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Electric utility segment | 3 Months Ended
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Mar. 31, 2020
Electric utility subsidiary [Abstract] |
Electric utility segment | Electric utility segment Unconsolidated variable interest entities. Power purchase agreements. As of March 31, 2020, 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. Annual decoupling filings. The Utilities filed annual decoupling filings on March 31, 2020, which are subject to PUC approval. The net annual incremental amounts proposed to be collected (refunded) from June 1, 2020 through May 31, 2021 are as follows:
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
2020 Annual incremental RAM adjusted revenues, net of changes in Tax Act adjustment |  | $ | 20.6 |  |  | $ | 3.2 |  |  | $ | 5.7 |  |  | $ | 29.5 |
Annual change in accrued RBA balance as of December 31, 2019 (and associated revenue taxes) which incorporates MPIR recovery |  | (46.5) |  |  | (9.9) |  |  | (11.0) |  |  | (67.4) |
Incremental Performance Incentive Mechanisms (net) |  | 2.2 |  |  | (0.1) |  |  | (0.1) |  |  | 2.0 |
Net annual incremental amount to be collected (refunded) under the tariffs |  | $ | (23.7) |  |  | $ | (6.8) |  |  | $ | (5.4) |  |  | $ | (35.9) |
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, distributed energy resources (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 August 21, 2019, Hawaiian Electric filed an application for a general rate increase for its 2020 test year rate case, requesting an increase of $77.6 million over revenues at current effective rates (for a 4.1% increase in revenues), based on an 8.0% rate of return (which incorporates a ROACE of 10.5%). In September 2019, the PUC issued an order ruling that Hawaiian Electric’s application was complete as of the date of filing. It also ordered that an outside consultant, selected by the PUC, would independently conduct a management audit of Hawaiian Electric. On April 17, 2020, the PUC issued a revised procedural schedule indicating the management audit is expected to be concluded in mid-May 2020, and an interim decision and order is scheduled to be issued in October 2020. Hawaii Electric Light 2019 test year rate case. On September 24, 2019, Hawaii Electric Light and the Consumer Advocate filed a Stipulated Partial Settlement Letter which documented agreements reached on all of the issues in the proceeding, except for the ROACE, capital structure, amortization period for the state investment tax credit, and automatic annual target heat rate adjustment. On November 13, 2019, the PUC issued an interim decision maintaining Hawaii Electric Light’s revenues at current effective rates based on an interim revenue requirement of $387 million, average rate base of $543 million, and a 7.52% ROR on average rate base that incorporates a ROACE of 9.5% and 58.0% total equity ratio. On November 25, 2019, the Parties filed separate responses to the interim order, agreeing that (1) they do not intend to withdraw from the Partial Settlement: (2) they waive their respective rights to an evidentiary hearing on the remaining contested issues; and (3) the remaining issues in the proceeding can be decided based on the evidence in the record and should be the subject of the filing of opening and reply briefs in February 2020. On December 13, 2019, the PUC issued an order approving the interim tariffs (effective January 1, 2020) removing the evidentiary hearing from the procedural schedule. Hawaii Electric Light filed on January 17, 2020 the supplemental evidence and simultaneous opening and reply briefs on February 3, 2020 and February 24, 2020, respectively. There is no statutory deadline for the PUC to issue a final decision. Maui Electric 2021 test year rate case. By an order issued on April 29, 2020, the PUC terminated the requirement of a mandatory triennial rate case cycle that was established in the Decoupling final D&O, and indicated Maui Electric is not required to file a 2021 test year rate case. Subsequent event-regulatory order. On April 22, 2020, the Utilities filed a request to the PUC for deferral treatment of COVID-19 related expenses, including higher bad debt expense and write-offs, higher financing costs and other expenses. On May 4, 2020, the PUC issued an order, authorizing all utilities, including the Utilities, to establish regulatory assets to record costs resulting from the suspension of disconnections of service during the pendency of the Governor’s Emergency Proclamation and until otherwise ordered by the PUC. In future proceedings, the PUC will consider the reasonableness of the costs, the appropriate period of recovery, any amount of carrying costs thereon, and any savings directly attributable to suspension of disconnects, and other related matters. As part of the order, the PUC prohibits the Utilities from charging late payments fees on past due payments. The Utilities are required to file a report on their financial condition by May 20, 2020, if regulatory assets will be recorded pursuant to the Order, and quarterly reports beginning July 20, 2020. The Utilities plan to record regulatory assets pursuant to the Order in the second quarter of 2020. Condensed consolidating financial information. Condensed consolidating financial information for Hawaiian Electric and its subsidiaries are presented for the three month periods ended March 31, 2020 and 2019, and as of March 31, 2020 and December 31, 2019. 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, and (b) under their respective private placement note agreements and the Hawaii Electric Light notes and Maui Electric notes issued thereunder. 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 March 31, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 421,166 |  |  | 89,293 |  |  | 87,198 |  |  | — |  |  | (215) |  |  | $ | 597,442 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 120,535 |  |  | 22,432 |  |  | 30,254 |  |  | — |  |  | — |  |  | 173,221 |
Purchased power |  | 107,951 |  |  | 19,521 |  |  | 12,344 |  |  | — |  |  | — |  |  | 139,816 |
Other operation and maintenance |  | 85,637 |  |  | 19,104 |  |  | 22,806 |  |  | — |  |  | — |  |  | 127,547 |
Depreciation |  | 38,011 |  |  | 9,760 |  |  | 8,079 |  |  | — |  |  | — |  |  | 55,850 |
Taxes, other than income taxes |  | 40,501 |  |  | 8,342 |  |  | 8,207 |  |  | — |  |  | — |  |  | 57,050 |
Total expenses |  | 392,635 |  |  | 79,159 |  |  | 81,690 |  |  | — |  |  | — |  |  | 553,484 |
Operating income |  | 28,531 |  |  | 10,134 |  |  | 5,508 |  |  | — |  |  | (215) |  |  | 43,958 |
Allowance for equity funds used during construction |  | 1,743 |  |  | 119 |  |  | 153 |  |  | — |  |  | — |  |  | 2,015 |
Equity in earnings of subsidiaries |  | 8,804 |  |  | — |  |  | — |  |  | — |  |  | (8,804) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (546) |  |  | 194 |  |  | (29) |  |  | — |  |  | — |  |  | (381) |
Interest expense and other charges, net |  | (12,002) |  |  | (2,484) |  |  | (2,323) |  |  | — |  |  | 215 |  |  | (16,594) |
Allowance for borrowed funds used during construction |  | 602 |  |  | 36 |  |  | 50 |  |  | — |  |  | — |  |  | 688 |
Income before income taxes |  | 27,132 |  |  | 7,999 |  |  | 3,359 |  |  | — |  |  | (8,804) |  |  | 29,686 |
Income taxes |  | 2,957 |  |  | 1,798 |  |  | 527 |  |  |  |  |  |  |  |  | 5,282 |
Net income |  | 24,175 |  |  | 6,201 |  |  | 2,832 |  |  | — |  |  | (8,804) |  |  | 24,404 |
