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Electric utility segment (Tables) | 12 Months Ended
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Dec. 31, 2022
Electric Utility Subsidiary [Abstract] |
Schedule of regulatory assets | Regulatory assets were as follows:
December 31 | 2022 |  | 2021
(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 assets | 190,240 |  |  | 498,879 |
Total regulatory assets | $ | 242,513 |  |  | $ | 565,543 |
Schedule of regulatory liabilities | Regulatory liabilities were as follows:
December 31 | 2022 |  | 2021
(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 liabilities | 1,024,175 |  |  | 967,008 |
Total regulatory liabilities | $ | 1,055,650 |  |  | $ | 996,768 |
Schedule of voluntary liquidation and redemption prices of cumulative preferred stock | The following series of cumulative preferred stock are redeemable only at the option of the respective company at the following prices in the event of voluntary liquidation or redemption:
December 31, 2022 | Voluntary liquidation price |  | Redemption price
Series |  |  |
C, D, E, H, J and K (Hawaiian Electric) | $ | 20 |  |  | $ | 21 |
I (Hawaiian Electric) | 20 |  |  | 20 |
G (Hawaii Electric Light) | 100 |  |  | 100 |
H (Maui Electric) | 100 |  |  | 100 |
Schedule of purchases from all IPPs | Purchases from all IPPs were as follows:
Years ended December 31 |  | 2022 |  | 2021 |  | 2020
(in millions) |  |  |  |  |  |
Kalaeloa |  | $ | 342 |  |  | $ | 204 |  |  | $ | 149 |
AES Hawaii |  | 82 |  |  | 130 |  |  | 133 |
HPOWER |  | 73 |  |  | 70 |  |  | 70 |
Hamakua Energy |  | 66 |  |  | 53 |  |  | 50 |
Puna Geothermal Venture |  | 48 |  |  | 29 |  |  | 1 |
Wind IPPs |  | 119 |  |  | 124 |  |  | 105 |
Solar IPPs |  | 57 |  |  | 50 |  |  | 57 |
Other IPPs 1 |  | 7 |  |  | 10 |  |  | 4 |
Total IPPs |  | $ | 794 |  |  | $ | 670 |  |  | $ | 569 |
1 Includes hydro power and other PPAs
Schedule of changes in asset retirement obligation | Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:
(in thousands) | 2022 |  | 2021
Balance, January 1 | $ | 11,110 |  |  | $ | 10,692 |
Accretion expense | 442 |  |  | 423 |
Liabilities incurred | — |  |  | — |
Liabilities settled | (4) |  |  | (5) |
Balance, December 31 | $ | 11,548 |  |  | $ | 11,110 |
Schedule of net annual incremental amounts proposed to be collected (refunded) | The filing reflected ARA revenues for 2023 to be collected from January 1 through December 31, 2023, as follows:
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
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 Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
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 Adjustment |  | 0.3 |  |  | — |  |  | — |  |  | 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.
Schedule of consolidating statements of income | Consolidating statement of income Year ended December 31, 2022
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 2,452,969 |  |  | 485,590 |  |  | 470,355 |  |  |  |  | (327) |  | [1] |  | $ | 3,408,587 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 917,801 |  |  | 133,238 |  |  | 214,575 |  |  |  |  | — |  |  |  | 1,265,614 |
Purchased power | 601,235 |  |  | 143,636 |  |  | 48,713 |  |  |  |  | — |  |  |  | 793,584 |
Other operation and maintenance | 326,785 |  |  | 85,110 |  |  | 85,706 |  |  |  |  | — |  |  |  | 497,601 |
Depreciation | 158,725 |  |  | 41,404 |  |  | 35,295 |  |  |  |  | — |  |  |  | 235,424 |
Taxes, other than income taxes | 228,843 |  |  | 44,685 |  |  | 43,645 |  |  |  |  | — |  |  |  | 317,173 |
Total expenses | 2,233,389 |  |  | 448,073 |  |  | 427,934 |  |  |  |  | — |  |  |  | 3,109,396 |
Operating income | 219,580 |  |  | 37,517 |  |  | 42,421 |  |  |  |  | (327) |  |  |  | 299,191 |
Allowance for equity funds used during construction | 8,464 |  |  | 898 |  |  | 1,212 |  |  |  |  | — |  |  |  | 10,574 |
Equity in earnings of subsidiaries | 47,493 |  |  | — |  |  | — |  |  |  |  | (47,493) |  | [2] |  | — |
Retirement defined benefits credit (expense)—other than service costs | 3,296 |  |  | 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 construction | 2,769 |  |  | 277 |  |  | 370 |  |  |  |  | — |  |  |  | 3,416 |
Income before income taxes | 226,342 |  |  | 28,699 |  |  | 33,052 |  |  |  |  | (47,493) |  |  |  | 240,600 |
Income taxes | 36,333 |  |  | 6,349 |  |  | 6,994 |  |  |  |  | — |  |  |  | 49,676 |
Net income | 190,009 |  |  | 22,350 |  |  | 26,058 |  |  |  |  | (47,493) |  |  |  | 190,924 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 190,009 |  |  | 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 income Year ended December 31, 2021
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 1,793,372 |  |  | 381,033 |  |  | 365,256 |  |  |  |  | (25) |  | [1] |  | $ | 2,539,636 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 442,818 |  |  | 80,086 |  |  | 121,445 |  |  |  |  | — |  |  |  | 644,349 |
