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Published: 2021-04-27 16:24:53 ET

EX-99 2 exhibit992020statsupp.htm EX-99 Document

Exhibit 99

Hawaiian Electric Industries, Inc.

2020 Statistical Supplement


TABLE OF CONTENTS

			Page
HEI Consolidated
Selected Financial Information			1
Consolidated Statements of Income & Comprehensive Income Information			2
Consolidated Balance Sheets Information			3
Consolidated Statements of Changes in Shareholders' Equity Information			4
Consolidated Statements of Cash Flows Information			5
Consolidated Capital Structure			7
GAAP and Non-GAAP (Core) Earnings and Return on Average Common Equity			8

Hawaiian Electric Company
Selected Financial Information			9
Consolidated Statements of Income and Retained Earnings Information			10
Consolidated Balance Sheets Information			11
Consolidated Statements of Cash Flows Information			12
Cumulative Preferred Stock Not Subject to Mandatory Redemption			13
Long-term Debt			14
Customer, Sales and Revenue Information			17
Power Supply Information			19

American Savings Bank
Selected Information			21
Statements of Income Information			22
Balance Sheets Information			23

Other
State of Hawaii Information			24
Appendix - Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures			25


SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020			2019			2018			2017			2016
(dollars in thousands, except per share amounts)
Results of operations
Revenues		$	2,579,775		$	2,873,948		$	2,860,849		$	2,555,625		$	2,380,056
Net income for common stock		197,824			217,882			201,774			165,297			248,256
Basic earnings per common share		1.81			2.00			1.85			1.52			2.30
Diluted earnings per common share		1.81			1.99			1.85			1.52			2.29
Dividends per common share		1.32			1.28			1.24			1.24			1.24
Operating income (loss)
Electric utility		$	268,550		$	254,378		$	241,661		$	263,524		$	290,070
Bank		61,809			110,909			108,235			99,536			87,629
Other		(18,866)			(17,266)			(16,540)			(16,827)			(22,459)
		$	311,493		$	348,021		$	333,356		$	346,233		$	355,240
Assets 1
Electric utility		$	6,457,373		$	6,388,682		$	5,967,503		$	5,630,613		$	5,431,903
Bank		8,396,533			7,233,017			7,027,894			6,798,659			6,421,357
Other		150,101			123,552			108,654			104,888			28,721
		$	15,004,007		$	13,745,251		$	13,104,051		$	12,534,160		$	11,881,981
Capital structure 1, 2
Short-term borrowings - other than bank		$	129,379		$	185,710		$	73,992		$	117,945		$	—
Long-term debt, net - other than bank		2,119,129			1,964,365			1,879,641			1,683,797			1,619,019
Preferred stock of subsidiaries		34,293			34,293			34,293			34,293			34,293
Common stock equity		2,337,502			2,280,260			2,162,280			2,097,386			2,066,753
		$	4,620,303		$	4,464,628		$	4,150,206		$	3,933,421		$	3,720,065
Capital structure ratios 1, 2
Short-term borrowings - other than bank		2.8		%	4.2		%	1.8		%	3.0		%	— %
Long-term debt, net - other than bank		45.9			44.0			45.3			42.8			43.5
Preferred stock of subsidiaries		0.7			0.8			0.8			0.9			0.9
Common stock equity		50.6			51.0			52.1			53.3			55.6
		100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Key financial ratios
Market price to book value per common share 1		165		%	224		%	184		%	188		%	174		%
Price earnings ratio 3		19.6x			23.5x			19.8x			23.8x			14.4x
Return on average common equity		8.6		%	9.8		%	9.5		%	7.9		%	12.4		%
Indicated annual yield 1		3.7		%	2.7		%	3.4		%	3.4		%	3.7		%
Dividend payout ratio		73		%	64		%	67		%	82		%	54		%
Full-time employees
HEI (includes Pacific Current)		49			50			46			41			41
Hawaiian Electric and its subsidiaries		2,579			2,670			2,704			2,724			2,662
ASB		1,074			1,126			1,148			1,115			1,093
		3,702			3,846			3,898			3,880			3,796

Note:	This report should be read in conjunction with HEI’s Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2020 presentation Financial data for periods prior to December 31, 2018 have been updated to reflect the retrospective adoption of ASU No. 2017-07 and the reclassification of contributions in aid of construction balances from liabilities to assets, which reduced the respective balances.
1 At December 31.
2 Excludes ASB's deposit liabilities and other borrowings.
3 Calculated using December 31 market price per common share divided by diluted earnings per common share.


CONSOLIDATED STATEMENTS OF INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2020		2019		2018		2017		2016
(in thousands, except per share amounts)
Revenues
Electric utility		$	2,265,320	$	2,545,942	$	2,546,525	$	2,257,566	$	2,094,368
Bank		313,511		327,917		314,275		297,640		285,326
Other		944		89		49		419		362
Total revenues		2,579,775		2,873,948		2,860,849		2,555,625		2,380,056
Expenses
Electric utility		1,996,770		2,291,564		2,304,864		1,994,042		1,804,298
Bank		251,702		217,008		206,040		198,104		197,697
Other		19,810		17,355		16,589		17,246		22,821
Total expenses		2,268,282		2,525,927		2,527,493		2,209,392		2,024,816
Operating income (loss)
Electric utility		268,550		254,378		241,661		263,524		290,070
Bank		61,809		110,909		108,235		99,536		87,629
Other		(18,866)		(17,266)		(16,540)		(16,827)		(22,459)
Total operating income		311,493		348,021		333,356		346,233		355,240
Merger termination fee		—		—		—		—		90,000
Retirement defined benefits expense—other than service costs		(3,210)		(2,806)		(5,962)		(7,942)		(7,663)
Interest expense, net—other than on deposit liabilities and other bank borrowings		(88,694)		(90,899)		(88,677)		(78,972)		(75,803)
Allowance for borrowed funds used during construction		2,992		4,453		4,867		4,778		3,144
Allowance for equity funds used during construction		8,768		11,987		10,877		12,483		8,325
Gain on sale of investment securities, net		9,275		653		—		—		598
Income before income taxes		240,624		271,409		254,461		276,580		373,841
Income taxes		40,910		51,637		50,797		109,393		123,695
Net income		199,714		219,772		203,664		167,187		250,146
Preferred stock dividends of subsidiaries		1,890		1,890		1,890		1,890		1,890
Net income for common stock		$	197,824	$	217,882	$	201,774	$	165,297	$	248,256
Basic earnings per common share		$	1.81	$	2.00	$	1.85	$	1.52	$	2.30
Diluted earnings per common share		$	1.81	$	1.99	$	1.85	$	1.52	$	2.29
Weighted-average number of common shares outstanding		109,140		108,949		108,855		108,749		108,102
Weighted-average shares assuming dilution		109,356		109,407		109,146		108,933		108,309

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2020		2019		2018		2017		2016
(in thousands)
Net income for common stock		$	197,824	$	217,882	$	201,774	$	165,297	$	248,256
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes		19,143		27,382		(9,472)		(4,370)		(5,699)
Reclassification adjustment for net realized gains included in net income, net of taxes		(1,638)		(478)		—		—		(360)
Derivatives qualified as cash flow hedges:
Effective portion of foreign currency hedge net unrealized losses, net of tax benefits		—		—		—		—		(281)
Unrealized interest rate hedging losses, net of tax benefits		(1,750)		(1,177)		(436)		—		—
Reclassification adjustment to net income, net of taxes		—		—		—		454		(119)
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes		(60,529)		10,914		(28,101)		65,531		(43,510)
Adjustment for amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits		23,689		10,107		21,015		15,737		14,518
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		39,860		(16,177)		8,325		(78,724)		28,584
Other comprehensive income (loss), net of taxes		18,775		30,571		(8,669)		(1,372)		(6,867)
Comprehensive income attributable to Hawaiian Electric Industries, Inc.		$	216,599	$	248,453	$	193,105	$	163,925	$	241,389

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2020 presentation. Income statement amounts for periods prior to December 31, 2018 have been updated to reflect the retrospective adoption of ASU No. 2017-07. A reconciliation of GAAP to non-GAAP measures is located in the Appendix.


CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31		2020		2019		2018		2017		2016
(in thousands)
ASSETS
Cash and cash equivalents		$	341,421	$	196,813	$	169,208	$	261,881	$	278,452
Restricted cash		17,558		30,872		—		—		—
Accounts receivable and unbilled revenues, net		281,216		300,794		325,672		263,209		237,950
Available-for-sale investment securities, at fair value		1,970,417		1,232,826		1,388,533		1,401,198		1,105,182
Held-to-maturity investment securities, at amortized cost		226,947		139,451		141,875		44,515		—
Stock in Federal Home Loan Bank, at cost		8,680		8,434		9,958		9,706		11,218
Loans, net		5,260,917		5,080,107		4,792,707		4,628,381		4,701,977
Property, plant and equipment, net		5,265,735		5,109,628		4,830,118		4,460,248		4,059,940
Operating lease right-of-use assets		153,069		199,171		—		—		—
Regulatory assets		766,708		715,080		833,426		869,297		957,451
Other		629,149		649,885		530,364		513,535		447,621
Goodwill		82,190		82,190		82,190		82,190		82,190
	Total assets	$	15,004,007	$	13,745,251	$	13,104,051	$	12,534,160	$	11,881,981

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts, interest and dividends payable		$	205,894	$	245,574	$	243,027	$	219,551	$	168,504
Deposit liabilities		7,386,957		6,271,902		6,158,852		5,890,597		5,548,929
Short-term borrowings - other than bank		129,379		185,710		73,992		117,945		—
Other bank borrowings		89,670		115,110		110,040		190,859		192,618
Long-term debt, net - other than bank		2,119,129		1,964,365		1,879,641		1,683,797		1,619,019
Deferred income taxes		395,089		379,324		372,518		388,430		728,806
Operating lease liabilities		160,432		199,571		—		—		—
Regulatory liabilities		959,786		972,310		950,236		880,770		410,693
Defined benefit pension and other postretirement benefit plans liability		567,438		513,287		538,384		509,514		638,854
Other		618,438		583,545		580,788		521,018		473,512
	Total liabilities	12,632,212		11,430,698		10,907,478		10,402,481		9,780,935
Preferred stock of subsidiaries - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Shareholders' equity

Common stock		1,678,368		1,678,257		1,669,267		1,662,491		1,660,910
Retained earnings		660,398		622,042		543,623		476,836		438,972
Accumulated other comprehensive loss, net of tax benefits		(1,264)		(20,039)		(50,610)		(41,941)		(33,129)
	Total shareholders' equity	2,337,502		2,280,260		2,162,280		2,097,386		2,066,753
	Total liabilities and shareholders' equity	$	15,004,007	$	13,745,251	$	13,104,051	$	12,534,160	$	11,881,981

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. 2019 amounts reflect the adoption of ASU No. 2016-02; pursuant to an election permissible under such standard, the Company did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to "Property, plant and equipment, net" assets, which reduced the respective balances.


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries						Accumulated
Unaudited						other
	Common stock			Retained		comprehensive
(in thousands, except per share amounts)	Shares	Amount		earnings		income (loss)		Total

















Balance, December 31, 2015	107,460	$	1,629,136	$	324,766	$	(26,262)	$	1,927,640
Net income for common stock	—	—		248,256		—		248,256
Other comprehensive loss, net of tax benefits	—	—		—		(6,867)		(6,867)
Issuance of common stock:
Dividend reinvestment and stock purchase plan	859	26,844		—		—		26,844
Retirement savings and other plans	264	9,298		—		—		9,298
Share-based expense and other, net	—	(4,368)		—		—		(4,368)
Common stock dividends ($1.24 per share)	—	—		(134,050)		—		(134,050)
Balance, December 31, 2016	108,583	1,660,910		438,972		(33,129)		2,066,753
Net income for common stock	—	—		165,297		—		165,297
Other comprehensive loss, net of tax benefits	—	—		—		(1,372)		(1,372)
Reclass of AOCI for tax rate reduction impact	—	—		7,440		(7,440)		—
Issuance of common stock:
Share-based plans	205	4,664		—		—		4,664
Share-based expense and other, net	—	(3,083)		—		—		(3,083)
Common stock dividends ($1.24 per share)	—	—		(134,873)		—		(134,873)
Balance, December 31, 2017	108,788	1,662,491		476,836		(41,941)		2,097,386
Net income for common stock	—	—		201,774		—		201,774
Other comprehensive loss, net of tax benefits	—	—		—		(8,669)		(8,669)
Issuance of common stock:
Share-based plans	91	2,650		—		—		2,650
Share-based expense and other, net	—	4,126		—		—		4,126
Common stock dividends ($1.24 per share)	—	—		(134,987)		—		(134,987)
Balance, December 31, 2018	108,879	1,669,267		543,623		(50,610)		2,162,280
Net income for common stock	—	—		217,882		—		217,882
Other comprehensive income, net of tax benefits	—	—		—		30,571		30,571
Issuance of common stock:
Share-based plans	94	3,092		—		—		3,092
Share-based expense and other, net	—	5,898		—		—		5,898
Common stock dividends ($1.28 per share)	—	—		(139,463)		—		(139,463)
Balance, December 31, 2019	108,973	1,678,257		622,042		(20,039)		2,280,260
Impact of adoption of ASU No. 2016-13	—	—		(15,372)		—		(15,372)
Balance, January 1, 2020, after the adoption of ASU No. 2016-13	108,973	1,678,257		606,670		(20,039)		2,264,888
Net income for common stock	—	—		197,824		—		197,824
Other comprehensive income, net of tax benefits	—	—		—		18,775		18,775
Issuance of common stock:
Share-based plans	208	3,973		—		—		3,973
Share-based expense and other, net	—	(3,862)		—		—		(3,862)
Common stock dividends ($1.32 per share)	—	—		(144,096)		—		(144,096)
Balance, December 31, 2020	109,181	$	1,678,368	$	660,398	$	(1,264)	$	2,337,502
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020		2019		2018
(in thousands)
Cash flows from operating activities
Net income		$	199,714	$	219,772	$	203,664
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment	238,114		229,858		214,036
	Other amortization	52,664		48,255		41,593
	Provision for loan losses	50,811		23,480		14,745
	Loans originated, held for sale	(564,525)		(285,042)		(109,537)
	Proceeds from sale of loans, held for sale	567,652		277,119		112,182
	Gain on sale of real estate, held for sale	—		(10,762)		—
	Gain on sale of investment securities, net	(9,275)		(653)		—
	Gain on sale of loans	(23,734)		(4,943)		(1,493)
	Deferred income taxes	(1,706)		(15,085)		(9,368)
	Share-based compensation expense	5,810		9,986		7,792
	Allowance for equity funds used during construction	(8,768)		(11,987)		(10,877)
	Other	1,366		18,568		(521)
	Changes in assets and liabilities
	Decrease (increase) in accounts receivable and unbilled revenues, net	2,533		23,933		(66,526)
	Decrease (increase) in fuel oil stock	34,202		(11,493)		7,054
	Decrease in regulatory assets	1,007		71,262		9,252
	Increase (decrease) in regulatory liabilities	(16,562)		1,953		37,358
	Increase (decrease) in accounts, interest and dividends payable	(20,068)		(3,054)		21,528
	Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(35,610)		(27,538)		29,429
	Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	(2,029)		(4,482)		20,871
	Change in other assets and liabilities, net	(42,189)		(36,677)		(21,870)
Net cash provided by operating activities		429,407		512,470		499,312
Cash flows from investing activities
Available-for-sale investment securities purchased		(1,361,594)		(108,088)		(224,335)
Principal repayments on available-for-sale investment securities		478,351		272,949		218,930
Proceeds from sale of available-for-sale investment securities		169,157		19,810		—
Purchases of held-to-maturity investment securities		(146,738)		(13,057)		(103,184)
Proceeds from repayments or maturities of held-to-maturity investment securities		59,894		15,505		5,720
Purchase of stock from Federal Home Loan Bank		(27,350)		(95,636)		(28,292)
Redemption of stock from Federal Home Loan Bank		27,104		97,160		28,040
Net decrease (increase) in loans held for investment		(229,311)		(300,210)		(189,352)
Proceeds from sale of commercial loans		—		—		7,149
Proceeds from sale of real estate held for sale		—		21,060		—
Capital expenditures1		(383,895)		(457,520)		(506,770)
Proceeds from sale of low income housing investments		6,725		1		473
Contributions to low income housing investments		(9,403)		(6,974)		(14,499)
Other, net		3,412		13,291		14,061
Net cash used in investing activities		$	(1,413,648)	$	(541,709)	$	(792,059)

