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Segment financial information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment financial information Segment financial information
Reportable segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. Prior to December 31, 2024, the Company operated and reported on two reportable segments: Electric utility and bank. On December 31, 2024, the Company sold 90.1% of ASB (previously, the bank reportable segment) and presented its results as discontinued operations for all periods presented. Accordingly, the bank reportable segment has been eliminated and the segment information presented herein excludes the results of ASB for all periods presented. All comparable information for the historical periods has been recast to reflect the impact of these changes. The Company now operates and reports on one reportable segment: Electric utility. HEI and its other subsidiaries (ASB Hawaii, GLST1, and Pacific Current and its subsidiaries) which are not reportable segments are grouped and reported as an “All Other” non-reportable segment.
(in thousands) Electric utilityAll OtherTotal
Three months ended June 30, 2025   
Revenues$742,482 $3,910 $746,392 
Depreciation and amortization$73,631 $2,474 $76,105 
Interest income$1,215 $6,364 $7,579 
Interest expense, net$21,706 $5,550 $27,256 
Income (loss) from continuing operations before income taxes$50,269 $(10,294)$39,975 
Income taxes
10,620 2,797 13,417 
Net income (loss) from continuing operations39,649 (13,091)26,558 
Preferred stock dividends of subsidiaries499 (26)473 
Net income (loss) from continuing operations for common stock$39,150 $(13,065)$26,085 
Six months ended June 30, 2025   
Revenues$1,480,848 $9,614 $1,490,462 
Depreciation and amortization
$147,184 $5,483 $152,667 
Interest income$3,196 $17,006 $20,202 
Interest expense, net$44,158 $17,310 $61,468 
Income (loss) from continuing operations before income taxes
$111,788 $(38,274)$73,514 
Income taxes (benefit)23,824 (4,012)19,812 
Net income (loss) from continuing operations
87,964 (34,262)53,702 
Preferred stock dividends of subsidiaries998 (52)946 
Net income (loss) from continuing operations for common stock
$86,966 $(34,210)$52,756 
Capital expenditures
$159,950 $1,543 $161,493 
Total assets (at June 30, 2025)
$7,883,659 $441,202 $8,324,861 
Three months ended June 30, 2024   
Revenues$792,331 $3,086 $795,417 
Depreciation and amortization$70,328 $2,876 $73,204 
Interest income$1,452 $1,682 $3,134 
Interest expense, net$21,417 $10,983 $32,400 
Loss from continuing operations before income taxes$(1,658,653)$(26,521)$(1,685,174)
Income tax benefit(429,758)(6,192)(435,950)
Net loss from continuing operations(1,228,895)(20,329)(1,249,224)
Preferred stock dividends of subsidiaries499 (26)473 
Net loss from continuing operations for common stock$(1,229,394)$(20,303)$(1,249,697)
Six months ended June 30, 2024   
Revenues$1,580,909 $6,522 $1,587,431 
Depreciation and amortization$140,706 $6,127 $146,833 
Interest income$2,884 $3,383 $6,267 
Interest expense, net$41,402 $22,589 $63,991 
Loss from continuing operations before income taxes$(1,607,753)$(48,965)$(1,656,718)
Income tax benefit(418,578)(10,577)(429,155)
Net loss from continuing operations(1,189,175)(38,388)(1,227,563)
Preferred stock dividends of subsidiaries998 (52)946 
Net loss from continuing operations for common stock $(1,190,173)$(38,336)$(1,228,509)
Capital expenditures
$168,200 $10,726 $178,926 
Total assets (at December 31, 2024)
$7,613,604 $1,317,812 $8,931,416 
 
Sales from Hamakua Energy, LLC (Hamakua Energy) to Hawaii Electric Light (a regulated affiliate), up until the close of its sale on March 10, 2025, are eliminated in consolidation.
Sale of ASB. As a result of a comprehensive review of strategic options of ASB, on December 30, 2024, HEI, ASB, and ASB Hawaii, a wholly owned subsidiary of HEI and ASB’s parent holding company, entered into investment agreements to sell 90.1% of the common stock of ASB, amounting to $405.5 million, to various investors including certain ASB officers and directors of ASB, while retaining a 9.9% noncontrolling investment in ASB amounting to $44.6 million. The sale transaction closed on December 31, 2024 and no investor acquired more than 9.9% of the common stock of ASB. The proceeds from the sale were used to pay down HEI’s long-term debt in April 2025 (see “changes in long-term debt” in Note 5). The Company’s 9.9% noncontrolling ownership interest in ASB is included in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets.
The sale of ASB met the accounting requirements to be disclosed as discontinued operations. Accordingly, the results of ASB are presented as discontinued operations in the 2024 consolidated statements of income and cash flows, and have been excluded from both continuing operations and segment results for the 2024 period presented.
The following table summarizes the income from discontinued operations included in the Company’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024:
(in thousands)Three months ended June 30, 2024Six months ended June 30, 2024
Interest and dividend income  
Interest and fees on loans$72,960 $145,931 
Interest and dividends on investment securities13,218 28,182 
Total interest and dividend income86,178 174,113 
Interest expense 
Interest on deposit liabilities18,015 35,447 
Interest on other borrowings6,479 14,633 
Total interest expense24,494 50,080 
Net interest income61,684 124,033 
Provision for credit losses(1,910)(4,069)
Net interest income after provision for credit losses63,594 128,102 
Noninterest income 
Fees from other financial services5,133 10,007 
Fee income on deposit liabilities4,630 9,528 
Fee income on other financial products2,960 5,703 
Bank-owned life insurance2,255 5,839 
Mortgage banking income364 788 
Other income, net423 1,109 
Total noninterest income15,765 32,974 
Noninterest expense 
Compensation and employee benefits29,802 62,261 
Occupancy5,220 10,283 
Data processing4,960 9,806 
Services4,250 8,401 
Equipment2,477 5,126 
Office supplies, printing and postage1,006 2,024 
Marketing747 1,523 
Goodwill impairment82,190 82,190 
Other expense5,813 10,755 
Total noninterest expense136,465 192,369 
Loss before income taxes from discontinued operations(57,106)(31,293)
Income tax benefit(11,319)(6,440)
Loss from discontinued operations$(45,787)$(24,853)
Pacific Current.
Assets held for sale. As part of HEI’s comprehensive review of strategic options for Pacific Current, the Company is currently negotiating the sale of Pacific Current’s solar and Battery Energy Storage System (BESS) facilities, which are held through multiple wholly owned limited liability companies (Mauo, LLC, Kaʻieʻie Waho Company, LLC, Upena, LLC and Alenuihaha Developments, LLC), and its biomass facility (Mahipapa). The net assets of these facilities met the criteria for classification as held for sale as a disposal group. A disposal group classified as held for sale is measured at the lower of its carrying amount or fair value less costs to sell. The Company also determined that the planned sale of these assets do not represent a strategic shift having a major effect on the Company’s operations and financial results, and therefore does not meet the criteria for classification as discontinued operations. Accordingly, we evaluated the carrying value of the net assets of Pacific Current’s solar/BESS and biomass facilities and concluded the net assets were impaired as of June 30 2025. As a result, we recognized a pretax impairment charge of $0.2 million and tax expense and an expected investment tax credit recapture of $5.3 million. The pretax impairment charge is included in “Loss on sale of a subsidiary and impairment loss on assets held for sale” and the taxes on the impairment and expected investment tax credit recapture is included in “Income tax expense (benefit)” in the Company’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2025.
The net assets of Pacific Current’s solar/BESS and biomass facilities were classified as held for sale in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2025. The net assets were classified as current, and are summarized as follows:
(in thousands)June 30, 2025
Property, plant and equipment, net of accumulated depreciation$104,528 
Other assets13,871 
Assets held for sale-current$118,399 
Long-term debt, net$78,727 
Other liabilities35,672 
Liabilities held for sale-current$114,399 
In addition, the revenues and expenses within the all other segment which are attributed to the net assets of Pacific Current’s solar/BESS and biomass facilities that have been reclassified as held for sale are as follows:
Three months ended June 30Six months ended June 30
(in thousands)2025202420252024
Revenues
$3,910 $2,753 $9,459 $6,129 
Expenses
5,018 3,654 9,365 11,918 
Operating income (loss) attributed to Pacific Current’s solar/BESS and biomass facilities classified as held for sale
$(1,108)$(901)$94 $(5,789)
In order to facilitate the sale of Pacific Current’s solar and BESS facilities, in June 2025, Pacific Current created Pacific Current, Solar and Storage Holding Company, LLC (PC Holdco), a wholly owned subsidiary of Pacific Current, and Pacific Current, Solar and Storage Operating Company, LLC (PC Opco), a wholly owned subsidiary of PC Holdco. Subsequently, Pacific Current transferred all of the outstanding membership interests in the solar and BESS facilities to PC Opco.
Sale of Hamakua Holdings, LLC. As part of HEI’s comprehensive review of strategic options for Pacific Current, on February 7, 2025, Pacific Current entered into a Securities Purchase Agreement to sell all the membership interests in Hamakua Holdings, LLC (Hamakua Holdings), a then wholly owned subsidiary of Pacific Current, to an unaffiliated third party for cash consideration to be determined under the provisions of the agreement. Hamakua Holdings has two wholly owned subsidiaries: Hamakua Energy, which owned a 60-MW combined cycle power plant that sells power to Hawaii Electric Light under an existing power purchase agreement, and HAESP, LLC (created in connection with the current on-going Stage 3 RFP process). The sale transaction closed on March 10, 2025 and as a result, both Hamakua Energy and HAESP, LLC, as wholly owned subsidiaries of Hamakua Holdings, are no longer owned by Pacific Current as of such closing. The Company recorded a loss on the sale amounting to $13.2 million as of March 31, 2025.
GLST1. HEI transferred the amount of the first settlement payment, $479 million, into a new subsidiary, GLST1, which is restricted from disbursing such funds except in connection with the initial payment to the settlement funds. Effective March 31, 2025, HEI assigned 60% of the membership interests of GLST1 to Hawaiian Electric. As of June 30, 2025, the assigned equity interests total $287.3 million, which is reported on “Investment in unconsolidated affiliate” on the Utilities’ Condensed Consolidated Balance Sheet.