Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2022

Electric Utility Subsidiary [Abstract]

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2022		2021
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	69,919	$	351,070
Income taxes (3-37 years)	82,583		88,087
Decoupling revenue balancing account and RAM (1-2 years)	14,290		31,607
Unamortized expense and premiums on retired debt and equity issuances (1-28 years; 1-28 years remaining)	5,967		7,300
Vacation earned, but not yet taken (1 year)	14,109		14,255
COVID-19 related costs (to be determined by PUC)	11,403		27,839
ECRC/PPAC (1 year)	20,369		21,386
Other (1-37 years remaining)	23,873		23,999
Total regulatory assets	$	242,513	$	565,543
Included in:
Current assets	$	52,273	$	66,664
Long-term assets	190,240		498,879
Total regulatory assets	$	242,513	$	565,543

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2022		2021
(in thousands)
Cost of removal in excess of salvage value (1-79 years)	$	577,985	$	562,514
Income taxes (3-37 years)	316,947		337,304
Decoupling revenue balancing account and RAM (1-2 years)	10,426		251
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	81,950		51,734
Solar tax credits (1-19 years)	50,240		27,123
Other (1-3 years remaining)	18,102		17,842
Total regulatory liabilities	$	1,055,650	$	996,768
Included in:
Current liabilities	$	31,475	$	29,760
Long-term liabilities	1,024,175		967,008
Total regulatory liabilities	$	1,055,650	$	996,768

Schedule of voluntary liquidation and redemption prices of cumulative preferred stock

The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption:

December 31, 2022	Voluntary liquidation price		Redemption price
Series
C, D, E, H, J and K (Hawaiian Electric)	$	20	$	21
I (Hawaiian Electric)	20		20
G (Hawaii Electric Light)	100		100
H (Maui Electric)	100		100

Schedule of purchases from all IPPs

Purchases from all IPPs were as follows: 

Years ended December 31	2022		2021		2020
(in millions)
Kalaeloa	$	342	$	204	$	149
AES Hawaii	82		130		133
HPOWER	73		70		70
Hamakua Energy	66		53		50
Puna Geothermal Venture	48		29		1
Wind IPPs	119		124		105
Solar IPPs	57		50		57
Other IPPs1	7		10		4
Total IPPs	$	794	$	670	$	569

1 Includes hydro power and other PPAs

Schedule of changes in asset retirement obligation

Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:

(in thousands)	2022		2021
Balance, January 1	$	11,110	$	10,692
Accretion expense	442		423
Liabilities incurred	—		—
Liabilities settled	(4)		(5)
Balance, December 31	$	11,548	$	11,110

Schedule of net annual incremental amounts proposed to be collected (refunded)

The filing reflected ARA revenues for 2023 to be collected from January 1 through December 31, 2023, as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2023 ARA revenues	$	27.0	$	6.6	$	6.5	$	40.1
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Net 2023 ARA revenues	$	22.4	$	5.6	$	5.5	$	33.5

The net incremental amounts between the 2022 spring and fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1 through December 31, 2023 under the RBA rate tariffs, which were included in the 2022 fall revenue report filing.

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental ARA revenues	$	27.0	$	6.6	$	6.5	$	40.1
Annual change in accrued RBA balance through September 30, 2022 (and associated revenue taxes)	(3.6)		(6.7)		(3.2)		(13.5)
Incremental Performance Incentive Mechanisms (net)	—		—		(0.1)		(0.1)
Incremental EPRM/MPIR Revenue Adjustment	0.3		—		—		0.3
Net incremental amount to be collected under the RBA rate tariffs	$	23.6	$	(0.1)	$	3.3	$	26.8

Note: Columns may not foot due to rounding.

Schedule of consolidating statements of income

Consolidating statement of income

Year ended December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	2,452,969	485,590	470,355	(327)	[1]	$	3,408,587
Expenses
Fuel oil	917,801		133,238	214,575	—		1,265,614
Purchased power	601,235		143,636	48,713	—		793,584
Other operation and maintenance	326,785		85,110	85,706	—		497,601
Depreciation	158,725		41,404	35,295	—		235,424
Taxes, other than income taxes	228,843		44,685	43,645	—		317,173
Total expenses	2,233,389		448,073	427,934	—		3,109,396
Operating income	219,580		37,517	42,421	(327)		299,191
Allowance for equity funds used during construction	8,464		898	1,212	—		10,574
Equity in earnings of subsidiaries	47,493		—	—	(47,493)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	3,296		666	(127)	—		3,835
Interest expense and other charges, net	(55,260)		(10,659)	(10,824)	327	[1]	(76,416)
Allowance for borrowed funds used during construction	2,769		277	370	—		3,416
Income before income taxes	226,342		28,699	33,052	(47,493)		240,600
Income taxes	36,333		6,349	6,994	—		49,676
Net income	190,009		22,350	26,058	(47,493)		190,924
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	190,009		21,816	25,677	(47,493)		190,009
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	188,929	21,816	25,677	(47,493)		$	188,929

Consolidating statement of income

Year ended December 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,793,372	381,033	365,256	(25)	[1]	$	2,539,636
Expenses
Fuel oil	442,818		80,086	121,445	—		644,349
Purchased power	508,642		108,997	52,855	—		670,494
Other operation and maintenance	313,009		79,390	83,013	—		475,412
Depreciation	155,607		40,201	33,661	—		229,469
Taxes, other than income taxes	170,604		35,499	34,251	—		240,354
Total expenses	1,590,680		344,173	325,225	—		2,260,078
Operating income	202,692		36,860	40,031	(25)		279,558
Allowance for equity funds used during construction	7,734		586	1,214	—		9,534
Equity in earnings of subsidiaries	45,353		—	—	(45,353)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	3,348		670	(128)	—		3,890
Interest expense and other charges, net	(51,680)		(10,353)	(10,439)	25	[1]	(72,447)
Allowance for borrowed funds used during construction	2,617		197	436	—		3,250
Income before income taxes	210,064		27,960	31,114	(45,353)		223,785
Income taxes	31,342		6,246	6,560	—		44,148
Net income	178,722		21,714	24,554	(45,353)		179,637
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	178,722		21,180	24,173	(45,353)		178,722
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	177,642	21,180	24,173	(45,353)		$	177,642

Consolidating statement of income

Year ended December 31, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,608,305	334,221	323,430	(636)	[1]	$	2,265,320
Expenses
Fuel oil	354,087		72,202	88,985	—		515,274
Purchased power	446,672		73,120	48,957	—		568,749
Other operation and maintenance	311,781		73,746	88,665	—		474,192
Depreciation	151,387		39,041	32,305	—		222,733
Taxes, other than income taxes	154,191		31,181	30,450	—		215,822
Total expenses	1,418,118		289,290	289,362	—		1,996,770
Operating income	190,187		44,931	34,068	(636)		268,550
Allowance for equity funds used    during construction	7,335		543	890	—		8,768
Equity in earnings of subsidiaries	47,504		—	—	(47,504)	[2]	—
Retirement defined benefits credit (expense)—other than service costs	(1,294)		672	(141)	—		(763)
Interest expense and other charges, net	(48,775)		(10,004)	(9,651)	636	[1]	(67,794)
Allowance for borrowed funds used during construction	2,540		160	292	—		2,992
Income before income taxes	197,497		36,302	25,458	(47,504)		211,753
Income taxes	27,077		8,275	5,066	—		40,418
Net income	170,420		28,027	20,392	(47,504)		171,335
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	170,420		27,493	20,011	(47,504)		170,420
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	169,340	27,493	20,011	(47,504)		$	169,340

Statements of Income and Comprehensive Income Data

Years ended December 31	2022		2021		2020
(in thousands)
Interest and dividend income
Interest and fees on loans	$	207,830	$	198,802	$	214,134
Interest and dividends on investment securities	58,044		43,464		30,529
Total interest and dividend income	265,874		242,266		244,663
Interest expense
Interest on deposit liabilities	7,327		4,981		10,654
Interest on other borrowings	5,974		59		460
Total interest expense	13,301		5,040		11,114
Net interest income	252,573		237,226		233,549
Provision for credit losses	2,037		(25,825)		50,811
Net interest income after provision for credit losses	250,536		263,051		182,738
Noninterest income
Fees from other financial services	19,830		21,225		16,447
Fee income on deposit liabilities	18,762		16,663		16,059
Fee income on other financial products	10,291		8,770		6,381
Bank-owned life insurance	2,533		7,318		6,483
Mortgage banking income	1,692		9,305		23,734
Gain on sale of real estate	1,778		—		—
Gain on sale of investment securities, net	—		528		9,275
Other income, net	2,086		851		(256)
Total noninterest income	56,972		64,660		78,123
Noninterest expense
Compensation and employee benefits	113,839		113,970		104,443
Occupancy	24,026		20,584		21,573
Data processing	17,681		17,634		14,769
Services	10,679		10,327		11,121
Equipment	10,100		9,510		9,001
Office supplies, printing and postage	4,398		4,239		4,623
Marketing	3,968		3,870		3,435
FDIC insurance	3,591		3,235		2,342
Other expense1	16,985		13,783		20,283
Total noninterest expense	205,267		197,152		191,590
Income before income taxes	102,241		130,559		69,271
Income taxes	22,252		29,325		11,688
Net income	79,989		101,234		57,583
Other comprehensive income (loss), net of taxes	(298,833)		(52,728)		23,608
Comprehensive income (loss)	$	(218,844)	$	48,506	$	81,191

1 2020, included approximately $5.1 million of certain direct and incremental COVID-19 related costs, including $2.5 million of compensation expense and $2.0 million of enhanced cleaning and sanitation costs.

Reconciliation to amounts per HEI Consolidated Statements of Income*:

Years ended December 31	2022		2021		2020
(in thousands)
Interest and dividend income	$	265,874	$	242,266	$	244,663
Noninterest income	56,972		64,660		78,123
Less: Gain on sale of real estate	1,778		—		—
Less: Gain on sale of investment securities, net	—		528		9,275
*Revenues-Bank	321,068		306,398		313,511
Total interest expense	13,301		5,040		11,114
Provision for credit losses	2,037		(25,825)		50,811
Noninterest expense	205,267		197,152		191,590
Less: Retirement defined benefits expense (credit)—other than service costs	(723)		(1,828)		1,813
Add: Gain on sale of real estate	1,778		—		—
*Expenses-Bank	219,550		178,195		251,702
*Operating income-Bank	101,518		128,203		61,809
Add back: Retirement defined benefits expense (credit)—other than service costs	(723)		(1,828)		1,813
Add back: Gain on sale of investment securities, net	—		528		9,275
Income before income taxes	$	102,241	$	130,559	$	69,271

Schedule of consolidating statements of comprehensive income

Consolidating statement of comprehensive income

Year ended December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	188,929	21,816	25,677	(47,493)		$	188,929
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net gains arising during the period, net of taxes	187,193		44,411	44,386	(88,797)	[1]	187,193
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	18,884		2,811	2,584	(5,395)	[1]	18,884
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(199,936)		(46,841)	(46,694)	93,535	[1]	(199,936)
Other comprehensive income, net of taxes	6,141		381	276	(657)		6,141
Comprehensive income attributable to common shareholder	$	195,070	22,197	25,953	(48,150)		$	195,070

Consolidating statement of comprehensive income

Year ended December 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	177,642	21,180	24,173	(45,353)		$	177,642
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net losses arising during the period, net of tax benefits	151,523		17,902	16,572	(34,474)	[1]	151,523
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	19,461		2,749	2,553	(5,302)	[1]	19,461
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(171,345)		(20,585)	(18,898)	39,483	[1]	(171,345)
Other comprehensive income (loss), net of tax benefits	(361)		66	227	(293)		(361)
Comprehensive income attributable to common shareholder	$	177,281	21,246	24,400	(45,646)		$	177,281

Consolidating statement of comprehensive income

Year ended December 31, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	169,340	27,493	20,011	(47,504)		$	169,340
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes	(63,050)		(9,424)	(10,897)	20,321	[1]	(63,050)
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	21,550		3,179	2,763	(5,942)	[1]	21,550
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	39,860		6,025	8,000	(14,025)	[1]	39,860
Other comprehensive loss, net of tax benefits	(1,640)		(220)	(134)	354		(1,640)
Comprehensive income attributable to common shareholder	$	167,700	27,273	19,877	(47,150)		$	167,700