		(Continued on next page)


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020		2019		2018

(in thousands)
Cash flows from financing activities
Net increase in deposit liabilities		$	1,115,055	$	113,050	$	165,880
Net increase (decrease) in short-term borrowings with original maturities of three months or less		(71,219)		86,718		(18,999)
Proceeds from issuance of short-term debt		165,000		75,000		25,000
Repayment of short-term debt		(150,000)		(50,000)		(50,000)
Net increase in other bank borrowings with original maturities of three months or less1		(25,440)		5,070		71,556
Proceeds from issuance of other bank borrowings		30,000		—		—
Repayments of other bank borrowings1		(30,000)		—		(50,000)
Proceeds from issuance of long-term debt		415,997		289,349		250,000
Repayment of long-term debt and funds transferred for repayment of long term debt		(178,969)		(287,285)		(53,887)
Withheld shares for employee taxes on vested share-based compensation		(5,700)		(997)		(996)

Common stock dividends		(144,096)		(139,463)		(134,987)
Preferred stock dividends of subsidiaries		(1,890)		(1,890)		(1,890)
Other		(3,203)		(1,836)		(1,603)
Net cash provided by financing activities		1,115,535		87,716		200,074
Net increase (decrease) in cash, cash equivalents and restricted cash		131,294		58,477		(92,673)
Cash, cash equivalents and restricted cash, January 1		227,685		169,208		261,881
Cash, cash equivalents and restricted cash, December 31		358,979		227,685		169,208
Less: Restricted cash		(17,558)		(30,872)		—
Cash and cash equivalents, December 31		$	341,421	$	196,813	$	169,208
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2020 presentation.
1	Reclassifications made to prior year amounts to conform to 2019 presentation include classifying contributions in aid of construction (CIAC) with capital expenditures in the cash flows from investing activities section. In addition, prior period disclosure of proceeds and repayments of other bank borrowings and the net increase in retail repurchase agreements contained in the "Net cash provided by financing activities" section have been combined, due to the short-term nature of the transactions, to conform to the current period presentation.


CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31						2020		2019		2018		2017		2016
(in thousands)

Short-term borrowings - other than bank 1						$	129,379	$	185,710	$	73,992	$	117,945	$	—
Long-term debt - other than bank 1
Long-term debt of electric utility subsidiaries 2						1,561,302		1,497,667		1,418,802		1,368,479		1,319,260
HEI 5.67% senior notes, due 2021						50,000		50,000		50,000		50,000		50,000
HEI 2.99% term loan, due 2022						150,000		150,000		150,000		150,000		—
HEI 3.99% senior notes, due 2023						50,000		50,000		50,000		50,000		50,000
HEI 4.58% senior notes, due 2025						50,000		50,000		50,000		—		—
HEI 4.72% senior notes, due 2028						100,000		100,000		100,000		—		—
HEI 2.98% senior notes, due 2030						50,000		—		—		—		—
HEI term loan LIBOR + .75%, paid in 2017						—		—		—		—		125,000
HEI term loan LIBOR + .75%, paid in 2017						—		—		—		—		75,000
Hamakua Energy 4.02% notes, due 2030						56,030		59,699		63,438		67,325		—
Mauo LIBOR + 1.375% loan, due 2023						41,046		9,349		—		—		—
Ka`ie`ie Waho Company, LLC 2.79% non-recourse loan, due 2031						13,000		—		—		—		—
Less unamortized debt issuance cost						(2,249)		(2,350)		(2,599)		(2,007)		(241)
						2,119,129		1,964,365		1,879,641		1,683,797		1,619,019

Preferred stock of subsidiaries -
not subject to mandatory redemption						34,293		34,293		34,293		34,293		34,293
Shareholders' equity

Common stock						1,678,368		1,678,257		1,669,267		1,662,491		1,660,910
Retained earnings						660,398		622,042		543,623		476,836		438,972
Accumulated other comprehensive loss, net of tax benefits						(1,264)		(20,039)		(50,610)		(41,941)		(33,129)
						2,337,502		2,280,260		2,162,280		2,097,386		2,066,753
						$	4,620,303	$	4,464,628	$	4,150,206	$	3,933,421	$	3,720,065


LONG-TERM DEBT MATURITIES as of December 31, 2020
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

		2021		2022		2023		2024		2025		Thereafter		Total
(in thousands)
Long-term debt - other than bank 1
Electric utilities2		$	—	$	52,000	$	100,000	$	—	$	47,000	$	1,370,000	$	1,569,000
HEI		50,000		150,000		50,000		—		50,000		150,000		450,000
Hamakua Energy		3,864		4,146		4,325		4,669		4,733		34,293		56,030
Mauo		—		34,046		7,000		—		—		—		41,046
Ka`ie`ie Waho Company, LLC		855		1,209		1,209		1,209		1,209		7,309		13,000
Less unamortized debt issuance cost														(9,947)
		$	54,719	$	241,401	$	162,534	$	5,878	$	102,942	$	1,561,602	$	2,119,129

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Excludes deposit liabilities, other bank borrowings and intercompany borrowings.
2 See pages 14 to 16 for additional information.


GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020			2019			2018			2017			2016
(dollars in thousands)
Net income (loss) for common stock by company
Electric utilities
	Hawaiian Electric	$	121,836		$	113,673		$	98,260		$	81,894		$	99,926
	Hawaii Electric Light	27,493			20,817			24,481			20,146			21,255
	Maui Electric	20,011			22,350			20,912			17,911			21,136

Utilities consolidated		169,340			156,840			143,653			119,951			142,317
ASB		57,583			88,973			82,509			66,997			57,279
HEI and other		(29,099)			(27,931)			(24,388)			(21,651)			48,660
Consolidated HEI		$	197,824		$	217,882		$	201,774		$	165,297		$	248,256

Diluted earnings per common share		$	1.81		$	1.99		$	1.85		$	1.52		$	2.29

Return on average common equity by company (simple average)
Electric utilities
	Hawaiian Electric	8.2		%	8.0		%	7.4		%	6.5		%	8.3		%
	Hawaii Electric Light	8.9			7.0			8.4			7.0			7.3
	Maui Electric	6.6			7.8			7.6			6.8			8.1
Utilities consolidated		8.1			7.8			7.6			6.6			8.1
ASB1		8.1			13.5			13.5			11.2			9.9
Consolidated HEI		8.6		%	9.8		%	9.5		%	7.9		%	12.4		%
1 Calculated using average daily balance


SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020			2019		2018		2017		2016
(in thousands)

CAPITAL STRUCTURE1
Long-term debt, net, including current portion		$	1,561,302		$	1,497,667	$	1,418,802	$	1,368,479	$	1,319,260
Preferred stock		34,293			34,293		34,293		34,293		34,293
Common stock equity		2,141,918			2,047,352		1,957,641		1,845,283		1,799,787
		$	3,737,513		$	3,579,312	$	3,410,736	$	3,248,055	$	3,153,340
CAPITAL STRUCTURE RATIOS (%) 1
Long-term debt, net, including current portion		41.8			41.8		41.6		42.1		41.8
Preferred stock		0.9			1.0		1.0		1.1		1.1
Common stock equity		57.3			57.2		57.4		56.8		57.1
		100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 2
	Hawaiian Electric	7.37			7.57		7.57		7.57		8.11
	Hawaii Electric Light	7.52			7.52		7.80		7.80		8.31
	Maui Electric	7.43			7.43		7.43		7.34		7.34
Earned rate-making return on simple average rate base 3
	Hawaiian Electric	6.94			6.90		6.55		6.08		7.48
	Hawaii Electric Light	7.09			5.97		6.98		6.54		6.73
	Maui Electric	5.82			6.37		6.26		6.10		6.99
Authorized return on simple average common equity 2
	Hawaiian Electric	9.50			9.50		9.50		9.50		10.00
	Hawaii Electric Light	9.50			9.50		9.50		9.50		10.00
	Maui Electric	9.50			9.50		9.50		9.00		9.00
Earned rate-making return on simple average common equity 4
	Hawaiian Electric	9.01			8.80		7.89		6.83		9.46
	Hawaii Electric Light	9.23			6.72		8.08		7.30		7.61
	Maui Electric	7.11			7.95		7.38		6.84		8.34
Book return on simple average common equity 5
	Hawaiian Electric	8.20			8.02		7.36		6.46		8.26
	Hawaii Electric Light	8.92			7.00		8.41		6.97		7.28
	Maui Electric	6.65			7.79		7.59		6.76		8.08

