Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2013
|
Benefit Plans [Abstract] |
|
Schedule of Assumptions Used [Table Text Block] |
The following table shows the weighted-average assumptions used to determine the benefit obligation at December 31, 2013 and 2012, and the net periodic benefit cost for the years then ended
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Pension |
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Post-Retirement |
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Benefits |
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Benefits |
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2013 |
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2012 |
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|
2013 |
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|
2012 |
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Weighted-average assumptions used to determine benefit obligations |
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Discount rate |
4.89 |
% |
|
3.83 |
% |
|
4.27 |
% |
|
3.28 |
% |
|
Rate of compensation increase |
N.A. |
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|
4.50 |
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|
N/A |
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|
N/A |
|
Weighted-average assumptions used to determine net periodic benefit cost |
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Discount rate (1) |
4.15 |
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|
4.57 |
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3.28 |
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|
4.34 |
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|
Expected return on plan assets |
7.63 |
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|
8.00 |
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N/A |
|
|
N/A |
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|
Rate of compensation increase |
4.50 |
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|
4.50 |
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N/A |
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N/A |
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N/A - Not Applicable |
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(1) The 2013 expense was remeasured as of July 1, 2013. The discount rate was 3.83% from January 1, 2013 to July 1, 2013, and was |
changed to 4.47% for the period from July 1, 2013 to December 31, 2013. |
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Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] |
The following table reconciles the beginning and ending balances of the benefit obligation of the Plan and the post-retirement benefit plan with the amounts recognized in the consolidated balance sheets at December 31:
|
|
|
Pension |
|
|
Post-Retirement |
|
|
|
Benefits |
|
|
Benefits |
(dollar amounts in thousands) |
|
2013 |
|
|
2012 |
|
|
2013 |
|
|
2012 |
Projected benefit obligation at beginning of measurement year |
$ |
783,778 |
|
$ |
656,339 |
|
$ |
27,787 |
|
$ |
32,851 |
Changes due to: |
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|
|
|
|
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Service cost |
|
25,122 |
|
|
24,869 |
|
|
--- |
|
|
--- |
|
Interest cost |
|
30,112 |
|
|
29,215 |
|
|
862 |
|
|
1,350 |
|
Benefits paid |
|
(14,886) |
|
|
(13,719) |
|
|
(3,170) |
|
|
(3,850) |
|
Settlements |
|
(19,363) |
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|
(10,444) |
|
|
--- |
|
|
--- |
|
Plan amendments |
|
(13,559) |
|
|
--- |
|
|
--- |
|
|
--- |
|
Plan curtailments |
|
(7,875) |
|
|
--- |
|
|
--- |
|
|
--- |
|
Medicare subsidies |
|
--- |
|
|
--- |
|
|
564 |
|
|
740 |
|
Actuarial assumptions and gains and losses |
|
(98,330) |
|
|
97,518 |
|
|
(374) |
|
|
(3,304) |
Total changes |
|
(98,779) |
|
|
127,439 |
|
|
(2,118) |
|
|
(5,064) |
Projected benefit obligation at end of measurement year |
$ |
684,999 |
|
$ |
783,778 |
|
$ |
25,669 |
|
$ |
27,787 |
|
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] |
The following table reconciles the beginning and ending balances of the fair value of Plan assets at the December 31, 2013 and 2012 measurement dates:
|
|
|
Pension |
|
|
|
Benefits |
(dollar amounts in thousands) |
|
2013 |
|
|
2012 |
Fair value of plan assets at beginning of measurement year |
$ |
633,617 |
|
$ |
538,970 |
|
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|
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|
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|
Changes due to: |
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|
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Actual return on plan assets |
|
49,652 |
|
|
43,810 |
|
Employer contributions |
|
--- |
|
|
75,000 |
|
Settlements |
|
(19,363) |
|
|
(10,444) |
|
Benefits paid |
|
(14,886) |
|
|
(13,719) |
Total changes |
|
15,403 |
|
|
94,647 |
Fair value of plan assets at end of measurement year |
$ |
649,020 |
|
$ |
633,617 |
|
Schedule of Net Benefit Costs [Table Text Block] |
The following table shows the components of net periodic benefit costs recognized in the three years ended December 31, 2013:
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|
Pension Benefits |
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|
Post-Retirement Benefits |
(dollar amounts in thousands) |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
