OTHER COMPREHENSIVE INCOME (Tables)

12 Months Ended

Dec. 31, 2022

Components of Accumulated Other Comprehensive Income

The components of Huntington’s OCI were as follows:


(dollar amounts in millions)	Pretax		Tax (expense) benefit		After-tax
Year Ended December 31, 2022

Unrealized losses on available-for-sale securities arising during the period	$	(3,799)	$	873	$	(2,926)
Reclassification adjustment for realized net losses included in net income	100		(23)		77
Total unrealized losses on available-for-sale securities	(3,699)		850		(2,849)
Net impact of hedges on available-for-sale securities	865		(200)		665


Change in fair value of cash flow hedges on loans	(896)		201		(695)
Foreign currency translation adjustment (1)	(15)		—		(15)
Net unrealized gains (losses) on net investment hedges	10		—		10
Translation adjustments, net of hedges (1)	(5)		—		(5)
Change in accumulated unrealized gains for pension and other post retirement obligations	19		(4)		15
Other comprehensive loss	$	(3,716)	$	847	$	(2,869)
Year Ended December 31, 2021

Unrealized losses on available-for-sale securities arising during the period	$	(474)	$	107	$	(367)
Reclassification adjustment for realized net losses included in net income	34		(8)		26
Total unrealized losses on available-for-sale securities	(440)		99		(341)
Net impact of hedges on available-for-sale securities	113		(26)		87


Change in fair value of cash flow hedges on loans	(257)		65		(192)
Foreign currency translation adjustment (1)	(12)		—		(12)
Net unrealized gains (losses) on net investment hedges	9		—		9
Translation adjustments, net of hedges (1)	(3)		—		(3)
Change in accumulated unrealized gains for pension and other post retirement obligations	36		(8)		28
Other comprehensive income	$	(551)	$	130	$	(421)
Year Ended December 31, 2020

Unrealized losses on available-for-sale securities arising during the period	$	235	$	(52)	$	183
Reclassification adjustment for realized net losses included in net income	42		(9)		33
Total unrealized losses on available-for-sale securities	277		(61)		216
Net impact of hedges on available-for-sale securities	3		(1)		2


Change in fair value of cash flow hedges on loans	299		(67)		232



Change in accumulated unrealized gains for pension and other post retirement obligations (2)	(3)		1		(2)
Other comprehensive income	$	576	$	(128)	$	448

(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 Consolidated Statements of Income.

Activity in Accumulated Other Comprehensive Income

Activity in accumulated OCI were as follows:


(dollar amounts in millions)	Unrealized (losses) gains on debt securities (1)		Net impact of hedges on available-for-sale securities		Change in fair value of cash flow hedges on loans		Translation adjustments, net of hedges		Unrealized (losses) gains for pension and other post-retirement obligations		Total
December 31, 2019	$	(28)	$	—	$	23	$	—	$	(251)	$	(256)
Other comprehensive income before reclassifications	183		2		232		—		—		417
Amounts reclassified from accumulated OCI to earnings	33		—		—		—		(2)		31
Period change	216		2		232		—		(2)		448
December 31, 2020	188		2		255		—		(253)		192

Other comprehensive income (loss) before reclassifications	(367)		87		(192)		(3)		—		(475)
Amounts reclassified from accumulated OCI to earnings	26		—		—		—		28		54
Period change	(341)		87		(192)		(3)		28		(421)

December 31, 2021	(153)		89		63		(3)		(225)		(229)

Other comprehensive income before reclassifications	(2,926)		665		(695)		(5)		—		(2,961)
Amounts reclassified from accumulated OCI to earnings	77		—		—		—		15		92
Period change	(2,849)		665		(695)		(5)		15		(2,869)

December 31, 2022	$	(3,002)	$	754	$	(632)	$	(8)	$	(210)	$	(3,098)

(1)AOCI amounts at December 31, 2022, 2021, and 2020 include $66 million, $27 million, and $53 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.