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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Year Ended December 31,
(Dollars in millions)
Location202120202019
Net periodic pension cost:   
Service costPersonnel expense$612 $518 $214 
Interest costOther expense319 313 233 
Estimated return on plan assetsOther expense(998)(866)(480)
Net amortization and otherOther expense35 76 111 
Net periodic benefit cost (income)(32)41 78 
Pre-tax amounts recognized in OCI:   
Net actuarial loss (gain)(1,012)(244)34 
Net amortization(35)(77)(110)
Net amount recognized in OCI(1,047)(321)(76)
Total net periodic pension costs (income) recognized in total comprehensive income, pre-tax
$(1,079)$(280)$
Weighted average assumptions used to determine net periodic pension cost:
Discount rate2.94 %3.45 %4.43 %
Expected long-term rate of return on plan assets6.70 6.90 7.00 
Assumed long-term rate of annual compensation increases4.50 4.50 4.50 
Weighted average assumptions used to determine net periodic pension cost for SunTrust plans prior to being combined:
Discount rateNANA3.22 %
Expected long-term rate of return on plan assetsNANA6.90 
Schedule of Changes in Projected Benefit Obligations
Activity in the projected benefit obligation is presented in the following table:
Year Ended December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
2021202020212020
Projected benefit obligation, January 1$10,277 $8,819 $661 $557 
Service cost573 479 39 39 
Interest cost300 294 20 19 
Actuarial (gain) loss(371)985 40 68 
Benefits paid(318)(300)(20)(22)
Projected benefit obligation, December 31$10,461 $10,277 $740 $661 
Accumulated benefit obligation, December 31$9,231 $9,044 $578 $503 
Weighted average assumptions used to determine projected benefit obligations:
Weighted average assumed discount rate3.18 %2.94 %3.18 %2.94 %
Assumed rate of annual compensation increases (1)4.50 3.50 4.50 3.50 
(1)The 2020 projected benefit obligation assumed a rate for qualified and nonqualified plans of 3.50% in 2021 and 4.50% thereafter.
For the qualified plan, the 2021 actuarial gains are primarily due to an increase in the assumed discount rate, net of the impact of actual plan experience, while the 2020 actuarial losses are primarily due to a decrease in the assumed discount rate, certain mortality updates, and the impact of actual plan experience. For the nonqualified plans, the 2021 loss is primarily due to the impact of actual plan experience, net of the increase in assumed discount rate. The 2020 actuarial loss was due to a decrease in the assumed discount rate and the impact of plan experience.
Schedule of Changes in Fair Value of Plan Assets Activity in plan assets is presented in the following table:
Year Ended December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
2021202020212020
Fair value of plan assets, January 1$14,635 $12,398 $— $— 
Actual return on plan assets1,679 2,164 — — 
Employer contributions403 373 20 22 
Benefits paid(318)(300)(20)(22)
Fair value of plan assets, December 31$16,399 $14,635 $— $— 
Funded status, December 31$5,938 $4,358 $(740)$(661)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) The following are the pre-tax amounts recognized in AOCI:
December 31,
(Dollars in millions)
Qualified PlanNonqualified Plans
2021202020212020
Prior service credit (cost)$(65)$(90)$58 $77 
Net actuarial gain (loss)194 (858)(274)(263)
Net amount recognized$129 $(948)$(216)$(186)
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year The following table presents the amount expected to be amortized from AOCI into net periodic pension cost during 2022:
(Dollars in millions)Qualified PlanNonqualified Plans
Net actuarial loss$— $(29)
Prior service credit (cost)(25)19 
Net amount expected to be amortized$(25)$(10)
Schedule of Expected Benefit Payments The following table reflects the estimated benefit payments for the periods presented:
(Dollars in millions)Qualified PlanNonqualified Plans
2022$391 $25 
2023355 33 
2024364 28 
2025381 30 
2026398 32 
2027-20312,270 182 
Schedule of Allocation of Plan Assets The following table presents the fair values of the qualified pension plan assets by asset category:
December 31,
(Dollars in millions)
Target Allocation20212020
MinMaxTotalLevel 1Level 2TotalLevel 1Level 2
Cash and cash-equivalents$212 $212 $— $290 $290 $— 
U.S. equity securities (1)23 %33 %5,452 2,744 2,708 6,424 3,368 3,056 
International equity securities17 2,378 260 2,118 2,281 360 1,921 
Fixed income securities45 55 7,782 — 7,782 5,357 — 5,357 
Total$15,824 $3,216 $12,608 $14,352 $4,018 $10,334 
(1)The plan may hold up to 10% of its assets in Truist common stock.
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable The following table provides a summary of the equity-based compensation plans:
December 31, 2021
Shares available for future grants (in thousands)13,146 
Vesting period, minimum1.0 year
Vesting period, maximum5.0 years
Summary of Selected Data Related to Equity-based Compensation Costs The following table presents a summary of selected data related to equity-based compensation costs:
As of / For the Year Ended December 31,
(Dollars in millions)
202120202019
Equity-based compensation expense$320 $353 $165 
Income tax benefit from equity-based compensation expense75 84 38 
Intrinsic value of options exercised, and RSUs and PSUs that vested during the year474 412 216 
Grant date fair value of equity-based awards that vested during the year395 420 134 
Unrecognized compensation cost related to equity-based awards254 234 274 
Weighted-average life over which compensation cost is expected to be recognized2.5 years2.3 years2.3 years
Rollforward of RSUs, PSUs and Restricted Shares The following table presents the activity related to awards of RSUs, PSUs and restricted shares:
(Shares in thousands)Units/SharesWtd. Avg. Grant Date Fair Value
Nonvested at January 1, 202118,088 $47.93 
Granted7,556 53.12 
Vested(7,554)52.36 
Forfeited(1,029)51.41 
Nonvested at December 31, 202117,061 50.01