10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2013

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from (not applicable)

Commission file number: 1-6880

U.S. Bancorp

(Exact name of registrant as specified in its charter)

Delaware	41-0255900
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

800 Nicollet Mall, Minneapolis, Minnesota 55402

(Address of principal executive offices) (Zip Code)

(651) 446-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, $.01 par value per share	New York Stock Exchange
Depositary Shares (each representing 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock, par value $1.00)	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock, par value $1.00)	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series F Non-Cumulative Perpetual Preferred Stock, par value $1.00)	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock, par value $1.00)	New York Stock Exchange
Depositary Shares (each representing 1/1,000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock, par value $1.00)	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  þ    No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ¨    No  þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ    No  ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	þ	Accelerated filer	¨
Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  þ

As of June 28, 2013, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $66.7 billion based on the closing sale price as reported on the New York Stock Exchange.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Class	Outstanding at January 31, 2014
Common Stock, $.01 par value per share	1,822,548,514

DOCUMENTS INCORPORATED BY REFERENCE

Document		Parts Into Which Incorporated
1.	Portions of the Annual Report to Shareholders for the Fiscal Year Ended December 31, 2013 (2013 Annual Report)	Parts I and II
2.	Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held April 15, 2014 (Proxy Statement)	Part III

PART I

Item 1. Business

General Business Description

U.S. Bancorp (“U.S. Bancorp” or the “Company”) is a multi-state financial services holding company headquartered in Minneapolis, Minnesota. U.S. Bancorp was incorporated in Delaware in 1929 and operates as a financial holding company and a bank holding company under the Bank Holding Company Act of 1956. U.S. Bancorp provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing.

U.S. Bancorp’s banking subsidiary, U.S. Bank National Association, is engaged in the general banking business, principally in domestic markets. U.S. Bank National Association, with $271 billion in deposits at December 31, 2013, provides a wide range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. Commercial and consumer lending services are principally offered to customers within the Company’s domestic markets, to domestic customers with foreign operations and to large national customers operating in specific industries targeted by the Company. Lending services include traditional credit products as well as credit card services, leasing, financing and import/export trade, asset-backed lending, agricultural finance and other products. Depository services include checking accounts, savings accounts and time certificate contracts. Ancillary services such as capital markets, treasury management and receivable lock-box collection are provided to corporate customers. U.S. Bancorp’s bank and trust subsidiaries provide a full range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations.

U.S. Bancorp’s non-banking subsidiaries primarily offer investment and insurance products to the Company’s customers principally within its markets, and fund processing services to a broad range of mutual and other funds.

Banking and investment services are provided through a network of 3,081 banking offices principally operating in the Midwest and West regions of the United States. The Company operates a network of 4,906 ATMs and provides 24-hour, seven day a week telephone customer service. Mortgage banking services are provided through banking offices and loan production offices throughout the Company’s markets. Lending products may be originated through banking offices, indirect correspondents, brokers and other lending sources. The Company is also one of the largest providers of Visa^® corporate and purchasing card services and corporate trust services in the United States. A wholly-owned subsidiary, Elavon, Inc. (“Elavon”), provides merchant processing services directly to merchants and through a network of banking affiliations. Wholly-owned subsidiaries, and affiliates of Elavon, provide similar merchant services in Canada, Mexico, Brazil and segments of Europe directly or through joint ventures with other financial institutions. The Company also provides corporate trust and fund administration services in Europe. These foreign operations are not significant to the Company.

On a full-time equivalent basis, as of December 31, 2013, U.S. Bancorp employed 65,565 people.

Competition

The commercial banking business is highly competitive. U.S. Bank National Association competes with other commercial banks and with other financial institutions, including savings and loan associations, mutual savings banks, finance companies, mortgage banking companies, credit unions and investment companies. In recent years, competition has increased from institutions not subject to the same regulatory restrictions as domestic banks and bank holding companies. Competition is based on a number of factors including, among others, customer service, quality and range of products and services offered, price, reputation, interest rates on loans and deposits, lending limits and customer convenience. The Company’s ability to continue to compete effectively also depends in large part on its ability to attract new employees and retain and motivate existing employees, while managing compensation and other costs.

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Government Policies

The operations of the Company’s various operating units are affected by federal and state legislative changes and by policies of various regulatory authorities, including those of the numerous states in which they operate, the United States and foreign governments. These policies include, for example, statutory maximum legal lending rates, domestic monetary policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”), United States fiscal policy, international currency regulations and monetary policies and capital adequacy and liquidity constraints imposed by bank regulatory agencies.

Supervision and Regulation

U.S. Bancorp and its subsidiaries are subject to the extensive regulatory framework applicable to bank holding companies and their subsidiaries. This regulatory framework is intended primarily for the protection of depositors, the deposit insurance fund of the Federal Deposit Insurance Corporation (the “FDIC”), consumers and the stability of the financial system in the United States and the health of the national economy, and not for investors in bank holding companies such as the Company.

This section summarizes certain provisions of the principal laws and regulations applicable to the Company and its subsidiaries. The descriptions are not intended to be complete and are qualified in their entirety by reference to the full text of the statutes and regulations described below.

Substantial changes to the regulation of bank holding companies and their subsidiaries have occurred and will continue to occur as a result of the enactment in 2010 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”). Changes in applicable law or regulation, and in their application by regulatory agencies, have had and will continue to have a material effect on the business and results of the Company and its subsidiaries.

Dodd-Frank Act The Dodd-Frank Act significantly changed the regulatory framework for financial services companies, and since its enactment has required significant rulemaking and numerous studies and reports that will continue over the next several years. Among other things, it created a new Financial Stability Oversight Council (the “Council”) with broad authority to make recommendations covering enhanced prudential standards and more stringent supervision for large bank holding companies and certain non-bank financial services companies. The Dodd-Frank Act significantly reduced interchange fees on debit card transactions, changed the preemption of state laws applicable to national banks, increased the regulation of consumer mortgage banking and made numerous other changes, some of which are discussed below.

In addition to the Dodd-Frank Act, other legislative and regulatory proposals affecting banks have been made in recent years both domestically and internationally. Among other things, these proposals include significant additional capital and liquidity requirements and limitations on size or types of activity in which banks may engage.

Federal Reserve Regulation The Company elected to become a financial holding company as of March 13, 2000, pursuant to the provisions of the Gramm-Leach-Bliley Act (the “GLBA”) that permit qualifying bank holding companies to engage in, and affiliate with financial companies engaging in, a broader range of activities than would otherwise be permitted for a bank holding company. Under the GLBA’s system of functional regulation, the Federal Reserve acts as an umbrella regulator for the Company, and certain of the Company’s subsidiaries are regulated directly by additional agencies based on the particular activities of those subsidiaries. U.S. Bank National Association is regulated by the Office of the Comptroller of the Currency (the “OCC”) and also by the Federal Reserve and the FDIC in certain areas. Supervision and regulation by the responsible regulatory agency generally includes comprehensive annual reviews of all major aspects of a bank’s business and condition, and imposition of periodic reporting requirements and limitations on investments and certain types of activities. U.S. Bank National Association, and in some cases the Company and the Company’s non-bank

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affiliates, must undergo regular on-site examinations by the appropriate regulatory agency, which will examine for adherence to a range of legal and regulatory compliance responsibilities. If they deem the Company to be operating in a manner that is inconsistent with safe and sound banking practices, the applicable regulatory agencies can require the entry into informal or formal supervisory agreements, including board resolutions, memoranda of understanding, written agreements and consent or cease and desist orders, pursuant to which the Company would be required to take identified corrective actions to address cited concerns and to refrain from taking certain actions.

If a financial holding company or a depository institution controlled by a financial holding company ceases to meet certain capital or management standards, the Federal Reserve may impose corrective capital and managerial requirements on the financial holding company, and may place limitations on its ability to conduct all of the business activities that financial holding companies are generally permitted to conduct. See “Permissible Business Activities” below. If the failure to meet these standards persists, a financial holding company may be required to divest its depository institution subsidiaries, or cease all activities other than those activities that may be conducted by bank holding companies that are not financial holding companies.

Federal Reserve regulations also provide that, if any depository institution controlled by a financial holding company fails to maintain a satisfactory rating under the Community Reinvestment Act (“CRA”), the Federal Reserve must prohibit the financial holding company and its subsidiaries from engaging in the additional activities in which only financial holding companies may engage. See “Community Reinvestment Act” below. At December 31, 2013, U.S. Bank National Association met the capital, management and CRA requirements necessary to permit the Company to conduct the broader activities permitted for financial holding companies under the GLBA.

The Dodd-Frank Act codified existing Federal Reserve policy requiring the Company to act as a source of financial strength to U.S. Bank National Association, and to commit resources to support this subsidiariy in circumstances where it might not otherwise do so. However, because the GLBA provides for functional regulation of financial holding company activities by various regulators, the GLBA prohibits the Federal Reserve from requiring payment by a holding company to a depository institution if the functional regulator of the depository institution objects to the payment. In those cases, the Federal Reserve could instead require the divestiture of the depository institution and impose operating restrictions pending the divestiture. As a result of the Dodd-Frank Act, non-bank subsidiaries of a holding company that engage in activities permissible for an insured depository institution must be examined and regulated in a manner that is at least as stringent as if the activities were conducted by the lead depository institution of the holding company.

Enhanced Prudential Standards/Early Remediation In 2011, the Federal Reserve issued a proposed rule relating to enhanced prudential standards required under the Dodd-Frank Act for bank holding companies with over $50 billion in consolidated assets. The prudential standards include enhanced risk-based capital and leverage requirements, enhanced liquidity requirements, enhanced risk management and risk committee requirements, a requirement to submit a resolution plan, single-counterparty credit limits and stress tests. The proposal requires the Federal Reserve to conduct annual supervisory capital adequacy stress tests of covered companies under baseline, adverse and severely adverse scenarios, and requires covered companies to conduct their own capital adequacy stress tests. The proposal would provide for notification to a covered company as to which the Council has determined to impose a debt-to-equity ratio of no more than 15-to-1, based upon the determination by the Council that (a) such company poses a grave threat to the financial stability of the United States and (b) the imposition of such a requirement is necessary to mitigate the risk that the company poses to the financial stability of the United States.

The proposed rule also provides, as required by the Dodd-Frank Act, for the early remediation of financial distress at covered companies so as to minimize the probability that the company will become insolvent and to reduce the potential harm of the insolvency of a covered company to the financial stability of the United States. Remedies include, in the initial stages of financial decline of the covered company, limits on capital distributions,

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acquisitions and asset growth. Remedies in the later stages of financial decline of the covered company include a capital restoration plan and capital-raising requirements, limits on transactions with affiliates, management changes and asset sales. In addition to regulatory capital triggers, the proposed rule includes triggers based on supervisory stress test results, market indicators and weaknesses in enterprise-wide and liquidity risk management.

Permissible Business Activities As a financial holding company, the Company may affiliate with securities firms and insurance companies and engage in other activities that are financial in nature or incidental or complementary to activities that are financial in nature. “Financial in nature” activities include the following: securities underwriting, dealing and market making; sponsoring mutual funds and investment companies; insurance underwriting and agency; merchant banking; and activities that the Federal Reserve, in consultation with the Secretary of the United States Treasury, determines to be financial in nature or incidental to such financial activity. “Complementary activities” are activities that the Federal Reserve determines upon application to be complementary to a financial activity and that do not pose a safety and soundness risk.

The Company generally is not required to obtain Federal Reserve approval to acquire a company (other than a bank holding company, bank or savings association) engaged in activities that are financial in nature or incidental to activities that are financial in nature, as determined by the Federal Reserve. However, the Dodd-Frank Act added a provision requiring approval if the total consolidated assets to be acquired exceed $10 billion. Financial holding companies are also required to obtain the approval of the Federal Reserve before they may acquire more than 5 percent of the voting shares or substantially all of the assets of an unaffiliated bank holding company, bank or savings association.

Interstate Banking Under the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994 (the “Riegle-Neal Act”), a bank holding company may acquire banks in states other than its home state, subject to any state requirement that the bank has been organized and operating for a minimum period of time (not to exceed five years). Also, such an acquisition is not permitted if the bank holding company controls, prior to or following the proposed acquisition, more than 10 percent of the total amount of deposits of insured depository institutions nationwide, or, if the acquisition is the bank holding company’s initial entry into the state, more than 30 percent of the deposits of insured depository institutions in the state (or any lesser or greater amount set by the state).

The Riegle-Neal Act also authorizes banks to merge across state lines to create interstate branches. Under the Dodd-Frank Act, banks are permitted to establish new branches in another state to the same extent as banks chartered in that state.

Regulatory Approval for Acquisitions In determining whether to approve a proposed bank acquisition, federal bank regulators will consider a number of factors, including the following: the effect of the acquisition on competition, financial condition and future prospects (including current and projected capital ratios and levels); the competence, experience and integrity of management and its record of compliance with laws and regulations; the convenience and needs of the communities to be served (including the acquiring institution’s record of compliance under the CRA); and the effectiveness of the acquiring institution in combating money laundering activities. In addition, under the Dodd-Frank Act, approval of interstate transactions requires that the acquiror satisfy regulatory standards for well capitalized and well managed institutions.

Dividend Restrictions The Company is a legal entity separate and distinct from its subsidiaries. Typically, the majority of the Company’s operating funds are received in the form of dividends paid to the Company by U.S. Bank National Association. Federal law imposes limitations on the payment of dividends by national banks.

In general, dividends payable by U.S. Bank National Association and the Company’s trust bank subsidiaries, as national banking associations, are limited by rules which compare dividends to net income for regulatorily-defined periods.

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The OCC, the Federal Reserve and the FDIC also have authority to prohibit or limit the payment of dividends by the banking organizations they supervise (including the Company and U.S. Bank National Association), if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the banking organization. Subject to exceptions for well capitalized and well managed holding companies, Federal Reserve regulations also require approval of holding company purchases and redemptions of its securities if the gross consideration paid exceeds 10 percent of consolidated net worth for any 12-month period.

In addition, Federal Reserve policy on the payment of dividends, stock redemptions and stock repurchases requires that bank holding companies consult with and inform the Federal Reserve in advance of doing any of the following: declaring and paying dividends that could raise safety and soundness concerns (e.g., declaring and paying dividends that exceed earnings for the period for which dividends are being paid); redeeming or repurchasing capital instruments when experiencing financial weakness; and redeeming or repurchasing common stock and perpetual preferred stock, if the result will be a net reduction in the amount of such capital instruments outstanding for the quarter in which the reduction occurs.

In 2010, the Federal Reserve issued an addendum to its policy on dividends, stock redemptions and stock repurchases that is specifically applicable to the 19 largest bank holding companies (including the Company) that are covered by the Supervisory Capital Assessment Program. The addendum provides for Federal Reserve review of dividend increases, implementation of capital repurchase programs and other capital repurchases or redemptions.

The supervisory stress tests of the Company conducted by the Federal Reserve as part of its annual Comprehensive Capital Analysis and Review (“CCAR”) process also affect the ability of the Company to pay dividends and make other forms of capital distribution. See “Comprehensive Capital Analysis and Review” and “Stress Testing” below.

Capital Requirements The Company is subject to regulatory capital requirements (the Basel I or general risk-based capital rules) established by the Federal Reserve, and U.S. Bank National Association is subject to substantially similar rules established by the OCC. These requirements are currently the subject of significant changes as a result of standards established by the Basel Committee on Banking Supervision (the “BCBS”), an international organization which has the goal of creating international standards for banking regulation, and the implementation of these standards and of relevant provisions of the Dodd-Frank Act by banking regulators in the United States. Minimum regulatory capital levels will significantly increase as these requirements are implemented and phased in.

Federal banking regulators have adopted risk-based capital and leverage rules that require the capital-to-assets ratios of financial institutions to meet certain minimum standards. The risk-based capital ratio is calculated by allocating assets and specified off-balance sheet financial instruments into risk-weighted categories (with higher levels of capital being required for the categories perceived as representing greater risk), and is used to determine the amount of a financial institution’s total risk-weighted assets (“RWAs”).

Under the rules, capital is divided into two tiers: Tier 1 capital and Tier 2 capital. The amount of Tier 2 capital may not exceed the amount of Tier 1 capital. Total capital is the sum of Tier 1 capital and Tier 2 capital. Under the existing Basel I rules, banking organizations are required to maintain a total capital ratio (total capital

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to RWA) of 8 percent and a Tier 1 capital ratio (Tier 1 capital to RWA) of 4 percent. At December 31, 2013, under the Basel I rules, the Company’s consolidated total capital ratio was 13.2 percent and its Tier 1 capital ratio was 11.2 percent. For a further description, see Note 14 of the Notes to Consolidated Financial Statements in the Company’s 2013 Annual Report.

The federal banking regulators also have established minimum leverage ratio guidelines. The leverage ratio is defined as Tier 1 capital divided by adjusted average total on-balance sheet assets. Under the existing rules, the minimum leverage ratio is 3 percent for bank holding companies that are considered “strong” under Federal Reserve guidelines or which have implemented the Federal Reserve’s risk-based capital measure for market risk. Other bank holding companies must have a minimum leverage ratio of 4 percent. Bank holding companies may be expected to maintain ratios well above the minimum levels, depending upon their particular condition, risk profile and growth plans. At December 31, 2013, the Company’s leverage ratio was 9.6 percent.

The Dodd-Frank Act effectively eliminated differences between the minimum capital requirements applicable to insured depository institutions and their holding companies by phasing out the use of hybrid debt instruments (such as trust preferred securities) in determining holding company regulatory capital.

For additional information regarding the Company’s regulatory capital, see Capital Management in the Company’s 2013 Annual Report on page 58.

Basel II and III The Federal Reserve and the OCC approved a final rule in 2007 adopting international guidelines established by the BCBS known as “Basel II.” The Basel II framework consists of three pillars: (a) capital adequacy, (b) supervisory review (including the computation of capital and internal assessment processes), and (c) market discipline (including increased disclosure requirements). The Company began the parallel run phase of its Basel II implementation process in 2011. The Company must complete the parallel run to the satisfaction of the Federal Reserve and the OCC before it may use the Basel II advanced approaches to calculate its risk-based capital requirements.

In December 2010, the BCBS issued a new set of international standards for determining regulatory capital known as Basel III. The U.S. federal banking regulators published the U.S. Basel III final rule in October 2013 to implement many aspects of these international standards as well as certain provisions of the Dodd-Frank Act. The U.S. Basel III final rule focuses regulatory capital on common equity Tier 1 capital, introduces new regulatory adjustments and deductions from capital, narrows the eligibility criteria for regulatory capital instruments and makes other changes to the existing Basel I and Basel II frameworks. Under the U.S. Basel III final rule, the Company will be subject to a minimum common equity Tier 1 capital ratio (common equity Tier 1 capital to RWA) of 4.5 percent, a minimum Tier 1 capital ratio of 6 percent and a minimum total capital ratio of 8 percent on a fully phased-in basis. In addition, the final rule provides that certain new items be deducted from common equity Tier 1 capital and certain Basel I deductions be modified. The majority of these capital deductions are subject to a phase-in schedule and will be fully phased in by 2018. The Company will also be subject to a 2.5 percent common equity Tier 1 capital conservation buffer and, if deployed, up to a 2.5 percent common equity Tier 1 countercyclical buffer on a fully phased-in basis by 2019. The U.S. Basel III final rule establishes a minimum leverage ratio of 4 percent for all U.S. banking organizations. The final rule also subjects banking organizations calculating their capital requirements using advanced approaches, including the Company, to a minimum Basel III supplementary leverage ratio of 3 percent that takes into account certain off-balance sheet exposures. The Company became subject to the U.S. Basel III final rule beginning on January 1, 2014. Certain requirements in the U.S. Basel III final rule, including the new capital buffers, will be phased in over several years.

In June 2011, the U.S. banking regulators published final regulations implementing a provision of the Dodd-Frank Act requiring that certain institutions supervised by the Federal Reserve, including the Company, be subject to minimum capital requirements that are not less than the generally applicable risk-based capital requirements. Currently, this minimum “capital floor” is based on Basel I. Beginning on January 1, 2015, the U.S. Basel III final rule will replace the current Basel I-based “capital floor” with a standardized approach that,

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among other things, modifies the existing risk weights for certain types of asset classes. The “capital floor” applies to the calculation of both minimum risk-based capital requirements as well as the capital conservation buffer and, if deployed, the countercyclical capital buffer.

Comprehensive Capital Analysis and Review The Federal Reserve’s Capital Plans rule requires large bank holding companies with assets in excess of $50 billion to submit capital plans to the Federal Reserve on an annual basis and to obtain approval from the Federal Reserve for capital distributions proposed in the capital plan. These capital plans consists of a number of mandatory elements, including an assessment of a company’s sources and uses of capital over a nine-quarter planning horizon assuming both expected and stressful conditions; a detailed description of a company’s process for assessing capital adequacy; a demonstration of a company’s ability to maintain capital above each minimum regulatory capital ratio and above a Tier 1 common ratio of 5 percent under expected and stressful conditions; and a demonstration of a company’s ability to achieve, readily and without difficulty, the minimum capital ratios and capital buffers under the Basel III framework as it comes into effect in the United States.

The Federal Reserve has issued an interim final rule specifying how large bank holding companies, including the Company, should incorporate the U.S. Basel III capital standards into their 2014 capital plan. Among other things, the interim final rule requires large bank holding companies to project both their common equity Tier 1 capital ratio using the methodology under existing capital guidelines and their common equity Tier 1 capital ratio under the U.S. Basel III capital standards, as such standards phase in over the nine-quarter planning horizon.

The Company submitted its 2014 capital plan to the Federal Reserve on January 6, 2014, in accordance with instructions from the Federal Reserve. Applicable stress testing rules require the Federal Reserve to publish the results of its assessment of the Company’s capital plan, including its planned capital distributions, no later than March 31, 2014.

Stress Testing The Federal Reserve’s CCAR framework and the Dodd-Frank Act stress testing framework require large bank holding companies such as the Company to conduct company-run stress tests and subjects them to supervisory stress tests conducted by the Federal Reserve. Among other things, the company-run stress tests employ stress scenarios developed by the Company as well as stress scenarios provided by the Federal Reserve and incorporate the Dodd-Frank Act capital actions, which are intended to normalize capital distributions across large U.S. bank holding companies. The Federal Reserve conducts CCAR and Dodd-Frank supervisory stress tests employing its adverse and severely adverse stress scenarios and internal supervisory models. The Federal Reserve’s CCAR and Dodd-Frank supervisory stress tests incorporate the Company’s planned capital actions and the Dodd-Frank Act capital actions, respectively. The Federal Reserve and the Company are required to publish the results of the annual supervisory and annual company-run stress tests, respectively, no later than March 31 of each year. In addition, all large bank holding companies are required to submit a mid-cycle company-run stress test employing stress scenarios developed by the Company. The results of this stress test must be submitted to the Federal Reserve for review in early July of each year. The Company is required to publish its results of this stress test no later than the end of September of each year. The Federal Reserve has stated that, in 2014, it plans to publish summaries of supervisory stress test results for each large bank holding company under both the adverse and severely adverse stress scenarios developed by the Federal Reserve.

National banks with assets in excess of $50 billion are required to submit annual company-run stress test results to the OCC concurrently with their parent bank holding company’s CCAR submission to the Federal Reserve. The stress test is based on the OCC’s stress scenarios (which are typically the same as the Federal Reserve’s stress scenarios) and capital actions that are appropriate for the economic conditions assumed in each scenario. U.S. Bank National Association submitted its stress test in accordance with regulatory requirements in January 2014. The Company is required to publish the results of this stress test no later than March 31, 2014.

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Basel III Liquidity Proposals The BCBS proposed in 2009 two minimum standards for limiting liquidity risk: the Liquidity Coverage Ratio (“LCR”) and the Net Stable Funding Ratio (“NSFR”). The LCR is designed to ensure that bank holding companies have sufficient high-quality liquid assets to survive a significant liquidity stress event lasting for 30 calendar days. The NSFR is designed to promote stable, longer-term funding of assets and business activities over a one-year time horizon. The BCBS contemplates that bank regulators in major jurisdictions will begin to phase in the LCR requirement on January 1, 2015. It contemplates that the NSFR, including any revisions, will be implemented as a minimum standard by January 1, 2018.

In October 2013, the federal banking regulators proposed a rule to implement the LCR in the United States. The proposed rule would apply the LCR standards to bank holding companies and their U.S. bank subsidiaries calculating their capital requirements using advanced approaches, such as the Company and U.S. Bank National Association. The LCR standards in the proposed rule differ in certain respects from the BCBS’s version of the LCR, including a narrower definition of high-quality liquid assets, different prescribed cash inflow and outflow assumptions for certain types of instruments and transactions, a different methodology for calculating the LCR and a shorter phase-in schedule that ends on December 31, 2016. The federal banking regulators have not yet proposed rules to implement the NSFR in the United States.

Federal Deposit Insurance Corporation Improvement Act The Federal Deposit Insurance Corporation Improvement Act of 1991 (the “FDICIA”) provides a framework for regulation of depository institutions and their affiliates (including parent holding companies) by federal banking regulators. As part of that framework, the FDICIA requires the relevant federal banking regulator to take “prompt corrective action” with respect to a depository institution if that institution does not meet certain capital adequacy standards.

Supervisory actions by the appropriate federal banking regulator under the “prompt corrective action” rules generally depend upon an institution’s classification within five capital categories. The U.S. Basel III final rule revises the capital ratio thresholds in the prompt corrective action framework to reflect the new Basel III capital ratios. This aspect of the U.S. Basel III rule will become effective on January 1, 2015. The regulations apply only to banks and not to bank holding companies such as the Company; however, subject to limitations that may be imposed pursuant to the GLBA, the Federal Reserve is authorized to take appropriate action at the holding company level, based on the undercapitalized status of the holding company’s subsidiary banking institutions. In certain instances relating to an undercapitalized banking institution, the bank holding company would be required to guarantee the performance of the undercapitalized subsidiary’s capital restoration plan and could be liable for civil money damages for failure to fulfill those guarantee commitments.

Deposit Insurance Under current FDIC regulations, each depository institution is assigned to a risk category based on capital and supervisory measures. A depository institution is assessed premiums by the FDIC based on its risk category and the amount of deposits held. In 2009, the FDIC revised the method for calculating the assessment rate for depository institutions by introducing several adjustments to an institution’s initial base assessment rate. The Dodd-Frank Act altered the assessment base for deposit insurance assessments from a deposit to an asset base, and seeks to fund part of the cost of the Dodd-Frank Act by increasing the deposit insurance reserve fund to 1.35 percent of estimated insured deposits. The Dodd-Frank Act also requires that FDIC assessments be set in a manner that offsets the cost of the assessment increases for institutions with consolidated assets of less than $10 billion. This provision effectively places the increased assessment costs on larger financial institutions such as the Company.

The Dodd-Frank Act also permanently increased deposit insurance coverage from $100,000 per account ownership type to $250,000. In February 2011, the FDIC adopted a final rule implementing the Dodd-Frank Act provisions, which provides for use of a risk scorecard to determine deposit premiums. The effect of the rule was to increase the FDIC premiums paid by U.S. Bank National Association.

Powers of the FDIC Upon Insolvency of an Insured Institution If the FDIC is appointed the conservator or receiver of an insured depository institution upon its insolvency or in certain other events, the FDIC has the

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power to (a) transfer any of the depository institution’s assets and liabilities to a new obligor without the approval of the depository institution’s creditors; (b) enforce the terms of the depository institution’s contracts pursuant to their terms; or (c) repudiate or disaffirm any contracts (if the FDIC determines that performance of the contract is burdensome and that the repudiation or disaffirmation is necessary to promote the orderly administration of the depository institution). These provisions would be applicable to obligations and liabilities of the Company’s insured depository institution subsidiary, U.S. Bank National Association.

Depositor Preference Under federal law, in the event of the liquidation or other resolution of an insured depository institution, the claims of a receiver of the institution for administrative expense and the claims of holders of domestic deposit liabilities (including the FDIC, as subrogee of the depositors) have priority over the claims of other unsecured creditors of the institution, including holders of publicly issued senior or subordinated debt and depositors in non-domestic offices. As a result, those noteholders and depositors would be treated differently from, and could receive, if anything, substantially less than, the depositors in domestic offices of the depository.

Orderly Liquidation Authority The Dodd-Frank Act created a new framework for the orderly liquidation of a covered financial company by the FDIC as receiver. A covered financial company is a financial company (including a bank holding company, but not an insured depository institution), in situations where the Secretary of the Treasury determines (upon the written recommendation of the FDIC and the Federal Reserve and after consultation with the President) that the conditions set forth in the Dodd-Frank Act regarding the potential impact on financial stability of the financial company’s failure have been met. The rule sets forth a comprehensive method for the receivership of a covered financial company. The Company is a financial company and therefore is potentially subject to the orderly liquidation authority of the FDIC. In preparation for the potential exercise of this authority, the FDIC created the Office of Complex Financial Institutions. Its duties include the continuous review and oversight of bank holding companies with assets of more than $100 billion.

Resolution Plans The Federal Reserve and the FDIC have adopted a rule to implement the requirements of the Dodd-Frank Act regarding annual resolution plans for bank holding companies with assets of $50 billion or more (so-called “Living Wills”). The rule requires each covered company to produce a contingency resolution plan for the rapid and orderly resolution of the Company in the event of material financial distress or failure. Resolution plans must include information regarding the manner and extent to which any insured depository institution affiliated with the company is adequately protected from risks arising from the activities of any nonbank subsidiaries of the company; full descriptions of ownership structure, assets, liabilities and contractual obligations of the company; identification of the cross-guarantees tied to different securities; identification of major counterparties; a process for determining to whom the collateral of the company is pledged; and any other information that the Federal Reserve and the FDIC jointly require by rule or order. Plans must analyze baseline, adverse, and severely adverse economic condition impacts. The plan must demonstrate, in the event of material financial distress or failure of the covered company, a reorganization or liquidation of the covered company under the federal bankruptcy code that could be accomplished within a reasonable period of time and in a manner that substantially mitigates the risk that the failure of the covered company would have serious adverse effects on financial stability in the United States. Covered companies and their subsidiaries are subject to more stringent capital, leverage and liquidity requirements or restrictions on growth, activities or operations if they fail to file an acceptable plan (i.e. the plan is determined to not be credible and deficiencies are not cured in a timely manner). Plans must be updated annually.

In January 2012, the FDIC adopted a final rule requiring an insured depository institution with $50 billion or more in total assets to submit periodically to the FDIC a contingency plan for the resolution of such institution in the event of its failure. The rule requires a covered depository institution to submit a resolution plan that should enable the FDIC, as receiver, to resolve the institution under applicable receivership provisions of the Federal Deposit Insurance Act in a manner that ensures that depositors receive access to their insured deposits within one business day of the institution’s failure, maximizes the net present value return from the sale or disposition of its assets and minimizes the amount of any loss to be realized by the institution’s creditors.

The Company filed its initial resolution plan pursuant to each rule in December 2013, and will periodically revise its plan as required.

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Liability of Commonly Controlled Institutions An FDIC-insured depository institution can be held liable for any loss incurred or expected to be incurred by the FDIC in connection with another FDIC-insured institution under common control with that institution being “in default” or “in danger of default” (commonly referred to as “cross-guarantee” liability). An FDIC claim for cross-guarantee liability against a depository institution is generally superior in right of payment to claims of the holding company and its affiliates against the depository institution.

Transactions with Affiliates There are various legal restrictions on the extent to which the Company and its non-bank subsidiaries may borrow or otherwise obtain funding from U.S. Bank National Association. Under the Federal Reserve Act and Regulation W of the Federal Reserve, U.S. Bank National Association (and its subsidiaries) may only engage in lending and other “covered transactions” with non-bank and non-savings bank affiliates to the following extent: (a) in the case of any single affiliate, the aggregate amount of covered transactions may not exceed 10 percent of the capital stock and surplus of U.S. Bank National Association; and (b) in the case of all affiliates, the aggregate amount of covered transactions may not exceed 20 percent of the capital stock and surplus of U.S. Bank National Association.

Covered transactions between U.S. Bank National Association and its affiliates are also subject to certain collateralization requirements. All covered transactions, including transactions with a third party in which an affiliate of U.S. Bank National Association has a financial interest, must be conducted on market terms. “Covered transactions” are defined to include (a) a loan or extension of credit by a bank subsidiary to an affiliate, (b) a purchase of securities issued to a banking subsidiary by an affiliate, (c) a purchase of assets (unless otherwise exempted by the Federal Reserve) by the banking subsidiary from an affiliate, (d) the acceptance of securities issued by an affiliate to the banking subsidiary as collateral for a loan, and (e) the issuance of a guarantee, acceptance or letter of credit by the banking subsidiary on behalf of an affiliate. The Dodd-Frank Act eliminated the special treatment for transactions with financial subsidiaries and added derivative and securities lending transactions to the definition of “covered transactions.”

Anti-Money Laundering and Suspicious Activity Several federal laws, including the Bank Secrecy Act, the Money Laundering Control Act and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “Patriot Act”) require all financial institutions (including banks and securities broker-dealers) to, among other things, implement policies and procedures relating to anti-money laundering, compliance, suspicious activities, and currency transaction reporting and due diligence on customers. The Patriot Act also requires federal bank regulators to evaluate the effectiveness of an applicant in combating money laundering when determining whether to approve a proposed bank acquisition.

Community Reinvestment Act U.S. Bank National Association is subject to the provisions of the CRA. Under the terms of the CRA, banks have a continuing and affirmative obligation, consistent with safe and sound operation, to help meet the credit needs of their communities, including providing credit to individuals residing in low-income and moderate-income neighborhoods. The CRA does not establish specific lending requirements or programs for financial institutions, and does not limit an institution’s discretion to develop the types of products and services that it believes are best suited to its particular community in a manner consistent with the CRA.

The OCC regularly assesses U.S. Bank National Association on its record in meeting the credit needs of the community served by that institution, including low-income and moderate-income neighborhoods. The assessment also is considered when the Federal Reserve reviews applications by banking institutions to acquire, merge or consolidate with another banking institution or its holding company, to establish a new branch office that will accept deposits or to relocate an office. In the case of a bank holding company applying for approval to acquire a bank or other bank holding company, the Federal Reserve will assess the records of each subsidiary depository institution of the applicant bank holding company, and those records may be the basis for denying the application.

U.S. Bank National Association received an “outstanding” CRA rating in its most recent examination, covering the period from January 1, 2006 through December 31, 2008.

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Regulation of Brokerage, Investment Advisory and Insurance Activities The Company conducts securities underwriting, dealing and brokerage activities in the United States through U.S. Bancorp Investments, Inc. (“USBII”) and other subsidiaries. These activities are subject to regulations of the Securities and Exchange Commission (the “SEC”), the Financial Industry Regulatory Authority and other authorities, including state regulators. These regulations generally include licensing of securities personnel, interactions with customers, trading operations and periodic examinations.

Securities regulators impose capital requirements on USBII and monitor its financial operations with periodic financial reviews. In addition, USBII is a member of the Securities Investor Protection Corporation.

The operations of First American Funds money market funds, the Company’s proprietary money market funds, also are subject to regulation by the SEC. In June 2013, the SEC proposed rules regarding money market mutual fund reform. The proposed rules provide two primary potential requirements. One would require a floating net asset value for institutional prime money market mutual funds. The other seeks to limit redemptions during periods of stress (allowing for the use of liquidity fees and redemption gates during such times). Other changes proposed include tightened diversification requirements and enhanced disclosure requirements.

The Company’s operations in the areas of insurance brokerage and reinsurance of credit life insurance are subject to regulation and supervision by various state insurance regulatory authorities, including the licensing of insurance brokers and agents.

Regulation of Derivatives and the Swap Marketplace Under the Dodd-Frank Act, the Commodity Futures Trading Commission (the “CFTC”) has issued and will continue to issue additional rules regarding the regulation of the swaps marketplace and over-the-counter derivatives. The rules require swap dealers and major swap participants to register with the CFTC and require them to meet robust business conduct standards to lower risk and promote market integrity, to meet certain recordkeeping and reporting requirements so that regulators can better monitor the markets, and to be subject to certain capital and margin requirements. U.S. Bank National Association is a registered swap dealer.

The CFTC rules also include “push-out” provisions, which require covered U.S. banks acting as dealers in commodity swaps, equity swaps and certain credit default swaps to “push out” such activities and conduct them through one or more non-bank affiliates by July 2015. In July 2013, the CFTC released final cross-border guidance and provided temporary exemptive relief from application of derivatives requirements for certain non-U.S. derivatives activity. Future regulations will likely impose additional operational and compliance costs, although the ultimate impact of regulations that have not yet been finalized remains unclear.

The Volcker Rule — Proprietary Trading of Securities, Derivatives, and Certain other Financial Instruments In December 2013, the SEC, the Federal Reserve, the OCC and the FDIC jointly issued a final rule to implement the so-called “Volcker Rule” under the Dodd-Frank Act. The Volcker Rule prohibits banking entities from engaging in proprietary trading of securities, derivatives and certain other financial instruments for the entity’s own account, and prohibits certain interests in, or relationships with, a hedge fund or private equity fund. The final rule also requires annual attestation by a banking entity’s Chief Executive Officer regarding the banking entity’s compliance program to ensure and monitor compliance with the Volcker Rule’s prohibitions and restrictions. The final rule will become effective on April 1, 2014 and will apply to the Company, U.S. Bank National Association and their affiliates. However, banking entities have until July 1, 2015 to bring their activities and investments into conformance with the Volcker Rule, subject to possible extensions.

Financial Privacy Under the requirements imposed by the GLBA, the Company and its subsidiaries are required periodically to disclose to their retail customers the Company’s policies and practices with respect to the sharing of nonpublic customer information with its affiliates and others, and the confidentiality and security of that information. Under the GLBA, retail customers also must be given the opportunity to “opt out” of information-sharing arrangements with nonaffiliates, subject to certain exceptions set forth in the GLBA.

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Incentive-Based Compensation Arrangements In April 2011, the Federal Reserve, the OCC, the FDIC, the SEC, the National Credit Union Administration and the Federal Housing Finance Agency issued a proposed rule under the Dodd-Frank Act that would require the reporting of incentive-based compensation arrangements by a covered financial institution, and prohibit incentive-based compensation arrangements at a covered financial institution that provide excessive compensation or that could expose the institution to inappropriate risks that could lead to material financial loss.

Durbin Amendment A provision of the Dodd-Frank Act known as the Durbin Amendment required the Federal Reserve to establish a cap on the interchange fees that merchants pay banks for electronic clearing of debit transactions. The Federal Reserve issued final rules, effective October 1, 2011, for establishing standards, including a cap, for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions. The final rule established standards for assessing whether debit card interchange fees received by debit card issuers were reasonable and proportional to the costs incurred by issuers for electronic debit transactions, and it established a maximum permissible interchange fee that an issuer may receive for an electronic debit transaction, which reduces fee revenue to debit card issuers such as the Company. Under the final rule, the maximum permissible interchange fee that an issuer may receive for an electronic debit transaction is the sum of 21 cents per transaction, a 1 cent fraud prevention adjustment, and 5 basis points multiplied by the value of the transaction.

In July 2013, a decision by a Washington, D.C. District Court judge invalidated the Federal Reserve’s interchange fee rule, ruling in favor of a group of retailers who argued that the new lower interchange fees had been inappropriately set too high by the Federal Reserve. If upheld, the decision would keep in place current interchange transaction standards until new regulations or interim standards are implemented. The Federal Reserve has appealed the decision and a stay is in effect. If the rule were to be revised so that the cap on interchange fees were even lower, it could adversely impact the Company’s debit interchange fee revenue. The final impact of the court decision will depend on factors such as the outcome of the appeal and the provisions of any new or revised regulations that are promulgated.

Consumer Protection Regulation Retail banking activities are subject to a variety of statutes and regulations designed to protect consumers. Interest and other charges collected or contracted for by banks are subject to state usury laws and federal laws concerning interest rates. Loan operations are also subject to numerous laws applicable to credit transactions, such as:

• the federal Truth-In-Lending Act and Regulation Z issued by the Federal Reserve, governing disclosures of credit terms to consumer borrowers;

• the Home Mortgage Disclosure Act and Regulation C issued by the Federal Reserve, requiring financial institutions to provide information to enable the public and public officials to determine whether a financial institution is fulfilling its obligation to help meet the housing needs of the community it serves;

• the Equal Credit Opportunity Act and Regulation B issued by the Federal Reserve, prohibiting discrimination on the basis of race, creed or other prohibited factors in extending credit;

• the Fair Credit Reporting Act and Regulation V issued by the Federal Reserve, governing the use and provision of information to consumer reporting agencies;

• the Fair Debt Collection Act, governing the manner in which consumer debts may be collected by collection agencies;

• the Servicemembers Civil Relief Act, applying to all debts incurred prior to commencement of active military service (including credit card and other open-end debt) and limiting the amount of interest, including service and renewal charges and any other fees or charges (other than bona fide insurance) that is related to the obligation or liability; and

• the guidance of the various federal agencies charged with the responsibility of implementing such laws.

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Deposit operations also are subject to consumer protection laws and regulations, such as:

• the Truth in Savings Act and Regulation DD issued by the Federal Reserve, which require disclosure of deposit terms to consumers;

• Regulation CC issued by the Federal Reserve, which relates to the availability of deposit funds to consumers;

• the Right to Financial Privacy Act, which imposes a duty to maintain the confidentiality of consumer financial records and prescribes procedures for complying with administrative subpoenas of financial records; and

• the Electronic Funds Transfer Act and Regulation E issued by the Federal Reserve, which governs automatic deposits to and withdrawals from deposit accounts and customers’ rights and liabilities arising from the use of automated teller machines and other electronic banking services.

The Company and its subsidiaries, as applicable, are also subject to state consumer lender regulation and various other state laws and regulations designed to protect consumers.

Consumer Financial Protection Bureau Many of the foregoing laws and regulations are subject to change resulting from provisions in the Dodd-Frank Act, which in many cases calls for revisions to implementing regulations. In addition, the Consumer Financial Protection Bureau (the “CFPB”) created by the Dodd-Frank Act has assumed all authority to prescribe rules or issue orders or guidelines pursuant to any federal consumer financial law. The CFPB regulates and examines the Company and its banks and other subsidiaries with respect to matters that relate to these laws and consumer financial services and products. The CFPB undertook numerous rule-making and other initiatives in 2013, and will continue to do so in 2014. The CFPB’s rulemaking, examination and enforcement authority is expected to significantly affect financial institutions involved in the provision of consumer financial products and services, including the Company, U.S. Bank National Association and the Company’s other subsidiaries.

The CFPB recently finalized a number of significant rules which will impact nearly every aspect of the lifecycle of a residential mortgage. These rules implement the Dodd-Frank Act amendments to the Equal Credit Opportunity Act, the Truth in Lending Act and the Real Estate Settlement Procedures Act. The final rules require banks to, among other things: (a) develop and implement procedures to ensure compliance with a new “ability to repay” requirement and identify whether a loan meets a new definition for a “qualified mortgage,” (b) implement new or revised disclosures, policies and procedures for servicing mortgages including, but not limited to, early intervention with delinquent borrowers and specific loss mitigation procedures for loans secured by a borrower’s principal residence, (c) comply with additional rules and restrictions regarding mortgage loan originator compensation and the qualification and registration or licensing of loan originators, and (d) comply with new disclosure requirements and standards for appraisals and escrow accounts maintained for “higher priced mortgage loans.” Some of these new rules became effective in June 2013, while others became effective in January 2014, and additional forthcoming rulemaking affecting the residential mortgage business is also expected.

The CFPB and other federal agencies have also jointly issued proposed rules imposing credit risk retention requirements on lenders originating certain mortgage loans, which require sponsors of a securitization to retain at least 5 percent of the credit risk of assets collateralizing asset-back securities. Residential mortgage-backed securities qualifying as “qualified residential mortgages” will be exempt from the risk retention requirements. Recent revisions to the proposed rules cover degrees of flexibility for meeting risk retention requirements and the relationship between “qualified mortgages” and “qualified residential mortgages.” Until these rules are finalized, it is not entirely clear what the requirements will be and what impact they will have on affected operations. These rules and any other new regulatory requirements promulgated by the CFPB could require changes to the Company’s mortgage origination and servicing businesses, result in increased compliance costs and affect the streams of revenue of such businesses.

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Other Supervision and Regulation The Company is subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), both as administered by the SEC, by virtue of the Company’s status as a public company. As a listed company on the New York Stock Exchange (the “NYSE”), the Company is subject to the rules of the NYSE for listed companies.

Website Access to SEC Reports

U.S. Bancorp’s internet website can be found at usbank.com. U.S. Bancorp makes available free of charge on its website its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13 or 15(d) of the Exchange Act, as well as all other reports filed by U.S. Bancorp with the SEC as soon as reasonably practicable after electronically filed with, or furnished to, the SEC.

Executive Officers of the Registrant

Richard K. Davis

Mr. Davis is Chairman, President and Chief Executive Officer of U.S. Bancorp. Mr. Davis, 55, has served as Chairman of U.S. Bancorp since December 2007, Chief Executive Officer since December 2006 and President since October 2004. He also served as Chief Operating Officer from October 2004 until December 2006. Mr. Davis has held management positions with the Company since joining Star Banc Corporation, one of its predecessors, in 1993 as Executive Vice President.

Jennie P. Carlson

Ms. Carlson is Executive Vice President, Human Resources, of U.S. Bancorp. Ms. Carlson, 53, has served in this position since January 2002. Until that time, she served as Executive Vice President, Deputy General Counsel and Corporate Secretary of U.S. Bancorp since the merger of Firstar Corporation and U.S. Bancorp in February 2001. From 1995 until the merger, she was General Counsel and Secretary of Firstar Corporation and Star Banc Corporation.

Andrew Cecere

Mr. Cecere is Vice Chairman and Chief Financial Officer of U.S. Bancorp. Mr. Cecere, 53, has served in this position since February 2007. Until that time, he served as Vice Chairman, Wealth Management and Securities Services of U.S. Bancorp since the merger of Firstar Corporation and U.S. Bancorp in February 2001. Previously, he had served as an executive officer of the former U.S. Bancorp, including as Chief Financial Officer from May 2000 through February 2001.

James L. Chosy

Mr. Chosy is Executive Vice President, General Counsel and Corporate Secretary of U.S. Bancorp. Mr. Chosy, 50, has served in this position since March 2013. From 2001 to 2013, he served as the General Counsel and Secretary of Piper Jaffray Companies. From 1995 to 2001, Mr. Chosy was Vice President and Associate General Counsel of U.S. Bancorp, having also served as Assistant Secretary of U.S. Bancorp from 1995 through 2000 and as Secretary from 2000 until 2001.

Terrance R. Dolan

Mr. Dolan is Vice Chairman, Wealth Management and Securities Services, of U.S. Bancorp. Mr. Dolan, 52, has served in this position since July 2010. From September 1998 to July 2010, Mr. Dolan served as U.S. Bancorp’s Controller. He additionally held the title of Executive Vice President from January 2002 until June 2010 and Senior Vice President from September 1998 until January 2002.

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John R. Elmore

Mr. Elmore is Vice Chairman, Community Banking and Branch Delivery, of U.S. Bancorp. Mr. Elmore, 57, has served in this position since March 2013. From 1999 to 2013, he served as Executive Vice President, Community Banking, of U.S. Bancorp and its predecessor company, Firstar Corporation.

Joseph C. Hoesley

Mr. Hoesley is Vice Chairman, Commercial Real Estate, of U.S. Bancorp. Mr. Hoesley, 59, has served in this position since June 2006. From June 2002 until June 2006, he served as Executive Vice President and National Group Head of Commercial Real Estate at U.S. Bancorp, having previously served as Senior Vice President and Group Head of Commercial Real Estate since joining U.S. Bancorp in 1992.

Pamela A. Joseph

Ms. Joseph is Vice Chairman, Payment Services, of U.S. Bancorp. Ms. Joseph, 54, has served in this position since December 2004. Since November 2004, she has been Chairman and Chief Executive Officer of Elavon Inc., a wholly owned subsidiary of U.S. Bancorp. Prior to that time, she had been President and Chief Operating Officer of Elavon Inc. since February 2000.

Michael S. LaFontaine

Mr. LaFontaine is Executive Vice President and Chief Operational Risk Officer of U.S. Bancorp. Mr. LaFontaine, 35, has served in this position since October 2012. From 2007 to 2012, he served as Senior Vice President with responsibility for U.S. Bancorp’s corporate compliance, anti-money laundering, and fair lending divisions, and also served as Chief Compliance Officer since 2005.

Howell D. McCullough III

Mr. McCullough is Executive Vice President and Chief Strategy Officer of U.S. Bancorp and Head of U.S. Bancorp’s Enterprise Revenue Office. Mr. McCullough, 57, has served in these positions since September 2007. From July 2005 until September 2007, he served as Director of Strategy and Acquisitions of the Payment Services business of U.S. Bancorp. He also served as Chief Financial Officer of the Payment Services business from October 2006 until September 2007. From March 2001 until July 2005, he served as Senior Vice President and Director of Investor Relations at U.S. Bancorp.

P.W. Parker

Mr. Parker is Vice Chairman and Chief Risk Officer of U.S. Bancorp. Mr. Parker, 57, has served in this position since December 2013. From October 2007 until December 2013 he served as Executive Vice President and Chief Credit Officer of U.S. Bancorp. From March 2005 until October 2007, he served as Executive Vice President of Credit Portfolio Management of U.S. Bancorp, having served as Senior Vice President of Credit Portfolio Management of U.S. Bancorp since January 2002.

Richard B. Payne, Jr.

Mr. Payne is Vice Chairman, Wholesale Banking, of U.S. Bancorp. Mr. Payne, 66, has served in this position since November 2010, when he assumed the additional responsibility for Commercial Banking at U.S. Bancorp. From July 2006, when he joined U.S. Bancorp, until November 2010, Mr. Payne served as Vice Chairman, Corporate Banking at U.S. Bancorp. Prior to joining U.S. Bancorp, he served as Executive Vice President for National City Corporation in Cleveland, with responsibility for Capital Markets, from 2001 to 2006.

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Mark G. Runkel

Mr. Runkel is Executive Vice President and Chief Credit Officer of U.S. Bancorp. Mr. Runkel, 37, has served in this position since December 2013. From February 2011 until December 2013, he served as Senior Vice President and Credit Risk Group Manager of U.S. Bancorp Retail and Payment Services Credit Risk Management, having served as Senior Vice President and Risk Manager of U.S. Bancorp Retail and Small Business Credit Risk Management from June 2009 until February 2011. From March 2005 until May 2009, he served as Vice President and Risk Manager of U.S. Bancorp.

Kent V. Stone

Mr. Stone is Vice Chairman, Consumer Banking Sales and Support, of U.S. Bancorp. Mr. Stone, 56, has served in this position since March 2013. He served as an Executive Vice President of U.S. Bancorp from 2000 to 2013, most recently with responsibility for Consumer Banking Support Services since 2006, and held other senior leadership positions with U.S. Bancorp since 1991.

Jeffry H. von Gillern

Mr. von Gillern is Vice Chairman, Technology and Operations Services, of U.S. Bancorp. Mr. von Gillern, 48, has served in this position since July 2010. From April 2001, when he joined U.S. Bancorp, until July 2010, Mr. von Gillern served as Executive Vice President of U.S. Bancorp, additionally serving as Chief Information Officer from July 2007 until July 2010.

Additional Information

Additional information in response to this Item 1 can be found in the Company’s 2013 Annual Report on page 22 under the heading “Acquisitions”; and on pages 61 to 65 under the heading “Line of Business Financial Review.” That information is incorporated into this report by reference.

Item 1A. Risk Factors

Information in response to this Item 1A can be found in the Company’s 2013 Annual Report on pages 147 to 156 under the heading “Risk Factors.” That information is incorporated into this report by reference.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

U.S. Bancorp and its significant subsidiaries occupy headquarter offices under a long-term lease in Minneapolis, Minnesota. The Company also leases nine freestanding operations centers in Cincinnati, Denver, Milwaukee, Minneapolis, Overland Park, Portland and St. Paul. The Company owns 11 principal operations centers in Cincinnati, Coeur d’Alene, Fargo, Milwaukee, Olathe, Owensboro, Portland, St. Louis and St. Paul. At December 31, 2013, the Company’s subsidiaries owned and operated a total of 1,512 facilities and leased an additional 1,960 facilities, all of which are well maintained. The Company believes its current facilities are adequate to meet its needs. Additional information with respect to premises and equipment is presented in Notes 8 and 22 of the Notes to Consolidated Financial Statements included in the Company’s 2013 Annual Report. That information is incorporated into this report by reference.

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Item 3. Legal Proceedings

Information in response to this Item 3 can be found in Note 22 of the Notes to Consolidated Financial Statements included in the Company’s 2013 Annual Report. That information is incorporated into this report by reference.

Item 4. Mine Safety Disclosures

Not Applicable.

Capital Covenants

The Company has entered into several transactions involving the issuance of capital securities (“Capital Securities”) by certain Delaware statutory trusts formed by the Company (the “Trusts”), the issuance by the Company of preferred stock (“Preferred Stock”) or the issuance by an indirect subsidiary of U.S. Bank National Association of preferred stock exchangeable for the Company’s Preferred Stock under certain circumstances (“Exchangeable Preferred Stock”). Simultaneously with the closing of each of those transactions, the Company entered into a replacement capital covenant, as amended from time to time (as amended, each, a “Replacement Capital Covenant” and collectively, the “Replacement Capital Covenants”) for the benefit of persons that buy, hold or sell a specified series of long-term indebtedness of the Company or U.S. Bank National Association (the “Covered Debt”). Each of the Replacement Capital Covenants provides that neither the Company nor any of its subsidiaries (including any of the Trusts) will repay, redeem or purchase any of the Preferred Stock, Exchangeable Preferred Stock or the Capital Securities and the securities held by the Trust (the “Other Securities”), as applicable, on or before the date specified in the applicable Replacement Capital Covenant, unless the Company has received proceeds from the sale of qualifying securities that (a) have equity-like characteristics that are the same as, or more equity-like than, the applicable characteristics of the Preferred Stock, the Exchangeable Preferred Stock, the Capital Securities or Other Securities, as applicable, at the time of repayment, redemption or purchase, and (b) the Company has obtained the prior approval of the Federal Reserve, if such approval is then required by the Federal Reserve or, in the case of the Exchangeable Preferred Stock, the approval of the OCC.

The Company will provide a copy of any Replacement Capital Covenant to a holder of the relevant Covered Debt. For copies of any of these documents, holders should write to Investor Relations, U.S. Bancorp, 800 Nicollet Mall, Minneapolis, Minnesota 55402, or call (866) 775-9668.

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The following table identifies the closing date for each transaction, issuer, series of Capital Securities, Preferred Stock or Exchangeable Preferred Stock issued in the relevant transaction, Other Securities, if any, and applicable Covered Debt as of February 21, 2014, for those securities that remain outstanding.

Closing Date	Issuer	Capital Securities or Preferred Stock	Other Securities	Covered Debt
3/17/06	USB Capital IX and U.S. Bancorp	USB Capital IX’s $675,378,000 of 6.189% Fixed-to-Floating Rate Normal Income Trust Securities	U.S. Bancorp’s Series A Non-Cumulative Perpetual Preferred Stock	U.S. Bancorp’s 7.50% Subordinated Debentures due 2026 (CUSIP No. 911596AL8)
3/27/06	U.S. Bancorp	U.S. Bancorp’s 40,000,000 Depositary Shares ($25 per Depositary Share) each representing a 1/1000th interest in a share of Series B Non-Cumulative Perpetual Preferred Stock	Not Applicable	U.S. Bancorp’s 7.50% Subordinated Debentures due 2026 (CUSIP No. 911596AL8)
12/22/06	USB Realty Corp(a) and U.S. Bancorp	USB Realty Corp.’s 5,000 shares of Fixed-to-Floating-Rate Exchangeable Non-Cumulative Perpetual Series A Preferred Stock exchangeable for shares of U.S. Bancorp’s Series C Non-cumulative Perpetual Preferred Stock(b)	Not Applicable	U.S. Bancorp’s 7.50% Subordinated Debentures due 2026 (CUSIP No. 911596AL8)
6/10/10	U.S. Bancorp	U.S. Bancorp’s 574,622 Depositary Shares ($1,000 per Depositary Share) each representing a 1/100th interest in a share of Series A Non-Cumulative Perpetual Preferred Stock	Not Applicable	U.S. Bancorp’s 2.20% Medium-Term Notes, Series T, due 2016 (CUSIP No. 91159HHB9)
4/20/12	U.S. Bancorp	U.S. Bancorp’s 43,400,000 Depositary Shares ($25 per Depositary Share) each representing a 1/1000th interest in a share of Series G Non-Cumulative Perpetual Preferred Stock	Not Applicable	U.S. Bancorp’s 2.20% Medium-Term Notes, Series T, due 2016 (CUSIP No. 91159HHB9)
5/2/13	U.S. Bancorp	U.S. Bancorp’s 20,000,000 Depositary Shares ($25 per Depositary Share) each representing a 1/1000th interest in a share of Series H Non-Cumulative Perpetual Preferred Stock	Not Applicable	U.S. Bancorp’s 2.20% Medium-Term Notes, Series T, due 2016 (CUSIP No. 91159HHB9)

(a) USB Realty Corp. is an indirect subsidiary of U.S. Bank National Association.

(b) Under certain circumstances, upon the direction of the OCC, each share of USB Realty Corp.’s Series A Preferred Stock will be automatically exchanged for one share of the U.S. Bancorp’s Series C Non-cumulative Perpetual Preferred Stock.

19

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

On March 14, 2013, the Company announced that its Board of Directors had approved a one-year authorization to repurchase up to $2.25 billion of its common stock, from April 1, 2013 through March 31, 2014. All shares repurchased during the fourth quarter of 2013 were repurchased under this authorization. The following table provides a detailed analysis of all shares repurchased by the Company during the fourth quarter of 2013:

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (In Millions)
October 1-31		6,737,375	$	37.22		6,737,375	$	730
November 1-30		4,346,027		38.34		4,346,027		564
December 1-31		1,905,400		39.62		1,905,400		488
Total		12,988,802	$	37.94		12,988,802	$	488

Additional Information

Additional information in response to this Item 5 can be found in the Company’s 2013 Annual Report on page 146 under the heading “U.S. Bancorp Supplemental Financial Data (Unaudited).” That information is incorporated into this report by reference.

Item 6. Selected Financial Data

Information in response to this Item 6 can be found in the Company’s 2013 Annual Report on page 21 under the heading “Table 1 — Selected Financial Data.” That information is incorporated into this report by reference.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Information in response to this Item 7 can be found in the Company’s 2013 Annual Report on pages 20 to 70 under the heading “Management’s Discussion and Analysis.” That information is incorporated into this report by reference.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Information in response to this Item 7A can be found in the Company’s 2013 Annual Report on pages 35 to 58 under the heading “Corporate Risk Profile.” That information is incorporated into this report by reference.

Item 8. Financial Statements and Supplementary Data

Information in response to this Item 8 can be found in the Company’s 2013 Annual Report on pages 71 to 146 under the headings “Report of Management,” “Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements,” “Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting,” “U.S. Bancorp Consolidated Balance Sheet,” “U.S. Bancorp Consolidated Statement of Income,” “U.S. Bancorp Consolidated Statement of Comprehensive Income,” “U.S. Bancorp Consolidated Statement of Shareholders’ Equity,” “U.S. Bancorp Consolidated Statement of Cash Flows,” “Notes to Consolidated Financial Statements,” “U.S. Bancorp Consolidated Balance Sheet — Five Year Summary (Unaudited),” “U.S. Bancorp Consolidated Statement of Income — Five Year Summary (Unaudited),” “U.S. Bancorp Quarterly Consolidated Financial Data (Unaudited),” “U.S. Bancorp Consolidated Daily Average Balance Sheet and Related Yields and Rates (Unaudited)” and “U.S. Bancorp Supplemental Financial Data (Unaudited).” That information is incorporated into this report by reference.

20

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

Information in response to this Item 9A can be found in the Company’s 2013 Annual Report on page 70 under the heading “Controls and Procedures” and on pages 71 and 73 under the headings “Report of Management” and “Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting.” That information is incorporated into this report by reference.

Item 9B. Other Information

None.

21

PART III

Item 10. Directors, Executive Officers and Corporate Governance

Code of Ethics and Business Conduct

The Company has adopted a Code of Ethics and Business Conduct that applies to its principal executive officer, principal financial officer and principal accounting officer. The Company’s Code of Ethics and Business Conduct can be found at www.usbank.com by clicking on “About U.S. Bank” and then clicking on “Ethics” under the “Investor/Shareholder Information” heading, which is located at the left side of the bottom of the page. The Company intends to satisfy the disclosure requirements under Item 5.05 of Form 8-K regarding amendments to, or waivers from, certain provisions of the Code of Ethics and Business Conduct that apply to its principal executive officer, principal financial officer and principal accounting officer by posting such information on its website, at the address and location specified above.

Additional Information

Information regarding the Company’s executive officers is set forth in Item 1 of this report. Additional information in response to this Item 10 can be found in the Company’s Proxy Statement under the headings “Other Matters — Section 16(a) Beneficial Ownership Reporting Compliance,” “Proposal 1 —Election of Directors,” “Corporate Governance — Board Meetings and Committees” and “Corporate Governance — Committee Member Qualifications.” That information is incorporated into this report by reference.

Item 11. Executive Compensation

Information in response to this Item 11 can be found in the Company’s Proxy Statement under the headings “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Executive Compensation” and “Director Compensation.” That information is incorporated into this report by reference.

22

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Equity Compensation Plan Information

The following table summarizes information regarding the Company’s equity compensation plans in effect as of December 31, 2013:

Plan Category	Number of Securities to be Issued upon Exercise of Outstanding Options, Warrants and Rights		Weighted-average Exercise Price of Outstanding Options, Warrants and Rights		Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in the First Column)(1)
Equity compensation plans approved by security holders(2)		50,330,141	$	29.15		53,769,168
Equity compensation plans not approved by security holders(3)		1,371,376		—		—
Total		51,701,517	$	28.37		53,769,168

(1) No shares are available for granting future awards under the U.S. Bancorp 2001 Stock Incentive Plan. The 53,769,168 shares available under the Amended and Restated 2007 Stock Incentive Plan are available for future awards in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards or other stock-based awards, except that only 14,527,636 of these shares are available for future grants of awards other than stock options or stock appreciation rights.

(2) Includes shares underlying stock options, performance-based restricted stock units (awarded to the members of the Company’s managing committee and convertible into shares of the Company’s common stock on a one-for-one basis), and restricted stock units (convertible into shares of the Company’s common stock on a one-for-one basis) under the Amended and Restated 2007 Stock Incentive Plan and the U.S. Bancorp 2001 Stock Incentive Plan. Excludes 137,620 shares, with a weighted-average exercise price of $19.86, underlying outstanding stock options and warrants assumed by U.S. Bancorp in connection with acquisitions by U.S. Bancorp.

(3) These shares of common stock are issuable pursuant to various current and former deferred compensation plans of U.S. Bancorp and its predecessor entities. The weighted-average exercise price does not include any assumed price at issuance of shares that may be issuable pursuant to the deferred compensation plans.

The deferred compensation plans allow non-employee directors and members of the Company’s senior management to defer all or part of their compensation until the earlier of retirement or termination of employment. The deferred compensation is deemed to be invested in one of several investment alternatives at the option of the participant, including shares of U.S. Bancorp common stock. Deferred compensation deemed to be invested in U.S. Bancorp stock may be received at the time of distribution, at the election of the participant, in the form of shares of U.S. Bancorp common stock. The 1,371,376 shares included in the table assume that participants in the plans whose deferred compensation had been deemed to be invested in U.S. Bancorp common stock had elected to receive all of that deferred compensation in shares of U.S. Bancorp common stock on December 31, 2013. The U.S. Bank Executive Employee Deferred Compensation Plan (2005 Statement) and the U.S. Bank Outside Directors Deferred Compensation Plan (2005 Statement) are the Company’s only deferred compensation plans under which compensation may currently be deferred.

Additional Information

Additional information in response to this Item 12 can be found in the Company’s Proxy Statement under the heading “Security Ownership of Certain Beneficial Owners and Management.” That information is incorporated into this report by reference.

23

Item 13. Certain Relationships and Related Transactions, and Director Independence

Information in response to this Item 13 can be found in the Company’s Proxy Statement under the headings “Corporate Governance — Director Independence,” “Corporate Governance — Committee Member Qualifications” and “Certain Relationships and Related Transactions.” That information is incorporated into this report by reference.

Item 14. Principal Accounting Fees and Services

Information in response to this Item 14 can be found in the Company’s Proxy Statement under the headings “Audit Committee Report and Payment of Fees to Auditor — Fees to Independent Auditor” and “Audit Committee Report and Payment of Fees to Auditor — Administration of Engagement of Independent Auditor.” That information is incorporated into this report by reference.

24

PART IV

Item 15. Exhibits, Financial Statement Schedules

List of documents filed as part of this report

1. Financial Statements

• Report of Management

• Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements

• Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting

• U.S. Bancorp Consolidated Balance Sheet as of December 31, 2013 and 2012

• U.S. Bancorp Consolidated Statement of Income for each of the three years in the period ended December 31, 2013

• U.S. Bancorp Consolidated Statement of Comprehensive Income for each of the three years in the period ended December 31, 2013

• U.S. Bancorp Consolidated Statement of Shareholders’ Equity for each of the three years in the period ended December 31, 2013

• U.S. Bancorp Consolidated Statement of Cash Flows for each of the three years in the period ended December 31, 2013

• Notes to Consolidated Financial Statements

• U.S. Bancorp Consolidated Balance Sheet — Five Year Summary (Unaudited)

• U.S. Bancorp Consolidated Statement of Income — Five Year Summary (Unaudited)

• U.S. Bancorp Quarterly Consolidated Financial Data (Unaudited)

• U.S. Bancorp Consolidated Daily Average Balance Sheet and Related Yields and Rates (Unaudited)

• U.S. Bancorp Supplemental Financial Data (Unaudited)

2. Financial Statement Schedules

All financial statement schedules for the Company have been included in the consolidated financial statements or the related footnotes, or are either inapplicable or not required.

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3. Exhibits

Shareholders may obtain a copy of any of the exhibits to this report upon payment of a fee covering the Company’s reasonable expenses in furnishing the exhibits. You can request exhibits by writing to Investor Relations, U.S. Bancorp, 800 Nicollet Mall, Minneapolis, Minnesota 55402.

Exhibit Number	Description
(1)3.1	Restated Certificate of Incorporation. Filed as Exhibit 3.2 to Form 8-K filed on June 20, 2013.
(1)3.2	Amended and Restated Bylaws. Filed as Exhibit 3.2 to Form 8-K filed on December 10, 2013.
4.1	[Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, copies of instruments defining the rights of holders of long-term debt are not filed. U.S. Bancorp agrees to furnish a copy thereof to the SEC upon request.]
(1)(2)10.1(a)	U.S. Bancorp 2001 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 10-K for the year ended December 31, 2001.
(1)(2)10.1(b)	Amendment No. 1 to U.S. Bancorp 2001 Stock Incentive Plan. Filed as Exhibit 10.2 to Form 10-K for the year ended December 31, 2002.
(1)(2)10.2	U.S. Bancorp 2006 Executive Incentive Plan. Filed as Exhibit 10.1 to Form 8-K filed on April 21, 2006.
(1)(2)10.3	U.S. Bancorp Executive Deferral Plan, as amended. Filed as Exhibit 10.7 to Form 10-K for the year ended December 31, 1999.
(1)(2)10.4	Summary of Nonqualified Supplemental Executive Retirement Plan, as amended, of the former U.S. Bancorp. Filed as Exhibit 10.4 to Form 10-K for the year ended December 31, 2001.
(1)(2)10.5	Form of Director Indemnification Agreement entered into with former directors of the former U.S. Bancorp. Filed as Exhibit 10.15 to Form 10-K for the year ended December 31, 1997.
(1)(2)10.6(a)	U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.16 to Form 10-K for the year ended December 31, 2002.
(1)(2)10.6(b)	First, Second and Third Amendments of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.17 to Form 10-K for the year ended December 31, 2003.
(1)(2)10.6(c)	Fourth Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.1 to Form 8-K filed on December 23, 2004.
(1)(2)10.6(d)	Fifth Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.2 to Form 10-Q for the quarterly period ended March 31, 2005.
(1)(2)10.6(e)	Sixth Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.1 to Form 8-K filed on October 20, 2005.
(1)(2)10.6(f)	Seventh Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.1(g) to Form 8-K filed on January 7, 2009.
(1)(2)10.6(g)	Eighth Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.1(h) to Form 8-K filed on January 7, 2009.
(1)(2)10.6(h)	Ninth Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.1(i) to Form 8-K filed on January 7, 2009.
(1)(2)10.6(i)	Tenth Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.1(j) to Form 8-K filed on January 7, 2009.
(1)(2)10.6(j)	Eleventh Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.11(k) to Form 10-K for the year ended December 31, 2009.

26

(1)(2)10.6(k)	Twelfth Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan. Filed as Exhibit 10.11(l) to Form 10-K for the year ended December 31, 2010.
(2)10.6(l)	Thirteenth Amendment of U.S. Bancorp Non-Qualified Executive Retirement Plan.
(1)(2)10.7(a)	U.S. Bancorp Executive Employees Deferred Compensation Plan. Filed as Exhibit 10.18 to Form 10-K for the year ended December 31, 2003.
(1)(2)10.7(b)	2011 Amendment of U.S. Bancorp Executive Employees Deferred Compensation Plan. Filed as Exhibit 10.9(b) to Form 10-K for the year ended December 31, 2011.
(1)(2)10.8(a)	U.S. Bancorp 2005 Executive Employees Deferred Compensation Plan. Filed as Exhibit 10.2 to Form 8-K filed on December 21, 2005.
(1)(2)10.8(b)	First Amendment of U.S. Bancorp 2005 Executive Employees Deferred Compensation Plan effective as of January 31, 2009. Filed as Exhibit 10.2(b) to Form 8-K filed on January 7, 2009.
(1)(2)10.8(c)	Second Amendment of U.S. Bancorp 2005 Executive Employees Deferred Compensation Plan effective as of January 1, 2010. Filed as Exhibit 10.13(c) to Form 10-K for the year ended December 31, 2010.
(1)(2)10.8(d)	Third Amendment of U.S. Bancorp 2005 Executive Employees Deferred Compensation Plan. Filed as Exhibit 10.10(d) to Form 10-K for the year ended December 31, 2011.
(1)(2)10.9(a)	U.S. Bancorp Outside Directors Deferred Compensation Plan. Filed as Exhibit 10.19 to Form 10-K for the year ended December 31, 2003.
(1)(2)10.9(b)	2011 Amendment of U.S. Bancorp Outside Directors Deferred Compensation Plan. Filed as Exhibit 10.11(b) to Form 10-K for the year ended December 31, 2011.
(1)(2)10.10(a)	U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan. Filed as Exhibit 10.1 to Form 8-K filed on December 21, 2005.
(1)(2)10.10(b)	First Amendment of U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan effective as of January 31, 2009. Filed as Exhibit 10.3(b) to Form 8-K filed on January 7, 2009.
(1)(2)10.10(c)	Second Amendment of U.S. Bancorp 2005 Outside Directors Deferred Compensation Plan. Filed as Exhibit 10.12(c) to Form 10-K for the year ended December 31, 2011.
(1)(2)10.11(a)	Form of Executive Severance Agreement, effective November 16, 2001, between U.S. Bancorp and certain executive officers of U.S. Bancorp. Filed as Exhibit 10.12 to Form 10-K for the year ended December 31, 2001.
(1)(2)10.11(b)	Form of Amendment to Executive Severance Agreements for IRC Section 409A Compliance dated as of December 31, 2008. Filed as Exhibit 10.6(b) to Form 8-K filed on January 7, 2009.
(1)(2)10.12	Form of Executive Officer Stock Option Agreement with cliff and performance vesting under U.S. Bancorp 2001 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 10-Q for the quarterly period ended September 30, 2004.
(1)(2)10.13	Form of Executive Officer Stock Option Agreement with annual vesting under U.S. Bancorp 2001 Stock Incentive Plan. Filed as Exhibit 10.2 to Form 10-Q for the quarterly period ended September 30, 2004.
(1)(2)10.14	Form of 2006 Executive Officer Stock Option Agreement with annual vesting under U.S. Bancorp 2001 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 8-K filed on January 17, 2006.
(1)(2)10.15	Form of Director Stock Option Agreement under U.S. Bancorp 2001 Stock Incentive Plan. Filed as Exhibit 10.4 to Form 10-Q for the quarterly period ended September 30, 2004.

27

(1)(2)10.16(a)	Form of Director Restricted Stock Unit Award Agreement under U.S. Bancorp 2001 Stock Incentive Plan. Filed as Exhibit 10.5 to Form 10-Q for the quarterly period ended September 30, 2004.
(1)(2)10.16(b)	Form of Amendment to Director Restricted Stock Unit Award Agreements under U.S. Bancorp 2001 Stock Incentive Plan dated as of December 31, 2008. Filed as Exhibit 10.5(b) to Form 8-K filed on January 7, 2009.
(1)(2)10.17	Form of Executive Officer Restricted Stock Unit Award Agreement under U.S. Bancorp 2001 Stock Incentive Plan. Filed as Exhibit 10.6 to Form 10-Q for the quarterly period ended September 30, 2004.
(1)(2)10.18(a)	Employment Agreement dated May 7, 2001, with Pamela A. Joseph. Filed as Exhibit 10.37 to Form 10-K for the year ended December 31, 2007.
(1)(2)10.18(b)	Amendment to Employment Agreement with Pamela A. Joseph dated as of December 31, 2008. Filed as Exhibit 10.7(b) to Form 8-K filed on January 7, 2009.
(1)(2)10.19	U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 8-K filed on April 20, 2010.
(1)(2)10.20	Form of 2007 Non-Qualified Stock Option Agreement for Executive Officers under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.2 to Form 8-K filed on April 18, 2007.
(1)(2)10.21	Form of Non-Qualified Stock Option Agreement for Executive Officers under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan to be used after December 31, 2008. Filed as Exhibit 10.8(a) to Form 8-K filed on January 7, 2009.
(1)(2)10.22	Form of Non-Qualified Stock Option Agreement for Executive Officers (as approved January 16, 2012) under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.2 to Form 8-K filed on January 18, 2012.
(1)(2)10.23	Form of Non-Qualified Stock Option Agreement for Executive Officers (as approved November 14, 2012) under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.2 to Form 8-K filed on November 19, 2012.
(1)(2)10.24	Form of Non-Qualified Stock Option Agreement for Executive Officers (as approved December 9, 2013) under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.2 to Form 8-K filed on December 13, 2013.
(1)(2)10.25	Form of Restricted Stock Award Agreement for Executive Officers under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan to be used after December 31, 2008. Filed as Exhibit 10.9(a) to Form 8-K filed on January 7, 2009.
(1)(2)10.26	Form of Restricted Stock Award Agreement under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 10-Q filed for the quarterly period ended September 30, 2012.
(2)10.27	Form of Restricted Stock Unit Award Agreement under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan to be used after December 31, 2013.
(1)(2)10.28	Form of Restricted Stock Unit Award Agreement for Executive Officers under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan to be used after December 31, 2008. Filed as Exhibit 10.10(a) to Form 8-K filed on January 7, 2009.
(1)(2)10.29	Form of Performance Restricted Stock Unit Award Agreement for Executive Officers under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan to be used after December 31, 2008. Filed as Exhibit 10.1 to Form 8-K filed on March 6, 2009.

28

(1)(2)10.30	Form of Performance Restricted Stock Unit Award Agreement for Executive Officers (as approved February 14, 2011) under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 8-K filed on February 16, 2011.
(1)(2)10.31	Form of Performance Restricted Stock Unit Award Agreement for Executive Officers (as approved January 16, 2012) under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 8-K filed on January 18, 2012.
(1)(2)10.32	Form of Performance Restricted Stock Unit Award Agreement for Executive Officers (as approved November 14, 2012) under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 8-K filed on November 19, 2012.
(1)(2)10.33	Form of Performance Restricted Stock Unit Award Agreement for Executive Officers (as approved December 9, 2013) under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 8-K filed on December 13, 2013.
(1)(2)10.34	Form of 2010 Retention Performance Restricted Stock Unit Award Agreement for Executive Officers under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 8-K filed on February 18, 2010.
(1)(2)10.35	Form of 2007 Restricted Stock Unit Award Agreement for Non-Employee Directors under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan. Filed as Exhibit 10.1 to Form 10-Q/A for the quarterly period ended September 30, 2007.
(1)(2)10.36	Form of Restricted Stock Unit Award Agreement for Non-Employee Directors under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan to be used after December 31, 2008. Filed as Exhibit 10.11(a) to Form 8-K filed on January 7, 2009.
(2)10.37	Form of Restricted Stock Unit Award Agreement for Non-Employee Directors under U.S. Bancorp Amended and Restated 2007 Stock Incentive Plan to be used after December 31, 2013.
12	Statement re: Computation of Ratio of Earnings to Fixed Charges.
13	2013 Annual Report, pages 19 through 159.
21	Subsidiaries of the Registrant.
23	Consent of Ernst & Young LLP.
24	Power of Attorney.
31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.
32	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.
101	Financial statements from the Annual Report on Form 10-K of the Company for the year ended December 31, 2013, formatted in Extensible Business Reporting Language: (i) the Consolidated Balance Sheet, (ii) the Consolidated Statement of Income, (iii) the Consolidated Statement of Comprehensive Income, (iv) the Consolidated Statement of Shareholders’ Equity, (v) the Consolidated Statement of Cash Flows and (vi) the Notes to Consolidated Financial Statements.

(1) Exhibit has been previously filed with the SEC and is incorporated herein as an exhibit by reference to the prior filing.

(2) Management contracts or compensatory plans or arrangements.

29

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on February 21, 2014, on its behalf by the undersigned, thereunto duly authorized.

U.S. BANCORP
By	/s/ RICHARD K. DAVIS
	Richard K. Davis
	Chairman, President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 21, 2014, by the following persons on behalf of the registrant and in the capacities indicated.

Signature and Title

/s/ RICHARD K. DAVIS

Richard K. Davis,

Chairman, President, and Chief Executive Officer

(principal executive officer)

/s/ ANDREW CECERE

Andrew Cecere,

Vice Chairman and Chief Financial Officer

(principal financial officer)

/s/ CRAIG E. GIFFORD

Craig E. Gifford,

Executive Vice President and Controller

(principal accounting officer)

DOUGLAS M. BAKER, JR.*

Douglas M. Baker, Jr., Director

Y. MARC BELTON*

Y. Marc Belton, Director

VICTORIA BUYNISKI GLUCKMAN*

Victoria Buyniski Gluckman, Director

ARTHUR D. COLLINS, JR.*

Arthur D. Collins, Jr., Director

ROLAND A. HERNANDEZ*

Roland A. Hernandez, Director

JOEL W. JOHNSON*

Joel W. Johnson, Director

OLIVIA F. KIRTLEY*

Olivia F. Kirtley, Director

JERRY W. LEVIN*

Jerry W. Levin, Director

30

Signature and Title

DAVID B. O’MALEY*

David B. O’Maley, Director

O’DELL M. OWENS, M.D., M.P.H.*

O’Dell M. Owens, M.D., M.P.H., Director

CRAIG D. SCHNUCK*

Craig D. Schnuck, Director

PATRICK T. STOKES*

Patrick T. Stokes, Director

DOREEN WOO HO*

Doreen Woo Ho, Director

* James L. Chosy, by signing his name hereto, does hereby sign this document on behalf of each of the above named directors of the registrant pursuant to powers of attorney duly executed by such persons.

Dated: February 21, 2014

By:	/s/ JAMES L. CHOSY
	James L. Chosy
	Attorney-In-Fact Executive Vice President, General Counsel and Corporate Secretary

31

EX-10.6L

Exhibit 10.6(l)

WRITTEN ACTION OF

OFFICER OF

U.S. BANCORP

(Adoption of Thirteenth Amendment to

U.S. Bank Non-Qualified Retirement Plan)

I, Jennie Carlson, certify that I am the Executive Vice President, Human Resources of U.S. Bancorp, a Delaware corporation, and that, pursuant to authority granted in the U.S. Bank Non-Qualified Retirement Plan (2002 Statement), I take the following actions:

The document entitled “Thirteenth Amendment of U.S. Bank Non-Qualified Retirement Plan (2002 Statement)” is approved and adopted.

I certify that the document attached is a true and correct copy of the amendment.

Dated: December 23, 2013	/s/ Jennie Carlson
	Jennie Carlson
	Executive Vice President, Human Resources

THIRTEENTH AMENDMENT

OF

U.S. BANK NON-QUALIFIED RETIREMENT PLAN

The U.S. Bank Non-Qualified Retirement Plan (the “Plan”) is amended as provided below. This amendment is intended to clarify the Plan. The amendment below is not intended to make any changes that would cause a violation of section 409A of the Internal Revenue Code or its accompanying regulations. If a change in this amendment is determined to be a violation of section 409A, the amendment shall not be effective and shall be disregarded with respect to the rules governing benefits under the Plan.

1. CALCULATION OF EXCESS BENEFIT. Effective January 1, 2013, with respect to benefit accruals on and after that date, a new final paragraph shall be added to Section 4.1 that reads as follows:

Notwithstanding the foregoing, if a Participant is receiving benefits under the Company’s or an Employer’s long-term disability plan, the Participant shall cease accruing an Excess Benefit under this Plan (even if the Participant continues to accrue a benefit under the Qualified Plan) on the earlier of the following:

(i) the first day of the month the Participant’s benefit under this Plan is distributed to the Participant, or

(ii) the later of (i) the Participant’s attainment of age 62, or (ii) the Participant’s Separation from Service.

In the context of a Participant who is determined to be Disabled, a Participant’s Separation from Service is the date the Participant is terminated from regular employment on the Employer’s payroll and personnel records (subject to section 409A of the Code).

2. NON-GRANDFATHERED AMOUNTS – OPTIONAL FORMS OF PAYMENT (ANNUITY PAYMENT). Effective January 1, 2013, the first sentence of the second paragraph of Section 4.3.1 of the Plan Statement shall be amended to replace the current clause (ii) that reads “on or before the date of the Participant’s Separation from Service,” with “before the date for the first annuity payment,”.

3. NON-GRANDFATHERED AMOUNTS – OPTIONAL FORMS OF PAYMENT (SINGLE LUMP SUM FORM OF PAYMENT). Effective January 1, 2013 (and as previously provided under component documents), Section 4.3.1 of the Plan Statement shall be amended to read as follows:

Notwithstanding the foregoing, a Participant who has a non-grandfathered supplemental benefit under the Plan who cannot elect a single lump sum for the supplemental benefit and has not commenced payment shall not be able to elect a single lump sum payment for the excess benefit.

For purposes of clarity, the foregoing shall apply prospectively and not alter or affect elections already made under the Plan.

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4. SMALL AMOUNTS. Effective January 1, 2013 (provided that the changes with respect to Grandfathered Amounts are not a material modification), Section 4.5 of the Plan Statement shall be amended to read as follows:

4.5. Small Amounts .

4.5.1. Non-Grandfathered Benefit with Value Equal to or Less Than the Applicable Dollar Amount Under Section 402(g)(1)(B). On and after a Participant’s Separation from Service, the following small amount cash out rules shall apply to the Participant’s non-grandfathered benefit (if any) under the Plan.

(a) Non-Account Balance Benefit. If the Actuarially Equal single lump value of a Participant’s non-account Excess Benefit and benefits under all of the Company’s non-account balance deferred compensation plans (within the meaning of section 409A of the Code and applicable guidance thereunder) is not greater than the applicable dollar limit under section 402(g)(1)(B) of the Code (as adjusted from time to time), the Participant’s Excess Benefit and benefits under all of the Company’s non-account balance deferred compensation plans (within the meaning of section 409A of the Code) may be paid in a single lump sum payment as soon as administratively feasible following the date it is less than that amount.

(b) Non-Elective Account Balance Benefit. If the Actuarially Equal single lump value of a Participant’s non-elective account balance Excess Benefit (such as the excess benefit on the 2010 cash and benefits under all of the Company’s non-elective account balance deferred compensation plans (within the meaning of section 409A of the Code and applicable guidance thereunder) is not greater than the applicable dollar limit under section 402(g)(1)(B) of the Code (as adjusted from time to time), the Participant’s non-elective account balance Excess Benefit and benefits under all of the Company’s non-elective account balance deferred compensation plans (within the meaning of section 409A of the Code) may be paid in a single lump sum payment as soon as administratively feasible following the date it is less than that amount.

4.5.2. Grandfathered Amount with Value Equal to or Less Than the Applicable Dollar Amount Under Section 402(g)(1)(B) (where Participant does not have a Non-Grandfathered Benefit). On and after a Participant’s Separation from Service, the following small amount cash out rules shall apply to the Participant’s Grandfathered Amount (if any) under the Plan. If the Actuarially Equal single lump value of a Participant’s Grandfathered Amount and grandfathered benefits under all of the Company’s deferred compensation plans (within the meaning of section 409A of the Code and applicable guidance thereunder) is not greater than the applicable dollar limit under section 402(g)(1)(B) of the Code (as adjusted from time to time), the Participant’s Grandfathered Amount and grandfathered benefits under all of the Company’s deferred compensation plans (within the meaning of section 409A of the Code) may be paid in a single lump sum payment as soon as administratively feasible following the date it is less than that amount.

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4.5.3. Non-Grandfathered Benefit and Grandfathered Amount . On and after a Participant’s Separation from Service, if a Participant has a non-grandfathered benefit (either non-account benefit, non-elective account benefit, or both) and a Grandfathered Amount, the determination of whether an amount may be cashed out shall be independently made with respect to (i) the non-Grandfathered, non-account balance benefit, (ii) the non-Grandfathered, non-elective account balance benefit, and (iii) the Grandfathered Amount as to whether the value of any one of them is not greater than the applicable dollar limit under section 402(g)(1)(B) of the Code (as adjusted from time to time). If so, then the rules under Section 4.5.1 and Section 4.52 (as applicable) shall apply.

5. NON-GRANDFATHERED BENEFITS – OPTIONAL FORMS OF PAYMENT. Effective January 1, 2013, Section 6.3.1 of the Plan Statement shall be amended such that clause (d) shall be amended to add “or” after the semi-colon at the end of the clause, clause (e) shall be amended to delete “; or” at the end of the clause and replace them with “.”, and clause (f) shall be deleted.

6. SAVINGS CLAUSE. Save and except as expressly amended above, the Plan shall continue in full force and effect.

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EX-10.27

Exhibit 10.27

NOTE: This Restricted Stock Unit Award Agreement is applicable to restricted stock unit awards made to certain employees (“Participants”) of U.S. Bancorp (the “Company”) on and after January 1, 2014. These restricted stock unit awards will have the terms and conditions set forth in each Participant’s award summary (the “Award Summary”), which can be accessed on the Morgan Stanley Benefit Access Website at www.benefitaccess.com (or the website of any other stock plan administrator selected by the Company in the future). The Award Summary may be viewed at any time on this Website, and the Award Summary may also be printed out. In addition to the individual terms and conditions set forth in the Award Summary, each restricted stock unit award will have the terms and conditions set forth in the form of Restricted Stock Unit Award Agreement below. As a condition of each restricted stock unit award, Participant accepts the terms and conditions of the Award Summary and the Restricted Stock Unit Award Agreement.

U.S. BANCORP

RESTRICTED STOCK UNIT AWARD AGREEMENT

THIS AGREEMENT, together with the Award Summary which is incorporated herein by reference (collectively, the “Agreement”) sets forth the terms and conditions of a restricted stock unit award (“RSU Award”) representing the right to receive shares of common stock of the Company, par value $0.01 per share (the “Common Stock”). The grant of the RSU Award is pursuant to the Company’s Amended and Restated 2007 Stock Incentive Plan, which was approved by shareholders on April 20, 2010 (the “Plan”) and is subject to its terms. Capitalized terms that are not defined in the Agreement shall have the meaning ascribed to such terms in the Plan.

The Company and Participant agree as follows:

1. Award

Subject to the terms and conditions of the Plan and the Agreement, the Company grants to Participant a restricted stock unit award entitling the Participant to the number of restricted stock units (the “Units”) set forth in Participant’s Award Summary. Each Unit represents the right to receive one share of Common Stock, subject to the vesting requirements and distribution provisions of the Agreement and the terms of the Plan. The shares of Common Stock distributable to Participant with respect to the Units granted hereunder are referred to as the “Shares.” Participant’s Award Summary sets forth the date of grant of this award (the “Grant Date”).

2. Vesting; Forfeiture

(a) Forfeiture if No Confidentiality and Non-solicitation Agreement on File. This RSU Award is conditioned upon the timely execution of a Confidentiality and Non-solicitation Agreement between the Company or an Affiliate (as defined in Section 11) and Participant, in a form acceptable to the Company (a “CNS Agreement”). If a properly executed CNS Agreement is not on file with the Company on the Grant Date, then, on or before the 30^th day following the

Grant Date, Participant must execute and deliver to the Company a CNS Agreement in a form satisfactory to the Company. Notwithstanding any other provision in the Agreement, if a CNS Agreement is not on file with the Company on or before the 30^th day following the Grant Date, the Units will be immediately and irrevocably forfeited and Participant shall have no rights hereunder.

(b) Time Based Vesting Conditions. Subject to the terms and conditions of the Agreement, the Units shall vest in installments on the date or dates set forth in the Participant’s Award Summary (each such date, a “Scheduled Vesting Date”) if Participant remains continuously employed by the Company or an Affiliate of the Company until the applicable Scheduled Vesting Date. Except as otherwise provided in the Agreement, if Participant ceases to be an employee of the Company or any Affiliate prior to an applicable Scheduled Vesting Date, all Units that have not become vested previously in accordance with the Award Summary shall be immediately and irrevocably forfeited.

(c) Vesting As a Result of Disability or Death. Notwithstanding the vesting provision contained in Section 2(b) above, and subject to the other terms and conditions of the Agreement, if Participant dies or becomes Disabled (as defined in Section 11) while in the employ of the Company or any Affiliate prior to a Scheduled Vesting Date, then the Units will not be forfeited and will be paid out in accordance with Section 3(b) hereof. Notwithstanding the foregoing, the provisions of this Section 2(c) will apply only if Participant has at all times complied with the terms of the CNS Agreement.

(d) Vesting As a Result of Participant’s Eligibility to Retire. Notwithstanding the vesting provision contained in Section 2(b) above, and subject to the terms and conditions of the Agreement, if, on the Grant Date, Participant is Eligible to Retire (as defined in Section 11), then the Units will become vested in the calendar year in which the Grant Date occurs and will be paid out in accordance with Section 3(c) hereof. If Participant is not Eligible to Retire as of the Grant Date, but has remained continuously employed by the Company or any Affiliate of the Company until Participant becomes Eligible to Retire, then the Units that are not vested as of such date will become vested in the calendar year in which Participant becomes Eligible to Retire, and will be paid out in accordance with Section 3(c). Notwithstanding the foregoing, the provisions of this Section 2(d) will apply only if Participant has at all times complied with the terms of the CNS Agreement.

(e) Vesting As a Result of Qualifying Termination. Notwithstanding the vesting provision contained in Section 2(b) above, and subject to the terms and conditions of the Agreement, if Participant has been continuously employed by the Company or any Affiliate of the Company until the date of a Qualifying Termination (as defined in Section 11), then the Units that are not vested at the time of such Qualifying Termination will not be forfeited, but instead will become vested in the calendar year in which the Qualifying Termination occurs, and will be paid out in accordance with Section 3(b) hereof. Notwithstanding the foregoing, the provisions of this Section 2(e) will apply only if Participant has at all times complied with the terms of the CNS Agreement.

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(f) Forfeiture on Termination of Employment for Cause and on Breach of Confidentiality Agreement. Notwithstanding any other provisions in this Agreement, if Participant violates the terms of the CNS Agreement, all Units that have not been settled (and Shares delivered) previously shall be immediately and irrevocably forfeited. If Participant’s employment with the Company is terminated for Cause (as defined in Section 11), all Units that have not been settled (and Shares delivered) previously shall be immediately and irrevocably forfeited.

(g) Special Risk-Related Cancellation Provisions

(A) Cancellation Resulting From Acts Occurring During the Grant Year. Notwithstanding any other provision of the Agreement, if it shall be determined at any time subsequent to the Grant Date that Participant has, during the calendar year in which the Grant Date occurs (the “Grant Year”), (i) failed to comply with Company policies and procedures, including the Code of Ethics and Business Conduct, (ii) violated any law or regulation, (iii) engaged in negligent or willful misconduct, or (iv) engaged in activity resulting in a significant or material control deficiency under the Sarbanes-Oxley Act of 2002, and such failure, violation, misconduct or activity (A) demonstrates an Inadequate Sensitivity (as defined below) to the inherent risks of Participant’s business line or functional area, and (B) results in, or is reasonably likely to result in, a material adverse impact (whether financial or reputational) on the Company or Participant’s business line or functional area, all or part of the Units granted under the Agreement that have not been settled (and Shares delivered) at the time of such determination may be cancelled, and, if so cancelled, Participant will have no rights with respect to the Units. “Inadequate Sensitivity” means Participant has engaged in imprudent activities that subject the Company to risk outcomes in future periods, including risks that may not be apparent at the time the activities are undertaken.

(B) Cancellation Resulting From Acts Occurring in Years other than the Grant Year. Notwithstanding any other provisions of the Agreement, if Participant receives an Award in any year other than the Grant Year (the “Other Grant Year”) pursuant to an Award Agreement that contains a provision substantially similar to paragraph 2(g)(A), and it is determined that all or a portion of the Award made in the Other Grant Year (the “Other Grant Year Award”), as a result of risk-related behavior on the part of Participant occurring in the Other Grant Year, should be subject to the cancellation in accordance with the terms of such provision, but some or all of the Other Grant Year Award is not subject to cancellation because vesting or settlement, as applicable, already has occurred, then the Units granted under this Agreement that have not been settled (and Shares delivered) previously may be cancelled to the extent necessary to satisfy the Unsatisfied Cancellation Value (as defined below). The initial determination of the Unsatisfied Cancellation Value will be made by the Incentive Review Committee (as defined in Section 11), subject to review and approval or adjustment by the Committee, in its sole discretion. “Unsatisfied Cancellation Value” means the excess of (i) the value of the Other Grant Year Award, or portion thereof, that the Incentive Review Committee determines should be subject to cancellation (which amount shall not exceed the original Grant Date fair value of the Other Grant Year Award) over (ii) the value of that portion of the Other Grant Year Award that is subject to cancellation at the time of such determination. All or a portion of the Units granted under this Agreement that have not been settled (and Shares delivered) shall be subject to cancellation in order to satisfy the Unsatisfied Cancellation Value. For avoidance of doubt, the valuation of each Unit for the purpose of determining the number of such Units to be cancelled shall be determined in the absolute discretion of the Committee.

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3. Distribution of Shares with Respect to Units

Subject to the restrictions in this Section 3, following the vesting of Units and following the payment of any applicable withholding taxes pursuant to Section 8, the Company shall cause to be issued and delivered to Participant (including through book entry) Shares registered in the name of Participant or in the name of Participant’s legal representatives, beneficiaries or heirs, as the case may be, as follows:

(a) Scheduled Vesting Date Distributions. As soon as administratively feasible following each Scheduled Vesting Date (but in no event later than December 31^st of the year in which such Scheduled Vesting Date occurs), all Shares issuable pursuant to Units that become vested as of such Scheduled Vesting Date (and with respect to which Shares have not been distributed previously) shall be distributed to Participant.

(b) Distributions As a Result of a Qualifying Termination, Disability or Death. In the event of a Participant’s Qualifying Termination, Disability or death, all Shares issuable pursuant to Units that become vested as a result of such event (and with respect to which Shares have not been distributed previously) shall be distributed to Participant (or Participant’s estate, as the case may be) on or before March 15^th of the calendar year immediately following the year in which the event occurs.

(c) Distributions As a Result of Participant’s Eligibility to Retire. If Participant is Eligible to Retire on the Grant Date, then all Units granted pursuant to this RSU Award will be settled and Shares will be distributed on or before March 15^th of the calendar year immediately following the year in which the Grant Date occurs. If Participant is not Eligible to Retire as of the Grant Date, but remains continuously employed by the Company or any Affiliate of the Company until Participant becomes Eligible to Retire, then Units that have not been settled previously will be settled (and Shares will be delivered) on or before March 15^th of the calendar year immediately following the year in which Participant becomes Eligible to Retire.

In the event that the number of Shares distributable pursuant to this Section 3 is a number that is not a whole number, then the number of Shares distributed shall be rounded down to the nearest whole number.

4. Rights as Shareholder; Dividend Equivalents

Prior to the distribution of Shares with respect to Units pursuant to Section 3 above, Participant shall not have ownership or rights of ownership of any Shares underlying the Units; provided, however, that Participant shall be entitled to receive cash dividend equivalents on outstanding Units (i.e. Units that have not been forfeited or settled), whether vested or unvested, when cash dividends are declared by the Company’s Board of Directors on the Common Stock. Such dividend equivalents will be in an amount of cash per Unit equal to the cash dividend paid with respect to a share of outstanding Common Stock. For avoidance of doubt, Participant will be eligible to receive Dividend equivalents with respect to unvested Units only if Participant remains in continuous employment with the Company or an Affiliate through the applicable

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dividend record date as declared by the Board. Dividend equivalents will be paid to Participant on the same payment dates as dividends to holders of the Common Stock are paid, provided, however, that in all events, dividend equivalents paid in accordance with this paragraph will be paid in the calendar year in which the dividend record date occurs, or, if permitted in a manner that complies with Treasury Regulation Section 1.409A-1(b)(4), no later than March 15^th of the calendar year following the year in which the right to dividend equivalents is no longer subject to a substantial risk of forfeiture within the meaning of Treasury Regulation Section 1.409A-1(d). Dividend equivalents are subject to income and payroll tax withholding by the Company.

5. Restriction on Transfer

Except for transfers by will or the applicable laws of descent and distribution, the Units cannot be sold, assigned, transferred, gifted, pledged, or in any manner encumbered, alienated, attached or disposed of, and any purported sale, assignment, transfer, gift, pledge, alienation, attachment or encumbrance shall be void and unenforceable against the Company. No such attempt to transfer the Units, whether voluntary or involuntary, by operation of law or otherwise, shall vest the purported transferee with any interest or right in or with respect to the Units or the Shares issuable with respect to the Units.

6. Securities Law Compliance

The delivery of all or any of the Shares in accordance with this Award shall be effective only at such time that the issuance of such Shares will not violate any state or federal securities or other laws. The Company is under no obligation to effect any registration of the Shares under the Securities Act of 1933 or to effect any state registration or qualification of the Shares. The Company may, in its sole discretion, delay the delivery of the Shares or place restrictive legends on such Shares in order to ensure that the issuance of any Shares will be in compliance with federal or state securities laws and the rules of the New York Stock Exchange or any other exchange upon which the Company’s Common Stock is traded.

7. Distributions and Adjustments

The Award shall be subject to adjustment, in accordance with Section 4(c) of the Plan, in the event that any distribution, recapitalization, reorganization, merger or other event covered by Section 4(c) of the Plan shall occur.

8. Income Tax Withholding

In order to comply with all applicable federal, state, local and foreign income and payroll tax laws or regulations, the Company may take such action as it deems appropriate to ensure that all applicable withholding, income or other taxes, which are the sole and absolute responsibility of Participant, are withheld or collected from Participant. Without limiting the foregoing, the Company may, but is not obligated to, permit or require the satisfaction of the minimum statutory tax withholding obligations through net Share settlement at the time of delivery of Shares (i.e. the Company withholds a portion of the Shares otherwise to be delivered with a Fair Market Value, as such term is defined in the Plan, equal to the amount necessary to satisfy such obligations) or through an open market sale of Shares otherwise to be delivered, in each case pursuant to such rules and procedures as may be established by the Company.

