Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.23.1
OTHER COMPREHENSIVE INCOME (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Components of other comprehensive income
The components of Huntington’s OCI for the three-month periods ended March 31, 2023 and 2022, were as follows:
(dollar amounts in millions) Pretax Tax (expense) benefit After-tax
Three Months Ended March 31, 2023
Unrealized gains (losses) on available-for-sale securities arising during the period $ 379  $ (87) $ 292 
Reclassification adjustment for realized net losses included in net income 3  (1) 2 
Total unrealized gains (losses) on available-for-sale securities 382  (88) 294 
Net impact of fair value hedges on available-for-sale securities (182) 42  (140)
Unrealized gains (losses) on cash flow hedges during the period 231  (53) 178 
Reclassification adjustment for cash flow hedges included in net income 12  (1) 11 
Net change related to cash flow hedges on loans 243  (54) 189 
Other comprehensive income (loss) $ 443  $ (100) $ 343 
Three Months Ended March 31, 2022
Unrealized gains (losses) on available-for-sale securities arising during the period $ (1,540) $ 354  $ (1,186)
Reclassification adjustment for realized net losses included in net income 9  (2) 7 
Total unrealized gains (losses) on available-for-sale securities (1,531) 352  (1,179)
Net impact of fair value hedges on available-for-sale securities 431  (99) 332 
Net change related to cash flow hedges on loans (310) 70  (240)
Foreign currency translation adjustment (1) 2  —  2 
Net unrealized gains (losses) on net investment hedges (2) —  (2)
Translation adjustments, net of hedges (1) —  —  — 
Change in accumulated unrealized gains for pension and other post-retirement obligations 3  (1) 2 
Other comprehensive income (loss) $ (1,407) $ 322  $ (1,085)
(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 for the three-month periods ended March 31, 2023 and 2022, were as follows:
(dollar amounts in millions)
Unrealized
 gains (losses) on
available-for-sale securities (1)
 Net impact of fair value hedges on available-for-sale securities Net change related to cash flow hedges on loans Translation adjustments, net of hedges
Unrealized
 gains
(losses) for
pension and
other post-
retirement
obligations
 Total
Three Months Ended March 31, 2023
Balance, beginning of period $ (3,002) $ 754  $ (632) $ (8) $ (210) $ (3,098)
Other comprehensive income (loss) before reclassifications 292  (140) 178  —  —  330 
Amounts reclassified from accumulated OCI to earnings 2  —  11  —  —  13 
Period change 294  (140) 189  —  —  343 
Balance, end of period $ (2,708) $ 614  $ (443) $ (8) $ (210) $ (2,755)
Three Months Ended March 31, 2022
Balance, beginning of period $ (153) $ 89  $ 63  $ (3) $ (225) $ (229)
Other comprehensive income (loss) before reclassifications (1,186) 332  (240) —  —  (1,094)
Amounts reclassified from accumulated OCI to earnings 7  —  —  —  2  9 
Period change (1,179) 332  (240) —  2  (1,085)
Balance, end of period $ (1,332) $ 421  $ (177) $ (3) $ (223) $ (1,314)
(1)AOCI amounts at March 31, 2023 and March 31, 2022 include $64 million and $78 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.