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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | | | | | | | | | | | | | |
Exact Name of Registrant as Specified in Its Charter | | Commission File Number | | I.R.S. Employer Identification No. |
HAWAIIAN ELECTRIC INDUSTRIES, INC. | | 1-8503 | | 99-0208097 |
and Principal Subsidiary |
HAWAIIAN ELECTRIC COMPANY, INC. | | 1-4955 | | 99-0040500 |
State of Hawaii
(State or other jurisdiction of incorporation or organization)
Hawaiian Electric Industries, Inc. – 1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813
Hawaiian Electric Company, Inc. – 1001 Bishop Street, Suite, 2500, Honolulu, Hawaii 96813
(Address of principal executive offices and zip code)
Hawaiian Electric Industries, Inc. – (808) 543-5662
Hawaiian Electric Company, Inc. – (808) 543-7771
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report) | | | | | | | | | | | |
Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Hawaiian Electric Industries, Inc. | Common Stock, Without Par Value | HE | New York Stock Exchange
|
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hawaiian Electric Industries, Inc. | Yes | ☒ | No | ☐ | | Hawaiian Electric Company, Inc. | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hawaiian Electric Industries, Inc. | Yes | ☒ | No | ☐ | | Hawaiian Electric Company, Inc. | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934. | | | | | | | | | | | | | | | | | | | | | | | |
Hawaiian Electric Industries, Inc.: | | Hawaiian Electric Company, Inc.: | |
Large accelerated filer | ☒ | Smaller reporting company | ☐ | Large accelerated filer | ☐ | Smaller reporting company | ☐ |
Accelerated filer | ☐ | Emerging growth company | ☐ | Accelerated filer | ☐ | Emerging growth company | ☐ |
Non-accelerated filer | ☐ | | | Non-accelerated filer | ☒ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | | | | | | | | | | | | | | |
Hawaiian Electric Industries, Inc. | ☐ | | Hawaiian Electric Company, Inc. | ☐ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hawaiian Electric Industries, Inc. | Yes | ☐ | No | ☒ | | Hawaiian Electric Company, Inc. | Yes | ☐ | No | ☒ |
Securities registered pursuant to 12(b) of the Act:
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date. | | | | | | | | | | | |
Class of Common Stock | | Outstanding April 25, 2022 |
Hawaiian Electric Industries, Inc. (Without Par Value) | | 109,431,346 | | Shares |
Hawaiian Electric Company, Inc. ($6-2/3 Par Value) | | 17,753,533 | | Shares (not publicly traded) |
Hawaiian Electric Industries, Inc. (HEI) is the sole holder of Hawaiian Electric Company, Inc. (Hawaiian Electric) common stock.
This combined Form 10-Q is separately filed by HEI and Hawaiian Electric. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. No registrant makes any representation as to information relating to the other registrant, except that information relating to Hawaiian Electric is also attributed to HEI.
Hawaiian Electric Industries, Inc. and Subsidiaries
Hawaiian Electric Company, Inc. and Subsidiaries
Form 10-Q—Quarter ended March 31, 2022
TABLE OF CONTENTS
Hawaiian Electric Industries, Inc. and Subsidiaries
Hawaiian Electric Company, Inc. and Subsidiaries
Form 10-Q—Quarter ended March 31, 2022
GLOSSARY OF TERMS | | | | | | | | |
Terms | | Definitions |
ACL | | Allowance for credit losses, which is the current credit loss standard, requires recording the allowance based on the expected loss model |
AES Hawaii | | AES Hawaii, Inc. |
| | |
| | |
| | |
AOCI | | Accumulated other comprehensive income/(loss) |
ARA | | Annual revenue adjustment |
ASB | | American Savings Bank, F.S.B., a wholly owned subsidiary of ASB Hawaii, Inc. |
ASB Hawaii | | ASB Hawaii, Inc., a wholly owned subsidiary of Hawaiian Electric Industries, Inc. and the parent company of American Savings Bank, F.S.B. |
| | |
ASU | | Accounting Standards Update |
CARES Act | | The Coronavirus Aid, Relief, and Economic Security Act enacted March 27, 2020 |
CBRE | | Community-based renewable energy |
Company | | Hawaiian Electric Industries, Inc. and its direct and indirect subsidiaries, including, without limitation, Hawaiian Electric Company, Inc. and its subsidiaries (listed under Hawaiian Electric); ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B. and Pacific Current, LLC and its subsidiaries (listed under Pacific Current). The Old Oahu Tug Service, Inc. was dissolved in March 2022. |
Consumer Advocate | | Division of Consumer Advocacy, Department of Commerce and Consumer Affairs of the State of Hawaii |
D&O | | Decision and order from the PUC |
| | |
