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Leases (Tables) | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Lease cost | Amounts related to the Company’s total lease cost and cash flows arising from lease transactions are as follows:
| HEI consolidated |  | Hawaiian Electric consolidated
Year ended December 31, 2022 | Other leases | PPAs classified as leases | Total |  | Other leases | PPAs classified as leases | Total
(dollars in thousands) |  |  |  |  |  |  |
Operating lease cost | $ | 20,811 |  | $ | 46,160 |  | $ | 66,971 |  |  | $ | 15,030 |  | $ | 46,160 |  | $ | 61,190 |
Variable lease cost | 8,931 |  | 241,199 |  | 250,130 |  |  | 6,152 |  | 241,199 |  | 247,351 |
Sublease income | (2,675) |  | — |  | (2,675) |  |  | (2,675) |  | — |  | (2,675) |
Total operating lease cost | $ | 27,067 |  | $ | 287,359 |  | $ | 314,426 |  |  | $ | 18,507 |  | $ | 287,359 |  | $ | 305,866 |
Finance lease costs: |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 188 |  | $ | 1,008 |  | $ | 1,196 |  |  | $ | — |  | $ | 1,008 |  | $ | 1,008 |
Interest on lease liabilities | 20 |  | 786 |  | 806 |  |  | — |  | 786 |  | 786 |
Total finance lease cost | $ | 208 |  | $ | 1,794 |  | $ | 2,002 |  |  | $ | — |  | $ | 1,794 |  | $ | 1,794 |
Other information |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 19,143 |  | $ | 40,050 |  | $ | 59,193 |  |  | $ | 14,068 |  | $ | 40,050 |  | $ | 54,118 |
Operating cash flows from financing leases | $ | 20 |  | $ | 786 |  | $ | 806 |  |  | $ | — |  | $ | 786 |  | $ | 786 |
Financing cash flows from financing leases | $ | 179 |  | $ | 670 |  | $ | 849 |  |  | $ | — |  | $ | 670 |  | $ | 670 |
Weighted-average remaining lease term (in years): |  |  |  |  |  |  |
Operating leases | 8.1 | 5.0 | 7.7 |  | 7.3 | 5.0 | 6.8
Finance leases | 2.4 | 19.6 | 19.2 |  | — |  | 19.6 | 19.6
Weighted-average discount rate: |  |  |  |  |  |  |
Operating leases | 2.96 | % | 3.50 | % | 3.04 | % |  | 2.94 | % | 3.50 | % | 3.05 | %
Finance leases | 3.77 | % | 3.92 | % | 3.92 | % |  | — |  | 3.92 | % | 3.92 | %
| HEI consolidated |  | Hawaiian Electric consolidated
Year ended December 31, 2021 | Other leases | PPAs classified as leases | Total |  | Other leases | PPAs classified as leases | Total
(dollars in thousands) |  |  |  |  |  |  |
Operating lease cost | $ | 14,184 |  | $ | 66,070 |  | $ | 80,254 |  |  | $ | 8,578 |  | $ | 66,070 |  | $ | 74,648 |
Variable lease cost | 14,360 |  | 257,472 |  | 271,832 |  |  | 11,586 |  | 257,472 |  | 269,058 |
Sublease income | (2,515) |  | — |  | (2,515) |  |  | (2,515) |  | — |  | (2,515) |
Total lease cost | $ | 26,029 |  | $ | 323,542 |  | $ | 349,571 |  |  | $ | 17,649 |  | $ | 323,542 |  | $ | 341,191 |
Other information |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities—Operating cash flows from operating leases | $ | 11,239 |  | $ | 62,136 |  | $ | 73,375 |  |  | $ | 6,168 |  | $ | 62,136 |  | $ | 68,304 |
Weighted-average remaining lease term—operating leases (in years) | 9.1 | 2.5 | 6.1 |  | 10.0 | 2.5 | 5.9
Weighted-average discount rate—operating leases | 2.84 | % | 3.63 | % | 3.18 | % |  | 2.98 | % | 3.63 | % | 3.31 | %
Schedule of operating lease liabilities | The following table summarizes the maturity of our operating lease liabilities as of December 31, 2022:
| HEI consolidated |  | Hawaiian Electric consolidated
(in millions) | Other leases | PPAs classified as leases | Total |  | Other leases | PPAs classified as leases | Total
2023 | $ | 24 |  | $ | 4 |  | $ | 28 |  |  | $ | 18 |  | $ | 4 |  | $ | 22 |
2024 | 21 |  | 4 |  | 25 |  |  | 15 |  | 4 |  | 19 |
2025 | 16 |  | 4 |  | 20 |  |  | 12 |  | 4 |  | 16 |
2026 | 15 |  | 4 |  | 19 |  |  | 12 |  | 4 |  | 16 |
2027 | 9 |  | 4 |  | 13 |  |  | 6 |  | 4 |  | 10 |
Thereafter | 38 |  | — |  | 38 |  |  | 25 |  | — |  | 25 |
Total lease payments | 123 |  | 20 |  | 143 |  |  | 88 |  | 20 |  | 108 |
Less: Imputed interest | (15) |  | (1) |  | (16) |  |  | (9) |  | (1) |  | (10) |
Total present value of lease payments 1 | $ | 108 |  | $ | 19 |  | $ | 127 |  |  | $ | 79 |  | $ | 19 |  | $ | 98 |
1 The fixed capacity payment related to the existing PPA with PGV, which will expire on December 31, 2027, is included as a lease liability as of December 31, 2021. The PGV facility returned to service with firm capacity in the first quarter of 2021. The annual capacity payment based on the most recent accepted output is approximately $4 million. The lease liability will be remeasured when PGV ramps back up to the original contracted firm capacity. The following table summarizes the maturity of our finance lease liabilities for PPAs as of December 31, 2022:
|  | HEI consolidated |  |  |  | Hawaiian Electric consolidated |
(in millions) |  | PPAs classified as leases |  |  |  | PPAs classified as leases |
2023 |  | 3 |  |  |  |  | $ | 3 |  |
2024 |  | 3 |  |  |  |  | 3 |  |
2025 |  | 3 |  |  |  |  | 3 |  |
2026 |  | 4 |  |  |  |  | 4 |  |
2027 |  | 4 |  |  |  |  | 4 |  |
Thereafter |  | 52 |  |  |  |  | 52 |  |
Total lease payments |  | 69 |  |  |  |  | 69 |  |
Less: Imputed interest |  | (21) |  |  |  |  | (21) |  |
Total present value of lease payments |  | $ | 48 |  |  |  |  | $ | 48 |  |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=128292326&loc=SL77918701-209980 + Details
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