Purchased power | 508,642 |  |  | 108,997 |  |  | 52,855 |  |  |  |  | — |  |  |  | 670,494 |
Other operation and maintenance | 313,009 |  |  | 79,390 |  |  | 83,013 |  |  |  |  | — |  |  |  | 475,412 |
Depreciation | 155,607 |  |  | 40,201 |  |  | 33,661 |  |  |  |  | — |  |  |  | 229,469 |
Taxes, other than income taxes | 170,604 |  |  | 35,499 |  |  | 34,251 |  |  |  |  | — |  |  |  | 240,354 |
Total expenses | 1,590,680 |  |  | 344,173 |  |  | 325,225 |  |  |  |  | — |  |  |  | 2,260,078 |
Operating income | 202,692 |  |  | 36,860 |  |  | 40,031 |  |  |  |  | (25) |  |  |  | 279,558 |
Allowance for equity funds used during construction | 7,734 |  |  | 586 |  |  | 1,214 |  |  |  |  | — |  |  |  | 9,534 |
Equity in earnings of subsidiaries | 45,353 |  |  | — |  |  | — |  |  |  |  | (45,353) |  | [2] |  | — |
Retirement defined benefits credit (expense)—other than service costs | 3,348 |  |  | 670 |  |  | (128) |  |  |  |  | — |  |  |  | 3,890 |
Interest expense and other charges, net | (51,680) |  |  | (10,353) |  |  | (10,439) |  |  |  |  | 25 |  | [1] |  | (72,447) |
Allowance for borrowed funds used during construction | 2,617 |  |  | 197 |  |  | 436 |  |  |  |  | — |  |  |  | 3,250 |
Income before income taxes | 210,064 |  |  | 27,960 |  |  | 31,114 |  |  |  |  | (45,353) |  |  |  | 223,785 |
Income taxes | 31,342 |  |  | 6,246 |  |  | 6,560 |  |  |  |  | — |  |  |  | 44,148 |
Net income | 178,722 |  |  | 21,714 |  |  | 24,554 |  |  |  |  | (45,353) |  |  |  | 179,637 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 178,722 |  |  | 21,180 |  |  | 24,173 |  |  |  |  | (45,353) |  |  |  | 178,722 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 177,642 |  |  | 21,180 |  |  | 24,173 |  |  |  |  | (45,353) |  |  |  | $ | 177,642 |
Consolidating statement of income Year ended December 31, 2020
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Revenues | $ | 1,608,305 |  |  | 334,221 |  |  | 323,430 |  |  |  |  | (636) |  | [1] |  | $ | 2,265,320 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil | 354,087 |  |  | 72,202 |  |  | 88,985 |  |  |  |  | — |  |  |  | 515,274 |
Purchased power | 446,672 |  |  | 73,120 |  |  | 48,957 |  |  |  |  | — |  |  |  | 568,749 |
Other operation and maintenance | 311,781 |  |  | 73,746 |  |  | 88,665 |  |  |  |  | — |  |  |  | 474,192 |
Depreciation | 151,387 |  |  | 39,041 |  |  | 32,305 |  |  |  |  | — |  |  |  | 222,733 |
Taxes, other than income taxes | 154,191 |  |  | 31,181 |  |  | 30,450 |  |  |  |  | — |  |  |  | 215,822 |
Total expenses | 1,418,118 |  |  | 289,290 |  |  | 289,362 |  |  |  |  | — |  |  |  | 1,996,770 |
Operating income | 190,187 |  |  | 44,931 |  |  | 34,068 |  |  |  |  | (636) |  |  |  | 268,550 |
Allowance for equity funds used during construction | 7,335 |  |  | 543 |  |  | 890 |  |  |  |  | — |  |  |  | 8,768 |
Equity in earnings of subsidiaries | 47,504 |  |  | — |  |  | — |  |  |  |  | (47,504) |  | [2] |  | — |
Retirement defined benefits credit (expense)—other than service costs | (1,294) |  |  | 672 |  |  | (141) |  |  |  |  | — |  |  |  | (763) |
Interest expense and other charges, net | (48,775) |  |  | (10,004) |  |  | (9,651) |  |  |  |  | 636 |  | [1] |  | (67,794) |
Allowance for borrowed funds used during construction | 2,540 |  |  | 160 |  |  | 292 |  |  |  |  | — |  |  |  | 2,992 |
Income before income taxes | 197,497 |  |  | 36,302 |  |  | 25,458 |  |  |  |  | (47,504) |  |  |  | 211,753 |
Income taxes | 27,077 |  |  | 8,275 |  |  | 5,066 |  |  |  |  | — |  |  |  | 40,418 |
Net income | 170,420 |  |  | 28,027 |  |  | 20,392 |  |  |  |  | (47,504) |  |  |  | 171,335 |
Preferred stock dividends of subsidiaries | — |  |  | 534 |  |  | 381 |  |  |  |  | — |  |  |  | 915 |
Net income attributable to Hawaiian Electric | 170,420 |  |  | 27,493 |  |  | 20,011 |  |  |  |  | (47,504) |  |  |  | 170,420 |
Preferred stock dividends of Hawaiian Electric | 1,080 |  |  | — |  |  | — |  |  |  |  | — |  |  |  | 1,080 |
Net income for common stock | $ | 169,340 |  |  | 27,493 |  |  | 20,011 |  |  |  |  | (47,504) |  |  |  | $ | 169,340 |
Statements of Income and Comprehensive Income Data
Years ended December 31 | 2022 |  | 2021 |  | 2020
(in thousands) |  |  |  |  |
Interest and dividend income |  |  |  |  |
Interest and fees on loans | $ | 207,830 |  |  | $ | 198,802 |  |  | $ | 214,134 |
Interest and dividends on investment securities | 58,044 |  |  | 43,464 |  |  | 30,529 |
Total interest and dividend income | 265,874 |  |  | 242,266 |  |  | 244,663 |
Interest expense |  |  |  |  |
Interest on deposit liabilities | 7,327 |  |  | 4,981 |  |  | 10,654 |
Interest on other borrowings | 5,974 |  |  | 59 |  |  | 460 |
