Annual report pursuant to Section 13 and 15(d)

OTHER COMPREHENSIVE INCOME

v3.24.0.1
OTHER COMPREHENSIVE INCOME
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME
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) — 
Change in accumulated unrealized gains for pension and other post-retirement obligations (4) (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  —  245 
Amounts reclassified from accumulated OCI to earnings 36  144  —  (3) 177 
Period change 154  269  (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.