| OTHER COMPREHENSIVE INCOME |
OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI were as follows:
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| (dollar amounts in millions) |
Pretax |
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Tax (expense) benefit |
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After-tax |
| Year Ended December 31, 2023 |
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| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
154 |
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$ |
(36) |
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$ |
118 |
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| Reclassification adjustment for realized net losses included in net income |
47 |
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|
(11) |
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36 |
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| Total unrealized gains (losses) on available-for-sale securities, net of hedges |
201 |
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|
(47) |
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154 |
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| Unrealized gains (losses) on cash flow hedges during the period |
162 |
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(37) |
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125 |
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| Reclassification adjustment for cash flow hedges included in net income |
187 |
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(43) |
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144 |
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| Net change related to cash flow hedges on loans |
349 |
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(80) |
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269 |
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| Translation adjustments, net of hedges (1) |
2 |
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— |
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2 |
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| Change in accumulated unrealized gains for pension and other post-retirement obligations |
(4) |
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1 |
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(3) |
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| Other comprehensive income (loss) |
$ |
548 |
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$ |
(126) |
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$ |
422 |
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| Year Ended December 31, 2022 |
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| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(2,934) |
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$ |
673 |
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$ |
(2,261) |
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| Reclassification adjustment for realized net losses included in net income |
100 |
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|
(23) |
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|
77 |
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| Total unrealized gains (losses) on available-for-sale securities, net of hedges |
(2,834) |
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|
650 |
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(2,184) |
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| Unrealized gains (losses) on cash flow hedges during the period |
(896) |
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201 |
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|
(695) |
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| Reclassification adjustment for cash flow hedges included in net income |
— |
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— |
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— |
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| Net change related to cash flow hedges on loans |
(896) |
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|
201 |
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|
(695) |
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| Translation adjustments, net of hedges (1) |
(5) |
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— |
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|
(5) |
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| Change in accumulated unrealized gains for pension and other post-retirement obligations |
19 |
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|
(4) |
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|
15 |
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| Other comprehensive income (loss) |
$ |
(3,716) |
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$ |
847 |
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$ |
(2,869) |
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| Year Ended December 31, 2021 |
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| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(361) |
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$ |
81 |
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$ |
(280) |
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| Reclassification adjustment for realized net losses included in net income |
34 |
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(8) |
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26 |
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| Total unrealized gains (losses) on available-for-sale securities, net of hedges |
(327) |
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73 |
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(254) |
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| Unrealized gains (losses) on cash flow hedges during the period |
(257) |
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|
65 |
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(192) |
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| Reclassification adjustment for cash flow hedges included in net income |
— |
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— |
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— |
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| Net change related to cash flow hedges on loans |
(257) |
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|
65 |
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|
(192) |
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| Translation adjustments, net of hedges (1) |
(3) |
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— |
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|
(3) |
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| Change in accumulated unrealized gains for pension and other post-retirement obligations |
36 |
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|
(8) |
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28 |
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| Other comprehensive income (loss) |
$ |
(551) |
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$ |
130 |
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$ |
(421) |
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(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:
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| (dollar amounts in millions) |
Unrealized (losses)
gains on
available-for-sale
securities, net of hedges (1)
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Net change related to cash flow hedges on loans |
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Translation adjustments, net of hedges |
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Unrealized
(losses) gains for
pension and other
post-retirement
obligations |
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Total |
| December 31, 2020 |
$ |
190 |
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$ |
255 |
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|
$ |
— |
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$ |
(253) |
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$ |
192 |
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| Other comprehensive income (loss) before reclassifications |
(280) |
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(192) |
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(3) |
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— |
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(475) |
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| Amounts reclassified from accumulated OCI to earnings |
26 |
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— |
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— |
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28 |
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|
54 |
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| Period change |
(254) |
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(192) |
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(3) |
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28 |
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(421) |
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| December 31, 2021 |
(64) |
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63 |
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(3) |
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(225) |
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(229) |
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| Other comprehensive income (loss) before reclassifications |
(2,261) |
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|
(695) |
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(5) |
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— |
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(2,961) |
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| Amounts reclassified from accumulated OCI to earnings |
77 |
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— |
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— |
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15 |
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|
92 |
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| Period change |
(2,184) |
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(695) |
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(5) |
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15 |
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(2,869) |
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| December 31, 2022 |
(2,248) |
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(632) |
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(8) |
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(210) |
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(3,098) |
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| Other comprehensive income before reclassifications |
118 |
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|
125 |
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2 |
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— |
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|
245 |
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| Amounts reclassified from accumulated OCI to earnings |
36 |
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|
144 |
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— |
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(3) |
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|
177 |
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| Period change |
154 |
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|
269 |
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2 |
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(3) |
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|
422 |
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| December 31, 2023 |
$ |
(2,094) |
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$ |
(363) |
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$ |
(6) |
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$ |
(213) |
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$ |
(2,676) |
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(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.
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