U.S. Bancorp (Parent Company)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]


NOTE 25						U.S. Bancorp (Parent Company)

Condensed Balance Sheet


At December 31 (Dollars in Millions)	2023		2022
Assets
Due from banks, principally interest-bearing	$	11,585	$	5,288
Available-for-sale investment securities	662		672
Investments in bank subsidiaries	61,495		59,202
Investments in nonbank subsidiaries	3,884		3,575
Advances to bank subsidiaries	12,100		9,100
Advances to nonbank subsidiaries	159		150
Other assets	974		1,101
Total assets	$	90,859	$	79,088
Liabilities and Shareholders’ Equity
Long-term debt	$	34,332	$	26,983
Other liabilities	1,221		1,339
Shareholders’ equity	55,306		50,766
Total liabilities and shareholders’ equity	$	90,859	$	79,088

Condensed Income Statement


Year Ended December 31 (Dollars in Millions)	2023		2022		2021
Income
Dividends from bank subsidiaries	$	4,869	$	4,750	$	7,000
Dividends from nonbank subsidiaries	11		105		2
Interest from subsidiaries	606		119		112
Other income	51		31		46
Total income	5,537		5,005		7,160
Expense
Interest expense	1,336		505		348
Other expense	137		162		154
Total expense	1,473		667		502
Income before income taxes and equity in undistributed income of subsidiaries	4,064		4,338		6,658
Applicable income taxes	(170)		(138)		(53)
Income of parent company	4,234		4,476		6,711
Equity in undistributed income of subsidiaries	1,195		1,349		1,252
Net income attributable to U.S. Bancorp	$	5,429	$	5,825	$	7,963

Condensed Statement of Cash Flows


Year Ended December 31 (Dollars in Millions)	2023		2022		2021
Operating Activities
Net income attributable to U.S. Bancorp	$	5,429	$	5,825	$	7,963
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries	(1,195)		(1,349)		(1,252)
Other, net	83		(398)		(85)
Net cash provided by operating activities	4,317		4,078		6,626
Investing Activities
Proceeds from sales and maturities of investment securities	25		423		200
Investments in subsidiaries	—		(5,030)		—
Net (increase) decrease in short-term advances to subsidiaries	(9)		557		411
Long-term advances to subsidiaries	(7,500)		(2,000)		(7,000)
Principal collected on long-term advances to subsidiaries	4,500		2,500		1,250
Cash paid for acquisition	—		(5,500)		—
Other, net	172		(173)		(269)
Net cash used in investing activities	(2,812)		(9,223)		(5,408)
Financing Activities
Proceeds from issuance of long-term debt	8,150		8,150		1,300
Principal payments or redemption of long-term debt	(936)		(2,300)		(3,000)
Proceeds from issuance of preferred stock	—		437		2,221
Proceeds from issuance of common stock	951		21		43
Repurchase of preferred stock	—		(1,100)		(1,250)
Repurchase of common stock	(62)		(69)		(1,555)
Cash dividends paid on preferred stock	(341)		(299)		(308)
Cash dividends paid on common stock	(2,970)		(2,776)		(2,579)
Net cash provided by (used in) financing activities	4,792		2,064		(5,128)
Change in cash and due from banks	6,297		(3,081)		(3,910)
Cash and due from banks at beginning of year	5,288		8,369		12,279
Cash and due from banks at end of year	$	11,585	$	5,288	$	8,369

Transfer of funds (dividends, loans or advances) from bank subsidiaries to the Company is restricted. Federal law requires loans to the Company or its affiliates to be secured and generally limits loans to the Company or an individual affiliate to 10 percent of each bank’s unimpaired capital and surplus. In the aggregate, loans to the Company and all affiliates cannot exceed 20 percent of each bank’s unimpaired capital and surplus.

Dividend payments to the Company by its subsidiary bank are subject to regulatory review and statutory limitations and, in some instances, regulatory approval. In general, dividends by the Company’s bank subsidiary to the parent company are limited by rules which compare dividends to net income for regulatorily-defined periods. Furthermore, dividends are restricted by minimum capital constraints for all national banks.