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Electric utility segment (Tables) | 9 Months Ended
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Sep. 30, 2024
Electric Utility Subsidiary [Abstract] |
Schedule of Purchases From All IPPs | Purchases from all IPPs were as follows:
|  | Three months ended September 30 |  |  |  | Nine months ended September 30
(in millions) |  | 2024 |  | 2023 |  |  |  |  |  | 2024 |  | 2023
Kalaeloa |  | $ | 74 |  |  | $ | 77 |  |  |  |  |  |  | $ | 219 |  |  | $ | 211 |
HPOWER |  | 20 |  |  | 17 |  |  |  |  |  |  | 53 |  |  | 51 |
Puna Geothermal Venture |  | 15 |  |  | 7 |  |  |  |  |  |  | 42 |  |  | 24 |
Hamakua Energy |  | 9 |  |  | 13 |  |  |  |  |  |  | 25 |  |  | 52 |
Kapolei Energy Storage |  | 6 |  |  | — |  |  |  |  |  |  | 18 |  |  | — |
Wind IPPs |  | 37 |  |  | 42 |  |  |  |  |  |  | 104 |  |  | 99 |
Solar IPPs |  | 26 |  |  | 21 |  |  |  |  |  |  | 62 |  |  | 57 |
Other IPPs 1 |  | 2 |  |  | 1 |  |  |  |  |  |  | 7 |  |  | 5 |
Total IPPs |  | $ | 189 |  |  | $ | 178 |  |  |  |  |  |  | $ | 530 |  |  | $ | 499 |
1 Includes hydro power and other PPAs.
Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded) | The filing reflected ARA revenues for 2025 to be collected from January 1 through December 31, 2025, as follows:
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
2025 ARA revenues |  | $ | 15.4 |  |  | $ | 3.8 |  |  | $ | 3.7 |  |  | $ | 22.9 |
Management Audit savings commitment |  | (4.6) |  |  | (1.0) |  |  | (1.0) |  |  | (6.6) |
Net 2025 ARA revenues |  | $ | 10.8 |  |  | $ | 2.8 |  |  | $ | 2.7 |  |  | $ | 16.3 |
The proposed net incremental amounts between the 2024 spring and 2024 fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1, 2025 through December 31, 2025 under the RBA rate tariffs, which were proposed in the 2024 fall revenue report filing and subject to PUC approval.
(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
2025 ARA revenues |  | $ | 15.4 |  |  | $ | 3.8 |  |  | $ | 3.7 |  |  | $ | 22.9 |
Annual change in accrued RBA balance through September 30, 2024 (and associated revenue taxes) |  | (7.0) |  |  | (1.3) |  |  | 6.4 |  |  | (1.9) |
Incremental PIMs (net) |  | (0.1) |  |  | 0.1 |  |  | — |  |  | — |
Net incremental amount to be collected under the RBA rate tariffs |  | $ | 8.3 |  |  | $ | 2.6 |  |  | $ | 10.1 |  |  | $ | 21.0 |
Schedule of Condensed Consolidating Statements of Income |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 592,784 |  |  | 123,238 |  |  | 113,840 |  |  | 2,402 |  |  | (2,647) |  |  | $ | 829,617 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 207,498 |  |  | 31,464 |  |  | 40,076 |  |  | — |  |  | — |  |  | 279,038 |
Purchased power |  | 135,645 |  |  | 35,291 |  |  | 18,229 |  |  | — |  |  | — |  |  | 189,165 |
Other operation and maintenance |  | 105,977 |  |  | 25,614 |  |  | 32,769 |  |  | 484 |  |  | (2,647) |  |  | 162,197 |
Wildfire tort-related claims (Note 2) |  | 130,400 |  |  | 16,300 |  |  | 16,300 |  |  | — |  |  | — |  |  | 163,000 |
Depreciation |  | 42,004 |  |  | 10,964 |  |  | 9,844 |  |  | — |  |  | — |  |  | 62,812 |
Taxes, other than income taxes |  | 55,787 |  |  | 11,511 |  |  | 10,671 |  |  | — |  |  | — |  |  | 77,969 |
Total expenses |  | 677,311 |  |  | 131,144 |  |  | 127,889 |  |  | 484 |  |  | (2,647) |  |  | 934,181 |
Operating income (loss) |  | (84,527) |  |  | (7,906) |  |  | (14,049) |  |  | 1,918 |  |  | — |  |  | (104,564) |
Allowance for equity funds used during construction |  | 2,628 |  |  | 256 |  |  | 416 |  |  | — |  |  | — |  |  | 3,300 |
Equity in earnings of subsidiaries |  | (18,558) |  |  | — |  |  | — |  |  | — |  |  | 18,558 |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 826 |  |  | 162 |  |  | (29) |  |  | — |  |  | — |  |  | 959 |
Interest expense and other charges, net |  | (14,870) |  |  | (2,760) |  |  | (4,324) |  |  | — |  |  | 1,731 |  |  | (20,223) |
Allowance for borrowed funds used during construction |  | 1,055 |  |  | 75 |  |  | 201 |  |  | — |  |  | — |  |  | 1,331 |
Interest Income |  | 2,971 |  |  | 324 |  |  | 107 |  |  | — |  |  | (1,731) |  |  | 1,671 |
Income (loss) before income taxes |  | (110,475) |  |  | (9,849) |  |  | (17,678) |  |  | 1,918 |  |  | 18,558 |  |  | (117,526) |
Income tax expense (benefit) |  | (28,160) |  |  | (2,807) |  |  | (4,966) |  |  | 494 |  |  | — |  |  | (35,439) |
Net income (loss) |  | (82,315) |  |  | (7,042) |  |  | (12,712) |  |  | 1,424 |  |  | 18,558 |  |  | (82,087) |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | (82,315) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | (82,315) |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | (82,585) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | $ | (82,585) |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 570,323 |  |  | 116,192 |  |  | 108,472 |  |  | — |  |  | — |  |  | $ | 794,987 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 196,223 |  |  | 30,956 |  |  | 40,259 |  |  | — |  |  | — |  |  | 267,438 |
Purchased power |  | 132,536 |  |  | 30,265 |  |  | 14,994 |  |  | — |  |  | — |  |  | 177,795 |
Other operation and maintenance |  | 83,528 |  |  | 21,351 |  |  | 37,629 |  |  | — |  |  | — |  |  | 142,508 |
Depreciation |  | 41,276 |  |  | 10,635 |  |  | 9,254 |  |  | — |  |  | — |  |  | 61,165 |
Taxes, other than income taxes |  | 53,511 |  |  | 10,857 |  |  | 10,355 |  |  | — |  |  | — |  |  | 74,723 |
Total expenses |  | 507,074 |  |  | 104,064 |  |  | 112,491 |  |  | — |  |  | — |  |  | 723,629 |
Operating income (loss) |  | 63,249 |  |  | 12,128 |  |  | (4,019) |  |  | — |  |  | — |  |  | 71,358 |
Allowance for equity funds used during construction |  | 3,005 |  |  | 366 |  |  | 629 |  |  | — |  |  | — |  |  | 4,000 |
Equity in earnings of subsidiaries |  | 3,005 |  |  | — |  |  | — |  |  | — |  |  | (3,005) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 992 |  |  | 163 |  |  | (23) |  |  | — |  |  | — |  |  | 1,132 |
Interest expense and other charges, net |  | (16,295) |  |  | (2,988) |  |  | (3,164) |  |  | — |  |  | — |  |  | (22,447) |
Allowance for borrowed funds used during construction |  | 1,047 |  |  | 117 |  |  | 208 |  |  | — |  |  | — |  |  | 1,372 |
Income (loss) before income taxes |  | 55,003 |  |  | 9,786 |  |  | (6,369) |  |  | — |  |  | (3,005) |  |  | 55,415 |
Income tax expense (benefit) |  | 11,272 |  |  | 2,234 |  |  | (2,050) |  |  | — |  |  | — |  |  | 11,456 |
Net income (loss) |  | 43,731 |  |  | 7,552 |  |  | (4,319) |  |  | — |  |  | (3,005) |  |  | 43,959 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | 43,731 |  |  | 7,419 |  |  | (4,414) |  |  | — |  |  | (3,005) |  |  | 43,731 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | 43,461 |  |  | 7,419 |  |  | (4,414) |  |  | — |  |  | (3,005) |  |  | $ | 43,461 |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,721,592 |  |  | 358,510 |  |  | 330,669 |  |  | 2,402 |  |  | (2,647) |  |  | $ | 2,410,526 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 605,083 |  |  | 91,590 |  |  | 125,313 |  |  | — |  |  | — |  |  | 821,986 |
Purchased power |  | 390,302 |  |  | 98,415 |  |  | 41,593 |  |  | — |  |  | — |  |  | 530,310 |
Other operation and maintenance |  | 290,578 |  |  | 74,748 |  |  | 90,485 |  |  | 484 |  |  | (2,647) |  |  | 453,648 |
Wildfire tort-related claims (Note 2) |  | 1,500,000 |  |  | 187,500 |  |  | 187,500 |  |  | — |  |  | — |  |  | 1,875,000 |
Depreciation |  | 126,011 |  |  | 32,892 |  |  | 29,533 |  |  | — |  |  | — |  |  | 188,436 |
Taxes, other than income taxes |  | 162,410 |  |  | 33,411 |  |  | 30,974 |  |  | — |  |  | — |  |  | 226,795 |
Total expenses |  | 3,074,384 |  |  | 518,556 |  |  | 505,398 |  |  | 484 |  |  | (2,647) |  |  | 4,096,175 |
Operating income (loss) |  | (1,352,792) |  |  | (160,046) |  |  | (174,729) |  |  | 1,918 |  |  | — |  |  | (1,685,649) |
Allowance for equity funds used during construction |  | 8,027 |  |  | 893 |  |  | 1,356 |  |  | — |  |  | — |  |  | 10,276 |
Equity in earnings of subsidiaries |  | (258,633) |  |  | — |  |  | — |  |  | — |  |  | 258,633 |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 2,681 |  |  | 498 |  |  | (76) |  |  | — |  |  | — |  |  | 3,103 |
Interest expense and other charges, net |  | (44,879) |  |  | (8,648) |  |  | (13,114) |  |  | — |  |  | 5,016 |  |  | (61,625) |
Allowance for borrowed funds used during construction |  | 3,168 |  |  | 267 |  |  | 626 |  |  | — |  |  | — |  |  | 4,061 |
Interest Income |  | 8,606 |  |  | 720 |  |  | 245 |  |  | — |  |  | (5,016) |  |  | 4,555 |
Income (loss) before income taxes |  | (1,633,822) |  |  | (166,316) |  |  | (185,692) |  |  | 1,918 |  |  | 258,633 |  |  | (1,725,279) |
Income tax expense (benefit) |  | (361,874) |  |  | (43,636) |  |  | (49,001) |  |  | 494 |  |  | — |  |  | (454,017) |
Net income (loss) |  | (1,271,948) |  |  | (122,680) |  |  | (136,691) |  |  | 1,424 |  |  | 258,633 |  |  | (1,271,262) |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income (loss) attributable to Hawaiian Electric |  | (1,271,948) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | (1,271,948) |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income (loss) for common stock |  | $ | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | $ | (1,272,758) |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,742,542 |  |  | 343,554 |  |  | 333,573 |  |  | — |  |  | (130) |  |  | $ | 2,419,539 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 663,521 |  |  | 79,187 |  |  | 138,984 |  |  | — |  |  | — |  |  | 881,692 |
Purchased power |  | 362,275 |  |  | 101,597 |  |  | 35,118 |  |  | — |  |  | — |  |  | 498,990 |
Other operation and maintenance |  | 255,728 |  |  | 64,367 |  |  | 87,089 |  |  | — |  |  | — |  |  | 407,184 |
Depreciation |  | 123,114 |  |  | 31,906 |  |  | 27,761 |  |  | — |  |  | — |  |  | 182,781 |
Taxes, other than income taxes |  | 164,510 |  |  | 31,983 |  |  | 31,541 |  |  | — |  |  | — |  |  | 228,034 |
Total expenses |  | 1,569,148 |  |  | 309,040 |  |  | 320,493 |  |  | — |  |  | — |  |  | 2,198,681 |
Operating income |  | 173,394 |  |  | 34,514 |  |  | 13,080 |  |  | — |  |  | (130) |  |  | 220,858 |
Allowance for equity funds used during construction |  | 8,604 |  |  | 1,004 |  |  | 1,465 |  |  | — |  |  | — |  |  | 11,073 |
Equity in earnings of subsidiaries |  | 25,960 |  |  | — |  |  | — |  |  | — |  |  | (25,960) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 2,801 |  |  | 500 |  |  | (74) |  |  | — |  |  | — |  |  | 3,227 |
Interest expense and other charges, net |  | (45,594) |  |  | (8,794) |  |  | (9,307) |  |  | — |  |  | 130 |  |  | (63,565) |
Allowance for borrowed funds used during construction |  | 2,995 |  |  | 321 |  |  | 482 |  |  | — |  |  | — |  |  | 3,798 |
Income before income taxes |  | 168,160 |  |  | 27,545 |  |  | 5,646 |  |  | — |  |  | (25,960) |  |  | 175,391 |
Income taxes |  | 31,581 |  |  | 6,261 |  |  | 284 |  |  | — |  |  | — |  |  | 38,126 |
Net income |  | 136,579 |  |  | 21,284 |  |  | 5,362 |  |  | — |  |  | (25,960) |  |  | 137,265 |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 136,579 |  |  | 20,884 |  |  | 5,076 |  |  | — |  |  | (25,960) |  |  | 136,579 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 135,769 |  |  | 20,884 |  |  | 5,076 |  |  | — |  |  | (25,960) |  |  | $ | 135,769 |
Statements of Income and Comprehensive Income Data
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest and dividend income |  |  |  |  |  |  |  |
Interest and fees on loans |  | $ | 73,654 |  |  | $ | 71,540 |  |  | $ | 219,585 |  |  | $ | 204,348 |
Interest and dividends on investment securities |  | 14,001 |  |  | 14,096 |  |  | 42,183 |  |  | 42,508 |
Total interest and dividend income |  | 87,655 |  |  | 85,636 |  |  | 261,768 |  |  | 246,856 |
Interest expense |  |  |  |  |  |  |  |
Interest on deposit liabilities |  | 19,018 |  |  | 14,446 |  |  | 54,465 |  |  | 30,944 |
Interest on other borrowings |  | 6,403 |  |  | 8,598 |  |  | 21,036 |  |  | 25,171 |
Total interest expense |  | 25,421 |  |  | 23,044 |  |  | 75,501 |  |  | 56,115 |
Net interest income |  | 62,234 |  |  | 62,592 |  |  | 186,267 |  |  | 190,741 |
Provision for credit losses |  | 248 |  |  | 8,835 |  |  | (3,821) |  |  | 10,053 |
Net interest income after provision for credit losses |  | 61,986 |  |  | 53,757 |  |  | 190,088 |  |  | 180,688 |
Noninterest income |  |  |  |  |  |  |  |
Fees from other financial services |  | 5,188 |  |  | 4,703 |  |  | 15,195 |  |  | 14,391 |
Fee income on deposit liabilities |  | 5,156 |  |  | 4,924 |  |  | 14,684 |  |  | 14,027 |
Fee income on other financial products |  | 3,131 |  |  | 2,440 |  |  | 8,834 |  |  | 7,952 |
Bank-owned life insurance |  | 2,993 |  |  | 2,303 |  |  | 8,832 |  |  | 5,683 |
Mortgage banking income |  | 363 |  |  | 341 |  |  | 1,151 |  |  | 701 |
Gain on sale of real estate |  | — |  |  | — |  |  | — |  |  | 495 |
Other income, net |  | 658 |  |  | 627 |  |  | 1,767 |  |  | 2,106 |
Total noninterest income |  | 17,489 |  |  | 15,338 |  |  | 50,463 |  |  | 45,355 |
Noninterest expense |  |  |  |  |  |  |  |
Compensation and employee benefits |  | 31,485 |  |  | 29,902 |  |  | 93,746 |  |  | 89,500 |
Occupancy |  | 5,630 |  |  | 5,154 |  |  | 15,913 |  |  | 16,281 |
Data processing |  | 4,974 |  |  | 5,133 |  |  | 14,780 |  |  | 15,240 |
Services |  | 3,816 |  |  | 3,627 |  |  | 12,217 |  |  | 8,911 |
Equipment |  | 2,436 |  |  | 3,125 |  |  | 7,562 |  |  | 8,728 |
Office supplies, printing and postage |  | 1,014 |  |  | 1,022 |  |  | 3,038 |  |  | 3,296 |
Marketing |  | 885 |  |  | 984 |  |  | 2,408 |  |  | 2,834 |
Goodwill impairment |  | — |  |  | — |  |  | 82,190 |  |  | — |
Other expense |  | 5,806 |  |  | 7,399 |  |  | 16,561 |  |  | 19,742 |
Total noninterest expense |  | 56,046 |  |  | 56,346 |  |  | 248,415 |  |  | 164,532 |
Income (loss) before income taxes |  | 23,429 |  |  | 12,749 |  |  | (7,864) |  |  | 61,511 |
Income tax (benefit) |  | 4,651 |  |  | 1,384 |  |  | (1,789) |  |  | 11,380 |
Net income (loss) |  | 18,778 |  |  | 11,365 |  |  | (6,075) |  |  | 50,131 |
Other comprehensive income (loss), net of taxes |  | 40,204 |  |  | (34,231) |  |  | 32,069 |  |  | (23,011) |
Comprehensive income (loss) |  | $ | 58,982 |  |  | $ | (22,866) |  |  | $ | 25,994 |  |  | $ | 27,120 |
Reconciliation to amounts per HEI Condensed Consolidated Statements of Income*:
|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest and dividend income |  | $ | 87,655 |  |  | $ | 85,636 |  |  | $ | 261,768 |  |  | $ | 246,856 |
Noninterest income |  | 17,489 |  |  | 15,338 |  |  | 50,463 |  |  | 45,355 |
Less: Gain on sale of real estate |  | — |  |  | — |  |  | — |  |  | 495 |
*Revenues-Bank |  | 105,144 |  |  | 100,974 |  |  | 312,231 |  |  | 291,716 |
Total interest expense |  | 25,421 |  |  | 23,044 |  |  | 75,501 |  |  | 56,115 |
Provision for credit losses |  | 248 |  |  | 8,835 |  |  | (3,821) |  |  | 10,053 |
Noninterest expense |  | 56,046 |  |  | 56,346 |  |  | 248,415 |  |  | 164,532 |
Less: Gain on sale of real estate |  | — |  |  | — |  |  | — |  |  | 495 |
Less: Retirement defined benefits credit—other than service costs |  | (257) |  |  | (190) |  |  | (818) |  |  | (564) |
*Expenses-Bank |  | 81,972 |  |  | 88,415 |  |  | 320,913 |  |  | 230,769 |
*Operating income (loss)-Bank |  | 23,172 |  |  | 12,559 |  |  | (8,682) |  |  | 60,947 |
Add back: Retirement defined benefits credit—other than service costs |  | (257) |  |  | (190) |  |  | (818) |  |  | (564) |
Income (loss) before income taxes |  | $ | 23,429 |  |  | $ | 12,749 |  |  | $ | (7,864) |  |  | $ | 61,511 |
Schedule of Condensed Consolidating Statement of Comprehensive Income |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | (82,585) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | $ | (82,585) |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes |  | (1,331) |  |  | (40) |  |  | (71) |  |  | — |  |  | 111 |  |  | (1,331) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 1,333 |  |  | 42 |  |  | 64 |  |  | — |  |  | (106) |  |  | 1,333 |
Other comprehensive income (loss), net of taxes |  | 2 |  |  | 2 |  |  | (7) |  |  | — |  |  | 5 |  |  | 2 |
Comprehensive income (loss) attributable to common shareholder |  | $ | (82,583) |  |  | (7,173) |  |  | (12,814) |  |  | 1,424 |  |  | 18,563 |  |  | $ | (82,583) |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | 43,461 |  |  | 7,419 |  |  | (4,414) |  |  | — |  |  | (3,005) |  |  | $ | 43,461 |
Other comprehensive loss, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes |  | (547) |  |  | (55) |  |  | (71) |  |  | — |  |  | 126 |  |  | (547) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 470 |  |  | 54 |  |  | 63 |  |  | — |  |  | (117) |  |  | 470 |
Other comprehensive loss, net of taxes |  | (77) |  |  | (1) |  |  | (8) |  |  | — |  |  | 9 |  |  | (77) |
Comprehensive income (loss) attributable to common shareholder |  | $ | 43,384 |  |  | 7,418 |  |  | (4,422) |  |  | — |  |  | (2,996) |  |  | $ | 43,384 |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | $ | (1,272,758) |
Other comprehensive loss, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes |  | (2,344) |  |  | (117) |  |  | (187) |  |  | — |  |  | 304 |  |  | (2,344) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 2,251 |  |  | 112 |  |  | 163 |  |  | — |  |  | (275) |  |  | 2,251 |
Other comprehensive loss, net of taxes |  | (93) |  |  | (5) |  |  | (24) |  |  | — |  |  | 29 |  |  | (93) |
Comprehensive income (loss) attributable to common shareholder |  | $ | (1,272,851) |  |  | (123,085) |  |  | (137,001) |  |  | 1,424 |  |  | 258,662 |  |  | $ | (1,272,851) |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 135,769 |  |  | 20,884 |  |  | 5,076 |  |  | — |  |  | (25,960) |  |  | $ | 135,769 |
Other comprehensive loss, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes |  | (1,487) |  |  | (166) |  |  | (200) |  |  | — |  |  | 366 |  |  | (1,487) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 1,321 |  |  | 157 |  |  | 177 |  |  | — |  |  | (334) |  |  | 1,321 |
Other comprehensive loss, net of taxes |  | (166) |  |  | (9) |  |  | (23) |  |  | — |  |  | 32 |  |  | (166) |
Comprehensive income attributable to common shareholder |  | $ | 135,603 |  |  | 20,875 |  |  | 5,053 |  |  | — |  |  | (25,928) |  |  | $ | 135,603 |
Schedule of Condensed Consolidating Balance Sheet |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi- diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,860 |  |  | 5,645 |  |  | 3,514 |  |  | — |  |  | — |  |  | $ | 52,019 |
Plant and equipment |  | 5,503,512 |  |  | 1,494,982 |  |  | 1,414,657 |  |  | — |  |  | — |  |  | 8,413,151 |
Right-of-use assets - finance lease |  | 362,741 |  |  | 36,074 |  |  | 50,757 |  |  | — |  |  | — |  |  | 449,572 |
Less accumulated depreciation |  | (2,028,302) |  |  | (685,469) |  |  | (609,419) |  |  | — |  |  | — |  |  | (3,323,190) |
Construction in progress |  | 276,525 |  |  | 27,878 |  |  | 42,270 |  |  | — |  |  | — |  |  | 346,673 |
Utility property, plant and equipment, net |  | 4,157,336 |  |  | 879,110 |  |  | 901,779 |  |  | — |  |  | — |  |  | 5,938,225 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,292 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,939 |
Total property, plant and equipment, net |  | 4,162,628 |  |  | 879,225 |  |  | 903,311 |  |  | — |  |  | — |  |  | 5,945,164 |
Investment in wholly owned subsidiaries, at equity |  | 669,450 |  |  | — |  |  | — |  |  | — |  |  | (669,450) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 99,392 |  |  | 25,734 |  |  | 11,833 |  |  | 10,665 |  |  | — |  |  | 147,624 |
Restricted cash |  | 2,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,000 |
Advances to affiliates |  | 46,200 |  |  | — |  |  | — |  |  | — |  |  | (46,200) |  |  | — |
Customer accounts receivable, net |  | 32,405 |  |  | 7,594 |  |  | 9,774 |  |  | 158,180 |  |  | — |  |  | 207,953 |
Accrued unbilled revenues, net |  | 23,595 |  |  | 5,568 |  |  | 3,560 |  |  | 166,934 |  |  | — |  |  | 199,657 |
Other accounts receivable, net |  | 193,771 |  |  | 61,265 |  |  | 54,397 |  |  | — |  |  | (223,945) |  |  | 85,488 |
Fuel oil stock, at average cost |  | 79,736 |  |  | 10,657 |  |  | 18,650 |  |  | — |  |  | — |  |  | 109,043 |
Materials and supplies, at average cost |  | 66,289 |  |  | 14,736 |  |  | 33,029 |  |  | — |  |  | — |  |  | 114,054 |
Prepayments and other |  | 70,526 |  |  | 7,456 |  |  | 18,559 |  |  | — |  |  | (1,718) |  |  | 94,823 |
Regulatory assets |  | 46,579 |  |  | 4,761 |  |  | 8,496 |  |  | — |  |  | — |  |  | 59,836 |
Total current assets |  | 660,493 |  |  | 137,771 |  |  | 158,298 |  |  | 335,779 |  |  | (271,863) |  |  | 1,020,478 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 31,134 |  |  | 22,422 |  |  | 7,451 |  |  | — |  |  | — |  |  | 61,007 |
Regulatory assets |  | 207,572 |  |  | 16,091 |  |  | 30,748 |  |  | — |  |  | — |  |  | 254,411 |
Other |  | 250,162 |  |  | 37,716 |  |  | 34,850 |  |  | — |  |  | (40,584) |  |  | 282,144 |
Total other long-term assets |  | 488,868 |  |  | 76,229 |  |  | 73,049 |  |  | — |  |  | (40,584) |  |  | 597,562 |
Total assets |  | $ | 5,981,439 |  |  | 1,093,225 |  |  | 1,134,658 |  |  | 335,779 |  |  | (981,897) |  |  | $ | 7,563,204 |
(continued) Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet (continued) September 30, 2024
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi- diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,110,259 |  |  | 237,105 |  |  | 280,629 |  |  | 151,716 |  |  | (669,450) |  |  | $ | 1,110,259 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,387,029 |  |  | 244,437 |  |  | 256,537 |  |  | — |  |  | — |  |  | 1,888,003 |
Total capitalization |  | 2,519,581 |  |  | 488,542 |  |  | 542,166 |  |  | 151,716 |  |  | (669,450) |  |  | 3,032,555 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 5,183 |  |  | 7,302 |  |  | 2,926 |  |  | — |  |  | — |  |  | 15,411 |
Current portion of long-term debt |  | 39,980 |  |  | 4,998 |  |  | 1,999 |  |  | — |  |  | — |  |  | 46,977 |
Short-term borrowings from affiliate |  | — |  |  | — |  |  | 46,200 |  |  | — |  |  | (46,200) |  |  | — |
Accounts payable |  | 141,147 |  |  | 24,484 |  |  | 36,796 |  |  | — |  |  | — |  |  | 202,427 |
Interest and preferred dividends payable |  | 22,194 |  |  | 3,652 |  |  | 4,508 |  |  | — |  |  | (537) |  |  | 29,817 |
Taxes accrued, including revenue taxes |  | 187,756 |  |  | 40,137 |  |  | 34,984 |  |  | 494 |  |  | (1,718) |  |  | 261,653 |
Regulatory liabilities |  | 10,887 |  |  | 9,782 |  |  | 5,015 |  |  | — |  |  | — |  |  | 25,684 |
Wildfire tort-related claims (Note 2) |  | 383,000 |  |  | 47,875 |  |  | 47,875 |  |  | — |  |  | — |  |  | 478,750 |
Other |  | 91,572 |  |  | 28,782 |  |  | 33,180 |  |  | 183,569 |  |  | (223,408) |  |  | 113,695 |
Total current liabilities |  | 881,719 |  |  | 167,012 |  |  | 213,483 |  |  | 184,063 |  |  | (271,863) |  |  | 1,174,414 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 30,785 |  |  | 15,480 |  |  | 4,831 |  |  | — |  |  | — |  |  | 51,096 |
Finance lease liabilities |  | 346,344 |  |  | 34,543 |  |  | 50,036 |  |  | — |  |  | — |  |  | 430,923 |
Deferred income taxes |  | — |  |  | 3,024 |  |  | 22,534 |  |  | — |  |  | (25,558) |  |  | — |
Regulatory liabilities |  | 839,392 |  |  | 208,022 |  |  | 118,001 |  |  | — |  |  | — |  |  | 1,165,415 |
Unamortized tax credits |  | 56,219 |  |  | 10,887 |  |  | 11,100 |  |  | — |  |  | — |  |  | 78,206 |
Defined benefit pension and other postretirement benefit plans liability |  | 75,907 |  |  | — |  |  | — |  |  | — |  |  | (15,026) |  |  | 60,881 |
Wildfire tort-related claims (Note 2) |  | 1,149,000 |  |  | 143,625 |  |  | 143,625 |  |  | — |  |  | — |  |  | 1,436,250 |
Other |  | 82,492 |  |  | 22,090 |  |  | 28,882 |  |  | — |  |  | — |  |  | 133,464 |
Total deferred credits and other liabilities |  | 2,580,139 |  |  | 437,671 |  |  | 379,009 |  |  | — |  |  | (40,584) |  |  | 3,356,235 |
Total capitalization and liabilities |  | $ | 5,981,439 |  |  | 1,093,225 |  |  | 1,134,658 |  |  | 335,779 |  |  | (981,897) |  |  | $ | 7,563,204 |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diary |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,859 |  |  | 5,645 |  |  | 3,594 |  |  | — |  |  | — |  |  | $ | 52,098 |
Plant and equipment |  | 5,398,281 |  |  | 1,459,639 |  |  | 1,374,890 |  |  | — |  |  | — |  |  | 8,232,810 |
Finance lease right-of-use assets |  | 306,099 |  |  | 36,075 |  |  | — |  |  | — |  |  | — |  |  | 342,174 |
Less accumulated depreciation |  | (1,925,660) |  |  | (666,581) |  |  | (605,273) |  |  | — |  |  | — |  |  | (3,197,514) |
Construction in progress |  | 247,836 |  |  | 33,488 |  |  | 38,899 |  |  | — |  |  | — |  |  | 320,223 |
Utility property, plant and equipment, net |  | 4,069,415 |  |  | 868,266 |  |  | 812,110 |  |  | — |  |  | — |  |  | 5,749,791 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 5,295 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 6,942 |
Total property, plant and equipment, net |  | 4,074,710 |  |  | 868,381 |  |  | 813,642 |  |  | — |  |  | — |  |  | 5,756,733 |
Investment in wholly owned subsidiaries, at equity |  | 722,211 |  |  | — |  |  | — |  |  | — |  |  | (722,211) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 89,755 |  |  | 10,658 |  |  | 5,587 |  |  | 77 |  |  | — |  |  | 106,077 |
Restricted cash |  | 2,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,000 |
Advances to affiliates |  | 70,500 |  |  | — |  |  | — |  |  | — |  |  | (70,500) |  |  | — |
Customer accounts receivable, net |  | 172,747 |  |  | 38,216 |  |  | 33,346 |  |  | — |  |  | — |  |  | 244,309 |
Accrued unbilled revenues, net |  | 136,367 |  |  | 25,102 |  |  | 24,175 |  |  | — |  |  | — |  |  | 185,644 |
Other accounts receivable, net |  | 143,160 |  |  | 13,318 |  |  | 32,521 |  |  | — |  |  | (77,480) |  |  | 111,519 |
Fuel oil stock, at average cost |  | 108,228 |  |  | 17,968 |  |  | 22,041 |  |  | — |  |  | — |  |  | 148,237 |
Materials and supplies, at average cost |  | 64,334 |  |  | 14,397 |  |  | 35,702 |  |  | — |  |  | — |  |  | 114,433 |
Prepayments and other |  | 40,767 |  |  | 7,724 |  |  | 11,638 |  |  | — |  |  | (1,638) |  |  | 58,491 |
Regulatory assets |  | 58,920 |  |  | 5,771 |  |  | 3,762 |  |  | — |  |  | — |  |  | 68,453 |
Total current assets |  | 886,778 |  |  | 133,154 |  |  | 168,772 |  |  | 77 |  |  | (149,618) |  |  | 1,039,163 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 34,856 |  |  | 27,470 |  |  | 9,551 |  |  | — |  |  | — |  |  | 71,877 |
Regulatory assets |  | 189,417 |  |  | 13,575 |  |  | 23,359 |  |  | — |  |  | — |  |  | 226,351 |
Other |  | 134,033 |  |  | 36,439 |  |  | 33,129 |  |  | — |  |  | (14,171) |  |  | 189,430 |
Total other long-term assets |  | 358,306 |  |  | 77,484 |  |  | 66,039 |  |  | — |  |  | (14,171) |  |  | 487,658 |
Total assets |  | $ | 6,042,005 |  |  | 1,079,019 |  |  | 1,048,453 |  |  | 77 |  |  | (886,000) |  |  | $ | 7,283,554 |
(continued) Hawaiian Electric Company, Inc. and Subsidiaries Condensed Consolidating Balance Sheet (continued) December 31, 2023
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diary |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 2,409,110 |  |  | 359,790 |  |  | 362,344 |  |  | 77 |  |  | (722,211) |  |  | $ | 2,409,110 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,426,516 |  |  | 249,339 |  |  | 258,422 |  |  | — |  |  | — |  |  | 1,934,277 |
Total capitalization |  | 3,857,919 |  |  | 616,129 |  |  | 625,766 |  |  | 77 |  |  | (722,211) |  |  | 4,377,680 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 6,788 |  |  | 7,025 |  |  | 2,804 |  |  | — |  |  | — |  |  | 16,617 |
Short-term borrowings-affiliate |  | — |  |  | — |  |  | 70,500 |  |  | — |  |  | (70,500) |  |  | — |
Accounts payable |  | 136,102 |  |  | 29,418 |  |  | 25,520 |  |  | — |  |  | — |  |  | 191,040 |
Interest and preferred dividends payable |  | 17,085 |  |  | 3,098 |  |  | 3,074 |  |  | — |  |  | (375) |  |  | 22,882 |
Taxes accrued, including revenue taxes |  | 211,840 |  |  | 43,932 |  |  | 37,808 |  |  | — |  |  | (1,638) |  |  | 291,942 |
Regulatory liabilities |  | 20,013 |  |  | 8,508 |  |  | 8,038 |  |  | — |  |  | — |  |  | 36,559 |
Wildfire tort-related claims |  | 75,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 75,000 |
Other |  | 90,131 |  |  | 33,240 |  |  | 50,170 |  |  | — |  |  | (77,105) |  |  | 96,436 |
Total current liabilities |  | 556,959 |  |  | 125,221 |  |  | 197,914 |  |  | — |  |  | (149,618) |  |  | 730,476 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 34,262 |  |  | 20,792 |  |  | 7,044 |  |  | — |  |  | — |  |  | 62,098 |
Finance lease liabilities |  | 295,935 |  |  | 35,043 |  |  | — |  |  | — |  |  | — |  |  | 330,978 |
Deferred income taxes |  | 280,029 |  |  | 51,661 |  |  | 67,311 |  |  | — |  |  | — |  |  | 399,001 |
Regulatory liabilities |  | 803,404 |  |  | 199,173 |  |  | 111,554 |  |  | — |  |  | — |  |  | 1,114,131 |
Unamortized tax credits |  | 61,130 |  |  | 11,650 |  |  | 11,532 |  |  | — |  |  | — |  |  | 84,312 |
Defined benefit pension and other postretirement benefit plans liability |  | 74,842 |  |  | — |  |  | — |  |  | — |  |  | (14,171) |  |  | 60,671 |
Other |  | 77,525 |  |  | 19,350 |  |  | 27,332 |  |  |  |  | — |  |  | 124,207 |
Total deferred credits and other liabilities |  | 1,627,127 |  |  | 337,669 |  |  | 224,773 |  |  | — |  |  | (14,171) |  |  | 2,175,398 |
Total capitalization and liabilities |  | $ | 6,042,005 |  |  | 1,079,019 |  |  | 1,048,453 |  |  | 77 |  |  | (886,000) |  |  | $ | 7,283,554 |
Balance Sheets Data
(in thousands) |  | September 30, 2024 |  | December 31, 2023
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  |  |  | $ | 155,869 |  |  |  |  | $ | 184,383 |
Interest-bearing deposits |  |  |  | 176,784 |  |  |  |  | 251,072 |
Cash and cash equivalents |  |  |  | 332,653 |  |  |  |  | 435,455 |
Investment securities |  |  |  |  |  |  |  |
Available-for-sale, at fair value |  |  |  | 1,084,083 |  |  |  |  | 1,136,439 |
Held-to-maturity, at amortized cost (fair value of $1,086,205 and $1,103,668, at September 30, 2024 and December 31, 2023, respectively) |  |  |  | 1,159,229 |  |  |  |  | 1,201,314 |
Stock in Federal Home Loan Bank, at cost |  |  |  | 29,204 |  |  |  |  | 14,728 |
Loans held for investment |  |  |  | 6,037,410 |  |  |  |  | 6,180,810 |
Allowance for credit losses |  |  |  | (64,796) |  |  |  |  | (74,372) |
Net loans |  |  |  | 5,972,614 |  |  |  |  | 6,106,438 |
Loans held for sale, at lower of cost or fair value |  |  |  | 2,704 |  |  |  |  | 15,168 |
Other |  |  |  | 687,359 |  |  |  |  | 681,460 |
Goodwill |  |  |  | — |  |  |  |  | 82,190 |
Total assets |  |  |  | $ | 9,267,846 |  |  |  |  | $ | 9,673,192 |
Liabilities and shareholder’s equity |  |  |  |  |  |  |  |
Deposit liabilities—noninterest-bearing |  |  |  | $ | 2,486,717 |  |  |  |  | $ | 2,599,762 |
Deposit liabilities—interest-bearing |  |  |  | 5,512,493 |  |  |  |  | 5,546,016 |
Other borrowings |  |  |  | 520,000 |  |  |  |  | 750,000 |
Other |  |  |  | 191,512 |  |  |  |  | 247,563 |
Total liabilities |  |  |  | 8,710,722 |  |  |  |  | 9,143,341 |
Common stock |  |  |  | 1 |  |  |  |  | 1 |
Additional paid-in capital |  |  |  | 359,346 |  |  |  |  | 358,067 |
Retained earnings |  |  |  | 457,980 |  |  |  |  | 464,055 |
Accumulated other comprehensive loss, net of tax benefits |  |  |  |  |  |  |  |
Net unrealized losses on securities |  | $ | (251,703) |  |  |  |  | $ | (282,963) |  |  |
Retirement benefit plans |  | (8,500) |  |  | (260,203) |  |  | (9,309) |  |  | (292,272) |
Total shareholder’s equity |  |  |  | 557,124 |  |  |  |  | 529,851 |
Total liabilities and shareholder’s equity |  |  |  | $ | 9,267,846 |  |  |  |  | $ | 9,673,192 |
Other assets |  |  |  |  |  |  |  |
Bank-owned life insurance |  |  |  | $ | 199,741 |  |  |  |  | $ | 187,857 |
Premises and equipment, net |  |  |  | 180,073 |  |  |  |  | 187,042 |
Accrued interest receivable |  |  |  | 28,764 |  |  |  |  | 28,472 |
Mortgage-servicing rights |  |  |  | 7,722 |  |  |  |  | 8,169 |
Low-income housing investments |  |  |  | 100,499 |  |  |  |  | 112,234 |
Deferred tax asset |  |  |  | 108,338 |  |  |  |  | 104,292 |
Other |  |  |  | 62,222 |  |  |  |  | 53,394 |
Total other assets |  |  |  | $ | 687,359 |  |  |  |  | $ | 681,460 |
Other liabilities |  |  |  |  |  |  |  |
Accrued expenses |  |  |  | $ | 80,788 |  |  |  |  | $ | 115,231 |
Cashier’s checks |  |  |  | 35,625 |  |  |  |  | 40,479 |
Advance payments by borrowers |  |  |  | 4,373 |  |  |  |  | 10,107 |
Other |  |  |  | 70,726 |  |  |  |  | 81,746 |
Total other liabilities |  |  |  | $ | 191,512 |  |  |  |  | $ | 247,563 |
Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2023 |  | $ | 2,409,110 |  |  | 359,790 |  |  | 362,344 |  |  | 77 |  |  | (722,211) |  |  | $ | 2,409,110 |
Net income (loss) for common stock |  | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | (1,272,758) |
Other comprehensive loss, net of taxes |  | (93) |  |  | (5) |  |  | (24) |  |  | — |  |  | 29 |  |  | (93) |
Common stock dividends |  | (26,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26,000) |
Additional paid-in capital |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | (686) |  |  | — |
Issuance of common stock, net of expenses |  | — |  |  | — |  |  | 55,000 |  |  | 150,215 |  |  | (205,215) |  |  | — |
Balance, September 30, 2024 |  | $ | 1,110,259 |  |  | 237,105 |  |  | 280,629 |  |  | 151,716 |  |  | (669,450) |  |  | $ | 1,110,259 |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2022 |  | $ | 2,344,170 |  |  | 344,720 |  |  | 357,036 |  |  | 77 |  |  | (701,833) |  |  | $ | 2,344,170 |
Net income for common stock |  | 135,769 |  |  | 20,884 |  |  | 5,076 |  |  | — |  |  | (25,960) |  |  | 135,769 |
Other comprehensive loss, net of taxes |  | (166) |  |  | (9) |  |  | (23) |  |  | — |  |  | 32 |  |  | (166) |
Common stock dividends |  | (96,750) |  |  | (13,425) |  |  | (11,025) |  |  | — |  |  | 24,450 |  |  | (96,750) |
Balance, September 30, 2023 |  | $ | 2,383,023 |  |  | 352,170 |  |  | 351,064 |  |  | 77 |  |  | (703,311) |  |  | $ | 2,383,023 |
Schedule of Condensed Consolidating Statement of Cash Flows |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by (used in) operating activities |  | $ | 237,155 |  |  | 54,936 |  |  | 41,851 |  |  | (9,212) |  |  | (2,082) |  |  | $ | 322,648 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (141,000) |  |  | (39,405) |  |  | (63,895) |  |  | — |  |  | — |  |  | (244,300) |
Advances to affiliates |  | (30,700) |  |  | — |  |  | — |  |  | — |  |  | 30,700 |  |  | — |
Other |  | (18,696) |  |  | 523 |  |  | (1,012) |  |  | — |  |  | 21,882 |  |  | 2,697 |
Net cash used in investing activities |  | (190,396) |  |  | (38,882) |  |  | (64,907) |  |  | — |  |  | 52,582 |  |  | (241,603) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (26,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26,000) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (1,496) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,496) |
Proceeds from issuance of common stock |  | — |  |  | — |  |  | — |  |  | 19,800 |  |  | (19,800) |  |  | — |
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | — |  |  | — |  |  | 30,700 |  |  | — |  |  | (30,700) |  |  | — |
Payments of obligations under finance leases |  | (5,233) |  |  | (470) |  |  | (173) |  |  | — |  |  | — |  |  | (5,876) |
Other |  | (4,393) |  |  | (508) |  |  | (1,225) |  |  | — |  |  | — |  |  | (6,126) |
Net cash provided by (used in) financing activities |  | (37,122) |  |  | (978) |  |  | 29,302 |  |  | 19,800 |  |  | (50,500) |  |  | (39,498) |
Net increase in cash, cash equivalents and restricted cash |  | 9,637 |  |  | 15,076 |  |  | 6,246 |  |  | 10,588 |  |  | — |  |  | 41,547 |
Cash, cash equivalents and restricted cash, beginning of period |  | 91,755 |  |  | 10,658 |  |  | 5,587 |  |  | 77 |  |  | — |  |  | 108,077 |
Cash, cash equivalents and restricted cash, end of period |  | 101,392 |  |  | 25,734 |  |  | 11,833 |  |  | 10,665 |  |  | — |  |  | 149,624 |
Less: Restricted cash |  | (2,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,000) |
Cash and cash equivalents, end of period |  | $ | 99,392 |  |  | 25,734 |  |  | 11,833 |  |  | 10,665 |  |  | — |  |  | $ | 147,624 |
(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiary |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  | $ | 336,248 |  |  | 59,029 |  |  | 35,284 |  |  | — |  |  | (24,450) |  |  | $ | 406,111 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (217,276) |  |  | (47,609) |  |  | (69,612) |  |  | — |  |  | — |  |  | (334,497) |
Advances to affiliates |  | — |  |  | 4,500 |  |  | 21,700 |  |  | — |  |  | (26,200) |  |  | — |
Other |  | 3,179 |  |  | 912 |  |  | 1,125 |  |  | — |  |  | — |  |  | 5,216 |
Net cash used in investing activities |  | (214,097) |  |  | (42,197) |  |  | (46,787) |  |  | — |  |  | (26,200) |  |  | (329,281) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (96,750) |  |  | (13,425) |  |  | (11,025) |  |  | — |  |  | 24,450 |  |  | (96,750) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (810) |  |  | (400) |  |  | (286) |  |  | — |  |  | — |  |  | (1,496) |
Proceeds from issuance of long-term debt |  | 300,000 |  |  | 25,000 |  |  | 25,000 |  |  | — |  |  | — |  |  | 350,000 |
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  | (114,167) |  |  | — |  |  | — |  |  | — |  |  | 26,200 |  |  | (87,967) |
Payments of obligations under finance leases |  | (1,914) |  |  | (248) |  |  | — |  |  | — |  |  | — |  |  | (2,162) |
Other |  | (571) |  |  | (135) |  |  | (137) |  |  | — |  |  | — |  |  | (843) |
Net cash provided by financing activities |  | 85,788 |  |  | 10,792 |  |  | 13,552 |  |  | — |  |  | 50,650 |  |  | 160,782 |
Net increase in cash, cash equivalents and restricted cash |  | 207,939 |  |  | 27,624 |  |  | 2,049 |  |  | — |  |  | — |  |  | 237,612 |
Cash and cash equivalents, beginning of period |  | 27,579 |  |  | 5,092 |  |  | 6,494 |  |  | 77 |  |  | — |  |  | 39,242 |
Cash, cash equivalents and restricted cash, end of period |  | 235,518 |  |  | 32,716 |  |  | 8,543 |  |  | 77 |  |  | — |  |  | 276,854 |
Less: Restricted cash |  | (2,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,000) |
Cash and cash equivalents, end of period |  | $ | 233,518 |  |  | 32,716 |  |  | 8,543 |  |  | 77 |  |  | — |  |  | $ | 274,854 |

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