Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 264

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 2
Chunk 264
---
 rate to the Company’s actual provision for income taxes and effective tax rate is presented in the following table:Year Ended December 31,202420232022(Dollars in millions)Amount% of Income Before TaxesAmount% of Income Before TaxesAmount% of Income Before TaxesFederal income taxes at statutory rate$(126)21.0 %$(161)21.0 %$1,476 21.0 %Increase (decrease) in provision for income taxes as a result of:State income taxes, net of federal tax benefit(69)11.5 91 (11.9)118 1.7 Non-deductible goodwill— — 1,276 (166.8)— — Internal legal entity restructuring— — (191)25.0 — — Income tax credits, net of amortization(249)41.4 (173)22.6 (233)(3.3)Tax-exempt interest(161)26.8 (157)20.5 (109)(1.6)Other, net49 (8.2)53 (6.9)(2)— Provision (benefit) for income taxes$(556)92.5 $738 (96.5)$1,250 17.8 

134   Truist Financial Corporation

Deferred income tax assets and liabilities result from differences between the timing of the recognition of assets and liabilities for financial reporting purposes and for income tax purposes. DTAs and DTLs are measured using the enacted federal and state tax rates in the periods in which the DTAs or DTLs are expected to be realized. In the Consolidated Balance Sheets, a net deferred income tax asset is recorded in Other assets and a net deferred income tax liability is recorded in Other liabilities. Significant DTAs and DTLs, net of the federal impact for state taxes, are presented in the following table:December 31,(Dollars in millions)20242023DTAs:  Net unrealized losses in AOCI$2,541 $3,860 ALLL1,150 1,132 Employee compensation and benefits705 673 Research or experimental expenditures365 284 Operating lease liability319 339 Accruals and reserves265 330 Federal and state NOLs and other carryforwards163 121 Other15 30 Total gross DTAs5,523 6,