PNC FINANCIAL SERVICES GROUP INC
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Components of Net Periodic Benefit Cost
The components of net periodic benefit cost and other amounts recognized in OCI were as follows:
Table 97: Components of Net Periodic Benefit Cost (a)
| Qualified Pension Plan · Nonqualified Pension Plan · Postretirement Benefits | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year ended December 31 – in millions · 2023 · 2022 · 2021 · 2023 · 2022 · 2021 · 2023 · 2022 · 2021 | ||||||||||||||
| Net periodic cost consists of: | ||||||||||||||
| Service cost | $130 | $142 | $133 | $3 | $3 | $4 | $3 | $4 | $4 | |||||
| Interest cost | 249 | 156 | 139 | 11 | 7 | 6 | 14 | 9 | 8 | |||||
| Expected return on plan assets | (324) | (298) | (273) | (10) | (6) | (6) | ||||||||
| Amortization of prior service cost | 4 | 3 | 4 | |||||||||||
| Amortization of actuarial loss | 1 | 5 | 6 | |||||||||||
| Net periodic cost | $59 | $3 | $3 | $15 | $15 | $16 | $7 | $7 | $6 | |||||
| Other changes in plan assets and benefit obligations recognized in OCI: | ||||||||||||||
| Current year prior service (credit) | (4) | |||||||||||||
| Amortization of prior service (cost) | (4) | (3) | (4) | |||||||||||
| Current year actuarial loss/(gain) | (173) | 508 | (485) | 3 | (44) | (4) | 1 | (30) | (7) | |||||
| Amortization of actuarial (loss) | (1) | (5) | (6) | |||||||||||
| Total recognized in OCI | $(177) | $505 | $(493) | $2 | $(49) | $(10) | $1 | $(30) | $(7) | |||||
| Total amounts recognized in net periodic cost and OCI | $(118) | $508 | $(490) | $17 | $(34) | $6 | $8 | $(23) | $(1) | |||||
(a) The service cost component is included in Personnel expense on the Consolidated Income Statement. All other components are included in Other noninterest expense on the Consolidated Income Statement.
162 The PNC Financial Services Group, Inc. –2023 Form 10-K
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