Annual report pursuant to Section 13 and 15(d)

OPERATING LEASES

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OPERATING LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
OPERATING LEASES OPERATING LEASES
At December 31, 2023, Huntington was obligated under non-cancelable leases for branch and office space. These leases are all classified as operating due to the amount of time such spaces are occupied relative to the underlying assets useful lives. Many of these leases contain renewal options, most of which are not included in measurement of the right-of-use asset as they are not considered reasonably certain of exercise (i.e., Huntington does not currently have a significant economic incentive to exercise these options).
Net lease assets and liabilities are as follows:
At December 31,
(dollar amounts in millions) Classification 2023 2022
Assets
Operating lease assets Other assets $ 265  $ 279 
Liabilities
Lease liabilities Other liabilities $ 379  $ 401 
Net lease cost are as follows:
Year Ended December 31,
(dollar amounts in millions) Classification 2023 2022
Operating lease cost Net occupancy $ 68  $ 81 
Short-term lease cost Net occupancy 1  2 
Net lease cost $ 69  $ 83 
Maturity of lease liabilities at December 31, 2023 are as follows:
(dollar amounts in millions) Total
2024 $ 66 
2025 66 
2026 51 
2027 43 
2028 36 
Thereafter 251 
Total lease payments 513 
Less: Interest (134)
Total lease liabilities $ 379 
Additional supplemental information related to the Company’s operating leases is as follows:
(dollar amounts in millions) 2023 2022
Year ended December 31:
Cash paid for amounts included in the measurement of lease liabilities for operating cash flows $ (77) $ (80)
Right-of-use assets obtained in exchange for lease obligations for operating leases 37  22 
At December 31:
Weighted-average remaining lease term (years) for operating leases 11.30 11.48
Weighted-average discount rate for operating leases 4.93  % 4.64  %