Schedule of consolidating balance sheets

Consolidating balance sheet

December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,860	5,606	3,594	—	—		52,060
Plant and equipment	5,260,685		1,425,442	1,293,383	—	—		7,979,510
Finance lease right-of-use assets	48,371		—	—	—	—		48,371
Less accumulated depreciation	(1,855,150)		(644,457)	(586,892)	—	—		(3,086,499)
Construction in progress	215,560		23,989	35,804	—	—		275,353
Utility property, plant and equipment, net	3,712,326		810,580	745,889	—	—		5,268,795
Nonutility property, plant and equipment, less accumulated depreciation	5,298		115	1,532	—	—		6,945
Total property, plant and equipment, net	3,717,624		810,695	747,421	—	—		5,275,740
Investment in wholly-owned subsidiaries, at equity	701,833		—	—	—	(701,833)	[2]	—
Current assets
Cash and cash equivalents	27,579		5,092	6,494	77	—		39,242
Advances to affiliates	—		4,500	21,700	—	(26,200)	[1]	—
Customer accounts receivable, net	216,802		39,339	32,197	—	—		288,338
Accrued unbilled revenues, net	136,508		23,839	22,933	—	—		183,280
Other accounts receivable, net	23,746		5,519	6,686	—	(22,384)	[1]	13,567
Fuel oil stock, at average cost	153,342		16,964	21,224	—	—		191,530
Materials and supplies, at average cost	48,130		9,783	21,655	—	—		79,568
Prepayments and other	24,040		6,346	4,137	—	(1,041)	[1]	33,482
Regulatory assets	46,504		2,435	3,334	—	—		52,273
Total current assets	676,651		113,817	140,360	77	(49,625)		881,280
Other long-term assets
Operating lease right-of-use assets	42,752		34,283	12,283	—	—		89,318
Regulatory assets	154,040		21,816	14,384	—	—		190,240
Other	115,028		32,654	29,495	—	(16,288)	[1]	160,889
Total other long-term assets	311,820		88,753	56,162	—	(16,288)		440,447
Total assets	$	5,407,928	1,013,265	943,943	77	(767,746)		$	6,597,467
Capitalization and liabilities
Capitalization
Common stock equity	$	2,344,170	344,720	357,036	77	(701,833)	[2]	$	2,344,170
Cumulative preferred stock–not subject to mandatory redemption	22,293		7,000	5,000	—	—		34,293
Long-term debt, net	1,126,915		224,439	233,500	—	—		1,584,854
Total capitalization	3,493,378		576,159	595,536	77	(701,833)		3,963,317
Current liabilities
Current portion of operating lease liabilities	9,775		6,690	2,630	—	—		19,095
Current portion of long-term debt, net	49,981		19,992	29,989	—	—		99,962
Short-term borrowings-non-affiliate	87,967		—	—	—	—		87,967
Short-term borrowings-affiliate	26,200		—	—	—	(26,200)	[1]	—
Accounts payable	143,253		32,113	27,126	—	—		202,492
Interest and preferred dividends payable	12,398		2,576	2,282	—	(80)	[1]	17,176
Taxes accrued, including revenue taxes	207,798		42,436	40,709	—	(1,041)	[1]	289,902
Regulatory liabilities	13,145		8,553	9,777	—	—		31,475
Other	64,659		20,856	22,385	—	(22,304)	[1]	85,596
Total current liabilities	615,176		133,216	134,898	—	(49,625)		833,665
Deferred credits and other liabilities
Operating lease liabilities	41,049		27,817	9,849	—	—		78,715
Finance lease liabilities	46,048		—	—	—	—		46,048
Deferred income taxes	271,234		50,615	62,581	—	—		384,430
Regulatory liabilities	729,683		194,222	100,270	—	—		1,024,175
Unamortized tax credits	69,614		13,150	12,536	—	—		95,300
Defined benefit pension and other postretirement benefit plans liability	65,907		129	—	—	(16,288)	[1]	49,748
Other	75,839		17,957	28,273		—		122,069
Total deferred credits and other liabilities	1,299,374		303,890	213,509	—	(16,288)		1,800,485
Total capitalization and liabilities	$	5,407,928	1,013,265	943,943	77	(767,746)		$	6,597,467

Consolidating balance sheet

December 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,737	5,606	3,594	—	—		$	51,937
Plant and equipment	5,097,033		1,390,361	1,248,589	—	—		7,735,983
Less accumulated depreciation	(1,757,096)		(619,991)	(563,430)	—	—		(2,940,517)
Construction in progress	159,854		17,129	27,586	—	—		204,569
Utility property, plant and equipment, net	3,542,528		793,105	716,339	—	—		5,051,972
Nonutility property, plant and equipment, less accumulated depreciation	5,302		115	1,532	—	—		6,949
Total property, plant and equipment, net	3,547,830		793,220	717,871	—	—		5,058,921
Investment in wholly-owned subsidiaries, at equity	676,237		—	—	—	(676,237)	[2]	—
Current assets
Cash and cash equivalents	23,344		5,326	23,422	77	—		52,169
Restricted cash	3,089		—	—	—	—		3,089
Advances to affiliates	1,000		—	—	—	(1,000)	[1]	—
Customer accounts receivable, net	135,949		28,469	22,441	—	—		186,859
Accrued unbilled revenues, net	92,469		19,529	17,157	—	—		129,155
Other accounts receivable, net	18,624		3,347	3,031	—	(17,735)	[1]	7,267
Fuel oil stock, at average cost	71,184		12,814	20,080	—	—		104,078
Materials and supplies, at average cost	42,006		9,727	20,144	—	—		71,877
Prepayments and other	32,140		6,052	7,114	—	725	[1]	46,031
Regulatory assets	58,695		3,051	4,918	—	—		66,664
Total current assets	478,500		88,315	118,307	77	(18,010)		667,189
Other long-term assets
Operating lease right-of-use assets	78,710		22,442	318	—	—		101,470
Regulatory assets	337,903		81,645	79,331	—	—		498,879
Other	130,546		17,124	18,510	—	(1,014)	[1]	165,166
Total other long-term assets	547,159		121,211	98,159	—	(1,014)		765,515
Total assets	$	5,249,726	1,002,746	934,337	77	(695,261)		$	6,491,625
Capitalization and liabilities
Capitalization
Common stock equity	$	2,261,899	332,900	343,260	77	(676,237)	[2]	$	2,261,899
Cumulative preferred stock–not subject to mandatory redemption	22,293		7,000	5,000	—	—		34,293
Long-term debt, net	1,136,620		234,390	253,417	—	—		1,624,427
Total capitalization	3,420,812		574,290	601,677	77	(676,237)		3,920,619
Current liabilities
Current portion of operating lease liabilities	45,955		3,378	35	—	—		49,368
Current portion of long-term debt	39,981		11,994	—	—	—		51,975
Short-term borrowings-affiliate	—		1,000	—	—	(1,000)	[1]	—
Accounts payable	111,024		26,139	22,844	—	—		160,007
Interest and preferred dividends payable	12,442		2,617	2,269	—	(3)	[1]	17,325
Taxes accrued, including revenue taxes	143,723		33,153	30,679	—	725	[1]	208,280
Regulatory liabilities	22,240		3,247	4,273	—	—		29,760
Other	56,752		14,158	18,540	—	(17,881)	[1]	71,569
Total current liabilities	432,117		95,686	78,640	—	(18,159)		588,284
Deferred credits and other liabilities
Operating lease liabilities	46,426		19,063	291	—	—		65,780
Deferred income taxes	291,027		53,298	64,309	—	—		408,634
Regulatory liabilities	695,152		179,267	92,589	—	—		967,008
Unamortized tax credits	76,201		14,212	13,532	—	—		103,945
Defined benefit pension and other postretirement benefit plans liability	220,480		48,900	53,257	—	(857)	[1]	321,780
Other	67,511		18,030	30,042	—	(8)		115,575
Total deferred credits and other liabilities	1,396,797		332,770	254,020	—	(865)		1,982,722
Total capitalization and liabilities	$	5,249,726	1,002,746	934,337	77	(695,261)		$	6,491,625

Balance Sheets Data

December 31			2022				2021
(in thousands)
Assets
Cash and due from banks			$	153,042			$	100,051
Interest-bearing deposits			3,107				151,189
Cash and cash equivalents			156,149				251,240
Investment securities
Available-for-sale, at fair value			1,429,667				2,574,618
Held-to-maturity, at amortized cost (fair value of $1,150,971 and $510,474 at December 31, 2022 and 2021, respectively)			1,251,747				522,270
Stock in Federal Home Loan Bank, at cost			26,560				10,000
Loans held for investment			5,978,906				5,211,114
Allowance for credit losses			(72,216)				(71,130)
Net loans			5,906,690				5,139,984
Loans held for sale, at lower of cost or fair value			824				10,404
Other			692,143				590,897
Goodwill			82,190				82,190
Total assets			$	9,545,970			$	9,181,603
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing			$	2,811,077			$	2,976,632
Deposit liabilities–interest-bearing			5,358,619				5,195,580
Other borrowings			695,120				88,305
Other			212,269				193,268
Total liabilities			9,077,085				8,453,785
Commitments and contingencies
Common stock			1				1
Additional paid in capital			355,806				353,895
Retained earnings			449,693				411,704
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(328,904)			$	(32,037)
Retirement benefit plans	(7,711)		(336,615)		(5,745)		(37,782)
Total shareholder’s equity			468,885				727,818
Total liabilities and shareholder’s equity			$	9,545,970			$	9,181,603

December 31	2022		2021
(in thousands)
Other assets
Bank-owned life insurance	$	182,986	$	177,566
Premises and equipment, net	195,324		202,299
Accrued interest receivable	25,077		20,854
Mortgage servicing rights	9,047		9,950
Low-income housing investments	106,978		110,989
Deferred tax asset	116,441		7,699
Real estate acquired in settlement of loans, net	115		—
Other	56,175		61,540
	$	692,143	$	590,897
Other liabilities
Accrued expenses	$	97,295	$	87,905
Federal income taxes payable	863		—
Cashier’s checks	36,401		33,675
Advance payments by borrowers	9,637		9,994
Other	68,073		61,694
	$	212,269	$	193,268

Schedule of consolidating statements of changes in common stock equity

Consolidating statements of changes in common stock equity

(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	169,340		27,493	20,011	—	(47,504)	169,340
Other comprehensive loss, net of taxes	(1,640)		(220)	(134)	—	354	(1,640)
Issuance of common stock, net of expenses	34,000		7,500	11,000	—	(18,500)	34,000
Common stock dividends	(107,134)		(16,320)	(14,384)	—	30,704	(107,134)
Dissolution of subsidiary	—		—	—	(24)	24	—
Balance, December 31, 2020	2,141,918		317,451	309,363	77	(626,891)	2,141,918
Net income for common stock	177,642		21,180	24,173	—	(45,353)	177,642
Other comprehensive income (loss), net of taxes	(361)		66	227	—	(293)	(361)
Issuance of common stock, net of expenses	54,400		8,803	24,597	—	(33,400)	54,400
Common stock dividends	(111,700)		(14,600)	(15,100)	—	29,700	(111,700)
Balance, December 31, 2021	2,261,899		332,900	343,260	77	(676,237)	2,261,899
Net income for common stock	188,929		21,816	25,677	—	(47,493)	188,929
Other comprehensive income, net of taxes	6,141		381	276	—	(657)	6,141
Issuance of common stock, net of expenses	13,101		6,023	3,023	—	(9,046)	13,101
Common stock dividends	(125,900)		(16,400)	(15,200)	—	31,600	(125,900)
Balance, December 31, 2022	2,344,170		344,720	357,036	77	(701,833)	2,344,170

Schedule of consolidating statements of cash flows

Consolidating statement of cash flows

Year ended December 31, 2022

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric  Consolidated
Cash flows from operating activities
Net income	$	190,009	22,350	26,058	—	(47,493)	[2]	$	190,924
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(47,493)		—	—	—	47,493	[2]	—
Common stock dividends received from subsidiaries	31,600		—	—	—	(31,600)	[2]	—
Depreciation of property, plant and equipment	158,725		41,404	35,295	—	—		235,424
Other amortization	16,708		4,996	3,616	—	—		25,320
Deferred income taxes	(33,648)		(4,040)	(3,727)	—	—		(41,415)
State refundable credit	(7,375)		(1,734)	(1,890)	—	—		(10,999)
Bad debt expense	4,175		1,073	779				6,027
Allowance for equity funds used during construction	(8,464)		(898)	(1,212)	—	—		(10,574)
Other	(65)		(50)	(24)	—	—		(139)
Changes in assets and liabilities:
Increase in accounts receivable	(74,067)		(11,644)	(10,680)	—	4,649	[1]	(91,742)
Increase in accrued unbilled revenues	(43,972)		(4,289)	(5,762)	—	—		(54,023)
Increase in fuel oil stock	(82,158)		(4,150)	(1,144)	—	—		(87,452)
Increase in materials and supplies	(6,124)		(56)	(1,511)	—	—		(7,691)
Decrease in regulatory assets	28,076		1,546	4,978	—	—		34,600
Increase in regulatory liabilities	28,621		7,977	8,290		—		44,888
Increase in accounts payable	18,657		3,294	404	—	—		22,355
Change in prepaid and accrued income taxes, tax credits and revenue taxes	77,903		11,117	14,178	—	—		103,198
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,545)		(626)	(657)	—	—		(4,828)
Change in other assets and liabilities	(17,884)		213	(3,623)	—	(4,649)	[1]	(25,943)
Net cash provided by operating activities	229,679		66,483	63,368	—	(31,600)		327,930
Cash flows from investing activities
Capital expenditures	(223,223)		(49,004)	(57,230)	—	—		(329,457)
Advances from affiliates	1,000		(4,500)	(21,700)	—	25,200	[1]	—
Other	(5,687)		760	1,253	—	9,046	[1],[2]	5,372
Net cash used in investing activities	(227,910)		(52,744)	(77,677)	—	34,246		(324,085)
Cash flows from financing activities
Common stock dividends	(125,900)		(16,400)	(15,200)	—	31,600	[2]	(125,900)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080)		(534)	(381)	—	—		(1,995)
Proceeds from issuance of common stock	13,101		6,023	3,023	—	(9,046)	[2]	13,101
Proceeds from issuance of long-term debt	40,000		10,000	10,000	—	—		60,000
Repayment of long-term debt	(40,000)		(12,000)	—	—	—		(52,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	114,167		(1,000)	—	—	(25,200)	[1]	87,967
Payments of obligations under finance leases	(670)		—	—	—	—		(670)
Other	(241)		(62)	(61)	—	—		(364)
Net cash provided by (used in) financing activities	(623)		(13,973)	(2,619)	—	(2,646)		(19,861)
Net increase (decrease) in cash, cash equivalents and restricted cash	1,146		(234)	(16,928)	—	—		(16,016)
Cash, cash equivalents and restricted cash, January 1	26,433		5,326	23,422	77	—		55,258
Cash, cash equivalents and restricted cash, December 31	27,579		5,092	6,494	77	—		39,242
Less: Restricted cash	—		—	—	—	—		—
Cash and cash equivalents, December 31	$	27,579	5,092	6,494	77	—		$	39,242

