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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
 12 Months Ended
Dec. 31, 2021
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 3120212020
(dollars in thousands)  
Assets  
Cash and cash equivalents$479 $299 
Accounts receivable873 738 
Property, plant and equipment, net2,052 2,456 
Deferred income tax assets17,000 14,236 
Other assets and intercompany receivables15,940 18,726 
Investments in subsidiaries, at equity3,025,729 2,893,781 
   Total assets $3,062,073 $2,930,236 
Liabilities and shareholders’ equity  
Liabilities  
Accounts payable$914 $673 
Interest payable2,238 2,918 
Commercial paper53,998 64,491 
Short-term debt, net— 14,909 
Long-term debt, net548,480 449,145 
Retirement benefits liability26,340 31,688 
Other39,219 28,910 
   Total liabilities671,189 592,734 
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: 109,311,785 shares and 109,181,124 shares at December 31, 2021 and 2020, respectively
1,685,496 1,678,368 
Retained earnings757,921 660,398 
Accumulated other comprehensive loss, net of tax benefits(52,533)(1,264)
   Total shareholders’ equity2,390,884 2,337,502 
   Total liabilities and shareholders’ equity$3,062,073 $2,930,236 
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued)
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY)
CONDENSED STATEMENTS OF INCOME
Years ended December 31202120202019
(in thousands)   
Revenues$105 $208 $777 
Equity in net income of subsidiaries278,743 227,098 246,005 
Expenses:  
Operating, administrative and general24,006 20,731 19,195 
Depreciation of property, plant and equipment414 485 570 
Taxes, other than income taxes514 654 570 
       Total expenses24,934 21,870 20,335 
Income before interest expense and income tax benefits253,914 205,436 226,447 
Retirement defined benefits expense—other than service costs(114)634 442 
Interest expense18,444 18,237 17,930 
Income before income tax benefits235,584 186,565 208,075 
Income tax benefits10,582 11,259 9,807 
Net income$246,166 $197,824 $217,882 

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 31202120202019
(in thousands)
Net cash provided by operating activities$154,151 $134,363 $131,120 
Cash flows from investing activities   
Increase in note receivable from subsidiary — — (1,187)
Decrease in note receivable from subsidiary — 22,719 — 
Capital expenditures(10)(20)(47)
Investments in subsidiaries(76,232)(42,664)(38,935)
Other180 2,435 (1,001)
Net cash used in investing activities(76,062)(17,530)(41,170)
Cash flows from financing activities   
Net increase (decrease) in short-term borrowings with original maturities of three months or less(10,493)(32,232)47,731 
Proceeds from issuance of short-term debt— 65,000 — 
Repayment of short-term debt(15,000)(50,000)— 
Proceeds from issuance of long-term debt150,000 50,000 — 
Repayment of long-term debt(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(2,006)(5,700)(997)
Common stock dividends(148,643)(144,096)(139,463)
Other(1,767)(459)(10)
Net cash used in financing activities(77,909)(117,487)(92,739)
Net increase (decrease) in cash and equivalents180 (654)(2,789)
Cash and cash equivalents, January 1299 953 3,742 
Cash and cash equivalents, December 31$479 $299 $953 
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 3120212020
(dollars in thousands)  
HEI 2.99% term loan, due 2022
$150,000 $150,000 
HEI 5.67% senior note, due 2021
— 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 2.82% senior notes, due 2028
24,000 — 
HEI 2.48% senior notes, due 2028
30,000 — 
HEI 2.98% senior notes, due 2030
50,000 50,000 
HEI 3.15% senior notes, due 2031
51,000 — 
HEI 2.78% senior notes, due 2031
25,000 — 
HEI 3.74% senior notes, due 2051
20,000 — 
Less unamortized debt issuance costs(1,520)(855)
Long-term debt, net$548,480 $449,145 

The aggregate payments of principal required within five years after December 31, 2021 on long-term debt are $150 million in 2022, $50 million in 2023, nil in 2024, $50 million in 2025, nil for 2026, and $300 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 2021, 2020 and 2019, cash dividends received from subsidiaries were $172 million, $145 million and $157 million, respectively.
Supplemental disclosures of noncash activities
In 2021, 2020 and 2019, $2.1 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 2021, 2020 and 2019, $2.1 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 2021, 2020 and 2019 as HEI satisfied the share purchase requirements of the DRIP in 2021, 2020 and 2019 through open market purchases of its common stock rather than new issuances.