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Income taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The Company’s and the Utilities’ effective tax rates (combined federal and state income tax rates) for the three months ended March 31, 2025 were 19% and 21%, respectively. These rates differed from the combined statutory rates, primarily due to the Utilities’ amortization of excess deferred income taxes related to the provision in the 2017 Tax Cuts and Jobs Act that lowered the federal income tax rate from 35% to 21%. The Company’s and the Utilities’ effective tax rates were 24% and 22%, respectively, for the three months ended March 31, 2024.
The Company’s effective tax rates for the first three months of 2025 and 2024 were 19% and 24%, respectively. The effective tax rate for the first three months of 2025 was lower than the comparable period in 2024 primarily due to the loss from the sale of Hamakua Holdings, LLC and a decrease in excess taxes related to vesting of share-based awards, partially offset by higher executive compensation limitations in 2025.
The Utilities’ effective tax rates for the first three months of 2025 and 2024 were 21% and 22%, respectively. The effective tax rate for the first three months of 2025 was lower than the comparable period in 2024 primarily due to a decrease in excess taxes related to vesting of share-based awards, partially offset by higher executive compensation limitations in 2025.
The Company currently has no open Internal Revenue Service or State income tax audits.