Consolidating statement of cash flows

Year ended December 31, 2021

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	178,722	21,714	24,554	—	(45,353)	[2]	$	179,637
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(45,353)		—	—	—	45,353	[2]	—
Common stock dividends received from subsidiaries	29,700		—	—	—	(29,700)	[2]	—
Depreciation of property, plant and equipment	155,607		40,201	33,661	—	—		229,469
Other amortization	16,688		3,532	1,517	—	—		21,737
Deferred income taxes	(3,191)		(1,955)	1,317	—	—		(3,829)
State refundable credit	(7,120)		(1,672)	(1,790)	—	—		(10,582)
Bad debt expense	1,159		509	515	—	—		2,183
Allowance for equity funds used during construction	(7,734)		(586)	(1,214)	—	—		(9,534)
Bill credits	1,400		300	300	—	—		2,000
Other	366		(41)	1,025	—	—		1,350
Changes in assets and liabilities:
Increase in accounts receivable	(41,727)		(6,832)	(3,071)	—	1,540	[1]	(50,090)
Increase in accrued unbilled revenues	(18,345)		(5,816)	(3,303)	—	—		(27,464)
Increase in fuel oil stock	(32,407)		(4,343)	(9,090)	—	—		(45,840)
Decrease (increase) in materials and supplies	(3,220)		169	(1,482)	—	—		(4,533)
Decrease (increase) in regulatory assets	(15,422)		24	1,524	—	—		(13,874)
Increase (decrease) in regulatory liabilities	16,269		(1,031)	120				15,358
Decrease in accounts payable	9,828		4,723	3,120	—	—		17,671
Change in prepaid and accrued income taxes, tax credits and revenue taxes	21,217		3,861	1,938	—	(86)	[1]	26,930
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,480)		(950)	(724)	—	—		(5,154)
Change in other assets and liabilities	(36,733)		(5,833)	(8,196)	—	(1,540)	[1]	(52,302)
Net cash provided by operating activities	216,224		45,974	40,721	—	(29,786)		273,133
Cash flows from investing activities
Capital expenditures	(194,984)		(50,516)	(46,500)	—	—		(292,000)
Advances from affiliates	25,700		—	—	—	(25,700)	[1]	—
Other	(29,596)		1,072	1,073		33,486	[1],[2]	6,035
Net cash used in investing activities	(198,880)		(49,444)	(45,427)	—	7,786		(285,965)
Cash flows from financing activities
Common stock dividends	(111,700)		(14,600)	(15,100)	—	29,700	[2]	(111,700)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080)		(534)	(381)	—	—		(1,995)
Proceeds from the issuance of common stock	54,400		8,803	24,597	—	(33,400)	[2]	54,400
Proceeds from the issuance of long-term debt	60,000		30,000	25,000	—	—		115,000
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	—		(17,800)	(7,900)	—	25,700	[1]	—
Repayment of short-term debt	(50,000)		—	—	—	—		(50,000)
Other	(702)		(119)	(120)	—	—		(941)
Net cash provided by (used in) financing activities	(49,082)		5,750	26,096	—	22,000		4,764
Net increase (decrease) in cash, cash equivalents and restricted cash	(31,738)		2,280	21,390	—	—		(8,068)
Cash, cash equivalents and restricted cash, January 1	58,171		3,046	2,032	77	—		63,326
Cash, cash equivalents and restricted cash, December 31	26,433		5,326	23,422	77	—		55,258
Less: Restricted cash	(3,089)		—	—	—	—		(3,089)
Cash and cash equivalents, December 31	$	23,344	5,326	23,422	77	—		$	52,169

