Company: TFC
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0000092230-25-000020
Chunk: 414

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7A
Chunk 414
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 4.57 4.57 2,400 4,200 Other long-term debt(4)1,445 1,261 Total long-term debt$34,956 $38,918 (1)Includes the impact of debt issuance costs and purchase accounting, and excludes hedge accounting impacts.(2)Certain senior and subordinated notes convert from fixed to floating one year prior to maturity, and are callable within the final year of maturity at par.(3)Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.(4)Includes debt associated with finance leases, tax credit investments, and other.

The following table presents future debt maturities:(Dollars in millions)20252026202720282029ThereafterFuture debt maturities(1)$5,441 $4,955 $5,181 $1,035 $5,598 $12,749 (1)Amounts include imputed interest of $3 million related to finance leases.The Company does not consolidate certain wholly-owned trusts which were formed for the sole purpose of issuing trust preferred securities. The proceeds from the trust preferred securities issuances were invested in capital notes of the Parent Company. The Parent Company’s obligations constitute a full and unconditional guarantee of the trust preferred securities.

Truist Financial Corporation   131

NOTE 12. Shareholders’ Equity

Common StockThe following table presents total dividends declared per share of common stock:Year Ended December 31,202420232022Cash dividends declared per share$2.08 $2.08 $2.00 Share Repurchase ActivityIn June 2024, Truist announced that the Board had authorized the repurchase of up to $5.0 billion of common stock beginning in the third quarter of 2024 through 2026 as part of Truist’s overall capital distribution strategy. During 2024, the Company repurchased $1.0 billion of common stock, including excise tax, which represented 23.4 million shares, through open market repurchases. Repurchased shares revert to the status of authorized and unissued shares upon repurchase. At December 31, 2024, Truist had remaining authorization to repurchase up to $4.0 billion of common stock under the Board approved repurchase plan.

Preferred StockDividends on the preferred stock