Quarterly report pursuant to Section 13 or 15(d)

REVENUE FROM CONTRACTS WITH CUSTOMERS

v3.24.3
REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
Sep. 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 Nine Months Ended
Noninterest income September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Noninterest income from contracts with customers
 $ 362  $ 338  $ 1,058  $ 1,047 
Noninterest income within the scope of other GAAP topics
 161  171  423  469 
Total noninterest income $ 523  $ 509  $ 1,481  $ 1,516 
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 September 30, 2024
Payments and cash management revenue $ 114  $ 29  $ —  $ 143 
Wealth and asset management revenue 89  4  —  93 
Customer deposit and loan fees 57  1  —  58 
Capital markets and advisory fees 5  32  —  37 
Leasing revenue 1  9  —  10 
Insurance income 15  3  (1) 17 
Other noninterest income 2  3  (1) 4 
Net revenue from contracts with customers 283  81  (2) 362 
Noninterest income within the scope of
other GAAP topics
 55  100  6  161 
Total noninterest income $ 338  $ 181  $ 4  $ 523 
Three months ended September 30, 2023
Payments and cash management revenue $ 112  $ 26  $ —  $ 138 
Wealth and asset management revenue 76  3  —  79 
Customer deposit and loan fees 55  2  —  57 
Capital markets and advisory fees 3  29  (1) 31 
Leasing revenue —  12  —  12 
Insurance income 17  2  (1) 18 
Other noninterest income 4  —  (1) 3 
Net revenue from contracts with customers 267  74  (3) 338 
Noninterest income within the scope of
other GAAP topics
 40  82  49  171 
Total noninterest income $ 307  $ 156  $ 46  $ 509 
Nine months ended September 30, 2024
Payments and cash management revenue $ 335  $ 84  $ —  $ 419 
Wealth and asset management revenue 262  9  —  271 
Customer deposit and loan fees 160  8  —  168 
Capital markets and advisory fees 16  93  —  109 
Leasing revenue 2  28  —  30 
Insurance income 47  8  (1) 54 
Other noninterest income 6  3  (2) 7 
Net revenue from contracts with customers 828  233  (3) 1,058 
Noninterest income within the scope of
other GAAP topics
 140  257  26  423 
Total noninterest income $ 968  $ 490  $ 23  $ 1,481 
Nine months ended September 30, 2023
Payments and cash management revenue $ 321  $ 76  $ —  $ 397 
Wealth and asset management revenue 231  11  —  242 
Customer deposit and loan fees 152  4  —  156 
Capital markets and advisory fees 11  82  (1) 92 
Leasing revenue 1  39  —  40 
Insurance income 49  7  (1) 55 
Other noninterest income 64  3  (2) 65 
Net revenue from contracts with customers 829  222  (4) 1,047 
Noninterest income within the scope of
other GAAP topics
 124  257  88  469 
Total noninterest income $ 953  $ 479  $ 84  $ 1,516 
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 September 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 September 30, 2024 was determined to be immaterial.