| OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI for the years ended December 31, 2020, 2019, and 2018, were as follows:
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2020 |
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Tax (expense) |
| (dollar amounts in millions) |
Pretax |
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Benefit |
|
After-tax |
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| Unrealized gains (losses) on available-for-sale securities arising during the period |
$ |
235 |
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|
$ |
(52) |
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$ |
183 |
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| Less: Reclassification adjustment for realized net losses (gains) included in net income |
42 |
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|
(9) |
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|
33 |
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| Net change in unrealized holding gains (losses) on available-for-sale securities |
277 |
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(61) |
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|
216 |
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| Net change in fair value on cash flow hedges |
302 |
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(68) |
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|
234 |
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| Net change in pension and other post-retirement obligations |
(3) |
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1 |
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(2) |
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| Total other comprehensive income (loss) |
$ |
576 |
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|
$ |
(128) |
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$ |
448 |
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2019 |
| |
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|
Tax (expense) |
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| (dollar amounts in millions) |
Pretax |
|
Benefit |
|
After-tax |
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| Unrealized gains (losses) on available-for-sale securities arising during the period |
$ |
403 |
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|
$ |
(89) |
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$ |
314 |
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| Less: Reclassification adjustment for realized net losses (gains) included in net income |
26 |
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|
(5) |
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21 |
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| Net change in unrealized holding gains (losses) on available-for-sale securities |
429 |
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|
(94) |
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|
335 |
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| Net change in fair value on cash flow hedges |
26 |
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|
(3) |
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23 |
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| Net change in pension and other post-retirement obligations |
(7) |
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2 |
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(5) |
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| Total other comprehensive income (loss) |
$ |
448 |
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|
$ |
(95) |
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$ |
353 |
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2018 |
| |
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|
Tax (expense) |
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| (dollar amounts in millions) |
Pretax |
|
Benefit |
|
After-tax |
|
|
|
|
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| Unrealized gains (losses) on available-for-sale securities arising during the period |
$ |
(151) |
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|
$ |
35 |
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$ |
(116) |
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| Less: Reclassification adjustment for net gains (losses) included in net income |
41 |
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(9) |
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32 |
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| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
(110) |
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26 |
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(84) |
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| Net change in pension and post-retirement obligations |
4 |
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|
— |
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|
4 |
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| Total other comprehensive income (loss) |
$ |
(106) |
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$ |
26 |
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|
$ |
(80) |
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Activity in accumulated OCI for the years ended December 31, 2020 and 2019 were as follows:
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| (dollar amounts in millions) |
Unrealized
gains (losses) on
debt
securities (1)
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Change in fair value related to cash flow hedges |
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Unrealized
gains (losses) for
pension and other
post-retirement
obligations
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Total |
| December 31, 2018 |
$ |
(363) |
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|
$ |
— |
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|
$ |
(246) |
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$ |
(609) |
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| Other comprehensive income before reclassifications |
314 |
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|
23 |
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— |
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|
337 |
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| Amounts reclassified from accumulated OCI to earnings |
21 |
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|
— |
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|
(5) |
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|
16 |
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| Period change |
335 |
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23 |
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(5) |
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|
353 |
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| December 31, 2019 |
(28) |
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23 |
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(251) |
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(256) |
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| Other comprehensive income before reclassifications |
183 |
|
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|
234 |
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|
— |
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|
417 |
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| Amounts reclassified from accumulated OCI to earnings |
33 |
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|
|
— |
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|
(2) |
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|
31 |
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| Period change |
216 |
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|
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|
234 |
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|
(2) |
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|
448 |
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| December 31, 2020 |
$ |
188 |
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$ |
257 |
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$ |
(253) |
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$ |
192 |
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(1)AOCI amounts at December 31, 2020, 2019, and 2018 include $69 million, $121 million, and $137 million, respectively, net of unrealized losses 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.
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