RATE BASE (in millions, simple average)
Hawaiian Electric		$	2,425	6	$	2,289	$	2,125	$	1,975	$	1,879
Hawaii Electric Light		540		6	521		505		490		482
Maui Electric		514		6	493		462		438		431
		$	3,479		$	3,303	$	3,092	$	2,903	$	2,792
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate		3.2			3.2		3.2		3.2		3.2
Accumulated depreciation as percent of gross plant 1,7		36.4			35.9		36.3		36.9		37.4
Weighted-average AFUDC rate		7.1			7.4		7.3		7.7		7.6

1	At December 31.
2	Reflects latest interim or final decision and order as of the end of the respective years.
3	Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
4	This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates.
5	Based on recorded net income divided by average common equity, simple average method.
6	The 12/31/20 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,474, $553 and $516, respectively.
7	Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to “Total property, plant and equipment, net”, which reduced the respective balances.


CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020		2019		2018		2017		2016
(in thousands)
Revenues		$	2,265,320	$	2,545,942	$	2,546,525	$	2,257,566	$	2,094,368
Expenses
Fuel oil		515,274		720,709		760,528		587,768		454,704
Purchased power		568,749		633,256		639,307		586,634		562,740
Other operation and maintenance 1		474,192		481,737		461,491		411,907		399,931
Depreciation		222,733		215,731		203,626		192,784		187,061
Taxes, other than income taxes		215,822		240,131		239,912		214,949		199,862
Total expenses 1		1,996,770		2,291,564		2,304,864		1,994,042		1,804,298
Operating income 1		268,550		254,378		241,661		263,524		290,070
Allowance for equity funds used during construction		8,768		11,987		10,877		12,483		8,325
Retirement defined benefits expense - other than service costs 1		(763)		(2,836)		(3,631)		(6,003)		(5,602)
Interest expense and other charges, net		(67,794)		(70,842)		(73,348)		(69,637)		(66,824)
Allowance for borrowed funds used during construction		2,992		4,453		4,867		4,778		3,144
Income before income taxes		211,753		197,140		180,426		205,145		229,113
Income taxes		40,418		38,305		34,778		83,199		84,801
Net income		171,335		158,835		145,648		121,946		144,312
Preferred stock dividends of subsidiaries		915		915		915		915		915
Net income attributable to Hawaiian Electric		170,420		157,920		144,733		121,031		143,397
Preferred stock dividends of Hawaiian Electric		1,080		1,080		1,080		1,080		1,080
Net income for common stock		169,340		156,840		143,653		119,951		142,317
Retained earnings, January 1		1,220,129		1,164,541		1,124,193		1,091,800		1,043,082
Reclass of AOCI for tax rate reduction impact		—		—		—		209		—
Common stock dividends		(107,134)		(101,252)		(103,305)		(87,767)		(93,599)
Retained earnings, December 31		$	1,282,335	$	1,220,129	$	1,164,541	$	1,124,193	$	1,091,800

Note:	See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
1 Amounts for periods prior to December 31, 2018 have been updated to reflect the retrospective adoption of ASU No. 2017-07.


CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2020		2019		2018		2017		2016
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment 1		$	7,749,296	$	7,485,178	$	7,092,483	$	6,717,311	$	6,327,102
Less accumulated depreciation		(2,819,079)		(2,690,157)		(2,577,342)		(2,476,352)		(2,369,282)
	Utility property, plant and equipment, net 1	4,930,217		4,795,021		4,515,141		4,240,959		3,957,820
Nonutility property, plant and equipment, less accumulated depreciation		6,953		6,956		6,961		7,580		7,407
	Total property, plant and equipment, net 1	4,937,170		4,801,977		4,522,102		4,248,539		3,965,227
Current assets
Cash and equivalents		47,360		11,022		35,877		12,517		74,286
Restricted cash		15,966		30,872		—		—		—
Customer accounts receivable, net		147,832		152,790		177,896		127,889		123,688
Accrued unbilled revenues, net		101,036		117,227		121,738		107,054		91,693
Other accounts receivable, net		7,673		11,568		6,215		7,163		5,233
Fuel oil stock, at average cost		58,238		91,937		79,935		86,873		66,430
Materials and supplies, at average cost		67,344		60,702		55,204		54,397		53,679
Prepayments and other		44,083		116,980		32,118		25,355		23,100
Regulatory assets		30,435		30,710		71,016		88,390		66,032
	Total current assets	519,967		623,808		579,999		509,638		504,141
Other long-term assets
Operating lease right-of-use assets 2		127,654		176,809		—		—		—
Regulatory assets		736,273		684,370		762,410		780,907		891,419
Other		136,309		101,718		102,992		91,529		71,116
	Total other long-term assets	1,000,236		962,897		865,402		872,436		962,535
	Total assets 1	$	6,457,373	$	6,388,682	$	5,967,503	$	5,630,613	$	5,431,903
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity		$	2,141,918	$	2,047,352	$	1,957,641	$	1,845,283	$	1,799,787
Cumulative preferred stock - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Long-term debt, net		1,561,302		1,401,714		1,418,802		1,318,516		1,319,260
	Total capitalization	3,737,513		3,483,359		3,410,736		3,198,092		3,153,340
Current liabilities
Current portion of operating lease liabilities 2		64,730		63,707		—		—		—
Current portion of long-term debt, net		—		95,953		—		49,963		—
Short-term borrowings from non-affiliate		49,979		88,987		25,000		4,999		—
Accounts payable		133,849		187,770		171,791		159,610		117,814
Interest and preferred dividends payable		20,350		20,728		23,215		22,575		22,838
Taxes accrued, including revenue taxes		192,524		207,992		233,333		199,101		172,730
Regulatory liabilities		37,301		30,724		17,977		3,401		3,762
Other		74,262		67,305		60,003		59,456		55,221
	Total current liabilities	572,995		763,166		531,319		499,105		372,365
Deferred credits and other liabilities
Operating lease liabilities 2		69,494		113,400		—		—		—
Deferred income taxes		397,798		377,150		383,197		394,041		733,659
Regulatory liabilities		922,485		941,586		932,259		877,369		406,931
Unamortized tax credits		111,915		117,868		91,522		90,369		88,961
Defined benefit pension and other postretirement benefit plans liability		530,532		478,763		503,659		472,948		599,726
Other		114,641		113,390		114,811		98,689		76,921
	Total deferred credits and other liabilities	2,146,865		2,142,157		2,025,448		1,933,416		1,906,198
	Total capitalization and liabilities 1	$	6,457,373	$	6,388,682	$	5,967,503	$	5,630,613	$	5,431,903

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
1	Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to “Total property, plant and equipment, net”, which reduced the respective balances.
2	Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases.


