OTHER COMPREHENSIVE INCOME

9 Months Ended

Sep. 30, 2022

The components of Huntington’s OCI for the three-month and nine-month periods ended September 30, 2022 and 2021, were as follows:


(dollar amounts in millions)	Pretax		Tax (Expense) benefit		After-tax
Three Months Ended September 30, 2022

Unrealized losses on available-for-sale securities arising during the period	$	(1,265)	$	291	$	(974)
Reclassification adjustment for realized net losses included in net income	4		(1)		3
Total unrealized losses on available-for-sale securities	(1,261)		290		(971)

Net impact of fair value hedges on available-for-sale securities	325		(75)		250


Change in fair value related to cash flow hedges	(591)		135		(456)
Foreign currency translation adjustment (1)	(15)		—		(15)
Net unrealized gains (losses) on net investment hedges	11		—		11
Translation adjustments, net of hedges (1)	(4)		—		(4)
Change in accumulated unrealized gains for pension and other post retirement obligations	3		—		3
Other comprehensive loss	$	(1,528)	$	350	$	(1,178)
Three Months Ended September 30, 2021

Unrealized gains on available-for-sale securities arising during the period	$	(112)	$	26	$	(86)
Reclassification adjustment for realized net losses included in net income	5		(1)		4
Total unrealized losses on available-for-sale securities	(107)		25		(82)




Change in fair value related to 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
Change in accumulated unrealized gains for pension and other post retirement obligations	3		—		3
Other comprehensive income	$	(145)	$	39	$	(106)

Nine Months Ended September 30, 2022

Unrealized losses on available-for-sale securities arising during the period	$	(3,952)	$	909	$	(3,043)
Reclassification adjustment for realized net losses (gains) included in net income	95		(22)		73
Total unrealized gains (losses) on available-for-sale securities	(3,857)		887		(2,970)

Net impact of fair value hedges on available-for-sale securities	917		(212)		705


Change in fair value related to cash flow hedges	(1,012)		230		(782)
Foreign currency translation adjustment (1)	(21)		—		(21)
Net unrealized gains (losses) on net investment hedges	15		—		15
Translation adjustments, net of hedges (1)	(6)		—		(6)
Change in accumulated unrealized gains for pension and other post retirement obligations	8		(2)		6
Other comprehensive loss	$	(3,950)	$	903	$	(3,047)
Nine Months Ended September 30, 2021

Unrealized losses on available-for-sale securities arising during the period	$	(311)	$	70	$	(241)
Reclassification adjustment for realized net losses (gains) included in net income	27		(6)		21
Total unrealized losses on available-for-sale securities	(284)		64		(220)

Net impact of fair value hedges on available-for-sale securities	38		(9)		29


Change in fair value related to cash flow hedges	(173)		42		(131)
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)
Change in accumulated unrealized gains for pension and other post retirement obligations	12		(3)		9
Other comprehensive loss	$	(411)	$	94	$	(317)

(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 and nine-month periods ended September 30, 2022 and 2021, were as follows:


(dollar amounts in millions)	Unrealized gains (losses) on available-for-sale securities (1)		Net impact of fair value hedges on available-for-sale securities		Change in fair value related to cash flow hedges		Translation adjustments, net of hedges		Unrealized gains (losses) for pension and other post- retirement obligations		Total
Three Months Ended September 30, 2022
Balance, beginning of period	$	(2,152)	$	544	$	(263)	$	(5)	$	(222)	$	(2,098)

Other comprehensive income (loss) before reclassifications	(974)		250		(456)		(4)		—		(1,184)
Amounts reclassified from accumulated OCI to earnings	3		—		—		—		3		6
Period change	(971)		250		(456)		(4)		3		(1,178)
Balance, end of period	$	(3,123)	$	794	$	(719)	$	(9)	$	(219)	$	(3,276)

Three Months Ended September 30, 2021
Balance, beginning of period	$	50	$	31	$	153	$	(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)	$	31	$	124	$	(4)	$	(244)	$	(125)

Nine Months Ended September 30, 2022
Balance, beginning of period	$	(153)	$	89	$	63	$	(3)	$	(225)	$	(229)
Other comprehensive loss before reclassifications	(3,043)		705		(782)		(6)		—		(3,126)
Amounts reclassified from accumulated OCI to earnings	73		—		—		—		6		79
Period change	(2,970)		705		(782)		(6)		6		(3,047)
Balance, end of period	$	(3,123)	$	794	$	(719)	$	(9)	$	(219)	$	(3,276)

Nine Months Ended September 30, 2021
Balance, beginning of period	$	188	$	2	$	255	$	—	$	(253)	$	192
Other comprehensive income before reclassifications	(241)		29		(131)		(4)		—		(347)
Amounts reclassified from accumulated OCI to earnings	21		—		—		—		9		30
Period change	(220)		29		(131)		(4)		9		(317)
Balance, end of period	$	(32)	$	31	$	124	$	(4)	$	(244)	$	(125)

(1)AOCI amounts at September 30, 2022 and September 30, 2021 include $69 million and $41 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.