Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.23.2
OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Components of other comprehensive income
The components of Huntington’s OCI for the three-month and six-month periods ended June 30, 2023 and 2022, were as follows:
(dollar amounts in millions) Pretax Tax (expense) benefit After-tax
Three months ended June 30, 2023
Unrealized gains (losses) on available-for-sale securities arising during the period $ (282) $ 65  $ (217)
Reclassification adjustment for realized net losses included in net income 35  (8) 27 
Total unrealized gains (losses) on available-for-sale securities (247) 57  (190)
Net impact of fair value hedges on available-for-sale securities 139  (32) 107 
Unrealized gains (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 income (loss) $ (339) $ 88  $ (251)
Three months ended June 30, 2022
Unrealized gains (losses) on available-for-sale securities arising during the period $ (1,147) $ 264  $ (883)
Reclassification adjustment for realized net losses included in net income 82  (19) 63 
Total unrealized gains (losses) on available-for-sale securities (1,065) 245  (820)
Net impact of fair value hedges on available-for-sale securities 161  (38) 123 
Net change related to cash flow hedges on loans (111) 25  (86)
Translation adjustments, net of hedges (1) (2) —  (2)
Change in accumulated unrealized gains for pension and other post-retirement obligations 2  (1) 1 
Other comprehensive income (loss) $ (1,015) $ 231  $ (784)
Six months ended June 30, 2023
Unrealized gains (losses) on available-for-sale securities arising during the period $ 97  $ (22) $ 75 
Reclassification adjustment for realized net losses included in net income 38  (9) 29 
Total unrealized gains (losses) on available-for-sale securities 135  (31) 104 
Net impact of fair value hedges on available-for-sale securities (43) 10  (33)
Unrealized gains (losses) on cash flow hedging relationships arising 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 11  9  20 
Translation adjustments, net of hedges (1) 1  —  1 
Other comprehensive income (loss) $ 104  $ (12) $ 92 
Six months ended June 30, 2022
Unrealized gains (losses) on available-for-sale securities arising during the period $ (2,687) $ 618  $ (2,069)
Reclassification adjustment for realized net losses included in net income 91  (21) 70 
Total unrealized gains (losses) on available-for-sale securities (2,596) 597  (1,999)
Net impact of fair value hedges on available-for-sale securities 592  (137) 455 
Net change related to cash flow hedges (421) 95  (326)
Translation adjustments, net of hedges (1) (2) —  (2)
Change in accumulated unrealized gains for pension and other post-retirement obligations 5  (2) 3 
Other comprehensive income (loss) $ (2,422) $ 553  $ (1,869)
(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 for the three-month and six-month periods ended June 30, 2023 and 2022, were as follows:
(dollar amounts in millions)
Unrealized
 gains (losses) on
available-for-sale securities (1)
 Net impact of fair value hedges on available-for-sale securities Net change related to cash flow hedges on loans Translation adjustments, net of hedges
Unrealized
 gains
(losses) for
pension and
other post-
retirement
obligations
 Total
Three months ended June 30, 2023
Balance, beginning of period $ (2,708) $ 614  $ (443) $ (8) $ (210) $ (2,755)
Other comprehensive income (loss) before reclassifications (217) 107  (201) 1  —  (310)
Amounts reclassified from accumulated OCI to earnings 27  —  32  —  —  59 
Period change (190) 107  (169) 1  —  (251)
Balance, end of period $ (2,898) $ 721  $ (612) $ (7) $ (210) $ (3,006)
Three months ended June 30, 2022
Balance, beginning of period $ (1,332) $ 421  $ (177) $ (3) $ (223) $ (1,314)
Other comprehensive income (loss) before reclassifications (883) 123  (86) (2) —  (848)
Amounts reclassified from accumulated OCI to earnings 63  —  —  —  1  64 
Period change (820) 123  (86) (2) 1  (784)
Balance, end of period $ (2,152) $ 544  $ (263) $ (5) $ (222) $ (2,098)
Six months ended June 30, 2023
Balance, beginning of period $ (3,002) $ 754  $ (632) $ (8) $ (210) $ (3,098)
Other comprehensive income (loss) before reclassifications 75  (33) (23) 1  —  20 
Amounts reclassified from accumulated OCI to earnings 29  43  —  —  72 
Period change 104  (33) 20  1  —  92 
Balance, end of period $ (2,898) $ 721  $ (612) $ (7) $ (210) $ (3,006)
Six months ended June 30, 2022
Balance, beginning of period $ (153) $ 89  $ 63  $ (3) $ (225) $ (229)
Other comprehensive income (loss) before reclassifications (2,069) 455  (326) (2) —  (1,942)
Amounts reclassified from accumulated OCI to earnings 70  —  —  —  3  73 
Period change (1,999) 455  (326) (2) 3  (1,869)
Balance, end of period $ (2,152) $ 544  $ (263) $ (5) $ (222) $ (2,098)
(1)AOCI amounts at June 30, 2023 and June 30, 2022 include $62 million and $73 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.