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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense from continuing operations are as follows:

Table 109: Components of Income Tax Expense                         

Year ended December 31 In millions			2022						2021						2020
Current
Federal			$	782					$	894					$	669
State			227						191						158
Total current			$	1,009					$	1,085					$	827
Deferred
Federal			307						123						(373)
State			44						55						(28)
Total deferred			$	351					$	178					$	(401)
Total			$	1,360					$	1,263					$	426

Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows:

Table 110: Deferred Tax Assets and Liabilities                    

December 31 – in millions			2022						2021
Deferred tax assets
Net unrealized losses on securities and financial instruments			$	3,107
Allowance for loan and lease losses			1,152						$	1,170
Lease obligations			548						563
Compensation and benefits			369						290
Allowance for unfunded lending related commitments			170						161
Loss and credit carryforward			98						140
Accrued expenses			78						151
Other			252						311
Total gross deferred tax assets			5,774						2,786
Valuation allowance			(27)						(33)
Total deferred tax assets			5,747						2,753
Deferred tax liabilities
Leasing			1,034						1,023
Fixed assets			589						704
Right of Use Assets			472						488
Mortgage servicing rights			325						89
Goodwill and intangibles			270						278
Net unrealized gains on securities and financial instruments									120
Other			405						254
Total deferred tax liabilities			3,095						2,956
Net deferred tax asset (liability)			$	2,652					$	(203)

Reconciliation of Statutory and Effective Tax Rates

A reconciliation between the statutory and effective tax rates from continuing operations follows:

Table 111: Reconciliation of Statutory and Effective Tax Rates

Year ended December 31			2022						2021						2020
Statutory tax rate			21.0		%				21.0		%				21.0		%
Increases (decreases) resulting from:
State taxes net of federal benefit			2.7						2.6						2.0
Tax-exempt interest			(1.2)						(0.9)						(1.7)
Life insurance			(0.8)						(0.8)						(1.6)
Tax credits			(3.2)						(4.4)						(6.0)
Unrecognized tax benefits			0.1						0.3						(1.6)
Subsidiary liquidation															(1.2)
Other			(0.4)						0.3						1.5
Effective tax rate			18.2		%				18.1		%				12.4		%

Net Operating Loss Carryforwards

The net operating loss carryforwards at December 31, 2022 and 2021 follow

Table 112: Net Operating Loss Carryforwards

Dollars in millions			December 31, 2022						December 31, 2021						Expiration
Net Operating Loss Carryforwards:
Federal			$	45					$	166					2030-2032
State			$	698					$	872					2023-2039

Change in Unrecognized Tax Benefits

A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:

Table 113: Change in Unrecognized Tax Benefits

In millions			2022						2021						2020
Balance of gross unrecognized tax benefits at January 1			$	275					$	265					$	130
Increases:
Positions taken during a current period															265
Acquired unrecognized tax benefits									8
Positions taken during a prior period			46						7
Decreases:
Positions taken during a prior period									(2)
Settlements with taxing authorities			(3)						(3)						(130)
Balance of gross unrecognized tax benefits at December 31			$	318					$	275					$	265
Favorable impact if recognized			$	258					$	217					$	209

IRS Tax Examination Status

Table 114: IRS Tax Examination Status

Year(s)

Status at December 31, 2022

PNC Financial Services Group, Inc.

BBVA USA Bancshares, Inc.

Federal

2020-2021

2018

Under Exam

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