Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.21.2
OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
Components of other comprehensive income
The components of Huntington’s OCI for the three-month and six-month periods ended June 30, 2021 and 2020, were as follows:
Three Months Ended
June 30, 2021
Tax (expense)
(dollar amounts in millions) Pretax Benefit After-tax
Unrealized gains on available-for-sale securities arising during the period $ 88  $ (20) $ 68 
Less: Reclassification adjustment for realized net losses (gains) included in net income 13  (3) 10 
Net change in unrealized holding gains (losses) on available-for-sale securities 101  (23) 78 
Net change in fair value on cash flow hedges (48) 9  (39)
Translation adjustments, net of hedges (1) (6) —  (6)
Net change in pension and other post-retirement obligations 3  1  4 
Total other comprehensive income $ 50  $ (13) $ 37 
Three Months Ended
June 30, 2020
Tax (expense)
(dollar amounts in millions) Pretax Benefit After-tax
Unrealized gains on available-for-sale securities arising during the period $ 57  $ (13) $ 44 
Less: Reclassification adjustment for realized net losses (gains) included in net income 23  (5) 18 
Net change in unrealized gains (losses) on available-for-sale securities 80  (18) 62 
Net change in fair value on cash flow hedges 14  (3) 11 
Net change in pension and other post-retirement obligations (12) 2  (10)
Total other comprehensive income $ 82  $ (19) $ 63 
Six Months Ended
June 30, 2021
Tax (expense)
(dollar amounts in millions) Pretax Benefit After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period $ (199) $ 44  $ (155)
Less: Reclassification adjustment for realized net losses (gains) included in net income 22  (5) 17 
Net change in unrealized holding gains (losses) on available-for-sale securities (177) 39  (138)
Net change in fair value on cash flow hedges (92) 19  (73)
Translation adjustments, net of hedges (1) (6) —  (6)
Net change in pension and other post-retirement obligations 6  —  6 
Total other comprehensive loss $ (269) $ 58  $ (211)
Six Months Ended
June 30, 2020
Tax (expense)
(dollar amounts in millions) Pretax Benefit After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period $ 274  $ (61) $ 213 
Less: Reclassification adjustment for realized net losses (gains) included in net income 28  (6) 22 
Net change in unrealized holding gains (losses) on available-for-sale securities 302  (67) 235 
Net change in fair value on cash flow hedges 409  (90) 319 
Net change in pension and other post-retirement obligations (10) 2  (8)
Total other comprehensive income $ 701  $ (155) $ 546 
(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 for the three-month and six-month periods ended June 30, 2021 and 2020, were as follows:
(dollar amounts in millions)
Unrealized
 gains (losses) on
debt securities (1)
 Change in fair value related to cash flow hedges Translation adjustments, net of hedges
Unrealized
 gains
(losses) for
pension and
other post-
retirement
obligations (2)
 Total
Three Months Ended June 30, 2021
Balance, beginning of period $ (28) $ 223  $ —  $ (251) $ (56)
Other comprehensive income (loss) before reclassifications 68  (39) (6) —  23 
Amounts reclassified from accumulated OCI to earnings 10  —  —  4  14 
Period change 78  (39) (6) 4  37 
Balance, end of period $ 50  $ 184  $ (6) $ (247) $ (19)
Three Months Ended June 30, 2020
Balance, beginning of period $ 145  $ 331  $ —  $ (249) $ 227 
Other comprehensive income before reclassifications 44  11  —  —  55 
Amounts reclassified from accumulated OCI to earnings 18  —  —  (10) 8 
Period change 62  11  —  (10) 63 
Balance, end of period $ 207  $ 342  $ —  $ (259) $ 290 
(dollar amounts in millions)
Unrealized
 gains (losses) on
debt securities (1)
 Change in fair value related to cash flow hedges Translation adjustments, net of hedges
Unrealized 
gains
(losses) for
pension and
other post-
retirement
obligations (2)
 Total
Six Months Ended June 30, 2021
Balance, beginning of period $ 188  $ 257  $ —  $ (253) $ 192 
Other comprehensive loss before reclassifications (155) (73) (6) —  (234)
Amounts reclassified from accumulated OCI to earnings 17  —  —  6  23 
Period change (138) (73) (6) 6  (211)
Balance, end of period $ 50  $ 184  $ (6) $ (247) $ (19)
Six Months Ended June 30, 2020
Balance, beginning of period $ (28) $ 23  $ —  $ (251) $ (256)
Other comprehensive income before reclassifications 213  319  —  —  532 
Amounts reclassified from accumulated OCI to earnings 22  —  —  (8) 14 
Period change 235  319  —  (8) 546 
Balance, end of period $ 207  $ 342  $ —  $ (259) $ 290 
(1)AOCI amounts at June 30, 2021 and June 30, 2020 include $48 million and $81 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.