OTHER COMPREHENSIVE INCOME

12 Months Ended

Dec. 31, 2023

The components of Huntington’s OCI were as follows:


(dollar amounts in millions)	Pretax		Tax (expense) benefit		After-tax
Year Ended December 31, 2023

Unrealized losses on available-for-sale securities arising during the period, net of hedges	$	154	$	(36)	$	118
Reclassification adjustment for realized net losses included in net income	47		(11)		36
Total unrealized gains (losses) on available-for-sale securities, net of hedges	201		(47)		154

Unrealized gains (losses) on cash flow hedges during the period	162		(37)		125
Reclassification adjustment for cash flow hedges included in net income	187		(43)		144
Net change related to cash flow hedges on loans	349		(80)		269


Translation adjustments, net of hedges (1)	2		—		2
Change in accumulated unrealized gains for pension and other post-retirement obligations	(4)		1		(3)
Other comprehensive income (loss)	$	548	$	(126)	$	422
Year Ended December 31, 2022

Unrealized losses on available-for-sale securities arising during the period, net of hedges	$	(2,934)	$	673	$	(2,261)
Reclassification adjustment for realized net losses included in net income	100		(23)		77
Total unrealized gains (losses) on available-for-sale securities, net of hedges	(2,834)		650		(2,184)

Unrealized gains (losses) on cash flow hedges during the period	(896)		201		(695)
Reclassification adjustment for cash flow hedges included in net income	—		—		—
Net change related to cash flow hedges on loans	(896)		201		(695)


Translation adjustments, net of hedges (1)	(5)		—		(5)
Change in accumulated unrealized gains for pension and other post-retirement obligations	19		(4)		15
Other comprehensive income (loss)	$	(3,716)	$	847	$	(2,869)
Year Ended December 31, 2021

Unrealized losses on available-for-sale securities arising during the period, net of hedges	$	(361)	$	81	$	(280)
Reclassification adjustment for realized net losses included in net income	34		(8)		26
Total unrealized gains (losses) on available-for-sale securities, net of hedges	(327)		73		(254)

Unrealized gains (losses) on cash flow hedges during the period	(257)		65		(192)
Reclassification adjustment for cash flow hedges included in net income	—		—		—
Net change related to cash flow hedges on loans	(257)		65		(192)


Translation adjustments, net of hedges (1)	(3)		—		(3)
Change in accumulated unrealized gains for pension and other post-retirement obligations	36		(8)		28
Other comprehensive income (loss)	$	(551)	$	130	$	(421)

(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.

Activity in accumulated OCI were as follows:


(dollar amounts in millions)	Unrealized (losses) gains on available-for-sale securities, net of hedges (1)		Net change related to cash flow hedges on loans		Translation adjustments, net of hedges		Unrealized (losses) gains for pension and other post-retirement obligations		Total
December 31, 2020	$	190	$	255	$	—	$	(253)	$	192
Other comprehensive income (loss) before reclassifications	(280)		(192)		(3)		—		(475)
Amounts reclassified from accumulated OCI to earnings	26		—		—		28		54
Period change	(254)		(192)		(3)		28		(421)
December 31, 2021	(64)		63		(3)		(225)		(229)

Other comprehensive income (loss) before reclassifications	(2,261)		(695)		(5)		—		(2,961)
Amounts reclassified from accumulated OCI to earnings	77		—		—		15		92
Period change	(2,184)		(695)		(5)		15		(2,869)

December 31, 2022	(2,248)		(632)		(8)		(210)		(3,098)

Other comprehensive income before reclassifications	118		125		2		—		245
Amounts reclassified from accumulated OCI to earnings	36		144		—		(3)		177
Period change	154		269		2		(3)		422

December 31, 2023	$	(2,094)	$	(363)	$	(6)	$	(213)	$	(2,676)

(1)AOCI amounts at December 31, 2023, 2022, and 2021 include $58 million, $66 million, and $27 million, respectively, of net unrealized losses (after-tax) on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method.