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Electric utility segment
 12 Months Ended
Dec. 31, 2022
Electric Utility Subsidiary [Abstract]  
Electric utility segment
Note 3 · Electric utility segment
Regulatory assets and liabilities.  Regulatory assets represent deferred costs and accrued decoupling revenues which are expected to be recovered through rates over PUC-authorized periods. Generally, the Utilities do not earn a return on their regulatory assets; however, they have been allowed to recover interest on certain regulatory assets and to include certain regulatory assets in rate base. Regulatory liabilities represent amounts included in rates and collected from ratepayers for costs expected to be incurred in the future, or amounts collected in excess of costs incurred that are refundable to customers. For example, the regulatory liability for cost of removal in excess of salvage value represents amounts that have been collected from ratepayers for costs that are expected to be incurred in the future to retire utility plant. Generally, the Utilities include regulatory liabilities in rate base or are required to apply interest to certain regulatory liabilities. In the table below, noted in parentheses are the original PUC authorized amortization or recovery periods and, if different, the remaining amortization or recovery periods as of December 31, 2022 are noted.
Regulatory assets were as follows:
December 3120222021
(in thousands)  
Retirement benefit plans (balance primarily varies with plans’ funded statuses)$69,919 $351,070 
Income taxes (3-37 years)
82,583 88,087 
Decoupling revenue balancing account and RAM (1-2 years)
14,290 31,607 
Unamortized expense and premiums on retired debt and equity issuances (1-28 years; 1-28 years remaining)
5,967 7,300 
Vacation earned, but not yet taken (1 year)
14,109 14,255 
COVID-19 related costs (to be determined by PUC)11,403 27,839 
ECRC/PPAC (1 year)
20,369 21,386 
Other (1-37 years remaining)
23,873 23,999 
Total regulatory assets$242,513 $565,543 
Included in:  
Current assets$52,273 $66,664 
Long-term assets190,240 498,879 
Total regulatory assets$242,513 $565,543 

Regulatory liabilities were as follows:
December 3120222021
(in thousands)  
Cost of removal in excess of salvage value (1-79 years)
$577,985 $562,514 
Income taxes (3-37 years)
316,947 337,304 
Decoupling revenue balancing account and RAM (1-2 years)
10,426 251 
Retirement benefit plans (balance primarily varies with plans’ funded statuses)
81,950 51,734 
Solar tax credits (1-19 years)
50,240 27,123 
Other (1-3 years remaining)
18,102 17,842 
Total regulatory liabilities$1,055,650 $996,768 
Included in:
Current liabilities$31,475 $29,760 
Long-term liabilities1,024,175 967,008 
Total regulatory liabilities$1,055,650 $996,768 
The regulatory asset and liability relating to retirement benefit plans was recorded as a result of pension and OPEB tracking mechanisms adopted by the PUC in rate case decisions for the Utilities in 2007 (see Note 10).
Major customers.  The Utilities received 12% ($393 million), 11% ($267 million) and 11% ($249 million) of their operating revenues from the sale of electricity to various federal government agencies in 2022, 2021 and 2020, respectively.
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, 2022Voluntary
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 
Hawaiian Electric is obligated to make dividend, redemption and liquidation payments on the preferred stock of each of its subsidiaries if the respective subsidiary is unable to make such payments, but this obligation is subordinated to Hawaiian Electric’s obligation to make payments on its own preferred stock.
Related-party transactions. HEI charged the Utilities $5.6 million, $5.2 million and $5.6 million for general management and administrative services in 2022, 2021 and 2020, respectively. The amounts charged by HEI to its subsidiaries for services provided by HEI employees are allocated primarily on the basis of time expended in providing such services.
In 2022, 2021 and 2020, Hamakua Energy (an indirect subsidiary of HEI) sold energy and capacity to Hawaii Electric Light (subsidiary of Hawaiian Electric and indirect subsidiary of HEI) under a PPA in the amount of $66 million, $53 million and $50 million, respectively.
Hawaiian Electric’s short-term borrowings from HEI totaled nil at December 31, 2022 and 2021. Borrowings among the Utilities are eliminated in consolidation. Interest charged by HEI to Hawaiian Electric was not material for the years ended December 31, 2022 and 2021.
Unconsolidated variable interest entities.
Power purchase agreements.  As of December 31, 2022, the Utilities had four PPAs for firm capacity and other PPAs with independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or power production facilities who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs.
Pursuant to the current accounting standards for VIEs, the Utilities are deemed to have a variable interest in Kalaeloa Partners, L.P. (Kalaeloa) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the two IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the two IPPs’ economic performance nor the obligation to absorb their expected losses, if any, that could potentially be significant to the IPPs. Thus, the Utilities have not consolidated Kalaeloa and Hamakua Energy in its consolidated financial statements. However, Hamakua Energy is an indirect subsidiary of Pacific Current, and is consolidated in HEI’s consolidated financial statements.
For the other PPAs with IPPs, the Utilities have concluded that the consolidation of the IPPs was not required because either the Utilities do not have variable interests in the IPPs due to the absence of an obligation in the PPAs for the Utilities to absorb any variability of the IPPs, or the IPP was considered a “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. The consolidation of any significant IPP could have a material effect on the consolidated financial statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs to the IPP.
Commitments and contingencies.
Contingencies. The Utilities are subject in the normal course of business to legal, regulatory and environmental proceedings. Management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future. The Utilities record loss contingencies when the outcome of such proceedings is probable and when the amount of the loss is reasonably estimable. The Utilities also evaluate, on a continuous basis, whether developments in such proceedings could cause these assessments or estimates to change. Assessment regarding future events is required when evaluating whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable. Management is often unable to estimate a reasonably possible loss, or a range of loss, particularly in cases in which: (i). the damages sought are indeterminate or the basis for the damages claimed is not clear; (ii) proceedings are in early stages; (iii) discovery is not complete; (iv) the matters involve novel or unsettled legal theories; (v) significant facts are in dispute; (vi) a large number of parties are
represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); (vii) a lower court or administrative agency’s decision or ruling has been appealed, and/or (vii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact.

Power purchase agreements.  Purchases from all IPPs were as follows: 
Years ended December 31202220212020
(in millions)
Kalaeloa$342 $204 $149 
AES Hawaii82 130 133 
HPOWER73 70 70 
Hamakua Energy
66 53 50 
Puna Geothermal Venture48 29 1 
Wind IPPs119 124 105 
Solar IPPs57 50 57 
Other IPPs1
7 10 4 
Total IPPs$794 $670 $569 
1 Includes hydro power and other PPAs
As of December 31, 2022, the Utilities had four firm capacity PPAs for a total of 362.2 megawatts (MW) of firm capacity. The PGV facility with 34.6 MW of firm capacity went offline in May 2018 due to lava flow on Hawaii Island, but returned to service with firm capacity in the first quarter of 2021, ramped up to 25.7 MW in the second quarter of 2022 and continued to provide 25.7 MW for the remainder of 2022. The PUC allows rate recovery for energy and firm capacity payments to IPPs under these agreements. Assuming that each of the agreements remains in place for its current term (and as amended) and the minimum availability criteria in the PPAs are met, aggregate minimum fixed capacity charges are expected to be approximately $74 million each year in 2023 through 2027, and $365 million from 2028 through 2033.
In general, the Utilities base their payments under the PPAs upon available capacity and actual energy supplied and they are generally not required to make payments for capacity if the contracted capacity is not available, and payments are reduced, under certain conditions, if available capacity drops below contracted levels. In general, the payment rates for capacity have been predetermined for the terms of the agreements. Energy payments will vary over the terms of the agreements. The Utilities pass on changes in the fuel component of the energy charges to customers through the ECRC in their rate schedules. The Utilities do not operate, or participate in the operation of, any of the facilities that provide power under the agreements. Title to the facilities does not pass to Hawaiian Electric or its subsidiaries upon expiration of the agreements, and the agreements do not contain bargain purchase options for the facilities.
Purchase power adjustment clause. The PUC has approved PPACs for the Utilities. Purchased power capacity, operation and maintenance (O&M) and other non-energy costs previously recovered through base rates are now recovered in the PPACs and, subject to approval by the PUC, such costs resulting from new purchased power agreements can be added to the PPACs outside of a rate case. Purchased energy costs continue to be recovered through the ECRC.
Kalaeloa Partners, L.P.  Under a 1988 PPA, as amended, Hawaiian Electric is committed to purchase 208 MW of firm capacity from Kalaeloa. In October 2021, Hawaiian Electric and Kalaeloa signed the Amended and Restated Power Purchase Agreement for Firm Dispatchable Capacity and Energy (Amended and Restated PPA) to extend the PPA for an additional term of 10 years. The Amended and Restated PPA was approved by the PUC on November 23, 2022, and took effect on January 1, 2023. The price of purchases from Kalaeloa in 2022 have increased 68% over 2021, primarily due to increased fuel oil cost.
AES Hawaii, Inc. Under a PPA entered into in March 1988, as amended (through Amended and Restated Amendment No. 4) for a period of 30 years ending September 2022, Hawaiian Electric agreed to purchase 180 MW of firm capacity from AES Hawaii. The term of the PPA expired on September 1, 2022 and the AES Hawaii coal plant ceased operations.
Stage 1 Renewable PPAs. In February 2018, the Utilities issued their Stage 1 renewable request for proposals and have procured eight renewable PPAs with a total of 274.5 MW capacity. The total annual payments to be made by the Utilities under the eight renewable PPAs are estimated at $64.7 million. The Utilities have received PUC approvals to recover the total projected annual payments under the eight renewable PPAs through the PPAC to the extent such costs are not included in base rates. On July 31, 2022, Mililani I Solar, the first utility-scale solar-plus-storage project on Oahu, reached commercial operations. On January 11, 2023, Waiawa Solar project on Oahu also reached commercial operations. The two projects are 75MW, including 300 MWh batteries, and the both PPA for the project have a 20-year term. The Utilities have accounted for the battery portion of the PPAs as finance leases. (See Note 8 for lease discussions.)
Hu Honua Bioenergy, LLC (Hu Honua). In May 2012, Hawaii Electric Light signed a PPA, which the PUC approved in December 2013, with Hu Honua for 21.5 MW of renewable, dispatchable firm capacity fueled by locally grown biomass from a facility on the island of Hawaii. Under the terms of the PPA, the Hu Honua plant was scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in an amended and restated PPA between Hawaii Electric Light and Hu Honua dated May 9, 2017. In July 2017, the PUC approved the amended and restated PPA, which becomes effective once the PUC’s order is final and non-appealable. In August 2017, the PUC’s approval was appealed by a third party. On May 10, 2019, the Hawaii Supreme Court issued a decision remanding the matter to the PUC for further proceedings consistent with the court’s decision, which must include express consideration of greenhouse gas (GHG) emissions that would result from approving the PPA, whether the cost of energy under the PPA is reasonable in light of the potential for GHG emissions, and whether the terms of the PPA are prudent and in the public interest, in light of its potential hidden and long-term consequences. As a result, the PUC reopened the docket for further proceedings, including re-examining all of the issues in the proceedings. On July 9, 2020, the PUC issued an order denying Hawaii Electric Light’s request to waive the amended and restated PPA from the PUC’s competitive bidding requirements and therefore, dismissed the request for approval of the amended and restated PPA without prejudice to possible participation in any future competitive bidding process. On September 9, 2020, the PUC denied Hu Honua’s motion for reconsideration of the PUC’s order. Hu Honua filed its notice of appeal to the Hawaii Supreme Court of the PUC’s order denying Hu Honua’s motion for reconsideration. On May 24, 2021, the Hawaii Supreme Court vacated the PUC’s decision and remanded the matter back to the PUC for further proceedings. On June 30, 2021, the PUC issued an order reopening the docket consistent with the Hawaii Supreme Court’s order. A contested case hearing was held in March 2022. On May 23, 2022, the PUC issued a decision and order denying the amended and restated PPA, based on, among other things, findings that: (1) the project will result in significant GHG emissions, (2) Hu Honua’s proposed carbon commitment to sequester more GHG emissions than produced by the project are speculative and unsupported, (3) the amended and restated PPA is likely to result in high costs to customers through its relatively high cost of electricity and through potential displacement of other, lower cost, renewable resources, and (4) based on the foregoing, approving the amended and restated PPA is not prudent or in the public interest. On June 2, 2022, Hawaii Electric Light and Hu Honua filed their separate motions for reconsideration. On June 24, 2022, the PUC issued an order denying Hawaii Electric Light and Hu Honua’s respective motions for reconsideration. On June 29, 2022, Hu Honua filed its notice of appeal to the Hawaii Supreme Court of the PUC’s May 23, 2022 decision and order denying the amended and restated PPA, and the PUC’s June 24, 2022 order denying Hawaii Electric Light and Hu Honua’s motions for reconsideration. Opening briefs were filed with the Supreme Court on October 5, 2022. Answering briefs were filed on December 5, 2022, and reply briefs were filed on December 28, 2022. The Supreme Court heard oral arguments on January 31, 2023.
Molokai New Energy Partners (MNEP). In July 2018, the PUC approved Maui Electric’s PPA with MNEP to purchase solar energy from a photovoltaic (PV) plus battery storage project. The 4.88 MW PV and 3 MW Battery Energy Storage System project was to deliver no more than 2.64 MW at any time to the Molokai system. On March 25, 2020, MNEP filed a complaint in the United Stated District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided a Notice of Default and Termination of the PPA to MNEP terminating the PPA with an effective date of July 10, 2020. Thereafter, MNEP filed an amended complaint to include claims relating to the termination and Hawaiian Electric filed its answer to the amended complaint on September 11, 2020, disputing the facts presented by MNEP and all claims within the original and amended complaint. Currently, the discovery phase is ongoing.
Fuels barging contract. On August 23, 2021, the Utilities entered into a five-year inter-island fuel transportation contract with Sause Bros., Inc., which commenced in January 2022. On September 22, 2022, the PUC issued a decision and order (D&O) approving the inter-island fuels transportation contract and recovery of associated costs through ECRC.
Utility projects.  Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits or community support can result in significantly increased project costs or even cancellation of projects. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, or if PUC-imposed caps on project costs are expected to be exceeded, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income.
Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM) implementation project. The ERP/EAM Implementation Project went live in October 2018. Hawaii Electric Light and Hawaiian Electric began to incorporate their portion of the deferred project costs in rate base and started the amortization over a 12-year period in January 2020 and November 2020, respectively. The PUC required a minimum of $246 million ERP/EAM project-related benefit to be delivered to customers over the system’s 12-year service life.
In February 2019, the PUC approved a methodology for passing the future cost saving benefits of the new ERP/EAM system to customers developed by the Utilities in collaboration with the Consumer Advocate. The Utilities filed a benefits clarification document on June 10, 2019, reflecting $150 million in future net O&M expense reductions and cost avoidance, and $96 million in capital cost reductions and tax savings over the 12-year service life. To the extent the reduction in O&M expense
relates to amounts reflected in electric rates, the Utilities would reduce future rates for such amounts. In October 2019, the PUC approved the Utilities and the Consumer Advocate’s Stipulated Performance Metrics and Tracking Mechanism. As of December 31, 2022, the Utilities’ regulatory liability was $10.5 million ($4.0 million for Hawaiian Electric, $2.6 million for Hawaii Electric Light and $3.9 million for Maui Electric) for the O&M expense savings that are being amortized or to be included in future rates. As part of the settlement agreement approved in the Hawaiian Electric 2020 test year rate case, the regulatory liability for Hawaiian Electric will be amortized over five years, beginning in November 2020, and the O&M benefits for Hawaiian Electric was considered flowed through to customers.
On July 7, 2021, the PUC issued an order modifying the reporting frequency of the Semi-Annual Enterprise System Benefits (SAESB) reports to an Annual Enterprise System Benefits (AESB) report on the achieved benefits savings. The most recent AESB report was filed on February 14, 2023 for the period January 1 through December 31, 2022.
West Loch PV Project. In November 2019, Hawaiian Electric placed into service a 20-MW (ac) utility-owned and operated renewable and dispatchable solar facility on property owned by the Department of the Navy. PUC orders resulted in a project cost cap of $67 million (including a cap of $4.7 million for the in-kind work performed in exchange for use of the Navy property) with capital cost recovery approved under Major Project Interim Recovery (MPIR) (See “Performance-based regulation framework” section below for MPIR guidelines and cost recovery discussion.) Project costs incurred as of December 31, 2022 amounted to $60.5 million and generated $14.7 million and $14.0 million in federal and state nonrefundable tax credits, respectively. For book and regulatory purposes, the tax credits are being deferred and amortized, starting in 2020, over 25 years and 10 years for federal and state credits, respectively. In June 2022, the in-kind consideration services were completed and fully accepted by the Navy as partial consideration in lieu of rent payment. Satisfaction of the full-term rent requires on-going compliance with all terms of the lease, which, among other things, includes provision of contingent power upon written notice of the Department of the Navy. Hawaiian Electric accounted for the arrangement as a lease, recording $6.4 million as right-of-use asset with no lease liability and will amortize the right-of-use asset over the remaining term of the lease ending June 30, 2054.
Waena Switchyard/Synchronous Condenser Project. In October 2020, to support efforts to increase renewable energy generation and reduce fossil fuel consumption by deactivating current generating units, Maui Electric filed a PUC application to construct a switchyard, which includes the extension of two 69 kV transmission lines and the relocation of another 69 kV transmission line; and the conversion of two generating units to synchronous condensers at Kahului Power Plant in central Maui. In November 2021, the PUC approved Maui Electric’s request to commit funds estimated at $38.8 million for the project, and to recover capital expenditures for the project under Exceptional Project Recovery Mechanism (EPRM) not to exceed $38.8 million, which shall be further reduced to reflect the total project cost exclusive of overhead costs not directly attributable to the project. The Waena Switchyard project is expected to be placed in service in the third quarter of 2023, while the conversion of the two generating units will be performed after the retirement of Kahului Power Plant Units 3 and 4.
In approving the project, the PUC recognized that the project will facilitate the ability to accommodate increased renewable energy, as contemplated under the EPRM guidelines. As of December 31, 2022, $13.2 million has been incurred for the project.
Environmental regulation.  The Utilities are subject to environmental laws and regulations that regulate the operation of existing facilities, the construction and operation of new facilities and the proper cleanup and disposal of hazardous waste and toxic substances.
Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically encounter petroleum or other chemical releases associated with current or previous operations. The Utilities report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity.
Former Molokai Electric Company generation site.  In 1989, Maui Electric acquired Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983 but continued to operate at the Site under a lease until 1985 and left the property in 1987. The federal Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the DOH and EPA, Maui Electric further investigated the Site and the adjacent parcel to determine the extent of impacts of polychlorinated biphenyls (PCBs), residual fuel oils and other subsurface contaminants. Maui Electric has a reserve balance of $2.6 million as of December 31, 2022, representing the probable and reasonably estimable undiscounted cost for remediation of the Site and the adjacent parcel based on presently available information; however, final costs of remediation will depend on the cleanup approach implemented.
Additionally, on November 24, 2021, the current landowners of the Site, Misaki’s, Inc., filed a lawsuit against Hawaiian Electric (as alleged successor in interest to Molokai Electric, the prior owner of the Site) in the Circuit Court of the Second Circuit of the State of Hawaii (removed to the U.S. District Court for the District of Hawaii). The complaint which was subsequently amended to include Maui Electric, alleges that Hawaiian Electric is responsible for remediation of the Site based
on the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA), and the Hawaii Environmental Response Law under Hawaii Revised Statutes Chapter 128D, as well as being liable on contractual claims related to a short leaseback period during the transition of ownership from Molokai Electric. The amended complaint was dismissed and a new complaint may be filed subject to the parties attempt to enter into settlement negotiations, but the Utilities intend to vigorously defend the action if necessary. At this time, the Utilities are unable to determine the ultimate outcome of the lawsuit or the amount of any possible loss. As of December 31, 2022, the reserve balance recorded by the Utilities to address the lawsuit was not material.
Pearl Harbor sediment study. In July 2014, the U.S. Navy notified Hawaiian Electric of the Navy’s determination that Hawaiian Electric is a Potentially Responsible Party under CERCLA responsible for the costs of investigation and cleanup of PCB contamination in sediment in the area offshore of the Waiau Power Plant as part of the Pearl Harbor Superfund Site. Hawaiian Electric was also required by the EPA to assess potential sources and extent of PCB contamination onshore at Waiau Power Plant.
As of December 31, 2022, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $9.9 million. The reserve balance represents the probable and reasonably estimable undiscounted cost for the onshore and offshore investigation and remediation. The final remediation costs will depend on the actual onshore and offshore cleanup costs.
Asset retirement obligations.  Asset retirement obligations (AROs) represent legal obligations associated with the retirement of certain tangible long-lived assets, are measured as the present value of the projected costs for the future retirement of specific assets and are recognized in the period in which the liability is incurred if a reasonable estimate of fair value can be made. The Utilities’ recognition of AROs have no impact on their earnings. The cost of the AROs is recovered over the life of the asset through depreciation. AROs recognized by the Utilities relate to legal obligations associated with the retirement of plant and equipment, including removal of asbestos and other hazardous materials.
The Utilities recorded AROs related to: 1) the removal of retired generating units, certain types of transformers and underground storage tanks; 2) the abandonment of fuel pipelines, underground injection and supply wells; and 3) the removal of equipment and restoration of leased land used in connection with Utility-owned renewable and dispatchable generation facilities. 
Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:
(in thousands)20222021
Balance, January 1$11,110 $10,692 
Accretion expense442 423 
Liabilities incurred— — 
Liabilities settled(4)(5)
Balance, December 31$11,548 $11,110 
The Utilities have not recorded AROs for assets that are expected to operate indefinitely or where the Utilities cannot estimate a settlement date (or range of potential settlement dates). As such, ARO liabilities are not recorded for certain asset retirement activities, including various Utilities-owned generating facilities and certain electric transmission, distribution and telecommunications assets resulting from easements over property not owned by the Utilities.
Regulatory proceedings.
Decoupling. Decoupling is a regulatory model that is intended to provide the Utilities with financial stability and facilitate meeting the State of Hawaii’s goals to transition to a clean energy economy and achieve an aggressive renewable portfolio standard. Decoupling delinks the utility’s revenues from the utility’s sales, removing the disincentive to promote energy efficiency and accept more renewable energy. Decoupling continues under the PBR Framework.
Performance-based regulation framework. On December 23, 2020, the PUC issued a decision and order (PBR D&O) establishing the PBR Framework to govern the Utilities. The PBR Framework incorporates an annual revenue adjustment (ARA) and a suite of new regulatory mechanisms in addition to previously established regulatory mechanisms. Under the PBR Framework, the decoupling mechanism (i.e., the Revenue Balancing Account (RBA)) established by the previous regulatory framework will continue. The existing cost recovery mechanisms will continue as currently implemented (e.g., the Energy Cost Recovery Clause, Purchased Power Adjustment Clause (PPAC), Demand-Side Management surcharge, Renewable Energy Infrastructure Program, Demand Response Adjustment Clause, Pension and Other Post-Employment Benefits (OPEB) tracking mechanisms). In addition to annual revenues provided by the ARA, the Utilities may seek relief for extraordinary projects or programs through the Exceptional Project Recovery Mechanism (EPRM) (formerly known as the Major Project Interim Recovery adjustment mechanism) and earn financial rewards for exemplary performance as provided through a portfolio of
Performance Incentive Mechanisms (PIMs) and Shared Savings Mechanisms (SSMs). The PBR Framework incorporates a variety of additional performance mechanisms, including Scorecards, Reported Metrics, and an expedited Pilot Process. The PBR Framework also contains a number of safeguards, including a symmetric Earnings Sharing Mechanism (ESM) which protects the Utilities and customers from excessive earnings or losses, as measured by the Utilities’ achieved rate-making ROACE and a Re-Opener mechanism, under which the PUC will open an examination, at its discretion, to determine if adjustments or modifications to specific PBR mechanisms are appropriate. The PBR Framework became fully effective on June 1, 2021.
On June 17, 2022, the PUC issued a decision and order (June 2022 D&O) establishing additional PIMs under the PBR Framework for the Utilities. In 2021, the PUC Staff originally proposed consideration of 11 PIMs and other mechanisms to address identified areas of concern. Seven of the staff proposed PIMs were designed as penalty-only. The June 2022 D&O approved two new PIMs, a new SSM, and extended the timeframe for an existing PIM. Of the new PIMs, only one is penalty-only. Specifically, the PUC approved (1) a new (penalty-only) generation-caused interruption reliability PIM, (2) a new (penalty/reward) interconnection requirements study (IRS) PIM, (3) a new (reward-only) Collective Shared Savings Mechanism (CSSM), and (4) a modification and extension of the existing interim (reward-only) Grid Services PIM. On November 23, 2022, the PUC approved the Utilities’ proposed tariffs to implement the aforementioned PIMs with an effective date of January 1, 2023.
In addition, the June 2022 D&O instructed the Utilities to prepare and submit: a detailed fossil fuel retirement report (FF Retirement Report) outlining necessary steps to safely and reliably retire certain existing fossil fuel power plants during the first multi-year rate period (MRP); and a functional integration plan (FIP) for distributed energy resources (DER) to increase transparency into the Utilities’ plans and progress for utilizing cost-effective grid services from DERs and ensure that the necessary functionalities and requisite technologies are in place to do so. The PUC also instructed the PBR Working Group to continue its ongoing collaborative efforts to consider other potential new incentive mechanisms and to address other issues raised during the proceeding. On November 29, 2022, the PUC held a PBR Working Group Meeting to discuss next steps supporting future efforts.
In accordance with the June 2022 D&O, the Utilities filed their FIP and FF Retirement Report with the PUC on September 30, 2022 and October 14, 2022, respectively.
Revenue adjustment mechanism. Prior to the implementation of the PBR Framework, the revenue adjustment mechanism (RAM) was a major component of the previously established regulatory framework. The RAM was based on the lesser of: a) an inflationary adjustment for certain O&M expenses and return on investment for certain rate base changes, or b) cumulative annual compounded increase in Gross Domestic Product Price Index applied to annualized target revenues (the RAM Cap). Under the PBR Framework, the ARA mechanism replaced the RAM, and became effective on June 1, 2021. RAM revenue adjustments approved by the PUC in 2020 will continue to be included in the RBA provision’s target revenue and RBA rate adjustment unless modified with PUC approval.
Annual revenue adjustment mechanism. The PBR Framework established a five-year MRP during which there will be no general rate cases. Target revenues will be adjusted according to an index-driven ARA based on (i) an inflation factor, (ii) a predetermined X-factor to encompass productivity, which is set at zero, (iii) a Z-factor to account for exceptional circumstances not in the Utilities’ control and (iv) a customer dividend consisting of a negative adjustment of 0.22% of adjusted revenue requirements compounded annually and a flow through of the “pre-PBR” savings commitment from the management audit recommendations developed in a prior docket at a rate of $6.6 million per year from 2021 to 2025. The implementation of the ARA occurred on June 1, 2021.
Earnings sharing mechanism. The PBR Framework established a symmetrical ESM for achieved rate-making ROACE outside of a 300 basis points dead band above or below the current authorized ROACE of 9.5% for each of each of the Utilities. There is a 50/50 sharing between customers and Utilities for the achieved rate-making ROACE falling within 150 basis points outside of the dead band in either direction, and a 90/10 sharing for any further difference. A reopening or review of the PBR terms will be triggered if the Utilities credit rating outlook indicates a potential credit downgrade below investment grade status, or if its achieved rate-making ROACE enters the outer most tier of the ESM.
Exceptional project recovery mechanism. Prior to the implementation of the PBR Framework, the PUC established the Major Project Interim Recovery (MPIR) adjustment mechanism and MPIR Guidelines. The MPIR mechanism provides the opportunity to recover revenues for net costs of approved eligible projects placed in service between general rate cases. In establishing the PBR Framework, the MPIR Guidelines were terminated and replaced with the EPRM Guidelines. Although the MPIR Guidelines were terminated and replaced by the EPRM Guidelines, the MPIR mechanism will continue within the PBR Framework to provide recovery of project costs previously approved for recovery under the MPIR. The established EPRM Guidelines permit the Utilities to include the full amount of approved costs in the EPRM for recovery in the first year the project goes into service, pro-rated for the portion of the year the project is in service. Deferred and O&M expense projects are
also eligible for EPRM recovery under the EPRM Guidelines. EPRM recoverable costs will be limited to the lesser of actual incurred project costs or PUC-approved amounts, net of savings.
As of December 31, 2022, the Utilities annualized MPIR and EPRM revenue amounts totaled $26.2 million, including revenue taxes, for the Schofield Generating Station ($16.5 million), West Loch PV Project ($3.5 million), Grid Modernization Strategy (GMS) Phase 1 project ($6.1 million for all three utilities) and Waiawa UFLS project ($0.1 million) that included the 2022 return on project amount (based on approved amounts) in rate base, depreciation and incremental O&M expenses. The PUC approved the Utilities’ recovery of the annualized 2022 MPIR amounts for the Schofield Generating Station, West Loch PV, and GMS Phase 1 projects effective June 1, 2022 through the RBA rate adjustment. Recovery of the incremental change to the West Loch PV project and Waiawa UFLS project were approved on December 7, 2022 and December 5, 2022, respectively.
As of December 31, 2022, the PUC approved two EPRM applications for projects totaling $41 million to the extent that the project costs are not included in rates. Currently, the Utilities have outstanding applications seeking EPRM recovery for six projects with total project costs of $472 million, subject to PUC approval.
Pilot process. As part of the PBR Framework, the PUC approved a Pilot Process to foster innovation by establishing an expedited implementation process for pilots that test new technologies, programs, business models, and other arrangements. Under the Pilot Process, the Utilities submit specific pilot proposals (Pilot Notices) that are within the scope of the approved Workplan to the PUC for their expedited review. The PUC will strive to issue an order addressing a proposed pilot within 45 days of the filing date of a Pilot Notice. If the PUC does not take affirmative action on a Pilot Notice by the end of the 45-day period, the Pilot Notice shall be considered approved as submitted. The PUC may modify the pilot as originally proposed, and the Utilities shall have 15 days to notify the PUC whether the Utilities accept the modification, propose further modification, or withdraw the Pilot Notice. The PUC may also, where necessary, suspend the Pilot Notice for further investigation.
The approved Pilot Process includes a cost recovery process that generally allows the Utilities to defer and recover total annual expenditures of approved pilot projects, subject to an annual cap of $10 million, over twelve months beginning June 1 of the year following pilot implementation through the RBA rate adjustment, although the PUC may determine on a case-by-case basis that a particular project’s deferred costs should be amortized over a period greater than twelve months
On February 28, 2022, the Utilities filed their first annual Pilot Update report covering pilot projects that were approved and initiated prior to the commencement of the newly instituted Pilot Process. The Pilot Update reported on approximately $0.1 million of 2021 deferred costs which was incorporated in the Utilities’ adjustments to target revenue in the 2022 spring revenue report. The PUC approved the Utilities’ recovery of the 2021 Pilot amounts effective June 1, 2022 through the RBA rate adjustment.
On October 26, 2022, the Utilities filed a Pilot Notice to commence a Clearinghouse Pilot project in January 2023, to establish a cloud-based data analytics clearinghouse repository. On December 8, 2022, the PUC approved the Utilities Clearinghouse Pilot project.
Performance incentive mechanisms. The PUC has established the following PIMs and SSMs: (1) Service Quality performance incentives, (2) Phase 1 Request for proposal (RFP) PIM for procurement of low-cost renewable energy, (3) Phase 2 RFP PIMs for generation and generation plus storage project, and Grid Services and standalone storage, (4) new PIMs established in the PBR D&O and (5) new PIMs and a SSM established in the June 2022 D&O.
•Service Quality performance incentives (ongoing). Service Quality performance incentives are measured on a calendar-year basis. The PIM tariff requires the performance targets, deadbands and the amount of maximum financial incentives used to determine the PIM financial incentive levels for each of the PIMs to remain constant in interim periods, unless otherwise amended by order of the PUC.
•Service Reliability Performance measured by Transmission and Distribution-caused System Average Interruption Duration and Frequency Indexes (penalties only). Target performance is based on each utility’s historical 10-year average performance with a deadband of one standard deviation. The maximum penalty for each performance index is 20 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties of approximately $6.8 million - for both indices in total for the three utilities). For the 2022 evaluation period, the Utilities accrued $0.1 million in estimated penalties.
•Call Center Performance measured by the percentage of calls answered within 30 seconds. Target performance is based on the annual average performance for each utility for the most recent 8 quarters with a deadband of 3% above and below the target. The maximum penalty or reward is 8 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties or rewards of approximately $1.4 million - in total for the three utilities).
•Phase 1 RFP PIM. Procurement of low-cost variable renewable resources through the RFP process in 2018 is measured by comparison of the procurement price to target prices. The first portion of the incentive was earned upon PUC approval of the PPAs. Based on the seven PPAs approved in 2019, the Utilities recognized $1.7 million in 2019 with the remaining award to be recognized in the year following the in-service date of the projects, which is estimated to occur from 2023 to 2025.
•Phase 2 RFP PIMs. The PUC order issued on October 9, 2019 establishes pricing thresholds, timelines to complete contracting, and other performance criteria for the performance incentive eligibility. The PIMs provide incentives only without penalties. On July 9, 2020, the Utilities filed two Grid Services Purchase Agreements (GSPA) for the Grid Service RFP that potentially qualify for a demand response PIM; however, details of the incentive metrics will be determined by the PUC. On September 15, 2020, the Utilities filed one PPA that qualified for a PIM incentive and on February 16, 2021, the Utilities filed one additional PPA that qualified for a declining PIM incentive. The PUC approved two PPAs in September 2021 and November 2021, and two GSPAs on December 31, 2020. Based on the two approved PPAs, the Utilities recognized $0.1 million in rewards in 2021.
•The PUC previously established the following two PIMs in its PBR D&O, which were approved in an order issued on March 23, 2021 and became effective on June 1, 2021. In its June 2022 D&O, the PUC modified and extended the Grid Services PIM.
•Renewable portfolio standard (RPS)-A PIM that provides a financial reward for accelerating the achievement of RPS goals. The Utilities may earn a reward for the amount of system generation above the interpolated statutory RPS goal at $20/MWh in 2021 and 2022, $15/MWh in 2023, and $10/MWh for the remainder of the MRP. Penalties are already prescribed in the RPS as $20/MWh for failing to meet RPS targets in 2030, 2040 and 2045. The evaluation period commenced on January 1, 2021.
•Grid Services PIM that provides financial rewards on a $/kW basis for the acquisition of eligible grid services. The eligibility period for this PIM initially commenced on January 1, 2021 and was scheduled to end on December 31, 2022. However, the June 2022 D&O extended the eligibility period for this PIM through December 31, 2023. The June 2022 D&O also increased the incentive rate for the acquisition of load reduction grid services. During the PIM performance period, newly acquired committed capacity in the Oahu Scheduled Dispatch Program (SDP), the Oahu Fast DR program (up to the 7 MW cap), and the Maui SDP program shall qualify for the incentive. The Utilities can earn a maximum reward of $1.5 million from 2021 through 2023. In 2022, the Utilities accrued $0.04 million in estimated rewards.
•The PUC also previously established the following three PIMs in its PBR D&O, which were approved by the PUC on May 17, 2021 and became effective on June 1, 2021.
•Interconnection Approval PIM that provides financial rewards and penalties for interconnection times for DER systems <100 kW in size. The Utilities can earn a total annual maximum reward of $3.0 million or a total annual maximum penalty of $0.9 million. In 2022, the Utilities accrued $3.0 million in estimated rewards.
•Low-to-Moderate Income (LMI) Energy Efficiency PIM that provides financial rewards for collaboration between the Utilities and the third-party Public Benefits Fee Administrator to deliver energy savings for low- and moderate-income customers. The Utilities can earn a total annual maximum reward of $2.0 million. The PIM will initially have a duration of three years and be subject to an annual review. The evaluation period is based on Hawaii Energy’s program year with the initial evaluation year being the period of July 1, 2021 through June 30, 2022. The Utilities accrued $0.4 million in estimated rewards for the program period ending June 30, 2022.
•Advanced Metering Infrastructure Utilization PIM that provides financial rewards for leveraging grid modernization investments and engaging customers beyond what is already planned in the Phase 1 Grid Modernization program. The Utilities can earn a total annual maximum reward of $2.0 million. The PIM will initially have a duration of three years after which it will be re-evaluated. The evaluation period commenced on January 1, 2021.
•The PUC established the following new PIMs and SSM in its June 2022 D&O, which became effective on January 1, 2023.
•Generation-caused System Average Interruption Duration and Frequency Indexes PIMs to incentivize achievement of generation-based reliability targets, measured by Generation System Average Interruption Duration and Frequency Indexes (penalties only). Target performance is based on each utility’s historical 10-year average performance with a deadband of one standard deviation. The maximum penalty for each performance index is 3 basis points applied to the common equity share of each respective utility’s approved rate base (or maximum penalties of approximately $1 million - for both indices in total for the three utilities).
•An IRS PIM to incentivize the timely completion of the IRS process for large-scale renewable energy projects (rewards and penalties) measured by the number of months between final model checkout and delivery of IRS results to the developer. Target performance is ten months with an asymmetrical deadband of two-months for penalties and no deadband for rewards. The maximum penalty and reward will depend on the specifics of the upcoming procurement.
•A CSSM to incentivize cost control over the Utilities’ fuel, purchased power, and EPRM/MPIR costs (collectively, non-ARA costs). This is a reward only incentive where the Utilities retain 20% share of savings when non-ARA costs in a performance year are lower than target year non-ARA costs, which are adjusted for changes in fuel prices, inflation, and system generation from a base year (calendar year 2021). The CSSM does not have a potential penalty and does not have a cap for maximum reward.
For the 2022 evaluation period, the Utilities accrued $3.4 million ($2.4 million for Hawaiian Electric, $0.5 million for Hawaii Electric Light and $0.5 million for Maui Electric) in estimated rewards net of penalties. The net rewards related to 2022 will be reflected in the 2023 PIMs annual report and 2023 spring revenue report filings with the exception of the LMI Energy Efficiency PIM that is pending verification of data by the PUC’s third-party evaluator.
Annual review cycle. PBR D&O established an annual review cycle for revenue adjustments under the PBR Framework, including the biannual submission of the revenue reports. The Utilities fall revenue report filed on October 31, 2022 was approved by the PUC on December 16, 2022. The filing reflected ARA revenues for 2023 to be collected from January 1 through December 31, 2023, as follows:
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
2023 ARA revenues$27.0 $6.6 $6.5 $40.1 
Management Audit savings commitment(4.6)(1.0)(1.0)(6.6)
Net 2023 ARA revenues$22.4 $5.6 $5.5 $33.5 

The net incremental amounts between the 2022 spring and fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1 through December 31, 2023 under the RBA rate tariffs, which were included in the 2022 fall revenue report filing.
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
Incremental ARA revenues$27.0 $6.6 $6.5 $40.1 
Annual change in accrued RBA balance through September 30, 2022 (and associated revenue taxes)(3.6)(6.7)(3.2)(13.5)
Incremental Performance Incentive Mechanisms (net)
— — (0.1)(0.1)
Incremental EPRM/MPIR Revenue Adjustment0.3 — — 0.3 
Net incremental amount to be collected under the RBA rate tariffs$23.6 $(0.1)$3.3 $26.8 
Note: Columns may not foot due to rounding.
Regulatory assets for COVID-19 related costs. On May 4, 2020, the PUC issued an order, authorizing all utilities, including the Utilities, to establish regulatory assets to record costs resulting from the suspension of disconnections of service during the pendency of the Governor’s Emergency Proclamation and until otherwise ordered by the PUC. In future proceedings, the PUC will consider the reasonableness of the costs, the appropriate period of recovery, any amount of carrying costs thereon, and any savings directly attributable to suspension of disconnects, and other related matters. As part of the order, the PUC prohibits the Utilities from charging late payment fees on past due payments. As the moratorium on customer disconnections ended on May 31, 2021, the Utilities have resumed charging late payment fees in July 2021. Pursuant to PUC orders, the deferral of COVID-19 related costs by the Utilities ended on December 31, 2020. On October 1, 2021, the PUC approved the Utilities’ request to extend the deferral period to December 31, 2021. In December 2021, to keep customers connected and provide some relief to customers experiencing financial difficulty during the pandemic, the Utilities committed to issuing $2 million in bill credits to qualified customers. The Utilities will not seek recovery for the issued bill credits resulting in a reduction to the cumulative deferred costs. On June 9, 2022, the Utilities filed an application with the PUC, requesting recovery of a portion of the COVID-19 related deferral costs, net of cost savings realized, not to exceed the amount of $27.8 million over three years, from June 2023 through May 2026. Annual requests will be limited to actual costs incurred. As of December 31, 2022, the Utilities have recorded $11.4 million in regulatory assets for deferral of COVID-19 related costs. The updated amounts have been reflected in the Utilities’ Supplemental Response to the PUC filed on January 12, 2023. On January 25, 2023, the PUC issued an order to modify the procedural schedule to allow more time for more discovery and consideration of the application.
Army privatization. On October 30, 2020, the PUC approved Hawaiian Electric’s 50-year contract with the U.S. Army to own, operate and maintain the electric distribution system serving the U.S. Army’s 12 installations on Oahu, including Schofield Barracks, Wheeler Army Airfield, Tripler Army Medical Center, Fort Shafter, and Army housing areas. On March 1, 2022, Hawaiian Electric acquired the Army’s existing distribution system for a purchase price of $14.5 million, and will pay the Army in the form of a monthly credit against the monthly utility services charge over the 50-year term of the contract. The acquisition of additional assets contemplated in the contract, with an estimated value of $4 million, is planned for 2024.
Hawaiian Electric took ownership and all responsibilities for operation and maintenance of the system on March 1, 2022 for a 50-year term after a one-year transition period. Under the contract, Hawaiian Electric will make initial capital upgrades over the first six years of the contract and replace aging infrastructure over the 50-year term. In addition to its regular monthly electricity bill, the Army will pay Hawaiian Electric a monthly utility services charge to cover operations and maintenance expenses and provide recovery for capital upgrades, capital replacements, and the existing distribution system based on a rate of return determined by the PUC for regulated utility investments, as well as depreciation expense. The PUC requires Hawaiian Electric to file regular periodic reports on the activities and investments in fulfillment of the contract and will review the major projects planned on behalf of the Army. The annual impact on Hawaiian Electric’s earnings is not expected to be material and will depend on a number of factors, including the amount and timing of capital upgrades and capital replacement.
Consolidating financial information. Consolidating financial information for Hawaiian Electric and its subsidiaries are presented for the years ended December 31, 2022, 2021 and 2020, and as of December 31, 2022 and 2021.
Hawaiian Electric unconditionally guarantees Hawaii Electric Light’s and Maui Electric’s obligations (a) to the State of Hawaii for the repayment of principal and interest on Special Purpose Revenue Bonds issued for the benefit of Hawaii Electric Light and Maui Electric and (b) under their respective private placement note agreements and the Hawaii Electric Light notes and Maui Electric notes issued thereunder. Hawaiian Electric is also obligated, after the satisfaction of its obligations on its own preferred stock, to make dividend, redemption and liquidation payments on Hawaii Electric Light’s and Maui Electric’s preferred stock if the respective subsidiary is unable to make such payments.
Consolidating statement of income
Year ended December 31, 2022
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricConsolidating adjustments
Hawaiian Electric
Consolidated
Revenues$2,452,969 485,590 470,355 (327)[1]$3,408,587 
Expenses
Fuel oil917,801 133,238 214,575 — 1,265,614 
Purchased power601,235 143,636 48,713 — 793,584 
Other operation and maintenance326,785 85,110 85,706 — 497,601 
Depreciation158,725 41,404 35,295 — 235,424 
Taxes, other than income taxes228,843 44,685 43,645 — 317,173 
   Total expenses2,233,389 448,073 427,934 — 3,109,396 
Operating income219,580 37,517 42,421 (327)299,191 
Allowance for equity funds used during construction8,464 898 1,212 — 10,574 
Equity in earnings of subsidiaries47,493 — — (47,493)[2]— 
Retirement defined benefits credit (expense)—other than service costs3,296 666 (127)— 3,835 
Interest expense and other charges, net(55,260)(10,659)(10,824)327 [1](76,416)
Allowance for borrowed funds used during construction2,769 277 370 — 3,416 
Income before income taxes226,342 28,699 33,052 (47,493)240,600 
Income taxes36,333 6,349 6,994 — 49,676 
Net income190,009 22,350 26,058 (47,493)190,924 
Preferred stock dividends of subsidiaries— 534 381 — 915 
Net income attributable to Hawaiian Electric190,009 21,816 25,677 (47,493)190,009 
Preferred stock dividends of Hawaiian Electric
1,080 — — — 1,080 
Net income for common stock$188,929 21,816 25,677 (47,493)$188,929 

Consolidating statement of comprehensive income
Year ended December 31, 2022
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricConsolidating
adjustments		Hawaiian Electric
Consolidated
Net income for common stock$188,929 21,816 25,677 (47,493)$188,929 
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:    
Net gains arising during the period, net of taxes187,193 44,411 44,386 (88,797)[1]187,193 
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes18,884 2,811 2,584 (5,395)[1]18,884 
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes(199,936)(46,841)(46,694)93,535 [1](199,936)
Other comprehensive income, net of taxes6,141 381 276 (657)6,141 
Comprehensive income attributable to common shareholder
$195,070 22,197 25,953 (48,150)$195,070 
Consolidating statement of income
Year ended December 31, 2021
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricConsolidating adjustments
Hawaiian Electric
Consolidated
Revenues$1,793,372 381,033 365,256 (25)[1]$2,539,636 
Expenses
Fuel oil442,818 80,086 121,445 — 644,349 
Purchased power508,642 108,997 52,855 — 670,494 
Other operation and maintenance313,009 79,390 83,013 — 475,412 
Depreciation155,607 40,201 33,661 — 229,469 
Taxes, other than income taxes170,604 35,499 34,251 — 240,354 
   Total expenses1,590,680 344,173 325,225 — 2,260,078 
Operating income202,692 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 subsidiaries45,353 — — (45,353)[2]— 
Retirement defined benefits credit (expense)—other than service costs3,348 670 (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 construction2,617 197 436 — 3,250 
Income before income taxes210,064 27,960 31,114 (45,353)223,785 
Income taxes31,342 6,246 6,560 — 44,148 
Net income178,722 21,714 24,554 (45,353)179,637 
Preferred stock dividends of subsidiaries— 534 381 — 915 
Net income attributable to Hawaiian Electric178,722 21,180 24,173 (45,353)178,722 
Preferred stock dividends of Hawaiian Electric1,080 — — — 1,080 
Net income for common stock$177,642 21,180 24,173 (45,353)$177,642 

Consolidating statement of comprehensive income
Year ended December 31, 2021
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricConsolidating adjustmentsHawaiian 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 losses arising during the period, net of tax benefits151,523 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 taxes19,461 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 tax benefits(361)66 227 (293)(361)
Comprehensive income attributable to common shareholder
$177,281 21,246 24,400 (45,646)$177,281 
Consolidating statement of income
Year ended December 31, 2020
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricConsolidating adjustments
Hawaiian Electric
Consolidated
Revenues$1,608,305 334,221 323,430 (636)[1]$2,265,320 
Expenses
Fuel oil354,087 72,202 88,985 — 515,274 
Purchased power446,672 73,120 48,957 — 568,749 
Other operation and maintenance311,781 73,746 88,665 — 474,192 
Depreciation151,387 39,041 32,305 — 222,733 
Taxes, other than income taxes154,191 31,181 30,450 — 215,822 
   Total expenses1,418,118 289,290 289,362 — 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 subsidiaries47,504 — — (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 taxes197,497 36,302 25,458 (47,504)211,753 
Income taxes27,077 8,275 5,066 — 40,418 
Net income170,420 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 Electric1,080 — — — 1,080 
Net income for common stock$169,340 27,493 20,011 (47,504)$169,340 

Consolidating statement of comprehensive income
Year ended December 31, 2020
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricConsolidating adjustmentsHawaiian 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 gains (losses) arising during the period, net of taxes(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 taxes21,550 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 balance sheet
December 31, 2022
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
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 equipment5,260,685 1,425,442 1,293,383 — — 7,979,510 
Finance lease right-of-use assets48,371 — — — — 48,371 
Less accumulated depreciation(1,855,150)(644,457)(586,892)— — (3,086,499)
Construction in progress215,560 23,989 35,804 — — 275,353 
Utility property, plant and equipment, net3,712,326 810,580 745,889 — — 5,268,795 
Nonutility property, plant and equipment, less accumulated depreciation
5,298 115 1,532 — — 6,945 
Total property, plant and equipment, net3,717,624 810,695 747,421 — — 5,275,740 
Investment in wholly-owned subsidiaries, at equity
701,833 — — — (701,833)[2]— 
Current assets       
Cash and cash equivalents27,579 5,092 6,494 77 —  39,242 
Advances to affiliates— 4,500 21,700 — (26,200)[1]— 
Customer accounts receivable, net
216,802 39,339 32,197 — —  288,338 
Accrued unbilled revenues, net136,508 23,839 22,933 — —  183,280 
Other accounts receivable, net23,746 5,519 6,686 — (22,384)[1]13,567 
Fuel oil stock, at average cost153,342 16,964 21,224 — — 191,530 
Materials and supplies, at average cost
48,130 9,783 21,655 — — 79,568 
Prepayments and other24,040 6,346 4,137 — (1,041)[1]33,482 
Regulatory assets46,504 2,435 3,334 — — 52,273 
Total current assets676,651 113,817 140,360 77 (49,625)881,280 
Other long-term assets      
Operating lease right-of-use assets42,752 34,283 12,283 — — 89,318 
Regulatory assets154,040 21,816 14,384 — — 190,240 
Other115,028 32,654 29,495 — (16,288)[1]160,889 
Total other long-term assets311,820 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]$2,344,170 
Cumulative preferred stock–not subject to mandatory redemption
22,293 7,000 5,000 — —  34,293 
Long-term debt, net1,126,915 224,439 233,500 — —  1,584,854 
Total capitalization3,493,378 576,159 595,536 77 (701,833)3,963,317 
Current liabilities       
Current portion of operating lease liabilities9,775 6,690 2,630 — — 19,095 
Current portion of long-term debt, net49,981 19,992 29,989 — —  99,962 
Short-term borrowings-non-affiliate87,967 — — — — 87,967 
Short-term borrowings-affiliate26,200 — — — (26,200)[1]— 
Accounts payable143,253 32,113 27,126 — —  202,492 
Interest and preferred dividends payable
12,398 2,576 2,282 — (80)[1]17,176 
Taxes accrued, including revenue taxes207,798 42,436 40,709 — (1,041)[1]289,902 
Regulatory liabilities13,145 8,553 9,777 — — 31,475 
Other64,659 20,856 22,385 — (22,304)[1]85,596 
Total current liabilities615,176 133,216 134,898 — (49,625)833,665 
Deferred credits and other liabilities      
Operating lease liabilities41,049 27,817 9,849 — — 78,715 
Finance lease liabilities46,048 — — — — 46,048 
Deferred income taxes271,234 50,615 62,581 — — 384,430 
Regulatory liabilities729,683 194,222 100,270 — — 1,024,175 
Unamortized tax credits69,614 13,150 12,536 — —  95,300 
Defined benefit pension and other postretirement benefit plans liability
65,907 129 — — (16,288)[1]49,748 
Other75,839 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 
Consolidating balance sheet
December 31, 2021
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
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 equipment5,097,033 1,390,361 1,248,589 — — 7,735,983 
