Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 263

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 263
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 reclassifications, net of tax406 (260)925 — 3 1,074 Amounts reclassified from AOCI:     Before tax65 49 (385)306 — 35 Tax effect15 11 (77)65 — 14 Amounts reclassified, net of tax50 38 (308)241 — 21 Total OCI, net of tax456 (222)617 241 3 1,095 AOCI balance, December 31, 2023$(1,079)$(300)$(8,778)$(2,347)$(2)$(12,506)OCI before reclassifications, net of tax(1)430 (835)(497)— (4)(906)Amounts reclassified from AOCI:     Before tax1 359 6,154 288— 6,802 Tax effect— 85 1,452 66— 1,603 Amounts reclassified, net of tax1 274 4,702 222 — 5,199 Total OCI, net of tax431 (561)4,205 222 (4)4,293 AOCI balance, December 31, 2024$(648)$(861)$(4,573)$(2,125)$(6)$(8,213)Primary income statement location of amounts reclassified from AOCIOther expenseNet interest incomeSecurities gains (losses) and Interest on securitiesInterest on securitiesOther income(1)Includes the impact of the remeasurement of the pension plan and the reduction of pension benefit obligations following the sale of TIH. Refer to “Note 15. Benefit Plans” for additional information.

Truist Financial Corporation   133

NOTE 14. Income Taxes

The components of the income tax provision or benefit are as follows:Year Ended December 31,(Dollars in millions)202420232022Current expense:   Federal$(514)$1,012 $784 State(15)135 96 Total current expense(529)1,147 880 Deferred expense:Federal45 (390)316 State(72)(19)54 Total deferred expense(27)(409)370 Provision (benefit) for income taxes$(556)$738 $1,250 A reconciliation of the provision for income taxes at the statutory federal income tax