Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

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OTHER COMPREHENSIVE INCOME (Tables)
 9 Months Ended
Sep. 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 September 30, 2024
Unrealized gains on available-for-sale securities arising during the period, net of hedges $ 573  $ (131) $ 442 
Reclassification adjustment for realized net losses included in net income 4  (1) 3 
Total unrealized gains on available-for-sale securities, net of hedges 577  (132) 445 
Unrealized gains on cash flow hedges during the period 412  (95) 317 
Reclassification adjustment for cash flow hedges included in net income 55  (12) 43 
Net change related to cash flow hedges on loans 467  (107) 360 
Translation adjustments, net of hedges (1) 2  —  2 
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  (1) — 
Other comprehensive income $ 1,047  $ (240) $ 807 
Three months ended September 30, 2023
Unrealized losses on available-for-sale securities arising during the period, net of hedges $ (739) $ 170  $ (569)
Reclassification adjustment for realized net losses included in net income 3  —  3 
Total unrealized losses on available-for-sale securities, net of hedges (736) 170  (566)
Unrealized losses on cash flow hedges during the period (119) 28  (91)
Reclassification adjustment for cash flow hedges included in net income 67  (26) 41 
Net change related to cash flow hedges on loans (52) 2  (50)
Translation adjustments, net of hedges (1) (1) —  (1)
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  —  1 
Other comprehensive loss $ (788) $ 172  $ (616)
Nine months ended September 30, 2024
Unrealized gains on available-for-sale securities arising during the period, net of hedges $ 310  $ (70) $ 240 
Reclassification adjustment for realized net losses included in net income 9  (2) 7 
Total unrealized gains on available-for-sale securities, net of hedges 319  (72) 247 
Unrealized gains on cash flow hedges during the period 231  (53) 178 
Reclassification adjustment for cash flow hedges included in net income 190  (44) 146 
Net change related to cash flow hedges on loans 421  (97) 324 
Change in accumulated unrealized gains for pension and other post-retirement obligations 2  (1) 1 
Other comprehensive income $ 742  $ (170) $ 572 
Nine months ended September 30, 2023
Unrealized losses on available-for-sale securities arising during the period, net of hedges $ (685) $ 158  $ (527)
Reclassification adjustment for realized net losses included in net income 41  (9) 32 
Total unrealized losses on available-for-sale securities (644) 149  (495)
Unrealized losses on cash flow hedges during the period (154) 40  (114)
Reclassification adjustment for cash flow hedges included in net income 113  (29) 84 
Net change related to cash flow hedges on loans (41) 11  (30)
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  —  1 
Other comprehensive loss $ (684) $ 160  $ (524)
(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 September 30, 2024
Balance, beginning of period $ (2,292) $ (399) $ (8) $ (212) $ (2,911)
Other comprehensive income before reclassifications 442  317  2  —  761 
Amounts reclassified from accumulated OCI to earnings 3  43  —  —  46 
Period change 445  360  2  —  807 
Balance, end of period $ (1,847) $ (39) $ (6) $ (212) $ (2,104)
Three months ended September 30, 2023
Balance, beginning of period $ (2,177) $ (612) $ (7) $ (210) $ (3,006)
Other comprehensive loss before reclassifications (569) (91) (1) —  (661)
Amounts reclassified from accumulated OCI to earnings 3  41  —  1  45 
Period change (566) (50) (1) 1  (616)
Balance, end of period $ (2,743) $ (662) $ (8) $ (209) $ (3,622)
Nine months ended September 30, 2024
Balance, beginning of period $ (2,094) $ (363) $ (6) $ (213) $ (2,676)
Other comprehensive income before reclassifications 240  178  —  —  418 
Amounts reclassified from accumulated OCI to earnings 7  146  —  1  154 
Period change 247  324  —  1  572 
Balance, end of period $ (1,847) $ (39) $ (6) $ (212) $ (2,104)
Nine months ended September 30, 2023
Balance, beginning of period $ (2,248) $ (632) $ (8) $ (210) $ (3,098)
Other comprehensive loss before reclassifications (527) (114) —  —  (641)
Amounts reclassified from accumulated OCI to earnings 32  84  —  1  117 
Period change (495) (30) —  1  (524)
Balance, end of period $ (2,743) $ (662) $ (8) $ (209) $ (3,622)
(1)AOCI amounts at September 30, 2024 and September 30, 2023 include $52 million and $60 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.