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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED BALANCE SHEETS
December 3120222021
(dollars in thousands)  
Assets  
Cash and cash equivalents$611 $479 
Accounts receivable946 873 
Notes receivable from subsidiaries1,140 — 
Property, plant and equipment, net1,877 2,052 
Deferred income tax assets12,107 17,000 
Other assets and intercompany receivables17,695 15,940 
Investments in subsidiaries, at equity2,894,856 3,025,729 
   Total assets $2,929,232 $3,062,073 
Liabilities and shareholders’ equity  
Liabilities  
Accounts payable$797 $914 
Interest payable1,554 2,238 
Commercial paper49,683 53,998 
Short-term debt, net34,918 — 
Long-term debt, net557,874 548,480 
Retirement benefits liability21,983 26,340 
Other59,924 39,219 
   Total liabilities726,733 671,189 
Shareholders’ equity  
Preferred stock, no par value, authorized 10,000,000 shares; issued: none
— — 
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 109,470,795 shares and 109,311,785 shares at December 31, 2022 and 2021, respectively
1,692,697 1,685,496 
Retained earnings845,830 757,921 
Accumulated other comprehensive loss, net of tax benefits(336,028)(52,533)
   Total shareholders’ equity2,202,499 2,390,884 
   Total liabilities and shareholders’ equity$2,929,232 $3,062,073 
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED STATEMENTS OF INCOME
Years ended December 31202220212020
(in thousands)   
Revenues$320 $105 $208 
Equity in net income of subsidiaries273,076 278,743 227,098 
Expenses:  
Operating, administrative and general20,850 24,006 20,731 
Depreciation of property, plant and equipment399 414 485 
Taxes, other than income taxes732 514 654 
       Total expenses21,981 24,934 21,870 
Income before interest expense and income tax benefits251,415 253,914 205,436 
Retirement defined benefits credit (expense)—other than service costs147 (114)634 
Interest expense21,997 18,444 18,237 
Income before income tax benefits229,271 235,584 186,565 
Income tax benefits11,867 10,582 11,259 
Net income$241,138 $246,166 $197,824 

HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
STATEMENTS OF COMPREHENSIVE INCOME
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Incorporated by reference are HEI and Subsidiaries’ Statements of Consolidated Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity in Part II, Item 8.
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31202220212020
(in thousands)
Net cash provided by operating activities$167,150 $154,151 $134,363 
Cash flows from investing activities   
Increase in note receivable from subsidiary (1,140)— — 
Decrease in note receivable from subsidiary — — 22,719 
Capital expenditures(224)(10)(20)
Investments in subsidiaries(50,629)(76,232)(42,664)
Other1,662 180 2,435 
Net cash used in investing activities(50,331)(76,062)(17,530)
Cash flows from financing activities   
Net decrease in short-term borrowings with original maturities of three months or less(4,315)(10,493)(32,232)
Proceeds from issuance of short-term debt35,000 — 65,000 
Repayment of short-term debt— (15,000)(50,000)
Proceeds from issuance of long-term debt160,000 150,000 50,000 
Repayment of long-term debt(150,000)(50,000)— 
Proceeds from issuance of syndicated credit facility— — 66,300 
Repayment of syndicated credit facility— — (66,300)
Withheld shares for employee taxes on vested share-based compensation(3,165)(2,006)(5,700)
Common stock dividends(153,229)(148,643)(144,096)
Other(978)(1,767)(459)
Net cash used in financing activities(116,687)(77,909)(117,487)
Net increase (decrease) in cash and equivalents132 180 (654)
Cash and cash equivalents, January 1479 299 953 
Cash and cash equivalents, December 31$611 $479 $299 
NOTES TO CONDENSED FINANCIAL INFORMATION

Basis of Presentation
The “Notes to Consolidated Financial Statements” in Part II, Item 8 should be read in conjunction with the above HEI (Parent Company) financial statements. All HEI subsidiaries are reflected in the Condensed Financial Statements under the equity method. Income taxes for equity method investments are included in “Equity in net income of subsidiaries.”
Long-term debt
The components of long-term debt, net, were as follows:
December 3120222021
(dollars in thousands)  
HEI 2.99% term loan, paid in 2022
$— $150,000 
HEI 3.99% senior notes, due 2023
50,000 50,000 
HEI 4.58% senior notes, due 2025
50,000 50,000 
HEI 4.72% senior notes, due 2028
100,000 100,000 
HEI 2.82% senior notes, due 2028
24,000 24,000 
HEI 2.48% senior notes, due 2028
30,000 30,000 
HEI 2.98% senior notes, due 2030
50,000 50,000 
HEI 3.15% senior notes, due 2031
51,000 51,000 
HEI 2.78% senior notes, due 2031
25,000 25,000 
HEI 2.98% senior notes, due 2032
30,000 — 
HEI 5.43% senior notes, due 2032
75,000 — 
HEI 5.43% senior notes, due 2034
35,000 — 
HEI 3.74% senior notes, due 2051
20,000 20,000 
HEI 3.94% senior notes, due 2052
20,000 — 
Less unamortized debt issuance costs(2,126)(1,520)
Long-term debt, net$557,874 $548,480 

The aggregate payments of principal required within five years after December 31, 2022 on long-term debt are $50 million in 2023, nil in 2024, $50 million in 2025, nil in 2026, nil for 2027, and $460 million thereafter.
Income taxes
The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision.
Dividends from HEI subsidiaries
In 2022, 2021 and 2020, cash dividends received from subsidiaries were $168 million, $172 million and $145 million, respectively.
Supplemental disclosures of noncash activities
In 2022, 2021 and 2020, $1.9 million, $2.1 million and $2.3 million, respectively, of HEI accounts receivable from ASB Hawaii were reduced with a corresponding reduction in HEI notes payable to ASB Hawaii in noncash transactions.
In 2022, 2021 and 2020, $1.9 million, $2.1 million and $2.3 million, respectively, were contributed as equity by HEI into ASB Hawaii with a corresponding increase in HEI notes payable to ASB Hawaii in noncash transactions.
Under the HEI DRIP, common stock dividends reinvested by shareholders in HEI common stock in noncash transactions was immaterial for 2022, 2021 and 2020 as HEI satisfied the share purchase requirements of the DRIP in 2022, 2021 and 2020 through open market purchases of its common stock rather than new issuances.