Consolidated Statements of Income Hawaiian Electric Company, Inc. and Subsidiaries Years ended December 31 (in thousands) Revenues Expenses Fuel oil Purchased power Other operation and maintenance Depreciation Taxes, other than income taxes Total expenses Operating income Allowance for equity funds used during construction Retirement defined benefits expense—other than service costs Interest expense and other charges, net Allowance for borrowed funds used during construction Income before income taxes Income taxes Net income Preferred stock dividends of subsidiaries Net income attributable to Hawaiian Electric Preferred stock dividends of Hawaiian Electric Net income for common stock
2018
2017
$
2,546,525
$
$
760,528 639,307 461,491 203,626 239,912 2,304,864 241,661 10,877 (3,631) (73,348) 4,867 180,426 34,778 145,648 915 144,733 1,080 143,653 $
2,257,566
2016 $
2,094,368
587,768 586,634 411,907 192,784 214,949 1,994,042 263,524 12,483 (6,003) (69,637) 4,778 205,145 83,199 121,946 915 121,031 1,080 119,951 $
454,704 562,740 399,931 187,061 199,862 1,804,298 290,070 8,325 (5,602) (66,824) 3,144 229,113 84,801 144,312 915 143,397 1,080 142,317
2017
2016
The accompanying notes are an integral part of these consolidated financial statements. Consolidated Statements of Comprehensive Income Hawaiian Electric Company, Inc. and Subsidiaries Years ended December 31 (in thousands)
2018
Net income for common stock Other comprehensive income (loss), net of taxes: Derivatives qualified as cash flow hedges:
$
Effective portion of foreign currency hedge net unrealized losses arising during the period, net of tax benefits of nil, nil and $179 for 2018, 2017 and 2016, respectively Reclassification adjustment to net income, net of (taxes) benefits of nil, $289 and $(110) for 2018, 2017 and 2016, respectively Retirement benefit plans: Net gains (losses) arising during the period, net of (taxes) benefits of $9,024, $(39,587) and $27,153 for 2018, 2017 and 2016, respectively Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits of $6,594, $9,221 and $8,442 for 2018, 2017 and 2016, respectively Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of (taxes) benefits of $(2,887), $49,523 and $(18,206) for 2018, 2017 and 2016, respectively Other comprehensive income (loss), net of taxes Comprehensive income attributable to Hawaiian Electric Company, Inc.
$
The accompanying notes are an integral part of these consolidated financial statements. 82
143,653
$
119,951
$
142,317
—
—
(281)
—
454
(173)
(26,019)
63,105
(42,631)
19,012
14,477
13,254
8,325 1,318 144,971
$
(78,724) (688) 119,263 $
28,584 (1,247) 141,070