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9. Miscellaneous

(a) The Agreement is issued pursuant to the Plan and is subject to its terms. The Plan is available for inspection during business hours at the principal office of the Company. In addition, the Plan may be viewed on the Morgan Stanley Benefit Access Website at www.benefitaccess.com (or the website of any other stock plan administrator selected by the Company in the future).

(b) The Agreement shall not confer on Participant any right with respect to continuance of employment with the Company or any Affiliate, nor will it interfere in any way with the right of the Company or any Affiliate to terminate such employment at any time.

(c) Participant acknowledges that the grant, vesting or any payment with respect to this Award, and the sale or other taxable disposition of the Shares issued with respect to the Units hereunder may have tax consequences pursuant to the Code or under local, state or international tax laws. Participant acknowledges that Participant is relying solely and exclusively on Participant’s own professional tax and investment advisors with respect to any and all such matters (and is not relying, in any manner, on the Company or any of its employees or representatives). Participant understands and agrees that any and all tax consequences resulting from the Award and its grant, vesting or any payment with respect thereto, and the sale or other taxable disposition of the Shares acquired pursuant to the Award, is solely and exclusively the responsibility of Participant without any expectation or understanding that the Company or any of its employees or representatives will pay or reimburse Participant for such taxes or other items.

(d) It is intended that the Award under this Agreement shall be exempt from Section 409A of the Code pursuant to Treasury Regulations Section 1.409A-1(b)(4), and the provisions of the Agreement shall be construed and administered accordingly.

10. Venue

Any claim or action brought with respect to this Award shall be brought in a federal or state court located in Minneapolis, Minnesota.

11. Definitions

For purposes of the Agreement, the following terms shall have the definitions as set forth below:

(a) “Affiliate” shall be defined as defined in Rule 12b-2 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

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(b) “Announcement Date” shall mean the date of the public announcement of the transaction, event or course of action that results in a Change in Control.

(c) “Cause” shall mean:

(A) the continued failure by Participant to substantially perform Participant’s duties with the Company or any Affiliate (other than any such failure resulting from Participant’s Disability), after a demand for substantial performance is delivered to Participant that specifically identifies the manner in which the Company believes that Participant has not substantially performed Participant’s duties, and Participant has failed to resume substantial performance of Participant’s duties on a continuous basis;

(B) gross and willful misconduct during the course of employment (regardless of whether the misconduct occurs on the Company’s premises), including, without limitation, theft, assault, battery, malicious destruction of property, arson, sabotage, embezzlement, harassment, acts or omissions which violate the Company’s rules or policies (such as breaches of confidentiality), or other conduct which demonstrates a willful or reckless disregard of the interests of the Company or its Affiliates; or

(C) Participant’s conviction of a crime (including, without limitation, a misdemeanor offense) which impairs Participant’s ability substantially to perform Participant’s duties with the Company.

(d) “Change in Control” shall mean any of the following events occurring after the date of the Agreement:

(A) The acquisition by any Person (as defined in Section 11(i))of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (1) the then outstanding shares of Common Stock (the “Outstanding Company Common Stock”) or (2) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this clause (A), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by a subsidiary of the Company or any employee benefit plan (or related trust) sponsored or maintained by the Company or a subsidiary of the Company (a “Company Entity”) or (iv) any acquisition by any corporation pursuant to a transaction which complies with clause (i), (ii) or (iii) of this clause (A); or

(B) Individuals who, as of the Grant Date, constitute the Company’s Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors (except as a result of the death, retirement or disability of one or more members of the Incumbent Board); provided, however, that any individual becoming a director subsequent to the date of the Agreement whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member

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of the Incumbent Board, but excluding, for this purpose, (1) any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board, (2) any director designated by or on behalf of a Person who has entered into an agreement with the Company (or which is contemplating entering into an agreement) to effect a Business Combination (as defined in paragraph (C) of this Section 11(d)) with one or more entities that are not Company Entities or (3) any director who serves in connection with the act of the Board of Directors of increasing the number of directors and filling vacancies in connection with, or in contemplation of, any such Business Combination; or

(C) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding shares of common stock or the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any Company Entity or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 35% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (3) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board of Directors, providing for such Business Combination; or

(D) Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

(e) “Disability” or “Disabled” means qualifying for and receiving disability benefits under the Company’s long-term disability programs as in effect from time to time.

(f) “Eligible to Retire” means a Participant is age 59-1/2 or older and has had 10 or more years of employment with the Company or its Affiliates following such Participant’s most recent date of hire by the Company or its Affiliates.

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(g) “Incentive Review Committee” means a committee of executive officers of the Company as identified in the Company’s Incentive Compensation Policy from time to time, and initially comprised of the Company’s chief financial officer, chief credit officer, chief risk officer, general counsel and executive vice-president human resources.

(h) “Notice of Termination” means a written notice which sets forth the date of termination of Participant’s employment.

(i) “Person” means person as defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

(j) “Qualifying Termination” means a Participant’s termination of employment with the Company and its Affiliates by the Company for any reason other than Cause within 12 months following a Change in Control, provided that such a termination will not be a Qualifying Termination if: i) the Company has notified Participant in writing more than 30 days prior to the Announcement Date that Participant’s employment is not expected to continue for more than 12 months following the date of such notification, and Participant’s employment is in fact terminated within such 12-month period; or ii) Participant has announced in writing, prior to the date the Company provides a Notice of Termination to Participant, that Participant intends to terminate his or her employment.

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EX-10.37

Exhibit 10.37

NOTE: Restricted stock unit awards made to non-employee directors (“Participants”) of U.S. Bancorp (the “Company”) after December 31, 2013 will have the terms and conditions set forth in each Participant’s award summary (the “Award Summary”), which can be accessed on the Morgan Stanley Benefit Access Website at www.benefitaccess.com (or the website of any other stock plan administrator selected by the Company in the future). The Award Summary may be viewed at any time on this Website, and the Award Summary may also be printed out. In addition to the individual terms and conditions set forth in the Award Summary, each restricted stock unit award will have the terms and conditions set forth in the form of Restricted Stock Unit Award Agreement below. As a condition to each restricted stock unit award, Participant accepts the terms and conditions of the Award Summary and the Restricted Stock Unit Award Agreement.

U.S. BANCORP

RESTRICTED STOCK UNIT AWARD AGREEMENT FOR DIRECTORS

THIS AGREEMENT, together with the Award Summary which is incorporated herein by reference (collectively, the “Agreement”), sets forth the terms and conditions of a restricted stock unit award (this “RSU Award”) representing the right to receive shares of Common Stock, par value $0.01 per share (the “Common Stock”), of the Company. The grant of this RSU Award is pursuant to the Company’s Amended and Restated 2007 Stock Incentive Plan, which was approved by shareholders on April 20, 2010 (the “Plan”), and is subject to its terms. Capitalized terms that are not defined in the Agreement shall have the meaning ascribed to such terms in the Plan.

The Company and Participant agree as follows:

1. Award.

Subject to the terms and conditions of the Plan and the Agreement, the Company grants to Participant this RSU Award entitling the Participant to the number of restricted stock units (the “Units”) set forth in Participant’s Award Summary. Each Unit represents the right to receive one share of Common Stock, subject to the vesting requirements and distribution provisions of the Agreement and the terms of the Plan. The shares of Common Stock distributable with respect to the Units granted hereunder are referred to as the “Shares.” Participant’s Award Summary sets forth the date of grant of this RSU Award (the “Award Date”).

2. Vesting and Forfeiture.

(a) Except as otherwise expressly provided in this Agreement, the Units shall be fully vested as of the Award Date.

(b) If Participant is removed as a director by the Company’s shareholders for cause, all Units shall be forfeited as of the date of such removal. Upon forfeiture, Participant shall have no rights relating to the Units (including, without limitation, any rights to receive a distribution of Shares with respect to the Units pursuant to Section 3 or to receive additional Units pursuant to Section 5).

3. Distribution Provisions. The Company shall deliver to Participant one Share for each vested Unit in accordance with the following provisions of this Section 3:

(a) Separation From Service for Reasons other than Death. Upon Participant’s Separation From Service (as defined in Section 3(a)(3) below) for reasons other than death, the vested Units will be settled and the Shares will be delivered to Participant as follows:

(1) General Rule. Unless Participant has made a timely installment election in accordance with Section 3(a)(2), all vested Units will be settled, and the Company shall deliver to Participant one Share for each vested Unit (including Dividend Equivalent Units (as defined in Section 5) received pursuant to Section 5), at the time of Participant’s Separation From Service, or as soon thereafter as administratively feasible, but in no event later than ninety (90) days following the date of Participant’s Separation From Service. The date of delivery of the Shares is referred to as the “Distribution Date.”

(2) Installment Distribution Election. If Participant has made a timely written election, in a form acceptable to the Company (which election may be made by electronic communication) and in compliance with the requirements of Section 409A of the Code, to receive distributions of Shares in settlement of all vested Units in ten (10) annual installments, then the distribution of the Shares will occur in ten (10) substantially equal annual distributions. The number of Shares delivered in each annual distribution will be determined by dividing the total number of Units outstanding under this RSU Award (including Dividend Equivalent Units received pursuant to Section 5) immediately prior to the Installment Distribution Date (as defined below) by the number of remaining installments. The first distribution will occur as soon as administratively feasible following Participant’s Separation From Service. The remaining annual distributions will occur on the following nine (9) anniversary dates of Participant’s Separation From Service, or as soon as administratively feasible following such anniversary dates. The date of delivery of the Shares distributed in each annual distribution is referred to as an “Installment Distribution Date.” Except as otherwise permitted under Section 409A of the Code, an installment distribution election is irrevocable and must be made by the end of the calendar year prior to the year in which the Units are granted.

(3) Separation from Service. “Separation from Service” means the first date on which Participant (i) has ceased to serve on the Board of the Company, and (ii) is not providing services as an independent contractor to the Company or to any other entity with which the Company would be considered to be a single employer under Section 414(b) and/or 414(c) of the Code, and the Company does not reasonably anticipate that Participant will provide such services in the future.

Notwithstanding the foregoing, if Participant is a Specified Employee (as defined below) at the time of Participant’s Separation from Service, no Shares will be distributed to Participant until the date that is six months and one day after the date of the Separation from Service. “Specified Employee” means a Participant who is a specified employee for purposes of section 1.409A-1(i) of the U.S. Treasury Regulations and determined pursuant to the rules and procedures set forth in the separate document entitled “U.S. Bank Specified Employee Determination.”

2

(b) Death. Notwithstanding the provisions of Section 3(a), if Participant dies before the full distribution of Shares with respect to the Units, all Units (including Dividend Equivalent Units received pursuant to Section 5) that remain outstanding will be settled, and Shares will be delivered to the representatives of Participant or to any Person to whom the Units have been transferred by will or the applicable laws of descent and distribution within sixty (60) days following Participant’s death.

(c) No Fractional Shares. In the event that the number of Shares distributable pursuant to this Section 3 is a number that is not a whole number, then the number of Shares distributed shall be rounded down to the nearest whole number.

(d) Ownership of Shares. Participant shall have no right, title or interest in, or, except as provided in Section 5, no right to receive distributions in respect of, or otherwise be considered the owner of, any of the Shares, unless and until the Shares have been distributed pursuant to Section 3(a) or (b).

4. Restriction on Transfer.

Except for transfers by will or the applicable laws of descent and distribution, the Units cannot be sold, assigned, pledged, alienated, attached or otherwise transferred or encumbered, and any purported transfer shall be void and unenforceable against the Company. No attempt to transfer the Units, whether voluntary or involuntary, by operation of law or otherwise (except by will or laws of descent and distribution), shall vest the purported transferee with any interest or right in or with respect to the Units or the Shares.

5. Dividend Equivalents.

To the extent that the Company declares cash dividends on shares of Common Stock after the Award Date and prior to the Distribution Date or an Installment Distribution Date, as applicable, Participant shall be entitled to receive additional Units (“Dividend Equivalent Units”) on each dividend payment date (the “Dividend Payment Date”) (including any dividend declared prior to a Distribution Date or Installment Distribution Date, as applicable, and payable after such date, which, for purposes of this Section 5, shall be deemed paid on the Distribution Date or the Installment Distribution Date, as applicable) having a Fair Market Value on the Dividend Payment Date equal to the amount of cash dividends payable with respect to the number of shares of Common Stock distributable pursuant to the Units. Dividend Equivalent Units shall be vested as of the Dividend Payment Date.

6. Securities Law Compliance.

The delivery of all or any of the Shares in accordance with this RSU Award shall be effective only at such time that the issuance of such Shares will not violate any state or federal securities or other laws. The Company is under no obligation to effect any registration of the Shares under the Securities Act of 1933 or to effect any state registration or qualification of the Shares. The Company may, in its sole discretion, (i) delay the delivery of the Shares; or (ii) place restrictive

3

legends on such Shares in order to ensure that the issuance of any Shares will be in compliance with federal or state securities laws and the rules of the New York Stock Exchange or any other exchange upon which the Company’s Common Stock is traded.

7. Distributions and Adjustments.

This RSU Award shall be subject to adjustment, in accordance with Section 4(c) of the Plan, in the event that any distribution, recapitalization, reorganization, merger or other event covered by Section 4(c) of the Plan shall occur.

8. Miscellaneous.

(a) The Company shall at all times during the term of this Agreement reserve and keep available such number of shares of Common Stock as will be sufficient to satisfy the requirements of this Agreement.

(b) The Award is issued under the Plan and is subject to its terms. The Plan is available for inspection during business hours at the principal offices of the Company. In addition, the Plan may be viewed on the Morgan Stanley Benefit Access Website at www.benefitaccess.com (or the website of any other stock plan administrator selected by the Company in the future).

(c) It is intended that the Plan, this Agreement and any permitted installment distribution election as described in Section 3(a) shall comply with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, and the provisions of this Agreement shall be construed and administered accordingly.

(d) Participant acknowledges that the grant and vesting of, or any distribution with respect to, this RSU Award, and the sale or other taxable disposition of the Shares issued with respect to the Units hereunder, may have tax consequences pursuant to the Code or under local, state or international tax laws. Participant acknowledges that Participant is relying solely and exclusively on Participant’s own professional tax and investment advisors with respect to any and all such tax matters (and is not relying, in any manner, on the Company or any of its employees or representatives). Participant understands and agrees that any and all tax consequences resulting from this RSU Award and its grant, vesting or any distribution with respect thereto, and the sale or other taxable disposition of the Shares acquired pursuant to this RSU Award, is solely and exclusively the responsibility of Participant without any expectation or understanding that the Company or any of its employees or representatives will pay or reimburse Participant for such taxes.

9. Venue.

Any claim or action brought with respect to this RSU Award shall be brought in a federal or state court located in Minneapolis, Minnesota.

4

EX-12

EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

Year Ended December 31 (Dollars in Millions)	2013		2012		2011		2010		2009
Earnings
1. Net income attributable to U.S. Bancorp	$	5,836	$	5,647	$	4,872	$	3,317	$	2,205
2. Applicable income taxes, including expense related to unrecognized tax positions		2,032		2,236		1,841		935		395
3. Net income attributable to U.S. Bancorp before income taxes (1 + 2)	$	7,868	$	7,883	$	6,713	$	4,252	$	2,600
4. Fixed charges:
a. Interest expense excluding interest on deposits*	$	1,120	$	1,447	$	1,676	$	1,651	$	1,818
b. Portion of rents representative of interest and amortization of debt expense		108		103		102		101		94
c. Fixed charges excluding interest on deposits (4a + 4b)		1,228		1,550		1,778		1,752		1,912
d. Interest on deposits		561		691		840		928		1,202
e. Fixed charges including interest on deposits (4c + 4d)	$	1,789	$	2,241	$	2,618	$	2,680	$	3,114
5. Amortization of interest capitalized	$	—	$	—	$	—	$	—	$	—
6. Earnings excluding interest on deposits (3 + 4c + 5)		9,096		9,433		8,491		6,004		4,512
7. Earnings including interest on deposits (3 + 4e + 5)		9,657		10,124		9,331		6,932		5,714
8. Fixed charges excluding interest on deposits (4c)		1,228		1,550		1,778		1,752		1,912
9. Fixed charges including interest on deposits (4e)		1,789		2,241		2,618		2,680		3,114
Ratio of Earnings to Fixed Charges
10. Excluding interest on deposits (line 6/line 8)		7.41		6.09		4.78		3.43		2.36
11. Including interest on deposits (line 7/line 9)		5.40		4.52		3.56		2.59		1.83

* Excludes interest expense related to unrecognized tax positions

EX-13

Exhibit 13

EXTENDING THE ADVANTAGE

The following pages discuss in detail the financial results we achieved in 2013 — results that position U.S. Bancorp to Extend the Advantage.

Financials Table of Contents

Management’s Discussion and Analysis
Overview	20
Statement of Income Analysis	22
Balance Sheet Analysis	27
Corporate Risk Profile	35
Overview	35
Credit Risk Management	36
Residual Value Risk Management	50
Operational Risk Management	50
Interest Rate Risk Management	51
Market Risk Management	53
Liquidity Risk Management	54
Capital Management	58
Fourth Quarter Summary	59
Line of Business Financial Review	61
Non-GAAP Financial Measures	65
Accounting Changes	67
Critical Accounting Policies	67
Controls and Procedures	70
Reports of Management and Independent Accountants	71
Consolidated Financial Statements and Notes	74
Five-year Consolidated Financial Statements	141
Quarterly Consolidated Financial Data	143
Supplemental Financial Data	146
Company Information	147
Executive Officers	157
Directors	159

The following information appears in accordance with the Private Securities Litigation Reform Act of 1995:

This report contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of U.S. Bancorp. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated. Global and domestic economies could fail to recover from the recent economic downturn or could experience another severe contraction, which could adversely affect U.S. Bancorp’s revenues and the values of its assets and liabilities. Global financial markets could experience a recurrence of significant turbulence, which could reduce the availability of funding to certain financial institutions and lead to a tightening of credit, a reduction of business activity, and increased market volatility. Continued stress in the commercial real estate markets, as well as a delay or failure of recovery in the residential real estate markets could cause additional credit losses and deterioration in asset values. In addition, U.S. Bancorp’s business and financial performance is likely to be negatively impacted by recently enacted and future legislation and regulation. U.S. Bancorp’s results could also be adversely affected by deterioration in general business and economic conditions; changes in interest rates; deterioration in the credit quality of its loan portfolios or in the value of the collateral securing those loans; deterioration in the value of securities held in its investment securities portfolio; legal and regulatory developments; increased competition from both banks and non-banks; changes in customer behavior and preferences; effects of mergers and acquisitions and related integration; effects of critical accounting policies and judgments; and management’s ability to effectively manage credit risk, residual value risk, market risk, operational risk, interest rate risk and liquidity risk.

Additional factors could cause actual results to differ from expectations, including the risks discussed in the “Corporate Risk Profile” section on pages 35–58 and the “Risk Factors” section on pages 147–156 of this report. However, factors other than these also could adversely affect U.S. Bancorp’s results, and the reader should not consider these factors to be a complete set of all potential risks or uncertainties. Forward-looking statements speak only as of the date hereof, and U.S. Bancorp undertakes no obligation to update them in light of new information or future events.

U.S. BANCORP 19

Management’s Discussion and Analysis

Overview

U.S. Bancorp and its subsidiaries (the “Company”) achieved record earnings in 2013, reflecting growth in its balance sheet businesses, sound expense management and improved credit quality. The Company’s results reflected its continuing ability to manage through an environment marked by slow economic growth, continued regulatory and legislative change and uncertainty, as its diversified mix of businesses and conservative risk profile mitigated the impact of lower mortgage banking activity during 2013. The Company experienced solid growth in loans and deposits during 2013, as it continued to expand and deepen relationships with current customers, as well as acquire new customers and market share. In addition, growth in several of the Company’s fee-based revenue categories helped to offset the decline in mortgage banking revenue. With expanded distribution and scale, enhanced products, services and capabilities, and gains in market share, the Company remains well positioned to capitalize on future growth opportunities.

The Company earned $5.8 billion in 2013, an increase of 3.3 percent over 2012, principally due to a lower provision for credit losses and controlled expenses, partially offset by lower total net revenue. Total net revenue declined from the prior year as a result of lower net interest income, due to a decrease in net interest margin, and lower noninterest income, due primarily to a decrease in mortgage banking revenue. The Company’s credit quality continued to improve throughout the year, as reflected by the decrease in net charge-offs and nonperforming assets. The Company continued to focus on effectively controlling expenses, achieving an industry-leading efficiency ratio (the ratio of noninterest expense to taxable-equivalent net revenue, excluding net securities gains and losses) in 2013 of 52.4 percent. In addition, the Company’s return on average assets and return on common equity were 1.65 percent and 15.8 percent, respectively, the highest among the Company’s peers.

The Company continues to generate significant capital through earnings, and returned 71 percent of its 2013 earnings to common shareholders in the form of dividends and common share repurchases, while maintaining a very strong capital base. Using the final rules for the Basel III standardized approach, as if fully implemented, the Company’s estimated common equity tier 1 to risk-weighted assets ratio was 8.8 percent at December 31, 2013 — above the Company’s targeted ratio of 8.0 percent and well above the minimum of 7.0 percent required in 2019. The Company had a Tier 1 common equity to risk-weighted assets ratio (using Basel I definition) of 9.4 percent and a Tier 1 capital ratio of 11.2 percent at December 31, 2013. In addition, at December 31, 2013, the Company’s total risk-based capital ratio was 13.2 percent, and its tangible common equity to risk-weighted assets ratio was 9.1 percent (refer to “Non-GAAP Financial Measures” for further information on the calculation of certain of these measures). Credit rating organizations rate the Company’s debt among the highest of its large domestic banking peers. This comparative financial strength provides the Company with favorable funding costs, strong liquidity and the ability to attract new customers.

In 2013, the Company’s loans and deposits grew significantly. Average loans and deposits increased $12.1 billion (5.6 percent) and $14.7 billion (6.3 percent), respectively, over 2012. Loan growth reflected increases in residential mortgages, commercial loans, commercial real estate loans and credit card loans, partially offset by decreases in other retail loans and loans covered by loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”) (“covered” loans), which is a run-off portfolio. Deposit growth reflected increases in interest checking, money market and savings deposits.

The Company’s provision for credit losses decreased $542 million (28.8 percent) in 2013, compared with 2012. Net charge-offs decreased $632 million (30.1 percent) in 2013, compared with 2012, principally due to improvement in the commercial, commercial real estate, residential mortgages and home equity and second mortgages portfolios. The provision for credit losses was $125 million less than net charge-offs in 2013, compared with $215 million less than net charge-offs in 2012.

20 U.S. BANCORP

  TABLE 1   Selected Financial Data

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2013			2012			2011			2010			2009
Condensed Income Statement
Net interest income (taxable-equivalent basis) (a)	$	10,828		$	10,969		$	10,348		$	9,788		$	8,716
Noninterest income		8,765			9,334			8,791			8,438			8,403
Securities gains (losses), net		9			(15	)		(31	)		(78	)		(451	)
Total net revenue		19,602			20,288			19,108			18,148			16,668
Noninterest expense		10,274			10,456			9,911			9,383			8,281
Provision for credit losses		1,340			1,882			2,343			4,356			5,557
Income before taxes		7,988			7,950			6,854			4,409			2,830
Taxable-equivalent adjustment		224			224			225			209			198
Applicable income taxes		2,032			2,236			1,841			935			395
Net income		5,732			5,490			4,788			3,265			2,237
Net (income) loss attributable to noncontrolling interests		104			157			84			52			(32	)
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872		$	3,317		$	2,205
Net income applicable to U.S. Bancorp common shareholders	$	5,552		$	5,383		$	4,721		$	3,332		$	1,803
Per Common Share
Earnings per share	$	3.02		$	2.85		$	2.47		$	1.74		$	.97
Diluted earnings per share		3.00			2.84			2.46			1.73			.97
Dividends declared per share		.885			.780			.500			.200			.200
Book value per share		19.92			18.31			16.43			14.36			12.79
Market value per share		40.40			31.94			27.05			26.97			22.51
Average common shares outstanding		1,839			1,887			1,914			1,912			1,851
Average diluted common shares outstanding		1,849			1,896			1,923			1,921			1,859
Financial Ratios
Return on average assets		1.65	%		1.65	%		1.53	%		1.16	%		.82	%
Return on average common equity		15.8			16.2			15.8			12.7			8.2
Net interest margin (taxable-equivalent basis) (a)		3.44			3.58			3.65			3.88			3.67
Efficiency ratio (b)		52.4			51.5			51.8			51.5			48.4
Net charge-offs as a percent of average loans outstanding		.64			.97			1.41			2.17			2.08
Average Balances
Loans	$	227,474		$	215,374		$	201,427		$	193,022		$	185,805
Loans held for sale		5,723			7,847			4,873			5,616			5,820
Investment securities (c)		75,046			72,501			63,645			47,763			42,809
Earning assets		315,139			306,270			283,290			252,042			237,287
Assets		352,680			342,849			318,264			285,861			268,360
Noninterest-bearing deposits		69,020			67,241			53,856			40,162			37,856
Deposits		250,457			235,710			213,159			184,721			167,801
Short-term borrowings		27,683			28,549			30,703			33,719			29,149
Long-term debt		21,280			28,448			31,684			30,835			36,520
Total U.S. Bancorp shareholders’ equity		39,917			37,611			32,200			28,049			26,307
Period End Balances
Loans	$	235,235		$	223,329		$	209,835		$	197,061		$	194,755
Investment securities		79,855			74,528			70,814			52,978			44,768
Assets		364,021			353,855			340,122			307,786			281,176
Deposits		262,123			249,183			230,885			204,252			183,242
Long-term debt		20,049			25,516			31,953			31,537			32,580
Total U.S. Bancorp shareholders’ equity		41,113			38,998			33,978			29,519			25,963
Asset Quality
Nonperforming assets	$	2,037		$	2,671		$	3,774		$	5,048		$	5,907
Allowance for credit losses		4,537			4,733			5,014			5,531			5,264
Allowance for credit losses as a percentage of period-end loans		1.93	%		2.12	%		2.39	%		2.81	%		2.70	%
Capital Ratios
Tier 1 capital		11.2	%		10.8	%		10.8	%		10.5	%		9.6	%
Total risk-based capital		13.2			13.1			13.3			13.3			12.9
Leverage		9.6			9.2			9.1			9.1			8.5
Tangible common equity to tangible assets (d)		7.7			7.2			6.6			6.0			5.3
Tangible common equity to risk-weighted assets using Basel I definition (d)		9.1			8.6			8.1			7.2			6.1
Tier 1 common equity to risk-weighted assets using Basel I definition (d)		9.4			9.0			8.6			7.8			6.8
Common equity tier 1 to risk-weighted assets estimated using final rules for the Basel III standardized approach (d)		8.8			–			–			–			–
Common equity tier 1 to risk-weighted assets approximated using proposed rules for the Basel III standardized approach released June 2012 (d)		–			8.1			–			–			–
Common equity tier 1 to risk-weighted assets approximated using proposed rules for the Basel III standardized approach released prior to June 2012 (d)		–			–			8.2			7.3			–

(a) Presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income excluding net securities gains (losses).

(c) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

(d) See Non-GAAP Financial Measures beginning on page 65.

U.S. BANCORP 21

Earnings Summary The Company reported net income attributable to U.S. Bancorp of $5.8 billion in 2013, or $3.00 per diluted common share, compared with $5.6 billion, or $2.84 per diluted common share, in 2012. Return on average assets and return on average common equity were 1.65 percent and 15.8 percent, respectively, in 2013, compared with 1.65 percent and 16.2 percent, respectively, in 2012. The results for 2012 included an $80 million expense accrual for a mortgage foreclosure-related regulatory settlement. The provision for credit losses was $125 million lower than net charge-offs for 2013, compared with $215 million lower than net charge-offs for 2012.

Total net revenue, on a taxable-equivalent basis, for 2013 was $686 million (3.4 percent) lower than 2012, reflecting a 1.3 percent decrease in net interest income and a 5.8 percent decrease in noninterest income. The decrease in net interest income from the prior year was the result of an increase in average earning assets, offset by a decrease in the net interest margin. Noninterest income decreased primarily due to lower mortgage banking revenue and other revenue, partially offset by increases in trust and investment management fees, payments-related revenue and investment products fees.

Noninterest expense in 2013 decreased $182 million (1.7 percent), compared with 2012, primarily due to lower mortgage servicing review-related professional services expense, the $80 million expense accrual for a mortgage foreclosure-related regulatory settlement recorded in 2012 and decreases in insurance-related costs and other expenses, partially offset by higher costs related to investments in tax-advantaged projects and employee benefits expense.

Acquisitions In February 2013, the Company acquired Collective Point of Sale Solutions, a Canadian merchant processor. The Company recorded approximately $34 million of assets, including intangibles, and approximately $4 million of liabilities with this transaction.

In November 2013, the Company acquired Quintillion Holding Company Limited, a provider of fund administration services to alternative investment funds. The Company recorded approximately $57 million of assets, including intangibles, and assumed approximately $10 million of liabilities with this transaction.

In January 2012, the Company acquired the banking operations of BankEast, a subsidiary of BankEast Corporation, from the FDIC. This transaction did not include a loss sharing agreement. The Company acquired approximately $261 million of assets and assumed approximately $252 million of deposits from the FDIC with this transaction.

In November 2012, the Company acquired the hedge fund administration servicing business of Alternative Investment Solutions, LLC. The Company recorded approximately $108 million of assets, including intangibles, and approximately $3 million of liabilities with this transaction.

In December 2012, the Company acquired FSV Payment Systems, Inc., a prepaid card program manager with a proprietary processing platform. The Company recorded approximately $243 million of assets, including intangibles, and approximately $28 million of liabilities with this transaction.

Statement of Income Analysis

Net Interest Income Net interest income, on a taxable-equivalent basis, was $10.8 billion in 2013, compared with $11.0 billion in 2012 and $10.3 billion in 2011. The $141 million (1.3 percent) decrease in net interest income in 2013, compared with 2012, was primarily the result of lower net interest margin, partially offset by higher average earning assets. The net interest margin in 2013 was 3.44 percent, compared with 3.58 percent in 2012 and 3.65 percent in 2011. The decrease in the net interest margin in 2013, compared with 2012, primarily reflected lower reinvestment rates on investment securities, as well as growth in the investment portfolio, and lower rates on loans, partially offset by lower rates on deposits and a reduction in higher cost long-term debt. Average earning assets increased $8.9 billion (2.9 percent) in 2013, compared with 2012, driven by increases in loans and investment securities, partially offset by decreases in loans held for sale and in other earning assets, primarily due to the deconsolidation of certain consolidated variable interest entities (“VIEs”) during 2013. Refer to the “Interest Rate Risk Management” section for further information on the sensitivity of the Company’s net interest income to changes in interest rates.

Average total loans were $227.5 billion in 2013, compared with $215.4 billion in 2012. The $12.1 billion (5.6 percent) increase was driven by growth in residential mortgages, commercial loans, commercial real estate loans and credit card loans, partially offset by decreases in other retail loans and covered loans. Average residential mortgages increased $7.7 billion (19.1 percent), reflecting origination and refinancing activity due to the low interest rate environment during the period. Average commercial and commercial real estate loans increased $6.4 billion (10.6 percent) and $1.7 billion (4.7 percent), respectively, driven by higher demand for loans from new and existing customers. Average credit card balances increased $160 million (1.0 percent) in 2013, compared with 2012, due to customer growth. The $813 million (1.7 percent) decrease in average other retail loans was primarily due to lower home equity and second mortgage and student loan balances, partially offset by higher auto and installment loan and retail leasing balances. Average covered loans decreased $3.1 billion (23.7 percent) in 2013, compared with 2012.

22 U.S. BANCORP

  TABLE 2   Analysis of Net Interest Income (a)

Year Ended December 31 (Dollars in Millions)	2013			2012			2011			2013 v 2012			2012 v 2011
Components of Net Interest Income
Income on earning assets (taxable-equivalent basis)	$	12,513		$	13,112		$	12,870		$	(599	)	$	242
Expense on interest-bearing liabilities (taxable-equivalent basis)		1,685			2,143			2,522			(458	)		(379	)
Net interest income (taxable-equivalent basis)	$	10,828		$	10,969		$	10,348		$	(141	)	$	621
Net interest income, as reported	$	10,604		$	10,745		$	10,123		$	(141	)	$	622
Average Yields and Rates Paid
Earning assets yield (taxable-equivalent basis)		3.97	%		4.28	%		4.54	%		(.31	)%		(.26	)%
Rate paid on interest-bearing liabilities (taxable-equivalent basis)		.73			.95			1.14			(.22	)		(.19	)
Gross interest margin (taxable-equivalent basis)		3.24	%		3.33	%		3.40	%		(.09	)%		(.07	)%
Net interest margin (taxable-equivalent basis)		3.44	%		3.58	%		3.65	%		(.14	)%		(.07	)%
Average Balances
Investment securities (b)	$	75,046		$	72,501		$	63,645		$	2,545		$	8,856
Loans		227,474			215,374			201,427			12,100			13,947
Earning assets		315,139			306,270			283,290			8,869			22,980
Interest-bearing liabilities		230,400			225,466			221,690			4,934			3,776

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a federal tax rate of 35 percent.

(b) Excludes unrealized gains and losses on available-for-sale investment securities and any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.

Average investment securities in 2013 were $2.5 billion (3.5 percent) higher than 2012, primarily due to purchases of U.S. government agency-backed securities made in anticipation of regulatory liquidity coverage ratio requirements, net of prepayments and maturities.

Average total deposits for 2013 were $14.7 billion (6.3 percent) higher than 2012. Average noninterest-bearing deposits in 2013 were $1.8 billion (2.6 percent) higher than 2012 due to growth in Consumer and Small Business Banking balances. Average total savings deposits were $14.3 billion (11.7 percent) higher in 2013, compared with 2012, the result of growth in Consumer and Small Business Banking, Wholesale and Commercial Real Estate, and corporate trust balances. Average time certificates of deposit less than $100,000 were lower in 2013 by $1.7 billion (11.8 percent), compared with 2012, the result of maturities. Average time deposits greater than $100,000 were $356 million (1.1 percent) higher in 2013, compared with 2012. Time deposits greater than $100,000 are managed as an alternative to other funding sources such as wholesale borrowing, based largely on relative pricing.

The $621 million (6.0 percent) increase in net interest income in 2012, compared with 2011, was primarily the result of growth in average earning assets and lower cost core deposit funding, as well as the positive impact from a reduction in higher cost long-term debt and the inclusion of credit card balance transfer fees in interest income beginning in the first quarter of 2012. Average earning assets were $23.0 billion (8.1 percent) higher in 2012, compared with 2011, driven by increases in loans and investment securities. Average deposits increased $22.6 billion (10.6 percent) in 2012, compared with 2011.

Average total loans increased $13.9 billion (6.9 percent) in 2012, compared with 2011, driven by growth in commercial loans, residential mortgages, credit card loans and commercial real estate loans, partially offset by decreases in other retail loans and covered loans. Average commercial loans increased $9.2 billion (17.9 percent) in 2012, compared with 2011, primarily driven by higher demand from new and existing customers. Average residential mortgages increased $6.6 billion (19.5 percent), reflecting origination and refinancing activity due to the low interest rate environment. Average credit card balances increased $569 million (3.5 percent) in 2012, compared with 2011, reflecting the impact of the purchase of a credit card portfolio in late 2011, partially offset by a portfolio sale in 2012. Growth in average commercial real estate balances of $991 million (2.8 percent) was primarily due to higher demand from new and existing customers. The $261 million (.5 percent) decrease in average other retail loans was primarily due to lower home equity and second mortgage and student loan balances, partially offset by higher installment loan and retail leasing balances. Average covered loans decreased $3.1 billion (19.3 percent) in 2012, compared with 2011.

Average investment securities in 2012 were $8.9 billion (13.9 percent) higher than 2011, primarily due to purchases of government agency-backed securities, net of prepayments and maturities, as the Company increased its on-balance sheet liquidity in response to anticipated regulatory requirements.

U.S. BANCORP 23

  TABLE 3   Net Interest Income — Changes Due to Rate and Volume (a)

	2013 v 2012									2012 v 2011
Year Ended December 31 (Dollars in Millions)	Volume			Yield/Rate			Total			Volume			Yield/Rate			Total
Increase (decrease) in
Interest Income
Investment securities	$	68		$	(240	)	$	(172	)	$	275		$	(316	)	$	(41	)
Loans held for sale		(76	)		(3	)		(79	)		122			(40	)		82
Loans
Commercial		229			(229	)		–			369			(272	)		97
Commercial real estate		78			(127	)		(49	)		45			(29	)		16
Residential mortgages		348			(216	)		132			318			(123	)		195
Credit card		16			(18	)		(2	)		54			101			155
Other retail		(42	)		(128	)		(170	)		(14	)		(147	)		(161	)
Total loans, excluding covered loans		629			(718	)		(89	)		772			(470	)		302
Covered loans		(196	)		13			(183	)		(179	)		77			(102	)
Total loans		433			(705	)		(272	)		593			(393	)		200
Other earning assets		(87	)		11			(76	)		(52	)		53			1
Total earning assets		338			(937	)		(599	)		938			(696	)		242
Interest Expense
Interest-bearing deposits
Interest checking		3			(13	)		(10	)		4			(23	)		(19	)
Money market savings		11			3			14			3			(17	)		(14	)
Savings accounts		5			(22	)		(17	)		12			(58	)		(46	)
Time certificates of deposit less than $100,000		(29	)		(33	)		(62	)		(14	)		(28	)		(42	)
Time deposits greater than $100,000		3			(58	)		(55	)		26			(54	)		(28	)
Total interest-bearing deposits		(7	)		(123	)		(130	)		31			(180	)		(149	)
Short-term borrowings		(14	)		(76	)		(90	)		(38	)		(52	)		(90	)
Long-term debt		(253	)		15			(238	)		(117	)		(23	)		(140	)
Total interest-bearing liabilities		(274	)		(184	)		(458	)		(124	)		(255	)		(379	)
Increase (decrease) in net interest income	$	612		$	(753	)	$	(141	)	$	1,062		$	(441	)	$	621

(a) This table shows the components of the change in net interest income by volume and rate on a taxable-equivalent basis utilizing a tax rate of 35 percent. This table does not take into account the level of noninterest-bearing funding, nor does it fully reflect changes in the mix of assets and liabilities. The change in interest not solely due to changes in volume or rates has been allocated on a pro-rata basis to volume and yield/rate.

Average total deposits for 2012 were $22.6 billion (10.6 percent) higher than 2011. Average noninterest-bearing deposits in 2012 were $13.4 billion (24.9 percent) higher than 2011 due to growth in average balances in a majority of the lines of business, including Wholesale Banking and Commercial Real Estate, Wealth Management and Securities Services, and Consumer and Small Business Banking. Average total savings deposits were $7.3 billion (6.4 percent) higher in 2012, compared with 2011, primarily due to growth in Consumer and Small Business Banking balances resulting from strong participation in a consumer savings product offering, and higher corporate trust balances. These increases were partially offset by lower government banking and broker-dealer balances. Average time certificates of deposit less than $100,000 were lower in 2012 by $728 million (4.8 percent), compared with 2011, a result of maturities and lower renewals. Average time deposits greater than $100,000 were $2.6 billion (8.8 percent) higher in 2012, compared with 2011.

Provision for Credit Losses The provision for credit losses reflects changes in the size and credit quality of the entire portfolio of loans. The Company maintains an allowance for credit losses considered appropriate by management for probable and estimable incurred losses, based on factors discussed in the “Analysis and Determination of Allowance for Credit Losses” section.

In 2013, the provision for credit losses was $1.3 billion, compared with $1.9 billion and $2.3 billion in 2012 and 2011, respectively. The provision for credit losses was lower than net charge-offs by $125 million in 2013, $215 million in 2012 and $500 million in 2011. The $542 million (28.8 percent) decrease in the provision for credit losses in 2013, compared with 2012, reflected improving credit trends and the underlying risk profile of the loan portfolio as economic conditions continued to slowly improve, partially offset by portfolio growth. Accruing loans ninety days or more past due increased by $53 million (8.0 percent) (excluding covered loans) from December 31, 2012 to December 31, 2013, primarily reflecting an increase in restructured residential mortgages in trial period arrangements. Nonperforming assets decreased $275 million (13.2 percent) (excluding covered assets) from December 31, 2012 to

24 U.S. BANCORP

December 31, 2013, led by reductions in nonperforming commercial mortgages and construction and development loans, as the Company continued to resolve and reduce exposure to these problem assets. Net charge-offs decreased $632 million (30.1 percent) from 2012 due to the improvement in the commercial, commercial real estate, residential mortgages and home equity and second mortgages portfolios, as economic conditions continued to slowly improve.

The $461 million (19.7 percent) decrease in the provision for credit losses in 2012, compared with 2011, reflected improving credit trends and the underlying risk profile of the loan portfolio as economic conditions continued to slowly improve in 2012, partially offset by portfolio growth. Accruing loans ninety days or more past due decreased by $183 million (21.7 percent) (excluding covered loans) from December 31, 2011 to December 31, 2012, reflecting improvement in residential mortgages, credit card and other retail loan portfolios during 2012. Nonperforming assets decreased $486 million (18.9 percent) (excluding covered assets) from December 31, 2011 to December 31, 2012, led by reductions in nonperforming construction and development loans, as well as improvement in other commercial loan portfolios. Net charge-offs decreased $746 million (26.2 percent) in 2012, compared with 2011, due to the improvement in most loan portfolios as economic conditions continued to slowly improve.

Refer to “Corporate Risk Profile” for further information on the provision for credit losses, net charge-offs, nonperforming assets and other factors considered by the Company in assessing the credit quality of the loan portfolio and establishing the allowance for credit losses.

Noninterest Income Noninterest income in 2013 was $8.8 billion, compared with $9.3 billion in 2012 and $8.8 billion in 2011. The $545 million (5.8 percent) decrease in 2013 from 2012 was principally due to lower mortgage banking revenue of 30.0 percent, due to lower origination and sales revenue, partially offset by higher loan servicing income and favorable changes in the valuation of mortgage servicing rights (“MSRs”), net of hedging activities. Growth in several fee categories partially offset the decline in mortgage banking revenue. Credit and debit card revenue increased 8.2 percent in 2013, compared with 2012, due to higher transaction volumes, including the impact of business expansion. Merchant processing services revenue grew 4.5 percent as a result of higher volumes and an increase in fee-based product revenue. Trust and investment management fees increased 8.0 percent, reflecting improved market conditions and business expansion, while investment products fees and commissions increased 18.7 percent due to higher sales volumes and fees. In addition, net securities gains (losses) were favorable compared with 2012, as the Company recognized impairment on certain money center bank securities during 2012 following rating agency downgrades. Offsetting these positive variances was a 5.1 percent decrease in corporate payment products revenue due to lower government–related transactions, a 2.2 percent decrease in commercial products revenue due to lower standby letters of credit fees and loan syndication fees, and a 5.5 percent decrease in ATM processing services revenue due to lower volumes. Other income also decreased 23.4 percent, primarily due to a 2012 gain on the sale of a credit card portfolio and lower retail lease and equity investment revenue.

  TABLE 4   Noninterest Income

Year Ended December 31 (Dollars in Millions)	2013		2012			2011			2013 v 2012			2012 v 2011
Credit and debit card revenue	$	965	$	892		$	1,073			8.2	%		(16.9	)%
Corporate payment products revenue		706		744			734			(5.1	)		1.4
Merchant processing services		1,458		1,395			1,355			4.5			3.0
ATM processing services		327		346			452			(5.5	)		(23.5	)
Trust and investment management fees		1,139		1,055			1,000			8.0			5.5
Deposit service charges		670		653			659			2.6			(.9	)
Treasury management fees		538		541			551			(.6	)		(1.8	)
Commercial products revenue		859		878			841			(2.2	)		4.4
Mortgage banking revenue		1,356		1,937			986			(30.0	)		96.5
Investment products fees		178		150			129			18.7			16.3
Securities gains (losses), net		9		(15	)		(31	)		*			51.6
Other		569		743			1,011			(23.4	)		(26.5	)
Total noninterest income	$	8,774	$	9,319		$	8,760			(5.8	)%		6.4	%

* Not meaningful.

U.S. BANCORP 25

The $559 million (6.4 percent) increase in 2012 noninterest income over 2011 was due to strong mortgage banking revenue growth of 96.5 percent in 2012 over 2011, principally due to strong origination and sales revenue, as well as an increase in loan servicing revenue. In addition, merchant processing services revenue and investment products fees and commissions increased 3.0 percent and 16.3 percent, respectively, primarily due to higher transaction volumes. Trust and investment management fees increased 5.5 percent in 2012, compared with 2011, due to improved market conditions and business expansion. Commercial products revenue was 4.4 percent higher, principally driven by increases in high-grade bond underwriting fees and commercial loan fees. Net securities losses were 51.6 percent lower in 2012, compared with 2011, primarily due to higher realized gains on securities sold in 2012. Offsetting these positive variances was a 16.9 percent decrease in credit and debit card revenue due to lower debit card interchange fees as a result of 2011 legislation, net of mitigation efforts, and the impact of the inclusion of credit card balance transfer fees in interest income beginning in the first quarter of 2012. ATM processing services revenue was 23.5 percent lower, primarily due to excluding surcharge fees the Company passes through to others from revenue, beginning in the first quarter of 2012, rather than reporting those amounts in occupancy expense as in previous periods. Other income also decreased 26.5 percent in 2012, compared with 2011, primarily due to gains recorded in 2011 from the settlement of litigation related to the termination of a merchant processing referral agreement, and the acquisition of the operations of a bank from the FDIC of $263 million and $46 million, respectively, and a 2012 equity-method investment charge, partially offset by a 2012 gain on the sale of a credit card portfolio.

Noninterest Expense Noninterest expense in 2013 was $10.3 billion, compared with $10.5 billion in 2012 and $9.9 billion in 2011. The Company’s efficiency ratio was 52.4 percent in 2013, compared with 51.5 percent in 2012 and 51.8 percent in 2011. The $182 million (1.7 percent) decrease in noninterest expense in 2013 from 2012 was primarily due to reductions in professional services and other expenses. Professional services expense decreased 28.1 percent due to a reduction in mortgage servicing review-related costs. Other expense decreased 13.4 percent, reflecting the impact of the 2012 $80 million expense accrual for a mortgage foreclosure-related regulatory settlement, the impact of a 2012 accrual for the Company’s portion of an indemnification obligation associated with Visa Inc., and lower insurance-related costs and costs related to other real estate owned and FDIC insurance expense, partially offset by higher tax-advantaged project costs, including changes in the accounting presentation of certain investments in tax-advantaged projects during 2013. Those changes in presentation increased 2013 other expense $79 million, but had no impact on net income attributable to U.S. Bancorp, as the increase in noninterest expense was offset by the net impact of a $132 million reduction in income tax expense and a $53 million reduction in net income (loss) attributed to noncontrolling interests. In addition, other intangibles expense decreased 18.6 percent due to the reduction or completion of the amortization of certain intangibles. These decreases were partially offset by increases in other expense categories. Compensation expense increased 1.2 percent in 2013 over 2012, primarily as a result of growth in staffing for business initiatives and business expansion, and merit increases, partially offset by lower incentive and commission expense, reflecting a decrease in mortgage banking activity. Employee benefits expense increased 20.6 percent principally due to higher pension costs and staffing levels. In addition, net occupancy and equipment expense was 3.5 percent higher due to business initiatives and higher rent and maintenance costs, while technology and communications expense was 3.3 percent higher due to business expansion and technology projects.

  TABLE 5   Noninterest Expense

Year Ended December 31 (Dollars in Millions)	2013			2012			2011			2013 v 2012			2012 v 2011
Compensation	$	4,371		$	4,320		$	4,041			1.2	%		6.9	%
Employee benefits		1,140			945			845			20.6			11.8
Net occupancy and equipment		949			917			999			3.5			(8.2	)
Professional services		381			530			383			(28.1	)		38.4
Marketing and business development		357			388			369			(8.0	)		5.1
Technology and communications		848			821			758			3.3			8.3
Postage, printing and supplies		310			304			303			2.0			.3
Other intangibles		223			274			299			(18.6	)		(8.4	)
Other		1,695			1,957			1,914			(13.4	)		2.2
Total noninterest expense	$	10,274		$	10,456		$	9,911			(1.7	)%		5.5	%
Efficiency ratio (a)		52.4	%		51.5	%		51.8	%

(a) Computed as noninterest expense divided by the sum of net interest income on a taxable-equivalent basis and noninterest income excluding securities gains (losses), net.

26 U.S. BANCORP

The $545 million (5.5 percent) increase in noninterest expense in 2012 over 2011 was principally due to higher compensation expense, employee benefits expense and professional services expense. Compensation expense increased 6.9 percent, primarily as a result of growth in staffing for business initiatives and mortgage servicing-related activities, in addition to higher commissions and merit increases. Employee benefits expense increased 11.8 percent, principally due to higher pension and medical insurance costs and staffing levels. Professional services expense increased 38.4 percent, principally due to mortgage servicing review-related projects. In addition, technology and communications expense was 8.3 percent higher due to business expansion and technology projects. Other expense increased 2.2 percent in 2012 over 2011, reflecting the 2012 $80 million expense accrual for the mortgage foreclosure-related settlement, higher regulatory and insurance-related costs and the 2012 accrual related to Visa Inc., partially offset by a $130 million expense accrual related to mortgage servicing matters recorded in 2011, lower FDIC assessments and lower costs related to other real estate owned. These increases were partially offset by a decrease of 8.2 percent in net occupancy and equipment expense, principally reflecting the change in presentation of ATM surcharge revenue passed through to others, and a 8.4 percent decrease in other intangibles expense due to the reduction or completion of amortization of certain intangibles.

Pension Plans Because of the long-term nature of pension plans, the related accounting is complex and can be impacted by several factors, including investment funding policies, accounting methods and actuarial assumptions.

The Company’s pension accounting reflects the long-term nature of the benefit obligations and the investment horizon of plan assets. Amounts recorded in the financial statements reflect actuarial assumptions about participant benefits and plan asset returns. Changes in actuarial assumptions and differences in actual plan experience, compared with actuarial assumptions, are deferred and recognized in expense in future periods. Differences related to participant benefits are recognized in expense over the future service period of the employees. Differences related to the expected return on plan assets are included in expense over a period of approximately twelve years.

The Company expects pension expense to decrease $127 million in 2014, driven by an increase in the discount rate and favorable asset returns, partially offset by an increase related to plan participant life expectancy assumption changes. Because of the complexity of forecasting pension plan activities, the accounting methods utilized for pension plans, the Company’s ability to respond to factors affecting the plans and the hypothetical nature of actuarial assumptions, actual pension expense will differ from these amounts.

Refer to Note 16 of the Notes to the Consolidated Financial Statements for further information on the Company’s pension plan funding practices, investment policies and asset allocation strategies, and accounting policies for pension plans.

The following table shows an analysis of hypothetical changes in the long-term rate of return (“LTROR”) and discount rate:

LTROR (Dollars in Millions)	Down 100 Basis Points			Up 100 Basis Points
Incremental benefit (expense)	$	(28	)	$	28
Percent of 2013 net income		(.30	)%		.30	%
Discount Rate (Dollars in Millions)	Down 100 Basis Points			Up 100 Basis Points
Incremental benefit (expense)	$	(100	)	$	81
Percent of 2013 net income		(1.05	)%		.85	%

Income Tax Expense The provision for income taxes was $2.0 billion (an effective rate of 26.2 percent) in 2013, compared with $2.2 billion (an effective rate of 28.9 percent) in 2012 and $1.8 billion (an effective rate of 27.8 percent) in 2011.

For further information on income taxes, refer to Note 18 of the Notes to Consolidated Financial Statements.

Balance Sheet Analysis

Average earning assets were $315.1 billion in 2013, compared with $306.3 billion in 2012. The increase in average earning assets of $8.8 billion (2.9 percent) was primarily due to increases in loan balances of $12.1 billion (5.6 percent) and investment securities of $2.5 billion (3.5 percent), partially offset by decreases in loans held for sale of $2.1 billion (27.1 percent) and other earning assets of $3.7 billion (34.6 percent), primarily due to the deconsolidation of certain consolidated VIEs during 2013.

For average balance information, refer to Consolidated Daily Average Balance Sheet and Related Yields and Rates on pages 144 and 145.

Loans The Company’s loan portfolio was $235.2 billion at December 31, 2013, an increase of $11.9 billion (5.3 percent) from December 31, 2012. The increase was driven by growth in residential mortgages of $7.1 billion (16.2 percent), commercial loans of $3.8 billion (5.8 percent), commercial real estate loans of $2.9 billion (7.9 percent) and credit card loans of $906 million (5.3 percent), partially offset by a decrease in covered loans of $2.8 billion (25.2 percent). Table 6 provides a summary of the loan distribution by product type, while Table 12 provides a summary of the selected loan maturity distribution by loan category. Average total loans increased $12.1 billion (5.6 percent) in 2013, compared with 2012. The increase was due to growth in most loan portfolio classes in 2013.

U.S. BANCORP 27

Commercial Commercial loans, including lease financing, increased $3.8 billion (5.8 percent) as of December 31, 2013, compared with December 31, 2012. Average commercial loans increased $6.4 billion (10.6 percent) in 2013, compared with 2012. The growth was primarily driven by higher demand from new and existing customers. Table 7 provides a summary of commercial loans by industry and geographical locations.

Commercial Real Estate The Company’s portfolio of commercial real estate loans, which includes commercial mortgages and construction and development loans, increased $2.9 billion (7.9 percent) at December 31, 2013, compared with December 31, 2012. Average commercial real estate loans increased $1.7 billion (4.7 percent) in 2013, compared with 2012. The increases reflected higher demand from new and existing customers. Table 8 provides a summary of commercial real estate loans by property type and geographical location. The collateral for $726 million of commercial real estate loans included in covered loans at December 31, 2013 was in California, compared with $1.7 billion at December 31, 2012.

The Company reclassifies construction loans to the commercial mortgage category if permanent financing is provided by the Company. In 2013, approximately $404 million of construction loans were reclassified to the commercial mortgage category. At December 31, 2013 and 2012, $282 million and $225 million, respectively, of tax-exempt industrial development loans were secured by real estate. The Company’s commercial mortgage and construction and development loans had unfunded commitments of $10.2 billion and $9.0 billion at December 31, 2013 and 2012, respectively.

The Company also finances the operations of real estate developers and other entities with operations related to real estate. These loans are not secured directly by real estate but are subject to terms and conditions similar to commercial loans. These loans were included in the commercial loan category and totaled $3.4 billion and $3.1 billion at December 31, 2013 and 2012, respectively.

  TABLE 6   Loan Portfolio Distribution

	2013					2012					2011					2010					2009
At December 31 (Dollars in Millions)	Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total
Commercial
Commercial	$	64,762		27.5	%	$	60,742		27.2	%	$	50,734		24.2	%	$	42,272		21.5	%	$	42,255		21.7	%
Lease financing		5,271		2.3			5,481		2.5			5,914		2.8			6,126		3.1			6,537		3.4
Total commercial		70,033		29.8			66,223		29.7			56,648		27.0			48,398		24.6			48,792		25.1
Commercial Real Estate
Commercial mortgages		32,183		13.7			31,005		13.9			29,664		14.1			27,254		13.8			25,306		13.0
Construction and development		7,702		3.3			5,948		2.6			6,187		3.0			7,441		3.8			8,787		4.5
Total commercial real estate		39,885		17.0			36,953		16.5			35,851		17.1			34,695		17.6			34,093		17.5
Residential Mortgages
Residential mortgages		37,545		15.9			32,648		14.6			28,669		13.7			24,315		12.3			20,581		10.6
Home equity loans, first liens		13,611		5.8			11,370		5.1			8,413		4.0			6,417		3.3			5,475		2.8
Total residential mortgages		51,156		21.7			44,018		19.7			37,082		17.7			30,732		15.6			26,056		13.4
Credit Card		18,021		7.7			17,115		7.7			17,360		8.3			16,803		8.5			16,814		8.6
Other Retail
Retail leasing		5,929		2.5			5,419		2.4			5,118		2.4			4,569		2.3			4,568		2.3
Home equity and second mortgages		15,442		6.6			16,726		7.5			18,131		8.6			18,940		9.6			19,439		10.0
Revolving credit		3,276		1.4			3,332		1.5			3,344		1.6			3,472		1.8			3,506		1.8
Installment		5,709		2.4			5,463		2.4			5,348		2.6			5,459		2.8			5,455		2.8
Automobile		13,743		5.8			12,593		5.6			11,508		5.5			10,897		5.5			9,544		4.9
Student		3,579		1.5			4,179		1.9			4,658		2.2			5,054		2.5			4,629		2.4
Total other retail		47,678		20.2			47,712		21.3			48,107		22.9			48,391		24.5			47,141		24.2
Total loans, excluding covered loans		226,773		96.4			212,021		94.9			195,048		93.0			179,019		90.8			172,896		88.8
Covered Loans		8,462		3.6			11,308		5.1			14,787		7.0			18,042		9.2			21,859		11.2
Total loans	$	235,235		100.0	%	$	223,329		100.0	%	$	209,835		100.0	%	$	197,061		100.0	%	$	194,755		100.0	%

28 U.S. BANCORP

  TABLE 7   Commercial Loans by Industry Group and Geography

	2013					2012
At December 31 (Dollars in Millions)	Loans		Percent			Loans		Percent
Industry Group
Manufacturing	$	10,738		15.3	%	$	9,518		14.4	%
Real estate, rental and leasing		6,788		9.7			5,855		8.8
Wholesale trade		6,346		9.1			6,297		9.5
Finance and insurance		5,864		8.4			6,579		9.9
Retail trade		5,401		7.7			4,735		7.2
Healthcare and social assistance		5,048		7.2			4,733		7.1
Public administration		3,934		5.6			4,709		7.1
Professional, scientific and technical services		2,747		3.9			2,185		3.3
Information		2,443		3.5			2,203		3.3
Transport and storage		2,322		3.3			2,549		3.9
Educational services		2,222		3.2			1,964		3.0
Arts, entertainment and recreation		2,214		3.2			2,124		3.2
Mining		2,094		3.0			2,122		3.2
Agriculture, forestry, fishing and hunting		1,508		2.1			1,553		2.4
Other services		1,507		2.1			1,670		2.5
Utilities		1,374		2.0			1,390		2.1
Other		7,483		10.7			6,037		9.1
Total	$	70,033		100.0	%	$	66,223		100.0	%
Geography
California	$	8,748		12.5	%	$	8,081		12.2	%
Colorado		2,970		4.2			2,722		4.1
Illinois		3,539		5.1			3,544		5.3
Minnesota		5,086		7.3			4,720		7.1
Missouri		2,893		4.1			2,922		4.4
Ohio		3,385		4.8			3,240		4.9
Oregon		1,941		2.8			1,792		2.7
Washington		2,823		4.0			2,626		4.0
Wisconsin		2,768		4.0			2,727		4.1
Iowa, Kansas, Nebraska, North Dakota, South Dakota		4,091		5.8			4,244		6.4
Arkansas, Indiana, Kentucky, Tennessee		4,024		5.8			3,545		5.4
Idaho, Montana, Wyoming		1,148		1.6			1,096		1.7
Arizona, Nevada, New Mexico, Utah		2,917		4.2			2,435		3.7
Total banking region		46,333		66.2			43,694		66.0
Florida, Michigan, New York, Pennsylvania, Texas		11,762		16.8			11,082		16.7
All other states		11,938		17.0			11,447		17.3
Total outside Company’s banking region		23,700		33.8			22,529		34.0
Total	$	70,033		100.0	%	$	66,223		100.0	%

Residential Mortgages Residential mortgages held in the loan portfolio at December 31, 2013, increased $7.1 billion (16.2 percent) over December 31, 2012. Average residential mortgages increased $7.7 billion (19.1 percent) in 2013, compared with 2012. The growth reflected origination and refinancing activity due to the low interest rate environment during the period. Residential mortgages originated and placed in the Company’s loan portfolio are primarily well secured jumbo mortgages and branch-originated first lien home equity loans to borrowers with high credit quality. The Company generally retains portfolio loans through maturity; however, the Company’s intent may change over time based upon various factors such as ongoing asset/liability management activities, assessment of product profitability, credit risk, liquidity needs, and capital implications. If the Company’s intent or ability to hold an existing portfolio loan changes, it is transferred to loans held for sale.

Credit Card Total credit card loans increased $906 million (5.3 percent) at December 31, 2013, compared with December 31, 2012. Average credit card balances increased $160 million (1.0 percent) in 2013, compared with 2012. The increases reflected customer growth during the period.

U.S. BANCORP 29

  TABLE 8   Commercial Real Estate Loans by Property Type and Geography

	2013					2012
At December 31 (Dollars in Millions)	Loans		Percent			Loans		Percent
Property Type
Business owner occupied	$	11,223		28.1	%	$	11,405		30.9	%
Commercial property
Industrial		1,567		3.9			1,586		4.3
Office		5,173		13.0			4,833		13.1
Retail		4,503		11.3			4,537		12.3
Other commercial		4,253		10.7			3,735		10.1
Multi-family		7,886		19.8			6,857		18.5
Hotel/motel		3,251		8.1			2,569		6.9
Residential homebuilders		1,728		4.3			1,142		3.1
Health care facilities		301		.8			289		.8
Total	$	39,885		100.0	%	$	36,953		100.0	%
Geography
California	$	9,148		22.9	%	$	8,039		21.8	%
Colorado		1,781		4.5			1,644		4.5
Illinois		1,586		4.0			1,555		4.2
Minnesota		2,052		5.2			1,958		5.3
Missouri		1,573		3.9			1,560		4.2
Ohio		1,491		3.7			1,512		4.1
Oregon		1,999		5.0			1,921		5.2
Washington		3,548		8.9			3,586		9.7
Wisconsin		2,410		6.0			2,011		5.4
Iowa, Kansas, Nebraska, North Dakota, South Dakota		2,237		5.6			2,349		6.4
Arkansas, Indiana, Kentucky, Tennessee		1,718		4.3			1,886		5.1
Idaho, Montana, Wyoming		1,265		3.2			1,156		3.1
Arizona, Nevada, New Mexico, Utah		3,214		8.1			2,958		8.0
Total banking region		34,022		85.3			32,135		87.0
Florida, Michigan, New York, Pennsylvania, Texas		3,178		8.0			2,405		6.5
All other states		2,685		6.7			2,413		6.5
Total outside Company’s banking region		5,863		14.7			4,818		13.0
Total	$	39,885		100.0	%	$	36,953		100.0	%

Other Retail Total other retail loans, which include retail leasing, home equity and second mortgages and other retail loans, decreased $34 million (.1 percent) at December 31, 2013, compared with December 31, 2012. Average other retail loans decreased $813 million (1.7 percent) in 2013, compared with 2012. The decreases were primarily due to lower home equity and second mortgages and student loan balances, partially offset by higher auto and installment loans, and retail leasing balances.

  TABLE 9   Residential Mortgages by Geography

	2013					2012
At December 31 (Dollars in Millions)	Loans		Percent			Loans		Percent
California	$	8,754		17.1	%	$	6,022		13.7	%
Colorado		3,012		5.9			2,674		6.1
Illinois		3,151		6.2			2,882		6.5
Minnesota		4,029		7.9			3,521		8.0
Missouri		2,224		4.3			2,064		4.7
Ohio		2,511		4.9			2,301		5.2
Oregon		2,104		4.1			1,836		4.2
Washington		2,868		5.6			2,543		5.8
Wisconsin		1,606		3.1			1,482		3.4
Iowa, Kansas, Nebraska, North Dakota, South Dakota		2,298		4.5			2,049		4.6
Arkansas, Indiana, Kentucky, Tennessee		3,510		6.9			3,233		7.3
Idaho, Montana, Wyoming		1,160		2.3			989		2.2
Arizona, Nevada, New Mexico, Utah		3,344		6.5			2,753		6.3
Total banking region		40,571		79.3			34,349		78.0
Florida, Michigan, New York, Pennsylvania, Texas		4,586		9.0			4,329		9.9
All other states		5,999		11.7			5,340		12.1
Total outside Company’s banking region		10,585		20.7			9,669		22.0
Total	$	51,156		100.0	%	$	44,018		100.0	%

30 U.S. BANCORP

  TABLE 10   Credit Card Loans by Geography

	2013					2012
At December 31 (Dollars in Millions)	Loans		Percent			Loans		Percent
California	$	1,856		10.3	%	$	1,757		10.3	%
Colorado		688		3.8			665		3.9
Illinois		830		4.6			796		4.6
Minnesota		1,226		6.8			1,196		7.0
Missouri		647		3.6			616		3.6
Ohio		1,097		6.1			1,071		6.3
Oregon		613		3.4			597		3.5
Washington		801		4.4			771		4.5
Wisconsin		1,015		5.6			972		5.7
Iowa, Kansas, Nebraska, North Dakota, South Dakota		892		5.0			862		5.0
Arkansas, Indiana, Kentucky, Tennessee		1,408		7.8			1,342		7.8
Idaho, Montana, Wyoming		360		2.0			352		2.1
Arizona, Nevada, New Mexico, Utah		840		4.7			794		4.6
Total banking region		12,273		68.1			11,791		68.9
Florida, Michigan, New York, Pennsylvania, Texas		3,070		17.0			2,884		16.8
All other states		2,678		14.9			2,440		14.3
Total outside Company’s banking region		5,748		31.9			5,324		31.1
Total	$	18,021		100.0	%	$	17,115		100.0	%

  TABLE 11   Other Retail Loans by Geography

	2013					2012
At December 31 (Dollars in Millions)	Loans		Percent			Loans		Percent
California	$	5,785		12.1	%	$	5,545		11.6	%
Colorado		1,921		4.0			2,068		4.3
Illinois		2,295		4.8			2,232		4.7
Minnesota		3,815		8.0			4,113		8.6
Missouri		2,160		4.5			2,234		4.7
Ohio		2,638		5.5			2,628		5.5
Oregon		1,627		3.4			1,748		3.7
Washington		1,793		3.8			1,954		4.1
Wisconsin		1,785		3.8			1,845		3.9
Iowa, Kansas, Nebraska, North Dakota, South Dakota		2,378		5.0			2,465		5.2
Arkansas, Indiana, Kentucky, Tennessee		2,824		5.9			2,772		5.8
Idaho, Montana, Wyoming		986		2.1			1,071		2.2
Arizona, Nevada, New Mexico, Utah		2,165		4.6			2,080		4.4
Total banking region		32,172		67.5			32,755		68.7
Florida, Michigan, New York, Pennsylvania, Texas		7,681		16.1			6,957		14.6
All other states		7,825		16.4			8,000		16.7
Total outside Company’s banking region		15,506		32.5			14,957		31.3
Total	$	47,678		100.0	%	$	47,712		100.0	%

Of the total residential mortgages, credit card and other retail loans outstanding at December 31, 2013, approximately 72.8 percent were to customers located in the Company’s primary banking region compared with 72.5 percent at December 31, 2012. Tables 9, 10 and 11 provide a geographic summary of residential mortgages, credit card loans and other retail loans outstanding, respectively, as of December 31, 2013 and 2012. The collateral for $3.9 billion of residential mortgages and other retail loans included in covered loans at December 31, 2013 was in California, compared with $5.1 billion at December 31, 2012.

Loans Held for Sale Loans held for sale, consisting primarily of residential mortgages to be sold in the secondary market, were $3.3 billion at December 31, 2013, compared with $8.0 billion at December 31, 2012. The decrease in loans held for sale was principally due to lower residential mortgage loan originations during the fourth quarter of 2013, compared with the fourth quarter of 2012.

Most of the residential mortgage loans the Company originates or purchases follow guidelines that allow the loans to be sold into existing, highly liquid secondary markets; in particular in government agency transactions and to government sponsored enterprises (“GSEs”).

U.S. BANCORP 31

  TABLE 12   Selected Loan Maturity Distribution

At December 31, 2013 (Dollars in Millions)	One Year or Less		Over One Through Five Years		Over Five Years		Total
Commercial	$	23,380	$	42,810	$	3,843	$	70,033
Commercial real estate		8,338		24,915		6,632		39,885
Residential mortgages		2,563		8,100		40,493		51,156
Credit card		18,021		–		–		18,021
Other retail		9,296		25,491		12,891		47,678
Covered loans		1,629		2,027		4,806		8,462
Total loans	$	63,227	$	103,343	$	68,665	$	235,235
Total of loans due after one year with
Predetermined interest rates							$	79,952
Floating interest rates							$	92,056

Investment Securities The Company uses its investment securities portfolio to manage enterprise interest rate risk, provide liquidity (including the ability to meet proposed regulatory requirements), generate interest and dividend income, and as collateral for public deposits and wholesale funding sources. While the Company intends to hold its investment securities indefinitely, it may sell available-for-sale securities in response to structural changes in the balance sheet and related interest rate risk and to meet liquidity requirements, among other factors.

Investment securities totaled $79.9 billion at December 31, 2013, compared with $74.5 billion at December 31, 2012. The $5.4 billion (7.1 percent) increase reflected $6.7 billion of net investment purchases, partially offset by a $1.2 billion unfavorable change in net unrealized gains (losses) on available-for-sale investment securities. Held-to-maturity securities were $38.9 billion at December 31, 2013, compared with $34.4 billion at December 31, 2012, primarily reflecting net purchases of U.S. government agency-backed securities made in anticipation of final liquidity coverage ratio regulatory requirements.

Average investment securities were $75.0 billion in 2013, compared with $72.5 billion in 2012. The weighted-average yield of the available-for-sale portfolio was 2.64 percent at December 31, 2013, compared with 2.93 percent at December 31, 2012. The average maturity of the available-for-sale portfolio was 6.0 years at December 31, 2013, compared with 4.1 years at December 31, 2012. The weighted-average yield of the held-to-maturity portfolio was 2.00 percent at December 31, 2013, compared with 1.94 percent at December 31, 2012. The average maturity of the held-to-maturity portfolio was 4.5 years at December 31, 2013, compared with 3.3 years at December 31, 2012. The increases in the weighted-average maturities from December 31, 2012 to December 31, 2013, related to the impact of higher interest rates on anticipated prepayments on mortgage-backed securities. Investment securities by type are shown in Table 13.

The Company’s available-for-sale securities are carried at fair value with changes in fair value reflected in other comprehensive income (loss) unless a security is deemed to be other-than-temporarily impaired. At December 31, 2013, the Company’s net unrealized losses on available-for-sale securities were $125 million, compared with unrealized gains of $1.1 billion at December 31, 2012. The unfavorable change in net unrealized gains (losses) was primarily due to decreases in the fair value of agency mortgage-backed and state and political securities as a result of increases in interest rates. Gross unrealized losses on available-for-sale securities totaled $775 million at December 31, 2013, compared with $147 million at December 31, 2012.

The Company conducts a regular assessment of its investment portfolio to determine whether any securities are other-than-temporarily impaired. When assessing unrealized losses for other-than-temporary impairment, the Company considers the nature of the investment, the financial condition of the issuer, the extent and duration of unrealized loss, expected cash flows of underlying assets and market conditions. At December 31, 2013, the Company had no plans to sell securities with unrealized losses, and believes it is more likely than not that it would not be required to sell such securities before recovery of their amortized cost.

There is limited market activity for non-agency mortgage-backed securities held by the Company. As a result, the Company estimates the fair value of these securities using estimates of expected cash flows, discount rates and management’s assessment of various other market factors, which are judgmental in nature. The Company recorded $14 million of impairment charges in earnings during 2013 on non-agency mortgage-backed securities. These impairment charges were due to changes in expected cash flows, primarily resulting from changes in voluntary prepayment and default assumptions in the underlying mortgage pools. Further adverse changes in market conditions may result in additional impairment charges in future periods.

During 2012, the Company recorded $46 million of impairment charges in earnings on non-agency mortgage-backed securities. These impairment charges were due to changes in expected cash flows primarily resulting from increases in defaults in the underlying mortgage pools. During 2012, the Company also recognized impairment charges of $27 million in earnings related to certain perpetual preferred securities issued by financial institutions, following the downgrades of money center banks by a rating agency.

32 U.S. BANCORP

  TABLE 13   Investment Securities

	Available-for-Sale									Held-to-Maturity
At December 31, 2013 (Dollars in Millions)	Amortized Cost		Fair Value		Weighted- Average Maturity in Years		Weighted- Average Yield (e)			Amortized Cost		Fair Value		Weighted- Average Maturity in Years		Weighted- Average Yield (e)
U.S. Treasury and Agencies
Maturing in one year or less	$	28	$	28		.3		4.44	%	$	1,811	$	1,814		.2		1.01	%
Maturing after one year through five years		32		33		2.7		3.11			80		81		1.4		1.36
Maturing after five years through ten years		347		331		8.1		2.59			1,163		1,085		8.5		2.05
Maturing after ten years		701		653		14.7		2.39			60		60		11.3		1.75
Total	$	1,108	$	1,045		11.9		2.52	%	$	3,114	$	3,040		3.6		1.42	%
Mortgage-Backed Securities (a)
Maturing in one year or less	$	226	$	231		.6		2.63	%	$	9	$	9		.6		2.77	%
Maturing after one year through five years		13,864		13,752		3.9		2.16			22,441		22,217		3.7		2.30
Maturing after five years through ten years		16,000		16,007		5.9		1.91			12,424		12,159		5.7		1.66
Maturing after ten years		2,474		2,490		13.1		1.20			798		809		12.8		1.24
Total	$	32,564	$	32,480		5.5		1.97	%	$	35,672	$	35,194		4.6		2.05	%
Asset-Backed Securities (a)
Maturing in one year or less	$	–	$	–		–		7.65	%	$	–	$	–		–		–	%
Maturing after one year through five years		272		282		4.1		1.31			11		14		3.4		.79
Maturing after five years through ten years		364		371		7.6		2.57			4		4		7.1		.94
Maturing after ten years		–		–		17.6		5.15			1		9		20.8		.76
Total	$	636	$	653		6.1		2.03	%	$	16	$	27		5.0		.82	%
Obligations of State and Political Subdivisions (b) (c)
Maturing in one year or less	$	70	$	70		.4		6.16	%	$	–	$	–		.4		7.48	%
Maturing after one year through five years		4,671		4,772		2.6		6.72			3		3		2.0		9.52
Maturing after five years through ten years		445		438		6.6		5.80			2		2		7.3		7.85
Maturing after ten years		487		458		20.8		6.25			7		7		12.2		2.64
Total	$	5,673	$	5,738		4.5		6.60	%	$	12	$	12		8.9		5.02	%
Other Debt Securities
Maturing in one year or less	$	6	$	6		.2		1.16	%	$	6	$	6		.5		1.60	%
Maturing after one year through five years		–		–		–		–			76		76		1.9		1.12
Maturing after five years through ten years		–		–		–		–			24		13		6.8		.98
Maturing after ten years		734		640		21.5		2.71			–		–		–		–
Total	$	740	$	646		21.4		2.70	%	$	106	$	95		2.9		1.12	%
Other Investments	$	338	$	373		18.9		2.88	%	$	–	$	–		–		–	%
Total investment securities (d)	$	41,059	$	40,935		6.0		2.64	%	$	38,920	$	38,368		4.5		2.00	%

(a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities anticipating future prepayments.

(b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if purchased at par or a discount.

(c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with a fair value equal to or below par.

(d) The weighted-average maturity of the available-for-sale investment securities was 4.1 years at December 31, 2012, with a corresponding weighted-average yield of 2.93 percent. The weighted-average maturity of the held-to-maturity investment securities was 3.3 years at December 31, 2012, with a corresponding weighted-average yield of 1.94 percent.

(e) Average yields are presented on a fully-taxable equivalent basis under a tax rate of 35 percent. Yields on available-for-sale and held-to-maturity investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Average yield and maturity calculations exclude equity securities that have no stated yield or maturity.

	2013					2012
At December 31 (Dollars in Millions)	Amortized Cost		Percent of Total			Amortized Cost		Percent of Total
U.S. Treasury and agencies	$	4,222		5.3	%	$	4,365		5.9	%
Mortgage-backed securities		68,236		85.3			61,019		83.1
Asset-backed securities		652		.8			637		.9
Obligations of state and political subdivisions		5,685		7.1			6,079		8.3
Other debt securities and investments		1,184		1.5			1,329		1.8
Total investment securities	$	79,979		100.0	%	$	73,429		100.0	%

U.S. BANCORP 33

  TABLE 14   Deposits

The composition of deposits was as follows:

	2013					2012					2011					2010					2009
At December 31 (Dollars in Millions)	Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total			Amount		Percent of Total
Noninterest-bearing deposits	$	76,941		29.4	%	$	74,172		29.8	%	$	68,579		29.7	%	$	45,314		22.2	%	$	38,186		20.8	%
Interest-bearing deposits
Interest checking		52,140		19.9			50,430		20.2			45,933		19.9			43,183		21.2			38,436		21.0
Money market savings		59,772		22.8			50,987		20.5			45,854		19.9			46,855		22.9			40,848		22.3
Savings accounts		32,469		12.4			30,811		12.4			28,018		12.1			24,260		11.9			16,885		9.2
Total of savings deposits		144,381		55.1			132,228		53.1			119,805		51.9			114,298		56.0			96,169		52.5
Time certificates of deposit less than $100,000		11,784		4.5			13,744		5.5			14,952		6.5			15,083		7.4			18,966		10.4
Time deposits greater than $100,000
Domestic		9,527		3.6			12,148		4.8			12,583		5.4			12,330		6.0			16,858		9.2
Foreign		19,490		7.4			16,891		6.8			14,966		6.5			17,227		8.4			13,063		7.1
Total interest-bearing deposits		185,182		70.6			175,011		70.2			162,306		70.3			158,938		77.8			145,056		79.2
Total deposits	$	262,123		100.0	%	$	249,183		100.0	%	$	230,885		100.0	%	$	204,252		100.0	%	$	183,242		100.0	%

The maturity of time deposits was as follows:

At December 31, 2013 (Dollars in Millions)	Certificates Less Than $100,000		Time Deposits Greater Than $100,000		Total
Three months or less	$	2,246	$	21,372	$	23,618
Three months through six months		1,519		1,495		3,014
Six months through one year		2,025		1,372		3,397
2015		3,364		2,431		5,795
2016		1,275		1,203		2,478
2017		718		662		1,380
2018		633		459		1,092
Thereafter		4		23		27
Total	$	11,784	$	29,017	$	40,801

In December 2013, U.S. banking regulators approved final rules that prohibit banks from holding certain types of investments, such as investments in hedge and private equity funds. The Company does not anticipate the implementation of these final rules will require any significant liquidation of securities held or impairment charges.

Refer to Notes 4 and 21 in the Notes to Consolidated Financial Statements for further information on investment securities.

Deposits Total deposits were $262.1 billion at December 31, 2013, compared with $249.2 billion at December 31, 2012. The $12.9 billion (5.2 percent) increase in total deposits reflected organic growth in core deposits due to the overall “flight-to-quality” by customers, particularly in light of the expiration of unlimited insurance on noninterest-bearing transaction accounts and uncertainty about the United States Congress raising the domestic debt ceiling. Average total deposits increased $14.7 billion (6.3 percent) over 2012 due to increases in noninterest-bearing and total savings account balances.

Noninterest-bearing deposits at December 31, 2013, increased $2.8 billion (3.7 percent) over December 31, 2012, reflecting growth in Wholesale Banking and Commercial Real Estate balances. Average noninterest-bearing deposits increased $1.8 billion (2.6 percent) in 2013, compared with 2012, primarily due to higher average Consumer and Small Business Banking balances.

Interest-bearing savings deposits increased $12.2 billion (9.2 percent) at December 31, 2013, compared with December 31, 2012. The increase related to money market savings, interest checking and savings account balances. The $8.8 billion (17.2 percent) increase in money market savings account balances was primarily due to higher Wholesale Banking and Commercial Real Estate and Wealth Management and Securities Services balances. The $1.7 billion (3.4 percent) increase in interest checking account balances was primarily due to higher Consumer and Small Business Banking and corporate trust balances, partially offset by lower broker-dealer balances. The $1.7 billion (5.4 percent) increase in savings account balances reflected continued strong participation in a

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savings product offered by Consumer and Small Business Banking. Average interest-bearing savings deposits in 2013 increased $14.3 billion (11.7 percent), compared with 2012, primarily due to growth in Consumer and Small Business Banking, Wholesale and Commercial Real Estate, and corporate trust balances.

Interest-bearing time deposits at December 31, 2013, decreased $2.0 billion (4.6 percent), compared with December 31, 2012, driven primarily by a decrease in time certificates of deposit less than $100,000. Time certificates of deposit less than $100,000 decreased $2.0 billion (14.3 percent) at December 31, 2013, compared with December 31, 2012. Average time certificates of deposit less than $100,000 decreased $1.7 billion (11.8 percent) in 2013, compared with 2012. The decreases were the result of lower Consumer and Small Business Banking balances primarily due to maturities. Time deposits greater than $100,000 were essentially unchanged at December 31, 2013, compared with December 31, 2012. Average time deposits greater than $100,000 in 2013 increased $356 million (1.1 percent), compared with 2012. Time deposits greater than $100,000 are managed as an alternative to other funding sources such as wholesale borrowing, based largely on relative pricing.

Borrowings The Company utilizes both short-term and long-term borrowings as part of its asset/liability management and funding strategies. Short-term borrowings, which include federal funds purchased, commercial paper, repurchase agreements, borrowings secured by high-grade assets and other short-term borrowings, were $27.6 billion at December 31, 2013, compared with $26.3 billion at December 31, 2012. The $1.3 billion (5.0 percent) increase in short-term borrowings was primarily due to higher commercial paper balances, partially offset by lower repurchase agreement, federal funds purchased and other short-term borrowings balances.

Long-term debt was $20.0 billion at December 31, 2013, compared with $25.5 billion at December 31, 2012. The $5.5 billion (21.4 percent) decrease was primarily due to a $4.5 billion decrease in long-term debt related to the deconsolidation of certain consolidated VIEs and $2.9 billion of medium-term note maturities, partially offset by the issuance of $1.5 billion of medium-term notes. Refer to Note 12 of the Notes to Consolidated Financial Statements for additional information regarding long-term debt and the “Liquidity Risk Management” section for discussion of liquidity management of the Company.

Corporate Risk Profile

Overview Managing risks is an essential part of successfully operating a financial services company. The Company’s Board of Directors has approved a risk appetite statement and framework for the Company which defines acceptable levels of risk taking, including risk limits, and establishes the governance and oversight activities over risk management and reporting. Compliance with the risk appetite statement is monitored by the Company’s Board of Directors and the management Executive Risk Committee. Within this framework, the Company has established quantitative measurements and qualitative considerations for monitoring risk across the Company.

The Company’s most prominent risk exposures are credit, residual value, operational, interest rate, market, liquidity and reputation risk. Credit risk is the risk of not collecting the interest and/or the principal balance of a loan, investment or derivative contract when it is due. Residual value risk is the potential reduction in the end-of-term value of leased assets. Operational risk includes risks related to fraud, processing errors, technology, breaches of internal controls and in data security, and business continuation and disaster recovery. Operational risk also includes legal and compliance risks, including risks arising from the failure to adhere to laws, rules, regulations and internal policies and procedures. Interest rate risk is the potential reduction of net interest income as a result of changes in interest rates, which can affect the re-pricing of assets and liabilities differently. Market risk arises from fluctuations in interest rates, foreign exchange rates, and security prices that may result in changes in the values of financial instruments, such as trading and available-for-sale securities, mortgage loans held for sale, MSRs and derivatives that are accounted for on a fair value basis. Liquidity risk is the possible inability to fund obligations to depositors, investors or borrowers. Further, corporate strategic decisions, as well as the risks described above, could give rise to reputation risk. Reputation risk is the risk that negative publicity or press, whether true or not, could result in costly litigation or cause a decline in the Company’s stock value, customer base, funding sources or revenue. In addition to the risks identified above, other risk factors exist that may impact the Company. Refer to “Risk Factors” beginning on page 147, for a detailed discussion of these factors.

The Company’s risk management governance approach is designed to ensure specific lines of risk management accountability and escalation of key risk information. Under the guidance of the Executive Risk Committee, designated risk management personnel implement risk management policies and interact with the Company’s business lines to monitor significant risks on a regular basis. In addition, risk management personnel help promote a culture of compliance through compliance program standards and policies, and through oversight, credible challenge, advice, monitoring, testing and reporting with respect to the Company’s adherence to laws, rules, regulations and internal policies and procedures.

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Management also provides various risk-related reporting to the Risk Management Committee of the Board of Directors. The Risk Management Committee discusses with management the Company’s risk management performance quarterly, covering the status of existing matters, areas of potential future concern, and specific information on certain types of loss events. The discussion also covers quarterly reports by management assessing the Company’s performance relative to the risk appetite statement and the associated risk tolerance limits, including:

• Qualitative considerations, such as macroeconomic environment, regulatory and compliance changes, litigation developments, and technology and cybersecurity;

• Capital ratios and regulatory projections, including regulatory measures and stressed scenarios;

• Credit measures, including adversely rated and nonperforming loans, leveraged transactions, credit concentrations and lending limits;

• Market risk, including interest rate risk, market value and net income simulation, and trading-related Value at Risk; and

• Operational risk, including operational losses, system availability performance, and various regulatory compliances measures.

Credit Risk Management The Company’s strategy for credit risk management includes well-defined, centralized credit policies, uniform underwriting criteria, and ongoing risk monitoring and review processes for all commercial and consumer credit exposures. The strategy also emphasizes diversification on a geographic, industry and customer level, regular credit examinations and management reviews of loans exhibiting deterioration of credit quality. The Risk Management Committee of the Company’s Board of Directors oversees the Company’s credit risk management process.

In addition, credit quality ratings as defined by the Company, are an important part of the Company’s overall credit risk management and evaluation of its allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal risk has been identified. Loans with a special mention or classified rating, including all of the Company’s loans that are 90 days or more past due and still accruing, nonaccrual loans, those considered troubled debt restructurings (“TDRs”), and loans in a junior lien position that are current but are behind a modified or delinquent loan in a first lien position, encompass all loans held by the Company that it considers to have a potential or well-defined weakness that may put full collection of contractual cash flows at risk. The Company’s internal credit quality ratings for consumer loans are primarily based on delinquency and nonperforming status, except for a limited population of larger loans within those portfolios that are individually evaluated. For this limited population, the determination of the internal credit quality rating may also consider collateral value and customer cash flows. The Company obtains recent collateral value estimates for the majority of its residential mortgage and home equity and second mortgage portfolios, which allows the Company to compute estimated loan-to-value (“LTV”) ratios reflecting current market conditions. These individual refreshed LTV ratios are considered in the determination of the appropriate allowance for credit losses. However, the underwriting criteria the Company employs consider the relevant income and credit characteristics of the borrower, such that the collateral is not the primary source of repayment. The Company strives to identify potential problem loans early, record any necessary charge-offs promptly and maintain appropriate allowance levels for probable incurred loan losses. Refer to Notes 1 and 5 in the Notes to Consolidated Financial Statements for further information of the Company’s loan portfolios including internal credit quality ratings.

The Company categorizes its loan portfolio into three segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s three loan portfolio segments are commercial lending, consumer lending and covered loans. The commercial lending segment includes loans and leases made to small business, middle market, large corporate, commercial real estate, financial institution, non-profit and public sector customers. Key risk characteristics relevant to commercial lending segment loans include the industry and geography of the borrower’s business, purpose of the loan, repayment source, borrower’s debt capacity and financial flexibility, loan covenants, and nature of pledged collateral, if any. These risk characteristics, among others, are considered in determining estimates about the likelihood of default by the borrowers and the severity of loss in the event of default. The Company considers these risk characteristics in assigning internal risk ratings to, or forecasting losses on, these loans which are the significant factors in determining the allowance for credit losses for loans in the commercial lending segment.

The consumer lending segment represents loans and leases made to consumer customers including residential mortgages, credit card loans, and other retail loans such as revolving consumer lines, auto loans and leases, student loans, and home equity loans and lines. Home equity or

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second mortgage loans are junior lien closed-end accounts fully disbursed at origination. These loans typically are fixed rate loans, secured by residential real estate, with a 10 or 15 year fixed payment amortization schedule. Home equity lines are revolving accounts giving the borrower the ability to draw and repay balances repeatedly, up to a maximum commitment, and are secured by residential real estate. These include accounts in either a first or junior lien position. Typical terms on home equity lines in the portfolio are variable rates benchmarked to the prime rate, with a 15-year draw period during which a minimum payment is equivalent to the monthly interest, followed by a 10-year amortization period. A new 10-year draw and 20-year amortization product was introduced during 2013 to provide customers the option to repay their outstanding balances over a longer period. At December 31, 2013, substantially all of the Company’s home equity lines were in the draw period. Key risk characteristics relevant to consumer lending segment loans primarily relate to the borrowers’ capacity and willingness to repay and include unemployment rates and other economic factors, customer payment history and in some cases, updated LTV information on real estate based loans. These risk characteristics, among others, are reflected in forecasts of delinquency levels, bankruptcies and losses which are the primary factors in determining the allowance for credit losses for the consumer lending segment.

The covered loan segment represents loans acquired in FDIC-assisted transactions that are covered by loss sharing agreements with the FDIC that greatly reduce the risk of future credit losses to the Company. Key risk characteristics for covered segment loans are consistent with the segment they would otherwise be included in had the loss share coverage not been in place, but consider the indemnification provided by the FDIC.

The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. The covered loan segment consists of only one class.

Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments. The Company also engages in non-lending activities that may give rise to credit risk, including derivative transactions for balance sheet hedging purposes, foreign exchange transactions, deposit overdrafts and interest rate swap contracts for customers, investments in securities and other financial assets, and settlement risk, including Automated Clearing House transactions and the processing of credit card transactions for merchants. These activities are subject to credit review, analysis and approval processes.

Economic and Other Factors In evaluating its credit risk, the Company considers changes, if any, in underwriting activities, the loan portfolio composition (including product mix and geographic, industry or customer-specific concentrations), trends in loan performance, the level of allowance coverage relative to similar banking institutions and macroeconomic factors, such as changes in unemployment rates, gross domestic product and consumer bankruptcy filings.

Beginning in late 2007, financial markets suffered significant disruptions, leading to and exacerbated by declining real estate values and subsequent economic challenges, both domestically and globally. Median home prices declined across most domestic markets, which had a significant adverse impact on the collectability of residential mortgage loans. Residential mortgage delinquencies increased throughout 2008 and 2009. High unemployment levels beginning in 2009, further increased losses in prime-based residential portfolios and credit cards.

Although economic conditions generally have stabilized from the dramatic downturn experienced in 2008 and 2009, and the financial markets have generally improved, business activities across a range of industries continue to face difficulties due to lower consumer confidence and spending, continued elevated unemployment and under-employment, and continued stress in the residential mortgage portfolio. Credit costs peaked for the Company in late 2009 and have trended downward thereafter. The provision for credit losses was lower than net charge-offs by $125 million in 2013, $215 million in 2012 and $500 million in 2011. The $542 million (28.8 percent) decrease in the provision for credit losses in 2013, compared with 2012, reflected improving credit trends and the underlying risk profile of the loan portfolio as economic conditions continued to slowly improve, partially offset by portfolio growth.

Credit Diversification The Company manages its credit risk, in part, through diversification of its loan portfolio and limit setting by product type criteria and concentrations. As part of its normal business activities, the Company offers a broad array of traditional commercial lending products and specialized products such as asset-based lending, commercial lease financing, agricultural credit, warehouse mortgage lending, small business lending, commercial real estate, health care and correspondent banking. The Company also offers an array of consumer lending products, including residential mortgages, credit card loans, auto loans, retail leases, home equity, revolving credit and other consumer loans. These consumer lending products are

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primarily offered through the branch office network, home mortgage and loan production offices and indirect distribution channels, such as auto dealers. The Company monitors and manages the portfolio diversification by industry, customer and geography. Table 6 provides information with respect to the overall product diversification and changes in the mix during 2013.

The commercial loan class is diversified among various industries with somewhat higher concentrations in manufacturing, wholesale trade, finance and insurance, and real estate, rental and leasing. Additionally, the commercial loan class is diversified across the Company’s geographical markets with 66.2 percent of total commercial loans within the Company’s Consumer and Small Business Banking markets. Credit relationships outside of the Company’s Consumer and Small Business Banking markets relate to the corporate banking, mortgage banking, auto dealer and leasing businesses, focusing on large national customers and specifically targeted industries. Loans to mortgage banking customers are primarily warehouse lines which are collateralized with the underlying mortgages. The Company regularly monitors its mortgage collateral position to manage its risk exposure. Table 7 provides a summary of significant industry groups and geographical locations of commercial loans outstanding at December 31, 2013 and 2012.

The commercial real estate loan class reflects the Company’s focus on serving business owners within its geographic footprint as well as regional and national investment-based real estate owners and builders. Within the commercial real estate loan class, different property types have varying degrees of credit risk. Table 8 provides a summary of the significant property types and geographical locations of commercial real estate loans outstanding at December 31, 2013 and 2012. At December 31, 2013, approximately 28.1 percent of the commercial real estate loans represented business owner-occupied properties that tend to exhibit less credit risk than non owner-occupied properties. The investment-based real estate mortgages are diversified among various property types with somewhat higher concentrations in multi-family, office and retail properties. From a geographical perspective, the Company’s commercial real estate loan class is generally well diversified. However, at December 31, 2013, 22.9 percent of the Company’s commercial real estate loans were secured by collateral in California, which has historically experienced higher delinquency levels and credit quality deterioration in recessionary periods due to excess home inventory levels and declining valuations. Included in commercial real estate at year-end 2013 was approximately $463 million in loans related to land held for development and $566 million of loans related to residential and commercial acquisition and development properties. These loans are subject to quarterly monitoring for changes in local market conditions due to a higher credit risk profile. The commercial real estate loan class is diversified across the Company’s geographical markets with 85.3 percent of total commercial real estate loans outstanding at December 31, 2013, within the Company’s Consumer and Small Business Banking markets.

The Company’s consumer lending segment utilizes several distinct business processes and channels to originate consumer credit, including traditional branch lending, indirect lending, portfolio acquisitions, correspondent banks and loan brokers. Each distinct underwriting and origination activity manages unique credit risk characteristics and prices its loan production commensurate with the differing risk profiles.

Residential mortgages are originated through the Company’s branches, loan production offices and a wholesale network of originators. The Company may retain residential mortgage loans it originates on its balance sheet or sell the loans into the secondary market while retaining the servicing rights and customer relationships. Utilizing the secondary markets enables the Company to effectively reduce its credit and other asset/liability risks. For residential mortgages that are retained in the Company’s portfolio and for home equity and second mortgages, credit risk is also diversified by geography and managed by adherence to LTV and borrower credit criteria during the underwriting process.

The Company estimates updated LTV information quarterly, based on a method that combines automated valuation model updates and relevant home price indices. LTV is the ratio of the loan’s outstanding principal balance to the current estimate of property value. For home equity and second mortgages, combined loan-to-value (“CLTV”) is the combination of the first mortgage original principal balance and the second lien outstanding principal balance, relative to the current estimate of property value. Certain loans do not have a LTV or CLTV, primarily due to lack of availability of relevant automated valuation model and/or home price indices values, or lack of necessary valuation data on acquired loans.

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The following tables provide summary information for the LTVs of residential mortgages and home equity and second mortgages by borrower type at December 31, 2013:

Residential mortgages (Dollars in Millions)	Interest Only		Amortizing		Total		Percent of Total
Prime Borrowers
Less than or equal to 80%	$	2,188	$	35,163	$	37,351		86.7	%
Over 80% through 90%		394		2,530		2,924		6.8
Over 90% through 100%		311		988		1,299		3.0
Over 100%		456		973		1,429		3.3
No LTV available		–		83		83		.2
Total	$	3,349	$	39,737	$	43,086		100.0	%
Sub-Prime Borrowers
Less than or equal to 80%	$	2	$	630	$	632		45.3	%
Over 80% through 90%		2		229		231		16.6
Over 90% through 100%		3		199		202		14.5
Over 100%		4		326		330		23.6
No LTV available		–		–		–		–
Total	$	11	$	1,384	$	1,395		100.0	%
Other Borrowers
Less than or equal to 80%	$	9	$	431	$	440		48.4	%
Over 80% through 90%		2		206		208		22.9
Over 90% through 100%		1		86		87		9.6
Over 100%		2		172		174		19.1
No LTV available		–		–		–		–
Total	$	14	$	895	$	909		100.0	%
Loans Purchased From GNMA Mortgage Pools (a)	$	–	$	5,766	$	5,766		100.0	%
Total
Less than or equal to 80%	$	2,199	$	36,224	$	38,423		75.1	%
Over 80% through 90%		398		2,965		3,363		6.6
Over 90% through 100%		315		1,273		1,588		3.1
Over 100%		462		1,471		1,933		3.8
No LTV available		–		83		83		.1
Loans purchased from GNMA mortgage pools (a)		–		5,766		5,766		11.3
Total	$	3,374	$	47,782	$	51,156		100.0	%

(a) Represents loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose payments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

Home equity and second mortgages (Dollars in Millions)	Lines		Loans		Total		Percent of Total
Prime Borrowers
Less than or equal to 80%	$	8,776	$	589	$	9,365		63.9	%
Over 80% through 90%		2,112		252		2,364		16.1
Over 90% through 100%		1,061		154		1,215		8.3
Over 100%		1,211		253		1,464		10.0
No LTV/CLTV available		221		33		254		1.7
Total	$	13,381	$	1,281	$	14,662		100.0	%
Sub-Prime Borrowers
Less than or equal to 80%	$	44	$	28	$	72		24.3	%
Over 80% through 90%		15		26		41		13.8
Over 90% through 100%		13		36		49		16.6
Over 100%		26		108		134		45.3
No LTV/CLTV available		–		–		–		–
Total	$	98	$	198	$	296		100.0	%
Other Borrowers
Less than or equal to 80%	$	355	$	10	$	365		75.4	%
Over 80% through 90%		75		5		80		16.6
Over 90% through 100%		17		2		19		3.9
Over 100%		14		4		18		3.7
No LTV/CLTV available		2		–		2		.4
Total	$	463	$	21	$	484		100.0	%
Total
Less than or equal to 80%	$	9,175	$	627	$	9,802		63.5	%
Over 80% through 90%		2,202		283		2,485		16.1
Over 90% through 100%		1,091		192		1,283		8.3
Over 100%		1,251		365		1,616		10.5
No LTV/CLTV available		223		33		256		1.6
Total	$	13,942	$	1,500	$	15,442		100.0	%

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At December 31, 2013, approximately $1.4 billion of residential mortgages were to customers that may be defined as sub-prime borrowers based on credit scores from independent agencies at loan origination, compared with $1.6 billion at December 31, 2012. In addition to residential mortgages, at December 31, 2013, $.3 billion of home equity and second mortgage loans and lines were to customers that may be defined as sub-prime borrowers, compared with $.4 billion at December 31, 2012. The total amount of consumer lending segment residential mortgage, home equity and second mortgage loans to customers that may be defined as sub-prime borrowers represented only .5 percent of total assets at December 31, 2013, compared with .6 percent at December 31, 2012. The Company considers sub-prime loans to be those made to borrowers with a risk of default significantly higher than those approved for prime lending programs, as reflected in credit scores obtained from independent agencies at loan origination, in addition to other credit underwriting criteria. Sub-prime portfolios include only loans originated according to the Company’s underwriting programs specifically designed to serve customers with weakened credit histories. The sub-prime designation indicators have been and will continue to be subject to re-evaluation over time as borrower characteristics, payment performance and economic conditions change. The sub-prime loans originated during periods from June 2009 and after are with borrowers who met the Company’s program guidelines and have a credit score that generally is at or below a threshold of 620 to 650 at loan origination, depending on the program. Sub-prime loans originated during periods prior to June 2009 were based upon program level guidelines without regard to credit score.

