Quarterly report pursuant to Section 13 or 15(d)

OTHER COMPREHENSIVE INCOME (Tables)

v3.21.2
OTHER COMPREHENSIVE INCOME (Tables)
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Components of other comprehensive income
The components of Huntington’s OCI for the three-month and nine-month periods ended September 30, 2021 and 2020, were as follows:
Three Months Ended
September 30, 2021
Tax (expense)
(dollar amounts in millions) Pretax benefit After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period $ (112) $ 26  $ (86)
Less: Reclassification adjustment for realized net losses (gains) included in net income 5  (1) 4 
Net change in unrealized holding gains (losses) on available-for-sale securities (107) 25  (82)
Net change in fair value on cash flow hedges (43) 14  (29)
Foreign currency translation adjustment (1) (7) —  (7)
Net unrealized gains (losses) on net investment hedges 9  —  9 
Translation adjustments, net of hedges (1) 2  —  2 
Net change in pension and other post-retirement obligations 3  —  3 
Total other comprehensive income $ (145) $ 39  $ (106)
Three Months Ended
September 30, 2020
Tax (expense)
(dollar amounts in millions) Pretax benefit After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period $ —  $ —  $ — 
Less: Reclassification adjustment for realized net losses (gains) included in net income 6  (1) 5 
Net change in unrealized gains (losses) on available-for-sale securities 6  (1) 5 
Net change in fair value on cash flow hedges (52) 12  (40)
Net change in pension and other post-retirement obligations 3  (1) 2 
Total other comprehensive income $ (43) $ 10  $ (33)
Nine Months Ended
September 30, 2021
Tax (expense)
(dollar amounts in millions) Pretax benefit After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period $ (311) $ 70  $ (241)
Less: Reclassification adjustment for realized net losses (gains) included in net income 27  (6) 21 
Net change in unrealized holding gains (losses) on available-for-sale securities (284) 64  (220)
Net change in fair value on cash flow hedges (135) 33  (102)
Foreign currency translation adjustment (1) (13) —  (13)
Net unrealized gains (losses) on net investment hedges 9  —  9 
Translation adjustments, net of hedges (1) (4) —  (4)
Net change in pension and other post-retirement obligations 12  (3) 9 
Total other comprehensive loss $ (411) $ 94  $ (317)
Nine Months Ended
September 30, 2020
Tax (expense)
(dollar amounts in millions) Pretax benefit After-tax
Unrealized gains (losses) on available-for-sale securities arising during the period $ 274  $ (61) $ 213 
Less: Reclassification adjustment for realized net losses (gains) included in net income 35  (8) 27 
Net change in unrealized holding gains (losses) on available-for-sale securities 309  (69) 240 
Net change in fair value on cash flow hedges 358  (79) 279 
Net change in pension and other post-retirement obligations (2) (8) 2  (6)
Total other comprehensive income $ 659  $ (146) $ 513 
(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.
(2)Includes a settlement gain recognized in other noninterest income on the Unaudited Condensed Consolidated Statements of Income.
Activity in accumulated other comprehensive income, net of tax
Activity in accumulated OCI for the three-month and nine-month periods ended September 30, 2021 and 2020, were as follows:
(dollar amounts in millions)
Unrealized
 gains (losses) on
debt securities (1)
 Change in fair value related to cash flow hedges Translation adjustments, net of hedges
Unrealized
 gains
(losses) for
pension and
other post-
retirement
obligations (2)
 Total
Three Months Ended September 30, 2021
Balance, beginning of period $ 50  $ 184  $ (6) $ (247) $ (19)
Other comprehensive income (loss) before reclassifications (86) (29) 2  —  (113)
Amounts reclassified from accumulated OCI to earnings 4  —  —  3  7 
Period change (82) (29) 2  3  (106)
Balance, end of period $ (32) $ 155  $ (4) $ (244) $ (125)
Three Months Ended September 30, 2020
Balance, beginning of period $ 207  $ 342  $ —  $ (259) $ 290 
Other comprehensive income before reclassifications —  (40) —  —  (40)
Amounts reclassified from accumulated OCI to earnings 5  —  —  2  7 
Period change 5  (40) —  2  (33)
Balance, end of period $ 212  $ 302  $ —  $ (257) $ 257 
(dollar amounts in millions)
Unrealized
 gains (losses) on
debt securities (1)
 Change in fair value related to cash flow hedges Translation adjustments, net of hedges
Unrealized 
gains
(losses) for
pension and
other post-
retirement
obligations (2)
 Total
Nine Months Ended September 30, 2021
Balance, beginning of period $ 188  $ 257  $ —  $ (253) $ 192 
Other comprehensive loss before reclassifications (241) (102) (4) —  (347)
Amounts reclassified from accumulated OCI to earnings 21  —  —  9  30 
Period change (220) (102) (4) 9  (317)
Balance, end of period $ (32) $ 155  $ (4) $ (244) $ (125)
Nine Months Ended September 30, 2020
Balance, beginning of period $ (28) $ 23  $ —  $ (251) $ (256)
Other comprehensive income before reclassifications 213  279  —  —  492 
Amounts reclassified from accumulated OCI to earnings 27  —  —  (6) 21 
Period change 240  279  —  (6) 513 
Balance, end of period $ 212  $ 302  $ —  $ (257) $ 257 
(1)AOCI amounts at September 30, 2021 and September 30, 2020 include $41 million and $74 million, respectively, of net 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.