Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

In May 2020, PNC completed the sale of its 31.6 million shares of BlackRock, Inc., and contributed 500,000 BlackRock shares to the PNC Foundation.

Following the sale and donation, PNC has divested its entire investment in BlackRock and only holds shares of BlackRock stock in a fiduciary capacity for clients of PNC. Refer to our second quarter 2020 Form 10-Q for additional information on the sale.

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 September 30				Nine months ended September 30
In millions	2020		2019		2020		2019
Noninterest income			$	251	$	5,777	$	700
Total revenue			251		5,777		700
Income from discontinued operations before income taxes and noncontrolling interests			251		5,777		700
Income taxes			40		1,222		111
Net income from discontinued operations	$	—	$	211	$	4,555	$	589

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



	Nine months ended September 30
In millions	2020			2019
Cash flows from discontinued operations
Net cash provided (used) by operating activities of discontinued operations	$	(1,981	)	$	233
Net cash provided by investing activities of discontinued operations	$	14,225