Annual report pursuant to Section 13 and 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.22.4
OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income
The components of Huntington’s OCI were as follows:
(dollar amounts in millions) Pretax Tax (expense) benefit After-tax
Year Ended December 31, 2022
Unrealized losses on available-for-sale securities arising during the period $ (3,799) $ 873  $ (2,926)
Reclassification adjustment for realized net losses included in net income 100  (23) 77 
Total unrealized losses on available-for-sale securities (3,699) 850  (2,849)
Net impact of hedges on available-for-sale securities 865  (200) 665 
Change in fair value of cash flow hedges on loans (896) 201  (695)
Foreign currency translation adjustment (1) (15) —  (15)
Net unrealized gains (losses) on net investment hedges 10  —  10 
Translation adjustments, net of hedges (1) (5) —  (5)
Change in accumulated unrealized gains for pension and other post retirement obligations 19  (4) 15 
Other comprehensive loss $ (3,716) $ 847  $ (2,869)
Year Ended December 31, 2021
Unrealized losses on available-for-sale securities arising during the period $ (474) $ 107  $ (367)
Reclassification adjustment for realized net losses included in net income 34  (8) 26 
Total unrealized losses on available-for-sale securities (440) 99  (341)
Net impact of hedges on available-for-sale securities 113  (26) 87 
Change in fair value of cash flow hedges on loans (257) 65  (192)
Foreign currency translation adjustment (1) (12) —  (12)
Net unrealized gains (losses) on net investment hedges 9  —  9 
Translation adjustments, net of hedges (1) (3) —  (3)
Change in accumulated unrealized gains for pension and other post retirement obligations 36  (8) 28 
Other comprehensive income $ (551) $ 130  $ (421)
Year Ended December 31, 2020
Unrealized losses on available-for-sale securities arising during the period $ 235  $ (52) $ 183 
Reclassification adjustment for realized net losses included in net income 42  (9) 33 
Total unrealized losses on available-for-sale securities 277  (61) 216 
Net impact of hedges on available-for-sale securities 3  (1) 2 
Change in fair value of cash flow hedges on loans 299  (67) 232 
Change in accumulated unrealized gains for pension and other post retirement obligations (2) (3) 1  (2)
Other comprehensive income $ 576  $ (128) $ 448 
(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 Other Comprehensive Income
Activity in accumulated OCI were as follows:
(dollar amounts in millions) Unrealized (losses)
gains on
debt
securities (1)		 Net impact of hedges on available-for-sale securities Change in fair value of cash flow hedges on loans Translation adjustments, net of hedges Unrealized
(losses) gains for
pension and other
 post-retirement
obligations		 Total
December 31, 2019 $ (28) $ —  $ 23  $ —  $ (251) $ (256)
Other comprehensive income before reclassifications 183  2  232  —  —  417 
Amounts reclassified from accumulated OCI to earnings 33  —  —  —  (2) 31 
Period change 216  2  232  —  (2) 448 
December 31, 2020 188  2  255  —  (253) 192 
Other comprehensive income (loss) before reclassifications (367) 87  (192) (3) —  (475)
Amounts reclassified from accumulated OCI to earnings 26  —  —  —  28  54 
Period change (341) 87  (192) (3) 28  (421)
December 31, 2021 (153) 89  63  (3) (225) (229)
Other comprehensive income before reclassifications (2,926) 665  (695) (5) —  (2,961)
Amounts reclassified from accumulated OCI to earnings 77  —  —  —  15  92 
Period change (2,849) 665  (695) (5) 15  (2,869)
December 31, 2022 $ (3,002) $ 754  $ (632) $ (8) $ (210) $ (3,098)
(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.