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BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of weighted-average assumptions used

The following table shows the weighted-average assumptions used to determine the benefit obligation and the net periodic benefit cost:


	At December 31,
	2023		2022
Weighted-average assumptions used to determine benefit obligations
Discount rate	5.15	%	5.41	%

Weighted-average assumptions used to determine net periodic benefit cost
Discount rate	5.41		2.86
Expected return on plan assets	5.00		4.50

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,
(dollar amounts in millions)	2023		2022
Projected benefit obligation at beginning of measurement year	$	692	$	956
Changes due to:
Service cost	3		3
Interest cost	36		22
Benefits paid	(33)		(32)
Settlements	(16)		(29)

Actuarial gains	5		(228)
Total changes	(5)		(264)
Projected benefit obligation at end of measurement year	$	687	$	692

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 December 31,
(dollar amounts in millions)	2023		2022
Fair value of plan assets at beginning of measurement year	$	740	$	1,007
Changes due to:
Actual return on plan assets	39		(197)

Settlements	(17)		(38)
Benefits paid	(33)		(32)
Total changes	(11)		(267)
Fair value of plan assets at end of measurement year	$	729	$	740

Schedule of net periodic benefit costs

The following table shows the components of net periodic benefit costs recognized:


	Year Ended December 31, (1)
(dollar amounts in millions)	2023		2022		2021
Service cost	$	3	$	3	$	3
Interest cost	36		22		19
Expected return on plan assets	(43)		(41)		(40)

Amortization of loss	1		9		12
Settlements	7		15		8
Benefit costs	$	4	$	8	$	2

(1) The pension costs are recognized in other noninterest income in the Consolidated Statements of Income.

Schedule of allocation of 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 at December 31,
(dollar amounts in millions)	2023				2022
Cash equivalents:
Mutual funds-money market	$	17	2	%	$	23	3	%

Fixed income:
Corporate obligations	234		32		414		57
U.S. Government obligations	70		10		154		21

Municipal obligations	1		—		3		—

Collective trust funds	297		42		62		8
Equities:




Limited liability companies	10		1		9		1
Collective trust funds	76		10		27		4
Limited partnerships	24		3		48		6
Fair value of plan assets	$	729	100	%	$	740	100	%

Schedule of expected benefit payments

At December 31, 2023, the following table shows when benefit payments are expected to be paid:


(dollar amounts in millions)	Pension Benefits
2024	$	51
2025	52
2026	53
2027	53
2028	53
2029 through 2033	253

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:


	At December 31,
(dollar amounts in millions, share amounts in thousands)	2023		2022
Shares in Huntington common stock	11,899		9,451
Market value of Huntington common stock	$	151	$	133
Dividends received on shares of Huntington stock	7		6