Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

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OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Components of other comprehensive income
The components of Huntington’s OCI were as follows:
(dollar amounts in millions) Pretax Tax (expense) benefit After-tax
Three months ended June 30, 2024
Unrealized losses on available-for-sale securities arising during the period, net of hedges $ (93) $ 21  $ (72)
Reclassification adjustment for realized net losses included in net income 2  —  2 
Total unrealized losses on available-for-sale securities, net of hedges (91) 21  (70)
Unrealized losses on cash flow hedges during the period (20) 5  (15)
Reclassification adjustment for cash flow hedges included in net income 68  (16) 52 
Net change related to cash flow hedges on loans 48  (11) 37 
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  —  1 
Other comprehensive loss $ (42) $ 10  $ (32)
Three months ended June 30, 2023
Unrealized losses on available-for-sale securities arising during the period, net of hedges $ (143) $ 33  $ (110)
Reclassification adjustment for realized net losses included in net income 35  (8) 27 
Total unrealized losses on available-for-sale securities, net of hedges (108) 25  (83)
Unrealized 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 loss $ (339) $ 88  $ (251)
Six months ended June 30, 2024
Unrealized losses on available-for-sale securities arising during the period, net of hedges $ (263) $ 61  $ (202)
Reclassification adjustment for realized net losses included in net income 5  (1) 4 
Total unrealized losses on available-for-sale securities, net of hedges (258) 60  (198)
Unrealized losses on cash flow hedges during the period (181) 42  (139)
Reclassification adjustment for cash flow hedges included in net income 135  (32) 103 
Net change related to cash flow hedges on loans (46) 10  (36)
Translation adjustments, net of hedges (1) (2) —  (2)
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  —  1 
Other comprehensive loss $ (305) $ 70  $ (235)
Six months ended June 30, 2023
Unrealized gains on available-for-sale securities arising during the period, net of hedges $ 54  $ (12) $ 42 
Reclassification adjustment for realized net losses included in net income 38  (9) 29 
Total unrealized gains on available-for-sale securities 92  (21) 71 
Unrealized losses on cash flow hedges 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 on loans 11  9  20 
Translation adjustments, net of hedges (1) 1  —  1 
Other comprehensive income $ 104  $ (12) $ 92 
(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 was as follows:
(dollar amounts in millions)
Unrealized  gains (losses) on available-for-sale securities, net of hedges (1)
 Net change related to cash flow hedges on loans Translation adjustments, net of hedges
Unrealized losses for pension and other post-retirement obligations
 Total
Three months ended June 30, 2024
Balance, beginning of period $ (2,222) $ (436) $ (8) $ (213) $ (2,879)
Other comprehensive loss before reclassifications (72) (15) —  —  (87)
Amounts reclassified from accumulated OCI to earnings 2  52  —  1  55 
Period change (70) 37  —  1  (32)
Balance, end of period $ (2,292) $ (399) $ (8) $ (212) $ (2,911)
Three months ended June 30, 2023
Balance, beginning of period $ (2,094) $ (443) $ (8) $ (210) $ (2,755)
Other comprehensive income (loss) before reclassifications (110) (201) 1  —  (310)
Amounts reclassified from accumulated OCI to earnings 27  32  —  —  59 
Period change (83) (169) 1  —  (251)
Balance, end of period $ (2,177) $ (612) $ (7) $ (210) $ (3,006)
Six months ended June 30, 2024
Balance, beginning of period $ (2,094) $ (363) $ (6) $ (213) $ (2,676)
Other comprehensive loss before reclassifications (202) (139) (2) —  (343)
Amounts reclassified from accumulated OCI to earnings 4  103  —  1  108 
Period change (198) (36) (2) 1  (235)
Balance, end of period $ (2,292) $ (399) $ (8) $ (212) $ (2,911)
Six months ended June 30, 2023
Balance, beginning of period $ (2,248) $ (632) $ (8) $ (210) $ (3,098)
Other comprehensive income (loss) before reclassifications 42  (23) 1  —  20 
Amounts reclassified from accumulated OCI to earnings 29  43  —  —  72 
Period change 71  20  1  —  92 
Balance, end of period $ (2,177) $ (612) $ (7) $ (210) $ (3,006)
(1)AOCI amounts at June 30, 2024 and June 30, 2023 include $54 million and $62 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.