Covered loans included $986 million in loans with negative-amortization payment options at December 31, 2013, compared with $1.3 billion at December 31, 2012. Other than covered loans, the Company does not have any residential mortgages with payment schedules that would cause balances to increase over time.

Home equity and second mortgages were $15.4 billion at December 31, 2013, compared with $16.7 billion at December 31, 2012, and included $4.7 billion of home equity lines in a first lien position and $10.7 billion of home equity and second mortgage loans and lines in a junior lien position. Loans and lines in a junior lien position at December 31, 2013, included approximately $3.9 billion of loans and lines for which the Company also serviced the related first lien loan, and approximately $6.8 billion where the Company did not service the related first lien loan. The Company was able to determine the status of the related first liens using information the Company has as the servicer of the first lien or information reported on customer credit bureau files. The Company also evaluates other indicators of credit risk for these junior lien loans and lines including delinquency, estimated average CLTV ratios and updated weighted-average credit scores in making its assessment of credit risk, related loss estimates and determining the allowance for credit losses.

The following table provides a summary of delinquency statistics and other credit quality indicators for the Company’s junior lien positions at December 31, 2013:

	Junior Liens Behind
(Dollars in Millions)	Company Owned or Serviced First Lien			Third Party First Lien			Total
Total	$	3,901		$	6,813		$	10,714
Percent 30-89 days past due		.55	%		.80	%		.71	%
Percent 90 days or more past due		.13	%		.21	%		.18	%
Weighted-average CLTV		78	%		76	%		77	%
Weighted-average credit score		748			742			744

See the Analysis and Determination of the Allowance for Credit Losses section for additional information on how the Company determines the allowance for credit losses for loans in a junior lien position.

Credit card and other retail loans principally reflect the Company’s focus on consumers within its geographical footprint of branches and certain niche lending activities that are nationally focused. Approximately 67.8 percent of the Company’s credit card balances relate to cards originated through the Company’s branches or co-branded, travel and affinity programs that generally experience better credit quality performance than portfolios generated through other channels.

Tables 9, 10 and 11 provide a geographical summary of the residential mortgage, credit card and other retail loan portfolios, respectively.

Assets acquired by the Company in FDIC-assisted transactions included nonperforming loans and other loans with characteristics indicative of a high credit risk profile, including a substantial concentration in California, loans with negative-amortization payment options, and homebuilder and other construction finance loans. Because most of these loans are covered under loss sharing agreements with the FDIC, the Company’s financial exposure to losses from these assets is substantially reduced. To the extent actual losses exceed the Company’s estimates at acquisition, the Company’s financial risk would only be its share of those losses under the loss sharing agreements.

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  TABLE 15   Delinquent Loan Ratios as a Percent of Ending Loan Balances

At December 31, 90 days or more past due excluding nonperforming loans	2013			2012			2011			2010			2009
Commercial
Commercial		.08	%		.10	%		.09	%		.15	%		.25	%
Lease financing		–			–			–			.02			–
Total commercial		.08			.09			.08			.13			.22
Commercial Real Estate
Commercial mortgages		.02			.02			.02			–			–
Construction and development		.30			.02			.13			.01			.07
Total commercial real estate		.07			.02			.04			–			.02
Residential Mortgages (a)		.65			.64			.98			1.63			2.80
Credit Card		1.17			1.27			1.36			1.86			2.59
Other Retail
Retail leasing		–			.02			.02			.05			.11
Other		.21			.22			.43			.49			.57
Total other retail (b)		.18			.20			.38			.45			.53
Total loans, excluding covered loans		.31			.31			.43			.61			.88
Covered Loans		5.63			5.86			6.15			6.04			3.59
Total loans		.51	%		.59	%		.84	%		1.11	%		1.19	%
At December 31, 90 days or more past due including nonperforming loans	2013			2012			2011			2010			2009
Commercial		.27	%		.27	%		.63	%		1.37	%		2.25	%
Commercial real estate		.83			1.50			2.55			3.73			5.22
Residential mortgages (a)		2.16			2.14			2.73			3.70			4.59
Credit card		1.60			2.12			2.65			3.22			3.43
Other retail (b)		.58			.66			.52			.58			.66
Total loans, excluding covered loans		.97			1.11			1.54			2.19			2.87
Covered loans		7.13			9.28			12.42			12.94			9.76
Total loans		1.19	%		1.52	%		2.30	%		3.17	%		3.64	%

(a) Delinquent loan ratios exclude $3.7 billion, $3.2 billion, $2.6 billion, $2.6 billion, and $2.2 billion at December 31, 2013, 2012, 2011, 2010 and 2009, respectively, of loans purchased from GNMA mortgage pools whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Including these loans, the ratio of residential mortgages 90 days or more past due including all nonperforming loans was 9.34 percent, 9.45 percent, 9.84 percent, 12.28 percent, and 12.86 percent at December 31, 2013, 2012, 2011, 2010, and 2009, respectively.

(b) Delinquent loan ratios exclude student loans that are guaranteed by the federal government. Including these loans, the ratio of total other retail loans 90 days or more past due including all nonperforming loans was .93 percent, 1.08 percent, .99 percent, 1.04 percent, and .91 percent at December 31, 2013, 2012, 2011, 2010, and 2009, respectively.

Loan Delinquencies Trends in delinquency ratios are an indicator, among other considerations, of credit risk within the Company’s loan portfolios. The entire balance of an account is considered delinquent if the minimum payment contractually required to be made is not received by the specified date on the billing statement. The Company measures delinquencies, both including and excluding nonperforming loans, to enable comparability with other companies. Delinquent loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments of principal and interest are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, are excluded from delinquency statistics. In addition, in certain situations, a consumer lending customer’s account may be re-aged to remove it from delinquent status. Generally, the purpose of re-aging accounts is to assist customers who have recently overcome temporary financial difficulties, and have demonstrated both the ability and willingness to resume regular payments. To qualify for re-aging, the account must have been open for at least nine months and cannot have been re-aged during the preceding 365 days. An account may not be re-aged more than two times in a five-year period. To qualify for re-aging, the customer must also have made three regular minimum monthly payments within the last 90 days. In addition, the Company may re-age the consumer lending account of a customer who has experienced longer-term financial difficulties and apply modified, concessionary terms and conditions to the account. Such additional re-ages are limited to one in a five-year period and must meet the qualifications for re-aging described above. All re-aging strategies must be independently approved by the Company’s credit administration function. Commercial lending loans are generally not subject to re-aging policies.

Accruing loans 90 days or more past due totaled $1.2 billion ($713 million excluding covered loans) at December 31, 2013, compared with $1.3 billion ($660 million excluding covered loans) at December 31, 2012, and $1.8 billion ($843 million excluding covered loans) at

U.S. BANCORP 41

December 31, 2011. The $53 million (8.0 percent) increase, excluding covered loans, from December 31, 2012 to December 31, 2013, primarily reflected an increase in restructured residential mortgages in trial period arrangements that have yet to be re-aged upon permanent modification. These loans are not included in nonperforming assets and continue to accrue interest because they are adequately secured by collateral, are in the process of collection and are reasonably expected to result in repayment or restoration to current status, or are managed in homogeneous portfolios with specified charge-off timeframes adhering to regulatory guidelines. The ratio of accruing loans 90 days or more past due to total loans was .51 percent (.31 percent excluding covered loans) at December 31, 2013, compared with .59 percent (.31 percent excluding covered loans) at December 31, 2012, and .84 percent (.43 percent excluding covered loans) at December 31, 2011.

The following table provides summary delinquency information for residential mortgages, credit card and other retail loans included in the consumer lending segment:

At December 31 (Dollars in Millions)	Amount				As a Percent of Ending Loan Balances
	2013		2012		2013			2012
Residential mortgages (a)
30-89 days	$	358	$	348		.70	%		.79	%
90 days or more		333		281		.65			.64
Nonperforming		770		661		1.51			1.50
Total	$	1,461	$	1,290		2.86	%		2.93	%
Credit card
30-89 days	$	226	$	227		1.25	%		1.33	%
90 days or more		210		217		1.17			1.27
Nonperforming		78		146		.43			.85
Total	$	514	$	590		2.85	%		3.45	%
Other retail
Retail leasing
30-89 days	$	11	$	12		.18	%		.22	%
90 days or more		–		1		–			.02
Nonperforming		1		1		.02			.02
Total	$	12	$	14		.20	%		.26	%
Home equity and second mortgages
30-89 days	$	102	$	126		.66	%		.76	%
90 days or more		49		51		.32			.30
Nonperforming		167		189		1.08			1.13
Total	$	318	$	366		2.06	%		2.19	%
Other (b)
30-89 days	$	132	$	152		.50	%		.59	%
90 days or more		37		44		.14			.17
Nonperforming		23		27		.09			.11
Total	$	192	$	223		.73	%		.87	%

(a) Excludes $440 million of loans 30-89 days past due and $3.7 billion of loans 90 days or more past due at December 31, 2013, purchased from GNMA mortgage pools that continue to accrue interest, compared with $441 million and $3.2 billion at December 31, 2012, respectively.

(b) Includes revolving credit, installment, automobile and student loans.

The following tables provide further information on residential mortgages and home equity and second mortgages as a percent of ending loan balances by borrower type at December 31:

Residential mortgages (a)	2013			2012
Prime Borrowers
30-89 days		.55	%		.65	%
90 days or more		.55			.58
Nonperforming		1.31			1.36
Total		2.41	%		2.59	%
Sub-Prime Borrowers
30-89 days		7.60	%		6.41	%
90 days or more		6.02			3.89
Nonperforming		13.19			9.60
Total		26.81	%		19.90	%
Other Borrowers
30-89 days		1.65	%		.97	%
90 days or more		1.43			.97
Nonperforming		2.09			1.83
Total		5.17	%		3.77	%

(a) Excludes delinquent and nonperforming information on loans purchased from GNMA mortgage pools as their repayments are primarily insured by the Federal Housing

Administration or guaranteed by the Department of Veterans Affairs.

Home equity and second mortgages	2013			2012
Prime Borrowers
30-89 days		.57	%		.64	%
90 days or more		.27			.28
Nonperforming		.98			1.03
Total		1.82	%		1.95	%
Sub-Prime Borrowers
30-89 days		4.39	%		4.92	%
90 days or more		2.03			1.36
Nonperforming		4.73			4.10
Total		11.15	%		10.38	%
Other Borrowers
30-89 days		1.24	%		1.41	%
90 days or more		.62			.47
Nonperforming		1.86			2.35
Total		3.72	%		4.23	%

The following table provides summary delinquency information for covered loans:

At December 31 (Dollars in Millions)	Amount				As a Percent of Ending Loan Balances
	2013		2012		2013			2012
30-89 days	$	166	$	359		1.96	%		3.18	%
90 days or more		476		663		5.63			5.86
Nonperforming		127		386		1.50			3.41
Total	$	769	$	1,408		9.09	%		12.45	%

Restructured Loans In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. In most cases the modification is either a concessionary reduction in interest rate, extension of the maturity date or reduction in the principal balance that would otherwise not be considered.

Troubled Debt Restructurings Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in the payments to be received. TDRs accrue interest if the borrower complies with

42 U.S. BANCORP

the revised terms and conditions and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. At December 31, 2013, performing TDRs were $6.0 billion, compared with $5.6 billion and $4.9 billion at December 31, 2012 and 2011, respectively. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.

The Company continues to work with customers to modify loans for borrowers who are experiencing financial difficulties, including those acquired through FDIC-assisted acquisitions. Many of the Company’s TDRs are determined on a case-by-case basis in connection with ongoing loan collection processes. The modifications vary within each of the Company’s loan classes. Commercial lending segment TDRs generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate. The Company may also work with the borrower to make other changes to the loan to mitigate losses, such as obtaining additional collateral and/or guarantees to support the loan.

The Company has also implemented certain residential mortgage loan restructuring programs that may result in TDRs. The Company participates in the U.S. Department of the Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify their loan and achieve more affordable monthly payments, with the U.S. Department of the Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, and its own internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extensions of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs.

Credit card and other retail loan modifications are generally part of distinct restructuring programs. The Company offers a workout program providing customers modification solutions over a specified time period, generally up to 60 months. The Company also provides modification programs to qualifying customers experiencing a temporary financial hardship in which reductions are made to monthly required minimum payments for up to 12 months.

In accordance with regulatory guidance, the Company considers secured consumer loans that have had debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs. If the loan amount exceeds the collateral value, the loan is charged down to collateral value and the remaining amount is reported as nonperforming.

Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for purposes of the Company’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with modifications on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under the loss sharing agreements.

The following table provides a summary of TDRs by loan class, including the delinquency status for TDRs that continue to accrue interest and TDRs included in nonperforming assets:

			As a Percent of Performing TDRs
At December 31, 2013 (Dollars in Millions)	Performing TDRs		30-89 Days Past Due			90 Days or More Past Due			Nonperforming TDRs			Total TDRs
Commercial	$	248		3.0	%		1.1	%	$	100	(a)	$	348
Commercial real estate		390		1.7			2.3			143	(b)		533
Residential mortgages		1,997		7.4			7.9			460			2,457	(d)
Credit card		232		8.6			6.4			78	(c)		310
Other retail		200		6.1			4.3			69	(c)		269	(e)
TDRs, excluding GNMA and covered loans		3,067		6.3			6.3			850			3,917
Loans purchased from GNMA mortgage pools		2,607		7.4			66.6			–			2,607	(f)
Covered loans		325		.9			1.1			50			375
Total	$	5,999		6.5	%		32.2	%	$	900		$	6,899

(a) Primarily represents loans less than six months from the modification date that have not met the performance period required to return to accrual status (generally six months) and small business credit cards with a modified rate equal to 0 percent.

(b) Primarily represents loans less than six months from the modification date that have not met the performance period required to return to accrual status (generally six months).

(c) Primarily represents loans with a modified rate equal to 0 percent.

(d) Includes $281 million of residential mortgage loans to borrowers that have had debt discharged through bankruptcy and $124 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.

(e) Includes $146 million of other retail loans to borrowers that have had debt discharged through bankruptcy and $3 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.

(f) Includes $474 million of Federal Housing Administration and Department of Veterans Affairs residential mortgage loans to borrowers that have had debt discharged through bankruptcy and $987 million in trial period arrangements or previously placed in trial period arrangements but not successfully completed.

U.S. BANCORP 43

Short-term Modifications The Company makes short-term modifications that it does not consider to be TDRs, in limited circumstances, to assist borrowers experiencing temporary hardships. Consumer lending programs include payment reductions, deferrals of up to three past due payments, and the ability to return to current status if the borrower makes required payments. The Company may also make short-term modifications to commercial lending loans, with the most common modification being an extension of the maturity date of three months or less. Such extensions generally are used when the maturity date is imminent and the borrower is experiencing some level of financial stress, but the Company believes the borrower will pay all contractual amounts owed. Short-term modifications were not material at December 31, 2013.

Nonperforming Assets The level of nonperforming assets represents another indicator of the potential for future credit losses. Nonperforming assets include nonaccrual loans, restructured loans not performing in accordance with modified terms and not accruing interest, restructured loans that have not met the performance period required to return to accrual status, other real estate owned and other nonperforming assets owned by the Company. Nonperforming assets are generally either originated by the Company or acquired under FDIC loss sharing agreements that substantially reduce the risk of credit losses to the Company. Interest payments collected from assets on nonaccrual status are generally applied against the principal balance and not recorded as income. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.

At December 31, 2013, total nonperforming assets were $2.0 billion, compared with $2.7 billion at December 31, 2012 and $3.8 billion at December 31, 2011. Excluding covered assets, nonperforming assets were $1.8 billion at December 31, 2013, compared with $2.1 billion at December 31, 2012 and $2.6 billion at December 31, 2011. The $275 million (13.2 percent) decrease in nonperforming assets, excluding covered assets, from December 31, 2012 to December 31, 2013, was primarily driven by reductions in the commercial mortgage and construction and development portfolios, as well as credit card loans. Nonperforming covered assets at December 31, 2013 were $224 million, compared with $583 million at December 31, 2012 and $1.2 billion at December 31, 2011. These assets are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company. The ratio of total nonperforming assets to total loans and other real estate was .86 percent (.80 percent excluding covered assets) at December 31, 2013, compared with 1.19 percent (.98 percent excluding covered assets) at December 31, 2012 and 1.79 percent (1.32 percent excluding covered assets) at December 31, 2011.

Other real estate owned, excluding covered assets, was $327 million at December 31, 2013, compared with $381 million at December 31, 2012 and $404 million at December 31, 2011, and was related to foreclosed properties that previously secured loan balances. These balances exclude foreclosed GNMA loans whose repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

The following table provides an analysis of other real estate owned, excluding covered assets, as a percent of their related loan balances, including geographical location detail for residential (residential mortgage, home equity and second mortgage) and commercial (commercial and commercial real estate) loan balances:

At December 31 (Dollars in Millions)	Amount				As a Percent of Ending Loan Balances
	2013		2012		2013			2012
Residential
Florida	$	17	$	14		1.03	%		1.55	%
Ohio		17		13		.52			.51
Washington		16		14		.40			.38
California		15		16		.13			.18
Minnesota		15		20		.24			.34
All other states		186		191		.47			.49
Total residential		266		268		.40			.44
Commercial
California		14		8		.08			.05
Missouri		14		17		.30			.37
Tennessee		5		7		.25			.41
Oregon		3		5		.07			.13
Wisconsin		3		3		.06			.06
All other states		22		73		.03			.10
Total commercial		61		113		.06			.11
Total	$	327	$	381		.14	%		.18	%

44 U.S. BANCORP

  TABLE 16   Nonperforming Assets (a)

At December 31 (Dollars in Millions)	2013			2012			2011			2010			2009
Commercial
Commercial	$	122		$	107		$	280		$	519		$	866
Lease financing		12			16			32			78			125
Total commercial		134			123			312			597			991
Commercial Real Estate
Commercial mortgages		182			308			354			545			581
Construction and development		121			238			545			748			1,192
Total commercial real estate		303			546			899			1,293			1,773
Residential Mortgages (b)		770			661			650			636			467
Credit Card		78			146			224			228			142
Other Retail
Retail leasing		1			1			–			–			–
Other		190			216			67			65			62
Total other retail		191			217			67			65			62
Total nonperforming loans, excluding covered loans		1,476			1,693			2,152			2,819			3,435
Covered Loans		127			386			926			1,244			1,350
Total nonperforming loans		1,603			2,079			3,078			4,063			4,785
Other Real Estate (c)(d)		327			381			404			511			437
Covered Other Real Estate (d)		97			197			274			453			653
Other Assets		10			14			18			21			32
Total nonperforming assets	$	2,037		$	2,671		$	3,774		$	5,048		$	5,907
Total nonperforming assets, excluding covered assets	$	1,813		$	2,088		$	2,574		$	3,351		$	3,904
Excluding covered assets
Accruing loans 90 days or more past due (b)	$	713		$	660		$	843		$	1,094		$	1,525
Nonperforming loans to total loans		.65	%		.80	%		1.10	%		1.57	%		1.99	%
Nonperforming assets to total loans plus other real estate (c)		.80	%		.98	%		1.32	%		1.87	%		2.25	%
Including covered assets
Accruing loans 90 days or more past due (b)	$	1,189		$	1,323		$	1,753		$	2,184		$	2,309
Nonperforming loans to total loans		.68	%		.93	%		1.47	%		2.06	%		2.46	%
Nonperforming assets to total loans plus other real estate (c)		.86	%		1.19	%		1.79	%		2.55	%		3.02	%

Changes in Nonperforming Assets

(Dollars in Millions)	Commercial and Commercial Real Estate			Credit Card, Other Retail and Residential Mortgages			Covered Assets			Total
Balance December 31, 2012	$	780		$	1,308		$	583		$	2,671
Additions to nonperforming assets
New nonaccrual loans and foreclosed properties		427			977			146			1,550
Advances on loans		46			–			–			46
Total additions		473			977			146			1,596
Reductions in nonperforming assets
Paydowns, payoffs		(266	)		(276	)		(247	)		(789	)
Net sales		(209	)		(151	)		(249	)		(609	)
Return to performing status		(38	)		(166	)		(8	)		(212	)
Charge-offs (e)		(246	)		(373	)		(1	)		(620	)
Total reductions		(759	)		(966	)		(505	)		(2,230	)
Net additions to (reductions in) nonperforming assets		(286	)		11			(359	)		(634	)
Balance December 31, 2013	$	494		$	1,319		$	224		$	2,037

(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due.

(b) Excludes $3.7 billion, $3.2 billion, $2.6 billion, $2.6 billion and $2.2 billion at December 31, 2013, 2012, 2011, 2010 and 2009, respectively, of loans purchased from GNMA mortgage pools that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

(c) Foreclosed GNMA loans of $527 million, $548 million, $692 million, $575 million and $359 million at December 31, 2013, 2012, 2011, 2010 and 2009, respectively, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

(d) Includes equity investments in entities whose principal assets are other real estate owned.

(e) Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the charge-off occurred.

U.S. BANCORP 45

  TABLE 17   Net Charge-offs as a Percent of Average Loans Outstanding

Year Ended December 31	2013			2012			2011			2010			2009
Commercial
Commercial		.19	%		.43	%		.76	%		1.80	%		1.60	%
Lease financing		.06			.63			.96			1.47			2.82
Total commercial		.18			.45			.79			1.76			1.75
Commercial Real Estate
Commercial mortgages		.08			.37			.73			1.23			.42
Construction and development		(.87	)		.86			4.20			6.32			5.35
Total commercial real estate		(.09	)		.45			1.40			2.47			1.82
Residential Mortgages		.57			1.09			1.45			1.97			2.00
Credit Card (a)		3.90			4.01			5.19			7.32			6.90
Other Retail
Retail leasing		.02			.04			–			.27			.74
Home equity and second mortgages		1.33			1.72			1.66			1.72			1.75
Other		.81			.94			1.20			1.68			1.85
Total other retail		.89			1.13			1.25			1.56			1.69
Total loans, excluding covered loans		.66			1.03			1.53			2.41			2.23
Covered Loans		.32			.08			.07			.09			.09
Total loans		.64	%		.97	%		1.41	%		2.17	%		2.08	%

(a) Net charge-off as a percent of average loans outstanding, excluding portfolio purchases where the acquired loans were recorded at fair value at the purchase date, were 3.92 percent, 4.16 percent, 5.36 percent, 7.99 percent and 7.14 percent for the years ended December 31, 2013, 2012, 2011, 2010 and 2009, respectively.

Analysis of Loan Net Charge-offs Total loan net charge-offs were $1.5 billion in 2013, compared with $2.1 billion in 2012 and $2.8 billion in 2011. The ratio of total loan net charge-offs to average loans was .64 percent in 2013, compared with .97 percent in 2012 and 1.41 percent in 2011. The decrease in total net charge-offs in 2013, compared with 2012, primarily reflected improvement in the commercial, commercial real estate, residential mortgages and home equity and second mortgages portfolios, as economic conditions continue to slowly improve.

Commercial and commercial real estate loan net charge-offs for 2013 were $87 million (.08 percent of average loans outstanding), compared with $441 million (.45 percent of average loans outstanding) in 2012 and $904 million (1.04 percent of average loans outstanding) in 2011. The decrease in net charge-offs in 2013, compared with 2012, reflected the impact of more stable economic conditions and a higher level of recoveries. The decrease in net charge-offs in 2012, compared with 2011, reflected the Company’s efforts to resolve and reduce exposure to problem assets in its commercial real estate portfolios and improvement in its other commercial portfolios due to improvement in the economy.

Residential mortgage loan net charge-offs for 2013 were $272 million (.57 percent of average loans outstanding), compared with $438 million (1.09 percent of average loans outstanding) in 2012 and $489 million (1.45 percent of average loans outstanding) in 2011. Credit card loan net charge-offs in 2013 were $656 million (3.90 percent of average loans outstanding), compared with $667 million (4.01 percent of average loans outstanding) in 2012 and $834 million (5.19 percent of average loans outstanding) in 2011. Other retail loan net charge-offs for 2013 were $418 million (.89 percent of average loans outstanding), compared with $541 million (1.13 percent of average loans outstanding) in 2012 and $604 million (1.25 percent of average loans outstanding) in 2011. The decrease in total residential mortgage, credit card and other retail loan net charge-offs in 2013, compared with 2012, reflected the impact of more stable economic conditions. The decrease in total residential mortgage, credit card and other retail loan net charge-offs in 2012, compared with 2011, reflected the impact of more stable economic conditions, partially offset by incremental charge-offs in the residential mortgages and other retail loan portfolios recorded in 2012 related to regulatory clarification on bankruptcy loans.

46 U.S. BANCORP

The following table provides an analysis of net charge-offs as a percent of average loans outstanding for residential mortgages and home equity and second mortgages by borrower type:

Year Ended December 31 (Dollars in Millions)	Average Loans				Percent of Average Loans
	2013		2012		2013			2012
Residential Mortgages
Prime borrowers	$	40,077	$	32,811		.48	%		.95	%
Sub-prime borrowers		1,478		1,725		4.74			6.43
Other borrowers		883		745		1.02			1.88
Loans purchased from GNMA mortgage pools (a)		5,544		5,009		.02			.04
Total	$	47,982	$	40,290		.57	%		1.09	%
Home Equity and Second Mortgages
Prime borrowers	$	15,114	$	16,622		1.19	%		1.53	%
Sub-prime borrowers		324		407		7.09			8.85
Other borrowers		449		422		1.78			2.37
Total	$	15,887	$	17,451		1.33	%		1.72	%

(a) Represents loans purchased from GNMA mortgage pools whose payments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

Analysis of the Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments, and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the FDIC. The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses. The evaluation of each element and the overall allowance is based on a continuing assessment of problem loans, recent loss experience and other factors, including regulatory guidance and economic conditions. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments, which is included in other liabilities in the Consolidated Balance Sheet. Both the allowance for loan losses and the liability for unfunded credit commitments are included in the Company’s analysis of credit losses and reported reserve ratios.

At December 31, 2013, the allowance for credit losses was $4.5 billion (1.93 percent of total loans and 1.94 percent of loans excluding covered loans), compared with an allowance of $4.7 billion (2.12 percent of total loans and 2.15 percent of loans excluding covered loans) at December 31, 2012. The ratio of the allowance for credit losses to nonperforming loans was 283 percent (297 percent excluding covered loans) at December 31, 2013, compared with 228 percent (269 percent excluding covered loans) at December 31, 2012, reflecting a decrease in nonperforming loans. The ratio of the allowance for credit losses to annual loan net charge-offs at December 31, 2013, was 310 percent, compared with 226 percent at December 31, 2012, as net charge-offs continue to decline due to stabilizing economic conditions. Management determined the allowance for credit losses was appropriate at December 31, 2013.

The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. In the migration analysis applied to risk rated loan portfolios, the Company currently examines up to a 13-year period of historical loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm an appropriate historical timeframe is selected for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The allowance established for commercial lending segment loans was $1.9 billion at December 31, 2013, unchanged from December 31, 2012, reflecting growth in the portfolios, offset by the impact of the overall improvement in economic conditions affecting incurred losses.

The allowance recorded for TDR loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed LTV ratios when possible, portfolio growth and

U.S. BANCORP 47

  TABLE 18   Summary of Allowance for Credit Losses

(Dollars in Millions)	2013			2012			2011			2010			2009
Balance at beginning of year	$	4,733		$	5,014		$	5,531		$	5,264		$	3,639
Charge-Offs
Commercial
Commercial		212			312			423			784			769
Lease financing		34			66			93			134			227
Total commercial		246			378			516			918			996
Commercial real estate
Commercial mortgages		71			145			231			333			103
Construction and development		21			97			312			538			516
Total commercial real estate		92			242			543			871			619
Residential mortgages		297			461			502			554			493
Credit card		739			769			922			1,270			1,093
Other retail
Retail leasing		5			9			10			25			47
Home equity and second mortgages		237			327			327			348			347
Other		281			330			396			490			504
Total other retail		523			666			733			863			898
Covered loans (a)		37			11			13			20			12
Total charge-offs		1,934			2,527			3,229			4,496			4,111
Recoveries
Commercial
Commercial		95			72			74			48			30
Lease financing		31			31			36			43			40
Total commercial		126			103			110			91			70
Commercial real estate
Commercial mortgages		45			31			22			13			2
Construction and development		80			45			23			13			3
Total commercial real estate		125			76			45			26			5
Residential mortgages		25			23			13			8			4
Credit card		83			102			88			70			62
Other retail
Retail leasing		4			7			10			13			11
Home equity and second mortgages		26			26			19			17			9
Other		75			92			100			88			81
Total other retail		105			125			129			118			101
Covered loans (a)		5			1			1			2			1
Total recoveries		469			430			386			315			243
Net Charge-Offs
Commercial
Commercial		117			240			349			736			739
Lease financing		3			35			57			91			187
Total commercial		120			275			406			827			926
Commercial real estate
Commercial mortgages		26			114			209			320			101
Construction and development		(59	)		52			289			525			513
Total commercial real estate		(33	)		166			498			845			614
Residential mortgages		272			438			489			546			489
Credit card		656			667			834			1,200			1,031
Other retail
Retail leasing		1			2			–			12			36
Home equity and second mortgages		211			301			308			331			338
Other		206			238			296			402			423
Total other retail		418			541			604			745			797
Covered loans (a)		32			10			12			18			11
Total net charge-offs		1,465			2,097			2,843			4,181			3,868
Provision for credit losses		1,340			1,882			2,343			4,356			5,557
Other changes (b)		(71	)		(66	)		(17	)		92			(64	)
Balance at end of year	$	4,537		$	4,733		$	5,014		$	5,531		$	5,264
Components
Allowance for loan losses	$	4,250		$	4,424		$	4,753		$	5,310		$	5,079
Liability for unfunded credit commitments		287			309			261			221			185
Total allowance for credit losses	$	4,537		$	4,733		$	5,014		$	5,531		$	5,264
Allowance for Credit Losses as a Percentage of
Period-end loans, excluding covered loans		1.94	%		2.15	%		2.52	%		3.03	%		3.04	%
Nonperforming loans, excluding covered loans		297			269			228			192			153
Nonperforming and accruing loans 90 days or more past due, excluding covered loans		201			194			164			138			106
Nonperforming assets, excluding covered assets		242			218			191			162			135
Net charge-offs, excluding covered loans		306			218			174			130			136
Period-end loans		1.93	%		2.12	%		2.39	%		2.81	%		2.70	%
Nonperforming loans		283			228			163			136			110
Nonperforming and accruing loans 90 days or more past due		163			139			104			89			74
Nonperforming assets		223			177			133			110			89
Net charge-offs		310			226			176			132			136

(a) Relates to covered loan charge-offs and recoveries not reimbursable by the FDIC.

(b) Beginning in 2010, includes net changes in credit losses to be reimbursed by the FDIC and beginning in 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

48 U.S. BANCORP

  TABLE 19   Elements of the Allowance for Credit Losses

	Allowance Amount										Allowance as a Percent of Loans
At December 31 (Dollars in Millions)	2013		2012		2011		2010		2009		2013			2012			2011			2010			2009
Commercial
Commercial	$	1,019	$	979	$	929	$	992	$	1,026		1.57	%		1.61	%		1.83	%		2.35	%		2.43	%
Lease financing		56		72		81		112		182		1.06			1.31			1.37			1.83			2.78
Total commercial		1,075		1,051		1,010		1,104		1,208		1.53			1.59			1.78			2.28			2.48
Commercial Real Estate
Commercial mortgages		532		641		850		929		548		1.65			2.07			2.87			3.41			2.17
Construction and development		244		216		304		362		453		3.17			3.63			4.91			4.86			5.16
Total commercial real estate		776		857		1,154		1,291		1,001		1.95			2.32			3.22			3.72			2.94
Residential Mortgages		875		935		927		820		672		1.71			2.12			2.50			2.67			2.58
Credit Card		884		863		992		1,395		1,495		4.91			5.04			5.71			8.30			8.89
Other Retail
Retail leasing		14		11		12		11		30		.24			.20			.23			.24			.66
Home equity and second mortgages		497		583		536		411		374		3.22			3.49			2.96			2.17			1.92
Other		270		254		283		385		467		1.03			.99			1.14			1.55			2.02
Total other retail		781		848		831		807		871		1.64			1.78			1.73			1.67			1.85
Covered Loans		146		179		100		114		17		1.73			1.58			.68			.63			.08
Total allowance	$	4,537	$	4,733	$	5,014	$	5,531	$	5,264		1.93	%		2.12	%		2.39	%		2.81	%		2.70	%

historical losses, adjusted for current trends. Credit card and other retail loans 90 days or more past due are generally not placed on nonaccrual status because of the relatively short period of time to charge-off and, therefore, are excluded from nonperforming loans and measures that include nonperforming loans as part of the calculation.

When evaluating the appropriateness of the allowance for credit losses for any loans and lines in a junior lien position, the Company considers the delinquency and modification status of the first lien. At December 31, 2013, the Company serviced the first lien on 36 percent of the home equity loans and lines in a junior lien position. The Company also considers information received from its primary regulator on the status of the first liens that are serviced by other large servicers in the industry and the status of first lien mortgage accounts reported on customer credit bureau files. Regardless of whether or not the Company services the first lien, an assessment is made of economic conditions, problem loans, recent loss experience and other factors in determining the allowance for credit losses. Based on the available information, the Company estimated $398 million or 2.6 percent of the total home equity portfolio at December 31, 2013, represented junior liens where the first lien was delinquent or modified.

The Company uses historical loss experience on the loans and lines in a junior lien position where the first lien is serviced by the Company, or can be identified in credit bureau data, to establish loss estimates for junior lien loans and lines the Company services that are current, but the first lien is delinquent or modified. Historically, the number of junior lien defaults in any period has been a small percentage of the total portfolio (for example, only 1.4 percent for the twelve months ended December 31, 2013), and the long-term average loss rate on the small percentage of loans that default has been approximately 80 percent. In addition, the Company obtains updated credit scores on its home equity portfolio each quarter, and in some cases more frequently, and uses this information to qualitatively supplement its loss estimation methods. Credit score distributions for the portfolio are monitored monthly and any changes in the distribution are one of the factors considered in assessing the Company’s loss estimates.

The allowance established for consumer lending segment loans was $2.5 billion at December 31, 2013, compared with $2.6 billion at December 31, 2012. The $106 million decrease in the allowance for consumer lending segment loans at December 31, 2013, compared with December 31, 2012, reflected the impact of more stable economic conditions, partially offset by portfolio growth.

The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans, and represents any decreases in expected cash flows on those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC. The allowance established for covered loans was $146 million at December 31, 2013, compared with $179 million at December 31, 2012, reflecting expected credit losses in excess of initial fair value adjustments, including $21 million and $42 million at December 31, 2013 and 2012, respectively, to be reimbursed by the FDIC.

In addition, the evaluation of the appropriate allowance for credit losses for purchased non-impaired loans acquired after January 1, 2009, in the various loan segments considers credit discounts recorded as a part of the initial determination of the fair value of the loans. For these loans,

U.S. BANCORP 49

no allowance for credit losses is recorded at the purchase date. Credit discounts representing the principal losses expected over the life of the loans are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance, net of any expected reimbursement under any loss sharing agreements with the FDIC, exceeds any remaining credit discounts.

The evaluation of the appropriate allowance for credit losses for purchased impaired loans in the various loan segments considers the expected cash flows to be collected from the borrower. These loans are initially recorded at fair value and therefore no allowance for credit losses is recorded at the purchase date.

Subsequent to the purchase date, the expected cash flows of purchased loans are subject to evaluation. Decreases in the present value of expected cash flows are recognized by recording an allowance for credit losses with the related provision for credit losses reduced for the amount reimbursable by the FDIC, where applicable. If the expected cash flows on the purchased loans increase such that a previously recorded impairment allowance can be reversed, the Company records a reduction in the allowance with a related reduction in losses reimbursable by the FDIC, where applicable. Increases in expected cash flows of purchased loans, when there are no reversals of previous impairment allowances, are recognized over the remaining life of the loans and resulting decreases in expected cash flows of the FDIC indemnification assets are amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the loans. Refer to Note 1 of the Notes to Consolidated Financial Statements, for more information.

The Company’s methodology for determining the appropriate allowance for credit losses for all the loan segments also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments. Table 19 shows the amount of the allowance for credit losses by loan segment, class and underlying portfolio category.

Although the Company determines the amount of each element of the allowance separately and considers this process to be an important credit management tool, the entire allowance for credit losses is available for the entire loan portfolio. The actual amount of losses incurred can vary significantly from the estimated amounts.

Residual Value Risk Management The Company manages its risk to changes in the residual value of leased assets through disciplined residual valuation setting at the inception of a lease, diversification of its leased assets, regular residual asset valuation reviews and monitoring of residual value gains or losses upon the disposition of assets. Commercial lease originations are subject to the same well-defined underwriting standards referred to in the “Credit Risk Management” section which includes an evaluation of the residual value risk. Retail lease residual value risk is mitigated further by originating longer-term vehicle leases and effective end-of-term marketing of off-lease vehicles.

Included in the retail leasing portfolio was approximately $4.6 billion of retail leasing residuals at December 31, 2013, compared with $3.8 billion at December 31, 2012. The Company monitors concentrations of leases by manufacturer and vehicle “make and model.” As of December 31, 2013, vehicle lease residuals related to sport utility vehicles were 56.4 percent of the portfolio, while upscale and mid-range vehicle classes represented approximately 15.5 percent and 13.9 percent of the portfolio, respectively. At year-end 2013, the largest vehicle-type concentration represented 8.9 percent of the aggregate residual value of the vehicles in the portfolio. At December 31, 2013, the weighted-average origination term of the portfolio was 40 months, compared with 41 months at December 31, 2012.

At December 31, 2013, the commercial leasing portfolio had $542 million of residuals, compared with $567 million at December 31, 2012. At year-end 2013, lease residuals related to trucks and other transportation equipment were 33.8 percent of the total residual portfolio. Business and office equipment represented 26.5 percent of the aggregate portfolio, while railcars represented 12.1 percent and manufacturing equipment represented 11.0 percent. No other concentrations of more than 10 percent existed at December 31, 2013.

Operational Risk Management Operational risk represents the risk of loss resulting from the Company’s operations, including, but not limited to, the risk of fraud by employees or persons outside the Company, unauthorized access to its computer systems, the execution of unauthorized transactions by employees, errors relating to transaction processing and technology, breaches of internal controls and in data security, compliance requirements, and business continuation and disaster recovery. Operational risk

50 U.S. BANCORP

also includes the potential legal actions that could arise as a result of an operational deficiency or as a result of noncompliance with applicable regulatory standards, adverse business decisions or their implementation, and customer attrition due to potential negative publicity.

The Company operates in many different businesses in diverse markets and relies on the ability of its employees and systems to process a high number of transactions. Operational risk is inherent in all business activities, and the management of this risk is important to the achievement of the Company’s objectives. In the event of a breakdown in the internal control system, unauthorized access or improper operation of systems, or improper employees’ actions, the Company could suffer financial loss, face regulatory action and suffer damage to its reputation.

Business lines have direct and primary responsibility and accountability for identifying, controlling, and monitoring operational risks embedded in their business activities. Business managers maintain a system of controls with the objective of providing proper transaction authorization and execution, proper system operations, safeguarding of assets from misuse or theft, and ensuring the reliability of financial and other data. Business managers ensure the controls are appropriate and are implemented as designed.

Each business line within the Company has designated risk managers. These risk managers are responsible for, among other things, coordinating the completion of ongoing risk assessments and ensuring that operational risk management is integrated into business decision-making activities. The Company’s internal audit function validates the system of internal controls through regular and ongoing risk-based audit procedures and reports on the effectiveness of internal controls to executive management and the Audit Committee of the Board of Directors. Business managers are also required to report on their business line’s management of operational risk. Business managers are responsible for resolving escalated matters, and keeping the Company’s operating, executive, and Board committees informed of the status of such matters. In addition, the Company’s enterprise risk management personnel are also expected to promptly escalate known instances where a risk limit has been exceeded.

The significant increase in regulation and regulatory oversight initiatives over the past several years has substantially increased the importance of the Company’s risk management personnel and activities. For example, the Consumer Financial Protection Bureau (“CFPB”) has authority to prescribe rules, or issue orders or guidelines pursuant to any federal consumer financial law. The CFPB regulates and examines the Company, its banks and other subsidiaries with respect to matters that relate to these laws and consumer financial services and products. The CFPB’s rulemaking, examination and enforcement authority increases enforcement risk in this area including the potential for fines and penalties. Refer to “Supervision and Regulation” in the Company’s Annual Report on Form 10-K for further discussion of the regulatory framework applicable to bank holding companies and their subsidiaries, and the substantial changes to that regulation.

Customer-related business conditions may also increase operational risk, or the level of operational losses in certain transaction processing business units, including merchant processing activities. Ongoing risk monitoring of customer activities and their financial condition and operational processes serve to mitigate customer-related operational risk. Refer to Note 22 of the Notes to Consolidated Financial Statements for further discussion on merchant processing. Business continuation and disaster recovery planning is also critical to effectively managing operational risks. Each business unit of the Company is required to develop, maintain and test these plans at least annually to ensure that recovery activities, if needed, can support mission critical functions, including technology, networks and data centers supporting customer applications and business operations.

While the Company believes it has designed effective methods to minimize operational risks, there is no absolute assurance that business disruption or operational losses would not occur in the event of a disaster. On an ongoing basis, management makes process changes and investments to enhance its systems of internal controls and business continuity and disaster recovery plans.

In the past, the Company has experienced attack attempts on its computer systems including various denial-of-service attacks on customer-facing websites. The Company has not experienced any material losses relating to these attempts, as a result of its controls, processes and systems to protect its networks, computers, software and data from attack, damage or unauthorized access. However, attack attempts on the Company’s computer systems are increasing and the Company continues to develop and enhance its controls and processes to protect against these attempts.

Interest Rate Risk Management In the banking industry, changes in interest rates are a significant risk that can impact earnings, market valuations and safety and soundness of an entity. To minimize the volatility of net interest income and the market value of assets and liabilities, the Company manages its exposure to changes in interest rates through asset and liability management activities within guidelines established by its Asset Liability Committee (“ALCO”) and approved by the Board of Directors. The ALCO has the responsibility for approving and ensuring compliance with the ALCO management policies, including interest rate risk exposure. The Company uses net interest income simulation analysis and market value of equity modeling for measuring and analyzing consolidated interest rate risk.

U.S. BANCORP 51

Net Interest Income Simulation Analysis One of the primary tools used to measure interest rate risk and the effect of interest rate changes on net interest income is simulation analysis. The monthly analysis incorporates substantially all of the Company’s assets and liabilities and off-balance sheet instruments, together with forecasted changes in the balance sheet and assumptions that reflect the current interest rate environment. Through this simulation, management estimates the impact on net interest income of a 200 basis point (“bps”) upward or downward gradual change of market interest rates over a one-year period. The simulation also estimates the effect of immediate and sustained parallel shifts in the yield curve of 50 bps as well as the effect of immediate and sustained flattening or steepening of the yield curve. This simulation includes assumptions about how the balance sheet is likely to be affected by changes in loan and deposit growth. Assumptions are made to project interest rates for new loans and deposits based on historical analysis, management’s outlook and re-pricing strategies. These assumptions are validated on a periodic basis. A sensitivity analysis is provided for key variables of the simulation. The results are reviewed by the ALCO monthly and are used to guide asset/liability management strategies.

The table below summarizes the projected impact to net interest income over the next 12 months of various potential interest rate changes. The Company manages its interest rate risk position by holding assets on the balance sheet with desired interest rate risk characteristics, implementing certain pricing strategies for loans and deposits and through the selection of derivatives and various funding and investment portfolio strategies. The Company manages the overall interest rate risk profile within policy limits. The ALCO policy limits the estimated change in net interest income in a gradual 200 bps rate change scenario to a 4.0 percent decline of forecasted net interest income over the next 12 months. At December 31, 2013 and 2012, the Company was within policy.

Market Value of Equity Modeling The Company also manages interest rate sensitivity by utilizing market value of equity modeling, which measures the degree to which the market values of the Company’s assets and liabilities and off-balance sheet instruments will change given a change in interest rates. Management measures the impact of changes in market interest rates under a number of scenarios, including immediate and sustained parallel shifts, and flattening or steepening of the yield curve. The ALCO policy limits the change in the market value of equity in a 200 bps parallel rate shock to a 15.0 percent decline. A 200 bps increase would have resulted in a 5.1 percent decrease in the market value of equity at December 31, 2013, compared with a 2.5 percent decrease at December 31, 2012. A 200 bps decrease, where possible given current rates, would have resulted in a .8 percent decrease in the market value of equity at December 31, 2013, compared with a 5.3 percent decrease at December 31, 2012.

The valuation analysis is dependent upon certain key assumptions about the nature of assets and liabilities with non-contractual maturities. Management estimates the average life and rate characteristics of asset and liability accounts based upon historical analysis and management’s expectation of rate behavior. Mortgage prepayment assumptions are based on many key variables, including current and projected interest rates compared with underlying contractual rates, the time since origination and period to next reset date if floating rate loans, and other factors including housing price indices and geography, which are updated regularly based on historical experience and forward market expectations. The balance and pricing assumptions of deposits that have no stated maturity are based on historical performance, the competitive environment, customer behavior, and product mix. These assumptions are validated on a periodic basis. A sensitivity analysis of key variables of the valuation analysis is provided to the ALCO monthly and is used to guide asset/liability management strategies.

Use of Derivatives to Manage Interest Rate and Other Risks To reduce the sensitivity of earnings to interest rate, prepayment, credit, price and foreign currency fluctuations (asset and liability management positions), the Company enters into derivative transactions. The Company uses derivatives for asset and liability management purposes primarily in the following ways:

• To convert fixed-rate debt from fixed-rate payments to floating-rate payments;

Sensitivity of Net Interest Income

December 31, 2013

December 31, 2012

Down 50 bps Immediate

Up 50 bps Immediate

Down 200 bps Gradual

Up 200 bps  Gradual

Down 50 bps Immediate

Up 50 bps Immediate

Down 200 bps Gradual

Up 200 bps Gradual

Net interest income

*

1.07

%

*

1.53

%

*

1.42

%

*

1.90

%

* Given the current level of interest rates, a downward rate scenario can not be computed.

52 U.S. BANCORP

• To convert the cash flows associated with floating-rate loans and debt from floating-rate payments to fixed-rate payments;

• To mitigate changes in value of the Company’s mortgage origination pipeline, funded mortgage loans held for sale and MSRs;

• To mitigate remeasurement volatility of foreign currency denominated balances; and

• To mitigate the volatility of the Company’s investment in foreign operations driven by fluctuations in foreign currency exchange rates.

To manage these risks, the Company may enter into exchange-traded, centrally cleared and over-the-counter derivative contracts, including interest rate swaps, swaptions, futures, forwards and options. In addition, the Company enters into interest rate and foreign exchange derivative contracts to support the business requirements of its customers (customer-related positions). The Company historically has minimized the market and liquidity risks of customer-related positions by entering into similar offsetting positions with broker-dealers. In 2014, the Company began to instead actively manage the risks from its exposure to these customer-related positions on a portfolio basis by entering into other derivative or non-derivative financial instruments that partially or fully offset the exposure from these customer-related positions. The Company does not utilize derivatives for speculative purposes.

The Company does not designate all of the derivatives that it enters into for risk management purposes as accounting hedges because of the inefficiency of applying the accounting requirements and may instead elect fair value accounting for the related hedged items. In particular, the Company enters into interest rate swaps, forward commitments to buy to-be-announced securities (“TBAs”), U.S. Treasury futures and options on U.S. Treasury futures to mitigate fluctuations in the value of its MSRs, but does not designate those derivatives as accounting hedges. The estimated net sensitivity to changes in interest rates of the fair value of the MSRs and the related derivative instruments at December 31, 2013, to an immediate 25, 50 and 100 bps downward movement in interest rates would be a decrease of approximately $2 million, $5 million and $36 million, respectively. An upward movement in interest rates at December 31, 2013, of 25 bps would result in no change in the fair value of the MSRs and related derivative instruments, while a 50 and 100 bps increase would decrease the fair value of the MSRs and related derivative instruments by $3 million and $14 million, respectively. Refer to Note 9 of the Notes to Consolidated Financial Statements for additional information regarding MSRs.

Additionally, the Company uses forward commitments to sell TBAs and other commitments to sell residential mortgage loans at specified prices to economically hedge the interest rate risk in its residential mortgage loan production activities. At December 31, 2013, the Company had $5.3 billion of forward commitments to sell, hedging $2.8 billion of mortgage loans held for sale and $3.1 billion of unfunded mortgage loan commitments. The forward commitments to sell and the unfunded mortgage loan commitments on loans intended to be sold are considered derivatives under the accounting guidance related to accounting for derivative instruments and hedging activities. The Company has elected the fair value option for the mortgage loans held for sale.

Derivatives are subject to credit risk associated with counterparties to the contracts. Credit risk associated with derivatives is measured by the Company based on the probability of counterparty default. The Company manages the credit risk of its derivative positions by diversifying its positions among various counterparties, by entering into master netting arrangements, and, where possible by requiring collateral arrangements. The Company may also transfer counterparty credit risk related to interest rate swaps to third parties through the use of risk participation agreements. In addition, effective in 2013, certain interest rate swaps and credit contracts are required to be centrally cleared through clearing houses to further mitigate counterparty credit risk.

For additional information on derivatives and hedging activities, refer to Notes 19 and 20 in the Notes to Consolidated Financial Statements.

Market Risk Management In addition to interest rate risk, the Company is exposed to other forms of market risk, principally related to trading activities which support customers’ strategies to manage their own foreign currency, interest rate risk and funding activities. For purposes of its internal capital adequacy assessment process, the Company considers risk arising from its trading activities employing methodologies consistent with the requirements of regulatory rules for market risk. The Company’s Market Risk Committee (“MRC”), within the framework of the ALCO, oversees market risk management. The MRC monitors and reviews the Company’s trading positions and establishes policies for market risk management, including exposure limits for each portfolio. The Company uses a Value at Risk (“VaR”) approach to measure general market risk. Theoretically, VaR represents the statistical risk of loss the Company has to adverse market movements over a one-day time horizon. The Company uses the Historical Simulation method to calculate VaR for its trading businesses measured at the ninety-ninth percentile using a one-year look-back period for distributions derived from past market data. The market factors used in the calculations include those pertinent to market risks inherent in the underlying trading portfolios, principally those that affect its corporate bond trading business, foreign currency transaction business, client derivatives business, loan trading business and

U.S. BANCORP 53

municipal securities business. On average, the Company expects the one-day VaR to be exceeded by actual losses two to three times per year for its trading businesses. The Company monitors the effectiveness of its risk programs by back-testing the performance of its VaR models, regularly updating the historical data used by the VaR models and stress testing. If the Company were to experience market losses in excess of the estimated VaR more often than expected, the VaR models and associated assumptions would be analyzed and adjusted.

The average, high, low and period-end VaR amounts for the Company’s trading positions were as follows:

Year Ended December 31 (Dollars in Millions)	2013		2012
Average	$	1	$	1
High		3		3
Low		1		1
Period-end		1		1

The Company did not experience any actual trading losses for its combined trading businesses that exceeded VaR by more than a negligible amount during 2013. The Company stress tests its market risk measurements to provide management with perspectives on market events that may not be captured by its VaR models, including worst case historical market movement combinations that have not necessarily occurred on the same date.

The Company calculates Stressed VaR using the same underlying methodology and model as VaR, except that a historical continuous one-year look-back period is utilized that reflects a period of significant financial stress appropriate to the Company’s trading portfolio. The period selected by the Company includes the significant market volatility of the last four months of 2008. The average, high, low and period-end Stressed VaR amounts for the Company’s trading positions for 2013 were $4 million, $8 million, $2 million, and $3 million, respectively.

Valuations of positions in the client derivatives and foreign currency transaction businesses are based on quotes from third parties, which are generally compared with an additional third party quote to determine if there are material variances. Material variances are approved by the Company’s market risk management department. Valuation of positions in the corporate bond trading, loan trading and municipal securities businesses are based on trader marks. These trader marks are evaluated against third party prices, with material variances approved by the Company’s market risk management and credit administration departments.

The Company also measures the market risk of its hedging activities related to residential mortgage loans held for sale and MSRs using the Historical Simulation method. The VaRs are measured at the ninety-ninth percentile and employ factors pertinent to the market risks inherent in the valuation of the assets and hedges. The Company monitors the effectiveness of the models through back-testing, updating the data and regular validations. A three-year look-back period is used to obtain past market data for the residential mortgage loans held for sale and related hedges. Beginning in late 2013, the Company began to use a seven-year look-back period to obtain past market data for the MSRs and related hedges. Previously, a three-year look-back period was used. The change in the look-back period for the MSRs and related hedges allows the Company to more appropriately capture the expected market volatility in its VaR analysis.

The average, high and low VaR amounts for residential mortgage loans held for sale and related hedges and the MSRs and related hedges were as follows:

Year Ended December 31 (Dollars in Millions)	2013		2012
Residential Mortgage Loans Held For Sale and Related Hedges
Average	$	1	$	2
High		4		7
Low		–		1
Mortgage Servicing Rights and Related Hedges
Average	$	3	$	4
High		7		8
Low		1		2

Liquidity Risk Management The Company’s liquidity risk management process is designed to identify, measure, and manage the Company’s funding and liquidity risk to meet its daily funding needs and to address expected and unexpected changes in its funding requirements. The Company engages in various activities to manage its liquidity risk. These activities include diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity if needed. In addition, the Company’s profitable operations, sound credit quality and strong capital position have enabled it to develop a large and reliable base of core deposit funding within its market areas and in domestic and global capital markets.

The Risk Management Committee of the Company’s Board of Directors oversees the Company’s liquidity risk

management process, approves the Company’s liquidity policy and reviews the contingency funding plan. The ALCO reviews and approves the Company’s liquidity policy and guidelines, and regularly assesses the Company’s ability to meet funding requirements arising from adverse company-specific or market events.

The Company’s liquidity policy requires it to maintain diversified wholesale funding sources to avoid maturity, name and market concentrations. The Company operates a Grand Cayman branch for issuing Eurodollar time deposits. In addition, the Company has relationships with dealers to issue

54 U.S. BANCORP

  TABLE 20   Debt Ratings

	Moody’s		Standard & Poor’s		Fitch		Dominion Bond Rating Service
U.S. Bancorp
Short-term borrowings						F1+	R-1 (middle)
Senior debt and medium-term notes		A1		A+		AA-	AA
Subordinated debt		A2		A		A+	AA (low)
Preferred stock		Baa1		BBB+		BBB	A
Commercial paper		P-1		A-1		F1+	R-1 (middle)
U.S. Bank National Association
Short-term time deposits		P-1		A-1+		F1+	R-1 (high)
Long-term time deposits		Aa3		AA-		AA	AA (high)
Bank notes		Aa3/P-1		AA-/A-1+		AA-/F1+	AA (high)
Subordinated debt		A1		A+		A+	AA
Senior unsecured debt		Aa3		AA-		AA-	AA (high)
Commercial paper		P-1		A-1+		F1+	R-1 (high)

national market retail and institutional savings certificates and short-term and medium-term notes. The Company also maintains a significant correspondent banking network and relationships. Accordingly, the Company has access to national federal funds, funding through repurchase agreements and sources of stable, regionally-based certificates of deposit and commercial paper.

The Company regularly projects its funding needs under various stress scenarios and maintains contingency plans consistent with the Company’s access to diversified sources of contingent funding. The Company maintains a substantial level of total available liquidity in the form of on-balance sheet and off-balance sheet funding sources. These include cash at the Federal Reserve Bank, unencumbered liquid assets, and capacity to borrow at the Federal Home Loan Bank (“FHLB”) and the Federal Reserve Bank’s Discount Window. Unencumbered liquid assets in the Company’s available-for-sale and held-to-maturity investment portfolios provide asset liquidity through the Company’s ability to sell the securities or pledge and borrow against them. At December 31, 2013, the fair value of unencumbered available-for-sale and held-to-maturity investment securities totaled $61.7 billion, compared with $54.1 billion at December 31, 2012. Refer to Table 13 and “Balance Sheet Analysis” for further information on investment securities maturities and trends. Asset liquidity is further enhanced by the Company’s ability to pledge loans to access secured borrowing facilities through the FHLB and Federal Reserve Bank. At December 31, 2013, the Company could have borrowed an additional $69.7 billion at the FHLB and Federal Reserve Bank based on collateral available for additional borrowings.

The Company’s diversified deposit base provides a sizeable source of relatively stable and low-cost funding, while reducing the Company’s reliance on the wholesale markets. Total deposits were $262.1 billion at December 31, 2013, compared with $249.2 billion at December 31, 2012. Refer to Table 14 and “Balance Sheet Analysis” for further information on the Company’s deposit trends.

Additional funding is provided by long-term debt and short-term borrowings. Long-term debt was $20.0 billion at December 31, 2013, and is an important funding source because of its multi-year borrowing structure. Refer to Note 12 of the Notes to Consolidated Financial Statements for information on the terms and maturities of the Company’s long-term debt issuances and “Balance Sheet Analysis” for discussion on long-term debt trends. Short-term borrowings were $27.6 billion at December 31, 2013, and supplement the Company’s other funding sources. Refer to Note 11 of the Notes to Consolidated Financial Statements and “Balance Sheet Analysis” for information on the terms and trends of the Company’s short-term borrowings.

The Company’s ability to raise negotiated funding at competitive prices is influenced by rating agencies’ views of the Company’s credit quality, liquidity, capital and earnings. Table 20 details the rating agencies’ most recent assessments.

In addition to assessing liquidity risk on a consolidated basis, the Company monitors the parent company’s liquidity. The parent company’s routine funding requirements consist primarily of operating expenses, dividends paid to shareholders, debt service, repurchases of common stock and funds used for acquisitions. The parent company obtains funding to meet its obligations from dividends collected from its subsidiaries and the issuance of debt securities. The Company maintains sufficient funding to meet expected parent company obligations, without access to the wholesale funding markets or dividends from subsidiaries, for 12 months when forecasted payments of common stock dividends are included and 24 months assuming dividends were reduced to zero. The parent company currently has available funds considerably greater than the amounts required to satisfy these conditions.

U.S. BANCORP 55

  TABLE 21   Contractual Obligations

	Payments Due By Period
At December 31, 2013 (Dollars in Millions)	One Year or Less		Over One Through Three Years		Over Three Through Five Years		Over Five Years		Total
Contractual Obligations (a)
Long-term debt (b)	$	4,132	$	6,826	$	4,079	$	5,012	$	20,049
Operating leases		244		397		270		474		1,385
Purchase obligations		338		310		69		—		717
Benefit obligations (c)		20		41		43		131		235
Time deposits		30,029		8,273		2,472		27		40,801
Contractual interest payments (d)		854		755		455		671		2,735
Equity Investment Commitments		1,214		389		23		23		1,649
Total	$	36,831	$	16,991	$	7,411	$	6,338	$	67,571

(a) Unrecognized tax positions of $264 million at December 31, 2013, are excluded as the Company cannot make a reasonably reliable estimate of the period of cash settlement with the respective taxing authority.

(b) Includes obligations under capital leases.

(c) Amounts only include obligations related to the unfunded non-qualified pension plans.

(d) Includes accrued interest and future contractual interest obligations.

Under United States Securities and Exchange Commission rules, the parent company is classified as a “well-known seasoned issuer,” which allows it to file a registration statement that does not have a limit on issuance capacity. “Well-known seasoned issuers” generally include those companies with outstanding common securities with a market value of at least $700 million held by non-affiliated parties or those companies that have issued at least $1 billion in aggregate principal amount of non-convertible securities, other than common equity, in the last three years. However, the parent company’s ability to issue debt and other securities under a registration statement filed with the United States Securities and Exchange Commission under these rules is limited by the debt issuance authority granted by the Company’s Board of Directors and/or the ALCO policy.

At December 31, 2013, parent company long-term debt outstanding was $11.4 billion, compared with $12.8 billion at December 31, 2012. The $1.4 billion decrease was primarily due to $2.9 billion of medium-term note maturities, partially offset by issuances of $1.5 billion of medium–term notes. At December 31, 2013, there was $1.5 billion of parent company debt scheduled to mature in 2014. Future debt maturities may be met through medium-term note and capital security issuances and dividends from subsidiaries, as well as from parent company cash and cash equivalents.

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 to the parent company from its banking subsidiary are limited by rules which compare dividends to net income for regulatorily-defined periods. For further information, see Note 23 of the Notes to Consolidated Financial Statements.

In 2010, the Basel Committee on Banking Supervision issued Basel III, a global regulatory framework proposed to enhance international capital and liquidity standards. In October 2013, U.S. banking regulators released a proposed regulatory requirement for U.S. banks which would implement a Liquidity Coverage Ratio (“LCR”) similar to the measure proposed by the Basel Committee as part of Basel III. The LCR requires that banks maintain an adequate level of unencumbered high quality liquid assets to meet estimated liquidity needs over a 30-day stressed period. The Company continues to evaluate the impact of the proposed rule and expects to meet the final standards within the regulatory timelines.

European Exposures Certain European countries have experienced severe credit deterioration. The Company does not hold sovereign debt of any European country, but may have indirect exposure to sovereign debt through its investments in, and transactions with, European banks. At December 31, 2013, the Company had investments in perpetual preferred stock issued by European banks with an amortized cost totaling $70 million and unrealized losses totaling $7 million, compared with an amortized cost totaling $70 million and unrealized losses totaling $10 million, at December 31, 2012. The Company also transacts with various European banks as counterparties to interest rate, mortgage-related and foreign currency derivatives for its hedging and customer-related activities, however, none of these banks are domiciled in the countries experiencing the most significant credit deterioration. These derivatives are subject to master netting arrangements. In addition, interest rate and foreign currency derivative transactions are subject to collateral arrangements which significantly limit the Company’s exposure to loss as they generally require daily posting of collateral. At December 31, 2013, the Company was in a net receivable position with one bank in the United Kingdom, in the amount of $64 million. The Company was in a net payable position to all of the other European banks.

56 U.S. BANCORP

The Company has not bought or sold credit protection on the debt of any European country or any company domiciled in Europe, nor does it provide retail lending services in Europe. While the Company does not offer commercial lending services in Europe, it does provide financing to domestic multinational corporations that generate revenue from customers in European countries and provides a limited number of corporate credit cards to their European subsidiaries. While an economic downturn in Europe could have a negative impact on these customers’ revenues, it is unlikely that any effect on the overall credit worthiness of these multinational corporations would be material to the Company.

The Company provides merchant processing and corporate trust services in Europe either directly or through banking affiliations in Europe. Operating cash for these businesses is deposited on a short-term basis with certain European banks. However, exposure is mitigated by the Company placing deposits at multiple banks and managing the amounts on deposit at any bank based on institution-specific deposit limits. At December 31, 2013, the Company had an aggregate amount on deposit with European banks of approximately $382 million.

The money market funds managed by a subsidiary of the Company do not have any investments in European sovereign debt, other than approximately $315 million guaranteed by the country of Germany. Other than investments in banks in the countries of the Netherlands, France and Germany, those funds do not have any unsecured investments in banks domiciled in the Eurozone.

Off-Balance Sheet Arrangements Off-balance sheet arrangements include any contractual arrangements to which an unconsolidated entity is a party, under which the Company has an obligation to provide credit or liquidity enhancements or market risk support. Off-balance sheet arrangements also include any obligation related to a variable interest held in an unconsolidated entity that provides financing, liquidity, credit enhancement or market risk support. The Company has not utilized private label asset securitizations as a source of funding.

Commitments to extend credit are legally binding and generally have fixed expiration dates or other termination clauses. Many of the Company’s commitments to extend credit expire without being drawn, and therefore, total commitment amounts do not necessarily represent future liquidity requirements or the Company’s exposure to credit loss. Commitments to extend credit also include consumer credit lines that are cancelable upon notification to the consumer. Total contractual amounts of commitments to extend credit at December 31, 2013 were $230.3 billion. The Company also issues various types of letters of credit, including standby and commercial. Total contractual amounts of letters of credit at December 31, 2013 were $17.2 billion. For more information on the Company’s commitments to extend credit and letters of credit, refer to Note 22 in the Notes to Consolidated Financial Statements.

The Company’s off-balance sheet arrangements with unconsolidated entities primarily consist of private investment funds or partnerships that make equity investments, provide debt financing or support community-based investments in tax-advantaged projects. In addition to providing investment returns, these arrangements in many cases assist the Company in complying with requirements of the Community Reinvestment Act. The investments in these entities generate a return primarily through the realization of federal and state income tax credits. The entities in which the Company invests are generally considered VIEs. The Company’s recorded investment in these entities as of December 31, 2013 was approximately $2.5 billion.

The Company also has non-controlling financial investments in private funds and partnerships considered VIEs. The Company’s recorded investment in these entities was approximately $44 million at December 31, 2013, and the Company had unfunded commitments to invest an additional $8 million. For more information on the Company’s interests in unconsolidated VIEs, refer to Note 7 in the Notes to Consolidated Financial Statements.

Guarantees are contingent commitments issued by the Company to customers or other third parties requiring the Company to perform if certain conditions exist or upon the occurrence or nonoccurrence of a specified event, such as a scheduled payment to be made under contract. The Company’s primary guarantees include commitments from securities lending activities in which indemnifications are provided to customers; indemnification or buy-back provisions related to sales of loans and tax credit investments; merchant charge-back guarantees through the Company’s involvement in providing merchant processing services; and minimum revenue guarantee arrangements. For certain guarantees, the Company may have access to collateral to support the guarantee, or through the exercise of other recourse provisions, be able to offset some or all of any payments made under these guarantees.

The Company and certain of its subsidiaries, along with other Visa U.S.A. Inc. member banks, have a contingent guarantee obligation to indemnify Visa Inc. for potential losses arising from antitrust lawsuits challenging the practices of Visa U.S.A. Inc. and MasterCard International. The indemnification by the Company and other Visa U.S.A. Inc. member banks has no maximum amount. Refer to Note 22 in the Notes to Consolidated Financial Statements for further details regarding guarantees, other commitments, and contingent liabilities, including maximum potential future payments and current carrying amounts.

U.S. BANCORP 57

Capital Management The Company is committed to managing capital to maintain strong protection for depositors and creditors and for maximum shareholder benefit. The Company continually assesses its business risks and capital position. The Company also manages its capital to exceed regulatory capital requirements for well-capitalized bank holding companies. To achieve its capital goals, the Company employs a variety of capital management tools, including dividends, common share repurchases, and the issuance of subordinated debt, non-cumulative perpetual preferred stock, common stock and other capital instruments.

On June 18, 2013, the Company announced its Board of Directors had approved an 18 percent increase in the Company’s dividend rate per common share, from $.195 per quarter to $.23 per quarter.

The Company repurchased approximately 65 million shares of its common stock in 2013, compared with approximately 59 million shares in 2012. The average price paid for the shares repurchased in 2013 was $35.55 per share, compared with $31.78 per share in 2012. As of December 31, 2013, the approximate dollar value of shares that may yet be purchased by the Company under the current Board of Directors approved authorization was $488 million. For a more complete analysis of activities impacting shareholders’ equity and capital management programs, refer to Note 14 of the Notes to Consolidated Financial Statements.

Total U.S. Bancorp shareholders’ equity was $41.1 billion at December 31, 2013, compared with $39.0 billion at December 31, 2012. The increase was primarily the result of corporate earnings, partially offset by dividends and common share repurchases.

As of December 31, 2013, the regulatory capital requirements effective for the Company follow the Capital Accord of the Basel Committee on Banking Supervision (“Basel I”). Under Basel I, banking regulators define minimum capital requirements for banks and financial services holding companies. These requirements are expressed in the form of a minimum Tier 1 capital ratio, total risk-based capital ratio, and Tier 1 leverage ratio. The minimum required level for these ratios is 4.0 percent, 8.0 percent, and 4.0 percent, respectively. The Company targets its regulatory capital levels, at both the bank and bank holding company level, to exceed the “well-capitalized” threshold for these ratios of 6.0 percent, 10.0 percent, and 5.0 percent, respectively. The most recent notification from the Office of the Comptroller of the Currency categorized the Company’s bank subsidiary as “well-capitalized” under the FDIC Improvement Act prompt corrective action provisions that are applicable to all banks. There are no conditions or events since that notification that management believes have changed the risk-based category of its covered subsidiary bank.

In June 2012, U.S. banking regulators proposed regulatory enhancements to the regulatory capital requirements for U.S. banks, which implement aspects of Basel III and the Dodd-Frank Act, such as redefining the regulatory capital elements and minimum capital ratios, introducing regulatory capital buffers above those minimums, revising the rules for calculating risk-weighted assets and introducing a new common equity tier 1 ratio. In October 2013, U.S. banking regulators approved final regulatory capital rule enhancements, effective for the Company beginning January 1, 2014, that are largely consistent with the June 2012 proposals.

As an approved mortgage seller and servicer, U.S. Bank National Association, through its mortgage banking division, is required to maintain various levels of shareholders’ equity, as specified by various agencies, including the United States Department of Housing and Urban Development, Government National Mortgage Association, Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association. At December 31, 2013, U.S. Bank National Association met these requirements.

Table 22 provides a summary of regulatory capital ratios defined by banking regulators under the FDIC Improvement Act prompt corrective action provisions applicable to all banks in effect at December 31, 2013 and 2012, including Tier 1 and total risk-based capital ratios.

The Company believes certain capital ratios in addition to regulatory capital ratios defined by banking regulators under the FDIC Improvement Act prompt corrective action provisions are useful in evaluating its capital adequacy. The Company’s Tier 1 common equity (using Basel I definition) and tangible common equity, as a percent of risk-weighted assets, were 9.4 percent and 9.1 percent, respectively, at December 31, 2013, compared with 9.0 percent and 8.6 percent, respectively, at December 31, 2012. The Company’s tangible common equity divided by tangible assets was 7.7 percent at December 31, 2013, compared with 7.2 percent at December 31, 2012. The Company’s estimated common equity tier 1 to risk-weighted assets ratio using final rules for the Basel III standardized approach was 8.8 percent at December 31, 2013. Refer to “Non-GAAP Financial Measures” for further information regarding the calculation of these ratios.

58 U.S. BANCORP

  TABLE 22   Regulatory Capital Ratios

At December 31 (Dollars in Millions)	2013			2012
U.S. Bancorp
Tier 1 capital	$	33,386		$	31,203
As a percent of risk-weighted assets		11.2	%		10.8	%
As a percent of adjusted quarterly average assets (leverage ratio)		9.6	%		9.2	%
Total risk-based capital	$	39,340		$	37,780
As a percent of risk-weighted assets		13.2	%		13.1	%
Bank Subsidiary
U.S. Bank National Association
Tier 1 capital		10.3	%		10.6	%
Total risk-based capital		12.4			12.7
Leverage		8.8			9.0
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

Fourth Quarter Summary

The Company reported net income attributable to U.S. Bancorp of $1.5 billion for the fourth quarter of 2013, or $.76 per diluted common share, compared with $1.4 billion, or $.72 per diluted common share, for the fourth quarter of 2012. Return on average assets and return on average common equity were 1.62 percent and 15.4 percent, respectively, for the fourth quarter of 2013, compared with 1.62 percent and 15.6 percent, respectively, for the fourth quarter of 2012. The provision for credit losses was $35 million lower than net charge-offs for the fourth quarter of 2013, compared with $25 million lower than net charge-offs for the fourth quarter of 2012. Also included in the fourth quarter 2012 results was the $80 million expense accrual for a mortgage foreclosure-related regulatory settlement.

Total net revenue, on a taxable-equivalent basis for the fourth quarter of 2013, was $223 million (4.4 percent) lower than the fourth quarter of 2012, reflecting a 1.8 percent decrease in net interest income and a 7.4 percent decrease in noninterest income. The decrease in net interest income from 2012 was the result of an increase in average earning assets, offset by a decrease in the net interest margin. Noninterest income decreased from a year ago, primarily due to lower mortgage banking revenue.

Noninterest expense in the fourth quarter of 2013 was $4 million (.1 percent) lower than the fourth quarter of 2012. The modest decrease was primarily due to the impact of the $80 million mortgage foreclosure-related settlement accrual in the fourth quarter of 2012 and a reduction in mortgage servicing review-related professional services expense, offset by higher costs related to investments in tax-advantaged projects and employee benefits expense.

Fourth quarter 2013 net interest income, on a taxable-equivalent basis, was $2.7 billion, compared with $2.8 billion in the fourth quarter of 2012. The $50 million (1.8 percent) decrease was principally the result of a lower net interest margin, partially offset by higher average earning assets. The net interest margin in the fourth quarter of 2013 was 3.40 percent, compared with 3.55 percent in the fourth quarter of 2012, primarily reflecting lower rates on loans and investment securities, partially offset by lower rates on deposits and the positive impact from maturities of higher-rate long-term debt. Average earning assets for the fourth quarter of 2013 increased over the fourth quarter of 2012 by $7.3 billion (2.3 percent), driven by increases of $12.5 billion (5.7 percent) in loans and $4.4 billion (6.0 percent) in investment securities, partially offset by decreases in loans held for sale of $5.8 billion (66.2 percent) and other earning assets of $3.8 billion (37.0 percent), primarily due to the deconsolidation of certain consolidated VIEs during the second quarter of 2013.

Noninterest income in the fourth quarter of 2013 was $2.2 billion, compared with $2.3 billion in the same period of 2012, a decrease of $173 million (7.4 percent). The decrease was principally driven by a $245 million (51.5 percent) reduction in mortgage banking revenue due to lower origination and sales revenue, partially offset by favorable changes in the valuation of MSRs, net of hedging activities. Growth in several fee categories helped to offset the decline in mortgage banking revenue. Credit and debit card revenue increased $21 million (8.7 percent) over the prior year due to higher transaction volumes, including the impact of business expansion. Merchant processing services revenue was $13 million (3.7 percent) higher as a result of an increase in fee-based product revenue and

U.S. BANCORP 59

  TABLE 23   Fourth Quarter Results

	Three Months Ended December 31,
(Dollars and Shares in Millions, Except Per Share Data)	2013			2012
Condensed Income Statement
Net interest income (taxable-equivalent basis) (a)	$	2,733		$	2,783
Noninterest income		2,155			2,326
Securities gains (losses), net		1			3
Total net revenue		4,889			5,112
Noninterest expense		2,682			2,686
Provision for credit losses		277			443
Income before taxes		1,930			1,983
Taxable-equivalent adjustment		56			56
Applicable income taxes		403			552
Net income		1,471			1,375
Net (income) loss attributable to noncontrolling interests		(15	)		45
Net income attributable to U.S. Bancorp	$	1,456		$	1,420
Net income applicable to U.S. Bancorp common shareholders	$	1,389		$	1,349
Per Common Share
Earnings per share	$	.76		$	.72
Diluted earnings per share	$	.76		$	.72
Dividends declared per share	$	.230		$	.195
Average common shares outstanding		1,821			1,872
Average diluted common shares outstanding		1,832			1,880
Financial Ratios
Return on average assets		1.62	%		1.62	%
Return on average common equity		15.4			15.6
Net interest margin (taxable-equivalent basis) (a)		3.40			3.55
Efficiency ratio		54.9			52.6

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

higher volumes. Trust and investment management fees increased $21 million (7.6 percent), reflecting improved market conditions and business expansion. Deposit service charges were $7 million (4.1 percent) higher as a result of pricing changes and an increase in monthly account fees and account growth. Commercial products revenue increased $17 million (7.5 percent), principally due to higher syndication fees and tax-advantaged projects, while investment products fees increased $6 million (15.4 percent) due to higher sales volumes and fees. Offsetting these positive variances was a decline in corporate payment products revenue of $12 million (6.7 percent) due to lower government-related transactions.

Noninterest expense in the fourth quarter of 2013 was $2.7 billion, or $4 million (.1 percent) lower than the fourth quarter of 2012. The slight decrease was primarily due to reductions in professional services, other intangibles and other expense, offset by higher compensation and employee benefits expense. Professional services expense decreased $48 million (28.9 percent) due to a reduction in mortgage servicing review-related costs. Other intangibles expense decreased $10 million (15.2 percent) due to the reduction or completion of the amortization of certain intangibles. Other expense was lower $13 million (2.5 percent) due to the $80 million fourth quarter 2012 accrual for a mortgage foreclosure-related regulatory settlement, partially offset by higher tax-advantaged project costs, including the accounting presentation changes in the fourth quarter of 2013. Compensation expense increased $20 million (1.8 percent), reflecting growth in staffing for business initiatives and the impact of merit increases, partially offset by lower incentive and commission expense. Employee benefits expense increased $44 million (19.0 percent), principally due to higher pension costs and staffing levels. In addition, net occupancy and equipment expense was $6 million (2.6 percent) higher due to business initiatives and higher rent expense and maintenance costs.

The provision for credit losses for the fourth quarter of 2013 was $277 million, a decrease of $166 million (37.5 percent) from the same period of 2012. Net charge-offs decreased $156 million (33.3 percent) in the fourth quarter of 2013, compared with the fourth quarter of 2012, principally due to improvement in the commercial, commercial real estate, residential mortgages and home equity and second mortgages portfolios. The provision for credit losses was lower than net charge-offs by $35 million in the fourth quarter of 2013, compared with $25 million in the fourth quarter of

60 U.S. BANCORP

2012. Given the current economic conditions, the Company expects the level of net charge-offs to increase modestly and total nonperforming assets to be relatively stable in the first quarter of 2014.

The provision for income taxes for the fourth quarter of 2013 resulted in an effective tax rate of 21.5 percent, reflecting the reduction in income tax expense due to the accounting presentation changes related to investments in tax-advantaged projects and the favorable resolution of certain state tax matters. The effective tax rate was 28.6 percent in the fourth quarter of 2012.

Line of Business Financial Review

The Company’s major lines of business are Wholesale Banking and Commercial Real Estate, Consumer and Small Business Banking, Wealth Management and Securities Services, Payment Services, and Treasury and Corporate Support. These operating segments are components of the Company about which financial information is prepared and is evaluated regularly by management in deciding how to allocate resources and assess performance.

Basis for Financial Presentation Business line results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. The allowance for credit losses and related provision expense are allocated to the lines of business based on the related loan balances managed. Goodwill and other intangible assets are assigned to the lines of business based on the mix of business of the acquired entity. Within the Company, capital levels are evaluated and managed centrally; however, capital is allocated to the operating segments to support evaluation of business performance. Business lines are allocated capital on a risk-adjusted basis considering economic and regulatory capital requirements. Generally, the determination of the amount of capital allocated to each business line includes credit and operational capital allocations following a Basel II regulatory framework. Interest income and expense is determined based on the assets and liabilities managed by the business line. Because funding and asset liability management is a central function, funds transfer-pricing methodologies are utilized to allocate a cost of funds used or credit for funds provided to all business line assets and liabilities, respectively, using a matched funding concept. Also, each business unit is allocated the taxable-equivalent benefit of tax-exempt products. The residual effect on net interest income of asset/liability management activities is included in Treasury and Corporate Support. Noninterest income and expenses directly managed by each business line, including fees, service charges, salaries and benefits, and other direct revenues and costs are accounted for within each segment’s financial results in a manner similar to the consolidated financial statements. Occupancy costs are allocated based on utilization of facilities by the lines of business. Generally, operating losses are charged to the line of business when the loss event is realized in a manner similar to a loan charge-off. Noninterest expenses incurred by centrally managed operations or business lines that directly support another business line’s operations are charged to the applicable business line based on its utilization of those services, primarily measured by the volume of customer activities, number of employees or other relevant factors. These allocated expenses are reported as net shared services expense within noninterest expense. Certain activities that do not directly support the operations of the lines of business or for which the lines of business are not considered financially accountable in evaluating their performance are not charged to the lines of business. The income or expenses associated with these corporate activities is reported within the Treasury and Corporate Support line of business. Income taxes are assessed to each line of business at a standard tax rate with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2013, certain organization and methodology changes were made and, accordingly, 2012 results were restated and presented on a comparable basis.

Wholesale Banking and Commercial Real Estate Wholesale Banking and Commercial Real Estate offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients. Wholesale Banking and Commercial Real Estate contributed $1.3 billion of the Company’s net income in 2013, or a decrease of $22 million (1.7 percent) compared with 2012. The decrease was primarily driven by lower net revenue, partially offset by a lower provision for credit losses and a decrease in noninterest expense.

Net revenue decreased $158 million (4.7 percent) in 2013, compared with 2012. Net interest income, on a taxable-equivalent basis, decreased $16 million (.8 percent) in 2013, compared with 2012, driven by lower rates on loans and the impact of lower rates on the margin benefit from deposits, partially offset by higher average loan and deposit balances and higher loan fees. Noninterest income decreased $142 (11.5 percent) in 2013, compared with 2012, driven by lower commercial products revenue, primarily due to lower standby letters of credit and other loan-related fees and capital markets revenue. In addition, equity investment revenue was lower year-over-year.

U.S. BANCORP 61

Noninterest expense decreased $25 million (2.0 percent) in 2013, compared with 2012, primarily due to lower costs related to other real estate owned and other intangibles expense. The provision for credit losses decreased $99 million in 2013, compared with 2012, due to lower net charge-offs, partially offset by lower reserve releases. Nonperforming assets were $322 million at December 31, 2013, compared with $520 million at December 31, 2012. Nonperforming assets as a percentage of period-end loans were .43 percent at December 31, 2013, compared with ..75 percent at December 31, 2012. Refer to the “Corporate Risk Profile” section for further information on factors impacting the credit quality of the loan portfolios.

Consumer and Small Business Banking Consumer and Small Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and mobile devices, such as mobile phones and tablet computers. It encompasses community banking, metropolitan banking, in-store banking, small business banking, consumer lending, mortgage banking, workplace banking, student banking and 24-hour banking. Consumer and Small Business Banking contributed $1.4 billion of the Company’s net income in 2013, or a decrease of $21 million (1.5 percent), compared with 2012. The decrease was due to lower net revenue, offset by a lower provision for credit losses and noninterest expense. Within Consumer and Small Business Banking, the retail banking division contributed $716 million of the total net

  TABLE 24   Line of Business Financial Performance

	Wholesale Banking and Commercial Real Estate								Consumer and Small Business Banking
Year Ended December 31 (Dollars in Millions)	2013			2012		Percent Change			2013		2012			Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	2,088		$	2,104		(.8	)%	$	4,554	$	4,737			(3.9	)%
Noninterest income		1,092			1,234		(11.5	)		2,904		3,565			(18.5	)
Securities gains (losses), net		–			–		–			–		–			–
Total net revenue		3,180			3,338		(4.7	)		7,458		8,302			(10.2	)
Noninterest expense		1,248			1,265		(1.3	)		4,684		4,923			(4.9	)
Other intangibles		8			16		(50.0	)		40		51			(21.6	)
Total noninterest expense		1,256			1,281		(2.0	)		4,724		4,974			(5.0	)
Income before provision and income taxes		1,924			2,057		(6.5	)		2,734		3,328			(17.8	)
Provision for credit losses		(97	)		2		*			607		1,167			(48.0	)
Income before income taxes		2,021			2,055		(1.7	)		2,127		2,161			(1.6	)
Income taxes and taxable-equivalent adjustment		736			748		(1.6	)		774		786			(1.5	)
Net income		1,285			1,307		(1.7	)		1,353		1,375			(1.6	)
Net (income) loss attributable to noncontrolling interests		–			–		–			–		(1	)		*
Net income attributable to U.S. Bancorp	$	1,285		$	1,307		(1.7	)	$	1,353	$	1,374			(1.5	)
Average Balance Sheet
Commercial	$	50,873		$	45,091		12.8	%	$	8,396	$	8,225			2.1	%
Commercial real estate		20,550			19,635		4.7			16,934		16,136			4.9
Residential mortgages		26			60		(56.7	)		47,081		39,827			18.2
Credit card		–			–		–			–		–			–
Other retail		8			7		14.3			44,847		45,594			(1.6	)
Total loans, excluding covered loans		71,457			64,793		10.3			117,258		109,782			6.8
Covered loans		363			921		(60.6	)		6,566		7,510			(12.6	)
Total loans		71,820			65,714		9.3			123,824		117,292			5.6
Goodwill		1,604			1,604		–			3,515		3,515			–
Other intangible assets		25			36		(30.6	)		2,406		1,787			34.6
Assets		78,253			71,606		9.3			139,174		134,258			3.7
Noninterest-bearing deposits		31,153			31,224		(.2	)		21,969		20,386			7.8
Interest checking		10,515			10,354		1.6			33,006		29,911			10.3
Savings products		14,144			9,413		50.3			46,308		43,342			6.8
Time deposits		18,481			17,197		7.5			21,136		23,787			(11.1	)
Total deposits		74,293			68,188		9.0			122,419		117,426			4.3
Total U.S. Bancorp shareholders’ equity		7,356			6,436		14.3			12,148		11,268			7.8

* Not meaningful

62 U.S. BANCORP

income in 2013, or an increase of $215 million (42.9 percent) over the prior year. Mortgage banking contributed $637 million of the business line’s net income in 2013, or a decrease of $236 million (27.0 percent) from the prior year, reflecting lower mortgage banking activity in 2013.

Net revenue decreased $844 million (10.2 percent) in 2013, compared with 2012. Net interest income, on a taxable-equivalent basis, decreased $183 million (3.9 percent) in 2013, compared with 2012, primarily due to lower loan rates, the impact of lower rates on the margin benefit from deposits and lower average loans held for sale balances, partially offset by higher average loan and deposit balances. Noninterest income decreased $661 million (18.5 percent) in 2013, compared with 2012, due to lower mortgage banking revenue, primarily the result of lower mortgage origination and sales revenue, partially offset by higher mortgage servicing income and favorable changes in the valuation of MSRs, net of hedging activities, and lower retail lease revenue.

Noninterest expense decreased $250 million (5.0 percent) in 2013, compared with 2012. The decrease reflected reductions in mortgage servicing review-related costs, the 2012 foreclosure-related regulatory settlement accrual, lower compensation and employee benefits expense, and lower costs related to other intangibles expense and other real estate owned, partially offset by higher net shared services costs.

The provision for credit losses decreased $560 million (48.0 percent) in 2013, compared with 2012, due to lower net charge-offs and a favorable change in the reserve allocation. As a percentage of average loans outstanding,

Wealth Management and Securities Services							Payment Services									Treasury and Corporate Support									Consolidated Company
2013		2012		Percent Change			2013			2012			Percent Change			2013			2012			Percent Change			2013		2012			Percent Change
$	356	$	355		.3	%	$	1,584		$	1,548			2.3	%	$	2,246		$	2,225			.9	%	$	10,828	$	10,969			(1.3	)%
	1,235		1,121		10.2			3,205			3,195			.3			329			219			50.2			8,765		9,334			(6.1	)
	–		–		–			–			–			–			9			(15	)		*			9		(15	)		*
	1,591		1,476		7.8			4,789			4,743			1.0			2,584			2,429			6.4			19,602		20,288			(3.4	)
	1,304		1,155		12.9			1,964			1,830			7.3			851			1,009			(15.7	)		10,051		10,182			(1.3	)
	36		40		(10.0	)		139			167			(16.8	)		–			–			–			223		274			(18.6	)
	1,340		1,195		12.1			2,103			1,997			5.3			851			1,009			(15.7	)		10,274		10,456			(1.7	)
	251		281		(10.7	)		2,686			2,746			(2.2	)		1,733			1,420			22.0			9,328		9,832			(5.1	)
	6		14		(57.1	)		769			697			10.3			55			2			*			1,340		1,882			(28.8	)
	245		267		(8.2	)		1,917			2,049			(6.4	)		1,678			1,418			18.3			7,988		7,950			.5
	89		96		(7.3	)		697			746			(6.6	)		(40	)		84			*			2,256		2,460			(8.3	)
	156		171		(8.8	)		1,220			1,303			(6.4	)		1,718			1,334			28.8			5,732		5,490			4.4
	–		–		–			(39	)		(38	)		(2.6	)		143			196			(27.0	)		104		157			(33.8	)
$	156	$	171		(8.8	)	$	1,181		$	1,265			(6.6	)	$	1,861		$	1,530			21.6		$	5,836	$	5,647			3.3
$	1,712	$	1,333		28.4	%	$	6,086		$	5,962			2.1	%	$	207		$	219			(5.5	)%	$	67,274	$	60,830			10.6	%
	650		609		6.7			–			–			–			103			125			(17.6	)		38,237		36,505			4.7
	874		400		*			–			–			–			1			3			(66.7	)		47,982		40,290			19.1
	–		–		–			16,813			16,653			1.0			–			–			–			16,813		16,653			1.0
	1,533		1,527		.4			737			810			(9.0	)		–			–			–			47,125		47,938			(1.7	)
	4,769		3,869		23.3			23,636			23,425			.9			311			347			(10.4	)		217,431		202,216			7.5
	14		11		27.3			5			5			–			3,095			4,711			(34.3	)		10,043		13,158			(23.7	)
	4,783		3,880		23.3			23,641			23,430			.9			3,406			5,058			(32.7	)		227,474		215,374			5.6
	1,535		1,473		4.2			2,510			2,361			6.3			–			–			–			9,164		8,953			2.4
	173		171		1.2			572			690			(17.1	)		2			4			(50.0	)		3,178		2,688			18.2
	7,643		6,538		16.9			29,843			29,580			.9			97,767			100,867			(3.1	)		352,680		342,849			2.9
	14,610		14,514		.7			703			643			9.3			585			474			23.4			69,020		67,241			2.6
	4,821		3,975		21.3			449			1,192			(62.3	)		1			1			–			48,792		45,433			7.4
	26,830		23,543		14.0			57			39			46.2			89			133			(33.1	)		87,428		76,470			14.3
	4,906		5,105		(3.9	)		–			–			–			694			477			45.5			45,217		46,566			(2.9	)
	51,167		47,137		8.5			1,209			1,874			(35.5	)		1,369			1,085			26.2			250,457		235,710			6.3
	2,385		2,232		6.9			6,046			5,701			6.1			11,982			11,974			.1			39,917		37,611			6.1

U.S. BANCORP 63

net charge-offs decreased to .58 percent in 2013, compared with .92 percent in 2012. Nonperforming assets were $1.4 billion at December 31, 2013 and 2012. Nonperforming assets as a percentage of period-end loans were 1.11 percent at December 31, 2013, compared with 1.16 percent at December 31, 2012. Refer to the “Corporate Risk Profile” section for further information on factors impacting the credit quality of the loan portfolios.

Wealth Management and Securities Services Wealth Management and Securities Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through five businesses: Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody and Fund Services. Wealth Management and Securities Services contributed $156 million of the Company’s net income in 2013, a decrease of $15 million (8.8 percent), compared with 2012. The decrease from the prior year was primarily due to higher noninterest expense, partially offset by higher net revenue.

Net revenue increased $115 million (7.8 percent) in 2013, compared with 2012, driven by a $114 million (10.2 percent) increase in noninterest income, primarily due to the impact of improved market conditions, business expansion and higher investment product fees. Net interest income was essentially unchanged, reflecting higher average loan and deposit balances, offset by the impact of lower rates on loans and the margin benefit from deposits.

Noninterest expense increased $145 million (12.1 percent) in 2013, compared with 2012. The increase in noninterest expense was primarily due to higher compensation and employee benefits expense, and an increase in net shared services costs, including the impact of business expansion.

Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit and merchant processing. Payment Services contributed $1.2 billion of the Company’s net income in 2013, or a decrease of $84 million (6.6 percent) compared with 2012. The decrease was primarily due to higher noninterest expense and provision for credit losses, partially offset by higher net revenue.

Net revenue increased $46 million (1.0 percent) in 2013, compared with 2012. Net interest income, on a taxable-equivalent basis, increased $36 million (2.3 percent) in 2013, compared with 2012, driven by higher average loan balances, improved loan rates and lower rebate costs on the Company’s government card program. Noninterest income increased $10 million (.3 percent) in 2013, compared with 2012, reflecting higher credit and debit card revenue on higher volumes, including the impact of business expansion, and higher merchant processing services revenue due to higher volumes and an increase in fee-based product revenue, partially offset by the impact of a gain on a credit card portfolio sale in 2012 and lower corporate payment products revenue due to a reduction in government-related transactions.

Noninterest expense increased $106 million (5.3 percent) in 2013, compared with 2012, primarily due to higher total compensation and employee benefits expense, and higher net shared services expense, including the impact of business expansion, partially offset by a reduction in other intangibles expense. The provision for credit losses increased $72 million (10.3 percent) in 2013, compared with 2012, principally due to lower reserve releases, partially offset by lower net charge-offs. As a percentage of average loans outstanding, net charge-offs were 3.29 percent in 2013, compared with 3.44 percent in 2012.

Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, most covered commercial and commercial real estate loans and related other real estate owned, funding, capital management, interest rate risk management, the net effect of transfer pricing related to average balances, income taxes not allocated to the business lines, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis. Treasury and Corporate Support recorded net income of $1.9 billion in 2013, compared with $1.5 billion in 2012.

Net revenue increased $155 million (6.4 percent) in 2013, compared with 2012. Net interest income, on a taxable-equivalent basis, increased $21 million (.9 percent) in 2013, compared with 2012, reflecting lower funding costs, partially offset by lower rates on loans and investment securities. Noninterest income increased $134 million (65.7 percent) in 2013, compared with 2012, primarily due to higher commercial products revenue and a favorable change in net securities gains (losses) as the Company recognized impairments on a number of securities during the second quarter of 2012.

Noninterest expense decreased $158 million (15.7 percent) in 2013, compared with 2012, primarily reflecting lower net shared services expense, reductions in litigation and insurance-related costs, and the 2012 accrual for the Company’s portion of an indemnification obligation associated with Visa Inc. These decreases were partially offset by increases in total compensation and employee benefits expense and higher costs related to investments in tax-advantaged projects.

Income taxes are assessed to each line of business at a managerial tax rate of 36.4 percent with the residual tax

64 U.S. BANCORP

expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

Non-GAAP Financial Measures

In addition to capital ratios defined by banking regulators under the FDIC Improvement Act prompt corrective action provisions that are currently effective, the Company considers various other measures when evaluating capital utilization and adequacy, including:

• Tangible common equity to tangible assets,

• Tangible common equity to risk-weighted assets using Basel I definition,

• Tier 1 common equity to risk-weighted assets using Basel I definition,

• Common equity tier 1 to risk-weighted assets estimated using final rules for the Basel III standardized approach, and for additional information,

• Common equity tier 1 to risk-weighted assets approximated using proposed rules for the Basel III standardized approach released prior to and during June 2012 .

These measures are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position relative to other financial services companies. These measures differ from the currently effective capital ratios defined by banking regulations principally in that the numerator excludes trust preferred securities and preferred stock, the nature and extent of which varies among different financial services companies. These measures are not defined in generally accepted accounting principles (“GAAP”), or are not currently effective or defined in federal banking regulations. As a result, these measures disclosed by the Company may be considered non-GAAP financial measures.

There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this report in their entirety, and not to rely on any single financial measure.

U.S. BANCORP 65

The following table shows the Company’s calculation of these Non-GAAP financial measures:

At December 31 (Dollars in Millions)	2013			2012			2011			2010			2009
Total equity	$	41,807		$	40,267		$	34,971		$	30,322		$	26,661
Preferred stock		(4,756	)		(4,769	)		(2,606	)		(1,930	)		(1,500	)
Noncontrolling interests		(694	)		(1,269	)		(993	)		(803	)		(698	)
Goodwill (net of deferred tax liability)		(8,343	)		(8,351	)		(8,239	)		(8,337	)		(8,482	)
Intangible assets, other than mortgage servicing rights		(849	)		(1,006	)		(1,217	)		(1,376	)		(1,657	)
Tangible common equity (a)		27,165			24,872			21,916			17,876			14,324
Tier 1 capital, determined in accordance with prescribed regulatory requirements using Basel I definition		33,386			31,203			29,173			25,947			22,610
Trust preferred securities		–			–			(2,675	)		(3,949	)		(4,524	)
Preferred stock		(4,756	)		(4,769	)		(2,606	)		(1,930	)		(1,500	)
Noncontrolling interests, less preferred stock not eligible for Tier 1 capital		(688	)		(685	)		(687	)		(692	)		(692	)
Tier 1 common equity using Basel I definition (b)		27,942			25,749			23,205			19,376			15,894
Tangible common equity (as calculated above)		27,165
Adjustments (1)		224
Common equity tier 1 estimated using final rules for the Basel III standardized approach (c)		27,389
Tangible common equity (as calculated above)					24,872
Adjustments (1)(2)					126
Common equity tier 1 approximated using proposed rules for the Basel III standardized approach released June 2012 (d)					24,998
Tangible common equity (as calculated above)								21,916			17,876
Adjustments (3)								450			381
Common equity tier 1 approximated using proposed rules for the Basel III standardized approach released prior to June 2012 (e)								22,366			18,257
Total assets		364,021			353,855			340,122			307,786			281,176
Goodwill (net of deferred tax liability)		(8,343	)		(8,351	)		(8,239	)		(8,337	)		(8,482	)
Intangible assets, other than mortgage servicing rights		(849	)		(1,006	)		(1,217	)		(1,376	)		(1,657	)
Tangible assets (f)		354,829			344,498			330,666			298,073			271,037
Risk-weighted assets, determined in accordance with prescribed regulatory requirements using Basel I definition (g)		297,919			287,611			271,333			247,619			235,233
Risk-weighted assets, determined in accordance with prescribed regulatory requirements using Basel I definition		297,919
Adjustments (4)		13,712
Risk-weighted assets estimated using final rules for the Basel III standardized approach (h)		311,631
Risk-weighted assets, determined in accordance with prescribed regulatory requirements using Basel I definition					287,611
Adjustments (4)(5)					21,233
Risk-weighted assets approximated using proposed rules for the Basel III standardized approach released June 2012 (i)					308,844
Risk-weighted assets approximated using proposed rules for the Basel III standardized approach released prior to June 2012 (j)								274,351			251,704
Ratios
Tangible common equity to tangible assets (a)/(f)		7.7	%		7.2	%		6.6	%		6.0	%		5.3	%
Tangible common equity to risk-weighted assets using Basel I definition (a)/(g)		9.1			8.6			8.1			7.2			6.1
Tier 1 common equity to risk-weighted assets using Basel I definition (b)/(g)		9.4			9.0			8.6			7.8			6.8
Common equity tier 1 to risk-weighted assets estimated using final rules for the Basel III standardized approach (c)/(h)		8.8			–			–			–			–
Common equity tier 1 to risk-weighted assets approximated using proposed rules for the Basel III standardized approach released June 2012 (d)/(i)		–			8.1			–			–			–
Common equity tier 1 to risk-weighted assets approximated using proposed rules for the Basel III standardized approach released prior to June 2012 (e)/(j)		–			–			8.2			7.3			–

(1) Includes net losses on cash flow hedges included in accumulated other comprehensive income and unrealized losses on securities transferred from available-for-sale to held-to-maturity included in accumulated other comprehensive income.

(2) Includes disallowed mortgage servicing rights.

(3) Principally net losses on cash flow hedges included in accumulated other comprehensive income.

(4) Includes higher risk-weighting for unfunded loan commitments, investment securities and mortgage servicing rights, and other adjustments.

(5) Includes higher risk-weighting for residential mortgages.

66 U.S. BANCORP

Accounting Changes

To the extent the adoption of new accounting standards materially affects the Company’s financial condition or results of operations, the impacts are discussed in the applicable section(s) of the Management’s Discussion and Analysis and the Notes to Consolidated Financial Statements.

