Annual report pursuant to Section 13 and 15(d)

BENEFIT PLANS (Tables)

v3.22.0.1
BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of weighted-average assumptions used
The following table shows the weighted-average assumptions used to determine the benefit obligation at December 31, 2021 and 2020, and the net periodic benefit cost for the years then ended:
Pension Benefits
2021 2020
Weighted-average assumptions used to determine benefit obligations
Discount rate
2.86  % 2.50  %
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate
2.50  3.40 
Expected return on plan assets
4.50  5.00 
Schedule of changes in projected benefit obligation
The following table reconciles the beginning and ending balances of the benefit obligation of the Plan with the amounts recognized in the consolidated balance sheets at December 31:
Pension Benefits
(dollar amounts in millions) 2021 2020
Projected benefit obligation at beginning of measurement year $ 1,026  $ 923 
Changes due to:
Service cost
Interest cost 19  26 
Benefits paid (30) (29)
Settlements (25) (19)
Actuarial assumptions and gains (losses) (37) 122 
Total changes (70) 103 
Projected benefit obligation at end of measurement year $ 956  $ 1,026 
Schedule of changes in fair value of plan assets
The following table reconciles the beginning and ending balances of the fair value of Plan assets at the December 31, 2021 and 2020 measurement dates:
Pension Benefits
(dollar amounts in millions) 2021 2020
Fair value of plan assets at beginning of measurement year $ 1,050  $ 931 
Changes due to:
Actual return on plan assets 15  164 
Settlements (28) (16)
Benefits paid (30) (29)
Total changes (43) 119 
Fair value of plan assets at end of measurement year $ 1,007  $ 1,050 
Schedule of net periodic benefit costs
The following table shows the components of net periodic benefit costs recognized in the three years ended December 31, 2021, 2020 and 2019:
Pension Benefits (1)
(dollar amounts in millions) 2021 2020 2019
Service cost $ $ $
Interest cost 19  26  32 
Expected return on plan assets (40) (42) (44)
Amortization of loss 12 
Settlements
Benefit costs $ $ $
(1)    The pension costs are recognized in other noninterest income in the Consolidated Statements of Income.
Schedule of allocation of plan assets
At December 31, 2021 and 2020, The Huntington National Bank, as trustee, held all Plan assets. The Plan assets consisted of investments in a variety of cash equivalent, corporate and government fixed income, and equity investments as follows:
Fair Value
(dollar amounts in millions) 2021 2020
Cash equivalents:
Mutual funds-money market $ 45  % $ 20  %
Fixed income:
Corporate obligations 559  55  522  50 
U.S. Government obligations 208  21  208  20 
Municipal obligations —  — 
Collective trust funds 13  118  11 
Equities:
Common stock 52  48 
Preferred stock —  —  — 
Limited liability companies 36  39 
Collective trust funds 30  33 
Limited partnerships 58  51 
Fair value of plan assets $ 1,007  100  % $ 1,050  100  %
Schedule of expected benefit payments
At December 31, 2021, the following table shows when benefit payments are expected to be paid:
(dollar amounts in millions) Pension Benefits
2022 $ 56 
2023 54 
2024 52 
2025 50 
2026 50 
2027 through 2030 240 
Schedule of amounts recognized in OCI
The following tables present the amounts recognized in OCI as of December 31, 2021, 2020, and 2019, and the changes in accumulated OCI for the years ended December 31, 2021, 2020, and 2019: 
(dollar amounts in millions) 2021 2020 2019
Net actuarial loss $ (225) $ (253) $ (261)
Prior service cost —  —  10 
Defined benefit pension plans $ (225) $ (253) $ (251)
2021
(dollar amounts in millions) Pretax Tax (expense) Benefit After-tax
Net actuarial gain (loss):
Amounts arising during the year $ 18  $ (4) $ 14 
Amortization included in net periodic benefit costs 18  (4) 14 
Total recognized in OCI $ 36  $ (8) $ 28 
2020
(dollar amounts in millions) Pretax Tax (expense) Benefit After-tax
Net actuarial (loss) gain:
Amounts arising during the year $ (7) $ $ (5)
Amortization included in net periodic benefit costs 17  (4) 13 
Prior service cost:
Amounts arising during the year (11) (8)
Amortization included in net periodic benefit costs (2) —  (2)
Total recognized in OCI $ (3) $ $ (2)
2019
(dollar amounts in millions) Pretax Tax (expense) Benefit After-tax
Net actuarial (loss) gain:
Amounts arising during the year $ (17) $ $ (12)
Amortization included in net periodic benefit costs 12  (3)
Prior service cost:
Amortization included in net periodic benefit costs (2) —  (2)
Total recognized in OCI $ (7) $ $ (5)
Schedule of Huntington stock statistics for defined contribution plan
The following table shows the number of shares, market value, and dividends received on shares of Huntington stock held by the defined contribution plan:
December 31,
(dollar amounts in millions, share amounts in thousands) 2021 2020
Shares in Huntington common stock
9,526  10,121 
Market value of Huntington common stock
$ 147  $ 128 
Dividends received on shares of Huntington stock