| OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI 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, 2022 |
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| Unrealized losses on available-for-sale securities arising during the period |
$ |
(3,799) |
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$ |
873 |
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$ |
(2,926) |
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| Reclassification adjustment for realized net losses included in net income |
100 |
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|
(23) |
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|
77 |
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| Total unrealized losses on available-for-sale securities |
(3,699) |
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|
850 |
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|
(2,849) |
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| Net impact of hedges on available-for-sale securities |
865 |
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(200) |
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665 |
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| Change in fair value of cash flow hedges on loans |
(896) |
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201 |
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|
(695) |
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| Foreign currency translation adjustment (1) |
(15) |
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— |
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(15) |
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| Net unrealized gains (losses) on net investment hedges |
10 |
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— |
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10 |
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| Translation adjustments, net of hedges (1) |
(5) |
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— |
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|
(5) |
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| Change in accumulated unrealized gains for pension and other post retirement obligations |
19 |
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(4) |
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15 |
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| Other comprehensive loss |
$ |
(3,716) |
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$ |
847 |
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$ |
(2,869) |
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| Year Ended December 31, 2021 |
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| Unrealized losses on available-for-sale securities arising during the period |
$ |
(474) |
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$ |
107 |
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$ |
(367) |
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| Reclassification adjustment for realized net losses included in net income |
34 |
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|
(8) |
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26 |
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| Total unrealized losses on available-for-sale securities |
(440) |
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|
99 |
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|
(341) |
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| Net impact of hedges on available-for-sale securities |
113 |
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(26) |
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87 |
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| Change in fair value of cash flow hedges on loans |
(257) |
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|
65 |
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|
(192) |
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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 for pension and other post retirement obligations |
36 |
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|
(8) |
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28 |
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| Other comprehensive income |
$ |
(551) |
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$ |
130 |
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$ |
(421) |
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| Year Ended December 31, 2020 |
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| Unrealized 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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| Reclassification adjustment for realized net losses included in net income |
42 |
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(9) |
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33 |
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| Total unrealized losses on available-for-sale securities |
277 |
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(61) |
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|
216 |
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| Net impact of hedges on available-for-sale securities |
3 |
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(1) |
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2 |
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| Change in fair value of cash flow hedges on loans |
299 |
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(67) |
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232 |
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| Change in accumulated unrealized 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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(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 were as follows:
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| (dollar amounts in millions) |
Unrealized (losses)
gains on
debt
securities (1) |
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Net impact of hedges on available-for-sale securities |
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Change in fair value of cash flow hedges on loans |
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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, 2019 |
$ |
(28) |
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|
$ |
— |
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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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2 |
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|
232 |
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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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— |
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(2) |
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|
31 |
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| Period change |
216 |
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|
2 |
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|
232 |
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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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|
2 |
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|
255 |
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— |
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(253) |
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|
192 |
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| Other comprehensive income (loss) before reclassifications |
(367) |
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|
87 |
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(192) |
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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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— |
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28 |
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54 |
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| Period change |
(341) |
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87 |
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(192) |
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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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|
89 |
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|
63 |
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(3) |
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(225) |
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(229) |
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| Other comprehensive income before reclassifications |
(2,926) |
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|
665 |
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(695) |
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(5) |
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— |
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(2,961) |
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| Amounts reclassified from accumulated OCI to earnings |
77 |
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— |
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— |
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— |
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|
15 |
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|
92 |
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| Period change |
(2,849) |
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|
665 |
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(695) |
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(5) |
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|
15 |
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(2,869) |
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| December 31, 2022 |
$ |
(3,002) |
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$ |
754 |
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$ |
(632) |
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$ |
(8) |
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$ |
(210) |
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$ |
(3,098) |
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(1)AOCI amounts at December 31, 2022, 2021, and 2020 include $66 million, $27 million, and $53 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.
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