Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On January 22, 2018, PNC Bank issued the following:

• $900 million of senior notes with a maturity date of January 22, 2021. Interest is payable semi-annually at a fixed rate of 2.50% per annum on January 22 and July 22 of each year, beginning on July 22, 2018.

• $700 million of senior notes with a maturity date of January 22, 2028. Interest is payable semi-annually at a fixed rate of 3.25% per annum on January 22 and July 22 of each year, beginning on July 22, 2018.

• $400 million of senior floating rate notes with a maturity date of January 22, 2021. Interest is payable at the 3-month LIBOR rate reset quarterly, plus a spread of .25%, on January 22, April 22, July 22, and October 22 of each year, beginning on April 22, 2018.

On January 31, 2018, we transferred 103,064 shares of BlackRock Series C Preferred Stock to BlackRock to satisfy a portion of our LTIP obligation. Upon transfer, Other assets and Other liabilities on our Consolidated Balance Sheet were each reduced by $42 million, representing the fair value of the shares transferred. After this transfer, we hold 143,458 shares of BlackRock Series C Preferred Stock which are available to fund our remaining obligation in connection with the BlackRock LTIP programs.