Annual report pursuant to Section 13 and 15(d)

BENEFIT PLANS (Tables)

v3.25.0.1
BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
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,
2024 2023
Weighted-average assumptions used to determine benefit obligations:
Discount rate 5.67  % 5.15  %
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate 5.15  5.41 
Expected return on plan assets 5.50  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,
(dollar amounts in millions) 2024 2023
Projected benefit obligation at beginning of measurement year $ 687  $ 692 
Changes due to:
Service cost
Interest cost 34  36 
Benefits paid (34) (33)
Settlements (9) (16)
Actuarial (losses) gains
(35)
Total changes (41) (5)
Projected benefit obligation at end of measurement year $ 646  $ 687 
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) 2024 2023
Fair value of plan assets at beginning of measurement year $ 729  $ 740 
Changes due to:
Actual return on plan assets (8) 39 
Settlements (9) (17)
Benefits paid (34) (33)
Total changes (51) (11)
Fair value of plan assets at end of measurement year $ 678  $ 729 
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) 2024 2023 2022
Service cost $ $ $
Interest cost 34  36  22 
Expected return on plan assets (46) (43) (41)
Amortization of loss
Settlements 15 
Benefit costs $ (3) $ $
(1)    Pension costs are recognized in other noninterest income in the Consolidated Statements of Income.
Schedule of Allocation of 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) 2024 2023
Cash equivalents:
Mutual funds-money market $ 11  % $ 17  %
Fixed income:
Corporate obligations 212  31  234  32 
U.S. Government obligations 69  10  70  10 
Municipal obligations —  — 
Collective trust funds 273  40  297  42 
Equities:
Limited liability companies 11  10 
Collective trust funds 78  12  76  10 
Limited partnerships 23  24 
Fair value of plan assets $ 678  100  % $ 729  100  %
Schedule of Expected Benefit Payments
At December 31, 2024, the following table shows when benefit payments are expected to be paid.
(dollar amounts in millions) Pension Benefits
2025 $ 53 
2026 54 
2027 54 
2028 53 
2029 53 
2030 through 2034 252 
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) 2024 2023
Shares in Huntington common stock 10,910  11,899 
Market value of Huntington common stock $ 178  $ 151 
Dividends received on shares of Huntington stock