BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of weighted-average assumptions used

The following table shows the weighted-average assumptions used to determine the benefit obligation at December 31, 2021 and 2020, and the net periodic benefit cost for the years then ended:

	Pension Benefits
	2021		2020
Weighted-average assumptions used to determine benefit obligations
Discount rate	2.86	%	2.50	%
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate	2.50		3.40
Expected return on plan assets	4.50		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:

	Pension Benefits
(dollar amounts in millions)	2021		2020
Projected benefit obligation at beginning of measurement year	$	1,026	$	923
Changes due to:
Service cost	3		3
Interest cost	19		26
Benefits paid	(30)		(29)
Settlements	(25)		(19)
Actuarial assumptions and gains (losses)	(37)		122
Total changes	(70)		103
Projected benefit obligation at end of measurement year	$	956	$	1,026

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 the December 31, 2021 and 2020 measurement dates:

	Pension Benefits
(dollar amounts in millions)	2021		2020
Fair value of plan assets at beginning of measurement year	$	1,050	$	931
Changes due to:
Actual return on plan assets	15		164
Settlements	(28)		(16)
Benefits paid	(30)		(29)
Total changes	(43)		119
Fair value of plan assets at end of measurement year	$	1,007	$	1,050

Schedule of net periodic benefit costs

The following table shows the components of net periodic benefit costs recognized in the three years ended December 31, 2021, 2020 and 2019:

	Pension Benefits (1)
(dollar amounts in millions)	2021		2020		2019
Service cost	$	3	$	3	$	2
Interest cost	19		26		32
Expected return on plan assets	(40)		(42)		(44)
Amortization of loss	12		9		6
Settlements	8		5		5
Benefit costs	$	2	$	1	$	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, 2021 and 2020, 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
(dollar amounts in millions)	2021				2020
Cash equivalents:
Mutual funds-money market	$	45	5	%	$	20	2	%
Fixed income:
Corporate obligations	559		55		522		50
U.S. Government obligations	208		21		208		20
Municipal obligations	5		—		6		—
Collective trust funds	13		1		118		11
Equities:
Common stock	52		5		48		5
Preferred stock	—		—		5		—
Limited liability companies	36		4		39		4
Collective trust funds	30		3		33		3
Limited partnerships	58		6		51		5
Fair value of plan assets	$	1,007	100	%	$	1,050	100	%

Schedule of expected benefit payments

At December 31, 2021, the following table shows when benefit payments are expected to be paid:

(dollar amounts in millions)	Pension Benefits
2022	$	56
2023	54
2024	52
2025	50
2026	50
2027 through 2030	240

Schedule of amounts recognized in OCI

The following tables present the amounts recognized in OCI as of December 31, 2021, 2020, and 2019, and the changes in accumulated OCI for the years ended December 31, 2021, 2020, and 2019: 

(dollar amounts in millions)	2021		2020		2019
Net actuarial loss	$	(225)	$	(253)	$	(261)
Prior service cost	—		—		10
Defined benefit pension plans	$	(225)	$	(253)	$	(251)

	2021
(dollar amounts in millions)	Pretax		Tax (expense) Benefit		After-tax
Net actuarial gain (loss):
Amounts arising during the year	$	18	$	(4)	$	14
Amortization included in net periodic benefit costs	18		(4)		14
Total recognized in OCI	$	36	$	(8)	$	28

	2020
(dollar amounts in millions)	Pretax		Tax (expense) Benefit		After-tax
Net actuarial (loss) gain:
Amounts arising during the year	$	(7)	$	2	$	(5)
Amortization included in net periodic benefit costs	17		(4)		13
Prior service cost:
Amounts arising during the year	(11)		3		(8)
Amortization included in net periodic benefit costs	(2)		—		(2)
Total recognized in OCI	$	(3)	$	1	$	(2)

	2019
(dollar amounts in millions)	Pretax		Tax (expense) Benefit		After-tax
Net actuarial (loss) gain:
Amounts arising during the year	$	(17)	$	5	$	(12)
Amortization included in net periodic benefit costs	12		(3)		9
Prior service cost:
Amortization included in net periodic benefit costs	(2)		—		(2)
Total recognized in OCI	$	(7)	$	2	$	(5)

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:

	December 31,
(dollar amounts in millions, share amounts in thousands)	2021		2020
Shares in Huntington common stock	9,526		10,121
Market value of Huntington common stock	$	147	$	128
Dividends received on shares of Huntington stock	6		6