Huntington Bancshares Incorporated Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of weighted-average assumptions used

The following table shows the weighted-average assumptions used to determine the benefit obligation and the net periodic benefit cost:


	At December 31,
	2022		2021
Weighted-average assumptions used to determine benefit obligations
Discount rate	5.41	%	2.86	%

Weighted-average assumptions used to determine net periodic benefit cost
Discount rate	2.86		2.50
Expected return on plan assets	4.50		4.50

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,
(dollar amounts in millions)	2022		2021
Projected benefit obligation at beginning of measurement year	$	956	$	1,026
Changes due to:
Service cost	3		3
Interest cost	22		19
Benefits paid	(32)		(30)
Settlements	(29)		(25)

Actuarial gains	(228)		(37)
Total changes	(264)		(70)
Projected benefit obligation at end of measurement year	$	692	$	956

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 December 31,
(dollar amounts in millions)	2022		2021
Fair value of plan assets at beginning of measurement year	$	1,007	$	1,050
Changes due to:
Actual return on plan assets	(197)		15

Settlements	(38)		(28)
Benefits paid	(32)		(30)
Total changes	(267)		(43)
Fair value of plan assets at end of measurement year	$	740	$	1,007

Schedule of net periodic benefit costs

The following table shows the components of net periodic benefit costs recognized:


	Year Ended December 31, (1)
(dollar amounts in millions)	2022		2021		2020
Service cost	$	3	$	3	$	3
Interest cost	22		19		26
Expected return on plan assets	(41)		(40)		(42)

Amortization of loss	9		12		9
Settlements	15		8		5
Benefit costs	$	8	$	2	$	1

(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, 2022 and 2021, 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 at December 31,
(dollar amounts in millions)	2022				2021
Cash equivalents:
Mutual funds-money market	$	23	3	%	$	45	5	%

Fixed income:
Corporate obligations	414		57		559		55
U.S. Government obligations	154		21		208		21

Municipal obligations	3		—		5		—

Collective trust funds	62		8		13		1
Equities:

Common stock	—		—		52		5


Limited liability companies	9		1		36		4
Collective trust funds	27		4		30		3
Limited partnerships	48		6		58		6
Fair value of plan assets	$	740	100	%	$	1,007	100	%

Schedule of expected benefit payments

At December 31, 2022, the following table shows when benefit payments are expected to be paid:


(dollar amounts in millions)	Pension Benefits
2023	$	50
2024	50
2025	50
2026	50
2027	50
2027 through 2030	239

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:


	At December 31,
(dollar amounts in millions, share amounts in thousands)	2022		2021
Shares in Huntington common stock	9,451		9,526
Market value of Huntington common stock	$	133	$	147
Dividends received on shares of Huntington stock	6		6