Dodd-Frank Act | | Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 |
DOH | | Department of Health of the State of Hawaii |
DRIP | | HEI Dividend Reinvestment and Stock Purchase Plan |
| | |
ECRC | | Energy cost recovery clause |
EIP | | 2010 Equity and Incentive Plan, as amended and restated |
EPA | | Environmental Protection Agency — federal |
EPRM | | Exceptional Project Recovery Mechanism |
EPS | | Earnings per share |
ERP/EAM | | Enterprise Resource Planning/Enterprise Asset Management |
ESG | | Environmental, Social & Governance |
ESM | | Earnings Sharing Mechanism |
EVE | | Economic value of equity |
Exchange Act | | Securities Exchange Act of 1934 |
FASB | | Financial Accounting Standards Board |
FDIC | | Federal Deposit Insurance Corporation |
federal | | U.S. Government |
FHLB | | Federal Home Loan Bank |
FHLMC | | Federal Home Loan Mortgage Corporation |
Fitch | | Fitch Ratings, Inc. |
FNMA | | Federal National Mortgage Association |
FRB | | Federal Reserve Board |
GAAP | | Accounting principles generally accepted in the United States of America |
GHG | | Greenhouse gas |
GNMA | | Government National Mortgage Association |
GSPA | | Grid Services Purchase Agreement |
Hamakua Energy | | Hamakua Energy, LLC, an indirect subsidiary of Pacific Current |
Hawaii Electric Light | | Hawaii Electric Light Company, Inc., an electric utility subsidiary of Hawaiian Electric Company, Inc. |
GLOSSARY OF TERMS, continued
| | | | | | | | |
Terms | | Definitions |
Hawaiian Electric | | Hawaiian Electric Company, Inc., an electric utility subsidiary of Hawaiian Electric Industries, Inc. and parent company of Hawaii Electric Light Company, Inc., Maui Electric Company, Limited and Renewable Hawaii, Inc. |
HEI | | Hawaiian Electric Industries, Inc., direct parent company of Hawaiian Electric Company, Inc., ASB Hawaii, Inc. and Pacific Current, LLC. The Old Oahu Tug Service, Inc. was dissolved in March 2022. |
HEIRSP | | Hawaiian Electric Industries Retirement Savings Plan |
HELOC | | Home equity line of credit |
HPOWER | | City and County of Honolulu with respect to a power purchase agreement for a refuse-fired plant |
IPP | | Independent power producer |
IRLCs | | Interest rate lock commitments |
Kalaeloa | | Kalaeloa Partners, L.P. |
kWh | | Kilowatthour/s (as applicable) |
LMI | | Low-to-moderate income |
LTIP | | Long-term incentive plan |
Maui Electric | | Maui Electric Company, Limited, an electric utility subsidiary of Hawaiian Electric Company, Inc. |
Mauo | | Mauo, LLC, a subsidiary of Pacific Current |
Moody’s | | Moody’s Investors Service’s |
MPIR | | Major Project Interim Recovery |
| | |
MSRs | | Mortgage servicing rights |
MW | | Megawatt/s (as applicable) |
MRP | | Multi-year rate period |
NII | | Net interest income |
NPBC | | Net periodic benefit costs |
NPPC | | Net periodic pension costs |
O&M | | Other operation and maintenance |
OCC | | Office of the Comptroller of the Currency |
OPEB | | Postretirement benefits other than pensions |
Pacific Current | | Pacific Current, LLC, a wholly owned subsidiary of HEI and parent company of Hamakua Holdings, LLC, Mauo, LLC, Alenuihaha Developments, LLC, Kaʻieʻie Waho Company, LLC, Kaʻaipuaʻa, LLC, Upena, LLC and Mahipapa, LLC |
PBR | | Performance-based regulation |
PGV | | Puna Geothermal Venture |
PIMs | | Performance incentive mechanisms |
PPA | | Power purchase agreement |
PPAC | | Purchased power adjustment clause |
PUC | | Public Utilities Commission of the State of Hawaii |
PV | | Photovoltaic |
RAM | | Revenue adjustment mechanism |
RBA | | Revenue balancing account |
REIP | | Renewable Energy Infrastructure Program |
RFP | | Request for proposals |
ROACE | | Return on average common equity |
RORB | | Return on rate base |
RPS | | Renewable portfolio standards |
S&P | | S&P Global Ratings |
SBA | | Small Business Administration |
SEC | | Securities and Exchange Commission |
See | | Means the referenced material is incorporated by reference |
Tax Act | | 2017 Tax Cuts and Jobs Act (H.R. 1, An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018) |
TDR | | Troubled debt restructuring |
| | |
Utilities | | Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited |
VIEs | | Variable interest entities |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (Hawaiian Electric) and their subsidiaries contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries (collectively, the Company), the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance and actual results and financial condition may differ materially from those indicated in the forward-looking statements.
