Electric utility segment (Tables)

3 Months Ended

Mar. 31, 2023

Electric Utility Subsidiary [Abstract]

Purchases from all IPPs were as follows:


	Three months ended March 31
(in millions)		2023		2022
Kalaeloa		$	67	$	60
AES Hawaii 1		—		27
HPOWER		18		19
Hamakua Energy		20		16
Puna Geothermal Venture		8		10
Wind IPPs		24		18
Solar IPPs		14		13
Other IPPs 2		2		1
Total IPPs		$	153	$	164

1 The term of the PPA with AES Hawaii expired on September 1, 2022 and the AES Hawaii coal plant ceased operations.2 Includes hydro power and other PPAs.

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

The net incremental amounts between the 2022 fall and 2023 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June, 1, 2023 through May 31, 2024 under the RBA rate tariffs, which were included in the 2023 spring revenue report filing.


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total


Incremental Performance Incentive Mechanisms (net)	(0.4)		0.1		0.1		(0.2)
Incremental EPRM/MPIR Revenue Adjustment	2.5		1.4		1.0		4.9
Other	0.4		0.1		—		$	0.5



Net incremental amount to be collected under the RBA rate tariffs	$	2.5	$	1.5	$	1.1	$	5.1

Note: Columns may not foot due to rounding.

Schedule of condensed consolidating statements of income

Condensed Consolidating Statement of Income

Three months ended March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	601,530	115,288	113,673	—	(130)	$	830,361
Expenses
Fuel oil	253,827		27,760	52,510	—	—	334,097
Purchased power	110,279		34,086	8,396	—	—	152,761
Other operation and maintenance	83,233		21,350	23,733	—	—	128,316
Depreciation	41,038		10,635	9,254	—	—	60,927
Taxes, other than income taxes	56,953		10,737	10,695	—	—	78,385

Total expenses	545,330		104,568	104,588	—	—	754,486
Operating income	56,200		10,720	9,085	—	(130)	75,875
Allowance for equity funds used during construction	2,640		284	377	—	—	3,301
Equity in earnings of subsidiaries	11,541		—	—	—	(11,541)	—
Retirement defined benefits credit (expense)—other than service costs	904		169	(26)	—	—	1,047
Interest expense and other charges, net	(14,557)		(2,831)	(2,988)	—	130	(20,246)
Allowance for borrowed funds used during construction	918		91	122	—	—	1,131
Income before income taxes	57,646		8,433	6,570	—	(11,541)	61,108
Income taxes	10,367		1,909	1,324	—	—	13,600
Net income	47,279		6,524	5,246	—	(11,541)	47,508
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	47,279		6,390	5,151	—	(11,541)	47,279
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	47,009	6,390	5,151	—	(11,541)	$	47,009

Condensed Consolidating Statement of Income

Three months ended March 31, 2022


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	500,242	108,528	100,028	—	(6)	$	708,792
Expenses
Fuel oil	154,425		25,251	41,610	—	—	221,286
Purchased power	124,183		30,712	8,638	—	—	163,533
Other operation and maintenance	83,656		20,214	21,387	—	—	125,257
Depreciation	39,484		10,351	8,636	—	—	58,471
Taxes, other than income taxes	47,274		10,032	9,344	—	—	66,650

Total expenses	449,022		96,560	89,615	—	—	635,197
Operating income	51,220		11,968	10,413	—	(6)	73,595
Allowance for equity funds used during construction	1,990		193	226	—	—	2,409
Equity in earnings of subsidiaries	13,661		—	—	—	(13,661)	—
Retirement defined benefits credit (expense)—other than service costs	855		167	(32)	—	—	990
Interest expense and other charges, net	(13,093)		(2,609)	(2,630)	—	6	(18,326)
Allowance for borrowed funds used during construction	651		60	67	—	—	778
Income before income taxes	55,284		9,779	8,044	—	(13,661)	59,446
Income taxes	8,605		2,268	1,665	—	—	12,538
Net income	46,679		7,511	6,379	—	(13,661)	46,908
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	46,679		7,377	6,284	—	(13,661)	46,679
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	46,409	7,377	6,284	—	(13,661)	$	46,409

