Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Summary of Cash Dividends Declared per Share

The following table presents total dividends declared per share of common stock:

	Year Ended December 31,
	2022		2021		2020
Cash dividends declared per share	$	2.00	$	1.86	$	1.80

Summary of Non-Cumulative Perpetual Preferred Stock

The following table presents a summary of the non-cumulative perpetual preferred stock as of December 31, 2022:

Preferred Stock Issue (Dollars in millions)	Issuance Date		Earliest Redemption Date	Liquidation Amount		Carrying Amount		Dividend Rate			Dividend Payments
Series I	12/6/2019	(1)	12/15/2024	$	173	$	168	Variable		(2)	Quarterly
Series J	12/6/2019	(1)	12/15/2024	103		92		Variable		(3)	Quarterly
Series L	12/6/2019	(1)	12/15/2024	750		766		Variable		(4)	Quarterly	(9)
Series M	12/6/2019	(1)	12/15/2027	500		516		5.125	%	(5)	Semi-annually	(10)
Series N	7/29/2019		9/1/2024	1,700		1,683		4.800		(6)	Semi-annually
Series O	5/27/2020		6/1/2025	575		559		5.250			Quarterly
Series P	6/1/2020		12/1/2025	1,000		992		4.950		(7)	Semi-annually
Series Q	6/19/2020		9/1/2030	1,000		992		5.100		(8)	Semi-annually
Series R	8/3/2020		9/1/2025	925		905		4.750			Quarterly
Total				$	6,726	$	6,673

(1)Converted security from previously issued SunTrust preferred stock. Each outstanding share of SunTrust perpetual preferred stock was converted into the right to receive one share of an applicable newly issued series of Truist preferred stock having substantially the same terms as such share of SunTrust preferred stock.

(2)Dividend rate is the greater of 4.00% or 3-month LIBOR plus 0.530%, subject to transition to an alternative reference rate.

(3)Dividend rate is the greater of 4.00% or 3-month LIBOR plus 0.645%, subject to transition to an alternative reference rate.

(4)Dividend rate of 3-month LIBOR plus 3.102% after June 15, 2022, subject to transition to an alternative reference rate. Prior to June 15, 2022, fixed dividend rate of 5.05%.

(5)Fixed dividend rate will reset on December 15, 2027, then dividend rate will be 3-month LIBOR plus 2.786%, subject to transition to an alternative reference rate.

(6)Fixed dividend rate will reset on September 1, 2024, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 3.003%.

(7)Fixed dividend rate will reset on December 1, 2025, and on each following fifth anniversary of the reset date to the five-year U.S. Treasury rate plus 4.605%.

(8)Fixed dividend rate will reset on September 1, 2030, and on each following tenth anniversary of the reset date to the ten-year U.S. Treasury rate plus 4.349%.

(9)Dividend payments became quarterly on September 15, 2022.

(10)Dividend payments become quarterly after dividend rate reset.