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31			2020		2019		2018
(in thousands)
Cash flows from operating activities
Net income			$	171,335	$	158,835	$	145,648
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment		222,733		215,731		203,626
	Other amortization		33,746		29,631		26,602
	Deferred income taxes		3,151		(16,284)		(7,982)
	State refundable credit		(9,961)		(8,369)		(6,239)
	Bad debt expense		2,115		2,150		2,205
	Allowance for equity funds used during construction		(8,768)		(11,987)		(10,877)
	Accrued environmental reserve		6,556		406		273
	Other		2,610		27,459		4,669
	Changes in assets and liabilities
		Decrease (increase) in accounts receivable	(7,286)		18,822		(53,086)
		Decrease (increase) in accrued unbilled revenues	15,285		4,495		(14,720)
		Decrease (increase) in fuel oil stock	33,699		(12,002)		6,938
		Increase in materials and supplies	(6,642)		(5,498)		(807)
		Decrease in regulatory assets	1,007		71,262		9,252
		Increase (decrease) in regulatory liabilities	(16,562)		1,953		37,358
		Increase (decrease) in accounts payable	(33,129)		(2,051)		24,358
		Change in prepaid and accrued income taxes, tax credits and revenue taxes	(37,180)		(28,523)		25,036
		Increase (decrease) in defined benefit pension and other postretirement benefit plans liability	(4,306)		(4,448)		18,746
		Change in other assets and liabilities	(31,852)		(17,626)		(17,387)
Net cash provided by operating activities			336,551		423,956		393,613
Cash flows from investing activities
Capital expenditures 1			(350,864)		(419,898)		(415,264)
Other			6,070		11,374		10,082
Net cash used in investing activities			(344,794)		(408,524)		(405,182)
Cash flows from financing activities
Common stock dividends			(107,134)		(101,252)		(103,305)
Preferred stock dividends of Hawaiian Electric and subsidiaries			(1,995)		(1,995)		(1,995)
Proceeds from issuance of common stock			34,000		35,500		70,700
Proceeds from issuance of long-term debt			255,000		280,000		100,000
Repayment of long-term debt and funds transferred for repayment of long-term debt			(109,000)		(283,546)		(50,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original
	maturities of three months or less		(38,987)		38,987		(4,999)
Proceeds from issuance of short-term debt			100,000		75,000		25,000
Repayment of short-term debt			(100,000)		(50,000)		—
Other			(2,209)		(2,109)		(472)
Net cash provided by (used in) financing activities			29,675		(9,415)		34,929
Net increase in cash, cash equivalents and restricted cash			21,432		6,017		23,360
Cash, cash equivalents and restricted cash, January 1			41,894		35,877		12,517
Cash, cash equivalents and restricted cash, December 31			63,326		41,894		35,877
Less: Restricted cash			(15,966)		(30,872)		—
Cash and cash equivalents, December 31			$	47,360	$	11,022	$	35,877

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. Reclassification of prior year amounts were made to conform to the 2020 presentation.
1	Reclassifications made to prior year amounts to conform to 2020 presentation includes classifying contributions in aid of construction (CIAC) with capital expenditures in the cash flows from investing activities section.


CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31					2020		2019		2018		2017		2016
(dollars in thousands, except par values)

				Shares outstanding
Series		Par value	Company	12/31/2020
C	4.25%	$ 20	Hawaiian Electric	150,000	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
D	5.00%	20	Hawaiian Electric	50,000	1,000		1,000		1,000		1,000		1,000
E	5.00%	20	Hawaiian Electric	150,000	3,000		3,000		3,000		3,000		3,000
H	5.25%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
I	5.00%	20	Hawaiian Electric	89,657	1,793		1,793		1,793		1,793		1,793
J	4.75%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
K	4.65%	20	Hawaiian Electric	175,000	3,500		3,500		3,500		3,500		3,500
G	7.625%	100	Hawaii Electric Light	70,000	7,000		7,000		7,000		7,000		7,000
H	7.625%	100	Maui Electric	50,000	5,000		5,000		5,000		5,000		5,000
				1,234,657	$	34,293	$	34,293	$	34,293	$	34,293	$	34,293

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.


LONG-TERM DEBT
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2020		2019		2018		2017		2016
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Series 2007A, 4.65%, due 2037 - redeemed in 2017		$	—	$	—	$	—	$	—	$	100,000
Refunding series 2007B, 4.60%, due 2026 - redeemed in 2017		—		—		—		—		62,000
Series 2009, 6.50%, due 2039 - redeemed in 2019		—		—		90,000		90,000		90,000
Refunding series 2015, 3.25%, due 2025		40,000		40,000		40,000		40,000		40,000
Refunding series 2017A, 3.10%, due 2026		62,000		62,000		62,000		62,000		—
Refunding series 2017B, 4.00%, due 2037		100,000		100,000		100,000		100,000		—
Refunding series 2019, 3.20%, due 2039		90,000		90,000		—		—		—
Series 2019, 3.50%, due 2049		70,000		70,000		—		—		—
		362,000		362,000		292,000		292,000		292,000

Hawaii Electric Light
Series 2007A, 4.65%, due 2037 - redeemed in 2017		—		—		—		—		20,000
Refunding series 2007B, 4.60%, due 2026 - redeemed in 2017		—		—		—		—		8,000
Series 2009, 6.50%, due 2039 - redeemed in 2019		—		—		60,000		60,000		60,000
Refunding series 2015, 3.25%, due 2025		5,000		5,000		5,000		5,000		5,000
Refunding series 2017A, 3.10%, due 2026		8,000		8,000		8,000		8,000		—
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		—
Refunding series 2019, 3.20%, due 2039		60,000		60,000		—		—		—
Series 2019, 3.50%, due 2049		2,500		2,500		—		—		—
		95,500		95,500		93,000		93,000		93,000

Maui Electric
Series 2007A, 4.65%, due 2037 - redeemed in 2017		—		—		—		—		20,000
Refunding series 2007B, 4.60%, due 2026 - redeemed in 2017		—		—		—		—		55,000
Refunding series 2015, 3.25%, due 2025		2,000		2,000		2,000		2,000		2,000
Refunding series 2017A, 3.10%, due 2026		55,000		55,000		55,000		55,000		—
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		—
Series 2019, 3.50%, due 2049		7,500		7,500		—		—		—
		84,500		84,500		77,000		77,000		77,000
	Total obligations to the State of Hawaii	$	542,000	$	542,000	$	462,000	$	462,000	$	462,000

								(Continued on next page)


LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2020		2019		2018		2017		2016
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Hawaiian Electric
	Series 2012A, 3.79%, due 2018	$	—	$	—	$	—	$	30,000	$	30,000
	Series 2012B, 4.03%, due 2020	—		62,000		62,000		62,000		62,000
	Series 2012C, 4.55%, due 2023	50,000		50,000		50,000		50,000		50,000
	Series 2012D, 4.72%, due 2029	35,000		35,000		35,000		35,000		35,000
	Series 2012E, 5.39%, due 2042	150,000		150,000		150,000		150,000		150,000
	Series 2012F, 4.53%, due 2032	40,000		40,000		40,000		40,000		40,000
	Series 2013A, 4.45%, due 2022	40,000		40,000		40,000		40,000		40,000
	Series 2013B, 4.84%, due 2027	50,000		50,000		50,000		50,000		50,000
	Series 2013C, 5.65%, due 2043	50,000		50,000		50,000		50,000		50,000
	Series 2015A, 5.23%, due 2045	50,000		50,000		50,000		50,000		50,000
	Series 2016A, 4.54%, due 2046	40,000		40,000		40,000		40,000		40,000
	Series 2017A, 4.31%, due 2047	40,000		40,000		40,000		40,000		—
	Series 2018A, 4.38%, due 2028	52,000		52,000		52,000		—		—
	Series 2018B, 4.53%, due 2033	12,500		12,500		12,500		—		—
	Series 2018C, 4.72%, due 2048	10,500		10,500		10,500		—		—
	Series 2019A, 4.21%, due 2034	30,000		30,000		—		—		—
	Series 2020A, 3.31%, due 2030	50,000		—		—		—		—
	Series 2020B, 3.31%, due 2030	40,000		—		—		—		—
	Series 2020C, 3.96%, due 2050	20,000		—		—		—		—
		760,000		712,000		682,000		637,000		597,000

Hawaii Electric Light
	Series 2012A, 3.79%, due 2018	—		—		—		11,000		11,000
	Series 2012B, 4.55%, due 2023	20,000		20,000		20,000		20,000		20,000
	Series 2013A, 3.83%, due 2020	—		14,000		14,000		14,000		14,000
	Series 2013B, 4.45%, due 2022	12,000		12,000		12,000		12,000		12,000
	Series 2013C, 4.84%, due 2027	30,000		30,000		30,000		30,000		30,000
	Series 2015A, 5.23%, due 2045	25,000		25,000		25,000		25,000		25,000
	Series 2018A, 4.38%, due 2028	9,000		9,000		9,000		—		—
	Series 2018B, 4.53%, due 2033	3,000		3,000		3,000		—		—
	Series 2018C, 4.72%, due 2048	3,000		3,000		3,000		—		—
	Series 2019A, 4.21%, due 2034	10,000		10,000		—		—		—
	Series 2020A, 3.96%, due 2050	10,000		—		—		—		—
		122,000		126,000		116,000		112,000		112,000