Preferred stock dividends of subsidiaries |  | — |  |  | 134 |  |  | 95 |  |  | — |  |  |  |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 24,175 |  |  | 6,067 |  |  | 2,737 |  |  | — |  |  | (8,804) |  |  | 24,175 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 23,905 |  |  | 6,067 |  |  | 2,737 |  |  | — |  |  | (8,804) |  |  | $ | 23,905 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income Three months ended March 31, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 23,905 |  |  | 6,067 |  |  | 2,737 |  |  | — |  |  | (8,804) |  |  | $ | 23,905 |
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 |  | 5,184 |  |  | 748 |  |  | 652 |  |  | — |  |  | (1,400) |  |  | 5,184 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (5,158) |  |  | (747) |  |  | (652) |  |  | — |  |  | 1,399 |  |  | (5,158) |
Other comprehensive income, net of taxes |  | 26 |  |  | 1 |  |  | — |  |  | — |  |  | (1) |  |  | 26 |
Comprehensive income attributable to common shareholder |  | $ | 23,931 |  |  | 6,068 |  |  | 2,737 |  |  | — |  |  | (8,805) |  |  | $ | 23,931 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Income Three months ended March 31, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 405,669 |  |  | 87,205 |  |  | 85,653 |  |  | — |  |  | (32) |  |  | $ | 578,495 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 108,922 |  |  | 20,842 |  |  | 30,845 |  |  | — |  |  | — |  |  | 160,609 |
Purchased power |  | 105,223 |  |  | 19,177 |  |  | 10,045 |  |  | — |  |  | — |  |  | 134,445 |
Other operation and maintenance |  | 81,178 |  |  | 18,736 |  |  | 18,216 |  |  | — |  |  | — |  |  | 118,130 |
Depreciation |  | 35,867 |  |  | 10,453 |  |  | 7,627 |  |  | — |  |  | — |  |  | 53,947 |
Taxes, other than income taxes |  | 38,631 |  |  | 8,105 |  |  | 8,068 |  |  | — |  |  | — |  |  | 54,804 |
Total expenses |  | 369,821 |  |  | 77,313 |  |  | 74,801 |  |  | — |  |  | — |  |  | 521,935 |
Operating income |  | 35,848 |  |  | 9,892 |  |  | 10,852 |  |  | — |  |  | (32) |  |  | 56,560 |
Allowance for equity funds used during construction |  | 2,447 |  |  | 132 |  |  | 331 |  |  | — |  |  | — |  |  | 2,910 |
Equity in earnings of subsidiaries |  | 11,849 |  |  | — |  |  | — |  |  | — |  |  | (11,849) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (567) |  |  | (106) |  |  | (30) |  |  | — |  |  | — |  |  | (703) |
Interest expense and other charges, net |  | (12,800) |  |  | (2,901) |  |  | (2,317) |  |  | — |  |  | 32 |  |  | (17,986) |
Allowance for borrowed funds used during construction |  | 902 |  |  | 56 |  |  | 120 |  |  | — |  |  | — |  |  | 1,078 |
Income before income taxes |  | 37,679 |  |  | 7,073 |  |  | 8,956 |  |  | — |  |  | (11,849) |  |  | 41,859 |
Income taxes |  | 5,283 |  |  | 1,770 |  |  | 2,181 |  |  | — |  |  | — |  |  | 9,234 |
Net income |  | 32,396 |  |  | 5,303 |  |  | 6,775 |  |  | — |  |  | (11,849) |  |  | 32,625 |
Preferred stock dividends of subsidiaries |  | — |  |  | 134 |  |  | 95 |  |  | — |  |  | — |  |  | 229 |
Net income attributable to Hawaiian Electric |  | 32,396 |  |  | 5,169 |  |  | 6,680 |  |  | — |  |  | (11,849) |  |  | 32,396 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 32,126 |  |  | 5,169 |  |  | 6,680 |  |  | — |  |  | (11,849) |  |  | $ | 32,126 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income Three months ended March 31, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 32,126 |  |  | 5,169 |  |  | 6,680 |  |  | — |  |  | (11,849) |  |  | $ | 32,126 |
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 |  | 2,322 |  |  | 352 |  |  | 289 |  |  | — |  |  | (641) |  |  | 2,322 |
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 |  | 24 |  |  | 1 |  |  | — |  |  | — |  |  | (1) |  |  | 24 |
Comprehensive income attributable to common shareholder |  | $ | 32,150 |  |  | 5,170 |  |  | 6,680 |  |  | — |  |  | (11,850) |  |  | $ | 32,150 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet March 31, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi- diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,389 |  |  | 5,606 |  |  | 3,612 |  |  | — |  |  | — |  |  | $ | 51,607 |
Plant and equipment |  | 4,821,180 |  |  | 1,317,355 |  |  | 1,167,120 |  |  | — |  |  | — |  |  | 7,305,655 |
Less accumulated depreciation |  | (1,614,651) |  |  | (581,038) |  |  | (530,414) |  |  | — |  |  | — |  |  | (2,726,103) |
Construction in progress |  | 164,467 |  |  | 12,530 |  |  | 22,532 |  |  | — |  |  | — |  |  | 199,529 |
Utility property, plant and equipment, net |  | 3,413,385 |  |  | 754,453 |  |  | 662,850 |  |  | — |  |  | — |  |  | 4,830,688 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,309 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,956 |
Total property, plant and equipment, net |  | 3,418,694 |  |  | 754,568 |  |  | 664,382 |  |  | — |  |  | — |  |  | 4,837,644 |
Investment in wholly owned subsidiaries, at equity |  | 593,097 |  |  | — |  |  | — |  |  | — |  |  | (593,097) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 4,589 |  |  | 4,654 |  |  | 3,065 |  |  | 101 |  |  | — |  |  | 12,409 |
Restricted cash |  | 30,902 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,902 |
Advances to affiliates |  | 44,700 |  |  | — |  |  | — |  |  | — |  |  | (44,700) |  |  | — |
Customer accounts receivable, net |  | 113,999 |  |  | 23,327 |  |  | 21,354 |  |  | — |  |  | — |  |  | 158,680 |
Accrued unbilled revenues, net |  | 81,468 |  |  | 16,468 |  |  | 15,844 |  |  | — |  |  | — |  |  | 113,780 |
Other accounts receivable, net |  | 17,593 |  |  | 2,596 |  |  | 2,327 |  |  | — |  |  | (11,269) |  |  | 11,247 |
Fuel oil stock, at average cost |  | 65,688 |  |  | 8,684 |  |  | 15,155 |  |  | — |  |  | — |  |  | 89,527 |
Materials and supplies, at average cost |  | 35,006 |  |  | 9,153 |  |  | 17,039 |  |  | — |  |  | — |  |  | 61,198 |
Prepayments and other |  | 28,445 |  |  | 3,816 |  |  | 5,222 |  |  | — |  |  | (1,576) |  |  | 35,907 |
Regulatory assets |  | 25,490 |  |  | 1,928 |  |  | 1,549 |  |  | — |  |  | — |  |  | 28,967 |
Total current assets |  | 447,880 |  |  | 70,626 |  |  | 81,555 |  |  | 101 |  |  | (57,545) |  |  | 542,617 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 175,205 |  |  | 1,514 |  |  | 378 |  |  | — |  |  | — |  |  | 177,097 |
Regulatory assets |  | 466,795 |  |  | 105,956 |  |  | 96,926 |  |  | — |  |  | — |  |  | 669,677 |
Other |  | 73,796 |  |  | 17,316 |  |  | 17,781 |  |  | — |  |  | — |  |  | 108,893 |
Total other long-term assets |  | 715,796 |  |  | 124,786 |  |  | 115,085 |  |  | — |  |  | — |  |  | 955,667 |
Total assets |  | $ | 5,175,467 |  |  | 949,980 |  |  | 861,022 |  |  | 101 |  |  | (650,642) |  |  | $ | 6,335,928 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,044,499 |  |  | 300,986 |  |  | 292,010 |  |  | 101 |  |  | (593,097) |  |  | $ | 2,044,499 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,101,614 |  |  | 206,437 |  |  | 188,587 |  |  | — |  |  | — |  |  | 1,496,638 |
Total capitalization |  | 3,168,406 |  |  | 514,423 |  |  | 485,597 |  |  | 101 |  |  | (593,097) |  |  | 3,575,430 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 63,616 |  |  | 96 |  |  | 31 |  |  | — |  |  | — |  |  | 63,743 |
Current portion of long-term debt |  | — |  |  | 13,997 |  |  | — |  |  | — |  |  | — |  |  | 13,997 |
Short-term borrowings from non-affiliates |  | 99,956 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 99,956 |
Short-term borrowings from affiliate |  | — |  |  | 2,500 |  |  | 42,200 |  |  | — |  |  | (44,700) |  |  | — |
Accounts payable |  | 113,932 |  |  | 14,401 |  |  | 17,602 |  |  | — |  |  | — |  |  | 145,935 |
Interest and preferred dividends payable |  | 20,095 |  |  | 3,806 |  |  | 4,129 |  |  | — |  |  | (89) |  |  | 27,941 |
Taxes accrued |  | 109,383 |  |  | 26,846 |  |  | 24,338 |  |  | — |  |  | (1,576) |  |  | 158,991 |
