Synchrony Financial Files 2024 10-K

Ticker: SYF-PB · Form: 10-K · Filed: Feb 7, 2025 · CIK: 1601712

Synchrony Financial 10-K Filing Summary
FieldDetail
CompanySynchrony Financial (SYF-PB)
Form Type10-K
Filed DateFeb 7, 2025
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $100 billion, $182.2 billion, $104.7 billion, $82.1 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, finance

TL;DR

SYF dropped its 2024 10-K. All looks standard, check financials for details.

AI Summary

Synchrony Financial filed its 2024 10-K on February 7, 2025, reporting on its fiscal year ending December 31, 2024. The company, incorporated in New York, operates in finance services and is headquartered in Stamford, CT. The filing details financial performance and business operations for the period, including data related to common and preferred stock.

Why It Matters

This filing provides a comprehensive overview of Synchrony Financial's financial health and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook.

Risk Assessment

Risk Level: low — The filing is a standard annual report (10-K) and does not appear to contain any immediate, high-impact negative news.

Key Numbers

  • 2024 — Fiscal Year (The primary year covered by the 10-K filing.)
  • 2023 — Prior Fiscal Year (Used for comparative financial analysis in the 10-K.)
  • 2022 — Prior Fiscal Year (Used for comparative financial analysis in the 10-K.)

Key Players & Entities

  • Synchrony Financial (company) — Filer of the 10-K
  • 2024-12-31 (date) — Fiscal year end
  • 2025-02-07 (date) — Filing date
  • 777 LONG RIDGE ROAD, STAMFORD, CT 06902-1250 (address) — Company business and mail address
  • 203-585-6730 (phone_number) — Company business phone

FAQ

What was Synchrony Financial's total revenue for the fiscal year ending December 31, 2024?

The provided text does not contain specific revenue figures for the fiscal year ending December 31, 2024. A detailed review of the full 10-K document is required for this information.

What is the company's primary business segment as detailed in the 10-K?

The company is classified under 'FINANCE SERVICES [6199]' and its filing indicates segments related to 'payment', 'executive', 'approach', 'security', 'contract', 'sales_platform', and 'segment'.

When was Synchrony Financial incorporated and in which state?

Synchrony Financial was incorporated in New York (NY).

What are the key dates associated with this 10-K filing?

The filing date was February 7, 2025, and the report covers the fiscal year ending December 31, 2024.

Does the filing mention any specific preferred stock series?

Yes, the filing references 'us-gaap:SeriesAPreferredStockMember' and 'us-gaap:SeriesBPreferredStockMember' for the period of 2024-01-01 to 2024-12-31.

Filing Stats: 4,404 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2025-02-07 16:29:30

Key Financial Figures

  • $0.001 — ich registered Common stock, par value $0.001 per share SYF New York Stock Exchange
  • $100 billion — become subject to as a result of having $100 billion or more in total assets; impact of capi
  • $182.2 billion — king products. During 2024, we financed $182.2 billion of purchase volume, and at December 31,
  • $104.7 billion — olume, and at December 31, 2024, we had $104.7 billion of loan receivables and 71.5 million ac
  • $82.1 billion — ctivities. At December 31, 2024, we had $82.1 billion in deposits, which represented 84% of o
  • $5.8 b — and windows. Home & Auto accounted for $5.8 billion, or 27%, of our total interest an
  • $6.3 b — pose credit card. Digital accounted for $6.3 billion, or 29%, of our total interest an
  • $4.8 b — ents. Diversified & Value accounted for $4.8 billion, or 22%, of our total interest an
  • $3.7 b — greens. Health & Wellness accounted for $3.7 billion, or 17%, of our total interest an

Filing Documents

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25 Results of Operations 25 Loan Receivables 44 Funding, Liquidity and Capital Resources 46 Liquidity 51

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Capital 55 Off-Balance Sheet Arrangements and Unfunded Lending Commitments 57 Critical Accounting Estimates 57 RISKS 60 Risk Factors Summary 60 Risk Factors Relating To Our Business 62 Risk Management 82 Cybersecurity 88 REGULATION 90 Regulation Relating to Our Business 90 Risk Factors Relating to Regulation 101 CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 107 Report of Independent Registered Public Accounting Firm 107 Consolidated Financial Statements 112

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 117

Controls and Procedures

Controls and Procedures 154 OTHER KEY INFORMATION 155

Properties

Properties 155 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 156 Other Information 158 Exhibits and Financial Statement Schedules 159

Signatures

Signatures 170 3 FORM 10-K CROSS REFERENCE INDEX ____________________________________________________________________________________________ Part I Page(s) Item 1.

Business

Business 7 - 24 , 82 - 87 , 90 - 101 Item 1A.

Risk Factors

Risk Factors 60 - 81 , 101 - 106 Item 1B. Unresolved Staff Comments Not Applicable Item 1C. Cybersecurity 88 - 89 Item 2.

Properties

Properties 155 Item 3.

Legal Proceedings

Legal Proceedings 152 Item 4. Mine Safety Disclosures Not Applicable Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 156 - 157 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 - 52, 55 - 59 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 - 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 107 - 153 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure Not Applicable Item 9A.

Controls and Procedures

Controls and Procedures 154 Item 9B. Other Information 158

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not Applicable

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not Applicable Part III Item 10. Directors, Executive Officers and Corporate Governance (a), 158 Item 11.

Executive Compensation

Executive Compensation (b) Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (c) Item 13. Certain Relationships and Related Transactions, and Director Independence (d) Item 14. Principal Accountant Fees and Services (e) Part IV Item 15. Exhibits and Financial Statement Schedules 159 - 169 Item 16. Form 10-K Summary Not Applicable

Signatures

Signatures 170 - 172 ______________________ (a) Incorporated by reference to "Management," "Election of Directors," "Governance Principles," "Code of Conduct" and "Committees of the Board of the Directors" in our definitive proxy statement for our 2025 Annual Meeting of Stockholders to be held on June 17, 2025, which will be filed within 120 days of the end our fiscal year ended December 31, 2024 (the "2025 Proxy Statement"). (b) Incorporated by reference to "Compensation Discussion and Analysis," "2024 Executive Compensation," "Management Development and Compensation Committee Report" and "Management Development and Compensation Committee Interlocks and Insider Participation," "CEO Pay Ratio" and "Policies and Practices related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information" in the 2025 Proxy Statement. (c) Incorporated by reference to "Beneficial Ownership" and "Equity Compensation Plan Information" in the 2025 Proxy Statement. (d) Incorporated by reference to "Related Person Transactions," "Election of Directors" and "Committees of the Board of Directors" in the 2025 Proxy Statement. (e) Incorporated by reference to "Independent Auditor" in the 2025 Proxy Statement. 4 Certain Defined Terms Except as the context may otherwise require in this report, references to: "we," "us," "our" and the "Company" are to SYNCHRONY FINANCIAL and its subsidiaries; "Synchrony" are to SYNCHRONY FINANCIAL only; the "Bank" are to Synchrony Bank (a subsidiary of Synchrony); the "Board of Directors" or "Board" are to Synchrony's board of directors; "CECL" are to the impairment model known as the Current Expected Credit Loss model, which is based on expected credit losses; and "VantageScore" are to a credit score developed by the three major credit reporting agencies which is used as a means of evaluating the likelihood that credit users will pay their obligations. We provide a range of credit products through progr

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