Electric utility segment (Tables)

12 Months Ended

Dec. 31, 2021

Electric Utility Subsidiary [Abstract]

Schedule of regulatory assets

Regulatory assets were as follows:

December 31	2021		2020
(in thousands)
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	$	351,070	$	592,644
Income taxes (1-55 years)	88,087		96,171
Decoupling revenue balancing account and RAM (1-2 years)	31,607		10,432
Unamortized expense and premiums on retired debt and equity issuances (1-18 years; 1-18 years remaining)	7,300		8,654
Vacation earned, but not yet taken (1 year)	14,255		15,665
COVID-19 related costs (to be determined by PUC)	27,839		18,032
Other (1-38 years remaining)	45,385		25,110
Total regulatory assets	$	565,543	$	766,708
Included in:
Current assets	$	66,664	$	30,435
Long-term assets	498,879		736,273
Total regulatory assets	$	565,543	$	766,708

Schedule of regulatory liabilities

Regulatory liabilities were as follows:

December 31	2021		2020
(in thousands)
Cost of removal in excess of salvage value (1-79 years)	$	562,514	$	541,730
Income taxes (1-55 years)	337,304		360,426
Decoupling revenue balancing account and RAM (1-2 years)	251		1,957
Retirement benefit plans (balance primarily varies with plans’ funded statuses)	51,734		29,759
Solar tax credits (1-20 years)	27,123		8,096
Other (1-4 years remaining)	17,842		17,818
Total regulatory liabilities	$	996,768	$	959,786
Included in:
Current liabilities	$	29,760	$	37,301
Long-term liabilities	967,008		922,485
Total regulatory liabilities	$	996,768	$	959,786

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, 2021	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	2021		2020		2019
(in millions)
Kalaeloa	$	204	$	149	$	214
AES Hawaii	130		133		139
HPOWER	70		70		76
Hamakua Energy	29		50		68
Puna Geothermal Venture	53		1		—
Wind IPPs	124		105		95
Solar IPPs	50		57		36
Other IPPs1	10		4		5
Total IPPs	$	670	$	569	$	633

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)	2021		2020
Balance, January 1	$	10,692	$	10,324
Accretion expense	423		405
Liabilities incurred	—		—
Liabilities settled	(5)		(37)
Balance, December 31	$	11,110	$	10,692

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

The filing reflected ARA revenues for 2022 to be collected from January 1 through December 31, 2022, as follows:

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2022 ARA revenues	$	19.8	$	4.9	$	4.8	$	29.5
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Net 2022 ARA revenues	$	15.2	$	3.9	$	3.8	$	22.9

The net incremental amounts between the 2021 spring and fall revenue reports are as follows. The amounts are to be collected (refunded) from January 1 through December 31, 2022 under the RBA rate tariffs, which were included in the 2021 fall revenue report filing.

(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental RAM revenues and ARA revenues	$	41.7	$	8.9	$	10.9	$	61.5
Incremental accrued RBA balance through September 30, 2021 (and associated revenue taxes)	21.9		2.5		(0.1)		24.3
Incremental Performance Incentive Mechanisms (net)	—		—		0.1		0.1
Incremental MPIR/EPRM Revenue Adjustment	9.8		0.3		0.3		10.4
Net incremental amount to be collected under the RBA rate tariffs	$	73.4	$	11.7	$	11.1	$	96.2

Note: Columns may not foot due to rounding.

Schedule of consolidating statements of income

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

Consolidating statement of income

Year ended December 31, 2019

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Revenues	$	1,803,698	364,590	378,202	(548)	[1]	$	2,545,942
Expenses
Fuel oil	494,728		84,565	141,416	—		720,709
Purchased power	494,215		90,989	48,052	—		633,256
Other operation and maintenance	319,771		76,091	85,875	—		481,737
Depreciation	143,470		41,812	30,449	—		215,731
Taxes, other than income taxes	170,979		33,787	35,365	—		240,131
Total expenses	1,623,163		327,244	341,157	—		2,291,564
Operating income	180,535		37,346	37,045	(548)		254,378
Allowance for equity funds used    during construction	9,955		816	1,216	—		11,987
Equity in earnings of subsidiaries	43,167		—	—	(43,167)	[2]	—
Retirement defined benefits expense—other than service costs	(2,287)		(422)	(127)	—		(2,836)
Interest expense and other charges, net	(51,199)		(10,741)	(9,450)	548	[1]	(70,842)
Allowance for borrowed funds used during construction	3,666		342	445	—		4,453
Income before income taxes	183,837		27,341	29,129	(43,167)		197,140
Income taxes	25,917		5,990	6,398	—		38,305
Net income	157,920		21,351	22,731	(43,167)		158,835
Preferred stock dividends of subsidiaries	—		534	381	—		915
Net income attributable to Hawaiian Electric	157,920		20,817	22,350	(43,167)		157,920
Preferred stock dividends of Hawaiian Electric	1,080		—	—	—		1,080
Net income for common stock	$	156,840	20,817	22,350	(43,167)		$	156,840

Statements of Income and Comprehensive Income Data

Years ended December 31	2021		2020		2019
(in thousands)
Interest and dividend income
Interest and fees on loans	$	198,802	$	214,134	$	233,632
Interest and dividends on investment securities	43,464		30,529		32,922
Total interest and dividend income	242,266		244,663		266,554
Interest expense
Interest on deposit liabilities	4,981		10,654		16,830
Interest on other borrowings	59		460		1,610
Total interest expense	5,040		11,114		18,440
Net interest income	237,226		233,549		248,114
Provision for credit losses	(25,825)		50,811		23,480
Net interest income after provision for credit losses	263,051		182,738		224,634
Noninterest income
Fees from other financial services	21,225		16,447		19,275
Fee income on deposit liabilities	16,663		16,059		20,877
Fee income on other financial products	8,770		6,381		6,507
Bank-owned life insurance	7,318		6,483		7,687
Mortgage banking income	9,305		23,734		4,943
Gain on sale of real estate	—		—		10,762
Gain on sale of investment securities, net	528		9,275		653
Other income, net	851		(256)		2,074
Total noninterest income	64,660		78,123		72,778
Noninterest expense
Compensation and employee benefits	113,970		104,443		103,009
Occupancy	20,584		21,573		21,272
Data processing	17,634		14,769		15,306
Services	10,327		11,121		10,239
Equipment	9,510		9,001		8,760
Office supplies, printing and postage	4,239		4,623		5,512
Marketing	3,870		3,435		4,490
FDIC insurance	3,235		2,342		1,204
Other expense1	13,783		20,283		15,586
Total noninterest expense	197,152		191,590		185,378
Income before income taxes	130,559		69,271		112,034
Income taxes	29,325		11,688		23,061
Net income	101,234		57,583		88,973
Other comprehensive income (loss), net of taxes	(52,728)		23,608		29,406
Comprehensive income	$	48,506	$	81,191	$	118,379

1 2021 and 2020 include approximately $0.6 million and $5.1 million of certain direct and incremental COVID-19 related costs, respectively. For 2020, these costs include $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	2021		2020		2019
(in thousands)
Interest and dividend income	$	242,266	$	244,663	$	266,554
Noninterest income	64,660		78,123		72,778
Less: Gain on sale of real estate	—		—		10,762
Less: Gain on sale of investment securities, net	528		9,275		653
*Revenues-Bank	306,398		313,511		327,917
Total interest expense	5,040		11,114		18,440
Provision for credit losses	(25,825)		50,811		23,480
Noninterest expense	197,152		191,590		185,378
Less: Retirement defined benefits expense (credit)—other than service costs	(1,828)		1,813		(472)
Add: Gain on sale of real estate	—		—		10,762
*Expenses-Bank	178,195		251,702		217,008
*Operating income-Bank	128,203		61,809		110,909
Add back: Retirement defined benefits expense (credit)—other than service costs	(1,828)		1,813		(472)
Add back: Gain on sale of investment securities, net	528		9,275		653
Income before income taxes	$	130,559	$	69,271	$	112,034

Schedule of consolidating statements of comprehensive income

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 gains arising during the period, net of taxes	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 tax benefits	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 taxes	(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 losses arising during the period, net of tax benefits	(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 tax benefits	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

Consolidating statement of comprehensive income

Year ended December 31, 2019

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Consolidating adjustments		Hawaiian Electric Consolidated
Net income for common stock	$	156,840	20,817	22,350	(43,167)		$	156,840
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes	5,249		373	(204)	(169)	[1]	5,249
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits	9,550		1,455	1,182	(2,637)	[1]	9,550
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(16,177)		(1,840)	(1,152)	2,992	[1]	(16,177)
Other comprehensive loss, net of tax benefits	(1,378)		(12)	(174)	186		(1,378)
Comprehensive income attributable to common shareholder	$	155,462	20,805	22,176	(42,981)		$	155,462

Schedule of consolidating balance sheets

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, net	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

Consolidating balance sheet

December 31, 2020

(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	$	42,411	5,606	3,594	—	—		$	51,611
Plant and equipment	4,960,470		1,352,885	1,195,988	—	—		7,509,343
Less accumulated depreciation	(1,677,256)		(597,606)	(544,217)	—	—		(2,819,079)
Construction in progress	143,616		13,043	31,683	—	—		188,342
Utility property, plant and equipment, net	3,469,241		773,928	687,048	—	—		4,930,217
Nonutility property, plant and equipment, less accumulated depreciation	5,306		115	1,532	—	—		6,953
Total property, plant and equipment, net	3,474,547		774,043	688,580	—	—		4,937,170
Investment in wholly-owned subsidiaries, at equity	626,890		—	—	—	(626,890)	[2]	—
Current assets
Cash and cash equivalents	42,205		3,046	2,032	77	—		47,360
Restricted cash	15,966		—	—	—	—		15,966
Advances to affiliates	26,700		—	—	—	(26,700)	[1]	—
Customer accounts receivable, net	102,736		23,989	21,107	—	—		147,832
Accrued unbilled revenues, net	73,628		13,631	13,777	—	—		101,036
Other accounts receivable, net	17,984		3,028	2,856	—	(16,195)	[1]	7,673
Fuel oil stock, at average cost	38,777		8,471	10,990	—	—		58,238
Materials and supplies, at average cost	38,786		9,896	18,662	—	—		67,344
Prepayments and other	34,306		5,197	4,580	—	—		44,083
Regulatory assets	22,095		1,954	6,386	—	—		30,435
Total current assets	413,183		69,212	80,390	77	(42,895)		519,967
Other long-term assets
Operating lease right-of-use assets	125,858		1,443	353	—	—		127,654
Regulatory assets	513,192		114,461	108,620	—	—		736,273
Other	98,307		17,992	20,010	—	—		136,309
Total other long-term assets	737,357		133,896	128,983	—	—		1,000,236
Total assets	$	5,251,977	977,151	897,953	77	(669,785)		$	6,457,373
Capitalization and liabilities
Capitalization
Common stock equity	$	2,141,918	317,451	309,363	77	(626,891)	[2]	$	2,141,918
Cumulative preferred stock–not subject to mandatory redemption	22,293		7,000	5,000	—	—		34,293
Long-term debt, net	1,116,426		216,447	228,429	—	—		1,561,302
Total capitalization	3,280,637		540,898	542,792	77	(626,891)		3,737,513
Current liabilities
Current portion of operating lease liabilities	64,599		98	33	—	—		64,730
Short-term borrowings-non-affiliate	49,979		—	—	—	—		49,979
Short-term borrowings-affiliate	—		18,800	7,900	—	(26,700)	[1]	—
Accounts payable	97,102		19,570	17,177	—	—		133,849
Interest and preferred dividends payable	14,480		3,138	2,790	—	(58)	[1]	20,350
Taxes accrued, including revenue taxes	135,018		29,869	27,637	—	—		192,524
Regulatory liabilities	20,224		8,785	8,292	—	—		37,301
Other	57,926		13,851	18,621	—	(16,136)	[1]	74,262
Total current liabilities	439,328		94,111	82,450	—	(42,894)		572,995
Deferred credits and other liabilities
Operating lease liabilities	67,824		1,344	326	—	—		69,494
Deferred income taxes	282,685		54,108	61,005	—	—		397,798
Regulatory liabilities	656,270		173,938	92,277	—	—		922,485
Unamortized tax credits	82,563		15,363	13,989	—	—		111,915
Defined benefit pension and other postretirement benefit plans liability	373,112		77,679	79,741	—	—		530,532
Other	69,558		19,710	25,373	—	—		114,641
Total deferred credits and other liabilities	1,532,012		342,142	272,711	—	—		2,146,865
Total capitalization and liabilities	$	5,251,977	977,151	897,953	77	(669,785)		$	6,457,373

