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Electric utility segment (Tables) | 9 Months Ended
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Sep. 30, 2020
Regulatory Projects and Legal Obligations [Line Items] |
Schedule of condensed consolidating statements of income (loss) | Statements of Income and Comprehensive Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 52,419 |  |  | $ | 59,260 |  |  | $ | 161,505 |  |  | $ | 175,740 |
Interest and dividends on investment securities |  | 7,221 |  |  | 7,599 |  |  | 22,939 |  |  | 25,762 |
Total interest and dividend income |  | 59,640 |  |  | 66,859 |  |  | 184,444 |  |  | 201,502 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 2,287 |  |  | 4,384 |  |  | 8,945 |  |  | 12,923 |
Interest on other borrowings |  | 61 |  |  | 422 |  |  | 449 |  |  | 1,361 |
Total interest expense |  | 2,348 |  |  | 4,806 |  |  | 9,394 |  |  | 14,284 |
Net interest income |  | 57,292 |  |  | 62,053 |  |  | 175,050 |  |  | 187,218 |
Provision for credit losses |  | 13,970 |  |  | 3,315 |  |  | 39,504 |  |  | 17,873 |
Net interest income after provision for credit losses |  | 43,322 |  |  | 58,738 |  |  | 135,546 |  |  | 169,345 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 4,233 |  |  | 5,085 |  |  | 11,906 |  |  | 14,445 |
Fee income on deposit liabilities |  | 3,832 |  |  | 5,320 |  |  | 11,842 |  |  | 15,402 |
Fee income on other financial products |  | 1,524 |  |  | 1,706 |  |  | 4,608 |  |  | 5,129 |
Bank-owned life insurance |  | 1,965 |  |  | 1,660 |  |  | 4,432 |  |  | 6,309 |
Mortgage banking income |  | 7,681 |  |  | 1,490 |  |  | 15,933 |  |  | 3,080 |
Gain on sale of investment securities, net |  | — |  |  | 653 |  |  | 9,275 |  |  | 653 |
Other income, net |  | (231) |  |  | 428 |  |  | (69) |  |  | 1,420 |
Total noninterest income |  | 19,004 |  |  | 16,342 |  |  | 57,927 |  |  | 46,438 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 26,431 |  |  | 25,364 |  |  | 77,287 |  |  | 76,626 |
Occupancy |  | 5,693 |  |  | 5,694 |  |  | 16,402 |  |  | 15,843 |
Data processing |  | 3,366 |  |  | 3,763 |  |  | 11,052 |  |  | 11,353 |
Services |  | 2,624 |  |  | 2,829 |  |  | 7,907 |  |  | 7,861 |
Equipment |  | 2,001 |  |  | 2,163 |  |  | 6,630 |  |  | 6,416 |
Office supplies, printing and postage |  | 1,187 |  |  | 1,297 |  |  | 3,577 |  |  | 4,320 |
Marketing |  | 727 |  |  | 1,142 |  |  | 1,908 |  |  | 3,455 |
FDIC insurance |  | 714 |  |  | (5) |  |  | 1,567 |  |  | 1,249 |
Other expense 1 |  | 4,556 |  |  | 3,676 |  |  | 15,813 |  |  | 12,049 |
Total noninterest expense |  | 47,299 |  |  | 45,923 |  |  | 142,143 |  |  | 139,172 |
Income before income taxes |  | 15,027 |  |  | 29,157 |  |  | 51,330 |  |  | 76,611 |
Income taxes |  | 2,877 |  |  | 6,269 |  |  | 9,405 |  |  | 15,868 |
Net income |  | 12,150 |  |  | 22,888 |  |  | 41,925 |  |  | 60,743 |
Other comprehensive income, net of taxes |  | 1,393 |  |  | 3,809 |  |  | 20,960 |  |  | 24,336 |
Comprehensive income |  | $ | 13,543 |  |  | $ | 26,697 |  |  | $ | 62,885 |  |  | $ | 85,079 |
1 The three and nine-month periods ended September 30, 2020 include approximately $0.7 million and $4.5 million, respectively, of certain direct and incremental COVID-19 related costs. For the nine months ended September 30, 2020, these costs, which have been recorded in Other expense, include $2.4 million of compensation expense and $1.7 million of enhanced cleaning and sanitation costs. Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended September 30, |  | Nine months ended September 30
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Interest and dividend income |  | $ | 59,640 |  |  | $ | 66,859 |  |  | $ | 184,444 |  |  | $ | 201,502 |
Noninterest income |  | 19,004 |  |  | 16,342 |  |  | 57,927 |  |  | 46,438 |
Less: Gain on sale of investment securities, net |  | — |  |  | (653) |  |  | (9,275) |  |  | (653) |
*Revenues-Bank |  | 78,644 |  |  | 82,548 |  |  | 233,096 |  |  | 247,287 |
Total interest expense |  | 2,348 |  |  | 4,806 |  |  | 9,394 |  |  | 14,284 |
Provision for credit losses |  | 13,970 |  |  | 3,315 |  |  | 39,504 |  |  | 17,873 |
Noninterest expense |  | 47,299 |  |  | 45,923 |  |  | 142,143 |  |  | 139,172 |
Less: Retirement defined benefits gain (expense)—other than service costs |  | (473) |  |  | 196 |  |  | (1,341) |  |  | 276 |
*Expenses-Bank |  | 63,144 |  |  | 54,240 |  |  | 189,700 |  |  | 171,605 |
*Operating income-Bank |  | 15,500 |  |  | 28,308 |  |  | 43,396 |  |  | 75,682 |
Add back: Retirement defined benefits (gain) expense—other than service costs |  | 473 |  |  | (196) |  |  | 1,341 |  |  | (276) |
Add back: Gain on sale of investment securities, net |  | — |  |  | (653) |  |  | (9,275) |  |  | (653) |
Income before income taxes |  | $ | 15,027 |  |  | $ | 29,157 |  |  | $ | 51,330 |  |  | $ | 76,611 |
Schedule of condensed consolidating balance sheet | Balance Sheets Data
(in thousands) |  | September 30, 2020 |  | December 31, 2019
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  | $ | 150,087 |  |  |  |  | $ | 129,770 |
Interest-bearing deposits |  |  |  | 10,918 |  |  |  |  | 48,628 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  | 1,747,658 |  |  |  |  | 1,232,826 |
Held-to-maturity, at amortized cost (fair value of $138,622 and $143,467, respectively) |  |  |  | 133,858 |  |  |  |  | 139,451 |
Stock in Federal Home Loan Bank, at cost |  |  |  | 10,920 |  |  |  |  | 8,434 |
Loans held for investment |  |  |  | 5,480,902 |  |  |  |  | 5,121,176 |
Allowance for credit losses |  |  |  | (91,459) |  |  |  |  | (53,355) |
Net loans |  |  |  | 5,389,443 |  |  |  |  | 5,067,821 |
Loans held for sale, at lower of cost or fair value |  |  |  | 16,806 |  |  |  |  | 12,286 |
Other |  |  |  | 533,865 |  |  |  |  | 511,611 |
Goodwill |  |  |  | 82,190 |  |  |  |  | 82,190 |
Total assets |  |  |  | $ | 8,075,745 |  |  |  |  | $ | 7,233,017 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  | $ | 2,424,539 |  |  |  |  | $ | 1,909,682 |
Deposit liabilities—interest-bearing |  |  |  | 4,613,598 |  |  |  |  | 4,362,220 |
Other borrowings |  |  |  | 151,875 |  |  |  |  | 115,110 |
Other |  |  |  | 165,300 |  |  |  |  | 146,954 |
Total liabilities |  |  |  | 7,355,312 |  |  |  |  | 6,533,966 |
Commitments and contingencies |  |  |  |  |  |  |  |
Common stock |  |  |  | 1 |  |  |  |  | 1 |
Additional paid-in capital |  |  |  | 351,322 |  |  |  |  | 349,453 |
Retained earnings |  |  |  | 356,812 |  |  |  |  | 358,259 |
Accumulated other comprehensive income (loss), net of taxes |  |  |  |  |  |  |  |
Net unrealized gains on securities |  | $ | 22,248 |  |  |  |  | $ | 2,481 |  |  |
Retirement benefit plans |  | (9,950) |  |  | 12,298 |  |  | (11,143) |  |  | (8,662) |
Total shareholder’s equity |  |  |  | 720,433 |  |  |  |  | 699,051 |
Total liabilities and shareholder’s equity |  |  |  | $ | 8,075,745 |  |  |  |  | $ | 7,233,017 |
Other assets |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  | $ | 161,206 |  |  |  |  | $ | 157,465 |
Premises and equipment, net |  |  |  | 206,190 |  |  |  |  | 204,449 |
Accrued interest receivable |  |  |  | 24,770 |  |  |  |  | 19,365 |
Mortgage-servicing rights |  |  |  | 9,553 |  |  |  |  | 9,101 |
Low-income housing investments |  |  |  | 71,467 |  |  |  |  | 66,302 |
Real estate acquired in settlement of loans, net |  |  |  | 42 |  |  |  |  | — |
Other |  |  |  | 60,637 |  |  |  |  | 54,929 |
|  |  |  | $ | 533,865 |  |  |  |  | $ | 511,611 |
Other liabilities |  |  |  |  |  |  |  |
Accrued expenses |  |  |  | $ | 52,170 |  |  |  |  | $ | 45,822 |
Federal and state income taxes payable |  |  |  | 9,750 |  |  |  |  | 14,996 |
Cashier’s checks |  |  |  | 28,638 |  |  |  |  | 23,647 |
Advance payments by borrowers |  |  |  | 5,413 |  |  |  |  | 10,486 |
Other |  |  |  | 69,329 |  |  |  |  | 52,003 |
|  |  |  | $ | 165,300 |  |  |  |  | $ | 146,954 |
Hawaiian Electric Company, Inc. and Subsidiaries |
Regulatory Projects and Legal Obligations [Line Items] |
Schedule of purchases from all IPPs | Purchases from all IPPs were as follows:
|  | Three months ended September 30 |  | Nine months ended September 30 |  |
(in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019 |  |  |  |
Kalaeloa |  | $ | 39 |  |  | $ | 58 |  |  | $ | 111 |  |  | $ | 159 |  |  |  |  |
AES Hawaii |  | 33 |  |  | 38 |  |  | 96 |  |  | 102 |  |  |  |  |
HPOWER |  | 18 |  |  | 20 |  |  | 52 |  |  | 57 |  |  |  |  |
Hamakua Energy |  | 12 |  |  | 17 |  |  | 36 |  |  | 51 |  |  |  |  |
Wind IPPs |  | 30 |  |  | 30 |  |  | 83 |  |  | 73 |  |  |  |  |
Solar IPPs |  | 17 |  |  | 11 |  |  | 45 |  |  | 26 |  |  |  |  |
Other IPPs 1 |  | — |  |  | 2 |  |  | 3 |  |  | 4 |  |  |  |  |
Total IPPs |  | $ | 149 |  |  | $ | 176 |  |  | $ | 426 |  |  | $ | 472 |  |  |  |  |
1Includes hydro power and other PPAs
Schedule of net annual incremental amounts proposed to be collected (refunded) | The net annual incremental amounts 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 |  | $ | 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) |
Schedule of condensed consolidating statements of income (loss) | Condensed Consolidating Statement of Income Three months ended September 30, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 398,877 |  |  | 82,172 |  |  | 81,629 |  |  | — |  |  | (110) |  |  | $ | 562,568 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 70,557 |  |  | 17,047 |  |  | 17,438 |  |  | — |  |  | — |  |  | 105,042 |
Purchased power |  | 116,249 |  |  | 17,665 |  |  | 15,111 |  |  | — |  |  | — |  |  | 149,025 |
Other operation and maintenance |  | 71,179 |  |  | 17,565 |  |  | 22,499 |  |  | — |  |  | — |  |  | 111,243 |
Depreciation |  | 37,853 |  |  | 9,760 |  |  | 8,076 |  |  | — |  |  | — |  |  | 55,689 |
Taxes, other than income taxes |  | 38,005 |  |  | 7,512 |  |  | 7,534 |  |  | — |  |  | — |  |  | 53,051 |
Total expenses |  | 333,843 |  |  | 69,549 |  |  | 70,658 |  |  | — |  |  | — |  |  | 474,050 |
Operating income |  | 65,034 |  |  | 12,623 |  |  | 10,971 |  |  | — |  |  | (110) |  |  | 88,518 |
Allowance for equity funds used during construction |  | 1,902 |  |  | 208 |  |  | 237 |  |  | — |  |  | — |  |  | 2,347 |
Equity in earnings of subsidiaries |  | 14,912 |  |  | — |  |  | — |  |  | — |  |  | (14,912) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (591) |  |  | 194 |  |  | (35) |  |  | — |  |  | — |  |  | (432) |
Interest expense and other charges, net |  | (11,970) |  |  | (2,519) |  |  | (2,457) |  |  | — |  |  | 110 |  |  | (16,836) |
Allowance for borrowed funds used during construction |  | 659 |  |  | 65 |  |  | 77 |  |  | — |  |  | — |  |  | 801 |
Income before income taxes |  | 69,946 |  |  | 10,571 |  |  | 8,793 |  |  | — |  |  | (14,912) |  |  | 74,398 |
Income taxes |  | 9,611 |  |  | 2,378 |  |  | 1,846 |  |  |  |  |  |  | 13,835 |
Net income |  | 60,335 |  |  | 8,193 |  |  | 6,947 |  |  | — |  |  | (14,912) |  |  | 60,563 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  |  |  | 228 |
Net income attributable to Hawaiian Electric |  | 60,335 |  |  | 8,060 |  |  | 6,852 |  |  | — |  |  | (14,912) |  |  | 60,335 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 60,065 |  |  | 8,060 |  |  | 6,852 |  |  | — |  |  | (14,912) |  |  | $ | 60,065 |
Condensed Consolidating Statement of Income Three months ended September 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 491,723 |  |  | 93,576 |  |  | 103,236 |  |  | — |  |  | (205) |  |  | $ | 688,330 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 139,747 |  |  | 21,427 |  |  | 37,919 |  |  | — |  |  | — |  |  | 199,093 |
Purchased power |  | 135,447 |  |  | 24,342 |  |  | 15,248 |  |  | — |  |  | — |  |  | 175,037 |
Other operation and maintenance |  | 80,582 |  |  | 19,868 |  |  | 23,965 |  |  | — |  |  | — |  |  | 124,415 |
Depreciation |  | 35,867 |  |  | 10,453 |  |  | 7,615 |  |  | — |  |  | — |  |  | 53,935 |
Taxes, other than income taxes |  | 46,433 |  |  | 8,359 |  |  | 9,265 |  |  | — |  |  | — |  |  | 64,057 |
Total expenses |  | 438,076 |  |  | 84,449 |  |  | 94,012 |  |  | — |  |  | — |  |  | 616,537 |
Operating income |  | 53,647 |  |  | 9,127 |  |  | 9,224 |  |  | — |  |  | (205) |  |  | 71,793 |
Allowance for equity funds used during construction |  | 2,685 |  |  | 229 |  |  | 336 |  |  | — |  |  | — |  |  | 3,250 |
Equity in earnings of subsidiaries |  | 11,048 |  |  | — |  |  | — |  |  | — |  |  | (11,048) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (582) |  |  | (105) |  |  | (36) |  |  | — |  |  | — |  |  | (723) |
Interest expense and other charges, net |  | (12,771) |  |  | (2,524) |  |  | (2,339) |  |  | — |  |  | 205 |  |  | (17,429) |
Allowance for borrowed funds used during construction |  | 990 |  |  | 95 |  |  | 123 |  |  | — |  |  | — |  |  | 1,208 |
Income before income taxes |  | 55,017 |  |  | 6,822 |  |  | 7,308 |  |  | — |  |  | (11,048) |  |  | 58,099 |
Income taxes |  | 7,968 |  |  | 1,420 |  |  | 1,434 |  |  | — |  |  | — |  |  | 10,822 |
Net income |  | 47,049 |  |  | 5,402 |  |  | 5,874 |  |  | — |  |  | (11,048) |  |  | 47,277 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income attributable to Hawaiian Electric |  | 47,049 |  |  | 5,269 |  |  | 5,779 |  |  | — |  |  | (11,048) |  |  | 47,049 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income for common stock |  | $ | 46,779 |  |  | 5,269 |  |  | 5,779 |  |  | — |  |  | (11,048) |  |  | $ | 46,779 |
Condensed Consolidating Statement of Income Nine months ended September 30, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,200,677 |  |  | 249,970 |  |  | 244,043 |  |  | — |  |  | (465) |  |  | $ | 1,694,225 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 268,382 |  |  | 55,733 |  |  | 66,599 |  |  | — |  |  | — |  |  | 390,714 |
Purchased power |  | 333,146 |  |  | 53,032 |  |  | 39,501 |  |  | — |  |  | — |  |  | 425,679 |
Other operation and maintenance |  | 231,090 |  |  | 54,250 |  |  | 63,491 |  |  | — |  |  | — |  |  | 348,831 |
Depreciation |  | 113,724 |  |  | 29,281 |  |  | 24,230 |  |  | — |  |  | — |  |  | 167,235 |
Taxes, other than income taxes |  | 115,179 |  |  | 23,324 |  |  | 22,986 |  |  | — |  |  | — |  |  | 161,489 |
Total expenses |  | 1,061,521 |  |  | 215,620 |  |  | 216,807 |  |  | — |  |  | — |  |  | 1,493,948 |
Operating income |  | 139,156 |  |  | 34,350 |  |  | 27,236 |  |  | — |  |  | (465) |  |  | 200,277 |
Allowance for equity funds used during construction |  | 5,452 |  |  | 520 |  |  | 584 |  |  | — |  |  | — |  |  | 6,556 |
Equity in earnings of subsidiaries |  | 37,492 |  |  | — |  |  | — |  |  | — |  |  | (37,492) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (1,683) |  |  | 581 |  |  | (93) |  |  | — |  |  | — |  |  | (1,195) |
Interest expense and other charges, net |  | (36,471) |  |  | (7,536) |  |  | (7,226) |  |  | — |  |  | 465 |  |  | (50,768) |
Allowance for borrowed funds used during construction |  | 1,887 |  |  | 163 |  |  | 191 |  |  | — |  |  | — |  |  | 2,241 |
Income before income taxes |  | 145,833 |  |  | 28,078 |  |  | 20,692 |  |  | — |  |  | (37,492) |  |  | 157,111 |
Income taxes |  | 18,724 |  |  | 6,372 |  |  | 4,220 |  |  | — |  |  | — |  |  | 29,316 |
Net income |  | 127,109 |  |  | 21,706 |  |  | 16,472 |  |  | — |  |  | (37,492) |  |  | 127,795 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 127,109 |  |  | 21,306 |  |  | 16,186 |  |  | — |  |  | (37,492) |  |  | 127,109 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 126,299 |  |  | 21,306 |  |  | 16,186 |  |  | — |  |  | (37,492) |  |  | $ | 126,299 |
Condensed Consolidating Statement of Income Nine months ended September 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,347,412 |  |  | 270,697 |  |  | 282,939 |  |  | — |  |  | (439) |  |  | $ | 1,900,609 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 374,100 |  |  | 62,210 |  |  | 105,012 |  |  | — |  |  | — |  |  | 541,322 |
Purchased power |  | 367,541 |  |  | 67,548 |  |  | 37,247 |  |  | — |  |  | — |  |  | 472,336 |