Maui Electric
	Series 2012A, 3.79%, due 2018	—		—		—		9,000		9,000
	Series 2012B, 4.03%, due 2020	—		20,000		20,000		20,000		20,000
	Series 2012C, 4.55%, due 2023	30,000		30,000		30,000		30,000		30,000
	Series 2013A, 4.84%, due 2027	20,000		20,000		20,000		20,000		20,000
	Series 2013B, 5.65% due 2043	20,000		20,000		20,000		20,000		20,000
	Series 2015A, 5.23%, due 2045	5,000		5,000		5,000		5,000		5,000
	Series 2017A, 4.31%, due 2047	10,000		10,000		10,000		10,000		—
	Series 2018A, 4.38%, due 2028	6,500		6,500		6,500		—		—
	Series 2018B, 4.53%, due 2033	2,000		2,000		2,000		—		—
	Series 2018C, 4.72%, due 2048	1,500		1,500		1,500		—		—
	Series 2019A, 4.21%, due 2034	10,000		10,000		—		—		—
	Series 2020A, 3.31%, due 2030	20,000		—		—		—		—
	Series 2020B, 3.96%, due 2050	20,000		—		—		—		—
		145,000		125,000		115,000		114,000		104,000
	Total taxable unsecured senior notes	$	1,027,000	$	963,000	$	913,000	$	863,000	$	813,000

								(Continued on next page)


LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31	2020		2019		2018		2017		2016
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
6.50%, series 2004, Junior subordinated deferrable interest
debentures, due 2034 - redeemed in 2019	$	—	$	—	$	51,546	$	51,546	$	51,546
Long-term debt, including amounts due within one year	1,569,000		1,505,000		1,426,546		1,376,546		1,326,546
Less current portion of long-term debt, net	—		(95,953)		—		(49,963)		—
Less unamortized debt issuance costs	(7,698)		(7,333)		(7,744)		(8,067)		(7,286)
Long-term debt, net	$	1,561,302	$	1,401,714	$	1,418,802	$	1,318,516	$	1,319,260

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.


CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020	2019	2018	2017	2016
SERVICE AREA 1
Service area (square miles)		5,815	5,815	5,815	5,815	5,815
Service area population (estimated, in thousands)		n/a	1,344	1,348	1,355	1,357
CUSTOMER ACCOUNTS 2
Residential		412,484	409,689	407,505	406,241	402,818
Commercial		54,861	55,077	54,888	55,328	56,674
Industrial		694	700	696	656	670
		468,039	465,466	463,089	462,225	460,162
CUSTOMER ACCOUNTS BY COMPANY 2
Hawaiian Electric		307,378	306,368	305,456	304,948	304,261
Hawaii Electric Light		87,357	86,576	85,758	85,925	85,029
Maui Electric		73,304	72,522	71,875	71,352	70,872
Consolidated		468,039	465,466	463,089	462,225	460,162
KILOWATTHOUR SALES (millions)2
Residential		2,525	2,439	2,411	2,334	2,333
Commercial		2,477	2,834	2,853	2,913	2,958
Industrial		3,118	3,467	3,425	3,443	3,555
		8,120	8,740	8,689	8,690	8,846
KILOWATTHOUR SALES MIX (%)2
Residential		31.1	27.9	27.7	26.9	26.4
Commercial		30.5	32.4	32.9	33.5	33.4
Industrial		38.4	39.7	39.4	39.6	40.2
		100.0	100.0	100.0	100.0	100.0
KILOWATTHOUR SALES BY COMPANY (millions)
Hawaiian Electric		6,183	6,563	6,526	6,548	6,660
Hawaii Electric Light		978	1,050	1,064	1,047	1,067
Maui Electric		959	1,127	1,099	1,095	1,118
Consolidated		8,120	8,740	8,689	8,690	8,845
KILOWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric		(6.1)	0.6	(0.4)	(1.7)	(1.4)
Hawaii Electric Light		(7.4)	(1.4)	1.6	(2.0)	0.2
Maui Electric		(17.5)	2.5	0.4	(2.1)	(1.8)
Consolidated		(7.6)	0.6	—	(1.8)	(1.3)
RENEWABLE GENERATION RPS (%) 3
Hawaiian Electric		31	25	22	21	19
Hawaii Electric Light 4		43	35	44	57	54
Maui Electric		51	41	38	34	37
Consolidated		35	28	27	27	26

1	Source: State of Hawaii Data Book 2019 (prior years)
2	At December 31. "Industrial" is same as "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
3	Renewable generation as a % of total sales excludes electrical energy savings from Energy Efficiency and Solar Water Heating technologies that do not count toward RPS.
4	The lower RPS% for Hawaii Electric Light in 2018 and 2019 reflects the fact that the Puna Geothermal Venture (PGV) plant was out of service from May 2018 until late 2020 due to lava flows. PGV began delivering power to the Hawaii Island grid again in late 2020 and as of April 2021 is still working to ramp up to its pre-May 2018 capacity.
n/a: Not available
					(Continued on next page)


CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020		2019		2018		2017		2016
REVENUES (thousands)1
Electric sales revenue
	Residential	$	770,135	$	791,398	$	788,028	$	691,857	$	638,776
	Commercial	714,620		840,915		855,736		778,930		722,859
	Industrial	754,775		884,722		882,443		776,808		720,878
Total electric sales revenues		2,239,530		2,517,035		2,526,207		2,247,595		2,082,513
Other revenues		25,790		28,907		20,318		9,971		11,855
Total revenues		$	2,265,320	$	2,545,942	$	2,546,525	$	2,257,566	$	2,094,368
Less:
Fuel oil		515,274		720,709		760,528		587,768		454,704
Purchased power		568,749		633,256		639,307		586,634		562,740
Taxes, other than income taxes		215,822		240,131		239,912		214,949		199,862
Net revenues		$	965,475	$	951,846	$	906,778	$	868,215	$	877,062
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	1,608,305	$	1,803,698	$	1,802,550	$	1,598,504	$	1,474,384
Hawaii Electric Light		334,221		364,590		375,493		333,467		311,385
Maui Electric		323,430		378,202		368,700		325,678		308,705
Eliminations		(636)		(548)		(218)		(83)		(106)
Consolidated		$	2,265,320	$	2,545,942	$	2,546,525	$	2,257,566	$	2,094,368
AVERAGE REVENUE PER KWH SOLD (cents)1
Residential		30.50		32.44		32.69		29.64		27.38
Commercial
	Commercial	28.83		29.68		30.00		26.74		24.44
	Other	31.01		29.39		29.47		26.82		24.61
Industrial		24.21		25.52		25.76		22.56		20.28
		27.58		28.80		29.07		25.86		23.54
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		25.76		27.20		27.42		24.31		22.01
Hawaii Electric Light		33.65		34.30		34.93		31.68		29.00
Maui Electric		33.16		33.00		33.21		29.58		27.45
Consolidated		27.58		28.80		29.07		25.86		23.54
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		6,358		6,006		5,921		5,829		5,856
Hawaii Electric Light		5,441		5,467		5,652		5,408		5,397
Maui Electric		6,064		6,402		6,258		6,000		6,067
Consolidated		6,145		5,967		5,923		5,779		5,806
Average monthly electric sales revenue per residential customer		$	156	$	161	$	161	$	143	$	132

1	"Industrial" is same as "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.


POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020	2019	2018	2017	2016
ENERGY NET GENERATED AND PURCHASED (millions of KWH)
Net generated
Fuel oil
	Conventional oil-fired steam units	3,429	3,693	3,743	3,703	3,799
	Dual train combined-cycle unit	757	799	884	829	835
	Diesel internal combustion engine	318	364	214	245	230
	Simple-cycle combustion turbines	53	46	44	46	22
		4,557	4,902	4,885	4,823	4,886
Biodiesel internal combustion engine		28	54	62	55	37
Hydro		5	11	19	10	17
Solar		39	5	—	—	—
Total net generated1		4,629	4,972	4,966	4,888	4,940
Purchased
Non-renewable		2,541	2,990	2,847	2,851	2,918
Renewable 2,3		1,355	1,179	1,292	1,396	1,431
Total purchased4		3,896	4,169	4,139	4,247	4,349
Customer-sited solar		1,326	1,225	948	863	783
		9,851	10,366	10,053	9,998	10,072
GENERATION MIX (%)
Fuel oil
	Conventional oil-fired steam units	34.8	35.6	37.3	37.0	37.7
	Dual train combined-cycle unit	7.7	7.7	8.8	8.3	8.3
	Diesel internal combustion engine	3.2	3.5	2.1	2.5	2.3
	Simple-cycle combustion turbines	0.5	0.5	0.4	0.5	0.2
		46.2	47.3	48.6	48.3	48.5
Biodiesel internal combustion engine		0.3	0.5	0.6	0.6	0.4
Hydro		0.1	0.1	0.2	0.1	0.2
Solar		0.4	—	—	—	—
Total generation1		47.0	47.9	49.4	49.0	49.1
Purchased
Non-renewable		25.8	28.8	28.3	28.5	28.9
Renewable 2,3		13.7	11.5	12.9	13.9	14.2
Total purchased4		39.5	40.3	41.2	42.4	43.1
Customer-sited solar		13.5	11.8	9.4	8.6	7.8
		100.0	100.0	100.0	100.0	100.0

1	Includes small generating resource at the Honolulu International Airport. This differs from the 2021 HEI Environmental, Social, Governance report, in which that generating resource is included in independent power producer generation.
2	Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
3	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island, but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020.
4	Does not include small generating resource at the Honolulu International Airport. This differs from the 2021 HEI Environmental, Social, Governance report, in which that generating resource is included in independent power producer generation.
					(Continued on next page)


POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2020		2019		2018		2017		2016
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
Conventional oil-fired steam units		1,086		1,086		1,086		1,086		1,085
Simple-cycle combustion turbine 3		279		279		280		150		150
Dual train combined-cycle unit		170		170		170		170		170
Diesel internal combustion engine		146		146		146		146		143
Biodiesel internal combustion engine 3		57		57		57		121		121
		1,738		1,738		1,739		1,673		1,669
Firm purchase power contracts 4
Non-renewable		448		448		448		448		448
Renewable 5		68		68		69		103		103
		516		516		517		551		551
		2,254		2,254		2,256		2,224		2,220
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric		1,744		1,744		1,745		1,679		1,679
Hawaii Electric Light		242		242		242		277		274
Maui Electric		268		268		269		268		267
		2,254		2,254		2,256		2,224		2,220
SYSTEM PEAK LOAD BY COMPANY (MW) 6
Hawaiian Electric		1,087		1,193		1,190		1,184		1,192
Hawaii Electric Light		183		192		191		190		189
Maui Electric		201		217		217		210		212
		1,471		1,602		1,598		1,584		1,593
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		8,180		8,771		8,653		8,546		8,501
Average fuel oil cost per barrel		$	63.00	$	82.17	$	87.90	$	68.78	$	53.49
Average fuel oil cost per million BTU (cents)		1,028.7		1,337.6		1,420.2		1,114.3		862.3
Fuel oil cost per net KWH generated (cents)		11.144		14.527		15,374		12.048		9.235
BTU per net KWH generated by company
	Hawaiian Electric	10,808		10,852		10,894		10,879		10,750
	Hawaii Electric Light	11,209		11,605		11,067		11,087		11,412
	Maui Electric	10,639		10,460		10,406		10,406		10,119
	Consolidated	10,834		10,860		10,826		10,812		10,710
OTHER DATA
Losses and system uses (%)		4.5		4.2		4.4		4.7		4.6
Reserve margin (%) 6		53.2		40.7		42.8		42.0		40.8
Annual load factor (%) 6		66.2		65.2		65.0		65.8		66.6
Average cost per KWH purchased from IPPs (cents)		14.597		15.191		15.445		13.813		12.939

1	At December 31.
2	Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature.
3	In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primary consumes diesel. CIP CT-1 could still utilize biodiesel if necessary.
4	Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy Partners (HEP). Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.
5	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020.
6	Net; noncoincident and nonintegrated.


SELECTED INFORMATION
American Savings Bank, F.S.B.
Unaudited

Years ended December 31		2020	2019	2018	2017	2016


CAPITAL RATIOS (%)1
Common equity tier 1
	ASB	—	13.18	12.80	12.95	12.17
	Requirement	—	4.50	4.50	4.50	4.50
Tier 1 capital
	ASB	—	13.18	12.80	12.95	12.17
	Requirement	—	6.00	6.00	6.00	6.00
Total capital
	ASB	—	14.31	13.93	14.20	13.42
	Requirement	—	8.00	8.00	8.00	8.00
Tier 1 leverage
	ASB	8.38	9.06	8.70	8.58	8.59
	Requirement	4.00	4.00	4.00	4.00	4.00
KEY STATISTICS (%)
Return on average assets
	ASB	0.74	1.25	1.20	1.02	0.92
	Peers 2	0.96	1.26	1.27	0.95	1.03
Return on average equity
	ASB	8.11	13.48	13.51	11.20	9.90
	Peers 2	9.08	10.60	10.51	8.39	9.52
Net interest margin
	ASB	3.29	3.85	3.83	3.69	3.59
	Peers 2	3.30	3.59	3.69	3.50	3.49
Revenue growth
	ASB	(2.87)	7.42	4.64	4.51	6.54
	Peers 2	8.61	6.73	10.26	9.68	9.28
Efficiency ratio
	ASB	61.47	57.77	59.39	61.60	61.89
	Peers 2	56.38	56.19	55.97	57.51	57.65
Net charge-offs to loans outstanding
	ASB	0.40	0.45	0.34	0.27	0.24
	Peers 2	0.07	0.09	0.07	0.07	0.10
OTHER DATA
Dividend paid to HEI (via ASB Hawaii) ($ in millions)		31	56	50	38	36
Loan Growth (%)		4.39	5.72	3.68	(1.52)	2.63
Branch locations 3		42	49	49	49	52
Number of ATMs		112	111	113	113	114

1	Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy is measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020, 8.5% for 2021 and 9% thereafter.
2	Bank peers for 2018 to 2020 are based upon publicly traded banks and thrifts with $4 billion to $9 billion in total assets. Peers for 2017 and 2016 were based on publicly traded banks and thrifts with $3.5 billion to $8 billion in total assets. List revised annually.
3	At December 31.


STATEMENTS OF INCOME INFORMATION
American Savings Bank, F.S.B.
Unaudited

Years ended December 31		2020		2019		2018		2017		2016
(in thousands)
Interest and dividend income
Interest and fees on loans		$	214,134	$	233,632	$	220,463	$	207,255	$	199,774
Interest and dividends on investment securities		30,529		32,922		37,762		28,823		19,184
Total interest and dividend income		244,663		266,554		258,225		236,078		218,958
Interest expense
Interest on deposit liabilities		10,654		16,830		13,991		9,660		7,167
Interest on other borrowings		460		1,610		1,548		2,496		5,588
Total interest expense		11,114		18,440		15,539		12,156		12,755
Net interest income		233,549		248,114		242,686		223,922		206,203
Provision for loan losses		50,811		23,480		14,745		10,901		16,763
Net interest income after provision for loan losses		182,738		224,634		227,941		213,021		189,440
Noninterest income
Fees from other financial services		16,447		19,275		18,937		22,796		22,384
Fee income on deposit liabilities		16,059		20,877		21,311		22,204		21,759
Fee income on other financial products		6,381		6,507		7,052		7,205		8,707
Gains on sale of investment securities, net		9,275		653		—		—		598
Gain on sale of real estate		—		10,762		—		—		—
Mortgage banking income		23,734		4,943		1,493		2,201		6,625
Other income, net		6,227		9,761		7,257		7,156		6,893
Total noninterest income		78,123		72,778		56,050		61,562		66,966
Noninterest expense
Compensation and employee benefits 1		104,443		103,009		98,387		94,931		89,242
Occupancy and equipment		30,574		30,032		24,259		23,931		23,259
Data processing		14,769		15,306		14,268		13,280		13,030
Services		11,121		10,239		10,847		10,994		11,054
Other expense 1		30,683		26,792		29,652		32,731		32,469
Total noninterest expense		191,590		185,378		177,413		175,867		169,054
Income before income taxes		69,271		112,034		106,578		98,716		87,352
Income taxes		11,688		23,061		24,069		31,719		30,073
Net income		$	57,583	$	88,973	$	82,509	$	66,997	$	57,279
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1	Amounts for periods prior to December 31, 2018 have been updated to reflect the retrospective adoption of ASU 2017-07.


