XML 144 R51.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense from continuing operations are as follows: Table 103: Components of Income Tax Expense
Year ended December 31 In millions | 2020 |  | 2019 |  | 2018 |
Current |  |  |  |  |  |
Federal | $ | 669 |  |  | $ | 570 |  |  | $ | 739 |  |
State | 158 |  |  | 152 |  |  | 178 |  |
Total current | $ | 827 |  |  | $ | 722 |  |  | $ | 917 |  |
Deferred |  |  |  |  |  |
Federal | (373) |  |  | 187 |  |  | 13 |  |
State | (28) |  |  | (8) |  |  | (2) |  |
Total deferred | $ | (401) |  |  | $ | 179 |  |  | $ | 11 |  |
Total | $ | 426 |  |  | $ | 901 |  |  | $ | 928 |  |
Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities are as follows: Table 104: Deferred Tax Assets and Liabilities
December 31 – in millions | 2020 |  | 2019 |
Deferred tax assets |  |  |  |
Allowance for loan and lease losses | $ | 1,288 |  |  | $ | 661 |  |
Allowance for unfunded commitments | 141 |  |  | 78 |  |
Compensation and benefits | 227 |  |  | 270 |  |
Partnership investments | 121 |  |  | 120 |  |
Loss and credit carryforward | 162 |  |  | 203 |  |
Accrued expenses | 107 |  |  | 117 |  |
Lease obligations | 528 |  |  | 545 |  |
Other | 163 |  |  | 161 |  |
Total gross deferred tax assets | 2,737 |  |  | 2,155 |  |
Valuation allowance | (26) |  |  | (31) |  |
Total deferred tax assets | 2,711 |  |  | 2,124 |  |
Deferred tax liabilities |  |  |  |
Leasing | 1,179 |  |  | 1,183 |  |
Right of Use Assets | 476 |  |  | 520 |  |
Goodwill and intangibles | 193 |  |  | 194 |  |
Fixed assets | 592 |  |  | 412 |  |
Net unrealized gains on securities and financial instruments | 929 |  |  | 370 |  |
Other | 143 |  |  | 306 |  |
Total deferred tax liabilities | 3,512 |  |  | 2,985 |  |
Net deferred tax liability | $ | 801 |  |  | $ | 861 |  |
Reconciliation of Statutory and Effective Tax Rates | A reconciliation between the statutory and effective tax rates from continuing operations follows: Table 105: Reconciliation of Statutory and Effective Tax Rates
Year ended December 31 | 2020 |  | 2019 |  | 2018
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (decreases) resulting from: |  |  |  |  |
State taxes net of federal benefit | 2.0 |  |  | 2.3 |  |  | 2.5 |
Tax-exempt interest | (1.7) |  |  | (1.5) |  |  | (1.7) |
Life insurance | (1.6) |  |  | (1.0) |  |  | (1.0) |
Tax credits | (6.0) |  |  | (4.2) |  |  | (4.0) |
Federal deferred tax revaluation |  |  |  |  | (2.1) |
Unrecognized tax benefits | (1.6) |  |  | (0.1) |  |  | 1.3 |
Subsidiary Liquidation | (1.2) |  |  |  |  |
Other | 1.5 |  |  | (0.1) |  |  | 0.9 |
Effective tax rate | 12.4 | % |  | 16.4 | % |  | 16.9 | %
Net Operating Loss Carryforwards | The net operating loss carryforwards at December 31, 2020 and 2019 follow Table 106: Net Operating Loss Carryforwards
Dollars in millions | December 31, 2020 |  | December 31, 2019 |  | Expiration |
Net Operating Loss Carryforwards: |  |  |  |  |  |
Federal | $ | 282 |  |  | $ | 402 |  |  | 2032 |
State | $ | 848 |  |  | $ | 1,197 |  |  | 2021-2039 |
Change in Unrecognized Tax Benefits | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows: Table 107: Change in Unrecognized Tax Benefits
In millions | 2020 |  | 2019 |  | 2018 |
Balance of gross unrecognized tax benefits at January 1 | $ | 130 |  |  | $ | 207 |  |  | $ | 18 |  |
Increases: |  |  |  |  |  |
Positions taken during a current period | 265 |  |  |  |  |
Positions taken during a prior period |  |  |  |  | 212 |  |
Decreases: |  |  |  |  |  |
Positions taken during a prior period |  |  | (77) |  |  | (16) |  |
Settlements with taxing authorities | (130) |  |  |  |  | (7) |  |
Balance of gross unrecognized tax benefits at December 31 | $ | 265 |  |  | $ | 130 |  |  | $ | 207 |  |
Favorable impact if recognized | $ | 209 |  |  | $ | 76 |  |  | $ | 76 |  |
IRS Tax Examination Status | Table 108: IRS Tax Examination Status
| Years under examination |  | Status at December 31 |
Federal | 2016 – 2018 |  | Under Exam |

X
- Definition Schedule of Net Operating Loss Carryforwards and Tax Credit Carryforwards + References No definition available. + Details
Name: | pnc_ScheduleOfNetOperatingLossCarryforwardsAndTaxCreditCarryforwardsTableTextBlock
Namespace Prefix: | pnc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfPositionsForWhichSignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration