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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Employee Benefit Plans [Abstract] |
Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets | Table 69: Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets
| Qualified Pension |  | Nonqualified Pension |  | Postretirement Benefits
In millions | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Accumulated benefit obligation at December 31 | $ | 4,740 |  |  | $ | 4,315 |  |  | $ | 259 |  |  | $ | 253 |  |  |  |  |
Projected benefit obligation at January 1 | $ | 4,355 |  |  | $ | 4,789 |  |  | $ | 258 |  |  | $ | 286 |  |  | $ | 322 |  |  | $ | 355 |
Service cost | 115 |  |  | 116 |  |  | 3 |  |  | 3 |  |  | 4 |  |  | 5 |
Interest cost | 186 |  |  | 171 |  |  | 10 |  |  | 9 |  |  | 13 |  |  | 12 |
Amendments | 21 |  |  |  |  |  |  |  |  |  |  |
Actuarial (gains)/losses and changes in assumptions | 498 |  |  | (424 | ) |  | 25 |  |  | (16 | ) |  | 18 |  |  | (28 | )
Participant contributions |  |  |  |  |  |  |  |  | 3 |  |  | 3 |
Federal Medicare subsidy on benefits paid |  |  |  |  |  |  |  |  |  |  | 1 |
Benefits paid | (288 | ) |  | (297 | ) |  | (31 | ) |  | (24 | ) |  | (27 | ) |  | (26 | )
Projected benefit obligation at December 31 | $ | 4,887 |  |  | $ | 4,355 |  |  | $ | 265 |  |  | $ | 258 |  |  | $ | 333 |  |  | $ | 322 |
Fair value of plan assets at January 1 | $ | 4,963 |  |  | $ | 5,253 |  |  |  |  |  |  | $ | 232 |  |  | $ | 230 |
Actual return on plan assets | 979 |  |  | (193 | ) |  |  |  |  |  | 15 |  |  | 3 |
Employer contribution |  |  | 200 |  |  | $ | 31 |  |  | $ | 24 |  |  | 24 |  |  | 21 |
Participant contributions |  |  |  |  |  |  |  |  | 3 |  |  | 3 |
Federal Medicare subsidy on benefits paid |  |  |  |  |  |  |  |  |  |  | 1 |
Benefits paid | (288 | ) |  | (297 | ) |  | (31 | ) |  | (24 | ) |  | (27 | ) |  | (26 | )
Fair value of plan assets at December 31 | $ | 5,654 |  |  | $ | 4,963 |  |  | $ | — |  |  | $ | — |  |  | $ | 247 |  |  | $ | 232 |
Funded status | $ | 767 |  |  | $ | 608 |  |  | $ | (265 | ) |  | $ | (258 | ) |  | $ | (86 | ) |  | $ | (90 | )
Amounts recognized on the consolidated balance sheet |  |  |  |  |  |  |  |  |  |  |
Noncurrent asset | $ | 767 |  |  | $ | 608 |  |  |  |  |  |  |  |  |
Current liability |  |  |  |  | $ | (26 | ) |  | $ | (26 | ) |  | $ | (2 | ) |  | $ | (2 | )
Noncurrent liability |  |  |  |  | (239 | ) |  | (232 | ) |  | (84 | ) |  | (88 | )
Net amount recognized on the consolidated balance sheet | $ | 767 |  |  | $ | 608 |  |  | $ | (265 | ) |  | $ | (258 | ) |  | $ | (86 | ) |  | $ | (90 | )
Amounts recognized in AOCI consist of: |  |  |  |  |  |  |  |  |  |  |
Prior service cost (credit) | $ | 29 |  |  | $ | 12 |  |  |  |  |  |  | $ | 2 |  |  | $ | 1 |
Net actuarial loss (gain) | 411 |  |  | 608 |  |  | $ | 78 |  |  | $ | 57 |  |  | 1 |  |  | (7 | )
Amount of loss (gain) recognized in AOCI | $ | 440 |  |  | $ | 620 |  |  | $ | 78 |  |  | $ | 57 |  |  | $ | 3 |  |  | $ | (6 | )
Asset Strategy Allocations | Table 70: Asset Strategy Allocations
| Target Allocation Range |  | Percentage of Plan Assets by Strategy at December 31 |
|  | 2019 |  | 2018 |
Asset Category |  |  |
