| OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI for the three-month periods ended March 31, 2021 and 2020, were as follows:
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Three Months Ended
March 31, 2021 |
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Tax (expense) |
| (dollar amounts in millions) |
Pretax |
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Benefit |
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After-tax |
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| Unrealized gains (losses) on available-for-sale securities arising during the period |
$ |
(287) |
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$ |
64 |
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$ |
(223) |
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| Less: Reclassification adjustment for realized net losses (gains) included in net income |
9 |
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(2) |
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7 |
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| Net change in unrealized holding gains (losses) on available-for-sale securities |
(278) |
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62 |
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(216) |
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| Net change in fair value on cash flow hedges |
(44) |
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10 |
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(34) |
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| Net change in pension and other post-retirement obligations |
3 |
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(1) |
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2 |
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| Total other comprehensive income (loss) |
$ |
(319) |
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$ |
71 |
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$ |
(248) |
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Three Months Ended
March 31, 2020 |
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Tax (expense) |
| (dollar amounts in millions) |
Pretax |
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Benefit |
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After-tax |
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| Unrealized gains (losses) on available-for-sale securities arising during the period |
$ |
217 |
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$ |
(48) |
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$ |
169 |
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| Less: Reclassification adjustment for realized net losses (gains) included in net income |
5 |
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(1) |
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4 |
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| Net change in unrealized gains (losses) on available-for-sale securities |
222 |
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(49) |
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173 |
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| Net change in fair value on cash flow hedges |
396 |
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(88) |
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308 |
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| Net change in pension and other post-retirement obligations |
2 |
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— |
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2 |
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| Total other comprehensive income (loss) |
$ |
620 |
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$ |
(137) |
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$ |
483 |
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Activity in accumulated OCI for the three-month periods ended March 31, 2021 and 2020, were as follows:
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| (dollar amounts in millions) |
Unrealized gains (losses) on
debt securities (1)
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Change in fair value related to cash flow hedges |
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Unrealized gains
(losses) for
pension and
other post-
retirement
obligations (2)
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Total |
| Three Months Ended March 31, 2021 |
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| Balance, beginning of period |
$ |
188 |
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$ |
257 |
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$ |
(253) |
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$ |
192 |
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| Other comprehensive income before reclassifications |
(223) |
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(34) |
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— |
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(257) |
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| Amounts reclassified from accumulated OCI to earnings |
7 |
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— |
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2 |
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9 |
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| Period change |
(216) |
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(34) |
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2 |
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(248) |
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| Balance, end of period |
$ |
(28) |
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$ |
223 |
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$ |
(251) |
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$ |
(56) |
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| Three Months Ended March 31, 2020 |
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| Balance, beginning of period |
$ |
(28) |
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$ |
23 |
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$ |
(251) |
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$ |
(256) |
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| Other comprehensive income before reclassifications |
169 |
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|
308 |
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— |
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|
477 |
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| Amounts reclassified from accumulated OCI to earnings |
4 |
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— |
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2 |
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6 |
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| Period change |
173 |
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308 |
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2 |
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483 |
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| Balance, end of period |
$ |
145 |
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$ |
331 |
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$ |
(249) |
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$ |
227 |
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(1)AOCI amounts at March 31, 2021, December 31, 2020 and March 31, 2020 include $60 million, $69 million and $87 million, respectively, net of unrealized losses 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.
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