Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME

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OTHER COMPREHENSIVE INCOME
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
OTHER COMPREHENSIVE INCOME OTHER COMPREHENSIVE INCOME
The components of Huntington’s OCI for the three-month and nine-month periods ended September 30, 2022 and 2021, were as follows:
(dollar amounts in millions) Pretax Tax (Expense) benefit After-tax
Three Months Ended September 30, 2022
Unrealized losses on available-for-sale securities arising during the period $ (1,265) $ 291  $ (974)
Reclassification adjustment for realized net losses included in net income 4  (1) 3 
Total unrealized losses on available-for-sale securities (1,261) 290  (971)
Net impact of fair value hedges on available-for-sale securities 325  (75) 250 
Change in fair value related to cash flow hedges (591) 135  (456)
Foreign currency translation adjustment (1) (15) —  (15)
Net unrealized gains (losses) on net investment hedges 11  —  11 
Translation adjustments, net of hedges (1) (4) —  (4)
Change in accumulated unrealized gains for pension and other post retirement obligations 3  —  3 
Other comprehensive loss $ (1,528) $ 350  $ (1,178)
Three Months Ended September 30, 2021
Unrealized gains on available-for-sale securities arising during the period $ (112) $ 26  $ (86)
Reclassification adjustment for realized net losses included in net income 5  (1) 4 
Total unrealized losses on available-for-sale securities (107) 25  (82)
Change in fair value related to cash flow hedges (43) 14  (29)
Foreign currency translation adjustment (1) (7) —  (7)
Net unrealized gains (losses) on net investment hedges 9  —  9 
Translation adjustments, net of hedges (1) 2  —  2 
Change in accumulated unrealized gains for pension and other post retirement obligations 3  —  3 
Other comprehensive income $ (145) $ 39  $ (106)
Nine Months Ended September 30, 2022
Unrealized losses on available-for-sale securities arising during the period $ (3,952) $ 909  $ (3,043)
Reclassification adjustment for realized net losses (gains) included in net income 95  (22) 73 
Total unrealized gains (losses) on available-for-sale securities (3,857) 887  (2,970)
Net impact of fair value hedges on available-for-sale securities 917  (212) 705 
Change in fair value related to cash flow hedges (1,012) 230  (782)
Foreign currency translation adjustment (1) (21) —  (21)
Net unrealized gains (losses) on net investment hedges 15  —  15 
Translation adjustments, net of hedges (1) (6) —  (6)
Change in accumulated unrealized gains for pension and other post retirement obligations 8  (2) 6 
Other comprehensive loss $ (3,950) $ 903  $ (3,047)
Nine Months Ended September 30, 2021
Unrealized losses on available-for-sale securities arising during the period $ (311) $ 70  $ (241)
Reclassification adjustment for realized net losses (gains) included in net income 27  (6) 21 
Total unrealized losses on available-for-sale securities (284) 64  (220)
Net impact of fair value hedges on available-for-sale securities 38  (9) 29 
Change in fair value related to cash flow hedges (173) 42  (131)
Foreign currency translation adjustment (1) (13) —  (13)
Net unrealized gains (losses) on net investment hedges 9  —  9 
Translation adjustments, net of hedges (1) (4) —  (4)
Change in accumulated unrealized gains for pension and other post retirement obligations 12  (3) 9 
Other comprehensive loss $ (411) $ 94  $ (317)
(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 OCI for the three-month and nine-month periods ended September 30, 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
 Total
Three Months Ended September 30, 2022
Balance, beginning of period $ (2,152) $ 544  $ (263) $ (5) $ (222) $ (2,098)
Other comprehensive income (loss) before reclassifications (974) 250  (456) (4) —  (1,184)
Amounts reclassified from accumulated OCI to earnings 3  —  —  —  3  6 
Period change (971) 250  (456) (4) 3  (1,178)
Balance, end of period $ (3,123) $ 794  $ (719) $ (9) $ (219) $ (3,276)
Three Months Ended September 30, 2021
Balance, beginning of period $ 50  $ 31  $ 153  $ (6) $ (247) $ (19)
Other comprehensive income (loss) before reclassifications (86) —  (29) 2  —  (113)
Amounts reclassified from accumulated OCI to earnings 4  —  —  —  3  7 
Period change (82) —  (29) 2  3  (106)
Balance, end of period $ (32) $ 31  $ 124  $ (4) $ (244) $ (125)
Nine Months Ended September 30, 2022
Balance, beginning of period $ (153) $ 89  $ 63  $ (3) $ (225) $ (229)
Other comprehensive loss before reclassifications (3,043) 705  (782) (6) —  (3,126)
Amounts reclassified from accumulated OCI to earnings 73  —  —  —  6  79 
Period change (2,970) 705  (782) (6) 6  (3,047)
Balance, end of period $ (3,123) $ 794  $ (719) $ (9) $ (219) $ (3,276)
Nine Months Ended September 30, 2021
Balance, beginning of period $ 188  $ 2  $ 255  $ —  $ (253) $ 192 
Other comprehensive income before reclassifications (241) 29  (131) (4) —  (347)
Amounts reclassified from accumulated OCI to earnings 21  —  —  —  9  30 
Period change (220) 29  (131) (4) 9  (317)
Balance, end of period $ (32) $ 31  $ 124  $ (4) $ (244) $ (125)
(1)AOCI amounts at September 30, 2022 and September 30, 2021 include $69 million and $41 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.