Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 386

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 386
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 before income taxes from discontinued operations7,040 580 640 Provision for income taxes2,155 124 152 Net income from discontinued operations4,885 456 488 Noncontrolling interests22 44 7 Net income from discontinued operations attributable to controlling interest$4,863 $412 $481 The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows:(Dollars in millions)Year Ended December 31,202420232022Net cash from operating activities$64 $985 $863 Net cash from investing activities12,099 (41)(1,134)Net cash from financing activities(41)(954)344 

Truist Financial Corporation   111

On May 6, 2024, the Company completed the sale. The transaction improved Truist’s relative capital position while allowing Truist to maintain strategic flexibility. Upon closing, the transaction resulted in the deconsolidation of the TIH subsidiary from Truist. The following is a summary of the transaction, including post-closing and tax impact adjustments:(Dollars in millions)May 6, 2024Cash received$12,605 Assets of discontinued operations: Cash and due from banks93 Interest-bearing deposits with banks1,952 Premises and equipment58 Goodwill3,743 CDI and other intangible assets1,227 Other assets2,873 Total assets of discontinued operations9,946 Liabilities of discontinued operations:Other liabilities4,090 Total liabilities of discontinued operations4,090 Net assets of discontinued operations5,856 Noncontrolling interest190 Pre-tax gain6,939 Current and deferred tax impact(2,098)After-tax gain$4,841 In connection with the sale of TIH, the Company has entered into various agreements with entities controlled by the buyers and TIH, including a transition services agreement and several commercial agreements, ranging from one to seven years. The transition services agreement includes the following support services, the majority of which the Company completed as of December 31, 2024: information technology, finance and accounting, human resources, marketing and communications, procurement, and real estate. The Company is compensated for such services on a monthly basis. The commercial agreements represent arrangements for both the Company and TIH to continue engaging in certain business activities after the completion of the sale