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Acquisition and Divestiture Activity | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Acquisition and Divestiture Activity | A CQUISITION A ND D IVESTITURE A CTIVITY Pending Acquisition of BBVA USA Bancshares, Inc. On November 16, 2020, we announced a definitive agreement with BBVA, S.A. to acquire BBVA including its U.S. banking subsidiary, BBVA USA, for a fixed purchase price of $11.6 billion in cash. BBVA USA has over 600 branches in Texas, Alabama, Arizona, California, Florida, Colorado and New Mexico. The transaction is expected to add approximately $102 billion in total assets, $86 billion of deposits and $66 billion of loans to PNC’s Consolidated Balance Sheet and to close in mid-2021, subject to customary closing conditions, including receipt of regulatory approvals. Sale of Equity Investment in Blackrock, Inc. In May 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 $0.2 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. 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. The following table summarizes the results from the discontinued operations of BlackRock included in the Consolidated Income Statement: Table 39: Consolidated Income Statement - Discontinued Operations
|  | Year ended December 31
In millions |  | 2020 | 2019 | 2018
Noninterest income |  | $ | 5,777 |  | $ | 988 |  | $ | 942 |
Total revenue |  | 5,777 |  | 988 |  | 942 |
Income from discontinued operations before income taxes |  | 5,777 |  | 988 |  | 942 |
Income taxes |  | 1,222 |  | 161 |  | 154 |
Net income from discontinued operations |  | $ | 4,555 |  | $ | 827 |  | $ | 788 |
The following table summarizes the cash flows of discontinued operations of BlackRock included in the Consolidated Statement of Cash Flows: Table 40: Consolidated Statement of Cash Flows - Discontinued Operations
|  | Year ended December 31
In millions |  | 2020 | 2019 | 2018
Cash flows from discontinued operations |  |  |  |
Net cash provided (used) by operating activities of discontinued operations |  | $ | (2,683) |  | $ | 299 |  | $ | 264 |
Net cash provided by investing activities of discontinued operations |  | $ | 14,225 |  |  |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: 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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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