Electric utility segment (Tables)

3 Months Ended

Mar. 31, 2024

Electric Utility Subsidiary [Abstract]

Purchases from all IPPs were as follows:


	Three months ended March 31
(in millions)		2024		2023
Kalaeloa		$	66	$	67

HPOWER		17		18
Puna Geothermal Venture		13		8
Hamakua Energy		11		20
Kapolei Energy Storage		6		—
Wind IPPs		30		24
Solar IPPs		15		14
Other IPPs 1		2		2
Total IPPs		$	160	$	153

1 Includes hydro power and other PPAs.

Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded)


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total


Recovery of COVID-19 related costs	$	2.2	$	0.5	$	0.5	$	3.2
Return of ERP benefit liability	—		(1.3)		(1.9)		(3.2)
Net 2024 ARA revenues	$	2.2	$	(0.8)	$	(1.4)	$	—

Note: Columns may not foot due to rounding.

The net incremental amounts between the 2023 fall and 2024 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June 1, 2024 through May 31, 2025 under the RBA rate tariffs, which were included in the 2024 spring revenue report filing.


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental RAM revenues and ARA revenues	$	2.2	$	(0.8)	$	(1.4)	$	—

Incremental PIMs (net)	(1.3)		(1.1)		(0.2)		(2.6)
Incremental MPIR/EPRM revenue adjustment	3.0		0.7		1.2		4.9
Incremental Pilot Process cost recovery	1.9		0.3		0.5		2.7




Net incremental amount to be collected under the RBA rate tariffs	$	5.8	$	(0.9)	$	0.1	$	5.0

Note: Columns may not foot due to rounding.

Schedule of Condensed Consolidating Statements of Income

Condensed Consolidating Statement of Income

Three months ended March 31, 2024


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	564,180	117,609	106,789	—	—	$	788,578
Expenses
Fuel oil	210,199		31,185	42,912	—	—	284,296
Purchased power	117,518		32,056	10,243	—	—	159,817
Other operation and maintenance	90,884		24,590	28,416	—	—	143,890
Depreciation	42,004		10,964	9,844	—	—	62,812
Taxes, other than income taxes	53,409		10,957	10,042	—	—	74,408

Total expenses	514,014		109,752	101,457	—	—	725,223
Operating income	50,166		7,857	5,332	—	—	63,355
Allowance for equity funds used during construction	2,821		349	470	—	—	3,640
Equity in earnings of subsidiaries	6,024		—	—	—	(6,024)	—
Retirement defined benefits credit (expense)—other than service costs	927		168	(23)	—	—	1,072
Interest expense and other charges, net	(14,292)		(2,914)	(4,231)	—	1,452	(19,985)
Allowance for borrowed funds used during construction	1,079		107	200	—	—	1,386
Interest Income	2,663		155	66	—	(1,452)	1,432
Income before income taxes	49,388		5,722	1,814	—	(6,024)	50,900
Income taxes	9,897		1,198	85	—	—	11,180
Net income	39,491		4,524	1,729	—	(6,024)	39,720
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	39,491		4,390	1,634	—	(6,024)	39,491
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	39,221	4,390	1,634	—	(6,024)	$	39,221

Condensed Consolidating Statement of Income

Three months ended March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	601,530	115,288	113,673	—	(130)	$	830,361
Expenses
Fuel oil	253,827		27,760	52,510	—	—	334,097
Purchased power	110,279		34,086	8,396	—	—	152,761
Other operation and maintenance	83,233		21,350	23,733	—	—	128,316
Depreciation	41,038		10,635	9,254	—	—	60,927
Taxes, other than income taxes	56,953		10,737	10,695	—	—	78,385

Total expenses	545,330		104,568	104,588	—	—	754,486
Operating income	56,200		10,720	9,085	—	(130)	75,875
Allowance for equity funds used during construction	2,640		284	377	—	—	3,301
Equity in earnings of subsidiaries	11,541		—	—	—	(11,541)	—
Retirement defined benefits credit (expense)—other than service costs	904		169	(26)	—	—	1,047
Interest expense and other charges, net	(14,557)		(2,831)	(2,988)	—	130	(20,246)
Allowance for borrowed funds used during construction	918		91	122	—	—	1,131

