XML 30 R3.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues      
Total revenues $ 3,682,166 $ 3,741,985 $ 2,850,379
Expenses      
Total expenses 3,329,562 3,360,912 2,464,313
Operating income (loss)      
Operating income 352,604 381,073 386,066
Retirement defined benefits credit—other than service costs 4,768 4,411 5,848
Interest expense, net – other than on deposit liabilities and other bank borrowings (125,532) (103,402) (94,363)
Allowance for borrowed funds used during construction 5,201 3,416 3,250
Allowance for equity funds used during construction 15,164 10,574 9,534
Interest income 9,105 0 0
Gain (loss) on sales of investment securities, net and equity-method investment (15,609) 8,123 528
Income before income taxes 245,701 304,195 310,863
Income taxes 44,573 61,167 62,807
Net income 201,128 243,028 248,056
Preferred stock dividends of Hawaiian Electric 1,890 1,890 1,890
Net income for common stock $ 199,238 $ 241,138 $ 246,166
Basic earnings per common share (in dollars per share) $ 1.82 $ 2.20 $ 2.25
Diluted earnings per common share (in dollars per share) $ 1.81 $ 2.20 $ 2.25
Weighted-average number of common shares outstanding (in shares) 109,739 109,434 109,282
Net effect of potentially dilutive shares (share-based compensation programs) (in shares) 299 344 298
Weighted-average shares assuming dilution (in shares) 110,038 109,778 109,580
Electric utility      
Revenues      
Total revenues $ 3,269,521 $ 3,408,587 $ 2,539,636
Expenses      
Total expenses 2,967,363 3,109,396 2,260,078
Operating income (loss)      
Operating income 302,158 299,191 279,558
Interest income 6,454    
Income before income taxes 247,140 240,600 223,785
Income taxes 51,193 49,676 44,148
Net income 195,947 190,924 179,637
Preferred stock dividends of Hawaiian Electric 1,995 1,995 1,995
Net income for common stock 193,952 188,929 177,642
Bank      
Revenues      
Total revenues 394,663 321,068 306,398
Expenses      
Total expenses 317,051 219,550 178,195
Operating income (loss)      
Operating income 77,612 101,518 128,203
Interest income 0    
Income before income taxes 63,401 102,241 130,559
Income taxes 10,039 22,252 29,325
Net income 53,362 79,989 101,234
Preferred stock dividends of Hawaiian Electric 0 0 0
Net income for common stock 53,362 79,989 101,234
Other      
Revenues      
Total revenues 17,982 12,330 4,345
Expenses      
Total expenses 45,148 31,966 26,040
Operating income (loss)      
Operating income (27,166) (19,636) (21,695)
Interest income 2,651    
Income before income taxes (64,840) (38,646) (43,481)
Income taxes (16,659) (10,761) (10,666)
Net income (48,181) (27,885) (32,815)
Preferred stock dividends of Hawaiian Electric (105) (105) (105)
Net income for common stock $ (48,076) $ (27,780) $ (32,710)