Other operation and maintenance |  | 240,311 |  |  | 56,635 |  |  | 64,859 |  |  | — |  |  | — |  |  | 361,805 |
Depreciation |  | 107,602 |  |  | 31,359 |  |  | 22,834 |  |  | — |  |  | — |  |  | 161,795 |
Taxes, other than income taxes |  | 127,654 |  |  | 25,170 |  |  | 26,480 |  |  | — |  |  | — |  |  | 179,304 |
Total expenses |  | 1,217,208 |  |  | 242,922 |  |  | 256,432 |  |  | — |  |  | — |  |  | 1,716,562 |
Operating income |  | 130,204 |  |  | 27,775 |  |  | 26,507 |  |  | — |  |  | (439) |  |  | 184,047 |
Allowance for equity funds used during construction |  | 7,746 |  |  | 579 |  |  | 1,010 |  |  | — |  |  | — |  |  | 9,335 |
Equity in earnings of subsidiaries |  | 30,983 |  |  | — |  |  | — |  |  | — |  |  | (30,983) |  |  | — |
Retirement defined benefits expense—other than service costs |  | (1,716) |  |  | (316) |  |  | (95) |  |  | — |  |  | — |  |  | (2,127) |
Interest expense and other charges, net |  | (38,961) |  |  | (8,345) |  |  | (7,078) |  |  | — |  |  | 439 |  |  | (53,945) |
Allowance for borrowed funds used during construction |  | 2,854 |  |  | 242 |  |  | 369 |  |  | — |  |  | — |  |  | 3,465 |
Income before income taxes |  | 131,110 |  |  | 19,935 |  |  | 20,713 |  |  | — |  |  | (30,983) |  |  | 140,775 |
Income taxes |  | 18,821 |  |  | 4,431 |  |  | 4,548 |  |  | — |  |  | — |  |  | 27,800 |
Net income |  | 112,289 |  |  | 15,504 |  |  | 16,165 |  |  | — |  |  | (30,983) |  |  | 112,975 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 112,289 |  |  | 15,104 |  |  | 15,879 |  |  | — |  |  | (30,983) |  |  | 112,289 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 111,479 |  |  | 15,104 |  |  | 15,879 |  |  | — |  |  | (30,983) |  |  | $ | 111,479 |
Schedule of condensed consolidating statement of comprehensive income | Condensed Consolidating Statement of Comprehensive Income Three months ended September 30, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 60,065 |  |  | 8,060 |  |  | 6,852 |  |  | — |  |  | (14,912) |  |  | $ | 60,065 |
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 |  | 5,769 |  |  | 885 |  |  | 770 |  |  | — |  |  | (1,655) |  |  | 5,769 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (5,721) |  |  | (887) |  |  | (767) |  |  | — |  |  | 1,654 |  |  | (5,721) |
Other comprehensive income (loss), net of taxes |  | 48 |  |  | (2) |  |  | 3 |  |  | — |  |  | (1) |  |  | 48 |
Comprehensive income attributable to common shareholder |  | $ | 60,113 |  |  | 8,058 |  |  | 6,855 |  |  | — |  |  | (14,913) |  |  | $ | 60,113 |
Condensed Consolidating Statement of Comprehensive Income Three months ended September 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 46,779 |  |  | 5,269 |  |  | 5,779 |  |  | — |  |  | (11,048) |  |  | $ | 46,779 |
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 |  | 2,519 |  |  | 387 |  |  | 309 |  |  | — |  |  | (696) |  |  | 2,519 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (2,493) |  |  | (387) |  |  | (309) |  |  | — |  |  | 696 |  |  | (2,493) |
Other comprehensive income, net of taxes |  | 26 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26 |
Comprehensive income attributable to common shareholder |  | $ | 46,805 |  |  | 5,269 |  |  | 5,779 |  |  | — |  |  | (11,048) |  |  | $ | 46,805 |
Condensed Consolidating Statement of Comprehensive Income Nine months ended September 30, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 126,299 |  |  | 21,306 |  |  | 16,186 |  |  | — |  |  | (37,492) |  |  | $ | 126,299 |
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 |  | 16,137 |  |  | 2,384 |  |  | 2,072 |  |  | — |  |  | (4,456) |  |  | 16,137 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (16,038) |  |  | (2,382) |  |  | (2,072) |  |  | — |  |  | 4,454 |  |  | (16,038) |
Other comprehensive income, net of taxes |  | 99 |  |  | 2 |  |  | — |  |  | — |  |  | (2) |  |  | 99 |
Comprehensive income attributable to common shareholder |  | $ | 126,398 |  |  | 21,308 |  |  | 16,186 |  |  | — |  |  | (37,494) |  |  | $ | 126,398 |
