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Total Equity and Other Comprehensive Income (Tables)
 6 Months Ended
Jun. 30, 2019
Other Comprehensive Income [Abstract]  
Rollforward of Total Equity
Table 66: Rollforward of Total Equity
 
 
 
Shareholders’ Equity
 
  
  
 
in millions
Shares
Outstanding
Common
Stock

 
Common
Stock

Capital
Surplus -
Preferred
Stock

Capital
Surplus -
Common
Stock and
Other

Retained
Earnings

Accumulated
Other
Comprehensive
Income (Loss)

Treasury
Stock

 
Non-
controlling
Interests

Total Equity

 
Three months ended
 
 
 
 
 
 
 
 
 
 
 
 
Balance March 31, 2018 (a)
470

 
$
2,710

$
3,986

$
12,241

$
36,266

$
(699
)
$
(7,535
)
 
$
66

$
47,035

 
Net income
 
 
 
 
 
1,346

 
 
 
10

1,356

 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
(241
)
 
 
 
(241
)
 
Cash dividends declared - Common
 
 
 
 
 
(355
)
 
 
 
 
(355
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(55
)
 
 
 
 
(55
)
 
Preferred stock discount accretion
 
 
 
1

 
(1
)
 
 
 
 


 
Common stock activity
 
 
 
 
9

 
 
 
 
 
9

 
Treasury stock activity
(5
)
 
 
 
(32
)
 
 
(782
)
 
 
(814
)
 
Other
 
 
 
 
45

 
 
 
 
(5
)
40

 
Balance at June 30, 2018 (a)
465

 
$
2,710

$
3,987

$
12,263

$
37,201

$
(940
)
$
(8,317
)
 
$
71

$
46,975

 
Balance at March 31, 2019 (a)
452

 
$
2,711

$
3,990

$
12,183

$
39,742

$
(5
)
$
(10,085
)
 
$
39

$
48,575

 
Net income
 
 
 
 
 
1,362

 
 
 
12

1,374

 
Other comprehensive income, net of tax
 
 
 
 
 
 
636

 
 
 
636

 
Cash dividends declared - Common
 
 
 
 
 
(432
)
 
 
 
 
(432
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(55
)
 
 
 
 
(55
)
 
Preferred stock discount accretion
 
 
 
1

 
(1
)
 
 
 
 


 
Common stock activity
 
 
 
 
10

 
 
 
 
 
10

 
Treasury stock activity
(5
)
 
 
 
(1
)
 
 
(781
)
 
 
(782
)
 
Other
 
 
 
 
65

 
 
 
 
(10
)
55

 
Balance at June 30, 2019 (a)
447

 
$
2,711

$
3,991

$
12,257

$
40,616

$
631

$
(10,866
)
 
$
41

$
49,381

 
Six months ended
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2018 (a)
473

 
$
2,710

$
3,985

$
12,389

$
35,459

$
(142
)
$
(6,904
)
 
$
72

$
47,569

 
Net income
 
 
 
 
 
2,575

 
 
 
20

2,595

 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
(798
)
 
 
 
(798
)
 
Cash dividends declared - Common
 
 
 
 
 
(713
)
 
 
 
 
(713
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(118
)
 
 
 
 
(118
)
 
Preferred stock discount accretion
 
 
 
2

 
(2
)
 
 
 
 


 
Common stock activity
 
 
 
 
9

 
 
 
 
 
9

 
Treasury stock activity
(8
)
 
 
 
(26
)
 
 
(1,413
)
 
 
(1,439
)
 
Other
 
 
 
 
(109
)
 
 
 
 
(21
)
(130
)
 
Balance at June 30, 2018 (a)
465

 
$
2,710

$
3,987

$
12,263

$
37,201

$
(940
)
$
(8,317
)
 
$
71

$
46,975

 
Balance at December 31, 2018 (a)
457

 
$
2,711

$
3,986

$
12,291

$
38,919

$
(725
)
$
(9,454
)
 