Risks, uncertainties and other important factors that could cause actual results to differ materially from those described in forward-looking statements and from historical results include, but are not limited to, the following:
•international, national and local economic and political conditions—including the state of the Hawaii tourism, defense and construction industries; the strength or weakness of the Hawaii and continental U.S. real estate markets (including the fair value and/or the actual performance of collateral underlying loans held by ASB, which could result in higher loan loss provisions and write-offs); decisions concerning the extent of the presence of the federal government and military in Hawaii; the implications and potential impacts of future Federal government shutdowns, including the impact to our customers’ ability to pay their electric bills and/or bank loans and the impact on the state of Hawaii economy; the implications and potential impacts of U.S. and foreign capital and credit market conditions and federal, state and international responses to those conditions; the potential impacts of global and local developments (including global economic conditions and uncertainties, unrest, terrorist acts, wars (such as the Russia-Ukraine war), conflicts, political protests, deadly virus epidemic or other crisis); the effects of changes that have or may occur in U.S. policy, such as with respect to immigration and trade; and pandemics;
•the extent of the impact of the COVID-19 pandemic, including the duration, spread, severity and any recurrence of the COVID-19 pandemic due to new variants or insufficient vaccinations, the duration and scope of related government orders and restrictions, the impact on our employees, customers and suppliers, and the impact of the COVID-19 pandemic on the overall demand or ability to pay for the Company’s goods and services, all of which could be affected by the pace of distribution, administration, and efficacy of COVID-19 vaccines over the short- and long-term, as well as the proportion of the population vaccinated;
•ability to adequately address risks and capitalize on opportunities related to our environmental, social and governance (ESG) priority areas, which currently include decarbonization, economic health and affordability, reliability and resilience, secure digitalization, diversity, equity and inclusion, employee engagement, and climate-related risks and opportunities;
•citizen activism, including civil unrest, especially in times of severe economic depression and social divisiveness, which could negatively impact customers and employees, impair the ability of the Company and the Utilities to operate and maintain their facilities in an effective and safe manner, and citizen or stakeholder activism that could delay the construction, increase project costs or preclude the completion, of third-party or Utility projects that are required to meet electricity demand, resilience and reliability objectives and renewable portfolio standards (RPS) and other climate-related goals;
•the effects of future actions or inaction of the U.S. government or related agencies, including those related to the U.S. debt ceiling or budget funding, monetary policy, trade policy and tariffs, energy and environmental policy, and other policy and regulatory changes advanced or proposed by President Biden and his administration;
•weather, natural disasters (e.g., hurricanes, earthquakes, tsunamis, lightning strikes, lava flows and the increasing effects of climate change, such as more severe storms, flooding, droughts, heat waves, and rising sea levels) and wildfires, including their impact on the resilience and reliability and cost of the Company’s and Utilities’ operations and the economy;
•the timing, speed and extent of changes in interest rates and the shape of the yield curve, which could result in lower portfolio yields and net interest margin, or higher borrowing costs;
•the ability of the Company and the Utilities to access the credit and capital markets (e.g., to obtain commercial paper and other short-term and long-term debt financing, including lines of credit, and, in the case of HEI, to issue common stock) under volatile and challenging market conditions, and the potential higher cost of such financings, if available;
•the risks inherent in changes in the value of the Company’s pension and other retirement plan assets and ASB’s securities available for sale, and the risks inherent in changes in the value of the Company’s pension liabilities, including changes driven by interest rates and mortality improvements;
•changes in laws, regulations (including tax regulations), market conditions, interest rates and other factors that result in changes in assumptions used to calculate retirement benefits costs and funding requirements;
•increasing competition in the banking industry from traditional financial institutions as well as from non-traditional providers of financial services, including financial service subsidiaries of commercial and manufacturing companies (e.g., increased price competition for loans and deposits, or an outflow of deposits to alternative investments or platforms, which may have an adverse impact on ASB’s net interest margin and portfolio growth);
•the potential delay by the Public Utilities Commission of the State of Hawaii (PUC) in considering (and potential disapproval of actual or proposed) renewable energy proposals and related costs; reliance by the Utilities on outside parties such as the state, independent power producers (IPPs) and developers; supply-chain challenges; and uncertainties surrounding technologies, solar power, wind power, biofuels, environmental assessments required to meet RPS and other climate-related goals; the impacts of implementation of the renewable energy proposals on future costs of electricity and potential penalties imposed by the PUC for delays in the commercial operations of renewable energy projects;
•the ability of the Utilities to develop, implement and recover the costs of implementing the Utilities’ action plans included in their updated Power Supply Improvement Plans, Demand Response Portfolio Plan, Distributed Generation Interconnection Plan, Grid Modernization Plans, and business model changes, which have been and are continuing to be developed and updated in response to the orders issued by the PUC, the PUC’s April 2014 statement of its inclinations on the future of Hawaii’s electric utilities and the vision, business strategies and regulatory policy changes required to align the Utilities’ business model with customer interests and the state’s public policy goals, and subsequent orders of the PUC;
•the ability of the Utilities to recover undepreciated cost of fossil fuel generating units, if they are required to be retired before the end of their expected useful life;
•capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as demand-side management, distributed generation, combined heat and power or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to reduce or meet peak demand;
•high and/or volatile fuel prices, which increases working capital requirements and customer bills, or delivery of adequate fuel by suppliers (including as a result of the Russia-Ukraine war), which could affect the reliability of utility operations, and the continued availability to the electric utilities of their energy cost recovery clauses (ECRCs);
•the continued availability to the electric utilities or modifications of other cost recovery mechanisms, including the purchased power adjustment clauses (PPACs), annual revenue adjustment (ARA) and pension and postretirement benefits other than pensions (OPEB) tracking mechanisms, and the continued decoupling of revenues from sales to mitigate the effects of declining kilowatt-hour sales;
•the ability of the Utilities to recover increasing costs and earn a reasonable return on capital investments not covered by the annual revenue adjustment (ARA), while providing the customer dividend required by performance-based regulation (PBR);
•the ability of the Utilities to achieve performance incentive goals currently in place;
•the impact from the PUC’s implementation of PBR for the Utilities pursuant to Act 005, Session Laws 2018, including the potential addition of new performance incentive mechanisms (PIMs), third-party proposals adopted by the PUC in its implementation of PBR, and the implications of not achieving performance incentive goals;
•the impact of fuel price levels and volatility on customer satisfaction and political and regulatory support for the Utilities;
•the risks associated with increasing reliance on renewable energy, including the availability and cost of non-fossil fuel supplies for renewable energy generation and the operational impacts of adding intermittent sources of renewable energy to the electric grid;
•the growing risk that energy production from renewable generating resources may be curtailed and the interconnection of additional resources will be constrained as more generating resources are added to the Utilities’ electric systems and as customers reduce their energy usage;
•the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs);
•the potential that, as IPP contracts near the end of their terms, there may be less economic incentive for the IPPs to make investments in their units to ensure the availability of their units;
•the ability of the Utilities to negotiate, periodically, favorable agreements for significant resources such as fuel supply contracts and collective bargaining agreements and avoid or mitigate labor disputes and work stoppages;
•new technological developments that could affect the operations and prospects of the Utilities and ASB or their competitors such as the commercial development of energy storage and microgrids and banking through alternative channels, including use of digital currencies, which could include a central bank digital currency;
•cybersecurity risks and the potential for cyber incidents, including potential incidents at HEI, its third-party vendors, and its subsidiaries (including at ASB branches, electric utility plants and IPP-owned facilities) and incidents at data processing centers used, to the extent not prevented by intrusion detection and prevention systems, anti-virus software, firewalls and other general IT controls;
•failure to achieve remaining cost savings commitment related to the management audit committed savings of $33 million over the 2021 to 2025 multi-year rate period (MRP);
•federal, state, county and international governmental and regulatory actions, such as existing, new and changes in laws, rules and regulations applicable to HEI, the Utilities and ASB (including changes in taxation and tax rates, increases in capital requirements, regulatory policy changes, environmental laws and regulations (including resulting compliance costs and risks of fines and penalties and/or liabilities), the regulation of greenhouse gas emissions, governmental fees and assessments (such as Federal Deposit Insurance Corporation assessments), and potential carbon pricing or “cap and trade” legislation that may fundamentally alter costs to produce electricity and accelerate the move to renewable generation);
•developments in laws, regulations and policies governing protections for historic, archaeological and cultural sites, and plant and animal species and habitats, as well as developments in the implementation and enforcement of such laws, regulations and policies;
•discovery of conditions that may be attributable to historical chemical releases, including any necessary investigation and remediation, and any associated enforcement, litigation or regulatory oversight;
•decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final decisions from interim decisions and the disallowance of project costs as a result of adverse regulatory audit reports or otherwise);
•decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective actions, restrictions and penalties that may arise, such as with respect to environmental conditions or RPS);
•potential enforcement actions by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC) and/or other governmental authorities (such as consent orders, required corrective actions, restrictions and penalties that may arise, for example, with respect to compliance deficiencies under existing or new banking and consumer protection laws and regulations or with respect to capital adequacy);
•the risks associated with the geographic concentration of HEI’s businesses and ASB’s loans, ASB’s concentration in a single product type (i.e., first mortgages) and ASB’s significant credit relationships (i.e., concentrations of large loans and/or credit lines with certain customers);
•changes in accounting principles applicable to HEI and its subsidiaries, including the adoption of new U.S. accounting standards, the potential discontinuance of regulatory accounting related to PBR or other regulatory changes, the effects of potentially required consolidation of variable interest entities (VIEs), or required finance lease or on-balance-sheet operating lease accounting for PPAs with IPPs;
•downgrades by securities rating agencies in their ratings of the securities of HEI and Hawaiian Electric and their impact on results of financing efforts;
•faster than expected loan prepayments that can cause a decrease in net interest income and portfolio yields, an acceleration of the amortization of premiums on loans and investments and the impairment of mortgage-servicing assets of ASB;
•changes in ASB’s loan portfolio credit profile and asset quality and/or mix, which may increase or decrease the required level of provision for credit losses, allowance for credit losses (ACL) and charge-offs;
•changes in ASB’s deposit cost or mix which may have an adverse impact on ASB’s cost of funds;
•unanticipated changes from the expected discontinuance of LIBOR and the transition to an alternative reference rate, which may include adverse impacts to the Company’s cost of capital, loan portfolio and interest income on loans;
•the final outcome of tax positions taken by HEI and its subsidiaries;
•the risks of suffering losses and incurring liabilities that are uninsured (e.g., damages to the Utilities’ transmission and distribution system and losses from business interruption) or underinsured (e.g., losses not covered as a result of insurance deductibles or other exclusions or exceeding policy limits), and the risks associated with the operation of transmission and distribution assets and power generation facilities, including public and employee safety issues, and assets causing or contributing to wildfires;
•the ability of the Company’s non-regulated subsidiary, Pacific Current, LLC (Pacific Current), to achieve its performance and growth objectives, which in turn could affect its ability to service its non-recourse debt;
•the Company’s reliance on third parties and the risk of their non-performance, which has increased due to the impact from the COVID-19 pandemic; and
•other risks or uncertainties described elsewhere in this report and in other reports (e.g., “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K) previously and subsequently filed by HEI and/or Hawaiian Electric with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, ASB, Pacific Current and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether written or oral and whether as a result of new information, future events or otherwise.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (unaudited) | | | | | | | | | | | | | | | | | | |
| | | | Three months ended March 31 |
(in thousands, except per share amounts) | | | | | | 2022 | | 2021 |
Revenues | | | | | | | | |
Electric utility | | | | | | $ | 708,792 | | | $ | 564,864 | |
Bank | | | | | | 75,115 | | | 77,131 | |
Other | | | | | | 1,161 | | | 951 | |
Total revenues | | | | | | 785,068 | | | 642,946 | |
Expenses | | | | | | | | |
Electric utility | | | | | | 635,197 | | | 495,750 | |
Bank | | | | | | 45,085 | | | 41,835 | |
Other | | | | | | 5,510 | | | 7,330 | |
Total expenses | | | | | | 685,792 | | | 544,915 | |
Operating income (loss) | | | | | | | | |
Electric utility | | | | | | 73,595 | | | 69,114 | |
Bank | | | | | | 30,030 | | | 35,296 | |
Other | | | | | | (4,349) | | | (6,379) | |
Total operating income | | | | | | 99,276 | | | 98,031 | |
Retirement defined benefits credit—other than service costs | | | | | | 1,243 | | | 2,435 | |
Interest expense, net—other than on deposit liabilities and other bank borrowings | | | | | | (24,349) | | | (23,736) | |
Allowance for borrowed funds used during construction | | | | | | 778 | | | 747 | |
Allowance for equity funds used during construction | | | | | | 2,409 | | | 2,191 | |
Gain on sales of investment securities, net and equity-method investment | | | | | | 8,123 | | | 528 | |
Income before income taxes | | | | | | 87,480 | | | 80,196 | |
Income taxes | | | | | | 17,840 | | | 15,365 | |
Net income | | | | | | 69,640 | | | 64,831 | |
Preferred stock dividends of subsidiaries | | | | | | 473 | | | 473 | |
Net income for common stock | | | | | | $ | 69,167 | | | $ | 64,358 | |
Basic earnings per common share | | | | | | $ | 0.63 | | | $ | 0.59 | |
Diluted earnings per common share | | | | | | $ | 0.63 | | | $ | 0.59 | |
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Weighted-average number of common shares outstanding | | | | | | 109,361 | | | 109,221 | |
Net effect of potentially dilutive shares | | | | | | 273 | | | 271 | |
Weighted-average shares assuming dilution | | | | | | 109,634 | | | 109,492 | |
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited) | | | | | | | | | | | | | | | | | | |
| | | | Three months ended March 31 |
(in thousands) | | | | | | 2022 | | 2021 |
Net income for common stock | | | | | | $ | 69,167 | | | $ | 64,358 | |
Other comprehensive income (loss), net of taxes: | | | | | | | | |
Net unrealized gains (losses) on available-for-sale investment securities: | | | | | | | | |
Net unrealized losses on available-for-sale investment securities arising during the period, net of taxes of $(44,079) and $(16,616), respectively | | | | | | (120,407) | | | (45,390) | |
Reclassification adjustment for net realized gains included in net income, net of taxes of $— and $(142), respectively | | | | | | — | | | (387) | |
Derivatives qualifying as cash flow hedges: | | | | | | | | |
Unrealized interest rate hedging gains arising during the period, net of taxes of $1,046 and $542, respectively | | | | | | 3,017 | | | 1,562 | |
Reclassification adjustment for net realized losses included in net income, net of taxes of $19 and nil, respectively | | | | | | 55 | | | — | |
Retirement benefit plans: | | | | | | | | |
Adjustment for amortization of prior service credit and net losses recognized during the period in net periodic benefit cost, net of taxes of $1,562 and $2,084, respectively | | | | | | 4,501 | | | 6,010 | |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $(1,500) and $(2,015), respectively | | | | | | (4,325) | | | (5,811) | |
Other comprehensive loss, net of tax benefits | | | | | | (117,159) | | | (44,016) | |
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc. | | | | | | $ | (47,992) | | | $ | 20,342 | |
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited) | | | | | | | | | | | | | | |
(dollars in thousands) | | March 31, 2022 | | December 31, 2021 |
Assets | | | | |
Cash and cash equivalents | | $ | 301,704 | | | $ | 305,551 | |
Restricted cash | | 5,912 | | | 5,911 | |
Accounts receivable and unbilled revenues, net | | 359,807 | | | 344,213 | |
Available-for-sale investment securities, at fair value | | 2,621,375 | | | 2,574,618 | |
Held-to-maturity investment securities, at amortized cost | | 517,150 | | | 522,270 | |
Stock in Federal Home Loan Bank, at cost | | 10,000 | | | 10,000 | |
Loans held for investment, net | | 5,117,522 | | | 5,139,984 | |
Loans held for sale, at lower of cost or fair value | | 7,961 | | | 10,404 | |
Property, plant and equipment, net of accumulated depreciation of $3,077,453 and $3,028,130 at March 31, 2022 and December 31, 2021, respectively | | 5,411,746 | | | 5,392,068 | |
Operating lease right-of-use assets | | 136,207 | | | 122,416 | |
Regulatory assets | | 559,161 | | | 565,543 | |
Other | | 777,694 | | | 747,469 | |
Goodwill | | 82,190 | | | 82,190 | |
Total assets | | $ | 15,908,429 | | | $ | 15,822,637 | |
Liabilities and shareholders’ equity | | | | |
Liabilities | | | | |
Accounts payable | | $ | 240,296 | | | $ | 205,544 | |
Interest and dividends payable | | 33,519 | | | 19,889 | |
Deposit liabilities | | 8,289,272 | | | 8,172,212 | |
Short-term borrowings—other than bank | | 71,491 | | | 53,998 | |
Other bank borrowings | | 137,385 | | | 88,305 | |
Long-term debt, net—other than bank | | 2,316,046 | | | 2,321,937 | |
Deferred income taxes | | 340,246 | | | 384,760 | |
Operating lease liabilities | | 151,832 | | | 136,760 | |
Regulatory liabilities | | 1,003,444 | | | 996,768 | |
| | | | |
Defined benefit pension and other postretirement benefit plans liability | | 341,845 | | | 348,072 | |
Other | | 645,118 | | | 669,215 | |
Total liabilities | | 13,570,494 | | | 13,397,460 | |
Preferred stock of subsidiaries - not subject to mandatory redemption | | 34,293 | | | 34,293 | |
Commitments and contingencies (Notes 3 and 4) | | | | |
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: 109,431,346 shares and 109,311,785 shares at March 31, 2022 and December 31, 2021, respectively | | 1,684,547 | | | 1,685,496 | |
Retained earnings | | 788,787 | | | 757,921 | |
Accumulated other comprehensive loss, net of tax benefits | | (169,692) | | | (52,533) | |
Total shareholders’ equity | | 2,303,642 | | | 2,390,884 | |
Total liabilities and shareholders’ equity | | $ | 15,908,429 | | | $ | 15,822,637 | |
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common stock | | Retained | | Accumulated other comprehensive | | |
(in thousands) | | Shares | | Amount | | Earnings | | income (loss) | | Total |
Balance, December 31, 2021 | | 109,312 | | | $ | 1,685,496 | | | $ | 757,921 | | | $ | (52,533) | | | $ | 2,390,884 | |
Net income for common stock | | — | | | — | | | 69,167 | | | — | | | 69,167 | |
Other comprehensive loss, net of tax benefits | | — | | | — | | | — | | | (117,159) | | | (117,159) | |
Share-based expenses and other, net | | 119 | | | (949) | | | — | | | — | | | (949) | |
Common stock dividends (35¢ per share) | | — | | | — | | | (38,301) | | | — | | | (38,301) | |
Balance, March 31, 2022 | | 109,431 | | | $ | 1,684,547 | | | $ | 788,787 | | | $ | (169,692) | | | $ | 2,303,642 | |
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Balance, December 31, 2020 | | 109,181 | | | $ | 1,678,368 | | | $ | 660,398 | | | $ | (1,264) | | | $ | 2,337,502 | |
Net income for common stock | | — | | | — | | | 64,358 | | | — | | | 64,358 | |
Other comprehensive income, net of taxes | | — | | | — | | | — | | | (44,016) | | | (44,016) | |
Share-based expenses and other, net | | 100 | | | 605 | | | — | | | — | | | 605 | |
Common stock dividends (34¢ per share) | | — | | | — | | | (37,156) | | | — | | | (37,156) | |
Balance, March 31, 2021 | | 109,281 | | | $ | 1,678,973 | | | $ | 687,600 | | | $ | (45,280) | | | $ | 2,321,293 | |
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This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited) | | | | | | | | | | | | | | |
| | Three months ended March 31 |
(in thousands) | | 2022 | | 2021 |
Cash flows from operating activities | | | | |
Net income | | $ | 69,640 | | | $ | 64,831 | |
Adjustments to reconcile net income to net cash provided by operating activities | | | | |
Depreciation of property, plant and equipment | | 62,990 | | | 61,427 | |
Other amortization | | 9,425 | | | 10,951 | |
Provision for credit losses | | (3,263) | | | (8,435) | |
Loans originated, held for sale | | (73,931) | | | (162,901) | |
Proceeds from sale of loans, held for sale | | 75,629 | | | 170,862 | |
Gain on sales of investment securities, net and equity-method investment | | (8,123) | | | (528) | |
Gain on sale of loans, net | | (1,077) | | | (4,300) | |
Deferred income taxes | | (5,255) | | | (2,196) | |
Share-based compensation expense | | 2,117 | | | 2,602 | |
Allowance for equity funds used during construction | | (2,409) | | | (2,191) | |
Other | | (2,552) | | | (3,519) | |
Changes in assets and liabilities | | | | |
Decrease in accounts receivable and unbilled revenues, net | | 4,454 | | | 5,664 | |
Increase in fuel oil stock | | (35,333) | | | (16,400) | |
Increase in regulatory assets | | (5,089) | | | (14,869) | |
Increase (decrease) in regulatory liabilities | | 5,520 | | | (4,716) | |
Increase in accounts, interest and dividends payable | | 71,490 | | | 7,677 | |
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes | | (14,928) | | | (25,513) | |
Decrease in defined benefit pension and other postretirement benefit plans liability | | (1,309) | | | (2,621) | |
Change in other assets and liabilities | | (55,411) | | | (34,095) | |
Net cash provided by operating activities | | 92,585 | | | 41,730 | |
Cash flows from investing activities | | | | |
Available-for-sale investment securities purchased | | (291,168) | | | (781,992) | |
Principal repayments on available-for-sale investment securities | | 104,654 | | | 184,755 | |
Proceeds from sale of available-for-sale investment securities | | — | | | 197,354 | |
Purchases of held-to-maturity investment securities | | — | | | (88,262) | |
Proceeds from repayments or maturities of held-to-maturity investment securities | | 4,547 | | | 20,185 | |
Purchase of stock from Federal Home Loan Bank | | — | | | (22,296) | |
Redemption of stock from Federal Home Loan Bank | | — | | | 20,976 | |
Net decrease in loans held for investment | | 28,076 | | | 23,922 | |
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Capital expenditures | | (79,163) | | | (74,079) | |
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Contributions to low income housing investments | | — | | | (3,205) | |
Other | | 5,340 | | | 4,622 | |
Net cash used in investing activities | | (227,714) | | | (518,020) | |
(continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited) (continued)
| | | | | | | | | | | | | | |
| | Three months ended March 31 |
(in thousands) | | 2022 | | 2021 |
Cash flows from financing activities | | | | |
Net increase in deposit liabilities | | 117,060 | | | 358,337 | |
Net increase in short-term borrowings with original maturities of three months or less | | 17,493 | | | 35,751 | |
Net increase in other bank borrowings with original maturities of three months or less | | 49,080 | | | 13,015 | |
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Repayment of short-term debt | | — | | | (65,000) | |
| | | | |
Proceeds from issuance of long-term debt | | 7,312 | | | 161,800 | |
Repayment of long-term debt | | (13,446) | | | (50,699) | |
Withheld shares for employee taxes on vested share-based compensation | | (3,065) | | | (1,997) | |
Common stock dividends | | (38,301) | | | (37,156) | |
Preferred stock dividends of subsidiaries | | (473) | | | (473) | |
Other | | (4,377) | | | (4,621) | |
Net cash provided by financing activities | | 131,283 | | | 408,957 | |
Net decrease in cash, cash equivalents and restricted cash | | (3,846) | | | (67,333) | |
Cash, cash equivalents and restricted cash, beginning of period | | 311,462 | | | 358,979 | |
Cash, cash equivalents and restricted cash, end of period | | 307,616 | | | 291,646 | |
Less: Restricted cash | | (5,912) | | | (14,067) | |
Cash and cash equivalents, end of period | | $ | 301,704 | | | $ | 277,579 | |
This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2021 Form 10-K.
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (unaudited) | | | | | | | | | | | | | | | | | | |
| | | | Three months ended March 31 |
(in thousands) | | | | | | 2022 | | 2021 |
|