Income before income taxes	57,646		8,433	6,570	—	(11,541)	61,108
Income taxes	10,367		1,909	1,324	—	—	13,600
Net income	47,279		6,524	5,246	—	(11,541)	47,508
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	47,279		6,390	5,151	—	(11,541)	47,279
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	47,009	6,390	5,151	—	(11,541)	$	47,009

Statements of Income and Comprehensive Income Data


	Three months ended March 31
(in thousands)		2024		2023
Interest and dividend income
Interest and fees on loans		$	72,971	$	64,842
Interest and dividends on investment securities		14,964		14,637
Total interest and dividend income		87,935		79,479
Interest expense
Interest on deposit liabilities		17,432		6,837
Interest on other borrowings		8,154		7,721
Total interest expense		25,586		14,558
Net interest income		62,349		64,921
Provision for credit losses		(2,159)		1,175
Net interest income after provision for credit losses		64,508		63,746
Noninterest income
Fees from other financial services		4,874		4,679
Fee income on deposit liabilities		4,898		4,599
Fee income on other financial products		2,743		2,744
Bank-owned life insurance		3,584		1,425
Mortgage banking income		424		130


Other income, net		686		801
Total noninterest income		17,209		14,378
Noninterest expense
Compensation and employee benefits		32,459		30,204
Occupancy		5,063		5,588
Data processing		4,846		5,012
Services		4,151		2,595
Equipment		2,649		2,646
Office supplies, printing and postage		1,018		1,165
Marketing		776		1,016

Other expense		4,942		6,191
Total noninterest expense		55,904		54,417
Income before income taxes		25,813		23,707
Income taxes		4,879		5,145
Net income		20,934		18,562
Other comprehensive income (loss), net of taxes		(9,768)		18,430
Comprehensive income		$	11,166	$	36,992

Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:


	Three months ended March 31
(in thousands)		2024		2023
Interest and dividend income		$	87,935	$	79,479
Noninterest income		17,209		14,378


*Revenues-Bank		105,144		93,857
Total interest expense		25,586		14,558
Provision for credit losses		(2,159)		1,175
Noninterest expense		55,904		54,417

Less: Retirement defined benefits credit—other than service costs		(281)		(187)
*Expenses-Bank		79,612		70,337
*Operating income-Bank		25,532		23,520
Add back: Retirement defined benefits credit—other than service costs		(281)		(187)

Income before income taxes		$	25,813	$	23,707

Schedule of Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2024


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	39,221	4,390	1,634	—	(6,024)	$	39,221
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(508)		(38)	(59)	—	97	(508)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	459		35	49	—	(84)	459
Other comprehensive loss, net of taxes	(49)		(3)	(10)	—	13	(49)
Comprehensive income attributable to common shareholder	$	39,172	4,387	1,624	—	(6,011)	$	39,172

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	47,009	6,390	5,151	—	(11,541)	$	47,009
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes	(470)		(56)	(63)	—	119	(470)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	425		50	57	—	(107)	425
Other comprehensive loss, net of taxes	(45)		(6)	(6)	—	12	(45)
Comprehensive income attributable to common shareholder	$	46,964	6,384	5,145	—	(11,529)	$	46,964

