Hawaiian Electric Industries Inc. Files 2023 Annual Report

TL;DR

<b>Hawaiian Electric Industries, Inc. (HE) has filed its 2023 10-K report, detailing its financial performance and business operations.</b>

AI Summary

HAWAIIAN ELECTRIC INDUSTRIES INC (HE) filed a Annual Report (10-K) with the SEC on February 29, 2024. Hawaiian Electric Industries, Inc. (HE) filed its 10-K report for the fiscal year ending December 31, 2023. The report covers financial performance and business operations for HE and its subsidiaries, including Hawaiian Electric Company. Key financial data and segment performance are detailed within the filing. The company's primary business is electric services, with a segment also dedicated to banking. The filing provides a comprehensive overview of the company's financial position as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking HAWAIIAN ELECTRIC INDUSTRIES INC, this filing contains several important signals. This 10-K filing provides crucial insights into Hawaiian Electric Industries' financial health and operational performance for the fiscal year 2023, which is essential for investors and stakeholders to assess the company's stability and future prospects. The detailed segment information, particularly for the Electric Utility and Banking segments, allows for a granular understanding of revenue drivers and profitability, aiding in investment decisions.

Risk Assessment

Risk Level: medium — HAWAIIAN ELECTRIC INDUSTRIES INC shows moderate risk based on this filing. The company operates in a regulated utility sector and faces risks related to natural disasters and environmental regulations, as evidenced by the nature of its business and its location in Hawaii.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-29 — Filing Date (Date of submission)
• 0000354707 — Central Index Key (HE's CIK)
• 0000046207 — Central Index Key (Hawaiian Electric Company's CIK)
• 4911 — Standard Industrial Classification (Electric Services)

Key Players & Entities

• HAWAIIAN ELECTRIC INDUSTRIES INC (company) — Filer name
• HE (company) — Ticker symbol
• Hawaiian Electric Company (company) — Subsidiary
• 2023-12-31 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• Honolulu (location) — Business address city
• Hawaii (location) — State of incorporation
• Electric Services (industry) — Standard Industrial Classification

FAQ

Industry Context

Hawaiian Electric Industries operates primarily as an electric utility in Hawaii, a sector subject to significant regulatory oversight and environmental considerations.

Regulatory Implications

As a regulated utility, Hawaiian Electric Industries is subject to oversight by state public utility commissions and federal energy regulatory bodies, impacting its rates and operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze segment performance, particularly for the Electric Utility and Banking segments.
3. Assess the company's risk factors, including regulatory and operational challenges.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $6 — ,798 Hawaiian Electric Company, Inc. ($6-2/3 Par Value) None 17,854,278 17,854,2

Filing Documents

• he-20231231.htm (10-K) — 9577KB
• heiex42aamendment2023-1toh.htm (EX-4.2(A)) — 6KB
• heiex45hasb401kplanamendme.htm (EX-4.5(H)) — 13KB
• heex101b2023kplpletteragre.htm (EX-10.1(B)) — 31KB
• heiex1019heiexecutivesever.htm (EX-10.19) — 94KB
• heiex1020hecoexecseverance.htm (EX-10.20) — 94KB
• heiex1021asbexecutivesever.htm (EX-10.21) — 31KB
• heiex1022asbretentionbonus.htm (EX-10.22) — 32KB
• heiex1023asbsdcpplanrestat.htm (EX-10.23) — 570KB
• heiexhibit21110k2023.htm (EX-21.1) — 5KB
• heexhibit21210k2023.htm (EX-21.2) — 3KB
• heiexhibit23110k2023.htm (EX-23.1) — 3KB
• a01hei2023ex311.htm (EX-31.1) — 11KB
• a02hei2023ex312.htm (EX-31.2) — 11KB
• a04heco2023ex313.htm (EX-31.3) — 10KB
• a05heco2023ex314.htm (EX-31.4) — 10KB
• a03hei2023ex321.htm (EX-32.1) — 7KB
• a06heco2023ex322.htm (EX-32.2) — 7KB
• heiex97-heiclawbackpolicy.htm (EX-97) — 48KB
• heexhibit99110k2023.htm (EX-99.1) — 807KB
• image_0.jpg (GRAPHIC) — 0KB
• image_0b.jpg (GRAPHIC) — 17KB
• 0000354707-24-000012.txt (&nbsp;) — 50824KB
• he-20231231.xsd (EX-101.SCH) — 219KB
• he-20231231_cal.xml (EX-101.CAL) — 291KB
• he-20231231_def.xml (EX-101.DEF) — 1631KB
• he-20231231_lab.xml (EX-101.LAB) — 2497KB
• he-20231231_pre.xml (EX-101.PRE) — 1983KB
• he-20231231_htm.xml (XML) — 11980KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 34 Item 1C. Cybersecurity 34 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 37 Information About Our Executive Officers (HEI) 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 81 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 84 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 192 Item 9A.

Controls and Procedures

Controls and Procedures 192 Item 9B. Other Information 193 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 194 PART III Item 10. Directors, Executive Officers and Corporate Governance 194 Item 11.

Executive Compensation

Executive Compensation 195 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 196 Item 13. Certain Relationships and Related Transactions, and Director Independence 196 Item 14. Principal Accounting Fees and Services 197 PART IV Item 15. Exhibits and Financial Statement Schedules 197

Form 10-K Summary 197

Item 16. Form 10-K Summary 197

Signatures

Signatures 208 i GLOSSARY OF TERMS Defined below are certain terms used in this report: Terms Definitions ABOs Accumulated benefit obligations ACL Allowance for credit losses as determined under the credit loss standard (ASU No. 2016-13, adopted by the Company on January 1, 2020), which requires the measurement of lifetime expected credit losses for financial assets held at the reporting date (based on historical experience, current conditions and reasonable and supportable forecasts) AES Hawaii AES Hawaii, Inc. AFS Available-for-sale AFUDC Allowance for funds used during construction AOCI Accumulated other comprehensive income (loss) APBO Accumulated postretirement benefit obligation ARA Annual revenue adjustment AROs Asset retirement obligations ASB American Savings Bank, F.S.B., a wholly-owned subsidiary of ASB Hawaii Inc. ASB Hawaii ASB Hawaii, Inc., a wholly-owned subsidiary of Hawaiian Electric Industries, Inc. and the parent company of American Savings Bank, F.S.B. ASC Accounting Standards Codification ASU Accounting Standards Update BESS Battery Energy Storage System Btu British thermal unit CBRE Community-based renewable energy CERCLA Comprehensive Environmental Response, Compensation and Liability Act Company When used in Hawaiian Electric Industries, Inc. sections and in the Notes to Consolidated Financial Statements, "Company" refers to Hawaiian Electric Industries, Inc. and its direct and indirect subsidiaries, including, without limitation, Hawaiian Electric Company, Inc. and its subsidiaries (listed under Hawaiian Electric); ASB Hawaii, Inc. and its subsidiary, American Savings Bank, F.S.B.; and Pacific Current, LLC and its subsidiaries (listed under Pacific Current). When used in Hawaiian Electric Company, Inc. sections, "Company" refers to Hawaiian Electric Company, Inc. and its direct subsidiaries. Consolidated Financial Statements HEI's or Hawaiian Electric's Consolidated Financial Statements, including notes, in

View Full Filing

View this 10-K filing on SEC EDGAR