$
42

$
47,770

 
Cumulative effect of ASU 2016-02 adoption (b)
 
 
 
 
 
62

 
 
 
 
62

 
Balance at January 1, 2019 (a)
457

 
$
2,711

$
3,986

$
12,291

$
38,981

$
(725
)
$
(9,454
)
 
$
42

$
47,832

 
Net income
 
 
 
 
 
2,623

 
 
 
22

2,645

 
Other comprehensive income, net of tax
 
 
 
 
 
 
1,356

 
 
 
1,356

 
Cash dividends declared - Common
 
 
 
 
 
(868
)
 
 
 
 
(868
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(118
)
 
 
 
 
(118
)
 
Preferred stock discount accretion
 
 
 
2

 
(2
)
 
 
 
 


 
Common stock activity
 
 
 
 
10

 
 
 
 
 
10

 
Treasury stock activity
(10
)
 
 
 
9

 
 
(1,412
)
 
 
(1,403
)
 
Other
 
 
 
3

(53
)
 
 
 
 
(23
)
(73
)
 
Balance at June 30, 2019 (a)
447

 
$
2,711

$
3,991

$
12,257

$
40,616

$
631

$
(10,866
)
 
$
41

$
49,381

 
(a)
The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation.
(b)
Represents the impact of the adoption of ASU 2016-02 related primarily to deferred gains on previous sale-leaseback transactions. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional detail.
Other Comprehensive Income (Loss)
Details of other comprehensive income (loss) are as follows:
Table 67: Other Comprehensive Income (Loss)
 
Three months ended
June 30
 
 
Six months ended
June 30
 
In millions
2019

2018

 
 
2019

2018

 
Net unrealized gains (losses) on non-OTTI securities
 
 
 
 
 
 
 
Increase in net unrealized gains (losses) on non-OTTI securities
$
713

$
(161
)
 
 
$
1,353

$
(806
)
 
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest
    income
3

2

 
 
6

6

 
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income
16

(8
)
 
 
14

(11
)
 
Net increase (decrease), pre-tax
694

(155
)
 
 
1,333

(801
)
 
Effect of income taxes
(159
)
36

 
 
(306
)
186

 
Net increase (decrease), after-tax
535

(119
)
 
 
1,027

(615
)
 
Net unrealized gains (losses) on OTTI securities
 
 
 
 
 
 
 
Increase in net unrealized gains (losses) on OTTI securities

3

 
 
9

17

 
Net increase (decrease), pre-tax


3

 
 
9

17

 
Effect of income taxes

(1
)
 
 
(2
)
(5
)
 
Net increase (decrease), after-tax


2

 
 
7

12

 
Net unrealized gains (losses) on cash flow hedge derivatives
 
 
 
 
 
 
 
Increase in net unrealized gains (losses) on cash flow hedge derivatives
246

(94
)
 
 
354

(255
)
 
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income
(12
)
11

 
 
(20
)
37

 
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest
    income
1

3

 
 
2

7

 
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income
3

5

 
 
18

7

 
Net increase (decrease), pre-tax
254

(113
)
 
 
354

(306
)
 
Effect of income taxes
(58
)
26

 
 
(81
)
70

 
Net increase (decrease), after-tax
196

(87
)
 
 
273

(236
)
 
Pension and other postretirement benefit plan adjustments
 
 
 
 
 
 
 
Net pension and other postretirement benefit activity
(89
)
5

 
 
54

66

 
Amortization of actuarial loss (gain) reclassified to other noninterest expense
4

1

 
 
5

2

 
Amortization of prior service cost (credit) reclassified to other noninterest expense
1



 
 
2

1

 
Net increase (decrease), pre-tax
(84
)
6

 
 
61

69

 
Effect of income taxes
19

(1
)
 
 
(14
)
(16
)
 
Net increase (decrease), after-tax
(65
)
5

 
 
47

53

 
Other
 
 
 
 
 
 
 
PNC’s portion of BlackRock’s OCI
(35
)
(37
)
 
 
(6
)
(15
)
 
Net investment hedge derivatives
32

69

 
 
14

30

 
Foreign currency translation adjustments and other
(27
)
(67
)
 
 
(4
)
(23
)
 
Net increase (decrease), pre-tax
(30
)
(35
)
 
 
4

(8
)
 
Effect of income taxes

(7
)
 
 
(2
)
(4
)
 
Net increase (decrease), after-tax
(30
)
(42
)
 
 
2

(12
)
 
Total other comprehensive income (loss), pre-tax
834

(294
)
 
 
1,761

(1,029
)
 
Total other comprehensive income (loss), tax effect
(198
)
53

 
 
(405
)
231

 
Total other comprehensive income (loss), after-tax
$
636

$
(241
)
 
 
$
1,356

$
(798
)
 
Accumulated Other Comprehensive Income (Loss) Components
Table 68: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-tax
Net unrealized gains (losses) on non-OTTI securities

 
Net unrealized gains (losses) on OTTI securities

 
Net unrealized gains (losses) on cash flow hedge derivatives

 
Pension and other postretirement benefit plan adjustments

 
Other

 
Total

 
Balance at March 31, 2018
$
(375
)
 
$
225

 
$
35

 
$
(494
)
 
$
(90
)
 
$
(699
)
 
Net activity
(119
)
 
2

 
(87
)
 
5

 
(42
)
 
(241
)
 
Balance at June 30, 2018
(494
)
 
227

 
(52
)
 
(489
)
 
(132
)
 
(940
)
 
Balance at March 31, 2019
$
208

 
$
211

 
$
124

 
$
(418
)
 
$
(130
)
 
$
(5
)
 
Net activity
535

 
 
 
196

 
(65
)
 
(30
)
 
636

 
Balance at June 30, 2019
$
743

 
$
211

 
$
320

 
$
(483
)
 
$
(160
)
 
$
631

 
Balance at December 31, 2017
$
62

 
$
215

 
$
151

 
$
(446
)
 
$
(130
)
 
$
(148
)
 
Cumulative effect of adopting ASU 2018-02 (a)
59

 
 
 
33

 
(96
)
 
10

 
6

 
Balance at January 1, 2018
121

 
215

 
184

 
(542
)
 
(120
)
 
(142
)
 
Net activity
(615
)
 
12

 
(236
)
 
53

 
(12
)
 
(798
)
 
Balance at June 30, 2018
$
(494
)
 
$
227

 
$
(52
)
 
$
(489
)
 
$
(132
)
 
$
(940
)
 
Balance at December 31, 2018
$
(284
)
 
$
204

 
$
47

 
$
(530
)
 
$
(162
)
 
$
(725
)
 
Net activity
1,027

 
7

 
273

 
47

 
2

 
1,356

 
Balance at June 30, 2019
$
743

 
$
211

 
$
320

 
$
(483
)
 
$
(160
)
 
$
631

 

(a)
Represents the cumulative impact of adopting ASU 2018-02 which permits the reclassification to retained earnings of the income tax effects stranded within AOCI. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2018 Form 10-K for additional detail on this adoption.
Dividends Declared
Table 69: Dividends Per Share (a)
 
Three months ended June 30
Six months ended June 30
 
2019
2018
2019
2018
Common Stock
$
.95

$
.75

$
1.90

$
1.50

Preferred Stock


 
 
   Series B
$
.45

$
.45

$
.90

$
.90

   Series O
 
 
$
3,375

$
3,375

   Series P
$
1,532

$
1,532

$
3,063

$
3,063

   Series Q
$
1,344

$
1,344

$
2,688

$
2,688

   Series R
$
2,425

$
2,425

$
2,425

$
2,425

   Series S
$
2,500

$
2,500

$
2,500

$
2,500

(a) Dividends are payable quarterly other than Series O, Series R, and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters
than the Series R and Series S preferred stock