2013 |
|
|
2012 |
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2011 |
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Service cost |
$ |
25,122 |
|
$ |
24,869 |
|
$ |
21,650 |
|
$ |
--- |
|
$ |
--- |
|
$ |
--- |
Interest cost |
|
30,112 |
|
|
29,215 |
|
|
30,073 |
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|
862 |
|
|
1,350 |
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|
1,618 |
Expected return on plan assets |
|
(47,716) |
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|
(45,730) |
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|
(43,290) |
|
|
--- |
|
|
--- |
|
|
--- |
Amortization of transition asset |
|
--- |
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|
(4) |
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(5) |
|
|
--- |
|
|
--- |
|
|
--- |
Amortization of prior service cost |
|
(2,883) |
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|
(5,767) |
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|
(5,767) |
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(1,353) |
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|
(1,353) |
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|
(1,354) |
Amortization of loss |
|
23,044 |
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|
26,956 |
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|
23,494 |
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(600) |
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|
(332) |
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|
(423) |
Curtailment |
|
(34,613) |
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|
--- |
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--- |
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--- |
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|
--- |
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|
--- |
Settlements |
|
8,116 |
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|
5,405 |
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|
5,483 |
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|
--- |
|
|
--- |
|
|
--- |
Benefit costs |
$ |
1,182 |
|
$ |
34,944 |
|
$ |
31,638 |
|
$ |
(1,091) |
|
$ |
(335) |
|
$ |
(159) |
|
Schedule of Allocation of Plan Assets [Table Text Block] |
At December 31, 2013 and 2012, The Huntington National Bank, as trustee, held all Plan assets. The Plan assets consisted of investments in a variety of corporate and government fixed income investments, Huntington mutual funds and Huntington common stock as follows:
|
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Fair Value |
(dollar amounts in thousands) |
|
2013 |
|
|
|
|
2012 |
|
|
Cash |
$ |
--- |
--- |
% |
|
$ |
22 |
--- |
% |
Cash equivalents: |
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Huntington funds - money market |
|
803 |
--- |
|
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|
6,012 |
1 |
|
Fixed income: |
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Huntington funds - fixed income funds |
|
74,048 |
11 |
|
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|
84,688 |
13 |
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Corporate obligations |
|
180,757 |
28 |
|
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|
149,241 |
24 |
|
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U.S. Government Obligations |
|
51,932 |
8 |
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|
36,595 |
6 |
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U.S. Government Agencies |
|
6,146 |
1 |
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|
7,511 |
1 |
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Equities: |
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Huntington funds |
|
289,379 |
45 |
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|
312,479 |
49 |
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Exchange Traded Funds |
|
24,705 |
4 |
|
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|
--- |
--- |
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Huntington common stock |
|
20,324 |
3 |
|
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|
37,069 |
6 |
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Limited Partnerships |
|
926 |
--- |
|
|
|
--- |
--- |
|
Fair value of plan assets |
$ |
649,020 |
100 |
% |
|
$ |
633,617 |
100 |
% |
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Schedule Of Huntington Stock Statistics For Benefit Plan [Table Text Block] |
The following table shows the number of shares and dividends received on shares of Huntington stock held by the Plan:
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December 31, |
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|
(dollar amounts in thousands, except share amounts)
|
2013 |
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|
2012 |
|
|
Shares in Huntington common stock(1)
|
|
2,095,304 |
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|
5,764,986 |
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Dividends received on shares of Huntington stock
|
$ |
992 |
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$ |
1,085 |
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(1)The Plan has acquired and held Huntington common stock in compliance at all times with Section 407 of the Employee Retirement Income Security Act of 1978.
