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Published: 2022-04-14 16:19:30 ET

EX-99 2 exhibit992021statsupp.htm EX-99 Document

Exhibit 99

Hawaiian Electric Industries, Inc.

2021 Statistical Supplement


TABLE OF CONTENTS

			Page
HEI Consolidated
Selected Financial Information			1
Consolidated Statements of Income & Comprehensive Income Information			2
Consolidated Balance Sheets Information			3
Consolidated Statements of Changes in Shareholders' Equity Information			4
Consolidated Statements of Cash Flows Information			5
Consolidated Capital Structure			7
GAAP Earnings and Return on Average Common Equity			8

Hawaiian Electric Company
Selected Financial Information			9
Consolidated Statements of Income and Retained Earnings Information			10
Consolidated Balance Sheets Information			11
Consolidated Statements of Cash Flows Information			12
Cumulative Preferred Stock Not Subject to Mandatory Redemption			13
Long-term Debt			14
Customer, Sales and Revenue Information			17
Power Supply Information			19

American Savings Bank
Selected Information			21
Statements of Income Information			22
Balance Sheets Information			23

Other
State of Hawaii Information			24
Appendix - Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures			25


SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021			2020			2019			2018			2017
(dollars in thousands, except per share amounts)
Results of operations
Revenues		$	2,850,379		$	2,579,775		$	2,873,948		$	2,860,849		$	2,555,625
Net income for common stock		246,166			197,824			217,882			201,774			165,297
Basic earnings per common share		2.25			1.81			2.00			1.85			1.52
Diluted earnings per common share		2.25			1.81			1.99			1.85			1.52
Dividends per common share		1.36			1.32			1.28			1.24			1.24
Operating income (loss)
Electric utility		$	279,558		$	268,550		$	254,378		$	241,661		$	263,524
Bank		128,203			61,809			110,909			108,235			99,536
Other		(21,695)			(18,866)			(17,266)			(16,540)			(16,827)
		$	386,066		$	311,493		$	348,021		$	333,356		$	346,233
Assets 1
Electric utility		$	6,491,625		$	6,457,373		$	6,388,682		$	5,967,503		$	5,630,613
Bank		9,181,603			8,396,533			7,233,017			7,027,894			6,798,659
Other		149,409			150,101			123,552			108,654			104,888
		$	15,822,637		$	15,004,007		$	13,745,251		$	13,104,051		$	12,534,160
Capital structure 1, 2
Short-term borrowings - other than bank		$	53,998		$	129,379		$	185,710		$	73,992		$	117,945
Long-term debt, net - other than bank		2,321,937			2,119,129			1,964,365			1,879,641			1,683,797
Preferred stock of subsidiaries		34,293			34,293			34,293			34,293			34,293
Common stock equity		2,390,884			2,337,502			2,280,260			2,162,280			2,097,386
		$	4,801,112		$	4,620,303		$	4,464,628		$	4,150,206		$	3,933,421
Capital structure ratios 1, 2
Short-term borrowings - other than bank		1.1		%	2.8		%	4.2		%	1.8		%	3.0		%
Long-term debt, net - other than bank		48.4			45.9			44.0			45.3			42.8
Preferred stock of subsidiaries		0.7			0.7			0.8			0.8			0.9
Common stock equity		49.8			50.6			51.0			52.1			53.3
		100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Key financial ratios
Market price to book value per common share 1		190		%	165		%	224		%	184		%	188		%
Price earnings ratio 3		18.4x			19.6x			23.5x			19.8x			23.8x
Return on average common equity		10.4		%	8.6		%	9.8		%	9.5		%	7.9		%
Indicated annual yield 1		3.3		%	3.7		%	2.7		%	3.4		%	3.4		%
Dividend payout ratio		60		%	73		%	64		%	67		%	82		%
Full-time employees
HEI (includes Pacific Current)		49			49			50			46			41
Hawaiian Electric and its subsidiaries		2,469			2,579			2,675			2,704			2,724
ASB		1,079			1,064			1,111			1,148			1,115
		3,597			3,692			3,836			3,898			3,880

Note:	This report should be read in conjunction with HEI’s Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2021 presentation. Financial data for periods prior to December 31, 2018 have been updated to reflect the retrospective adoption of ASU No. 2017-07 and the reclassification of contributions in aid of construction balances from liabilities to assets, which reduced the respective balances.
1 At December 31.
2 Excludes ASB's deposit liabilities and other borrowings.
3 Calculated using December 31 market price per common share divided by diluted earnings per common share.


CONSOLIDATED STATEMENTS OF INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2021		2020		2019		2018		2017
(in thousands, except per share amounts)
Revenues
Electric utility		$	2,539,636	$	2,265,320	$	2,545,942	$	2,546,525	$	2,257,566
Bank		306,398		313,511		327,917		314,275		297,640
Other		4,345		944		89		49		419
Total revenues		2,850,379		2,579,775		2,873,948		2,860,849		2,555,625
Expenses
Electric utility		2,260,078		1,996,770		2,291,564		2,304,864		1,994,042
Bank		178,195		251,702		217,008		206,040		198,104
Other		26,040		19,810		17,355		16,589		17,246
Total expenses		2,464,313		2,268,282		2,525,927		2,527,493		2,209,392
Operating income (loss)
Electric utility		279,558		268,550		254,378		241,661		263,524
Bank		128,203		61,809		110,909		108,235		99,536
Other		(21,695)		(18,866)		(17,266)		(16,540)		(16,827)
Total operating income		386,066		311,493		348,021		333,356		346,233

Retirement defined benefits credit (expense)—other than service costs		5,848		(3,210)		(2,806)		(5,962)		(7,942)
Interest expense, net—other than on deposit liabilities and other bank borrowings		(94,363)		(88,694)		(90,899)		(88,677)		(78,972)
Allowance for borrowed funds used during construction		3,250		2,992		4,453		4,867		4,778
Allowance for equity funds used during construction		9,534		8,768		11,987		10,877		12,483
Gain on sale of investment securities, net		528		9,275		653		—		—
Income before income taxes		310,863		240,624		271,409		254,461		276,580
Income taxes		62,807		40,910		51,637		50,797		109,393
Net income		248,056		199,714		219,772		203,664		167,187
Preferred stock dividends of subsidiaries		1,890		1,890		1,890		1,890		1,890
Net income for common stock		$	246,166	$	197,824	$	217,882	$	201,774	$	165,297
Basic earnings per common share		$	2.25	$	1.81	$	2.00	$	1.85	$	1.52
Diluted earnings per common share		$	2.25	$	1.81	$	1.99	$	1.85	$	1.52
Weighted-average number of common shares outstanding		109,282		109,140		108,949		108,855		108,749
Weighted-average shares assuming dilution		109,580		109,356		109,407		109,146		108,933

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2021		2020		2019		2018		2017
(in thousands)
Net income for common stock		$	246,166	$	197,824	$	217,882	$	201,774	$	165,297
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes		(51,636)		19,143		27,382		(9,472)		(4,370)
Reclassification adjustment for net realized gains included in net income, net of taxes		(387)		(1,638)		(478)		—		—
Derivatives qualified as cash flow hedges:

Unrealized interest rate hedging losses, net of tax benefits		(312)		(1,750)		(1,177)		(436)		—
Reclassification adjustment to net income, net of taxes		37		—		—		—		454
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes		153,121		(60,529)		10,914		(28,101)		65,531
Adjustment for amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits		19,253		23,689		10,107		21,015		15,737
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(171,345)		39,860		(16,177)		8,325		(78,724)
Other comprehensive income (loss), net of taxes		(51,269)		18,775		30,571		(8,669)		(1,372)
Comprehensive income attributable to Hawaiian Electric Industries, Inc.		$	194,897	$	216,599	$	248,453	$	193,105	$	163,925

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2021 presentation. Income statement amounts for periods prior to December 31, 2018 have been updated to reflect the retrospective adoption of ASU No. 2017-07. A reconciliation of GAAP to non-GAAP measures is located in the Appendix.


CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31		2021		2020		2019		2018		2017
(in thousands)
ASSETS
Cash and cash equivalents		$	305,551	$	341,421	$	196,813	$	169,208	$	261,881
Restricted cash		5,911		17,558		30,872		—		—
Accounts receivable and unbilled revenues, net		344,213		281,216		300,794		325,672		263,209
Available-for-sale investment securities, at fair value		2,574,618		1,970,417		1,232,826		1,388,533		1,401,198
Held-to-maturity investment securities, at amortized cost		522,270		226,947		139,451		141,875		44,515
Stock in Federal Home Loan Bank, at cost		10,000		8,680		8,434		9,958		9,706
Loans, net		5,150,388		5,260,917		5,080,107		4,792,707		4,628,381
Property, plant and equipment, net		5,392,068		5,265,735		5,109,628		4,830,118		4,460,248
Operating lease right-of-use assets		122,416		153,069		199,171		—		—
Regulatory assets		565,543		766,708		715,080		833,426		869,297
Other		747,469		629,149		649,885		530,364		513,535
Goodwill		82,190		82,190		82,190		82,190		82,190
	Total assets	$	15,822,637	$	15,004,007	$	13,745,251	$	13,104,051	$	12,534,160

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts, interest and dividends payable		$	225,433	$	205,894	$	245,574	$	243,027	$	219,551
Deposit liabilities		8,172,212		7,386,957		6,271,902		6,158,852		5,890,597
Short-term borrowings - other than bank		53,998		129,379		185,710		73,992		117,945
Other bank borrowings		88,305		89,670		115,110		110,040		190,859
Long-term debt, net - other than bank		2,321,937		2,119,129		1,964,365		1,879,641		1,683,797
Deferred income taxes		384,760		395,089		379,324		372,518		388,430
Operating lease liabilities		136,760		160,432		199,571		—		—
Regulatory liabilities		996,768		959,786		972,310		950,236		880,770
Defined benefit pension and other postretirement benefit plans liability		348,072		567,438		513,287		538,384		509,514
Other		669,215		618,438		583,545		580,788		521,018
	Total liabilities	13,397,460		12,632,212		11,430,698		10,907,478		10,402,481
Preferred stock of subsidiaries - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Shareholders' equity

Common stock		1,685,496		1,678,368		1,678,257		1,669,267		1,662,491
Retained earnings		757,921		660,398		622,042		543,623		476,836
Accumulated other comprehensive loss, net of tax benefits		(52,533)		(1,264)		(20,039)		(50,610)		(41,941)
	Total shareholders' equity	2,390,884		2,337,502		2,280,260		2,162,280		2,097,386
	Total liabilities and shareholders' equity	$	15,822,637	$	15,004,007	$	13,745,251	$	13,104,051	$	12,534,160

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. 2019 amounts reflect the adoption of ASU No. 2016-02; pursuant to an election permissible under such standard, the Company did not reassess its prior conclusions about whether expired or existing contracts are or contain leases. Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to "Property, plant and equipment, net" assets, which reduced the respective balances.


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries							Accumulated
Unaudited							other
	Common stock				Retained		comprehensive
(in thousands, except per share amounts)	Shares		Amount		earnings		income (loss)		Total

























Balance, December 31, 2016	$	108,583	$	1,660,910	$	438,972	$	(33,129)	$	2,066,753
Net income for common stock	—		—		165,297		—		165,297
Other comprehensive loss, net of tax benefits	—		—		—		(1,372)		(1,372)
Reclass of AOCI for tax rate reduction impact	—		—		7,440		(7,440)		—
Issuance of common stock:
Share-based plans	205		4,664		—		—		4,664
Share-based expense and other, net	—		(3,083)		—		—		(3,083)
Common stock dividends ($1.24 per share)	—		—		(134,873)		—		(134,873)
Balance, December 31, 2017	108,788		1,662,491		476,836		(41,941)		2,097,386
Net income for common stock	—		—		201,774		—		201,774
Other comprehensive loss, net of tax benefits	—		—		—		(8,669)		(8,669)
Issuance of common stock:
Share-based plans	91		2,650		—		—		2,650
Share-based expense and other, net	—		4,126		—		—		4,126
Common stock dividends ($1.24 per share)	—		—		(134,987)		—		(134,987)
Balance, December 31, 2018	108,879		1,669,267		543,623		(50,610)		2,162,280
Net income for common stock	—		—		217,882		—		217,882
Other comprehensive income, net of tax benefits	—		—		—		30,571		30,571
Issuance of common stock:
Share-based plans	94		3,092		—		—		3,092
Share-based expense and other, net	—		5,898		—		—		5,898
Common stock dividends ($1.28 per share)	—		—		(139,463)		—		(139,463)
Balance, December 31, 2019	108,973		1,678,257		622,042		(20,039)		2,280,260
Impact of adoption of ASU No. 2016-13	—		—		(15,372)		—		(15,372)
Balance, January 1, 2020, after the adoption of ASU No. 2016-13	108,973		1,678,257		606,670		(20,039)		2,264,888
Net income for common stock	—		—		197,824		—		197,824
Other comprehensive income, net of tax benefits	—		—		—		18,775		18,775
Issuance of common stock:
Share-based plans	208		3,973		—		—		3,973
Share-based expense and other, net	—		(3,862)		—		—		(3,862)
Common stock dividends ($1.32 per share)	—		—		(144,096)		—		(144,096)
Balance, December 31, 2020	109,181		1,678,368		660,398		(1,264)		2,337,502
Net income for common stock	—		—		246,166		—		246,166
Other comprehensive loss, net of tax benefits	—		—		—		(51,269)		(51,269)
Issuance of common stock:
Share-based plans	131		5,027		—		—		5,027
Share-based expense and other, net	—		2,101		—		—		2,101
Common stock dividends ($1.36 per share)	—		—		(148,643)		—		(148,643)
Balance, December 31, 2021	$	109,312	$	1,685,496	$	757,921	$	(52,533)	$	2,390,884
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021		2020		2019
(in thousands)
Cash flows from operating activities
Net income		$	248,056	$	199,714	$	219,772
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment	246,158		238,114		229,858
	Other amortization	32,544		52,664		48,255
	Provision for credit losses	(25,825)		50,811		23,480
	Loans originated, held for sale	(340,986)		(564,525)		(285,042)
	Proceeds from sale of loans, held for sale	364,848		567,652		277,119
	Gain on sale of real estate, held for sale	—		—		(10,762)
	Gain on sale of investment securities, net	(528)		(9,275)		(653)
	Gain on sale of loans	(9,305)		(23,734)		(4,943)
	Deferred income taxes	(5,398)		(1,706)		(15,085)
	Share-based compensation expense	9,135		5,810		9,986
	Allowance for equity funds used during construction	(9,534)		(8,768)		(11,987)
	Other	(7,060)		1,366		18,568
	Changes in assets and liabilities
	Decrease (increase) in accounts receivable and unbilled revenues, net	(73,811)		2,533		23,933
	Decrease (increase) in fuel oil stock	(45,819)		34,202		(11,493)
	Decrease (increase) in regulatory assets	(13,874)		1,007		71,262
	Increase (decrease) in regulatory liabilities	15,358		(16,562)		1,953
	Increase (decrease) in accounts, interest and dividends payable	9,925		(20,068)		(3,054)
	Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	41,331		(35,610)		(27,538)
	Decrease in defined benefit pension and other postretirement benefit plans liability	(6,660)		(2,029)		(4,482)
	Change in other assets and liabilities, net	(52,882)		(42,189)		(36,677)
Net cash provided by operating activities		375,673		429,407		512,470
Cash flows from investing activities
Available-for-sale investment securities purchased		(1,464,644)		(1,361,594)		(108,088)
Principal repayments on available-for-sale investment securities		583,238		478,351		272,949
Proceeds from sale of available-for-sale investment securities		197,354		169,157		19,810
Purchases of held-to-maturity investment securities		(349,579)		(146,738)		(13,057)
Proceeds from repayments or maturities of held-to-maturity investment securities		53,654		59,894		15,505
Purchase of stock from Federal Home Loan Bank		(33,022)		(27,350)		(95,636)
Redemption of stock from Federal Home Loan Bank		31,702		27,104		97,160
Net decrease (increase) in loans held for investment		72,489		(229,311)		(300,210)
Proceeds from sale of residential loans		59,844		—		—

