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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues      
Total revenues $ 3,219,850 $ 3,287,503 $ 3,420,917
Expenses      
Total expenses 4,926,610 3,012,511 3,141,362
Operating income (loss)      
Operating income (loss) (1,706,760) 274,992 279,555
Retirement defined benefits credit—other than service costs 3,754 4,014 3,688
Interest expense, net (127,207) (125,532) (103,402)
Allowance for borrowed funds used during construction 5,470 5,201 3,416
Allowance for equity funds used during construction 13,786 15,164 10,574
Interest income 19,362 9,105 0
Gain (loss) on sales of equity-method investments 0 (644) 8,123
Income (loss) from continuing operations before income taxes (1,791,595) 182,300 201,954
Income tax expense (benefit) (470,962) 34,534 38,915
Income (loss) from continuing operations (1,320,633) 147,766 163,039
Preferred stock dividends of Hawaiian Electric 1,890 1,890 1,890
Income (loss) from continuing operations for common stock (1,322,523) 145,876 161,149
Income (loss) from discontinued operations (103,486) 53,362 79,989
Net income (loss) for common stock $ (1,426,009) $ 199,238 $ 241,138
Continuing operations - Basic earnings (loss) per common share (in dollars per share) $ (10.42) $ 1.33 $ 1.47
Discontinued operations - Basic earnings (loss) per common share (in dollars per share) (0.81) 0.49 0.73
Basic earnings (loss) per common share (in dollars per share) (11.23) 1.82 2.20
Continuing operations - Diluted earnings (loss) per common share (in dollars per share) (10.42) 1.33 1.47
Discontinued operations - Diluted earnings (loss) per common share (in dollars per share) (0.81) 0.48 0.73
Diluted earnings (loss) per common share (in dollars per share) $ (11.23) $ 1.81 $ 2.20
Weighted-average number of common shares outstanding (in shares) 126,927 109,739 109,434
Net effect of potentially dilutive shares (share-based compensation programs) (in shares) 0 299 344
Weighted-average shares assuming dilution (in shares) 126,927 110,038 109,778
Operating Segments      
Revenues      
Total revenues     $ 3,420,917
Other      
Revenues      
Total revenues $ 13,150 $ 17,982 12,330
Expenses      
Total expenses 108,052 45,148 31,966
Operating income (loss)      
Operating income (loss) (94,902) (27,166) (19,636)
Interest expense, net (45,125) (39,392) (26,986)
Interest income 12,729 2,651  
Income (loss) from continuing operations before income taxes (127,681) (64,840) (38,646)
Income tax expense (benefit) (31,415) (16,659) (10,761)
Income (loss) from continuing operations (96,266) (48,181) (27,885)
Preferred stock dividends of Hawaiian Electric (105) (105) (105)
Income (loss) from continuing operations for common stock (96,161) (48,076) (27,780)
Electric utility      
Revenues      
Total revenues     3,408,583
Electric utility | Operating Segments      
Revenues      
Total revenues 3,206,700 3,269,521 3,408,587
Expenses      
Total expenses 4,818,558 2,967,363 3,109,396
Operating income (loss)      
Operating income (loss) (1,611,858) 302,158 299,191
Interest expense, net (82,082) (86,140) (76,416)
Interest income 6,633 6,454  
Income (loss) from continuing operations before income taxes (1,663,914) 247,140 240,600
Income tax expense (benefit) (439,547) 51,193 49,676
Income (loss) from continuing operations (1,224,367) 195,947 190,924
Preferred stock dividends of Hawaiian Electric 1,995 1,995 1,995
Income (loss) from continuing operations for common stock $ (1,226,362) $ 193,952 $ 188,929