Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 262

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 262
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 will reset on December 1, 2025, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 4.605%.(7)Fixed dividend rate will reset on September 1, 2030, and on each following tenth anniversary of the reset date to the ten-year U.S. Treasury rate plus 4.349%.(8)Dividend payments become quarterly after dividend rate reset.RedemptionsDuring 2024, the Company redeemed all 7,500 outstanding shares of its perpetual preferred stock series L and the corresponding 750,000 depositary shares representing fractional interests in such series at a redemption price of $1,000 per depositary share (equivalent to $100,000 per share of preferred stock) plus any accrued and unpaid dividends, for $750 million. This preferred stock redemption was in accordance with the terms of the Company’s Articles of Incorporation.

132   Truist Financial Corporation

Noncontrolling InterestRefer to “Note 2. Discontinued Operations” for information related to the sale of TIH.

NOTE 13. AOCI

AOCI includes the after-tax change in unrecognized net costs related to defined benefit pension and OPEB plans as well as unrealized gains and losses on cash flow hedges, AFS securities, and HTM securities previously transferred from AFS securities.(Dollars in millions)Pension and OPEB CostsCash Flow HedgesAFS SecuritiesHTM SecuritiesOther, netTotalAOCI balance, January 1, 2022$(86)$(9)$(1,510)$— $1 $(1,604)OCI before reclassifications, net of tax(1,471)(78)(10,792)— (6)(12,347)AFS Securities transferred to HTM, net of tax— — 2,872 (2,872)— — Amounts reclassified from AOCI:     Before tax29 12 45 367 — 453 Tax effect7 3 10 83 — 103 Amounts reclassified, net of tax22 9 35 284 — 350 Total OCI, net of tax(1,449)(69)(10,757)284 (6)(11,997)AOCI balance, December 31, 2022(1,535)(78)(9,395)(2,588)(5)(13,601)OCI before