Regulatory liabilities |  | 19,762 |  |  | 12,813 |  |  | 10,136 |  |  | — |  |  | — |  |  | 42,711 |
Other |  | 50,411 |  |  | 11,196 |  |  | 15,321 |  |  | — |  |  | (11,180) |  |  | 65,748 |
Total current liabilities |  | 477,155 |  |  | 85,655 |  |  | 113,757 |  |  | — |  |  | (57,545) |  |  | 619,022 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 117,183 |  |  | 1,418 |  |  | 352 |  |  | — |  |  | — |  |  | 118,953 |
Deferred income taxes |  | 269,478 |  |  | 53,374 |  |  | 58,017 |  |  | — |  |  | — |  |  | 380,869 |
Regulatory liabilities |  | 670,187 |  |  | 178,479 |  |  | 98,593 |  |  | — |  |  | — |  |  | 947,259 |
Unamortized tax credits |  | 84,309 |  |  | 15,985 |  |  | 14,584 |  |  | — |  |  | — |  |  | 114,878 |
Defined benefit pension and other postretirement benefit plans liability |  | 333,716 |  |  | 68,756 |  |  | 68,339 |  |  | — |  |  | — |  |  | 470,811 |
Other |  | 55,033 |  |  | 31,890 |  |  | 21,783 |  |  | — |  |  | — |  |  | 108,706 |
Total deferred credits and other liabilities |  | 1,529,906 |  |  | 349,902 |  |  | 261,668 |  |  | — |  |  | — |  |  | 2,141,476 |
Total capitalization and liabilities |  | $ | 5,175,467 |  |  | 949,980 |  |  | 861,022 |  |  | 101 |  |  | (650,642) |  |  | $ | 6,335,928 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet December 31, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,598 |  |  | 5,606 |  |  | 3,612 |  |  | — |  |  | — |  |  | $ | 51,816 |
Plant and equipment |  | 4,765,362 |  |  | 1,313,727 |  |  | 1,161,199 |  |  | — |  |  | — |  |  | 7,240,288 |
Less accumulated depreciation |  | (1,591,241) |  |  | (574,615) |  |  | (524,301) |  |  | — |  |  | — |  |  | (2,690,157) |
Construction in progress |  | 165,137 |  |  | 9,993 |  |  | 17,944 |  |  | — |  |  | — |  |  | 193,074 |
Utility property, plant and equipment, net |  | 3,381,856 |  |  | 754,711 |  |  | 658,454 |  |  | — |  |  | — |  |  | 4,795,021 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,310 |  |  | 114 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,956 |
Total property, plant and equipment, net |  | 3,387,166 |  |  | 754,825 |  |  | 659,986 |  |  | — |  |  | — |  |  | 4,801,977 |
Investment in wholly owned subsidiaries, at equity |  | 591,969 |  |  | — |  |  | — |  |  | — |  |  | (591,969) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 2,239 |  |  | 6,885 |  |  | 1,797 |  |  | 101 |  |  | — |  |  | 11,022 |
Restricted cash |  | 30,749 |  |  | 123 |  |  | — |  |  | — |  |  | — |  |  | 30,872 |
Advances to affiliates |  | 27,700 |  |  | 8,000 |  |  | — |  |  | — |  |  | (35,700) |  |  | — |
Customer accounts receivable, net |  | 105,454 |  |  | 24,520 |  |  | 22,816 |  |  | — |  |  | — |  |  | 152,790 |
Accrued unbilled revenues, net |  | 83,148 |  |  | 17,071 |  |  | 17,008 |  |  | — |  |  | — |  |  | 117,227 |
Other accounts receivable, net |  | 18,396 |  |  | 1,907 |  |  | 1,960 |  |  | — |  |  | (10,695) |  |  | 11,568 |
Fuel oil stock, at average cost |  | 69,003 |  |  | 8,901 |  |  | 14,033 |  |  | — |  |  | — |  |  | 91,937 |
Materials and supplies, at average cost |  | 34,876 |  |  | 8,313 |  |  | 17,513 |  |  | — |  |  | — |  |  | 60,702 |
Prepayments and other |  | 88,334 |  |  | 3,725 |  |  | 24,921 |  |  | — |  |  | — |  |  | 116,980 |
Regulatory assets |  | 27,689 |  |  | 1,641 |  |  | 1,380 |  |  | — |  |  | — |  |  | 30,710 |
Total current assets |  | 487,588 |  |  | 81,086 |  |  | 101,428 |  |  | 101 |  |  | (46,395) |  |  | 623,808 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 174,886 |  |  | 1,537 |  |  | 386 |  |  | — |  |  | — |  |  | 176,809 |
Regulatory assets |  | 476,390 |  |  | 109,163 |  |  | 98,817 |  |  | — |  |  | — |  |  | 684,370 |
Other |  | 69,010 |  |  | 15,493 |  |  | 17,215 |  |  | — |  |  | — |  |  | 101,718 |
