Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2012

Number of 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 was as follows:

	2012								2011
At December 31, (Dollars in Millions)	Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount		Shares Issued and Outstanding		Liquidation Preference		Discount		Carrying Amount
Series A		12,510	$	1,251	$	145	$	1,106		12,510	$	1,251	$	145	$	1,106
Series B		40,000		1,000		–		1,000		40,000		1,000		–		1,000
Series D		20,000		500		–		500		20,000		500		–		500
Series F		44,000		1,100		12		1,088		–		–		–		–
Series G		43,400		1,085		10		1,075		–		–		–		–
Total preferred stock (a)		159,910	$	4,936	$	167	$	4,769		72,510	$	2,751	$	145	$	2,606

(a) The par value of all shares issued and outstanding at December 31, 2012 and 2011, 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)	Shares		Value
2012		59	$	1,878
2011		22		550
2010		1		16

Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity

Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to 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:

	Transactions									Balances Net-of-Tax
(Dollars in Millions)	Pre-tax			Tax-effect			Net-of-tax
2012
Changes in unrealized gains and losses on securities available-for-sale (a)	$	491		$	(188	)	$	303		$	679
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		12			(5	)		7			–
Changes in unrealized gains on securities transferred from available-for-sale to held-to-maturity (a)		173			(66	)		107			107
Changes in unrealized gains (losses) on derivative hedges		(74	)		28			(46	)		(404	)
Foreign currency translation		14			(5	)		9			(40	)
Reclassification to earnings of realized gains and losses		376			(144	)		232			–
Unrealized gains (losses) on retirement plans		(543	)		208			(335	)		(1,265	)
Total	$	449		$	(172	)	$	277		$	(923	)
2011
Changes in unrealized gains and losses on securities available-for-sale	$	920		$	(351	)	$	569		$	360
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		(25	)		10			(15	)		–
Changes in unrealized gains (losses) on derivative hedges		(343	)		130			(213	)		(489	)
Foreign currency translation		(16	)		6			(10	)		(49	)
Reclassification to earnings of realized gains and losses		363			(138	)		225			–
Unrealized gains (losses) on retirement plans		(464	)		177			(287	)		(1,022	)
Total	$	435		$	(166	)	$	269		$	(1,200	)
2010
Changes in unrealized gains and losses on securities available-for-sale	$	277		$	(105	)	$	172		$	(213	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		(66	)		25			(41	)		–
Changes in unrealized gains (losses) on derivative hedges		(383	)		148			(235	)		(414	)
Foreign currency translation		24			(10	)		14			(39	)
Reclassification to earnings of realized gains and losses		365			(139	)		226			–
Unrealized gains (losses) on retirement plans		(197	)		76			(121	)		(803	)
Total	$	20		$	(5	)	$	15		$	(1,469	)

(a) Transactions reflect unrealized gains on securities transferred from available-for-sale to held-to-maturity at the date of transfer.

Components of Company's Regulatory Capital

The following table provides the components of the Company’s regulatory capital at December 31:

(Dollars in Millions)	2012			2011
Tier 1 Capital
Common shareholders’ equity	$	34,229		$	31,372
Qualifying preferred stock		4,769			2,606
Qualifying trust preferred securities		–			2,675
Noncontrolling interests, less preferred stock not eligible for Tier 1 capital		685			687
Less intangible assets
Goodwill (net of deferred tax liability)		(8,351	)		(8,239	)
Other disallowed intangible assets		(829	)		(905	)
Other (a)		700			977
Total Tier 1 Capital		31,203			29,173
Tier 2 Capital
Eligible portion of allowance for credit losses		3,609			3,412
Eligible subordinated debt		2,953			3,469
Other		15			13
Total Tier 2 Capital		6,577			6,894
Total Risk Based Capital	$	37,780		$	36,067
Risk-Weighted Assets	$	287,611		$	271,333

(a) Includes the impact of items included in other comprehensive income (loss), such as unrealized gains (losses) on available-for-sale securities, accumulated net gains on cash flow hedges, pension liability adjustments, etc.

Regulatory Capital Ratios

At December 31 (Dollars in Millions)	2012			2011
U.S. Bancorp
Tier 1 capital	$	31,203		$	29,173
As a percent of risk-weighted assets		10.8	%		10.8	%
As a percent of adjusted quarterly average assets (leverage ratio)		9.2	%		9.1	%
Total risk-based capital	$	37,780		$	36,067
As a percent of risk-weighted assets		13.1	%		13.3	%
Bank Subsidiaries
U.S. Bank National Association
Tier 1 capital		10.6	%		9.6	%
Total risk-based capital		12.7			12.5
Leverage		9.0			8.1
U.S. Bank National Association ND
Tier 1 capital		15.8	%		13.4	%
Total risk-based capital		18.8			16.4
Leverage		14.7			12.9
Bank Regulatory Capital Requirements	Minimum			Well- Capitalized
Tier 1 capital		4.0	%		6.0	%
Total risk-based capital		8.0			10.0
Leverage		4.0			5.0