Company: HBAN
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000049196-25-000020
Chunk: 61

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 61
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 fair value at grant date of nonvested shares granted for the years ended December 31, 2024, 2023, and 2022 were $13.09, $14.14, and $13.47, respectively. The total fair value of awards vested during the years ended December 31, 2024, 2023, and 2022 was $96 million, $99 million, and $105 million, respectively. As of December 31, 2024, the total unrecognized compensation cost related to nonvested shares was $297 million with a weighted-average expense recognition period of 2.2 years.

16. BENEFIT PLANS 

Huntington sponsors a non-contributory defined benefit pension plan covering substantially all employees hired or rehired prior to January 1, 2010. The Plan no longer accrues service benefits to participants and provides benefits based upon length of service and compensation levels. Huntington’s funding policy is to contribute an annual amount that is at least equal to the minimum funding requirements but not more than the amount deductible under the Internal Revenue Code. There were no required minimum contributions during 2024. The following table shows the weighted-average assumptions used to determine the benefit obligation and the net periodic benefit cost.At December 31, 20242023Weighted-average assumptions used to determine benefit obligations:Discount rate5.67 %5.15 %Weighted-average assumptions used to determine net periodic benefit cost:Discount rate5.15 5.41 Expected return on plan assets5.50 5.00 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)20242023Projected benefit obligation at beginning of measurement year$687 $692 Changes due to:Service cost3 3 Interest cost34 36 Benefits paid(34)(33)Settlements(9)(16)Actuarial (losses) gains(35)5 Total changes(41)(5)Projected benefit obligation at end of measurement year$646 $687 

134     Huntington Bancshares Incorporated

Table of Contents

The following table reconciles the beginning and ending balances of the fair value of Plan assets.At December 31, (dollar amounts in millions)20242023Fair value of plan assets at beginning of measurement year$729 $740 Changes due to:Actual return on plan assets