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Total Equity and Other Comprehensive Income
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Total Equity and Other Comprehensive Income TOTAL EQUITY AND OTHER COMPREHENSIVE INCOME
Activity in total equity for the three and nine months ended September 30, 2024 and 2023 is as follows:
Table 61: Rollforward of Total Equity
  Shareholders’ Equity    
In millionsShares
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, 2023 (a)398$2,715 $7,237 $12,697 $55,346 $(9,525)$(19,150)$26 $49,346 
Net income1,554 16 1,570 
Other comprehensive loss, net of tax(736)(736)
Cash dividends declared - Common(624)(624)
Cash dividends declared - Preferred(104)(104)
Preferred stock discount accretion2 (2) 
Treasury stock activity3 9 12 
Other32 (15)17 
Balance at September 30, 2023 (a)398 $2,715 $7,239 $12,732 $56,170 $(10,261)$(19,141)$27 $49,481 
Balance at June 30, 2024 (a)398$2,716 $6,245 $12,853 $57,652 $(7,446)$(19,378)$39 $52,681 
Net income 1,490 15 1,505 
Other comprehensive income, net of tax2,356 2,356 
Cash dividends declared - Common(646)(646)
Cash dividends declared - Preferred(82)(82)
Preferred stock discount accretion2 (2) 
Treasury stock activity(1)7 (121)(114)
Other43 (14)29 
Balance at September 30, 2024 (a)397 $2,716 $6,247 $12,903 $58,412 $(5,090)$(19,499)$40 $55,729 
Nine months ended
Balance at December 31, 2022 (a)401 $2,714 $5,746 $12,630 $53,572 $(10,172)$(18,716)$38 $45,812 
Cumulative effect of ASU adoption (b)26 26 
Balance at January 1, 2023 (a)401$2,714 $5,746 $12,630 $53,598 $(10,172)$(18,716)$38 $45,838 
Net income4,714 50 4,764 
Other comprehensive loss, net of tax(89)(89)
Cash dividends declared - Common(1,837)(1,837)
Cash dividends declared - Preferred (299)(299)
Preferred stock discount accretion6 (6) 
Preferred stock issuance (c)1,487 1,487 
Common stock activity1 16 17 
Treasury stock activity(3)76 (425)(349)
Other10 (61)(51)
Balance at September 30, 2023 (a)398 $2,715 $7,239 $12,732 $56,170 $(10,261)$(19,141)$27 $49,481 
Balance at December 31, 2023 (a)398$2,716 $6,241 $12,779 $56,290 $(7,712)$(19,209)$36 $51,141 
Net income4,279 47 4,326 
Other comprehensive income, net of tax2,622 2,622 
Cash dividends declared - Common(1,893)(1,893)
Cash dividends declared - Preferred (258)(258)
Preferred stock discount accretion6 (6)
Common stock activity   16 16 
Treasury stock activity(1)84 (290)(206)
Other24 (43)(19)
Balance at September 30, 2024 (a)397 $2,716 $6,247 $12,903 $58,412 $(5,090)$(19,499)$40 $55,729 
(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 2022-02.
(c)On February 7, 2023, PNC issued 1,500,000 depositary shares each representing 1/100th ownership in a share of 6.250% fixed-rate reset non-cumulative perpetual preferred stock, Series W, with a par value of $1 per share.
