Discontinued Operations and Disposal Groups

6 Months Ended

Jun. 30, 2025

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure

Discontinued Operations

On February 20, 2024, the Company entered into an agreement to sell the remaining stake of the common equity in TIH to an investor group led by Stone Point Capital LLC and Clayton, Dubilier & Rice for a purchase price that implied an enterprise value for TIH of $15.5 billion. The divestiture of TIH represented a strategic shift that had a major effect on our operations and financial results. The Company reclassified all of the assets and liabilities of TIH to discontinued operations in connection with the announcement of the disposition of the business. As such, financial information attributed to TIH has been recast to reflect discontinued operations for the periods presented herein. On May 6, 2024, the Company completed the sale.

The following footnotes exclude discontinued operations for TIH, unless otherwise noted: “Note 6. Goodwill and Other Intangible Assets,” “Note 8. Other Assets and Liabilities,” “Note 12. Income Taxes,” “Note 13. Benefit Plans,” “Note 17. Computation of EPS,” and “Note 18. Operating Segments.”

The following presents operating results of TIH classified as discontinued operations:

(Dollars in millions)	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Interest Income
Interest on other earning assets	$	7	$	31
Total interest income	7		31
Noninterest income
Insurance income	427		1,319
Other income	4		9
Total noninterest income	431		1,328
Noninterest expense
Personnel expense	251		885
Professional fees and outside processing	37		85
Software expense	8		25
Net occupancy expense	5		20
Equipment expense	2		11
Amortization of intangibles	—		21
Marketing and customer development	5		15
Restructuring charges	63		82
Other expense	26		84
Total noninterest expense	397		1,228
Earnings
Gain on sale of TIH	6,903		6,903
Income before income taxes from discontinued operations	6,944		7,034
Provision for income taxes	2,116		2,139
Net income from discontinued operations	4,828		4,895
Noncontrolling interests	19		22
Net income from discontinued operations attributable to controlling interest	$	4,809	$	4,873

The components of net cash provided by operating, investing, and financing activities of discontinued operations included in the Consolidated Statements of Cash Flows are as follows:

(Dollars in millions)	Six Months Ended June 30, 2024
Net cash from operating activities	$	71
Net cash from investing activities	12,056
Net cash from financing activities	(41)