| 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, 2024 |
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| Unrealized losses on available-for-sale securities arising during the period, net of hedges |
$ |
(454) |
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$ |
107 |
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|
$ |
(347) |
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| Reclassification adjustment for realized net losses included in net income |
94 |
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|
(18) |
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|
76 |
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| Total unrealized losses on available-for-sale securities, net of hedges |
(360) |
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|
89 |
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|
(271) |
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| Unrealized losses on cash flow hedges during the period |
(111) |
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|
26 |
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|
(85) |
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| Reclassification adjustment for cash flow hedges included in net income |
236 |
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|
(55) |
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|
181 |
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| Net change related to cash flow hedges on loans |
125 |
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(29) |
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|
96 |
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| Translation adjustments, net of hedges (1) |
(6) |
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— |
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(6) |
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| Change in accumulated unrealized losses for pension and other post-retirement obligations |
(12) |
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|
3 |
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|
(9) |
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| Other comprehensive loss |
$ |
(253) |
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$ |
63 |
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$ |
(190) |
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| Year Ended December 31, 2023 |
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| Unrealized gains 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 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 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 losses 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 |
$ |
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 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 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 losses for pension and other post-retirement obligations |
19 |
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|
(4) |
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|
15 |
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| Other comprehensive loss |
$ |
(3,716) |
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|
$ |
847 |
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$ |
(2,869) |
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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 was as follows.
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| (dollar amounts in millions) |
Unrealized losses
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 for
pension and other
post-retirement
obligations
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Total |
| 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 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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Other comprehensive loss before reclassifications |
(347) |
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|
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|
(85) |
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|
(6) |
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— |
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|
(438) |
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| Amounts reclassified from accumulated OCI to earnings |
76 |
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|
181 |
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|
— |
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|
(9) |
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|
248 |
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| Period change |
(271) |
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|
96 |
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|
(6) |
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|
(9) |
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|
(190) |
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| December 31, 2024 |
$ |
(2,365) |
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|
$ |
(267) |
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|
$ |
(12) |
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|
$ |
(222) |
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|
$ |
(2,866) |
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(1)AOCI amounts at December 31, 2024, 2023, and 2022 include $50 million, $58 million, and $66 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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