Less accumulated depreciation(1,757,096)(619,991)(563,430)— — (2,940,517)
Construction in progress159,854 17,129 27,586 — — 204,569 
Utility property, plant and equipment, net3,542,528 793,105 716,339 — — 5,051,972 
Nonutility property, plant and equipment, less accumulated depreciation
5,302 115 1,532 — — 6,949 
Total property, plant and equipment, net3,547,830 793,220 717,871 — — 5,058,921 
Investment in wholly-owned subsidiaries, at equity
676,237 — — — (676,237)[2]— 
Current assets       
Cash and cash equivalents23,344 5,326 23,422 77 —  52,169 
Restricted cash3,089 — — — — 3,089 
Advances to affiliates1,000 — — — (1,000)[1]— 
Customer accounts receivable, net
135,949 28,469 22,441 — —  186,859 
Accrued unbilled revenues, net92,469 19,529 17,157 — —  129,155 
Other accounts receivable, net18,624 3,347 3,031 — (17,735)[1]7,267 
Fuel oil stock, at average cost71,184 12,814 20,080 — — 104,078 
Materials and supplies, at average cost
42,006 9,727 20,144 — — 71,877 
Prepayments and other32,140 6,052 7,114 — 725 [1]46,031 
Regulatory assets58,695 3,051 4,918 — — 66,664 
Total current assets478,500 88,315 118,307 77 (18,010)667,189 
Other long-term assets      
Operating lease right-of-use assets78,710 22,442 318 — — 101,470 
Regulatory assets337,903 81,645 79,331 — — 498,879 
Other130,546 17,124 18,510 — (1,014)[1]165,166 
Total other long-term assets547,159 121,211 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, net1,136,620 234,390 253,417 — —  1,624,427 
Total capitalization3,420,812 574,290 601,677 77 (676,237)3,920,619 
Current liabilities       
Current portion of operating lease liabilities45,955 3,378 35 — — 49,368 
Current portion of long-term debt39,981 11,994 — — — 51,975 
Short-term borrowings-affiliate— 1,000 — — (1,000)[1]— 
Accounts payable111,024 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 taxes143,723 33,153 30,679 — 725 [1]208,280 
Regulatory liabilities22,240 3,247 4,273 — — 29,760 
Other56,752 14,158 18,540 — (17,881)[1]71,569 
Total current liabilities432,117 95,686 78,640 — (18,159)588,284 
Deferred credits and other liabilities      
Operating lease liabilities46,426 19,063 291 — — 65,780 
Deferred income taxes291,027 53,298 64,309 — — 408,634 
Regulatory liabilities695,152 179,267 92,589 — — 967,008 
Unamortized tax credits76,201 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 
Other67,511 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 statements of changes in common stock equity
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
adjustments		Hawaiian Electric
Consolidated
Balance, December 31, 2019$2,047,352 298,998 292,870 101 (591,969)$2,047,352 
Net income for common stock169,340 27,493 20,011 — (47,504)169,340 
Other comprehensive loss, net of taxes(1,640)(220)(134)— 354 (1,640)
Issuance of common stock, net of expenses34,000 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, 20202,141,918 317,451 309,363 77 (626,891)2,141,918 
Net income for common stock177,642 21,180 24,173 — (45,353)177,642 
Other comprehensive income (loss), net of taxes(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, 20212,261,899 332,900 343,260 77 (676,237)2,261,899 
Net income for common stock188,929 21,816 25,677 — (47,493)188,929 
Other comprehensive income, net of taxes6,141 381 276 — (657)6,141 
Issuance of common stock, net of expenses
13,101 6,023 3,023 — (9,046)13,101 
Common stock dividends(125,900)(16,400)(15,200)— 31,600 (125,900)
Balance, December 31, 20222,344,170 344,720 357,036 77 (701,833)2,344,170 
Consolidating statement of cash flows
Year ended December 31, 2022
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
adjustments		Hawaiian Electric
 Consolidated
Cash flows from operating activities       
Net income $190,009 22,350 26,058 — (47,493)[2]$190,924 
Adjustments to reconcile net income to net cash provided by operating activities       
Equity in earnings of subsidiaries(47,493)— — — 47,493 [2]— 
Common stock dividends received from subsidiaries31,600 — — — (31,600)[2]— 
Depreciation of property, plant and equipment158,725 41,404 35,295 — —  235,424 
Other amortization 16,708 4,996 3,616 — —  25,320 
Deferred income taxes(33,648)(4,040)(3,727)— — (41,415)
State refundable credit(7,375)(1,734)(1,890)— — (10,999)
Bad debt expense4,175 1,073 779 6,027 
Allowance for equity funds used during construction(8,464)(898)(1,212)— —  (10,574)
Other(65)(50)(24)— — (139)
Changes in assets and liabilities:   
Increase in accounts receivable(74,067)(11,644)(10,680)— 4,649 [1](91,742)
Increase in accrued unbilled revenues(43,972)(4,289)(5,762)— —  (54,023)
Increase in fuel oil stock(82,158)(4,150)(1,144)— —  (87,452)
Increase in materials and supplies(6,124)(56)(1,511)— —  (7,691)
Decrease in regulatory assets28,076 1,546 4,978 — —  34,600 
Increase in regulatory liabilities28,621 7,977 8,290 — 44,888 
Increase in accounts payable 18,657 3,294 404 — —  22,355 
Change in prepaid and accrued income taxes, tax credits and revenue taxes77,903 11,117 14,178 — — 103,198 
Decrease in defined benefit pension and other postretirement benefit plans liability(3,545)(626)(657)— — (4,828)
Change in other assets and liabilities(17,884)213 (3,623)— (4,649)[1](25,943)
Net cash provided by operating activities229,679 66,483 63,368 — (31,600)327,930 
Cash flows from investing activities       
Capital expenditures (223,223)(49,004)(57,230)— — (329,457)
Advances from affiliates1,000 (4,500)(21,700)— 25,200 [1]— 
Other (5,687)760 1,253 — 9,046 [1],[2]5,372 
Net cash used in investing activities(227,910)(52,744)(77,677)— 34,246 (324,085)
Cash flows from financing activities       
Common stock dividends(125,900)(16,400)(15,200)— 31,600 [2](125,900)
Preferred stock dividends of Hawaiian Electric and subsidiaries(1,080)(534)(381)— —  (1,995)
Proceeds from issuance of common stock13,101 6,023 3,023 — (9,046)[2]13,101 
Proceeds from issuance of long-term debt40,000 10,000 10,000 — —  60,000 
Repayment of long-term debt(40,000)(12,000)— — — (52,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less114,167 (1,000)— — (25,200)[1]87,967 
Payments of obligations under finance leases(670)— — — — (670)
Other(241)(62)(61)— — (364)
Net cash provided by (used in) financing activities(623)(13,973)(2,619)— (2,646) (19,861)
Net increase (decrease) in cash, cash equivalents and restricted cash1,146 (234)(16,928)— —  (16,016)
Cash, cash equivalents and restricted cash, January 126,433 5,326 23,422 77 —  55,258 
Cash, cash equivalents and restricted cash, December 3127,579 5,092 6,494 77 —  39,242 
Less: Restricted cash— — — — — — 
Cash and cash equivalents, December 31$27,579 5,092 6,494 77 — $39,242 
Consolidating statement of cash flows
Year ended December 31, 2021
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
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 amortization16,688 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 expense1,159 509 515 — — 2,183 
Allowance for equity funds used during construction
(7,734)(586)(1,214)— —  (9,534)
Bill credits1,400 300 300 — — 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 liabilities16,269 (1,031)120 15,358 
Decrease 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 affiliates25,700 — — — (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 the issuance of common stock
54,400 8,803 24,597 — (33,400)[2]54,400 
Proceeds from the issuance of long-term debt
60,000 30,000 25,000 — — 115,000 
Net increase (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 ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
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 amortization24,511 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 expense1,042 620 453 — — 2,115 
Allowance for equity funds used during construction
(7,335)(543)(890)— —  (8,768)
Accrued environmental reserve6,556 — — — — 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 revenues8,832 3,327 3,126 — —  15,285 
Decrease (increase) in fuel oil stock30,226 430 3,043 — —  33,699 
Increase in materials and supplies(3,910)(1,583)(1,149)— —  (6,642)
Decrease (increase) in regulatory assets8,526 (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 to affiliates1,000 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 and funds transferred for 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 debt100,000 — — — — 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 cash25,183 (3,962)235 (24)—  21,432 
Cash, cash equivalents and restricted cash, January 132,988 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 
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