Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 409

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 409
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— 17,156 Segment realignment(1,498)1,498 — — Divestitures— (32)— (32)Adjustments and other— 1 — 1 Goodwill, December 31, 2024$12,005 $5,120 $— $17,125 (1)Effective January 1, 2024, several business activities were realigned reflecting updates to the Company’s operating structure. Refer to “Note 21. Operating Segments” for additional information on segments.(2)Activity in the IH segment relates to the continuing operations of Prime Rate Premium Finance Corporation, which was transferred to the Company’s C&CB segment in 2023. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition of the business. Refer to “Note 2. Discontinued Operations” for additional information related to discontinued operations, including the goodwill balance related to TIH.

126   Truist Financial Corporation

The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: December 31, 2024December 31, 2023(Dollars in millions)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountCDI$2,453 $(1,837)$616 $2,473 $(1,650)$823 Other, primarily client relationship intangibles1,458 (524)934 1,598 (512)1,086 Total$3,911 $(2,361)$1,550 $4,071 $(2,162)$1,909 

The following table presents the estimated amortization expense of identifiable intangibles as of December 31, 2024 for the next five years and thereafter:(Dollars in millions)20252026202720282029ThereafterEstimated amortization expense$292 $252 $223 $197 $170 $416 

Truist Financial Corporation   127

NOTE 8. Loan Servicing

The Company acquires servicing rights, and retains servicing rights related to certain of its sales or securitizations of residential mortgages, commercial mortgages, and other consumer loans. Servicing rights are capitalized by the Company as Loan servicing rights on the Consolidated Balance Sheets.