Company: HBAN
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000049196-25-000020
Chunk: 62

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 62
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(8)39 Settlements(9)(17)Benefits paid(34)(33)Total changes(51)(11)Fair value of plan assets at end of measurement year$678 $729 As of December 31, 2024, the difference between the accumulated benefit obligation and the fair value of Plan assets was $32 million and is recorded in other assets.The following table shows the components of net periodic benefit costs recognized.Year Ended December 31, (1)(dollar amounts in millions)202420232022Service cost$3 $3 $3 Interest cost34 36 22 Expected return on plan assets(46)(43)(41)Amortization of loss2 1 9 Settlements4 7 15 Benefit costs$(3)$4 $8 (1)    Pension costs are recognized in other noninterest income in the Consolidated Statements of Income.At December 31, 2024 and 2023, Northern Trust, as trustee, held all 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)20242023Cash equivalents:Mutual funds-money market$11 2 %$17 2 %Fixed income:Corporate obligations212 31 234 32 U.S. Government obligations69 10 70 10 Municipal obligations1 — 1 — Collective trust funds273 40 297 42 Equities:Limited liability companies11 2 10 1 Collective trust funds78 12 76 10 Limited partnerships23 3 24 3 Fair value of plan assets$678 100 %$729 100 %

2024 Form 10-K     135

Table of Contents

Investments of the Plan are reported at fair value. The valuation methodologies used to measure the fair value of pension plan assets vary depending on the type of asset. At December 31, 2024, mutual money market funds are valued at the closing price reported from an actively traded exchange and are classified as Level 1. Fixed income investments are valued using unadjusted quoted prices from active markets for similar assets are classified as Level 2. Collective trust funds and limited liability companies are valued at net asset value per unit as a practical expedient, which is calculated based on the fair values