Total interest expense | 13,301 |  |  | 5,040 |  |  | 11,114 |
Net interest income | 252,573 |  |  | 237,226 |  |  | 233,549 |
Provision for credit losses | 2,037 |  |  | (25,825) |  |  | 50,811 |
Net interest income after provision for credit losses | 250,536 |  |  | 263,051 |  |  | 182,738 |
Noninterest income |  |  |  |  |
Fees from other financial services | 19,830 |  |  | 21,225 |  |  | 16,447 |
Fee income on deposit liabilities | 18,762 |  |  | 16,663 |  |  | 16,059 |
Fee income on other financial products | 10,291 |  |  | 8,770 |  |  | 6,381 |
Bank-owned life insurance | 2,533 |  |  | 7,318 |  |  | 6,483 |
Mortgage banking income | 1,692 |  |  | 9,305 |  |  | 23,734 |
Gain on sale of real estate | 1,778 |  |  | — |  |  | — |
Gain on sale of investment securities, net | — |  |  | 528 |  |  | 9,275 |
Other income, net | 2,086 |  |  | 851 |  |  | (256) |
Total noninterest income | 56,972 |  |  | 64,660 |  |  | 78,123 |
Noninterest expense |  |  |  |  |
Compensation and employee benefits | 113,839 |  |  | 113,970 |  |  | 104,443 |
Occupancy | 24,026 |  |  | 20,584 |  |  | 21,573 |
Data processing | 17,681 |  |  | 17,634 |  |  | 14,769 |
Services | 10,679 |  |  | 10,327 |  |  | 11,121 |
Equipment | 10,100 |  |  | 9,510 |  |  | 9,001 |
Office supplies, printing and postage | 4,398 |  |  | 4,239 |  |  | 4,623 |
Marketing | 3,968 |  |  | 3,870 |  |  | 3,435 |
FDIC insurance | 3,591 |  |  | 3,235 |  |  | 2,342 |
Other expense 1 | 16,985 |  |  | 13,783 |  |  | 20,283 |
Total noninterest expense | 205,267 |  |  | 197,152 |  |  | 191,590 |
Income before income taxes | 102,241 |  |  | 130,559 |  |  | 69,271 |
Income taxes | 22,252 |  |  | 29,325 |  |  | 11,688 |
Net income | 79,989 |  |  | 101,234 |  |  | 57,583 |
Other comprehensive income (loss), net of taxes | (298,833) |  |  | (52,728) |  |  | 23,608 |
Comprehensive income (loss) | $ | (218,844) |  |  | $ | 48,506 |  |  | $ | 81,191 |
1 2020, included approximately $5.1 million of certain direct and incremental COVID-19 related costs, including $2.5 million of compensation expense and $2.0 million of enhanced cleaning and sanitation costs. Reconciliation to amounts per HEI Consolidated Statements of Income*:
Years ended December 31 | 2022 |  | 2021 |  | 2020
(in thousands) |  |  |  |  |
Interest and dividend income | $ | 265,874 |  |  | $ | 242,266 |  |  | $ | 244,663 |
Noninterest income | 56,972 |  |  | 64,660 |  |  | 78,123 |
Less: Gain on sale of real estate | 1,778 |  |  | — |  |  | — |
Less: Gain on sale of investment securities, net | — |  |  | 528 |  |  | 9,275 |
*Revenues-Bank | 321,068 |  |  | 306,398 |  |  | 313,511 |
Total interest expense | 13,301 |  |  | 5,040 |  |  | 11,114 |
Provision for credit losses | 2,037 |  |  | (25,825) |  |  | 50,811 |
Noninterest expense | 205,267 |  |  | 197,152 |  |  | 191,590 |
Less: Retirement defined benefits expense (credit)—other than service costs | (723) |  |  | (1,828) |  |  | 1,813 |
Add: Gain on sale of real estate | 1,778 |  |  | — |  |  | — |
*Expenses-Bank | 219,550 |  |  | 178,195 |  |  | 251,702 |
*Operating income-Bank | 101,518 |  |  | 128,203 |  |  | 61,809 |
Add back: Retirement defined benefits expense (credit)—other than service costs | (723) |  |  | (1,828) |  |  | 1,813 |
Add back: Gain on sale of investment securities, net | — |  |  | 528 |  |  | 9,275 |
Income before income taxes | $ | 102,241 |  |  | $ | 130,559 |  |  | $ | 69,271 |
Schedule of consolidating statements of comprehensive income | Consolidating statement of comprehensive income Year ended December 31, 2022
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating 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 taxes | 187,193 |  |  | 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 taxes | 18,884 |  |  | 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 taxes | 6,141 |  |  | 381 |  |  | 276 |  |  |  |  | (657) |  |  |  | 6,141 |
Comprehensive income attributable to common shareholder | $ | 195,070 |  |  | 22,197 |  |  | 25,953 |  |  |  |  | (48,150) |  |  |  | $ | 195,070 |
Consolidating statement of comprehensive income Year ended December 31, 2021
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income for common stock | $ | 177,642 |  |  | 21,180 |  |  | 24,173 |  |  |  |  | (45,353) |  |  |  | $ | 177,642 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Net losses arising during the period, net of tax benefits | 151,523 |  |  | 17,902 |  |  | 16,572 |  |  |  |  | (34,474) |  | [1] |  | 151,523 |
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes | 19,461 |  |  | 2,749 |  |  | 2,553 |  |  |  |  | (5,302) |  | [1] |  | 19,461 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (171,345) |  |  | (20,585) |  |  | (18,898) |  |  |  |  | 39,483 |  | [1] |  | (171,345) |