Total other long-term assets |  | 720,286 |  |  | 126,193 |  |  | 116,418 |  |  | — |  |  | — |  |  | 962,897 |
Total assets |  | $ | 5,187,009 |  |  | 962,104 |  |  | 877,832 |  |  | 101 |  |  | (638,364) |  |  | $ | 6,388,682 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,047,352 |  |  | 298,998 |  |  | 292,870 |  |  | 101 |  |  | (591,969) |  |  | $ | 2,047,352 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,006,737 |  |  | 206,416 |  |  | 188,561 |  |  | — |  |  | — |  |  | 1,401,714 |
Total capitalization |  | 3,076,382 |  |  | 512,414 |  |  | 486,431 |  |  | 101 |  |  | (591,969) |  |  | 3,483,359 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 63,582 |  |  | 94 |  |  | 31 |  |  | — |  |  | — |  |  | 63,707 |
Current portion of long-term debt |  | 61,958 |  |  | 13,995 |  |  | 20,000 |  |  | — |  |  | — |  |  | 95,953 |
Short-term borrowings-non-affiliate |  | 88,987 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 88,987 |
Short-term borrowings-affiliate |  | 8,000 |  |  | — |  |  | 27,700 |  |  | — |  |  | (35,700) |  |  | — |
Accounts payable |  | 139,056 |  |  | 25,629 |  |  | 23,085 |  |  | — |  |  | — |  |  | 187,770 |
Interest and preferred dividends payable |  | 14,759 |  |  | 3,115 |  |  | 2,900 |  |  | — |  |  | (46) |  |  | 20,728 |
Taxes accrued |  | 143,522 |  |  | 32,541 |  |  | 31,929 |  |  | — |  |  | — |  |  | 207,992 |
Regulatory liabilities |  | 13,363 |  |  | 9,454 |  |  | 7,907 |  |  | — |  |  | — |  |  | 30,724 |
Other |  | 51,295 |  |  | 11,362 |  |  | 15,297 |  |  | — |  |  | (10,649) |  |  | 67,305 |
Total current liabilities |  | 584,522 |  |  | 96,190 |  |  | 128,849 |  |  | — |  |  | (46,395) |  |  | 763,166 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 111,598 |  |  | 1,442 |  |  | 360 |  |  | — |  |  | — |  |  | 113,400 |
Deferred income taxes |  | 265,864 |  |  | 53,534 |  |  | 57,752 |  |  | — |  |  | — |  |  | 377,150 |
Regulatory liabilities |  | 664,894 |  |  | 178,474 |  |  | 98,218 |  |  | — |  |  | — |  |  | 941,586 |
Unamortized tax credits |  | 86,852 |  |  | 16,196 |  |  | 14,820 |  |  | — |  |  | — |  |  | 117,868 |
Defined benefit pension and other postretirement benefit plans liability |  | 339,471 |  |  | 69,928 |  |  | 69,364 |  |  | — |  |  | — |  |  | 478,763 |
Other |  | 57,426 |  |  | 33,926 |  |  | 22,038 |  |  | — |  |  | — |  |  | 113,390 |
Total deferred credits and other liabilities |  | 1,526,105 |  |  | 353,500 |  |  | 262,552 |  |  | — |  |  | — |  |  | 2,142,157 |
Total capitalization and liabilities |  | $ | 5,187,009 |  |  | 962,104 |  |  | 877,832 |  |  | 101 |  |  | (638,364) |  |  | $ | 6,388,682 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2019 |  | $ | 2,047,352 |  |  | 298,998 |  |  | 292,870 |  |  | 101 |  |  | (591,969) |  |  | $ | 2,047,352 |
Net income for common stock |  | 23,905 |  |  | 6,067 |  |  | 2,737 |  |  | — |  |  | (8,804) |  |  | 23,905 |
Other comprehensive income, net of taxes |  | 26 |  |  | 1 |  |  | — |  |  | — |  |  | (1) |  |  | 26 |
Common stock dividends |  | (26,784) |  |  | (4,080) |  |  | (3,596) |  |  | — |  |  | 7,676 |  |  | (26,784) |
Common stock issuance expenses |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |
Balance, March 31, 2020 |  | $ | 2,044,499 |  |  | 300,986 |  |  | 292,010 |  |  | 101 |  |  | (593,097) |  |  | $ | 2,044,499 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Changes in Common Stock Equity Three months ended March 31, 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 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows Three months ended March 31, 2020
(in thousands) |  |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  |  | $ | 29,004 |  |  | 9,478 |  |  | 7,931 |  |  | — |  |  | (7,272) |  |  | $ | 39,141 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  |  | (83,191) |  |  | (18,181) |  |  | (17,772) |  |  | — |  |  | — |  |  | (119,144) |
