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Total Equity and Other Comprehensive Income (Tables) | 3 Months Ended
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Mar. 31, 2021
Other Comprehensive Income [Abstract] |
Rollforward of Total Equity | Activity in total equity for the three months ended March 31, 2021 and 2020 is as follows: Table 55: Rollforward of Total Equity
|  |  | Shareholders’ Equity |  |  |  |
In millions | Shares Outstanding Common Stock |  | Common Stock | Capital Surplus - Preferred Stock | Capital Surplus - Common Stock and Other | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |  | Non- controlling Interests | Total Equity |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 (a) | 433 |  |  | $ | 2,712 |  | $ | 3,993 |  | $ | 12,376 |  | $ | 42,215 |  | $ | 799 |  | $ | (12,781) |  |  | $ | 29 |  | $ | 49,343 |  |
Cumulative effect of ASU 2016-13 adoption (b) |  |  |  |  |  | (671) |  |  |  |  |  | (671) |  |
Balance at January 1, 2020 (a) | 433 |  |  | $ | 2,712 |  | $ | 3,993 |  | $ | 12,376 |  | $ | 41,544 |  | $ | 799 |  | $ | (12,781) |  |  | $ | 29 |  | $ | 48,672 |  |
Net income |  |  |  |  |  | 908 |  |  |  |  | 7 |  | 915 |  |
Other comprehensive income, net of tax |  |  |  |  |  |  | 1,719 |  |  |  |  | 1,719 |  |
Cash dividends declared - Common |  |  |  |  |  | (503) |  |  |  |  |  | (503) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (63) |  |  |  |  |  | (63) |  |
Preferred stock discount accretion |  |  |  | 1 |  |  | (1) |  |  |  |  |  |  |
Treasury stock activity | (9) |  |  |  |  | 49 |  |  |  | (1,359) |  |  |  | (1,310) |  |
Other |  |  |  |  | (131) |  |  |  |  |  | (9) |  | (140) |  |
Balance at March 31, 2020 (a) | 424 |  |  | $ | 2,712 |  | $ | 3,994 |  | $ | 12,294 |  | $ | 41,885 |  | $ | 2,518 |  | $ | (14,140) |  |  | $ | 27 |  | $ | 49,290 |  |
Balance at December 31, 2020 (a) | 424 |  |  | $ | 2,713 |  | $ | 3,517 |  | $ | 12,367 |  | $ | 46,848 |  | $ | 2,770 |  | $ | (14,205) |  |  | $ | 31 |  | $ | 54,041 |  |
Net income |  |  |  |  |  | 1,816 |  |  |  |  | 10 |  | 1,826 |  |
Other comprehensive income (loss), net of tax |  |  |  |  |  |  | (1,480) |  |  |  |  | (1,480) |  |
Cash dividends declared - Common |  |  |  |  |  | (493) |  |  |  |  |  | (493) |  |
Cash dividends declared - Preferred |  |  |  |  |  | (57) |  |  |  |  |  | (57) |  |
Preferred stock discount accretion |  |  |  | 1 |  |  | (1) |  |  |  |  |  |  |
Treasury stock activity | 1 |  |  |  |  | 69 |  |  |  | 59 |  |  |  | 128 |  |
Other |  |  |  |  | (75) |  |  |  |  |  | (11) |  | (86) |  |
Balance at March 31, 2021 (a) | 425 |  |  | $ | 2,713 |  | $ | 3,518 |  | $ | 12,361 |  | $ | 48,113 |  | $ | 1,290 |  | $ | (14,146) |  |  | $ | 30 |  | $ | 53,879 |  |
(a)The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation. (b)Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses.