Other comprehensive income (loss), net of 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 comprehensive income Year ended December 31, 2020
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  |  |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Net income for common stock | $ | 169,340 |  |  | 27,493 |  |  | 20,011 |  |  |  |  | (47,504) |  |  |  | $ | 169,340 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Net 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 taxes | 21,550 |  |  | 3,179 |  |  | 2,763 |  |  |  |  | (5,942) |  | [1] |  | 21,550 |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | 39,860 |  |  | 6,025 |  |  | 8,000 |  |  |  |  | (14,025) |  | [1] |  | 39,860 |
Other comprehensive loss, net of tax benefits | (1,640) |  |  | (220) |  |  | (134) |  |  |  |  | 354 |  |  |  | (1,640) |
Comprehensive income attributable to common shareholder | $ | 167,700 |  |  | 27,273 |  |  | 19,877 |  |  |  |  | (47,150) |  |  |  | $ | 167,700 |
Schedule of consolidating balance sheets | Consolidating balance sheet December 31, 2022
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land | $ | 42,860 |  |  | 5,606 |  |  | 3,594 |  |  | — |  |  | — |  |  |  | 52,060 |
Plant and equipment | 5,260,685 |  |  | 1,425,442 |  |  | 1,293,383 |  |  | — |  |  | — |  |  |  | 7,979,510 |
Finance lease right-of-use assets | 48,371 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 48,371 |
Less accumulated depreciation | (1,855,150) |  |  | (644,457) |  |  | (586,892) |  |  | — |  |  | — |  |  |  | (3,086,499) |
Construction in progress | 215,560 |  |  | 23,989 |  |  | 35,804 |  |  | — |  |  | — |  |  |  | 275,353 |
Utility property, plant and equipment, net | 3,712,326 |  |  | 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, net | 3,717,624 |  |  | 810,695 |  |  | 747,421 |  |  | — |  |  | — |  |  |  | 5,275,740 |
Investment in wholly-owned subsidiaries, at equity | 701,833 |  |  | — |  |  | — |  |  | — |  |  | (701,833) |  | [2] |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 27,579 |  |  | 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, net | 136,508 |  |  | 23,839 |  |  | 22,933 |  |  | — |  |  | — |  |  |  | 183,280 |
Other accounts receivable, net | 23,746 |  |  | 5,519 |  |  | 6,686 |  |  | — |  |  | (22,384) |  | [1] |  | 13,567 |
Fuel oil stock, at average cost | 153,342 |  |  | 16,964 |  |  | 21,224 |  |  | — |  |  | — |  |  |  | 191,530 |
Materials and supplies, at average cost | 48,130 |  |  | 9,783 |  |  | 21,655 |  |  | — |  |  | — |  |  |  | 79,568 |
Prepayments and other | 24,040 |  |  | 6,346 |  |  | 4,137 |  |  | — |  |  | (1,041) |  | [1] |  | 33,482 |
Regulatory assets | 46,504 |  |  | 2,435 |  |  | 3,334 |  |  | — |  |  | — |  |  |  | 52,273 |
Total current assets | 676,651 |  |  | 113,817 |  |  | 140,360 |  |  | 77 |  |  | (49,625) |  |  |  | 881,280 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets | 42,752 |  |  | 34,283 |  |  | 12,283 |  |  | — |  |  | — |  |  |  | 89,318 |
Regulatory assets | 154,040 |  |  | 21,816 |  |  | 14,384 |  |  | — |  |  | — |  |  |  | 190,240 |
Other | 115,028 |  |  | 32,654 |  |  | 29,495 |  |  | — |  |  | (16,288) |  | [1] |  | 160,889 |
Total other long-term assets | 311,820 |  |  | 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, net | 1,126,915 |  |  | 224,439 |  |  | 233,500 |  |  | — |  |  | — |  |  |  | 1,584,854 |
Total capitalization | 3,493,378 |  |  | 576,159 |  |  | 595,536 |  |  | 77 |  |  | (701,833) |  |  |  | 3,963,317 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities | 9,775 |  |  | 6,690 |  |  | 2,630 |  |  | — |  |  | — |  |  |  | 19,095 |
Current portion of long-term debt, net | 49,981 |  |  | 19,992 |  |  | 29,989 |  |  | — |  |  | — |  |  |  | 99,962 |
Short-term borrowings-non-affiliate | 87,967 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 87,967 |
Short-term borrowings-affiliate | 26,200 |  |  | — |  |  | — |  |  | — |  |  | (26,200) |  | [1] |  | — |
Accounts payable | 143,253 |  |  | 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 taxes | 207,798 |  |  | 42,436 |  |  | 40,709 |  |  | — |  |  | (1,041) |  | [1] |  | 289,902 |
Regulatory liabilities | 13,145 |  |  | 8,553 |  |  | 9,777 |  |  | — |  |  | — |  |  |  | 31,475 |
Other | 64,659 |  |  | 20,856 |  |  | 22,385 |  |  | — |  |  | (22,304) |  | [1] |  | 85,596 |
Total current liabilities | 615,176 |  |  | 133,216 |  |  | 134,898 |  |  | — |  |  | (49,625) |  |  |  | 833,665 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities | 41,049 |  |  | 27,817 |  |  | 9,849 |  |  | — |  |  | — |  |  |  | 78,715 |
Finance lease liabilities | 46,048 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 46,048 |
Deferred income taxes | 271,234 |  |  | 50,615 |  |  | 62,581 |  |  | — |  |  | — |  |  |  | 384,430 |
Regulatory liabilities | 729,683 |  |  | 194,222 |  |  | 100,270 |  |  | — |  |  | — |  |  |  | 1,024,175 |