Advances from (to) affiliates |  |  | (17,000) |  |  | 8,000 |  |  | — |  |  | — |  |  | 9,000 |  |  | — |
Other |  | 2,752 |  |  | 64 |  |  | 301 |  |  | — |  |  | (404) |  |  | 2,713 |
Net cash used in investing activities |  | (97,439) |  |  | (10,117) |  |  | (17,471) |  |  | — |  |  | 8,596 |  |  | (116,431) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (26,784) |  |  | (4,080) |  |  | (3,596) |  |  | — |  |  | 7,676 |  |  | (26,784) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (270) |  |  | (134) |  |  | (95) |  |  | — |  |  | — |  |  | (499) |
Proceeds from issuance of short-term debt |  | 50,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,000 |
Proceeds from issuance of long-term debt |  | 95,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95,000 |
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | (46,987) |  |  | 2,500 |  |  | 14,500 |  |  | — |  |  | (9,000) |  |  | (38,987) |
Other |  | (21) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | (23) |
Net cash provided by (used in) financing activities |  | 70,938 |  |  | (1,715) |  |  | 10,808 |  |  | — |  |  | (1,324) |  |  | 78,707 |
Net increase (decrease) in cash and cash equivalents |  |  | 2,503 |  |  | (2,354) |  |  | 1,268 |  |  | — |  |  | — |  |  | 1,417 |
Cash, cash equivalents and restricted cash, beginning of period |  | 32,988 |  |  | 7,008 |  |  | 1,797 |  |  | 101 |  |  | — |  |  | 41,894 |
Cash, cash equivalents and restricted cash, end of period |  | 35,491 |  |  | 4,654 |  |  | 3,065 |  |  | 101 |  |  | — |  |  | 43,311 |
Less: Restricted cash |  | (30,902) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (30,902) |
Cash and cash equivalents, end of period |  | $ | 4,589 |  |  | 4,654 |  |  | 3,065 |  |  | 101 |  |  | — |  |  | $ | 12,409 |
Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows Three months ended March 31, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  | $ | 58,145 |  |  | 8,745 |  |  | 8,837 |  |  | — |  |  | (6,311) |  |  | $ | 69,416 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (78,220) |  |  | (8,371) |  |  | (16,300) |  |  | — |  |  | — |  |  | (102,891) |
Advances to affiliates |  | (9,500) |  |  | (9,200) |  |  | — |  |  | — |  |  | 18,700 |  |  | — |
Other |  | 1,221 |  |  | (293) |  |  | (134) |  |  | — |  |  | — |  |  | 794 |
Net cash used in investing activities |  | (86,499) |  |  | (17,864) |  |  | (16,434) |  |  | — |  |  | 18,700 |  |  | (102,097) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (25,313) |  |  | (2,544) |  |  | (3,767) |  |  | — |  |  | 6,311 |  |  | (25,313) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (270) |  |  | (134) |  |  | (95) |  |  | — |  |  | — |  |  | (499) |
Proceeds from issuance of short-term debt |  | 25,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,000 |
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 15,199 |  |  | — |  |  | 9,500 |  |  | — |  |  | (18,700) |  |  | 5,999 |
Other |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | (2) |
Net cash provided by (used in) financing activities |  | 14,616 |  |  | (2,679) |  |  | 5,637 |  |  | — |  |  | (12,389) |  |  | 5,185 |
Net decrease in cash and cash equivalents |  | (13,738) |  |  | (11,798) |  |  | (1,960) |  |  | — |  |  | — |  |  | (27,496) |
Cash and cash equivalents, beginning of period |  | 16,732 |  |  | 15,623 |  |  | 3,421 |  |  | 101 |  |  | — |  |  | 35,877 |
Cash and cash equivalents, end of period |  | $ | 2,994 |  |  | 3,825 |  |  | 1,461 |  |  | 101 |  |  | — |  |  | $ | 8,381 |

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- Definition This element encapsulates disclosures pertaining to electric utility subsidiary. + References No definition available. + Details
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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