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

March 31, 2024


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi- diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,860	5,645	3,514	—	—	$	52,019
Plant and equipment	5,442,481		1,470,238	1,389,730	—	—	8,302,449
Right-of-use assets - finance lease	318,326		36,075	—	—	—	354,401
Less accumulated depreciation	(1,962,980)		(673,926)	(612,183)	—	—	(3,249,089)
Construction in progress	249,111		36,013	45,619	—	—	330,743
Utility property, plant and equipment, net	4,089,798		874,045	826,680	—	—	5,790,523
Nonutility property, plant and equipment, less accumulated depreciation	5,294		115	1,532	—	—	6,941
Total property, plant and equipment, net	4,095,092		874,160	828,212	—	—	5,797,464
Investment in wholly owned subsidiaries, at equity	728,222		—	—	—	(728,222)	—
Current assets
Cash and cash equivalents	111,200		11,146	7,331	77	—	129,754
Restricted cash	2,000		—	—	—	—	2,000
Advances to affiliates	93,000		—	—	—	(93,000)	—
Customer accounts receivable, net	148,241		32,461	29,297	—	—	209,999
Accrued unbilled revenues, net	124,691		24,052	22,712	—	—	171,455
Other accounts receivable, net	47,107		7,619	21,606	—	(38,307)	38,025
Fuel oil stock, at average cost	121,468		15,596	24,369	—	—	161,433
Materials and supplies, at average cost	65,457		14,470	35,792	—	—	115,719
Prepayments and other	52,174		6,713	14,572	—	(1,434)	72,025
Regulatory assets	69,284		6,484	6,735	—	—	82,503
Total current assets	834,622		118,541	162,414	77	(132,741)	982,913
Other long-term assets
Operating lease right-of-use assets	33,628		25,733	8,856	—	—	68,217
Regulatory assets	194,038		14,050	24,476	—	—	232,564
Other	138,076		36,846	33,266	—	(14,484)	193,704
Total other long-term assets	365,742		76,629	66,598	—	(14,484)	494,485
Total assets	$	6,023,678	1,069,330	1,057,224	77	(875,447)	$	7,274,862
Capitalization and liabilities
Capitalization
Common stock equity	$	2,435,282	364,177	363,968	77	(728,222)	$	2,435,282
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,385,625		244,251	256,152	—	—	1,886,028
Total capitalization	3,843,200		615,428	625,120	77	(728,222)	4,355,603
Current liabilities
Current portion of operating lease liabilities	6,298		7,098	2,838	—	—	16,234
Current portion of long-term debt	39,941		4,992	1,998	—	—	46,931

Short-term borrowings from affiliate	—		—	93,000	—	(93,000)	—
Accounts payable	139,015		28,690	30,931	—	—	198,636
Interest and preferred dividends payable	35,795		3,808	4,870	—	(547)	43,926
Taxes accrued, including revenue taxes	219,385		34,955	29,540	—	(1,434)	282,446
Regulatory liabilities	11,488		8,353	6,308	—	—	26,149
Other	81,609		27,837	36,320	—	(37,760)	108,006
Total current liabilities	533,531		115,733	205,805	—	(132,741)	722,328
Deferred credits and other liabilities
Operating lease liabilities	33,090		18,989	6,320	—	—	58,399
Finance lease liabilities	306,262		34,879	—	—	—	341,141
Deferred income taxes	283,734		51,699	68,328	—	—	403,761
Regulatory liabilities	817,663		202,178	113,821	—	—	1,133,662
Unamortized tax credits	59,188		11,351	11,232	—	—	81,771
Defined benefit pension and other postretirement benefit plans liability	76,815		—	—	—	(14,484)	62,331
Other	70,195		19,073	26,598	—	—	115,866
Total deferred credits and other liabilities	1,646,947		338,169	226,299	—	(14,484)	2,196,931
Total capitalization and liabilities	$	6,023,678	1,069,330	1,057,224	77	(875,447)	$	7,274,862

Condensed Consolidating Balance Sheet

December 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diary	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,859	5,645	3,594	—	—	$	52,098
Plant and equipment	5,398,281		1,459,639	1,374,890	—	—	8,232,810
Finance lease right-of-use assets	306,099		36,075	—	—	—	342,174
Less accumulated depreciation	(1,925,660)		(666,581)	(605,273)	—	—	(3,197,514)
Construction in progress	247,836		33,488	38,899	—	—	320,223
Utility property, plant and equipment, net	4,069,415		868,266	812,110	—	—	5,749,791
Nonutility property, plant and equipment, less accumulated depreciation	5,295		115	1,532	—	—	6,942
Total property, plant and equipment, net	4,074,710		868,381	813,642	—	—	5,756,733
Investment in wholly owned subsidiaries, at equity	722,211		—	—	—	(722,211)	—
Current assets
Cash and cash equivalents	89,755		10,658	5,587	77	—	106,077
Restricted cash	2,000		—	—	—	—	2,000
Advances to affiliates	70,500		—	—	—	(70,500)	—
Customer accounts receivable, net	172,747		38,216	33,346	—	—	244,309
Accrued unbilled revenues, net	136,367		25,102	24,175	—	—	185,644
Other accounts receivable, net	143,160		13,318	32,521	—	(77,480)	111,519
Fuel oil stock, at average cost	108,228		17,968	22,041	—	—	148,237
Materials and supplies, at average cost	64,334		14,397	35,702	—	—	114,433
Prepayments and other	40,767		7,724	11,638	—	(1,638)	58,491
Regulatory assets	58,920		5,771	3,762	—	—	68,453
Total current assets	886,778		133,154	168,772	77	(149,618)	1,039,163
Other long-term assets
Operating lease right-of-use assets	34,856		27,470	9,551	—	—	71,877
Regulatory assets	189,417		13,575	23,359	—	—	226,351
Other	134,033		36,439	33,129	—	(14,171)	189,430
Total other long-term assets	358,306		77,484	66,039	—	(14,171)	487,658
Total assets	$	6,042,005	1,079,019	1,048,453	77	(886,000)	$	7,283,554
Capitalization and liabilities
Capitalization
Common stock equity	$	2,409,110	359,790	362,344	77	(722,211)	$	2,409,110
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,426,516		249,339	258,422	—	—	1,934,277
Total capitalization	3,857,919		616,129	625,766	77	(722,211)	4,377,680
Current liabilities
Current portion of operating lease liabilities	6,788		7,025	2,804	—	—	16,617


