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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense are as follows: Table 109: Components of Income Tax Expense
Year ended December 31 In millions | 2024 |  | 2023 |  | 2022 |
Current |  |  |  |  |  |
Federal | $ | 1,098 |  |  | $ | 1,021 |  |  | $ | 782 |  |
State | 221 |  |  | 320 |  |  | 227 |  |
Total current | 1,319 |  |  | 1,341 |  |  | 1,009 |  |
Deferred |  |  |  |  |  |
Federal | (1) |  |  | (149) |  |  | 307 |  |
State | (29) |  |  | (103) |  |  | 44 |  |
Total deferred | (30) |  |  | (252) |  |  | 351 |  |
Total | $ | 1,289 |  |  | $ | 1,089 |  |  | $ | 1,360 |  |
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 | 2024 |  | 2023 |
Deferred tax assets |  |  |  |
Net unrealized losses on securities and financial instruments | $ | 2,098 |  |  | $ | 2,417 |  |
Allowance for loan and lease losses | 1,105 |  |  | 1,147 |  |
Lease obligations | 475 |  |  | 508 |  |
Compensation and benefits | 312 |  |  | 261 |  |
Allowance for unfunded lending related commitments | 177 |  |  | 161 |  |
Accrued expenses | 188 |  |  | 209 |  |
Other | 340 |  |  | 384 |  |
Total gross deferred tax assets | 4,695 |  |  | 5,087 |  |
Valuation allowance | (23) |  |  | (26) |  |
Total deferred tax assets | 4,672 |  |  | 5,061 |  |
Deferred tax liabilities |  |  |  |
Leasing | 919 |  |  | 938 |  |
Fixed assets | 397 |  |  | 477 |  |
Right of Use Assets | 412 |  |  | 445 |  |
Mortgage servicing rights | 434 |  |  | 359 |  |
Goodwill and intangibles | 249 |  |  | 252 |  |
Other | 472 |  |  | 461 |  |
Total deferred tax liabilities | 2,883 |  |  | 2,932 |  |
Net deferred tax asset | $ | 1,789 |  |  | $ | 2,129 |  |
Reconciliation of Statutory and Effective Tax Rates | A reconciliation between the statutory and effective tax rates follows: Table 111: Reconciliation of Statutory and Effective Tax Rates
Year ended December 31 | 2024 |  | 2023 |  | 2022
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increases (decreases) resulting from: |  |  |  |  |
State taxes net of federal benefit | 3.0 |  |  | 2.9 |  |  | 2.7 |
Tax-exempt interest | (1.4) |  |  | (1.7) |  |  | (1.2) |
Life insurance | (0.9) |  |  | (0.9) |  |  | (0.8) |
Tax credits | (5.0) |  |  | (5.2) |  |  | (3.2) |
Other | 1.1 |  |  | 0.1 |  |  | (0.3) |
Effective tax rate | 17.8 | % |  | 16.2 | % |  | 18.2 | %
Net Operating Loss Carryforwards | The net operating loss carryforwards at December 31, 2024 and 2023 follow Table 112: Net Operating Loss Carryforwards
Dollars in millions | December 31, 2024 |  | December 31, 2023 |  | Expiration |
Net Operating Loss Carryforwards (a): |  |  |  |  |  |
State | $ | 585 |  |  | $ | 624 |  |  | 2025-2036 |
(a)There were no federal net operating loss carryforwards at both December 31, 2024 and 2023.
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 | 2024 |  | 2023 |  | 2022 |
Balance of gross unrecognized tax benefits at January 1 | $ | 368 |  |  | $ | 318 |  |  | $ | 275 |  |
Increases: |  |  |  |  |  |
Positions taken during a current period | 23 |  |  | 20 |  |  |  |  |
Positions taken during a prior period | 35 |  |  | 35 |  |  | 46 |  |
Decreases: |  |  |  |  |  |
Settlements with taxing authorities | (1) |  |  | (4) |  |  | (3) |  |
Reductions resulting from lapse of statute of limitations | (60) |  |  | (1) |  |  |  |
Balance of gross unrecognized tax benefits at December 31 | $ | 365 |  |  | $ | 368 |  |  | $ | 318 |  |
Favorable impact if recognized | $ | 314 |  |  | $ | 306 |  |  | $ | 258 |  |
IRS Tax Examination Status | Table 114: IRS Tax Examination Status
| Year(s) |  | Status at December 31, 2024 |
| The PNC Financial Services Group, Inc. | BBVA USA Bancshares, Inc. |  |  |
Federal | 2020 2021 | 2018 2020 |  | Under Exam |

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- 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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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