Condensed Consolidating Statement of Comprehensive Income Nine months ended September 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 111,479 |  |  | 15,104 |  |  | 15,879 |  |  | — |  |  | (30,983) |  |  | $ | 111,479 |
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 |  | 7,162 |  |  | 1,091 |  |  | 887 |  |  | — |  |  | (1,978) |  |  | 7,162 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | (7,089) |  |  | (1,089) |  |  | (887) |  |  | — |  |  | 1,976 |  |  | (7,089) |
Other comprehensive income, net of taxes |  | 73 |  |  | 2 |  |  | — |  |  | — |  |  | (2) |  |  | 73 |
Comprehensive income attributable to common shareholder |  | $ | 111,552 |  |  | 15,106 |  |  | 15,879 |  |  | — |  |  | (30,985) |  |  | $ | 111,552 |
Schedule of condensed consolidating balance sheet | Condensed Consolidating Balance Sheet September 30, 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 |  |  | 3,594 |  |  | — |  |  | — |  |  | $ | 51,589 |
Plant and equipment |  | 4,910,344 |  |  | 1,331,934 |  |  | 1,180,630 |  |  | — |  |  | — |  |  | 7,422,908 |
Less accumulated depreciation |  | (1,656,533) |  |  | (592,461) |  |  | (540,923) |  |  | — |  |  | — |  |  | (2,789,917) |
Construction in progress |  | 163,757 |  |  | 20,975 |  |  | 27,805 |  |  | — |  |  | — |  |  | 212,537 |
Utility property, plant and equipment, net |  | 3,459,957 |  |  | 766,054 |  |  | 671,106 |  |  | — |  |  | — |  |  | 4,897,117 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,307 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,954 |
Total property, plant and equipment, net |  | 3,465,264 |  |  | 766,169 |  |  | 672,638 |  |  | — |  |  | — |  |  | 4,904,071 |
Investment in wholly owned subsidiaries, at equity |  | 606,411 |  |  | — |  |  | — |  |  | — |  |  | (606,411) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 23,525 |  |  | 4,363 |  |  | 1,835 |  |  | 77 |  |  | — |  |  | 29,800 |
Restricted cash |  | 20,458 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,458 |
Advances to affiliates |  | 28,500 |  |  | — |  |  | — |  |  | — |  |  | (28,500) |  |  | — |
Customer accounts receivable, net |  | 95,884 |  |  | 23,322 |  |  | 18,730 |  |  | — |  |  | — |  |  | 137,936 |
Accrued unbilled revenues, net |  | 77,981 |  |  | 14,633 |  |  | 13,801 |  |  | — |  |  | — |  |  | 106,415 |
Other accounts receivable, net |  | 18,878 |  |  | 2,625 |  |  | 2,191 |  |  | — |  |  | (16,620) |  |  | 7,074 |
Fuel oil stock, at average cost |  | 38,716 |  |  | 10,216 |  |  | 11,511 |  |  | — |  |  | — |  |  | 60,443 |
Materials and supplies, at average cost |  | 39,549 |  |  | 10,954 |  |  | 18,291 |  |  | — |  |  | — |  |  | 68,794 |
Prepayments and other |  | 30,400 |  |  | 4,056 |  |  | 5,509 |  |  | — |  |  | (321) |  |  | 39,644 |
Regulatory assets |  | 19,095 |  |  | 2,502 |  |  | 3,865 |  |  | — |  |  | — |  |  | 25,462 |
Total current assets |  | 392,986 |  |  | 72,671 |  |  | 75,733 |  |  | 77 |  |  | (45,441) |  |  | 496,026 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 142,912 |  |  | 1,466 |  |  | 362 |  |  | — |  |  | — |  |  | 144,740 |
Regulatory assets |  | 453,384 |  |  | 103,556 |  |  | 95,281 |  |  | — |  |  | — |  |  | 652,221 |
Other |  | 87,024 |  |  | 17,515 |  |  | 20,707 |  |  | — |  |  | — |  |  | 125,246 |
Total other long-term assets |  | 683,320 |  |  | 122,537 |  |  | 116,350 |  |  | — |  |  | — |  |  | 922,207 |
Total assets |  | $ | 5,147,981 |  |  | 961,377 |  |  | 864,721 |  |  | 77 |  |  | (651,852) |  |  | $ | 6,322,304 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,093,398 |  |  | 308,066 |  |  | 298,268 |  |  | 77 |  |  | (606,411) |  |  | $ | 2,093,398 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,116,305 |  |  | 216,424 |  |  | 228,399 |  |  | — |  |  | — |  |  | 1,561,128 |
Total capitalization |  | 3,231,996 |  |  | 531,490 |  |  | 531,667 |  |  | 77 |  |  | (606,411) |  |  | 3,688,819 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 64,776 |  |  | 98 |  |  | 32 |  |  | — |  |  | — |  |  | 64,906 |
