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Segment financial information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment financial information Segment financial information
(in thousands) Electric utilityBankOtherTotal
Three months ended September 30, 2024    
Revenues$829,617 $105,144 $3,622 $938,383 
Income (loss) before income taxes$(117,526)$23,429 $(55,137)$(149,234)
Income taxes (benefit)(35,439)4,651 (14,515)(45,303)
Net income (loss)(82,087)18,778 (40,622)(103,931)
Preferred stock dividends of subsidiaries498 — (27)471 
Net income (loss) for common stock$(82,585)$18,778 $(40,595)$(104,402)
Nine months ended September 30, 2024    
Revenues$2,410,526 $312,231 $10,144 $2,732,901 
Income (loss) before income taxes$(1,725,279)$(7,864)$(104,102)$(1,837,245)
Income taxes (benefit)(454,017)(1,789)(25,092)(480,898)
Net income (loss)(1,271,262)(6,075)(79,010)(1,356,347)
Preferred stock dividends of subsidiaries1,496 — (79)1,417 
Net income (loss) for common stock$(1,272,758)$(6,075)$(78,931)$(1,357,764)
Total assets (at September 30, 2024)
$7,563,204 $9,267,846 $900,178 $17,731,228 
Three months ended September 30, 2023    
Revenues$794,987 $100,974 $5,912 $901,873 
Income (loss) before income taxes$55,415 $12,749 $(19,054)$49,110 
Income taxes (benefit)11,456 1,384 (5,319)7,521 
Net income (loss)43,959 11,365 (13,735)41,589 
Preferred stock dividends of subsidiaries498 — (27)471 
Net income (loss) for common stock $43,461 $11,365 $(13,708)$41,118 
Nine months ended September 30, 2023    
Revenues$2,419,539 $291,716 $14,540 $2,725,795 
Income (loss) before income taxes$175,391 $61,511 $(48,121)$188,781 
Income taxes (benefit)38,126 11,380 (12,591)36,915 
Net income (loss)137,265 50,131 (35,530)151,866 
Preferred stock dividends of subsidiaries1,496 — (79)1,417 
Net income (loss) for common stock $135,769 $50,131 $(35,451)$150,449 
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.
Impairment of long-lived assets. HEI and Pacific Current have been undertaking a comprehensive review of strategic options for certain assets of Pacific Current. During the course of this process, HEI and Pacific Current had determined it is more-likely-than-not that the long-lived assets of Pacific Current will be sold significantly before the end of their previously estimated useful life and that the fair value of certain long-lived assets of Pacific Current, currently classified as held-and-used, are less than its carrying value. After performing a recoverability test of these assets as of September 30, 2024, Pacific Current determined a portion of these long-lived assets of Pacific Current were not recoverable and therefore impaired. As a result of our September 30, 2024 impairment test, HEI and Pacific Current recorded a pretax asset impairment charge of $35.2 million for the three and nine months ended September 30, 2024. The impairment charge is recorded in “Other Expenses” in the Company’s Condensed Consolidated Statements of Income.
In connection with the impairment analysis, as of September 30, 2024, HEI forgave its intercompany loan receivable from Mahipapa, including accrued interest, amounting to $9.6 million. Concurrently, Mahipapa classified its intercompany loan payable to HEI, including accrued interest, of an equivalent amount as an equity contribution. These transactions were accounted for as equity transactions and offset in the Company’s Condensed Consolidated Balance Sheets.
The impairment charge and intercompany loan transactions were non-cash in nature and did not affect the Company’s current liquidity, cash flows or compliance with debt covenants under the Company’s existing credit agreements.