HUNTINGTON BANCSHARES INC MD
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Operating Leases
- OPERATING LEASES
At December 31, 2023, Huntington was obligated under non-cancelable leases for branch and office space. These leases are all classified as operating due to the amount of time such spaces are occupied relative to the underlying assets useful lives. Many of these leases contain renewal options, most of which are not included in measurement of the right-of-use asset as they are not considered reasonably certain of exercise (i.e., Huntington does not currently have a significant economic incentive to exercise these options).
Net lease assets and liabilities are as follows:
| At December 31, | |||
|---|---|---|---|
| (dollar amounts in millions) | Classification | 2023 | 2022 |
| Assets | |||
| Operating lease assets | Other assets | $265 | $279 |
| Liabilities | |||
| Lease liabilities | Other liabilities | $379 | $401 |
Net lease cost are as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| (dollar amounts in millions) | Classification | 2023 | 2022 |
| Operating lease cost | Net occupancy | $68 | $81 |
| Short-term lease cost | Net occupancy | 1 | 2 |
| Net lease cost | $69 | $83 | |
2023 Form 10-K 124
Maturity of lease liabilities at December 31, 2023 are as follows:
| (dollar amounts in millions) | Total |
|---|---|
| 2024 | $66 |
| 2025 | 66 |
| 2026 | 51 |
| 2027 | 43 |
| 2028 | 36 |
| Thereafter | 251 |
| Total lease payments | 513 |
| Less: Interest | (134) |
| Total lease liabilities | $379 |
Additional supplemental information related to the Company’s operating leases is as follows:
| (dollar amounts in millions) | 2023 | 2022 |
|---|---|---|
| Year ended December 31: | ||
| Cash paid for amounts included in the measurement of lease liabilities for operating cash flows | $(77) | $(80) |
| Right-of-use assets obtained in exchange for lease obligations for operating leases | 37 | 22 |
| At December 31: | ||
| Weighted-average remaining lease term (years) for operating leases | 11.30 | 11.48 |
| Weighted-average discount rate for operating leases | 4.93% | 4.64% |
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