Short-term borrowings-affiliate	—		—	70,500	—	(70,500)	—
Accounts payable	136,102		29,418	25,520	—	—	191,040
Interest and preferred dividends payable	17,085		3,098	3,074	—	(375)	22,882
Taxes accrued, including revenue taxes	211,840		43,932	37,808	—	(1,638)	291,942
Regulatory liabilities	20,013		8,508	8,038	—	—	36,559
Other	165,131		33,240	50,170	—	(77,105)	171,436
Total current liabilities	556,959		125,221	197,914	—	(149,618)	730,476
Deferred credits and other liabilities
Operating lease liabilities	34,262		20,792	7,044	—	—	62,098
Finance lease liabilities	295,935		35,043	—	—	—	330,978
Deferred income taxes	280,029		51,661	67,311	—	—	399,001
Regulatory liabilities	803,404		199,173	111,554	—	—	1,114,131
Unamortized tax credits	61,130		11,650	11,532	—	—	84,312
Defined benefit pension and other postretirement benefit plans liability	74,842		—	—	—	(14,171)	60,671
Other	77,525		19,350	27,332		—	124,207
Total deferred credits and other liabilities	1,627,127		337,669	224,773	—	(14,171)	2,175,398
Total capitalization and liabilities	$	6,042,005	1,079,019	1,048,453	77	(886,000)	$	7,283,554

Balance Sheets Data


(in thousands)	March 31, 2024				December 31, 2023
Assets
Cash and due from banks			$	126,259			$	184,383
Interest-bearing deposits			100,681				251,072
Cash and cash equivalents			226,940				435,455

Investment securities
Available-for-sale, at fair value			1,091,889				1,136,439
Held-to-maturity, at amortized cost (fair value of $1,074,735 and $1,103,668, at March 31, 2024 and December 31, 2023, respectively)			1,191,074				1,201,314
Stock in Federal Home Loan Bank, at cost			32,489				14,728
Loans held for investment			6,116,722				6,180,810
Allowance for credit losses			(71,057)				(74,372)
Net loans			6,045,665				6,106,438
Loans held for sale, at lower of cost or fair value			2,923				15,168
Other			687,059				681,460
Goodwill			82,190				82,190
Total assets			$	9,360,229			$	9,673,192
Liabilities and shareholder’s equity
Deposit liabilities—noninterest-bearing			$	2,557,240			$	2,599,762
Deposit liabilities—interest-bearing			5,447,824				5,546,016
Other borrowings			593,000				750,000
Other			220,570				247,563
Total liabilities			8,818,634				9,143,341

Common stock			1				1
Additional paid-in capital			358,645				358,067
Retained earnings			484,989				464,055
Accumulated other comprehensive loss, net of tax benefits
Net unrealized losses on securities	$	(293,466)			$	(282,963)
Retirement benefit plans	(8,574)		(302,040)		(9,309)		(292,272)
Total shareholder’s equity			541,595				529,851
Total liabilities and shareholder’s equity			$	9,360,229			$	9,673,192