Other Comprehensive Income (Loss) | Details of other comprehensive income (loss) are as follows: Table 56: Other Comprehensive Income (Loss)
| Three months ended March 31 |
| 2021 | 2020 |  |
In millions | Pre-tax | Tax effect | After-tax | Pre-tax | Tax effect | After-tax |  |  |  |  |  |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on securities | $ | (1,181) |  | $ | 278 |  | $ | (903) |  | $ | 1,662 |  | $ | (381) |  | $ | 1,281 |  |  |  |  |  |  |
Less: Net realized gains (losses) reclassified to earnings (a) | 13 |  | (3) |  | 10 |  | 182 |  | (42) |  | 140 |  |  |  |  |  |  |
Net change | (1,194) |  | 281 |  | (913) |  | 1,480 |  | (339) |  | 1,141 |  |  |  |  |  |  |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on cash flow hedge derivatives | (640) |  | 151 |  | (489) |  | 830 |  | (190) |  | 640 |  |  |  |  |  |  |
Less: Net realized gains (losses) reclassified to earnings (a) | 135 |  | (32) |  | 103 |  | 45 |  | (10) |  | 35 |  |  |  |  |  |  |
Net change | (775) |  | 183 |  | (592) |  | 785 |  | (180) |  | 605 |  |  |  |  |  |  |
Pension and other postretirement benefit plan adjustments |  |  |  |  |  |  |  |  |  |  |  |
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) | 30 |  | (7) |  | 23 |  | 12 |  | (3) |  | 9 |  |  |  |  |  |  |
Net change | 30 |  | (7) |  | 23 |  | 12 |  | (3) |  | 9 |  |  |  |  |  |  |
Other |  |  |  |  |  |  |  |  |  |  |  |
Net unrealized gains (losses) on other transactions | 1 |  | 1 |  | 2 |  | 8 |  | (18) |  | (10) |  |  |  |  |  |  |
Net change | 1 |  | 1 |  | 2 |  | 8 |  | (18) |  | (10) |  |  |  |  |  |  |
Total other comprehensive income (loss) from continuing operations | (1,938) |  | 458 |  | (1,480) |  | 2,285 |  | (540) |  | 1,745 |  |  |  |  |  |  |
Total other comprehensive income (loss) from discontinued operations |  |  |  | (34) |  | 8 |  | (26) |  |  |  |  |  |  |
Total other comprehensive income (loss) | $ | (1,938) |  | $ | 458 |  | $ | (1,480) |  | $ | 2,251 |  | $ | (532) |  | $ | 1,719 |  |  |  |  |  |  |
(a)Reclassifications for pre-tax debt securities and cash flow hedges are recorded in interest income and noninterest income on the Consolidated Income Statement. (b)Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in noninterest expense on the Consolidated Income Statement.
Accumulated Other Comprehensive Income (Loss) Components | Table 57: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-tax | Debt securities |  | Cash flow hedge derivatives |  | Pension and other postretirement benefit plan adjustments |  | Other |  | Accumulated other Comprehensive Income from Continuing Operations |  | Accumulated other Comprehensive Income from Discontinued Operations | Total |
Three months ended |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2019 | $ | 1,067 |  |  | $ | 276 |  |  | $ | (408) |  |  | $ | (21) |  |  | $ | 914 |  |  | $ | (115) |  | $ | 799 |  |
Net activity | 1,141 |  |  | 605 |  |  | 9 |  |  | (10) |  |  | 1,745 |  |  | (26) |  | 1,719 |  |
Balance at March 31, 2020 | $ | 2,208 |  |  | $ | 881 |  |  | $ | (399) |  |  | $ | (31) |  |  | $ | 2,659 |  |  | $ | (141) |  | $ | 2,518 |  |
Balance at December 31, 2020 | $ | 2,462 |  |  | $ | 659 |  |  | $ | (345) |  |  | $ | (6) |  |  | $ | 2,770 |  |  |  | $ | 2,770 |  |
Net activity | (913) |  |  | (592) |  |  | 23 |  |  | 2 |  |  | (1,480) |  |  |  | (1,480) |  |
Balance at March 31, 2021 | $ | 1,549 |  |  | $ | 67 |  |  | $ | (322) |  |  | $ | (4) |  |  | $ | 1,290 |  |  |  | $ | 1,290 |  |
Dividends Declared | The following table provides the dividends per share for PNC's common and preferred stock: Table 58: Dividends Per Share (a)
| Three months ended March 31 |
| 2021 | 2020 |  |
Common Stock | $ | 1.15 |  | $ | 1.15 |  |  |
Preferred Stock |  |  |  |
Series B | $ | 0.45 |  | $ | 0.45 |  |  |
Series O | $ | 3,375 |  | $ | 3,375 |  |  |
Series P | $ | 1,531 |  | $ | 1,531 |  |  |
Series Q (b) |  | $ | 1,344 |  |  |
(a)Dividends are payable quarterly other than Series O, Series R and Series S preferred stock, which are payable semiannually, with the Series O payable in different quarters from the Series R and Series S preferred stock. (b)On September 1, 2020, PNC redeemed all 4,800 shares of its Series Q Preferred Stock, as well as all 19.2 million Depositary Shares representing fractional interest in such shares.

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