| OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI for the three-month periods ended March 31, 2022 and 2021, were as follows:
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| (dollar amounts in millions) |
Pretax |
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Tax (Expense) benefit |
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After-tax |
| Three Months Ended March 31, 2022 |
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| Unrealized losses on available-for-sale securities arising during the period |
$ |
(1,540) |
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$ |
354 |
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$ |
(1,186) |
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| Reclassification adjustment for realized net losses included in net income |
9 |
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(2) |
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7 |
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| Total unrealized losses on available-for-sale securities |
(1,531) |
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352 |
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(1,179) |
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| Net impact of fair value hedges on available-for-sale securities |
431 |
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(99) |
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332 |
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| Change in fair value related to cash flow hedges |
(310) |
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70 |
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(240) |
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| Foreign currency translation adjustment (1) |
2 |
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— |
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2 |
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| Net unrealized gains (losses) on net investment hedges |
(2) |
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— |
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(2) |
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| Translation adjustments, net of hedges (1) |
— |
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— |
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— |
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| Change in accumulated unrealized gains for pension and other post retirement obligations |
3 |
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(1) |
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2 |
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| Other comprehensive (loss) income |
$ |
(1,407) |
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$ |
322 |
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$ |
(1,085) |
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| Three Months Ended March 31, 2021 |
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| Unrealized 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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| Reclassification adjustment for realized net losses included in net income |
9 |
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(2) |
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7 |
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| Total unrealized losses on available-for-sale securities |
(278) |
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62 |
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(216) |
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| Net impact of fair value hedges on available-for-sale securities |
44 |
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(10) |
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34 |
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| Change in fair value related to cash flow hedges |
(88) |
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20 |
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(68) |
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| Change in accumulated unrealized gains for pension and other post retirement obligations |
3 |
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(1) |
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2 |
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| Other comprehensive (loss) income |
$ |
(319) |
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$ |
71 |
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$ |
(248) |
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(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.
Activity in accumulated OCI for the three-month periods ended March 31, 2022 and 2021, were as follows:
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| (dollar amounts in millions) |
Unrealized
gains (losses) on
available-for-sale securities (1)
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Net impact of fair value hedges on available-for-sale securities |
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Change in fair value related to cash flow hedges |
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Translation adjustments, net of 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, 2022 |
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| Balance, beginning of period |
$ |
(153) |
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$ |
89 |
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$ |
63 |
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$ |
(3) |
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$ |
(225) |
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$ |
(229) |
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| Other comprehensive income (loss) before reclassifications |
(1,186) |
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332 |
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(240) |
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— |
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— |
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$ |
(1,094) |
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| Amounts reclassified from accumulated OCI to earnings |
7 |
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— |
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— |
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— |
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2 |
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9 |
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| Period change |
(1,179) |
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332 |
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(240) |
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— |
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2 |
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(1,085) |
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| Balance, end of period |
$ |
(1,332) |
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$ |
421 |
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$ |
(177) |
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$ |
(3) |
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$ |
(223) |
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$ |
(1,314) |
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| Three Months Ended March 31, 2021 |
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| Balance, beginning of period |
$ |
188 |
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$ |
2 |
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$ |
255 |
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$ |
— |
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$ |
(253) |
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$ |
192 |
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| Other comprehensive income (loss) before reclassifications |
(223) |
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34 |
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(68) |
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— |
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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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— |
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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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(68) |
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— |
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2 |
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(248) |
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| Balance, end of period |
$ |
(28) |
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$ |
36 |
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$ |
187 |
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$ |
— |
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$ |
(251) |
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$ |
(56) |
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(1)AOCI amounts at March 31, 2022 and March 31, 2021 include $78 million and $46 million, respectively, of net unrealized losses (after-tax) 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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