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Total Equity and Other Comprehensive Income (Tables)
 9 Months Ended
Sep. 30, 2019
Other Comprehensive Income [Abstract]  
Rollforward of Total Equity
Table 66: 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 June 30, 2018 (a)
465

 
$
2,710

$
3,987

$
12,263

$
37,201

$
(940
)
$
(8,317
)
 
$
71

$
46,975

 
Net income
 
 
 
 
 
1,389

 
 
 
11

1,400

 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
(320
)
 
 
 
(320
)
 
Cash dividends declared - Common
 
 
 
 
 
(446
)
 
 
 
 
(446
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(63
)
 
 
 
 
(63
)
 
Preferred stock discount accretion
 
 
 
1

 
(1
)
 
 
 
 


 
Common stock activity
 
 
 
 
1

 
 
 
 
 
1

 
Treasury stock activity
(3
)
 
 
 
(5
)
 
 
(454
)
 
 
(459
)
 
Other
 
 
 
(6
)
58

 
 
 
 
(38
)
14

 
Balance at September 30, 2018 (a)
462

 
$
2,710

$
3,982

$
12,317

$
38,080

$
(1,260
)
$
(8,771
)
 
$
44

$
47,102

 
Balance at June 30, 2019 (a)
447

 
$
2,711

$
3,991

$
12,257

$
40,616

$
631

$
(10,866
)
 
$
41

$
49,381

 
Net income
 
 
 
 
 
1,379

 
 
 
13

1,392

 
Other comprehensive income, net of tax
 
 
 
 
 
 
206

 
 
 
206

 
Cash dividends declared - Common
 
 
 
 
 
(518
)
 
 
 
 
(518
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(63
)
 
 
 
 
(63
)
 
Preferred stock discount accretion
 
 
 
1

 
(1
)
 
 
 
 


 
Treasury stock activity
(8
)
 
 
 
(5
)
 
 
(972
)
 
 
(977
)
 
Other
 
 
 
 
53

 
 
 
 
(19
)
34

 
Balance at September 30, 2019 (a)
439

 
$
2,711

$
3,992

$
12,305

$
41,413

$
837

$
(11,838
)
 
$
35

$
49,455

 
Nine months ended
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017 (a)
473

 
$
2,710

$
3,985

$
12,389

$
35,481

$
(148
)
$
(6,904
)
 
$
72

$
47,585

 
Cumulative effect of ASU adoptions (b)
 
 
 
 
 
(22
)
6

 
 
 
(16
)
 
Balance at January 1, 2018 (a)
473

 
$
2,710

$
3,985

$
12,389

$
35,459

$
(142
)
$
(6,904
)
 
$
72

$
47,569

 
Net income
 
 
 
 
 
3,964

 
 
 
31

3,995

 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
(1,118
)
 
 
 
(1,118
)
 
Cash dividends declared - Common
 
 
 
 
 
(1,159
)
 
 
 
 
(1,159
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(181
)
 
 
 
 
(181
)
 
Preferred stock discount accretion
 
 
 
3

 
(3
)
 
 
 
 


 
Common stock activity
 
 
 
 
10

 
 
 
 
 
10

 
Treasury stock activity
(11
)
 
 
 
(31
)
 
 
(1,867
)
 
 
(1,898
)
 
Other
 
 
 
(6
)
(51
)
 
 
 
 
(59
)
(116
)
 
Balance at September 30, 2018 (a)
462

 
$
2,710

$
3,982

$
12,317

$
38,080

$
(1,260
)
$
(8,771
)
 
$
44

$
47,102

 
Balance at December 31, 2018 (a)
457

 
$
2,711

$
3,986

$
12,291

$
38,919

$
(725
)
$
(9,454
)
 
$
42

$
47,770

 
Cumulative effect of ASU 2016-02 adoption (c)
 
 
 
 
 
62

 
 
 
 
62

 
Balance at January 1, 2019 (a)
457

 
$
2,711

$
3,986

$
12,291

$
38,981

$
(725
)
$
(9,454
)
 
$
42

$
47,832

 
Net income
 
 
 
 
 
4,002

 
 
 
35

4,037

 
Other comprehensive income, net of tax
 
 
 
 
 
 
1,562

 
 
 
1,562

 
Cash dividends declared - Common
 
 
 
 
 
(1,386
)
 
 
 
 
(1,386
)
 
Cash dividends declared - Preferred
 
 
 
 
 
(181
)
 
 
 
 
(181
)
 
Preferred stock discount accretion
 
 
 
3

 
(3
)
 
 
 
 


 
Common stock activity
 
 
 
 
10

 
 
 
 
 
10

 
Treasury stock activity
(18
)
 
 
 
4

 
 
(2,384
)
 
 
(2,380
)
 
Other
 
 
 
3

 
 
 
 
 
(42
)
(39
)
 
Balance at September 30, 2019 (a)
439

 
$
2,711

$
3,992

$
12,305

$
41,413

$
837

$
(11,838
)
 
$
35

$
49,455

 
(a)
The par value of our preferred stock outstanding was less than $.5 million at each date and, therefore, is excluded from this presentation.
(b)
Represents the cumulative effect of adopting ASU 2014-09, ASU 2016-01, ASU 2017-12 and ASU 2018-02. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2018 Form 10-K for additional detail on the adoption of these ASUs.
(c)
Represents the impact of the adoption of ASU 2016-02 related primarily to deferred gains on previous sale-leaseback transactions. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in the first quarter Form 10-Q for additional detail.
Other Comprehensive Income (Loss)
Details of other comprehensive income (loss) are as follows:
Table 67: Other Comprehensive Income (Loss)
 
Three months ended
September 30
 
 
Nine months ended
September 30
 
In millions
2019

2018

 
 
2019

2018

 
Net unrealized gains (losses) on non-OTTI securities
 
 
 
 
 
 
 
Increase in net unrealized gains (losses) on non-OTTI securities
$
203

$
(323
)
 
 
$
1,556

$
(1,129
)
 
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest
    income
3

3

 
 
9

9

 
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income
4

(2
)
 
 
18

(13
)
 
Net increase (decrease), pre-tax
196

(324
)
 
 
1,529

(1,125
)
 
Effect of income taxes
(45
)
73

 
 
(351
)
259

 
Net increase (decrease), after-tax
151

(251
)
 
 
1,178

(866
)
 
Net unrealized gains (losses) on OTTI securities
 
 
 
 
 
 
 
Increase in net unrealized gains (losses) on OTTI securities
18

(1
)
 
 
27

16

 
Net increase (decrease), pre-tax
18

(1
)
 
 
27

16

 
Effect of income taxes
(4
)
1

 
 
(6
)
(4
)
 
Net increase (decrease), after-tax
14

—

 
 
21

12

 
Net unrealized gains (losses) on cash flow hedge derivatives
 
 
 
 
 
 
 
Increase in net unrealized gains (losses) on cash flow hedge derivatives
84

(62
)
 
 
438

(317
)
 
Less: Net gains (losses) realized as a yield adjustment reclassified to loan interest income
2

6

 
 
(18
)
43

 
Less: Net gains (losses) realized as a yield adjustment reclassified to investment securities interest
    income
3

2

 
 
5

9

 
Less: Net gains (losses) realized on sales of securities reclassified to noninterest income


1

 
 
18

8

 
Net increase (decrease), pre-tax
79

(71
)
 
 
433

(377
)
 
Effect of income taxes
(18
)
17

 
 
(99
)
87

 
Net increase (decrease), after-tax
61

(54
)
 
 
334

(290
)
 
Pension and other postretirement benefit plan adjustments
 
 
 
 
 
 
 
Net pension and other postretirement benefit activity




 
 
54

66

 
Amortization of actuarial loss (gain) reclassified to other noninterest expense
1

1

 
 
6

3

 
Amortization of prior service cost (credit) reclassified to other noninterest expense
1



 
 
3

1

 
Net increase (decrease), pre-tax
2

1

 
 
63

70

 
Effect of income taxes



 
 
(14
)
(16
)
 
