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Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of 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, 2023			Other leases			PPAs classified as leases			Total						Other leases			PPAs classified as leases			Total
(dollars in thousands)
Operating lease cost			$	21,882		$	4,071		$	25,953					$	15,947		$	4,071		$	20,018
Variable lease cost			8,491			202,556			211,047						5,605			202,556			208,161
Sublease income			(3,031)			—			(3,031)						(3,031)			—			(3,031)
Total operating lease cost			$	27,342		$	206,627		$	233,969					$	18,521		$	206,627		$	225,148
Finance lease costs:
Amortization of right-of-use assets			$	390		$	5,591		$	5,981					$	—		$	5,591		$	5,591
Interest on lease liabilities			32			6,350			6,382						—			6,350			6,350
Total finance lease cost			$	422		$	11,941		$	12,363					$	—		$	11,941		$	11,941
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$	23,076		$	4,071		$	27,147					$	17,729		$	4,071		$	21,800
Operating cash flows from financing leases			$	32		$	6,350		$	6,382					$	—		$	6,350		$	6,350
Financing cash flows from financing leases			$	391		$	3,128		$	3,519					$	—		$	3,128		$	3,128
Weighted-average remaining lease term (in years):
Operating leases			7.9			4.0			7.4						6.8			4.0			6.3
Finance leases			1.5			20.1			20.0						—			20.1			20.1
Weighted-average discount rate:
Operating leases			3.04		%	3.50		%	3.11		%				2.92		%	3.50		%	3.03		%
Finance leases			3.77		%	8.18		%	8.18		%				—			8.18		%	8.18		%

			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		%

Schedule of Maturity of Operating Lease Liabilities

The following table summarizes the maturity of our operating lease liabilities as of December 31, 2023:

			HEI consolidated												Hawaiian Electric consolidated
(in millions)			Other leases			PPAs classified as leases			Total						Other leases			PPAs classified as leases			Total
2024			$	21		$	4		$	25					$	15		$	4		$	19
2025			16			4			20						12			4			16
2026			16			4			20						12			4			16
2027			9			4			13						6			4			10
2028			7			—			7						5			—			5
Thereafter			33			—			33						21			—			21
Total lease payments			102			16			118						71			16			87
Less: Imputed interest			(13)			(1)			(14)						(7)			(1)			(8)
Total present value of lease payments1			$	89		$	15		$	104					$	64		$	15		$	79

1The 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 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, 2023:

						HEI consolidated												Hawaiian Electric consolidated
(in millions)						PPAs classified as leases												PPAs classified as leases
2024						$	34											$	34
2025						34												34
2026						34												34
2027						34												34
2028						34												34
Thereafter						511												511
Total lease payments						681												681
Less: Imputed interest						(343)												(343)
Total present value of lease payments						$	338											$	338

Note: Other finance leases are not material.

X

- 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4

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- References

No definition available.

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X

- 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
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6

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