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Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Shares Issued and Outstanding and Carrying Amount of Preferred Stock
The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock at December 31 were as follows:
 20242023
(Dollars in Millions)Shares
 Issued and
 Outstanding		Liquidation
 Preference		DiscountCarrying
 Amount		Shares
 Issued and
 Outstanding		Liquidation
 Preference		DiscountCarrying
 Amount
Series A12,510$1,251 $145 $1,106 12,510$1,251 $145 $1,106 
Series B40,0001,000 — 1,000 40,0001,000 — 1,000 
Series J40,0001,000 7 993 40,0001,000 7 993 
Series K23,000575 10 565 23,000575 10 565 
Series L20,000500 14 486 20,000500 14 486 
Series M30,000750 21 729 30,000750 21 729 
Series N60,0001,500 8 1,492 60,0001,500 8 1,492 
Series O18,000450 13 437 18,000450 13 437 
Total preferred stock(a)
243,510$7,026 $218 $6,808 243,510$7,026 $218 $6,808 
(a)The par value of all shares issued and outstanding at December 31, 2024 and 2023, was $1.00 per share.
Common Stock Repurchased
The following table summarizes the Company’s common stock repurchased in each of the last three years:
(Dollars and Shares in Millions)SharesValue
20244$173 
2023162 
2022169 
Reconciliation of Accumulated Other Comprehensive Income (Loss) The reconciliation of the transactions affecting accumulated other comprehensive income (loss) included in shareholders’ equity for the years ended December 31, is as follows:
(Dollars in Millions)Unrealized Gains (Losses) on Investment Securities Available-For-SaleUnrealized Gains (Losses) on Investment Securities Transferred From Available-For-Sale to Held-To-Maturity Unrealized Gains (Losses) on Derivative HedgesUnrealized Gains (Losses) on Retirement PlansDebit Valuation AdjustmentsForeign Currency Translation Total
2024      
Balance at beginning of period$(5,151)$(3,537)$(242)$(1,138)$— $(28)$(10,096)
Changes in unrealized gains (losses)(60)— (676)245 1 — (490)
Foreign currency translation adjustment(a)
— — — — — 18 18 
Reclassification to earnings of realized (gains) losses154 499 258 (1)— — 910 
Applicable income taxes(21)(127)107 (61)— (4)(106)
Balance at end of period$(5,078)$(3,165)$(553)$(955)$1 $(14)$(9,764)
2023      
Balance at beginning of period$(6,378)$(3,933)$(114)$(939)$— $(43)$(11,407)
Changes in unrealized gains (losses)1,500 — (252)(262)— — 986 
Foreign currency translation adjustment(a)
— — — — — 21 21 
Reclassification to earnings of realized (gains) losses145 530 80 (7)— — 748 
Applicable income taxes(418)(134)44 70 — (6)(444)
Balance at end of period$(5,151)$(3,537)$(242)$(1,138)$— $(28)$(10,096)
2022      
Balance at beginning of period$540 $(935)$(85)$(1,426)$— $(37)$(1,943)
Changes in unrealized gains and losses(13,656)— (75)526 — — (13,205)
Transfer of securities from available-for-sale to held-to-maturity4,413 (4,413)— — — — — 
Foreign currency translation adjustment(a)
— — — — — (10)(10)
Reclassification to earnings of realized (gains) losses(20)400 36 128 — — 544 
Applicable income taxes2,345 1,015 10 (167)— 4 3,207 
Balance at end of period$(6,378)$(3,933)$(114)$(939)$— $(43)$(11,407)
(a)Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income into Earnings
Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income (loss) and into earnings for the years ended December 31 is as follows:
Impact to Net Income Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)202420232022
Unrealized gains (losses) on investment securities available-for-sale
Realized gains (losses) on sales of investment securities$(154)$(145)$20 Securities gains (losses), net
39 37 (5)Applicable income taxes
(115)(108)15 Net-of-tax
Unrealized gains (losses) on investment securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains (losses)(499)(530)(400)Interest income
127 134 119 Applicable income taxes
(372)(396)(281)Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges(258)(80)(36)Net interest income
66 21 9 Applicable income taxes
(192)(59)(27)Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses) and prior service cost (credit) amortization1 7 (128)Other noninterest expense
— (2)33 Applicable income taxes
1 5 (95)Net-of-tax
Total impact to net income$(678)$(558)$(388)
Regulatory Capital
The following table provides a summary of the regulatory capital requirements in effect, along with the actual components and ratios for the Company and its bank subsidiaries:
U.S. Bancorp U.S. Bank National Association
At December 31 (Dollars in Millions)2024202320242023
Basel III Standardized Approach:
Common equity tier 1 capital$47,877 $44,947 $59,866 $58,194 
Tier 1 capital55,129 52,199 60,311 58,638 
Total risk-based capital64,375 61,921 69,947 68,817 
Risk-weighted assets450,498 453,390 443,426 445,829 
Common equity tier 1 capital as a percent of risk-weighted assets10.6 %9.9 %13.5 %13.1 %
Tier 1 capital as a percent of risk-weighted assets12.2 11.5 13.6 13.2 
Total risk-based capital as a percent of risk-weighted assets14.3 13.7 15.8 15.4 
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)8.3 8.1 9.3 9.2 
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio)6.8 6.6 7.6 7.5 
U.S. BancorpU.S. Bank National Association
December 31, 2024
Minimum(a)
Well- Capitalized
Minimum(a)
Well- Capitalized
Bank Regulatory Capital Requirements  
Common equity tier 1 capital as a percent of risk-weighted assets7.6 %6.5 %7.0 %6.5 %
Tier 1 capital as a percent of risk-weighted assets9.1 8.0 8.5 8.0 
Total risk-based capital as a percent of risk-weighted assets11.1 10.0 10.5 10.0 
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)4.0 5.0 4.0 5.0 
Tier 1 capital as a percent of total on- and off-balance sheet leverage exposure (total leverage exposure ratio)(b)
3.0 3.0 3.0 
(a)The minimum common equity tier 1 capital, tier 1 capital and total risk-based capital ratio requirements reflect a capital conservation buffer. Banks and financial services holding companies must maintain minimum capital levels, including a capital conservation buffer, to avoid limitations on capital distributions and certain discretionary compensation payments. At December 31, 2024, U.S. Bancorp had a capital conservation buffer requirement of 3.1 percent, resulting from the Federal Reserve’s stress capital buffer requirement determined during its 2024 stress testing process, while U.S. Bank National Association had a capital conservation buffer requirement of 2.5 percent. U.S. Bancorp and U.S. Bank National Association were both subject to a capital conservation buffer requirement of 2.5 percent at December 31, 2023.
(b)A minimum "well-capitalized" threshold does not apply to U.S. Bancorp for this ratio as it is not formally defined under applicable banking regulations for bank holding companies.