Critical Accounting Policies

The accounting and reporting policies of the Company comply with accounting principles generally accepted in the United States and conform to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. The Company’s financial position and results of operations can be affected by these estimates and assumptions, which are integral to understanding the Company’s financial statements. Critical accounting policies are those policies management believes are the most important to the portrayal of the Company’s financial condition and results, and require management to make estimates that are difficult, subjective or complex. Most accounting policies are not considered by management to be critical accounting policies. Several factors are considered in determining whether or not a policy is critical in the preparation of financial statements. These factors include, among other things, whether the estimates are significant to the financial statements, the nature of the estimates, the ability to readily validate the estimates with other information (including third-parties sources or available prices), and sensitivity of the estimates to changes in economic conditions and whether alternative accounting methods may be utilized under GAAP. Management has discussed the development and the selection of critical accounting policies with the Company’s Audit Committee.

Significant accounting policies are discussed in Note 1 of the Notes to Consolidated Financial Statements. Those policies considered to be critical accounting policies are described below.

Allowance for Credit Losses The allowance for credit losses is established to provide for probable losses incurred in the Company’s credit portfolio. The methods utilized to estimate the allowance for credit losses, key assumptions and quantitative and qualitative information considered by management in determining the appropriate allowance for credit losses are discussed in the “Credit Risk Management” section.

Management’s evaluation of the appropriate allowance for credit losses is often the most critical of all the accounting estimates for a banking institution. It is an inherently subjective process impacted by many factors as discussed throughout the Management’s Discussion and Analysis section of the Annual Report. Although risk management practices, methodologies and other tools are utilized to determine each element of the allowance, degrees of imprecision exist in these measurement tools due in part to subjective judgments involved and an inherent lagging of credit quality measurements relative to the stage of the business cycle. Even determining the stage of the business cycle is highly subjective. As discussed in the “Analysis and Determination of Allowance for Credit Losses” section, management considers the effect of imprecision and many other factors in determining the allowance for credit losses. If not considered, incurred losses in the portfolio related to imprecision and other subjective factors could have a dramatic adverse impact on the liquidity and financial viability of a bank.

Given the many subjective factors affecting the credit portfolio, changes in the allowance for credit losses may not directly coincide with changes in the risk ratings of the credit portfolio reflected in the risk rating process. This is in part due to the timing of the risk rating process in relation to changes in the business cycle, the exposure and mix of loans within risk rating categories, levels of nonperforming loans and the timing of charge-offs and recoveries. For example, the amount of loans within specific risk ratings may change, providing a leading indicator of improving credit quality, while nonperforming loans and net charge-offs continue at elevated levels. Also, inherent loss ratios, determined through migration analysis and historical loss performance over the estimated business cycle of a loan, may not change to the same degree as net charge-offs. Because risk ratings and inherent loss ratios primarily drive the allowance specifically allocated to commercial lending segment loans, the amount of the allowance might decline; however, the degree of change differs somewhat from the level of changes in nonperforming loans and net charge-offs. Also, management would maintain an appropriate allowance for credit losses by increasing the allowance during periods of economic uncertainty or changes in the business cycle.

Some factors considered in determining the appropriate allowance for credit losses are quantifiable while other factors require qualitative judgment. Management conducts an analysis with respect to the accuracy of risk ratings and the volatility of inherent losses, and utilizes this analysis along with qualitative factors, including uncertainty in the economy from changes in unemployment rates, the level of bankruptcies and concentration risks, including risks associated with the housing market and highly leveraged enterprise-value credits, in determining the overall level of the allowance for credit losses. The Company’s determination of the allowance for commercial lending segment loans is sensitive to the assigned credit risk ratings and inherent loss rates at December 31, 2013. In the event

U.S. BANCORP 67

that 10 percent of period ending loan balances (including unfunded commitments) within each risk category of this segment of the loan portfolio experienced downgrades of two risk categories, the allowance for credit losses would increase by approximately $220 million at December 31, 2013. The Company believes the allowance for credit losses appropriately considers the imprecision in estimating credit losses based on credit risk ratings and inherent loss rates but actual losses may differ from those estimates. In the event that inherent loss or estimated loss rates for commercial lending segment loans increased by 10 percent, the allowance for credit losses would increase by approximately $138 million at December 31, 2013. The Company’s determination of the allowance for consumer lending segment loans is sensitive to changes in estimated loss rates and estimated impairments on restructured loans. In the event that estimated losses for this segment of the loan portfolio increased by 10 percent, the allowance for credit losses would increase by approximately $211 million at December 31, 2013. Because several quantitative and qualitative factors are considered in determining the allowance for credit losses, these sensitivity analyses do not necessarily reflect the nature and extent of future changes in the allowance for credit losses. They are intended to provide insights into the impact of adverse changes in risk rating and inherent losses and do not imply any expectation of future deterioration in the risk rating or loss rates. Given current processes employed by the Company, management believes the risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different reasonable conclusions that could be significant to the Company’s financial statements. Refer to the “Analysis and Determination of the Allowance for Credit Losses” section for further information.

Fair Value Estimates A portion of the Company’s assets and liabilities are carried at fair value on the Consolidated Balance Sheet, with changes in fair value recorded either through earnings or other comprehensive income (loss) in accordance with applicable accounting principles generally accepted in the United States. These include all of the Company’s available-for-sale securities, derivatives and other trading instruments, MSRs and mortgage loans held for sale. The estimation of fair value also affects other loans held for sale, which are recorded at the lower-of-cost-or-fair value. The determination of fair value is important for certain other assets that are periodically evaluated for impairment using fair value estimates including goodwill and other intangible assets, impaired loans, other real estate owned and other repossessed assets.

Fair value is generally defined as the exit price at which an asset or liability could be exchanged in a current transaction between willing, unrelated parties, other than in a forced or liquidation sale. Fair value is based on quoted market prices in an active market, or if market prices are not available, is estimated using models employing techniques such as matrix pricing or discounting expected cash flows. The significant assumptions used in the models, which include assumptions for interest rates, discount rates, prepayments and credit losses, are independently verified against observable market data where possible. Where observable market data is not available, the estimate of fair value becomes more subjective and involves a high degree of judgment. In this circumstance, fair value is estimated based on management’s judgment regarding the value that market participants would assign to the asset or liability. This valuation process takes into consideration factors such as market illiquidity. Imprecision in estimating these factors can impact the amount recorded on the balance sheet for a particular asset or liability with related impacts to earnings or other comprehensive income (loss).

When available, trading and available-for-sale securities are valued based on quoted market prices. However, certain securities are traded less actively and therefore, quoted market prices may not be available. The determination of fair value may require benchmarking to similar instruments or performing a discounted cash flow analysis using estimates of future cash flows and prepayment, interest and default rates. An example is non-agency residential mortgage-backed securities. For more information on investment securities, refer to Note 4 of the Notes to Consolidated Financial Statements.

As few derivative contracts are listed on an exchange, the majority of the Company’s derivative positions are valued using valuation techniques that use readily observable market inputs. Certain derivatives, however, must be valued using techniques that include unobservable inputs. For these instruments, the significant assumptions must be estimated and therefore, are subject to judgment. Note 19 of the Notes to Consolidated Financial Statements provides a summary of the Company’s derivative positions.

Refer to Note 21 of the Notes to Consolidated Financial Statements for additional information regarding estimations of fair value.

Purchased Loans and Related Indemnification Assets In accordance with applicable authoritative accounting guidance effective for the Company beginning January 1, 2009, all purchased loans and related indemnification assets arising from loss-sharing arrangements with the FDIC are recorded at fair value at date of purchase. The initial valuation of these loans and the related indemnification assets requires management to make subjective judgments concerning estimates about how the acquired loans will perform in the future using valuation

68 U.S. BANCORP

methods including discounted cash flow analysis and independent third party appraisals. Factors that may significantly affect the initial valuation include, among others, market-based and industry data related to expected changes in interest rates, assumptions related to probability and severity of credit losses, estimated timing of credit losses including the foreclosure and liquidation of collateral, expected prepayment rates, required or anticipated loan modifications, unfunded loan commitments, the specific terms and provisions of any loss sharing agreements, and specific industry and market conditions that may impact discount rates and independent third party appraisals.

On an ongoing basis, the accounting for purchased loans and related indemnification assets follows applicable authoritative accounting guidance for purchased non-impaired loans and purchased impaired loans. Refer to Note 1 and Note 5 of the Notes to Consolidated Financial Statements for additional information. In addition, refer to the “Analysis and Determination of the Allowance for Credit Losses” section for information on the determination of the required allowance for credit losses, if any, for these loans.

Mortgage Servicing Rights MSRs are capitalized as separate assets when loans are sold and servicing is retained, or may be purchased from others. MSRs are initially recorded at fair value and re-measured at each subsequent reporting date. Because MSRs do not trade in an active market with readily observable prices, the Company determines the fair value by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates, and other assumptions validated through comparison to trade information, industry surveys and independent third party valuations. Changes in the fair value of MSRs are recorded in earnings during the period in which they occur. Risks inherent in the MSRs’ valuation include higher than expected prepayment rates and/or delayed receipt of cash flows. The Company may utilize derivatives, including interest rate swaps, forward commitments to buy TBAs, and futures and options contracts, to mitigate the valuation risk.

Goodwill and Other Intangibles The Company records all assets and liabilities acquired in purchase acquisitions, including goodwill and other intangibles, at fair value. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment. In certain situations, interim impairment tests may be required if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Other intangible assets are amortized over their estimated useful lives using straight-line and accelerated methods and are subject to impairment if events or circumstances indicate a possible inability to realize the carrying amount.

The initial recognition of goodwill and other intangible assets and subsequent impairment analysis require management to make subjective judgments concerning estimates of how the acquired assets will perform in the future using valuation methods including discounted cash flow analysis. Additionally, estimated cash flows may extend beyond ten years and, by their nature, are difficult to determine over an extended timeframe. Events and factors that may significantly affect the estimates include, among others, competitive forces, customer behaviors and attrition, changes in revenue growth trends, cost structures, technology, changes in discount rates and specific industry and market conditions. In determining the reasonableness of cash flow estimates, the Company reviews historical performance of the underlying assets or similar assets in an effort to assess and validate assumptions utilized in its estimates.

In assessing the fair value of reporting units, the Company considers the stage of the current business cycle and potential changes in market conditions in estimating the timing and extent of future cash flows. Also, management often utilizes other information to validate the reasonableness of its valuations, including public market comparables, and multiples of recent mergers and acquisitions of similar businesses. Valuation multiples may be based on revenue, price-to-earnings and tangible capital ratios of comparable public companies and business segments. These multiples may be adjusted to consider competitive differences, including size, operating leverage and other factors. The carrying amount of a reporting unit is determined based on the amount of equity required for the reporting unit’s activities, considering the specific assets and liabilities of the reporting unit. The Company determines the amount of equity for each reporting unit on a risk-adjusted basis considering economic and regulatory capital requirements, and includes deductions and limitations related to certain types of assets including MSRs, purchased credit card relationship intangibles, and capital markets activity in the Company’s Wholesale Banking and Commercial Real Estate segment. The Company does not assign corporate assets and liabilities to reporting units that do not relate to the operations of the reporting unit or are not considered in determining the fair value of the reporting unit. These assets and liabilities primarily relate to the Company’s investment securities portfolio and other investments (including direct equity investments, bank-owned life insurance and tax-advantaged investments) and corporate debt and other funding liabilities. In the most recent goodwill impairment test, the portion of the Company’s total equity allocated to the Treasury and Corporate Support operating segment included approximately $4 billion in excess of the economic and regulatory capital requirements of that segment.

U.S. BANCORP 69

The Company’s annual assessment of potential goodwill impairment was completed during the second quarter of 2013. Based on the results of this assessment, no goodwill impairment was recognized. The Company continues to monitor goodwill and other intangible assets for impairment indicators throughout the year.

Income Taxes The Company estimates income tax expense based on amounts expected to be owed to various tax jurisdictions. Currently, the Company files tax returns in approximately 279 federal, state and local domestic jurisdictions and 12 foreign jurisdictions. The estimated income tax expense is reported in the Consolidated Statement of Income. Accrued taxes represent the net estimated amount due to or to be received from taxing jurisdictions either currently or in the future and are reported in other assets or other liabilities on the Consolidated Balance Sheet. In estimating accrued taxes, the Company assesses the relative merits and risks of the appropriate tax treatment considering statutory, judicial and regulatory guidance in the context of the tax position. Because of the complexity of tax laws and regulations, interpretation can be difficult and subject to legal judgment given specific facts and circumstances. It is possible that others, given the same information, may at any point in time reach different reasonable conclusions regarding the estimated amounts of accrued taxes.

Changes in the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of tax laws, the status of examinations being conducted by various taxing authorities, and newly enacted statutory, judicial and regulatory guidance that impacts the relative merits and risks of tax positions. These changes, when they occur, affect accrued taxes and can be significant to the operating results of the Company. Refer to Note 18 of the Notes to Consolidated Financial Statements for additional information regarding income taxes.

Controls and Procedures

Under the supervision and with the participation of the Company’s management, including its principal executive officer and principal financial officer, the Company has evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”)). Based upon this evaluation, the principal executive officer and principal financial officer have concluded that, as of the end of the period covered by this report, the Company’s disclosure controls and procedures were effective.

During the most recently completed fiscal quarter, there was no change made in the Company’s internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

The annual report of the Company’s management on internal control over financial reporting is provided on page 71. The attestation report of Ernst & Young LLP, the Company’s independent accountants, regarding the Company’s internal control over financial reporting is provided on page 73.

70 U.S. BANCORP

Report of Management

Responsibility for the financial statements and other information presented throughout this Annual Report rests with the management of U.S. Bancorp. The Company believes the consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States and present the substance of transactions based on the circumstances and management’s best estimates and judgment.

In meeting its responsibilities for the reliability of the financial statements, management is responsible for establishing and maintaining an adequate system of internal control over financial reporting as defined by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. The Company’s system of internal control is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of publicly filed financial statements in accordance with accounting principles generally accepted in the United States.

To test compliance, the Company carries out an extensive audit program. This program includes a review for compliance with written policies and procedures and a comprehensive review of the adequacy and effectiveness of the system of internal control. Although control procedures are designed and tested, it must be recognized that there are limits inherent in all systems of internal control and, therefore, errors and irregularities may nevertheless occur. Also, estimates and judgments are required to assess and balance the relative cost and expected benefits of the controls. Projection of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

The Board of Directors of the Company has an Audit Committee composed of directors who are independent of U.S. Bancorp. The Audit Committee meets periodically with management, the internal auditors and the independent accountants to consider audit results and to discuss internal accounting control, auditing and financial reporting matters.

Management assessed the effectiveness of the Company’s system of internal control over financial reporting as of December 31, 2013. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in its Internal Control-Integrated Framework. Based on our assessment and those criteria, management believes the Company designed and maintained effective internal control over financial reporting as of December 31, 2013.

The Company’s independent accountants, Ernst & Young LLP, have been engaged to render an independent professional opinion on the financial statements and issue an attestation report on the Company’s internal control over financial reporting. Their opinion on the financial statements appearing on page 72 and their attestation on internal control over financial reporting appearing on page 73 are based on procedures conducted in accordance with auditing standards of the Public Company Accounting Oversight Board (United States).

U.S. BANCORP 71

Report of Independent Registered Public Accounting Firm on the Consolidated Financial Statements

The Board of Directors and Shareholders of U.S. Bancorp:

We have audited the accompanying consolidated balance sheets of U.S. Bancorp as of December 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2013. These financial statements are the responsibility of U.S. Bancorp’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of U.S. Bancorp at December 31, 2013 and 2012, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), U.S. Bancorp’s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated February 21, 2014 expressed an unqualified opinion thereon.

Minneapolis, Minnesota

February 21, 2014

72 U.S. BANCORP

Report of Independent Registered Public Accounting Firm

on Internal Control Over Financial Reporting

The Board of Directors and Shareholders of U.S. Bancorp:

We have audited U.S. Bancorp’s internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) (the COSO criteria). U.S. Bancorp’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Report of Management. Our responsibility is to express an opinion on U.S. Bancorp’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

In our opinion, U.S. Bancorp maintained, in all material respects, effective internal control over financial reporting as of December 31, 2013, based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of U.S. Bancorp as of December 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2013 and our report dated February 21, 2014 expressed an unqualified opinion thereon.

Minneapolis, Minnesota

February 21, 2014

U.S. BANCORP 73

Consolidated Financial Statements and Notes Table of Contents

Consolidated Financial Statements
Consolidated Balance Sheet	75
Consolidated Statement of Income	76
Consolidated Statement of Comprehensive Income	77
Consolidated Statement of Shareholders’ Equity	78
Consolidated Statement of Cash Flows	79
Notes to Consolidated Financial Statements
Note 1 — Significant Accounting Policies	80
Note 2 — Business Combinations and Divestitures	88
Note 3 — Restrictions on Cash and Due From Banks	88
Note 4 — Investment Securities	89
Note 5 — Loans and Allowance for Credit Losses	93
Note 6 — Leases	101
Note 7 — Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities	102
Note 8 — Premises and Equipment	103
Note 9 — Mortgage Servicing Rights	103
Note 10 — Intangible Assets	105
Note 11 — Short-Term Borrowings	106
Note 12 — Long-Term Debt	106
Note 13 — Junior Subordinated Debentures	107
Note 14 — Shareholders’ Equity	107
Note 15 — Earnings Per Share	111
Note 16 — Employee Benefits	112
Note 17 — Stock-Based Compensation	117
Note 18 — Income Taxes	119
Note 19 — Derivative Instruments	120
Note 20 — Netting Arrangements for Certain Financial Instruments	125
Note 21 — Fair Values of Assets and Liabilities	126
Note 22 — Guarantees and Contingent Liabilities	135
Note 23 — U.S. Bancorp (Parent Company)	139
Note 24 — Subsequent Events	140

74 U.S. BANCORP

U.S. Bancorp

Consolidated Balance Sheet

At December 31 (Dollars in Millions)	2013			2012
Assets
Cash and due from banks	$	8,477		$	8,252
Investment securities
Held-to-maturity (fair value $38,368 and $34,952, respectively; including $994 and $1,482 at fair value pledged as collateral, respectively) (a)		38,920			34,389
Available-for-sale ($1,106 and $2,042 pledged as collateral, respectively) (a)		40,935			40,139
Loans held for sale (including $3,263 and $7,957 of mortgage loans carried at fair value, respectively)		3,268			7,976
Loans
Commercial		70,033			66,223
Commercial real estate		39,885			36,953
Residential mortgages		51,156			44,018
Credit card		18,021			17,115
Other retail		47,678			47,712
Total loans, excluding covered loans		226,773			212,021
Covered loans		8,462			11,308
Total loans		235,235			223,329
Less allowance for loan losses		(4,250	)		(4,424	)
Net loans		230,985			218,905
Premises and equipment		2,606			2,670
Goodwill		9,205			9,143
Other intangible assets		3,529			2,706
Other assets (including $111 and $47 of trading securities at fair value pledged as collateral, respectively) (a)		26,096			29,675
Total assets	$	364,021		$	353,855
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing	$	76,941		$	74,172
Interest-bearing		156,165			145,972
Time deposits greater than $100,000		29,017			29,039
Total deposits		262,123			249,183
Short-term borrowings		27,608			26,302
Long-term debt		20,049			25,516
Other liabilities		12,434			12,587
Total liabilities		322,214			313,588
Shareholders’ equity
Preferred stock		4,756			4,769
Common stock, par value $0.01 a share — authorized: 4,000,000,000 shares; issued: 2013 and 2012 — 2,125,725,742 shares		21			21
Capital surplus		8,216			8,201
Retained earnings		38,667			34,720
Less cost of common stock in treasury: 2013 — 300,977,274 shares; 2012 — 256,294,227 shares		(9,476	)		(7,790	)
Accumulated other comprehensive income (loss)		(1,071	)		(923	)
Total U.S. Bancorp shareholders’ equity		41,113			38,998
Noncontrolling interests		694			1,269
Total equity		41,807			40,267
Total liabilities and equity	$	364,021		$	353,855

(a) Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

See Notes to Consolidated Financial Statements.

U.S. BANCORP 75

U.S. Bancorp

Consolidated Statement of Income

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2013			2012			2011
Interest Income
Loans	$	10,277		$	10,558		$	10,370
Loans held for sale		203			282			200
Investment securities		1,631			1,792			1,820
Other interest income		174			251			249
Total interest income		12,285			12,883			12,639
Interest Expense
Deposits		561			691			840
Short-term borrowings		353			442			531
Long-term debt		767			1,005			1,145
Total interest expense		1,681			2,138			2,516
Net interest income		10,604			10,745			10,123
Provision for credit losses		1,340			1,882			2,343
Net interest income after provision for credit losses		9,264			8,863			7,780
Noninterest Income
Credit and debit card revenue		965			892			1,073
Corporate payment products revenue		706			744			734
Merchant processing services		1,458			1,395			1,355
ATM processing services		327			346			452
Trust and investment management fees		1,139			1,055			1,000
Deposit service charges		670			653			659
Treasury management fees		538			541			551
Commercial products revenue		859			878			841
Mortgage banking revenue		1,356			1,937			986
Investment products fees		178			150			129
Securities gains (losses), net
Realized gains (losses), net		23			59			4
Total other-than-temporary impairment		(6	)		(62	)		(60	)
Portion of other-than-temporary impairment recognized in other comprehensive income		(8	)		(12	)		25
Total securities gains (losses), net		9			(15	)		(31	)
Other		569			743			1,011
Total noninterest income		8,774			9,319			8,760
Noninterest Expense
Compensation		4,371			4,320			4,041
Employee benefits		1,140			945			845
Net occupancy and equipment		949			917			999
Professional services		381			530			383
Marketing and business development		357			388			369
Technology and communications		848			821			758
Postage, printing and supplies		310			304			303
Other intangibles		223			274			299
Other		1,695			1,957			1,914
Total noninterest expense		10,274			10,456			9,911
Income before income taxes		7,764			7,726			6,629
Applicable income taxes		2,032			2,236			1,841
Net income		5,732			5,490			4,788
Net (income) loss attributable to noncontrolling interests		104			157			84
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872
Net income applicable to U.S. Bancorp common shareholders	$	5,552		$	5,383		$	4,721
Earnings per common share	$	3.02		$	2.85		$	2.47
Diluted earnings per common share	$	3.00		$	2.84		$	2.46
Dividends declared per common share	$	.885		$	.780		$	.500
Average common shares outstanding		1,839			1,887			1,914
Average diluted common shares outstanding		1,849			1,896			1,923

See Notes to Consolidated Financial Statements.

76 U.S. BANCORP

U.S. Bancorp

Consolidated Statement of Comprehensive Income

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Net income	$	5,732		$	5,490		$	4,788
Other Comprehensive Income (Loss)
Changes in unrealized gains and losses on securities available-for-sale		(1,223	)		715			920
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		8			12			(25	)
Changes in unrealized gains and losses on derivative hedges		37			(74	)		(343	)
Foreign currency translation		(34	)		14			(16	)
Changes in unrealized gains and losses on retirement plans		590			(543	)		(464	)
Reclassification to earnings of realized gains and losses		373			325			363
Income taxes related to other comprehensive income		101			(172	)		(166	)
Total other comprehensive income (loss)		(148	)		277			269
Comprehensive income		5,584			5,767			5,057
Comprehensive (income) loss attributable to noncontrolling interests		104			157			84
Comprehensive income attributable to U.S. Bancorp	$	5,688		$	5,924		$	5,141

See Notes to Consolidated Financial Statements.

U.S. BANCORP 77

U.S. Bancorp

Consolidated Statement of Shareholders’ Equity

	U.S. Bancorp Shareholders
(Dollars and Shares in Millions)	Common Shares Outstanding			Preferred Stock			Common Stock		Capital Surplus			Retained Earnings			Treasury Stock			Accumulated Other Comprehensive Income (Loss)			Total U.S. Bancorp Shareholders’ Equity			Noncontrolling Interests			Total Equity
Balance December 31, 2010		1,921		$	1,930		$	21	$	8,294		$	27,005		$	(6,262	)	$	(1,469	)	$	29,519		$	803		$	30,322
Change in accounting principle													(2	)								(2	)					(2	)
Net income (loss)													4,872									4,872			(84	)		4,788
Other comprehensive income (loss)																			269			269						269
Preferred stock dividends													(129	)								(129	)					(129	)
Common stock dividends													(961	)								(961	)					(961	)
Issuance of preferred stock					676																	676						676
Issuance of common and treasury stock		11								(147	)					340						193						193
Purchase of treasury stock		(22	)													(550	)					(550	)					(550	)
Distributions to noncontrolling interests																						–			(80	)		(80	)
Purchase of noncontrolling interests										(3	)											(3	)		(8	)		(11	)
Net other changes in noncontrolling interests																						–			362			362
Stock option and restricted stock grants										94												94						94
Balance December 31, 2011		1,910		$	2,606		$	21	$	8,238		$	30,785		$	(6,472	)	$	(1,200	)	$	33,978		$	993		$	34,971
Net income (loss)													5,647									5,647			(157	)		5,490
Other comprehensive income (loss)																			277			277						277
Preferred stock dividends													(238	)								(238	)					(238	)
Common stock dividends													(1,474	)								(1,474	)					(1,474	)
Issuance of preferred stock					2,163																	2,163						2,163
Issuance of common and treasury stock		18								(119	)					560						441						441
Purchase of treasury stock		(59	)													(1,878	)					(1,878	)					(1,878	)
Distributions to noncontrolling interests																						–			(76	)		(76	)
Net other changes in noncontrolling interests																						–			509			509
Stock option and restricted stock grants										82												82						82
Balance December 31, 2012		1,869		$	4,769		$	21	$	8,201		$	34,720		$	(7,790	)	$	(923	)	$	38,998		$	1,269		$	40,267
Net income (loss)													5,836									5,836			(104	)		5,732
Other comprehensive income (loss)																			(148	)		(148	)					(148	)
Redemption of preferred stock					(500	)				8			(8	)								(500	)					(500	)
Preferred stock dividends													(250	)								(250	)					(250	)
Common stock dividends													(1,631	)								(1,631	)					(1,631	)
Issuance of preferred stock					487																	487						487
Issuance of common and treasury stock		21								(100	)					650						550						550
Purchase of treasury stock		(65	)													(2,336	)					(2,336	)					(2,336	)
Distributions to noncontrolling interests																						–			(62	)		(62	)
Net other changes in noncontrolling interests																						–			(409	)		(409	)
Stock option and restricted stock grants										107												107						107
Balance December 31, 2013		1,825		$	4,756		$	21	$	8,216		$	38,667		$	(9,476	)	$	(1,071	)	$	41,113		$	694		$	41,807

See Notes to Consolidated Financial Statements.

78 U.S. BANCORP

U.S. Bancorp

Consolidated Statement of Cash Flows

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Operating Activities
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses		1,340			1,882			2,343
Depreciation and amortization of premises and equipment		297			287			266
Amortization of intangibles		223			274			299
Provision for deferred income taxes		(69	)		49			748
(Gain) loss on sale of loans held for sale		(1,044	)		(2,889	)		(860	)
(Gain) loss on sale of securities and other assets		(74	)		(242	)		(25	)
Loans originated for sale in the secondary market, net of repayments		(56,698	)		(81,219	)		(46,366	)
Proceeds from sales of loans held for sale		61,681			82,302			48,094
Other, net		(46	)		1,867			449
Net cash provided by operating activities		11,446			7,958			9,820
Investing Activities
Proceeds from sales of available-for-sale investment securities		947			2,060			1,018
Proceeds from maturities of held-to-maturity investment securities		8,587			6,336			1,404
Proceeds from maturities of available-for-sale investment securities		10,147			15,374			12,713
Purchases of held-to-maturity investment securities		(13,218	)		(10,247	)		(18,500	)
Purchases of available-for-sale investment securities		(13,146	)		(16,605	)		(13,229	)
Net increase in loans outstanding		(12,331	)		(15,158	)		(13,418	)
Proceeds from sales of loans		819			1,895			820
Purchases of loans		(2,468	)		(2,741	)		(3,078	)
Acquisitions, net of cash acquired		(58	)		94			636
Other, net		(303	)		(1,261	)		(1,070	)
Net cash used in investing activities		(21,024	)		(20,253	)		(32,704	)
Financing Activities
Net increase in deposits		12,940			18,050			24,846
Net increase (decrease) in short-term borrowings		1,306			(4,167	)		(2,205	)
Proceeds from issuance of long-term debt		2,041			4,966			3,611
Principal payments or redemption of long-term debt		(2,883	)		(11,415	)		(3,300	)
Proceeds from issuance of preferred stock		487			2,163			676
Proceeds from issuance of common stock		524			395			180
Redemption of preferred stock		(500	)		–			–
Repurchase of common stock		(2,282	)		(1,856	)		(514	)
Cash dividends paid on preferred stock		(254	)		(204	)		(118	)
Cash dividends paid on common stock		(1,576	)		(1,347	)		(817	)
Net cash provided by financing activities		9,803			6,585			22,359
Change in cash and due from banks		225			(5,710	)		(525	)
Cash and due from banks at beginning of period		8,252			13,962			14,487
Cash and due from banks at end of period	$	8,477		$	8,252		$	13,962
Supplemental Cash Flow Disclosures
Cash paid for income taxes	$	812		$	1,469		$	495
Cash paid for interest		1,759			2,218			2,563
Net noncash transfers to foreclosed property		323			564			702
Noncash transfer of investment securities available-for-sale to held-to-maturity		–			11,705			–
Acquisitions
Assets (sold) acquired	$	126		$	194		$	1,761
Liabilities sold (assumed)		(24	)		(260	)		(2,100	)
Net	$	102		$	(66	)	$	(339	)

See Notes to Consolidated Financial Statements.

U.S. BANCORP 79

Notes to Consolidated Financial Statements

  NOTE 1   Significant Accounting Policies

U.S. Bancorp is a multi-state financial services holding company headquartered in Minneapolis, Minnesota. U.S. Bancorp and its subsidiaries (the “Company”) provide a full range of financial services, including lending and depository services through banking offices principally in the Midwest and West regions of the United States. The Company also engages in credit card, merchant, and ATM processing, mortgage banking, insurance, trust and investment management, brokerage, and leasing activities, principally in domestic markets.

Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries and all variable interest entities (“VIEs”) for which the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidation eliminates all significant intercompany accounts and transactions. Certain items in prior periods have been reclassified to conform to the current presentation.

Uses of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual experience could differ from those estimates.

Business Segments

Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. The Company has five reportable operating segments:

Wholesale Banking and Commercial Real Estate Wholesale Banking and Commercial Real Estate offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients.

Consumer and Small Business Banking Consumer and Small Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and mobile devices, such as mobile phones and tablet computers. It encompasses community banking, metropolitan banking, in-store banking, small business banking, consumer lending, mortgage banking, workplace banking, student banking and 24-hour banking.

Wealth Management and Securities Services Wealth Management and Securities Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through five businesses: Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody and Fund Services.

Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit and merchant processing.

Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, most covered commercial and commercial real estate loans and related other real estate owned (“OREO”), funding, capital management, interest rate risk management, the net effect of transfer pricing related to average balances, income taxes not allocated to business lines, including most tax-advantaged investments, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Segment Results Accounting policies for the lines of business are the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to allocate funding costs and benefits, expenses and other financial elements to each line of business. For details of these methodologies and segment results, see “Basis for Financial Presentation” and Table 24 “Line of Business Financial Performance” included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

Securities

Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold.

Trading Securities Debt and equity securities held for resale are classified as trading securities and are included in other assets and reported at fair value. Changes in fair value

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and realized gains or losses are reported in noninterest income.

Available-for-sale Securities These securities are not trading securities but may be sold before maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Available-for-sale securities are carried at fair value with unrealized net gains or losses reported within other comprehensive income (loss) in shareholders’ equity. Declines in fair value related to other-than-temporary impairment, if any, are reported in noninterest income.

Held-to-maturity Securities Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Declines in fair value for credit-related other-than-temporary impairment, if any, are reported in noninterest income.

Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold, plus accrued interest. The fair value of collateral received is continually monitored and additional collateral is obtained or requested to be returned to the Company as deemed appropriate.

Equity Investments in Operating Entities

Equity investments in public entities in which the Company’s ownership is less than 20 percent are accounted for as available-for-sale securities and are carried at fair value. Similar investments in private entities are accounted for using the cost method. Investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met.

Loans

The Company offers a broad array of lending products and categorizes its loan portfolio into three segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s three loan portfolio segments are commercial lending, consumer lending and covered loans. The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. The covered loan segment consists of only one class.

The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination.

Originated Loans Held for Investment Loans the Company originates as held for investment are reported at the principal amount outstanding, net of unearned income, net deferred loan fees or costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balances as earned. Loan and commitment fees and certain direct loan origination costs are deferred and recognized over the life of the loan and/or commitment period as yield adjustments.

Purchased Loans All purchased loans (non-impaired and impaired) acquired after January 1, 2009 are initially measured at fair value as of the acquisition date in accordance with applicable authoritative accounting guidance. Credit discounts are included in the determination of fair value. An allowance for credit losses is not recorded at the acquisition date for loans purchased after January 1, 2009. In accordance with applicable authoritative accounting guidance, purchased non-impaired loans acquired in a business combination prior to January 1, 2009 were generally recorded at the predecessor’s carrying value including an allowance for credit losses.

In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans,

U.S. BANCORP 81

including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting.

For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans.

Covered Assets Loans covered under loss sharing or similar credit protection agreements with the Federal Deposit Insurance Corporation (“FDIC”) are reported in loans along with the related indemnification asset. Foreclosed real estate covered under similar agreements is recorded in other assets. In accordance with applicable authoritative accounting guidance effective for the Company beginning January 1, 2009, all purchased loans and related indemnification assets are recorded at fair value at the date of purchase.

Effective January 1, 2013, the Company adopted new indemnification asset accounting guidance applicable to FDIC loss-sharing agreements. The guidance requires any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) to be amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to adoption of this guidance, the Company considered such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets together and recognized them over the remaining life of the loans. The adoption of this guidance did not materially affect the Company’s financial statements.

Commitments to Extend Credit Unfunded commitments for residential mortgage loans intended to be held for sale are considered derivatives and recorded on the balance sheet at fair value with changes in fair value recorded in income. All other unfunded loan commitments are not considered derivatives and are not reported on the balance sheet. For loans purchased after January 1, 2009, the fair value of the unfunded credit commitments is considered in the determination of the fair value of the loans recorded at the date of acquisition. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities.

Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments, and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the FDIC. The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses.

The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. In the migration analysis applied to risk rated loan portfolios, the Company currently examines up to a 13-year period of loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm an appropriate historical time frame is selected for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses.

The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience,

82 U.S. BANCORP

delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments.

The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and represents any decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC.

In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, incorporation of loss history is factored into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows.

The Company’s methodology for determining the appropriate allowance for credit losses for all the loan segments also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments.

The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.

Credit Quality The quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.

For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed.

Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is considered uncollectible.

Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.

U.S. BANCORP 83

For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to the loan carrying amount. Interest payments are generally recorded as reductions to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. Interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.

Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable. Those loans are classified as nonaccrual loans and interest income is not recognized until the timing and amount of the future cash flows can be reasonably estimated.

The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.

Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.

The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case basis in connection with ongoing loan collection processes.

For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies these concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty.

Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or its own internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs.

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Credit card and other retail loan modifications are generally part of two distinct restructuring programs. The Company offers workout programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. The Company also provides modification programs to qualifying customers experiencing a temporary financial hardship in which reductions are made to monthly required minimum payments for up to 12 months. Balances related to these programs are generally frozen; however, accounts may be reopened upon successful exit of the program, in which account privileges may be restored.

In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs.

Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for purposes of the Company’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with the modification on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under loss sharing agreements with the FDIC.

Impaired Loans For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.

Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and therefore whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place.

Leases The Company’s lease portfolio includes both direct financing and leveraged leases. The net investment in direct financing leases is the sum of all minimum lease payments and estimated residual values, less unearned income. Unearned income is recorded in interest income over the terms of the leases to produce a level yield.

The investment in leveraged leases is the sum of all lease payments, less nonrecourse debt payments, plus estimated residual values, less unearned income. Income from leveraged leases is recognized over the term of the leases based on the unrecovered equity investment.

Residual values on leased assets are reviewed regularly for other-than-temporary impairment. Residual valuations for retail automobile leases are based on independent assessments of expected used car sale prices at the end-of-term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing efforts, insurance coverage and ancillary fees and costs. Valuations for commercial leases are based upon external or internal management appraisals. When there is impairment of the Company’s interest in the residual value of a leased asset, the carrying value is reduced to the estimated fair value with the writedown recognized in the current period.

Other Real Estate OREO is included in other assets, and is property acquired through foreclosure or other proceedings on defaulted loans. OREO is initially recorded at fair value, less estimated selling costs. OREO is evaluated regularly and any decreases in value along with holding costs, such as taxes and insurance, are reported in noninterest expense.

Loans Held for Sale

Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair value as determined on an aggregate basis by type of loan with the exception of loans for which the Company has elected fair value accounting, which are carried at fair value. The credit component of any writedowns upon the transfer of loans to LHFS is reflected in loan charge-offs.

U.S. BANCORP 85

Where an election is made to carry the LHFS at fair value, any further decreases or subsequent increases in fair value are recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair value, any further decreases are recognized in noninterest income and increases in fair value are not recognized until the loans are sold. Fair value elections are made at the time of origination or purchase based on the Company’s fair value election policy. The Company has elected fair value accounting for substantially all its mortgage loans held for sale.

Derivative Financial Instruments

In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met.

All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Any change in fair value resulting from hedge ineffectiveness is immediately recorded in noninterest income. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).

If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss).

Revenue Recognition

The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. In certain circumstances, noninterest income is reported net of associated expenses that are directly related to variable volume-based sales or revenue sharing arrangements or when the Company acts on an agency basis for others. Certain specific policies include the following:

Credit and Debit Card Revenue and Corporate Payment Products Revenue Credit and debit card revenue includes interchange income from consumer credit and debit cards, annual fees, and other transaction and account management fees. Corporate payment products revenue primarily includes interchange income from corporate and purchasing card transactions processed through card association networks and merchant discount income from closed loop network transactions. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. Merchant discount income is a fee paid by a merchant to the Company through the closed loop network. Merchant discount fees are set by the Company directly with the merchant. The Company records interchange and merchant discount income as transactions occur. Transaction and account management fees are recognized as transactions occur or services are provided, except for annual fees, which are recognized over the applicable period. Volume-related payments to partners and credit card associations and expenses for rewards programs are also recorded within credit and debit card revenue and corporate payment products revenue. Payments to partners and expenses related to rewards programs are recorded when earned by the partner or customer.

Merchant Processing Services Merchant processing services revenue consists principally of transaction and account management fees charged to merchants for the electronic processing of transactions, net of interchange fees paid to the card-issuing bank, card association assessments, and revenue sharing amounts, and is recognized at the time the merchant’s transactions are processed or other services are performed. The Company may enter into revenue sharing agreements with referral partners or in connection with purchases of merchant contracts from sellers. The revenue sharing amounts are determined primarily on sales volume processed or revenue

86 U.S. BANCORP

generated for a particular group of merchants. Merchant processing revenue also includes revenues related to point-of-sale equipment recorded as sales when the equipment is shipped or as earned for equipment rentals.

Trust and Investment Management Fees Trust and investment management fees are recognized over the period in which services are performed and are based on a percentage of the fair value of the assets under management or administration, fixed based on account type, or transaction-based fees.

Commercial Products Revenue Commercial products revenue primarily includes revenue related to ancillary services provided to Wholesale Banking and Commercial Real Estate customers including standby letter of credit fees, non-yield related loan fees, capital markets related revenue and non-yield related leasing revenue. These fees are recognized as earned or as transactions occur and services are provided.

Mortgage Banking Revenue Mortgage banking revenue includes revenue derived from mortgages originated and subsequently sold, generally with servicing retained. The primary components include: gains and losses on mortgage sales; servicing revenue, including losses related to the repurchase of previously sold loans; changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option; changes in the fair value of mortgage servicing rights (“MSRs”); and the impact of risk management activities associated with the mortgage origination pipeline, funded loans and MSRs. Net interest income from mortgage loans is recorded in interest income. Refer to Other Significant Policies in Note 1, as well as Note 9 and Note 21 for a further discussion of MSRs.

Deposit Service Charges Service charges on deposit accounts are primarily monthly fees based on minimum balances or transaction-based fees. These fees are recognized as earned or as transactions occur and services are provided.

Other Significant Policies

Goodwill and Other Intangible Assets Goodwill is recorded on acquired businesses if the purchase price exceeds the fair value of the net assets acquired. Other intangible assets are recorded at their fair value upon completion of a business acquisition or certain other transactions, and generally represent the value of customer contracts or relationships. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment at a reporting unit level. In certain situations, an interim impairment test may be required if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Other intangible assets are amortized over their estimated useful lives, using straight-line and accelerated methods and are subject to impairment if events or circumstances indicate a possible inability to realize the carrying amount. Determining the amount of goodwill impairment, if any, includes assessing the current implied fair value of the reporting unit as if it were being acquired in a business combination and comparing it to the carrying amount of the reporting unit’s goodwill. Determining the amount of other intangible asset impairment, if any, includes assessing the present value of the estimated future cash flows associated with the intangible asset and comparing it to the carrying amount of the asset.

Income Taxes Deferred taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting carrying amounts. The Company uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset. In January 2014, the Financial Accounting Standards Board issued accounting guidance on the presentation of investment costs for qualified affordable housing projects on a net basis with the related tax benefits in income tax expense. This will permit the Company to apply this presentation to certain qualified affordable housing investments for which the costs were previously presented in other expense. The Company will adopt this guidance January 1, 2014 and does not expect a material impact to its financial statements.

Mortgage Servicing Rights MSRs are capitalized as separate assets when loans are sold and servicing is retained or if they are purchased from others. MSRs are recorded at fair value. The Company determines the fair value by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates, and other assumptions validated through comparison to trade information, industry surveys and independent third party valuations. Changes in the fair value of MSRs are recorded in earnings during the period in which they occur.

Pensions For purposes of its pension plans, the Company utilizes its fiscal year-end as the measurement date. At the measurement date, plan assets are determined based on fair value, generally representing observable market prices or the net asset value provided by the plans’ administrator. The actuarial cost method used to compute the pension liabilities and related expense is the projected unit credit method. The projected benefit obligation is principally determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the investment yield of high quality corporate bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments as of the measurement date. Periodic pension expense (or

U.S. BANCORP 87

income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Pension accounting reflects the long-term nature of benefit obligations and the investment horizon of plan assets, and can have the effect of reducing earnings volatility related to short-term changes in interest rates and market valuations. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses which are deferred and amortized over the future service periods of active employees. The market-related value utilized to determine the expected return on plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately twelve years. The overfunded or underfunded status of the plans is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss).

Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and depreciated primarily on a straight-line basis over the estimated life of the assets. Estimated useful lives range up to 40 years for newly constructed buildings and from 3 to 20 years for furniture and equipment.

Capitalized leases, less accumulated amortization, are included in premises and equipment. Capitalized lease obligations are included in long-term debt. Capitalized leases are amortized on a straight-line basis over the lease term and the amortization is included in depreciation expense.

Stock-Based Compensation The Company grants stock-based awards, including restricted stock, restricted stock units and options to purchase common stock of the Company. Stock option grants are for a fixed number of shares to employees and directors with an exercise price equal to the fair value of the shares at the date of grant. Restricted stock and restricted stock unit grants are awarded at no cost to the recipient. Stock-based compensation for awards is recognized in the Company’s results of operations on a straight-line basis over the vesting period. The Company immediately recognizes compensation cost of awards to employees that meet retirement status, despite their continued active employment. The amortization of stock-based compensation reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time stock-based awards are exercised, cancelled, expire, or restrictions are released, the Company may be required to recognize an adjustment to tax expense, depending on the market price of the Company’s common stock at that time.

Per Share Calculations Earnings per common share is calculated by dividing net income applicable to U.S. Bancorp common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by adjusting income and outstanding shares, assuming conversion of all potentially dilutive securities.

  NOTE 2   Business Combinations and Divestitures

In February 2013, the Company acquired Collective Point of Sale Solutions, a Canadian merchant processor. The Company recorded approximately $34 million of assets, including intangibles, and approximately $4 million of liabilities with this transaction.

In November 2013, the Company acquired Quintillion Holding Company Limited, a provider of fund administration services to alternative investment funds. The Company recorded approximately $57 million of assets, including intangibles, and assumed approximately $10 million of liabilities with this transaction.

In January 2012, the Company acquired the banking operations of BankEast, a subsidiary of BankEast Corporation, from the FDIC. This transaction did not include a loss sharing agreement. The Company acquired approximately $261 million of assets and assumed approximately $252 million of deposits from the FDIC with this transaction.

In November 2012, the Company acquired the hedge fund administration servicing business of Alternative Investment Solutions, LLC. The Company recorded approximately $108 million of assets, including intangibles, and approximately $3 million of liabilities with this transaction.

In December 2012, the Company acquired FSV Payment Systems, Inc., a prepaid card program manager with a proprietary processing platform. The Company recorded approximately $243 million of assets, including intangibles, and approximately $28 million of liabilities with this transaction.

  NOTE 3   Restrictions on Cash and Due from Banks

The Federal Reserve Bank requires bank subsidiaries to maintain minimum average reserve balances, either in the form of cash or reserve balances held with the Federal Reserve Bank. The amount of those required reserve balances were approximately $1.8 billion and $1.7 billion at December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, the Company held $1.9 billion and $.9 billion, respectively, of balances at the Federal Reserve Bank. These balances are included in cash and due from banks on the Consolidated Balance Sheet.

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  NOTE 4   Investment Securities

The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows:

	2013												2012
					Unrealized Losses												Unrealized Losses
(Dollars in Millions)	Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value		Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value
Held-to-maturity (a)
U.S. Treasury and agencies	$	3,114	$	5	$	–		$	(79	)	$	3,040	$	3,154	$	27	$	–		$	–		$	3,181
Mortgage-backed securities
Residential
Agency		35,671		187		–			(665	)		35,193		31,064		545		–			(6	)		31,603
Non-agency non-prime (d)		1		–		–			–			1		1		–		–			–			1
Commercial non-agency		–		–		–			–			–		2		–		–			–			2
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		9		–			–			9		7		15		–			–			22
Other		16		4		(1	)		(1	)		18		19		2		(3	)		(1	)		17
Obligations of state and political subdivisions		12		–		–			–			12		20		1		–			–			21
Obligations of foreign governments		7		–		–			–			7		7		–		–			–			7
Other debt securities		99		–		–			(11	)		88		115		–		–			(17	)		98
Total held-to-maturity	$	38,920	$	205	$	(1	)	$	(756	)	$	38,368	$	34,389	$	590	$	(3	)	$	(24	)	$	34,952
Available-for-sale (b)
U.S. Treasury and agencies	$	1,108	$	4	$	–		$	(67	)	$	1,045	$	1,211	$	16	$	–		$	(1	)	$	1,226
Mortgage-backed securities
Residential
Agency		31,633		449		–			(529	)		31,553		28,754		746		–			(5	)		29,495
Non-agency
Prime (c)		486		4		(8	)		(4	)		478		641		3		(16	)		(4	)		624
Non-prime (d)		297		5		(5	)		–			297		372		4		(20	)		(1	)		355
Commercial agency		148		4		–			–			152		185		8		–			–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		20		4		–			–			24		32		10		–			–			42
Other		616		13		–			–			629		579		14		–			(1	)		592
Obligations of state and political subdivisions		5,673		116		–			(51	)		5,738		6,059		396		–			–			6,455
Obligations of foreign governments		6		–		–			–			6		6		–		–			–			6
Corporate debt securities		734		–		–			(94	)		640		814		2		–			(85	)		731
Perpetual preferred securities		205		24		–			(17	)		212		205		27		–			(14	)		218
Other investments		133		28		–			–			161		182		20		–			–			202
Total available-for-sale	$	41,059	$	651	$	(13	)	$	(762	)	$	40,935	$	39,040	$	1,246	$	(36	)	$	(111	)	$	40,139

(a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment.

(b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.

(c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds.

(d) Includes all securities not meeting the conditions to be designated as prime.

(e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.

(f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.

U.S. BANCORP 89

The weighted-average maturity of the available-for-sale investment securities was 6.0 years at December 31, 2013, compared with 4.1 years at December 31, 2012. The corresponding weighted-average yields were 2.64 percent and 2.93 percent, respectively. The weighted-average maturity of the held-to-maturity investment securities was 4.5 years at December 31, 2013, and 3.3 years at December 31, 2012. The corresponding weighted-average yields were 2.00 percent and 1.94 percent, respectively.

For amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale investment securities outstanding at December 31, 2013, refer to Table 13 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

Investment securities with a fair value of $17.3 billion at December 31, 2013, and $20.1 billion at December 31, 2012, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities delivered under these types of arrangements had a fair value of $2.1 billion at December 31, 2013, and $3.5 billion at December 31, 2012.

The following table provides information about the amount of interest income from taxable and non-taxable investment securities:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Taxable	$	1,375	$	1,515	$	1,517
Non-taxable		256		277		303
Total interest income from investment securities	$	1,631	$	1,792	$	1,820

The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:

Year Ended December 31 (Dollars in Millions)	2013		2012			2011
Realized gains	$	23	$	158		$	11
Realized losses		–		(99	)		(7	)
Net realized gains (losses)	$	23	$	59		$	4
Income tax (benefit) on net realized gains (losses)	$	9	$	23		$	2

The Company conducts a regular assessment of its investment securities with unrealized losses to determine whether investment securities are other-than-temporarily impaired considering, among other factors, the nature of the investment securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the investment securities.

The following table summarizes other-than-temporary impairment by investment category:

	2013								2012									2011
Year Ended December 31 (Dollars in Millions)	Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)	$	(6	)	$	2	$	(4	)	$	(12	)	$	(9	)	$	(21	)	$	(3	)	$	(5	)	$	(8	)
Non-prime (b)		(8	)		6		(2	)		(33	)		21			(12	)		(24	)		(23	)		(47	)
Commercial non-agency		–			–		–			(1	)		(1	)		(2	)		–			–			–
Other asset-backed securities		–			–		–			(1	)		1			–			(4	)		3			(1	)
Obligations of state and political subdivisions		–			–		–			–			–			–			(4	)		–			(4	)
Perpetual preferred securities		–			–		–			(27	)		–			(27	)		–			–			–
Total available-for-sale	$	(14	)	$	8	$	(6	)	$	(74	)	$	12		$	(62	)	$	(35	)	$	(25	)	$	(60	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

90 U.S. BANCORP

The Company determined the other-than-temporary impairment recorded in earnings for debt securities not intended to be sold by estimating the future cash flows of each individual investment security, using market information where available, and discounting the cash flows at the original effective rate of the investment security. Other-than-temporary impairment recorded in other comprehensive income (loss) was measured as the difference between that discounted amount and the fair value of each investment security. For perpetual preferred securities determined to be other-than-temporarily impaired, the Company recorded a loss in earnings for the entire difference between the securities’ fair value and their amortized cost.

The following table includes the ranges for significant assumptions used for those available-for-sale non-agency mortgage-backed securities determined to be other-than-temporarily impaired:

	Prime (a)									Non-Prime (b)
	Minimum			Maximum			Average			Minimum			Maximum			Average
December 31, 2013
Estimated lifetime prepayment rates		7	%		18	%		15	%		4	%		9	%		5	%
Lifetime probability of default rates		3			7			5			7			12			9
Lifetime loss severity rates		30			50			48			50			65			58
December 31, 2012
Estimated lifetime prepayment rates		6	%		22	%		14	%		3	%		10	%		6	%
Lifetime probability of default rates		3			6			4			3			10			7
Lifetime loss severity rates		40			50			47			45			65			56

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Changes in the credit losses on debt securities (excluding perpetual preferred securities) are summarized as follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	134		$	298		$	358
Additions to Credit Losses Due to Other-than-temporary Impairments
Credit losses on securities not previously considered other-than-temporarily impaired		–			6			7
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized		14			41			28
Total other-than-temporary impairment on debt securities		14			47			35
Other Changes in Credit Losses
Increases in expected cash flows		(2	)		(15	)		(21	)
Realized losses (a)		(23	)		(39	)		(73	)
Credit losses on security sales and securities expected to be sold		(7	)		(157	)		(1	)
Balance at end of period	$	116		$	134		$	298

(a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents.

U.S. BANCORP 91

At December 31, 2013, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2013:

	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Held-to-maturity
U.S. Treasury and agencies	$	1,085	$	(79	)	$	–	$	–		$	1,085	$	(79	)
Mortgage-backed securities
Residential agency		23,922		(647	)		373		(18	)		24,295		(665	)
Other asset-backed securities		–		–			10		(2	)		10		(2	)
Obligations of state and political subdivisions		3		–			–		–			3		–
Other debt securities		–		–			12		(11	)		12		(11	)
Total held-to-maturity	$	25,010	$	(726	)	$	395	$	(31	)	$	25,405	$	(757	)
Available-for-sale
U.S. Treasury and agencies	$	849	$	(59	)	$	93	$	(8	)	$	942	$	(67	)
Mortgage-backed securities
Residential
Agency		14,015		(484	)		1,056		(45	)		15,071		(529	)
Non-agency (a)
Prime (b)		65		(1	)		182		(11	)		247		(12	)
Non-prime (c)		74		(1	)		57		(4	)		131		(5	)
Other asset-backed securities		23		–			3		–			26		–
Obligations of state and political subdivisions		1,479		(51	)		10		–			1,489		(51	)
Corporate debt securities		223		(5	)		418		(89	)		641		(94	)
Perpetual preferred securities		–		–			116		(17	)		116		(17	)
Total available-for-sale	$	16,728	$	(601	)	$	1,935	$	(174	)	$	18,663	$	(775	)

(a) The Company has $17 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if economic conditions worsen. Additionally, deterioration in home prices may increase the severity of projected losses.

(b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(c) Includes all securities not meeting the conditions to be designated as prime.

The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of investment securities that have unrealized losses are either corporate debt issued with high investment grade credit ratings or agency mortgage-backed securities. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At December 31, 2013, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost.

92 U.S. BANCORP

  NOTE 5   Loans and Allowance for Credit Losses

The composition of the loan portfolio at December 31, disaggregated by class and underlying specific portfolio type, was as follows:

(Dollars in Millions)	2013		2012
Commercial
Commercial	$	64,762	$	60,742
Lease financing		5,271		5,481
Total commercial		70,033		66,223
Commercial Real Estate
Commercial mortgages		32,183		31,005
Construction and development		7,702		5,948
Total commercial real estate		39,885		36,953
Residential Mortgages
Residential mortgages		37,545		32,648
Home equity loans, first liens		13,611		11,370
Total residential mortgages		51,156		44,018
Credit Card		18,021		17,115
Other Retail
Retail leasing		5,929		5,419
Home equity and second mortgages		15,442		16,726
Revolving credit		3,276		3,332
Installment		5,709		5,463
Automobile		13,743		12,593
Student		3,579		4,179
Total other retail		47,678		47,712
Total loans, excluding covered loans		226,773		212,021
Covered Loans		8,462		11,308
Total loans	$	235,235	$	223,329

The Company had loans of $77.2 billion at December 31, 2013, and $74.1 billion at December 31, 2012, pledged at the Federal Home Loan Bank (“FHLB”), and loans of $53.0 billion at December 31, 2013, and $48.6 billion at December 31, 2012, pledged at the Federal Reserve Bank.

The majority of the Company’s loans are to borrowers in the states in which it has Consumer and Small Business Banking offices. Collateral for commercial loans may include marketable securities, accounts receivable, inventory and equipment. For details of the Company’s commercial portfolio by industry group and geography as of December 31, 2013 and 2012, see Table 7 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

For detail of the Company’s commercial real estate portfolio by property type and geography as of December 31, 2013 and 2012, see Table 8 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements. Such loans are collateralized by the related property. The Company has an equity interest in a joint venture, that it accounts for under the equity method, whose principal activities are to lend to entities that develop land, and construct and sell residential homes. The Company provides a warehousing line to this joint venture. Warehousing advances to this joint venture are repaid when the sale of loans is completed or the real estate is permanently refinanced by others. At December 31, 2013 and 2012, the Company had $205 million and $486 million, respectively, of outstanding advances to this joint venture. These advances are included in commercial real estate loans.

Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs. Net unearned interest and deferred fees and costs amounted to $556 million at December 31, 2013, and $753 million at December 31, 2012. All purchased loans and related indemnification assets are recorded at fair value at the date of purchase. The Company evaluates purchased loans for impairment at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans with evidence of credit deterioration since origination for which it is probable that all contractually required payments will not be collected are considered “purchased impaired loans.” All other purchased loans are considered “purchased nonimpaired loans.”

U.S. BANCORP 93

Changes in the accretable balance for purchased impaired loans for the years ended December 31, were as follows:

(Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	1,709		$	2,619		$	2,890
Purchases		–			13			100
Accretion		(499	)		(437	)		(451	)
Disposals		(172	)		(208	)		(67	)
Reclassifications from nonaccretable difference (a)		258			454			184
Other (b)		359			(732	)		(37	)
Balance at end of period	$	1,655		$	1,709		$	2,619

(a) Primarily relates to changes in expected credit performance.

(b) The amount for the year ended December 31, 2013, primarily represents the reclassification of unamortized decreases in the FDIC asset (which are now presented as a separate component within the covered assets table on page 101), partially offset by the impact of changes in expectations about retaining covered single-family loans beyond the term of the indemnification agreements. The amount for the year end December 31, 2012, primarily represents a change in the Company’s expectations regarding potential sale of modified covered loans at the end of the indemnification agreements which results in a reduction in the expected contractual interest payments included in the accretable balance for those loans that may be sold.

Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments, and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the FDIC.

Activity in the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
Balance at December 31, 2010	$	1,104		$	1,291		$	820		$	1,395		$	807		$	5,417		$	114		$	5,531
Add
Provision for credit losses		312			361			596			431			628			2,328			15			2,343
Deduct
Loans charged off		516			543			502			922			733			3,216			13			3,229
Less recoveries of loans charged off		(110	)		(45	)		(13	)		(88	)		(129	)		(385	)		(1	)		(386	)
Net loans charged off		406			498			489			834			604			2,831			12			2,843
Other changes (a)		–			–			–			–			–			–			(17	)		(17	)
Balance at December 31, 2011	$	1,010		$	1,154		$	927		$	992		$	831		$	4,914		$	100		$	5,014
Add
Provision for credit losses		316			(131	)		446			571			558			1,760			122			1,882
Deduct
Loans charged off		378			242			461			769			666			2,516			11			2,527
Less recoveries of loans charged off		(103	)		(76	)		(23	)		(102	)		(125	)		(429	)		(1	)		(430	)
Net loans charged off		275			166			438			667			541			2,087			10			2,097
Other changes (a)		–			–			–			(33	)		–			(33	)		(33	)		(66	)
Balance at December 31, 2012	$	1,051		$	857		$	935		$	863		$	848		$	4,554		$	179		$	4,733
Add
Provision for credit losses		144			(114	)		212			677			351			1,270			70			1,340
Deduct
Loans charged off		246			92			297			739			523			1,897			37			1,934
Less recoveries of loans charged off		(126	)		(125	)		(25	)		(83	)		(105	)		(464	)		(5	)		(469	)
Net loans charged off		120			(33	)		272			656			418			1,433			32			1,465
Other changes (a)		–			–			–			–			–			–			(71	)		(71	)
Balance at December 31, 2013	$	1,075		$	776		$	875		$	884		$	781		$	4,391		$	146		$	4,537

(a) Includes net changes in credit losses to be reimbursed by the FDIC and for the year ended December 31, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

94 U.S. BANCORP

Additional detail of the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans		Total Loans
Allowance Balance at December 31, 2013 Related to
Loans individually evaluated for impairment (a)	$	15	$	17	$	–	$	–	$	–	$	32	$	–	$	32
TDRs collectively evaluated for impairment		19		26		329		87		55		516		4		520
Other loans collectively evaluated for impairment		1,041		700		546		797		726		3,810		5		3,815
Loans acquired with deteriorated credit quality		–		33		–		–		–		33		137		170
Total allowance for credit losses	$	1,075	$	776	$	875	$	884	$	781	$	4,391	$	146	$	4,537
Allowance Balance at December 31, 2012 Related to
Loans individually evaluated for impairment (a)	$	10	$	30	$	–	$	–	$	–	$	40	$	–	$	40
TDRs collectively evaluated for impairment		28		29		446		153		97		753		1		754
Other loans collectively evaluated for impairment		1,013		791		489		710		751		3,754		17		3,771
Loans acquired with deteriorated credit quality		–		7		–		–		–		7		161		168
Total allowance for credit losses	$	1,051	$	857	$	935	$	863	$	848	$	4,554	$	179	$	4,733

(a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs.

Additional detail of loan balances by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans (b)		Total Loans
December 31, 2013
Loans individually evaluated for impairment (a)	$	197	$	237	$	–	$	–	$	–	$	434	$	62	$	496
TDRs collectively evaluated for impairment		155		358		5,064		310		269		6,156		87		6,243
Other loans collectively evaluated for impairment		69,680		39,128		46,090		17,711		47,409		220,018		4,539		224,557
Loans acquired with deteriorated credit quality		1		162		2		–		–		165		3,774		3,939
Total loans	$	70,033	$	39,885	$	51,156	$	18,021	$	47,678	$	226,773	$	8,462	$	235,235
December 31, 2012
Loans individually evaluated for impairment (a)	$	171	$	510	$	–	$	–	$	–	$	681	$	48	$	729
TDRs collectively evaluated for impairment		185		391		4,199		442		313		5,530		145		5,675
Other loans collectively evaluated for impairment		65,863		35,952		39,813		16,673		47,399		205,700		5,814		211,514
Loans acquired with deteriorated credit quality		4		100		6		–		–		110		5,301		5,411
Total loans	$	66,223	$	36,953	$	44,018	$	17,115	$	47,712	$	212,021	$	11,308	$	223,329

(a) Represents loans greater than $5 million classified as nonperforming or TDRs.

(b) Includes expected reimbursements from the FDIC under loss sharing agreements.

Credit Quality The quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. These credit quality ratings are an important part of the Company’s overall credit risk management process and evaluation of its allowance for credit losses.

U.S. BANCORP 95

The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:

	Accruing
(Dollars in Millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Nonperforming		Total
December 31, 2013
Commercial	$	69,587	$	257	$	55	$	134	$	70,033
Commercial real estate		39,459		94		29		303		39,885
Residential mortgages (a)		49,695		358		333		770		51,156
Credit card		17,507		226		210		78		18,021
Other retail		47,156		245		86		191		47,678
Total loans, excluding covered loans		223,404		1,180		713		1,476		226,773
Covered loans		7,693		166		476		127		8,462
Total loans	$	231,097	$	1,346	$	1,189	$	1,603	$	235,235
December 31, 2012
Commercial	$	65,701	$	341	$	58	$	123	$	66,223
Commercial real estate		36,241		158		8		546		36,953
Residential mortgages (a)		42,728		348		281		661		44,018
Credit card		16,525		227		217		146		17,115
Other retail		47,109		290		96		217		47,712
Total loans, excluding covered loans		208,304		1,364		660		1,693		212,021
Covered loans		9,900		359		663		386		11,308
Total loans	$	218,204	$	1,723	$	1,323	$	2,079	$	223,329

(a) At December 31, 2013, $440 million of loans 30–89 days past due and $3.7 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $441 million and $3.2 billion at December 31, 2012, respectively.

Total nonperforming assets include nonaccrual loans, restructured loans not performing in accordance with modified terms, other real estate and other nonperforming assets owned by the Company. For details of the Company’s nonperforming assets as of December 31, 2013 and 2012, see Table 16 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:

			Criticized
(Dollars in Millions)	Pass		Special Mention		Classified (a)		Total Criticized		Total
December 31, 2013
Commercial	$	68,075	$	1,013	$	945	$	1,958	$	70,033
Commercial real estate		38,113		616		1,156		1,772		39,885
Residential mortgages (b)		50,152		5		999		1,004		51,156
Credit card		17,733		–		288		288		18,021
Other retail		47,313		27		338		365		47,678
Total loans, excluding covered loans		221,386		1,661		3,726		5,387		226,773
Covered loans		8,160		18		284		302		8,462
Total loans	$	229,546	$	1,679	$	4,010	$	5,689	$	235,235
Total outstanding commitments	$	470,046	$	2,939	$	4,812	$	7,751	$	477,797
December 31, 2012
Commercial	$	63,906	$	1,114	$	1,203	$	2,317	$	66,223
Commercial real estate		34,096		621		2,236		2,857		36,953
Residential mortgages (b)		42,897		18		1,103		1,121		44,018
Credit card		16,752		–		363		363		17,115
Other retail		47,294		36		382		418		47,712
Total loans, excluding covered loans		204,945		1,789		5,287		7,076		212,021
Covered loans		10,786		61		461		522		11,308
Total loans	$	215,731	$	1,850	$	5,748	$	7,598	$	223,329
Total outstanding commitments	$	442,047	$	3,231	$	6,563	$	9,794	$	451,841

(a) Classified rating on consumer loans primarily based on delinquency status.

(b) At December 31, 2013, $3.7 billion of GNMA loans 90 days or more past due and $2.6 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $3.2 billion and $2.4 billion at December 31, 2012, respectively.

96 U.S. BANCORP

For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows:

(Dollars in Millions)	Period-end Recorded Investment (a)		Unpaid Principal Balance		Valuation Allowance		Commitments to Lend Additional Funds
December 31, 2013
Commercial	$	382	$	804	$	36	$	54
Commercial real estate		693		1,322		51		40
Residential mortgages		2,767		3,492		308		–
Credit card		310		310		87		–
Other retail		391		593		59		14
Total impaired loans, excluding GNMA and covered loans		4,543		6,521		541		108
Loans purchased from GNMA mortgage pools		2,607		2,607		28		–
Covered loans		452		1,008		30		4
Total	$	7,602	$	10,136	$	599	$	112
December 31, 2012
Commercial	$	404	$	1,200	$	40	$	39
Commercial real estate		1,077		2,251		70		4
Residential mortgages		2,748		3,341		415		–
Credit card		442		442		153		–
Other retail		443		486		101		3
Total impaired loans, excluding GNMA and covered loans		5,114		7,720		779		46
Loans purchased from GNMA mortgage pools		1,778		1,778		39		–
Covered loans		767		1,584		20		12
Total	$	7,659	$	11,082	$	838	$	58

(a) Substantially all loans classified as impaired at December 31, 2013 and 2012, had an associated allowance for credit losses. The total amount of interest income recognized during 2013 on loans classified as impaired at December 31, 2013, excluding those acquired with deteriorated credit quality, was $233 million, compared to what would have been recognized at the original contractual terms of the loans of $399 million.

U.S. BANCORP 97

Additional information on impaired loans for the years ended December 31 follows:

(Dollars in Millions)	Average Recorded Investment		Interest Income Recognized
2013
Commercial	$	382	$	29
Commercial real estate		889		39
Residential mortgages		2,749		134
Credit card		366		16
Other retail		424		24
Total impaired loans, excluding GNMA and covered loans		4,810		242
Loans purchased from GNMA mortgage pools		1,967		100
Covered loans		561		27
Total	$	7,338	$	369
2012
Commercial	$	470	$	18
Commercial real estate		1,314		43
Residential mortgages		2,717		130
Credit card		510		28
Other retail		301		19
Total impaired loans, excluding GNMA and covered loans		5,312		238
Loans purchased from GNMA mortgage pools		1,448		73
Covered loans		980		29
Total	$	7,740	$	340
2011
Commercial	$	534	$	12
Commercial real estate		1,537		18
Residential mortgages		2,557		100
Credit card		485		15
Other retail		164		5
Total impaired loans, excluding GNMA and covered loans		5,277		150
Loans purchased from GNMA mortgage pools		710		25
Covered loans		780		11
Total	$	6,767	$	186

98 U.S. BANCORP

Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The following table provides a summary of loans modified as TDRs for the years ended December 31, by portfolio class:

(Dollars in Millions)	Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance
2013
Commercial		2,429	$	166	$	155
Commercial real estate		165		205		198
Residential mortgages		2,179		309		304
Credit card		26,669		160		161
Other retail		4,290		103		102
Total loans, excluding GNMA and covered loans		35,732		943		920
Loans purchased from GNMA mortgage pools		8,878		1,121		1,066
Covered loans		123		94		72
Total loans		44,733	$	2,158	$	2,058
2012
Commercial		4,843	$	307	$	272
Commercial real estate		312		493		461
Residential mortgages		4,616		638		623
Credit card		49,320		241		255
Other retail		10,461		279		275
Total loans, excluding GNMA and covered loans		69,552		1,958		1,886
Loans purchased from GNMA mortgage pools		9,518		1,280		1,245
Covered loans		192		277		263
Total loans		79,262	$	3,515	$	3,394
2011
Commercial		5,285	$	456	$	427
Commercial real estate		506		1,078		1,060
Residential mortgages		3,611		708		704
Credit card		55,951		322		321
Other retail		4,028		73		72
Total loans, excluding GNMA and covered loans		69,381		2,637		2,584
Loans purchased from GNMA mortgage pools		9,569		1,277		1,356
Covered loans		283		604		575
Total loans		79,233	$	4,518	$	4,515

Residential mortgages, home equity and second mortgages, and loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools in the table above include trial period arrangements offered to customers during the periods presented. The post-modification balances for these loans reflect the current outstanding balance until a permanent modification is made. In addition, the post-modification balances typically include capitalization of unpaid accrued interest and/or fees under the various modification programs. For those loans modified as TDRs during the fourth quarter of 2013, at December 31, 2013, 416 residential mortgages, 10 home equity and second mortgage loans and 2,536 loans purchased from GNMA mortgage pools with outstanding balances of $58 million, $1 million and $328 million, respectively, were in a trial period and have estimated post-modification balances of $47 million, $1 million and $307 million, respectively, assuming permanent modification occurs at the end of the trial period.

U.S. BANCORP 99

The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) for the years ended December 31, that were modified as TDRs within 12 months previous to default:

(Dollars in Millions)	Number of Loans		Amount Defaulted
2013
Commercial		642	$	46
Commercial real estate		87		102
Residential mortgages		1,099		163
Credit card		6,640		37
Other retail		1,841		80
Total loans, excluding GNMA and covered loans		10,309		428
Loans purchased from GNMA mortgage pools		4,972		640
Covered loans		63		49
Total loans		15,344	$	1,117
2012
Commercial		859	$	48
Commercial real estate		111		232
Residential mortgages		1,073		146
Credit card		9,774		54
Other retail		1,818		56
Total loans, excluding GNMA and covered loans		13,635		536
Loans purchased from GNMA mortgage pools		1,245		177
Covered loans		68		97
Total loans		14,948	$	810
2011
Commercial		665	$	26
Commercial real estate		64		67
Residential mortgages		623		127
Credit card		7,108		36
Other retail		557		13
Total loans, excluding GNMA and covered loans		9,017		269
Loans purchased from GNMA mortgage pools		857		124
Covered loans		11		26
Total loans		9,885	$	419

In addition to the defaults in the table above, for the year ended December 31, 2013, the Company had a total of 591 residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools with aggregate outstanding balances of $78 million where borrowers did not successfully complete the trial period arrangement and therefore are no longer eligible for a permanent modification under the applicable modification program.

100 U.S. BANCORP

Covered Assets Covered assets represent loans and other assets acquired from the FDIC, subject to loss sharing agreements, and include expected reimbursements from the FDIC. The carrying amount of the covered assets at December 31, consisted of purchased impaired loans, purchased nonimpaired loans and other assets as shown in the following table:

	2013								2012
(Dollars in Millions)	Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total		Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total
Commercial loans	$	–	$	32	$	–	$	32	$	–	$	143	$	–	$	143
Commercial real estate loans		738		1,494		–		2,232		1,323		2,695		–		4,018
Residential mortgage loans		3,037		890		–		3,927		3,978		1,109		–		5,087
Credit card loans		–		5		–		5		–		5		–		5
Other retail loans		–		666		–		666		–		775		–		775
Losses reimbursable by the FDIC (a)		–		–		798		798		–		–		1,280		1,280
Unamortized changes in FDIC asset (b)		–		–		802		802		–		–		–		–
Covered loans		3,775		3,087		1,600		8,462		5,301		4,727		1,280		11,308
Foreclosed real estate		–		–		97		97		–		–		197		197
Total covered assets	$	3,775	$	3,087	$	1,697	$	8,559	$	5,301	$	4,727	$	1,477	$	11,505

(a) Relates to loss sharing agreements with remaining terms up to six years.

(b) Represents decreases in expected reimbursements by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. These amounts were presented within the separate loan categories prior to January 1, 2013.

At December 31, 2013, $5 million of the purchased impaired loans included in covered loans were classified as nonperforming assets, compared with $82 million at December 31, 2012, because the expected cash flows are primarily based on the liquidation of underlying collateral and the timing and amount of the cash flows could not be reasonably estimated. Interest income is recognized on other purchased impaired loans through accretion of the difference between the carrying amount of those loans and their expected cash flows. The initial determination of the fair value of the purchased loans includes the impact of expected credit losses and, therefore, no allowance for credit losses is recorded at the purchase date. To the extent credit deterioration occurs after the date of acquisition, the Company records an allowance for credit losses.

  NOTE 6   Leases

The components of the net investment in sales-type and direct financing leases at December 31 were as follows:

(Dollars in Millions)	2013			2012
Aggregate future minimum lease payments to be received	$	11,074		$	10,738
Unguaranteed residual values accruing to the lessor’s benefit		783			890
Unearned income		(1,045	)		(1,123	)
Initial direct costs		189			175
Total net investment in sales-type and direct financing leases (a)	$	11,001		$	10,680

(a) The accumulated allowance for uncollectible minimum lease payments was $68 million and $80 million at December 31, 2013 and 2012, respectively.

The minimum future lease payments to be received from sales-type and direct financing leases were as follows at December 31, 2013:

(Dollars in Millions)
2014	$	3,891
2015		3,240
2016		2,518
2017		826
2018		275
Thereafter		324

U.S. BANCORP 101

  NOTE 7   Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities

The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”), transfers of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. Guarantees provided to certain third-parties in connection with the transfer of assets are further discussed in Note 22.

For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 9. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet.

The Company is involved in various entities that are considered to be VIEs. The Company’s investments in VIEs are primarily related to investments promoting the development of affordable housing, community development and renewable energy sources. Some of these investments support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities are designed to generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, over specified time periods. The Company realized federal and state income tax credits related to these investments of $1.5 billion, $883 million and $756 million for the years ended December 31, 2013, 2012 and 2011, respectively. These tax credits are recognized as a reduction of tax expense or, for certain investments, as a reduction to the related investment asset. The Company also recognized, in its Consolidated Statement of Income, $1.2 billion, $1.0 billion and $806 million of costs related to these investments for the years ended December 31, 2013, 2012 and 2011, respectively, of which $604 million, $482 million and $278 million, respectively, was included in tax expense and the remainder was included in noninterest expense.

During 2013, the Company transferred its control over the most significant activities of certain community development and tax-advantaged investment VIEs to a third party manager. The third party manager provides a guarantee to these VIEs related to the occurrence of certain tax credit recapture events and, therefore, has an obligation to absorb certain losses that could potentially be significant to the VIEs. Previously, the Company consolidated these VIEs because it had a controlling financial interest in the entities. After the transfer of control to the third party manager, the Company no longer had a controlling financial interest and deconsolidated the VIEs. The deconsolidation resulted in a decrease in both assets and liabilities, primarily other assets and long-term debt, respectively, of approximately $4.6 billion. The deconsolidation, and remeasurement of the Company’s investment in these unconsolidated VIEs to fair value, did not materially impact the Company’s Consolidated Statement of Income. The total amount of the Company’s investment in the VIEs was $957 million at December 31, 2013 and is reported in other assets.

In addition, the Company sponsors entities to which it transfers tax-advantaged investments. At December 31, 2013, approximately $2.5 billion of the Company’s assets and $1.8 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, primarily related to these transfers. These amounts compared to $7.1 billion and $5.2 billion, respectively, at December 31, 2012, which included VIEs related to these asset transfers and, also, the VIEs for which control transferred in 2013. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or sold to others with a guarantee.

In addition, the Company sponsors a conduit to which it previously transferred high-grade investment securities. The Company consolidates the conduit because of its ability to manage the activities of the conduit. At December 31, 2013, $116 million of the held-to-maturity investment securities on the

102 U.S. BANCORP

Company’s Consolidated Balance Sheet were related to the conduit, compared with $144 million at December 31, 2012.

The Company also sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides credit, liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At December 31, 2013, $4.6 billion of available-for-sale securities and $4.6 billion of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $5.3 billion of available-for-sale securities and $5.0 billion of short-term borrowings at December 31, 2012.

The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs generally are carried in other assets on the Consolidated Balance Sheet. The Company’s investments in unconsolidated VIEs at December 31, 2013 ranged from less than $1 million to $37 million, with an aggregate amount of $2.6 billion, net of $1.7 billion of liabilities recorded primarily for unfunded capital commitments of the Company to specific project sponsors. The Company’s investments in unconsolidated VIEs at December 31, 2012, ranged from less than $1 million to $58 million, with an aggregate amount of $1.9 billion, net of liabilities of $1.3 billion recorded primarily for unfunded capital commitments. While the Company believes potential losses from these investments are remote, the Company’s maximum exposure to loss from these unconsolidated VIEs was $7.4 billion at December 31, 2013 and $5.2 billion at December 31, 2012. The maximum exposure to loss was primarily related to community development tax-advantaged investments and included $2.5 billion at December 31, 2013 and $1.8 billion at December 31, 2012, on the Company’s Consolidated Balance Sheet, and $4.9 billion at December 31, 2013 and $3.3 billion at December 31, 2012, of previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. The remaining amounts related to investments in private investment funds and partnerships for which the maximum exposure to loss included amounts recorded on the Consolidated Balance Sheet and any unfunded commitments. The maximum exposure was determined by assuming a scenario where the separate investments within the individual private funds become worthless, and the community-based business and housing projects and related tax credits completely fail and do not meet certain government compliance requirements.

  NOTE 8   Premises and Equipment

Premises and equipment at December 31 consisted of the following:

(Dollars in Millions)	2013			2012
Land	$	529		$	534
Buildings and improvements		3,256			3,222
Furniture, fixtures and equipment		2,593			2,543
Capitalized building and equipment leases		103			97
Construction in progress		24			42
		6,505			6,438
Less accumulated depreciation and amortization		(3,899	)		(3,768	)
Total	$	2,606		$	2,670

  NOTE 9   Mortgage Servicing Rights

The Company serviced $226.8 billion of residential mortgage loans for others at December 31, 2013, and $215.6 billion at December 31, 2012. The net impact included in mortgage banking revenue of fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs were net gains of $192 million, $102 million and $183 million for the years ended December 31, 2013, 2012 and 2011, respectively. Loan servicing fees, not including valuation changes, included in mortgage banking revenue, were $754 million, $720 million and $651 million for the years ended December 31, 2013, 2012 and 2011, respectively.

U.S. BANCORP 103

Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows:

(Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	1,700		$	1,519		$	1,837
Rights purchased		8			42			35
Rights capitalized		769			957			619
Changes in fair value of MSRs
Due to fluctuations in market interest rates (a)		617			(249	)		(619	)
Due to revised assumptions or models (b)		33			(21	)		33
Other changes in fair value (c)		(447	)		(548	)		(386	)
Balance at end of period	$	2,680		$	1,700		$	1,519

(a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.

(b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes.

(c) Primarily represents changes due to realization of expected cash flows over time (decay).

The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments as of December 31 follows:

	2013																		2012
(Dollars in Millions)	Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps			Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps
MSR portfolio	$	(435	)	$	(199	)	$	(93	)	$	82		$	154		$	287		$	(370	)	$	(217	)	$	(118	)	$	126		$	249		$	480
Derivative instrument hedges		399			194			91			(82	)		(157	)		(301	)		473			249			124			(121	)		(243	)		(486	)
Net sensitivity	$	(36	)	$	(5	)	$	(2	)	$	–		$	(3	)	$	(14	)	$	103		$	32		$	6		$	5		$	6		$	(6	)

The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Mortgage Revenue Bond Programs (“MRBP”). The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The MRBP division specializes in servicing loans made under state and local housing authority programs. These programs provide mortgages to low-income and moderate-income borrowers and are generally government-insured programs with a favorable rate subsidy, down payment and/or closing cost assistance.

A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows:

	2013												2012
(Dollars in Millions)	MRBP			Government			Conventional (b)			Total			MRBP			Government			Conventional (b)			Total
Servicing portfolio	$	15,896		$	41,659		$	169,287		$	226,842		$	14,143		$	39,048		$	162,446		$	215,637
Fair value	$	180		$	500		$	2,000		$	2,680		$	154		$	314		$	1,232		$	1,700
Value (bps) (a)		113			120			118			118			109			80			76			79
Weighted-average servicing fees (bps)		39			32			29			30			40			33			30			31
Multiple (value/servicing fees)		2.90			3.75			4.07			3.93			2.73			2.42			2.53			2.55
Weighted-average note rate		4.70	%		4.24	%		4.17	%		4.22	%		5.13	%		4.57	%		4.48	%		4.54	%
Weighted-average age (in years)		3.8			2.6			2.5			2.6			4.2			2.4			2.5			2.6
Weighted-average expected prepayment (constant prepayment rate)		13.5	%		11.5	%		10.9	%		11.2	%		13.2	%		21.2	%		20.4	%		20.1	%
Weighted-average expected life (in years)		6.2			6.9			7.2			7.1			6.1			4.2			4.1			4.2
Weighted-average discount rate		11.9	%		11.2	%		9.8	%		10.2	%		12.1	%		11.4	%		10.0	%		10.4	%

(a) Value is calculated as fair value divided by the servicing portfolio.

(b) Represents loans sold primarily to GSEs.

104 U.S. BANCORP

  NOTE 10   Intangible Assets

Intangible assets consisted of the following:

	Estimated		Amortization			Balance
At December 31 (Dollars in Millions)	Life (a)		Method (b)			2013		2012
Goodwill				(c	)	$	9,205	$	9,143
Merchant processing contracts		10 years/8 years		SL/AC			229		281
Core deposit benefits		22 years/5 years		SL/AC			135		176
Mortgage servicing rights				(c	)		2,680		1,700
Trust relationships		14 years/6 years		SL/AC			122		149
Other identified intangibles		9 years/5 years		SL/AC			363		400
Total						$	12,734	$	11,849

(a) Estimated life represents the amortization period for assets subject to the straight line method and the weighted average or life of the underlying cash flows amortization period for intangibles subject to accelerated methods. If more than one amortization method is used for a category, the estimated life for each method is calculated and reported separately.

(b) Amortization methods:	SL = straight line method
	AC= accelerated methods generally based on cash flows

(c) Goodwill is evaluated for impairment, but not amortized. Mortgage servicing rights are recorded at fair value, and are not amortized.

Aggregate amortization expense consisted of the following:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Merchant processing contracts	$	64	$	74	$	90
Core deposit benefits		41		60		81
Trust relationships		34		39		35
Other identified intangibles		84		101		93
Total	$	223	$	274	$	299

The estimated amortization expense for the next five years is as follows:

(Dollars in Millions)
2014	$	184
2015		148
2016		119
2017		98
2018		78

The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2013, 2012 and 2011:

(Dollars in Millions)	Wholesale Banking and Commercial Real Estate		Consumer and Small Business Banking			Wealth Management and Securities Services		Payment Services			Treasury and Corporate Support		Consolidated Company
Balance at December 31, 2010	$	1,605	$	3,535		$	1,463	$	2,351		$	–	$	8,954
Other (a)		–		(21	)		–		(6	)		–		(27	)
Balance at December 31, 2011	$	1,605	$	3,514		$	1,463	$	2,345		$	–	$	8,927
Goodwill acquired		–		–			65		143			–		208
Other (a)		–		–			–		8			–		8
Balance at December 31, 2012	$	1,605	$	3,514		$	1,528	$	2,496		$	–	$	9,143
Goodwill acquired		–		–			37		20			–		57
Other (a)		–		–			–		5			–		5
Balance at December 31, 2013	$	1,605	$	3,514		$	1,565	$	2,521		$	–	$	9,205

(a) Other changes in goodwill include a reclassification from goodwill to covered loans related to an FDIC-assisted acquisition for Consumer and Small Business Banking and the effect of foreign exchange translation for Payment Services.

U.S. BANCORP 105

  NOTE 11   Short-Term Borrowings (a)

The following table is a summary of short-term borrowings for the last three years:

	2013					2012					2011
(Dollars in Millions)	Amount		Rate			Amount		Rate			Amount		Rate
At year-end
Federal funds purchased	$	594		.11	%	$	950		.11	%	$	1,036		.11	%
Securities sold under agreements to repurchase		2,057		5.34			3,388		3.26			6,986		3.35
Commercial paper		19,400		.11			16,202		.12			15,973		.12
Other short-term borrowings		5,557		.19			5,762		.29			6,473		.26
Total	$	27,608		.52	%	$	26,302		.57	%	$	30,468		.89	%
Average for the year
Federal funds purchased (b)	$	1,879		9.72	%	$	1,338		15.32	%	$	968		22.61	%
Securities sold under agreements to repurchase		2,403		4.65			4,942		3.52			7,483		3.22
Commercial paper		17,467		.12			15,806		.14			15,204		.15
Other short-term borrowings		5,934		.72			6,463		.72			7,048		.77
Total (b)	$	27,683		1.29	%	$	28,549		1.57	%	$	30,703		1.75	%
Maximum month-end balance
Federal funds purchased	$	3,569				$	2,467				$	1,172
Securities sold under agreements to repurchase		3,121					5,922					9,071
Commercial paper		19,400					17,385					16,768
Other short-term borrowings		6,301					7,443					7,514

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b) Average federal funds purchased and total short-term borrowings rates include amounts paid by the Company to certain corporate card customers for paying outstanding noninterest-bearing corporate card balances within certain timeframes per specific agreements. These activities reduce the Company’s short-term funding needs, and if they did not occur, the Company would use other funding alternatives, including the use of federal funds purchased. The amount of this compensation expense paid by the Company and included in federal funds purchased and total short-term borrowings rates for 2013, 2012 and 2011 was $181 million, $203 million and $218 million, respectively.

  NOTE 12   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		2013		2012
U.S. Bancorp (Parent Company)
Subordinated notes		Fixed		2.950	%		2022	$	1,300	$	1,300
		Fixed		7.500	%		2026		199		199
Medium-term notes		Fixed		1.650% - 4.200	%		2014 - 2022		8,750		10,600
		Floating		.728	%		2018		500		–
Junior subordinated debentures		Fixed		3.442	%		2016		500		500
Capitalized lease obligations, mortgage indebtedness and other (b)									167		173
Subtotal									11,416		12,772
Subsidiaries
Subordinated notes		Fixed		6.300	%		2014		963		963
		Fixed		4.950	%		2014		1,000		1,000
		Fixed		4.800	%		2015		500		500
		Fixed		3.778	%		2020		500		500
		Floating		.524	%		2014		373		373
Federal Home Loan Bank advances		Fixed		1.250% - 8.250	%		2014 - 2026		13		16
		Floating		.238% - .505	%		2014 - 2022		4,579		4,579
Bank notes		Floating		–	%		2046 - 2048		142		143
Capitalized lease obligations, mortgage indebtedness and other (b)									563		4,670
Subtotal									8,633		12,744
Total								$	20,049	$	25,516

(a) Weighted-average interest rates of Federal Home Loan Bank advances and fixed-rate medium-term notes were .28 percent and 2.78 percent, respectively.

(b) Other includes consolidated community development and tax-advantaged investment VIEs, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments.

106 U.S. BANCORP

During 2012, the Company elected to redeem $2.7 billion of junior subordinated debentures issued to five wholly-owned unconsolidated trusts that had interest payable at fixed rates ranging from 6.30 percent to 6.63 percent. There were no issuances of junior subordinated debentures in 2013 or 2012.

The Company has arrangements with the Federal Home Loan Bank and Federal Reserve Bank whereby the Company could have borrowed an additional $69.7 billion and $60.9 billion at December 31, 2013 and 2012, respectively, based on collateral available.

Maturities of long-term debt outstanding at December 31, 2013, were:

(Dollars in Millions)	Parent Company		Consolidated
2014	$	1,499	$	4,132
2015		1,749		3,013
2016		1,940		3,813
2017		1,247		2,545
2018		1,496		1,534
Thereafter		3,485		5,012
Total	$	11,416	$	20,049

  NOTE 13   Junior Subordinated Debentures

As of December 31, 2013, the Company sponsored, and wholly owned 100 percent of the common equity of, USB Capital IX, a wholly-owned unconsolidated trust, formed for the purpose of issuing redeemable Income Trust Securities (“ITS”) to third party investors, originally investing the proceeds in junior subordinated debt securities (“Debentures”) issued by the Company and entering into stock purchase contracts to purchase preferred stock in the future. During 2010, the Company exchanged depositary shares representing an ownership interest in its Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) to acquire a portion of the ITS issued by USB Capital IX and retire a portion of the Debentures and cancel a pro-rata portion of stock purchase contracts. During 2011, USB Capital IX sold the remaining Debentures, originally issued by the Company to the trust, to investors to generate cash proceeds to purchase the Company’s Series A Preferred Stock pursuant to the stock purchase contracts. As part of this sale, a consolidated subsidiary of the Company purchased $176 million of the Debentures, which effectively retired the debt. The Company classifies the remaining $500 million of debentures at December 31, 2013 and 2012, as long-term debt. As of December 31, 2013 and 2012, $676 million of the Company’s Series A Preferred Stock was the sole asset of USB Capital IX. The Company’s obligations under the transaction documents, taken together, have the effect of providing a full and unconditional guarantee by the Company, on a junior subordinated basis, of the payment obligations of the trust.

  NOTE 14   Shareholders’ Equity

At December 31, 2013 and 2012, the Company had authority to issue 4 billion shares of common stock and 50 million shares of preferred stock. The Company had 1.8 billion shares and 1.9 billion shares of common stock outstanding at December 31, 2013 and 2012, respectively. The Company had 106 million shares reserved for future issuances, primarily under stock option plans, at December 31, 2013.

The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock was as follows:

	2013								2012
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
Series F		44,000		1,100		12		1,088		44,000		1,100		12		1,088
Series G		43,400		1,085		10		1,075		43,400		1,085		10		1,075
Series H		20,000		500		13		487		–		–		–		–
Total preferred stock (a)		159,910	$	4,936	$	180	$	4,756		159,910	$	4,936	$	167	$	4,769

(a) The par value of all shares issued and outstanding at December 31, 2013 and 2012, was $1.00 per share.

During 2013, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series H Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series H Preferred Stock”). The Series H Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per

U.S. BANCORP 107

annum equal to 5.15 percent. The Series H Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after July 15, 2018. The Series H Preferred stock is redeemable at the Company’s option, in whole, but not in part, prior to July 15, 2018 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series H Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve.

During 2012, the Company issued depositary shares representing an ownership interest in 44,000 shares of Series F Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series F Preferred Stock”), and depositary shares representing an ownership interest in 43,400 shares of Series G Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series G Preferred Stock”). The Series F Preferred Stock and Series G Preferred Stock have no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 6.50 percent from the date of issuance to, but excluding, January 15, 2022, and thereafter at a floating rate per annum equal to three-month LIBOR plus 4.468 percent for the Series F Preferred Stock, and 6.00 percent from the date of issuance to, but excluding, April 15, 2017, and thereafter at a floating rate per annum equal to three-month LIBOR plus 4.86125 percent for the Series G Preferred Stock. Both series are redeemable at the Company’s option, in whole or in part, on or after January 15, 2022, for the Series F Preferred Stock and April 15, 2017, for the Series G Preferred Stock. Both series are redeemable at the Company’s option, in whole, but not in part, prior to January 15, 2022, for the Series F Preferred Stock and prior to April 15, 2017, for the Series G Preferred Stock, within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series F Preferred Stock or Series G Preferred Stock, respectively, as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.

During 2010, the Company issued depositary shares representing an ownership interest in 5,746 shares of Series A Preferred Stock to investors, in exchange for their portion of USB Capital IX Income Trust Securities. During 2011, the Company issued depositary shares representing an ownership interest in 6,764 shares of Series A Preferred Stock to USB Capital IX, thereby settling the stock purchase contract established between the Company and USB Capital IX as part of the 2006 issuance of USB Capital IX Income Trust Securities. The preferred shares were issued to USB Capital IX for the purchase price specified in the stock forward purchase contract. The Series A Preferred stock has a liquidation preference of $100,000 per share, no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of three-month LIBOR plus 1.02 percent or 3.50 percent. The Series A Preferred Stock is redeemable at the Company’s option, subject to prior approval by the Federal Reserve Board.

During 2008, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series D Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series D Preferred Stock”). In conjunction with the issuance of the Series H Preferred Stock, the Company redeemed at par value all shares of the Series D Preferred Stock during 2013. The Company included an $8 million loss in its computation of earnings per diluted common share for 2013, which represents the stock issuance costs recorded in capital surplus upon the issuance of the Series D Preferred Stock that were reclassified to retained earnings on the redemption date.

During 2006, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series B Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series B Preferred Stock”). The Series B Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of three-month LIBOR plus .60 percent, or 3.50 percent. The Series B Preferred Stock is redeemable at the Company’s option, subject to the prior approval of the Federal Reserve Board.

During 2013, 2012 and 2011, the Company repurchased shares of its common stock under various authorizations approved by its Board of Directors. As of December 31, 2013, the approximate dollar value of shares that may yet be purchased by the Company under the current Board of Directors approved authorization was $488 million.

The following table summarizes the Company’s common stock repurchased in each of the last three years:

(Dollars and Shares in Millions)	Shares		Value
2013		65	$	2,336
2012		59		1,878
2011		22		550

108 U.S. BANCORP

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:

(Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For-Sale to Held-To-Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
Changes in unrealized gains and losses		(1,223	)		–			37			590			–			(596	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		8			–			–			–			–			8
Foreign currency translation adjustment		–			–			–			–			(34	)		(34	)
Reclassification to earnings of realized gains and losses		(9	)		(59	)		192			249			–			373
Applicable income taxes		468			22			(86	)		(317	)		14			101
Balance at end of period	$	(77	)	$	70		$	(261	)	$	(743	)	$	(60	)	$	(1,071	)
2012
Balance at beginning of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)
Changes in unrealized gains and losses		715			–			(74	)		(543	)		–			98
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		12			–			–			–			–			12
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			14			14
Reclassification to earnings of realized gains and losses		15			(51	)		211			150			–			325
Applicable income taxes		(199	)		(66	)		(52	)		150			(5	)		(172	)
Balance at end of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
2011
Balance at beginning of period	$	(213	)	$	–		$	(414	)	$	(803	)	$	(39	)	$	(1,469	)
Changes in unrealized gains and losses		920			–			(343	)		(464	)		–			113
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		(25	)		–			–			–			–			(25	)
Foreign currency translation adjustment		–			–			–			–			(16	)		(16	)
Reclassification to earnings of realized gains and losses		31			–			222			110			–			363
Applicable income taxes		(353	)		–			46			135			6			(166	)
Balance at end of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)

U.S. BANCORP 109

Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income and into earnings for the year ended December 31, 2013, is as follows:

(Dollars in Millions)	Impact to Net Income			Affected Line Item in the Consolidated Statement of Income
Unrealized gains (losses) on securities available-for-sale
Realized gains (losses) on sale of securities	$	23		Total securities gains (losses), net
Other-than-temporary impairment recognized in earnings		(14	)
		9		Total before tax
		(4	)	Applicable income taxes
		5		Net-of-tax
Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains		59		Interest income
		(22	)	Applicable income taxes
		37		Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges		(192	)	Net interest income
		74		Applicable income taxes
		(118	)	Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization		(249	)	Employee benefits expense
		96		Applicable income taxes
		(153	)	Net-of-tax
Total impact to net income	$	(229	)

Regulatory Capital The measures used to assess capital by bank regulatory agencies include two principal risk-based ratios, Tier 1 and total risk-based capital. Tier 1 capital is considered core capital and includes common shareholders’ equity plus qualifying preferred stock, trust preferred securities and noncontrolling interests in consolidated subsidiaries (subject to certain limitations), and is adjusted for the aggregate impact of certain items included in other comprehensive income (loss). Total risk-based capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. Both measures are stated as a percentage of risk-adjusted assets, which are measured based on their perceived credit risk and include certain off-balance sheet exposures, such as unfunded loan commitments, letters of credit, and derivative contracts. The Company is also subject to a leverage ratio requirement, a non risk-based asset ratio, which is defined as Tier 1 capital as a percentage of average assets adjusted for goodwill and other non-qualifying intangibles and other assets.

For a summary of the regulatory capital requirements and the actual ratios as of December 31, 2013 and 2012, for the Company and its bank subsidiary, see Table 22 included in Management’s Discussion and Analysis, which is incorporated by reference into these Notes to Consolidated Financial Statements.

110 U.S. BANCORP

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

(Dollars in Millions)	2013			2012
Tier 1 Capital
Common shareholders’ equity	$	36,357		$	34,229
Qualifying preferred stock		4,756			4,769
Noncontrolling interests, less preferred stock not eligible for Tier 1 capital		688			685
Less intangible assets
Goodwill (net of deferred tax liability)		(8,343	)		(8,351	)
Other disallowed intangible assets		(708	)		(829	)
Other (a)		636			700
Total Tier 1 Capital		33,386			31,203
Tier 2 Capital
Eligible portion of allowance for credit losses		3,734			3,609
Eligible subordinated debt		2,299			2,953
Other		(79	)		15
Total Tier 2 Capital		5,954			6,577
Total Risk Based Capital	$	39,340		$	37,780
Risk-Weighted Assets	$	297,919		$	287,611

(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.

Noncontrolling interests principally represent third party investors’ interests in consolidated entities, including preferred stock of consolidated subsidiaries. During 2006, the Company’s banking subsidiary formed USB Realty Corp., a real estate investment trust, for the purpose of issuing 5,000 shares of Fixed-to-Floating Rate Exchangeable Non-cumulative Perpetual Series A Preferred Stock with a liquidation preference of $100,000 per share (“Series A Preferred Securities”) to third party investors. Dividends on the Series A Preferred Securities, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to three-month LIBOR plus 1.147 percent. If USB Realty Corp. has not declared a dividend on the Series A Preferred Securities before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and USB Realty Corp. will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series A Preferred Securities are declared for any future dividend period.

The Series A Preferred Securities will be redeemable, in whole or in part, at the option of USB Realty Corp. on each fifth anniversary after the dividend payment date occurring in January 2012. Any redemption will be subject to the approval of the Office of the Comptroller of the Currency.

  NOTE 15   Earnings Per Share

The components of earnings per share were:

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2013			2012			2011
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872
Preferred dividends		(250	)		(238	)		(129	)
Impact of preferred stock redemption (a)		(8	)		–			–
Earnings allocated to participating stock awards		(26	)		(26	)		(22	)
Net income applicable to U.S. Bancorp common shareholders	$	5,552		$	5,383		$	4,721
Average common shares outstanding		1,839			1,887			1,914
Net effect of the exercise and assumed purchase of stock awards		10			9			9
Average diluted common shares outstanding		1,849			1,896			1,923
Earnings per common share	$	3.02		$	2.85		$	2.47
Diluted earnings per common share	$	3.00		$	2.84		$	2.46

(a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

U.S. BANCORP 111

Options outstanding at December 31, 2013, 2012 and 2011, to purchase 5 million, 22 million and 54 million common shares, respectively, were not included in the computation of diluted earnings per share for the years ended December 31, 2013, 2012 and 2011, respectively, because they were antidilutive. Convertible senior debentures outstanding at December 31, 2012 and 2011, that could potentially be converted into shares of the Company’s common stock pursuant to specified formulas, were not included in the computation of dilutive earnings per share for the years ended December 31, 2012 and 2011, because they were antidilutive.

