Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 20

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 3
Chunk 20
---
ivatives subject to master netting arrangement or similar arrangement$1,775 $(1,392)$383 $— $383 Derivatives not subject to master netting arrangement or similar arrangement97 — 97 — 97 Exchange traded derivatives956 (485)471 — 471 Total derivative assets$2,828 $(1,877)$951 $— $951 Derivative liabilities:Derivatives subject to master netting arrangement or similar arrangement$(3,627)$1,600 $(2,027)$151 $(1,876)Derivatives not subject to master netting arrangement or similar arrangement(568)— (568)— (568)Exchange traded derivatives(487)485 (2)— (2)Total derivative liabilities$(4,682)$2,085 $(2,597)$151 $(2,446)The following table presents the carrying value of hedged items in fair value hedging relationships:December 31, 2024December 31, 2023Hedge Basis AdjustmentHedge Basis Adjustment(Dollars in millions)Hedged Asset / Liability BasisItems Currently DesignatedDiscontinued HedgesHedged Asset / Liability BasisItems Currently DesignatedDiscontinued HedgesAFS securities(1)(2)$38,428 $(503)$15 $51,782 $6 $(5)Loans and leases297 — 5 322 — 7 Long-term debt29,469 (121)(533)27,572 (237)(475)(1)The amortized cost of AFS securities was $43.6 billion at December 31, 2024 and $62.2 billion at December 31, 2023. Further, as of December 31, 2024, closed portfolios of securities hedged under the portfolio layer method have an amortized cost of $30.5 billion, of which $18.0 billion was designated as hedged. The remaining amount of amortized cost is from securities with terminated hedges where the basis adjustment is being amortized into earnings using the effective interest method over the contractual life of the security and hedges not designated under the portfolio-layer method.(2)The decline in hedged AFS securities from December 31, 2023 to December 31, 2024 was due to the balance sheet repositioning in May 2024. Refer