Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.22.2.2
OTHER COMPREHENSIVE INCOME (Tables)
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Components of 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 other comprehensive income, net of tax
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.