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Discontinued Operations | 6 Months Ended
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Jun. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | DISCONTINUED O PERATIONS On May 15, 2020, PNC completed the sale of its 31.6 million shares of BlackRock, Inc., common and preferred stock through a registered secondary offering at a price of $420 per share. In addition, BlackRock repurchased 2.65 million shares from PNC at a price of $414.96 per share. The total proceeds from the sale were $14.2 billion in cash, net of $.2 billion in expenses, and resulted in a gain on sale of $4.3 billion. Additionally, PNC contributed 500,000 BlackRock shares to the PNC Foundation on May 18, 2020. Following the sale and donation, PNC has divested its entire investment in BlackRock. PNC and its affiliates only hold shares of BlackRock stock in a fiduciary capacity for clients of PNC and its affiliates. The following table summarizes the results from the discontinued operations of BlackRock included in the Consolidated Income Statement: Table 36: Consolidated Income Statement - Discontinued Operations
| Three months ended June 30 | Six months ended June 30
In millions | 2020 |  | 2019 | 2020 |  | 2019 |
Noninterest income | $ | 5,596 |  |  | $ | 224 |  | $ | 5,777 |  |  | $ | 449 |  |
Total revenue | 5,596 |  |  | 224 |  | 5,777 |  |  | 449 |  |
Income from discontinued operations before income taxes and noncontrolling interests | 5,596 |  |  | 224 |  | 5,777 |  |  | 449 |  |
Income taxes | 1,197 |  |  | 35 |  | 1,222 |  |  | 71 |  |
Net income from discontinued operations | $ | 4,399 |  |  | $ | 189 |  | $ | 4,555 |  |  | $ | 378 |  |
The following table summarizes the cash flows of discontinued operations of BlackRock included in the Consolidated Statement of Cash Flows: Table 37: Consolidated Statement of Cash Flows - Discontinued Operations
| Six months ended June 30 |
In millions | 2020 |  | 2019 |
Cash flows from discontinued operations |  |  |  |
Net cash provided (used) by operating activities of discontinued operations | $ | 74 |  |  | $ | 159 |  |
Net cash provided by investing activities of discontinued operations | $ | 14,225 |  |  |  |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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