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Total Equity and Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2020
Other Comprehensive Income [Abstract]  
Rollforward of Total Equity
Table 64: 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 June 30, 2019 (a)
447

 
$
2,711

$
3,991

$
12,257

$
40,616

$
631

$
(10,866
)
 
$
41

$
49,381

 
Net income
 
 
 
 
 
1,379

 
 
 
13

1,392

 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
206

 
 
 
206

 
Cash dividends declared - Common
 
 
 
 
 
(518
)
 
 
 
 
(518
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(63
)
 
 
 
 
(63
)
 
Preferred stock discount accretion
 
 
 
1

 
(1
)
 
 
 
 


 
Common stock activity
 
 
 
 


 
 
 
 
 


 
Treasury stock activity
(8
)
 
 
 
(5
)
 
 
(972
)
 
 
(977
)
 
Other
 
 
 

53

 
 
 
 
(19
)
34

 
Balance at September 30, 2019 (a)
439

 
$
2,711

$
3,992

$
12,305

$
41,413

$
837

$
(11,838
)
 
$
35

$
49,455

 
Balance at June 30, 2020 (a)
425

 
$
2,712

$
3,995

$
12,289

$
44,986

$
3,069

$
(14,128
)
 
$
25

$
52,948

 
Net income
 
 
 
 
 
1,519

 
 
 
13

1,532

 
Other comprehensive income, net of tax
 
 
 
 
 
 
(72
)
 
 
 
(72
)
 
Cash dividends declared - Common
 
 
 
 
 
(494
)
 
 
 
 
(494
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(63
)
 
 
 
 
(63
)
 
Preferred stock discount accretion
 
 
 
1

 
(1
)
 
 
 
 

 
Common stock activity
 
 
 
 


 
 
 
 
 


 
Treasury stock activity
(1
)
 
 
 
1

 
 
(88
)
 
 
(87
)
 
Preferred stock redemption - Series Q (b)
 
 
 
(480
)
 
 
 
 
 
 
(480
)
 
Other
 
 
 
 
30

 
 
 
 
(4
)
26

 
Balance at September 30, 2020 (a)
424

 
$
2,712

$
3,516

$
12,320

$
45,947

$
2,997

$
(14,216
)
 
$
34

$
53,310

 
Nine 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 (c)
 
 
 
 
 
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
 
 
 
 
 
4,002

 
 
 
35

4,037

 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
1,562

 
 
 
1,562

 
Cash dividends declared - Common
 
 
 
 
 
(1,386
)
 
 
 
 
(1,386
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(181
)
 
 
 
 
(181
)
 
Preferred stock discount accretion
 
 
 
3

 
(3
)
 
 
 
 


 
Common stock activity
 
 
 
 
10

 
 
 
 
 
10

 
Treasury stock activity
(18
)
 
 
 
4

 
 
(2,384
)
 
 
(2,380
)
 
Other
 
 
 
3



 
 
 
 
(42
)
(39
)
 
Balance at September 30, 2019 (a)
439

 
$
2,711

$
3,992

$
12,305

$
41,413

$
837

$
(11,838
)
 
$
35

$
49,455

 
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 (d)
 
 
 
 
 
(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
 
 
 
 
 
6,075

 
 
 
27

6,102

 
Other comprehensive income, net of tax
 
 
 
 
 
 
2,198

 
 
 
2,198

 
Cash dividends declared - Common
 
 
 
 
 
(1,488
)
 
 
 
 
(1,488
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(181
)
 
 
 
 
(181
)
 
Preferred stock discount accretion
 
 
 
3

 
(3
)
 
 
 
 


 
Common stock activity
 
 
 
 
11

 
 
 
 
 
11

 
Treasury stock activity
(9
)
 
 
 
52

 
 
(1,435
)
 
 
(1,383
)
 
Preferred stock redemption - Series Q (b)
 
 
 
(480
)
 
 
 
 
 
 
(480
)
 
Other
 
 
 
 
(119
)
 
 
 
 
(22
)
(141
)
 
Balance at September 30, 2020 (a)
424

 
$
2,712

$
3,516

$
12,320

$
45,947

$
2,997

$
(14,216
)
 
$
34

$
53,310

 
(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)
On September 1, 2020, PNC redeemed all 4,800 shares of its Series Q Preferred Stock, as well as all 19.2 million Depositary Shares representing fractional interests in such shares.
(c)
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.
(d)
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 (Loss)
Table 65: Other Comprehensive Income (Loss)

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

 
Three months ended September 30
Nine months ended September 30
 
2020
2019
2020
2019
In millions
Pre-tax

Tax effect

After-tax

Pre-tax

Tax effect

After-tax

Pre-tax

Tax effect

After-tax

Pre-tax

Tax effect

After-tax

Debt securities
 
 
 
 
 
 
 
 
 
 
 