  NOTE 16   Employee Benefits

Employee Retirement Savings Plan The Company has a defined contribution retirement savings plan that covers substantially all its employees. Qualified employees are allowed to contribute up to 75 percent of their annual compensation, subject to Internal Revenue Service limits, through salary deductions under Section 401(k) of the Internal Revenue Code. Employee contributions are invested at their direction among a variety of investment alternatives. Employee contributions are 100 percent matched by the Company, up to four percent of an employee’s eligible annual compensation. The Company’s matching contribution vests immediately. Beginning with the 2013 matching contribution paid in January 2014, the matching contribution will be invested in the same manner as an employee’s future contribution elections. Previously, the matching contribution was initially invested in the Company’s common stock, and the employee was able to reinvest the matching contribution among various investment alternatives. Total expense for the Company’s matching contributions was $118 million, $111 million and $103 million in 2013, 2012 and 2011, respectively.

Pension Plans The Company has tax qualified noncontributory defined benefit pension plans that provide benefits to substantially all its employees. Participants receive annual cash balance pay credits based on eligible pay multiplied by a percentage determined by their age and years of service. Participants also receive an annual interest credit. Employees become vested upon completing three years of vesting service. For participants in the plan before 2010 that elected to stay under their existing formula, pension benefits are provided to eligible employees based on years of service, multiplied by a percentage of their final average pay. Additionally, as a result of plan mergers, a portion of pension benefits may also be provided using a cash balance benefit formula where only interest credits continue to be credited to participants’ accounts.

In general, the Company’s qualified pension plans’ funding objectives include maintaining a funded status sufficient to meet participant benefit obligations over time while reducing long-term funding requirements and pension costs. The Company has an established process for evaluating all of the plans, their performance and significant plan assumptions, including the assumed discount rate and the long-term rate of return (“LTROR”). Annually, the Company’s Compensation and Human Resources Committee (the “Committee”), assisted by outside consultants, evaluates plan objectives, funding policies and plan investment policies considering its long-term investment time horizon and asset allocation strategies. The process also evaluates significant plan assumptions. Although plan assumptions are established annually, the Company may update its analysis on an interim basis in order to be responsive to significant events that occur during the year, such as plan mergers and amendments.

The Company’s funding policy is to contribute amounts to its plans sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act, plus such additional amounts as the Company determines to be appropriate. The Company made contributions of $296 million and $35 million to its main pension plan in 2013 and 2012, respectively, and anticipates making contributions of $185 million to its main pension plan in 2014. Any contributions made to the qualified plans are invested in accordance with established investment policies and asset allocation strategies.

In addition to the funded qualified pension plans, the Company maintains non-qualified plans that are unfunded and provide benefits to certain employees. The assumptions used in computing the accumulated benefit obligation, the projected benefit obligation and net pension expense are substantially consistent with those assumptions used for the funded qualified plans. In 2014, the Company expects to contribute $20 million to its non-qualified pension plans which equals the 2014 expected benefit payments.

Postretirement Welfare Plan In addition to providing pension benefits, the Company provides health care and death benefits to certain former employees who retired prior to January 1, 2014. Employees retiring after December 31, 2013 are not eligible for retiree health care benefits. This plan change decreased the plan’s benefit obligation by $35 million during 2013, which will be amortized as a reduction to plan expense over the remaining life of the plan participants. The Company expects to contribute $9 million to its postretirement welfare plan in 2014.

112 U.S. BANCORP

The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans:

	Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012
Change In Projected Benefit Obligation
Benefit obligation at beginning of measurement period	$	4,096		$	3,261		$	142		$	170
Service cost		168			129			3			5
Interest cost		170			168			4			7
Participants’ contributions		–			–			10			10
Plan amendments		–			–			(35	)		–
Actuarial loss (gain)		(388	)		681			(2	)		(26	)
Lump sum settlements		(34	)		(33	)		–			–
Benefit payments		(117	)		(110	)		(24	)		(26	)
Federal subsidy on benefits paid		–			–			2			2
Benefit obligation at end of measurement period (a)	$	3,895		$	4,096		$	100		$	142
Change In Fair Value Of Plan Assets
Fair value at beginning of measurement period	$	2,321		$	2,103		$	105		$	120
Actual return on plan assets		343			305			–			–
Employer contributions		318			56			1			1
Participants’ contributions		–			–			10			10
Lump sum settlements		(34	)		(33	)		–			–
Benefit payments		(117	)		(110	)		(24	)		(26	)
Fair value at end of measurement period	$	2,831		$	2,321		$	92		$	105
Funded (Unfunded) Status	$	(1,064	)	$	(1,775	)	$	(8	)	$	(37	)
Components Of The Consolidated Balance Sheet
Current benefit liability	$	(20	)	$	(23	)	$	–		$	–
Noncurrent benefit liability		(1,044	)		(1,752	)		(8	)		(37	)
Recognized amount	$	(1,064	)	$	(1,775	)	$	(8	)	$	(37	)
Accumulated Other Comprehensive Income (Loss), Pretax
Net actuarial gain (loss)	$	(1,333	)	$	(2,152	)	$	75		$	84
Net prior service credit (cost)		16			21			34			–
Recognized amount	$	(1,317	)	$	(2,131	)	$	109		$	84

(a) At December 31, 2013 and 2012, the accumulated benefit obligation for all pension plans was $3.6 billion and $3.8 billion, respectively.

The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31:

(Dollars in Millions)	2013		2012
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	3,853	$	4,096
Fair value of plan assets		2,787		2,321
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	3,853	$	4,096
Accumulated benefit obligation		3,566		3,776
Fair value of plan assets		2,787		2,321

U.S. BANCORP 113

The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans:

	Pension Plans									Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Components Of Net Periodic Benefit Cost
Service cost	$	168		$	129		$	119		$	3		$	5		$	4
Interest cost		170			168			169			4			7			9
Expected return on plan assets		(176	)		(191	)		(207	)		(2	)		(2	)		(5	)
Prior service cost (credit) and transition obligation (asset) amortization		(5	)		(4	)		(9	)		(1	)		–			–
Actuarial loss (gain) amortization		264			161			125			(9	)		(7	)		(6	)
Net periodic benefit cost	$	421		$	263		$	197		$	(5	)	$	3		$	2
Other Changes In Plan Assets And Benefit Obligations
Recognized In Other Comprehensive Income (Loss)
Net actuarial gain (loss) arising during the year	$	555		$	(567	)	$	(474	)	$	–		$	24		$	10
Net actuarial loss (gain) amortized during the year		264			161			125			(9	)		(7	)		(6	)
Net prior service credit (cost) arising during the year		–			–			–			35			–			–
Net prior service cost (credit) and transition obligation (asset) amortized during the year		(5	)		(4	)		(9	)		(1	)		–			–
Total recognized in other comprehensive income (loss)	$	814		$	(410	)	$	(358	)	$	25		$	17		$	4
Total recognized in net periodic benefit cost and other comprehensive income (loss) (a)(b)	$	393		$	(673	)	$	(555	)	$	30		$	14		$	2

(a) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2014 are $158 million and $(5) million, respectively.

(b) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the postretirement welfare plan that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2014 are $(6) million and $(3) million, respectively.

The following table sets forth weighted average assumptions used to determine the projected benefit obligations at December 31:

	Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012
Discount rate (a)		4.97	%		4.07	%		3.93	%		3.10	%
Rate of compensation increase (b)		4.02			4.08			*			*
Health care cost trend rate for the next year (c)								7.50	%		8.00	%
Effect on accumulated postretirement benefit obligation
One percent increase							$	5		$	5
One percent decrease								(4	)		(5	)

(a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plans, non-qualified pension plans and postretirement welfare plan of 14.6, 11.5, and 6.4 years, respectively, for 2013, and 15.9, 12.2 and 7.2 years, respectively, for 2012.

(b) Determined on an active liability weighted basis.

(c) The rate is assumed to decrease gradually to 5.0 percent by 2019 and remain at this level thereafter.

* Not applicable

114 U.S. BANCORP

The following table sets forth weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:

	Pension Plans									Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Discount rate (a)		4.07	%		5.07	%		5.66	%		3.10	%		4.30	%		4.90	%
Expected return on plan assets (b)		7.50			8.00			8.25			1.50			2.25			3.50
Rate of compensation increase (c)		4.08			4.05			4.02			*			*			*
Health care cost trend rate (d)
Prior to age 65											8.00	%		8.00	%		8.00	%
After age 65											8.00			12.00			14.00
Effect on total of service cost and interest cost
One percent increase										$	–		$	–		$	–
One percent decrease											–			–			–

(a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plans, non-qualified pension plans and postretirement welfare plan of 15.9, 12.2 and 7.2 years, respectively, for 2013, and 14.8, 11.4 and 7.7 years, respectively, for 2012.

(b) With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group LTROR information.

The Company determined its 2013 expected long-term rates of return reflecting current economic conditions and plan assets. The decrease in the pension plans’ LTROR is primarily due to an increase in the debt securities target asset allocation from 10 percent as of December 31, 2011, to 30 percent as of December 31, 2013.

(c) Determined on an active liability weighted basis.

(d) The pre-65 and post-65 rates are both assumed to decrease gradually to 5.00 percent by 2019 and remain at that level thereafter.

* Not applicable

Investment Policies and Asset Allocation In establishing its investment policies and asset allocation strategies, the Company considers expected returns and the volatility associated with different strategies. An independent consultant performs modeling that projects numerous outcomes using a broad range of possible scenarios, including a mix of possible rates of inflation and economic growth. Starting with current economic information, the model bases its projections on past relationships between inflation, fixed income rates and equity returns when these types of economic conditions have existed over the previous 30 years, both in the U.S. and in foreign countries. Estimated future returns and other actuarially determined adjustments are also considered in calculating the estimated return on assets.

Generally, based on historical performance of the various investment asset classes, investments in equities have outperformed other investment classes but are subject to higher volatility. In an effort to reduce volatility, while recognizing the long-term up-side potential of investing in equities, the Committee increased the target asset allocation to 30 percent debt securities for the Company’s qualified pension plans at December 31, 2013. The remaining target asset allocation at December 31, 2013 was 35 percent passively managed global equities, 8 percent actively managed global equities, 7 percent mid-small cap equities, 5 percent emerging markets equities, 5 percent real estate equities, 5 percent hedge funds and 5 percent private equity. The target asset allocation at December 31, 2012 was 35 percent passively managed global equities, 25 percent actively managed global equities, 10 percent mid-small cap equities, 5 percent emerging markets equities, 5 percent real estate equities, and 20 percent debt securities.

At December 31, 2013 and 2012, plan assets of the qualified pension plans included asset management arrangements with related parties totaling $119 million and $168 million, respectively.

Under a contractual agreement with U.S. Bancorp Asset Management, Inc., an affiliate of the Company, certain plan assets were lent to qualified borrowers on a short-term basis in exchange for investment fee income. These borrowers collateralized the loaned securities with either cash or non-cash securities. In 2013, the qualified pension plan discontinued its participation in the securities lending program. Cash collateral held at December 31, 2012 totaled $14 million, with an obligation to return the cash collateral of $20 million.

In accordance with authoritative accounting guidance, the Company groups plan assets into a three-level hierarchy for valuation techniques used to measure their fair value based on whether the valuation inputs are observable or unobservable. Refer to Note 21 for further discussion on these levels.

The assets of the qualified pension plans include investments in equity and U.S. Treasury securities whose fair values are determined based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. The qualified pension plans also invest in collective investment and mutual funds whose fair values are determined using the net asset value provided by the administrator of the fund and are classified as Level 2. In addition, the qualified pension plans invest in debt securities and foreign currency transactions that are valued using third party pricing services and are classified as Level 2. In 2012, the qualified pension plan invested in a money market mutual fund with cash collateral from its securities lending arrangement, whose fair value was determined based on

U.S. BANCORP 115

quoted prices in markets that are less active and was classified as Level 2. The qualified pension plans invest in hedge funds and private equity funds whose fair values are determined using the net asset value provided by the fund administrators. The Company’s ability to redeem at net asset value is currently restricted, and accordingly, the investments in hedge and private equity funds are classified as Level 3. Additionally, the qualified pension plans invest in limited partnership interests, and in debt securities whose fair values are determined by the Company by analyzing the limited partnerships’ audited financial statements and by averaging the prices obtained from independent pricing services, respectively. These securities are classified as Level 3.

The following table summarizes the plan investment assets measured at fair value at December 31:

Pension Plans

Postretirement Welfare Plan

2013

2012

2013

2012

(Dollars in Millions)

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Level 1

Level 1

Cash and cash equivalents

$

62

$

–

$

–

$

119

$

–

$

–

$

92

$

105

Debt securities

217

343

–

151

114

7

–

–

Corporate stock

Domestic equity securities

217

–

–

275

–

–

–

–

Mid-small cap equity securities (a)

148

–

–

173

–

–

–

–

International equity securities

229

–

–

285

–

–

–

–

Real estate equity securities (b)

137

–

–

132

–

–

–

–

Collective investment funds

Domestic equity securities

–

538

–

–

400

–

–

–

Mid-small cap equity securities (c)

–

58

–

–

59

–

–

–

Emerging markets equity securities

–

58

–

–

61

–

–

–

International equity securities

–

472

–

–

362

–

–

–

Mutual funds

Money market

–

–

–

–

7

–

–

–

Debt securities

–

177

–

–

129

–

–

–

Emerging markets equity securities

–

75

–

–

71

–

–

–

Hedge funds (d)

–

–

103

–

–

–

–

–

Other

–

(7

)

4

–

(7

)

3

–

–

Total (e)

$

1,010

$

1,714

$

107

$

1,135

$

1,196

$

10

$

92

$

105

(a) At December 31, 2013 and 2012, securities included $141 million and $164 million in domestic equities, respectively and $7 million and $9 million in international equities, respectively.

(b) At December 31, 2013 and 2012, securities included $67 million and $66 million in domestic equities, respectively, and $70 million and $66 million in international equities, respectively.

(c) At December 31, 2013 and 2012, securities included $26 million and $24 million in domestic equities, respectively, $22 million and $16 million in international equities, respectively, and $10 million and $19 million in cash and cash equivalents, respectively.

(d) This category consists of several investment strategies diversified across several hedge fund managers.

(e) Total investment assets of the pension plans exclude obligations to return cash collateral to qualified borrowers of $20 million at December 31, 2012, under security lending arrangements.

The following table summarizes the changes in fair value for all plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31:

	2013							2012						2011
(Dollars in Millions)	Debt Securities			Hedge Funds		Other		Debt Securities			Other			Debt Securities			Other
Balance at beginning of period	$	7		$	–	$	3	$	7		$	6		$	8		$	6
Unrealized gains (losses) relating to assets still held at end of year		–			–		–		1			(2	)		–			(9	)
Purchases, sales, and settlements, net		(7	)		103		1		(1	)		(1	)		(1	)		9
Balance at end of period	$	–		$	103	$	4	$	7		$	3		$	7		$	6

The following benefit payments are expected to be paid from the retirement plans for the years ended December 31:

(Dollars in Millions)	Pension Plans		Postretirement Welfare Plan (a)		Medicare Part D Subsidy Receipts
2014	$	169	$	15	$	2
2015		177		14		2
2016		189		13		2
2017		200		12		2
2018		205		11		2
2019 – 2023		1,205		44		8

(a) Net of expected retiree contributions and before Medicare Part D subsidy.

116 U.S. BANCORP

  NOTE 17   Stock-Based Compensation

As part of its employee and director compensation programs, the Company may grant certain stock awards under the provisions of the existing stock compensation plans, including plans assumed in acquisitions. The plans provide for grants of options to purchase shares of common stock at a fixed price equal to the fair value of the underlying stock at the date of grant. Option grants are generally exercisable up to ten years from the date of grant. In addition, the plans provide for grants of shares of common stock or stock units that are subject to restriction on transfer prior to vesting. Most stock and unit awards vest over three to five years and are subject to forfeiture if certain vesting requirements are not met. Stock incentive plans of acquired companies are generally terminated at the merger closing dates. Participants under such plans receive the Company’s common stock, or options to buy the Company’s stock, based on the conversion terms of the various merger agreements. At December 31, 2013, there were 54 million shares (subject to adjustment for forfeitures) available for grant under various plans.

Stock Option Awards

The following is a summary of stock options outstanding and exercised under various stock option plans of the Company:

Year Ended December 31	Stock Options/Shares			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in millions)
2013
Number outstanding at beginning of period		63,171,918		$	28.83
Granted		1,168,011			33.99
Exercised		(17,260,740	)		28.41
Cancelled (a)		(354,424	)		29.22
Number outstanding at end of period (b)		46,724,765		$	29.12		4.4	$	527
Exercisable at end of period		39,556,000		$	29.19		3.8	$	444
2012
Number outstanding at beginning of period		75,823,941		$	27.60
Granted		4,180,492			28.65
Exercised		(15,681,323	)		23.12
Cancelled (a)		(1,151,192	)		24.90
Number outstanding at end of period (b)		63,171,918		$	28.83		4.9	$	196
Exercisable at end of period		50,671,654		$	30.12		4.2	$	92
2011
Number outstanding at beginning of period		85,622,705		$	26.80
Granted		4,063,369			28.66
Exercised		(8,508,107	)		19.49
Cancelled (a)		(5,354,026	)		28.44
Number outstanding at end of period (b)		75,823,941		$	27.60		5.2	$	(42	)
Exercisable at end of period		57,039,334		$	29.14		4.4	$	(120	)

(a) Options cancelled include both non-vested (i.e., forfeitures) and vested options.

(b) Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense.

Stock-based compensation expense is based on the estimated fair value of the award at the date of grant or modification. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model, requiring the use of subjective assumptions. Because employee stock options have characteristics that differ from those of traded options, including vesting provisions and trading limitations that impact their liquidity, the determined value used to measure compensation expense may vary from their actual fair value. The following table includes the weighted average estimated fair value and assumptions utilized by the Company for newly issued grants:

Year Ended December 31	2013			2012			2011
Estimated fair value	$	12.13		$	10.19		$	10.55
Risk-free interest rates		1.0	%		.9	%		2.5	%
Dividend yield		2.6	%		2.6	%		2.5	%
Stock volatility factor		.49			.49			.47
Expected life of options (in years)		5.5			5.5			5.5

U.S. BANCORP 117

Expected stock volatility is based on several factors including the historical volatility of the Company’s stock, implied volatility determined from traded options and other factors. The Company uses historical data to estimate option exercises and employee terminations to estimate the expected life of options. The risk-free interest rate for the expected life of the options is based on the U.S. Treasury yield curve in effect on the date of grant. The expected dividend yield is based on the Company’s expected dividend yield over the life of the options.

The following summarizes certain stock option activity of the Company:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Fair value of options vested	$	41	$	49	$	54
Intrinsic value of options exercised		144		143		61
Cash received from options exercised		489		362		165
Tax benefit realized from options exercised		56		75		23

To satisfy option exercises, the Company predominantly uses treasury stock.

Additional information regarding stock options outstanding as of December 31, 2013, is as follows:

	Outstanding Options						Exercisable Options
Range of Exercise Prices	Shares		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price
$11.02 – $15.00		4,661,087		5.1	$	11.39		4,661,087	$	11.40
$15.01 – $20.00		167,391		2.4		19.54		167,391		19.54
$20.01 – $25.00		3,390,179		6.2		23.85		2,216,001		23.84
$25.01 – $30.00		13,108,918		5.2		29.05		8,276,837		29.29
$30.01 – $35.00		17,999,955		3.9		31.97		16,837,858		31.83
$35.01 – $36.25		7,397,235		3.1		36.07		7,396,826		36.07
Total		46,724,765		4.4	$	29.12		39,556,000	$	29.19

Restricted Stock and Unit Awards

A summary of the status of the Company’s restricted shares of stock and unit awards is presented below:

	2013					2012					2011
Year Ended December 31	Shares			Weighted- Average Grant- Date Fair Value		Shares			Weighted- Average Grant- Date Fair Value		Shares			Weighted- Average Grant- Date Fair Value
Nonvested Shares
Outstanding at beginning of period		8,935,743		$	25.04		8,995,295		$	22.46		8,811,027		$	19.74
Granted		3,717,635			33.88		3,085,077			28.70		3,136,086			28.20
Vested		(3,744,411	)		22.17		(2,931,820	)		20.97		(2,552,979	)		20.15
Cancelled		(255,108	)		29.18		(212,809	)		25.01		(398,839	)		22.20
Outstanding at end of period		8,653,859		$	29.96		8,935,743		$	25.04		8,995,295		$	22.46

The total fair value of shares vested was $127 million, $86 million and $72 million for the years ended December 31, 2013, 2012 and 2011, respectively. Stock-based compensation expense was $129 million, $129 million and $118 million for the years ended December 31, 2013, 2012 and 2011, respectively. On an after-tax basis, stock-based compensation was $80 million, $80 million and $73 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, there was $142 million of total unrecognized compensation cost related to nonvested share-based arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 2.4 years as compensation expense.

118 U.S. BANCORP

  NOTE 18   Income Taxes

The components of income tax expense were:

Year Ended December 31 (Dollars in Millions)	2013			2012		2011
Federal
Current	$	1,885		$	1,853	$	907
Deferred		(83	)		45		689
Federal income tax		1,802			1,898		1,596
State
Current		216			334		186
Deferred		14			4		59
State income tax		230			338		245
Total income tax provision	$	2,032		$	2,236	$	1,841

A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Tax at statutory rate	$	2,717		$	2,704		$	2,320
State income tax, at statutory rates, net of federal tax benefit		150			220			159
Tax effect of
Tax credits, net of related expenses (a)		(648	)		(479	)		(458	)
Tax-exempt income		(212	)		(219	)		(226	)
Noncontrolling interests		37			55			29
Other items		(12	)		(45	)		17
Applicable income taxes	$	2,032		$	2,236		$	1,841

(a) Excludes tax credits of $473 million for the year ended December 31, 2013 which were recognized as a reduction to the related investment asset.

The tax effects of fair value adjustments on securities available-for-sale, derivative instruments in cash flow hedges, foreign currency translation adjustments, pension and post-retirement plans and certain tax benefits related to stock options are recorded directly to shareholders’ equity as part of other comprehensive income (loss).

In preparing its tax returns, the Company is required to interpret complex tax laws and regulations and utilize income and cost allocation methods to determine its taxable income. On an ongoing basis, the Company is subject to examinations by federal, state, local and foreign taxing authorities that may give rise to differing interpretations of these complex laws, regulations and methods. Due to the nature of the examination process, it generally takes years before these examinations are completed and matters are resolved. Federal tax examinations for all years ending through December 31, 2010, are completed and resolved. The Company’s tax returns for the years ended December 31, 2011 and 2012 are under examination by the Internal Revenue Service. The years open to examination by state and local government authorities vary by jurisdiction.

A reconciliation of the changes in the federal, state and foreign unrecognized tax position balances are summarized as follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	302		$	479		$	532
Additions for tax positions taken in prior years		44			73			24
Additions for tax positions taken in the current year		–			5			2
Exam resolutions		(56	)		(245	)		(70	)
Statute expirations		(26	)		(10	)		(9	)
Balance at end of period	$	264		$	302		$	479

The total amount of unrecognized tax positions that, if recognized, would impact the effective income tax rate as of December 31, 2013, 2012 and 2011, were $181 million, $240 million and $220 million, respectively. The Company classifies interest and penalties related to unrecognized tax positions as a component of income tax expense. At December 31, 2013, the Company’s uncertain tax position balance included $27 million in accrued interest. During the years ended December 31, 2013, 2012 and 2011 the Company recorded approximately $(12) million, $(8) million and $(2) million, respectively, in interest on unrecognized tax positions.

U.S. BANCORP 119

Deferred income tax assets and liabilities reflect the tax effect of estimated temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes.

The significant components of the Company’s net deferred tax asset (liability) follows:

At December 31 (Dollars in Millions)	2013			2012
Deferred Tax Assets
Allowance for credit losses	$	1,722		$	1,756
Accrued expenses		485			476
Pension and postretirement benefits		277			523
Securities available-for-sale and financial instruments		172			–
Stock compensation		165			183
Federal, state and foreign net operating loss carryforwards		72			60
Partnerships and other investment assets		646			395
Other deferred tax assets, net		179			180
Gross deferred tax assets		3,718			3,573
Deferred Tax Liabilities
Leasing activities		(2,872	)		(2,792	)
Mortgage servicing rights		(835	)		(490	)
Goodwill and other intangible assets		(666	)		(565	)
Loans		(211	)		(168	)
Fixed assets		(147	)		(201	)
Securities available-for-sale and financial instruments		–			(232	)
Other deferred tax liabilities, net		(210	)		(361	)
Gross deferred tax liabilities		(4,941	)		(4,809	)
Valuation allowance		(82	)		(84	)
Net Deferred Tax Asset (Liability)	$	(1,305	)	$	(1,320	)

The Company has approximately $579 million of federal, state and foreign net operating loss carryforwards which expire at various times through 2033. Limitations on the ability to realize these carryforwards is reflected in the associated valuation allowance. Management has determined it is more likely than not the other net deferred tax assets could be realized through carry back to taxable income in prior years, future reversals of existing taxable temporary differences and future taxable income.

At December 31, 2013, retained earnings included approximately $102 million of base year reserves of acquired thrift institutions, for which no deferred federal income tax liability has been recognized. These base year reserves would be recaptured if the Company’s banking subsidiaries cease to qualify as a bank for federal income tax purposes. The base year reserves also remain subject to income tax penalty provisions that, in general, require recapture upon certain stock redemptions of, and excess distributions to, stockholders.

  NOTE 19   Derivative Instruments

In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”); or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).

Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying fixed-rate debt. Changes in the fair value of derivatives designated as fair value hedges, and changes in the fair value of the hedged items, are recorded in earnings. All fair value hedges were highly effective for the year ended December 31, 2013, and the change in fair value attributed to hedge ineffectiveness was not material.

120 U.S. BANCORP

Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate loans and debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). At December 31, 2013, the Company had $261 million (net-of-tax) of realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss), compared with $404 million (net-of-tax) at December 31, 2012. The estimated amount to be reclassified from other comprehensive income (loss) into earnings during the next 12 months is a loss of $117 million (net-of-tax). This amount includes gains and losses related to hedges that were terminated early for which the forecasted transactions are still probable. All cash flow hedges were highly effective for the year ended December 31, 2013, and the change in fair value attributed to hedge ineffectiveness was not material.

Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and occasionally non-derivative debt instruments, to hedge the volatility of its investment in foreign operations driven by fluctuations in foreign currency exchange rates. The ineffectiveness on all net investment hedges was not material for the year ended December 31, 2013. There were no non-derivative debt instruments designated as net investment hedges at December 31, 2013 or 2012.

Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell to-be-announced securities (“TBAs”) and other commitments to sell residential mortgage loans, which are used to economically hedge the interest rate risk related to residential mortgage loans held for sale (“MLHFS”) and unfunded mortgage loan commitments. The Company also enters into interest rate swaps, forward commitments to buy TBAs, U.S. Treasury futures and options on U.S. Treasury futures to economically hedge the change in the fair value of the Company’s MSRs. The Company also enters into foreign currency forwards to economically hedge remeasurement gains and losses the Company recognizes on foreign currency denominated assets and liabilities. In addition, the Company acts as a seller and buyer of interest rate derivatives and foreign exchange contracts for its customers. To mitigate the market and liquidity risk associated with these customer derivatives, the Company historically has entered into similar offsetting positions with broker-dealers. In 2014, the Company began to instead actively manage the risks from its exposure to these customer-related positions on a portfolio basis by entering into other derivative or non-derivative financial instruments that partially or fully offset the exposure from these customer-related positions. The Company also has derivative contracts that are created through its operations, including commitments to originate MLHFS.

For additional information on the Company’s purpose for entering into derivative transactions and its overall risk management strategies, refer to “Management Discussion and Analysis — Use of Derivatives to Manage Interest Rate and Other Risks” which is incorporated by reference into these Notes to Consolidated Financial Statements.

U.S. BANCORP 121

The following table summarizes the asset and liability management derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
December 31, 2013
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	22		2.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		772		26		6.25		4,288		498		2.46
Receive fixed/pay floating swaps		7,000		26		.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		–		–		–		1,056		4		.04
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		2,310		9		.07		1,025		7		.06
Sell		5,234		58		.08		346		4		.17
Options
Purchased		2,300		–		.07		–		–		–
Written		1,902		17		.07		2		–		.08
Receive fixed/pay floating swaps		–		–		–		3,540		56		10.22
Foreign exchange forward contracts		6,813		24		.02		2,121		4		.02
Equity contracts		79		3		1.62		–		–		–
Credit contracts		1,209		4		4.04		2,352		7		3.08
Total	$	28,119	$	189			$	14,730	$	580
December 31, 2012
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	30		3.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		32		–		9.88		4,528		718		3.79
Receive fixed/pay floating swaps		7,000		45		1.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		758		1		.07		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		11,164		138		.07		2,921		13		.04
Sell		6,299		18		.11		12,223		57		.09
Options
Purchased		2,435		–		.07		–		–		–
Written		4,991		123		.12		4		–		.06
Receive fixed/pay floating swaps		350		1		10.21		3,775		14		10.21
Foreign exchange forward contracts		618		4		.03		1,383		6		.01
Equity contracts		31		–		2.80		27		–		2.46
Credit contracts		1,056		3		4.56		1,947		10		3.11
Total	$	35,234	$	363			$	26,808	$	818

122 U.S. BANCORP

The following table summarizes the customer-related derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
December 31, 2013
Interest rate contracts
Receive fixed/pay floating swaps	$	11,717	$	600		5.11	$	7,291	$	106		5.57
Pay fixed/receive floating swaps		6,746		114		6.03		12,361		560		4.90
Options
Purchased		3,489		33		4.53		–		–		–
Written		–		–		–		3,489		33		4.53
Foreign exchange rate contracts
Forwards, spots and swaps		10,970		457		.59		9,975		427		.62
Options
Purchased		364		11		.53		–		–		–
Written		–		–		–		364		11		.53
Total	$	33,286	$	1,215			$	33,480	$	1,137
December 31, 2012
Interest rate contracts
Receive fixed/pay floating swaps	$	16,671	$	1,085		4.78	$	1,090	$	15		9.30
Pay fixed/receive floating swaps		928		14		11.12		16,923		1,042		4.74
Options
Purchased		3,046		16		5.24		28		–		4.42
Written		286		–		.75		2,788		16		5.68
Foreign exchange rate contracts
Forwards, spots and swaps		12,186		322		.43		11,861		286		.44
Options
Purchased		323		6		.55		–		–		–
Written		–		–		–		323		6		.55
Total	$	33,440	$	1,443			$	33,013	$	1,365

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31:

	Gains (Losses) Recognized in Other Comprehensive Income (Loss)									Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts (a)	$	25		$	(46	)	$	(213	)	$	(118	)	$	(131	)	$	(138	)
Net investment hedges
Foreign exchange forward contracts		(45	)		(19	)		34			–			–			–
Non-derivative debt instruments		–			20			–			–			–			–

Note: Ineffectiveness on cash flow and net investment hedges was not material for the years ended December 31, 2013, 2012 and 2011.

(a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt.

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The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions for the years ended December 31:

(Dollars in Millions)	Location of Gains (Losses) Recognized in Earnings		2013			2012			2011
Asset and Liability Management Positions
Fair value hedges (a)
Interest rate contracts		Other noninterest income	$	(9	)	$	3		$	(36	)
Foreign exchange cross-currency swaps		Other noninterest income		–			42			(69	)
Other economic hedges
Interest rate contracts
Futures and forwards		Mortgage banking revenue		615			437			23
Purchased and written options		Mortgage banking revenue		243			854			456
Receive fixed/pay floating swaps		Mortgage banking revenue		(322	)		175			518
Pay fixed/received floating swaps		Mortgage banking revenue		–			–			1
Foreign exchange forward contracts		Commercial products revenue		49			(63	)		(81	)
Equity contracts		Compensation expense		2			2			1
Credit contracts		Other noninterest income/expense		6			(8	)		–
Customer-Related Positions
Interest rate contracts
Receive fixed/pay floating swaps		Other noninterest income		(361	)		(118	)		302
Pay fixed/receive floating swaps		Other noninterest income		378			124			(317	)
Foreign exchange rate contracts
Forwards, spots and swaps		Commercial products revenue		51			50			53

(a) Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $8 million and zero for the year ended December 31, 2013, respectively, $(3) million and $(44) million for the year ended December 31, 2012, respectively, and $29 million and $72 million for the year ended December 31, 2011, respectively. The ineffective portion was immaterial for the years ended December 31, 2013, 2012 and 2011.

Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements require the counterparty to deliver, on a daily basis, collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable. For highly-rated counterparties, the collateral arrangements may include minimum dollar thresholds, but allow for the Company to call for immediate, full collateral coverage when credit-rating thresholds are triggered by counterparties.

The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on certain net liability thresholds and contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate full collateral coverage for derivatives in net liability positions. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at December 31, 2013, was $1.0 billion. At December 31, 2013, the Company had $792 million of cash posted as collateral against this net liability position.

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  NOTE 20   Netting Arrangements for Certain Financial Instruments

The majority of the Company’s derivative portfolio consists of bilateral over-the-counter trades. However, due to legislative changes effective during 2013, certain interest rate swaps and credit contracts need to be centrally cleared through clearinghouses. In addition, a portion of the Company’s derivative positions are exchange-traded. These are predominately U.S. Treasury futures or options on U.S. Treasury futures. Of the Company’s $109.6 billion of total notional amount of derivative positions at December 31, 2013, $8.3 billion related to those centrally cleared through clearinghouses and $3.6 billion related to those that were exchange-traded. Irrespective of how derivatives are traded, the Company’s derivative contracts include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. Securities used as collateral can be sold, re-pledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 19 for further discussion of the Company’s derivatives, including collateral arrangements.

As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.

Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. Under all transactions, the fair values of the securities are determined daily, and additional cash is obtained or refunded to counterparties where appropriate. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury securities or agency mortgage-backed securities. The securities loaned or borrowed are typically high-grade corporate bonds traded by the Company’s broker-dealer. The securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party.

The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all positions with the defaulting counterparty to be terminated and net settled with a single payment amount.

The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements with the clearinghouses. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions.

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The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:

	Gross		Gross Amounts Offset on the			Net Amounts Presented on the		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)	Recognized Assets		Consolidated Balance Sheet (a)			Consolidated Balance Sheet		Financial             Instruments (b)			Collateral Received (c)			Net Amount
December 31, 2013
Derivative assets (d)	$	1,349	$	(599	)	$	750	$	(21	)	$	–		$	729
Reverse repurchase agreements		87		–			87		(59	)		(28	)		–
Securities borrowed		723		–			723		–			(698	)		25
Total	$	2,159	$	(599	)	$	1,560	$	(80	)	$	(726	)	$	754
December 31, 2012
Derivative assets (d)	$	1,546	$	(418	)	$	1,128	$	(148	)	$	–		$	980
Reverse repurchase agreements		363		–			363		(44	)		(319	)		–
Securities borrowed		368		–			368		–			(356	)		12
Total	$	2,277	$	(418	)	$	1,859	$	(192	)	$	(675	)	$	992

(a) Includes $124 million and $79 million of cash collateral related payables that were netted against derivative assets at December 31, 2013 and 2012, respectively.

(b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.

(d) Excludes $55 million and $260 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at December 31, 2013 and 2012, respectively.

	Gross		Gross Amounts Offset on the			Net Amounts Presented on the		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)	Recognized Liabilities		Consolidated Balance Sheet (a)			Consolidated Balance Sheet		Financial                 Instruments (b)			Collateral Pledged (c)			Net Amount
December 31, 2013
Derivative liabilities (d)	$	1,598	$	(1,192	)	$	406	$	(21	)	$	–		$	385
Repurchase agreements		2,059		–			2,059		(59	)		(2,000	)		–
Securities loaned		–		–			–		–			–			–
Total	$	3,657	$	(1,192	)	$	2,465	$	(80	)	$	(2,000	)	$	385
December 31, 2012
Derivative liabilities (d)	$	2,178	$	(1,549	)	$	629	$	(148	)	$	–		$	481
Repurchase agreements		3,389		–			3,389		(44	)		(3,345	)		–
Securities loaned		–		–			–		–			–			–
Total	$	5,567	$	(1,549	)	$	4,018	$	(192	)	$	(3,345	)	$	481

(a) Includes $717 million and $1.2 billion of cash collateral related receivables that were netted against derivative liabilities at December 31, 2013 and 2012, respectively.

(b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.

(d) Excludes $119 million and $5 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at December 31, 2013 and 2012, respectively.

  NOTE 21   Fair Values of Assets and Liabilities

The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, substantially all MLHFS and MSRs are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance.

The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for

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valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury and exchange-traded instruments.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, certain debt securities and certain derivative contracts.

When the Company changes its valuation inputs for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. During the years ended December 31, 2013, 2012 and 2011, there were no transfers of financial assets or financial liabilities between the hierarchy levels.

The Company has processes and controls in place to increase the reliability of estimates it makes in determining fair value measurements. Items quoted on an exchange are verified to the quoted price. Items provided by a third party pricing service are subject to price verification procedures as discussed in more detail in the specific valuation discussions provided in the section that follows. For fair value measurements modeled internally, the Company’s valuation models are subject to the Company’s Model Risk Governance Policy and Program, as maintained by the Company’s credit administration department. The purpose of model validation is to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use, and are subject to formal change control procedures. Under the Company’s Model Risk Governance Policy, models are required to be reviewed at least annually to ensure they are operating as intended. Inputs into the models are market observable inputs whenever available. When market observable inputs are not available, the inputs are developed based upon analysis of historical experience and evaluation of other relevant market data. Significant unobservable model inputs are subject to review by senior management in corporate functions, who are independent from the modeling. Significant unobservable model inputs are also compared to actual results, typically on a quarterly basis. Significant Level 3 fair value measurements are also subject to corporate-level review and are benchmarked to market transactions or other market data, when available. Additional discussion of processes and controls are provided in the valuation methodologies section that follows.

The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities at fair value and for estimating fair value for financial instruments not recorded at fair value as required under disclosure guidance related to the fair value of financial instruments. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the description includes information about the valuation models and key inputs to those models. During the years ended December 31, 2013, 2012 and 2011, there were no significant changes to the valuation techniques used by the Company to measure fair value.

Cash and Due From Banks The carrying value of cash and due from banks approximate fair value and are classified within Level 1. Fair value is provided for disclosure purposes only.

Federal Funds Sold and Securities Purchased Under Resale Agreements The carrying value of federal funds sold and securities purchased under resale agreements approximate fair value because of the relatively short time between the origination of the instrument and its expected realization and are classified within Level 2. Fair value is provided for disclosure purposes only.

Investment Securities When quoted market prices for identical securities are available in an active market, these

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prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities are predominantly U.S. Treasury securities.

For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. The Company reviews the valuation methodologies utilized by the pricing service and, on a quarterly basis, reviews the security level prices provided by the pricing service against management’s expectation of fair value, based on changes in various benchmarks and market knowledge from recent trading activity. Additionally, each quarter, the Company validates the fair value provided by the pricing services by comparing them to recent observable market trades (where available), broker provided quotes, or other independent secondary pricing sources. Prices obtained from the pricing service are adjusted if they are found to be inconsistent with observable market data. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, municipal securities, corporate debt securities, agency debt securities and perpetual preferred securities.

The fair value of securities for which there are no market trades, or where trading is inactive as compared to normal market activity, are classified within Level 3 of the fair value hierarchy. The Company determines the fair value of these securities using a discounted cash flow methodology and incorporating observable market information, where available. These valuations are modeled by a unit within the Company’s treasury department. The valuations use assumptions regarding housing prices, interest rates and borrower performance. Inputs are refined and updated at least quarterly to reflect market developments and actual performance. The primary valuation drivers of these securities are the prepayment rates, default rates and default severities associated with the underlying collateral, as well as the discount rate used to calculate the present value of the projected cash flows. Level 3 fair values, including the assumptions used, are subject to review by senior management in corporate functions, who are independent from the modeling. The fair value measurements are also compared to fair values provided by third party pricing services, where available. Securities classified within Level 3 include non-agency mortgage-backed securities, non-agency commercial mortgage-backed securities, certain asset-backed securities, certain collateralized debt obligations and collateralized loan obligations and certain corporate debt securities.

Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue was a $335 million net loss, a $287 million net gain and a $15 million net gain for the years ended December 31, 2013, 2012 and 2011, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.

Loans The loan portfolio includes adjustable and fixed-rate loans, the fair value of which was estimated using discounted cash flow analyses and other valuation techniques. The expected cash flows of loans considered historical prepayment experiences and estimated credit losses and were discounted using current rates offered to borrowers of similar credit characteristics. Generally, loan fair values reflect Level 3 information. Fair value is provided for disclosure purposes only, with the exception of impaired collateral-based loans that are measured at fair value on a non-recurring basis utilizing the underlying collateral fair value.

Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology. Accordingly, MSRs are classified within Level 3. The Company determines fair value by estimating the present value of the asset’s future cash flows using prepayment rates, discount rates, and other assumptions. The MSR valuations, as well as the assumptions used, are developed by the mortgage banking division and are subject to review by senior management in corporate functions, who are independent from the modeling. The MSR valuations and assumptions are validated through comparison to trade information, publicly available data and industry surveys when available, and are also compared to independent third party valuations each quarter. Risks inherent in MSR valuation include higher than expected prepayment rates and/or delayed receipt of cash flows. There is minimal observable market activity for MSRs on comparable portfolios, and, therefore the determination of fair value requires significant management judgment. Refer to Note 9 for further information on MSR valuation assumptions.

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Derivatives The majority of derivatives held by the Company are executed over-the-counter and are valued using standard cash flow, Black-Derman-Toy and Monte Carlo valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. In addition, all derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk as well as external assessments of credit risk, where available. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market, and therefore the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy. The credit valuation adjustments for nonperformance risk are determined by the Company’s treasury department using credit assumptions provided by credit administration. The credit assumptions are compared to actual results quarterly and are recalibrated as appropriate.

The Company also has commitments to purchase and originate mortgage loans that meet the accounting requirements of a derivative. These mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value, both of which are developed by the Company’s mortgage banking division. The closed loan percentages for the mortgage loan commitments are monitored on an on-going basis, as these percentages are also used for the Company’s economic hedging activities. The inherent MSR value for the commitments are generated by the same models used for the Company’s MSRs and thus are subject to the same processes and controls as described for the MSRs above.

Other Financial Instruments Other financial instruments include cost method equity investments and community development and tax-advantaged related assets and liabilities. The majority of the Company’s cost method equity investments are in Federal Home Loan Bank and Federal Reserve Bank stock, whose carrying amounts approximate their fair value and are classified within Level 2. Investments in private equity and other limited partnership funds are estimated using fund provided net asset values. These equity investments are classified within Level 3. Fair value is provided for disclosure purposes only.

Community development and tax-advantaged investments generate a return primarily through the realization of federal and state income tax credits, with a duration typically equal to the period that the tax credits are realized. Asset balances primarily represent the assets of the underlying community development and tax-advantaged entities the Company consolidated per applicable authoritative accounting guidance. Liabilities of the underlying consolidated entities were included in long-term debt. The carrying value of the asset balances are a reasonable estimate of fair value and are classified within Level 3. Refer to Note 7 for further information on community development and tax-advantaged related assets and liabilities. Fair value is provided for disclosure purposes only.

Deposit Liabilities The fair value of demand deposits, savings accounts and certain money market deposits is equal to the amount payable on demand. The fair value of fixed-rate certificates of deposit was estimated by discounting the contractual cash flow using current market rates. Deposit liabilities are classified within Level 2. Fair value is provided for disclosure purposes only.

Short-term Borrowings Federal funds purchased, securities sold under agreements to repurchase, commercial paper and other short-term funds borrowed have floating rates or short-term maturities. The fair value of short-term borrowings was determined by discounting contractual cash flows using current market rates. Short-term borrowings are classified within Level 2. Included in short-term borrowings is the Company’s obligation on securities sold short, which is required to be accounted for at fair value per applicable accounting guidance. Fair value for other short-term borrowings is provided for disclosure purposes only.

Long-term Debt The fair value for most long-term debt was determined by discounting contractual cash flows using current market rates. Junior subordinated debt instruments were valued using market quotes. Long-term debt is classified within Level 2. Fair value is provided for disclosure purposes only.

Loan Commitments, Letters of Credit and Guarantees The fair value of commitments, letters of credit and guarantees represents the estimated costs to terminate or otherwise settle the obligations with a third party. Other loan commitments, letters of credit and guarantees are not actively traded, and the Company estimates their fair value based on the related amount of unamortized deferred commitment fees adjusted for the probable losses for these arrangements. These arrangements are classified within Level 3. Fair value is provided for disclosure purposes only.

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Significant Unobservable Inputs of Level 3 Assets and Liabilities

The following section provides information on the significant inputs used by the Company to determine the fair value measurements of Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. In addition, the following section includes a discussion of the sensitivity of the fair value measurements to changes in the significant inputs and a description of any interrelationships between these inputs for Level 3 assets and liabilities recorded at fair value on a recurring basis. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and other real estate owned. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved.

Available-For-Sale Investment Securities The significant unobservable inputs used in the fair value measurement of the Company’s modeled Level 3 available-for-sale investment securities are prepayment rates, probability of default and loss severities associated with the underlying collateral, as well as the discount margin used to calculate the present value of the projected cash flows. Increases in prepayment rates for Level 3 securities will typically result in higher fair values, as increased prepayment rates accelerate the receipt of expected cash flows and reduce exposure to credit losses. Increases in the probability of default and loss severities will result in lower fair values, as these increases reduce expected cash flows. Discount margin is the Company’s estimate of the current market spread above the respective benchmark rate. Higher discount margin will result in lower fair values, as it reduces the present value of the expected cash flows.

Prepayment rates generally move in the opposite direction of market interest rates. In the current environment, an increase in the probability of default will generally be accompanied with an increase in loss severity, as both are impacted by underlying collateral values. Discount margins are influenced by market expectations about the security’s collateral performance, and therefore may directionally move with probability and severity of default; however, discount margins are also impacted by broader market forces, such as competing investment yields, sector liquidity, economic news, and other macroeconomic factors.

The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at December 31, 2013:

	Minimum			Maximum			Average
Residential Prime Non-Agency Mortgage-Backed Securities (a)
Estimated lifetime prepayment rates		6	%		20	%		13	%
Lifetime probability of default rates		–			7			4
Lifetime loss severity rates		25			65			42
Discount margin		2			5			4
Residential Non-Prime Non-Agency Mortgage-Backed Securities (b)
Estimated lifetime prepayment rates		2	%		10	%		6	%
Lifetime probability of default rates		4			12			8
Lifetime loss severity rates		15			70			54
Discount margin		1			6			3
Other Asset-Backed Securities
Estimated lifetime prepayment rates		6	%		6	%		6	%
Lifetime probability of default rates		5			5			5
Lifetime loss severity rates		40			40			40
Discount margin		7			7			7

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

130 U.S. BANCORP

Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the discount rate used to calculate the present value of the projected cash flows. Significant increases in either of these inputs in isolation would result in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would result in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and discount rate. Prepayment rates generally move in the opposite direction of market interest rates. Discount rates are generally impacted by changes in market return requirements.

The following table shows the significant valuation assumption ranges for MSRs at December 31, 2013:

	Minimum			Maximum			Average
Expected prepayment		10	%		21	%		11	%
Discount rate		10			13			10

Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to sell, purchase and originate mortgage loans that meet the requirements of a derivative, and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty.

The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to sell, purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would result in a larger derivative asset or liability. A significant increase in the inherent MSR value would result in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates.

The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to sell, purchase and originate mortgage loans at December 31, 2013:

	Minimum			Maximum			Average
Expected loan close rate		43	%		100	%		80	%
Inherent MSR value (basis points per loan)		48			221			124

The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would result in a lower fair value measurement. A significant decrease in the credit valuation adjustment would result in a higher fair value measurement. The credit valuation adjustment is impacted by changes in the Company’s assessment of the counterparty’s credit position. At December 31, 2013, the minimum, maximum and average credit valuation adjustment as a percentage of the derivative contract fair value prior to adjustment was 0 percent, 100 percent and 7 percent, respectively.

U.S. BANCORP 131

The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:

(Dollars in Millions)	Level 1		Level 2		Level 3		Netting			Total
December 31, 2013
Available-for-sale securities
U.S. Treasury and agencies	$	7	$	1,038	$	–	$	–		$	1,045
Mortgage-backed securities
Residential
Agency		–		31,553		–		–			31,553
Non-agency
Prime (a)		–		–		478		–			478
Non-prime (b)		–		–		297		–			297
Commercial
Agency		–		152		–		–			152
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		24		–		–			24
Other		–		566		63		–			629
Obligations of state and political subdivisions		–		5,738		–		–			5,738
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		631		9		–			640
Perpetual preferred securities		–		212		–		–			212
Other investments		141		20		–		–			161
Total available-for-sale		148		39,940		847		–			40,935
Mortgage loans held for sale		–		3,263		–		–			3,263
Mortgage servicing rights		–		–		2,680		–			2,680
Derivative assets		–		889		515		(599	)		805
Other assets		143		588		–		–			731
Total	$	291	$	44,680	$	4,042	$	(599	)	$	48,414
Derivative liabilities	$	–	$	1,647	$	70	$	(1,192	)	$	525
Short-term borrowings (c)		112		551		–		–			663
Total	$	112	$	2,198	$	70	$	(1,192	)	$	1,188
December 31, 2012
Available-for-sale securities
U.S. Treasury and agencies	$	491	$	735	$	–	$	–		$	1,226
Mortgage-backed securities
Residential
Agency		–		29,495		–		–			29,495
Non-agency
Prime (a)		–		–		624		–			624
Non-prime (b)		–		–		355		–			355
Commercial
Agency		–		193		–		–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		42		–		–			42
Other		–		577		15		–			592
Obligations of state and political subdivisions		–		6,455		–		–			6,455
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		722		9		–			731
Perpetual preferred securities		–		218		–		–			218
Other investments		187		15		–		–			202
Total available-for-sale		678		38,458		1,003		–			40,139
Mortgage loans held for sale		–		7,957		–		–			7,957
Mortgage servicing rights		–		–		1,700		–			1,700
Derivative assets		–		572		1,234		(418	)		1,388
Other assets		94		386		–		–			480
Total	$	772	$	47,373	$	3,937	$	(418	)	$	51,664
Derivative liabilities	$	–	$	2,128	$	55	$	(1,549	)	$	634
Short-term borrowings (c)		50		351		–		–			401
Total	$	50	$	2,479	$	55	$	(1,549	)	$	1,035

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

132 U.S. BANCORP

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Comprehensive Income (Loss)			Purchases		Sales			Principal Payments			Issuances			Settlements			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	624	$	(6	)	$	8		$	–	$	–		$	(148	)	$	–		$	–		$	478	$	9
Non-prime (b)		355		(13	)		17			–		(20	)		(42	)		–			–			297		17
Asset-backed securities
Other		15		3			1			51		–			(7	)		–			–			63		–
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,003		(16	)(c)		26	(f)		51		(20	)		(197	)		–			–			847		26
Mortgage servicing rights		1,700		203	(d)		–			8		–			–			769	(g)		–			2,680		203	(d)
Net derivative assets and liabilities		1,179		(18	)(e)		–			1		(5	)		–			–			(712	)		445		(321	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	803	$	(10	)	$	91		$	–	$	(109	)	$	(151	)	$	–		$	–		$	624	$	65
Non-prime (b)		802		(24	)		228			–		(562	)		(89	)		–			–			355		80
Commercial non-agency		42		1			–			–		(38	)		(5	)		–			–			–		–
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		120		13			(8	)		–		(104	)		(21	)		–			–			–		–
Other		117		7			–			3		(93	)		(19	)		–			–			15		2
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,893		(13	)(i)		311	(f)		3		(906	)		(285	)		–			–			1,003		147
Mortgage servicing rights		1,519		(818	)(d)		–			42		–			–			957	(g)		–			1,700		(818	)(d)
Net derivative assets and liabilities		1,228		2,398	(j)		–			3		(5	)		–			–			(2,445	)		1,179		150	(k)
2011
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	1,103	$	6		$	4		$	–	$	(115	)	$	(195	)	$	–		$	–		$	803	$	(4	)
Non-prime (b)		947		(7	)		1			–		(13	)		(126	)		–			–			802		1
Commercial non-agency		50		3			(3	)		–		(4	)		(4	)		–			–			42		(2	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		135		13			5			–		–			(33	)		–			–			120		5
Other		133		10			(7	)		5		–			(24	)		–			–			117		(7	)
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		2,377		25	(l)		–	(f)		5		(132	)		(382	)		–			–			1,893		(7	)
Mortgage servicing rights		1,837		(972	)(d)		–			35		–			–			619	(g)		–			1,519		(972	)(d)
Net derivative assets and liabilities		851		1,550	(m)		–			1		(8	)		–			–			(1,166	)		1,228		442	(n)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Approximately $(14) million included in securities gains (losses) and $(2) million included in interest income.

(d) Included in mortgage banking revenue.

(e) Approximately $(149) million included in other noninterest income and $131 million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(340) million included in other noninterest income and $19 million included in mortgage banking revenue.

(i) Approximately $(47) million included in securities gains (losses) and $34 million included in interest income.

(j) Approximately $359 million included in other noninterest income and $2.0 billion included in mortgage banking revenue.

(k) Approximately $(109) million included in other noninterest income and $259 million included in mortgage banking revenue.

(l) Approximately $(31) million included in securities gains (losses) and $56 million included in interest income.

(m) Approximately $716 million included in other noninterest income and $834 million included in mortgage banking revenue.

(n) Approximately $262 million included in other noninterest income and $180 million included in mortgage banking revenue.

U.S. BANCORP 133

The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets.

The following table summarizes the balances of assets measured at fair value on a nonrecurring basis as of December 31:

	2013								2012
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans (a)	$	–	$	–	$	128	$	128	$	–	$	–	$	140	$	140
Other assets (b)		–		–		150		150		–		–		194		194

(a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.

The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the years ended December 31:

(Dollars in Millions)	2013		2012		2011
Loans (a)	$	83	$	68	$	177
Other assets (b)		96		160		316

(a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.

Fair Value Option

The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity as of December 31:

	2013							2012
(Dollars in Millions)	Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal			Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal
Total loans	$	3,263	$	3,195	$	68		$	7,957	$	7,588	$	369
Nonaccrual loans		9		14		(5	)		8		13		(5	)
Loans 90 days or more past due		–		–		–			2		3		(1	)

Disclosures about Fair Value of Financial Instruments

The following table summarizes the estimated fair value for financial instruments as of December 31, 2013 and 2012, and includes financial instruments that are not accounted for at fair value. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, insurance contracts and investments accounted for under the equity method are excluded.

134 U.S. BANCORP

The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below:

	2013										2012
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
(Dollars in Millions)			Level 1		Level 2		Level 3		Total				Level 1		Level 2		Level 3		Total
Financial Assets
Cash and due from banks	$	8,477	$	8,477	$	–	$	–	$	8,477	$	8,252	$	8,252	$	–	$	–	$	8,252
Federal funds sold and securities purchased under resale agreements		163		–		163		–		163		437		–		437		–		437
Investment securities held-to-maturity		38,920		2,589		35,678		101		38,368		34,389		2,984		31,845		123		34,952
Loans held for sale (a)		5		–		–		5		5		19		–		–		19		19
Loans (b)		230,857		–		–		231,480		231,480		218,765		–		–		220,354		220,354
Other financial instruments		2,422		–		1,080		1,362		2,442		7,367		–		1,228		6,157		7,385
Financial Liabilities
Deposits		262,123		–		262,200		–		262,200		249,183		–		249,594		–		249,594
Short-term borrowings (c)		26,945		–		26,863		–		26,863		25,901		–		25,917		–		25,917
Long-term debt		20,049		–		20,391		–		20,391		25,516		–		26,205		–		26,205

(a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.

(b) Excludes loans measured at fair value on a nonrecurring basis.

(c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

The fair value of unfunded commitments, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments and standby letters of credit was $382 million and $415 million at December 31, 2013 and 2012, respectively. The carrying value of other guarantees was $278 million and $452 million at December 31, 2013 and 2012, respectively.

  NOTE 22   Guarantees and Contingent Liabilities

Visa Restructuring and Card Association Litigation The Company’s payment services business issues and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Associations”) are defendants in antitrust lawsuits challenging the practices of the Card Associations (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount.

Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. On October 19, 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation, the largest of the remaining Visa Litigation matters. The settlement has been approved by the court, but has been challenged by some class members and is being appealed. At December 31, 2013, the carrying amount of the Company’s liability related to the Visa Litigation matters, net of its share of the escrow fundings, was $41 million and included the Company’s estimate of its remaining share of the temporary reduction in interchange rates specified in the settlement agreement. The remaining Class B shares held by the Company will be eligible for conversion to Class A shares, and thereby become marketable, upon final settlement of the Visa Litigation. These shares are excluded from the Company’s financial instruments disclosures included in Note 21.

Commitments to Extend Credit Commitments to extend credit are legally binding and generally have fixed expiration dates or other termination clauses. The contractual amount represents the Company’s exposure to credit loss, in the event of default by the borrower. The Company manages this credit risk by using the same credit policies it applies to loans. Collateral is obtained to secure commitments based on management’s credit assessment of the borrower. The collateral may include marketable securities, receivables, inventory, equipment and real estate. Since the Company expects many of the commitments to expire without being drawn, total commitment amounts do not necessarily represent the

U.S. BANCORP 135

Company’s future liquidity requirements. In addition, the commitments include consumer credit lines that are cancelable upon notification to the consumer.

The contract or notional amounts of unfunded commitments to extend credit at December 31, 2013, excluding those commitments considered derivatives, were as follows:

	Term
(Dollars in Millions)	Less Than One Year		Greater Than One Year		Total
Commercial and commercial real estate	$	20,321	$	83,530	$	103,851
Corporate and purchasing cards (a)		20,007		–		20,007
Residential mortgages		98		11		109
Retail credit cards (a)		71,192		264		71,456
Other retail		11,382		17,733		29,115
Covered		31		807		838
Federal funds		4,898		–		4,898

(a) Primarily cancelable at the Company’s discretion.

Lease Commitments Rental expense for operating leases totaled $311 million in 2013, $295 million in 2012 and $291 million in 2011. Future minimum payments, net of sublease rentals, under capitalized leases and noncancelable operating leases with initial or remaining terms of one year or more, consisted of the following at December 31, 2013:

(Dollars in Millions)	Capitalized Leases		Operating Leases
2014	$	9	$	244
2015		8		215
2016		8		182
2017		6		154
2018		6		116
Thereafter		25		474
Total minimum lease payments		62	$	1,385
Less amount representing interest		23
Present value of net minimum lease payments	$	39

Other Guarantees and Contingent Liabilities

The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2013:

(Dollars in Millions)	Collateral Held		Carrying Amount		Maximum Potential Future Payments
Standby letters of credit	$	–	$	71	$	16,891
Third-party borrowing arrangements		–		–		12
Securities lending indemnifications		5,397		–		5,261
Asset sales		–		185		3,656
Merchant processing		648		69		83,496
Contingent consideration arrangements		–		12		12
Tender option bond program guarantee		4,604		–		4,575
Minimum revenue guarantees		–		12		12
Other		–		–		468

Letters of Credit Standby letters of credit are commitments the Company issues to guarantee the performance of a customer to a third party. The guarantees frequently support public and private borrowing arrangements, including commercial paper issuances, bond financings and other similar transactions. The Company issues commercial letters of credit on behalf of customers to ensure payment or collection in connection with trade transactions. In the event of a customer’s nonperformance, the Company’s credit loss exposure is the same as in any extension of credit, up to the letter’s contractual amount. Management assesses the borrower’s credit to determine the necessary collateral, which may include marketable securities, receivables, inventory, equipment and real estate. Since the conditions requiring the Company to fund letters of credit may not occur, the Company expects its liquidity requirements to be less than the total outstanding commitments. The maximum potential future payments guaranteed by the Company under standby letter of credit arrangements at December 31, 2013, were approximately $16.9 billion with a weighted-average term of approximately 21 months. The estimated fair value of standby letters of credit was approximately $71 million at December 31, 2013.

The contract or notional amount of letters of credit at December 31, 2013, were as follows:

	Term
(Dollars in Millions)	Less Than One Year		Greater Than One Year		Total
Standby	$	7,778	$	9,113	$	16,891
Commercial		252		43		295

Guarantees Guarantees are contingent commitments issued by the Company to customers or other third parties. The Company’s guarantees primarily include parent guarantees related to subsidiaries’ third party borrowing arrangements; third party performance guarantees inherent in the Company’s business operations, such as indemnified securities lending programs and merchant charge-back guarantees; indemnification or buy-back provisions related to certain asset sales; and contingent consideration arrangements related to acquisitions. For certain guarantees, the Company has recorded a liability related to the potential obligation, or has access to collateral to support the guarantee or through the exercise of other recourse provisions can offset some or all of the maximum potential future payments made under these guarantees.

Third Party Borrowing Arrangements The Company provides guarantees to third parties as a part of certain subsidiaries’ borrowing arrangements. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $12 million at December 31, 2013.

136 U.S. BANCORP

Commitments from Securities Lending The Company participates in securities lending activities by acting as the customer’s agent involving the loan of securities. The Company indemnifies customers for the difference between the fair value of the securities lent and the fair value of the collateral received. Cash collateralizes these transactions. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $5.3 billion at December 31, 2013, and represented the fair value of the securities lent to third parties. At December 31, 2013, the Company held $5.4 billion of cash as collateral for these arrangements.

Asset Sales The Company has provided guarantees to certain third parties in connection with the sale or syndication of certain assets, primarily loan portfolios and tax-advantaged investments. These guarantees are generally in the form of asset buy-back or make-whole provisions that are triggered upon a credit event or a change in the tax-qualifying status of the related projects, as applicable, and remain in effect until the loans are collected or final tax credits are realized, respectively. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $3.7 billion at December 31, 2013, and represented the proceeds received from the buyer or the guaranteed portion in these transactions where the buy-back or make-whole provisions have not yet expired. At December 31, 2013, the Company had reserved $102 million for potential losses related to the sale or syndication of tax-advantaged investments.

The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.

The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representation and warranties to the GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the counterparty for losses. At December 31, 2013, the Company had reserved $83 million for potential losses from representation and warranty obligations, compared with $240 million at December 31, 2012. The $157 million decrease reflected the settlement of substantially all representation and warranty obligations on loans sold to the Federal Home Loan Mortgage Corporation (“Freddie Mac”) between 2000 and 2008. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends.

The following table is a rollforward of the Company’s representation and warranty reserve:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	240		$	160		$	180
Net realized losses		(115	)		(120	)		(137	)
Change in reserve		(42	)		200			117
Balance at end of period	$	83		$	240		$	160

As of December 31, 2013 and 2012, the Company had $89 million and $131 million, respectively, of unresolved representation and warranty claims from the GSEs. The Company does not have a significant amount of unresolved claims from investors other than the GSEs.

Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder.

A cardholder, through its issuing bank, generally has until the latter of up to four months after the date the transaction is processed or the receipt of the product or service to present a charge-back to the Company as the merchant processor. The absolute maximum potential liability is estimated to be the total volume of credit card transactions that meet the associations’ requirements to be

U.S. BANCORP 137

valid charge-back transactions at any given time. Management estimates that the maximum potential exposure for charge-backs would approximate the total amount of merchant transactions processed through the credit card associations for the last four months. For the last four months this amount totaled approximately $83.5 billion. In most cases, this contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. However, where the product or service is not provided until a future date (“future delivery”), the potential for this contingent liability increases. To mitigate this risk, the Company may require the merchant to make an escrow deposit, place maximum volume limitations on future delivery transactions processed by the merchant at any point in time, or require various credit enhancements (including letters of credit and bank guarantees). Also, merchant processing contracts may include event triggers to provide the Company more financial and operational control in the event of financial deterioration of the merchant.

The Company currently processes card transactions in the United States, Canada, Europe, Mexico and Brazil through wholly-owned subsidiaries and joint ventures with other financial institutions. In the event a merchant was unable to fulfill product or services subject to delayed delivery, such as airline tickets, the Company could become financially liable for refunding tickets purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At December 31, 2013, the value of airline tickets purchased to be delivered at a future date was $5.2 billion. The Company held collateral of $538 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets. With respect to future delivery risk for other merchants, the Company held $23 million of merchant escrow deposits as collateral. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At December 31, 2013, the liability was $58 million primarily related to these airline processing arrangements.

In the normal course of business, the Company has unresolved charge-backs. The Company assesses the likelihood of its potential liability based on the extent and nature of unresolved charge-backs and its historical loss experience. At December 31, 2013, the Company held $87 million of merchant escrow deposits as collateral and had a recorded liability for potential losses of $11 million.

Contingent Consideration Arrangements The Company has contingent payment obligations related to certain business combination transactions. Payments are guaranteed as long as certain post-acquisition performance-based criteria are met or customer relationships are maintained. At December 31, 2013, the maximum potential future payments required to be made by the Company under these arrangements was approximately $12 million. If required, the majority of these contingent payments are payable within the next 12 months.

Tender Option Bond Program Guarantee As discussed in Note 7, the Company sponsors a municipal bond securities tender option bond program and consolidates the program’s entities on its Consolidated Balance Sheet. The Company provides financial performance guarantees related to the program’s entities. At December 31, 2013, the Company guaranteed $4.6 billion of borrowings of the program’s entities, included on the Consolidated Balance Sheet in short-term borrowings. The Company also included on its Consolidated Balance Sheet the related $4.6 billion of available-for-sale investment securities serving as collateral for this arrangement.

Minimum Revenue Guarantees In the normal course of business, the Company may enter into revenue share agreements with third party business partners who generate customer referrals or provide marketing or other services related to the generation of revenue. In certain of these agreements, the Company may guarantee that a minimum amount of revenue share payments will be made to the third party over a specified period of time. At December 31, 2013, the maximum potential future payments required to be made by the Company under these agreements were $12 million and the Company had recorded a related liability of $12 million.

Other Guarantees and Commitments The Company has also made other financial performance guarantees and commitments related to the operations of its subsidiaries. At December 31, 2013, the maximum potential future payments guaranteed or committed by the Company under these arrangements were approximately $468 million.

Litigation and Regulatory Matters The Company is subject to various litigation and regulatory matters that arise in the ordinary course of its business. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results from operations, potentially materially.

138 U.S. BANCORP

Certain federal and state governmental authorities reached settlement agreements in 2012 and 2013 with other major financial institutions regarding their mortgage origination, servicing, and foreclosure activities. Those governmental authorities have had settlement discussions with other financial institutions, including the Company. The Company has not agreed to any settlement; however, if a settlement were reached it would likely include an agreement to comply with specified servicing standards, and settlement payments to governmental authorities as well as a monetary commitment that could be satisfied under various loan modification programs (in addition to the programs the Company already has in place).

The Company is currently subject to other investigations and examinations by government agencies and bank regulators concerning mortgage-related practices, including those related to origination practices for Federal Housing Administration insured residential home loans, compliance with selling guidelines relating to residential home loans sold to GSEs, and various practices related to lender-placed insurance. The Company is cooperating fully with these examinations and investigations, any of which could lead to administrative or legal proceedings or settlements involving remedies including fines, penalties, restitution or alterations in the Company’s business practices and in additional costs and expenses.

Due to their complex nature, it can be years before litigation and regulatory matters are resolved. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, is approximately $200 million. This estimate is subject to significant judgment and uncertainties and the matters underlying the estimate will change from time to time. Actual results may vary significantly from the current estimates.

  NOTE 23   U.S. Bancorp (Parent Company)

Condensed Balance Sheet

At December 31 (Dollars in Millions)	2013		2012
Assets
Due from banks, principally interest-bearing	$	8,371	$	3,630
Available-for-sale securities		463		425
Investments in bank subsidiaries		37,558		38,007
Investments in nonbank subsidiaries		1,546		1,445
Advances to bank subsidiaries		2,250		6,173
Advances to nonbank subsidiaries		1,534		1,404
Other assets		1,628		1,550
Total assets	$	53,350	$	52,634
Liabilities and Shareholders’ Equity
Short-term funds borrowed	$	138	$	134
Long-term debt		11,416		12,772
Other liabilities		683		730
Shareholders’ equity		41,113		38,998
Total liabilities and shareholders’ equity	$	53,350	$	52,634

Condensed Statement of Income

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Income
Dividends from bank subsidiaries	$	6,100		$	250		$	1,500
Dividends from nonbank subsidiaries		9			4			7
Interest from subsidiaries		118			96			101
Other income		66			149			134
Total income		6,293			499			1,742
Expense
Interest expense		325			393			425
Other expense		81			122			79
Total expense		406			515			504
Income (loss) before income taxes and equity in undistributed income of subsidiaries		5,887			(16	)		1,238
Applicable income taxes		(88	)		(85	)		(83	)
Income of parent company		5,975			69			1,321
Equity in undistributed income (losses) of subsidiaries		(139	)		5,578			3,551
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872

U.S. BANCORP 139

Condensed Statement of Cash Flows

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Operating Activities
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed (income) losses of subsidiaries		139			(5,578	)		(3,551	)
Other, net		(40	)		(35	)		12
Net cash provided by operating activities		5,935			34			1,333
Investing Activities
Proceeds from sales and maturities of investment securities		75			979			297
Purchases of investment securities		(118	)		(35	)		(36	)
Equity distributions from subsidiaries		12			845			77
Net (increase) decrease in short-term advances to subsidiaries		4,543			207			(4,613	)
Long-term advances to subsidiaries		(750	)		(500	)		–
Other, net		(9	)		(22	)		(3	)
Net cash provided by (used in) investing activities		3,753			1,474			(4,278	)
Financing Activities
Net increase (decrease) in short-term borrowings		4			105			(31	)
Proceeds from issuance of long-term debt		1,500			3,550			2,426
Principal payments or redemption of long-term debt		(2,850	)		(5,412	)		(851	)
Proceeds from issuance of preferred stock		487			2,163			676
Proceeds from issuance of common stock		524			395			180
Redemption of preferred stock		(500	)		–			–
Repurchase of common stock		(2,282	)		(1,856	)		(514	)
Cash dividends paid on preferred stock		(254	)		(204	)		(118	)
Cash dividends paid on common stock		(1,576	)		(1,347	)		(817	)
Net cash provided by (used in) financing activities		(4,947	)		(2,606	)		951
Change in cash and due from banks		4,741			(1,098	)		(1,994	)
Cash and due from banks at beginning of year		3,630			4,728			6,722
Cash and due from banks at end of year	$	8,371		$	3,630		$	4,728

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 regulatory minimum capital constraints for all national banks.

  NOTE 24   Subsequent Events

The Company has evaluated the impact of events that have occurred subsequent to December 31, 2013 through the date the consolidated financial statements were filed with the United States Securities and Exchange Commission. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.

140 U.S. BANCORP

U.S. Bancorp

Consolidated Balance Sheet – Five Year Summary (Unaudited)

At December 31 (Dollars in Millions)	2013			2012			2011			2010			2009			% Change 2013 v 2012
Assets
Cash and due from banks	$	8,477		$	8,252		$	13,962		$	14,487		$	6,206			2.7	%
Held-to-maturity securities		38,920			34,389			18,877			1,469			47			13.2
Available-for-sale securities		40,935			40,139			51,937			51,509			44,721			2.0
Loans held for sale		3,268			7,976			7,156			8,371			4,772			(59.0	)
Loans		235,235			223,329			209,835			197,061			194,755			5.3
Less allowance for loan losses		(4,250	)		(4,424	)		(4,753	)		(5,310	)		(5,079	)		3.9
Net loans		230,985			218,905			205,082			191,751			189,676			5.5
Other assets		41,436			44,194			43,108			40,199			35,754			(6.2	)
Total assets	$	364,021		$	353,855		$	340,122		$	307,786		$	281,176			2.9
Liabilities and Shareholders’ Equity
Deposits
Noninterest-bearing	$	76,941		$	74,172		$	68,579		$	45,314		$	38,186			3.7	%
Interest-bearing		185,182			175,011			162,306			158,938			145,056			5.8
Total deposits		262,123			249,183			230,885			204,252			183,242			5.2
Short-term borrowings		27,608			26,302			30,468			32,557			31,312			5.0
Long-term debt		20,049			25,516			31,953			31,537			32,580			(21.4	)
Other liabilities		12,434			12,587			11,845			9,118			7,381			(1.2	)
Total liabilities		322,214			313,588			305,151			277,464			254,515			2.8
Total U.S. Bancorp shareholders’ equity		41,113			38,998			33,978			29,519			25,963			5.4
Noncontrolling interests		694			1,269			993			803			698			(45.3	)
Total equity		41,807			40,267			34,971			30,322			26,661			3.8
Total liabilities and equity	$	364,021		$	353,855		$	340,122		$	307,786		$	281,176			2.9

U.S. BANCORP 141

U.S. Bancorp

Consolidated Statement of Income – Five-Year Summary (Unaudited)

Year Ended December 31 (Dollars in Millions)	2013		2012			2011			2010			2009			% Change 2013 v 2012
Interest Income
Loans	$	10,277	$	10,558		$	10,370		$	10,145		$	9,564			(2.7	)%
Loans held for sale		203		282			200			246			277			(28.0	)
Investment securities		1,631		1,792			1,820			1,601			1,606			(9.0	)
Other interest income		174		251			249			166			91			(30.7	)
Total interest income		12,285		12,883			12,639			12,158			11,538			(4.6	)
Interest Expense
Deposits		561		691			840			928			1,202			(18.8	)
Short-term borrowings		353		442			531			548			539			(20.1	)
Long-term debt		767		1,005			1,145			1,103			1,279			(23.7	)
Total interest expense		1,681		2,138			2,516			2,579			3,020			(21.4	)
Net interest income		10,604		10,745			10,123			9,579			8,518			(1.3	)
Provision for credit losses		1,340		1,882			2,343			4,356			5,557			(28.8	)
Net interest income after provision for credit losses		9,264		8,863			7,780			5,223			2,961			4.5
Noninterest Income
Credit and debit card revenue		965		892			1,073			1,091			1,055			8.2
Corporate payment products revenue		706		744			734			710			669			(5.1	)
Merchant processing services		1,458		1,395			1,355			1,253			1,148			4.5
ATM processing services		327		346			452			423			410			(5.5	)
Trust and investment management fees		1,139		1,055			1,000			1,080			1,168			8.0
Deposit service charges		670		653			659			710			970			2.6
Treasury management fees		538		541			551			555			552			(.6	)
Commercial products revenue		859		878			841			771			615			(2.2	)
Mortgage banking revenue		1,356		1,937			986			1,003			1,035			(30.0	)
Investment products fees		178		150			129			111			109			18.7
Securities gains (losses), net		9		(15	)		(31	)		(78	)		(451	)		*
Other		569		743			1,011			731			672			(23.4	)
Total noninterest income		8,774		9,319			8,760			8,360			7,952			(5.8	)
Noninterest Expense
Compensation		4,371		4,320			4,041			3,779			3,135			1.2
Employee benefits		1,140		945			845			694			574			20.6
Net occupancy and equipment		949		917			999			919			836			3.5
Professional services		381		530			383			306			255			(28.1	)
Marketing and business development		357		388			369			360			378			(8.0	)
Technology and communications		848		821			758			744			673			3.3
Postage, printing and supplies		310		304			303			301			288			2.0
Other intangibles		223		274			299			367			387			(18.6	)
Other		1,695		1,957			1,914			1,913			1,755			(13.4	)
Total noninterest expense		10,274		10,456			9,911			9,383			8,281			(1.7	)
Income before income taxes		7,764		7,726			6,629			4,200			2,632			.5
Applicable income taxes		2,032		2,236			1,841			935			395			(9.1	)
Net income		5,732		5,490			4,788			3,265			2,237			4.4
Net (income) loss attributable to noncontrolling interests		104		157			84			52			(32	)		(33.8	)
Net income attributable to U.S. Bancorp	$	5,836	$	5,647		$	4,872		$	3,317		$	2,205			3.3
Net income applicable to U.S. Bancorp common shareholders	$	5,552	$	5,383		$	4,721		$	3,332		$	1,803			3.1

* Not meaningful

142 U.S. BANCORP

U.S. Bancorp

Quarterly Consolidated Financial Data (Unaudited)

	2013										2012
(Dollars in Millions, Except Per Share Data)	First Quarter		Second Quarter		Third Quarter			Fourth Quarter			First Quarter		Second Quarter			Third Quarter		Fourth Quarter
Interest Income
Loans	$	2,562	$	2,552	$	2,568		$	2,595		$	2,638	$	2,631		$	2,650	$	2,639
Loans held for sale		72		54		46			31			65		67			76		74
Investment securities		410		392		420			409			468		470			438		416
Other interest income		67		40		34			33			61		60			63		67
Total interest income		3,111		3,038		3,068			3,068			3,232		3,228			3,227		3,196
Interest Expense
Deposits		155		144		134			128			181		177			172		161
Short-term borrowings		85		87		98			83			123		127			103		89
Long-term debt		218		191		178			180			294		266			226		219
Total interest expense		458		422		410			391			598		570			501		469
Net interest income		2,653		2,616		2,658			2,677			2,634		2,658			2,726		2,727
Provision for credit losses		403		362		298			277			481		470			488		443
Net interest income after provision for credit losses		2,250		2,254		2,360			2,400			2,153		2,188			2,238		2,284
Noninterest Income
Credit and debit card revenue		214		244		244			263			202		235			213		242
Corporate payment products revenue		172		176		192			166			175		190			201		178
Merchant processing services		347		373		371			367			337		359			345		354
ATM processing services		82		83		83			79			87		89			87		83
Trust and investment management fees		278		284		280			297			252		262			265		276
Deposit service charges		153		160		180			177			153		156			174		170
Treasury management fees		134		140		134			130			134		142			135		130
Commercial products revenue		200		209		207			243			211		216			225		226
Mortgage banking revenue		401		396		328			231			452		490			519		476
Investment products fees		41		46		46			45			35		38			38		39
Securities gains (losses), net		5		6		(3	)		1			–		(19	)		1		3
Other		138		159		115			157			201		197			193		152
Total noninterest income		2,165		2,276		2,177			2,156			2,239		2,355			2,396		2,329
Noninterest Expense
Compensation		1,082		1,098		1,088			1,103			1,052		1,076			1,109		1,083
Employee benefits		310		277		278			275			260		229			225		231
Net occupancy and equipment		235		234		240			240			220		230			233		234
Professional services		78		91		94			118			84		136			144		166
Marketing and business development		73		96		85			103			109		80			96		103
Technology and communications		211		214		214			209			201		201			205		214
Postage, printing and supplies		76		78		76			80			74		77			75		78
Other intangibles		57		55		55			56			71		70			67		66
Other		348		414		435			498			489		502			455		511
Total noninterest expense		2,470		2,557		2,565			2,682			2,560		2,601			2,609		2,686
Income before income taxes		1,945		1,973		1,972			1,874			1,832		1,942			2,025		1,927
Applicable income taxes		558		529		542			403			527		564			593		552
Net income		1,387		1,444		1,430			1,471			1,305		1,378			1,432		1,375
Net (income) loss attributable to noncontrolling interests		41		40		38			(15	)		33		37			42		45
Net income attributable to U.S. Bancorp	$	1,428	$	1,484	$	1,468		$	1,456		$	1,338	$	1,415		$	1,474	$	1,420
Net income applicable to U.S. Bancorp common shareholders	$	1,358	$	1,405	$	1,400		$	1,389		$	1,285	$	1,345		$	1,404	$	1,349
Earnings per common share	$	.73	$	.76	$	.76		$	.76		$	.68	$	.71		$	.74	$	.72
Diluted earnings per common share	$	.73	$	.76	$	.76		$	.76		$	.67	$	.71		$	.74	$	.72

U.S. BANCORP 143

U.S. Bancorp

Consolidated Daily Average Balance Sheet and Related

	2013								2012
Year Ended December 31 (Dollars in Millions)	Average Balances			Interest		Yields and Rates			Average Balances			Interest		Yields and Rates
Assets
Investment securities	$	75,046		$	1,767		2.35	%	$	72,501		$	1,939		2.67	%
Loans held for sale		5,723			203		3.56			7,847			282		3.60
Loans (b)
Commercial		67,274			2,168		3.22			60,830			2,168		3.56
Commercial real estate		38,237			1,589		4.16			36,505			1,638		4.49
Residential mortgages		47,982			1,959		4.08			40,290			1,827		4.53
Credit card		16,813			1,691		10.06			16,653			1,693		10.16
Other retail		47,125			2,318		4.92			47,938			2,488		5.19
Total loans, excluding covered loans		217,431			9,725		4.47			202,216			9,814		4.85
Covered loans		10,043			643		6.41			13,158			826		6.28
Total loans		227,474			10,368		4.56			215,374			10,640		4.94
Other earning assets		6,896			175		2.53			10,548			251		2.38
Total earning assets		315,139			12,513		3.97			306,270			13,112		4.28
Allowance for loan losses		(4,373	)							(4,642	)
Unrealized gain (loss) on investment securities		633								1,077
Other assets		41,281								40,144
Total assets	$	352,680							$	342,849
Liabilities and Shareholders’ Equity
Noninterest-bearing deposits	$	69,020							$	67,241
Interest-bearing deposits
Interest checking		48,792			36		.07			45,433			46		.10
Money market savings		55,512			76		.14			46,874			62		.13
Savings accounts		31,916			49		.15			29,596			66		.22
Time certificates of deposit less than $100,000		12,804			186		1.45			14,509			248		1.71
Time deposits greater than $100,000		32,413			214		.66			32,057			269		.84
Total interest-bearing deposits		181,437			561		.31			168,469			691		.41
Short-term borrowings		27,683			357		1.29			28,549			447		1.57
Long-term debt		21,280			767		3.60			28,448			1,005		3.53
Total interest-bearing liabilities		230,400			1,685		.73			225,466			2,143		.95
Other liabilities		11,973								11,406
Shareholders’ equity
Preferred equity		4,804								4,381
Common equity		35,113								33,230
Total U.S. Bancorp shareholders’ equity		39,917								37,611
Noncontrolling interests		1,370								1,125
Total equity		41,287								38,736
Total liabilities and equity	$	352,680							$	342,849
Net interest income				$	10,828							$	10,969
Gross interest margin							3.24	%							3.33	%
Gross interest margin without taxable-equivalent increments							3.17	%							3.26	%
Percent of Earning Assets
Interest income							3.97	%							4.28	%
Interest expense							.53								.70
Net interest margin							3.44	%							3.58	%
Net interest margin without taxable-equivalent increments							3.37	%							3.51	%

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b) Interest income and rates on loans include loan fees. Nonaccrual loans are included in average loan balances.

144 U.S. BANCORP

Yields and Rates (a) (Unaudited)

2011								2010								2009								2013 v 2012
Average Balances			Interest		Yields and Rates			Average Balances			Interest		Yields and Rates			Average Balances			Interest		Yields and Rates			% Change Average Balances
$	63,645		$	1,980		3.11	%	$	47,763		$	1,763		3.69	%	$	42,809		$	1,770		4.13	%		3.5	%
	4,873			200		4.10			5,616			246		4.37			5,820			277		4.76			(27.1	)
	51,616			2,071		4.01			47,028			1,977		4.20			52,827			2,074		3.93			10.6
	35,514			1,622		4.57			34,269			1,530		4.46			33,751			1,453		4.30			4.7
	33,711			1,632		4.84			27,704			1,436		5.18			24,481			1,380		5.64			19.1
	16,084			1,538		9.56			16,403			1,516		9.25			14,937			1,363		9.12			1.0
	48,199			2,649		5.50			47,686			2,756		5.78			47,086			2,762		5.87			(1.7	)
	185,124			9,512		5.14			173,090			9,215		5.32			173,082			9,032		5.22			7.5
	16,303			928		5.69			19,932			985		4.94			12,723			578		4.54			(23.7	)
	201,427			10,440		5.18			193,022			10,200		5.28			185,805			9,610		5.17			5.6
	13,345			250		1.87			5,641			166		2.94			2,853			91		3.20			(34.6	)
	283,290			12,870		4.54			252,042			12,375		4.91			237,287			11,748		4.95			2.9
	(5,192	)							(5,399	)							(4,451	)							5.8
	227								94								(1,594	)							(41.2	)
	39,939								39,124								37,118								2.8
$	318,264							$	285,861							$	268,360								2.9
$	53,856							$	40,162							$	37,856								2.6	%
	42,827			65		.15			40,184			77		.19			36,866			78		.21			7.4
	45,119			76		.17			39,679			132		.33			31,795			145		.46			18.4
	26,654			112		.42			20,903			121		.58			13,109			71		.54			7.8
	15,237			290		1.91			16,628			303		1.82			17,879			461		2.58			(11.8	)
	29,466			297		1.01			27,165			295		1.08			30,296			447		1.48			1.1
	159,303			840		.53			144,559			928		.64			129,945			1,202		.93			7.7
	30,703			537		1.75			33,719			556		1.65			29,149			551		1.89			(3.0	)
	31,684			1,145		3.61			30,835			1,103		3.58			36,520			1,279		3.50			(25.2	)
	221,690			2,522		1.14			209,113			2,587		1.24			195,614			3,032		1.55			2.2
	9,602								7,787								7,869								5.0
	2,414								1,742								4,445								9.7
	29,786								26,307								21,862								5.7
	32,200								28,049								26,307								6.1
	916								750								714								21.8
	33,116								28,799								27,021								6.6
$	318,264							$	285,861							$	268,360								2.9
			$	10,348							$	9,788							$	8,716
						3.40	%							3.67	%							3.40	%
						3.32	%							3.59	%							3.32	%
						4.54	%							4.91	%							4.95	%
						.89								1.03								1.28
						3.65	%							3.88	%							3.67	%
						3.57	%							3.80	%							3.59	%

U.S. BANCORP 145

U.S. Bancorp

Supplemental Financial Data (Unaudited)

Earnings Per Common Share Summary	2013			2012			2011			2010			2009
Earnings per common share	$	3.02		$	2.85		$	2.47		$	1.74		$	.97
Diluted earnings per common share		3.00			2.84			2.46			1.73			.97
Dividends declared per common share		.885			.780			.500			.200			.200
Ratios
Return on average assets		1.65	%		1.65	%		1.53	%		1.16	%		.82	%
Return on average common equity		15.8			16.2			15.8			12.7			8.2
Average total U.S. Bancorp shareholders’ equity to average assets		11.3			11.0			10.1			9.8			9.8
Dividends per common share to net income per common share		29.3			27.4			20.2			11.5			20.6
Other Statistics (Dollars and Shares in Millions)
Common shares outstanding (a)		1,825			1,869			1,910			1,921			1,913
Average common shares outstanding and common stock equivalents
Earnings per common share		1,839			1,887			1,914			1,912			1,851
Diluted earnings per common share		1,849			1,896			1,923			1,921			1,859
Number of shareholders (b)		46,632			49,430			52,677			55,371			58,610
Common dividends declared	$	1,631		$	1,474		$	961		$	385		$	375

(a) Defined as total common shares less common stock held in treasury at December 31.

(b) Based on number of common stock shareholders of record at December 31.

Stock Price Range and Dividends

	2013								2012
	Sales Price								Sales Price
	High		Low		Closing Price		Dividends Declared		High		Low		Closing Price		Dividends Declared
First quarter	$	34.73	$	32.40	$	33.93	$	.195	$	32.23	$	27.21	$	31.68	$	.195
Second quarter		36.40		31.99		36.15		.230		32.98		28.58		32.16		.195
Third quarter		38.23		35.83		36.58		.230		35.15		31.76		34.30		.195
Fourth quarter		40.83		35.69		40.40		.230		35.46		30.96		31.94		.195

The common stock of U.S. Bancorp is traded on the New York Stock Exchange, under the ticker symbol “USB.” At January 31, 2014, there were 46,459 holders of record of the Company’s common stock.

146 U.S. BANCORP

Stock Performance Chart

The following chart compares the cumulative total shareholder return on the Company’s common stock during the five years ended December 31, 2013, with the cumulative total return on the Standard & Poor’s 500 Index and the KBW Bank Index. The comparison assumes $100 was invested on December 31, 2008, in the Company’s common stock and in each of the foregoing indices and assumes the reinvestment of all dividends. The comparisons in the graph are based upon historical data and are not indicative of, nor intended to forecast, future performance of the Company’s common stock.

Company Information

General Business Description U.S. Bancorp is a multi-state financial services holding company headquartered in Minneapolis, Minnesota. U.S. Bancorp was incorporated in Delaware in 1929 and operates as a financial holding company and a bank holding company under the Bank Holding Company Act of 1956. The Company provides a full range of financial services, including lending and depository services, cash management, capital markets, and trust and investment management services. It also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing.

U.S. Bancorp’s banking subsidiary is engaged in the general banking business, principally in domestic markets. The subsidiary, with $271 billion in deposits at December 31, 2013, provides a wide range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions. Commercial and consumer lending services are principally offered to customers within the Company’s domestic markets, to domestic customers with foreign operations and to large national customers operating in specific industries targeted by the Company. Lending services include traditional credit products as well as credit card services, leasing financing and import/export trade, asset-backed lending, agricultural finance and other products. Depository services include checking accounts, savings accounts and time certificate contracts. Ancillary services such as capital markets, treasury management and receivable lock-box collection are provided to corporate customers. U.S. Bancorp’s bank and trust subsidiaries provide a full range of asset management and fiduciary services for individuals, estates, foundations, business corporations and charitable organizations.

U.S. Bancorp’s non-banking subsidiaries primarily offer investment and insurance products to the Company’s customers principally within its markets, and fund processing services to a broad range of mutual and other funds.

Banking and investment services are provided through a network of 3,081 banking offices principally operating in the Midwest and West regions of the United States. The Company operates a network of 4,906 ATMs and provides 24-hour, seven day a week telephone customer service. Mortgage banking services are provided through banking offices and loan production offices throughout the Company’s markets. Lending products may be originated through banking offices, indirect correspondents, brokers or other lending sources. The Company is also one of the largest providers of corporate and purchasing card services and corporate trust services in the United States. A wholly-owned subsidiary, Elavon, Inc. (“Elavon”), provides merchant processing services directly to merchants and through a network of banking affiliations. Wholly-owned subsidiaries, and affiliates of Elavon, provide similar merchant services in Canada, Mexico, Brazil and segments of Europe directly or through joint ventures with other financial institutions. The Company also provides corporate trust and fund administration services in Europe. These foreign operations are not significant to the Company.

On a full-time equivalent basis, as of December 31, 2013, U.S. Bancorp employed 65,565 people.

Risk Factors An investment in the Company involves risk, including the possibility that the value of the investment could fall substantially and that dividends or other distributions on the investment could be reduced or eliminated. Below are risk factors that could adversely affect the Company’s financial results and condition and the value of, and return on, an investment in the Company. There may be other factors not discussed below or elsewhere that could adversely affect the Company’s financial results and condition.

Industry Risk Factors

Difficult business and economic conditions may continue to adversely affect the financial services industry, and a reversal or slowing of the current moderate economic recovery could adversely affect the Company’s lending business and the value of loans and debt securities it holds The Company’s business activities and earnings are affected by general business conditions in the United States and abroad, including factors such as the level and volatility of short-term and long-term interest rates, inflation, home prices, unemployment and under-employment levels, bankruptcies, household income, consumer spending, fluctuations in both debt and equity capital markets, liquidity of the global financial markets, the availability and cost of capital and credit, investor sentiment and confidence in the financial markets, and the strength of the domestic and global economies in which the Company operates. The deterioration of any of these conditions can adversely affect the Company’s consumer and commercial businesses and securities portfolios, its level of charge-offs and provision for credit losses, its capital levels and liquidity, and its results of operations.

Given the high percentage of the Company’s assets represented directly or indirectly by loans, and the importance of lending to its overall business, weak economic conditions are likely to have a negative impact on the Company’s business and results of operations. A reversal or slowing of the current economic recovery could adversely impact loan utilization rates as well as delinquencies, defaults and customer ability to meet obligations under the loans.

U.S. BANCORP 147

The value to the Company of other assets such as investment securities, most of which are debt securities or other financial instruments supported by loans, similarly would be negatively impacted by widespread decreases in credit quality resulting from a weakening of the economy. Downward valuation of debt securities could also negatively impact the Company’s capital position.

Continued elevated unemployment, under-employment and household debt, along with continued stress in the consumer real estate market and certain commercial real estate markets, pose challenges to domestic economic performance and the financial services industry. The sustained high unemployment rate and the lengthy duration of unemployment have directly impaired consumer finances and pose risks to the financial services industry. Continued uncertainty in the housing market and elevated levels of distressed and delinquent mortgages pose further risks to the housing market. These factors continue to negatively impact the credit performance of real estate related loans and have resulted in, and may continue to result in, significant write-downs of asset values by the Company and other financial institutions. Additionally, the current environment of heightened scrutiny of financial institutions, as well as a continued concern regarding the possibility of a return to recessionary conditions, has resulted in increased public awareness of and sensitivity to banking fees and practices.

Notwithstanding improved financial market conditions in Europe, many of the structural issues remain and problems could resurface which could have significant adverse effects on the Company’s business, results of operations, financial condition and liquidity. Further deterioration in economic conditions in Europe could slow the recovery of the domestic economy or negatively impact the Company’s borrowers or other counterparties that have direct or indirect exposure to Europe. Additional negative market developments may further erode consumer confidence levels and may cause adverse changes in payment patterns, causing increases in delinquencies and default rates. Such developments could increase the Company’s charge-offs and provision for credit losses. Any future economic deterioration that affects household or corporate incomes and the continuing concern regarding the possibility of a return to recessionary conditions could also result in reduced demand for credit or fee-based products and services. A worsening of these conditions would likely exacerbate the lingering effects of the difficult market conditions experienced by the Company and others in the financial services industry.

The Company is subject to extensive government regulation and supervision, and the regulatory environment for the financial services industry is being significantly impacted by financial regulatoryreform initiatives in the United States, including the Dodd-Frank Wall Street Reform and Consumer Protection Act Federal and state regulation and supervision has increased in recent years due to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and other financial reform initiatives. The Company will continue to face such increased regulation into 2014 and in future years, as a result of current and future initiatives intended to provide economic stimulus, financial market stability, and enhancement of the liquidity and solvency of financial institutions. Banking regulations are primarily intended to protect depositors’ funds, federal deposit insurance funds, and the banking system as a whole, not the Company’s debt holders or shareholders. These regulations affect the Company’s lending practices, capital structure, investment practices, dividend policy, ability to repurchase common stock, and growth, among other things.

Changes to statutes, regulations or regulatory policies, or their interpretation or implementation, and/or the continued heightening of regulatory practices, requirements or expectations, could affect the Company in substantial and unpredictable ways. Although many parts of the Dodd-Frank Act are now in effect, other parts are still in the implementation stage, which is likely to continue for several years, including new capital rules effective January 1, 2014, which phase in through 2018. Accordingly, some uncertainty remains as to the aggregate impact upon the Company of the Dodd-Frank Act as fully implemented.

The Company expects more intense scrutiny from bank supervisors in the examination process and more aggressive enforcement of regulations on both the federal and state levels, particularly due to the Company’s status as a covered institution for the enhanced prudential standards promulgated under the Dodd-Frank Act. Federal banking law grants substantial enforcement powers to federal banking regulators. This enforcement authority includes, among other things, the ability to assess civil money penalties, to issue cease and desist or removal orders and to initiate injunctive actions against banking organizations and institution-affiliated parties. These enforcement actions may be initiated for violations of laws and regulations and unsafe or unsound practices. If the Company were the subject of an enforcement action, it could have an adverse impact on the Company.

148 U.S. BANCORP

Compliance with new regulations and supervisory initiatives will continue to increase the Company’s costs. In addition, regulatory changes may reduce the Company’s revenues, limit the types of financial services and products it may offer, alter the investments it makes, affect the manner in which it operates its businesses, increase its litigation and regulatory costs should it fail to appropriately comply with new laws and regulatory requirements, and increase the ability of non-banks to offer competing financial services and products. See “Supervision and Regulation” in the Company’s Annual Report on Form 10-K for additional information regarding the extensive regulatory framework applicable to the Company.

The Company is subject to liquidity risk The Company’s liquidity is essential for the operation of its business. Market conditions, unforeseen outflows of cash or other events could negatively affect the Company’s level or cost of funding. Although the Company has implemented strategies to maintain sufficient and diverse sources of funding to accommodate planned, as well as unanticipated, changes in assets and liabilities under both normal and adverse conditions, any substantial, unexpected or prolonged changes in the level or cost of liquidity could adversely affect the Company’s business.

More stringent requirements related to on-balance sheet liquidity have been proposed by U.S. banking regulators that may require the Company to purchase additional investment securities and change its funding mix U.S. banking regulators have proposed new liquidity-related standards applicable to larger banking organizations including the Company. The proposed new rules would require banks to hold sufficient unencumbered liquid assets to meet certain regulatorily-defined stress scenarios. The implementation of these proposed rules could require the Company to increase its investment security holdings or otherwise change aspects of its liquidity measures, including in ways that may adversely affect its results of operations or financial condition. See “Supervision and Regulation” in the Company’s Annual Report on Form 10-K for additional information regarding the capital requirements under the Dodd-Frank Act and Basel III.

The Company’s credit ratings affect its liquidity The Company’s credit ratings are important to its liquidity. A reduction in one or more of the Company’s credit ratings could adversely affect its liquidity and competitive position, increase its funding costs or limit its access to the capital markets. The Company’s credit ratings and credit rating agencies’ outlooks are subject to ongoing review by the rating agencies which consider a number of factors, including the Company’s own financial strength, performance, prospects and operations, as well as factors not within the control of the Company, including conditions affecting the financial services industry generally. There can be no assurance that the Company will maintain its current ratings and outlooks.

Loss of customer deposits could increase the Company’s funding costs The Company relies on bank deposits to be a low cost and stable source of funding. The Company competes with banks and other financial services companies for deposits. If the Company’s competitors raise the rates they pay on deposits, the Company’s funding costs may increase, either because the Company raises its rates to avoid losing deposits or because the Company loses deposits and must rely on more expensive sources of funding. Higher funding costs reduce the Company’s net interest margin and net interest income. Checking and savings account balances and other forms of customer deposits may decrease when customers perceive alternative investments, such as the stock market, as providing a better risk/return tradeoff. When customers move money out of bank deposits and into other investments, the Company may lose a relatively low cost source of funds, increasing the Company’s funding costs and reducing the Company’s net interest income.

The soundness of other financial institutions couldadversely affect the Company The Company’s ability to engage in routine funding or settlement transactions could be adversely affected by the actions and commercial soundness of other domestic or foreign financial institutions. Financial services institutions are interrelated as a result of trading, clearing, counterparty or other relationships. The Company has exposure to many different counterparties, and the Company routinely executes and settles transactions with counterparties in the financial services industry, including brokers and dealers, commercial banks, investment banks, mutual and hedge funds, and other institutional clients. As a result, defaults by, or even rumors or questions about, one or more financial services institutions, or the financial services industry generally, could lead to losses or defaults by the Company or by other institutions and impact the Company’s predominately United States-based businesses or the less significant merchant processing, corporate trust and fund administration services businesses it operates in foreign countries. Many of these transactions expose the Company to credit risk in the event of a default by a counterparty or client. In addition, the Company’s credit risk may be further increased when the collateral held by the Company cannot be realized upon or is liquidated at prices not sufficient to recover the full amount of the financial instrument exposure due the Company. There is no assurance that any such losses would not adversely affect the Company’s results of operations.

