Annual report pursuant to Section 13 and 15(d)

BENEFIT PLANS (Tables)

v3.24.0.1
BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
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