Annual report pursuant to Section 13 and 15(d)

ACCOUNTING STANDARDS UPDATE

v3.25.0.1
ACCOUNTING STANDARDS UPDATE
 12 Months Ended
Dec. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
ACCOUNTING STANDARDS UPDATE ACCOUNTING STANDARDS UPDATE
Accounting standards adopted in the current period
Standard Summary of guidance Effects on financial Statements
ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
•Permits the election of the proportional amortization method for any tax equity investment that meets specific criteria.
•Requires that the election be made on a tax-credit-program-by-tax-credit-program basis.
•Receipt of tax credits must be accounted for using the flow through method.
•Requires that a liability be recorded for delayed equity contributions.
•Expands disclosure requirements for the nature of investments and financial statement effect.
•Huntington adopted the standard effective January 1, 2024 on a modified retrospective basis.
•The adoption did not result in a material impact on Huntington’s Consolidated Financial Statements.
ASU 2023-07 - Segment Reporting (Topic 280): Improvement to Reportable Segments
•Requires disclosure of the position and title of the CODM and significant segment expenses that the CODM is regularly provided.
•Requires the disclosure of other segment items representing the difference between segment revenue and expense and the profit and loss measure of the segment.
•Allows for the CODM to use more than one measure of segment profit and loss, as long as one measure is consistent with GAAP.

•Huntington adopted the standard effective for the year ended December 31, 2024.
•The adoption did not result in a material impact on Huntington’s Consolidated Financial Statements.
•The amendments have been applied retrospectively to all periods presented and segment expense categories are based on the categories identified at adoption.
•Refer to Note 24 - “Segment Reporting” for additional disclosure information.
Accounting standards yet to be adopted
Standard Summary of guidance Effects on financial statements
ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures
•Requires a tabular rate reconciliation using both percentages and reporting currency amounts between the reported amount of income tax expense (or benefit) to the amount of statutory federal income tax at current rates for specified categories using specified disaggregation criteria.
•The amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction that net taxes exceed a 5% quantitative threshold.
•The amendments will require the disclosure of pre-tax income disaggregated between domestic and foreign, as well as income tax expense disaggregated by federal, state, and foreign.
•Effective for fiscal years beginning after December 15, 2024.
•Early adoption is permitted in any annual period where financial statements have not yet been issued.
•The amendments should be applied on a prospective basis but retrospective application is permitted.
•Huntington does not expect adoption of the standard to have a material impact on its Consolidated Financial Statements.