Net increase (decrease), after-tax
2

1

 
 
49

54

 
Other
 
 
 
 
 
 
 
PNC’s portion of BlackRock’s OCI
(23
)
(22
)
 
 
(29
)
(37
)
 
Net investment hedge derivatives
36

17

 
 
50

47

 
Foreign currency translation adjustments and other
(32
)
(12
)
 
 
(36
)
(35
)
 
Net increase (decrease), pre-tax
(19
)
(17
)
 
 
(15
)
(25
)
 
Effect of income taxes
(3
)
1

 
 
(5
)
(3
)
 
Net increase (decrease), after-tax
(22
)
(16
)
 
 
(20
)
(28
)
 
Total other comprehensive income (loss), pre-tax
276

(412
)
 
 
2,037

(1,441
)
 
Total other comprehensive income (loss), tax effect
(70
)
92

 
 
(475
)
323

 
Total other comprehensive income (loss), after-tax
$
206

$
(320
)
 
 
$
1,562

$
(1,118
)
 
Accumulated Other Comprehensive Income (Loss) Components
Table 68: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-tax
Net unrealized gains (losses) on non-OTTI securities

 
Net unrealized gains (losses) on OTTI securities

 
Net unrealized gains (losses) on cash flow hedge derivatives

 
Pension and other postretirement benefit plan adjustments

 
Other

 
Total

 
Balance at June 30, 2018
$
(494
)
 
$
227

 
$
(52
)
 
$
(489
)
 
$
(132
)
 
$
(940
)
 
Net activity
(251
)
 
 
 
(54
)
 
1

 
(16
)
 
(320
)
 
Balance at September 30, 2018
$
(745
)
 
$
227

 
$
(106
)
 
$
(488
)
 
$
(148
)
 
$
(1,260
)
 
Balance at June 30, 2019
$
743

 
$
211

 
$
320

 
$
(483
)
 
$
(160
)
 
$
631

 
Net activity
151

 
14

 
61

 
2

 
(22
)
 
206

 
Balance at September 30, 2019
$
894

 
$
225

 
$
381

 
$
(481
)
 
$
(182
)
 
$
837

 
Balance at December 31, 2017
$
62

 
$
215

 
$
151

 
$
(446
)
 
$
(130
)
 
$
(148
)
 
Cumulative effect of adopting ASU 2018-02 (a)
59

 
 
 
33

 
(96
)
 
10

 
6

 
Balance at January 1, 2018
121

 
215

 
184

 
(542
)
 
(120
)
 
(142
)
 
Net activity
(866
)
 
12

 
(290
)
 
54

 
(28
)
 
(1,118
)
 
Balance at September 30, 2018
$
(745
)
 
$
227

 
$
(106
)
 
$
(488
)
 
$
(148
)
 
$
(1,260
)
 
Balance at December 31, 2018
$
(284
)
 
$
204

 
$
47

 
$
(530
)
 
$
(162
)
 
$
(725
)
 
Net activity
1,178

 
21

 
334

 
49

 
(20
)
 
1,562

 
Balance at September 30, 2019
$
894

 
$
225

 
$
381

 
$
(481
)
 
$
(182
)
 
$
837

 

(a)
Represents the cumulative impact of adopting ASU 2018-02 which permits the reclassification to retained earnings of the income tax effects stranded within AOCI. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies in our 2018 Form 10-K for additional detail on this adoption.
Dividends Declared
Table 69: Dividends Per Share (a)
 
Three months ended September 30
Nine months ended September 30
 
2019
2018
2019
2018
Common Stock
$
1.15

$
.95

$
3.05

$
2.45

Preferred Stock
 
 
 
 
   Series B
$
.45

$
.45

$
1.35

$
1.35

   Series O
$
3,375

$
3,375

$
6,750

$
6,750

   Series P
$
1,531

$
1,531

$
4,594

$
4,594

   Series Q
$
1,343

$
1,343

$
4,031

$
4,031

   Series R
 
 
$
2,425

$
2,425

   Series S
 
 
$
2,500

$
2,500

(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
than the Series R and Series S preferred stock