Balance Sheets Data

December 31			2021				2020
(in thousands)
Assets
Cash and due from banks			$	100,051			$	178,422
Interest-bearing deposits			151,189				114,304
Cash and cash equivalents			251,240				292,726
Investment securities
Available-for-sale, at fair value			2,574,618				1,970,417
Held-to-maturity, at amortized cost (fair value of $510,474 and $229,963 at December 31, 2021 and 2020, respectively)			522,270				226,947
Stock in Federal Home Loan Bank, at cost			10,000				8,680
Loans held for investment			5,211,114				5,333,843
Allowance for credit losses			(71,130)				(101,201)
Net loans			5,139,984				5,232,642
Loans held for sale, at lower of cost or fair value			10,404				28,275
Other			590,897				554,656
Goodwill			82,190				82,190
Total assets			$	9,181,603			$	8,396,533
Liabilities and shareholder’s equity
Deposit liabilities–noninterest-bearing			$	2,976,632			$	2,598,500
Deposit liabilities–interest-bearing			5,195,580				4,788,457
Other borrowings			88,305				89,670
Other			193,268				183,731
Total liabilities			8,453,785				7,660,358
Commitments and contingencies
Common stock			1				1
Additional paid in capital			353,895				351,758
Retained earnings			411,704				369,470
Accumulated other comprehensive income (loss), net of taxes
Net unrealized gains (losses) on securities	$	(32,037)			$	19,986
Retirement benefit plans	(5,745)		(37,782)		(5,040)		14,946
Total shareholder’s equity			727,818				736,175
Total liabilities and shareholder’s equity			$	9,181,603			$	8,396,533

December 31	2021		2020
(in thousands)
Other assets
Bank-owned life insurance	$	177,566	$	163,265
Premises and equipment, net	202,299		206,134
Accrued interest receivable	20,854		24,616
Mortgage servicing rights	9,950		10,020
Low-income housing investments	110,989		83,435
Other	69,239		67,186
	$	590,897	$	554,656
Other liabilities
Accrued expenses	$	87,905	$	62,694
Federal and state income taxes payable	—		6,582
Cashier’s checks	33,675		38,011
Advance payments by borrowers	9,994		10,207
Other	61,694		66,237
	$	193,268	$	183,731

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, 2018	$	1,957,641	295,874	280,863	101	(576,838)	$	1,957,641
Net income for common stock	156,840		20,817	22,350	—	(43,167)	156,840
Other comprehensive income, net of taxes	(1,378)		(12)	(174)	—	186	(1,378)
Issuance of common stock, net of expenses	35,501		(1)	4,899	—	(4,898)	35,501
Common stock dividends	(101,252)		(17,680)	(15,068)	—	32,748	(101,252)
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 tax benefits	(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 loss, net of tax benefits	(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

Schedule of consolidating statements of cash flows

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
Increase 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 issuance of common stock	54,400		8,803	24,597	—	(33,400)	[2]	54,400
Proceeds from issuance of long-term debt	60,000		30,000	25,000	—	—		115,000
Net 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 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 from 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	(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