Statements of Income and Comprehensive Income Data


	Three months ended March 31
(in thousands)		2023		2022
Interest and dividend income
Interest and fees on loans		$	64,842	$	46,005
Interest and dividends on investment securities		14,637		13,984
Total interest and dividend income		79,479		59,989
Interest expense
Interest on deposit liabilities		6,837		947
Interest on other borrowings		7,721		5
Total interest expense		14,558		952
Net interest income		64,921		59,037
Provision for credit losses		1,175		(3,263)
Net interest income after provision for credit losses		63,746		62,300
Noninterest income
Fees from other financial services		4,679		5,587
Fee income on deposit liabilities		4,599		4,691
Fee income on other financial products		2,744		2,718
Bank-owned life insurance		1,425		681
Mortgage banking income		130		1,077
Gain on sale of real estate		—		1,002

Other income, net		801		372
Total noninterest income		14,378		16,128
Noninterest expense
Compensation and employee benefits		30,204		27,215
Occupancy		5,588		5,952
Data processing		5,012		4,151
Services		2,595		2,439
Equipment		2,646		2,329
Office supplies, printing and postage		1,165		1,060
Marketing		1,016		1,018

Other expense		6,191		4,049
Total noninterest expense		54,417		48,213
Income before income taxes		23,707		30,215
Income taxes		5,145		6,345
Net income		18,562		23,870
Other comprehensive income (loss), net of taxes		18,430		(122,441)
Comprehensive income (loss)		$	36,992	$	(98,571)

Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:


	Three months ended March 31
(in thousands)		2023		2022
Interest and dividend income		$	79,479	$	59,989
Noninterest income		14,378		16,128
Less: Gain on sale of real estate		—		1,002

*Revenues-Bank		93,857		75,115
Total interest expense		14,558		952
Provision for credit losses		1,175		(3,263)
Noninterest expense		54,417		48,213
Less: Gain on sale of real estate		—		1,002
Less: Retirement defined benefits credit—other than service costs		(187)		(185)
*Expenses-Bank		70,337		45,085
*Operating income-Bank		23,520		30,030
Add back: Retirement defined benefits credit—other than service costs		(187)		(185)

Income before income taxes		$	23,707	$	30,215

Schedule of condensed consolidating statement of comprehensive income

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	47,009	6,390	5,151	—	(11,541)	$	47,009
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(470)		(56)	(63)	—	119	(470)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	425		50	57	—	(107)	425
Other comprehensive loss, net of taxes	(45)		(6)	(6)	—	12	(45)
Comprehensive income attributable to common shareholder	$	46,964	6,384	5,145	—	(11,529)	$	46,964

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2022


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	46,409	7,377	6,284	—	(13,661)	$	46,409
Other comprehensive income, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes	4,376		670	603	—	(1,273)	4,376
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(4,325)		(670)	(603)	—	1,273	(4,325)
Other comprehensive income, net of taxes	51		—	—	—	—	51
Comprehensive income attributable to common shareholder	$	46,460	7,377	6,284	—	(13,661)	$	46,460

Schedule of condensed consolidating balance sheet

Condensed Consolidating Balance Sheet

March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diaries	Consoli- dating 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	5,302,293		1,431,852	1,308,747	—	—	8,042,892
Right-of-use assets - finance lease	88,297		—	—	—	—	88,297
Less accumulated depreciation	(1,889,007)		(651,463)	(593,341)	—	—	(3,133,811)
Construction in progress	248,788		28,136	38,938	—	—	315,862
Utility property, plant and equipment, net	3,793,231		814,131	757,938	—	—	5,365,300
Nonutility property, plant and equipment, less accumulated depreciation	5,298		115	1,532	—	—	6,945
Total property, plant and equipment, net	3,798,529		814,246	759,470	—	—	5,372,245
Investment in wholly owned subsidiaries, at equity	705,212		—	—	—	(705,212)	—
Current assets
Cash and cash equivalents	49,393		28,006	38,546	77	—	116,022


Customer accounts receivable, net	172,426		34,224	28,655	—	—	235,305
Accrued unbilled revenues, net	118,035		21,831	20,666	—	—	160,532
Other accounts receivable, net	22,376		3,883	4,677	—	(19,509)	11,427
Fuel oil stock, at average cost	116,295		16,678	24,610	—	—	157,583
Materials and supplies, at average cost	50,744		10,578	22,771	—	—	84,093
Prepayments and other	33,369		5,025	5,515	—	—	43,909
Regulatory assets	58,943		2,575	3,455	—	—	64,973
Total current assets	621,581		122,800	148,895	77	(19,509)	873,844
Other long-term assets
Operating lease right-of-use assets	40,724		32,599	11,607	—	—	84,930
Regulatory assets	151,684		19,041	12,204	—	—	182,929
Other	113,888		32,786	30,402	—	(16,561)	160,515
Total other long-term assets	306,296		84,426	54,213	—	(16,561)	428,374
Total assets	$	5,431,618	1,021,472	962,578	77	(741,282)	$	6,674,463
Capitalization and liabilities
Capitalization
Common stock equity	$	2,358,884	346,629	358,506	77	(705,212)	$	2,358,884
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,226,587		249,346	258,414	—	—	1,734,347
Total capitalization	3,607,764		602,975	621,920	77	(705,212)	4,127,524
Current liabilities
Current portion of operating lease liabilities	8,955		6,780	2,679	—	—	18,414
Current portion of long-term debt	49,987		19,994	29,992	—	—	99,973


Accounts payable	146,125		20,957	24,687	—	—	191,769
Interest and preferred dividends payable	20,788		3,839	4,740	—	—	29,367
Taxes accrued, including revenue taxes	178,418		34,570	33,926	—	—	246,914
Regulatory liabilities	9,505		7,918	7,811	—	—	25,234
Other	61,360		21,072	23,657	—	(19,509)	86,580
Total current liabilities	475,138		115,130	127,492	—	(19,509)	698,251
Deferred credits and other liabilities
Operating lease liabilities	39,387		26,087	9,159	—	—	74,633
Finance lease liabilities	84,341		—	—	—	—	84,341
Deferred income taxes	271,588		50,657	62,708	—	—	384,953
Regulatory liabilities	745,894		195,238	103,185	—	—	1,044,317
Unamortized tax credits	68,123		12,903	12,419	—	—	93,445
Defined benefit pension and other postretirement benefit plans liability	65,917		—	—	—	(16,529)	49,388
Other	73,466		18,482	25,695	—	(32)	117,611
Total deferred credits and other liabilities	1,348,716		303,367	213,166	—	(16,561)	1,848,688
Total capitalization and liabilities	$	5,431,618	1,021,472	962,578	77	(741,282)	$	6,674,463

Condensed Consolidating Balance Sheet

December 31, 2022


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating 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)	—
Current assets
Cash and cash equivalents	27,579		5,092	6,494	77	—	39,242

Advances to affiliates	—		4,500	21,700	—	(26,200)	—
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)	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)	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)	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)	$	2,344,170
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	49,981		19,992	29,989	—	—	99,962

Short-term borrowings-affiliate	26,200		—	—	—	(26,200)	—
Accounts payable	143,253		32,113	27,126	—	—	202,492
Interest and preferred dividends payable	12,398		2,576	2,282	—	(80)	17,176
Taxes accrued, including revenue taxes	207,798		42,436	40,709	—	(1,041)	289,902
Regulatory liabilities	13,145		8,553	9,777	—	—	31,475
Other	64,659		20,856	22,385	—	(22,304)	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)	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

Balance Sheets Data


(in thousands)	March 31, 2023				December 31, 2022
Assets
Cash and due from banks			$	138,742			$	153,042
Interest-bearing deposits			44,315				3,107
Cash and cash equivalents			183,057				156,149

Investment securities
Available-for-sale, at fair value			1,419,755				1,429,667
Held-to-maturity, at amortized cost (fair value of $1,158,090 and $1,150,971, respectively)			1,238,185				1,251,747
Stock in Federal Home Loan Bank, at cost			10,000				26,560
Loans held for investment			6,059,354				5,978,906
Allowance for credit losses			(71,296)				(72,216)
Net loans			5,988,058				5,906,690
Loans held for sale, at lower of cost or fair value			660				824
Other			688,165				692,143
Goodwill			82,190				82,190
Total assets			$	9,610,070			$	9,545,970
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,769,789			$	2,811,077
Deposit liabilities—interest-bearing			5,460,812				5,358,619
Other borrowings			680,690				695,120
Other			206,317				212,269
Total liabilities			9,117,608				9,077,085

Common stock			1				1
Additional paid-in capital			356,391				355,806
Retained earnings			454,255				449,693
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(308,622)			$	(328,904)
Retirement benefit plans	(9,563)		(318,185)		(7,711)		(336,615)
Total shareholder’s equity			492,462				468,885
Total liabilities and shareholder’s equity			$	9,610,070			$	9,545,970

Other assets
Bank-owned life insurance			$	183,936			$	182,986
Premises and equipment, net			192,789				195,324
Accrued interest receivable			26,547				25,077
Mortgage-servicing rights			8,745				9,047
Low-income housing investments			110,748				106,978

Real estate held for sale			100				—
Deferred tax asset			109,885				116,441
Real estate acquired in settlement of loans, net			614				115
Other			54,801				56,175
			$	688,165			$	692,143
Other liabilities
Accrued expenses			$	95,066			$	97,295
Federal and state income taxes payable			2,614				863
Cashier’s checks			34,616				36,401
Advance payments by borrowers			5,466				9,637
Other			68,555				68,073
			$	206,317			$	212,269

Schedule of condensed consolidating statement of changes in common stock equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2022	$	2,344,170	344,720	357,036	77	(701,833)	$	2,344,170
Net income for common stock	47,009		6,390	5,151	—	(11,541)	47,009
Other comprehensive loss, net of taxes	(45)		(6)	(6)	—	12	(45)
Common stock dividends	(32,250)		(4,475)	(3,675)	—	8,150	(32,250)


Balance, March 31, 2023	$	2,358,884	346,629	358,506	77	(705,212)	$	2,358,884

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2022


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2021	$	2,261,899	332,900	343,260	77	(676,237)	$	2,261,899
Net income for common stock	46,409		7,377	6,284	—	(13,661)	46,409
Other comprehensive income, net of taxes	51		—	—	—	—	51
Common stock dividends	(31,475)		(4,100)	(3,800)	—	7,900	(31,475)
Balance, March 31, 2022	$	2,276,884	336,177	345,744	77	(681,998)	$	2,276,884

Schedule of condensed consolidating statement of cash flows

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated























Net cash provided by operating activities	$	143,356	18,733	15,416	—	(8,150)	$	169,355
Cash flows from investing activities
Capital expenditures	(74,916)		(20,747)	(26,476)	—	—	(122,139)

Advances to affiliates	—		4,500	21,700	—	(26,200)	—
Other	1,094		153	298	—	—	1,545
Net cash used in investing activities	(73,822)		(16,094)	(4,478)	—	(26,200)	(120,594)
Cash flows from financing activities
Common stock dividends	(32,250)		(4,475)	(3,675)	—	8,150	(32,250)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270)		(134)	(95)	—	—	(499)


Proceeds from issuance of long-term debt	100,000		25,000	25,000	—	—	150,000

Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(114,167)		—	—	—	26,200	(87,967)
Payments of obligations under finance leases	(575)		—	—	—	—	(575)
Other	(458)		(116)	(116)	—	—	(690)
Net cash provided by (used in) financing activities	(47,720)		20,275	21,114	—	34,350	28,019
Net increase in cash and cash equivalents	21,814		22,914	32,052	—	—	76,780
Cash and cash equivalents, beginning of period	27,579		5,092	6,494	77	—	39,242


Cash and cash equivalents, end of period	$	49,393	28,006	38,546	77	—	$	116,022

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2022


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated























Net cash provided by operating activities	$	55,669	15,778	13,228	—	(7,900)	$	76,775
Cash flows from investing activities
Capital expenditures	(44,084)		(15,133)	(17,141)	—	—	(76,358)
Advances to affiliates	(4,000)		—	(12,800)	—	16,800	—
Other	961		280	253	—	—	1,494
Net cash used in investing activities	(47,123)		(14,853)	(29,688)	—	16,800	(74,864)
Cash flows from financing activities
Common stock dividends	(31,475)		(4,100)	(3,800)	—	7,900	(31,475)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270)		(134)	(95)	—	—	(499)




Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	18,800		4,000	—	—	(16,800)	6,000

Net cash used in financing activities	(12,945)		(234)	(3,895)	—	(8,900)	(25,974)
Net increase (decrease) in cash and cash equivalents	(4,399)		691	(20,355)	—	—	(24,063)
Cash, cash equivalents and restricted cash, beginning of period	26,433		5,326	23,422	77	—	55,258
Cash, cash equivalents and restricted cash, end of period	22,034		6,017	3,067	77	—	31,195
Less: Restricted cash	(2,140)		—	—	—	—	(2,140)
Cash and cash equivalents, end of period	$	19,894	6,017	3,067	77	—	$	29,055

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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