U.S. BANCORP 149

The financial services industry is highly competitive, and competitive pressures could intensify and adversely affect the Company’s financial results The Company operates in a highly competitive industry that could become even more competitive as a result of legislative, regulatory and technological changes, as well as continued industry consolidation which may increase in connection with current economic and market conditions. This consolidation may produce larger, better-capitalized and more geographically diverse companies that are capable of offering a wider array of financial products and services at more competitive prices. The Company competes with other commercial banks, savings and loan associations, mutual savings banks, finance companies, mortgage banking companies, credit unions, investment companies, credit card companies, and a variety of other financial services and advisory companies. In addition, technology has lowered barriers to entry and made it possible for non-banks to offer products and services that traditionally were banking products, and for financial institutions to compete with technology companies in providing electronic and internet-based financial solutions. Many of the Company’s competitors have fewer regulatory constraints, and some have lower cost structures. Also, the potential need to adapt to industry changes in information technology systems, on which the Company and financial services industry are highly dependent, could present operational issues and require capital spending. The Company’s ability to compete successfully depends on a number of factors, including, among others, its ability to develop and execute strategic plans and initiatives; developing, maintaining and building long-term customer relationships based on quality service, competitive prices, high ethical standards and safe, sound assets; and industry and general economic trends.

The Company continually encounters challenges brought by technological change The financial services industry is continually undergoing rapid technological change with frequent introductions of new technology-driven products and services. The effective use of technology increases efficiency and enables financial institutions to better serve customers and to reduce costs. The Company’s continued success depends, in part, upon its ability to address customer needs by using technology to provide products and services that customers demand, and create additional efficiencies in the Company’s operations. The Company may not be able to effectively implement new technology-driven products and services or be successful in marketing these products and services to its customers. Failure to successfully keep pace with technological change affecting the financial services industry could negatively affect the Company’s revenue and profit.

Improvements in economic indicators disproportionately affecting the financial services industry may lag improvements in the general economy Should the stabilization of the United States economy continue, the improvement of certain economic indicators, such as unemployment and real estate asset values and rents, may nevertheless continue to lag behind the overall economy. These economic indicators typically affect certain industries, such as real estate and financial services, more significantly. Furthermore, financial services companies with a substantial lending business, like the Company’s, are dependent upon the ability of their borrowers to make debt service payments on loans. Should unemployment or real estate asset values fail to recover for an extended period of time, the Company could be adversely affected.

Changes in interest rates could reduce the Company’s net interest income The Company’s earnings are dependent to a large degree on net interest income, which is the difference between interest income from loans and investments and interest expense on deposits and borrowings. Net interest income is significantly affected by market rates of interest, which in turn are affected by prevailing economic conditions, by the fiscal and monetary policies of the federal government and by the policies of various regulatory agencies. Like all financial institutions, the Company’s balance sheet is affected by fluctuations in interest rates. Volatility in interest rates can also result in the flow of funds away from financial institutions into direct investments. Direct investments, such as United States government and corporate securities and other investment vehicles (including mutual funds) generally pay higher rates of return than financial institutions, because of the absence of federal insurance premiums and reserve requirements.

Further downgrades in the U.S. government’s sovereign credit rating could result in risks to the Company and general economic conditions that the Company is not able to predict In 2011, certain ratings agencies downgraded their sovereign credit rating, or negatively revised their outlook, of the U.S. government, and have indicated that they will continue to assess fiscal projections, as well as the medium-term economic outlook for the United States. Because of these developments, there continues to be the perceived risk of a sovereign credit ratings downgrade of the U.S. government, including the ratings of U.S. Treasury securities. If such a downgrade were to occur, the ratings and perceived creditworthiness of instruments issued, insured or guaranteed by institutions, agencies or instrumentalities directly linked to the U.S. government could also be correspondingly affected. A downgrade might adversely affect the market value of such

150 U.S. BANCORP

instruments. Instruments of this nature are often held by financial institutions, including the Company, for investment, liquidity planning and collateral purposes. A downgrade of the sovereign credit ratings of the U.S. government and perceived creditworthiness of U.S. government-related obligations could impact the Company’s liquidity.

Company Risk Factors

The Company’s allowance for loan losses may not cover actual losses When the Company loans money, or commits to loan money, it incurs credit risk, or the risk of losses if its borrowers do not repay their loans. As one of the largest lenders in the United States, the credit performance of the Company’s loan portfolios significantly affects its financial results and condition. If the current economic environment were to deteriorate, more of its customers may have difficulty in repaying their loans or other obligations which could result in a higher level of credit losses and provision for credit losses. The Company reserves for credit losses by establishing an allowance through a charge to earnings to provide for loan defaults and non-performance. The amount of the Company’s allowance for loan losses is based on its historical loss experience as well as an evaluation of the risks associated with its loan portfolio, including the size and composition of the loan portfolio, current economic conditions and geographic concentrations within the portfolio. The stress on the United States economy and the local economies in which the Company does business may be greater or last longer than expected, resulting in, among other things, greater than expected deterioration in credit quality of the loan portfolio, or in the value of collateral securing those loans. In addition, the process the Company uses to estimate losses inherent in its credit exposure requires difficult, subjective, and complex judgments, including forecasts of economic conditions and how these economic predictions might impair the ability of its borrowers to repay their loans. These economic predictions and their impact may no longer be capable of accurate estimation which may, in turn, impact the reliability of the process. As with any such assessments, the Company may fail to identify the proper factors or to accurately estimate the impacts of the factors that the Company does identify. The Company also makes loans to borrowers where it does not have or service the loan with the first lien on the property securing its loan. For loans in a junior lien position, the Company may not have access to information on the position or performance of the first lien when it is held and serviced by a third party and this may adversely affect the accuracy of the loss estimates for loans of these types. Increases in the Company’s allowance for loan losses may not be adequate to cover actual loan losses, and future provisions for loan losses could materially and adversely affect its financial results.

The Company may suffer increased losses in its loan portfolio despite its underwriting practices The Company seeks to mitigate the risks inherent in its loan portfolio by adhering to specific underwriting practices. These practices generally include: analysis of a borrower’s credit history, financial statements, tax returns and cash flow projections; valuation of collateral based on reports of independent appraisers; and verification of liquid assets. Although the Company believes that its underwriting criteria are, and historically have been, appropriate for the various kinds of loans it makes, the Company has already incurred high levels of losses on loans that have met these criteria, and may continue to experience higher than expected losses depending on economic factors and consumer behavior. In addition, the Company’s ability to assess the creditworthiness of its customers may be impaired if the models and approaches it uses to select, manage, and underwrite its customers become less predictive of future behaviors. Finally, the Company may have higher credit risk, or experience higher credit losses, to the extent its loans are concentrated by loan type, industry segment, borrower type, or location of the borrower or collateral. For example, the Company’s credit risk and credit losses can increase if borrowers who engage in similar activities are uniquely or disproportionately affected by economic or market conditions, or by regulation, such as regulation related to climate change. Continued deterioration in economic conditions or real estate values in states or regions where the Company has relatively larger concentrations of residential or commercial real estate could result in significantly higher credit costs. For example, at December 31, 2013, 23 percent of the Company’s commercial real estate loans and 17 percent of its residential mortgages were secured by collateral in California. Continued deterioration in real estate values and underlying economic conditions in California could result in significantly higher credit losses to the Company.

The Company faces increased risk arising out of its mortgage lending and servicing businesses During 2011, the Company and its primary banking subsidiary, entered into consent orders with various regulatory authorities as a result of an interagency horizontal review of the foreclosure practices of the 14 largest mortgage servicers in the United States. The consent orders mandated certain changes to the Company’s mortgage servicing and foreclosure processes. In addition to the interagency examination by U.S. federal banking regulators, the Company has received inquiries from other governmental and regulatory authorities regarding mortgage-related practices, and has cooperated, and continues to cooperate, with these inquiries. These inquiries may lead to other administrative, civil or criminal proceedings, possibly

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resulting in remedies including fines, penalties, restitution, or alterations in the Company’s business practices. Additionally, reputational damage arising from the consent orders or from other inquiries and industry-wide publicity could also have an adverse effect upon the Company’s existing mortgage business and could reduce future business opportunities.

In addition to governmental or regulatory investigations, the Company, like other companies with residential mortgage origination and servicing operations, faces the risk of class actions and other litigation arising out of these operations. The Company has reserved for these matters as appropriate, but the ultimate resolution could exceed those reserves.

Changes in interest rates can reduce the value of the Company’s mortgage servicing rights and mortgages held for sale, and can make its mortgagebanking revenue volatile from quarter to quarter, which can reduce its earnings The Company has a portfolio of MSRs, which is the right to service a mortgage loan–collect principal, interest and escrow amounts–for a fee. The Company initially carries its MSRs using a fair value measurement of the present value of the estimated future net servicing income, which includes assumptions about the likelihood of prepayment by borrowers. Changes in interest rates can affect prepayment assumptions and thus fair value. As interest rates fall, prepayments tend to increase as borrowers refinance, and the fair value of MSR’s can decrease, which in turn reduces the Company’s earnings. It is possible that, because of economic conditions and/or a weak or deteriorating housing market, even if interest rates were to fall or remain low, mortgage originations may also fall or any increase in mortgage originations may not be enough to offset the decrease in the MSRs value caused by the lower rates.

An increase in interest rates tends to lead to a decrease in demand for mortgage loans, reducing the Company’s income from loan originations. Although revenue from the Company’s MSRs may increase at the same time through increases in fair value, this offsetting revenue effect, or “natural hedge,” is not perfectly correlated in amount or timing. The Company typically uses derivatives and other instruments to hedge its mortgage banking interest rate risk, but this hedging activity may not always be successful. The Company could incur significant losses from its hedging activities, and there may be periods where it elects not to hedge its mortgage banking interest rate risk. As a result of these factors, mortgage banking revenue can experience significant volatility.

Maintaining or increasing the Company’s market share may depend on lowering prices and market acceptance of new products and services The Company’s success depends, in part, on its ability to adapt its products and services to evolving industry standards. There is increasing pressure to provide products and services at lower prices. Lower prices can reduce the Company’s net interest margin and revenues from its fee-based products and services. In addition, the widespread adoption of new technologies, including internet services and mobile devices, such as mobile phones and tablet computers, could require the Company to make substantial expenditures to modify or adapt the Company’s existing products and services. Also, these and other capital investments in the Company’s businesses may not produce expected growth in earnings anticipated at the time of the expenditure. The Company might not be successful in developing or introducing new products and services, adapting to changing customer preferences and spending and saving habits, achieving market acceptance of its products and services, or sufficiently developing and maintaining loyal customers.

The Company relies on its employees, systems and certain counterparties, and certain failures could adversely affect its operations The Company operates in many different businesses in diverse markets and relies on the ability of its employees and systems to process a high number of transactions. Operational risk is the risk of loss resulting from the Company’s operations, including, but not limited to, the risk of fraud by employees or persons outside of the Company, unauthorized access to its computer systems, the execution of unauthorized transactions by employees, errors relating to transaction processing and technology, breaches of the internal control system and compliance requirements and business continuation and disaster recovery. This risk of loss also includes the potential legal actions that could arise as a result of an operational deficiency or as a result of noncompliance with applicable regulatory standards, adverse business decisions or their implementation, and customer attrition due to potential negative publicity. Third parties with which the Company does business could also be sources of operational risk to the Company, including risks relating to breakdowns or failures of those parties’ systems or employees. In the event of a breakdown in the internal control system, improper operation of systems or improper employee or third party actions, the Company could suffer financial loss, face regulatory action and suffer damage to its reputation.

Operational risks for large institutions such as the Company have generally increased in recent years in part because of the proliferation of new technologies, the use of internet services and telecommunications technologies to conduct financial transactions, and the increased sophistication and activities of organized crime, hackers, terrorists, activists, and other external parties. If personal, confidential or proprietary information of customers or clients

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in the Company’s possession were to be mishandled or misused, the Company could suffer significant regulatory consequences, reputational damage and financial loss. This mishandling or misuse could include, for example, situations in which the information is erroneously provided to parties who are not permitted to have the information, either by fault of the Company’s systems, employees, or counterparties, or where the information is intercepted or otherwise inappropriately taken by third parties.

A breach in the security of the Company’s systems could disrupt its businesses, result in the disclosure of confidential information, damage its reputation and create significant financial and legal exposure Although the Company devotes significant resources to maintain and regularly upgrade its systems and processes that are designed to protect the security of the Company’s computer systems, software, networks and other technology assets and the confidentiality, integrity and availability of information belonging to the Company and its customers, the Company’s security measures do not provide absolute security. In fact, many other financial services institutions and companies engaged in data processing have reported breaches in the security of their websites or other systems, some of which have involved sophisticated and targeted attacks intended to obtain unauthorized access to confidential information, destroy data, disable or degrade service, or sabotage systems, often through the introduction of computer viruses or malware, cyberattacks and other means. The Company and certain other large financial institutions in the United States have experienced several well-publicized series of apparently related attacks from technically sophisticated and well-resourced third parties that were intended to disrupt normal business activities by making internet banking systems inaccessible to customers for extended periods. These “denial-of-service” attacks have not breached the Company’s data security systems, but require substantial resources to defend, and may affect customer satisfaction and behavior. Furthermore, even if not directed at the Company, attacks on other entities with whom it does business or on whom it otherwise relies, or attacks on financial or other institutions important to the overall functioning of the financial system could adversely affect, directly or indirectly, aspects of the Company’s business.

Despite the Company’s efforts to ensure the integrity of its systems, it is possible that the Company may not be able to anticipate or to implement effective preventive measures against all security breaches of these types, especially because the techniques used change frequently, generally increase in sophistication, often are not recognized until launched, and because security attacks can originate from a wide variety of sources, including persons who are involved with organized crime or associated with external service providers or who may be linked to terrorist organizations or hostile foreign governments. Those parties may also attempt to fraudulently induce employees, customers or other users of the Company’s systems to disclose sensitive information in order to gain access to the Company’s data or that of its customers or clients. These risks may increase in the future as the Company continues to increase its mobile payments and other internet-based product offerings and expands its internal usage of web-based products and applications.

If the Company’s security systems were penetrated or circumvented, it could cause serious negative consequences for the Company, including significant disruption of the Company’s operations, misappropriation of confidential information of the Company or that of its customers, or damage to computers or systems of the Company or those of its customers and counterparties, and could result in violations of applicable privacy and other laws, financial loss to the Company or to its customers, loss of confidence in the Company’s security measures, customer dissatisfaction, significant litigation exposure, and harm to the Company’s reputation, all of which could adversely affect the Company.

The Company’s framework for managing risks may not be effective in mitigating risk and loss to the Company The Company’s risk management framework seeks to mitigate risk and loss to it. The Company has established processes and procedures intended to identify, measure, monitor, report, and analyze the types of risk to which it is subject, including liquidity risk, credit risk, market risk, interest rate risk, operational risk, legal and compliance risk, and reputational risk, among others. However, as with any risk management framework, there are inherent limitations to the Company’s risk management strategies as there may exist, or develop in the future, risks that it has not appropriately anticipated or identified. The recent financial and credit crises and resulting regulatory reform highlighted both the importance and some of the limitations of managing unanticipated risks, and the Company’s regulators remain focused on ensuring that financial institutions build and maintain robust risk management policies. If the Company’s risk management framework proves ineffective, the Company could suffer unexpected losses which could affect its results of operations or financial condition.

Change in residual value of leased assets may have an adverse impact on the Company’s financial results The Company engages in leasing activities and is subject to the risk that the residual value of the property under lease will be less than the Company’s recorded asset value. Adverse changes in the residual value of leased assets can have a negative impact on the Company’s financial results. The risk of changes in the realized value of the leased assets compared to recorded residual values

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depends on many factors outside of the Company’s control, including supply and demand for the assets, condition of the assets at the end of the lease term, and other economic factors.

The Company’s investments in certain tax-advantaged projects may not generate returns as anticipated and have an adverse impact on the Company’s financial results The Company invests in certain tax-advantaged projects promoting the development of affordable housing, community development and renewable energy resources. The Company’s investments in these projects are designed to generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, over specified time periods. The Company is subject to the risk that previously recorded tax credits, which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level, will fail to meet certain government compliance requirements and will not be able to be realized. The possible inability to realize these tax credit and other tax benefits can have a negative impact on the Company’s financial results. The risk of not being able to realize the tax credits and other tax benefits depends on many factors outside of the Company’s control, including changes in the applicable tax code and the ability of the projects to be completed.

Negative publicity could damage the Company’s reputation and adversely impact its business and financial results Reputation risk, or the risk to the Company’s business, earnings and capital from negative public opinion, is inherent in the Company’s business and increased substantially because of the financial crisis beginning in 2008. The reputation of the financial services industry in general has been damaged as a result of the financial crisis and other matters affecting the financial services industry, including mortgage foreclosure issues. Negative public opinion about the financial services industry generally or the Company specifically could adversely affect the Company’s ability to keep and attract customers, and expose the Company to litigation and regulatory action. Negative public opinion can result from the Company’s actual or alleged conduct in any number of activities, including lending practices, mortgage servicing and foreclosure practices, corporate governance, regulatory compliance, mergers and acquisitions, and related disclosure, sharing or inadequate protection of customer information, and actions taken by government regulators and community organizations in response to that conduct. Because most of the Company’s businesses operate under the “U.S. Bank” brand, actual or alleged conduct by one business can result in negative public opinion about other businesses the Company operates. Although the Company takes steps to minimize reputation risk in dealing with customers and other constituencies, the Company, as a large diversified financial services company with a high industry profile, is inherently exposed to this risk.

The Company’s reported financial results depend on management’s selection of accounting methods and certain assumptions and estimates The Company’s accounting policies and methods are fundamental to how the Company records and reports its financial condition and results of operations. The Company’s management must exercise judgment in selecting and applying many of these accounting policies and methods so they comply with generally accepted accounting principles and reflect management’s judgment regarding the most appropriate manner to report the Company’s financial condition and results. In some cases, management must select the accounting policy or method to apply from two or more alternatives, any of which might be reasonable under the circumstances, yet might result in the Company’s reporting materially different results than would have been reported under a different alternative.

Certain accounting policies are critical to presenting the Company’s financial condition and results. They require management to make difficult, subjective or complex judgments about matters that are uncertain. Materially different amounts could be reported under different conditions or using different assumptions or estimates. These critical accounting policies include: the allowance for credit losses; estimations of fair value; the valuation of purchased loans and related indemnification assets; the valuation of MSRs; the valuation of goodwill and other intangible assets; and income taxes. Because of the uncertainty of estimates involved in these matters, the Company may be required to do one or more of the following: significantly increase the allowance for credit losses and/or sustain credit losses that are significantly higher than the reserve provided; recognize significant impairment on its goodwill and other intangible asset balances; or significantly increase its accrued taxes liability. For more information, refer to “Critical Accounting Policies” in this Annual Report.

Changes in accounting standards could materially impact the Company’s financial statements From time to time, the Financial Accounting Standards Board and the United States Securities and Exchange Commission change the financial accounting and reporting standards that govern the preparation of the Company’s financial statements. These changes can be hard to predict and can materially impact how the Company records and reports its financial condition and results of operations. The Company could be required to apply a new or revised standard retroactively or

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apply an existing standard differently, also retroactively, in each case potentially resulting in the Company restating prior period financial statements.

Acquisitions may not produce revenue enhancements or cost savings at levels or within timeframes originally anticipated and may result in unforeseen integration difficulties and dilution to existing shareholders The Company regularly explores opportunities to acquire financial services businesses or assets and may also consider opportunities to acquire other banks or financial institutions. The Company cannot predict the number, size or timing of acquisitions.

There can be no assurance that the Company’s acquisitions will have the anticipated positive results, including results related to expected revenue increases, cost savings, increases in geographic or product presence, and/or other projected benefits from the acquisition. Integration efforts could divert management’s attention and resources, which could adversely affect the Company’s operations or results. The integration could result in higher than expected customer loss, deposit attrition (run-off), loss of key employees, disruption of the Company’s business or the business of the acquired company, or otherwise adversely affect the Company’s ability to maintain relationships with customers and employees or achieve the anticipated benefits of the acquisition. Also, the negative effect of any divestitures required by regulatory authorities in acquisitions or business combinations may be greater than expected.

The Company must generally receive federal regulatory approval before it can acquire a bank or bank holding company. The Company’s ability to pursue or complete an attractive acquisition could be negatively impacted by regulatory delay or other regulatory issues. The Company cannot be certain when or if, or on what terms and conditions, any required regulatory approvals will be granted. The Company may be required to sell banks or branches as a condition to receiving regulatory approval. Future acquisitions could be material to the Company and it may issue additional shares of stock to pay for those acquisitions, which would dilute current shareholders’ ownership interests.

The Company’s business could suffer if the Company fails to attract and retain skilled people The Company’s success depends, in large part, on its ability to attract and retain key people. Competition for the best people in most activities the Company engages in can be intense. The Company may not be able to hire the best people or to keep them. Recent strong scrutiny of compensation practices has resulted and may continue to result in additional regulation and legislation in this area as well as additional legislative and regulatory initiatives, and there is no assurance that this will not cause increased turnover or impede the Company’s ability to retain and attract the highest caliber employees.

The Company relies on other companies to provide key components of the Company’s business infrastructure Third party vendors provide key components of the Company’s business infrastructure, such as internet connections, network access and mutual fund distribution. While the Company has selected these third party vendors carefully, it does not control their actions. Any problems caused by third parties, including as a result of their not providing the Company their services for any reason or their performing their services poorly, could adversely affect the Company’s ability to deliver products and services to the Company’s customers and otherwise to conduct its business. Replacing third party vendors could also entail significant delay and expense. In addition, failure of third party vendors to handle current or higher volumes of use could adversely affect the Company’s ability to deliver products and services to clients and otherwise to conduct business. Technological or financial difficulties of a third party service provider could adversely affect the Company’s business to the extent those difficulties result in the interruption or discontinuation of services provided by that party.

The Company is subject to significant financial and reputational risks from potential legal liability and regulatory action The Company faces significant legal risks in its business, and the volume of claims and amount of damages and penalties claimed in litigation and regulatory proceedings against it and other financial institutions remain high. Increased litigation costs, substantial legal liability or significant regulatory action against the Company could negatively impact its financial condition and results of operations or cause significant reputational harm to the Company, which in turn could adversely impact its business prospects. In addition, the Company continues to face increased litigation risk and regulatory scrutiny. Customers and clients have grown more litigious. The Company’s experience with certain regulatory authorities suggests a migration towards an increasing supervisory focus on enforcement, including in connection with alleged violations of law and customer harm.

The Company is exposed to risk of environmental liability when it takes title to properties In the course of the Company’s business, the Company may foreclose on and take title to real estate. As a result, the Company could be subject to environmental liabilities with respect to these properties. The Company may be held liable to a governmental entity or to third parties for property damage, personal injury, investigation and clean-up costs incurred by these parties in connection with environmental contamination or may be required to investigate or clean up hazardous or

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toxic substances or chemical releases at a property. The costs associated with investigation or remediation activities could be substantial. In addition, if the Company is the owner or former owner of a contaminated site, it may be subject to common law claims by third parties based on damages and costs resulting from environmental contamination emanating from the property. If the Company becomes subject to significant environmental liabilities, its financial condition and results of operations could be adversely affected.

The Company’s business and financial performance could be adversely affected, directly or indirectly, by disasters, by terrorist activities or by international hostilities Neither the occurrence nor the potential impact of disasters, terrorist activities or international hostilities can be predicted. However, these occurrences could impact the Company directly (for example, by interrupting the Company’s systems, which could prevent the Company from obtaining deposits, originating loans and processing and controlling its flow of business, causing significant damage to the Company’s facilities or otherwise preventing the Company from conducting business in the ordinary course), or indirectly as a result of their impact on the Company’s borrowers, depositors, other customers, suppliers or other counterparties (for example, by damaging properties pledged as collateral for the Company’s loans or impairing the ability of certain borrowers to repay their loans). The Company could also suffer adverse consequences to the extent that disasters, terrorist activities or international hostilities affect the financial markets or the economy in general or in any particular region. These types of impacts could lead, for example, to an increase in delinquencies, bankruptcies or defaults that could result in the Company experiencing higher levels of nonperforming assets, net charge-offs and provisions for credit losses.

The Company’s ability to mitigate the adverse consequences of these occurrences is in part dependent on the quality of the Company’s resiliency planning, and the Company’s ability, if any, to anticipate the nature of any such event that occurs. The adverse impact of disasters, terrorist activities or international hostilities also could be increased to the extent that there is a lack of preparedness on the part of national or regional emergency responders or on the part of other organizations and businesses that the Company transacts with, particularly those that it depends upon, but has no control over. Additionally, the nature and level of natural disasters may be exacerbated by global climate change.

The Company relies on dividends from its subsidiaries for its liquidity needs The Company is a separate and distinct legal entity from its bank and non-bank subsidiaries. The Company receives a significant portion of its cash from dividends paid by its subsidiaries. These dividends are the principal source of funds to pay dividends on the Company’s stock and interest and principal on its debt. Various federal and state laws and regulations limit the amount of dividends that its bank and certain of its non-bank subsidiaries may pay to the Company without regulatory approval. Also, the Company’s right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to prior claims of the subsidiary’s creditors, except to the extent that any of the Company’s claims as a creditor of that subsidiary may be recognized.

The Company has non-banking businesses that are subject to various risks and uncertainties The Company is a diversified financial services company, and the Company’s business model is based on a mix of businesses that provide a broad range of products and services delivered through multiple distribution channels. In addition to banking, the Company provides payment services, investments, mortgages and corporate and personal trust services. Although the Company believes its diversity helps lessen the effect of downturns in any one segment of its industry, it also means the Company’s earnings could be subject to various specific risks and uncertainties related to these non-banking businesses.

The Company’s stock price can be volatile The Company’s stock price can fluctuate widely in response to a variety of factors, including:

• actual or anticipated variations in the Company’s quarterly operating results;

• recommendations by securities analysts;

• significant acquisitions or business combinations;

• strategic partnerships, joint ventures or capital commitments by, or involving, the Company or the Company’s competitors;

• operating and stock price performance of other companies that investors deem comparable to the Company;

• new technology used or services offered by the Company’s competitors;

• news reports relating to trends, concerns and other issues in the financial services industry; and

• changes in government regulations.

General market fluctuations, industry factors and general economic and political conditions and events, as well as interest rate changes, currency fluctuations, or unforeseen events such as terrorist attacks could cause the Company’s stock price to decrease regardless of the Company’s operating results.

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Executive Officers

Richard K. Davis

Mr. Davis is Chairman, President and Chief Executive Officer of U.S. Bancorp. Mr. Davis, 55, has served as Chairman of U.S. Bancorp since December 2007, Chief Executive Officer since December 2006 and President since October 2004. He also served as Chief Operating Officer from October 2004 until December 2006. Mr. Davis has held management positions with the Company since joining Star Banc Corporation, one of its predecessors, as Executive Vice President in 1993.

Jennie P. Carlson

Ms. Carlson is Executive Vice President, Human Resources, of U.S. Bancorp. Ms. Carlson, 53, has served in this position since January 2002. Until that time, she served as Executive Vice President, Deputy General Counsel and Corporate Secretary of U.S. Bancorp since the merger of Firstar Corporation and U.S. Bancorp in February 2001. From 1995 until the merger, she was General Counsel and Secretary of Firstar Corporation and Star Banc Corporation.

Andrew Cecere

Mr. Cecere is Vice Chairman and Chief Financial Officer of U.S. Bancorp. Mr. Cecere, 53, has served in this position since February 2007. Until that time, he served as Vice Chairman, Wealth Management and Securities Services of U.S. Bancorp since the merger of Firstar Corporation and U.S. Bancorp in February 2001. Previously, he had served as an executive officer of the former U.S. Bancorp, including as Chief Financial Officer from May 2000 through February 2001.

James L. Chosy

Mr. Chosy is Executive Vice President, General Counsel and Corporate Secretary of U.S. Bancorp. Mr. Chosy, 50, has served in this position since March 2013. From 2001 to 2013, he served as the General Counsel and Secretary of Piper Jaffray Companies. From 1995 to 2001, Mr. Chosy was Vice President and Associate General Counsel of U.S. Bancorp, having also served as Assistant Secretary of U.S. Bancorp from 1995 through 2000 and as Secretary from 2000 until 2001.

Terrance R. Dolan

Mr. Dolan is Vice Chairman, Wealth Management and Securities Services, of U.S. Bancorp. Mr. Dolan, 52, has served in this position since July 2010. From September 1998 to July 2010, Mr. Dolan served as U.S. Bancorp’s Controller. He additionally held the title of Executive Vice President from January 2002 until June 2010 and Senior Vice President from September 1998 until January 2002.

John R. Elmore

Mr. Elmore is Vice Chairman, Community Banking and Branch Delivery, of U.S. Bancorp. Mr. Elmore, 57, has served in this position since March 2013. From 1999 to 2013, he served as Executive Vice President, Community Banking, of U.S. Bancorp and its predecessor company, Firstar Corporation.

Joseph C. Hoesley

Mr. Hoesley is Vice Chairman, Commercial Real Estate, of U.S. Bancorp. Mr. Hoesley, 59, has served in this position since June 2006. From June 2002 until June 2006, he served as Executive Vice President and National Group Head of Commercial Real Estate at U.S. Bancorp, having previously served as Senior Vice President and Group Head of Commercial Real Estate since joining U.S. Bancorp in 1992.

Pamela A. Joseph

Ms. Joseph is Vice Chairman, Payment Services, of U.S. Bancorp. Ms. Joseph, 54, has served in this position since December 2004. Since November 2004, she has been Chairman and Chief Executive Officer of Elavon Inc., a wholly owned subsidiary of U.S. Bancorp. Prior to that time, she had been President and Chief Operating Officer of Elavon Inc. since February 2000.

Michael S. LaFontaine

Mr. LaFontaine is Executive Vice President and Chief Operational Risk Officer of U.S. Bancorp. Mr. LaFontaine, 35, has served in this position since October 2012. From 2007 to 2012, he served as Senior Vice President with responsibility for U.S. Bancorp’s corporate compliance, anti-money laundering, and fair lending divisions, and also served as Chief Compliance Officer since 2005.

Howell D. McCullough III

Mr. McCullough is Executive Vice President and Chief Strategy Officer of U.S. Bancorp and Head of U.S. Bancorp’s Enterprise Revenue Office. Mr. McCullough, 57, has served in these positions since September 2007. From July 2005 until September 2007, he served as Director of Strategy and Acquisitions of the Payment Services business of U.S. Bancorp. He also served as Chief Financial Officer of the Payment Services business from October 2006 until September 2007. From March 2001 until July 2005, he served as Senior Vice President and Director of Investor Relations at U.S. Bancorp.

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P.W. Parker

Mr. Parker is Vice Chairman and Chief Risk Officer of U.S. Bancorp. Mr. Parker, 57, has served in this position since December 2013. From October 2007 until December 2013 he served as Executive Vice President and Chief Credit Officer of U.S. Bancorp. From March 2005 until October 2007, he served as Executive Vice President of Credit Portfolio Management of U.S. Bancorp, having served as Senior Vice President of Credit Portfolio Management of U.S. Bancorp since January 2002.

Richard B. Payne, Jr.

Mr. Payne is Vice Chairman, Wholesale Banking, of U.S. Bancorp. Mr. Payne, 66, has served in this position since November 2010, when he assumed the additional responsibility for Commercial Banking at U.S. Bancorp. From July 2006, when he joined U.S. Bancorp, until November 2010, Mr. Payne served as Vice Chairman, Corporate Banking at U.S. Bancorp. Prior to joining U.S. Bancorp, he served as Executive Vice President for National City Corporation in Cleveland, with responsibility for Capital Markets, from 2001 to 2006.

Mark G. Runkel

Mr. Runkel is Executive Vice President and Chief Credit Officer of U.S. Bancorp. Mr. Runkel, 37, has served in this position since December 2013. From February 2011 until December 2013, he served as Senior Vice President and Credit Risk Group Manager of U.S. Bancorp Retail and Payment Services Credit Risk Management, having served as Senior Vice President and Risk Manager of U.S. Bancorp Retail and Small Business Credit Risk Management from June 2009 until February 2011. From March 2005 until May 2009, he served as Vice President and Risk Manager of U.S. Bancorp.

Kent V. Stone

Mr. Stone is Vice Chairman, Consumer Banking Sales and Support, of U.S. Bancorp. Mr. Stone, 56, has served in this position since March 2013. He served as an Executive Vice President of U.S. Bancorp from 2000 to 2013, most recently with responsibility for Consumer Banking Support Services since 2006, and held other senior leadership positions with U.S. Bancorp since 1991.

Jeffry H. von Gillern

Mr. von Gillern is Vice Chairman, Technology and Operations Services, of U.S. Bancorp. Mr. von Gillern, 48, has served in this position since July 2010. From April 2001, when he joined U.S. Bancorp, until July 2010, Mr. von Gillern served as Executive Vice President of U.S. Bancorp, additionally serving as Chief Information Officer from July 2007 until July 2010.

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Directors

Richard K. Davis^1,6

Chairman, President and Chief Executive Officer

U.S. Bancorp

Minneapolis, Minnesota

Douglas M. Baker, Jr.^5,6

Chairman and Chief Executive Officer

Ecolab Inc.

(Cleaning and sanitizing products)

St. Paul, Minnesota

Y. Marc Belton^3,4

Executive Vice President, Global Strategy,

Growth and Marketing Innovation

General Mills, Inc.

(Consumer food products)

Minneapolis, Minnesota

Victoria Buyniski Gluckman^2,4

Retired Chairman and Chief Executive Officer

United Medical Resources, Inc.,

a wholly owned subsidiary of

UnitedHealth Group Incorporated

(Healthcare benefits administration)

Cincinnati, Ohio

Arthur D. Collins, Jr.^1,2,5

Retired Chairman and Chief Executive Officer

Medtronic, Inc.

(Medical device and technology)

Chicago, Illinois

Roland A. Hernandez^3,4

Founding Principal and Chief Executive Officer

Hernandez Media Ventures

(Media)

Pasadena, California

Doreen Woo Ho^3,6

Commissioner

San Francisco Port Commission

(Government)

San Francisco, California

Joel W. Johnson^3,6

Retired Chairman and Chief Executive Officer

Hormel Foods Corporation

(Consumer food products)

Scottsdale, Arizona

Olivia F. Kirtley^1,2,3

Business Consultant

(Consulting)

Louisville, Kentucky

Jerry W. Levin^1,2,5

Chairman and Chief Executive Officer

Wilton Brands Inc.

(Consumer products) and

Chairman and Chief Executive Officer

JW Levin Partners LLC

(Private investment and advisory)

New York, New York

David B. O’Maley^1,2,5

Retired Chairman, President and Chief Executive Officer

Ohio National Financial Services, Inc.

(Insurance)

Cincinnati, Ohio

O’dell M. Owens, M.D., M.P.H.^1,3,4

President

Cincinnati State Technical and Community College

(Higher education)

Cincinnati, Ohio

Craig D. Schnuck^4,6

Former Chairman and Chief Executive Officer

Schnuck Markets, Inc.

(Food retail)

St. Louis, Missouri

Patrick T. Stokes^1,5,6

Former Chairman and Former Chief Executive Officer

Anheuser-Busch Companies, Inc.

(Consumer products)

St. Louis, Missouri

1. Executive Committee

2. Compensation and Human Resources Committee

3. Audit Committee

4. Community Reinvestment and Public Policy Committee

5. Governance Committee

6. Risk Management Committee

U.S. BANCORP 159

EX-21

EXHIBIT 21

SUBSIDIARIES OF U.S. BANCORP

(JURISDICTIONS OF ORGANIZATION SHOWN IN PARENTHESES)

111 Tower Investors, Inc. (Minnesota)

CF Title Co. (Delaware)

Daimler Title Co. (Delaware)

DSL Service Company (California)

Eclipse Funding, LLC (Delaware)

Elan Life Insurance Company, Inc. (Arizona)

Elavon Canada Company (Canada)

Elavon European Holdings B.V. (Netherlands)

Elavon European Holdings C.V. (Netherlands)

Elavon Financial Services Limited (Ireland)

Elavon Latin American Holdings, LLC (Delaware)

Elavon Merchant Services Mexico, S. de R.L. de C.V. (Mexico)

Elavon Mexico Holding Company, S.A. de C.V. (Mexico)

Elavon Operations Company, S. de R.I. de C.V. (Mexico)

Elavon Puerto Rico, Inc. (Puerto Rico)

Elavon Services Company, S. de R.I. de C.V. (Mexico)

Elavon, Inc. (Georgia)

EuroConex Belgium BVBA (Belgium)

EuroConex Technologies Limited (Ireland)

Fairfield Financial Group, Inc. (Illinois)

First Bank LaCrosse Building Corp. (Wisconsin)

First LaCrosse Properties (Wisconsin)

Firstar Capital Corporation (Ohio)

Firstar Development, LLC (Delaware)

Firstar Realty, L.L.C. (Illinois)

Firstar Trade Services Corporation (Wisconsin)

Fixed Income Client Solutions, LLC (Delaware)

FSV Payment Systems, Inc. (Delaware)

Galaxy Funding, Inc. (Delaware)

GTLT, Inc. (Delaware)

HPM, Inc. (Montana)

HTD Leasing LLC (Delaware)

HVT, Inc. (Delaware)

Key Merchant Services, LLC (Delaware)

MBS-UI Sub-CDE XVI, LLC (Delaware)

Mercantile Mortgage Financial Company (Illinois)

Midwest Indemnity Inc. (Vermont)

Mississippi Valley Company (Arizona)

MMCA Lease Services, Inc. (Delaware)

NFC Sahara Corporation (Nevada)

NILT, Inc. (Delaware)

NuMaMe, LLC (Delaware)

One Eleven Investors LLC (Delaware)

P.I.B., Inc. (Minnesota)

Park Bank Initiatives, Inc. (Illinois)

Plaza Towers Holdings, LLC (Minnesota)

Pomona Financial Services, Inc. (California)

Pullman Park Development, LLC (Illinois)

Pullman Park Investment Fund I, LLC (Missouri)

Pullman Transformation, Inc. (Delaware)

Quasar Distributors, LLC (Delaware)

Quintillion Holding Company Limited (Ireland)

Quintillion Limited (Ireland)

RBC Community Development Sub 3, LLC (Delaware)

Red Sky Risk Services, LLC (Delaware)

RIVT, Inc. (Delaware)

RTRT, Inc. (Delaware)

SCFD LLC (Delaware)

Syncada Asia Pacific Private Limited (Singapore)

Syncada Canada ULC (Canada)

Syncada Europe BVBA (Belgium)

Syncada India Operations Private Limited (India)

Syncada LLC (Delaware)

Tarquad Corporation (Missouri)

The Miami Valley Insurance Company (Arizona)

TMTT, Inc. (Delaware)

U.S. Bancorp Asset Management, Inc. (Delaware)

U.S. Bancorp Community Development Corporation (Minnesota)

U.S. Bancorp Community Investment Corporation (Delaware)

U.S. Bancorp Fund Services, Limited (United Kingdom)

U.S. Bancorp Fund Services, LLC (Wisconsin)

U.S. Bancorp Fund Services, Ltd. (Cayman Islands)

U.S. Bancorp Government Leasing and Finance, Inc. (Minnesota)

U.S. Bancorp Insurance and Investments, Inc. (Wyoming)

U.S. Bancorp Insurance Company, Inc. (Vermont)

U.S. Bancorp Insurance Services of Montana, Inc. (Montana)

U.S. Bancorp Insurance Services, LLC (Wisconsin)

U.S. Bancorp Investments, Inc. (Delaware)

U.S. Bancorp Missouri Low-Income Housing Tax Credit Fund, LLC (Missouri)

U.S. Bancorp Municipal Lending and Finance, Inc. (Minnesota)

U.S. Bancorp Service Providers LLC (Delaware)

U.S. Bank National Association (a nationally chartered banking association)

U.S. Bank Trust Company, National Association (a nationally chartered banking association)

U.S. Bank Trust National Association (a nationally chartered banking association)

U.S. Bank Trust National Association SD (a nationally chartered banking association)

U.S. Bank Trustees Limited (United Kingdom)

USB Advantage Investment, LLC (Delaware)

USB Americas Holdings Company (Delaware)

USB Capital Resources, Inc. (Delaware)

USB Capital IX (Delaware)

USB European Holdings Company (Delaware)

USB Global Investments, LLC (Delaware)

USB Leasing LLC (Delaware)

USB Leasing LT (Delaware)

USB Nominees (UK) Limited (United Kingdom)

USB Realty Corp. (Delaware)

USB Trade Services Limited (Hong Kong)

USBCDE, LLC (Delaware)

VT Inc. (Alabama)

EX-23

Exhibit 23

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in this Annual Report (Form 10-K) of U.S. Bancorp of our reports dated

February 21, 2014, with respect to the consolidated financial statements of U.S. Bancorp and the effectiveness of internal control over financial reporting of U.S. Bancorp, included in the 2013 Annual Report to Shareholders of U.S. Bancorp.

We consent to the incorporation by reference in the following Registration Statements:

Form	Registration Statement No.	Purpose
S-3	333-173636	Shelf Registration Statement
S-8	333-74036	U.S. Bancorp 2001 Stock Incentive Plan
S-8	333-100671	U.S. Bancorp 401(k) Savings Plan
S-8	333-142194	Various benefit plans of U.S. Bancorp
S-8	333-166193	Various benefit plans of U.S. Bancorp
S-8	333-189506	Various benefit plans of U.S. Bancorp

of our reports dated February 21, 2014, with respect to the consolidated financial statements of U.S. Bancorp and the effectiveness of internal control over financial reporting of U.S. Bancorp, included in the 2013 Annual Report to Shareholders of U.S. Bancorp, which is incorporated by reference in this Annual Report (Form 10-K) of U.S. Bancorp for the year ended December 31, 2013.

/s/     Ernst & Young LLP

Minneapolis, Minnesota

February 21, 2014

EX-24

Exhibit 24

POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned directors of U.S. Bancorp, a Delaware corporation, hereby constitutes and appoints Richard K. Davis, Andrew Cecere and James L. Chosy, and each of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead in any and all capacities, to sign one or more Annual Reports for the Company’s fiscal year ended December 31, 2013 on Form 10-K under the Securities Exchange Act of 1934, as amended, or such other form as any such attorney-in-fact may deem necessary or desirable, any amendments thereto, and all additional amendments thereto, each in such form as they or any one of them may approve, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done so that such Annual Report shall comply with the Securities Exchange Act of 1934, as amended, and the applicable Rules and Regulations adopted or issued pursuant thereto, as fully and to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them or their substitute or resubstitute, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has set his or her hand this 21st day of January, 2014.

/s/ Douglas M. Baker, Jr.	/s/ Olivia F. Kirtley
Douglas M. Baker, Jr.	Olivia F. Kirtley
/s/ Y. Marc Belton	/s/ Jerry W. Levin
Y. Marc Belton	Jerry W. Levin
/s/ Victoria Buyniski Gluckman	/s/ David B. O’Maley
Victoria Buyniski Gluckman	David B. O’Maley
/s/ Arthur D. Collins, Jr.	/s/ O’dell M. Owens, M.D., M.P.H.
Arthur D. Collins, Jr.	O’dell M. Owens, M.D., M.P.H.
/s/ Roland A. Hernandez	/s/ Craig D. Schnuck
Roland A. Hernandez	Craig D. Schnuck
/s/ Doreen Woo Ho	/s/ Patrick T. Stokes
Doreen Woo Ho	Patrick T. Stokes
/s/ Joel W. Johnson
Joel W. Johnson

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Richard K. Davis, certify that:

(1) I have reviewed this Annual Report on Form 10-K of U.S. Bancorp;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/S/    RICHARD K. DAVIS
	Richard K. Davis
Dated: February 21, 2014	Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Andrew Cecere, certify that:

(1) I have reviewed this Annual Report on Form 10-K of U.S. Bancorp;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/S/    ANDREW CECERE
	Andrew Cecere
Dated: February 21, 2014	Chief Financial Officer

EX-32

EXHIBIT 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Chief Executive Officer and Chief Financial Officer of U.S. Bancorp, a Delaware corporation (the “Company”), do hereby certify that:

(1) The Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “Form 10-K”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Form 10-K fairly presents, in all material respects, the financial condition and results of operations of the Company.

/S/    RICHARD K. DAVIS	/S/    ANDREW CECERE
Richard K. Davis	Andrew Cecere
Chief Executive Officer	Chief Financial Officer
Dated: February 21, 2014

XML

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consisted of the following:

	Estimated		Amortization			Balance
At December 31 (Dollars in Millions)	Life (a)		Method (b)			2013		2012
Goodwill				(c	)	$	9,205	$	9,143
Merchant processing contracts		10 years/8 years		SL/AC			229		281
Core deposit benefits		22 years/5 years		SL/AC			135		176
Mortgage servicing rights				(c	)		2,680		1,700
Trust relationships		14 years/6 years		SL/AC			122		149
Other identified intangibles		9 years/5 years		SL/AC			363		400
Total						$	12,734	$	11,849

(a) Estimated life represents the amortization period for assets subject to the straight line method and the weighted average or life of the underlying cash flows amortization period for intangibles subject to accelerated methods. If more than one amortization method is used for a category, the estimated life for each method is calculated and reported separately.

(b) Amortization methods:	SL = straight line method
	AC= accelerated methods generally based on cash flows

(c) Goodwill is evaluated for impairment, but not amortized. Mortgage servicing rights are recorded at fair value, and are not amortized.

Aggregate Amortization Expense

Aggregate amortization expense consisted of the following:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Merchant processing contracts	$	64	$	74	$	90
Core deposit benefits		41		60		81
Trust relationships		34		39		35
Other identified intangibles		84		101		93
Total	$	223	$	274	$	299

Estimated Amortization Expense

The estimated amortization expense for the next five years is as follows:

(Dollars in Millions)
2014	$	184
2015		148
2016		119
2017		98
2018		78

Changes in Carrying Value of Goodwill

The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2013, 2012 and 2011:

(Dollars in Millions)	Wholesale Banking and Commercial Real Estate		Consumer and Small Business Banking			Wealth Management and Securities Services		Payment Services			Treasury and Corporate Support		Consolidated Company
Balance at December 31, 2010	$	1,605	$	3,535		$	1,463	$	2,351		$	–	$	8,954
Other (a)		–		(21	)		–		(6	)		–		(27	)
Balance at December 31, 2011	$	1,605	$	3,514		$	1,463	$	2,345		$	–	$	8,927
Goodwill acquired		–		–			65		143			–		208
Other (a)		–		–			–		8			–		8
Balance at December 31, 2012	$	1,605	$	3,514		$	1,528	$	2,496		$	–	$	9,143
Goodwill acquired		–		–			37		20			–		57
Other (a)		–		–			–		5			–		5
Balance at December 31, 2013	$	1,605	$	3,514		$	1,565	$	2,521		$	–	$	9,205

(a) Other changes in goodwill include a reclassification from goodwill to covered loans related to an FDIC-assisted acquisition for Consumer and Small Business Banking and the effect of foreign exchange translation for Payment Services.

XML

Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax credits recognized as reduction to related investment asset	$ 473

XML

Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Parenthetical) (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Par value of Preference shares issued and outstanding	$ 1.00	$ 1.00

XML

Investment Securities - Investment Securities (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	$ 41,059		$ 39,040
Available-for-sale securities, total, fair value	40,935	[1]	40,139	[1]
Available-for-sale securities, total, weighted average maturity in years	6 years		4 years 1 month 6 days
Available-for-sale securities, total, weighted average yield	2.64%		2.93%
Held-to-maturity securities, total, amortized cost	38,920	[1]	34,389	[1]
Held-to-maturity securities, total, fair value	38,368		34,952
Held-to-maturity securities, total, weighted average maturity in years	4 years 6 months		3 years 3 months 18 days
Held-to-maturity securities, total, weighted average yield	2.00%		1.94%
Total investment securities amortized cost	79,979		73,429
Total investment securities, percentage	100.00%		100.00%
U.S. Treasury and agencies [Member]
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	1,108
Available-for-sale securities, total, fair value	1,045
Available-for-sale securities, total, weighted average maturity in years	11 years 10 months 24 days
Available-for-sale securities, total, weighted average yield	2.52%
Held-to-maturity securities, total, amortized cost	3,114
Held-to-maturity securities, total, fair value	3,040
Held-to-maturity securities, total, weighted average maturity in years	3 years 7 months 6 days
Held-to-maturity securities, total, weighted average yield	1.42%
Total investment securities amortized cost	4,222		4,365
Total investment securities, percentage	5.30%		5.90%
U.S. Treasury and agencies [Member] | Maturing in one year or less [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost	28
Available-for-sale, securities maturing within one year, fair value	28
Available-for-sale securities, total, weighted average maturity in years	3 months 18 days
Available-for-sale securities, maturing in one year or less, weighted average yield	4.44%
Held-to-maturity securities, maturities within one year, amortized cost	1,811
Held-to-maturity securities, maturities within one year, fair value	1,814
Held-to-maturity securities, total, weighted average maturity in years	2 months 12 days
Held-to-maturity securities, maturing in one year or less, weighted average yield	1.01%
U.S. Treasury and agencies [Member] | Maturing after one year through five years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after one through five year, amortized cost	32
Available-for-sale, securities maturing after one through five year, fair value	33
Available-for-sale securities, total, weighted average maturity in years	2 years 8 months 12 days
Available for sale securities, maturing after one year through five years weighted average yield	3.11%
Held-to-maturity securities, maturities after one year through five years, amortized cost	80
Held to maturity securities, maturities after one year through five years, fair value	81
Held-to-maturity securities, total, weighted average maturity in years	1 year 4 months 24 days
Held-to-maturity securities, maturing after one year through five years, weighted average yield	1.36%
U.S. Treasury and agencies [Member] | Maturing after five years through ten years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after five through ten year, amortized cost	347
Available-for-sale, securities maturing after five through ten year, fair value	331
Available-for-sale securities, total, weighted average maturity in years	8 years 1 month 6 days
Available-for-sale securities, maturing after five years through ten years, weighted average yield	2.59%
Held-to-maturity securities, maturities after five years through ten years, amortized cost	1,163
Held-to-maturity securities, maturities after five year through ten years, fair value	1,085
Held-to-maturity securities, total, weighted average maturity in years	8 years 6 months
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	2.05%
U.S. Treasury and agencies [Member] | Maturing after ten years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after ten years, amortized cost	701
Available-for-sale, securities maturing after ten years, fair value	653
Available-for-sale securities, total, weighted average maturity in years	14 years 8 months 12 days
Available-for-sale securities, maturing after ten years, weighted average yield	2.39%
Held-to-maturity securities, maturities after ten years, amortized cost	60
Held-to-maturity securities, maturities after ten years, fair value	60
Held-to-maturity securities, total, weighted average maturity in years	11 years 3 months 18 days
Held-to-maturity securities, maturing after ten years, weighted average yield	1.75%
Mortgage-Backed Securities [Member]
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	32,564
Available-for-sale securities, total, fair value	32,480
Available-for-sale securities, total, weighted average maturity in years	5 years 6 months
Available-for-sale securities, total, weighted average yield	1.97%
Held-to-maturity securities, total, amortized cost	35,672
Held-to-maturity securities, total, fair value	35,194
Held-to-maturity securities, total, weighted average maturity in years	4 years 7 months 6 days
Held-to-maturity securities, total, weighted average yield	2.05%
Total investment securities amortized cost	68,236		61,019
Total investment securities, percentage	85.30%		83.10%
Mortgage-Backed Securities [Member] | Maturing in one year or less [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost	226
Available-for-sale, securities maturing within one year, fair value	231
Available-for-sale securities, total, weighted average maturity in years	7 months 6 days
Available-for-sale securities, maturing in one year or less, weighted average yield	2.63%
Held-to-maturity securities, maturities within one year, amortized cost	9
Held-to-maturity securities, maturities within one year, fair value	9
Held-to-maturity securities, total, weighted average maturity in years	7 months 6 days
Held-to-maturity securities, maturing in one year or less, weighted average yield	2.77%
Mortgage-Backed Securities [Member] | Maturing after one year through five years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after one through five year, amortized cost	13,864
Available-for-sale, securities maturing after one through five year, fair value	13,752
Available-for-sale securities, total, weighted average maturity in years	3 years 10 months 24 days
Available for sale securities, maturing after one year through five years weighted average yield	2.16%
Held-to-maturity securities, maturities after one year through five years, amortized cost	22,441
Held to maturity securities, maturities after one year through five years, fair value	22,217
Held-to-maturity securities, total, weighted average maturity in years	3 years 8 months 12 days
Held-to-maturity securities, maturing after one year through five years, weighted average yield	2.30%
Mortgage-Backed Securities [Member] | Maturing after five years through ten years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after five through ten year, amortized cost	16,000
Available-for-sale, securities maturing after five through ten year, fair value	16,007
Available-for-sale securities, total, weighted average maturity in years	5 years 10 months 24 days
Available-for-sale securities, maturing after five years through ten years, weighted average yield	1.91%
Held-to-maturity securities, maturities after five years through ten years, amortized cost	12,424
Held-to-maturity securities, maturities after five year through ten years, fair value	12,159
Held-to-maturity securities, total, weighted average maturity in years	5 years 8 months 12 days
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	1.66%
Mortgage-Backed Securities [Member] | Maturing after ten years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after ten years, amortized cost	2,474
Available-for-sale, securities maturing after ten years, fair value	2,490
Available-for-sale securities, total, weighted average maturity in years	13 years 1 month 6 days
Available-for-sale securities, maturing after ten years, weighted average yield	1.20%
Held-to-maturity securities, maturities after ten years, amortized cost	798
Held-to-maturity securities, maturities after ten years, fair value	809
Held-to-maturity securities, total, weighted average maturity in years	12 years 9 months 18 days
Held-to-maturity securities, maturing after ten years, weighted average yield	1.24%
Asset-Backed Securities [Member]
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	636
Available-for-sale securities, total, fair value	653
Available-for-sale securities, total, weighted average maturity in years	6 years 1 month 6 days
Available-for-sale securities, total, weighted average yield	2.03%
Held-to-maturity securities, total, amortized cost	16
Held-to-maturity securities, total, fair value	27
Held-to-maturity securities, total, weighted average maturity in years	5 years
Held-to-maturity securities, total, weighted average yield	0.82%
Total investment securities amortized cost	652		637
Total investment securities, percentage	0.80%		0.90%
Asset-Backed Securities [Member] | Maturing in one year or less [Member]
Investment Securities [Line Items]
Available-for-sale securities, maturing in one year or less, weighted average yield	7.65%
Asset-Backed Securities [Member] | Maturing after one year through five years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after one through five year, amortized cost	272
Available-for-sale, securities maturing after one through five year, fair value	282
Available-for-sale securities, total, weighted average maturity in years	4 years 1 month 6 days
Available for sale securities, maturing after one year through five years weighted average yield	1.31%
Held-to-maturity securities, maturities after one year through five years, amortized cost	11
Held to maturity securities, maturities after one year through five years, fair value	14
Held-to-maturity securities, total, weighted average maturity in years	3 years 4 months 24 days
Held-to-maturity securities, maturing after one year through five years, weighted average yield	0.79%
Asset-Backed Securities [Member] | Maturing after five years through ten years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after five through ten year, amortized cost	364
Available-for-sale, securities maturing after five through ten year, fair value	371
Available-for-sale securities, total, weighted average maturity in years	7 years 7 months 6 days
Available-for-sale securities, maturing after five years through ten years, weighted average yield	2.57%
Held-to-maturity securities, maturities after five years through ten years, amortized cost	4
Held-to-maturity securities, maturities after five year through ten years, fair value	4
Held-to-maturity securities, total, weighted average maturity in years	7 years 1 month 6 days
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	0.94%
Asset-Backed Securities [Member] | Maturing after ten years [Member]
Investment Securities [Line Items]
Available-for-sale securities, total, weighted average maturity in years	17 years 7 months 6 days
Available-for-sale securities, maturing after ten years, weighted average yield	5.15%
Held-to-maturity securities, maturities after ten years, amortized cost	1
Held-to-maturity securities, maturities after ten years, fair value	9
Held-to-maturity securities, total, weighted average maturity in years	20 years 9 months 18 days
Held-to-maturity securities, maturing after ten years, weighted average yield	0.76%
Obligations of state and political subdivisions [Member]
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	5,673
Available-for-sale securities, total, fair value	5,738
Available-for-sale securities, total, weighted average maturity in years	4 years 6 months
Available-for-sale securities, total, weighted average yield	6.60%
Held-to-maturity securities, total, amortized cost	12
Held-to-maturity securities, total, fair value	12
Held-to-maturity securities, total, weighted average maturity in years	8 years 10 months 24 days
Held-to-maturity securities, total, weighted average yield	5.02%
Total investment securities amortized cost	5,685		6,079
Total investment securities, percentage	7.10%		8.30%
Obligations of state and political subdivisions [Member] | Maturing in one year or less [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost	70
Available-for-sale, securities maturing within one year, fair value	70
Available-for-sale securities, total, weighted average maturity in years	4 months 24 days
Available-for-sale securities, maturing in one year or less, weighted average yield	6.16%
Held-to-maturity securities, total, weighted average maturity in years	4 months 24 days
Held-to-maturity securities, maturing in one year or less, weighted average yield	7.48%
Obligations of state and political subdivisions [Member] | Maturing after one year through five years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after one through five year, amortized cost	4,671
Available-for-sale, securities maturing after one through five year, fair value	4,772
Available-for-sale securities, total, weighted average maturity in years	2 years 7 months 6 days
Available for sale securities, maturing after one year through five years weighted average yield	6.72%
Held-to-maturity securities, maturities after one year through five years, amortized cost	3
Held to maturity securities, maturities after one year through five years, fair value	3
Held-to-maturity securities, total, weighted average maturity in years	2 years
Held-to-maturity securities, maturing after one year through five years, weighted average yield	9.52%
Obligations of state and political subdivisions [Member] | Maturing after five years through ten years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after five through ten year, amortized cost	445
Available-for-sale, securities maturing after five through ten year, fair value	438
Available-for-sale securities, total, weighted average maturity in years	6 years 7 months 6 days
Available-for-sale securities, maturing after five years through ten years, weighted average yield	5.80%
Held-to-maturity securities, maturities after five years through ten years, amortized cost	2
Held-to-maturity securities, maturities after five year through ten years, fair value	2
Held-to-maturity securities, total, weighted average maturity in years	7 years 3 months 18 days
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	7.85%
Obligations of state and political subdivisions [Member] | Maturing after ten years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after ten years, amortized cost	487
Available-for-sale, securities maturing after ten years, fair value	458
Available-for-sale securities, total, weighted average maturity in years	20 years 9 months 18 days
Available-for-sale securities, maturing after ten years, weighted average yield	6.25%
Held-to-maturity securities, maturities after ten years, amortized cost	7
Held-to-maturity securities, maturities after ten years, fair value	7
Held-to-maturity securities, total, weighted average maturity in years	12 years 2 months 12 days
Held-to-maturity securities, maturing after ten years, weighted average yield	2.64%
Other Debt Securities and Obligations of Foreign Government [Member]
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	740
Available-for-sale securities, total, fair value	646
Available-for-sale securities, total, weighted average maturity in years	21 years 4 months 24 days
Available-for-sale securities, total, weighted average yield	2.70%
Held-to-maturity securities, total, amortized cost	106
Held-to-maturity securities, total, fair value	95
Held-to-maturity securities, total, weighted average maturity in years	2 years 10 months 24 days
Held-to-maturity securities, total, weighted average yield	1.12%
Total investment securities amortized cost	1,184		1,329
Total investment securities, percentage	1.50%		1.80%
Other Debt Securities and Obligations of Foreign Government [Member] | Maturing in one year or less [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing within one year, amortized cost	6
Available-for-sale, securities maturing within one year, fair value	6
Available-for-sale securities, total, weighted average maturity in years	2 months 12 days
Available-for-sale securities, maturing in one year or less, weighted average yield	1.16%
Held-to-maturity securities, maturities within one year, amortized cost	6
Held-to-maturity securities, maturities within one year, fair value	6
Held-to-maturity securities, total, weighted average maturity in years	6 months
Held-to-maturity securities, maturing in one year or less, weighted average yield	1.60%
Other Debt Securities and Obligations of Foreign Government [Member] | Maturing after one year through five years [Member]
Investment Securities [Line Items]
Held-to-maturity securities, maturities after one year through five years, amortized cost	76
Held to maturity securities, maturities after one year through five years, fair value	76
Held-to-maturity securities, total, weighted average maturity in years	1 year 10 months 24 days
Held-to-maturity securities, maturing after one year through five years, weighted average yield	1.12%
Other Debt Securities and Obligations of Foreign Government [Member] | Maturing after five years through ten years [Member]
Investment Securities [Line Items]
Held-to-maturity securities, maturities after five years through ten years, amortized cost	24
Held-to-maturity securities, maturities after five year through ten years, fair value	13
Held-to-maturity securities, total, weighted average maturity in years	6 years 9 months 18 days
Held-to-maturity securities, maturing after five year through ten years, weighted average yield	0.98%
Other Debt Securities and Obligations of Foreign Government [Member] | Maturing after ten years [Member]
Investment Securities [Line Items]
Available-for-sale, securities maturing after ten years, amortized cost	734
Available-for-sale, securities maturing after ten years, fair value	640
Available-for-sale securities, total, weighted average maturity in years	21 years 6 months
Available-for-sale securities, maturing after ten years, weighted average yield	2.71%
Other Investments Including Perpetual Preferred Securities [Member]
Investment Securities [Line Items]
Available-for-sale securities, total, amortized cost	338
Available-for-sale securities, total, fair value	$ 373
Available-for-sale securities, total, weighted average maturity in years	18 years 10 months 24 days
Available-for-sale securities, total, weighted average yield	2.88%

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Netting Arrangements for Certain Financial Instruments - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet But Available for Offset in Event of Default (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Offsetting [Abstract]
Derivative assets Gross Recognized Assets	$ 1,349	$ 1,546
Reverse repurchase agreements Gross Recognized Assets	87	363
Securities borrowed Gross Recognized Assets	723	368
Total Gross Recognized Assets	2,159	2,277
Derivative assets Gross amounts assets offset in consolidated balance sheet	(599)	(418)
Total Gross amounts assets offset in consolidated balance sheet	(599)	(418)
Derivative assets Net Amounts Presented in the Consolidated Balance Sheet	750	1,128
Reverse repurchase agreements Net Amounts Presented in the Consolidated Balance Sheet	87	363
Securities borrowed Net Amounts Presented in the Consolidated Balance Sheet	723	368
Total Net Amounts Presented in the Consolidated Balance Sheet	1,560	1,859
Derivative assets Gross Amounts Not Offset Consolidated Balance Financial Instruments	(21)	(148)
Reverse repurchase agreements Gross financial instrument asset amounts not offset in consolidated balance sheet	(59)	(44)
Securities borrowed Gross financial instrument asset amounts not offset in consolidated balance sheet
Total Gross financial instrument asset amounts not offset in consolidated balance sheet	(80)	(192)
Reverse repurchase agreements Gross collateral received amounts not offset in consolidated balance sheet	(28)	(319)
Securities borrowed Gross collateral received amounts not offset in consolidated balance sheet	(698)	(356)
Total Gross collateral received amounts not offset in consolidated balance sheet	(726)	(675)
Derivative assets Net Amount	729	980
Reverse repurchase agreements Net Amount
Securities borrowed Net Amount	25	12
Total Net Amount Assets	754	992
Derivative liabilities Gross recognized liabilities	1,598	2,178
Repurchase agreements Gross recognized liabilities	2,059	3,389
Securities loaned Gross recognized liabilities
Total Gross recognized liabilities	3,657	5,567
Derivative liabilities Gross amounts liabilities offset in consolidated balance sheet	(1,192)	(1,549)
Total Gross amounts liabilities offset in consolidated balance sheet	(1,192)	(1,549)
Derivative liabilities Net amounts liabilities presented in consolidated balance sheet	406	629
Repurchase agreements Net amounts liabilities presented in consolidated balance sheet	2,059	3,389
Securities loaned Net amounts liabilities presented in consolidated balance sheet
Total Net amounts liabilities presented in consolidated balance sheet	2,465	4,018
Derivative liabilities Gross financial instrument liability amounts not offset in consolidated balance sheet	(21)	(148)
Repurchase agreements Gross financial instrument liability amounts not offset in consolidated balance sheet	(59)	(44)
Securities loaned Gross financial instruments not offset in consolidated balance sheet
Total Gross financial instrument liability amounts not offset in consolidated balance sheet	(80)	(192)
Repurchase agreements Gross collateral pledged amounts not offset in consolidated balance sheet	(2,000)	(3,345)
Securities loaned Gross collateral pledged amounts not offset in consolidated balance sheet
Total Gross collateral pledged amounts not offset in consolidated balance sheet	(2,000)	(3,345)
Derivative liabilities Net Amount	385	481
Repurchase agreements Net Amount
Securities loaned net Amount
Total Net Amount Liabilities	$ 385	$ 481

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Netting Arrangements for Certain Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet But Available for Offset in Event of Default

The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:

	Gross		Gross Amounts Offset on the			Net Amounts Presented on the		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)	Recognized Assets		Consolidated Balance Sheet (a)			Consolidated Balance Sheet		Financial             Instruments (b)			Collateral Received (c)			Net Amount
December 31, 2013
Derivative assets (d)	$	1,349	$	(599	)	$	750	$	(21	)	$	–		$	729
Reverse repurchase agreements		87		–			87		(59	)		(28	)		–
Securities borrowed		723		–			723		–			(698	)		25
Total	$	2,159	$	(599	)	$	1,560	$	(80	)	$	(726	)	$	754
December 31, 2012
Derivative assets (d)	$	1,546	$	(418	)	$	1,128	$	(148	)	$	–		$	980
Reverse repurchase agreements		363		–			363		(44	)		(319	)		–
Securities borrowed		368		–			368		–			(356	)		12
Total	$	2,277	$	(418	)	$	1,859	$	(192	)	$	(675	)	$	992

(a) Includes $124 million and $79 million of cash collateral related payables that were netted against derivative assets at December 31, 2013 and 2012, respectively.

(b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.

(d) Excludes $55 million and $260 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at December 31, 2013 and 2012, respectively.

	Gross		Gross Amounts Offset on the			Net Amounts Presented on the		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)	Recognized Liabilities		Consolidated Balance Sheet (a)			Consolidated Balance Sheet		Financial                 Instruments (b)			Collateral Pledged (c)			Net Amount
December 31, 2013
Derivative liabilities (d)	$	1,598	$	(1,192	)	$	406	$	(21	)	$	–		$	385
Repurchase agreements		2,059		–			2,059		(59	)		(2,000	)		–
Securities loaned		–		–			–		–			–			–
Total	$	3,657	$	(1,192	)	$	2,465	$	(80	)	$	(2,000	)	$	385
December 31, 2012
Derivative liabilities (d)	$	2,178	$	(1,549	)	$	629	$	(148	)	$	–		$	481
Repurchase agreements		3,389		–			3,389		(44	)		(3,345	)		–
Securities loaned		–		–			–		–			–			–
Total	$	5,567	$	(1,549	)	$	4,018	$	(192	)	$	(3,345	)	$	481

(a) Includes $717 million and $1.2 billion of cash collateral related receivables that were netted against derivative liabilities at December 31, 2013 and 2012, respectively.

(b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.

(d) Excludes $119 million and $5 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at December 31, 2013 and 2012, respectively.

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Employee Benefits - Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (Pension Plans [Member], USD $) In Billions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation for all pension plans	$ 3.6	$ 3.8

XML

Investment Securities - Summary of Ranges Used in Valuation of Non-Agency Mortgage-Backed Securities Other Than Temporarily Impaired (Detail)	Dec. 31, 2013	Dec. 31, 2012
Prime Minimum [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	7.00%	6.00%
Lifetime probability of default rates	3.00%	3.00%
Lifetime loss severity rates	30.00%	40.00%
Prime Maximum [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	18.00%	22.00%
Lifetime probability of default rates	7.00%	6.00%
Lifetime loss severity rates	50.00%	50.00%
Prime Average [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	15.00%	14.00%
Lifetime probability of default rates	5.00%	4.00%
Lifetime loss severity rates	48.00%	47.00%
Non-Prime Minimum [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	4.00%	3.00%
Lifetime probability of default rates	7.00%	3.00%
Lifetime loss severity rates	50.00%	45.00%
Non-Prime Maximum [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	9.00%	10.00%
Lifetime probability of default rates	12.00%	10.00%
Lifetime loss severity rates	65.00%	65.00%
Non-Prime Average [Member]
Principal Valuation Assumptions Debt Securities Other Than Temporarily Impaired [Line Items]
Estimated lifetime prepayment rates	5.00%	6.00%
Lifetime probability of default rates	9.00%	7.00%
Lifetime loss severity rates	58.00%	56.00%

XML

Employee Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Pre tax Estimated net loss/gain that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost	$ 158
Pre tax estimated prior service cost for pension plan that will be amortized from accumulated other comprehensive income loss into net periodic benefit cost	(5)
Postretirement Welfare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Pre tax Estimated net loss/gain that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost	(6)
Pre tax estimated prior service cost for pension plan that will be amortized from accumulated other comprehensive income loss into net periodic benefit cost	$ (3)

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Investment Securities - Investment Securities (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Amortized Cost And Fair Value Debt Securities [Abstract]
Federal statutory rate	35.00%
Weighted-average maturity of available-for-sale investment securities	6 years	4 years 1 month 6 days
Weighted-average yield of available-for-sale investment securities	2.64%	2.93%
Weighted average maturity of held-to-maturity investment securities	4 years 6 months	3 years 3 months 18 days
Weighted-average yield of held-to-maturity investment securities	2.00%	1.94%

XML

Guarantees and Contingent Liabilities - Summary of Contract or Notional Amounts of Unfunded Commitments to Extend Credit (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Commercial and commercial real estate [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	$ 103,851
Corporate and purchasing cards [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	20,007
Residential Mortgages [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	109
Retail credit cards [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	71,456
Other Retail [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	29,115
Covered Loans [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	838
Federal Funds [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	4,898
Less Than One Year [Member] | Commercial and commercial real estate [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	20,321
Less Than One Year [Member] | Corporate and purchasing cards [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	20,007
Less Than One Year [Member] | Residential Mortgages [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	98
Less Than One Year [Member] | Retail credit cards [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	71,192
Less Than One Year [Member] | Other Retail [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	11,382
Less Than One Year [Member] | Covered Loans [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	31
Less Than One Year [Member] | Federal Funds [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	4,898
Greater Than One Year [Member] | Commercial and commercial real estate [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	83,530
Greater Than One Year [Member] | Corporate and purchasing cards [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit
Greater Than One Year [Member] | Residential Mortgages [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	11
Greater Than One Year [Member] | Retail credit cards [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	264
Greater Than One Year [Member] | Other Retail [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	17,733
Greater Than One Year [Member] | Covered Loans [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit	807
Greater Than One Year [Member] | Federal Funds [Member]
Guarantees and Commitments to Extend Credit [Line Items]
Contract or notional amounts of unfunded commitments to extend credit

XML

Loans and Allowance for Credit Losses - Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Type (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Allowance Balance at End of Period
Loans individually evaluated for impairment	$ 32	$ 40
TDRs collectively evaluated for impairment	520	754
Other loans collectively evaluated for impairment	3,815	3,771
Loans acquired with deteriorated credit quality	170	168
Total allowance for credit losses	4,537	4,733	5,014	5,531
Loan balance at end of period
Loans individually evaluated for impairment	496	729
TDRs collectively evaluated for impairment	6,243	5,675
Other loans collectively evaluated for impairment	224,557	211,514
Loans acquired with deteriorated credit quality	3,939	5,411
Total loans	226,773	212,021
Total loans	235,235	223,329
Commercial [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment	15	10
TDRs collectively evaluated for impairment	19	28
Other loans collectively evaluated for impairment	1,041	1,013
Loans acquired with deteriorated credit quality
Total allowance for credit losses	1,075	1,051	1,010	1,104
Loan balance at end of period
Loans individually evaluated for impairment	197	171
TDRs collectively evaluated for impairment	155	185
Other loans collectively evaluated for impairment	69,680	65,863
Loans acquired with deteriorated credit quality	1	4
Total loans	70,033	66,223
Commercial Real Estate [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment	17	30
TDRs collectively evaluated for impairment	26	29
Other loans collectively evaluated for impairment	700	791
Loans acquired with deteriorated credit quality	33	7
Total allowance for credit losses	776	857	1,154	1,291
Loan balance at end of period
Loans individually evaluated for impairment	237	510
TDRs collectively evaluated for impairment	358	391
Other loans collectively evaluated for impairment	39,128	35,952
Loans acquired with deteriorated credit quality	162	100
Total loans	39,885	36,953
Residential Mortgages [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	329	446
Other loans collectively evaluated for impairment	546	489
Loans acquired with deteriorated credit quality
Total allowance for credit losses	875	935	927	820
Loan balance at end of period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	5,064	4,199
Other loans collectively evaluated for impairment	46,090	39,813
Loans acquired with deteriorated credit quality	2	6
Total loans	51,156	44,018
Credit Card [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	87	153
Other loans collectively evaluated for impairment	797	710
Loans acquired with deteriorated credit quality
Total allowance for credit losses	884	863	992	1,395
Loan balance at end of period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	310	442
Other loans collectively evaluated for impairment	17,711	16,673
Loans acquired with deteriorated credit quality
Total loans	18,021	17,115
Other Retail [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	55	97
Other loans collectively evaluated for impairment	726	751
Loans acquired with deteriorated credit quality
Total allowance for credit losses	781	848	831	807
Loan balance at end of period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	269	313
Other loans collectively evaluated for impairment	47,409	47,399
Loans acquired with deteriorated credit quality
Total loans	47,678	47,712
Total Loans, Excluding Covered Loans [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment	32	40
TDRs collectively evaluated for impairment	516	753
Other loans collectively evaluated for impairment	3,810	3,754
Loans acquired with deteriorated credit quality	33	7
Total allowance for credit losses	4,391	4,554	4,914	5,417
Loan balance at end of period
Loans individually evaluated for impairment	434	681
TDRs collectively evaluated for impairment	6,156	5,530
Other loans collectively evaluated for impairment	220,018	205,700
Loans acquired with deteriorated credit quality	165	110
Total loans	226,773	212,021
Covered Loans [Member]
Allowance Balance at End of Period
Loans individually evaluated for impairment
TDRs collectively evaluated for impairment	4	1
Other loans collectively evaluated for impairment	5	17
Loans acquired with deteriorated credit quality	137	161
Total allowance for credit losses	146	179	100	114
Loan balance at end of period
Loans individually evaluated for impairment	62	48
TDRs collectively evaluated for impairment	87	145
Other loans collectively evaluated for impairment	4,539	5,814
Loans acquired with deteriorated credit quality	3,774	5,301
Total loans	$ 8,462	$ 11,308

XML

Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Level 3 Available-for-Sale Investment Securities (Detail)	Dec. 31, 2013
Minimum [Member] | Residential Non-Agency Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates
Lifetime loss severity rates	25.00%
Discount margin	2.00%
Minimum [Member] | Residential Non-Agency Non-Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	2.00%
Lifetime probability of default rates	4.00%
Lifetime loss severity rates	15.00%
Discount margin	1.00%
Minimum [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates	5.00%
Lifetime loss severity rates	40.00%
Discount margin	7.00%
Maximum [Member] | Residential Non-Agency Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	20.00%
Lifetime probability of default rates	7.00%
Lifetime loss severity rates	65.00%
Discount margin	5.00%
Maximum [Member] | Residential Non-Agency Non-Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	10.00%
Lifetime probability of default rates	12.00%
Lifetime loss severity rates	70.00%
Discount margin	6.00%
Maximum [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates	5.00%
Lifetime loss severity rates	40.00%
Discount margin	7.00%
Average [Member] | Residential Non-Agency Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	13.00%
Lifetime probability of default rates	4.00%
Lifetime loss severity rates	42.00%
Discount margin	4.00%
Average [Member] | Residential Non-Agency Non-Prime [Member] | Residential [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates	8.00%
Lifetime loss severity rates	54.00%
Discount margin	3.00%
Average [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Estimated lifetime prepayment rates	6.00%
Lifetime probability of default rates	5.00%
Lifetime loss severity rates	40.00%
Discount margin	7.00%

XML

Short-Term Borrowings - Summary of Short-Term Borrowings (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt Disclosure [Abstract]
Tax rate on interest	35.00%
Compensation expense included in federal funds purchased and short term borrowings rates	$ 181	$ 203	$ 218

XML

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense were:

Year Ended December 31 (Dollars in Millions)	2013			2012		2011
Federal
Current	$	1,885		$	1,853	$	907
Deferred		(83	)		45		689
Federal income tax		1,802			1,898		1,596
State
Current		216			334		186
Deferred		14			4		59
State income tax		230			338		245
Total income tax provision	$	2,032		$	2,236	$	1,841

Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense

A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Tax at statutory rate	$	2,717		$	2,704		$	2,320
State income tax, at statutory rates, net of federal tax benefit		150			220			159
Tax effect of
Tax credits, net of related expenses (a)		(648	)		(479	)		(458	)
Tax-exempt income		(212	)		(219	)		(226	)
Noncontrolling interests		37			55			29
Other items		(12	)		(45	)		17
Applicable income taxes	$	2,032		$	2,236		$	1,841

(a) Excludes tax credits of $473 million for the year ended December 31, 2013 which were recognized as a reduction to the related investment asset.

Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances

A reconciliation of the changes in the federal, state and foreign unrecognized tax position balances are summarized as follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	302		$	479		$	532
Additions for tax positions taken in prior years		44			73			24
Additions for tax positions taken in the current year		–			5			2
Exam resolutions		(56	)		(245	)		(70	)
Statute expirations		(26	)		(10	)		(9	)
Balance at end of period	$	264		$	302		$	479

Significant Components of Company's Net Deferred Tax Asset (Liability)

The significant components of the Company’s net deferred tax asset (liability) follows:

At December 31 (Dollars in Millions)	2013			2012
Deferred Tax Assets
Allowance for credit losses	$	1,722		$	1,756
Accrued expenses		485			476
Pension and postretirement benefits		277			523
Securities available-for-sale and financial instruments		172			–
Stock compensation		165			183
Federal, state and foreign net operating loss carryforwards		72			60
Partnerships and other investment assets		646			395
Other deferred tax assets, net		179			180
Gross deferred tax assets		3,718			3,573
Deferred Tax Liabilities
Leasing activities		(2,872	)		(2,792	)
Mortgage servicing rights		(835	)		(490	)
Goodwill and other intangible assets		(666	)		(565	)
Loans		(211	)		(168	)
Fixed assets		(147	)		(201	)
Securities available-for-sale and financial instruments		–			(232	)
Other deferred tax liabilities, net		(210	)		(361	)
Gross deferred tax liabilities		(4,941	)		(4,809	)
Valuation allowance		(82	)		(84	)
Net Deferred Tax Asset (Liability)	$	(1,305	)	$	(1,320	)

XML

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Line of Business Financial Performance

Wholesale Banking and Commercial Real Estate									Consumer and Small Business Banking
Year Ended December 31 (Dollars in Millions)	2013			2012		Percent Change				2013		2012			Percent Change
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$	2,088		$	2,104		(.8	)%		$	4,554	$	4,737			(3.9	)%
Noninterest income		1,092			1,234		(11.5	)			2,904		3,565			(18.5	)
Securities gains (losses), net		–			–		–				–		–			–
Total net revenue		3,180			3,338		(4.7	)			7,458		8,302			(10.2	)
Noninterest expense		1,248			1,265		(1.3	)			4,684		4,923			(4.9	)
Other intangibles		8			16		(50.0	)			40		51			(21.6	)
Total noninterest expense		1,256			1,281		(2.0	)			4,724		4,974			(5.0	)
Income before provision and income taxes		1,924			2,057		(6.5	)			2,734		3,328			(17.8	)
Provision for credit losses		(97	)		2		*				607		1,167			(48.0	)
Income before income taxes		2,021			2,055		(1.7	)			2,127		2,161			(1.6	)
Income taxes and taxable-equivalent adjustment		736			748		(1.6	)			774		786			(1.5	)
Net income		1,285			1,307		(1.7	)			1,353		1,375			(1.6	)
Net (income) loss attributable to noncontrolling interests		–			–		–				–		(1	)		*
Net income attributable to U.S. Bancorp	$	1,285		$	1,307		(1.7	)		$	1,353	$	1,374			(1.5	)
Average Balance Sheet
Commercial	$	50,873		$	45,091		12.8	%		$	8,396	$	8,225			2.1	%
Commercial real estate		20,550			19,635		4.7				16,934		16,136			4.9
Residential mortgages		26			60		(56.7	)			47,081		39,827			18.2
Credit card		–			–		–				–		–			–
Other retail		8			7		14.3				44,847		45,594			(1.6	)
Total loans, excluding covered loans		71,457			64,793		10.3				117,258		109,782			6.8
Covered loans		363			921		(60.6	)			6,566		7,510			(12.6	)
Total loans		71,820			65,714		9.3				123,824		117,292			5.6
Goodwill		1,604			1,604		–				3,515		3,515			–
Other intangible assets		25			36		(30.6	)			2,406		1,787			34.6
Assets		78,253			71,606		9.3				139,174		134,258			3.7
Noninterest-bearing deposits		31,153			31,224		(.2	)			21,969		20,386			7.8
Interest checking		10,515			10,354		1.6				33,006		29,911			10.3
Savings products		14,144			9,413		50.3				46,308		43,342			6.8
Time deposits		18,481			17,197		7.5				21,136		23,787			(11.1	)
Total deposits		74,293			68,188		9.0				122,419		117,426			4.3
Total U.S. Bancorp shareholders’ equity		7,356			6,436		14.3				12,148		11,268			7.8

* Not meaningful

Wealth Management and Securities Services								Payment Services										Treasury and Corporate Support										Consolidated Company
	2013		2012		Percent Change				2013			2012			Percent Change				2013			2012			Percent Change				2013		2012			Percent Change
	$	356	$	355		.3	%		$	1,584		$	1,548			2.3	%		$	2,246		$	2,225			.9	%		$	10,828	$	10,969			(1.3	)%
		1,235		1,121		10.2				3,205			3,195			.3				329			219			50.2				8,765		9,334			(6.1	)
		–		–		–				–			–			–				9			(15	)		*				9		(15	)		*
		1,591		1,476		7.8				4,789			4,743			1.0				2,584			2,429			6.4				19,602		20,288			(3.4	)
		1,304		1,155		12.9				1,964			1,830			7.3				851			1,009			(15.7	)			10,051		10,182			(1.3	)
		36		40		(10.0	)			139			167			(16.8	)			–			–			–				223		274			(18.6	)
		1,340		1,195		12.1				2,103			1,997			5.3				851			1,009			(15.7	)			10,274		10,456			(1.7	)
		251		281		(10.7	)			2,686			2,746			(2.2	)			1,733			1,420			22.0				9,328		9,832			(5.1	)
		6		14		(57.1	)			769			697			10.3				55			2			*				1,340		1,882			(28.8	)
		245		267		(8.2	)			1,917			2,049			(6.4	)			1,678			1,418			18.3				7,988		7,950			.5
		89		96		(7.3	)			697			746			(6.6	)			(40	)		84			*				2,256		2,460			(8.3	)
		156		171		(8.8	)			1,220			1,303			(6.4	)			1,718			1,334			28.8				5,732		5,490			4.4
		–		–		–				(39	)		(38	)		(2.6	)			143			196			(27.0	)			104		157			(33.8	)
	$	156	$	171		(8.8	)		$	1,181		$	1,265			(6.6	)		$	1,861		$	1,530			21.6			$	5,836	$	5,647			3.3
	$	1,712	$	1,333		28.4	%		$	6,086		$	5,962			2.1	%		$	207		$	219			(5.5	)%		$	67,274	$	60,830			10.6	%
		650		609		6.7				–			–			–				103			125			(17.6	)			38,237		36,505			4.7
		874		400		*				–			–			–				1			3			(66.7	)			47,982		40,290			19.1
		–		–		–				16,813			16,653			1.0				–			–			–				16,813		16,653			1.0
		1,533		1,527		.4				737			810			(9.0	)			–			–			–				47,125		47,938			(1.7	)
		4,769		3,869		23.3				23,636			23,425			.9				311			347			(10.4	)			217,431		202,216			7.5
		14		11		27.3				5			5			–				3,095			4,711			(34.3	)			10,043		13,158			(23.7	)
		4,783		3,880		23.3				23,641			23,430			.9				3,406			5,058			(32.7	)			227,474		215,374			5.6
		1,535		1,473		4.2				2,510			2,361			6.3				–			–			–				9,164		8,953			2.4
		173		171		1.2				572			690			(17.1	)			2			4			(50.0	)			3,178		2,688			18.2
		7,643		6,538		16.9				29,843			29,580			.9				97,767			100,867			(3.1	)			352,680		342,849			2.9
		14,610		14,514		.7				703			643			9.3				585			474			23.4				69,020		67,241			2.6
		4,821		3,975		21.3				449			1,192			(62.3	)			1			1			–				48,792		45,433			7.4
		26,830		23,543		14.0				57			39			46.2				89			133			(33.1	)			87,428		76,470			14.3
		4,906		5,105		(3.9	)			–			–			–				694			477			45.5				45,217		46,566			(2.9	)
		51,167		47,137		8.5				1,209			1,874			(35.5	)			1,369			1,085			26.2				250,457		235,710			6.3
		2,385		2,232		6.9				6,046			5,701			6.1				11,982			11,974			.1				39,917		37,611			6.1

XML

Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Deliquency Status (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	$ 231,097	$ 218,204
Accruing 30-89 Days Past Due	1,346	1,723
90 Days or More Past Due	1,189	1,323
Nonperforming	1,603	2,079
Total loans, excluding covered loans	226,773	212,021
Total loans	235,235	223,329
Commercial [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	69,587	65,701
Accruing 30-89 Days Past Due	257	341
90 Days or More Past Due	55	58
Nonperforming	134	123
Total loans, excluding covered loans	70,033	66,223
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	39,459	36,241
Accruing 30-89 Days Past Due	94	158
90 Days or More Past Due	29	8
Nonperforming	303	546
Total loans, excluding covered loans	39,885	36,953
Residential Mortgages [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	49,695	42,728
Accruing 30-89 Days Past Due	358	348
90 Days or More Past Due	333	281
Nonperforming	770	661
Total loans, excluding covered loans	51,156	44,018
Credit Card [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	17,507	16,525
Accruing 30-89 Days Past Due	226	227
90 Days or More Past Due	210	217
Nonperforming	78	146
Total loans, excluding covered loans	18,021	17,115
Other Retail [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	47,156	47,109
Accruing 30-89 Days Past Due	245	290
90 Days or More Past Due	86	96
Nonperforming	191	217
Total loans, excluding covered loans	47,678	47,712
Total Loans, Excluding Covered Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	223,404	208,304
Accruing 30-89 Days Past Due	1,180	1,364
90 Days or More Past Due	713	660
Nonperforming	1,476	1,693
Total loans, excluding covered loans	226,773	212,021
Covered Loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Current	7,693	9,900
Accruing 30-89 Days Past Due	166	359
90 Days or More Past Due	476	663
Nonperforming	127	386
Total loans	$ 8,462	$ 11,308

XML

Earnings Per Share - Additional Information (Detail) (Stock Option [Member]) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options outstanding of common shares	5	22	54

XML

Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Health care cost trend rate
One percent increase
One percent decrease
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.07%	5.07%	5.66%
Expected return on plan assets	7.50%	8.00%	8.25%
Rate of compensation increase	4.08%	4.05%	4.02%
Postretirement Welfare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.10%	4.30%	4.90%
Expected return on plan assets	1.50%	2.25%	3.50%
Rate of compensation increase
Prior to age 65 [Member] | Net Periodic Benefit Cost Assumptions [Member]
Health care cost trend rate
Health care cost trend rate	8.00%	8.00%	8.00%
After age 65 [Member] | Net Periodic Benefit Cost Assumptions [Member]
Health care cost trend rate
Health care cost trend rate	8.00%	12.00%	14.00%

XML

Stock-Based Compensation - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Exercisable years from the date of grant	10 years
Shares available for grant under various plans (subject to adjustment for forfeitures)	54
Fair value of shares vested	$ 127	$ 86	$ 72
Stock-based compensation expense	129	129	118
Stock-based compensation after tax basis	80	80	73
Unrecognized compensation cost related to nonvested share-based arrangements granted under plans	$ 142
Cost expected to be recognized over a weighted-average period as compensation expense	2 years 4 months 24 days
Minimum [Member]
Stock and unit awards vesting years	3 years
Maximum [Member]
Stock and unit awards vesting years	5 years

XML

Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investments Securities with Unrealized Losses (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Unrealized Losses Total	$ 17

XML

Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2013
Receivables [Abstract]
Loss sharing agreement remaining term	6 years

XML

Loans and Allowance for Credit Losses - Summary of Nonperforming Assets (Parenthetical) (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Receivables [Abstract]
Period of accruing loans excluded from nonperforming assets and related ratios	90 days	90 days	90 days	90 days	90 days
GNMA loans that are 90 days past due and continue to accrue interest	$ 3,700,000,000	$ 3,200,000,000	$ 2,600,000,000	$ 2,600,000,000	$ 2,200,000,000
Foreclosed GNMA loans that continue to accrue interest and excluded from nonperforming assets	$ 527,000,000	$ 548,000,000	$ 692,000,000	$ 575,000,000	$ 359,000,000

XML

Junior Subordinated Debentures - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2013 Long-term debt securities [Member]	Dec. 31, 2012 Long-term debt securities [Member]	Dec. 31, 2013 USB Capital IX [Member]	Dec. 31, 2012 USB Capital IX [Member]
Debt Instrument [Line Items]
Percentage of common equity in wholly owned and sponsored USB Capital IX					100.00%
Issuance Trust	USB Capital IX
Debentures Redeemed		$ 176
Debenture amount			500	500
Value of preferred stock held by unconsolidated trust					$ 676	$ 676

XML

Stock-Based Compensation - Summary of Stock Options Outstanding and Exercised Under Various Stock Options Plans (Detail) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Options Outstanding at Beginning of the Period, Shares	63,171,918	75,823,941	85,622,705
Stock Options Granted, Shares	1,168,011	4,180,492	4,063,369
Stock Options Exercised, Shares	(17,260,740)	(15,681,323)	(8,508,107)
Stock Options Cancelled, Shares	(354,424)	(1,151,192)	(5,354,026)
Stock Options Outstanding at End of the Period, Shares	46,724,765	63,171,918	75,823,941
Stock Options Exercisable at End of Period, Shares	39,556,000	50,671,654	57,039,334
Weighted-Average Exercise Price Outstanding at Beginning of the Period	$ 28.83	$ 27.60	$ 26.80
Weighted Average Exercise Price Granted	$ 33.99	$ 28.65	$ 28.66
Weighted-Average Exercise Price Exercised	$ 28.41	$ 23.12	$ 19.49
Weighted-Average Exercise Price Cancelled	$ 29.22	$ 24.90	$ 28.44
Weighted-Average Exercise Price Outstanding at End of the Period	$ 29.12	$ 28.83	$ 27.60
Weighted-Average Exercise Price Exercisable	$ 29.19	$ 30.12	$ 29.14
Weighted Average Remaining Contractual Term, Outstanding at the End of the Period	4 years 4 months 24 days	4 years 10 months 24 days	5 years 2 months 12 days
Weighted Average Remaining Contractual Term, Exercisable	3 years 9 months 18 days	4 years 2 months 12 days	4 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding	$ 527	$ 196	$ (42)
Aggregate Intrinsic Value, Exercisable	$ 444	$ 92	$ (120)

XML

Loans and Allowance for Credit Losses - Changes in Accretable Balance for Purchased Impaired Loans (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deteriorated Loans Transferred in [Abstract]
Balance at beginning of period	$ 1,709	$ 2,619	$ 2,890
Purchases		13	100
Accretion	(499)	(437)	(451)
Disposals	(172)	(208)	(67)
Reclassifications from nonaccretable difference	258	454	184
Other	359	(732)	(37)
Balance at end of period	$ 1,655	$ 1,709	$ 2,619

XML

Derivative Instruments - Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings (Detail) (Asset and Liability Management Positions [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash Flow Hedges [Member] | Interest Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	$ 25	$ (46)	$ (213)
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings	(118)	(131)	(138)
Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net	(45)	(19)	34
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
Net Investment Hedges [Member] | Non-derivative Debt Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative Instruments, Gain (Losses) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net		20
Derivative Instruments, Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings

XML

Loans and Allowance for Credit Losses - Loans Modified as TDRs (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 SecurityLoan	Dec. 31, 2012 SecurityLoan	Dec. 31, 2011 SecurityLoan
Financing Receivable, Modifications [Line Items]
Number of Loans	44,733	79,262	79,233
Pre-Modification Outstanding Loan Balance	$ 2,158	$ 3,515	$ 4,518
Post-Modification Outstanding Loan Balance	2,058	3,394	4,515
Commercial [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	2,429	4,843	5,285
Pre-Modification Outstanding Loan Balance	166	307	456
Post-Modification Outstanding Loan Balance	155	272	427
Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	165	312	506
Pre-Modification Outstanding Loan Balance	205	493	1,078
Post-Modification Outstanding Loan Balance	198	461	1,060
Residential Mortgages [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	2,179	4,616	3,611
Pre-Modification Outstanding Loan Balance	309	638	708
Post-Modification Outstanding Loan Balance	304	623	704
Credit Card [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	26,669	49,320	55,951
Pre-Modification Outstanding Loan Balance	160	241	322
Post-Modification Outstanding Loan Balance	161	255	321
Other Retail [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	4,290	10,461	4,028
Pre-Modification Outstanding Loan Balance	103	279	73
Post-Modification Outstanding Loan Balance	102	275	72
Total Loans, Excluding GNMA and Covered Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	35,732	69,552	69,381
Pre-Modification Outstanding Loan Balance	943	1,958	2,637
Post-Modification Outstanding Loan Balance	920	1,886	2,584
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	8,878	9,518	9,569
Pre-Modification Outstanding Loan Balance	1,121	1,280	1,277
Post-Modification Outstanding Loan Balance	1,066	1,245	1,356
Covered Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	123	192	283
Pre-Modification Outstanding Loan Balance	94	277	604
Post-Modification Outstanding Loan Balance	$ 72	$ 263	$ 575

XML

Derivative Instruments - Additional Information (Detail) (USD $)			12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014 Scenario, Forecast [Member]
Derivative [Line Items]
Realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss)	$ 261,000,000	$ 404,000,000
Estimated loss to be reclassified from other comprehensive income (loss) into earnings for next 12 months			117,000,000
Forward commitments to sell mortgage loans	5,300,000,000
Hedged mortgage loans held for sale	2,800,000,000
Unfunded mortgage loan commitments	3,100,000,000
Fair value of derivatives under collateral agreements in a net liability position	1,000,000,000
Collateral posted by company netted against net liability position	$ 792,000,000

XML

Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Other noninterest income [Member] | Fair Value Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	$ (9)	$ 3	$ (36)
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage banking revenue [Member] | Other Economic Hedges [Member] | Futures and Forwards [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	615	437	23
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage banking revenue [Member] | Other Economic Hedges [Member] | Options [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	243	854	456
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage banking revenue [Member] | Other Economic Hedges [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	(322)	175	518
Asset and Liability Management Positions [Member] | Interest Rate Contracts [Member] | Mortgage banking revenue [Member] | Other Economic Hedges [Member] | Pay Fixed/Receive Floating Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings			1
Asset and Liability Management Positions [Member] | Foreign Exchange Cross-Currency Swaps [Member] | Other noninterest income [Member] | Fair Value Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings		42	(69)
Asset and Liability Management Positions [Member] | Foreign Exchange Forward Contracts [Member] | Commercial products revenue [Member] | Other Economic Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	49	(63)	(81)
Asset and Liability Management Positions [Member] | Equity Contracts [Member] | Compensation expense [Member] | Other Economic Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	2	2	1
Asset and Liability Management Positions [Member] | Credit Contracts [Member] | Other noninterest income/expense [Member] | Other Economic Hedges [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	6	(8)
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other noninterest income [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	(361)	(118)	302
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Other noninterest income [Member] | Pay Fixed/Receive Floating Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	378	124	(317)
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Commercial products revenue [Member] | Forwards, Spots and Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in earnings	$ 51	$ 50	$ 53

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Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	$ 226,773	$ 212,021
Total loans	235,235	223,329
Total outstanding commitments	477,797	451,841
Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	229,546	215,731
Total outstanding commitments	470,046	442,047
Special Mention Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	1,679	1,850
Total outstanding commitments	2,939	3,231
Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	4,010	5,748
Total outstanding commitments	4,812	6,563
Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	5,689	7,598
Total outstanding commitments	7,751	9,794
Commercial [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	70,033	66,223
Commercial [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	68,075	63,906
Commercial [Member] | Special Mention Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,013	1,114
Commercial [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	945	1,203
Commercial [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,958	2,317
Commercial Real Estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	39,885	36,953
Commercial Real Estate [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	38,113	34,096
Commercial Real Estate [Member] | Special Mention Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	616	621
Commercial Real Estate [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,156	2,236
Commercial Real Estate [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,772	2,857
Residential Mortgages [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	51,156	44,018
Residential Mortgages [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	50,152	42,897
Residential Mortgages [Member] | Special Mention Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	5	18
Residential Mortgages [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	999	1,103
Residential Mortgages [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,004	1,121
Credit Card [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	18,021	17,115
Credit Card [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	17,733	16,752
Credit Card [Member] | Special Mention Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans
Credit Card [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	288	363
Credit Card [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	288	363
Other Retail [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	47,678	47,712
Other Retail [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	47,313	47,294
Other Retail [Member] | Special Mention Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	27	36
Other Retail [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	338	382
Other Retail [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	365	418
Total Loans, Excluding Covered Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	226,773	212,021
Total Loans, Excluding Covered Loans [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	221,386	204,945
Total Loans, Excluding Covered Loans [Member] | Special Mention Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	1,661	1,789
Total Loans, Excluding Covered Loans [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	3,726	5,287
Total Loans, Excluding Covered Loans [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans, excluding covered loans	5,387	7,076
Covered Loans [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	8,462	11,308
Covered Loans [Member] | Pass [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	8,160	10,786
Covered Loans [Member] | Special Mention Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	18	61
Covered Loans [Member] | Classified Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	284	461
Covered Loans [Member] | Total Criticized [Member]
Financing Receivable, Recorded Investment [Line Items]
Total loans	$ 302	$ 522

XML

Loans and Allowance for Credit Losses - Schedule of Loans Modified as TDRs that have Subsequently been Fully or Partially Charged-Off or Became 90 Days or More Past Due (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 SecurityLoan	Dec. 31, 2012 SecurityLoan	Dec. 31, 2011 SecurityLoan
Financing Receivable, Modifications [Line Items]
Number of Loans	15,344	14,948	9,885
Amount Defaulted	$ 1,117	$ 810	$ 419
Commercial [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	642	859	665
Amount Defaulted	46	48	26
Commercial Real Estate [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	87	111	64
Amount Defaulted	102	232	67
Residential Mortgages [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	1,099	1,073	623
Amount Defaulted	163	146	127
Credit Card [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	6,640	9,774	7,108
Amount Defaulted	37	54	36
Other Retail [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	1,841	1,818	557
Amount Defaulted	80	56	13
Total Loans, Excluding GNMA and Covered Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	10,309	13,635	9,017
Amount Defaulted	428	536	269
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	4,972	1,245	857
Amount Defaulted	640	177	124
Covered Loans [Member]
Financing Receivable, Modifications [Line Items]
Number of Loans	63	68	11
Amount Defaulted	$ 49	$ 97	$ 26

XML

Loans and Allowance for Credit Losses - Activity in Allowance for Credit Losses (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	$ 4,733	$ 5,014	$ 5,531
Provision for credit losses	1,340	1,882	2,343
Loans charged off	1,934	2,527	3,229
Less recoveries of loans charged off	(469)	(430)	(386)
Net loans charged off	1,465	2,097	2,843
Other changes	(71)	(66)	(17)
Balance at end of period	4,537	4,733	5,014
Commercial [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	1,051	1,010	1,104
Provision for credit losses	144	316	312
Loans charged off	246	378	516
Less recoveries of loans charged off	(126)	(103)	(110)
Net loans charged off	120	275	406
Other changes
Balance at end of period	1,075	1,051	1,010
Commercial Real Estate [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	857	1,154	1,291
Provision for credit losses	(114)	(131)	361
Loans charged off	92	242	543
Less recoveries of loans charged off	(125)	(76)	(45)
Net loans charged off	(33)	166	498
Other changes
Balance at end of period	776	857	1,154
Residential Mortgages [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	935	927	820
Provision for credit losses	212	446	596
Loans charged off	297	461	502
Less recoveries of loans charged off	(25)	(23)	(13)
Net loans charged off	272	438	489
Other changes
Balance at end of period	875	935	927
Credit Card [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	863	992	1,395
Provision for credit losses	677	571	431
Loans charged off	739	769	922
Less recoveries of loans charged off	(83)	(102)	(88)
Net loans charged off	656	667	834
Other changes		(33)
Balance at end of period	884	863	992
Other Retail [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	848	831	807
Provision for credit losses	351	558	628
Loans charged off	523	666	733
Less recoveries of loans charged off	(105)	(125)	(129)
Net loans charged off	418	541	604
Other changes
Balance at end of period	781	848	831
Total Loans, Excluding Covered Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	4,554	4,914	5,417
Provision for credit losses	1,270	1,760	2,328
Loans charged off	1,897	2,516	3,216
Less recoveries of loans charged off	(464)	(429)	(385)
Net loans charged off	1,433	2,087	2,831
Other changes		(33)
Balance at end of period	4,391	4,554	4,914
Covered Loans [Member]
Financing Receivable, Allowance for Credit Losses [Line Items]
Balance at beginning of period	179	100	114
Provision for credit losses	70	122	15
Loans charged off	37	11	13
Less recoveries of loans charged off	(5)	(1)	(1)
Net loans charged off	32	10	12
Other changes	(71)	(33)	(17)
Balance at end of period	$ 146	$ 179	$ 100

XML

Investment Securities - Changes in Credit Losses on Debt Securities (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investments Debt And Equity Securities [Abstract]
Balance at beginning of period	$ 134	$ 298	$ 358
Credit losses on securities not previously considered other-than-temporarily impaired		6	7
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized	14	41	28
Total other-than-temporary impairment on debt securities	14	47	35
Increases in expected cash flows	(2)	(15)	(21)
Realized losses	(23)	(39)	(73)
Credit losses on security sales and securities expected to be sold	(7)	(157)	(1)
Balance at end of period	$ 116	$ 134	$ 298

XML

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

  NOTE 18   Income Taxes

The components of income tax expense were:

Year Ended December 31 (Dollars in Millions)	2013			2012		2011
Federal
Current	$	1,885		$	1,853	$	907
Deferred		(83	)		45		689
Federal income tax		1,802			1,898		1,596
State
Current		216			334		186
Deferred		14			4		59
State income tax		230			338		245
Total income tax provision	$	2,032		$	2,236	$	1,841

A reconciliation of expected income tax expense at the federal statutory rate of 35 percent to the Company’s applicable income tax expense follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Tax at statutory rate	$	2,717		$	2,704		$	2,320
State income tax, at statutory rates, net of federal tax benefit		150			220			159
Tax effect of
Tax credits, net of related expenses (a)		(648	)		(479	)		(458	)
Tax-exempt income		(212	)		(219	)		(226	)
Noncontrolling interests		37			55			29
Other items		(12	)		(45	)		17
Applicable income taxes	$	2,032		$	2,236		$	1,841

(a) Excludes tax credits of $473 million for the year ended December 31, 2013 which were recognized as a reduction to the related investment asset.

