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Income taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Taxes Attributable to Net Income for Common Stock
The components of income taxes attributable to income (loss) from continuing operations for common stock were as follows:
HEI consolidatedHawaiian Electric consolidated
Years ended December 31202420232022202420232022
(in thousands)   
Federal   
Current $13,220 $22,206 $61,511 $34,216 $40,365 $75,118 
Deferred(376,141)1,951 (37,922)(373,316)(3,444)(39,646)
Deferred tax credits, net*— 52 4,031 — 22 137 
 (362,921)24,209 27,620 (339,100)36,943 35,609 
State      
Current 2,009 2,924 6,467 7,864 9,367 15,780 
Deferred (110,050)7,401 4,772 (108,311)4,883 (1,769)
Deferred tax credits, net*— — 56 — — 56 
 (108,041)10,325 11,295 (100,447)14,250 14,067 
Total$(470,962)$34,534 $38,915 $(439,547)$51,193 $49,676 
*     In 2022, primarily represents federal tax credits related to Mauo’s solar-plus-storage project, deferred and amortized starting in 2022.
Schedule of Reconciliation of Amount of Income Taxes Computed at Federal Statutory Rate
A reconciliation of the amount of income taxes computed at the federal statutory rate to the amount provided in the consolidated statements of income was as follows:
HEI consolidatedHawaiian Electric consolidated
Years ended December 31202420232022202420232022
(in thousands)   
Amount at the federal statutory income tax rate $(376,235)$38,283 $42,410 $(349,423)$51,899 $50,526 
Increase (decrease) resulting from:      
State income taxes, net of federal income tax benefit
(85,483)7,989 8,812 (79,487)11,097 11,026 
Net deferred tax asset (liability) adjustment related to the Tax Act
(6,200)(7,316)(9,886)(6,200)(7,316)(9,886)
Tax credits, net
(2,987)(2,251)(487)(2,987)(2,251)(397)
Other, net (57)(2,171)(1,934)(1,450)(2,236)(1,593)
Total$(470,962)$34,534 $38,915 $(439,547)$51,193 $49,676 
Effective income tax rate (%)26.3 18.9 19.3 26.4 20.7 20.6 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of book and tax basis differences that give rise to deferred tax assets and liabilities were as follows:
HEI consolidatedHawaiian Electric consolidated
December 312024202320242023
(in thousands)  
Deferred tax assets  
Wildfire tort-related claims
$483,749 $— $483,749 $— 
Regulatory liabilities, excluding amounts attributable to property, plant and equipment
76,765 78,884 $76,765 $78,884 
Lease liabilities
130,556 109,480 128,610 107,409 
Retirement benefits45,879 28,623 40,568 23,247 
Revenue taxes48,379 49,522 48,379 49,522 
Capital loss carryforward
66,430 — — — 
Other1
35,827 27,003 22,387 20,817 
Total deferred income tax assets
887,585 293,512 800,458 279,879 
Valuation allowances
(73,459)— — — 
Total deferred income tax assets, net
814,126 293,512 800,458 279,879 
Deferred tax liabilities  
Property, plant and equipment related542,109 527,323 532,257 513,064 
Lease right-of-use assets
130,483 109,420 128,610 107,409 
Regulatory assets, excluding amounts attributable to property, plant and equipment
21,678 21,872 21,678 21,872 
Other 47,148 37,103 46,330 36,535 
Total deferred income tax liabilities
741,418 695,718 728,875 678,880 
Net deferred income tax asset (liability)
$72,708 $(402,206)$71,583 $(399,001)
1     As of December 31, 2024, HEI consolidated has deferred tax assets of $3.8 million relating to the benefit of state tax credit carryforwards of $5.2 million. These state tax credit carryforwards primarily relate to the West Loch PV project that do not expire.
Schedule of Changes in Total Unrecognized Tax Benefits
The following is a reconciliation of the Company’s liability for unrecognized tax benefits for 2024, 2023 and 2022.
HEI consolidatedHawaiian Electric consolidated
(in millions)202420232022202420232022
Unrecognized tax benefits, January 1$27.7 $30.6 $17.1 $15.6 $11.7 $11.6 
Additions based on tax positions taken during the year0.7 0.5 19.0 — 0.3 0.1 
Reductions based on tax positions taken during the year(0.1)— (3.5)— — — 
Additions for tax positions of prior years1.5 3.8 0.6 1.5 3.7 0.2 
Reductions for tax positions of prior years(4.6)(7.2)(2.6)(0.6)(0.1)(0.2)
Lapses of statute of limitations(1.9)— — (0.5)— — 
Settlement(10.8)— — (10.8)— — 
Unrecognized tax benefits, December 31$12.5 $27.7 $30.6 $5.2 $15.6 $11.7