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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2023
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 3120232022
(dollars in thousands)  
Assets  
Cash and cash equivalents$136,510 $611 
Restricted cash
6,216 — 
Accounts receivable9,374 946 
Notes receivable from subsidiaries4,821 1,140 
Property, plant and equipment, net1,495 1,877 
Deferred income tax assets9,889 12,107 
Other assets and intercompany receivables22,942 17,695 
Investments in subsidiaries, at equity3,025,086 2,894,856 
   Total assets $3,216,333 $2,929,232 
Liabilities and shareholders’ equity  
Liabilities  
Accounts payable$8,272 $797 
Interest payable3,397 1,554 
Commercial paper— 49,683 
Short-term debt, net— 34,918 
Long-term debt, net782,005 557,874 
Retirement benefits liability21,876 21,983 
Other55,942 59,924 
   Total liabilities871,492 726,733 
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: 110,151,798 shares and 109,470,795 shares at December 31, 2023 and 2022, respectively
1,707,471 1,692,697 
Retained earnings926,720 845,830 
Accumulated other comprehensive loss, net of tax benefits(289,350)(336,028)
   Total shareholders’ equity2,344,841 2,202,499 
   Total liabilities and shareholders’ equity$3,216,333 $2,929,232 
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED STATEMENTS OF INCOME
Years ended December 31202320222021
(in thousands)   
Revenues$268 $320 $105 
Equity in net income of subsidiaries239,532 273,076 278,743 
Expenses
  
Operating, administrative and general22,962 20,850 24,006 
Depreciation of property, plant and equipment402 399 414 
Taxes, other than income taxes864 732 514 
       Total expenses24,228 21,981 24,934 
Operating income
215,572 251,415 253,914 
Retirement defined benefits credit (expense)—other than service costs289 147 (114)
Interest expense32,630 21,997 18,444 
Interest income(2,651)— — 
Income before income tax benefits185,304 229,271 235,584 
Income tax benefits13,934 11,867 10,582 
Net income$199,238 $241,138 $246,166 

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 31202320222021
(in thousands)
Net cash provided by operating activities$131,873 $167,150 $154,151 
Cash flows from investing activities   
Increase in note receivable from subsidiary (3,542)(1,140)— 
Capital expenditures(21)(224)(10)
Investments in subsidiaries(12,246)(50,629)(76,232)
Other610 1,662 180 
Net cash used in investing activities(15,199)(50,331)(76,062)
Cash flows from financing activities   
Net decrease in short-term borrowings with original maturities of three months or less(49,683)(4,315)(10,493)
Proceeds from issuance of short-term debt65,000 35,000 — 
Repayment of short-term debt(100,000)— (15,000)
Proceeds from issuance of long-term debt100,000 160,000 150,000 
Repayment of long-term debt(50,000)(150,000)(50,000)
Proceeds from issuance of revolving credit facility
175,000 — — 
Withheld shares for employee taxes on vested share-based compensation(2,371)(3,165)(2,006)
Net proceeds from issuance of common stock1,223 — — 
Common stock dividends(112,957)(153,229)(148,643)
Other(771)(978)(1,767)
Net cash provided by (used in) financing activities
25,441 (116,687)(77,909)
Net increase in cash and equivalents
142,115 132 180 
Cash, cash equivalents and restricted cash, January 1
611 479 299 
Cash, cash equivalents and restricted cash December 31
142,726 611 479 
Less: restricted cash(6,216)— — 
Cash and cash equivalents December 31
$136,510 $611 $479 
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 3120232022
(dollars in thousands)  
HEI 3.99% senior notes, paid in 2023
$— $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 6.04% senior notes, due 2028
39,000 — 
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 30,000 
HEI 5.43% senior notes, due 2032
75,000 75,000 
HEI 6.10% senior notes, due 203361,000 — 
HEI 5.43% senior notes, due 2034
35,000 35,000 
HEI 3.74% senior notes, due 2051
20,000 20,000 
HEI 3.94% senior notes, due 2052
20,000 20,000 
HEI revolving credit facility SOFR + 1.80% due 2026 to 20271
175,000 — 
Less unamortized debt issuance costs(2,995)(2,126)
Long-term debt, net$782,005 $557,874 
1     As of December 31, 2023, the interest rate is based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment; the weighted-average interest rate was 7.19%..
The aggregate payments of principal required within five years after December 31, 2023 on long-term debt are nil in 2024, $50 million in 2025, $18 million in 2026, $157 million in 2027, $193 million for 2028, and $367 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 2023, 2022 and 2021, cash dividends received from subsidiaries were $168 million, $168 million and $172 million, respectively.
Supplemental disclosures of noncash activities
In 2023, 2022 and 2021, $2.3 million, $1.9 million and $2.1 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 2023, 2022 and 2021, $2.3 million, $1.9 million and $2.1 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 $5.4 million for 2023 and nil for 2022 and 2021. HEI satisfied the share purchase requirements of the DRIP in 2023, 2022 and 2021 through open market purchases of its common stock rather than new issuances.