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Schedule of Expected Benefit Payments [Table Text Block] |
At December 31, 2013, the following table shows when benefit payments were expected to be paid:
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Post- |
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Pension |
|
|
Retirement |
(dollar amounts in thousands) |
|
Benefits |
|
|
Benefits |
|
2014 |
$ |
44,924 |
|
$ |
2,919 |
|
2015 |
|
43,610 |
|
|
2,680 |
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2016 |
|
41,308 |
|
|
2,437 |
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2017 |
|
40,736 |
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|
2,228 |
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2018 |
|
40,216 |
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|
2,029 |
|
2019 through 2022 |
|
196,628 |
|
|
8,470 |
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Schedule of Amounts Recognized in Balance Sheet [Table Text Block] |
The following table presents the amounts recognized in the Consolidated Balance Sheets at December 31, 2013 and 2012 for all of Huntington defined benefit plans
(dollar amounts in thousands) |
|
2013 |
|
|
2012 |
Accrued expenses and other liabilities |
$ |
90,842 |
|
$ |
213,335 |
|
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] |
The following tables present the amounts recognized in OCI as of December 31, 2013, 2012, and 2011, and the changes in accumulated OCI for the years ended December 31, 2013, 2012, and 2011:
(dollar amounts in thousands) |
|
2013 |
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|
2012 |
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|
2011 |
Net actuarial loss |
$ |
(166,078) |
|
$ |
(262,187) |
|
$ |
(215,628) |
Prior service cost |
|
9,855 |
|
|
25,788 |
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|
30,261 |
Transition liability |
|
--- |
|
|
--- |
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|
3 |
Defined benefit pension plans |
$ |
(156,223) |
|
$ |
(236,399) |
|
$ |
(185,364) |
|
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|
2013 |
|
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Tax (expense) |
|
(dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
Balance, beginning of year |
$ |
(363,691) |
|
$ |
127,292 |
|
$ |
(236,399) |
Net actuarial (loss) gain: |
|
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|
|
|
|
|
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Amounts arising during the year |
|
118,666 |
|
|
(41,532) |
|
|
77,134 |
|
Amortization included in net periodic benefit costs |
|
29,194 |
|
|
(10,218) |
|
|
18,976 |
Prior service cost: |
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Amounts arising during the year |
|
--- |
|
|
--- |
|
|
--- |
|
Amortization included in net periodic benefit costs |
|
(24,514) |
|
|
8,580 |
|
|
(15,934) |
Transition obligation: |
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|
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Amortization included in net periodic benefit costs |
|
--- |
|
|
--- |
|
|
--- |
Balance, end of year |
$ |
(240,345) |
|
$ |
84,122 |
|
$ |
(156,223) |
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2012 |
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Tax (expense) |
|
(dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
Balance, beginning of year |
$ |
(285,177) |
|
$ |
99,813 |
|
$ |
(185,364) |
Net actuarial (loss) gain: |
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|
|
|
|
|
|
|
|
Amounts arising during the year |
|
(105,527) |
|
|
36,934 |
|
|
(68,593) |
|
Amortization included in net periodic benefit costs |
|
33,880 |
|
|
(11,858) |
|
|
22,022 |
Prior service cost: |
|
|
|
|
|
|
|
|
|
Amounts arising during the year |
|
--- |
|
|
--- |
|
|
--- |
|
Amortization included in net periodic benefit costs |
|
(6,865) |
|
|
2,403 |
|
|
(4,462) |
Transition obligation: |
|
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|
|
|
|
|
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|
Amortization included in net periodic benefit costs |
|
(2) |
|
|
--- |
|
|
(2) |
Balance, end of year |
$ |
(363,691) |
|
$ |
127,292 |
|
$ |
(236,399) |
|
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2011 |
|
|
|
|
Tax (expense) |
|
(dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
Balance, beginning of year |
$ |
(202,292) |
|
$ |
70,803 |
|
$ |
(131,489) |
Net actuarial (loss) gain: |
|
|
|
|
|
|
|
|
|
Amounts arising during the year |
|
(104,146) |
|
|
36,451 |
|
|
(67,695) |
|
Amortization included in net periodic benefit costs |
|
28,077 |
|
|
(9,827) |
|
|
18,250 |
Prior service cost: |
|
|
|
|
|
|
|
|
|
Amortization included in net periodic benefit costs |
|
(6,811) |
|
|
2,384 |
|
|
(4,427) |
Transition obligation: |
|
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|
|
|
|
|
|
|
Amortization included in net periodic benefit costs |
|
(5) |
|
|
2 |
|
|
(3) |
Balance, end of year |
$ |
(285,177) |
|
$ |
99,813 |
|
$ |
(185,364) |
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Schedule of Costs of Retirement Plans [Table Text Block] |
The following table shows the costs of providing the defined contribution plan as of December 31:
|
December 31, |
|
(dollar amounts in thousands) |
2013 |
|
|
2012 |
|
2011 |
|
Defined contribution plan |
$ |
18,238 |
|
$ |
16,926 |
|
$ |
14,980 |
|
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Schedule Of Huntington Stock Statistics For Defined Contribution Plan [Table Text Block] |
The following table shows the number of shares, market value, and dividends received on shares of Huntington stock held by the defined contribution plan as of December 31:
|
December 31, |
|
|
(dollar amounts in thousands, except share amounts) |
2013 |
|
|
2012 |
|
|
Shares in Huntington common stock |
|
13,624,429 |
|
|
14,892,094 |
|
|
Market value of Huntington common stock |
$ |
131,476 |
|
$ |
95,160 |
|
|
Dividends received on shares of Huntington stock |
|
2,567 |
|
|
2,414 |
|
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