Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 412

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 412
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, consisting primarily of real estate, and assesses at contract inception whether a contract is, or contains, a lease. The following tables present additional information on leases, excluding leases related to the lease financing businesses:December 31, 2024December 31, 2023(Dollars in millions)Operating LeasesFinance LeasesOperating LeasesFinance LeasesROU assets$1,015 $17 $1,057 $10 Maturities of lease liabilities:2025$288 $3 2026278 3 2027240 3 2028169 3 2029122 2 Thereafter393 8 Total lease payments1,490 22 $1,547 $14 Less: imputed interest189 3 160 2 Total lease liabilities$1,301 $19 $1,387 $12 Weighted average remaining term6.7 years7.8 years6.2 years6.6 yearsWeighted average discount rate3.5 %5.1 %3.1 %5.1 %Year Ended December 31,(Dollars in millions)202420232022Operating lease costs$280 $285 $295 Lessor Operating LeasesThe Company’s two primary lessor businesses are equipment financing and structured real estate with income recorded in Operating lease income on the Consolidated Statements of Income. The following table presents a summary of assets under operating leases held for investment. This table excludes subleases on assets included in premises and equipment.(Dollars in millions)Dec 31, 2024Dec 31, 2023Assets held under operating leases(1)(2)$1,843 $2,160 Accumulated depreciation (539)(583)Net$1,304 $1,577 (1)Includes certain land parcels subject to operating leases that have indefinite lives.(2)Excludes operating leases held-for-sale that totaled $18 million and $32 million at December 31, 2024 and December 31, 2023, respectively.Bank-Owned Life InsuranceBank-owned life insurance consists of life insurance policies held on certain teammates for which the Company is the beneficiary. The carrying value of bank-owned life insurance was $7.8 billion and $7.7 billion at December 31, 2024 and December 31, 2023, respectively.

130   Truist Financial