BALANCE SHEETS INFORMATION
American Savings Bank, F.S.B.
Unaudited

December 31		2020		2019		2018		2017		2016
(in thousands)

ASSETS
Cash and cash equivalents		$	292,726	$	178,398	$	126,284	$	234,099	$	189,211
Restricted cash		—		—		—		—		1,764
Investment securities
	Available-for-sale investment securities, at fair value	1,970,417		1,232,826		1,388,533		1,401,198		1,105,182
	Held-to-maturity investment securities, at amortized cost	226,947		139,451		141,875		44,515		—
Investment in stock of Federal Home Loan Bank, at cost		8,680		8,434		9,958		9,706		11,218
Loans receivable, net		5,260,917		5,080,107		4,792,707		4,628,381		4,701,977
Real estate acquired in settlement of loans, net		43		—		406		133		1,189
Other and other intangibles, net		554,613		511,611		485,941		398,437		328,626
Goodwill		82,190		82,190		82,190		82,190		82,190
Total assets		$	8,396,533	$	7,233,017	$	7,027,894	$	6,798,659	$	6,421,357

LIABILITIES AND SHAREHOLDER'S EQUITY
Deposit liabilities		$	7,386,957	$	6,271,902	$	6,158,852	$	5,890,597	$	5,548,929
Other borrowings		89,670		115,110		110,040		190,859		192,618
Other		183,731		146,954		124,613		110,356		101,635
Total liabilities		7,660,358		6,533,966		6,393,505		6,191,812		5,843,182

Common stock		351,759		349,454		347,171		345,019		342,705
Retained earnings		369,470		358,259		325,286		292,957		257,943
Accumulated other comprehensive income (loss), net of tax benefits		14,946		(8,662)		(38,068)		(31,129)		(22,473)
Total shareholder's equity		736,175		699,051		634,389		606,847		578,175
Total liabilities and shareholder's equity		$	8,396,533	$	7,233,017	$	7,027,894	$	6,798,659	$	6,421,357
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


STATE OF HAWAII INFORMATION
Unaudited

Years ended December 31, except as noted	2020		2019		2018		2017		2016

POPULATION BY COUNTY (thousands) 1
Honolulu	n/a		975		980		989		993
Hawaii	n/a		201		201		200		198
Maui	n/a		168		167		166		166
Kauai	n/a		72		72		72		72
	—		1,416		1,420		1,427		1,429

VISITOR DATA
Visitor arrivals by air (thousands)	2,686		10,282		9,827		9,257		8,822
Visitor days by air (thousands)	28,560		90,229		88,009		83,412		79,669
Visitor expenditures by air (millions)	4,669		17,702		17,778		16,734		15,754

Year-over-year change (%)
Visitor arrivals by air	(73.8)		5.3		5.9		4.9		3.0
Visitor days	(68.2)		2.9		5.4		4.7		2.3
Visitor expenditures by air	(73.6)		1.4		6.9		6.2		5.5

CONSTRUCTION INDUSTRY DATA (millions)
Value of private building permits authorized 2	$	3,108	$	3,221	$	3,269	$	3,128	$	3,241
Government contracts awarded	$	3,081	$	594	$	1,949	$	1,192	$	1,673
Estimated value of completed construction	n/a		$	9,602	$	9,456	$	8,384	$	8,288

OTHER DATA
State real gross domestic product (millions of 2012 $s) 3	$	73,208	$	82,471	$	82,204	$	80,716	$	74,026
Honolulu Consumer Price Index (% change)	1.6		1.6		1.9		2.5		2.0
Total non-agriculture wage and salary jobs (thousands) 4	578		656		658		655		648
Unemployment rate (average annual %)	11.2		2.7		2.5		2.5		3.0
Note: Columns may not foot due to rounding.
Sources: State of Hawaii Data Book 2019 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii
Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis.
1 Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2020 not available at time of printing.
2 Excludes public construction.
3 Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes.
4 Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations).
n/a: Not available

Appendix

EXPLANATION OF HEI’S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES

HEI and Hawaiian Electric Company management use certain non-GAAP measures to evaluate the performance of HEI and the utility. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities given the non-recurring nature of certain items. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP (core) earnings and the adjusted return on average common equity (ROACE) for HEI consolidated and the utility.

The reconciling adjustments from GAAP earnings to core earnings include income, costs and associated taxes related to the terminated merger between HEI and NextEra Energy, Inc., the cancelled spin-off of ASB Hawaii, Inc. and the terminated liquefied natural gas (LNG) contract which required the Hawaii Public Utilities Commission approval of the merger with NextEra Energy, Inc. For more information on the transactions, see HEI’s Form 8-K filed on July 18, 2016, and HEI’s Form 8-K filed on July 19, 2016. In addition, the reconciling adjustments from GAAP earnings to core earnings exclude the impact of the federal tax reform act due to the adjustment of deferred tax balances and the $1,000 employee bonuses paid by the bank related to federal tax reform. Management does not consider these items to be representative of the company’s fundamental core earnings. Management has shown adjusted non-GAAP (core) net income, adjusted non-GAAP (core) diluted earnings per common share and adjusted non-GAAP (core) ROACE in order to provide better comparability of core net income, EPS and ROACE between periods.


RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES
Hawaiian Electric Industries, Inc. and Subsidiaries (HEI)
Unaudited
($ in millions, except per share amounts)

Years ended December 31		2020			2019			2018			2017			2016
HEI CONSOLIDATED NET INCOME
GAAP (as reported)		$	197.8		$	217.9		$	201.8		$	165.3		$	248.3
Excluding special items (after-tax):
	(Income) expenses related to the terminated merger with NextEra Energy
	and cancelled spin-off of ASB Hawaii	—			—			—			—			(60.3)
	Costs related to the terminated LNG contract2	—			—			—			—			2.1
	Bonus related to enactment of federal tax reform3	—			—			—			0.7			—
	Federal tax reform impacts4	—			—			—			13.4			—
Non-GAAP (core) net income		$	197.8		$	217.9		$	201.8		$	179.5		$	190.1
HEI CONSOLIDATED DILUTED EARNINGS PER COMMON SHARE (EPS)
GAAP (as reported)		$	1.81		$	1.99		$	1.85		$	1.52		$	2.29
Non-GAAP (core) diluted earnings per common share		$	1.81		$	1.99		$	1.85		$	1.65		$	1.75
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		8.6		%	9.8		%	9.5		%	7.9		%	12.4		%
Based on non-GAAP (core)5		8.6		%	9.8		%	9.5		%	8.6		%	9.5		%
Hawaiian Electric Company, Inc. and Subsidiaries
UTILITY NET INCOME
GAAP (as reported)		$	169.3		$	156.8		$	143.7		$	120.0		$	142.3
Excluding special items (after-tax):
	Costs related to the terminated merger with Next Era Energy	—			—			—			—			0.1
	Costs related to the terminated LNG contract2	—			—			—			—			2.1
	Federal tax reform impacts4	—			—			—			9.2			—
Non-GAAP (core) net income		$	169.3		$	156.8		$	143.7		$	129.1		$	144.5
UTILITY RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		8.1		%	7.8		%	7.6		%	6.6		%	8.1		%
Based on non-GAAP (core)5		8.1		%	7.8		%	7.6		%	7.1		%	8.2		%

Note: Columns may not foot due to rounding
1	Accounting principles generally accepted in the United States of America.
2	The LNG contract was terminated as it was conditioned on the merger with NextEra Energy closing.
3	Bonus paid by American Savings Bank related to enactment of federal tax reform.
4	Reflects the lower rates enacted by federal tax reform, primarily the adjustments to reduce the unregulated net deferred tax asset balances.
5	Calculated as non-GAAP (core) net income divided by average GAAP common equity.