Other assets
Bank-owned life insurance			$	191,448			$	187,857
Premises and equipment, net			184,684				187,042
Accrued interest receivable			29,697				28,472
Mortgage-servicing rights			8,050				8,169
Low-income housing investments			108,314				112,234


Deferred tax asset			108,240				104,292

Other			56,626				53,394
			$	687,059			$	681,460
Other liabilities
Accrued expenses			$	114,289			$	115,231

Cashier’s checks			34,908				40,479
Advance payments by borrowers			5,559				10,107
Other			65,814				81,746
			$	220,570			$	247,563

Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2024


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2023	$	2,409,110	359,790	362,344	77	(722,211)	$	2,409,110
Net income for common stock	39,221		4,390	1,634	—	(6,024)	39,221
Other comprehensive loss, net of taxes	(49)		(3)	(10)	—	13	(49)
Common stock dividends	(13,000)		—	—	—	—	(13,000)


Balance, March 31, 2024	$	2,435,282	364,177	363,968	77	(728,222)	$	2,435,282

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2022	$	2,344,170	344,720	357,036	77	(701,833)	$	2,344,170
Net income for common stock	47,009		6,390	5,151	—	(11,541)	47,009
Other comprehensive loss, net of taxes	(45)		(6)	(6)	—	12	(45)
Common stock dividends	(32,250)		(4,475)	(3,675)	—	8,150	(32,250)
Balance, March 31, 2023	$	2,358,884	346,629	358,506	77	(705,212)	$	2,358,884

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2024


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated























Net cash provided by operating activities	$	103,556	15,965	7,680	—	—	$	127,201
Cash flows from investing activities
Capital expenditures	(55,261)		(14,954)	(27,817)	—	—	(98,032)

Advances to affiliates	(22,500)		—	—	—	22,500	—
Other	(1,093)		(240)	(308)	—	—	(1,641)
Net cash used in investing activities	(78,854)		(15,194)	(28,125)	—	22,500	(99,673)
Cash flows from financing activities

Preferred stock dividends of Hawaiian Electric and subsidiaries	(499)		—	—	—	—	(499)




Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	—		—	22,500	—	(22,500)	—
Payments of obligations under finance leases	(1,646)		(154)	—			(1,800)
Other	(1,112)		(129)	(311)	—	—	(1,552)
Net cash provided by (used in) financing activities	(3,257)		(283)	22,189	—	(22,500)	(3,851)
Net increase in cash, cash equivalents and restricted cash	21,445		488	1,744	—	—	23,677
Cash, cash equivalents and restricted cash, beginning of period	91,755		10,658	5,587	77	—	108,077
Cash, cash equivalents and restricted cash, end of period	113,200		11,146	7,331	77	—	131,754
Less: Restricted cash	(2,000)		—	—	—	—	(2,000)
Cash and cash equivalents, end of period	$	111,200	11,146	7,331	77	—	$	129,754

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2023


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiary	Consolidating adjustments	Hawaiian Electric Consolidated























Net cash provided by operating activities	$	143,356	18,733	15,416	—	(8,150)	$	169,355
Cash flows from investing activities
Capital expenditures	(74,916)		(20,747)	(26,476)	—	—	(122,139)
Advances from affiliates	—		4,500	21,700	—	(26,200)	—
Other	1,094		153	298	—	—	1,545
Net cash used in investing activities	(73,822)		(16,094)	(4,478)	—	(26,200)	(120,594)
Cash flows from financing activities
Common stock dividends	(32,250)		(4,475)	(3,675)	—	8,150	(32,250)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(270)		(134)	(95)	—	—	(499)


Proceeds from issuance of long-term debt	100,000		25,000	25,000	—	—	150,000

Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less	(114,167)		—	—	—	26,200	(87,967)
Payments of obligations under finance leases	(575)		—	—	—	—	(575)
Other	(458)		(116)	(116)	—	—	(690)
Net cash provided by (used in) financing activities	(47,720)		20,275	21,114	—	34,350	28,019
Net increase in cash and cash equivalents	21,814		22,914	32,052	—	—	76,780
Cash and cash equivalents, beginning of period	27,579		5,092	6,494	77	—	39,242


Cash and cash equivalents, end of period	$	49,393	28,006	38,546	77	—	$	116,022

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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