Quarterly report pursuant to Section 13 or 15(d)

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.24.2
REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue is segregated based on the nature of product and services offered as part of contractual arrangements. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income. These revenues are included within various sections of the Unaudited Consolidated Financial Statements. The following table shows Huntington’s total noninterest income segregated between revenue with contracts with customers within the scope of ASC 606 and revenue within the scope of other GAAP Topics.
(dollar amounts in millions) Three Months Ended Six Months Ended
Noninterest income June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023
Noninterest income from contracts with customers
 $ 360  $ 332  $ 696  $ 709 
Noninterest income within the scope of other GAAP topics
 131  163  262  298 
Total noninterest income $ 491  $ 495  $ 958  $ 1,007 
The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 16 - “Segment Reporting”. During the fourth quarter of 2023 we updated the presentation of our noninterest income categories to align product and service types more closely with how we strategically manage our business. Additionally, during the second quarter of 2023, we completed an organizational realignment and now report on two business segments. Prior period results for each reporting update have been adjusted to conform to the current presentation.
(dollar amounts in millions) Consumer & Regional Banking Commercial Banking Treasury / Other Huntington Consolidated
Major Revenue Streams
Three months ended June 30, 2024
Payments and cash management revenue $ 114  $ 28  $ —  $ 142 
Wealth and asset management revenue 88  2  —  90 
Customer deposit and loan fees 53  3  —  56 
Capital markets and advisory fees 7  36  —  43 
Leasing revenue —  10  —  10 
Insurance income 16  2  —  18 
Other noninterest income 2  —  (1) 1 
Net revenue from contracts with customers 280  81  (1) 360 
Noninterest income within the scope of
other GAAP topics
 42  83  6  131 
Total noninterest income $ 322  $ 164  $ 5  $ 491 
Three months ended June 30, 2023
Payments and cash management revenue $ 109  $ 25  $ —  $ 134 
Wealth and asset management revenue 76  7  —  83 
Customer deposit and loan fees 51  1  —  52 
Capital markets and advisory fees 5  23  —  28 
Leasing revenue 1  13  —  14 
Insurance income 15  3  —  18 
Other noninterest income 1  3  (1) 3 
Net revenue from contracts with customers 258  75  (1) 332 
Noninterest income within the scope of
other GAAP topics
 44  92  27  163 
Total noninterest income $ 302  $ 167  $ 26  $ 495 
Six months ended June 30, 2024
Payments and cash management revenue $ 221  $ 55  $ —  $ 276 
Wealth and asset management revenue 173  5  —  178 
Customer deposit and loan fees 103  7  —  110 
Capital markets and advisory fees 11  61  —  72 
Leasing revenue 1  19  —  20 
Insurance income 32  5  —  37 
Other noninterest income 4  —  (1) 3 
Net revenue from contracts with customers 545  152  (1) 696 
Noninterest income within the scope of
other GAAP topics
 85  157  20  262 
Total noninterest income $ 630  $ 309  $ 19  $ 958 
Six months ended June 30, 2023
Payments and cash management revenue $ 209  $ 50  $ —  $ 259 
Wealth and asset management revenue 155  8  —  163 
Customer deposit and loan fees 97  2  —  99 
Capital markets and advisory fees 8  53  —  61 
Leasing revenue 1  27  —  28 
Insurance income 32  5  —  37 
Other noninterest income 60  3  (1) 62 
Net revenue from contracts with customers 562  148  (1) 709 
Noninterest income within the scope of
other GAAP topics
 84  175  39  298 
Total noninterest income $ 646  $ 323  $ 38  $ 1,007 
Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended June 30, 2024 is expected to be earned within one year. Huntington does not have significant balances of contract assets or contract liabilities and any change in those balances during the reporting period ended June 30, 2024 was determined to be immaterial.