Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 265

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 265
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769 Valuation allowance(104)(105)Total DTAs net of valuation allowance5,419 6,664 DTLs:Pension1,914 1,884 Goodwill and other intangible assets409 431 MSRs286 294 Equipment and auto leasing269 309 ROU assets245 253 Loans195 94 Partnerships100 333 Other56 29 Total DTLs3,474 3,627 Net DTA$1,945 $3,037 The DTAs include certain state NOLs and other state carryforwards that will expire, if not utilized, in varying amounts from 2025 to 2037. The Company had a valuation allowance recorded against certain state NOL carryforward DTAs of $104 million and $105 million at December 31, 2024 and 2023, respectively.The following table provides a rollforward of the Company’s gross federal and state UTBs, excluding interest and penalties:(Dollars in millions)Dec 31, 2024Dec 31, 2023Balance, January 1$80 $97 Increases in UTBs related to prior years4 2 Decreases in UTBs related to prior years— (12)Increases in UTBs related to the current year27 10 Decreases in UTBs related to settlements— (2)Decreases in UTBs related to lapse of the applicable statutes of limitations(20)(15)Balance, December 31$91 $80 The amount of UTBs that would favorably affect the Company’s effective tax rate, if recognized, was $74 million and $66 million at December 31, 2024 and 2023, respectively. Interest and penalties related to UTBs are recorded in the Provision for income taxes in the Consolidated Statement of Income. The Company had a gross liability of $13 million for interest and penalties related to its UTBs at December 31, 2024 and 2023. The amount of gross expense related to interest and penalties on UTBs was immaterial.The Company files U.S. federal, state, and local income tax returns. The Company’s federal income tax returns are no longer subject to assessment by the IRS for taxable years prior to 2021. The IRS is currently examining the Company’s 2022 consolidated federal income tax return. With limited exceptions, the Company is no longer subject to assessment by