Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 254

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 254
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 impairment analyses, the Company concluded as of October 1, 2023 that the carrying values of the former CB&W and C&CB reporting units exceeded their respective fair values, which resulted in a non-cash, non-tax-deductible goodwill impairment charge of $6.1 billion for the year ended December 31, 2023. This prior year goodwill impairment charge was primarily due to the continued impact of higher interest rates and discount rates on the former CB&W and C&CB reporting units, and a sustained decline in the banking industry share prices, including Truist’s through the October 1, 2023 date of the prior year quantitative analyses.The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2024 primarily relates to the segment realignment described above and the divestiture of Sterling Capital Management, LLC. Activity during 2023 includes the aforementioned impairments and the realignment of Prime Rate Premium Finance Corporation into the C&CB segment from the IH segment. Refer to “Note 21. Operating Segments” for additional information on segments.(Dollars in millions)CSBB (Formerly CB&W)(1)WB (Formerly C&CB)(1)IH(2)TotalGoodwill, January 1, 2023$16,865 $6,154 $214 $23,233 Impairments(3,361)(2,717)— (6,078)Adjustments and other(1)216 (214)1 Goodwill, December 31, 202313,503 3,653 — 17,156 Segment realignment(1,498)1,498 — — Divestitures— (32)— (32)Adjustments and other— 1 — 1 Goodwill, December 31, 2024$12,005 $5,120 $— $17,125 (1)Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. Refer to “Note 21. Operating Segments” for additional information on segments.(2)Activity in the IH segment relates to the continuing operations of Prime Rate Premium Finance Corporation, which was transferred to the Company’s C&CB segment in 2023. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition