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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments The following table presents the gross notional amounts and estimated fair value of derivative instruments employed by the Company.
June 30, 2022December 31, 2021
 Notional AmountFair ValueNotional AmountFair Value
(Dollars in millions)AssetsLiabilitiesAssetsLiabilities
Cash flow hedges:      
Interest rate contracts:      
Swaps hedging commercial loans$10,500 $— $— $— $— $— 
Fair value hedges:   
Interest rate contracts:   
Swaps hedging long-term debt 12,893 — (41)12,690 — (6)
Swaps hedging AFS securities7,097 — — 12,711 — (2)
Total19,990 — (41)25,401 — (8)
Not designated as hedges:      
Client-related and other risk management:      
Interest rate contracts:      
Swaps154,805 525 (1,759)150,223 1,716 (733)
Options29,619 140 (130)23,659 43 (30)
Forward commitments2,039 11 (11)2,404 2 (5)
Other2,836 2 (3)2,927 — — 
Equity contracts36,531 717 (811)34,232 1,582 (2,089)
Credit contracts:
Loans and leases484 — (1)570 — (2)
Risk participation agreements6,429 — (2)8,145 — (4)
Total return swaps1,542 89 — 1,445 3 (19)
Foreign exchange contracts19,446 449 (427)16,102 160 (156)
Commodity6,699 1,067 (1,076)4,641 475 (468)
Total260,430 3,000 (4,220)244,348 3,981 (3,506)
Mortgage banking:      
Interest rate contracts:      
Swaps573 — — 441 — — 
Options216 3 — — — — 
Interest rate lock commitments2,597 12 (19)4,163 30 (7)
When issued securities, forward rate agreements and forward commitments
5,592 24 (12)6,913 7 (15)
Other317 1 — 424 1 — 
Total9,295 40 (31)11,941 38 (22)
MSRs:      
Interest rate contracts:      
Swaps14,727 — — 12,837 — — 
Options13,241 77 (23)101 1 — 
When issued securities, forward rate agreements and forward commitments
2,168 25 (47)3,927 7 — 
Other1,320 2 — 2,017 — — 
Total31,456 104 (70)18,882 8 — 
Total derivatives not designated as hedges301,181 3,144 (4,321)275,171 4,027 (3,528)
Total derivatives$331,671 3,144 (4,362)$300,572 4,027 (3,536)
Gross amounts in the Consolidated Balance Sheets:    
Amounts subject to master netting arrangements
(1,395)1,395  (1,312)1,312 
Cash collateral (received) posted for amounts subject to master netting arrangements
 (363)1,053  (345)1,638 
Net amount $1,386 $(1,914) $2,370 $(586)
Netting of Financial Instruments - Derivatives The following table presents the offsetting of derivative instruments including financial instrument collateral related to legally enforceable master netting agreements and amounts held or pledged as collateral. U.S. GAAP does not permit netting of non-cash collateral balances in the Consolidated Balance Sheets:
June 30, 2022
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance SheetsHeld/Pledged Financial InstrumentsNet Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement$2,604 $(1,433)$1,171 $— $1,171 
Derivatives not subject to master netting arrangement or similar arrangement120 — 120 — 120 
Exchange traded derivatives420 (325)95 — 95 
Total derivative assets$3,144 $(1,758)$1,386 $— $1,386 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement$(3,567)$2,123 $(1,444)$27 $(1,417)
Derivatives not subject to master netting arrangement or similar arrangement(466)— (466)— (466)
Exchange traded derivatives(329)325 (4)— (4)
Total derivative liabilities$(4,362)$2,448 $(1,914)$27 $(1,887)
December 31, 2021
(Dollars in millions)		Gross AmountAmount OffsetNet Amount in Consolidated Balance SheetsHeld/Pledged Financial InstrumentsNet Amount
Derivative assets:
Derivatives subject to master netting arrangement or similar arrangement$2,752 $(1,221)$1,531 $(1)$1,530 
Derivatives not subject to master netting arrangement or similar arrangement388 — 388 — 388 
Exchange traded derivatives887 (436)451 — 451 
Total derivative assets$4,027 $(1,657)$2,370 $(1)$2,369 
Derivative liabilities:
Derivatives subject to master netting arrangement or similar arrangement$(2,873)$2,514 $(359)$66 $(293)
Derivatives not subject to master netting arrangement or similar arrangement(225)— (225)— (225)
Exchange traded derivatives(438)436 (2)— (2)
Total derivative liabilities$(3,536)$2,950 $(586)$66 $(520)
Schedule of Fair Value Hedging Basis Adjustments
The following table presents the carrying value of hedged items in fair value hedging relationships:
June 30, 2022December 31, 2021
Hedge Basis AdjustmentHedge Basis Adjustment
(Dollars in millions)Hedged Asset / Liability BasisItems Currently DesignatedDiscontinued HedgesHedged Asset / Liability BasisItems Currently DesignatedDiscontinued Hedges
AFS securities (1)$43,783 $(505)$(4)$108,758 $(400)$(150)
Loans and leases373 — 11 382 — 12 
Long-term debt23,108 (394)278 27,361 (137)629 
(1)The amortized cost of AFS securities was $48.9 billion at June 30, 2022 and $110.6 billion at December 31, 2021.
Impact of Derivatives on the Consolidated Statements of Income and Comprehensive Income
The following table summarizes amounts related to cash flow hedges, which consist of interest rate contracts:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2022202120222021
Pre-tax gain (loss) recognized in OCI:
Commercial loans$59 $— $59 $— 
Pre-tax gain (loss) reclassified from AOCI into interest expense:
Deposits$— $(1)$— $(2)
Short-term borrowings— (7)— (12)
Long-term debt(5)(5)(11)(10)
Total$(5)$(13)$(11)$(24)
Pre-tax gain (loss) reclassified from AOCI into other expense: (1)
Deposits$— $— $— $(12)
Short-term borrowings— — — (20)
Long-term debt— — — (4)
Total$— $— $— $(36)
(1)Represents the accelerated amortization of amounts reclassified from AOCI, where management determined that the forecasted transaction is probable of not occurring.

The following table summarizes the impact on net interest income related to fair value hedges:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2022202120222021
AFS securities:
Amounts related to interest settlements$9 $(13)$4 $(24)
Recognized on derivatives60 (163)474 361 
Recognized on hedged items
(42)161 (444)(365)
Net income (expense) recognized27 (15)34 (28)
Loans and leases:
Recognized on hedged items
— — (1)(1)
Net income (expense) recognized— — (1)(1)
Long-term debt:
Amounts related to interest settlements3 — 19 — 
Recognized on derivatives(38)— (467)— 
Recognized on hedged items
82 75 568 154 
Net income (expense) recognized47 75 120 154 
Net income (expense) recognized, total
$74 $60 $153 $125 

The following table presents information about the Company’s terminated cash flow and fair value hedges:
(Dollars in millions)Jun 30, 2022Dec 31, 2021
Cash flow hedges:
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI$(44)$— 
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2022)
(1)(9)
Estimated portion of net after-tax gain (loss) on terminated hedges to be reclassified from AOCI into earnings during the next 12 months
(3)(9)
Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments
7 yearsN/A
Fair value hedges:
Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2030) (1)
$756 $767 
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months
179 231 
(1)Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $485 million at June 30, 2022.
The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)Income Statement Location2022202120222021
Client-related and other risk management:  
Interest rate contractsInvestment banking and trading income and other income$72 $12 $128 $114 
Foreign exchange contractsInvestment banking and trading income and other income147 8 179 34 
Equity contractsInvestment banking and trading income and other income2 (12)7 (20)
Credit contractsInvestment banking and trading income and other income83 (27)91 (61)
Commodity contractsInvestment banking and trading income(5)3 — 5 
Mortgage banking:  
Interest rate contractsResidential mortgage income217 (88)478 3 
Interest rate contractsCommercial mortgage income— — (1)(1)
MSRs:  
Interest rate contractsResidential mortgage income(265)219 (614)(114)
Interest rate contractsCommercial mortgage income(5)5 (14)(7)
Total$246 $120 $254 $(47)
Derivatives Credit Risk - Risk Participation Agreements and Total Return Swaps The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps:
(Dollars in millions)Jun 30, 2022Dec 31, 2021
Risk participation agreements:
Maximum potential amount of exposure
$261 $521 
Total return swaps:
Cash collateral held385 290 
Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties The following table summarizes collateral positions with counterparties:
(Dollars in millions)Jun 30, 2022Dec 31, 2021
Dealer and other counterparties:
Cash and other collateral received from counterparties$362 $346 
Derivatives in a net gain position secured by collateral received467 506 
Unsecured positions in a net gain with counterparties after collateral postings
110 143 
Cash collateral posted to counterparties1,045 1,704 
Derivatives in a net loss position secured by collateral1,289 2,591 
Additional collateral that would have been posted had the Company’s credit ratings dropped below investment grade
— 3 
Central counterparties clearing:
Cash collateral, including initial margin, posted to central clearing parties45 31 
Derivatives in a net loss position36 18 
Derivatives in a net gain position2 — 
Securities pledged to central counterparties clearing808 904