Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Components of Earnings Per Share

The components of earnings per share were:

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2023		2022		2021
Net income attributable to U.S. Bancorp	$	5,429	$	5,825	$	7,963
Preferred dividends	(350)		(296)		(303)
Impact of preferred stock call and redemption	—		—		(17)		(a)
Earnings allocated to participating stock awards	(28)		(28)		(38)
Net income applicable to U.S. Bancorp common shareholders	$	5,051	$	5,501	$	7,605
Average common shares outstanding	1,543		1,489		1,489
Net effect of the exercise and assumed purchase of stock awards	—		1		1
Average diluted common shares outstanding	1,543		1,490		1,490
Earnings per common share	$	3.27	$	3.69	$	5.11
Diluted earnings per common share	$	3.27	$	3.69	$	5.10

(a)Represents stock issuance costs originally recorded in preferred stock upon the issuance of the Company’s Series I and Series F Preferred Stock that were reclassified to retained earnings on the date the Company announced its intent to redeem the outstanding shares.