Domestic Equity | 20 – 40% |  | 27 | % | 27 | %
International Equity | 10 – 25% |  | 17 | % | 22 | %
Private Equity | 0 – 15% |  | 10 | % | 11 | %
Total Equity | 40 – 70% |  | 54 | % | 60 | %
Domestic Fixed Income | 10 – 40% |  | 23 | % | 18 | %
High Yield Fixed Income | 0 – 25% |  | 8 | % | 9 | %
Total Fixed Income | 10 – 65% |  | 31 | % | 27 | %
Real estate | 0 – 10% |  | 5 | % | 5 | %
Other | 0 – 15% |  | 10 | % | 8 | %
Total | 100 | % | 100 | % | 100 | %
Pension Plan Assets - Fair Value Hierarchy | The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2019 and 2018. Table 71: Pension Plan Assets - Fair Value Hierarchy
| December 31, 2019 |  |  | December 31, 2018 |
In millions | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |  |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total Fair Value |  |
Interest bearing cash |  |  |  | $ | 1 |  |  |  |  | $ | 1 |  |  |  | $ | 7 |  |  | $ | 2 |  |  |  |  | $ | 9 |  |
Money market funds | $ | 456 |  |  |  |  |  |  | 456 |  |  |  | 149 |  |  |  |  |  |  | 149 |  |
U.S. government and agency securities | 582 |  |  | 135 |  |  | $ | 1 |  |  | 718 |  |  |  | 512 |  |  | 130 |  |  |  |  | 642 |  |
Corporate debt |  |  | 660 |  |  | 3 |  |  | 663 |  |  |  |  |  | 580 |  |  | $ | 6 |  |  | 586 |  |
Common stock | 620 |  |  | 1 |  |  | 4 |  |  | 625 |  |  |  | 623 |  |  | 6 |  |  |  |  | 629 |  |
Mutual funds |  |  | 253 |  |  |  |  | 253 |  |  |  |  |  | 236 |  |  |  |  | 236 |  |
Other |  |  |  | 126 |  |  |  |  | 126 |  |  |  | 4 |  |  | 42 |  |  | 4 |  |  | 50 |  |
Investments measured at net asset value (a) |  |  |  |  |  |  | 2,812 |  |  |  |  |  |  |  |  |  | 2,662 |  |
Total | $ | 1,658 |  |  | $ | 1,176 |  |  | $ | 8 |  |  | $ | 5,654 |  |  |  | $ | 1,295 |  |  | $ | 996 |  |  | $ | 10 |  |  | $ | 4,963 |  |
(a) Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Estimated Cash Flows | The following table provides information regarding our estimated future cash flows related to our various plans. Table 72: Estimated Cash Flows
| Pension Plans |  | Postretirement Benefits |
In millions | Qualified Pension |  |  | Nonqualified Pension |  |  | Gross PNC Benefit Payments |  |  |
Estimated 2020 employer contributions |  |  | $ | 26 |  |  | $ | 28 |  |  |
Estimated future benefit payments |  |  |  |  |  |  |
2020 | $ | 300 |  |  | $ | 26 |  |  | $ | 28 |  |  |
2021 | $ | 315 |  |  | $ | 26 |  |  | $ | 27 |  |  |
2022 | $ | 329 |  |  | $ | 23 |  |  | $ | 26 |  |  |
2023 | $ | 327 |  |  | $ | 23 |  |  | $ | 25 |  |  |
2024 | $ | 316 |  |  | $ | 21 |  |  | $ | 25 |  |  |
2025-2029 | $ | 1,557 |  |  | $ | 92 |  |  | $ | 111 |  |  |
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost/(income) and other amounts recognized in Other comprehensive income (OCI) were as follows. Table 73: Components of Net Periodic Benefit Cost (a)
| Qualified Pension Plan | Nonqualified Pension Plan | Postretirement Benefits
Year ended December 31 – in millions | 2019 (b) | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017 |
Net periodic cost consists of: |  |  |  |  |  |  |  |  |
Service cost | $ | 115 |  | $ | 116 |  | $ | 160 |  | $ | 3 |  | $ | 3 |  | $ | 3 |  | $ | 4 |  | $ | 5 |  | $ | 5 |
Interest cost | 186 |  | 171 |  | 179 |  | 10 |  | 9 |  | 10 |  | 13 |  | 12 |  | 14 |
Expected return on plan assets | (288 | ) | (306 | ) | (285 | ) |  |  |  | (5 | ) | (6 | ) | (5 | )
Amortization of prior service cost/(credit) | 4 |  | 1 |  | (3 | ) |  |  |  |  |  | (1 | )
Amortization of actuarial (gain)/loss | 4 |  |  | 43 |  | 4 |  | 5 |  | 4 |  |  |  |
Net periodic cost (benefit) | 21 |  | (18 | ) | 94 |  | 17 |  | 17 |  | 17 |  | 12 |  | 11 |  | 13 |
Other changes in plan assets and benefit obligations recognized in OCI: |  |  |  |  |  |  |  |  |
Current year prior service cost/(credit) | 21 |  |  | 17 |  |  |  |  |  |  | 2 |
Amortization of prior service (cost)/credit | (4 | ) | (1 | ) | 3 |  |  |  |  |  |  | 1 |
Current year actuarial loss/(gain) | (193 | ) | 75 |  | (264 | ) | 25 |  | (16 | ) | 7 |  | 9 |  | (25 | ) | (22 | )
Amortization of actuarial gain/(loss) | (4 | ) |  | (43 | ) | (4 | ) | (5 | ) | (4 | ) |  |  |
Total recognized in OCI | (180 | ) | 74 |  | (287 | ) | 21 |  | (21 | ) | 3 |  | 9 |  | (25 | ) | (19 | )
Total amounts recognized in net periodic cost and OCI | $ | (159 | ) | $ | 56 |  | $ | (193 | ) | $ | 38 |  | $ | (4 | ) | $ | 20 |  | $ | 21 |  | $ | (14 | ) | $ | (6 | )
(a) The service cost component is included in Personnel expense on the Consolidated Income Statement. All other components are included in Other noninterest expense on the Consolidated Income Statement. (b) Includes the effects of the qualified pension plan remeasurement as of January 31, 2019 as a result of a plan amendment.
Net Periodic Costs - Assumptions | The weighted-average assumptions used (as of the beginning of each year) to determine the net periodic costs shown in Table 73 were as follows. Table 74: Net Periodic Costs - Assumptions
| Net Periodic Cost Determination
As of January 1 | 2019 |  | 2018 |  | 2017 |
Discount rate |  |  |
Qualified pension (a) | 4.30 | % | 3.60 | % | 4.00 | %
Nonqualified pension | 4.15 | % | 3.45 | % | 3.80 | %
Postretirement benefits | 4.20 | % | 3.55 | % | 3.90 | %
Rate of compensation increase (average) | 3.50 | % | 3.50 | % | 3.50 | %
Assumed health care cost trend rate |  |  |
Initial trend | 6.50 | % | 6.75 | % | 7.00 | %
Ultimate trend | 5.00 | % | 5.00 | % | 5.00 | %
Year ultimate trend reached | 2025 |  | 2025 |  | 2025 |
Expected long-term return on plan assets | 5.75 | % | 6.00 | % | 6.38 | %
(a) The 2019 qualified pension discount rate was 4.15% at the time of remeasurement on January 31, 2019 as a result of a plan amendment.
Other Pension Assumptions | The weighted-average assumptions used (as of the end of each year) to determine year end obligations for pension and postretirement benefits were as follows. Table 75: Other Pension Assumptions
Year ended December 31 | 2019 |  |  | 2018 |  |
Discount rate |  |  |  |
Qualified pension | 3.30 | % |  | 4.30 | % |
Nonqualified pension | 3.05 | % |  | 4.15 | % |
Postretirement benefits | 3.20 | % |  | 4.20 | % |
Rate of compensation increase (average) | 4.25 | % |  | 3.50 | % |
Assumed health care cost trend rate |  |  |  |
Initial trend | 6.25 | % |  | 6.50 | % |
Ultimate trend | 5.00 | % |  | 5.00 | % |
Year ultimate trend reached | 2025 |  |  | 2025 |  |

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