Total Equity and Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2021

Other Comprehensive Income [Abstract]

Activity in total equity for the three months ended March 31, 2021 and 2020 is as follows:

Table 55: 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 December 31, 2019 (a)	433	$	2,712	$	3,993	$	12,376	$	42,215	$	799	$	(12,781)	$	29	$	49,343
Cumulative effect of ASU 2016-13 adoption (b)								(671)								(671)
Balance at January 1, 2020 (a)	433	$	2,712	$	3,993	$	12,376	$	41,544	$	799	$	(12,781)	$	29	$	48,672
Net income								908						7		915
Other comprehensive income, net of tax										1,719						1,719
Cash dividends declared - Common								(503)								(503)
Cash dividends declared - Preferred								(63)								(63)
Preferred stock discount accretion				1				(1)

Treasury stock activity	(9)					49						(1,359)				(1,310)
Other						(131)								(9)		(140)
Balance at March 31, 2020 (a)	424	$	2,712	$	3,994	$	12,294	$	41,885	$	2,518	$	(14,140)	$	27	$	49,290












Balance at December 31, 2020 (a)	424	$	2,713	$	3,517	$	12,367	$	46,848	$	2,770	$	(14,205)	$	31	$	54,041
Net income								1,816						10		1,826
Other comprehensive income (loss), net of tax										(1,480)						(1,480)
Cash dividends declared - Common								(493)								(493)
Cash dividends declared - Preferred								(57)								(57)
Preferred stock discount accretion				1				(1)

Treasury stock activity	1					69						59				128
Other						(75)								(11)		(86)
Balance at March 31, 2021 (a)	425	$	2,713	$	3,518	$	12,361	$	48,113	$	1,290	$	(14,146)	$	30	$	53,879

(a)The par value of our preferred stock outstanding was less than $0.5 million at each date and, therefore, is excluded from this presentation.

(b)Represents the cumulative effect of adopting ASU 2016-13 - Financial Instruments - Credit Losses.

Other Comprehensive Income (Loss)

Details of other comprehensive income (loss) are as follows:

Table 56: Other Comprehensive Income (Loss)


	Three months ended March 31
	2021						2020
In millions	Pre-tax		Tax effect		After-tax		Pre-tax		Tax effect		After-tax
Debt securities
Net unrealized gains (losses) on securities	$	(1,181)	$	278	$	(903)	$	1,662	$	(381)	$	1,281
Less: Net realized gains (losses) reclassified to earnings (a)	13		(3)		10		182		(42)		140
Net change	(1,194)		281		(913)		1,480		(339)		1,141
Cash flow hedge derivatives
Net unrealized gains (losses) on cash flow hedge derivatives	(640)		151		(489)		830		(190)		640
Less: Net realized gains (losses) reclassified to earnings (a)	135		(32)		103		45		(10)		35
Net change	(775)		183		(592)		785		(180)		605
Pension and other postretirement benefit plan adjustments
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b)	30		(7)		23		12		(3)		9
Net change	30		(7)		23		12		(3)		9
Other
Net unrealized gains (losses) on other transactions	1		1		2		8		(18)		(10)
Net change	1		1		2		8		(18)		(10)
Total other comprehensive income (loss) from continuing operations	(1,938)		458		(1,480)		2,285		(540)		1,745
Total other comprehensive income (loss) from discontinued operations							(34)		8		(26)
Total other comprehensive income (loss)	$	(1,938)	$	458	$	(1,480)	$	2,251	$	(532)	$	1,719

(a)Reclassifications for pre-tax debt securities and cash flow hedges are recorded in interest income and noninterest income on the Consolidated Income Statement.

(b)Reclassifications include amortization of actuarial losses (gains) and amortization of prior period services costs (credits) which are recorded in noninterest expense on the Consolidated Income Statement.

Accumulated Other Comprehensive Income (Loss) Components

Table 57: Accumulated Other Comprehensive Income (Loss) Components


In millions, after-tax	Debt securities		Cash flow hedge derivatives		Pension and other postretirement benefit plan adjustments		Other		Accumulated other Comprehensive Income from Continuing Operations		Accumulated other Comprehensive Income from Discontinued Operations		Total
Three months ended
Balance at December 31, 2019	$	1,067	$	276	$	(408)	$	(21)	$	914	$	(115)	$	799
Net activity	1,141		605		9		(10)		1,745		(26)		1,719
Balance at March 31, 2020	$	2,208	$	881	$	(399)	$	(31)	$	2,659	$	(141)	$	2,518




Balance at December 31, 2020	$	2,462	$	659	$	(345)	$	(6)	$	2,770			$	2,770
Net activity	(913)		(592)		23		2		(1,480)				(1,480)
Balance at March 31, 2021	$	1,549	$	67	$	(322)	$	(4)	$	1,290			$	1,290

Dividends Declared

The following table provides the dividends per share for PNC's common and preferred stock:

Table 58: Dividends Per Share (a)


	Three months ended March 31
	2021		2020
Common Stock	$	1.15	$	1.15
Preferred Stock
Series B	$	0.45	$	0.45
Series O	$	3,375	$	3,375
Series P	$	1,531	$	1,531
Series Q (b)			$	1,344

(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 from the Series R and Series S preferred stock.

(b)On September 1, 2020, PNC redeemed all 4,800 shares of its Series Q Preferred Stock, as well as all 19.2 million Depositary Shares representing fractional interest in such shares.