Consolidating statement of cash flows

Year ended December 31, 2019

(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments		Hawaiian Electric Consolidated
Cash flows from operating activities
Net income	$	157,920	21,351	22,731	—	(43,167)	[2]	$	158,835
Adjustments to reconcile net income to net cash provided by operating activities
Equity in earnings of subsidiaries	(43,204)		—	—	—	43,167	[2]	(37)
Common stock dividends received from subsidiaries	32,783		—	—	—	(32,748)	[2]	35
Depreciation of property, plant and equipment	143,470		41,812	30,449	—	—		215,731
Other amortization	23,351		4,810	1,470	—	—		29,631
Deferred income taxes	(13,547)		(2,383)	(354)	—	—		(16,284)
State refundable credit	(6,245)		(559)	(1,565)	—	—		(8,369)
Bad debt expense	1,236		470	444	—	—		2,150
Allowance for equity funds used during construction	(9,955)		(816)	(1,216)	—	—		(11,987)
Accrued environmental reserve	406		—	—	—	—		406
Other	27,575		(61)	(55)	—	—		27,459
Changes in assets and liabilities:
Decrease in accounts receivable	24,150		2,858	3,029	—	(11,215)	[1]	18,822
Decrease (increase) in accrued unbilled revenues	4,902		(22)	(385)	—	—		4,495
Decrease (increase) in fuel oil stock	(14,741)		2,126	613	—	—		(12,002)
Decrease (increase) in materials and supplies	(4,585)		(1,158)	245	—	—		(5,498)
Decrease in regulatory assets	55,494		9,218	6,550	—	—		71,262
Increase (decrease) in regulatory liabilities	102		(1,558)	3,409				1,953
Increase (decrease) in accounts payable	4,687		(3,160)	(3,578)	—	—		(2,051)
Change in prepaid and accrued income taxes, tax credits and revenue taxes	(24,900)		(893)	(3,097)	—	367	[1]	(28,523)
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,033)		(762)	(653)	—	—		(4,448)
Change in other assets and liabilities	(15,747)		(6,152)	(6,940)	—	11,215	[1]	(17,624)
Net cash provided by operating activities	340,119		65,121	51,097	—	(32,381)		423,956
Cash flows from investing activities
Capital expenditures	(311,538)		(49,811)	(58,549)	—	—		(419,898)
Advances to affiliates	(27,700)		(8,000)	—	—	35,700	[1]	—
Other	5,241		297	1,303	—	4,533	[1][2]	11,374
Net cash used in investing activities	(333,997)		(57,514)	(57,246)	—	40,233		(408,524)
Cash flows from financing activities
Common stock dividends	(101,252)		(17,680)	(15,068)	—	32,748	[2]	(101,252)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,080)		(534)	(381)	—	—		(1,995)
Proceeds from the issuance of common stock	35,500		—	4,900	—	(4,900)	[2]	35,500
Proceeds from the issuance of long-term debt	190,000		72,500	17,500	—	—		280,000
Repayment of long-term debt and funds transferred for repayment of long-term debt	(183,546)		(70,000)	(30,000)	—	—		(283,546)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	46,987		—	27,700	—	(35,700)	[1]	38,987
Proceeds from issuance of short-term debt	75,000		—	—	—	—		75,000
Other	(1,475)		(508)	(126)	—	—		(2,109)
Repayment of short-term debt	(50,000)		—	—	—	—		(50,000)
Net cash provided by (used in) financing activities	10,134		(16,222)	4,525	—	(7,852)		(9,415)
Net increase (decrease) in cash, cash equivalents and restricted cash	16,256		(8,615)	(1,624)	—	—		6,017
Cash, cash equivalents and restricted cash, January 1	16,732		15,623	3,421	101	—		35,877
Cash, cash equivalents and restricted cash, December 31	32,988		7,008	1,797	101	—		41,894
Less: Restricted cash	(30,749)		(123)	—	—	—		(30,872)
Cash and cash equivalents, December 31	$	2,239	6,885	1,797	101	—		$	11,022

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