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Subsequent Events | 9 Months Ended
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Sep. 30, 2022
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT E VENTS On October 28, 2022, the parent company issued $1.0 billion of senior fixed-to-floating rate notes with a maturity date of October 28, 2025 (the “2025 Senior Notes”) and $1.5 billion of senior fixed-to-floating rate notes with a maturity date of October 28, 2033 (the “2033 Senior Notes”). Interest is payable on the 2025 Senior Notes semi-annually in arrears at a fixed rate of 5.671% per annum, on April 28 and October 28 of each year, beginning on April 28, 2023. Beginning on October 28, 2024, interest is payable on the 2025 Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 1.09%, on January 28, 2025, April 28, 2025, July 28, 2025 and at the maturity date. Interest is payable on the 2033 Senior Notes semi-annually in arrears at a fixed rate of 6.037% per annum, on April 28 and October 28 of each year, beginning on April 28, 2023. Beginning on October 28, 2032, interest is payable on the 2033 Senior Notes quarterly in arrears at a floating rate per annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as described in the Prospectus Supplement), plus 2.14%, on January 28, 2033, April 28, 2033, July 28, 2033 and at the maturity date. On November 1, 2022, PNC redeemed $1.5 billion of depositary shares representing interests in PNC’s fixed-to-floating rate non-cumulative perpetual preferred stock, Series P. Each depositary share represents a 1/4,000th interest in a share of the Series P preferred stock. The depositary shares were redeemed at a redemption price of $25.00 per depositary share plus declared and unpaid dividends of $0.43763 per depositary share, representing the dividend for the period from August 1, 2022 to, but excluding, November 1, 2022. All 60 million depositary shares outstanding were redeemed.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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