  | (1,188 | ) |  | — |  |  | (2,341 | ) |  | 9,994 |
Decrease (increase) in accrued unbilled revenues |  | 1,769 |  |  | 1,622 |  |  | (801 | ) |  | — |  |  | — |  |  | 2,590 |
Decrease (increase) in fuel oil stock |  | (46,641 | ) |  | (349 | ) |  | 5,284 |  |  | — |  |  | — |  |  | (41,706 | )
Decrease (increase) in materials and supplies |  | (3,583 | ) |  | (2,456 | ) |  | 149 |  |  | — |  |  | — |  |  | (5,890 | )
Decrease (increase) in regulatory assets |  | 24,318 |  |  | 2,288 |  |  | (1,214 | ) |  | — |  |  | — |  |  | 25,392 |
Increase (decrease) in accounts payable |  | 5,804 |  |  | (3,454 | ) |  | (2,395 | ) |  | — |  |  | — |  |  | (45 | )
Change in prepaid and accrued income taxes, tax credits and revenue taxes |  | (34,328 | ) |  | (5,111 | ) |  | (6,346 | ) |  | — |  |  | — |  |  | (45,785 | )
Decrease in defined benefit pension and other postretirement benefit plans liability |  | (1,205 | ) |  | (377 | ) |  | (317 | ) |  | — |  |  | — |  |  | (1,899 | )
Change in other assets and liabilities |  | (9,875 | ) |  | (265 | ) |  | (5,006 | ) |  | — |  |  | 2,341 |  |  | (12,805 | )
Net cash provided by operating activities |  | 84,427 |  |  | 16,406 |  |  | 12,607 |  |  | — |  |  | (12,624 | ) |  | 100,816 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (150,945 | ) |  | (18,083 | ) |  | (30,868 | ) |  | — |  |  | — |  |  | (199,896 | )
Advances to affiliates |  | (25,300 | ) |  | (5,000 | ) |  | — |  |  | — |  |  | 30,300 |  |  | — |
Other |  | 2,821 |  |  | (280 | ) |  | (31 | ) |  | — |  |  | — |  |  | 2,510 |
Net cash used in investing activities |  | (173,424 | ) |  | (23,363 | ) |  | (30,899 | ) |  | — |  |  | 30,300 |  |  | (197,386 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (50,626 | ) |  | (5,090 | ) |  | (7,534 | ) |  | — |  |  | 12,624 |  |  | (50,626 | )
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (540 | ) |  | (267 | ) |  | (191 | ) |  | — |  |  | — |  |  | (998 | )
Proceeds from issuance of short-term debt |  | 25,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,000 |
Proceeds from issuance of long-term debt |  | 30,000 |  |  | 10,000 |  |  | 10,000 |  |  | — |  |  | — |  |  | 50,000 |
Repayment of long-term debt |  | (31,546 | ) |  | (10,000 | ) |  | (10,000 | ) |  | — |  |  | — |  |  | (51,546 | )
Increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 116,901 |  |  | — |  |  | 25,300 |  |  | — |  |  | (30,300 | ) |  | 111,901 |
Other |  | 197 |  |  | 43 |  |  | 83 |  |  | — |  |  | — |  |  | 323 |
Net cash provided by (used in) financing activities |  | 89,386 |  |  | (5,314 | ) |  | 17,658 |  |  | — |  |  | (17,676 | ) |  | 84,054 |
Net increase (decrease) in cash and cash equivalents |  | 389 |  |  | (12,271 | ) |  | (634 | ) |  | — |  |  | — |  |  | (12,516 | )
Cash and cash equivalents, beginning of period |  | 16,732 |  |  | 15,623 |  |  | 3,421 |  |  | 101 |  |  | — |  |  | 35,877 |
Cash and cash equivalents, end of period |  | $ | 17,121 |  |  | 3,352 |  |  | 2,787 |  |  | 101 |  |  | — |  |  | $ | 23,361 |
Hawaiian Electric Company, Inc. and Subsidiaries 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 |  | (146,920 | ) |  | (24,424 | ) |  | (28,303 | ) |  | — |  |  | — |  |  | (199,647 | )
Advances (to) from affiliates |  | (5,600 | ) |  | (1,000 | ) |  | 12,000 |  |  | — |  |  | (5,400 | ) |  | — |
Other |  | 2,241 |  |  | 884 |  |  | 575 |  |  | — |  |  | 601 |  |  | 4,301 |
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 |

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- Definition This element encapsulates disclosures pertaining to electric utility subsidiary. + References No definition available. + Details
Name: | he_ElectricUtilitySubsidiaryTextBlock
Namespace Prefix: | he_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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- Definition Electric utility subsidiary [Abstract] + References No definition available. + Details
Name: | he_ElectricutilitysubsidiaryAbstract
Namespace Prefix: | he_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration