Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.23.3
OTHER COMPREHENSIVE INCOME (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Components of other comprehensive income
The components of Huntington’s OCI for the three-month and nine-month periods ended September 30, 2023 and 2022, were as follows:
(dollar amounts in millions) Pretax Tax (expense) benefit After-tax
Three months ended September 30, 2023
Unrealized gains (losses) on available-for-sale securities arising during the period $ (826) $ 190  $ (636)
Reclassification adjustment for realized net losses included in net income 3  —  3 
Total unrealized gains (losses) on available-for-sale securities (823) 190  (633)
Net impact of fair value hedges on available-for-sale securities 87  (20) 67 
Unrealized gains (losses) on cash flow hedges during the period (119) 28  (91)
Reclassification adjustment for cash flow hedges included in net income 67  (26) 41 
Net change related to cash flow hedges on loans (52) 2  (50)
Foreign currency translation adjustment (1) (6) —  (6)
Net unrealized gains (losses) on net investment hedges 5  —  5 
Translation adjustments, net of hedges (1) (1) —  (1)
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  —  1 
Other comprehensive income (loss) $ (788) $ 172  $ (616)
Three months ended September 30, 2022
Unrealized losses on available-for-sale securities arising during the period $ (1,265) $ 291  $ (974)
Reclassification adjustment for realized net losses included in net income 4  (1) 3 
Total unrealized losses on available-for-sale securities (1,261) 290  (971)
Net impact of fair value hedges on available-for-sale securities 325  (75) 250 
Net change related to cash flow hedges on loans (591) 135  (456)
Translation adjustments, net of hedges (1) (4) —  (4)
Change in accumulated unrealized gains for pension and other post-retirement obligations 3  —  3 
Other comprehensive income (loss) $ (1,528) $ 350  $ (1,178)
Nine months ended September 30, 2023
Unrealized gains (losses) on available-for-sale securities arising during the period $ (729) $ 168  $ (561)
Reclassification adjustment for realized net losses included in net income 41  (9) 32 
Total unrealized gains (losses) on available-for-sale securities (688) 159  (529)
Net impact of fair value hedges on available-for-sale securities 44  (10) 34 
Unrealized gains (losses) on cash flow hedging relationships arising during the period (154) 40  (114)
Reclassification adjustment for cash flow hedges included in net income 113  (29) 84 
Net change related to cash flow hedges (41) 11  (30)
Translation adjustments, net of hedges (1) —  —  — 
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  —  1 
Other comprehensive income (loss) $ (684) $ 160  $ (524)
Nine months ended September 30, 2022
Unrealized losses on available-for-sale securities arising during the period $ (3,952) $ 909  $ (3,043)
Reclassification adjustment for realized net losses included in net income 95  (22) 73 
Total unrealized losses on available-for-sale securities (3,857) 887  (2,970)
Net impact of fair value hedges on available-for-sale securities 917  (212) 705 
Net change related to cash flow hedges (1,012) 230  (782)
Translation adjustments, net of hedges (1) (6) —  (6)
Change in accumulated unrealized gains for pension and other post-retirement obligations 8  (2) 6 
Other comprehensive income (loss) $ (3,950) $ 903  $ (3,047)
(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 nine-month periods ended September 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 September 30, 2023
Balance, beginning of period $ (2,898) $ 721  $ (612) $ (7) $ (210) $ (3,006)
Other comprehensive income (loss) before reclassifications (636) 67  (91) (1) —  (661)
Amounts reclassified from accumulated OCI to earnings 3  —  41  —  1  45 
Period change (633) 67  (50) (1) 1  (616)
Balance, end of period $ (3,531) $ 788  $ (662) $ (8) $ (209) $ (3,622)
Three months ended September 30, 2022
Balance, beginning of period $ (2,152) $ 544  $ (263) $ (5) $ (222) $ (2,098)
Other comprehensive income (loss) before reclassifications (974) 250  (456) (4) —  (1,184)
Amounts reclassified from accumulated OCI to earnings 3  —  —  —  3  6 
Period change (971) 250  (456) (4) 3  (1,178)
Balance, end of period $ (3,123) $ 794  $ (719) $ (9) $ (219) $ (3,276)
Nine months ended September 30, 2023
Balance, beginning of period $ (3,002) $ 754  $ (632) $ (8) $ (210) $ (3,098)
Other comprehensive income (loss) before reclassifications (561) 34  (114) —  —  (641)
Amounts reclassified from accumulated OCI to earnings 32  84  —  1  117 
Period change (529) 34  (30) —  1  (524)
Balance, end of period $ (3,531) $ 788  $ (662) $ (8) $ (209) $ (3,622)
Nine months ended September 30, 2022
Balance, beginning of period $ (153) $ 89  $ 63  $ (3) $ (225) $ (229)
Other comprehensive income (loss) before reclassifications (3,043) 705  (782) (6) —  (3,126)
Amounts reclassified from accumulated OCI to earnings 73  —  —  —  6  79 
Period change (2,970) 705  (782) (6) 6  (3,047)
Balance, end of period $ (3,123) $ 794  $ (719) $ (9) $ (219) $ (3,276)
(1)AOCI amounts at September 30, 2023 and September 30, 2022 include $60 million and $69 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.