Leases (Tables)

12 Months Ended

Dec. 31, 2021

Amounts related to the Company’s total lease cost and cash flows arising from lease transactions are as follows:


	HEI consolidated									Hawaiian Electric consolidated
Year ended December 31, 2021	Other leases			PPAs classified as leases			Total			Other leases			PPAs classified as leases			Total
(dollars in thousands)
Operating lease cost	$	14,184		$	66,070		$	80,254		$	8,578		$	66,070		$	74,648

Variable lease cost	14,360			257,472			271,832			11,586			257,472			269,058
Sublease income	(2,515)			—			(2,515)			(2,515)			—			(2,515)
Total lease cost	$	26,029		$	323,542		$	349,571		$	17,649		$	323,542		$	341,191
Other information
Cash paid for amounts included in the measurement of lease liabilities—Operating cash flows from operating leases	$	11,239		$	62,136		$	73,375		$	6,168		$	62,136		$	68,304
Weighted-average remaining lease term—operating leases (in years)	9.1			2.5			6.1			10.0			2.5			5.9
Weighted-average discount rate—operating leases	2.84		%	3.63		%	3.18		%	2.98		%	3.63		%	3.31		%


	HEI consolidated									Hawaiian Electric consolidated
Year ended December 31, 2020	Other leases			PPAs classified as leases			Total			Other leases			PPAs classified as leases			Total
(dollars in thousands)
Operating lease cost	$	11,201		$	63,319		$	74,520		$	6,022		$	63,319		$	69,341

Variable lease cost	12,765			217,173			229,938			9,842			217,173			227,015
Total lease cost	$	23,966		$	280,492		$	304,458		$	15,864		$	280,492		$	296,356
Other information
Cash paid for amounts included in the measurement of lease liabilities—Operating cash flows from operating leases	$	10,783		$	60,801		$	71,584		$	6,223		$	60,801		$	67,024
Weighted-average remaining lease term—operating leases (in years)	8.9			1.8			4.4			10.1			1.8			3.8
Weighted-average discount rate—operating leases	2.87		%	4.08		%	3.61		%	3.20		%	4.08		%	3.84		%

Schedule of operating lease liabilities

The following table summarizes the maturity of our operating lease liabilities as of December 31, 2021:


	HEI consolidated						Hawaiian Electric consolidated
(in millions)	Other leases		PPAs classified as leases		Total		Other leases		PPAs classified as leases		Total
2022	$	11	$	46	$	57	$	6	$	46	$	52
2023	13		4		17		8		4		12
2024	11		4		15		7		4		11
2025	7		4		11		5		4		9
2026	7		3		10		5		3		8
Thereafter	36		4		40		30		4		34
Total lease payments	85		65		150		61		65		126
Less: Imputed interest	(11)		(2)		(13)		(9)		(2)		(11)
Total present value of lease payments1	$	74	$	63	$	137	$	52	$	63	$	115

1The fixed capacity payment related to the existing PPA with PGV, which will expire on December 31, 2027, is included as a lease liability as of December 31, 2021. The PGV facility returned to service with firm capacity in the first quarter of 2021. The annual capacity payment based on the most recent accepted output is approximately $3.8 million. The lease liability will be remeasured when PGV ramps back up to the original contracted firm capacity.