Summary
PNC Financial Services Group, Inc. (PNC) filed this Form 8-K to announce a restatement of its previously issued Consolidated Statement of Cash Flows for the year ended December 31, 2006. The restatement is due to a reclassification of cash flows related to the issuance of perpetual trust securities totaling $489 million. These cash flows will be moved from 'Operating Activities' to 'Financing Activities'. It is important to note that this restatement does not impact PNC's previously reported revenues, net income, earnings per share, total assets, or regulatory capital for the year ended December 31, 2006, nor does it affect the overall net change in cash or cash balances. Additionally, the filing indicates that PNC will amend its filings to include audited and unaudited financial statements of BlackRock, Inc. due to PNC's significant equity investment in BlackRock.
Key Highlights
- 1PNC is restating its 2006 Consolidated Statement of Cash Flows due to a reclassification of $489 million in cash flows.
- 2The reclassification involves moving cash flows from the issuance of perpetual trust securities from 'Operating Activities' to 'Financing Activities'.
- 3The restatement does NOT impact reported revenues, net income, EPS, total assets, or regulatory capital for fiscal year 2006.
- 4The net increase in cash and cash equivalents for 2006 remains unchanged.
- 5PNC will amend its 2006 10-K to include BlackRock's 2006 audited financial statements.
- 6PNC will also amend its 2007 10-Q filings to include BlackRock's interim unaudited financial statements.
- 7These BlackRock filings are required due to PNC's significant equity investment in BlackRock.