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Total Equity and Other Comprehensive Income
 3 Months Ended
Mar. 31, 2020
Other Comprehensive Income [Abstract]  
Total Equity and Other Comprehensive Income Disclosure TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME

Activity in total equity for the three months ended March 31, 2020 and 2019 follows.
Table 60: 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 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
 
 
 
 
 
1,261

 
 
 
10

1,271

 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
720

 
 
 
720

 
Cash dividends declared - Common
 
 
 
 
 
(436
)
 
 
 
 
(436
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(63
)
 
 
 
 
(63
)
 
Preferred stock discount accretion
 
 
 
1

 
(1
)
 
 
 
 


 
Common stock activity
 
 
 
 


 
 
 
 
 


 
Treasury stock activity
(5
)
 
 
 
10

 
 
(631
)
 
 
(621
)
 
Other
 
 
 
3

(118
)
 
 
 
 
(13
)
(128
)
 
Balance at March 31, 2019 (a)
452

 
$
2,711

$
3,990

$
12,183

$
39,742

$
(5
)
$
(10,085
)
 
$
39

$
48,575

 
Balance at December 31, 2019 (a)
433

 
$
2,712

$
3,993

$
12,376

$
42,215

$
799

$
(12,781
)
 
$
29

$
49,343

 
Cumulative effect of ASU 2016-13 adoption (c)
 
 
 
 
 
(671
)

 
 
 
(671
)
 
Balance at January 1, 2020 (a)
433

 
$
2,712

$
3,993

$
12,376

$
41,544

$
799

$
(12,781
)
 
$
29

$
48,672

 
Net income
 
 
 
 
 
908

 
 
 
7

915

 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
1,719

 
 
 
1,719

 
Cash dividends declared - Common
 
 
 
 
 
(503
)
 
 
 
 
(503
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(63
)
 
 
 
 
(63
)
 
Preferred stock discount accretion
 
 
 
1

 
(1
)
 
 
 
 


 
Common stock activity
 
 
 
 


 
 
 
 
 


 
Treasury stock activity
(9
)
 
 
 
49

 
 
(1,359
)
 
 
(1,310
)
 
Other
 
 
 


(131
)
 
 
 
 
(9
)
(140
)
 
Balance at March 31, 2020 (a)
424

 
$
2,712

$
3,994

$
12,294

$
41,885

$
2,518

$
(14,140
)
 
$
27

$
49,290

 
(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 cumulative effect of adopting ASU 2016-02 - Leases related primarily to deferred gains on previous sale-leaseback transactions. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2019 Form 10-K for additional detail.
(c)
Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional detail on this adoption.
Other Comprehensive Income

Details of other comprehensive income (loss) are as follows:

Table 61: Other Comprehensive Income (Loss)
 
Three months ended
March 31
 
In millions
2020

2019

 
Net unrealized gains (losses) on securities without an allowance for credit losses
 
 
 
Increase in net unrealized gains (losses) on securities
$
1,669

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

 
 
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income
181

 
 
Net increase (decrease), pre-tax
1,487

 
 
Effect of income taxes
(341
)
 
 
Net increase (decrease), after-tax
1,146

 
 
Net unrealized gains (losses) on securities with an allowance for credit losses
 
 
 
Increase in net unrealized gains (losses) on securities
(7
)
 
 
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income
 
 
 
Net increase (decrease), pre-tax
(7
)
 
 
Effect of income taxes
2

 
 
Net increase (decrease), after-tax
(5
)
 
 
Net unrealized gains (losses) on non-OTTI securities
 
 
 
Increase in net unrealized gains (losses) on non-OTTI securities
 
$
640

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

 
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income
 
(2
)
 
Net increase (decrease), pre-tax
 
639

 
Effect of income taxes
 
(147
)
 
Net increase (decrease), after-tax
 
492

 
Net unrealized gains (losses) on OTTI securities
 
 
 
Increase in net unrealized gains (losses) on OTTI securities
 
9

 
Net increase (decrease), pre-tax
 
9

 
Effect of income taxes
 
(2
)
 
Net increase (decrease), after-tax


7

 
Net unrealized gains (losses) on cash flow hedge derivatives
 
 
 
Increase in net unrealized gains (losses) on cash flow hedge derivatives
830

108

 
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income
42

(8
)
 
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest income
2

1

 
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income
1

15

 
Net increase (decrease), pre-tax
785

100

 
Effect of income taxes
(180
)
(23
)
 
Net increase (decrease), after-tax
605

77

 
Pension and other postretirement benefit plan adjustments
 
 
 
Net pension and other postretirement benefit activity
10

143

 
Amortization of actuarial loss (gain) reclassified to other noninterest expense
1

1

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

1

 
Net increase (decrease), pre-tax
12

145

 
Effect of income taxes
(3
)
(33
)
 
Net increase (decrease), after-tax
9

112

 
Other
 
 
 
PNC’s portion of BlackRock’s OCI
(34
)
29

 
Net investment hedge derivatives
75

(18
)
 
Foreign currency translation adjustments and other
(67
)
23

 
Net increase (decrease), pre-tax
(26
)
34

 
Effect of income taxes
(10
)
(2
)
 
Net increase (decrease), after-tax
(36
)
32

 
Total other comprehensive income (loss), pre-tax
2,251

927

 
Total other comprehensive income (loss), tax effect
(532
)
(207
)
 
Total other comprehensive income (loss), after-tax
$
1,719

$
720

 

Table 62: 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 December 31, 2018
$
(284
)
 
$
204

 
$
47

 
$
(530
)
 
$
(162
)
 
$
(725
)
 
Net activity
492

 
7

 
77

 
112

 
32

 
720

 
Balance at March 31, 2019
$
208

 
$
211

 
$
124

 
$
(418
)
 
$
(130
)
 
$
(5
)
 


In millions, after-tax
Net unrealized gains (losses) on non-OTTI securities / securities without an ACL

 
Net unrealized gains (losses) on OTTI securities / securities with an ACL

 
Net unrealized gains (losses) on cash flow hedge derivatives

 
Pension and other postretirement benefit plan adjustments

 
Other

 
Total

 
Balance at December 31, 2019
$
844

 
$
223

 
$
276

 
$
(408
)
 
$
(136
)
 
$
799

 
Cumulative effect of ASU 2016-13 adoption (a)
223

 
(223
)
 
 
 
 
 
 
 
—

 
Balance at January 1, 2020
1,067

 
—

 
276

 
(408
)
 
(136
)
 
799

 
Net activity
1,146

 
(5
)
 
605

 
9

 
(36
)
 
1,719

 
March 31, 2020
2,213

 
(5
)
 
881

 
(399
)
 
(172
)
 
2,518

 
(a)
Represents the cumulative effect of adopting ASU 2016-13 - Credit Losses reflecting the change from OTTI to ACL for debt securities. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in this Report for additional detail on this adoption.
The following table provides the dividends per share for PNC's common and preferred stock.

Table 63: Dividends Per Share (a)
 
Three months ended March 31
 
2020
2019
Common Stock
$
1.15

$
.95

Preferred Stock
 
 
   Series B
$
.45

$
.45

   Series O
$
3,375

$
3,375

   Series P
$
1,531

$
1,531

   Series Q
$
1,344

$
1,344

   Series R
 
 
   Series S
 
 
(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

On April 2, 2020, we declared a quarterly common stock cash dividend of $1.15 per share payable on May 5, 2020.