| OTHER COMPREHENSIVE INCOME |
13. OTHER COMPREHENSIVE INCOME
The components of Huntington's OCI in the three years ended December 31, were as follows:
| |
|
2012 |
| |
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| |
|
|
|
|
|
|
|
|
| Noncredit-related impairment recoveries (losses) on debt securities not expected to be sold |
$ |
19,215 |
|
$ |
(6,725) |
|
$ |
12,490 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
90,318 |
|
|
(32,137) |
|
|
58,181 |
| Less: Reclassification adjustment for net gains included in net income |
|
(4,769) |
|
|
1,669 |
|
|
(3,100) |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
104,764 |
|
|
(37,193) |
|
|
67,571 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
344 |
|
|
(120) |
|
|
224 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
(5,476) |
|
|
1,907 |
|
|
(3,569) |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
14,992 |
|
|
(5,237) |
|
|
9,755 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
9,516 |
|
|
(3,330) |
|
|
6,186 |
| |
|
|
|
|
|
|
|
|
| Net actuarial gains (losses) arising during the year |
|
(105,527) |
|
|
36,934 |
|
|
(68,593) |
| Amortization of net actuarial loss and prior service cost included in income |
|
27,013 |
|
|
(9,455) |
|
|
17,558 |
| Net change in pension and post-retirement obligations |
|
(78,514) |
|
|
27,479 |
|
|
(51,035) |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive (loss) income |
$ |
36,110 |
|
$ |
(13,164) |
|
$ |
22,946 |
| |
|
|
|
|
|
|
|
|
| |
|
2011 |
| |
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment (losses) recoveries on debt securities not expected to be sold |
|
11,537 |
|
|
(4,038) |
|
|
7,499 |
| Unrealized holding gains (losses) on available-for-sale debt securities arising during the period |
|
95,586 |
|
|
(33,455) |
|
|
62,131 |
| Less: Reclassification adjustment for net gains included in net income |
|
3,681 |
|
|
(1,288) |
|
|
2,393 |
| Net change in unrealized holding gains (losses) on available-for-sale debt securities |
|
110,804 |
|
|
(38,781) |
|
|
72,023 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding gains (losses) on available-for-sale equity securities |
|
612 |
|
|
(215) |
|
|
397 |
| |
|
|
|
|
|
|
|
|
| Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
4,875 |
|
|
(1,703) |
|
|
3,172 |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
3,107 |
|
|
(1,091) |
|
|
2,016 |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
7,982 |
|
|
(2,794) |
|
|
5,188 |
| |
|
|
|
|
|
|
|
|
| Net actuarial gains (losses) arising during the year |
|
(104,146) |
|
|
36,451 |
|
|
(67,695) |
| Amortization of net actuarial loss and prior service cost included in income |
|
21,261 |
|
|
(7,441) |
|
|
13,820 |
| Net change in pension and post-retirement obligations |
|
(82,885) |
|
|
29,010 |
|
|
(53,875) |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive income (loss) |
$ |
36,513 |
|
$ |
(12,780) |
|
$ |
23,733 |
| |
|
|
|
|
|
|
|
|
| |
|
2010 |
| |
|
|
Tax (expense) |
|
| (dollar amounts in thousands) |
|
Pretax |
|
|
Benefit |
|
|
After-tax |
| Noncredit-related impairment losses on debt securities not expected to be sold |
|
23,569 |
|
|
(8,249) |
|
|
15,320 |
| Unrealized holding (losses) gains on available-for-sale debt securities arising during the period |
|
(14,498) |
|
|
5,019 |
|
|
(9,479) |
| Less: Reclassification adjustment for net gains included in net income |
|
274 |
|
|
(96) |
|
|
178 |
| Net change in unrealized holding (losses) gains on available-for-sale debt securities |
|
9,345 |
|
|
(3,326) |
|
|
6,019 |
| |
|
|
|
|
|
|
|
|
| Net change in unrealized holding (losses) gains on available-for-sale equity securities |
|
(162) |
|
|
57 |
|
|
(105) |
| |
|
|
|
|
|
|
|
|
| Unrealized gains and losses on derivatives used in cash flow hedging relationships arising during the period |
|
80,069 |
|
|
(28,126) |
|
|
51,943 |
| Less: Reclassification adjustment for net losses (gains) losses included in net income |
|
(115,692) |
|
|
40,594 |
|
|
(75,098) |
| Net change in unrealized gains (losses) on derivatives used in cash flow hedging relationships |
|
(35,623) |
|
|
12,468 |
|
|
(23,155) |
| |
|
|
|
|
|
|
|
|
| Net actuarial gains (losses) arising during the year |
|
(45,804) |
|
|
16,031 |
|
|
(29,773) |
| Amortization of net actuarial loss and prior service cost included in income |
|
16,541 |
|
|
(5,789) |
|
|
10,752 |
| Net change in pension and post-retirement obligations |
|
(29,263) |
|
|
10,242 |
|
|
(19,021) |
| |
|
|
|
|
|
|
|
|
| Total other comprehensive (loss) income |
$ |
(55,703) |
|
$ |
19,441 |
|
$ |
(36,262) |
Activity in accumulated OCI for the three years ended December 31, were as follows:
| (dollar amounts in thousands) |
|
Unrealized gains and (losses) on debt securities (1) |
|
|
Unrealized gains and (losses) on equity securities |
|
|
Unrealized gains and (losses) on cash flow hedging derivatives |
|
|
Unrealized gains (losses) for pension and other post-retirement obligations |
|
|
Total |
| Balance, January 1, 2010 |
$ |
(103,060) |
|
$ |
(322) |
|
$ |
58,865 |
|
$ |
(112,468) |
|
$ |
(156,985) |
| Cumulative effect of change in accounting principle for consolidation of variable interest entities, net of tax |
|
(4,249) |
|
|
--- |
|
|
--- |
|
|
--- |
|
|
(4,249) |
| Balance, January 1, 2010, as adjusted |
|
(107,309) |
|
|
(322) |
|
|
58,865 |
|
|
(112,468) |
|
|
(161,234) |
| Period change |
|
6,019 |
|
|
(105) |
|
|
(23,155) |
|
|
(19,021) |
|
|
(36,262) |
| Balance, December 31, 2010 |
|
(101,290) |
|
|
(427) |
|
|
35,710 |
|
|
(131,489) |
|
|
(197,496) |
| Period change |
|
72,023 |
|
|
397 |
|
|
5,188 |
|
|
(53,875) |
|
|
23,733 |
| Balance, December 31, 2011 |
|
(29,267) |
|
|
(30) |
|
|
40,898 |
|
|
(185,364) |
|
|
(173,763) |
| Period change |
|
67,571 |
|
|
224 |
|
|
6,186 |
|
|
(51,035) |
|
|
22,946 |
| Balance, December 31, 2012 |
$ |
38,304 |
|
$ |
194 |
|
$ |
47,084 |
|
$ |
(236,399) |
|
$ |
(150,817) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) Amount at December 31, 2012 includes $0.2 million of net unrealized gains on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized gains will be recognized in earnings over the remaining life of the security using the effective interest method. |
|