Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.22.1
OTHER COMPREHENSIVE INCOME (Tables)
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Components of other comprehensive income
The components of Huntington’s OCI for the three-month periods ended March 31, 2022 and 2021, were as follows:
(dollar amounts in millions) Pretax Tax (Expense) benefit After-tax
Three Months Ended March 31, 2022
Unrealized losses on available-for-sale securities arising during the period $ (1,540) $ 354  $ (1,186)
Reclassification adjustment for realized net losses included in net income 9  (2) 7 
Total unrealized losses on available-for-sale securities (1,531) 352  (1,179)
Net impact of fair value hedges on available-for-sale securities 431  (99) 332 
Change in fair value related to cash flow hedges (310) 70  (240)
Foreign currency translation adjustment (1) 2  —  2 
Net unrealized gains (losses) on net investment hedges (2) —  (2)
Translation adjustments, net of hedges (1) —  —  — 
Change in accumulated unrealized gains for pension and other post retirement obligations 3  (1) 2 
Other comprehensive (loss) income $ (1,407) $ 322  $ (1,085)
Three Months Ended March 31, 2021
Unrealized losses on available-for-sale securities arising during the period $ (287) $ 64  $ (223)
Reclassification adjustment for realized net losses included in net income 9  (2) 7 
Total unrealized losses on available-for-sale securities (278) 62  (216)
Net impact of fair value hedges on available-for-sale securities 44  (10) 34 
Change in fair value related to cash flow hedges (88) 20  (68)
Change in accumulated unrealized gains for pension and other post retirement obligations 3  (1) 2 
Other comprehensive (loss) income $ (319) $ 71  $ (248)
(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 periods ended March 31, 2022 and 2021, were as follows:
(dollar amounts in millions)
Unrealized
 gains (losses) on
available-for-sale securities (1)
 Net impact of fair value hedges on available-for-sale securities 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 March 31, 2022
Balance, beginning of period $ (153) $ 89  $ 63  $ (3) $ (225) $ (229)
Other comprehensive income (loss) before reclassifications (1,186) 332  (240) —  —  $ (1,094)
Amounts reclassified from accumulated OCI to earnings 7  —  —  —  2  9 
Period change (1,179) 332  (240) —  2  (1,085)
Balance, end of period $ (1,332) $ 421  $ (177) $ (3) $ (223) $ (1,314)
Three Months Ended March 31, 2021
Balance, beginning of period $ 188  $ 2  $ 255  $ —  $ (253) $ 192 
Other comprehensive income (loss) before reclassifications (223) 34  (68) —  —  (257)
Amounts reclassified from accumulated OCI to earnings 7  —  —  —  2  9 
Period change (216) 34  (68) —  2  (248)
Balance, end of period $ (28) $ 36  $ 187  $ —  $ (251) $ (56)
(1)AOCI amounts at March 31, 2022 and March 31, 2021 include $78 million and $46 million, respectively, of net unrealized losses (after-tax) 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.