Proceeds from sale of real estate held for sale		—		—		21,060
Capital expenditures		(314,524)		(383,895)		(457,520)
Proceeds from sale of low income housing investments		—		6,725		1
Contributions to low income housing investments		(16,131)		(9,403)		(6,974)
Other, net		27		3,412		13,291
Net cash used in investing activities		$	(1,179,592)	$	(1,413,648)	$	(541,709)

		(Continued on next page)


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31	2021		2020		2019

(in thousands)
Cash flows from financing activities
Net increase in deposit liabilities	$	785,255	$	1,115,055	$	113,050
Net increase (decrease) in short-term borrowings with original maturities of three months or less	(10,493)		(71,219)		86,718
Proceeds from issuance of short-term debt	—		165,000		75,000
Repayment of short-term debt	(65,000)		(150,000)		(50,000)
Net increase (decrease) in other bank borrowings with original maturities of three months or less	(1,365)		(25,440)		5,070
Proceeds from issuance of other bank borrowings	—		30,000		—
Repayments of other bank borrowings	—		(30,000)		—
Proceeds from issuance of long-term debt	285,886		415,997		289,349
Repayment of long-term debt and funds transferred for repayment of long term debt	(82,262)		(178,969)		(287,285)
Withheld shares for employee taxes on vested share-based compensation	(2,006)		(5,700)		(997)

Common stock dividends	(148,643)		(144,096)		(139,463)
Preferred stock dividends of subsidiaries	(1,890)		(1,890)		(1,890)
Other	(3,080)		(3,203)		(1,836)
Net cash provided by financing activities	756,402		1,115,535		87,716
Net increase (decrease) in cash, cash equivalents and restricted cash	(47,517)		131,294		58,477
Cash, cash equivalents and restricted cash, January 1	358,979		227,685		169,208
Cash, cash equivalents and restricted cash, December 31	311,462		358,979		227,685
Less: Restricted cash	(5,911)		(17,558)		(30,872)
Cash and cash equivalents, December 31	$	305,551	$	341,421	$	196,813
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31						2021		2020		2019		2018		2017
(in thousands)

Short-term borrowings - other than bank 1						$	53,998	$	129,379	$	185,710	$	73,992	$	117,945
Long-term debt - other than bank 1
Long-term debt of electric utility subsidiaries 2						1,676,402		1,561,302		1,497,667		1,418,802		1,368,479
HEI 5.67% senior notes, due 2021						—		50,000		50,000		50,000		50,000
HEI 2.99% term loan, due 2022						150,000		150,000		150,000		150,000		150,000
HEI 3.99% senior notes, due 2023						50,000		50,000		50,000		50,000		50,000
HEI 4.58% senior notes, due 2025						50,000		50,000		50,000		50,000		—
HEI 4.72% senior notes, due 2028						100,000		100,000		100,000		100,000		—
HEI 2.82% senior notes, due 2028						30,000		—		—		—		—
HEI 2.98% senior notes, due 2030						50,000		50,000		—		—		—
HEI 3.15% senior notes, due 2031						51,000		—		—		—		—
HEI 2.78% senior notes, due 2031						25,000		—		—		—		—
HEI 3.74% senior notes, due 2051						20,000		—		—		—		—


Hamakua Energy 4.02% non-recourse notes, due 2030						52,166		56,030		59,699		63,438		67,325
Mauo LIBOR + 1.375% loan, due 2023						21,702		41,046		9,349		—		—
Mauo 4.90% non-recourse loan, due 2034						12,686		—		—		—		—
Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031						12,145		13,000		—		—		—
Less unamortized debt issuance cost						(3,164)		(2,249)		(2,350)		(2,599)		(2,007)
						2,321,937		2,119,129		1,964,365		1,879,641		1,683,797

Preferred stock of subsidiaries -
not subject to mandatory redemption						34,293		34,293		34,293		34,293		34,293
Shareholders' equity

Common stock						1,685,496		1,678,368		1,678,257		1,669,267		1,662,491
Retained earnings						757,921		660,398		622,042		543,623		476,836
Accumulated other comprehensive loss, net of tax benefits						(52,533)		(1,264)		(20,039)		(50,610)		(41,941)
						2,390,884		2,337,502		2,280,260		2,162,280		2,097,386
						$	4,801,112	$	4,620,303	$	4,464,628	$	4,150,206	$	3,933,421


LONG-TERM DEBT MATURITIES as of December 31, 2021
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

		2022		2023		2024		2025		2026		Thereafter		Total
(in thousands)
Long-term debt - other than bank 1
Electric utilities2		$	52,000	$	100,000	$	—	$	47,000	$	125,000	$	1,360,000	$	1,684,000
HEI		150,000		50,000		—		50,000		—		300,000		550,000
Hamakua Energy		4,146		4,325		4,669		4,733		3,800		30,493		52,166
Mauo		15,240		7,503		543		604		668		9,830		34,388
Ka`ie`ie Waho Company		1,209		1,209		1,209		1,209		1,209		6,100		12,145
Less unamortized debt issuance cost														(10,762)
		$	222,595	$	163,037	$	6,421	$	103,546	$	130,677	$	1,706,423	$	2,321,937

Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Excludes deposit liabilities, other bank borrowings and intercompany borrowings.
2 See pages 14 to 16 for additional information.


GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021			2020			2019			2018			2017
(dollars in thousands, except per share amounts)
Net income (loss) for common stock by company
Electric utilities
	Hawaiian Electric	$	132,289		$	121,836		$	113,673		$	98,260		$	81,894
	Hawaii Electric Light	21,180			27,493			20,817			24,481			20,146
	Maui Electric	24,173			20,011			22,350			20,912			17,911

Utilities consolidated		177,642			169,340			156,840			143,653			119,951
ASB		101,234			57,583			88,973			82,509			66,997
HEI and other		(32,710)			(29,099)			(27,931)			(24,388)			(21,651)
Consolidated HEI		$	246,166		$	197,824		$	217,882		$	201,774		$	165,297

Diluted earnings per common share		$	2.25		$	1.81		$	1.99		$	1.85		$	1.52

Return on average common equity by company (simple average)
Electric utilities
	Hawaiian Electric	8.5		%	8.2		%	8.0		%	7.4		%	6.5		%
	Hawaii Electric Light	6.5			8.9			7.0			8.4			7.0
	Maui Electric	7.4			6.6			7.8			7.6			6.8
Utilities consolidated		8.1			8.1			7.8			7.6			6.6
ASB1		13.8			8.1			13.5			13.5			11.2
Consolidated HEI		10.4		%	8.6		%	9.8		%	9.5		%	7.9		%
1 Calculated using average daily balance


SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021			2020		2019		2018		2017
(in thousands)

CAPITAL STRUCTURE1
Long-term debt, net, including current portion		$	1,676,402		$	1,561,302	$	1,497,667	$	1,418,802	$	1,368,479
Preferred stock		34,293			34,293		34,293		34,293		34,293
Common stock equity		2,261,899			2,141,918		2,047,352		1,957,641		1,845,283
		$	3,972,594		$	3,737,513	$	3,579,312	$	3,410,736	$	3,248,055
CAPITAL STRUCTURE RATIOS (%) 1
Long-term debt, net, including current portion		42.2			41.8		41.8		41.6		42.1
Preferred stock		0.9			0.9		1.0		1.0		1.1
Common stock equity		56.9			57.3		57.2		57.4		56.8
		100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 2
	Hawaiian Electric	7.37			7.37		7.57		7.57		7.57
	Hawaii Electric Light	7.52			7.52		7.52		7.80		7.80
	Maui Electric	7.43			7.43		7.43		7.43		7.34
Earned rate-making return on simple average rate base 3
	Hawaiian Electric	7.28			6.94		6.90		6.55		6.08
	Hawaii Electric Light	5.96			7.09		5.97		6.98		6.54
	Maui Electric	6.61			5.82		6.37		6.26		6.10
Authorized return on simple average common equity 2
	Hawaiian Electric	9.50			9.50		9.50		9.50		9.50
	Hawaii Electric Light	9.50			9.50		9.50		9.50		9.50
	Maui Electric	9.50			9.50		9.50		9.50		9.00
Earned rate-making return on simple average common equity 4
	Hawaiian Electric	9.38			9.01		8.80		7.89		6.83
	Hawaii Electric Light	7.02			9.23		6.72		8.08		7.30
	Maui Electric	8.22			7.11		7.95		7.38		6.84
Book return on simple average common equity 5
	Hawaiian Electric	8.53			8.20		8.02		7.36		6.46
	Hawaii Electric Light	6.51			8.92		7.00		8.41		6.97
	Maui Electric	7.41			6.65		7.79		7.59		6.76