Current portion of long-term debt |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Short-term borrowings from non-affiliates |  | 49,948 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,948 |
Short-term borrowings from affiliate |  | — |  |  | 26,500 |  |  | 2,000 |  |  | — |  |  | (28,500) |  |  | — |
Accounts payable |  | 88,867 |  |  | 13,730 |  |  | 15,883 |  |  | — |  |  | — |  |  | 118,480 |
Interest and preferred dividends payable |  | 21,681 |  |  | 3,950 |  |  | 4,653 |  |  | — |  |  | (40) |  |  | 30,244 |
Taxes accrued, including revenue taxes |  | 127,948 |  |  | 29,187 |  |  | 26,930 |  |  | — |  |  | (321) |  |  | 183,744 |
Regulatory liabilities |  | 22,943 |  |  | 9,304 |  |  | 4,308 |  |  | — |  |  | — |  |  | 36,555 |
Other |  | 57,763 |  |  | 14,285 |  |  | 19,582 |  |  | — |  |  | (16,580) |  |  | 75,050 |
Total current liabilities |  | 433,926 |  |  | 97,054 |  |  | 73,388 |  |  | — |  |  | (45,441) |  |  | 558,927 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 84,471 |  |  | 1,369 |  |  | 335 |  |  | — |  |  | — |  |  | 86,175 |
Deferred income taxes |  | 269,635 |  |  | 52,682 |  |  | 59,218 |  |  | — |  |  | — |  |  | 381,535 |
Regulatory liabilities |  | 661,649 |  |  | 174,919 |  |  | 94,723 |  |  | — |  |  | — |  |  | 931,291 |
Unamortized tax credits |  | 83,626 |  |  | 15,502 |  |  | 14,388 |  |  | — |  |  | — |  |  | 113,516 |
Defined benefit pension and other postretirement benefit plans liability |  | 321,768 |  |  | 66,237 |  |  | 66,145 |  |  | — |  |  | — |  |  | 454,150 |
Other |  | 60,910 |  |  | 22,124 |  |  | 24,857 |  |  | — |  |  | — |  |  | 107,891 |
Total deferred credits and other liabilities |  | 1,482,059 |  |  | 332,833 |  |  | 259,666 |  |  | — |  |  | — |  |  | 2,074,558 |
Total capitalization and liabilities |  | $ | 5,147,981 |  |  | 961,377 |  |  | 864,721 |  |  | 77 |  |  | (651,852) |  |  | $ | 6,322,304 |
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, including revenue taxes |  | 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 |
Schedule of condensed consolidating statement of changes in common stock equity | Condensed Consolidating Statement of Changes in Common Stock Equity Nine months ended September 30, 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 |  | 126,299 |  |  | 21,306 |  |  | 16,186 |  |  | — |  |  | (37,492) |  |  | 126,299 |
Other comprehensive income, net of taxes |  | 99 |  |  | 2 |  |  | — |  |  | — |  |  | (2) |  |  | 99 |
Common stock dividends |  | (80,352) |  |  | (12,240) |  |  | (10,788) |  |  | — |  |  | 23,028 |  |  | (80,352) |
Dissolution of subsidiary |  | — |  |  | — |  |  | — |  |  | (24) |  |  | 24 |  |  | — |
Balance, September 30, 2020 |  | $ | 2,093,398 |  |  | 308,066 |  |  | 298,268 |  |  | 77 |  |  | (606,411) |  |  | $ | 2,093,398 |
Condensed Consolidating Statement of Changes in Common Stock Equity Nine months ended September 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 |  | 111,479 |  |  | 15,104 |  |  | 15,879 |  |  | — |  |  | (30,983) |  |  | 111,479 |
Other comprehensive income, net of taxes |  | 73 |  |  | 2 |  |  | — |  |  | — |  |  | (2) |  |  | 73 |
Common stock dividends |  | (75,939) |  |  | (7,635) |  |  | (11,301) |  |  | — |  |  | 18,936 |  |  | (75,939) |
Common stock issuance expenses |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 1 |  |  | — |
Balance, September 30, 2019 |  | $ | 1,993,254 |  |  | 303,345 |  |  | 285,440 |  |  | 101 |  |  | (588,886) |  |  | $ | 1,993,254 |
Schedule of condensed consolidating statement of cash flows | Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2020
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  | $ | 205,645 |  |  | 27,256 |  |  | 34,678 |  |  | — |  |  | (22,624) |  |  | $ | 244,955 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (180,088) |  |  | (48,750) |  |  | (38,644) |  |  | — |  |  | — |  |  | (267,482) |
