Hawaiian Electric Industries Files 8-K

TL;DR

HE filed an 8-K, no major news but check for updates.

AI Summary

Hawaiian Electric Industries, Inc. (HE) filed an 8-K on September 19, 2024, to report other events. The filing does not contain specific financial figures or new material agreements, but serves as a notification of events relevant to the company's operations and reporting.

Why It Matters

This filing indicates that Hawaiian Electric Industries is providing updates or disclosures to the SEC, which could be relevant for investors monitoring the company's regulatory and operational status.

Risk Assessment

Risk Level: low — The filing is a standard 8-K for 'Other Events' and does not disclose any immediate financial risks or significant operational changes.

Key Players & Entities

• HAWAIIAN ELECTRIC INDUSTRIES INC (company) — Filer
• HAWAIIAN ELECTRIC CO INC (company) — Subsidiary/Former Company
• 1001 BISHOP STREET, SUITE 2900 (address) — Business Address
• P.O. BOX 730 (address) — Mail Address
• 1099 ALAKEA STREET, SUITE 2200 (address) — Business Address

FAQ

Key Financial Figures

• $1.91 billion — an Electric would contribute a total of $1.91 billion (after reflecting a credit of $75 milli
• $75 million — 1 billion (after reflecting a credit of $75 million for the previous contribution to the On
• $478 million — the first installment of approximately $478 million expected to be made no earlier than mid
• $1.71 b — t estimate of the loss of approximately $1.71 billion, which represented the best estim

Filing Documents

• tm2422402d5_8k.htm (8-K) — 35KB
• 0001104659-24-101130.txt ( ) — 250KB
• he-20240919.xsd (EX-101.SCH) — 4KB
• he-20240919_def.xml (EX-101.DEF) — 26KB
• he-20240919_lab.xml (EX-101.LAB) — 36KB
• he-20240919_pre.xml (EX-101.PRE) — 24KB
• tm2422402d5_8k_htm.xml (XML) — 6KB

01 Other Events

Item 8.01 Other Events. As previously disclosed, on August 2, 2024, attorneys representing the individual and class plaintiffs reached an agreement in principle with all defendants, including Hawaiian Electric Industries, Inc. ("HEI" or the "Company") and Hawaiian Electric Company, Inc. ("Hawaiian Electric"), to settle all of their tort-related legal claims in the litigation arising out of the Maui windstorm and wildfires. Of the total settlement amount, HEI and Hawaiian Electric would contribute a total of $1.91 billion (after reflecting a credit of $75 million for the previous contribution to the One `Ohana Initiative), to be paid in four equal annual installments, with the first installment of approximately $478 million expected to be made no earlier than mid-2025. While the agreement in principle remains subject to final documentation and court approval, the Company previously accrued its best estimate of the loss of approximately $1.71 billion, which represented the best estimate of the lump sum amount to settle claims with the plaintiffs as of June 30, 2024 and which was classified entirely as a current liability. The Company's accrual for wildfire liabilities, and the classification of such liabilities as current or long-term liabilities, could be adjusted in future quarters to reflect changes in the Company's estimates due to developments in the settlement process, expectations with respect to the timing of payments under the settlement agreement and other factors. Cautionary Note Regarding Forward-Looking This report may contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any

Forward-looking statements

Forward-looking statements in this report should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and the Company's other periodic reports that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, the Company, Hawaiian Electric Company, Inc., American Savings Bank, F.S.B. and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof. HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC. (Registrant) (Registrant) /s/ Scott T. DeGhetto /s/ Paul K. Ito Scott T. DeGhetto Paul K. Ito Executive Vice President, Senior Vice President, Chief Financial Officer and Treasurer Chief Financial Officer and Treasurer Date: September 19, 2024 Date: September 19, 2024

View Full Filing

View this 8-K filing on SEC EDGAR