Segment financial information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment financial information

Segment financial information

(in thousands)	Electric utility		Bank		Other		Total
Three months ended June 30, 2024
Revenues	$	792,331	$	101,943	$	3,086	$	897,360
Income (loss) before income taxes	$	(1,658,653)	$	(57,106)	$	(26,521)	$	(1,742,280)
Income taxes (benefit)	(429,758)		(11,319)		(6,192)		(447,269)
Net income (loss)	(1,228,895)		(45,787)		(20,329)		(1,295,011)
Preferred stock dividends of subsidiaries	499		—		(26)		473
Net income (loss) for common stock	$	(1,229,394)	$	(45,787)	$	(20,303)	$	(1,295,484)
Six months ended June 30, 2024
Revenues	$	1,580,909	$	207,087	$	6,522	$	1,794,518
Income (loss) before income taxes	$	(1,607,753)	$	(31,293)	$	(48,965)	$	(1,688,011)
Income taxes (benefit)	(418,578)		(6,440)		(10,577)		(435,595)
Net income (loss)	(1,189,175)		(24,853)		(38,388)		(1,252,416)
Preferred stock dividends of subsidiaries	998		—		(52)		946
Net income (loss) for common stock	$	(1,190,173)	$	(24,853)	$	(38,336)	$	(1,253,362)
Total assets (at June 30, 2024)	$	7,398,898	$	9,280,805	$	375,711	$	17,055,414
Three months ended June 30, 2023
Revenues	$	794,191	$	96,885	$	4,609	$	895,685
Income (loss) before income taxes	$	58,868	$	25,055	$	(14,556)	$	69,367
Income taxes (benefit)	13,070		4,851		(3,637)		14,284
Net income (loss)	45,798		20,204		(10,919)		55,083
Preferred stock dividends of subsidiaries	499		—		(26)		473
Net income (loss) for common stock	$	45,299	$	20,204	$	(10,893)	$	54,610
Six months ended June 30, 2023
Revenues	$	1,624,552	$	190,742	$	8,628	$	1,823,922
Income (loss) before income taxes	$	119,976	$	48,762	$	(29,067)	$	139,671
Income taxes (benefit)	26,670		9,996		(7,272)		29,394
Net income (loss)	93,306		38,766		(21,795)		110,277
Preferred stock dividends of subsidiaries	998		—		(52)		946
Net income (loss) for common stock	$	92,308	$	38,766	$	(21,743)	$	109,331
Total assets (at December 31, 2023)	$	7,283,554	$	9,673,192	$	287,075	$	17,243,821

Intercompany electricity sales of the Utilities to ASB and “other” segments are not eliminated because those segments would need to purchase electricity from another source if it were not provided by the Utilities and the profit on such sales is nominal.

Sales from Hamakua Energy, LLC (Hamakua Energy) to Hawaii Electric Light (a regulated affiliate) are eliminated in consolidation.