RATE BASE (in millions, simple average)
Hawaiian Electric		$	2,510	6	$	2,425	$	2,289	$	2,125	$	1,975
Hawaii Electric Light		560		6	540		521		505		490
Maui Electric		531		6	514		493		462		438
		$	3,601		$	3,479	$	3,303	$	3,092	$	2,903
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate		3.2			3.2		3.2		3.2		3.2
Accumulated depreciation as percent of gross plant 1,7		36.8			36.4		35.9		36.3		36.9
Weighted-average AFUDC rate		7.1			7.1		7.4		7.3		7.7

1	At December 31.
2	Reflects latest interim or final decision and order as of the end of the respective years.
3	Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
4	This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates.
5	Based on recorded net income divided by average common equity, simple average method.
6	The 12/31/21 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,546, $567 and $546, respectively.
7	Periods prior to December 31, 2018 have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to "Total property, plant and equipment, net," which reduced the respective balances.


CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021		2020		2019		2018		2017
(in thousands)
Revenues		$	2,539,636	$	2,265,320	$	2,545,942	$	2,546,525	$	2,257,566
Expenses
Fuel oil		644,349		515,274		720,709		760,528		587,768
Purchased power		670,494		568,749		633,256		639,307		586,634
Other operation and maintenance 1		475,412		474,192		481,737		461,491		411,907
Depreciation		229,469		222,733		215,731		203,626		192,784
Taxes, other than income taxes		240,354		215,822		240,131		239,912		214,949
Total expenses 1		2,260,078		1,996,770		2,291,564		2,304,864		1,994,042
Operating income 1		279,558		268,550		254,378		241,661		263,524
Allowance for equity funds used during construction		9,534		8,768		11,987		10,877		12,483
Retirement defined benefits expense - other than service costs 1		3,890		(763)		(2,836)		(3,631)		(6,003)
Interest expense and other charges, net		(72,447)		(67,794)		(70,842)		(73,348)		(69,637)
Allowance for borrowed funds used during construction		3,250		2,992		4,453		4,867		4,778
Income before income taxes		223,785		211,753		197,140		180,426		205,145
Income taxes		44,148		40,418		38,305		34,778		83,199
Net income		179,637		171,335		158,835		145,648		121,946
Preferred stock dividends of subsidiaries		915		915		915		915		915
Net income attributable to Hawaiian Electric		178,722		170,420		157,920		144,733		121,031
Preferred stock dividends of Hawaiian Electric		1,080		1,080		1,080		1,080		1,080
Net income for common stock		177,642		169,340		156,840		143,653		119,951
Retained earnings, January 1		1,282,335		1,220,129		1,164,541		1,124,193		1,091,800
Reclass of AOCI for tax rate reduction impact		—		—		—		—		209
Common stock dividends		(111,700)		(107,134)		(101,252)		(103,305)		(87,767)
Retained earnings, December 31		$	1,348,277	$	1,282,335	$	1,220,129	$	1,164,541	$	1,124,193

Note:	See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. A reconciliation of GAAP to non-GAAP measures is located in the Appendix.
1 Amounts for periods prior to December 31, 2018 have been updated to reflect the retrospective adoption of ASU No. 2017-07.


CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2021		2020		2019		2018		2017
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment 1		$	7,992,489	$	7,749,296	$	7,485,178	$	7,092,483	$	6,717,311
Less accumulated depreciation		(2,940,517)		(2,819,079)		(2,690,157)		(2,577,342)		(2,476,352)
	Utility property, plant and equipment, net 1	5,051,972		4,930,217		4,795,021		4,515,141		4,240,959
Nonutility property, plant and equipment, less accumulated depreciation		6,949		6,953		6,956		6,961		7,580
	Total property, plant and equipment, net 1	5,058,921		4,937,170		4,801,977		4,522,102		4,248,539
Current assets
Cash and cash equivalents		52,169		47,360		11,022		35,877		12,517
Restricted cash		3,089		15,966		30,872		—		—
Customer accounts receivable, net		186,859		147,832		152,790		177,896		127,889
Accrued unbilled revenues, net		129,155		101,036		117,227		121,738		107,054
Other accounts receivable, net		7,267		7,673		11,568		6,215		7,163
Fuel oil stock, at average cost		104,078		58,238		91,937		79,935		86,873
Materials and supplies, at average cost		71,877		67,344		60,702		55,204		54,397
Prepayments and other		46,031		44,083		116,980		32,118		25,355
Regulatory assets		66,664		30,435		30,710		71,016		88,390
	Total current assets	667,189		519,967		623,808		579,999		509,638
Other long-term assets
Operating lease right-of-use assets 2		101,470		127,654		176,809		—		—
Regulatory assets		498,879		736,273		684,370		762,410		780,907
Other		165,166		136,309		101,718		102,992		91,529
	Total other long-term assets	765,515		1,000,236		962,897		865,402		872,436
	Total assets 1	$	6,491,625	$	6,457,373	$	6,388,682	$	5,967,503	$	5,630,613
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity		$	2,261,899	$	2,141,918	$	2,047,352	$	1,957,641	$	1,845,283
Cumulative preferred stock - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Long-term debt, net		1,624,427		1,561,302		1,401,714		1,418,802		1,318,516
	Total capitalization	3,920,619		3,737,513		3,483,359		3,410,736		3,198,092
Current liabilities
Current portion of operating lease liabilities 2		49,368		64,730		63,707		—		—
Current portion of long-term debt, net		51,975		—		95,953		—		49,963
Short-term borrowings from non-affiliate		—		49,979		88,987		25,000		4,999
Accounts payable		160,007		133,849		187,770		171,791		159,610
Interest and preferred dividends payable		17,325		20,350		20,728		23,215		22,575
Taxes accrued, including revenue taxes		208,280		192,524		207,992		233,333		199,101
Regulatory liabilities		29,760		37,301		30,724		17,977		3,401
Other		71,569		74,262		67,305		60,003		59,456
	Total current liabilities	588,284		572,995		763,166		531,319		499,105
Deferred credits and other liabilities
Operating lease liabilities 2		65,780		69,494		113,400		—		—
Deferred income taxes		408,634		397,798		377,150		383,197		394,041
Regulatory liabilities		967,008		922,485		941,586		932,259		877,369
Unamortized tax credits		103,945		111,915		117,868		91,522		90,369
Defined benefit pension and other postretirement benefit plans liability		321,780		530,532		478,763		503,659		472,948
Other		115,575		114,641		113,390		114,811		98,689
	Total deferred credits and other liabilities	1,982,722		2,146,865		2,142,157		2,025,448		1,933,416
	Total capitalization and liabilities 1	$	6,491,625	$	6,457,373	$	6,388,682	$	5,967,503	$	5,630,613

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
1	December 31, 2017 amounts have been updated to reflect the reclassification of contributions in aid of construction balances from liabilities to “Total property, plant and equipment, net," which reduced the respective balances.
2	Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases.


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31			2021		2020		2019
(in thousands)
Cash flows from operating activities
Net income			$	179,637	$	171,335	$	158,835
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment		229,469		222,733		215,731
	Other amortization		21,737		33,746		29,631
	Deferred income taxes		(3,829)		3,151		(16,284)
	State refundable credit		(10,582)		(9,961)		(8,369)
	Bad debt expense		2,183		2,115		2,150
	Allowance for equity funds used during construction		(9,534)		(8,768)		(11,987)
	Bill credits		2,000		—		—
	Accrued environmental reserve		—		6,556		406
	Other		1,350		2,610		27,459
	Changes in assets and liabilities
		Decrease (increase) in accounts receivable	(50,090)		(7,286)		18,822
		Decrease (increase) in accrued unbilled revenues	(27,464)		15,285		4,495
		Decrease (increase) in fuel oil stock	(45,840)		33,699		(12,002)
		Increase in materials and supplies	(4,533)		(6,642)		(5,498)
		Decrease (increase) in regulatory assets	(13,874)		1,007		71,262
		Increase (decrease) in regulatory liabilities	15,358		(16,562)		1,953
		Increase (decrease) in accounts payable	17,671		(33,129)		(2,051)
		Change in prepaid and accrued income taxes, tax credits and revenue taxes	26,930		(37,180)		(28,523)
		Decrease in defined benefit pension and other postretirement benefit plans liability	(5,154)		(4,306)		(4,448)
		Change in other assets and liabilities	(52,302)		(31,852)		(17,626)
Net cash provided by operating activities			273,133		336,551		423,956
Cash flows from investing activities
Capital expenditures			(292,000)		(350,864)		(419,898)
Other			6,035		6,070		11,374
Net cash used in investing activities			(285,965)		(344,794)		(408,524)
Cash flows from financing activities
Common stock dividends			(111,700)		(107,134)		(101,252)
Preferred stock dividends of Hawaiian Electric and subsidiaries			(1,995)		(1,995)		(1,995)
Proceeds from issuance of common stock			54,400		34,000		35,500
Proceeds from issuance of long-term debt			115,000		255,000		280,000
Repayment of long-term debt and funds transferred for repayment of long-term debt			—		(109,000)		(283,546)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original
	maturities of three months or less		—		(38,987)		38,987
Proceeds from issuance of short-term debt			—		100,000		75,000
Repayment of short-term debt			(50,000)		(100,000)		(50,000)
Other			(941)		(2,209)		(2,109)
Net cash provided by (used in) financing activities			4,764		29,675		(9,415)
Net increase in cash, cash equivalents and restricted cash			(8,068)		21,432		6,017
Cash, cash equivalents and restricted cash, January 1			63,326		41,894		35,877
Cash, cash equivalents and restricted cash, December 31			55,258		63,326		41,894
Less: Restricted cash			(3,089)		(15,966)		(30,872)
Cash and cash equivalents, December 31			$	52,169	$	47,360	$	11,022

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.


CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31					2021		2020		2019		2018		2017
(dollars in thousands, except par values)

				Shares outstanding
Series		Par value	Company	12/31/2021
C	4.25%	$ 20	Hawaiian Electric	150,000	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
D	5.00%	20	Hawaiian Electric	50,000	1,000		1,000		1,000		1,000		1,000
E	5.00%	20	Hawaiian Electric	150,000	3,000		3,000		3,000		3,000		3,000
H	5.25%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
I	5.00%	20	Hawaiian Electric	89,657	1,793		1,793		1,793		1,793		1,793
J	4.75%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
K	4.65%	20	Hawaiian Electric	175,000	3,500		3,500		3,500		3,500		3,500
G	7.625%	100	Hawaii Electric Light	70,000	7,000		7,000		7,000		7,000		7,000
H	7.625%	100	Maui Electric	50,000	5,000		5,000		5,000		5,000		5,000
				1,234,657	$	34,293	$	34,293	$	34,293	$	34,293	$	34,293

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.


LONG-TERM DEBT
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2021		2020		2019		2018		2017
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Series 2009, 6.50%, due 2039 - redeemed in 2019		$	—	$	—	$	—	$	90,000	$	90,000
Refunding series 2015, 3.25%, due 2025		40,000		40,000		40,000		40,000		40,000
Refunding series 2017A, 3.10%, due 2026		62,000		62,000		62,000		62,000		62,000
Refunding series 2017B, 4.00%, due 2037		100,000		100,000		100,000		100,000		100,000
Refunding series 2019, 3.20%, due 2039		90,000		90,000		90,000		—		—
Series 2019, 3.50%, due 2049		70,000		70,000		70,000		—		—
		362,000		362,000		362,000		292,000		292,000

Hawaii Electric Light
Series 2009, 6.50%, due 2039 - redeemed in 2019		—		—		—		60,000		60,000
Refunding series 2015, 3.25%, due 2025		5,000		5,000		5,000		5,000		5,000
Refunding series 2017A, 3.10%, due 2026		8,000		8,000		8,000		8,000		8,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Refunding series 2019, 3.20%, due 2039		60,000		60,000		60,000		—		—
Series 2019, 3.50%, due 2049		2,500		2,500		2,500		—		—
		95,500		95,500		95,500		93,000		93,000

Maui Electric
Refunding series 2015, 3.25%, due 2025		2,000		2,000		2,000		2,000		2,000
Refunding series 2017A, 3.10%, due 2026		55,000		55,000		55,000		55,000		55,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Series 2019, 3.50%, due 2049		7,500		7,500		7,500		—		—
		84,500		84,500		84,500		77,000		77,000
	Total obligations to the State of Hawaii	$	542,000	$	542,000	$	542,000	$	462,000	$	462,000

								(Continued on next page)


LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2021		2020		2019		2018		2017
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Hawaiian Electric
	Series 2012A, 3.79%, due 2018	$	—	$	—	$	—	$	—	$	30,000
	Series 2012B, 4.03%, due 2020	—		—		62,000		62,000		62,000
	Series 2012C, 4.55%, due 2023	50,000		50,000		50,000		50,000		50,000
	Series 2012D, 4.72%, due 2029	35,000		35,000		35,000		35,000		35,000
	Series 2012E, 5.39%, due 2042	150,000		150,000		150,000		150,000		150,000
	Series 2012F, 4.53%, due 2032	40,000		40,000		40,000		40,000		40,000
	Series 2013A, 4.45%, due 2022	40,000		40,000		40,000		40,000		40,000
	Series 2013B, 4.84%, due 2027	50,000		50,000		50,000		50,000		50,000
	Series 2013C, 5.65%, due 2043	50,000		50,000		50,000		50,000		50,000
	Series 2015A, 5.23%, due 2045	50,000		50,000		50,000		50,000		50,000
	Series 2016A, 4.54%, due 2046	40,000		40,000		40,000		40,000		40,000
	Series 2017A, 4.31%, due 2047	40,000		40,000		40,000		40,000		40,000
	Series 2018A, 4.38%, due 2028	52,000		52,000		52,000		52,000		—
	Series 2018B, 4.53%, due 2033	12,500		12,500		12,500		12,500		—
	Series 2018C, 4.72%, due 2048	10,500		10,500		10,500		10,500		—
	Series 2019A, 4.21%, due 2034	30,000		30,000		30,000		—		—
	Series 2020A, 3.31%, due 2030	50,000		50,000		—		—		—
	Series 2020B, 3.31%, due 2030	40,000		40,000		—		—		—
	Series 2020C, 3.96%, due 2050	20,000		20,000		—		—		—
	Series 2020D, 3.28%, due 2040	30,000		—		—		—		—
	Series 2020E, 3.51%, due 2050	30,000		—		—		—		—
		820,000		760,000		712,000		682,000		637,000

Hawaii Electric Light
	Series 2012A, 3.79%, due 2018	—		—		—		—		11,000
	Series 2012B, 4.55%, due 2023	20,000		20,000		20,000		20,000		20,000
	Series 2013A, 3.83%, due 2020	—		—		14,000		14,000		14,000
	Series 2013B, 4.45%, due 2022	12,000		12,000		12,000		12,000		12,000
	Series 2013C, 4.84%, due 2027	30,000		30,000		30,000		30,000		30,000
	Series 2015A, 5.23%, due 2045	25,000		25,000		25,000		25,000		25,000
	Series 2018A, 4.38%, due 2028	9,000		9,000		9,000		9,000		—
	Series 2018B, 4.53%, due 2033	3,000		3,000		3,000		3,000		—
	Series 2018C, 4.72%, due 2048	3,000		3,000		3,000		3,000		—
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		—		—
	Series 2020A, 3.96%, due 2050	10,000		10,000		—		—		—
	Series 2020B, 3.28%, due 2040	15,000		—		—		—		—
	Series 2020C, 3.51%, due 2050	15,000		—		—		—		—
		152,000		122,000		126,000		116,000		112,000

Maui Electric
	Series 2012A, 3.79%, due 2018	—		—		—		—		9,000
	Series 2012B, 4.03%, due 2020	—		—		20,000		20,000		20,000
	Series 2012C, 4.55%, due 2023	30,000		30,000		30,000		30,000		30,000
	Series 2013A, 4.84%, due 2027	20,000		20,000		20,000		20,000		20,000
	Series 2013B, 5.65%, due 2043	20,000		20,000		20,000		20,000		20,000
	Series 2015A, 5.23%, due 2045	5,000		5,000		5,000		5,000		5,000
	Series 2017A, 4.31%, due 2047	10,000		10,000		10,000		10,000		10,000
	Series 2018A, 4.38%, due 2028	6,500		6,500		6,500		6,500		—
	Series 2018B, 4.53%, due 2033	2,000		2,000		2,000		2,000		—
	Series 2018C, 4.72%, due 2048	1,500		1,500		1,500		1,500		—
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		—		—
	Series 2020A, 3.31%, due 2030	20,000		20,000		—		—		—
	Series 2020B, 3.96%, due 2050	20,000		20,000
	Series 2020C, 3.51%, due 2050	25,000		—		—		—		—
		170,000		145,000		125,000		115,000		114,000
	Total taxable unsecured senior notes	$	1,142,000	$	1,027,000	$	963,000	$	913,000	$	863,000

								(Continued on next page)


LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31	2021		2020		2019		2018		2017
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
6.50%, series 2004, Junior subordinated deferrable interest
debentures, due 2034 - redeemed in 2019	$	—	$	—	$	—	$	51,546	$	51,546
Long-term debt, including amounts due within one year	1,684,000		1,569,000		1,505,000		1,426,546		1,376,546
Less current portion of long-term debt, net	(51,975)		—		(95,953)		—		(49,963)
Less unamortized debt issuance costs	(7,598)		(7,698)		(7,333)		(7,744)		(8,067)
Long-term debt, net	$	1,624,427	$	1,561,302	$	1,401,714	$	1,418,802	$	1,318,516

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.


CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021	2020	2019	2018	2017
SERVICE AREA 1
Service area (square miles)		5,815	5,815	5,815	5,815	5,815
Service area population (estimated, in thousands)		n/a	1,335	1,344	1,348	1,355
CUSTOMER ACCOUNTS 2
Residential		414,713	412,484	409,689	407,505	406,241
Commercial		55,201	54,861	55,077	54,888	55,328
Industrial		698	694	700	696	656
		470,612	468,039	465,466	463,089	462,225
CUSTOMER ACCOUNTS BY COMPANY 2
Hawaiian Electric		308,721	307,378	306,368	305,456	304,948
Hawaii Electric Light		88,103	87,357	86,576	85,758	85,925
Maui Electric		73,788	73,304	72,522	71,875	71,352
Consolidated		470,612	468,039	465,466	463,089	462,225
MEGAWATTHOUR SALES (thousands)2
Residential		2,492	2,525	2,439	2,411	2,334
Commercial		2,595	2,477	2,834	2,853	2,913
Industrial		3,174	3,118	3,467	3,425	3,443
		8,261	8,120	8,740	8,689	8,690
MEGAWATTHOUR SALES MIX (%)2
Residential		30.2	31.1	27.9	27.7	26.9
Commercial		31.4	30.5	32.4	32.9	33.5
Industrial		38.4	38.4	39.7	39.4	39.6
		100.0	100.0	100.0	100.0	100.0
MEGAWATTHOUR SALES BY COMPANY (thousands)
Hawaiian Electric		6,169	6,183	6,563	6,526	6,548
Hawaii Electric Light		1,044	978	1,050	1,064	1,047
Maui Electric		1,048	959	1,127	1,099	1,095
Consolidated		8,261	8,120	8,740	8,689	8,690
MEGAWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric		(0.2)	(6.1)	0.6	(0.4)	(1.7)
Hawaii Electric Light		6.3	(7.4)	(1.4)	1.6	(2.0)
Maui Electric		8.5	(17.5)	2.5	0.4	(2.1)
Consolidated		1.7	(7.6)	0.6	—	(1.8)
RENEWABLE GENERATION RPS (%) 3
Hawaiian Electric		33	31	25	22	21
Hawaii Electric Light 4		60	43	35	44	57
Maui Electric		50	51	41	38	34
Consolidated		38	35	28	27	27

1	Source: State of Hawaii Data Book 2020 (prior years)
2	At December 31. "Industrial" is same as "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
3	Renewable generation as a % of total sales excludes electrical energy savings from Energy Efficiency and Solar Water Heating technologies that do not count toward RPS.
4	The lower RPS% for Hawaii Electric Light in 2018-20 reflects the fact that the Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island, but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020. As of December 31, 2021, PGV’s capability of 23.9 MW has been re-incorporated into the utility’s firm contract power capability and is still working to ramp up to its pre-May 2018 capacity.
n/a: Not available
					(Continued on next page)


CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021		2020		2019		2018		2017
REVENUES (thousands)1
Electric sales revenue
	Residential	$	843,655	$	770,135	$	791,398	$	788,028	$	691,857
	Commercial	810,658		714,620		840,915		855,736		778,930
	Industrial	853,293		754,775		884,722		882,443		776,808
Total electric sales revenues		2,507,606		2,239,530		2,517,035		2,526,207		2,247,595
Other revenues		32,030		25,790		28,907		20,318		9,971
Total revenues		$	2,539,636	$	2,265,320	$	2,545,942	$	2,546,525	$	2,257,566
Less:
Fuel oil		644,349		515,274		720,709		760,528		587,768
Purchased power		670,494		568,749		633,256		639,307		586,634
Taxes, other than income taxes		240,354		215,822		240,131		239,912		214,949
Net revenues		$	984,439	$	965,475	$	951,846	$	906,778	$	868,215
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	1,793,372	$	1,608,305	$	1,803,698	$	1,802,550	$	1,598,504
Hawaii Electric Light		381,033		334,221		364,590		375,493		333,467
Maui Electric		365,256		323,430		378,202		368,700		325,678
Eliminations		(25)		(636)		(548)		(218)		(83)
Consolidated		$	2,539,636	$	2,265,320	$	2,545,942	$	2,546,525	$	2,257,566
AVERAGE REVENUE PER KWH SOLD (cents)1
Residential		33.86		30.50		32.44		32.69		29.64
Commercial		31.21		28.83		29.68		30.00		26.74


Industrial		26.88		24.21		25.52		25.76		22.56
Other		34.19		31.01		29.39		29.47		26.82
		30.35		27.58		28.80		29.07		25.86
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		28.72		25.76		27.20		27.42		24.31
Hawaii Electric Light		36.00		33.65		34.30		34.93		31.68
Maui Electric		34.33		33.16		33.00		33.21		29.58
Consolidated		30.35		27.58		28.80		29.07		25.86
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		6,013		6,358		6,006		5,921		5,829
Hawaii Electric Light		5,795		5,441		5,467		5,652		5,408
Maui Electric		6,339		6,064		6,402		6,258		6,000
Consolidated		6,022		6,145		5,967		5,923		5,779
Average monthly electric sales revenue per residential customer		$	170	$	156	$	161	$	161	$	143

1	"Industrial" is same as "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.


POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021	2020	2019	2018	2017
ENERGY NET GENERATED AND PURCHASED (thousands of MWH)
Net generated
Fuel oil
	Conventional oil-fired steam units	3,288	3,429	3,693	3,743	3,703
	Dual train combined-cycle unit	749	757	799	884	829
	Diesel internal combustion engine	304	318	364	214	245
	Simple-cycle combustion turbines	89	53	46	44	46
		4,430	4,557	4,902	4,885	4,823
Biodiesel internal combustion engine		25	28	54	62	55
Hydro		9	5	11	19	10
Solar		37	39	5	—	—
Total net generated1		4,501	4,629	4,972	4,966	4,888
Purchased
Non-renewable		2,470	2,541	2,990	2,847	2,851
Renewable 2,3		1,684	1,355	1,179	1,292	1,396
Total purchased1		4,154	3,896	4,169	4,139	4,247
Customer-sited solar		1,418	1,326	1,225	948	863
		10,073	9,851	10,366	10,053	9,998
GENERATION MIX (%)
Fuel oil
	Conventional oil-fired steam units	32.6	34.8	35.6	37.3	37.0
	Dual train combined-cycle unit	7.4	7.7	7.7	8.8	8.3
	Diesel internal combustion engine	3.0	3.2	3.5	2.1	2.5
	Simple-cycle combustion turbines	0.9	0.5	0.5	0.4	0.5
		43.9	46.2	47.3	48.6	48.3
Biodiesel internal combustion engine		0.2	0.3	0.5	0.6	0.6
Hydro		0.1	0.1	0.1	0.2	0.1
Solar		0.4	0.4	—	—	—
Total generation1		44.6	47.0	47.9	49.4	49.0
Purchased
Non-renewable		24.6	25.8	28.8	28.3	28.5
Renewable 2,3		16.7	13.7	11.5	12.9	13.9
Total purchased1		41.3	39.5	40.3	41.2	42.4
Customer-sited solar		14.1	13.5	11.8	9.4	8.6
		100.0	100.0	100.0	100.0	100.0

1	Includes small generating resource at the Honolulu International Airport. This differs from the HEI Environmental, Social, Governance report, in which that generating resource is included in independent power producer generation.
2	Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
3	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. As of December 31, 2021, PGV’s capability of 23.9 MW has been re-incorporated into the utility’s firm contract power capability.
					(Continued on next page)


POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2021		2020		2019		2018		2017
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
Conventional oil-fired steam units		1,086		1,086		1,086		1,086		1,086
Simple-cycle combustion turbines 3		279		279		279		280		150
Dual train combined-cycle unit		170		170		170		170		170
Diesel internal combustion engine		146		146		146		146		146
Biodiesel internal combustion engine 3		57		57		57		57		121
		1,738		1,738		1,738		1,739		1,673
Firm purchase power contracts 4
Non-renewable		448		448		448		448		448
Renewable 5		92		68		68		69		103
		540		516		516		517		551
		2,278		2,254		2,254		2,256		2,224
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric		1,744		1,744		1,744		1,745		1,679
Hawaii Electric Light		266		242		242		242		277
Maui Electric		268		268		268		269		268
		2,278		2,254		2,254		2,256		2,224
SYSTEM PEAK LOAD BY COMPANY (MW) 6
Hawaiian Electric		1,072		1,087		1,193		1,190		1,184
Hawaii Electric Light		194		183		192		191		190
Maui Electric		205		201		217		217		210
		1,471		1,471		1,602		1,598		1,584
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		8,048		8,180		8,771		8,653		8,546
Average fuel oil cost per barrel		$	80.06	$	63.00	$	82.17	$	87.90	$	68.78
Average fuel oil cost per million BTU (cents)		1,305.4		1,028.7		1,337.6		1,420.2		1,114.3
Fuel oil cost per net KWH generated (cents)		14.344		11.144		14.527		15,374		12.048
BTU per net KWH generated by company
	Hawaiian Electric	10,962		10,808		10,852		10,894		10,879
	Hawaii Electric Light	11,876		11,209		11,605		11,067		11,087
	Maui Electric	10,543		10,639		10,460		10,406		10,406
	Consolidated	10,988		10,834		10,860		10,826		10,812
OTHER DATA
Losses and system uses (%)		4.3		4.5		4.2		4.4		4.7
Reserve margin (%) 6		54.8		53.2		40.7		42.8		42.0
Annual load factor (%) 6		67.2		66.2		65.2		65.0		65.8
Average cost per KWH purchased from IPPs (cents)		16.142		14.597		15.191		15.445		13.813

1	At December 31.
2	Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature.
3	In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primarily consumes diesel. CIP CT-1 could still utilize biodiesel if necessary.
4	Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.
5	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. As of December 31, 2021, PGV’s capability of 23.9 MW has been re-incorporated into the utility’s firm contract power capability.
6	Net; noncoincident and nonintegrated.


SELECTED INFORMATION
American Savings Bank, F.S.B.
Unaudited

Years ended December 31		2021	2020	2019	2018	2017


CAPITAL RATIOS (%)1
Common equity tier 1
	ASB	13.29	—	13.18	12.80	12.95
	Requirement	4.50	—	4.50	4.50	4.50
Tier 1 capital
	ASB	13.29	—	13.18	12.80	12.95
	Requirement	6.00	—	6.00	6.00	6.00
Total capital
	ASB	14.31	—	14.31	13.93	14.20
	Requirement	8.00	—	8.00	8.00	8.00
Tier 1 leverage
	ASB	7.86	8.38	9.06	8.70	8.58
	Requirement	4.00	4.00	4.00	4.00	4.00
KEY STATISTICS (%)
Return on average assets
	ASB	1.15	0.74	1.25	1.20	1.02
	Peers 2	1.36	0.96	1.26	1.27	0.95
Return on average equity
	ASB	13.76	8.11	13.48	13.51	11.20
	Peers 2	12.45	9.08	10.60	10.51	8.39
Net interest margin
	ASB	2.91	3.29	3.85	3.83	3.69
	Peers 2	3.21	3.30	3.59	3.69	3.50
Revenue growth
	ASB	(3.14)	(2.87)	7.42	4.64	4.51
	Peers 2	6.56	8.61	6.73	10.26	9.68
Efficiency ratio
	ASB	65.31	61.47	57.77	59.39	61.60
	Peers 2	55.64	56.38	56.19	55.97	57.51
Net charge-offs to loans outstanding
	ASB	0.07	0.40	0.45	0.34	0.27
	Peers 2	0.07	0.07	0.09	0.07	0.07
OTHER DATA
Dividend paid to HEI (via ASB Hawaii) ($ in millions)		59	31	56	50	38
Loan Growth (%)		(2.32)	4.39	5.72	3.68	(1.52)
Branch locations 3		42	42	49	49	49
Number of ATMs		122	112	111	113	113

1	Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020, 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021.
2	Bank peers for 2018 to 2021 are based upon publicly traded banks and thrifts with $4 billion to $9 billion in total assets. Peers for 2017 was based on publicly traded banks and thrifts with $3.5 billion to $8 billion in total assets. The peer list is revised annually.
3	At December 31.


STATEMENTS OF INCOME INFORMATION
American Savings Bank, F.S.B.
Unaudited

Years ended December 31		2021		2020		2019		2018		2017
(in thousands)
Interest and dividend income
Interest and fees on loans		$	198,802	$	214,134	$	233,632	$	220,463	$	207,255
Interest and dividends on investment securities		43,464		30,529		32,922		37,762		28,823
Total interest and dividend income		242,266		244,663		266,554		258,225		236,078
Interest expense
Interest on deposit liabilities		4,981		10,654		16,830		13,991		9,660
Interest on other borrowings		59		460		1,610		1,548		2,496
Total interest expense		5,040		11,114		18,440		15,539		12,156
Net interest income		237,226		233,549		248,114		242,686		223,922
Provision for loan losses		(25,825)		50,811		23,480		14,745		10,901
Net interest income after provision for loan losses		263,051		182,738		224,634		227,941		213,021
Noninterest income
Fees from other financial services		21,225		16,447		19,275		18,937		22,796
Fee income on deposit liabilities		16,663		16,059		20,877		21,311		22,204
Fee income on other financial products		8,770		6,381		6,507		7,052		7,205
Gains on sale of investment securities, net		528		9,275		653		—		—
Gain on sale of real estate		—		—		10,762		—		—
Mortgage banking income		9,305		23,734		4,943		1,493		2,201
Other income, net		8,169		6,227		9,761		7,257		7,156
Total noninterest income		64,660		78,123		72,778		56,050		61,562
Noninterest expense
Compensation and employee benefits 1		113,970		104,443		103,009		98,387		94,931
Occupancy and equipment		30,094		30,574		30,032		24,259		23,931
Data processing		17,634		14,769		15,306		14,268		13,280
Services		10,327		11,121		10,239		10,847		10,994
Other expense 1		25,127		30,683		26,792		29,652		32,731
Total noninterest expense		197,152		191,590		185,378		177,413		175,867
Income before income taxes		130,559		69,271		112,034		106,578		98,716
Income taxes		29,325		11,688		23,061		24,069		31,719
Net income		$	101,234	$	57,583	$	88,973	$	82,509	$	66,997
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1	Amounts for periods prior to December 31, 2018 have been updated to reflect the retrospective adoption of ASU 2017-07.


BALANCE SHEETS INFORMATION
American Savings Bank, F.S.B.
Unaudited

December 31		2021		2020		2019		2018		2017
(in thousands)

ASSETS
Cash and cash equivalents		$	251,240	$	292,726	$	178,398	$	126,284	$	234,099

Investment securities
	Available-for-sale investment securities, at fair value	2,574,618		1,970,417		1,232,826		1,388,533		1,401,198
	Held-to-maturity investment securities, at amortized cost	522,270		226,947		139,451		141,875		44,515
Investment in stock of Federal Home Loan Bank, at cost		10,000		8,680		8,434		9,958		9,706
Loans receivable, net		5,150,388		5,260,917		5,080,107		4,792,707		4,628,381
Real estate acquired in settlement of loans, net		—		43		—		406		133
Other and other intangibles, net		590,897		554,613		511,611		485,941		398,437
Goodwill		82,190		82,190		82,190		82,190		82,190
Total assets		$	9,181,603	$	8,396,533	$	7,233,017	$	7,027,894	$	6,798,659

LIABILITIES AND SHAREHOLDER'S EQUITY
Deposit liabilities		$	8,172,212	$	7,386,957	$	6,271,902	$	6,158,852	$	5,890,597
Other borrowings		88,305		89,670		115,110		110,040		190,859
Other		193,268		183,731		146,954		124,613		110,356
Total liabilities		8,453,785		7,660,358		6,533,966		6,393,505		6,191,812

Common stock		353,896		351,759		349,454		347,171		345,019
Retained earnings		411,704		369,470		358,259		325,286		292,957
Accumulated other comprehensive income (loss), net of tax benefits		(37,782)		14,946		(8,662)		(38,068)		(31,129)
Total shareholder's equity		727,818		736,175		699,051		634,389		606,847
Total liabilities and shareholder's equity		$	9,181,603	$	8,396,533	$	7,233,017	$	7,027,894	$	6,798,659
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.


STATE OF HAWAII INFORMATION
Unaudited

Years ended December 31, except as noted	2021		2020		2019		2018		2017

POPULATION BY COUNTY (thousands) 1
Honolulu	n/a		964		973		981		987
Hawaii	n/a		203		202		202		200
Maui	n/a		168		168		167		167
Kauai	n/a		72		72		72		72
	—		1,407		1,415		1,423		1,425

VISITOR DATA
Visitor arrivals by air (thousands)	6,777		2,678		10,243		9,827		9,257
Visitor days by air (thousands)	65,343		28,517		89,692		88,009		83,412
Visitor expenditures by air (dollars in millions)	$	12,995	$	3,915	$	17,657	$	17,778	$	16,734

Year-over-year change (%)
Visitor arrivals by air	153.1		(73.8)		5.3		5.9		4.9
Visitor days	129.1		(68.2)		2.9		5.4		4.7
Visitor expenditures by air	232.0		(73.6)		1.4		6.9		6.2

CONSTRUCTION INDUSTRY DATA (millions)
Value of private building permits authorized 2	$	3,747	$	3,108	$	3,221	$	3,268	$	3,128
Government contracts awarded	$	5,142	$	3,081	$	594	$	1,949	$	1,192
Estimated value of completed construction	n/a		$	9,757	$	9,609	$	9,456	$	8,384

OTHER DATA
State real gross domestic product (millions of 2012 dollars) 3	$	73,388	$	70,625	$	79,175	$	82,204	$	80,716
Honolulu Consumer Price Index (% change)	4.1		1.6		1.6		1.9		2.5
Total non-agriculture wage and salary jobs (thousands) 4	569		557		659		658		655
Unemployment rate (average annual %)	7.5		11.6		2.5		2.5		2.5
Note: Columns may not foot due to rounding.
Sources: State of Hawaii Data Book 2020 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii
Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis.
1 Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2021 not available at time of printing.
2 Excludes public construction.
3 Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes.
4 Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations).
n/a: Not available

Appendix

EXPLANATION OF HEI’S USE OF CERTAIN UNAUDITED NON-GAAP MEASURES

HEI and Hawaiian Electric Company management periodically use certain non-GAAP measures to evaluate the performance of HEI and the utility. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities given the non-recurring nature of certain items. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP (core) earnings and the adjusted return on average common equity (ROACE) for HEI consolidated and the utility.

The reconciling adjustments from GAAP earnings to core earnings with respect to 2017 exclude the impact of the federal tax reform act due to the adjustment of deferred tax balances and the $1,000 employee bonuses paid by the bank related to federal tax reform. Management does not consider these items to be representative of the company’s fundamental core earnings. Management has shown adjusted non-GAAP (core) net income, adjusted non-GAAP (core) diluted earnings per common share and adjusted non-GAAP (core) ROACE in order to provide better comparability of core net income, EPS and ROACE between periods.


RECONCILIATION OF GAAP1 TO NON-GAAP MEASURES
Hawaiian Electric Industries, Inc. and Subsidiaries (HEI)
Unaudited
($ in millions, except per share amounts)

Years ended December 31		2021			2020			2019			2018			2017
HEI CONSOLIDATED NET INCOME
GAAP (as reported)		$	246.2		$	197.8		$	217.9		$	201.8		$	165.3
Excluding special items (after-tax):
	Bonus related to enactment of federal tax reform2	—			—			—			—			0.7
	Federal tax reform impacts3	—			—			—			—			13.4
Non-GAAP (core) net income		$	246.2		$	197.8		$	217.9		$	201.8		$	179.5
HEI CONSOLIDATED DILUTED EARNINGS PER COMMON SHARE (EPS)
GAAP (as reported)		$	2.25		$	1.81		$	1.99		$	1.85		$	1.52
Non-GAAP (core) diluted earnings per common share		$	2.25		$	1.81		$	1.99		$	1.85		$	1.65
HEI CONSOLIDATED RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		10.4		%	8.6		%	9.8		%	9.5		%	7.9		%
Based on non-GAAP (core)4		10.4		%	8.6		%	9.8		%	9.5		%	8.6		%
Hawaiian Electric Company, Inc. and Subsidiaries
UTILITY NET INCOME
GAAP (as reported)		$	177.6		$	169.3		$	156.8		$	143.7		$	120.0
Excluding special items (after-tax):
	Federal tax reform impacts3	—			—			—			—			9.2
Non-GAAP (core) net income		$	177.6		$	169.3		$	156.8		$	143.7		$	129.1
UTILITY RETURN ON AVERAGE COMMON EQUITY (ROACE) (simple average)
Based on GAAP		8.1		%	8.1		%	7.8		%	7.6		%	6.6		%
Based on non-GAAP (core)4		8.1		%	8.1		%	7.8		%	7.6		%	7.1		%

Note: Columns may not foot due to rounding
1	Accounting principles generally accepted in the United States of America.
2	Bonus paid by American Savings Bank related to enactment of federal tax reform.
3	Reflects the lower rates enacted by federal tax reform, primarily the adjustments to reduce the unregulated net deferred tax asset balances.
4	Calculated as non-GAAP (core) net income divided by average GAAP common equity.