Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Long-term Debt

Long-term debt (debt with original maturities of more than one year) at December 31 consisted of the following:

(Dollars in Millions)	Rate Type			Rate(a)			Maturity Date		2022		2021
U.S. Bancorp (Parent Company)
Subordinated notes		Fixed			2.950	%		2022	$	–	$	1,300
		Fixed			3.600	%		2024		1,000		1,000
		Fixed			7.500	%		2026		199		199
		Fixed			3.100	%		2026		1,000		1,000
		Fixed			3.000	%		2029		1,000		1,000
		Fixed			4.967	%		2033		1,300		–
		Fixed			2.491	%		2036		1,300		1,300
Medium-term notes		Fixed			.850% - 5.850	%		2024 - 2033		18,468		12,631
Other(b)										2,716		472
Subtotal										26,983		18,902
Subsidiaries
Federal Home Loan Bank advances		Fixed			2.289% - 8.250%			2023 - 2026		2,051		2
		Floating	(d)		5.190% - 5.197%			2025 - 2026		3,000		3,272
Bank notes		Fixed			1.950% - 3.400%			2023 - 2025		4,800		5,700
		Floating	(d)		–% - 4.758%			2023 - 2062		1,352		3,337
Other(c)										1,643		912
Subtotal										12,846		13,223
Total									$	39,829	$	32,125

(a) Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 3.20 percent, 4.02 percent and 2.78 percent, respectively.

(b) Includes $2.9 billion of discounted noninterest-bearing additional capital received by the Company upon close of the MUB acquisition to be delivered to Mitsubishi UFJ Financial Group, Inc. on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the acquisition date, as well as debt issuance fees and unrealized gains and losses and deferred amounts relating to derivative instruments.

(c) Includes consolidated community development and tax-advantaged investment VIEs, finance lease obligations, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments.

d) Includes $3.0 billion of Federal Home Loan Bank advances and $1.0 billion of bank notes for which interest is calculated by reference to LIBOR. For any outstanding LIBOR-linked instrument that matures after June 30, 2023, the interest rate will transition from a LIBOR-based rate to an alternative reference rate. For outstanding debt subject to the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) that does not contain a fallback provision or does not contain a clearly defined or practicable fallback provision in the event that LIBOR is no longer published or quoted, the interest rate will transition pursuant to the LIBOR Act to a rate based on the Secured Overnight Financing Rate (“SOFR”) after June 30, 2023. For outstanding debt that contains adequate fallback provisions in the event that LIBOR is no longer published or quoted, these fallback provisions will be utilized to determine the replacement rate applied after June 30, 2023.

Maturities of Long-term Debt Outstanding

Maturities of long-term debt outstanding at December 31, 2022, were:

(Dollars in Millions)	Parent Company		Consolidated
2023	$	899	$	4,854
2024		5,424		5,490
2025		1,965		5,498
2026		3,978		7,397
2027		3,722		3,751
Thereafter		10,995		12,839
Total	$	26,983	$	39,829