OTHER COMPREHENSIVE INCOME (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Components of other comprehensive income

The components of Huntington’s OCI were as follows:

(dollar amounts in millions)	Pretax		Tax (expense) benefit		After-tax
Three months ended June 30, 2024
Unrealized losses on available-for-sale securities arising during the period, net of hedges	$	(93)	$	21	$	(72)
Reclassification adjustment for realized net losses included in net income	2		—		2
Total unrealized losses on available-for-sale securities, net of hedges	(91)		21		(70)
Unrealized losses on cash flow hedges during the period	(20)		5		(15)
Reclassification adjustment for cash flow hedges included in net income	68		(16)		52
Net change related to cash flow hedges on loans	48		(11)		37
Change in accumulated unrealized gains for pension and other post-retirement obligations	1		—		1
Other comprehensive loss	$	(42)	$	10	$	(32)
Three months ended June 30, 2023
Unrealized losses on available-for-sale securities arising during the period, net of hedges	$	(143)	$	33	$	(110)
Reclassification adjustment for realized net losses included in net income	35		(8)		27
Total unrealized losses on available-for-sale securities, net of hedges	(108)		25		(83)
Unrealized losses on cash flow hedges during the period	(266)		65		(201)
Reclassification adjustment for cash flow hedges included in net income	34		(2)		32
Net change related to cash flow hedges on loans	(232)		63		(169)
Translation adjustments, net of hedges (1)	1		—		1
Other comprehensive loss	$	(339)	$	88	$	(251)
Six months ended June 30, 2024
Unrealized losses on available-for-sale securities arising during the period, net of hedges	$	(263)	$	61	$	(202)
Reclassification adjustment for realized net losses included in net income	5		(1)		4
Total unrealized losses on available-for-sale securities, net of hedges	(258)		60		(198)
Unrealized losses on cash flow hedges during the period	(181)		42		(139)
Reclassification adjustment for cash flow hedges included in net income	135		(32)		103
Net change related to cash flow hedges on loans	(46)		10		(36)
Translation adjustments, net of hedges (1)	(2)		—		(2)
Change in accumulated unrealized gains for pension and other post-retirement obligations	1		—		1
Other comprehensive loss	$	(305)	$	70	$	(235)
Six months ended June 30, 2023
Unrealized gains on available-for-sale securities arising during the period, net of hedges	$	54	$	(12)	$	42
Reclassification adjustment for realized net losses included in net income	38		(9)		29
Total unrealized gains on available-for-sale securities	92		(21)		71
Unrealized losses on cash flow hedges during the period	(35)		12		(23)
Reclassification adjustment for cash flow hedges included in net income	46		(3)		43
Net change related to cash flow hedges on loans	11		9		20
Translation adjustments, net of hedges (1)	1		—		1
Other comprehensive income	$	104	$	(12)	$	92

(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 other comprehensive income, net of tax

Activity in accumulated OCI was as follows:

(dollar amounts in millions)	Unrealized  gains (losses) 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 for pension and other post-retirement obligations		Total
Three months ended June 30, 2024
Balance, beginning of period	$	(2,222)	$	(436)	$	(8)	$	(213)	$	(2,879)
Other comprehensive loss before reclassifications	(72)		(15)		—		—		(87)
Amounts reclassified from accumulated OCI to earnings	2		52		—		1		55
Period change	(70)		37		—		1		(32)
Balance, end of period	$	(2,292)	$	(399)	$	(8)	$	(212)	$	(2,911)
Three months ended June 30, 2023
Balance, beginning of period	$	(2,094)	$	(443)	$	(8)	$	(210)	$	(2,755)
Other comprehensive income (loss) before reclassifications	(110)		(201)		1		—		(310)
Amounts reclassified from accumulated OCI to earnings	27		32		—		—		59
Period change	(83)		(169)		1		—		(251)
Balance, end of period	$	(2,177)	$	(612)	$	(7)	$	(210)	$	(3,006)
Six months ended June 30, 2024
Balance, beginning of period	$	(2,094)	$	(363)	$	(6)	$	(213)	$	(2,676)
Other comprehensive loss before reclassifications	(202)		(139)		(2)		—		(343)
Amounts reclassified from accumulated OCI to earnings	4		103		—		1		108
Period change	(198)		(36)		(2)		1		(235)
Balance, end of period	$	(2,292)	$	(399)	$	(8)	$	(212)	$	(2,911)
Six months ended June 30, 2023
Balance, beginning of period	$	(2,248)	$	(632)	$	(8)	$	(210)	$	(3,098)
Other comprehensive income (loss) before reclassifications	42		(23)		1		—		20
Amounts reclassified from accumulated OCI to earnings	29		43		—		—		72
Period change	71		20		1		—		92
Balance, end of period	$	(2,177)	$	(612)	$	(7)	$	(210)	$	(3,006)

(1)AOCI amounts at June 30, 2024 and June 30, 2023 include $54 million and $62 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.