| OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI for the years ended December 31, 2021, 2020, and 2019, were as follows:
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| (dollar amounts in millions) |
Pretax |
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Tax (expense) benefit |
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After-tax |
| Year Ended December 31, 2021 |
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| Unrealized (losses) gains on available-for-sale securities arising during the period |
(474) |
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107 |
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(367) |
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| Less: Reclassification adjustment for realized net losses (gains) included in net income |
34 |
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(8) |
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26 |
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| Total unrealized (losses) gains on available-for-sale securities |
(440) |
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99 |
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(341) |
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| Change in fair value related to cash flow hedges |
(144) |
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39 |
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(105) |
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| Foreign currency translation adjustment (1) |
(12) |
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— |
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(12) |
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| Net unrealized gains (losses) on net investment hedges |
9 |
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— |
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9 |
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| Translation adjustments, net of hedges (1) |
(3) |
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— |
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(3) |
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| Change in accumulated unrealized gains (losses) for pension and other post-retirement obligations |
36 |
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(8) |
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28 |
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| Other comprehensive loss |
(551) |
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130 |
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(421) |
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| Year Ended December 31, 2020 |
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— |
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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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| Total unrealized gains (losses) on available-for-sale securities |
277 |
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(61) |
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216 |
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| Change in fair value related to cash flow hedges |
302 |
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(68) |
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234 |
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| Change in accumulated unrealized (losses) gains for pension and other post-retirement obligations (2) |
(3) |
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1 |
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(2) |
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| Other comprehensive income |
576 |
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(128) |
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448 |
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| Year Ended December 31, 2019 |
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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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| Total unrealized gains (losses) on available-for-sale securities |
429 |
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(94) |
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335 |
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| Change in fair value related to cash flow hedges |
26 |
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(3) |
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23 |
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| Change in accumulated unrealized gains (losses) for pension and other post-retirement obligations |
(7) |
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2 |
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(5) |
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| Other comprehensive income |
448 |
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(95) |
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353 |
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(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.
(2)Includes a settlement gain recognized in other noninterest income on the Consolidated Statements of Income.
Activity in accumulated OCI for the years ended December 31, 2021 and 2020 were as follows:
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| (dollar amounts in millions) |
Unrealized (losses)
gains on
debt
securities (1) |
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Change in fair value related to cash flow hedges |
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Translation adjustments, net of hedges |
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Unrealized
(losses) gains for
pension and other
post-retirement
obligations |
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Total |
| December 31, 2018 |
$ |
(363) |
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$ |
— |
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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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$ |
— |
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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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$ |
— |
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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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$ |
— |
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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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$ |
— |
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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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— |
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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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— |
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(2) |
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31 |
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| Period change |
216 |
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234 |
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— |
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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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— |
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(253) |
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192 |
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| Other comprehensive income before reclassifications |
(367) |
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(105) |
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(3) |
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— |
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(475) |
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| Amounts reclassified from accumulated OCI to earnings |
26 |
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— |
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— |
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28 |
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54 |
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| Period change |
(341) |
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(105) |
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(3) |
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28 |
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(421) |
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| December 31, 2021 |
$ |
(153) |
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$ |
152 |
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$ |
(3) |
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$ |
(225) |
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$ |
(229) |
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(1)AOCI amounts at December 31, 2021, 2020, and 2019 include $35 million, $69 million and $121 million, respectively, of net 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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