Consolidating statement of cash flows

Year ended December 31, 2020

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	170,420	28,027	20,392	—	(47,504)	[2]	$	171,335
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(47,504)		—	—	—	47,504	[2]	—
Common stock dividends received from subsidiaries	30,704		—	—	—	(30,704)	[2]	—
Depreciation of property, plant and equipment	151,387		39,041	32,305	—	—		222,733
Other amortization	24,511		5,090	4,145	—	—		33,746
Deferred income taxes	2,130		(463)	1,484	—	—		3,151
State refundable credit	(6,668)		(1,593)	(1,700)	—	—		(9,961)
Bad debt expense	1,042		620	453	—	—		2,115
Allowance for equity funds used during construction	(7,335)		(543)	(890)	—	—		(8,768)
Accrued environmental reserve	6,556		—	—	—	—		6,556
Other	1,201		1,322	87	—	—		2,610
Changes in assets and liabilities:
Increase in accounts receivable	(8,093)		(3,349)	(1,343)	—	5,499	[1]	(7,286)
Decrease in accrued unbilled revenues	8,832		3,327	3,126	—	—		15,285
Decrease (increase) in fuel oil stock	30,226		430	3,043	—	—		33,699
Increase in materials and supplies	(3,910)		(1,583)	(1,149)	—	—		(6,642)
Decrease (increase) in regulatory assets	8,526		(2,908)	(4,611)	—	—		1,007
Decrease in regulatory liabilities	(5,490)		(4,489)	(6,583)				(16,562)
Decrease in accounts payable	(26,093)		(1,819)	(5,217)	—	—		(33,129)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(25,757)		(5,483)	(5,998)	—	58	[1]	(37,180)
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,092)		(643)	(571)	—	—		(4,306)
Change in other assets and liabilities	(21,124)		(8,864)	3,635	—	(5,499)	[1]	(31,852)
Net cash provided by operating activities	280,469		46,120	40,608	—	(30,646)		336,551
Cash flows from investing activities
Capital expenditures	(229,127)		(64,346)	(57,391)	—	—		(350,864)
Advances to affiliates	1,000		8,000	—	—	(9,000)	[1]	—
Other	(14,340)		1,032	960	(24)	18,442	[1][2]	6,070
Net cash used in investing activities	(242,467)		(55,314)	(56,431)	(24)	9,442		(344,794)
Cash flows from financing activities
Common stock dividends	(107,134)		(16,320)	(14,384)	—	30,704	[2]	(107,134)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080)		(534)	(381)	—	—		(1,995)
Proceeds from the issuance of common stock	34,000		7,500	11,000	—	(18,500)	[2]	34,000
Proceeds from the issuance of long-term debt	205,000		10,000	40,000	—	—		255,000
Repayment of long-term debt and funds transferred for 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)		18,800	(19,800)	—	9,000	[1]	(38,987)
Proceeds from issuance of short-term debt	100,000		—	—	—	—		100,000
Repayment of short-term debt	(100,000)		—	—	—	—		(100,000)
Other	(1,618)		(214)	(377)	—	—		(2,209)
Net cash provided by (used in) financing activities	(12,819)		5,232	16,058	—	21,204		29,675
Net increase (decrease) in cash, cash equivalents and restricted cash	25,183		(3,962)	235	(24)	—		21,432
Cash, cash equivalents and restricted cash, January 1	32,988		7,008	1,797	101	—		41,894
Cash, cash equivalents and restricted cash, December 31	58,171		3,046	2,032	77	—		63,326
Less: Restricted cash	(15,966)		—	—	—	—		(15,966)
Cash and cash equivalents, December 31	$	42,205	3,046	2,032	77	—		$	47,360

Explanation of consolidating adjustments on consolidating schedules:

[1] Eliminations of intercompany receivables and payables and other intercompany transactions

[2] Elimination of investment in subsidiaries, carried at equity