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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED BALANCE SHEETS
December 31 | 2022 |  | 2021
(dollars in thousands) |  |  |
Assets |  |  |
Cash and cash equivalents | $ | 611 |  |  | $ | 479 |
Accounts receivable | 946 |  |  | 873 |
Notes receivable from subsidiaries | 1,140 |  |  | — |
Property, plant and equipment, net | 1,877 |  |  | 2,052 |
Deferred income tax assets | 12,107 |  |  | 17,000 |
Other assets and intercompany receivables | 17,695 |  |  | 15,940 |
Investments in subsidiaries, at equity | 2,894,856 |  |  | 3,025,729 |
Total assets | $ | 2,929,232 |  |  | $ | 3,062,073 |
Liabilities and shareholders’ equity |  |  |
Liabilities |  |  |
Accounts payable | $ | 797 |  |  | $ | 914 |
Interest payable | 1,554 |  |  | 2,238 |
Commercial paper | 49,683 |  |  | 53,998 |
Short-term debt, net | 34,918 |  |  | — |
Long-term debt, net | 557,874 |  |  | 548,480 |
Retirement benefits liability | 21,983 |  |  | 26,340 |
Other | 59,924 |  |  | 39,219 |
Total liabilities | 726,733 |  |  | 671,189 |
Shareholders’ equity |  |  |
Preferred stock, no par value, authorized 10,000,000 shares; issued: none | — |  |  | — |
Common stock, no par value, authorized 200,000,000 shares; issued and outstanding: 109,470,795 shares and 109,311,785 shares at December 31, 2022 and 2021, respectively | 1,692,697 |  |  | 1,685,496 |
Retained earnings | 845,830 |  |  | 757,921 |
Accumulated other comprehensive loss, net of tax benefits | (336,028) |  |  | (52,533) |
Total shareholders’ equity | 2,202,499 |  |  | 2,390,884 |
Total liabilities and shareholders’ equity | $ | 2,929,232 |  |  | $ | 3,062,073 |
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF INCOME
Years ended December 31 | 2022 |  | 2021 |  | 2020
(in thousands) |  |  |  |  |
Revenues | $ | 320 |  |  | $ | 105 |  |  | $ | 208 |
Equity in net income of subsidiaries | 273,076 |  |  | 278,743 |  |  | 227,098 |
Expenses: |  |  |  |  |
Operating, administrative and general | 20,850 |  |  | 24,006 |  |  | 20,731 |
Depreciation of property, plant and equipment | 399 |  |  | 414 |  |  | 485 |
Taxes, other than income taxes | 732 |  |  | 514 |  |  | 654 |
Total expenses | 21,981 |  |  | 24,934 |  |  | 21,870 |
Income before interest expense and income tax benefits | 251,415 |  |  | 253,914 |  |  | 205,436 |
Retirement defined benefits credit (expense)—other than service costs | 147 |  |  | (114) |  |  | 634 |
Interest expense | 21,997 |  |  | 18,444 |  |  | 18,237 |
Income before income tax benefits | 229,271 |  |  | 235,584 |  |  | 186,565 |
Income tax benefits | 11,867 |  |  | 10,582 |  |  | 11,259 |
Net income | $ | 241,138 |  |  | $ | 246,166 |  |  | $ | 197,824 |
HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) STATEMENTS OF COMPREHENSIVE INCOME STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Incorporated by reference are HEI and Subsidiaries’ Statements of Consolidated Comprehensive Income and Consolidated Statements of Changes in Shareholders’ Equity in Part II, Item 8. SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (continued) HAWAIIAN ELECTRIC INDUSTRIES, INC. (PARENT COMPANY) CONDENSED STATEMENTS OF CASH FLOWS
Years ended December 31 | 2022 |  | 2021 |  | 2020
(in thousands) |  |  |  |  |
Net cash provided by operating activities | $ | 167,150 |  |  | $ | 154,151 |  |  | $ | 134,363 |
Cash flows from investing activities |  |  |  |  |
Increase in note receivable from subsidiary | (1,140) |  |  | — |  |  | — |
Decrease in note receivable from subsidiary | — |  |  | — |  |  | 22,719 |
Capital expenditures | (224) |  |  | (10) |  |  | (20) |
Investments in subsidiaries | (50,629) |  |  | (76,232) |  |  | (42,664) |
Other | 1,662 |  |  | 180 |  |  | 2,435 |
Net cash used in investing activities | (50,331) |  |  | (76,062) |  |  | (17,530) |
Cash flows from financing activities |  |  |  |  |
Net decrease in short-term borrowings with original maturities of three months or less | (4,315) |  |  | (10,493) |  |  | (32,232) |
Proceeds from issuance of short-term debt | 35,000 |  |  | — |  |  | 65,000 |
Repayment of short-term debt | — |  |  | (15,000) |  |  | (50,000) |
Proceeds from issuance of long-term debt | 160,000 |  |  | 150,000 |  |  | 50,000 |
Repayment of long-term debt | (150,000) |  |  | (50,000) |  |  | — |
Proceeds from issuance of syndicated credit facility | — |  |  | — |  |  | 66,300 |
Repayment of syndicated credit facility | — |  |  | — |  |  | (66,300) |
Withheld shares for employee taxes on vested share-based compensation | (3,165) |  |  | (2,006) |  |  | (5,700) |
Common stock dividends | (153,229) |  |  | (148,643) |  |  | (144,096) |
Other | (978) |  |  | (1,767) |  |  | (459) |
Net cash used in financing activities | (116,687) |  |  | (77,909) |  |  | (117,487) |
Net increase (decrease) in cash and equivalents | 132 |  |  | 180 |  |  | (654) |
Cash and cash equivalents, January 1 | 479 |  |  | 299 |  |  | 953 |
Cash and cash equivalents, December 31 | $ | 611 |  |  | $ | 479 |  |  | $ | 299 |
NOTES TO CONDENSED FINANCIAL INFORMATION Basis of Presentation The “Notes to Consolidated Financial Statements” in Part II, Item 8 should be read in conjunction with the above HEI (Parent Company) financial statements. All HEI subsidiaries are reflected in the Condensed Financial Statements under the equity method. Income taxes for equity method investments are included in “Equity in net income of subsidiaries.” Long-term debt The components of long-term debt, net, were as follows:
December 31 | 2022 |  | 2021
(dollars in thousands) |  |  |
HEI 2.99% term loan, paid in 2022 | $ | — |  |  | $ | 150,000 |
HEI 3.99% senior notes, due 2023 | 50,000 |  |  | 50,000 |
HEI 4.58% senior notes, due 2025 | 50,000 |  |  | 50,000 |
HEI 4.72% senior notes, due 2028 | 100,000 |  |  | 100,000 |
HEI 2.82% senior notes, due 2028 | 24,000 |  |  | 24,000 |
HEI 2.48% senior notes, due 2028 | 30,000 |  |  | 30,000 |
HEI 2.98% senior notes, due 2030 | 50,000 |  |  | 50,000 |
HEI 3.15% senior notes, due 2031 | 51,000 |  |  | 51,000 |
HEI 2.78% senior notes, due 2031 | 25,000 |  |  | 25,000 |
HEI 2.98% senior notes, due 2032 | 30,000 |  |  | — |
HEI 5.43% senior notes, due 2032 | 75,000 |  |  | — |
HEI 5.43% senior notes, due 2034 | 35,000 |  |  | — |
HEI 3.74% senior notes, due 2051 | 20,000 |  |  | 20,000 |
HEI 3.94% senior notes, due 2052 | 20,000 |  |  | — |
Less unamortized debt issuance costs | (2,126) |  |  | (1,520) |
Long-term debt, net | $ | 557,874 |  |  | $ | 548,480 |
The aggregate payments of principal required within five years after December 31, 2022 on long-term debt are $50 million in 2023, nil in 2024, $50 million in 2025, nil in 2026, nil for 2027, and $460 million thereafter. Income taxes The Company’s financial reporting policy for income tax allocations is based upon a separate entity concept whereby each subsidiary provides income tax expense (or benefits) as if each were a separate taxable entity. The difference between the aggregate separate tax return income tax provisions and the consolidated financial reporting income tax provision is charged or credited to HEI’s separate tax provision. Dividends from HEI subsidiaries In 2022, 2021 and 2020, cash dividends received from subsidiaries were $168 million, $172 million and $145 million, respectively. Supplemental disclosures of noncash activities In 2022, 2021 and 2020, $1.9 million, $2.1 million and $2.3 million, respectively, of HEI accounts receivable from ASB Hawaii were reduced with a corresponding reduction in HEI notes payable to ASB Hawaii in noncash transactions. In 2022, 2021 and 2020, $1.9 million, $2.1 million and $2.3 million, respectively, were contributed as equity by HEI into ASB Hawaii with a corresponding increase in HEI notes payable to ASB Hawaii in noncash transactions. Under the HEI DRIP, common stock dividends reinvested by shareholders in HEI common stock in noncash transactions was immaterial for 2022, 2021 and 2020 as HEI satisfied the share purchase requirements of the DRIP in 2022, 2021 and 2020 through open market purchases of its common stock rather than new issuances.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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