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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Asset and liability derivatives included in accrued income and other assets
The following table presents the fair values and notional values of all derivative instruments included in the Consolidated Balance Sheets at December 31, 2021 and December 31, 2020. Amounts in the table below are presented gross without the impact of any net collateral arrangements.
December 31, 2021December 31, 2020
(dollar amounts in millions)Notional ValueAssetLiabilityNotional ValueAssetLiability
Derivatives designated as Hedging Instruments
Interest rate contracts$21,306 $258 $32 $27,056 $719 $51 
Foreign exchange contracts210 1 — — — — 
Derivatives not designated as Hedging Instruments
Interest rate contracts45,286 587 498 44,495 1,074 828 
Foreign exchange contracts3,524 29 31 2,718 46 47 
Commodities contracts1,077 178 177 1,952 107 103 
Equity contracts685 12 5 517 — 4 
Total Contracts$72,088 $1,065 $743 $76,738 $1,946 $1,033 
Gains and (losses) recognized in other comprehensive income (loss) (OCI) for derivatives designated as effective cash flow hedges
The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Consolidated Income Statement for the years ended December 31, 2021, 2020 and 2019.
Location of Gain or (Loss) Recognized in Income on Derivative
Year Ended December 31,
(dollar amounts in millions)202120202019
Interest rate contracts:
CustomerCapital markets fees$50 $47 $49 
Mortgage bankingMortgage banking income(26)52 37 
Interest rate floorsInterest and fee income on loans and leases(8)(2)4 
Interest rate capsInterest expense on long-term debt89 5 — 
Foreign exchange contractsCapital markets fees32 27 28 
Commodities contractsCapital markets fees3 4 (2)
Equity contractsOther noninterest expense(8)(4)(4)
Total$132 $129 $112 
Gross notional values of derivatives used in asset and liability management activities
The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at December 31, 2021 and December 31, 2020, identified by the underlying interest rate-sensitive instruments:
December 31, 2021
(dollar amounts in millions)Fair Value HedgesCash Flow HedgesEconomic HedgesTotal
Instruments associated with:
Investment securities$8,228 $— $— $8,228 
Loans— 11,150 271 11,421 
Long-term debt1,928 — — 1,928 
Total notional value at December 31, 2021$10,156 $11,150 $271 $21,577 
December 31, 2020
(dollar amounts in millions)Fair Value HedgesCash Flow HedgesEconomic HedgesTotal
Instruments associated with:
Investment securities$3,484 $— $— $3,484 
Loans— 17,375 1,271 18,646 
Long-term debt6,197 — 5,000 11,197 
Total notional value at December 31, 2020$9,681 $17,375 $6,271 $33,327 
Increase or (decrease) to interest expense for derivatives designated as fair value hedges
The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item for the years ended December 31, 2021, 2020 and 2019:
 Year Ended December 31,
(dollar amounts in millions)202120202019
Interest rate contracts
Change in fair value of interest rate swaps hedging investment securities (1)$108 $6 $— 
Change in fair value of hedged investment securities (1)(114)3 — 
Change in fair value of interest rate swaps hedging long-term debt (2)(184)113 127 
Change in fair value of hedged long term debt (2)187 (118)(125)
(1)Recognized in Interest income—available-for-sale securities—taxable in the Consolidated Statements of Income.
(2)Recognized in Interest expense - long-term debt in the Consolidated Statements of Income.
Amounts recorded on the balance sheet related to cumulative basis adjustments
As of December 31, 2021 and 2020, the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges.
Amortized CostCumulative Amount of Fair Value Hedging Adjustment To Hedged Items
At December 31,At December 31,
(dollar amounts in millions)2021202020212020
Assets
Investment securities (1)$17,150 $6,637 $(117)$3 
Liabilities
Long-term debt (2)1,981 6,383 45 232 
(1)Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. As of December 31, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $16.2 billion, the cumulative basis adjustments associated with these hedging relationships was $(101) million, and the amounts of the designated hedged items were $7.4 billion.
(2)Excluded from the above table are the cumulative amount of fair value hedge adjustments remaining for long-term debt for which hedge accounting has been discontinued in the amounts of $17 million at December 31, 2021 and $(62) million at December 31, 2020.
MSR Derivative Hedging
The notional value of the derivative financial instruments, the corresponding net asset (liability) position recognized in other assets and/or other liabilities, and net trading (losses) gains related to MSR hedging activity is summarized in the following table:
MSR hedging activityAt December 31,
(dollar amounts in millions)20212020
Notional value$1,330 $1,170 
Trading assets19 43 
Year December 31,
(dollar amounts in millions)202120202019
Trading (losses) gains$(26)$52 $30 
Offsetting of financial assets and derivatives assets
The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Consolidated Balance Sheets at December 31, 2021 and December 31, 2020:
Offsetting of Financial Assets and Derivative Assets
Gross amounts
offset in the
consolidated
balance sheets
Net amounts of
assets
presented in
the
consolidated
balance sheets
Gross amounts not offset in the consolidated balance sheets
(dollar amounts in millions)
Gross amounts
of recognized
assets
Financial
instruments
Cash collateral
received
Net amount
December 31, 2021$1,065 $(465)$600 $(65)$(31)$504 
December 31, 20201,946 (889)1,057 (112)(142)803 
Offsetting of financial liabilities and derivative liabilities
Offsetting of Financial Liabilities and Derivative Liabilities
Gross amounts
offset in the
consolidated
balance sheets
Net amounts of
liabilities
presented in
the
consolidated
balance sheets
Gross amounts not offset in the consolidated balance sheets
(dollar amounts in millions)
Gross amounts
of recognized
liabilities
Financial
instruments
Cash collateral
delivered
Net amount
December 31, 2021$743 $(624)$119 $(3)$(116)$— 
December 31, 20201,033 (917)116 (9)(105)2