Company: HBAN
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000049196-25-000020
Chunk: 63

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 63
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 of the underlying investments held by the fund less its liabilities as reported by the issuer of the fund. The investment in the limited partnerships is reported at net asset value per share as determined by the general partners of each limited partnership, based on their proportionate share of the partnership’s fair value as recorded in the partnership’s audited financial statements. The investment objective of the Plan is to maximize the return on Plan assets over a long-time period, while meeting the Plan obligations. At December 31, 2024, Plan assets had an average duration of 11.9 years on investments. The estimated life of benefit obligations was 9.7 years. Although it may fluctuate with market conditions, Huntington has targeted a long-term allocation of Plan assets of 90% in bond investments and 10% in equity investments.At December 31, 2024, the following table shows when benefit payments are expected to be paid.(dollar amounts in millions)Pension Benefits2025$53 202654 202754 202853 202953 2030 through 2034252 Huntington has a defined contribution plan that is available to eligible employees. Huntington’s expense related to the defined contribution plans for the years ended December 31, 2024, 2023, and 2022 was $61 million, $61 million, and $58 million, respectively. The following table shows the number of shares, market value, and dividends received on shares of Huntington stock held by the defined contribution plan.At December 31, (dollar amounts in millions, share amounts in thousands)20242023Shares in Huntington common stock 10,910 11,899 Market value of Huntington common stock$178 $151 Dividends received on shares of Huntington stock7 7 

17. INCOME TAXES 

The following is a summary of the provision for income taxes. Year Ended December 31,(dollar amounts in millions)202420232022Current tax provisionFederal$411 $644 $129 State43 63 62 Foreign15 8 5 Total current tax provision469 715 196 Deferred tax (benefit) provisionFederal(24)(291)319 State(2)(11)— Total deferred tax (benefit) provision(26)(302)319 Provision for income taxes$443 $413 $515 

136     Huntington Bancshares Incorporated

Table of Contents

The following is a reconciliation of the provision for income