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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2020
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 3120202019
(dollars in thousands)  
Assets  
Cash and cash equivalents$299 $953 
Accounts receivable738 779 
Notes receivable from subsidiaries— 22,598 
Property, plant and equipment, net2,456 2,931 
Deferred income tax assets14,236 10,754 
Other assets and intercompany receivables18,726 21,770 
Investments in subsidiaries, at equity2,893,781 2,761,802 
   Total assets $2,930,236 $2,821,587 
Liabilities and shareholders’ equity  
Liabilities  
Accounts payable$673 $1,509 
Interest payable2,918 3,041 
Commercial paper64,491 96,723 
Short-term debt, net14,909 — 
Long-term debt, net449,145 399,064 
Retirement benefits liability31,688 29,367 
Other28,910 11,623 
   Total liabilities592,734 541,327 
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: 109,181,124 shares and 108,973,328 shares at December 31, 2020 and 2019, respectively
1,678,368 1,678,257 
Retained earnings660,398 622,042 
Accumulated other comprehensive loss, net of tax benefits(1,264)(20,039)
   Total shareholders’ equity2,337,502 2,280,260 
   Total liabilities and shareholders’ equity$2,930,236 $2,821,587 
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED STATEMENTS OF INCOME
Years ended December 31202020192018
(in thousands)   
Revenues$208 $777 $429 
Equity in net income of subsidiaries227,098 246,005 226,972 
Expenses:  
Operating, administrative and general20,731 19,195 19,515 
Depreciation of property, plant and equipment485 570 597 
Taxes, other than income taxes654 570 509 
       Total expenses21,870 20,335 20,621 
Income before interest expense and income tax benefits205,436 226,447 206,780 
Retirement defined benefits expense—other than service costs634 442 674 
Interest expense18,237 17,930 12,664 
Income before income tax benefits186,565 208,075 193,442 
Income tax benefits11,259 9,807 8,332 
Net income$197,824 $217,882 $201,774 

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 31202020192018
(in thousands)
Net cash provided by operating activities$134,363 $131,120 $135,470 
Cash flows from investing activities   
Increase in note receivable from subsidiary — (1,187)(20,596)
Decrease in note receivable from subsidiary 22,719 — — 
Capital expenditures(20)(47)(143)
Investments in subsidiaries(42,664)(38,935)(71,970)
Other2,435 (1,001)140 
Net cash used in investing activities(17,530)(41,170)(92,569)
Cash flows from financing activities   
Net decrease in notes payable to subsidiaries with original maturities of three months or less— — (30)
Net increase (decrease) in short-term borrowings with original maturities of three months or less(32,232)47,731 (14,000)
Proceeds from issuance of short-term debt65,000 — — 
Repayment of short-term debt(50,000)— (50,000)
Proceeds from issuance of long-term debt50,000 — 150,000 
Proceeds from issuance of syndicated credit facility66,300 — — 
Repayment of syndicated credit facility(66,300)— — 
Withheld shares for employee taxes on vested share-based compensation(5,700)(997)(996)
Common stock dividends(144,096)(139,463)(134,987)
Other(459)(10)(848)
Net cash used in financing activities(117,487)(92,739)(50,861)
Net decrease in cash and equivalents(654)(2,789)(7,960)
Cash and cash equivalents, January 1953 3,742 11,702 
Cash and cash equivalents, December 31$299 $953 $3,742 
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 3120202019
(dollars in thousands)  
HEI 2.99% term loan, due 2022
$150,000 $150,000 
HEI 5.67% senior note, due 2021
50,000 50,000 
HEI 3.99% senior note, 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 2.98% senior notes, due 2030
50,000 — 
Less unamortized debt issuance costs(855)(936)
Long-term debt, net$449,145 $399,064 
The aggregate payments of principal required within five years after December 31, 2020 on long-term debt are $50 million in 2021, $150 million in 2022, $50 million in 2023, nil in 2024, $50 million for 2025, and $150 million thereafter.
Indemnities
As of December 31, 2020, HEI has a General Agreement of Indemnity in favor of both Liberty Mutual Insurance Company (Liberty) and Travelers Casualty and Surety Company of America (Travelers) for losses in connection with any and all bonds, undertakings or instruments of guarantee and any renewals or extensions thereof executed by Liberty or Travelers, including, but not limited to, a $0.6 million self-insured United States Longshore & Harbor bond and a $0.7 million self-insured automobile bond.
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 2020, 2019 and 2018, cash dividends received from subsidiaries were $145 million, $157 million and $154 million, respectively.
Supplemental disclosures of noncash activities
In 2020, 2019 and 2018, $2.3 million, $2.3 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 2020, 2019 and 2018, $2.3 million, $2.3 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 2020, 2019 and 2018 as HEI satisfied the share purchase requirements of the DRIP in 2020, 2019 and 2018 through open market purchases of its common stock rather than new issuances.