Advances from (to) affiliates |  | (800) |  |  | 8,000 |  |  | — |  |  | — |  |  | (7,200) |  |  | — |
Other |  | 5,636 |  |  | 1,056 |  |  | 1,031 |  |  | (24) |  |  | (404) |  |  | 7,295 |
Net cash used in investing activities |  | (175,252) |  |  | (39,694) |  |  | (37,613) |  |  | (24) |  |  | (7,604) |  |  | (260,187) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (80,352) |  |  | (12,240) |  |  | (10,788) |  |  | — |  |  | 23,028 |  |  | (80,352) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (810) |  |  | (400) |  |  | (286) |  |  | — |  |  | — |  |  | (1,496) |
Proceeds from issuance of short-term debt |  | 100,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 100,000 |
Repayment of short-term debt |  | (100,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (100,000) |
Proceeds from issuance of long-term debt |  | 205,000 |  |  | 10,000 |  |  | 40,000 |  |  | — |  |  | — |  |  | 255,000 |
Repayment of long-term debt |  | (95,000) |  |  | (14,000) |  |  | — |  |  | — |  |  | — |  |  | (109,000) |
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | (46,987) |  |  | 26,500 |  |  | (25,700) |  |  | — |  |  | 7,200 |  |  | (38,987) |
Other |  | (1,249) |  |  | (67) |  |  | (253) |  |  | — |  |  | — |  |  | (1,569) |
Net cash provided by financing activities |  | (19,398) |  |  | 9,793 |  |  | 2,973 |  |  | — |  |  | 30,228 |  |  | 23,596 |
Net increase (decrease) in cash and cash equivalents |  | 10,995 |  |  | (2,645) |  |  | 38 |  |  | (24) |  |  | — |  |  | 8,364 |
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 |  | 43,983 |  |  | 4,363 |  |  | 1,835 |  |  | 77 |  |  | — |  |  | 50,258 |
Less: Restricted cash |  | (20,458) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20,458) |
Cash and cash equivalents, end of period |  | $ | 23,525 |  |  | 4,363 |  |  | 1,835 |  |  | 77 |  |  | — |  |  | $ | 29,800 |
Condensed Consolidating Statement of Cash Flows Nine months ended September 30, 2019
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  | $ | 223,733 |  |  | 41,694 |  |  | 36,126 |  |  | — |  |  | (18,935) |  |  | $ | 282,618 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (223,803) |  |  | (29,119) |  |  | (44,885) |  |  | — |  |  | — |  |  | (297,807) |
Advances to affiliates |  | (22,200) |  |  | (15,000) |  |  | — |  |  | — |  |  | 37,200 |  |  | — |
Other |  | 2,975 |  |  | (283) |  |  | (30) |  |  | — |  |  | — |  |  | 2,662 |
Net cash used in investing activities |  | (243,028) |  |  | (44,402) |  |  | (44,915) |  |  | — |  |  | 37,200 |  |  | (295,145) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (75,939) |  |  | (7,635) |  |  | (11,301) |  |  | — |  |  | 18,936 |  |  | (75,939) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (810) |  |  | (400) |  |  | (286) |  |  | — |  |  | — |  |  | (1,496) |
Proceeds from issuance of short-term debt |  | 25,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 25,000 |
Proceeds from issuance of long-term debt |  | 120,000 |  |  | 70,000 |  |  | 10,000 |  |  | — |  |  | — |  |  | 200,000 |
Repayment of long-term debt and funds transferred for repayment of long-term debt |  | (121,546) |  |  | (70,000) |  |  | (10,000) |  |  | — |  |  | — |  |  | (201,546) |
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | 77,353 |  |  | — |  |  | 22,200 |  |  | — |  |  | (37,200) |  |  | 62,353 |
Other |  | 578 |  |  | 123 |  |  | 85 |  |  | — |  |  | (1) |  |  | 785 |
Net cash provided by (used in) financing activities |  | 24,636 |  |  | (7,912) |  |  | 10,698 |  |  | — |  |  | (18,265) |  |  | 9,157 |
Net increase (decrease) in cash and cash equivalents |  | 5,341 |  |  | (10,620) |  |  | 1,909 |  |  | — |  |  | — |  |  | (3,370) |
Cash and cash equivalents, beginning of period |  | 16,732 |  |  | 15,623 |  |  | 3,421 |  |  | 101 |  |  | — |  |  | 35,877 |
Cash and cash equivalents, end of period |  | $ | 22,073 |  |  | 5,003 |  |  | 5,330 |  |  | 101 |  |  | — |  |  | $ | 32,507 |

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