Unamortized tax credits | 69,614 |  |  | 13,150 |  |  | 12,536 |  |  | — |  |  | — |  |  |  | 95,300 |
Defined benefit pension and other postretirement benefit plans liability | 65,907 |  |  | 129 |  |  | — |  |  | — |  |  | (16,288) |  | [1] |  | 49,748 |
Other | 75,839 |  |  | 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 Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land | $ | 42,737 |  |  | 5,606 |  |  | 3,594 |  |  | — |  |  | — |  |  |  | $ | 51,937 |
Plant and equipment | 5,097,033 |  |  | 1,390,361 |  |  | 1,248,589 |  |  | — |  |  | — |  |  |  | 7,735,983 |
Less accumulated depreciation | (1,757,096) |  |  | (619,991) |  |  | (563,430) |  |  | — |  |  | — |  |  |  | (2,940,517) |
Construction in progress | 159,854 |  |  | 17,129 |  |  | 27,586 |  |  | — |  |  | — |  |  |  | 204,569 |
Utility property, plant and equipment, net | 3,542,528 |  |  | 793,105 |  |  | 716,339 |  |  | — |  |  | — |  |  |  | 5,051,972 |
Nonutility property, plant and equipment, less accumulated depreciation | 5,302 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  |  | 6,949 |
Total property, plant and equipment, net | 3,547,830 |  |  | 793,220 |  |  | 717,871 |  |  | — |  |  | — |  |  |  | 5,058,921 |
Investment in wholly-owned subsidiaries, at equity | 676,237 |  |  | — |  |  | — |  |  | — |  |  | (676,237) |  | [2] |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 23,344 |  |  | 5,326 |  |  | 23,422 |  |  | 77 |  |  | — |  |  |  | 52,169 |
Restricted cash | 3,089 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 3,089 |
Advances to affiliates | 1,000 |  |  | — |  |  | — |  |  | — |  |  | (1,000) |  | [1] |  | — |
Customer accounts receivable, net | 135,949 |  |  | 28,469 |  |  | 22,441 |  |  | — |  |  | — |  |  |  | 186,859 |
Accrued unbilled revenues, net | 92,469 |  |  | 19,529 |  |  | 17,157 |  |  | — |  |  | — |  |  |  | 129,155 |
Other accounts receivable, net | 18,624 |  |  | 3,347 |  |  | 3,031 |  |  | — |  |  | (17,735) |  | [1] |  | 7,267 |
Fuel oil stock, at average cost | 71,184 |  |  | 12,814 |  |  | 20,080 |  |  | — |  |  | — |  |  |  | 104,078 |
Materials and supplies, at average cost | 42,006 |  |  | 9,727 |  |  | 20,144 |  |  | — |  |  | — |  |  |  | 71,877 |
Prepayments and other | 32,140 |  |  | 6,052 |  |  | 7,114 |  |  | — |  |  | 725 |  | [1] |  | 46,031 |
Regulatory assets | 58,695 |  |  | 3,051 |  |  | 4,918 |  |  | — |  |  | — |  |  |  | 66,664 |
Total current assets | 478,500 |  |  | 88,315 |  |  | 118,307 |  |  | 77 |  |  | (18,010) |  |  |  | 667,189 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets | 78,710 |  |  | 22,442 |  |  | 318 |  |  | — |  |  | — |  |  |  | 101,470 |
Regulatory assets | 337,903 |  |  | 81,645 |  |  | 79,331 |  |  | — |  |  | — |  |  |  | 498,879 |
Other | 130,546 |  |  | 17,124 |  |  | 18,510 |  |  | — |  |  | (1,014) |  | [1] |  | 165,166 |
Total other long-term assets | 547,159 |  |  | 121,211 |  |  | 98,159 |  |  | — |  |  | (1,014) |  |  |  | 765,515 |
Total assets | $ | 5,249,726 |  |  | 1,002,746 |  |  | 934,337 |  |  | 77 |  |  | (695,261) |  |  |  | $ | 6,491,625 |
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity | $ | 2,261,899 |  |  | 332,900 |  |  | 343,260 |  |  | 77 |  |  | (676,237) |  | [2] |  | $ | 2,261,899 |
Cumulative preferred stock–not subject to mandatory redemption | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  |  | 34,293 |
Long-term debt, net | 1,136,620 |  |  | 234,390 |  |  | 253,417 |  |  | — |  |  | — |  |  |  | 1,624,427 |
Total capitalization | 3,420,812 |  |  | 574,290 |  |  | 601,677 |  |  | 77 |  |  | (676,237) |  |  |  | 3,920,619 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities | 45,955 |  |  | 3,378 |  |  | 35 |  |  | — |  |  | — |  |  |  | 49,368 |
Current portion of long-term debt | 39,981 |  |  | 11,994 |  |  | — |  |  | — |  |  | — |  |  |  | 51,975 |
Short-term borrowings-affiliate | — |  |  | 1,000 |  |  | — |  |  | — |  |  | (1,000) |  | [1] |  | — |
Accounts payable | 111,024 |  |  | 26,139 |  |  | 22,844 |  |  | — |  |  | — |  |  |  | 160,007 |
Interest and preferred dividends payable | 12,442 |  |  | 2,617 |  |  | 2,269 |  |  | — |  |  | (3) |  | [1] |  | 17,325 |
Taxes accrued, including revenue taxes | 143,723 |  |  | 33,153 |  |  | 30,679 |  |  | — |  |  | 725 |  | [1] |  | 208,280 |
Regulatory liabilities | 22,240 |  |  | 3,247 |  |  | 4,273 |  |  | — |  |  | — |  |  |  | 29,760 |
Other | 56,752 |  |  | 14,158 |  |  | 18,540 |  |  | — |  |  | (17,881) |  | [1] |  | 71,569 |
Total current liabilities | 432,117 |  |  | 95,686 |  |  | 78,640 |  |  | — |  |  | (18,159) |  |  |  | 588,284 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities | 46,426 |  |  | 19,063 |  |  | 291 |  |  | — |  |  | — |  |  |  | 65,780 |
Deferred income taxes | 291,027 |  |  | 53,298 |  |  | 64,309 |  |  | — |  |  | — |  |  |  | 408,634 |
Regulatory liabilities | 695,152 |  |  | 179,267 |  |  | 92,589 |  |  | — |  |  | — |  |  |  | 967,008 |
Unamortized tax credits | 76,201 |  |  | 14,212 |  |  | 13,532 |  |  | — |  |  | — |  |  |  | 103,945 |
Defined benefit pension and other postretirement benefit plans liability | 220,480 |  |  | 48,900 |  |  | 53,257 |  |  | — |  |  | (857) |  | [1] |  | 321,780 |
Other | 67,511 |  |  | 18,030 |  |  | 30,042 |  |  | — |  |  | (8) |  |  |  | 115,575 |
Total deferred credits and other liabilities | 1,396,797 |  |  | 332,770 |  |  | 254,020 |  |  | — |  |  | (865) |  |  |  | 1,982,722 |
Total capitalization and liabilities | $ | 5,249,726 |  |  | 1,002,746 |  |  | 934,337 |  |  | 77 |  |  | (695,261) |  |  |  | $ | 6,491,625 |
Balance Sheets Data
December 31 |  | 2022 |  | 2021
(in thousands) |  |  |  |
Assets |  |  |  |
Cash and due from banks |  | $ | 153,042 |  |  | $ | 100,051 |
Interest-bearing deposits |  | 3,107 |  |  | 151,189 |
Cash and cash equivalents |  | 156,149 |  |  | 251,240 |
Investment securities |  |  |  |
Available-for-sale, at fair value |  | 1,429,667 |  |  | 2,574,618 |
Held-to-maturity, at amortized cost (fair value of $1,150,971 and $510,474 at December 31, 2022 and 2021, respectively) |  | 1,251,747 |  |  | 522,270 |
Stock in Federal Home Loan Bank, at cost |  | 26,560 |  |  | 10,000 |
Loans held for investment |  | 5,978,906 |  |  | 5,211,114 |
Allowance for credit losses |  | (72,216) |  |  | (71,130) |
Net loans |  | 5,906,690 |  |  | 5,139,984 |
Loans held for sale, at lower of cost or fair value |  | 824 |  |  | 10,404 |
Other |  | 692,143 |  |  | 590,897 |
Goodwill |  | 82,190 |  |  | 82,190 |
Total assets |  | $ | 9,545,970 |  |  | $ | 9,181,603 |
Liabilities and shareholder’s equity |  |  |  |
Deposit liabilities–noninterest-bearing |  | $ | 2,811,077 |  |  | $ | 2,976,632 |
Deposit liabilities–interest-bearing |  | 5,358,619 |  |  | 5,195,580 |
Other borrowings |  | 695,120 |  |  | 88,305 |
Other |  | 212,269 |  |  | 193,268 |
Total liabilities |  | 9,077,085 |  |  | 8,453,785 |
Commitments and contingencies |  |  |  |
Common stock |  | 1 |  |  | 1 |
Additional paid in capital |  | 355,806 |  |  | 353,895 |
Retained earnings |  | 449,693 |  |  | 411,704 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |
Net unrealized losses on securities | $ | (328,904) |  |  | $ | (32,037) |  |
Retirement benefit plans | (7,711) |  | (336,615) |  | (5,745) |  | (37,782) |
Total shareholder’s equity |  | 468,885 |  |  | 727,818 |
Total liabilities and shareholder’s equity |  | $ | 9,545,970 |  |  | $ | 9,181,603 |
December 31 |  | 2022 |  | 2021
(in thousands) |  |  |  |
Other assets |  |  |  |
Bank-owned life insurance |  | $ | 182,986 |  |  | $ | 177,566 |
Premises and equipment, net |  | 195,324 |  |  | 202,299 |
Accrued interest receivable |  | 25,077 |  |  | 20,854 |
Mortgage servicing rights |  | 9,047 |  |  | 9,950 |
Low-income housing investments |  | 106,978 |  |  | 110,989 |
Deferred tax asset |  | 116,441 |  |  | 7,699 |
Real estate acquired in settlement of loans, net |  | 115 |  |  | — |
Other |  | 56,175 |  |  | 61,540 |
|  | $ | 692,143 |  |  | $ | 590,897 |
Other liabilities |  |  |  |
Accrued expenses |  | $ | 97,295 |  |  | $ | 87,905 |
Federal income taxes payable |  | 863 |  |  | — |
Cashier’s checks |  | 36,401 |  |  | 33,675 |
Advance payments by borrowers |  | 9,637 |  |  | 9,994 |
Other |  | 68,073 |  |  | 61,694 |
|  | $ | 212,269 |  |  | $ | 193,268 |
Schedule of consolidating statements of changes in common stock equity | Consolidating statements of changes in common stock equity
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2019 | $ | 2,047,352 |  |  | 298,998 |  |  | 292,870 |  |  | 101 |  |  | (591,969) |  |  | $ | 2,047,352 |
Net income for common stock | 169,340 |  |  | 27,493 |  |  | 20,011 |  |  | — |  |  | (47,504) |  |  | 169,340 |
Other comprehensive loss, net of taxes | (1,640) |  |  | (220) |  |  | (134) |  |  | — |  |  | 354 |  |  | (1,640) |
Issuance of common stock, net of expenses | 34,000 |  |  | 7,500 |  |  | 11,000 |  |  | — |  |  | (18,500) |  |  | 34,000 |
Common stock dividends | (107,134) |  |  | (16,320) |  |  | (14,384) |  |  | — |  |  | 30,704 |  |  | (107,134) |
Dissolution of subsidiary | — |  |  | — |  |  | — |  |  | (24) |  |  | 24 |  |  | — |
Balance, December 31, 2020 | 2,141,918 |  |  | 317,451 |  |  | 309,363 |  |  | 77 |  |  | (626,891) |  |  | 2,141,918 |
Net income for common stock | 177,642 |  |  | 21,180 |  |  | 24,173 |  |  | — |  |  | (45,353) |  |  | 177,642 |
Other comprehensive 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, 2021 | 2,261,899 |  |  | 332,900 |  |  | 343,260 |  |  | 77 |  |  | (676,237) |  |  | 2,261,899 |