 
Increase in net unrealized gains (losses) on securities
$
42

$
(9
)
$
33

$
221

$
(51
)
$
170

$
2,283

$
(525
)
$
1,758

$
1,583

$
(363
)
$
1,220

Less: Net realized gains (losses) reclassified to earnings (a)
32

(7
)
25

7

(2
)
5

255

(59
)
196

27

(6
)
21

Net change
10

(2
)
8

214

(49
)
165

2,028

(466
)
1,562

1,556

(357
)
1,199

Cash flow hedge derivatives
 
 
 
 
 
 
 
 
 
 
 
 
Increase in net unrealized gains (losses) on cash flow hedges
15

(3
)
12

84

(19
)
65

960

(221
)
739

438

(100
)
338

Less: Net realized gains (losses) reclassified to earnings (a)
134

(30
)
104

5

(1
)
4

282

(65
)
217

5

(1
)
4

Net change
(119
)
27

(92
)
79

(18
)
61

678

(156
)
522

433

(99
)
334

Pension and other postretirement benefit plan adjustments
 
 
 
 
 
 
 
 
 
 
 
 
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b)
2

 
2

2

 
2

(3
)
1

(2
)
63

(14
)
49

Net change
2



2

2



2

(3
)
1

(2
)
63

(14
)
49

Other
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) on other transactions
 
10

10

4

(7
)
(3
)
10

(9
)
1

14

(11
)
3

Net change
—

10

10

4

(7
)
(3
)
10

(9
)
1

14

(11
)
3

Total other comprehensive income (loss) from continuing operations
(107
)
35

(72
)
299

(74
)
225

2,713

(630
)
2,083

2,066

(481
)
1,585

Total other comprehensive income (loss) from discontinued operations
 
 
 
(23
)
4

(19
)
148

(33
)
115

(29
)
6

(23
)
Total other comprehensive income (loss)
$
(107
)
$
35

$
(72
)
$
276

$
(70
)
$
206

$
2,861

$
(663
)
$
2,198

$
2,037

$
(475
)
$
1,562


(a)
Reclassifications for pre-tax debt securities and cash flow hedges are recorded in interest income and noninterest income on the Consolidated Income Statement.
(b)
Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in noninterest expense on the Consolidated Income Statement.
Accumulated Other Comprehensive Income (Loss) Components
Table 66: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-tax
Debt securities

 
Cash flow hedge derivatives

 
Pension and  other postretirement benefit plan adjustments

 
Other

 
Accumulated other Comprehensive Income from Continuing Operations

 
Accumulated other Comprehensive Income from Discontinued Operations

Total

 
Three months ended
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2019
$
954

 
$
320

 
$
(483
)
 
$
(37
)
 
$
754

 
$
(123
)
$
631

 
Net activity
165

 
61

 
2

 
(3
)
 
225

 
(19
)
206

 
Balance at September 30, 2019
$
1,119

 
$
381

 
$
(481
)
 
$
(40
)
 
$
979

 
$
(142
)
$
837

 
Balance at June 30, 2020
$
2,621

 
$
890

 
$
(412
)
 
$
(30
)
 
$
3,069

 
$
—

$
3,069

 
Net activity
8

 
(92
)
 
2

 
10

 
(72
)
 
 
(72
)
 
Balance at September 30, 2020
$
2,629

 
$
798

 
$
(410
)
 
$
(20
)
 
$
2,997

 
$
—

$
2,997

 
Nine months ended
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
$
(80
)
 
$
47

 
$
(530
)
 
$
(43
)
 
$
(606
)
 
$
(119
)
$
(725
)
 
Net activity
1,199

 
334

 
49

 
3

 
1,585

 
(23
)
1,562

 
Balance at September 30, 2019
$
1,119

 
$
381

 
$
(481
)
 
$
(40
)
 
$
979

 
$
(142
)
$
837

 
Balance at December 31, 2019
$
1,067

 
$
276

 
$
(408
)
 
$
(21
)
 
$
914

 
$
(115
)
$
799

 
Net activity
1,562

 
522

 
(2
)
 
1

 
2,083

 
115

2,198

 
Balance at September 30, 2020
$
2,629

 
$
798

 
$
(410
)
 
$
(20
)
 
$
2,997

 
$
—

$
2,997

 
Dividends Declared
Table 67: Dividends Per Share (a)
 
Three months ended September 30
Nine months ended September 30
 
2020
2019
2020
2019
Common Stock
$
1.15

$
1.15

$
3.45

$
3.05

Preferred Stock
 
 
 
 
   Series B
$
.45

$
.45

$
1.35

$
1.35

   Series O
$
3,375

$
3,375

$
6,750

$
6,750

   Series P
$
1,531

$
1,531

$
4,594

$
4,594

   Series Q
$
1,343

$
1,343

$
4,031

$
4,031

   Series R
 

$
2,425

$
2,425

   Series S
 

$
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
from the Series R and Series S preferred stock