Details of other comprehensive income (loss) are as follows:

Table 62: Other Comprehensive Income (Loss)
 Three months ended September 30Nine months ended September 30
2024202320242023
In millionsPre-taxTax effectAfter-taxPre-taxTax effectAfter-taxPre-taxTax effectAfter-taxPre-taxTax effectAfter-tax
Debt securities
Net unrealized gains (losses) on securities$1,397 $(336)$1,061 $(1,171)$280 $(891)$786 $(189)$597 $(993)$238 $(755)
Less: Net realized (losses) reclassified to earnings (a)(224)53 (171)(239)57 (182)(1,131)271 (860)(689)163 (526)
Net change 1,621 (389)1,232 (932)223 (709)1,917 (460)1,457 (304)75 (229)
Cash flow hedge derivatives
Net unrealized gains (losses) on cash flow hedge derivatives
1,162 (279)883 (461)122 (339)461 (111)350 (953)238 (715)
Less: Net realized (losses) reclassified to earnings (a)(313)75 (238)(426)112 (314)(1,072)257 (815)(1,129)278 (851)
Net change1,475 (354)1,121 (35)10 (25)1,533 (368)1,165 176 (40)136 
Pension and other postretirement benefit plan adjustments
Net pension and other postretirement benefit plan activity and other reclassified to earnings (b) 1 (1) (1) (1)(3) (3)
Net change    1 (1) (1) (1)(3) (3)
Other
Net unrealized gains (losses) on other transactions(1)4 3 1 (3)(2)(3)4 1 8 (1)7 
Net change (1)4 3 1 (3)(2)(3)4 1 8 (1)7 
Total other comprehensive income (loss)$3,095 $(739)$2,356 $(965)$229 $(736)$3,446 $(824)$2,622 $(123)$34 $(89)
(a)Reclassifications for pre-tax debt securities and cash flow hedges are recorded in Interest income and Noninterest income on the Consolidated Income Statement.
(b)Reclassifications include amortization of actuarial losses (gains) and amortization of prior period service costs (credits), which are recorded in Noninterest expense on the Consolidated Income Statement.
Table 63: Accumulated Other Comprehensive Income (Loss) Components
In millions, after-taxDebt securities Cash flow hedge derivativesPension and  other postretirement benefit plan adjustmentsOtherTotal
Three months ended
Balance at June 30, 2023$(6,684)$(2,544)$(254)$(43)$(9,525)
Net activity(709)(25) (2)(736)
Balance at September 30, 2023 (a)$(7,393)$(2,569)$(254)$(45)$(10,261)
Balance at June 30, 2024$(5,605)$(1,669)$(126)$(46)$(7,446)
Net activity 1,232 1,121 3 2,356 
Balance at September 30, 2024 (a)$(4,373)$(548)$(126)$(43)$(5,090)
Nine months ended
Balance at December 31, 2022$(7,164)$(2,705)$(251)$(52)$(10,172)
Net activity(229)136 (3)7 (89)
Balance at September 30, 2023 (a)$(7,393)$(2,569)$(254)$(45)$(10,261)
Balance at December 31, 2023$(5,830)$(1,713)$(125)$(44)$(7,712)
Net activity1,457 1,165 (1)1 2,622 
Balance at September 30, 2024 (a)$(4,373)$(548)$(126)$(43)$(5,090)
(a)AOCI included pretax losses of $280 million and $297 million from derivatives that hedged the purchase of investment securities classified as held to maturity at September 30, 2024 and September 30, 2023, respectively.
The following table provides the dividends per share for PNC’s common and preferred stock:

Table 64: Dividends Per Share (a)
Three months ended September 30Nine months ended September 30
2024202320242023
Common Stock$1.60 $1.55 $4.70 $4.55 
Preferred Stock
   Series B$0.45 $0.45 $1.35 $1.35 
   Series O $2,294  $6,468 
   Series R $2,209 $2,181 $6,612 $4,606 
Series S $2,500 $2,500 
   Series T$850 $850 $2,550 $2,550 
Series U $1,500 $1,500 $4,500 $4,500 
Series V$1,550 $1,550 $4,650 $4,650 
Series W$1,563 $1,563 $4,688 $3,785 
(a)     Dividends are payable quarterly, other than Series S preferred stock, which is payable semiannually.
On October 3, 2024, the PNC Board of Directors declared a quarterly cash dividend on common stock of $1.60 per share to be paid on November 5, 2024 to shareholders of record at the close of business October 16, 2024.