Net income for common stock | 188,929 |  |  | 21,816 |  |  | 25,677 |  |  | — |  |  | (47,493) |  |  | 188,929 |
Other comprehensive income, net of taxes | 6,141 |  |  | 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, 2022 | 2,344,170 |  |  | 344,720 |  |  | 357,036 |  |  | 77 |  |  | (701,833) |  |  | 2,344,170 |
Schedule of consolidating statements of cash flows | Consolidating statement of cash flows Year ended December 31, 2022
(in thousands) | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating 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 subsidiaries | 31,600 |  |  | — |  |  | — |  |  | — |  |  | (31,600) |  | [2] |  | — |
Depreciation of property, plant and equipment | 158,725 |  |  | 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 expense | 4,175 |  |  | 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 assets | 28,076 |  |  | 1,546 |  |  | 4,978 |  |  | — |  |  | — |  |  |  | 34,600 |
Increase in regulatory liabilities | 28,621 |  |  | 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 taxes | 77,903 |  |  | 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 activities | 229,679 |  |  | 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 affiliates | 1,000 |  |  | (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 stock | 13,101 |  |  | 6,023 |  |  | 3,023 |  |  | — |  |  | (9,046) |  | [2] |  | 13,101 |
Proceeds from issuance of long-term debt | 40,000 |  |  | 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 less | 114,167 |  |  | (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 cash | 1,146 |  |  | (234) |  |  | (16,928) |  |  | — |  |  | — |  |  |  | (16,016) |
Cash, cash equivalents and restricted cash, January 1 | 26,433 |  |  | 5,326 |  |  | 23,422 |  |  | 77 |  |  | — |  |  |  | 55,258 |
Cash, cash equivalents and restricted cash, December 31 | 27,579 |  |  | 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 Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 178,722 |  |  | 21,714 |  |  | 24,554 |  |  | — |  |  | (45,353) |  | [2] |  | $ | 179,637 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (45,353) |  |  | — |  |  | — |  |  | — |  |  | 45,353 |  | [2] |  | — |
Common stock dividends received from subsidiaries | 29,700 |  |  | — |  |  | — |  |  | — |  |  | (29,700) |  | [2] |  | — |
Depreciation of property, plant and equipment | 155,607 |  |  | 40,201 |  |  | 33,661 |  |  | — |  |  | — |  |  |  | 229,469 |
Other amortization | 16,688 |  |  | 3,532 |  |  | 1,517 |  |  | — |  |  | — |  |  |  | 21,737 |
Deferred income taxes | (3,191) |  |  | (1,955) |  |  | 1,317 |  |  | — |  |  | — |  |  |  | (3,829) |
State refundable credit | (7,120) |  |  | (1,672) |  |  | (1,790) |  |  | — |  |  | — |  |  |  | (10,582) |
Bad debt expense | 1,159 |  |  | 509 |  |  | 515 |  |  | — |  |  | — |  |  |  | 2,183 |
Allowance for equity funds used during construction | (7,734) |  |  | (586) |  |  | (1,214) |  |  | — |  |  | — |  |  |  | (9,534) |
Bill credits | 1,400 |  |  | 300 |  |  | 300 |  |  | — |  |  | — |  |  |  | 2,000 |
Other | 366 |  |  | (41) |  |  | 1,025 |  |  | — |  |  | — |  |  |  | 1,350 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Increase in accounts receivable | (41,727) |  |  | (6,832) |  |  | (3,071) |  |  | — |  |  | 1,540 |  | [1] |  | (50,090) |
Increase in accrued unbilled revenues | (18,345) |  |  | (5,816) |  |  | (3,303) |  |  | — |  |  | — |  |  |  | (27,464) |
Increase in fuel oil stock | (32,407) |  |  | (4,343) |  |  | (9,090) |  |  | — |  |  | — |  |  |  | (45,840) |
Decrease (increase) in materials and supplies | (3,220) |  |  | 169 |  |  | (1,482) |  |  | — |  |  | — |  |  |  | (4,533) |
Decrease (increase) in regulatory assets | (15,422) |  |  | 24 |  |  | 1,524 |  |  | — |  |  | — |  |  |  | (13,874) |
Increase (decrease) in regulatory liabilities | 16,269 |  |  | (1,031) |  |  | 120 |  |  |  |  |  |  |  | 15,358 |
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 affiliates | 25,700 |  |  | — |  |  | — |  |  | — |  |  | (25,700) |  | [1] |  | — |
Other | (29,596) |  |  | 1,072 |  |  | 1,073 |  |  |  |  | 33,486 |  | [1],[2] |  | 6,035 |
Net cash used in investing activities | (198,880) |  |  | (49,444) |  |  | (45,427) |  |  | — |  |  | 7,786 |  |  |  | (285,965) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (111,700) |  |  | (14,600) |  |  | (15,100) |  |  | — |  |  | 29,700 |  | [2] |  | (111,700) |
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080) |  |  | (534) |  |  | (381) |  |  | — |  |  | — |  |  |  | (1,995) |
Proceeds from 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 Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  |  | Hawaiian Electric Consolidated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income | $ | 170,420 |  |  | 28,027 |  |  | 20,392 |  |  | — |  |  | (47,504) |  | [2] |  | $ | 171,335 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |
Equity in earnings of subsidiaries | (47,504) |  |  | — |  |  | — |  |  | — |  |  | 47,504 |  | [2] |  | — |
Common stock dividends received from subsidiaries | 30,704 |  |  | — |  |  | — |  |  | — |  |  | (30,704) |  | [2] |  | — |
Depreciation of property, plant and equipment | 151,387 |  |  | 39,041 |  |  | 32,305 |  |  | — |  |  | — |  |  |  | 222,733 |
Other amortization | 24,511 |  |  | 5,090 |  |  | 4,145 |  |  | — |  |  | — |  |  |  | 33,746 |
Deferred income taxes | 2,130 |  |  | (463) |  |  | 1,484 |  |  | — |  |  | — |  |  |  | 3,151 |
State refundable credit | (6,668) |  |  | (1,593) |  |  | (1,700) |  |  | — |  |  | — |  |  |  | (9,961) |
Bad debt expense | 1,042 |  |  | 620 |  |  | 453 |  |  | — |  |  | — |  |  |  | 2,115 |
Allowance for equity funds used during construction | (7,335) |  |  | (543) |  |  | (890) |  |  | — |  |  | — |  |  |  | (8,768) |
Accrued environmental reserve | 6,556 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 6,556 |
Other | 1,201 |  |  | 1,322 |  |  | 87 |  |  | — |  |  | — |  |  |  | 2,610 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Increase in accounts receivable | (8,093) |  |  | (3,349) |  |  | (1,343) |  |  | — |  |  | 5,499 |  | [1] |  | (7,286) |
Decrease in accrued unbilled revenues | 8,832 |  |  | 3,327 |  |  | 3,126 |  |  | — |  |  | — |  |  |  | 15,285 |
Decrease (increase) in fuel oil stock | 30,226 |  |  | 430 |  |  | 3,043 |  |  | — |  |  | — |  |  |  | 33,699 |
Increase in materials and supplies | (3,910) |  |  | (1,583) |  |  | (1,149) |  |  | — |  |  | — |  |  |  | (6,642) |
Decrease (increase) in regulatory assets | 8,526 |  |  | (2,908) |  |  | (4,611) |  |  | — |  |  | — |  |  |  | 1,007 |
Decrease in regulatory liabilities | (5,490) |  |  | (4,489) |  |  | (6,583) |  |  |  |  |  |  |  | (16,562) |
Decrease in accounts payable | (26,093) |  |  | (1,819) |  |  | (5,217) |  |  | — |  |  | — |  |  |  | (33,129) |
Change in prepaid and accrued income taxes, tax credits and revenue taxes | (25,757) |  |  | (5,483) |  |  | (5,998) |  |  | — |  |  | 58 |  | [1] |  | (37,180) |
Decrease in defined benefit pension and other postretirement benefit plans liability | (3,092) |  |  | (643) |  |  | (571) |  |  | — |  |  | — |  |  |  | (4,306) |
Change in other assets and liabilities | (21,124) |  |  | (8,864) |  |  | 3,635 |  |  | — |  |  | (5,499) |  | [1] |  | (31,852) |
Net cash provided by operating activities | 280,469 |  |  | 46,120 |  |  | 40,608 |  |  | — |  |  | (30,646) |  |  |  | 336,551 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (229,127) |  |  | (64,346) |  |  | (57,391) |  |  | — |  |  | — |  |  |  | (350,864) |
Advances to affiliates | 1,000 |  |  | 8,000 |  |  | — |  |  | — |  |  | (9,000) |  | [1] |  | — |
Other | (14,340) |  |  | 1,032 |  |  | 960 |  |  | (24) |  |  | 18,442 |  | [1][2] |  | 6,070 |
Net cash used in investing activities | (242,467) |  |  | (55,314) |  |  | (56,431) |  |  | (24) |  |  | 9,442 |  |  |  | (344,794) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends | (107,134) |  |  | (16,320) |  |  | (14,384) |  |  | — |  |  | 30,704 |  | [2] |  | (107,134) |
Preferred stock dividends of Hawaiian Electric and subsidiaries | (1,080) |  |  | (534) |  |  | (381) |  |  | — |  |  | — |  |  |  | (1,995) |
Proceeds from the issuance of common stock | 34,000 |  |  | 7,500 |  |  | 11,000 |  |  | — |  |  | (18,500) |  | [2] |  | 34,000 |
Proceeds from the issuance of long-term debt | 205,000 |  |  | 10,000 |  |  | 40,000 |  |  | — |  |  | — |  |  |  | 255,000 |
Repayment of long-term debt 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 debt | 100,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | 100,000 |
Repayment of short-term debt | (100,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (100,000) |
Other | (1,618) |  |  | (214) |  |  | (377) |  |  | — |  |  | — |  |  |  | (2,209) |
Net cash provided by (used in) financing activities | (12,819) |  |  | 5,232 |  |  | 16,058 |  |  | — |  |  | 21,204 |  |  |  | 29,675 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 25,183 |  |  | (3,962) |  |  | 235 |  |  | (24) |  |  | — |  |  |  | 21,432 |
Cash, cash equivalents and restricted cash, January 1 | 32,988 |  |  | 7,008 |  |  | 1,797 |  |  | 101 |  |  | — |  |  |  | 41,894 |
Cash, cash equivalents and restricted cash, December 31 | 58,171 |  |  | 3,046 |  |  | 2,032 |  |  | 77 |  |  | — |  |  |  | 63,326 |
Less: Restricted cash | (15,966) |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  | (15,966) |
Cash and cash equivalents, December 31 | $ | 42,205 |  |  | 3,046 |  |  | 2,032 |  |  | 77 |  |  | — |  |  |  | $ | 47,360 |
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

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