The tax effects of fair value adjustments on securities available-for-sale, derivative instruments in cash flow hedges, foreign currency translation adjustments, pension and post-retirement plans and certain tax benefits related to stock options are recorded directly to shareholders’ equity as part of other comprehensive income (loss).

In preparing its tax returns, the Company is required to interpret complex tax laws and regulations and utilize income and cost allocation methods to determine its taxable income. On an ongoing basis, the Company is subject to examinations by federal, state, local and foreign taxing authorities that may give rise to differing interpretations of these complex laws, regulations and methods. Due to the nature of the examination process, it generally takes years before these examinations are completed and matters are resolved. Federal tax examinations for all years ending through December 31, 2010, are completed and resolved. The Company’s tax returns for the years ended December 31, 2011 and 2012 are under examination by the Internal Revenue Service. The years open to examination by state and local government authorities vary by jurisdiction.

A reconciliation of the changes in the federal, state and foreign unrecognized tax position balances are summarized as follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	302		$	479		$	532
Additions for tax positions taken in prior years		44			73			24
Additions for tax positions taken in the current year		–			5			2
Exam resolutions		(56	)		(245	)		(70	)
Statute expirations		(26	)		(10	)		(9	)
Balance at end of period	$	264		$	302		$	479

The total amount of unrecognized tax positions that, if recognized, would impact the effective income tax rate as of December 31, 2013, 2012 and 2011, were $181 million, $240 million and $220 million, respectively. The Company classifies interest and penalties related to unrecognized tax positions as a component of income tax expense. At December 31, 2013, the Company’s uncertain tax position balance included $27 million in accrued interest. During the years ended December 31, 2013, 2012 and 2011 the Company recorded approximately $(12) million, $(8) million and $(2) million, respectively, in interest on unrecognized tax positions.

Deferred income tax assets and liabilities reflect the tax effect of estimated temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for the same items for income tax reporting purposes.

The significant components of the Company’s net deferred tax asset (liability) follows:

At December 31 (Dollars in Millions)	2013			2012
Deferred Tax Assets
Allowance for credit losses	$	1,722		$	1,756
Accrued expenses		485			476
Pension and postretirement benefits		277			523
Securities available-for-sale and financial instruments		172			–
Stock compensation		165			183
Federal, state and foreign net operating loss carryforwards		72			60
Partnerships and other investment assets		646			395
Other deferred tax assets, net		179			180
Gross deferred tax assets		3,718			3,573
Deferred Tax Liabilities
Leasing activities		(2,872	)		(2,792	)
Mortgage servicing rights		(835	)		(490	)
Goodwill and other intangible assets		(666	)		(565	)
Loans		(211	)		(168	)
Fixed assets		(147	)		(201	)
Securities available-for-sale and financial instruments		–			(232	)
Other deferred tax liabilities, net		(210	)		(361	)
Gross deferred tax liabilities		(4,941	)		(4,809	)
Valuation allowance		(82	)		(84	)
Net Deferred Tax Asset (Liability)	$	(1,305	)	$	(1,320	)

The Company has approximately $579 million of federal, state and foreign net operating loss carryforwards which expire at various times through 2033. Limitations on the ability to realize these carryforwards is reflected in the associated valuation allowance. Management has determined it is more likely than not the other net deferred tax assets could be realized through carry back to taxable income in prior years, future reversals of existing taxable temporary differences and future taxable income.

At December 31, 2013, retained earnings included approximately $102 million of base year reserves of acquired thrift institutions, for which no deferred federal income tax liability has been recognized. These base year reserves would be recaptured if the Company’s banking subsidiaries cease to qualify as a bank for federal income tax purposes. The base year reserves also remain subject to income tax penalty provisions that, in general, require recapture upon certain stock redemptions of, and excess distributions to, stockholders.

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Income Taxes - Reconciliation of Expected Income Tax Expense at Federal Statutory Rate of 35 Percent to Company's Applicable Income Tax Expense (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Tax at statutory rate	$ 2,717	$ 2,704	$ 2,320
State income tax, at statutory rates, net of federal tax benefit	150	220	159
Tax effect of
Tax credits, net of related expenses	(648)	(479)	(458)
Tax-exempt income	(212)	(219)	(226)
Noncontrolling interests	37	55	29
Other items	(12)	(45)	17
Applicable income taxes	$ 2,032	$ 2,236	$ 1,841

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U.S. Bancorp (Parent Company) - Condensed Statement of Cash Flows of Parent Company Only (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating Activities
Net income attributable to U.S. Bancorp	$ 5,836	$ 5,647	$ 4,872
Adjustments to reconcile net income to net cash provided by operating activities
Other, net	(46)	1,867	449
Net cash provided by operating activities	11,446	7,958	9,820
Investing Activities
Other, net	(303)	(1,261)	(1,070)
Net cash provided by (used in) investing activities	(21,024)	(20,253)	(32,704)
Financing Activities
Net increase (decrease) in short-term borrowings	1,306	(4,167)	(2,205)
Proceeds from issuance of long-term debt	2,041	4,966	3,611
Principal payments or redemption of long-term debt	(2,883)	(11,415)	(3,300)
Proceeds from issuance of preferred stock	487	2,163	676
Proceeds from issuance of common stock	524	395	180
Redemption of preferred stock	(500)
Repurchase of common stock	(2,282)	(1,856)	(514)
Cash dividends paid on preferred stock	(254)	(204)	(118)
Cash dividends paid on common stock	(1,576)	(1,347)	(817)
Net cash provided by (used in) financing activities	9,803	6,585	22,359
Change in cash and due from banks	225	(5,710)	(525)
Cash and due from banks at beginning of period	8,252	13,962	14,487
Cash and due from banks at end of period	8,477	8,252	13,962
Parent Company [Member]
Operating Activities
Net income attributable to U.S. Bancorp	5,836	5,647	4,872
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed (income) losses of subsidiaries	139	(5,578)	(3,551)
Other, net	(40)	(35)	12
Net cash provided by operating activities	5,935	34	1,333
Investing Activities
Proceeds from sales and maturities of investment securities	75	979	297
Purchases of investment securities	(118)	(35)	(36)
Equity distributions from subsidiaries	12	845	77
Net (increase) decrease in short-term advances to subsidiaries	4,543	207	(4,613)
Long-term advances to subsidiaries	(750)	(500)
Other, net	(9)	(22)	(3)
Net cash provided by (used in) investing activities	3,753	1,474	(4,278)
Financing Activities
Net increase (decrease) in short-term borrowings	4	105	(31)
Proceeds from issuance of long-term debt	1,500	3,550	2,426
Principal payments or redemption of long-term debt	(2,850)	(5,412)	(851)
Proceeds from issuance of preferred stock	487	2,163	676
Proceeds from issuance of common stock	524	395	180
Redemption of preferred stock	(500)
Repurchase of common stock	(2,282)	(1,856)	(514)
Cash dividends paid on preferred stock	(254)	(204)	(118)
Cash dividends paid on common stock	(1,576)	(1,347)	(817)
Net cash provided by (used in) financing activities	(4,947)	(2,606)	951
Change in cash and due from banks	4,741	(1,098)	(1,994)
Cash and due from banks at beginning of period	3,630	4,728	6,722
Cash and due from banks at end of period	$ 8,371	$ 3,630	$ 4,728

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Guarantees and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Summary of Contract or Notional Amounts of Unfunded Commitments to Extend Credit

The contract or notional amounts of unfunded commitments to extend credit at December 31, 2013, excluding those commitments considered derivatives, were as follows:

	Term
(Dollars in Millions)	Less Than One Year		Greater Than One Year		Total
Commercial and commercial real estate	$	20,321	$	83,530	$	103,851
Corporate and purchasing cards (a)		20,007		–		20,007
Residential mortgages		98		11		109
Retail credit cards (a)		71,192		264		71,456
Other retail		11,382		17,733		29,115
Covered		31		807		838
Federal funds		4,898		–		4,898

(a) Primarily cancelable at the Company’s discretion.

Summary of Lease Commitments

Future minimum payments, net of sublease rentals, under capitalized leases and noncancelable operating leases with initial or remaining terms of one year or more, consisted of the following at December 31, 2013:

(Dollars in Millions)	Capitalized Leases		Operating Leases
2014	$	9	$	244
2015		8		215
2016		8		182
2017		6		154
2018		6		116
Thereafter		25		474
Total minimum lease payments		62	$	1,385
Less amount representing interest		23
Present value of net minimum lease payments	$	39

Summary of Other Guarantees and Contingent Liabilities

The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2013:

(Dollars in Millions)	Collateral Held		Carrying Amount		Maximum Potential Future Payments
Standby letters of credit	$	–	$	71	$	16,891
Third-party borrowing arrangements		–		–		12
Securities lending indemnifications		5,397		–		5,261
Asset sales		–		185		3,656
Merchant processing		648		69		83,496
Contingent consideration arrangements		–		12		12
Tender option bond program guarantee		4,604		–		4,575
Minimum revenue guarantees		–		12		12
Other		–		–		468

Summary of Contract or Notional Amounts of Letters of Credit

The contract or notional amount of letters of credit at December 31, 2013, were as follows:

	Term
(Dollars in Millions)	Less Than One Year		Greater Than One Year		Total
Standby	$	7,778	$	9,113	$	16,891
Commercial		252		43		295

Company's Representation and Warranty Reserve

The following table is a rollforward of the Company’s representation and warranty reserve:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	240		$	160		$	180
Net realized losses		(115	)		(120	)		(137	)
Change in reserve		(42	)		200			117
Balance at end of period	$	83		$	240		$	160

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Fair Values of Assets and Liabilities - Valuation Assumption Ranges for MSRs (Detail)	Dec. 31, 2013	Dec. 31, 2012
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected prepayment	11.20%	20.10%
Discount rate	10.20%	10.40%
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected prepayment	10.00%
Discount rate	10.00%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected prepayment	21.00%
Discount rate	13.00%
Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected prepayment	11.00%
Discount rate	10.00%

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Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

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:

	2013								2012
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
Series F		44,000		1,100		12		1,088		44,000		1,100		12		1,088
Series G		43,400		1,085		10		1,075		43,400		1,085		10		1,075
Series H		20,000		500		13		487		–		–		–		–
Total preferred stock (a)		159,910	$	4,936	$	180	$	4,756		159,910	$	4,936	$	167	$	4,769

(a) The par value of all shares issued and outstanding at December 31, 2013 and 2012, 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
2013		65	$	2,336
2012		59		1,878
2011		22		550

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:

(Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For-Sale to Held-To-Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
Changes in unrealized gains and losses		(1,223	)		–			37			590			–			(596	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		8			–			–			–			–			8
Foreign currency translation adjustment		–			–			–			–			(34	)		(34	)
Reclassification to earnings of realized gains and losses		(9	)		(59	)		192			249			–			373
Applicable income taxes		468			22			(86	)		(317	)		14			101
Balance at end of period	$	(77	)	$	70		$	(261	)	$	(743	)	$	(60	)	$	(1,071	)
2012
Balance at beginning of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)
Changes in unrealized gains and losses		715			–			(74	)		(543	)		–			98
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		12			–			–			–			–			12
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			14			14
Reclassification to earnings of realized gains and losses		15			(51	)		211			150			–			325
Applicable income taxes		(199	)		(66	)		(52	)		150			(5	)		(172	)
Balance at end of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
2011
Balance at beginning of period	$	(213	)	$	–		$	(414	)	$	(803	)	$	(39	)	$	(1,469	)
Changes in unrealized gains and losses		920			–			(343	)		(464	)		–			113
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		(25	)		–			–			–			–			(25	)
Foreign currency translation adjustment		–			–			–			–			(16	)		(16	)
Reclassification to earnings of realized gains and losses		31			–			222			110			–			363
Applicable income taxes		(353	)		–			46			135			6			(166	)
Balance at end of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)

Impact to Net Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings

Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income and into earnings for the year ended December 31, 2013, is as follows:

(Dollars in Millions)	Impact to Net Income			Affected Line Item in the Consolidated Statement of Income
Unrealized gains (losses) on securities available-for-sale
Realized gains (losses) on sale of securities	$	23		Total securities gains (losses), net
Other-than-temporary impairment recognized in earnings		(14	)
		9		Total before tax
		(4	)	Applicable income taxes
		5		Net-of-tax
Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains		59		Interest income
		(22	)	Applicable income taxes
		37		Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges		(192	)	Net interest income
		74		Applicable income taxes
		(118	)	Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization		(249	)	Employee benefits expense
		96		Applicable income taxes
		(153	)	Net-of-tax
Total impact to net income	$	(229	)

Components of Company's Regulatory Capital

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

(Dollars in Millions)	2013			2012
Tier 1 Capital
Common shareholders’ equity	$	36,357		$	34,229
Qualifying preferred stock		4,756			4,769
Noncontrolling interests, less preferred stock not eligible for Tier 1 capital		688			685
Less intangible assets
Goodwill (net of deferred tax liability)		(8,343	)		(8,351	)
Other disallowed intangible assets		(708	)		(829	)
Other (a)		636			700
Total Tier 1 Capital		33,386			31,203
Tier 2 Capital
Eligible portion of allowance for credit losses		3,734			3,609
Eligible subordinated debt		2,299			2,953
Other		(79	)		15
Total Tier 2 Capital		5,954			6,577
Total Risk Based Capital	$	39,340		$	37,780
Risk-Weighted Assets	$	297,919		$	287,611

(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)	2013			2012
U.S. Bancorp
Tier 1 capital	$	33,386		$	31,203
As a percent of risk-weighted assets		11.2	%		10.8	%
As a percent of adjusted quarterly average assets (leverage ratio)		9.6	%		9.2	%
Total risk-based capital	$	39,340		$	37,780
As a percent of risk-weighted assets		13.2	%		13.1	%
Bank Subsidiary
U.S. Bank National Association
Tier 1 capital		10.3	%		10.6	%
Total risk-based capital		12.4			12.7
Leverage		8.8			9.0
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

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Loans and Allowance for Credit Losses - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans pledged at the Federal Home Loan Bank ("FHLB")	$ 77,200,000,000	$ 74,100,000,000
Loans pledged at the Federal Reserve Bank	53,000,000,000	48,600,000,000
Outstanding advances to joint venture	205,000,000	486,000,000
Unearned interest and deferred fees and costs on loans	556,000,000	753,000,000
Outstanding balance of loans where trial period was unsuccessful and no longer eligible for a permanent modification	78,000,000
Purchased impaired loans included in covered loans classified as nonperforming assets	5,000,000	82,000,000
Residential Mortgages [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans in trial period	416
Outstanding balance of loans in trial period	58,000,000
Estimated post-modification balance of loans in trial period	47,000,000
Home equity and second mortgage loans [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans in trial period	10
Outstanding balance of loans in trial period	1,000,000
Estimated post-modification balance of loans in trial period	1,000,000
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of loans in trial period	2,536
Outstanding balance of loans in trial period	328,000,000
Estimated post-modification balance of loans in trial period	$ 307,000,000
Government National Mortgage Association [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Number of residential mortgage loans, home equity and second mortgage loans, and GNMA loans where trial period arrangement was unsuccessful	591

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Mortgage Servicing Rights - Sensitivity to Changes in Interest Rates to Fair Value of MSRs Portfolio and Related Derivative Instruments (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Down Scenario [Member] | MSR Portfolio [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	$ (435)	$ (370)
Net fair value 50 basis points	(199)	(217)
Net fair value 25 basis points	(93)	(118)
Down Scenario [Member] | Derivative instrument hedges [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	399	473
Net fair value 50 basis points	194	249
Net fair value 25 basis points	91	124
Down Scenario [Member] | Net sensitivity [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	(36)	103
Net fair value 50 basis points	(5)	32
Net fair value 25 basis points	(2)	6
Up Scenario [Member] | MSR Portfolio [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	287	480
Net fair value 50 basis points	154	249
Net fair value 25 basis points	82	126
Up Scenario [Member] | Derivative instrument hedges [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	(301)	(486)
Net fair value 50 basis points	(157)	(243)
Net fair value 25 basis points	(82)	(121)
Up Scenario [Member] | Net sensitivity [Member]
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items]
Net fair value 100 basis points	(14)	(6)
Net fair value 50 basis points	(3)	6
Net fair value 25 basis points		$ 5

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Premises and Equipment (Tables)

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Premises and Equipment

Premises and equipment at December 31 consisted of the following:

(Dollars in Millions)	2013			2012
Land	$	529		$	534
Buildings and improvements		3,256			3,222
Furniture, fixtures and equipment		2,593			2,543
Capitalized building and equipment leases		103			97
Construction in progress		24			42
		6,505			6,438
Less accumulated depreciation and amortization		(3,899	)		(3,768	)
Total	$	2,606		$	2,670

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Loans and Allowance for Credit Losses - Commercial Loans by Industry Group and Geography Excluding Covered Loans (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Loans by Industry Group and Geography [Line Items]
Commercial	$ 70,033	$ 66,223
Percentage of allocation for loans and leases receivable commercial	100.00%	100.00%
California [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	8,748	8,081
Percentage of allocation for loans and leases receivable commercial	12.50%	12.20%
Colorado [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,970	2,722
Percentage of allocation for loans and leases receivable commercial	4.20%	4.10%
Illinois [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	3,539	3,544
Percentage of allocation for loans and leases receivable commercial	5.10%	5.30%
Minnesota [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	5,086	4,720
Percentage of allocation for loans and leases receivable commercial	7.30%	7.10%
Missouri [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,893	2,922
Percentage of allocation for loans and leases receivable commercial	4.10%	4.40%
Ohio [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	3,385	3,240
Percentage of allocation for loans and leases receivable commercial	4.80%	4.90%
Oregon [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	1,941	1,792
Percentage of allocation for loans and leases receivable commercial	2.80%	2.70%
Washington [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,823	2,626
Percentage of allocation for loans and leases receivable commercial	4.00%	4.00%
Wisconsin [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,768	2,727
Percentage of allocation for loans and leases receivable commercial	4.00%	4.10%
Iowa, Kansas, Nebraska, North Dakota, South Dakota [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	4,091	4,244
Percentage of allocation for loans and leases receivable commercial	5.80%	6.40%
Arkansas, Indiana, Kentucky, Tennessee [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	4,024	3,545
Percentage of allocation for loans and leases receivable commercial	5.80%	5.40%
Idaho, Montana, Wyoming [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	1,148	1,096
Percentage of allocation for loans and leases receivable commercial	1.60%	1.70%
Arizona, Nevada, New Mexico, Utah [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,917	2,435
Percentage of allocation for loans and leases receivable commercial	4.20%	3.70%
Total Banking Region [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	46,333	43,694
Percentage of allocation for loans and leases receivable commercial	66.20%	66.00%
Florida, Michigan, New York, Pennsylvania, Texas [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	11,762	11,082
Percentage of allocation for loans and leases receivable commercial	16.80%	16.70%
All Other States [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	11,938	11,447
Percentage of allocation for loans and leases receivable commercial	17.00%	17.30%
Outside the Company's banking region [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	23,700	22,529
Percentage of allocation for loans and leases receivable commercial	33.80%	34.00%
Manufacturing [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	10,738	9,518
Percentage of allocation for loans and leases receivable commercial	15.30%	14.40%
Real estate, rental and leasing [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	6,788	5,855
Percentage of allocation for loans and leases receivable commercial	9.70%	8.80%
Wholesale [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	6,346	6,297
Percentage of allocation for loans and leases receivable commercial	9.10%	9.50%
Finance and Insurance [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	5,864	6,579
Percentage of allocation for loans and leases receivable commercial	8.40%	9.90%
Retail Trade [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	5,401	4,735
Percentage of allocation for loans and leases receivable commercial	7.70%	7.20%
Health care and social assistance [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	5,048	4,733
Percentage of allocation for loans and leases receivable commercial	7.20%	7.10%
Public Administration [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	3,934	4,709
Percentage of allocation for loans and leases receivable commercial	5.60%	7.10%
Professional Scientific and Technical Services [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,747	2,185
Percentage of allocation for loans and leases receivable commercial	3.90%	3.30%
Information [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,443	2,203
Percentage of allocation for loans and leases receivable commercial	3.50%	3.30%
Transport and Storage [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,322	2,549
Percentage of allocation for loans and leases receivable commercial	3.30%	3.90%
Educational Services [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,222	1,964
Percentage of allocation for loans and leases receivable commercial	3.20%	3.00%
Arts Entertainment and Recreation [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,214	2,124
Percentage of allocation for loans and leases receivable commercial	3.20%	3.20%
Mining [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	2,094	2,122
Percentage of allocation for loans and leases receivable commercial	3.00%	3.20%
Agriculture Forestry Fishing and Hunting [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	1,508	1,553
Percentage of allocation for loans and leases receivable commercial	2.10%	2.40%
Other Services [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	1,507	1,670
Percentage of allocation for loans and leases receivable commercial	2.10%	2.50%
Utilities [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	1,374	1,390
Percentage of allocation for loans and leases receivable commercial	2.00%	2.10%
Other [Member]
Loans by Industry Group and Geography [Line Items]
Commercial	$ 7,483	$ 6,037
Percentage of allocation for loans and leases receivable commercial	10.70%	9.10%

XML

Investment Securities - Amount of Interest Income from Taxable and Non-Taxable Investment Securities (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Taxable And Tax Exempt Interest Income [Abstract]
Taxable	$ 1,375	$ 1,515	$ 1,517
Non-taxable	256	277	303
Total interest income from investment securities	$ 1,631	$ 1,792	$ 1,820

XML

Fair Values of Assets and Liabilities - Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities before netting	$ 1,598		$ 2,178
Derivative liabilities netting	(1,192)		(1,549)
Derivative assets before netting	1,349		1,546
Derivative assets netting	(599)		(418)
Available-for-sale securities	40,935	[1]	40,139	[1]
Mortgage loans held for sale	3,263		7,957
Mortgage servicing rights	2,680		1,700		1,519	1,837
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities total	525		634
Derivative assets total	805		1,388
Available-for-sale securities	40,935		40,139
Mortgage loans held for sale	3,263		7,957
Mortgage servicing rights	2,680		1,700
Other assets	731		480
Total	48,414		51,664
Short-term borrowings	663		401
Total	1,188		1,035
Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,045		1,226
Fair Value, Measurements, Recurring [Member] | Obligations of state and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,738		6,455
Fair Value, Measurements, Recurring [Member] | Obligations of foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	6		6
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	640		731
Fair Value, Measurements, Recurring [Member] | Perpetual preferred securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	212		218
Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	161		202
Fair Value, Measurements, Recurring [Member] | Residential [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	31,553		29,495
Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	478		624
Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Non-Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	297		355
Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	152		193
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	24		42
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	629		592
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities before netting
Derivative assets before netting
Available-for-sale securities	148		678
Mortgage loans held for sale
Mortgage servicing rights
Other assets	143		94
Total	291		772
Short-term borrowings	112		50
Total	112		50
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	7		491
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of state and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual preferred securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	141		187
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Non-Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities before netting	1,647		2,128
Derivative assets before netting	889		572
Available-for-sale securities	39,940		38,458
Mortgage loans held for sale	3,263		7,957
Mortgage servicing rights
Other assets	588		386
Total	44,680		47,373
Short-term borrowings	551		351
Total	2,198		2,479
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	1,038		735
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of state and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	5,738		6,455
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	6		6
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	631		722
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual preferred securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	212		218
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	20		15
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	31,553		29,495
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Non-Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	152		193
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	24		42
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	566		577
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities before netting	70		55
Derivative assets before netting	515		1,234
Available-for-sale securities	847		1,003
Mortgage loans held for sale
Mortgage servicing rights	2,680		1,700
Other assets
Total	4,042		3,937
Short-term borrowings
Total	70		55
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of state and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	9		9
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual preferred securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	478		624
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Non-Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	297		355
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	63		15
Netting [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities netting	(1,192)		(1,549)
Derivative assets netting	(599)		(418)
Available-for-sale securities
Mortgage loans held for sale
Mortgage servicing rights
Other assets
Total	(599)		(418)
Short-term borrowings
Total	(1,192)		(1,549)
Netting [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury and Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of state and political subdivisions [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Obligations of foreign governments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Perpetual preferred securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Residential [Member] | Residential Non-Agency Non-Prime [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Commercial [Member] | Agency [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Collateralized Loan Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Netting [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Asset Backed Securities Other [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

XML

Shareholders' Equity - Number of Shares Issued and Outstanding and Carrying Amount of Preferred Stock (Detail) (USD $) In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Class of Stock [Line Items]
Shares Issued and Outstanding	159,910	159,910
Liquidation Preference	$ 4,936	$ 4,936
Discount	180	167
Carrying Amount	4,756	4,769
Series A [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	12,510	12,510
Liquidation Preference	1,251	1,251
Discount	145	145
Carrying Amount	1,106	1,106
Series B [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	40,000	40,000
Liquidation Preference	1,000	1,000
Discount
Carrying Amount	1,000	1,000
Series D [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding		20,000
Liquidation Preference		500
Discount
Carrying Amount		500
Series F [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	44,000	44,000
Liquidation Preference	1,100	1,100
Discount	12	12
Carrying Amount	1,088	1,088
Series G [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	43,400	43,400
Liquidation Preference	1,085	1,085
Discount	10	10
Carrying Amount	1,075	1,075
Series H [Member]
Class of Stock [Line Items]
Shares Issued and Outstanding	20,000
Liquidation Preference	500
Discount	13
Carrying Amount	$ 487

XML

Netting Arrangements for Certain Financial Instruments - Additional Information (Detail) (USD $) In Billions, unless otherwise specified	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Notional amount of derivative	$ 109.6
Exchange Cleared [Member]
Derivatives, Fair Value [Line Items]
Notional amount of derivative	8.3
Exchange Traded [Member]
Derivatives, Fair Value [Line Items]
Notional amount of derivative	$ 3.6

XML

Business Combinations and Divestitures - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	Jan. 31, 2012 Bank East Acquisition [Member]	Nov. 30, 2012 Alternative Investment Solutions Acquisition [Member]	Dec. 31, 2012 FSV Payment Systems Acquisition [Member]	Feb. 28, 2013 Collective Point of Sale Solutions Acquisition [Member]	Nov. 30, 2013 Quintillion Holding Company Limited Acquisition [Member]
Business Acquisition [Line Items]
Value of asset acquired	$ 261	$ 108	$ 243	$ 34	$ 57
Value of liability acquired	$ 252	$ 3	$ 28	$ 4	$ 10

XML

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Asset and Liability Management Derivative Positions of Company

The following table summarizes the asset and liability management derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
December 31, 2013
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	22		2.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		772		26		6.25		4,288		498		2.46
Receive fixed/pay floating swaps		7,000		26		.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		–		–		–		1,056		4		.04
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		2,310		9		.07		1,025		7		.06
Sell		5,234		58		.08		346		4		.17
Options
Purchased		2,300		–		.07		–		–		–
Written		1,902		17		.07		2		–		.08
Receive fixed/pay floating swaps		–		–		–		3,540		56		10.22
Foreign exchange forward contracts		6,813		24		.02		2,121		4		.02
Equity contracts		79		3		1.62		–		–		–
Credit contracts		1,209		4		4.04		2,352		7		3.08
Total	$	28,119	$	189			$	14,730	$	580
December 31, 2012
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	30		3.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		32		–		9.88		4,528		718		3.79
Receive fixed/pay floating swaps		7,000		45		1.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		758		1		.07		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		11,164		138		.07		2,921		13		.04
Sell		6,299		18		.11		12,223		57		.09
Options
Purchased		2,435		–		.07		–		–		–
Written		4,991		123		.12		4		–		.06
Receive fixed/pay floating swaps		350		1		10.21		3,775		14		10.21
Foreign exchange forward contracts		618		4		.03		1,383		6		.01
Equity contracts		31		–		2.80		27		–		2.46
Credit contracts		1,056		3		4.56		1,947		10		3.11
Total	$	35,234	$	363			$	26,808	$	818

Customer-Related Derivative Positions of Company

The following table summarizes the customer-related derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
December 31, 2013
Interest rate contracts
Receive fixed/pay floating swaps	$	11,717	$	600		5.11	$	7,291	$	106		5.57
Pay fixed/receive floating swaps		6,746		114		6.03		12,361		560		4.90
Options
Purchased		3,489		33		4.53		–		–		–
Written		–		–		–		3,489		33		4.53
Foreign exchange rate contracts
Forwards, spots and swaps		10,970		457		.59		9,975		427		.62
Options
Purchased		364		11		.53		–		–		–
Written		–		–		–		364		11		.53
Total	$	33,286	$	1,215			$	33,480	$	1,137
December 31, 2012
Interest rate contracts
Receive fixed/pay floating swaps	$	16,671	$	1,085		4.78	$	1,090	$	15		9.30
Pay fixed/receive floating swaps		928		14		11.12		16,923		1,042		4.74
Options
Purchased		3,046		16		5.24		28		–		4.42
Written		286		–		.75		2,788		16		5.68
Foreign exchange rate contracts
Forwards, spots and swaps		12,186		322		.43		11,861		286		.44
Options
Purchased		323		6		.55		–		–		–
Written		–		–		–		323		6		.55
Total	$	33,440	$	1,443			$	33,013	$	1,365

Summary of Effective Portion of Gains (Losses) Recognized in Other Comprehensive Income (Loss) and Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31:

	Gains (Losses) Recognized in Other Comprehensive Income (Loss)									Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts (a)	$	25		$	(46	)	$	(213	)	$	(118	)	$	(131	)	$	(138	)
Net investment hedges
Foreign exchange forward contracts		(45	)		(19	)		34			–			–			–
Non-derivative debt instruments		–			20			–			–			–			–

Note: Ineffectiveness on cash flow and net investment hedges was not material for the years ended December 31, 2013, 2012 and 2011.

(a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt.

Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions

The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions for the years ended December 31:

(Dollars in Millions)	Location of Gains (Losses) Recognized in Earnings		2013			2012			2011
Asset and Liability Management Positions
Fair value hedges (a)
Interest rate contracts		Other noninterest income	$	(9	)	$	3		$	(36	)
Foreign exchange cross-currency swaps		Other noninterest income		–			42			(69	)
Other economic hedges
Interest rate contracts
Futures and forwards		Mortgage banking revenue		615			437			23
Purchased and written options		Mortgage banking revenue		243			854			456
Receive fixed/pay floating swaps		Mortgage banking revenue		(322	)		175			518
Pay fixed/received floating swaps		Mortgage banking revenue		–			–			1
Foreign exchange forward contracts		Commercial products revenue		49			(63	)		(81	)
Equity contracts		Compensation expense		2			2			1
Credit contracts		Other noninterest income/expense		6			(8	)		–
Customer-Related Positions
Interest rate contracts
Receive fixed/pay floating swaps		Other noninterest income		(361	)		(118	)		302
Pay fixed/receive floating swaps		Other noninterest income		378			124			(317	)
Foreign exchange rate contracts
Forwards, spots and swaps		Commercial products revenue		51			50			53

(a) Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $8 million and zero for the year ended December 31, 2013, respectively, $(3) million and $(44) million for the year ended December 31, 2012, respectively, and $29 million and $72 million for the year ended December 31, 2011, respectively. The ineffective portion was immaterial for the years ended December 31, 2013, 2012 and 2011.

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Guarantees and Contingent Liabilities - Summary of Other Guarantees and Contingent Liabilities (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Standby letters of credit [Member]
Guarantor Obligations [Line Items]
Collateral held
Carrying amount	71
Maximum Potential Future Payments	16,891
Third-party borrowing arrangements [Member]
Guarantor Obligations [Line Items]
Collateral held
Carrying amount
Maximum Potential Future Payments	12
Securities lending indemnifications [Member]
Guarantor Obligations [Line Items]
Collateral held	5,397
Carrying amount
Maximum Potential Future Payments	5,261
Asset sales [Member]
Guarantor Obligations [Line Items]
Collateral held
Carrying amount	185
Maximum Potential Future Payments	3,656
Merchant processing [Member]
Guarantor Obligations [Line Items]
Collateral held	648
Carrying amount	69
Maximum Potential Future Payments	83,496
Contingent consideration arrangements [Member]
Guarantor Obligations [Line Items]
Collateral held
Carrying amount	12
Maximum Potential Future Payments	12
Tender option bond program guarantee [Member]
Guarantor Obligations [Line Items]
Collateral held	4,604
Carrying amount
Maximum Potential Future Payments	4,575
Minimum revenue guarantees [Member]
Guarantor Obligations [Line Items]
Collateral held
Carrying amount	12
Maximum Potential Future Payments	12
Other [Member]
Guarantor Obligations [Line Items]
Collateral held
Carrying amount
Maximum Potential Future Payments	$ 468

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Business Combinations and Divestitures

12 Months Ended

Dec. 31, 2013

Business Combinations [Abstract]

Business Combinations and Divestitures

  NOTE 2   Business Combinations and Divestitures

In February 2013, the Company acquired Collective Point of Sale Solutions, a Canadian merchant processor. The Company recorded approximately $34 million of assets, including intangibles, and approximately $4 million of liabilities with this transaction.

In November 2013, the Company acquired Quintillion Holding Company Limited, a provider of fund administration services to alternative investment funds. The Company recorded approximately $57 million of assets, including intangibles, and assumed approximately $10 million of liabilities with this transaction.

In January 2012, the Company acquired the banking operations of BankEast, a subsidiary of BankEast Corporation, from the FDIC. This transaction did not include a loss sharing agreement. The Company acquired approximately $261 million of assets and assumed approximately $252 million of deposits from the FDIC with this transaction.

In November 2012, the Company acquired the hedge fund administration servicing business of Alternative Investment Solutions, LLC. The Company recorded approximately $108 million of assets, including intangibles, and approximately $3 million of liabilities with this transaction.

In December 2012, the Company acquired FSV Payment Systems, Inc., a prepaid card program manager with a proprietary processing platform. The Company recorded approximately $243 million of assets, including intangibles, and approximately $28 million of liabilities with this transaction.

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Income Taxes - Components of Income Tax Expense (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Federal
Current	$ 1,885	$ 1,853	$ 907
Deferred	(83)	45	689
Federal income tax	1,802	1,898	1,596
State
Current	216	334	186
Deferred	14	4	59
State income tax	230	338	245
Applicable income taxes	$ 2,032	$ 2,236	$ 1,841

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Shareholders' Equity - Components of Company's Regulatory Capital (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Tier 1 Capital
Common shareholders' equity	$ 36,357	$ 34,229
Qualifying preferred stock	4,756	4,769
Noncontrolling interests, less preferred stock not eligible for Tier 1 capital	688	685
Less intangible assets
Goodwill (net of deferred tax liability)	(8,343)	(8,351)
Other disallowed intangible assets	(708)	(829)
Other	636	700
Total Tier 1 Capital	33,386	31,203
Tier 2 Capital
Eligible portion of allowance for credit losses	3,734	3,609
Eligible subordinated debt	2,299	2,953
Other	(79)	15
Total Tier 2 Capital	5,954	6,577
Total Risk Based Capital	39,340	37,780
Risk-Weighted Assets	$ 297,919	$ 287,611

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Restrictions on Cash and Due from Banks - Additional Information (Detail) (USD $) In Billions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash And Cash Equivalents [Abstract]
Minimum average reserve balances to be maintain at bank subsidiaries	$ 1.8	$ 1.7
Balances held at the federal reserve	$ 1.9	$ 0.9

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Employee Benefits - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Parenthetical) (Detail) (Net Periodic Benefit Cost Assumptions [Member])	12 Months Ended
	Dec. 31, 2013 Debt Securities [Member]	Dec. 31, 2011 Debt Securities [Member]	Dec. 31, 2013 Postretirement Welfare Plan [Member]	Dec. 31, 2012 Postretirement Welfare Plan [Member]	Dec. 31, 2013 Qualified pension plans [Member]	Dec. 31, 2012 Qualified pension plans [Member]	Dec. 31, 2013 Non qualified pension plans [Member]	Dec. 31, 2012 Non qualified pension plans [Member]	Dec. 31, 2013 Prior to age 65 [Member]	Dec. 31, 2013 After age 65 [Member]
Defined Benefit Plan Disclosure [Line Items]
Assumed plan duration			7 years 2 months 12 days	7 years 8 months 12 days	15 years 10 months 24 days	14 years 9 months 18 days	12 years 2 months 12 days	11 years 4 months 24 days
Debt securities target asset allocation	30.00%	10.00%
Assumed rate decrease									5.00%	5.00%
Health care cost trend rate to decrease Period									2019	2019

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U.S. Bancorp (Parent Company) - Condensed Income Statement of Parent Company Only (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income
Other income	$ 569	$ 743	$ 1,011
Expense
Interest expense	1,681	2,138	2,516
Other expense	1,695	1,957	1,914
Income before income taxes	7,764	7,726	6,629
Applicable income taxes	2,032	2,236	1,841
Net income attributable to U.S. Bancorp	5,836	5,647	4,872
Parent Company [Member]
Income
Interest from subsidiaries	118	96	101
Other income	66	149	134
Total income	6,293	499	1,742
Expense
Interest expense	325	393	425
Other expense	81	122	79
Total expense	406	515	504
Income before income taxes	5,887	(16)	1,238
Applicable income taxes	(88)	(85)	(83)
Income of parent company	5,975	69	1,321
Equity in undistributed income (losses) of subsidiaries	(139)	5,578	3,551
Net income attributable to U.S. Bancorp	5,836	5,647	4,872
Bank Subsidiaries [Member] | Parent Company [Member]
Income
Dividends from subsidiaries	6,100	250	1,500
Non-bank Subsidiaries [Member] | Parent Company [Member]
Income
Dividends from subsidiaries	$ 9	$ 4	$ 7

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Stock-Based Compensation - Summary of Certain Stock Option Activity of Company (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fair value of options vested	$ 41	$ 49	$ 54
Intrinsic value of options exercised	144	143	61
Cash received from options exercised	489	362	165
Tax benefit realized from options exercised	$ 56	$ 75	$ 23

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Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

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)	2013			2012			2011
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872
Preferred dividends		(250	)		(238	)		(129	)
Impact of preferred stock redemption (a)		(8	)		–			–
Earnings allocated to participating stock awards		(26	)		(26	)		(22	)
Net income applicable to U.S. Bancorp common shareholders	$	5,552		$	5,383		$	4,721
Average common shares outstanding		1,839			1,887			1,914
Net effect of the exercise and assumed purchase of stock awards		10			9			9
Average diluted common shares outstanding		1,849			1,896			1,923
Earnings per common share	$	3.02		$	2.85		$	2.47
Diluted earnings per common share	$	3.00		$	2.84		$	2.46

(a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

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Guarantees and Contingent Liabilities

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Guarantees and Contingent Liabilities

  NOTE 22   Guarantees and Contingent Liabilities

Visa Restructuring and Card Association Litigation The Company’s payment services business issues and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). Visa U.S.A. Inc. (“Visa U.S.A.”) and MasterCard International (collectively, the “Card Associations”) are defendants in antitrust lawsuits challenging the practices of the Card Associations (the “Visa Litigation”). Visa U.S.A. member banks have a contingent obligation to indemnify Visa Inc. under the Visa U.S.A. bylaws (which were modified at the time of the restructuring in October 2007) for potential losses arising from the Visa Litigation. The indemnification by the Visa U.S.A. member banks has no specific maximum amount.

Using proceeds from its IPO and through reductions to the conversion ratio applicable to the Class B shares held by Visa U.S.A. member banks, Visa Inc. has funded an escrow account for the benefit of member financial institutions to fund their indemnification obligations associated with the Visa Litigation. The receivable related to the escrow account is classified in other liabilities as a direct offset to the related Visa Litigation contingent liability. On October 19, 2012, Visa signed a settlement agreement to resolve class action claims associated with the multi-district interchange litigation, the largest of the remaining Visa Litigation matters. The settlement has been approved by the court, but has been challenged by some class members and is being appealed. At December 31, 2013, the carrying amount of the Company’s liability related to the Visa Litigation matters, net of its share of the escrow fundings, was $41 million and included the Company’s estimate of its remaining share of the temporary reduction in interchange rates specified in the settlement agreement. The remaining Class B shares held by the Company will be eligible for conversion to Class A shares, and thereby become marketable, upon final settlement of the Visa Litigation. These shares are excluded from the Company’s financial instruments disclosures included in Note 21.

Commitments to Extend Credit Commitments to extend credit are legally binding and generally have fixed expiration dates or other termination clauses. The contractual amount represents the Company’s exposure to credit loss, in the event of default by the borrower. The Company manages this credit risk by using the same credit policies it applies to loans. Collateral is obtained to secure commitments based on management’s credit assessment of the borrower. The collateral may include marketable securities, receivables, inventory, equipment and real estate. Since the Company expects many of the commitments to expire without being drawn, total commitment amounts do not necessarily represent the Company’s future liquidity requirements. In addition, the commitments include consumer credit lines that are cancelable upon notification to the consumer.

The contract or notional amounts of unfunded commitments to extend credit at December 31, 2013, excluding those commitments considered derivatives, were as follows:

	Term
(Dollars in Millions)	Less Than One Year		Greater Than One Year		Total
Commercial and commercial real estate	$	20,321	$	83,530	$	103,851
Corporate and purchasing cards (a)		20,007		–		20,007
Residential mortgages		98		11		109
Retail credit cards (a)		71,192		264		71,456
Other retail		11,382		17,733		29,115
Covered		31		807		838
Federal funds		4,898		–		4,898

(a) Primarily cancelable at the Company’s discretion.

Lease Commitments Rental expense for operating leases totaled $311 million in 2013, $295 million in 2012 and $291 million in 2011. Future minimum payments, net of sublease rentals, under capitalized leases and noncancelable operating leases with initial or remaining terms of one year or more, consisted of the following at December 31, 2013:

(Dollars in Millions)	Capitalized Leases		Operating Leases
2014	$	9	$	244
2015		8		215
2016		8		182
2017		6		154
2018		6		116
Thereafter		25		474
Total minimum lease payments		62	$	1,385
Less amount representing interest		23
Present value of net minimum lease payments	$	39

Other Guarantees and Contingent Liabilities

The following table is a summary of other guarantees and contingent liabilities of the Company at December 31, 2013:

(Dollars in Millions)	Collateral Held		Carrying Amount		Maximum Potential Future Payments
Standby letters of credit	$	–	$	71	$	16,891
Third-party borrowing arrangements		–		–		12
Securities lending indemnifications		5,397		–		5,261
Asset sales		–		185		3,656
Merchant processing		648		69		83,496
Contingent consideration arrangements		–		12		12
Tender option bond program guarantee		4,604		–		4,575
Minimum revenue guarantees		–		12		12
Other		–		–		468

Letters of Credit Standby letters of credit are commitments the Company issues to guarantee the performance of a customer to a third party. The guarantees frequently support public and private borrowing arrangements, including commercial paper issuances, bond financings and other similar transactions. The Company issues commercial letters of credit on behalf of customers to ensure payment or collection in connection with trade transactions. In the event of a customer’s nonperformance, the Company’s credit loss exposure is the same as in any extension of credit, up to the letter’s contractual amount. Management assesses the borrower’s credit to determine the necessary collateral, which may include marketable securities, receivables, inventory, equipment and real estate. Since the conditions requiring the Company to fund letters of credit may not occur, the Company expects its liquidity requirements to be less than the total outstanding commitments. The maximum potential future payments guaranteed by the Company under standby letter of credit arrangements at December 31, 2013, were approximately $16.9 billion with a weighted-average term of approximately 21 months. The estimated fair value of standby letters of credit was approximately $71 million at December 31, 2013.

The contract or notional amount of letters of credit at December 31, 2013, were as follows:

	Term
(Dollars in Millions)	Less Than One Year		Greater Than One Year		Total
Standby	$	7,778	$	9,113	$	16,891
Commercial		252		43		295

Guarantees Guarantees are contingent commitments issued by the Company to customers or other third parties. The Company’s guarantees primarily include parent guarantees related to subsidiaries’ third party borrowing arrangements; third party performance guarantees inherent in the Company’s business operations, such as indemnified securities lending programs and merchant charge-back guarantees; indemnification or buy-back provisions related to certain asset sales; and contingent consideration arrangements related to acquisitions. For certain guarantees, the Company has recorded a liability related to the potential obligation, or has access to collateral to support the guarantee or through the exercise of other recourse provisions can offset some or all of the maximum potential future payments made under these guarantees.

Third Party Borrowing Arrangements The Company provides guarantees to third parties as a part of certain subsidiaries’ borrowing arrangements. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $12 million at December 31, 2013.

Commitments from Securities Lending The Company participates in securities lending activities by acting as the customer’s agent involving the loan of securities. The Company indemnifies customers for the difference between the fair value of the securities lent and the fair value of the collateral received. Cash collateralizes these transactions. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $5.3 billion at December 31, 2013, and represented the fair value of the securities lent to third parties. At December 31, 2013, the Company held $5.4 billion of cash as collateral for these arrangements.

Asset Sales The Company has provided guarantees to certain third parties in connection with the sale or syndication of certain assets, primarily loan portfolios and tax-advantaged investments. These guarantees are generally in the form of asset buy-back or make-whole provisions that are triggered upon a credit event or a change in the tax-qualifying status of the related projects, as applicable, and remain in effect until the loans are collected or final tax credits are realized, respectively. The maximum potential future payments guaranteed by the Company under these arrangements were approximately $3.7 billion at December 31, 2013, and represented the proceeds received from the buyer or the guaranteed portion in these transactions where the buy-back or make-whole provisions have not yet expired. At December 31, 2013, the Company had reserved $102 million for potential losses related to the sale or syndication of tax-advantaged investments.

The maximum potential future payments do not include loan sales where the Company provides standard representation and warranties to the buyer against losses related to loan underwriting documentation defects that may have existed at the time of sale that generally are identified after the occurrence of a triggering event such as delinquency. For these types of loan sales, the maximum potential future payments is generally the unpaid principal balance of loans sold measured at the end of the current reporting period. Actual losses will be significantly less than the maximum exposure, as only a fraction of loans sold will have a representation and warranty breach, and any losses on repurchase would generally be mitigated by any collateral held against the loans.

The Company regularly sells loans to GSEs as part of its mortgage banking activities. The Company provides customary representation and warranties to the GSEs in conjunction with these sales. These representations and warranties generally require the Company to repurchase assets if it is subsequently determined that a loan did not meet specified criteria, such as a documentation deficiency or rescission of mortgage insurance. If the Company is unable to cure or refute a repurchase request, the Company is generally obligated to repurchase the loan or otherwise reimburse the counterparty for losses. At December 31, 2013, the Company had reserved $83 million for potential losses from representation and warranty obligations, compared with $240 million at December 31, 2012. The $157 million decrease reflected the settlement of substantially all representation and warranty obligations on loans sold to the Federal Home Loan Mortgage Corporation (“Freddie Mac”) between 2000 and 2008. The Company’s reserve reflects management’s best estimate of losses for representation and warranty obligations. The Company’s repurchase reserve is modeled at the loan level, taking into consideration the individual credit quality and borrower activity that has transpired since origination. The model applies credit quality and economic risk factors to derive a probability of default and potential repurchase that are based on the Company’s historical loss experience, and estimates loss severity based on expected collateral value. The Company also considers qualitative factors that may result in anticipated losses differing from historical loss trends.

The following table is a rollforward of the Company’s representation and warranty reserve:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	240		$	160		$	180
Net realized losses		(115	)		(120	)		(137	)
Change in reserve		(42	)		200			117
Balance at end of period	$	83		$	240		$	160

As of December 31, 2013 and 2012, the Company had $89 million and $131 million, respectively, of unresolved representation and warranty claims from the GSEs. The Company does not have a significant amount of unresolved claims from investors other than the GSEs.

Merchant Processing The Company, through its subsidiaries, provides merchant processing services. Under the rules of credit card associations, a merchant processor retains a contingent liability for credit card transactions processed. This contingent liability arises in the event of a billing dispute between the merchant and a cardholder that is ultimately resolved in the cardholder’s favor. In this situation, the transaction is “charged-back” to the merchant and the disputed amount is credited or otherwise refunded to the cardholder. If the Company is unable to collect this amount from the merchant, it bears the loss for the amount of the refund paid to the cardholder.

A cardholder, through its issuing bank, generally has until the latter of up to four months after the date the transaction is processed or the receipt of the product or service to present a charge-back to the Company as the merchant processor. The absolute maximum potential liability is estimated to be the total volume of credit card transactions that meet the associations’ requirements to be valid charge-back transactions at any given time. Management estimates that the maximum potential exposure for charge-backs would approximate the total amount of merchant transactions processed through the credit card associations for the last four months. For the last four months this amount totaled approximately $83.5 billion. In most cases, this contingent liability is unlikely to arise, as most products and services are delivered when purchased and amounts are refunded when items are returned to merchants. However, where the product or service is not provided until a future date (“future delivery”), the potential for this contingent liability increases. To mitigate this risk, the Company may require the merchant to make an escrow deposit, place maximum volume limitations on future delivery transactions processed by the merchant at any point in time, or require various credit enhancements (including letters of credit and bank guarantees). Also, merchant processing contracts may include event triggers to provide the Company more financial and operational control in the event of financial deterioration of the merchant.

The Company currently processes card transactions in the United States, Canada, Europe, Mexico and Brazil through wholly-owned subsidiaries and joint ventures with other financial institutions. In the event a merchant was unable to fulfill product or services subject to delayed delivery, such as airline tickets, the Company could become financially liable for refunding tickets purchased through the credit card associations under the charge-back provisions. Charge-back risk related to these merchants is evaluated in a manner similar to credit risk assessments and, as such, merchant processing contracts contain various provisions to protect the Company in the event of default. At December 31, 2013, the value of airline tickets purchased to be delivered at a future date was $5.2 billion. The Company held collateral of $538 million in escrow deposits, letters of credit and indemnities from financial institutions, and liens on various assets. With respect to future delivery risk for other merchants, the Company held $23 million of merchant escrow deposits as collateral. In addition to specific collateral or other credit enhancements, the Company maintains a liability for its implied guarantees associated with future delivery. At December 31, 2013, the liability was $58 million primarily related to these airline processing arrangements.

In the normal course of business, the Company has unresolved charge-backs. The Company assesses the likelihood of its potential liability based on the extent and nature of unresolved charge-backs and its historical loss experience. At December 31, 2013, the Company held $87 million of merchant escrow deposits as collateral and had a recorded liability for potential losses of $11 million.

Contingent Consideration Arrangements The Company has contingent payment obligations related to certain business combination transactions. Payments are guaranteed as long as certain post-acquisition performance-based criteria are met or customer relationships are maintained. At December 31, 2013, the maximum potential future payments required to be made by the Company under these arrangements was approximately $12 million. If required, the majority of these contingent payments are payable within the next 12 months.

Tender Option Bond Program Guarantee As discussed in Note 7, the Company sponsors a municipal bond securities tender option bond program and consolidates the program’s entities on its Consolidated Balance Sheet. The Company provides financial performance guarantees related to the program’s entities. At December 31, 2013, the Company guaranteed $4.6 billion of borrowings of the program’s entities, included on the Consolidated Balance Sheet in short-term borrowings. The Company also included on its Consolidated Balance Sheet the related $4.6 billion of available-for-sale investment securities serving as collateral for this arrangement.

Minimum Revenue Guarantees In the normal course of business, the Company may enter into revenue share agreements with third party business partners who generate customer referrals or provide marketing or other services related to the generation of revenue. In certain of these agreements, the Company may guarantee that a minimum amount of revenue share payments will be made to the third party over a specified period of time. At December 31, 2013, the maximum potential future payments required to be made by the Company under these agreements were $12 million and the Company had recorded a related liability of $12 million.

Other Guarantees and Commitments The Company has also made other financial performance guarantees and commitments related to the operations of its subsidiaries. At December 31, 2013, the maximum potential future payments guaranteed or committed by the Company under these arrangements were approximately $468 million.

Litigation and Regulatory Matters The Company is subject to various litigation and regulatory matters that arise in the ordinary course of its business. The Company establishes reserves for such matters when potential losses become probable and can be reasonably estimated. The Company believes the ultimate resolution of existing legal and regulatory matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. However, changes in circumstances or additional information could result in additional accruals or resolution in excess of established accruals, which could adversely affect the Company’s results from operations, potentially materially.

Certain federal and state governmental authorities reached settlement agreements in 2012 and 2013 with other major financial institutions regarding their mortgage origination, servicing, and foreclosure activities. Those governmental authorities have had settlement discussions with other financial institutions, including the Company. The Company has not agreed to any settlement; however, if a settlement were reached it would likely include an agreement to comply with specified servicing standards, and settlement payments to governmental authorities as well as a monetary commitment that could be satisfied under various loan modification programs (in addition to the programs the Company already has in place).

The Company is currently subject to other investigations and examinations by government agencies and bank regulators concerning mortgage-related practices, including those related to origination practices for Federal Housing Administration insured residential home loans, compliance with selling guidelines relating to residential home loans sold to GSEs, and various practices related to lender-placed insurance. The Company is cooperating fully with these examinations and investigations, any of which could lead to administrative or legal proceedings or settlements involving remedies including fines, penalties, restitution or alterations in the Company’s business practices and in additional costs and expenses.

Due to their complex nature, it can be years before litigation and regulatory matters are resolved. For those litigation and regulatory matters where the Company has information to develop an estimate or range of loss, the Company believes the upper end of reasonably possible losses in aggregate, in excess of any reserves established for matters where a loss is considered probable, is approximately $200 million. This estimate is subject to significant judgment and uncertainties and the matters underlying the estimate will change from time to time. Actual results may vary significantly from the current estimates.

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Fair Values of Assets and Liabilities

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Values of Assets and Liabilities

  NOTE 21   Fair Values of Assets and Liabilities

The Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, substantially all MLHFS and MSRs are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets on a nonrecurring basis, such as loans held for sale, loans held for investment and certain other assets. These nonrecurring fair value adjustments typically involve application of lower-of-cost-or-fair value accounting or impairment write-downs of individual assets.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. A fair value measurement reflects all of the assumptions that market participants would use in pricing the asset or liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset and the risk of nonperformance.

The Company groups its assets and liabilities measured at fair value into a three-level hierarchy for valuation techniques used to measure financial assets and financial liabilities at fair value. This hierarchy is based on whether the valuation inputs are observable or unobservable. These levels are:

• Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 1 includes U.S. Treasury and exchange-traded instruments.

• Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 includes debt securities that are traded less frequently than exchange-traded instruments and which are typically valued using third party pricing services; derivative contracts and other assets and liabilities, including securities, whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data; and MLHFS whose values are determined using quoted prices for similar assets or pricing models with inputs that are observable in the market or can be corroborated by observable market data.

• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes MSRs, certain debt securities and certain derivative contracts.

When the Company changes its valuation inputs for measuring financial assets and financial liabilities at fair value, either due to changes in current market conditions or other factors, it may need to transfer those assets or liabilities to another level in the hierarchy based on the new inputs used. The Company recognizes these transfers at the end of the reporting period that the transfers occur. During the years ended December 31, 2013, 2012 and 2011, there were no transfers of financial assets or financial liabilities between the hierarchy levels.

The Company has processes and controls in place to increase the reliability of estimates it makes in determining fair value measurements. Items quoted on an exchange are verified to the quoted price. Items provided by a third party pricing service are subject to price verification procedures as discussed in more detail in the specific valuation discussions provided in the section that follows. For fair value measurements modeled internally, the Company’s valuation models are subject to the Company’s Model Risk Governance Policy and Program, as maintained by the Company’s credit administration department. The purpose of model validation is to assess the accuracy of the models’ input, processing, and reporting components. All models are required to be independently reviewed and approved prior to being placed in use, and are subject to formal change control procedures. Under the Company’s Model Risk Governance Policy, models are required to be reviewed at least annually to ensure they are operating as intended. Inputs into the models are market observable inputs whenever available. When market observable inputs are not available, the inputs are developed based upon analysis of historical experience and evaluation of other relevant market data. Significant unobservable model inputs are subject to review by senior management in corporate functions, who are independent from the modeling. Significant unobservable model inputs are also compared to actual results, typically on a quarterly basis. Significant Level 3 fair value measurements are also subject to corporate-level review and are benchmarked to market transactions or other market data, when available. Additional discussion of processes and controls are provided in the valuation methodologies section that follows.

The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities at fair value and for estimating fair value for financial instruments not recorded at fair value as required under disclosure guidance related to the fair value of financial instruments. In addition, the following section includes an indication of the level of the fair value hierarchy in which the assets or liabilities are classified. Where appropriate, the description includes information about the valuation models and key inputs to those models. During the years ended December 31, 2013, 2012 and 2011, there were no significant changes to the valuation techniques used by the Company to measure fair value.

Cash and Due From Banks The carrying value of cash and due from banks approximate fair value and are classified within Level 1. Fair value is provided for disclosure purposes only.

Federal Funds Sold and Securities Purchased Under Resale Agreements The carrying value of federal funds sold and securities purchased under resale agreements approximate fair value because of the relatively short time between the origination of the instrument and its expected realization and are classified within Level 2. Fair value is provided for disclosure purposes only.

Investment Securities When quoted market prices for identical securities are available in an active market, these prices are used to determine fair value and these securities are classified within Level 1 of the fair value hierarchy. Level 1 investment securities are predominantly U.S. Treasury securities.

For other securities, quoted market prices may not be readily available for the specific securities. When possible, the Company determines fair value based on market observable information, including quoted market prices for similar securities, inactive transaction prices, and broker quotes. These securities are classified within Level 2 of the fair value hierarchy. Level 2 valuations are generally provided by a third party pricing service. The Company reviews the valuation methodologies utilized by the pricing service and, on a quarterly basis, reviews the security level prices provided by the pricing service against management’s expectation of fair value, based on changes in various benchmarks and market knowledge from recent trading activity. Additionally, each quarter, the Company validates the fair value provided by the pricing services by comparing them to recent observable market trades (where available), broker provided quotes, or other independent secondary pricing sources. Prices obtained from the pricing service are adjusted if they are found to be inconsistent with observable market data. Level 2 investment securities are predominantly agency mortgage-backed securities, certain other asset-backed securities, municipal securities, corporate debt securities, agency debt securities and perpetual preferred securities.

The fair value of securities for which there are no market trades, or where trading is inactive as compared to normal market activity, are classified within Level 3 of the fair value hierarchy. The Company determines the fair value of these securities using a discounted cash flow methodology and incorporating observable market information, where available. These valuations are modeled by a unit within the Company’s treasury department. The valuations use assumptions regarding housing prices, interest rates and borrower performance. Inputs are refined and updated at least quarterly to reflect market developments and actual performance. The primary valuation drivers of these securities are the prepayment rates, default rates and default severities associated with the underlying collateral, as well as the discount rate used to calculate the present value of the projected cash flows. Level 3 fair values, including the assumptions used, are subject to review by senior management in corporate functions, who are independent from the modeling. The fair value measurements are also compared to fair values provided by third party pricing services, where available. Securities classified within Level 3 include non-agency mortgage-backed securities, non-agency commercial mortgage-backed securities, certain asset-backed securities, certain collateralized debt obligations and collateralized loan obligations and certain corporate debt securities.

Mortgage Loans Held For Sale MLHFS measured at fair value, for which an active secondary market and readily available market prices exist, are initially valued at the transaction price and are subsequently valued by comparison to instruments with similar collateral and risk profiles. MLHFS are classified within Level 2. Included in mortgage banking revenue was a $335 million net loss, a $287 million net gain and a $15 million net gain for the years ended December 31, 2013, 2012 and 2011, respectively, from the changes to fair value of these MLHFS under fair value option accounting guidance. Changes in fair value due to instrument specific credit risk were immaterial. Interest income for MLHFS is measured based on contractual interest rates and reported as interest income on the Consolidated Statement of Income. Electing to measure MLHFS at fair value reduces certain timing differences and better matches changes in fair value of these assets with changes in the value of the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting.

Loans The loan portfolio includes adjustable and fixed-rate loans, the fair value of which was estimated using discounted cash flow analyses and other valuation techniques. The expected cash flows of loans considered historical prepayment experiences and estimated credit losses and were discounted using current rates offered to borrowers of similar credit characteristics. Generally, loan fair values reflect Level 3 information. Fair value is provided for disclosure purposes only, with the exception of impaired collateral-based loans that are measured at fair value on a non-recurring basis utilizing the underlying collateral fair value.

Mortgage Servicing Rights MSRs are valued using a discounted cash flow methodology. Accordingly, MSRs are classified within Level 3. The Company determines fair value by estimating the present value of the asset’s future cash flows using prepayment rates, discount rates, and other assumptions. The MSR valuations, as well as the assumptions used, are developed by the mortgage banking division and are subject to review by senior management in corporate functions, who are independent from the modeling. The MSR valuations and assumptions are validated through comparison to trade information, publicly available data and industry surveys when available, and are also compared to independent third party valuations each quarter. Risks inherent in MSR valuation include higher than expected prepayment rates and/or delayed receipt of cash flows. There is minimal observable market activity for MSRs on comparable portfolios, and, therefore the determination of fair value requires significant management judgment. Refer to Note 9 for further information on MSR valuation assumptions.

Derivatives The majority of derivatives held by the Company are executed over-the-counter and are valued using standard cash flow, Black-Derman-Toy and Monte Carlo valuation techniques. The models incorporate inputs, depending on the type of derivative, including interest rate curves, foreign exchange rates and volatility. In addition, all derivative values incorporate an assessment of the risk of counterparty nonperformance, measured based on the Company’s evaluation of credit risk as well as external assessments of credit risk, where available. The Company monitors and manages its nonperformance risk by considering its ability to net derivative positions under master netting arrangements, as well as collateral received or provided under collateral arrangements. Accordingly, the Company has elected to measure the fair value of derivatives, at a counterparty level, on a net basis. The majority of the derivatives are classified within Level 2 of the fair value hierarchy, as the significant inputs to the models, including nonperformance risk, are observable. However, certain derivative transactions are with counterparties where risk of nonperformance cannot be observed in the market, and therefore the credit valuation adjustments result in these derivatives being classified within Level 3 of the fair value hierarchy. The credit valuation adjustments for nonperformance risk are determined by the Company’s treasury department using credit assumptions provided by credit administration. The credit assumptions are compared to actual results quarterly and are recalibrated as appropriate.

The Company also has commitments to purchase and originate mortgage loans that meet the accounting requirements of a derivative. These mortgage loan commitments are valued by pricing models that include market observable and unobservable inputs, which result in the commitments being classified within Level 3 of the fair value hierarchy. The unobservable inputs include assumptions about the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value, both of which are developed by the Company’s mortgage banking division. The closed loan percentages for the mortgage loan commitments are monitored on an on-going basis, as these percentages are also used for the Company’s economic hedging activities. The inherent MSR value for the commitments are generated by the same models used for the Company’s MSRs and thus are subject to the same processes and controls as described for the MSRs above.

Other Financial Instruments Other financial instruments include cost method equity investments and community development and tax-advantaged related assets and liabilities. The majority of the Company’s cost method equity investments are in Federal Home Loan Bank and Federal Reserve Bank stock, whose carrying amounts approximate their fair value and are classified within Level 2. Investments in private equity and other limited partnership funds are estimated using fund provided net asset values. These equity investments are classified within Level 3. Fair value is provided for disclosure purposes only.

Community development and tax-advantaged investments generate a return primarily through the realization of federal and state income tax credits, with a duration typically equal to the period that the tax credits are realized. Asset balances primarily represent the assets of the underlying community development and tax-advantaged entities the Company consolidated per applicable authoritative accounting guidance. Liabilities of the underlying consolidated entities were included in long-term debt. The carrying value of the asset balances are a reasonable estimate of fair value and are classified within Level 3. Refer to Note 7 for further information on community development and tax-advantaged related assets and liabilities. Fair value is provided for disclosure purposes only.

Deposit Liabilities The fair value of demand deposits, savings accounts and certain money market deposits is equal to the amount payable on demand. The fair value of fixed-rate certificates of deposit was estimated by discounting the contractual cash flow using current market rates. Deposit liabilities are classified within Level 2. Fair value is provided for disclosure purposes only.

Short-term Borrowings Federal funds purchased, securities sold under agreements to repurchase, commercial paper and other short-term funds borrowed have floating rates or short-term maturities. The fair value of short-term borrowings was determined by discounting contractual cash flows using current market rates. Short-term borrowings are classified within Level 2. Included in short-term borrowings is the Company’s obligation on securities sold short, which is required to be accounted for at fair value per applicable accounting guidance. Fair value for other short-term borrowings is provided for disclosure purposes only.

Long-term Debt The fair value for most long-term debt was determined by discounting contractual cash flows using current market rates. Junior subordinated debt instruments were valued using market quotes. Long-term debt is classified within Level 2. Fair value is provided for disclosure purposes only.

Loan Commitments, Letters of Credit and Guarantees The fair value of commitments, letters of credit and guarantees represents the estimated costs to terminate or otherwise settle the obligations with a third party. Other loan commitments, letters of credit and guarantees are not actively traded, and the Company estimates their fair value based on the related amount of unamortized deferred commitment fees adjusted for the probable losses for these arrangements. These arrangements are classified within Level 3. Fair value is provided for disclosure purposes only.

Significant Unobservable Inputs of Level 3 Assets and Liabilities

The following section provides information on the significant inputs used by the Company to determine the fair value measurements of Level 3 assets and liabilities recorded at fair value on the Consolidated Balance Sheet. In addition, the following section includes a discussion of the sensitivity of the fair value measurements to changes in the significant inputs and a description of any interrelationships between these inputs for Level 3 assets and liabilities recorded at fair value on a recurring basis. The discussion below excludes nonrecurring fair value measurements of collateral value used for impairment measures for loans and other real estate owned. These valuations utilize third party appraisal or broker price opinions, and are classified as Level 3 due to the significant judgment involved.

Available-For-Sale Investment Securities The significant unobservable inputs used in the fair value measurement of the Company’s modeled Level 3 available-for-sale investment securities are prepayment rates, probability of default and loss severities associated with the underlying collateral, as well as the discount margin used to calculate the present value of the projected cash flows. Increases in prepayment rates for Level 3 securities will typically result in higher fair values, as increased prepayment rates accelerate the receipt of expected cash flows and reduce exposure to credit losses. Increases in the probability of default and loss severities will result in lower fair values, as these increases reduce expected cash flows. Discount margin is the Company’s estimate of the current market spread above the respective benchmark rate. Higher discount margin will result in lower fair values, as it reduces the present value of the expected cash flows.

Prepayment rates generally move in the opposite direction of market interest rates. In the current environment, an increase in the probability of default will generally be accompanied with an increase in loss severity, as both are impacted by underlying collateral values. Discount margins are influenced by market expectations about the security’s collateral performance, and therefore may directionally move with probability and severity of default; however, discount margins are also impacted by broader market forces, such as competing investment yields, sector liquidity, economic news, and other macroeconomic factors.

The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at December 31, 2013:

	Minimum			Maximum			Average
Residential Prime Non-Agency Mortgage-Backed Securities (a)
Estimated lifetime prepayment rates		6	%		20	%		13	%
Lifetime probability of default rates		–			7			4
Lifetime loss severity rates		25			65			42
Discount margin		2			5			4
Residential Non-Prime Non-Agency Mortgage-Backed Securities (b)
Estimated lifetime prepayment rates		2	%		10	%		6	%
Lifetime probability of default rates		4			12			8
Lifetime loss severity rates		15			70			54
Discount margin		1			6			3
Other Asset-Backed Securities
Estimated lifetime prepayment rates		6	%		6	%		6	%
Lifetime probability of default rates		5			5			5
Lifetime loss severity rates		40			40			40
Discount margin		7			7			7

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Mortgage Servicing Rights The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are expected prepayments and the discount rate used to calculate the present value of the projected cash flows. Significant increases in either of these inputs in isolation would result in a significantly lower fair value measurement. Significant decreases in either of these inputs in isolation would result in a significantly higher fair value measurement. There is no direct interrelationship between prepayments and discount rate. Prepayment rates generally move in the opposite direction of market interest rates. Discount rates are generally impacted by changes in market return requirements.

The following table shows the significant valuation assumption ranges for MSRs at December 31, 2013:

	Minimum			Maximum			Average
Expected prepayment		10	%		21	%		11	%
Discount rate		10			13			10

Derivatives The Company has two distinct Level 3 derivative portfolios: (i) the Company’s commitments to sell, purchase and originate mortgage loans that meet the requirements of a derivative, and (ii) the Company’s asset/liability and customer-related derivatives that are Level 3 due to unobservable inputs related to measurement of risk of nonperformance by the counterparty.

The significant unobservable inputs used in the fair value measurement of the Company’s derivative commitments to sell, purchase and originate mortgage loans are the percentage of commitments that actually become a closed loan and the MSR value that is inherent in the underlying loan value. A significant increase in the rate of loans that close would result in a larger derivative asset or liability. A significant increase in the inherent MSR value would result in an increase in the derivative asset or a reduction in the derivative liability. Expected loan close rates and the inherent MSR values are directly impacted by changes in market rates and will generally move in the same direction as interest rates.

The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to sell, purchase and originate mortgage loans at December 31, 2013:

	Minimum			Maximum			Average
Expected loan close rate		43	%		100	%		80	%
Inherent MSR value (basis points per loan)		48			221			124

The significant unobservable input used in the fair value measurement of certain of the Company’s asset/liability and customer-related derivatives is the credit valuation adjustment related to the risk of counterparty nonperformance. A significant increase in the credit valuation adjustment would result in a lower fair value measurement. A significant decrease in the credit valuation adjustment would result in a higher fair value measurement. The credit valuation adjustment is impacted by changes in the Company’s assessment of the counterparty’s credit position. At December 31, 2013, the minimum, maximum and average credit valuation adjustment as a percentage of the derivative contract fair value prior to adjustment was 0 percent, 100 percent and 7 percent, respectively.

The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:

(Dollars in Millions)	Level 1		Level 2		Level 3		Netting			Total
December 31, 2013
Available-for-sale securities
U.S. Treasury and agencies	$	7	$	1,038	$	–	$	–		$	1,045
Mortgage-backed securities
Residential
Agency		–		31,553		–		–			31,553
Non-agency
Prime (a)		–		–		478		–			478
Non-prime (b)		–		–		297		–			297
Commercial
Agency		–		152		–		–			152
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		24		–		–			24
Other		–		566		63		–			629
Obligations of state and political subdivisions		–		5,738		–		–			5,738
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		631		9		–			640
Perpetual preferred securities		–		212		–		–			212
Other investments		141		20		–		–			161
Total available-for-sale		148		39,940		847		–			40,935
Mortgage loans held for sale		–		3,263		–		–			3,263
Mortgage servicing rights		–		–		2,680		–			2,680
Derivative assets		–		889		515		(599	)		805
Other assets		143		588		–		–			731
Total	$	291	$	44,680	$	4,042	$	(599	)	$	48,414
Derivative liabilities	$	–	$	1,647	$	70	$	(1,192	)	$	525
Short-term borrowings (c)		112		551		–		–			663
Total	$	112	$	2,198	$	70	$	(1,192	)	$	1,188
December 31, 2012
Available-for-sale securities
U.S. Treasury and agencies	$	491	$	735	$	–	$	–		$	1,226
Mortgage-backed securities
Residential
Agency		–		29,495		–		–			29,495
Non-agency
Prime (a)		–		–		624		–			624
Non-prime (b)		–		–		355		–			355
Commercial
Agency		–		193		–		–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		42		–		–			42
Other		–		577		15		–			592
Obligations of state and political subdivisions		–		6,455		–		–			6,455
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		722		9		–			731
Perpetual preferred securities		–		218		–		–			218
Other investments		187		15		–		–			202
Total available-for-sale		678		38,458		1,003		–			40,139
Mortgage loans held for sale		–		7,957		–		–			7,957
Mortgage servicing rights		–		–		1,700		–			1,700
Derivative assets		–		572		1,234		(418	)		1,388
Other assets		94		386		–		–			480
Total	$	772	$	47,373	$	3,937	$	(418	)	$	51,664
Derivative liabilities	$	–	$	2,128	$	55	$	(1,549	)	$	634
Short-term borrowings (c)		50		351		–		–			401
Total	$	50	$	2,479	$	55	$	(1,549	)	$	1,035

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Comprehensive Income (Loss)			Purchases		Sales			Principal Payments			Issuances			Settlements			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	624	$	(6	)	$	8		$	–	$	–		$	(148	)	$	–		$	–		$	478	$	9
Non-prime (b)		355		(13	)		17			–		(20	)		(42	)		–			–			297		17
Asset-backed securities
Other		15		3			1			51		–			(7	)		–			–			63		–
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,003		(16	)(c)		26	(f)		51		(20	)		(197	)		–			–			847		26
Mortgage servicing rights		1,700		203	(d)		–			8		–			–			769	(g)		–			2,680		203	(d)
Net derivative assets and liabilities		1,179		(18	)(e)		–			1		(5	)		–			–			(712	)		445		(321	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	803	$	(10	)	$	91		$	–	$	(109	)	$	(151	)	$	–		$	–		$	624	$	65
Non-prime (b)		802		(24	)		228			–		(562	)		(89	)		–			–			355		80
Commercial non-agency		42		1			–			–		(38	)		(5	)		–			–			–		–
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		120		13			(8	)		–		(104	)		(21	)		–			–			–		–
Other		117		7			–			3		(93	)		(19	)		–			–			15		2
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,893		(13	)(i)		311	(f)		3		(906	)		(285	)		–			–			1,003		147
Mortgage servicing rights		1,519		(818	)(d)		–			42		–			–			957	(g)		–			1,700		(818	)(d)
Net derivative assets and liabilities		1,228		2,398	(j)		–			3		(5	)		–			–			(2,445	)		1,179		150	(k)
2011
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	1,103	$	6		$	4		$	–	$	(115	)	$	(195	)	$	–		$	–		$	803	$	(4	)
Non-prime (b)		947		(7	)		1			–		(13	)		(126	)		–			–			802		1
Commercial non-agency		50		3			(3	)		–		(4	)		(4	)		–			–			42		(2	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		135		13			5			–		–			(33	)		–			–			120		5
Other		133		10			(7	)		5		–			(24	)		–			–			117		(7	)
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		2,377		25	(l)		–	(f)		5		(132	)		(382	)		–			–			1,893		(7	)
Mortgage servicing rights		1,837		(972	)(d)		–			35		–			–			619	(g)		–			1,519		(972	)(d)
Net derivative assets and liabilities		851		1,550	(m)		–			1		(8	)		–			–			(1,166	)		1,228		442	(n)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Approximately $(14) million included in securities gains (losses) and $(2) million included in interest income.

(d) Included in mortgage banking revenue.

(e) Approximately $(149) million included in other noninterest income and $131 million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(340) million included in other noninterest income and $19 million included in mortgage banking revenue.

(i) Approximately $(47) million included in securities gains (losses) and $34 million included in interest income.

(j) Approximately $359 million included in other noninterest income and $2.0 billion included in mortgage banking revenue.

(k) Approximately $(109) million included in other noninterest income and $259 million included in mortgage banking revenue.

(l) Approximately $(31) million included in securities gains (losses) and $56 million included in interest income.

(m) Approximately $716 million included in other noninterest income and $834 million included in mortgage banking revenue.

(n) Approximately $262 million included in other noninterest income and $180 million included in mortgage banking revenue.

The Company is also required periodically to measure certain other financial assets at fair value on a nonrecurring basis. These measurements of fair value usually result from the application of lower-of-cost-or-fair value accounting or write-downs of individual assets.

The following table summarizes the balances of assets measured at fair value on a nonrecurring basis as of December 31:

	2013								2012
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans (a)	$	–	$	–	$	128	$	128	$	–	$	–	$	140	$	140
Other assets (b)		–		–		150		150		–		–		194		194

(a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.

The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the years ended December 31:

(Dollars in Millions)	2013		2012		2011
Loans (a)	$	83	$	68	$	177
Other assets (b)		96		160		316

(a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.

Fair Value Option

The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity as of December 31:

	2013							2012
(Dollars in Millions)	Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal			Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal
Total loans	$	3,263	$	3,195	$	68		$	7,957	$	7,588	$	369
Nonaccrual loans		9		14		(5	)		8		13		(5	)
Loans 90 days or more past due		–		–		–			2		3		(1	)

Disclosures about Fair Value of Financial Instruments

The following table summarizes the estimated fair value for financial instruments as of December 31, 2013 and 2012, and includes financial instruments that are not accounted for at fair value. In accordance with disclosure guidance related to fair values of financial instruments, the Company did not include assets and liabilities that are not financial instruments, such as the value of goodwill, long-term relationships with deposit, credit card, merchant processing and trust customers, other purchased intangibles, premises and equipment, deferred taxes and other liabilities. Additionally, in accordance with the disclosure guidance, insurance contracts and investments accounted for under the equity method are excluded.

The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below:

	2013										2012
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
(Dollars in Millions)			Level 1		Level 2		Level 3		Total				Level 1		Level 2		Level 3		Total
Financial Assets
Cash and due from banks	$	8,477	$	8,477	$	–	$	–	$	8,477	$	8,252	$	8,252	$	–	$	–	$	8,252
Federal funds sold and securities purchased under resale agreements		163		–		163		–		163		437		–		437		–		437
Investment securities held-to-maturity		38,920		2,589		35,678		101		38,368		34,389		2,984		31,845		123		34,952
Loans held for sale (a)		5		–		–		5		5		19		–		–		19		19
Loans (b)		230,857		–		–		231,480		231,480		218,765		–		–		220,354		220,354
Other financial instruments		2,422		–		1,080		1,362		2,442		7,367		–		1,228		6,157		7,385
Financial Liabilities
Deposits		262,123		–		262,200		–		262,200		249,183		–		249,594		–		249,594
Short-term borrowings (c)		26,945		–		26,863		–		26,863		25,901		–		25,917		–		25,917
Long-term debt		20,049		–		20,391		–		20,391		25,516		–		26,205		–		26,205

(a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.

(b) Excludes loans measured at fair value on a nonrecurring basis.

(c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

The fair value of unfunded commitments, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments and standby letters of credit was $382 million and $415 million at December 31, 2013 and 2012, respectively. The carrying value of other guarantees was $278 million and $452 million at December 31, 2013 and 2012, respectively.

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Intangible Assets - Aggregate Amortization Expense (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 223	$ 274	$ 299
Merchant processing contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	64	74	90
Core deposit benefits [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	41	60	81
Trust relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	34	39	35
Other identified intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of intangibles	$ 84	$ 101	$ 93

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Loans and Allowance for Credit Losses - Summary of Nonperforming Assets (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended																	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Nonperforming Assets [Member]	Dec. 31, 2012 Nonperforming Assets [Member]	Dec. 31, 2011 Nonperforming Assets [Member]	Dec. 31, 2010 Nonperforming Assets [Member]	Dec. 31, 2009 Nonperforming Assets [Member]	Dec. 31, 2013 Nonperforming Assets Excluding Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2012 Nonperforming Assets Excluding Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2011 Nonperforming Assets Excluding Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2010 Nonperforming Assets Excluding Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2009 Nonperforming Assets Excluding Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2013 Nonperforming Assets Including Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2012 Nonperforming Assets Including Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2011 Nonperforming Assets Including Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2010 Nonperforming Assets Including Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2009 Nonperforming Assets Including Covered Assets [Member] Nonperforming Assets [Member]	Dec. 31, 2013 Commercial And Commercial Real Estate Loans [Member]	Dec. 31, 2013 Credit Card Other Retail And Residential Mortgages [Member]	Dec. 31, 2013 Covered Assets [Member]
Nonperforming Assets [Line Items]
Balance December 31, 2012	$ 2,671		$ 2,037	$ 2,671	$ 3,774	$ 5,048	$ 5,907											$ 780	$ 1,308	$ 583
Commercial
Commercial	64,762	60,742	122	107	280	519	866
Lease financing	5,271	5,481	12	16	32	78	125
Total commercial	70,033	66,223	134	123	312	597	991
Additions to nonperforming assets
New nonaccrual loans and foreclosed properties	1,550																	427	977	146
Advances on loans	46																	46
Total additions	1,596																	473	977	146
Commercial Real Estate
Commercial mortgages	32,183	31,005	182	308	354	545	581
Construction and development	7,702	5,948	121	238	545	748	1,192
Total commercial real estate	39,885	36,953	303	546	899	1,293	1,773
Residential mortgages	37,545	32,648	770	661	650	636	467
Credit card	18,021	17,115	78	146	224	228	142
Reductions in nonperforming assets
Paydowns, payoffs	(789)																	(266)	(276)	(247)
Net sales	(609)																	(209)	(151)	(249)
Return to performing status	(212)																	(38)	(166)	(8)
Charge-offs	(620)																	(246)	(373)	(1)
Total reductions	(2,230)																	(759)	(966)	(505)
Net additions to (reductions in) nonperforming assets	(634)																	(286)	11	(359)
Balance December 31, 2013	2,037		2,037	2,671	3,774	5,048	5,907											494	1,319	224
Other Retail
Retail leasing	5,929	5,419	1	1
Other			190	216	67	65	62
Total other retail	47,678	47,712	191	217	67	65	62
Total loans, excluding covered loans	226,773	212,021	1,476	1,693	2,152	2,819	3,435
Covered loans	8,462	11,308	127	386	926	1,244	1,350
Total nonperforming loans	235,235	223,329	1,603	2,079	3,078	4,063	4,785
Other Real Estate			327	381	404	511	437
Covered Other Real Estate			97	197	274	453	653
Other Assets			10	14	18	21	32
Total nonperforming assets	2,037		2,037	2,671	3,774	5,048	5,907											494	1,319	224
Total nonperforming assets, excluding covered assets			1,813	2,088	2,574	3,351	3,904
Accruing loans 90 days or more past due	$ 1,189	$ 1,323						$ 713	$ 660	$ 843	$ 1,094	$ 1,525	$ 1,189	$ 1,323	$ 1,753	$ 2,184	$ 2,309
Nonperforming loans to total loans								0.65%	0.80%	1.10%	1.57%	1.99%	0.68%	0.93%	1.47%	2.06%	2.46%
Nonperforming assets to total loans plus other real estate								0.80%	0.98%	1.32%	1.87%	2.25%	0.86%	1.19%	1.79%	2.55%	3.02%

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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans:

	Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012
Change In Projected Benefit Obligation
Benefit obligation at beginning of measurement period	$	4,096		$	3,261		$	142		$	170
Service cost		168			129			3			5
Interest cost		170			168			4			7
Participants’ contributions		–			–			10			10
Plan amendments		–			–			(35	)		–
Actuarial loss (gain)		(388	)		681			(2	)		(26	)
Lump sum settlements		(34	)		(33	)		–			–
Benefit payments		(117	)		(110	)		(24	)		(26	)
Federal subsidy on benefits paid		–			–			2			2
Benefit obligation at end of measurement period (a)	$	3,895		$	4,096		$	100		$	142
Change In Fair Value Of Plan Assets
Fair value at beginning of measurement period	$	2,321		$	2,103		$	105		$	120
Actual return on plan assets		343			305			–			–
Employer contributions		318			56			1			1
Participants’ contributions		–			–			10			10
Lump sum settlements		(34	)		(33	)		–			–
Benefit payments		(117	)		(110	)		(24	)		(26	)
Fair value at end of measurement period	$	2,831		$	2,321		$	92		$	105
Funded (Unfunded) Status	$	(1,064	)	$	(1,775	)	$	(8	)	$	(37	)
Components Of The Consolidated Balance Sheet
Current benefit liability	$	(20	)	$	(23	)	$	–		$	–
Noncurrent benefit liability		(1,044	)		(1,752	)		(8	)		(37	)
Recognized amount	$	(1,064	)	$	(1,775	)	$	(8	)	$	(37	)
Accumulated Other Comprehensive Income (Loss), Pretax
Net actuarial gain (loss)	$	(1,333	)	$	(2,152	)	$	75		$	84
Net prior service credit (cost)		16			21			34			–
Recognized amount	$	(1,317	)	$	(2,131	)	$	109		$	84

(a) At December 31, 2013 and 2012, the accumulated benefit obligation for all pension plans was $3.6 billion and $3.8 billion, respectively.

Pension Plans with Benefit Obligations in Excess of Plan Assets

The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31:

(Dollars in Millions)	2013		2012
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	3,853	$	4,096
Fair value of plan assets		2,787		2,321
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	3,853	$	4,096
Accumulated benefit obligation		3,566		3,776
Fair value of plan assets		2,787		2,321

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans:

	Pension Plans									Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Components Of Net Periodic Benefit Cost
Service cost	$	168		$	129		$	119		$	3		$	5		$	4
Interest cost		170			168			169			4			7			9
Expected return on plan assets		(176	)		(191	)		(207	)		(2	)		(2	)		(5	)
Prior service cost (credit) and transition obligation (asset) amortization		(5	)		(4	)		(9	)		(1	)		–			–
Actuarial loss (gain) amortization		264			161			125			(9	)		(7	)		(6	)
Net periodic benefit cost	$	421		$	263		$	197		$	(5	)	$	3		$	2
Other Changes In Plan Assets And Benefit Obligations
Recognized In Other Comprehensive Income (Loss)
Net actuarial gain (loss) arising during the year	$	555		$	(567	)	$	(474	)	$	–		$	24		$	10
Net actuarial loss (gain) amortized during the year		264			161			125			(9	)		(7	)		(6	)
Net prior service credit (cost) arising during the year		–			–			–			35			–			–
Net prior service cost (credit) and transition obligation (asset) amortized during the year		(5	)		(4	)		(9	)		(1	)		–			–
Total recognized in other comprehensive income (loss)	$	814		$	(410	)	$	(358	)	$	25		$	17		$	4
Total recognized in net periodic benefit cost and other comprehensive income (loss) (a)(b)	$	393		$	(673	)	$	(555	)	$	30		$	14		$	2

(a) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2014 are $158 million and $(5) million, respectively.

(b) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the postretirement welfare plan that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2014 are $(6) million and $(3) million, respectively.

Weighted Average Assumptions to Determine Projected Benefit Obligations

The following table sets forth weighted average assumptions used to determine the projected benefit obligations at December 31:

	Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012
Discount rate (a)		4.97	%		4.07	%		3.93	%		3.10	%
Rate of compensation increase (b)		4.02			4.08			*			*
Health care cost trend rate for the next year (c)								7.50	%		8.00	%
Effect on accumulated postretirement benefit obligation
One percent increase							$	5		$	5
One percent decrease								(4	)		(5	)

(a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plans, non-qualified pension plans and postretirement welfare plan of 14.6, 11.5, and 6.4 years, respectively, for 2013, and 15.9, 12.2 and 7.2 years, respectively, for 2012.

(b) Determined on an active liability weighted basis.

(c) The rate is assumed to decrease gradually to 5.0 percent by 2019 and remain at this level thereafter.

* Not applicable

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

The following table sets forth weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:

	Pension Plans									Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Discount rate (a)		4.07	%		5.07	%		5.66	%		3.10	%		4.30	%		4.90	%
Expected return on plan assets (b)		7.50			8.00			8.25			1.50			2.25			3.50
Rate of compensation increase (c)		4.08			4.05			4.02			*			*			*
Health care cost trend rate (d)
Prior to age 65											8.00	%		8.00	%		8.00	%
After age 65											8.00			12.00			14.00
Effect on total of service cost and interest cost
One percent increase										$	–		$	–		$	–
One percent decrease											–			–			–

(a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plans, non-qualified pension plans and postretirement welfare plan of 15.9, 12.2 and 7.2 years, respectively, for 2013, and 14.8, 11.4 and 7.7 years, respectively, for 2012.

(b) With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group LTROR information.

The Company determined its 2013 expected long-term rates of return reflecting current economic conditions and plan assets. The decrease in the pension plans’ LTROR is primarily due to an increase in the debt securities target asset allocation from 10 percent as of December 31, 2011, to 30 percent as of December 31, 2013.

(c) Determined on an active liability weighted basis.

(d) The pre-65 and post-65 rates are both assumed to decrease gradually to 5.00 percent by 2019 and remain at that level thereafter.

* Not applicable

Summary of Plan Investment Assets Measured at Fair Value

The following table summarizes the plan investment assets measured at fair value at December 31:

Pension Plans

Postretirement Welfare Plan

2013

2012

2013

2012

(Dollars in Millions)

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Level 1

Level 1

Cash and cash equivalents

$

62

$

–

$

–

$

119

$

–

$

–

$

92

$

105

Debt securities

217

343

–

151

114

7

–

–

Corporate stock

Domestic equity securities

217

–

–

275

–

–

–

–

Mid-small cap equity securities (a)

148

–

–

173

–

–

–

–

International equity securities

229

–

–

285

–

–

–

–

Real estate equity securities (b)

137

–

–

132

–

–

–

–

Collective investment funds

Domestic equity securities

–

538

–

–

400

–

–

–

Mid-small cap equity securities (c)

–

58

–

–

59

–

–

–

Emerging markets equity securities

–

58

–

–

61

–

–

–

International equity securities

–

472

–

–

362

–

–

–

Mutual funds

Money market

–

–

–

–

7

–

–

–

Debt securities

–

177

–

–

129

–

–

–

Emerging markets equity securities

–

75

–

–

71

–

–

–

Hedge funds (d)

–

–

103

–

–

–

–

–

Other

–

(7

)

4

–

(7

)

3

–

–

Total (e)

$

1,010

$

1,714

$

107

$

1,135

$

1,196

$

10

$

92

$

105

(a) At December 31, 2013 and 2012, securities included $141 million and $164 million in domestic equities, respectively and $7 million and $9 million in international equities, respectively.

(b) At December 31, 2013 and 2012, securities included $67 million and $66 million in domestic equities, respectively, and $70 million and $66 million in international equities, respectively.

(c) At December 31, 2013 and 2012, securities included $26 million and $24 million in domestic equities, respectively, $22 million and $16 million in international equities, respectively, and $10 million and $19 million in cash and cash equivalents, respectively.

(d) This category consists of several investment strategies diversified across several hedge fund managers.

(e) Total investment assets of the pension plans exclude obligations to return cash collateral to qualified borrowers of $20 million at December 31, 2012, under security lending arrangements.

Summarizes the Changes for all Plan Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table summarizes the changes in fair value for all plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31:

	2013							2012						2011
(Dollars in Millions)	Debt Securities			Hedge Funds		Other		Debt Securities			Other			Debt Securities			Other
Balance at beginning of period	$	7		$	–	$	3	$	7		$	6		$	8		$	6
Unrealized gains (losses) relating to assets still held at end of year		–			–		–		1			(2	)		–			(9	)
Purchases, sales, and settlements, net		(7	)		103		1		(1	)		(1	)		(1	)		9
Balance at end of period	$	–		$	103	$	4	$	7		$	3		$	7		$	6

Expected Future Benefit Payments

The following benefit payments are expected to be paid from the retirement plans for the years ended December 31:

(Dollars in Millions)	Pension Plans		Postretirement Welfare Plan (a)		Medicare Part D Subsidy Receipts
2014	$	169	$	15	$	2
2015		177		14		2
2016		189		13		2
2017		200		12		2
2018		205		11		2
2019 – 2023		1,205		44		8

(a) Net of expected retiree contributions and before Medicare Part D subsidy.

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U.S. Bancorp (Parent Company)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

U.S. Bancorp (Parent Company)

  NOTE 23   U.S. Bancorp (Parent Company)

Condensed Balance Sheet

At December 31 (Dollars in Millions)	2013		2012
Assets
Due from banks, principally interest-bearing	$	8,371	$	3,630
Available-for-sale securities		463		425
Investments in bank subsidiaries		37,558		38,007
Investments in nonbank subsidiaries		1,546		1,445
Advances to bank subsidiaries		2,250		6,173
Advances to nonbank subsidiaries		1,534		1,404
Other assets		1,628		1,550
Total assets	$	53,350	$	52,634
Liabilities and Shareholders’ Equity
Short-term funds borrowed	$	138	$	134
Long-term debt		11,416		12,772
Other liabilities		683		730
Shareholders’ equity		41,113		38,998
Total liabilities and shareholders’ equity	$	53,350	$	52,634

Condensed Statement of Income

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Income
Dividends from bank subsidiaries	$	6,100		$	250		$	1,500
Dividends from nonbank subsidiaries		9			4			7
Interest from subsidiaries		118			96			101
Other income		66			149			134
Total income		6,293			499			1,742
Expense
Interest expense		325			393			425
Other expense		81			122			79
Total expense		406			515			504
Income (loss) before income taxes and equity in undistributed income of subsidiaries		5,887			(16	)		1,238
Applicable income taxes		(88	)		(85	)		(83	)
Income of parent company		5,975			69			1,321
Equity in undistributed income (losses) of subsidiaries		(139	)		5,578			3,551
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872

Condensed Statement of Cash Flows

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Operating Activities
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed (income) losses of subsidiaries		139			(5,578	)		(3,551	)
Other, net		(40	)		(35	)		12
Net cash provided by operating activities		5,935			34			1,333
Investing Activities
Proceeds from sales and maturities of investment securities		75			979			297
Purchases of investment securities		(118	)		(35	)		(36	)
Equity distributions from subsidiaries		12			845			77
Net (increase) decrease in short-term advances to subsidiaries		4,543			207			(4,613	)
Long-term advances to subsidiaries		(750	)		(500	)		–
Other, net		(9	)		(22	)		(3	)
Net cash provided by (used in) investing activities		3,753			1,474			(4,278	)
Financing Activities
Net increase (decrease) in short-term borrowings		4			105			(31	)
Proceeds from issuance of long-term debt		1,500			3,550			2,426
Principal payments or redemption of long-term debt		(2,850	)		(5,412	)		(851	)
Proceeds from issuance of preferred stock		487			2,163			676
Proceeds from issuance of common stock		524			395			180
Redemption of preferred stock		(500	)		–			–
Repurchase of common stock		(2,282	)		(1,856	)		(514	)
Cash dividends paid on preferred stock		(254	)		(204	)		(118	)
Cash dividends paid on common stock		(1,576	)		(1,347	)		(817	)
Net cash provided by (used in) financing activities		(4,947	)		(2,606	)		951
Change in cash and due from banks		4,741			(1,098	)		(1,994	)
Cash and due from banks at beginning of year		3,630			4,728			6,722
Cash and due from banks at end of year	$	8,371		$	3,630		$	4,728

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 regulatory minimum capital constraints for all national banks.

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Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events [Abstract]

Subsequent Events

  NOTE 24   Subsequent Events

The Company has evaluated the impact of events that have occurred subsequent to December 31, 2013 through the date the consolidated financial statements were filed with the United States Securities and Exchange Commission. Based on this evaluation, the Company has determined none of these events were required to be recognized or disclosed in the consolidated financial statements and related notes.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Significant Accounting Policies

  NOTE 1   Significant Accounting Policies

U.S. Bancorp is a multi-state financial services holding company headquartered in Minneapolis, Minnesota. U.S. Bancorp and its subsidiaries (the “Company”) provide a full range of financial services, including lending and depository services through banking offices principally in the Midwest and West regions of the United States. The Company also engages in credit card, merchant, and ATM processing, mortgage banking, insurance, trust and investment management, brokerage, and leasing activities, principally in domestic markets.

Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries and all variable interest entities (“VIEs”) for which the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidation eliminates all significant intercompany accounts and transactions. Certain items in prior periods have been reclassified to conform to the current presentation.

Uses of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual experience could differ from those estimates.

Business Segments

Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. The Company has five reportable operating segments:

Wholesale Banking and Commercial Real Estate Wholesale Banking and Commercial Real Estate offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients.

Consumer and Small Business Banking Consumer and Small Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and mobile devices, such as mobile phones and tablet computers. It encompasses community banking, metropolitan banking, in-store banking, small business banking, consumer lending, mortgage banking, workplace banking, student banking and 24-hour banking.

Wealth Management and Securities Services Wealth Management and Securities Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through five businesses: Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody and Fund Services.

Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit and merchant processing.

Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, most covered commercial and commercial real estate loans and related other real estate owned (“OREO”), funding, capital management, interest rate risk management, the net effect of transfer pricing related to average balances, income taxes not allocated to business lines, including most tax-advantaged investments, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Segment Results Accounting policies for the lines of business are the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to allocate funding costs and benefits, expenses and other financial elements to each line of business. For details of these methodologies and segment results, see “Basis for Financial Presentation” and Table 24 “Line of Business Financial Performance” included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

Securities

Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold.

Trading Securities Debt and equity securities held for resale are classified as trading securities and are included in other assets and reported at fair value. Changes in fair value and realized gains or losses are reported in noninterest income.

Available-for-sale Securities These securities are not trading securities but may be sold before maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Available-for-sale securities are carried at fair value with unrealized net gains or losses reported within other comprehensive income (loss) in shareholders’ equity. Declines in fair value related to other-than-temporary impairment, if any, are reported in noninterest income.

Held-to-maturity Securities Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Declines in fair value for credit-related other-than-temporary impairment, if any, are reported in noninterest income.

Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold, plus accrued interest. The fair value of collateral received is continually monitored and additional collateral is obtained or requested to be returned to the Company as deemed appropriate.

Equity Investments in Operating Entities

Equity investments in public entities in which the Company’s ownership is less than 20 percent are accounted for as available-for-sale securities and are carried at fair value. Similar investments in private entities are accounted for using the cost method. Investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met.

Loans

The Company offers a broad array of lending products and categorizes its loan portfolio into three segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s three loan portfolio segments are commercial lending, consumer lending and covered loans. The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. The covered loan segment consists of only one class.

The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination.

Originated Loans Held for Investment Loans the Company originates as held for investment are reported at the principal amount outstanding, net of unearned income, net deferred loan fees or costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balances as earned. Loan and commitment fees and certain direct loan origination costs are deferred and recognized over the life of the loan and/or commitment period as yield adjustments.

Purchased Loans All purchased loans (non-impaired and impaired) acquired after January 1, 2009 are initially measured at fair value as of the acquisition date in accordance with applicable authoritative accounting guidance. Credit discounts are included in the determination of fair value. An allowance for credit losses is not recorded at the acquisition date for loans purchased after January 1, 2009. In accordance with applicable authoritative accounting guidance, purchased non-impaired loans acquired in a business combination prior to January 1, 2009 were generally recorded at the predecessor’s carrying value including an allowance for credit losses.

In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting.

For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans.

Covered Assets Loans covered under loss sharing or similar credit protection agreements with the Federal Deposit Insurance Corporation (“FDIC”) are reported in loans along with the related indemnification asset. Foreclosed real estate covered under similar agreements is recorded in other assets. In accordance with applicable authoritative accounting guidance effective for the Company beginning January 1, 2009, all purchased loans and related indemnification assets are recorded at fair value at the date of purchase.

Effective January 1, 2013, the Company adopted new indemnification asset accounting guidance applicable to FDIC loss-sharing agreements. The guidance requires any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) to be amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to adoption of this guidance, the Company considered such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets together and recognized them over the remaining life of the loans. The adoption of this guidance did not materially affect the Company’s financial statements.

Commitments to Extend Credit Unfunded commitments for residential mortgage loans intended to be held for sale are considered derivatives and recorded on the balance sheet at fair value with changes in fair value recorded in income. All other unfunded loan commitments are not considered derivatives and are not reported on the balance sheet. For loans purchased after January 1, 2009, the fair value of the unfunded credit commitments is considered in the determination of the fair value of the loans recorded at the date of acquisition. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities.

Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments, and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the FDIC. The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses.

The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. In the migration analysis applied to risk rated loan portfolios, the Company currently examines up to a 13-year period of loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm an appropriate historical time frame is selected for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses.

The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments.

The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and represents any decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC.

In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, incorporation of loss history is factored into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows.

The Company’s methodology for determining the appropriate allowance for credit losses for all the loan segments also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments.

The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.

Credit Quality The quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.

For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed.

Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is considered uncollectible.

Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.

For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to the loan carrying amount. Interest payments are generally recorded as reductions to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. Interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.

Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable. Those loans are classified as nonaccrual loans and interest income is not recognized until the timing and amount of the future cash flows can be reasonably estimated.

The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.

Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.

The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case basis in connection with ongoing loan collection processes.

For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies these concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty.

Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or its own internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs.

Credit card and other retail loan modifications are generally part of two distinct restructuring programs. The Company offers workout programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. The Company also provides modification programs to qualifying customers experiencing a temporary financial hardship in which reductions are made to monthly required minimum payments for up to 12 months. Balances related to these programs are generally frozen; however, accounts may be reopened upon successful exit of the program, in which account privileges may be restored.

In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs.

Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for purposes of the Company’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with the modification on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under loss sharing agreements with the FDIC.

Impaired Loans For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.

Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and therefore whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place.

Leases The Company’s lease portfolio includes both direct financing and leveraged leases. The net investment in direct financing leases is the sum of all minimum lease payments and estimated residual values, less unearned income. Unearned income is recorded in interest income over the terms of the leases to produce a level yield.

The investment in leveraged leases is the sum of all lease payments, less nonrecourse debt payments, plus estimated residual values, less unearned income. Income from leveraged leases is recognized over the term of the leases based on the unrecovered equity investment.

Residual values on leased assets are reviewed regularly for other-than-temporary impairment. Residual valuations for retail automobile leases are based on independent assessments of expected used car sale prices at the end-of-term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing efforts, insurance coverage and ancillary fees and costs. Valuations for commercial leases are based upon external or internal management appraisals. When there is impairment of the Company’s interest in the residual value of a leased asset, the carrying value is reduced to the estimated fair value with the writedown recognized in the current period.

Other Real Estate OREO is included in other assets, and is property acquired through foreclosure or other proceedings on defaulted loans. OREO is initially recorded at fair value, less estimated selling costs. OREO is evaluated regularly and any decreases in value along with holding costs, such as taxes and insurance, are reported in noninterest expense.

Loans Held for Sale

Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair value as determined on an aggregate basis by type of loan with the exception of loans for which the Company has elected fair value accounting, which are carried at fair value. The credit component of any writedowns upon the transfer of loans to LHFS is reflected in loan charge-offs.

Where an election is made to carry the LHFS at fair value, any further decreases or subsequent increases in fair value are recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair value, any further decreases are recognized in noninterest income and increases in fair value are not recognized until the loans are sold. Fair value elections are made at the time of origination or purchase based on the Company’s fair value election policy. The Company has elected fair value accounting for substantially all its mortgage loans held for sale.

Derivative Financial Instruments

In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met.

All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Any change in fair value resulting from hedge ineffectiveness is immediately recorded in noninterest income. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).

If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss).

Revenue Recognition

The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. In certain circumstances, noninterest income is reported net of associated expenses that are directly related to variable volume-based sales or revenue sharing arrangements or when the Company acts on an agency basis for others. Certain specific policies include the following:

Credit and Debit Card Revenue and Corporate Payment Products Revenue Credit and debit card revenue includes interchange income from consumer credit and debit cards, annual fees, and other transaction and account management fees. Corporate payment products revenue primarily includes interchange income from corporate and purchasing card transactions processed through card association networks and merchant discount income from closed loop network transactions. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. Merchant discount income is a fee paid by a merchant to the Company through the closed loop network. Merchant discount fees are set by the Company directly with the merchant. The Company records interchange and merchant discount income as transactions occur. Transaction and account management fees are recognized as transactions occur or services are provided, except for annual fees, which are recognized over the applicable period. Volume-related payments to partners and credit card associations and expenses for rewards programs are also recorded within credit and debit card revenue and corporate payment products revenue. Payments to partners and expenses related to rewards programs are recorded when earned by the partner or customer.

Merchant Processing Services Merchant processing services revenue consists principally of transaction and account management fees charged to merchants for the electronic processing of transactions, net of interchange fees paid to the card-issuing bank, card association assessments, and revenue sharing amounts, and is recognized at the time the merchant’s transactions are processed or other services are performed. The Company may enter into revenue sharing agreements with referral partners or in connection with purchases of merchant contracts from sellers. The revenue sharing amounts are determined primarily on sales volume processed or revenue generated for a particular group of merchants. Merchant processing revenue also includes revenues related to point-of-sale equipment recorded as sales when the equipment is shipped or as earned for equipment rentals.

Trust and Investment Management Fees Trust and investment management fees are recognized over the period in which services are performed and are based on a percentage of the fair value of the assets under management or administration, fixed based on account type, or transaction-based fees.

Commercial Products Revenue Commercial products revenue primarily includes revenue related to ancillary services provided to Wholesale Banking and Commercial Real Estate customers including standby letter of credit fees, non-yield related loan fees, capital markets related revenue and non-yield related leasing revenue. These fees are recognized as earned or as transactions occur and services are provided.

Mortgage Banking Revenue Mortgage banking revenue includes revenue derived from mortgages originated and subsequently sold, generally with servicing retained. The primary components include: gains and losses on mortgage sales; servicing revenue, including losses related to the repurchase of previously sold loans; changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option; changes in the fair value of mortgage servicing rights (“MSRs”); and the impact of risk management activities associated with the mortgage origination pipeline, funded loans and MSRs. Net interest income from mortgage loans is recorded in interest income. Refer to Other Significant Policies in Note 1, as well as Note 9 and Note 21 for a further discussion of MSRs.

Deposit Service Charges Service charges on deposit accounts are primarily monthly fees based on minimum balances or transaction-based fees. These fees are recognized as earned or as transactions occur and services are provided.

Other Significant Policies

Goodwill and Other Intangible Assets Goodwill is recorded on acquired businesses if the purchase price exceeds the fair value of the net assets acquired. Other intangible assets are recorded at their fair value upon completion of a business acquisition or certain other transactions, and generally represent the value of customer contracts or relationships. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment at a reporting unit level. In certain situations, an interim impairment test may be required if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Other intangible assets are amortized over their estimated useful lives, using straight-line and accelerated methods and are subject to impairment if events or circumstances indicate a possible inability to realize the carrying amount. Determining the amount of goodwill impairment, if any, includes assessing the current implied fair value of the reporting unit as if it were being acquired in a business combination and comparing it to the carrying amount of the reporting unit’s goodwill. Determining the amount of other intangible asset impairment, if any, includes assessing the present value of the estimated future cash flows associated with the intangible asset and comparing it to the carrying amount of the asset.

Income Taxes Deferred taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting carrying amounts. The Company uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset. In January 2014, the Financial Accounting Standards Board issued accounting guidance on the presentation of investment costs for qualified affordable housing projects on a net basis with the related tax benefits in income tax expense. This will permit the Company to apply this presentation to certain qualified affordable housing investments for which the costs were previously presented in other expense. The Company will adopt this guidance January 1, 2014 and does not expect a material impact to its financial statements.

Mortgage Servicing Rights MSRs are capitalized as separate assets when loans are sold and servicing is retained or if they are purchased from others. MSRs are recorded at fair value. The Company determines the fair value by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates, and other assumptions validated through comparison to trade information, industry surveys and independent third party valuations. Changes in the fair value of MSRs are recorded in earnings during the period in which they occur.

Pensions For purposes of its pension plans, the Company utilizes its fiscal year-end as the measurement date. At the measurement date, plan assets are determined based on fair value, generally representing observable market prices or the net asset value provided by the plans’ administrator. The actuarial cost method used to compute the pension liabilities and related expense is the projected unit credit method. The projected benefit obligation is principally determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the investment yield of high quality corporate bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments as of the measurement date. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Pension accounting reflects the long-term nature of benefit obligations and the investment horizon of plan assets, and can have the effect of reducing earnings volatility related to short-term changes in interest rates and market valuations. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses which are deferred and amortized over the future service periods of active employees. The market-related value utilized to determine the expected return on plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately twelve years. The overfunded or underfunded status of the plans is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss).

Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and depreciated primarily on a straight-line basis over the estimated life of the assets. Estimated useful lives range up to 40 years for newly constructed buildings and from 3 to 20 years for furniture and equipment.

Capitalized leases, less accumulated amortization, are included in premises and equipment. Capitalized lease obligations are included in long-term debt. Capitalized leases are amortized on a straight-line basis over the lease term and the amortization is included in depreciation expense.

Stock-Based Compensation The Company grants stock-based awards, including restricted stock, restricted stock units and options to purchase common stock of the Company. Stock option grants are for a fixed number of shares to employees and directors with an exercise price equal to the fair value of the shares at the date of grant. Restricted stock and restricted stock unit grants are awarded at no cost to the recipient. Stock-based compensation for awards is recognized in the Company’s results of operations on a straight-line basis over the vesting period. The Company immediately recognizes compensation cost of awards to employees that meet retirement status, despite their continued active employment. The amortization of stock-based compensation reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time stock-based awards are exercised, cancelled, expire, or restrictions are released, the Company may be required to recognize an adjustment to tax expense, depending on the market price of the Company’s common stock at that time.

Per Share Calculations Earnings per common share is calculated by dividing net income applicable to U.S. Bancorp common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by adjusting income and outstanding shares, assuming conversion of all potentially dilutive securities.

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Fair Values of Assets and Liabilities - Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]
Loans	$ 83	$ 68	$ 177
Other assets	$ 96	$ 160	$ 316

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries and all variable interest entities (“VIEs”) for which the Company has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and the obligation to absorb losses or right to receive benefits of the VIE that could potentially be significant to the VIE. Consolidation eliminates all significant intercompany accounts and transactions. Certain items in prior periods have been reclassified to conform to the current presentation.

Uses of Estimates

Uses of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual experience could differ from those estimates.

Business Segments

Business Segments

Within the Company, financial performance is measured by major lines of business based on the products and services provided to customers through its distribution channels. The Company has five reportable operating segments:

Wholesale Banking and Commercial Real Estate Wholesale Banking and Commercial Real Estate offers lending, equipment finance and small-ticket leasing, depository services, treasury management, capital markets, international trade services and other financial services to middle market, large corporate, commercial real estate, financial institution, non-profit and public sector clients.

Consumer and Small Business Banking Consumer and Small Business Banking delivers products and services through banking offices, telephone servicing and sales, on-line services, direct mail, ATM processing and mobile devices, such as mobile phones and tablet computers. It encompasses community banking, metropolitan banking, in-store banking, small business banking, consumer lending, mortgage banking, workplace banking, student banking and 24-hour banking.

Wealth Management and Securities Services Wealth Management and Securities Services provides private banking, financial advisory services, investment management, retail brokerage services, insurance, trust, custody and fund servicing through five businesses: Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody and Fund Services.

Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, consumer lines of credit and merchant processing.

Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, most covered commercial and commercial real estate loans and related other real estate owned (“OREO”), funding, capital management, interest rate risk management, the net effect of transfer pricing related to average balances, income taxes not allocated to business lines, including most tax-advantaged investments, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis.

Segment Results Accounting policies for the lines of business are the same as those used in preparation of the consolidated financial statements with respect to activities specifically attributable to each business line. However, the preparation of business line results requires management to allocate funding costs and benefits, expenses and other financial elements to each line of business. For details of these methodologies and segment results, see “Basis for Financial Presentation” and Table 24 “Line of Business Financial Performance” included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

Securities

Securities

Realized gains or losses on securities are determined on a trade date basis based on the specific amortized cost of the investments sold.

Trading Securities Debt and equity securities held for resale are classified as trading securities and are included in other assets and reported at fair value. Changes in fair value and realized gains or losses are reported in noninterest income.

Available-for-sale Securities These securities are not trading securities but may be sold before maturity in response to changes in the Company’s interest rate risk profile, funding needs, demand for collateralized deposits by public entities or other reasons. Available-for-sale securities are carried at fair value with unrealized net gains or losses reported within other comprehensive income (loss) in shareholders’ equity. Declines in fair value related to other-than-temporary impairment, if any, are reported in noninterest income.

Held-to-maturity Securities Debt securities for which the Company has the positive intent and ability to hold to maturity are reported at historical cost adjusted for amortization of premiums and accretion of discounts. Declines in fair value for credit-related other-than-temporary impairment, if any, are reported in noninterest income.

Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions and are recorded at the amounts at which the securities were acquired or sold, plus accrued interest. The fair value of collateral received is continually monitored and additional collateral is obtained or requested to be returned to the Company as deemed appropriate.

Equity Investments in Operating Entities

Equity Investments in Operating Entities

Equity investments in public entities in which the Company’s ownership is less than 20 percent are accounted for as available-for-sale securities and are carried at fair value. Similar investments in private entities are accounted for using the cost method. Investments in entities where the Company has a significant influence (generally between 20 percent and 50 percent ownership), but does not control the entity, are accounted for using the equity method. Investments in limited partnerships and limited liability companies where the Company’s ownership interest is greater than 5 percent are accounted for using the equity method. All equity investments are evaluated for impairment at least annually and more frequently if certain criteria are met.

Loans

Loans

The Company offers a broad array of lending products and categorizes its loan portfolio into three segments, which is the level at which it develops and documents a systematic methodology to determine the allowance for credit losses. The Company’s three loan portfolio segments are commercial lending, consumer lending and covered loans. The Company further disaggregates its loan portfolio segments into various classes based on their underlying risk characteristics. The two classes within the commercial lending segment are commercial loans and commercial real estate loans. The three classes within the consumer lending segment are residential mortgages, credit card loans and other retail loans. The covered loan segment consists of only one class.

The Company’s accounting methods for loans differ depending on whether the loans are originated or purchased, and for purchased loans, whether the loans were acquired at a discount related to evidence of credit deterioration since date of origination.

Originated Loans Held for Investment Loans the Company originates as held for investment are reported at the principal amount outstanding, net of unearned income, net deferred loan fees or costs, and any direct principal charge-offs. Interest income is accrued on the unpaid principal balances as earned. Loan and commitment fees and certain direct loan origination costs are deferred and recognized over the life of the loan and/or commitment period as yield adjustments.

Purchased Loans All purchased loans (non-impaired and impaired) acquired after January 1, 2009 are initially measured at fair value as of the acquisition date in accordance with applicable authoritative accounting guidance. Credit discounts are included in the determination of fair value. An allowance for credit losses is not recorded at the acquisition date for loans purchased after January 1, 2009. In accordance with applicable authoritative accounting guidance, purchased non-impaired loans acquired in a business combination prior to January 1, 2009 were generally recorded at the predecessor’s carrying value including an allowance for credit losses.

In determining the acquisition date fair value of purchased impaired loans, and in subsequent accounting, the Company generally aggregates purchased consumer loans and certain smaller balance commercial loans into pools of loans with common risk characteristics, while accounting for larger balance commercial loans individually. Expected cash flows at the purchase date in excess of the fair value of loans are recorded as interest income over the life of the loans if the timing and amount of the future cash flows is reasonably estimable. Subsequent to the purchase date, increases in cash flows over those expected at the purchase date are recognized as interest income prospectively. The present value of any decreases in expected cash flows, other than from decreases in variable interest rates, after the purchase date is recognized by recording an allowance for credit losses. Revolving loans, including lines of credit and credit cards loans, and leases are excluded from purchased impaired loans accounting.

For purchased loans acquired after January 1, 2009 that are not deemed impaired at acquisition, credit discounts representing the principal losses expected over the life of the loan are a component of the initial fair value. Subsequent to the purchase date, the methods utilized to estimate the required allowance for credit losses for these loans is similar to originated loans; however, the Company records a provision for credit losses only when the required allowance exceeds any remaining credit discounts. The remaining differences between the purchase price and the unpaid principal balance at the date of acquisition are recorded in interest income over the life of the loans.

Covered Assets Loans covered under loss sharing or similar credit protection agreements with the Federal Deposit Insurance Corporation (“FDIC”) are reported in loans along with the related indemnification asset. Foreclosed real estate covered under similar agreements is recorded in other assets. In accordance with applicable authoritative accounting guidance effective for the Company beginning January 1, 2009, all purchased loans and related indemnification assets are recorded at fair value at the date of purchase.

Effective January 1, 2013, the Company adopted new indemnification asset accounting guidance applicable to FDIC loss-sharing agreements. The guidance requires any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) to be amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to adoption of this guidance, the Company considered such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets together and recognized them over the remaining life of the loans. The adoption of this guidance did not materially affect the Company’s financial statements.

Commitments to Extend Credit Unfunded commitments for residential mortgage loans intended to be held for sale are considered derivatives and recorded on the balance sheet at fair value with changes in fair value recorded in income. All other unfunded loan commitments are not considered derivatives and are not reported on the balance sheet. For loans purchased after January 1, 2009, the fair value of the unfunded credit commitments is considered in the determination of the fair value of the loans recorded at the date of acquisition. Reserves for credit exposure on all other unfunded credit commitments are recorded in other liabilities.

Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments, and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the FDIC. The allowance for credit losses is increased through provisions charged to operating earnings and reduced by net charge-offs. Management evaluates the allowance each quarter to ensure it appropriately reserves for incurred losses.

The allowance recorded for loans in the commercial lending segment is based on reviews of individual credit relationships and considers the migration analysis of commercial lending segment loans and actual loss experience. In the migration analysis applied to risk rated loan portfolios, the Company currently examines up to a 13-year period of loss experience. For each loan type, this historical loss experience is adjusted as necessary to consider any relevant changes in portfolio composition, lending policies, underwriting standards, risk management practices or economic conditions. The results of the analysis are evaluated quarterly to confirm an appropriate historical time frame is selected for each commercial loan type. The allowance recorded for impaired loans greater than $5 million in the commercial lending segment is based on an individual loan analysis utilizing expected cash flows discounted using the original effective interest rate, the observable market price of the loan, or the fair value of the collateral for collateral-dependent loans, rather than the migration analysis. The allowance recorded for all other commercial lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, portfolio growth and historical losses, adjusted for current trends. The Company also considers the impacts of any loan modifications made to commercial lending segment loans and any subsequent payment defaults to its expectations of cash flows, principal balance, and current expectations about the borrower’s ability to pay in determining the allowance for credit losses.

The allowance recorded for Troubled Debt Restructuring (“TDR”) loans and purchased impaired loans in the consumer lending segment is determined on a homogenous pool basis utilizing expected cash flows discounted using the original effective interest rate of the pool, or the prior quarter effective rate, respectively. The allowance for collateral-dependent loans in the consumer lending segment is determined based on the fair value of the collateral less costs to sell. The allowance recorded for all other consumer lending segment loans is determined on a homogenous pool basis and includes consideration of product mix, risk characteristics of the portfolio, bankruptcy experience, delinquency status, refreshed loan-to-value ratios when possible, portfolio growth and historical losses, adjusted for current trends. The Company also considers any modifications made to consumer lending segment loans including the impacts of any subsequent payment defaults since modification in determining the allowance for credit losses, such as the borrower’s ability to pay under the restructured terms, and the timing and amount of payments.

The allowance for the covered loan segment is evaluated each quarter in a manner similar to that described for non-covered loans and represents any decreases in expected cash flows of those loans after the acquisition date. The provision for credit losses for covered loans considers the indemnification provided by the FDIC.

In addition, subsequent payment defaults on loan modifications considered TDRs are considered in the underlying factors used in the determination of the appropriateness of the allowance for credit losses. For each loan segment, the Company estimates future loan charge-offs through a variety of analysis, trends and underlying assumptions. With respect to the commercial lending segment, TDRs may be collectively evaluated for impairment where observed performance history, including defaults, is a primary driver of the loss allocation. For commercial TDRs individually evaluated for impairment, attributes of the borrower are the primary factors in determining the allowance for credit losses. However, incorporation of loss history is factored into the allowance methodology applied to this category of loans. With respect to the consumer lending segment, performance of the portfolio, including defaults on TDRs, is considered when estimating future cash flows.

The Company’s methodology for determining the appropriate allowance for credit losses for all the loan segments also considers the imprecision inherent in the methodologies used. As a result, in addition to the amounts determined under the methodologies described above, management also considers the potential impact of other qualitative factors which include, but are not limited to, economic factors; geographic and other concentration risks; delinquency and nonaccrual trends; current business conditions; changes in lending policy, underwriting standards, internal review and other relevant business practices; and the regulatory environment. The consideration of these items results in adjustments to allowance amounts included in the Company’s allowance for credit losses for each of the above loan segments.

The Company also assesses the credit risk associated with off-balance sheet loan commitments, letters of credit, and derivatives. Credit risk associated with derivatives is reflected in the fair values recorded for those positions. The liability for off-balance sheet credit exposure related to loan commitments and other credit guarantees is included in other liabilities. Because business processes and credit risks associated with unfunded credit commitments are essentially the same as for loans, the Company utilizes similar processes to estimate its liability for unfunded credit commitments.

Credit Quality The quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company.

For all loan classes, loans are considered past due based on the number of days delinquent except for monthly amortizing loans which are classified delinquent based upon the number of contractually required payments not made (for example, two missed payments is considered 30 days delinquent). When a loan is placed on nonaccrual status, unpaid accrued interest is reversed.

Commercial lending segment loans are generally placed on nonaccrual status when the collection of principal and interest has become 90 days past due or is otherwise considered doubtful. Commercial lending segment loans are generally fully or partially charged down to the fair value of the collateral securing the loan, less costs to sell, when the loan is considered uncollectible.

Consumer lending segment loans are generally charged-off at a specific number of days or payments past due. Residential mortgages and other retail loans secured by 1-4 family properties are generally charged down to the fair value of the collateral securing the loan, less costs to sell, at 180 days past due, and placed on nonaccrual status in instances where a partial charge-off occurs unless the loan is well secured and in the process of collection. Loans and lines in a junior lien position secured by 1-4 family properties are placed on nonaccrual status at 120 days past due or when behind a first lien that has become 180 days or greater past due or placed on nonaccrual status. Any secured consumer lending segment loan whose borrower has had debt discharged through bankruptcy, for which the loan amount exceeds the fair value of the collateral, is charged down to the fair value of the related collateral and the remaining balance is placed on nonaccrual status. Credit card loans continue to accrue interest until the account is charged off. Credit cards are charged off at 180 days past due. Other retail loans not secured by 1-4 family properties are charged-off at 120 days past due; and revolving consumer lines are charged off at 180 days past due. Similar to credit cards, other retail loans are generally not placed on nonaccrual status because of the relative short period of time to charge-off. Certain retail customers having financial difficulties may have the terms of their credit card and other loan agreements modified to require only principal payments and, as such, are reported as nonaccrual.

For all loan classes, interest payments received on nonaccrual loans are generally recorded as a reduction to the loan carrying amount. Interest payments are generally recorded as reductions to a loan’s carrying amount while a loan is on nonaccrual and are recognized as interest income upon payoff of the loan. Interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible. In certain circumstances, loans in any class may be restored to accrual status, such as when a loan has demonstrated sustained repayment performance or no amounts are past due and prospects for future payment are no longer in doubt; or the loan becomes well secured and is in the process of collection. Loans where there has been a partial charge-off may be returned to accrual status if all principal and interest (including amounts previously charged-off) is expected to be collected and the loan is current.

Covered loans not considered to be purchased impaired are evaluated for delinquency, nonaccrual status and charge-off consistent with the class of loan they would be included in had the loss share coverage not been in place. Generally, purchased impaired loans are considered accruing loans. However, the timing and amount of future cash flows for some loans is not reasonably estimable. Those loans are classified as nonaccrual loans and interest income is not recognized until the timing and amount of the future cash flows can be reasonably estimated.

The Company classifies its loan portfolios using internal credit quality ratings on a quarterly basis. These ratings include: pass, special mention and classified, and are an important part of the Company’s overall credit risk management process and evaluation of the allowance for credit losses. Loans with a pass rating represent those not classified on the Company’s rating scale for problem credits, as minimal credit risk has been identified. Special mention loans are those that have a potential weakness deserving management’s close attention. Classified loans are those where a well-defined weakness has been identified that may put full collection of contractual cash flows at risk. It is possible that others, given the same information, may reach different reasonable conclusions regarding the credit quality rating classification of specific loans.

Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. Concessionary modifications are classified as TDRs unless the modification results in only an insignificant delay in payments to be received. The Company recognizes interest on TDRs if the borrower complies with the revised terms and conditions as agreed upon with the Company and has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. To the extent a previous restructuring was insignificant, the Company considers the cumulative effect of past restructurings related to the receivable when determining whether a current restructuring is a TDR. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.

The Company has implemented certain restructuring programs that may result in TDRs. However, many of the Company’s TDRs are also determined on a case-by-case basis in connection with ongoing loan collection processes.

For the commercial lending segment, modifications generally result in the Company working with borrowers on a case-by-case basis. Commercial and commercial real estate modifications generally include extensions of the maturity date and may be accompanied by an increase or decrease to the interest rate, which may not be deemed a market rate of interest. In addition, the Company may work with the borrower in identifying other changes that mitigate loss to the Company, which may include additional collateral or guarantees to support the loan. To a lesser extent, the Company may waive contractual principal. The Company classifies these concessions as TDRs to the extent the Company determines that the borrower is experiencing financial difficulty.

Modifications for the consumer lending segment are generally part of programs the Company has initiated. The Company participates in the U.S. Department of Treasury Home Affordable Modification Program (“HAMP”). HAMP gives qualifying homeowners an opportunity to permanently modify residential mortgage loans and achieve more affordable monthly payments, with the U.S. Department of Treasury compensating the Company for a portion of the reduction in monthly amounts due from borrowers participating in this program. The Company also modifies residential mortgage loans under Federal Housing Administration, Department of Veterans Affairs, or its own internal programs. Under these programs, the Company provides concessions to qualifying borrowers experiencing financial difficulties. The concessions may include adjustments to interest rates, conversion of adjustable rates to fixed rates, extension of maturity dates or deferrals of payments, capitalization of accrued interest and/or outstanding advances, or in limited situations, partial forgiveness of loan principal. In most instances, participation in residential mortgage loan restructuring programs requires the customer to complete a short-term trial period. A permanent loan modification is contingent on the customer successfully completing the trial period arrangement and the loan documents are not modified until that time. The Company reports loans in a trial period arrangement as TDRs.

Credit card and other retail loan modifications are generally part of two distinct restructuring programs. The Company offers workout programs providing customers experiencing financial difficulty with modifications whereby balances may be amortized up to 60 months, and generally include waiver of fees and reduced interest rates. The Company also provides modification programs to qualifying customers experiencing a temporary financial hardship in which reductions are made to monthly required minimum payments for up to 12 months. Balances related to these programs are generally frozen; however, accounts may be reopened upon successful exit of the program, in which account privileges may be restored.

In addition, the Company considers secured loans to consumer borrowers that have debt discharged through bankruptcy where the borrower has not reaffirmed the debt to be TDRs.

Modifications to loans in the covered segment are similar in nature to that described above for non-covered loans, and the evaluation and determination of TDR status is similar, except that acquired loans restructured after acquisition are not considered TDRs for purposes of the Company’s accounting and disclosure if the loans evidenced credit deterioration as of the acquisition date and are accounted for in pools. Losses associated with the modification on covered loans, including the economic impact of interest rate reductions, are generally eligible for reimbursement under loss sharing agreements with the FDIC.

Impaired Loans For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. Impaired loans include all nonaccrual and TDR loans. For all loan classes, interest income on TDR loans is recognized under the modified terms and conditions if the borrower has demonstrated repayment performance at a level commensurate with the modified terms over several payment cycles. Interest income is generally not recognized on other impaired loans until the loan is paid off. However, interest income may be recognized for interest payments if the remaining carrying amount of the loan is believed to be collectible.

Factors used by the Company in determining whether all principal and interest payments due on commercial and commercial real estate loans will be collected and therefore whether those loans are impaired include, but are not limited to, the financial condition of the borrower, collateral and/or guarantees on the loan, and the borrower’s estimated future ability to pay based on industry, geographic location and certain financial ratios. The evaluation of impairment on residential mortgages, credit card loans and other retail loans is primarily driven by delinquency status of individual loans or whether a loan has been modified, and considers any government guarantee where applicable. Individual covered loans, whose future losses are covered by loss sharing agreements with the FDIC that substantially reduce the risk of credit losses to the Company, are evaluated for impairment and accounted for in a manner consistent with the class of loan they would have been included in had the loss sharing coverage not been in place.

Leases The Company’s lease portfolio includes both direct financing and leveraged leases. The net investment in direct financing leases is the sum of all minimum lease payments and estimated residual values, less unearned income. Unearned income is recorded in interest income over the terms of the leases to produce a level yield.

The investment in leveraged leases is the sum of all lease payments, less nonrecourse debt payments, plus estimated residual values, less unearned income. Income from leveraged leases is recognized over the term of the leases based on the unrecovered equity investment.

Residual values on leased assets are reviewed regularly for other-than-temporary impairment. Residual valuations for retail automobile leases are based on independent assessments of expected used car sale prices at the end-of-term. Impairment tests are conducted based on these valuations considering the probability of the lessee returning the asset to the Company, re-marketing efforts, insurance coverage and ancillary fees and costs. Valuations for commercial leases are based upon external or internal management appraisals. When there is impairment of the Company’s interest in the residual value of a leased asset, the carrying value is reduced to the estimated fair value with the writedown recognized in the current period.

Other Real Estate OREO is included in other assets, and is property acquired through foreclosure or other proceedings on defaulted loans. OREO is initially recorded at fair value, less estimated selling costs. OREO is evaluated regularly and any decreases in value along with holding costs, such as taxes and insurance, are reported in noninterest expense.

Indemnification Assets Related to FDIC Loss-Sharing Agreements

Effective January 1, 2013, the Company adopted new indemnification asset accounting guidance applicable to FDIC loss-sharing agreements. The guidance requires any reduction in expected cash flows from the FDIC resulting from increases in expected cash flows from the covered assets (when there are no previous valuation allowances to reverse) to be amortized over the shorter of the remaining contractual term of the indemnification agreements or the remaining life of the covered assets. Prior to adoption of this guidance, the Company considered such increases in expected cash flows of purchased loans and decreases in expected cash flows of the FDIC indemnification assets together and recognized them over the remaining life of the loans. The adoption of this guidance did not materially affect the Company’s financial statements.

Loans Held for Sale

Loans Held for Sale

Loans held for sale (“LHFS”) represent mortgage loans intended to be sold in the secondary market and other loans that management has an active plan to sell. LHFS are carried at the lower-of-cost-or-fair value as determined on an aggregate basis by type of loan with the exception of loans for which the Company has elected fair value accounting, which are carried at fair value. The credit component of any writedowns upon the transfer of loans to LHFS is reflected in loan charge-offs.

Where an election is made to carry the LHFS at fair value, any further decreases or subsequent increases in fair value are recognized in noninterest income. Where an election is made to carry LHFS at lower-of-cost-or-fair value, any further decreases are recognized in noninterest income and increases in fair value are not recognized until the loans are sold. Fair value elections are made at the time of origination or purchase based on the Company’s fair value election policy. The Company has elected fair value accounting for substantially all its mortgage loans held for sale.

Derivative Financial Instruments

Derivative Financial Instruments

In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. Derivative instruments are reported in other assets or other liabilities at fair value. Changes in a derivative’s fair value are recognized currently in earnings unless specific hedge accounting criteria are met.

All derivative instruments that qualify and are designated for hedge accounting are recorded at fair value and classified as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); or a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”). Changes in the fair value of a derivative that is highly effective and designated as a fair value hedge, and the offsetting changes in the fair value of the hedged item, are recorded in earnings. Changes in the fair value of a derivative that is highly effective and designated as a cash flow hedge are recorded in other comprehensive income (loss) until cash flows of the hedged item are realized. Any change in fair value resulting from hedge ineffectiveness is immediately recorded in noninterest income. Changes in the fair value of net investment hedges that are highly effective are recorded in other comprehensive income (loss). The Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).

If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss).

Revenue Recognition

Revenue Recognition

The Company recognizes revenue as it is earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. In certain circumstances, noninterest income is reported net of associated expenses that are directly related to variable volume-based sales or revenue sharing arrangements or when the Company acts on an agency basis for others. Certain specific policies include the following:

Credit and Debit Card Revenue and Corporate Payment Products Revenue Credit and debit card revenue includes interchange income from consumer credit and debit cards, annual fees, and other transaction and account management fees. Corporate payment products revenue primarily includes interchange income from corporate and purchasing card transactions processed through card association networks and merchant discount income from closed loop network transactions. Interchange income is a fee paid by a merchant bank to the card-issuing bank through the interchange network. Interchange fees are set by the credit card associations and are based on cardholder purchase volumes. Merchant discount income is a fee paid by a merchant to the Company through the closed loop network. Merchant discount fees are set by the Company directly with the merchant. The Company records interchange and merchant discount income as transactions occur. Transaction and account management fees are recognized as transactions occur or services are provided, except for annual fees, which are recognized over the applicable period. Volume-related payments to partners and credit card associations and expenses for rewards programs are also recorded within credit and debit card revenue and corporate payment products revenue. Payments to partners and expenses related to rewards programs are recorded when earned by the partner or customer.

Merchant Processing Services Merchant processing services revenue consists principally of transaction and account management fees charged to merchants for the electronic processing of transactions, net of interchange fees paid to the card-issuing bank, card association assessments, and revenue sharing amounts, and is recognized at the time the merchant’s transactions are processed or other services are performed. The Company may enter into revenue sharing agreements with referral partners or in connection with purchases of merchant contracts from sellers. The revenue sharing amounts are determined primarily on sales volume processed or revenue generated for a particular group of merchants. Merchant processing revenue also includes revenues related to point-of-sale equipment recorded as sales when the equipment is shipped or as earned for equipment rentals.

Trust and Investment Management Fees Trust and investment management fees are recognized over the period in which services are performed and are based on a percentage of the fair value of the assets under management or administration, fixed based on account type, or transaction-based fees.

Commercial Products Revenue Commercial products revenue primarily includes revenue related to ancillary services provided to Wholesale Banking and Commercial Real Estate customers including standby letter of credit fees, non-yield related loan fees, capital markets related revenue and non-yield related leasing revenue. These fees are recognized as earned or as transactions occur and services are provided.

Mortgage Banking Revenue Mortgage banking revenue includes revenue derived from mortgages originated and subsequently sold, generally with servicing retained. The primary components include: gains and losses on mortgage sales; servicing revenue, including losses related to the repurchase of previously sold loans; changes in fair value for mortgage loans originated with the intent to sell and measured at fair value under the fair value option; changes in the fair value of mortgage servicing rights (“MSRs”); and the impact of risk management activities associated with the mortgage origination pipeline, funded loans and MSRs. Net interest income from mortgage loans is recorded in interest income. Refer to Other Significant Policies in Note 1, as well as Note 9 and Note 21 for a further discussion of MSRs.

Deposit Service Charges Service charges on deposit accounts are primarily monthly fees based on minimum balances or transaction-based fees. These fees are recognized as earned or as transactions occur and services are provided.

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets Goodwill is recorded on acquired businesses if the purchase price exceeds the fair value of the net assets acquired. Other intangible assets are recorded at their fair value upon completion of a business acquisition or certain other transactions, and generally represent the value of customer contracts or relationships. Goodwill is not amortized but is subject, at a minimum, to annual tests for impairment at a reporting unit level. In certain situations, an interim impairment test may be required if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Other intangible assets are amortized over their estimated useful lives, using straight-line and accelerated methods and are subject to impairment if events or circumstances indicate a possible inability to realize the carrying amount. Determining the amount of goodwill impairment, if any, includes assessing the current implied fair value of the reporting unit as if it were being acquired in a business combination and comparing it to the carrying amount of the reporting unit’s goodwill. Determining the amount of other intangible asset impairment, if any, includes assessing the present value of the estimated future cash flows associated with the intangible asset and comparing it to the carrying amount of the asset.

Income Taxes

Income Taxes Deferred taxes are recorded to reflect the tax consequences on future years of differences between the tax basis of assets and liabilities and their financial reporting carrying amounts. The Company uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset. In January 2014, the Financial Accounting Standards Board issued accounting guidance on the presentation of investment costs for qualified affordable housing projects on a net basis with the related tax benefits in income tax expense. This will permit the Company to apply this presentation to certain qualified affordable housing investments for which the costs were previously presented in other expense. The Company will adopt this guidance January 1, 2014 and does not expect a material impact to its financial statements.

Accounting for Investments in Qualified Affordable Housing Projects

In January 2014, the Financial Accounting Standards Board issued accounting guidance on the presentation of investment costs for qualified affordable housing projects on a net basis with the related tax benefits in income tax expense. This will permit the Company to apply this presentation to certain qualified affordable housing investments for which the costs were previously presented in other expense. The Company will adopt this guidance January 1, 2014 and does not expect a material impact to its financial statements.

Mortgage Servicing Rights

Mortgage Servicing Rights MSRs are capitalized as separate assets when loans are sold and servicing is retained or if they are purchased from others. MSRs are recorded at fair value. The Company determines the fair value by estimating the present value of the asset’s future cash flows utilizing market-based prepayment rates, discount rates, and other assumptions validated through comparison to trade information, industry surveys and independent third party valuations. Changes in the fair value of MSRs are recorded in earnings during the period in which they occur.

Pensions

Pensions For purposes of its pension plans, the Company utilizes its fiscal year-end as the measurement date. At the measurement date, plan assets are determined based on fair value, generally representing observable market prices or the net asset value provided by the plans’ administrator. The actuarial cost method used to compute the pension liabilities and related expense is the projected unit credit method. The projected benefit obligation is principally determined based on the present value of projected benefit distributions at an assumed discount rate. The discount rate utilized is based on the investment yield of high quality corporate bonds available in the marketplace with maturities equal to projected cash flows of future benefit payments as of the measurement date. Periodic pension expense (or income) includes service costs, interest costs based on the assumed discount rate, the expected return on plan assets based on an actuarially derived market-related value and amortization of actuarial gains and losses. Pension accounting reflects the long-term nature of benefit obligations and the investment horizon of plan assets, and can have the effect of reducing earnings volatility related to short-term changes in interest rates and market valuations. Actuarial gains and losses include the impact of plan amendments and various unrecognized gains and losses which are deferred and amortized over the future service periods of active employees. The market-related value utilized to determine the expected return on plan assets is based on fair value adjusted for the difference between expected returns and actual performance of plan assets. The unrealized difference between actual experience and expected returns is included in expense over a period of approximately twelve years. The overfunded or underfunded status of the plans is recorded as an asset or liability on the Consolidated Balance Sheet, with changes in that status recognized through other comprehensive income (loss).

Premises and Equipment

Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and depreciated primarily on a straight-line basis over the estimated life of the assets. Estimated useful lives range up to 40 years for newly constructed buildings and from 3 to 20 years for furniture and equipment.

Capitalized leases, less accumulated amortization, are included in premises and equipment. Capitalized lease obligations are included in long-term debt. Capitalized leases are amortized on a straight-line basis over the lease term and the amortization is included in depreciation expense.

Stock-Based Compensation

Stock-Based Compensation The Company grants stock-based awards, including restricted stock, restricted stock units and options to purchase common stock of the Company. Stock option grants are for a fixed number of shares to employees and directors with an exercise price equal to the fair value of the shares at the date of grant. Restricted stock and restricted stock unit grants are awarded at no cost to the recipient. Stock-based compensation for awards is recognized in the Company’s results of operations on a straight-line basis over the vesting period. The Company immediately recognizes compensation cost of awards to employees that meet retirement status, despite their continued active employment. The amortization of stock-based compensation reflects estimated forfeitures adjusted for actual forfeiture experience. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time stock-based awards are exercised, cancelled, expire, or restrictions are released, the Company may be required to recognize an adjustment to tax expense, depending on the market price of the Company’s common stock at that time.

Per Share Calculations

Per Share Calculations Earnings per common share is calculated by dividing net income applicable to U.S. Bancorp common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share is calculated by adjusting income and outstanding shares, assuming conversion of all potentially dilutive securities.

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Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Residential Non-Agency Prime [Member] | Residential [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance	$ 624	$ 803	$ 1,103
Net Gains (Losses) Included in Net Income	(6)	(10)	6
Net Gains (Losses) Included in Other Comprehensive Income (Loss)	8	91	4
Purchases
Sales		(109)	(115)
Principal Payments	(148)	(151)	(195)
Issuances
Settlements
End of Period Balance	478	624	803
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period	9	65	(4)
Residential Non-Agency Non-Prime [Member] | Residential [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance	355	802	947
Net Gains (Losses) Included in Net Income	(13)	(24)	(7)
Net Gains (Losses) Included in Other Comprehensive Income (Loss)	17	228	1
Purchases
Sales	(20)	(562)	(13)
Principal Payments	(42)	(89)	(126)
Issuances
Settlements
End of Period Balance	297	355	802
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period	17	80	1
Asset Backed Securities Other [Member] | Asset-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance	15	117	133
Net Gains (Losses) Included in Net Income	3	7	10
Net Gains (Losses) Included in Other Comprehensive Income (Loss)	1		(7)
Purchases	51	3	5
Sales		(93)
Principal Payments	(7)	(19)	(24)
Issuances
Settlements
End of Period Balance	63	15	117
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period		2	(7)
Corporate debt securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance	9	9	9
Net Gains (Losses) Included in Net Income
Net Gains (Losses) Included in Other Comprehensive Income (Loss)
Purchases
Sales
Principal Payments
Issuances
Settlements
End of Period Balance	9	9	9
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period
Available-for-Sale Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance	1,003	1,893	2,377
Net Gains (Losses) Included in Net Income	(16)	(13)	25
Net Gains (Losses) Included in Other Comprehensive Income (Loss)	26	311
Purchases	51	3	5
Sales	(20)	(906)	(132)
Principal Payments	(197)	(285)	(382)
Issuances
Settlements
End of Period Balance	847	1,003	1,893
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period	26	147	(7)
Mortgage servicing rights [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance	1,700	1,519	1,837
Net Gains (Losses) Included in Net Income	203	(818)	(972)
Net Gains (Losses) Included in Other Comprehensive Income (Loss)
Purchases	8	42	35
Sales
Principal Payments
Issuances	769	957	619
Settlements
End of Period Balance	2,680	1,700	1,519
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period	203	(818)	(972)
Commercial Non-Agency Mortgage-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance		42	50
Net Gains (Losses) Included in Net Income		1	3
Net Gains (Losses) Included in Other Comprehensive Income (Loss)			(3)
Purchases
Sales		(38)	(4)
Principal Payments		(5)	(4)
Issuances
Settlements
End of Period Balance			42
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period			(2)
Collateralized Loan Obligations [Member] | Asset-Backed Securities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance		120	135
Net Gains (Losses) Included in Net Income		13	13
Net Gains (Losses) Included in Other Comprehensive Income (Loss)		(8)	5
Purchases
Sales		(104)
Principal Payments		(21)	(33)
Issuances
Settlements
End of Period Balance			120
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period			5
Derivative [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning of Period Balance	1,179	1,228	851
Net Gains (Losses) Included in Net Income	(18)	2,398	1,550
Net Gains (Losses) Included in Other Comprehensive Income (Loss)
Purchases	1	3	1
Sales	(5)	(5)	(8)
Principal Payments
Issuances
Settlements	(712)	(2,445)	(1,166)
End of Period Balance	445	1,179	1,228
Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period	$ (321)	$ 150	$ 442

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Loans and Allowance for Credit Losses - Summary of Impaired Loans by Portfolio Class (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	$ 7,602	$ 7,659
Unpaid Principal Balance	10,136	11,082
Valuation Allowance	599	838
Commitments to Lend Additional Funds	112	58
Commercial [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	382	404
Unpaid Principal Balance	804	1,200
Valuation Allowance	36	40
Commitments to Lend Additional Funds	54	39
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	693	1,077
Unpaid Principal Balance	1,322	2,251
Valuation Allowance	51	70
Commitments to Lend Additional Funds	40	4
Residential Mortgages [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	2,767	2,748
Unpaid Principal Balance	3,492	3,341
Valuation Allowance	308	415
Commitments to Lend Additional Funds
Credit Card [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	310	442
Unpaid Principal Balance	310	442
Valuation Allowance	87	153
Commitments to Lend Additional Funds
Other Retail [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	391	443
Unpaid Principal Balance	593	486
Valuation Allowance	59	101
Commitments to Lend Additional Funds	14	3
Total Impaired Loans, Excluding GNMA and Covered Loans [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	4,543	5,114
Unpaid Principal Balance	6,521	7,720
Valuation Allowance	541	779
Commitments to Lend Additional Funds	108	46
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	2,607	1,778
Unpaid Principal Balance	2,607	1,778
Valuation Allowance	28	39
Commitments to Lend Additional Funds
Covered Loans [Member]
Financing Receivable, Impaired [Line Items]
Period-end Recorded Investment	452	767
Unpaid Principal Balance	1,008	1,584
Valuation Allowance	30	20
Commitments to Lend Additional Funds	$ 4	$ 12

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Shareholders' Equity - Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ (923)	$ (1,200)	$ (1,469)
Changes in unrealized gains and losses	(1,223)	715	920
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Derivative Hedges	37	(74)	(343)
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Retirement Plans	590	(543)	(464)
Changes in unrealized gains and losses	(596)	98	113
Other-than-temporary impairment not recognized in earnings on securities available-for-sale	8	12	(25)
Transfer of securities from available-for-sale to held-to-maturity
Foreign currency translation adjustment	(34)	14	(16)
Reclassification to earnings of realized gains and losses	373	325	363
Applicable income taxes	101	(172)	(166)
Balance at end of period	(1,071)	(923)	(1,200)
Foreign Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(40)	(49)	(39)
Changes in unrealized gains and losses
Other-than-temporary impairment not recognized in earnings on securities available-for-sale
Transfer of securities from available-for-sale to held-to-maturity
Foreign currency translation adjustment	(34)	14	(16)
Reclassification to earnings of realized gains and losses
Applicable income taxes	14	(5)	6
Balance at end of period	(60)	(40)	(49)
Unrealized Gains (Losses) on Retirement Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(1,265)	(1,022)	(803)
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Retirement Plans	590	(543)	(464)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale
Transfer of securities from available-for-sale to held-to-maturity
Foreign currency translation adjustment
Reclassification to earnings of realized gains and losses	249	150	110
Applicable income taxes	(317)	150	135
Balance at end of period	(743)	(1,265)	(1,022)
Unrealized Gains (Losses) on Derivative Hedges [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(404)	(489)	(414)
Changes in unrealized gains and losses, Unrealized Gains (Losses) on Derivative Hedges	37	(74)	(343)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale
Transfer of securities from available-for-sale to held-to-maturity
Foreign currency translation adjustment
Reclassification to earnings of realized gains and losses	192	211	222
Applicable income taxes	(86)	(52)	46
Balance at end of period	(261)	(404)	(489)
Unrealized Gains (Losses) on Securities Transferred From Available For Sale to Held To Maturity [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	107
Changes in unrealized gains and losses
Other-than-temporary impairment not recognized in earnings on securities available-for-sale
Transfer of securities from available-for-sale to held-to-maturity		224
Foreign currency translation adjustment
Reclassification to earnings of realized gains and losses	(59)	(51)
Applicable income taxes	22	(66)
Balance at end of period	70	107
Unrealized Gains (Losses) on Securities Available-For-Sale [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	679	360	(213)
Changes in unrealized gains and losses	(1,223)	715	920
Other-than-temporary impairment not recognized in earnings on securities available-for-sale	8	12	(25)
Transfer of securities from available-for-sale to held-to-maturity		(224)
Foreign currency translation adjustment
Reclassification to earnings of realized gains and losses	(9)	15	31
Applicable income taxes	468	(199)	(353)
Balance at end of period	$ (77)	$ 679	$ 360

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Short-Term Borrowings (a) (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Summary of Short-Term Borrowings

The following table is a summary of short-term borrowings for the last three years:

	2013					2012					2011
(Dollars in Millions)	Amount		Rate			Amount		Rate			Amount		Rate
At year-end
Federal funds purchased	$	594		.11	%	$	950		.11	%	$	1,036		.11	%
Securities sold under agreements to repurchase		2,057		5.34			3,388		3.26			6,986		3.35
Commercial paper		19,400		.11			16,202		.12			15,973		.12
Other short-term borrowings		5,557		.19			5,762		.29			6,473		.26
Total	$	27,608		.52	%	$	26,302		.57	%	$	30,468		.89	%
Average for the year
Federal funds purchased (b)	$	1,879		9.72	%	$	1,338		15.32	%	$	968		22.61	%
Securities sold under agreements to repurchase		2,403		4.65			4,942		3.52			7,483		3.22
Commercial paper		17,467		.12			15,806		.14			15,204		.15
Other short-term borrowings		5,934		.72			6,463		.72			7,048		.77
Total (b)	$	27,683		1.29	%	$	28,549		1.57	%	$	30,703		1.75	%
Maximum month-end balance
Federal funds purchased	$	3,569				$	2,467				$	1,172
Securities sold under agreements to repurchase		3,121					5,922					9,071
Commercial paper		19,400					17,385					16,768
Other short-term borrowings		6,301					7,443					7,514

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b) Average federal funds purchased and total short-term borrowings rates include amounts paid by the Company to certain corporate card customers for paying outstanding noninterest-bearing corporate card balances within certain timeframes per specific agreements. These activities reduce the Company’s short-term funding needs, and if they did not occur, the Company would use other funding alternatives, including the use of federal funds purchased. The amount of this compensation expense paid by the Company and included in federal funds purchased and total short-term borrowings rates for 2013, 2012 and 2011 was $181 million, $203 million and $218 million, respectively.

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Loans and Allowance for Credit Losses - Commercial Real Estate Loans by Property Type and Geography Excluding Covered Loans (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Loans by Property Type and Geography [Line Items]
Commercial real estate	$ 39,885	$ 36,953
Percentage of allocation for loans receivable commercial real estate	100.00%	100.00%
California [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	9,148	8,039
Percentage of allocation for loans receivable commercial real estate	22.90%	21.80%
Colorado [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,781	1,644
Percentage of allocation for loans receivable commercial real estate	4.50%	4.50%
Illinois [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,586	1,555
Percentage of allocation for loans receivable commercial real estate	4.00%	4.20%
Minnesota [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	2,052	1,958
Percentage of allocation for loans receivable commercial real estate	5.20%	5.30%
Missouri [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,573	1,560
Percentage of allocation for loans receivable commercial real estate	3.90%	4.20%
Ohio [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,491	1,512
Percentage of allocation for loans receivable commercial real estate	3.70%	4.10%
Oregon [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,999	1,921
Percentage of allocation for loans receivable commercial real estate	5.00%	5.20%
Washington [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	3,548	3,586
Percentage of allocation for loans receivable commercial real estate	8.90%	9.70%
Wisconsin [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	2,410	2,011
Percentage of allocation for loans receivable commercial real estate	6.00%	5.40%
Iowa, Kansas, Nebraska, North Dakota, South Dakota [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	2,237	2,349
Percentage of allocation for loans receivable commercial real estate	5.60%	6.40%
Arkansas, Indiana, Kentucky, Tennessee [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,718	1,886
Percentage of allocation for loans receivable commercial real estate	4.30%	5.10%
Idaho, Montana, Wyoming [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,265	1,156
Percentage of allocation for loans receivable commercial real estate	3.20%	3.10%
Arizona, Nevada, New Mexico, Utah [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	3,214	2,958
Percentage of allocation for loans receivable commercial real estate	8.10%	8.00%
Total Banking Region [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	34,022	32,135
Percentage of allocation for loans receivable commercial real estate	85.30%	87.00%
Florida, Michigan, New York, Pennsylvania, Texas [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	3,178	2,405
Percentage of allocation for loans receivable commercial real estate	8.00%	6.50%
All Other States [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	2,685	2,413
Percentage of allocation for loans receivable commercial real estate	6.70%	6.50%
Outside the Company's banking region [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	5,863	4,818
Percentage of allocation for loans receivable commercial real estate	14.70%	13.00%
Business owner occupied [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	11,223	11,405
Percentage of allocation for loans receivable commercial real estate	28.10%	30.90%
Industrial Commercial property [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,567	1,586
Percentage of allocation for loans receivable commercial real estate	3.90%	4.30%
Office Commercial property [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	5,173	4,833
Percentage of allocation for loans receivable commercial real estate	13.00%	13.10%
Retail Commercial property [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	4,503	4,537
Percentage of allocation for loans receivable commercial real estate	11.30%	12.30%
Other Commercial property [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	4,253	3,735
Percentage of allocation for loans receivable commercial real estate	10.70%	10.10%
Multi-family [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	7,886	6,857
Percentage of allocation for loans receivable commercial real estate	19.80%	18.50%
Hotel/motel [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	3,251	2,569
Percentage of allocation for loans receivable commercial real estate	8.10%	6.90%
Residential Home Builders [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	1,728	1,142
Percentage of allocation for loans receivable commercial real estate	4.30%	3.10%
Health care facilities [Member]
Loans by Property Type and Geography [Line Items]
Commercial real estate	$ 301	$ 289
Percentage of allocation for loans receivable commercial real estate	0.80%	0.80%

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Investment Securities - Gross Unrealized Losses and Fair Value of Company's Investments Securities with Unrealized Losses (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	$ 25,010
Unrealized Losses Less Than 12 Months	(726)
Fair Value 12 Months or Greater	395
Unrealized Losses 12 Months or Greater	(31)
Fair Value Total	25,405
Unrealized Losses Total	(757)
Fair Value Less Than 12 Months	16,728
Unrealized Losses Less Than 12 Months	(601)
Fair Value 12 Months or Greater	1,935
Unrealized Losses 12 Months or Greater	(174)
Fair Value Total	18,663
Unrealized Losses Total	(775)
U.S. Treasury and agencies [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	1,085
Unrealized Losses Less Than 12 Months	(79)
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	1,085
Unrealized Losses Total	(79)
Fair Value Less Than 12 Months	849
Unrealized Losses Less Than 12 Months	(59)
Fair Value 12 Months or Greater	93
Unrealized Losses 12 Months or Greater	(8)
Fair Value Total	942
Unrealized Losses Total	(67)
Residential [Member] | Agency [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	23,922
Unrealized Losses Less Than 12 Months	(647)
Fair Value 12 Months or Greater	373
Unrealized Losses 12 Months or Greater	(18)
Fair Value Total	24,295
Unrealized Losses Total	(665)
Fair Value Less Than 12 Months	14,015
Unrealized Losses Less Than 12 Months	(484)
Fair Value 12 Months or Greater	1,056
Unrealized Losses 12 Months or Greater	(45)
Fair Value Total	15,071
Unrealized Losses Total	(529)
Residential [Member] | Residential Non-Agency Prime [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	65
Unrealized Losses Less Than 12 Months	(1)
Fair Value 12 Months or Greater	182
Unrealized Losses 12 Months or Greater	(11)
Fair Value Total	247
Unrealized Losses Total	(12)
Residential [Member] | Residential Non-Agency Non-Prime [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	74
Unrealized Losses Less Than 12 Months	(1)
Fair Value 12 Months or Greater	57
Unrealized Losses 12 Months or Greater	(4)
Fair Value Total	131
Unrealized Losses Total	(5)
Asset Backed Securities Other [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	10
Unrealized Losses 12 Months or Greater	(2)
Fair Value Total	10
Unrealized Losses Total	(2)
Fair Value Less Than 12 Months	23
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	3
Unrealized Losses 12 Months or Greater
Fair Value Total	26
Unrealized Losses Total
Obligations of state and political subdivisions [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	3
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater
Unrealized Losses 12 Months or Greater
Fair Value Total	3
Unrealized Losses Total
Fair Value Less Than 12 Months	1,479
Unrealized Losses Less Than 12 Months	(51)
Fair Value 12 Months or Greater	10
Unrealized Losses 12 Months or Greater
Fair Value Total	1,489
Unrealized Losses Total	(51)
Other debt securities [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	12
Unrealized Losses 12 Months or Greater	(11)
Fair Value Total	12
Unrealized Losses Total	(11)
Corporate debt securities [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months	223
Unrealized Losses Less Than 12 Months	(5)
Fair Value 12 Months or Greater	418
Unrealized Losses 12 Months or Greater	(89)
Fair Value Total	641
Unrealized Losses Total	(94)
Perpetual preferred securities [Member]
Schedule Of Fair Value And Gross Unrealized Losses [Abstract]
Fair Value Less Than 12 Months
Unrealized Losses Less Than 12 Months
Fair Value 12 Months or Greater	116
Unrealized Losses 12 Months or Greater	(17)
Fair Value Total	116
Unrealized Losses Total	$ (17)

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Consolidated Balance Sheet (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Assets
Cash and due from banks	$ 8,477		$ 8,252
Investment securities
Held-to-maturity (fair value $38,368 and $34,952, respectively; including $994 and $1,482 at fair value pledged as collateral, respectively)	38,920	[1]	34,389	[1]
Available-for-sale ($1,106 and $2,042 pledged as collateral, respectively)	40,935	[1]	40,139	[1]
Loans held for sale (including $3,263 and $7,957 of mortgage loans carried at fair value, respectively)	3,268		7,976
Loans
Commercial	70,033		66,223
Commercial real estate	39,885		36,953
Residential mortgages	51,156		44,018
Credit card	18,021		17,115
Other retail	47,678		47,712
Total loans, excluding covered loans	226,773		212,021
Covered loans	8,462		11,308
Total loans	235,235		223,329
Less allowance for loan losses	(4,250)		(4,424)
Net loans	230,985		218,905
Premises and equipment	2,606		2,670
Goodwill	9,205		9,143
Other intangible assets	3,529		2,706
Other assets (including $111 and $47 of trading securities at fair value pledged as collateral, respectively)	26,096	[1]	29,675	[1]
Total assets	364,021		353,855
Deposits
Noninterest-bearing	76,941		74,172
Interest-bearing	156,165		145,972
Time deposits greater than $100,000	29,017		29,039
Total deposits	262,123		249,183
Short-term borrowings	27,608		26,302
Long-term debt	20,049		25,516
Other liabilities	12,434		12,587
Total liabilities	322,214		313,588
Shareholders' equity
Preferred stock	4,756		4,769
Common stock, par value $0.01 a share - authorized: 4,000,000,000 shares; issued: 2013 and 2012 - 2,125,725,742 shares	21		21
Capital surplus	8,216		8,201
Retained earnings	38,667		34,720
Less cost of common stock in treasury: 2013 - 300,977,274 shares; 2012 - 256,294,227 shares	(9,476)		(7,790)
Accumulated other comprehensive income (loss)	(1,071)		(923)
Total U.S. Bancorp shareholders' equity	41,113		38,998
Noncontrolling interests	694		1,269
Total equity	41,807		40,267
Total liabilities and equity	$ 364,021		$ 353,855

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Options Outstanding and Exercised Under Various Stock Options Plans

 The following is a summary of stock options outstanding and exercised under various stock option plans of the Company:

Year Ended December 31	Stock Options/Shares			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in millions)
2013
Number outstanding at beginning of period		63,171,918		$	28.83
Granted		1,168,011			33.99
Exercised		(17,260,740	)		28.41
Cancelled (a)		(354,424	)		29.22
Number outstanding at end of period (b)		46,724,765		$	29.12		4.4	$	527
Exercisable at end of period		39,556,000		$	29.19		3.8	$	444
2012
Number outstanding at beginning of period		75,823,941		$	27.60
Granted		4,180,492			28.65
Exercised		(15,681,323	)		23.12
Cancelled (a)		(1,151,192	)		24.90
Number outstanding at end of period (b)		63,171,918		$	28.83		4.9	$	196
Exercisable at end of period		50,671,654		$	30.12		4.2	$	92
2011
Number outstanding at beginning of period		85,622,705		$	26.80
Granted		4,063,369			28.66
Exercised		(8,508,107	)		19.49
Cancelled (a)		(5,354,026	)		28.44
Number outstanding at end of period (b)		75,823,941		$	27.60		5.2	$	(42	)
Exercisable at end of period		57,039,334		$	29.14		4.4	$	(120	)

(a) Options cancelled include both non-vested (i.e., forfeitures) and vested options.

(b) Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense.

Weighted Average Estimated Fair Value and Assumptions Utilized by Company for Newly Issued Grants

The following table includes the weighted average estimated fair value and assumptions utilized by the Company for newly issued grants:

Year Ended December 31	2013			2012			2011
Estimated fair value	$	12.13		$	10.19		$	10.55
Risk-free interest rates		1.0	%		.9	%		2.5	%
Dividend yield		2.6	%		2.6	%		2.5	%
Stock volatility factor		.49			.49			.47
Expected life of options (in years)		5.5			5.5			5.5

Summary of Certain Stock Option Activity of Company

The following summarizes certain stock option activity of the Company:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Fair value of options vested	$	41	$	49	$	54
Intrinsic value of options exercised		144		143		61
Cash received from options exercised		489		362		165
Tax benefit realized from options exercised		56		75		23

Stock Options Outstanding Additional Information

Additional information regarding stock options outstanding as of December 31, 2013, is as follows:

	Outstanding Options						Exercisable Options
Range of Exercise Prices	Shares		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price
$11.02 – $15.00		4,661,087		5.1	$	11.39		4,661,087	$	11.40
$15.01 – $20.00		167,391		2.4		19.54		167,391		19.54
$20.01 – $25.00		3,390,179		6.2		23.85		2,216,001		23.84
$25.01 – $30.00		13,108,918		5.2		29.05		8,276,837		29.29
$30.01 – $35.00		17,999,955		3.9		31.97		16,837,858		31.83
$35.01 – $36.25		7,397,235		3.1		36.07		7,396,826		36.07
Total		46,724,765		4.4	$	29.12		39,556,000	$	29.19

Summary of Status of Company's Restricted Shares of Stock and Unit Awards

A summary of the status of the Company’s restricted shares of stock and unit awards is presented below:

	2013					2012					2011
Year Ended December 31	Shares			Weighted- Average Grant- Date Fair Value		Shares			Weighted- Average Grant- Date Fair Value		Shares			Weighted- Average Grant- Date Fair Value
Nonvested Shares
Outstanding at beginning of period		8,935,743		$	25.04		8,995,295		$	22.46		8,811,027		$	19.74
Granted		3,717,635			33.88		3,085,077			28.70		3,136,086			28.20
Vested		(3,744,411	)		22.17		(2,931,820	)		20.97		(2,552,979	)		20.15
Cancelled		(255,108	)		29.18		(212,809	)		25.01		(398,839	)		22.20
Outstanding at end of period		8,653,859		$	29.96		8,935,743		$	25.04		8,995,295		$	22.46

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Mortgage Servicing Rights - Changes in Fair Value of Capitalized MSRs (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Transfers And Servicing Of Financial Assets [Abstract]
Balance at beginning of period	$ 1,700	$ 1,519	$ 1,837
Rights purchased	8	42	35
Rights capitalized	769	957	619
Changes in fair value of MSRs
Due to fluctuations in market interest rates	617	(249)	(619)
Due to revised assumptions or models	33	(21)	33
Other changes in fair value	(447)	(548)	(386)
Balance at end of period	$ 2,680	$ 1,700	$ 1,519

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Stock-Based Compensation - Weighted Average Estimated Fair Value and Assumptions Utilized by Company for Newly Issued Grants (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Estimated fair value	$ 12.13	$ 10.19	$ 10.55
Risk-free interest rates	1.00%	0.90%	2.50%
Dividend yield	2.60%	2.60%	2.50%
Stock volatility factor	0.49%	0.49%	0.47%
Expected life of options (in years)	5 years 6 months	5 years 6 months	5 years 6 months

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Shareholders' Equity - Common Stock Repurchased (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Equity [Abstract]
Common stock repurchased shares	65	59	22
Purchase of treasury stock	$ 2,336	$ 1,878	$ 550

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Consolidated Statement of Shareholders' Equity (USD $) In Millions	Total	Common Stock [Member]	Preferred Stock [Member]	Capital Surplus [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total U.S. Bancorp Shareholders' Equity [Member]	Noncontrolling Interests [Member]
Beginning Balance at Dec. 31, 2010	$ 30,322	$ 21	$ 1,930	$ 8,294	$ 27,005	$ (6,262)	$ (1,469)	$ 29,519	$ 803
Shares, Beginning Balance at Dec. 31, 2010		1,921
Change in accounting principle	(2)				(2)			(2)
Net income (loss)	4,788
Net (income) loss attributable to noncontrolling interests	(84)								(84)
Net income attributable to U.S. Bancorp	4,872				4,872			4,872
Other comprehensive income (loss)	269						269	269
Preferred stock dividends	(129)				(129)			(129)
Common stock dividends	(961)				(961)			(961)
Issuance of preferred stock	676		676					676
Issuance of common and treasury stock	193			(147)		340		193
Issuance of common and treasury stock, shares		11
Purchase of treasury stock	(550)					(550)		(550)
Purchase of treasury stock, shares	(22)	(22)
Distributions to noncontrolling interests	(80)								(80)
Purchase of noncontrolling interests	(11)			(3)				(3)	(8)
Net other changes in noncontrolling interests	362								362
Stock option and restricted stock grants	94			94				94
Ending Balance at Dec. 31, 2011	34,971	21	2,606	8,238	30,785	(6,472)	(1,200)	33,978	993
Shares, Ending Balance at Dec. 31, 2011		1,910
Net income (loss)	5,490
Net (income) loss attributable to noncontrolling interests	(157)								(157)
Net income attributable to U.S. Bancorp	5,647				5,647			5,647
Other comprehensive income (loss)	277						277	277
Preferred stock dividends	(238)				(238)			(238)
Common stock dividends	(1,474)				(1,474)			(1,474)
Issuance of preferred stock	2,163		2,163					2,163
Issuance of common and treasury stock	441			(119)		560		441
Issuance of common and treasury stock, shares		18
Purchase of treasury stock	(1,878)					(1,878)		(1,878)
Purchase of treasury stock, shares	(59)	(59)
Distributions to noncontrolling interests	(76)								(76)
Net other changes in noncontrolling interests	509								509
Stock option and restricted stock grants	82			82				82
Ending Balance at Dec. 31, 2012	40,267	21	4,769	8,201	34,720	(7,790)	(923)	38,998	1,269
Shares, Ending Balance at Dec. 31, 2012	1,900	1,869
Net income (loss)	5,732
Net (income) loss attributable to noncontrolling interests	(104)								(104)
Net income attributable to U.S. Bancorp	5,836				5,836			5,836
Other comprehensive income (loss)	(148)						(148)	(148)
Redemption of preferred stock	(500)		(500)	8	(8)			(500)
Preferred stock dividends	(250)				(250)			(250)
Common stock dividends	(1,631)				(1,631)			(1,631)
Issuance of preferred stock	487		487					487
Issuance of common and treasury stock	550			(100)		650		550
Issuance of common and treasury stock, shares		21
Purchase of treasury stock	(2,336)					(2,336)		(2,336)
Purchase of treasury stock, shares	(65)	(65)
Distributions to noncontrolling interests	(62)								(62)
Net other changes in noncontrolling interests	(409)								(409)
Stock option and restricted stock grants	107			107				107
Ending Balance at Dec. 31, 2013	$ 41,807	$ 21	$ 4,756	$ 8,216	$ 38,667	$ (9,476)	$ (1,071)	$ 41,113	$ 694
Shares, Ending Balance at Dec. 31, 2013	1,800	1,825

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Premises and Equipment - Premises and Equipment (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Gross Premises and Equipment	$ 6,505	$ 6,438
Less accumulated depreciation and amortization	(3,899)	(3,768)
Total Premises and Equipment	2,606	2,670
Land [Member]
Property, Plant and Equipment [Line Items]
Gross Premises and Equipment	529	534
Building and Improvements [Member]
Property, Plant and Equipment [Line Items]
Gross Premises and Equipment	3,256	3,222
Furniture Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross Premises and Equipment	2,593	2,543
Capitalized Building and Equipment Leases [Member]
Property, Plant and Equipment [Line Items]
Gross Premises and Equipment	103	97
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Gross Premises and Equipment	$ 24	$ 42

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Fair Values of Assets and Liabilities - Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Securities Gains Losses [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains and losses on available for sale securities included in net income	$ (14)	$ (47)	$ (31)
Interest Income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains and losses on available for sale securities included in net income	(2)	34	56
Other noninterest income [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains and losses on net derivative assets and liabilities included in net income	(149)	359	716
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period	(340)	(109)	262
Mortgage banking revenue [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Net gains and losses on net derivative assets and liabilities included in net income	131	2,000	834
Net Change in net derivative asset and liability unrealized gains (losses) relating to assets still held at end of period	$ 19	$ 259	$ 180

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Stock-Based Compensation - Summary of Status of Company's Restricted Shares of Stock and Unit Awards (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Outstanding at beginning of period, shares	8,935,743	8,995,295	8,811,027
Granted, shares	3,717,635	3,085,077	3,136,086
Vested, shares	(3,744,411)	(2,931,820)	(2,552,979)
Cancelled, shares	(255,108)	(212,809)	(398,839)
Outstanding at end of period, shares	8,653,859	8,935,743	8,995,295
Outstanding at beginning of period, weighted average grant-date fair value	$ 25.04	$ 22.46	$ 19.74
Granted, weighted average grant-date fair value	$ 33.88	$ 28.70	$ 28.20
Vested, weighted average grant-date fair value	$ 22.17	$ 20.97	$ 20.15
Cancelled, weighted average grant-date fair value	$ 29.18	$ 25.01	$ 22.20
Outstanding at end of period, weighted average grant-date fair value	$ 29.96	$ 25.04	$ 22.46

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Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes Additional Information [Abstract]
Federal statutory rate	35.00%
Unrecognized tax positions that would impact the effective tax rate	$ 181	$ 240	$ 220
Unrecognized tax positions as a component of income taxes expense, accrued interest	27
Unrecognized tax positions as a component of income taxes expenses, recognized in interest	(12)	(8)	(2)
Federal, state and foreign net operating loss carryforwards	579
Federal, state and foreign net operating loss carryforwards expiration term	Dec. 31, 2033
Base year reserves included in retained earnings of acquired thrift institutions	$ 102

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Significant Accounting Policies - Line of Business Financial Performance (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Income Statement
Net interest income (taxable-equivalent basis)	$ 10,828	$ 10,969
Net interest income (taxable-equivalent basis), Percent change	(1.30%)
Noninterest income	8,765	9,334
Noninterest income, Percent change	(6.10%)
Securities gains (losses), net	9	(15)	(31)
Securities gains (losses), net, Percent change
Total net revenue	19,602	20,288
Total net revenue, Percent change	(3.40%)
Noninterest expense, Percent change	(1.30%)
Other intangibles, Percent change	(18.60%)
Total noninterest expense, Percent change	(1.70%)
Income before provision and income taxes, Percent change	(5.10%)
Provision for credit losses, Percent change	(28.80%)
Income before income taxes, Percent change	0.50%
Income taxes and taxable-equivalent adjustment, Percent change	(8.30%)
Net income, Percent change	4.40%
Net (income) loss attributable to noncontrolling interests, Percent change	(33.80%)
Net income attributable to U.S. Bancorp, Percent change	3.30%
Noninterest expense	10,051	10,182
Other intangibles	223	274	299
Total noninterest expense	10,274	10,456	9,911
Income before provision and income taxes	9,328	9,832
Provision for credit losses	1,340	1,882	2,343
Income before income taxes	7,988	7,950
Income taxes and taxable-equivalent adjustment	2,256	2,460
Net income	5,732	5,490	4,788
Net (income) loss attributable to noncontrolling interests	104	157	84
Net income attributable to U.S. Bancorp	5,836	5,647	4,872
Average Balance Sheet
Commercial	67,274	60,830
Commercial, Percent change	10.60%
Commercial real estate	38,237	36,505
Commercial real estate, Percent change	4.70%
Residential mortgages	47,982	40,290
Residential mortgages, Percent change	19.10%
Credit card	16,813	16,653
Credit card, Percent change	1.00%
Other retail	47,125	47,938
Other retail, Percent change	(1.70%)
Total loans, excluding covered loans	217,431	202,216
Total loans, excluding covered loans, Percent change	7.50%
Covered loans	10,043	13,158
Covered loans, Percent change	(23.70%)
Total loans	227,474	215,374
Total loans, Percent change	5.60%
Goodwill, Percent change	2.40%
Other intangible assets, Percent change	18.20%
Assets, Percent change	2.90%
Noninterest-bearing deposits, Percent change	2.60%
Interest checking, Percent change	7.40%
Savings products, Percent change	14.30%
Time deposits, Percent change	(2.90%)
Total deposits, Percent change	6.30%
Total U.S. Bancorp shareholders' equity, Percent change	6.10%
Goodwill	9,164	8,953
Other intangible assets	3,178	2,688
Assets	352,680	342,849
Noninterest-bearing deposits	69,020	67,241
Interest checking	48,792	45,433
Savings products	87,428	76,470
Time deposits	45,217	46,566
Total deposits	250,457	235,710
Total U.S. Bancorp shareholders' equity	39,917	37,611
Wholesale Banking and Commercial Real Estate [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	2,088	2,104
Net interest income (taxable-equivalent basis), Percent change	(0.80%)
Noninterest income	1,092	1,234
Noninterest income, Percent change	(11.50%)
Securities gains (losses), net
Securities gains (losses), net, Percent change
Total net revenue	3,180	3,338
Total net revenue, Percent change	(4.70%)
Noninterest expense, Percent change	(1.30%)
Other intangibles, Percent change	(50.00%)
Total noninterest expense, Percent change	(2.00%)
Income before provision and income taxes, Percent change	(6.50%)
Provision for credit losses, Percent change
Income before income taxes, Percent change	(1.70%)
Income taxes and taxable-equivalent adjustment, Percent change	(1.60%)
Net income, Percent change	(1.70%)
Net (income) loss attributable to noncontrolling interests, Percent change
Net income attributable to U.S. Bancorp, Percent change	(1.70%)
Noninterest expense	1,248	1,265
Other intangibles	8	16
Total noninterest expense	1,256	1,281
Income before provision and income taxes	1,924	2,057
Provision for credit losses	(97)	2
Income before income taxes	2,021	2,055
Income taxes and taxable-equivalent adjustment	736	748
Net income	1,285	1,307
Net (income) loss attributable to noncontrolling interests
Net income attributable to U.S. Bancorp	1,285	1,307
Average Balance Sheet
Commercial	50,873	45,091
Commercial, Percent change	12.80%
Commercial real estate	20,550	19,635
Commercial real estate, Percent change	4.70%
Residential mortgages	26	60
Residential mortgages, Percent change	(56.70%)
Credit card
Credit card, Percent change
Other retail	8	7
Other retail, Percent change	14.30%
Total loans, excluding covered loans	71,457	64,793
Total loans, excluding covered loans, Percent change	10.30%
Covered loans	363	921
Covered loans, Percent change	(60.60%)
Total loans	71,820	65,714
Total loans, Percent change	9.30%
Goodwill, Percent change
Other intangible assets, Percent change	(30.60%)
Assets, Percent change	9.30%
Noninterest-bearing deposits, Percent change	(0.20%)
Interest checking, Percent change	1.60%
Savings products, Percent change	50.30%
Time deposits, Percent change	7.50%
Total deposits, Percent change	9.00%
Total U.S. Bancorp shareholders' equity, Percent change	14.30%
Goodwill	1,604	1,604
Other intangible assets	25	36
Assets	78,253	71,606
Noninterest-bearing deposits	31,153	31,224
Interest checking	10,515	10,354
Savings products	14,144	9,413
Time deposits	18,481	17,197
Total deposits	74,293	68,188
Total U.S. Bancorp shareholders' equity	7,356	6,436
Consumer and Small Business Banking [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	4,554	4,737
Net interest income (taxable-equivalent basis), Percent change	(3.90%)
Noninterest income	2,904	3,565
Noninterest income, Percent change	(18.50%)
Securities gains (losses), net
Securities gains (losses), net, Percent change
Total net revenue	7,458	8,302
Total net revenue, Percent change	(10.20%)
Noninterest expense, Percent change	(4.90%)
Other intangibles, Percent change	(21.60%)
Total noninterest expense, Percent change	(5.00%)
Income before provision and income taxes, Percent change	(17.80%)
Provision for credit losses, Percent change	(48.00%)
Income before income taxes, Percent change	(1.60%)
Income taxes and taxable-equivalent adjustment, Percent change	(1.50%)
Net income, Percent change	(1.60%)
Net (income) loss attributable to noncontrolling interests, Percent change
Net income attributable to U.S. Bancorp, Percent change	(1.50%)
Noninterest expense	4,684	4,923
Other intangibles	40	51
Total noninterest expense	4,724	4,974
Income before provision and income taxes	2,734	3,328
Provision for credit losses	607	1,167
Income before income taxes	2,127	2,161
Income taxes and taxable-equivalent adjustment	774	786
Net income	1,353	1,375
Net (income) loss attributable to noncontrolling interests		(1)
Net income attributable to U.S. Bancorp	1,353	1,374
Average Balance Sheet
Commercial	8,396	8,225
Commercial, Percent change	2.10%
Commercial real estate	16,934	16,136
Commercial real estate, Percent change	4.90%
Residential mortgages	47,081	39,827
Residential mortgages, Percent change	18.20%
Credit card
Credit card, Percent change
Other retail	44,847	45,594
Other retail, Percent change	(1.60%)
Total loans, excluding covered loans	117,258	109,782
Total loans, excluding covered loans, Percent change	6.80%
Covered loans	6,566	7,510
Covered loans, Percent change	(12.60%)
Total loans	123,824	117,292
Total loans, Percent change	5.60%
Goodwill, Percent change
Other intangible assets, Percent change	34.60%
Assets, Percent change	3.70%
Noninterest-bearing deposits, Percent change	7.80%
Interest checking, Percent change	10.30%
Savings products, Percent change	6.80%
Time deposits, Percent change	(11.10%)
Total deposits, Percent change	4.30%
Total U.S. Bancorp shareholders' equity, Percent change	7.80%
Goodwill	3,515	3,515
Other intangible assets	2,406	1,787
Assets	139,174	134,258
Noninterest-bearing deposits	21,969	20,386
Interest checking	33,006	29,911
Savings products	46,308	43,342
Time deposits	21,136	23,787
Total deposits	122,419	117,426
Total U.S. Bancorp shareholders' equity	12,148	11,268
Wealth Management and Securities Services [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	356	355
Net interest income (taxable-equivalent basis), Percent change	0.30%
Noninterest income	1,235	1,121
Noninterest income, Percent change	10.20%
Securities gains (losses), net
Securities gains (losses), net, Percent change
Total net revenue	1,591	1,476
Total net revenue, Percent change	7.80%
Noninterest expense, Percent change	12.90%
Other intangibles, Percent change	(10.00%)
Total noninterest expense, Percent change	12.10%
Income before provision and income taxes, Percent change	(10.70%)
Provision for credit losses, Percent change	(57.10%)
Income before income taxes, Percent change	(8.20%)
Income taxes and taxable-equivalent adjustment, Percent change	(7.30%)
Net income, Percent change	(8.80%)
Net (income) loss attributable to noncontrolling interests, Percent change
Net income attributable to U.S. Bancorp, Percent change	(8.80%)
Noninterest expense	1,304	1,155
Other intangibles	36	40
Total noninterest expense	1,340	1,195
Income before provision and income taxes	251	281
Provision for credit losses	6	14
Income before income taxes	245	267
Income taxes and taxable-equivalent adjustment	89	96
Net income	156	171
Net income attributable to U.S. Bancorp	156	171
Average Balance Sheet
Commercial	1,712	1,333
Commercial, Percent change	28.40%
Commercial real estate	650	609
Commercial real estate, Percent change	6.70%
Residential mortgages	874	400
Residential mortgages, Percent change
Credit card, Percent change
Other retail	1,533	1,527
Other retail, Percent change	0.40%
Total loans, excluding covered loans	4,769	3,869
Total loans, excluding covered loans, Percent change	23.30%
Covered loans	14	11
Covered loans, Percent change	27.30%
Total loans	4,783	3,880
Total loans, Percent change	23.30%
Goodwill, Percent change	4.20%
Other intangible assets, Percent change	1.20%
Assets, Percent change	16.90%
Noninterest-bearing deposits, Percent change	0.70%
Interest checking, Percent change	21.30%
Savings products, Percent change	14.00%
Time deposits, Percent change	(3.90%)
Total deposits, Percent change	8.50%
Total U.S. Bancorp shareholders' equity, Percent change	6.90%
Goodwill	1,535	1,473
Other intangible assets	173	171
Assets	7,643	6,538
Noninterest-bearing deposits	14,610	14,514
Interest checking	4,821	3,975
Savings products	26,830	23,543
Time deposits	4,906	5,105
Total deposits	51,167	47,137
Total U.S. Bancorp shareholders' equity	2,385	2,232
Payment Services [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	1,584	1,548
Net interest income (taxable-equivalent basis), Percent change	2.30%
Noninterest income	3,205	3,195
Noninterest income, Percent change	0.30%
Securities gains (losses), net
Securities gains (losses), net, Percent change
Total net revenue	4,789	4,743
Total net revenue, Percent change	1.00%
Noninterest expense, Percent change	7.30%
Other intangibles, Percent change	(16.80%)
Total noninterest expense, Percent change	5.30%
Income before provision and income taxes, Percent change	(2.20%)
Provision for credit losses, Percent change	10.30%
Income before income taxes, Percent change	(6.40%)
Income taxes and taxable-equivalent adjustment, Percent change	(6.60%)
Net income, Percent change	(6.40%)
Net (income) loss attributable to noncontrolling interests, Percent change	(2.60%)
Net income attributable to U.S. Bancorp, Percent change	(6.60%)
Noninterest expense	1,964	1,830
Other intangibles	139	167
Total noninterest expense	2,103	1,997
Income before provision and income taxes	2,686	2,746
Provision for credit losses	769	697
Income before income taxes	1,917	2,049
Income taxes and taxable-equivalent adjustment	697	746
Net income	1,220	1,303
Net (income) loss attributable to noncontrolling interests	(39)	(38)
Net income attributable to U.S. Bancorp	1,181	1,265
Average Balance Sheet
Commercial	6,086	5,962
Commercial, Percent change	2.10%
Commercial real estate, Percent change
Residential mortgages, Percent change
Credit card	16,813	16,653
Credit card, Percent change	1.00%
Other retail	737	810
Other retail, Percent change	(9.00%)
Total loans, excluding covered loans	23,636	23,425
Total loans, excluding covered loans, Percent change	0.90%
Covered loans	5	5
Covered loans, Percent change
Total loans	23,641	23,430
Total loans, Percent change	0.90%
Goodwill, Percent change	6.30%
Other intangible assets, Percent change	(17.10%)
Assets, Percent change	0.90%
Noninterest-bearing deposits, Percent change	9.30%
Interest checking, Percent change	(62.30%)
Savings products, Percent change	46.20%
Time deposits, Percent change
Total deposits, Percent change	(35.50%)
Total U.S. Bancorp shareholders' equity, Percent change	6.10%
Goodwill	2,510	2,361
Other intangible assets	572	690
Assets	29,843	29,580
Noninterest-bearing deposits	703	643
Interest checking	449	1,192
Savings products	57	39
Total deposits	1,209	1,874
Total U.S. Bancorp shareholders' equity	6,046	5,701
Treasury and Corporate Support [Member]
Condensed Income Statement
Net interest income (taxable-equivalent basis)	2,246	2,225
Net interest income (taxable-equivalent basis), Percent change	0.90%
Noninterest income	329	219
Noninterest income, Percent change	50.20%
Securities gains (losses), net	9	(15)
Securities gains (losses), net, Percent change
Total net revenue	2,584	2,429
Total net revenue, Percent change	6.40%
Noninterest expense, Percent change	(15.70%)
Other intangibles, Percent change
Total noninterest expense, Percent change	(15.70%)
Income before provision and income taxes, Percent change	22.00%
Provision for credit losses, Percent change
Income before income taxes, Percent change	18.30%
Income taxes and taxable-equivalent adjustment, Percent change
Net income, Percent change	28.80%
Net (income) loss attributable to noncontrolling interests, Percent change	(27.00%)
Net income attributable to U.S. Bancorp, Percent change	21.60%
Noninterest expense	851	1,009
Other intangibles
Total noninterest expense	851	1,009
Income before provision and income taxes	1,733	1,420
Provision for credit losses	55	2
Income before income taxes	1,678	1,418
Income taxes and taxable-equivalent adjustment	(40)	84
Net income	1,718	1,334
Net (income) loss attributable to noncontrolling interests	143	196
Net income attributable to U.S. Bancorp	1,861	1,530
Average Balance Sheet
Commercial	207	219
Commercial, Percent change	(5.50%)
Commercial real estate	103	125
Commercial real estate, Percent change	(17.60%)
Residential mortgages	1	3
Residential mortgages, Percent change	(66.70%)
Credit card
Credit card, Percent change
Other retail
Other retail, Percent change
Total loans, excluding covered loans	311	347
Total loans, excluding covered loans, Percent change	(10.40%)
Covered loans	3,095	4,711
Covered loans, Percent change	(34.30%)
Total loans	3,406	5,058
Total loans, Percent change	(32.70%)
Goodwill, Percent change
Other intangible assets, Percent change	(50.00%)
Assets, Percent change	(3.10%)
Noninterest-bearing deposits, Percent change	23.40%
Interest checking, Percent change
Savings products, Percent change	(33.10%)
Time deposits, Percent change	45.50%
Total deposits, Percent change	26.20%
Total U.S. Bancorp shareholders' equity, Percent change	0.10%
Goodwill
Other intangible assets	2	4
Assets	97,767	100,867
Noninterest-bearing deposits	585	474
Interest checking	1	1
Savings products	89	133
Time deposits	694	477
Total deposits	1,369	1,085
Total U.S. Bancorp shareholders' equity	$ 11,982	$ 11,974

XML

Intangible Assets - Intangible Assets (Detail) (USD $) In Millions, unless otherwise specified					12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013 Merchant processing contracts [Member]	Dec. 31, 2012 Merchant processing contracts [Member]	Dec. 31, 2013 Core deposit benefits [Member]	Dec. 31, 2012 Core deposit benefits [Member]	Dec. 31, 2013 Trust relationships [Member]	Dec. 31, 2012 Trust relationships [Member]	Dec. 31, 2013 Other identified intangibles [Member]	Dec. 31, 2012 Other identified intangibles [Member]	Dec. 31, 2013 Straight line method [Member] Merchant processing contracts [Member]	Dec. 31, 2013 Straight line method [Member] Core deposit benefits [Member]	Dec. 31, 2013 Straight line method [Member] Trust relationships [Member]	Dec. 31, 2013 Straight line method [Member] Other identified intangibles [Member]	Dec. 31, 2013 Accelerated method [Member] Merchant processing contracts [Member]	Dec. 31, 2013 Accelerated method [Member] Core deposit benefits [Member]	Dec. 31, 2013 Accelerated method [Member] Trust relationships [Member]	Dec. 31, 2013 Accelerated method [Member] Other identified intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated Life													10 years	22 years	14 years	9 years	8 years	5 years	6 years	5 years
Amortization Method					SL/AC		SL/AC		SL/AC		SL/AC
Finite-Lived Intangible Assets					$ 229	$ 281	$ 135	$ 176	$ 122	$ 149	$ 363	$ 400
Goodwill	9,205	9,143	8,927	8,954
Mortgage servicing rights	2,680	1,700	1,519	1,837
Total	$ 12,734	$ 11,849

XML

Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Composition of Loan Portfolio

The composition of the loan portfolio at December 31, disaggregated by class and underlying specific portfolio type, was as follows:

(Dollars in Millions)	2013		2012
Commercial
Commercial	$	64,762	$	60,742
Lease financing		5,271		5,481
Total commercial		70,033		66,223
Commercial Real Estate
Commercial mortgages		32,183		31,005
Construction and development		7,702		5,948
Total commercial real estate		39,885		36,953
Residential Mortgages
Residential mortgages		37,545		32,648
Home equity loans, first liens		13,611		11,370
Total residential mortgages		51,156		44,018
Credit Card		18,021		17,115
Other Retail
Retail leasing		5,929		5,419
Home equity and second mortgages		15,442		16,726
Revolving credit		3,276		3,332
Installment		5,709		5,463
Automobile		13,743		12,593
Student		3,579		4,179
Total other retail		47,678		47,712
Total loans, excluding covered loans		226,773		212,021
Covered Loans		8,462		11,308
Total loans	$	235,235	$	223,329

Changes in Accretable Balance for Purchased Impaired Loans

Changes in the accretable balance for purchased impaired loans for the years ended December 31, were as follows:

(Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	1,709		$	2,619		$	2,890
Purchases		–			13			100
Accretion		(499	)		(437	)		(451	)
Disposals		(172	)		(208	)		(67	)
Reclassifications from nonaccretable difference (a)		258			454			184
Other (b)		359			(732	)		(37	)
Balance at end of period	$	1,655		$	1,709		$	2,619

(a) Primarily relates to changes in expected credit performance.

(b) The amount for the year ended December 31, 2013, primarily represents the reclassification of unamortized decreases in the FDIC asset (which are now presented as a separate component within the covered assets table on page 101), partially offset by the impact of changes in expectations about retaining covered single-family loans beyond the term of the indemnification agreements. The amount for the year end December 31, 2012, primarily represents a change in the Company’s expectations regarding potential sale of modified covered loans at the end of the indemnification agreements which results in a reduction in the expected contractual interest payments included in the accretable balance for those loans that may be sold.

Activity in Allowance for Credit Losses

Activity in the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
Balance at December 31, 2010	$	1,104		$	1,291		$	820		$	1,395		$	807		$	5,417		$	114		$	5,531
Add
Provision for credit losses		312			361			596			431			628			2,328			15			2,343
Deduct
Loans charged off		516			543			502			922			733			3,216			13			3,229
Less recoveries of loans charged off		(110	)		(45	)		(13	)		(88	)		(129	)		(385	)		(1	)		(386	)
Net loans charged off		406			498			489			834			604			2,831			12			2,843
Other changes (a)		–			–			–			–			–			–			(17	)		(17	)
Balance at December 31, 2011	$	1,010		$	1,154		$	927		$	992		$	831		$	4,914		$	100		$	5,014
Add
Provision for credit losses		316			(131	)		446			571			558			1,760			122			1,882
Deduct
Loans charged off		378			242			461			769			666			2,516			11			2,527
Less recoveries of loans charged off		(103	)		(76	)		(23	)		(102	)		(125	)		(429	)		(1	)		(430	)
Net loans charged off		275			166			438			667			541			2,087			10			2,097
Other changes (a)		–			–			–			(33	)		–			(33	)		(33	)		(66	)
Balance at December 31, 2012	$	1,051		$	857		$	935		$	863		$	848		$	4,554		$	179		$	4,733
Add
Provision for credit losses		144			(114	)		212			677			351			1,270			70			1,340
Deduct
Loans charged off		246			92			297			739			523			1,897			37			1,934
Less recoveries of loans charged off		(126	)		(125	)		(25	)		(83	)		(105	)		(464	)		(5	)		(469	)
Net loans charged off		120			(33	)		272			656			418			1,433			32			1,465
Other changes (a)		–			–			–			–			–			–			(71	)		(71	)
Balance at December 31, 2013	$	1,075		$	776		$	875		$	884		$	781		$	4,391		$	146		$	4,537

(a) Includes net changes in credit losses to be reimbursed by the FDIC and for the year ended December 31, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

Additional Detail of Allowance for Credit Losses and Related Loan Balances by Portfolio Type

Additional detail of the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans		Total Loans
Allowance Balance at December 31, 2013 Related to
Loans individually evaluated for impairment (a)	$	15	$	17	$	–	$	–	$	–	$	32	$	–	$	32
TDRs collectively evaluated for impairment		19		26		329		87		55		516		4		520
Other loans collectively evaluated for impairment		1,041		700		546		797		726		3,810		5		3,815
Loans acquired with deteriorated credit quality		–		33		–		–		–		33		137		170
Total allowance for credit losses	$	1,075	$	776	$	875	$	884	$	781	$	4,391	$	146	$	4,537
Allowance Balance at December 31, 2012 Related to
Loans individually evaluated for impairment (a)	$	10	$	30	$	–	$	–	$	–	$	40	$	–	$	40
TDRs collectively evaluated for impairment		28		29		446		153		97		753		1		754
Other loans collectively evaluated for impairment		1,013		791		489		710		751		3,754		17		3,771
Loans acquired with deteriorated credit quality		–		7		–		–		–		7		161		168
Total allowance for credit losses	$	1,051	$	857	$	935	$	863	$	848	$	4,554	$	179	$	4,733

(a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs.

Additional detail of loan balances by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans (b)		Total Loans
December 31, 2013
Loans individually evaluated for impairment (a)	$	197	$	237	$	–	$	–	$	–	$	434	$	62	$	496
TDRs collectively evaluated for impairment		155		358		5,064		310		269		6,156		87		6,243
Other loans collectively evaluated for impairment		69,680		39,128		46,090		17,711		47,409		220,018		4,539		224,557
Loans acquired with deteriorated credit quality		1		162		2		–		–		165		3,774		3,939
Total loans	$	70,033	$	39,885	$	51,156	$	18,021	$	47,678	$	226,773	$	8,462	$	235,235
December 31, 2012
Loans individually evaluated for impairment (a)	$	171	$	510	$	–	$	–	$	–	$	681	$	48	$	729
TDRs collectively evaluated for impairment		185		391		4,199		442		313		5,530		145		5,675
Other loans collectively evaluated for impairment		65,863		35,952		39,813		16,673		47,399		205,700		5,814		211,514
Loans acquired with deteriorated credit quality		4		100		6		–		–		110		5,301		5,411
Total loans	$	66,223	$	36,953	$	44,018	$	17,115	$	47,712	$	212,021	$	11,308	$	223,329

(a) Represents loans greater than $5 million classified as nonperforming or TDRs.

(b) Includes expected reimbursements from the FDIC under loss sharing agreements.

Summary of Loans by Portfolio Type and Delinquency Status

The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:

	Accruing
(Dollars in Millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Nonperforming		Total
December 31, 2013
Commercial	$	69,587	$	257	$	55	$	134	$	70,033
Commercial real estate		39,459		94		29		303		39,885
Residential mortgages (a)		49,695		358		333		770		51,156
Credit card		17,507		226		210		78		18,021
Other retail		47,156		245		86		191		47,678
Total loans, excluding covered loans		223,404		1,180		713		1,476		226,773
Covered loans		7,693		166		476		127		8,462
Total loans	$	231,097	$	1,346	$	1,189	$	1,603	$	235,235
December 31, 2012
Commercial	$	65,701	$	341	$	58	$	123	$	66,223
Commercial real estate		36,241		158		8		546		36,953
Residential mortgages (a)		42,728		348		281		661		44,018
Credit card		16,525		227		217		146		17,115
Other retail		47,109		290		96		217		47,712
Total loans, excluding covered loans		208,304		1,364		660		1,693		212,021
Covered loans		9,900		359		663		386		11,308
Total loans	$	218,204	$	1,723	$	1,323	$	2,079	$	223,329

(a) At December 31, 2013, $440 million of loans 30–89 days past due and $3.7 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $441 million and $3.2 billion at December 31, 2012, respectively.

Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating

The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:

			Criticized
(Dollars in Millions)	Pass		Special Mention		Classified (a)		Total Criticized		Total
December 31, 2013
Commercial	$	68,075	$	1,013	$	945	$	1,958	$	70,033
Commercial real estate		38,113		616		1,156		1,772		39,885
Residential mortgages (b)		50,152		5		999		1,004		51,156
Credit card		17,733		–		288		288		18,021
Other retail		47,313		27		338		365		47,678
Total loans, excluding covered loans		221,386		1,661		3,726		5,387		226,773
Covered loans		8,160		18		284		302		8,462
Total loans	$	229,546	$	1,679	$	4,010	$	5,689	$	235,235
Total outstanding commitments	$	470,046	$	2,939	$	4,812	$	7,751	$	477,797
December 31, 2012
Commercial	$	63,906	$	1,114	$	1,203	$	2,317	$	66,223
Commercial real estate		34,096		621		2,236		2,857		36,953
Residential mortgages (b)		42,897		18		1,103		1,121		44,018
Credit card		16,752		–		363		363		17,115
Other retail		47,294		36		382		418		47,712
Total loans, excluding covered loans		204,945		1,789		5,287		7,076		212,021
Covered loans		10,786		61		461		522		11,308
Total loans	$	215,731	$	1,850	$	5,748	$	7,598	$	223,329
Total outstanding commitments	$	442,047	$	3,231	$	6,563	$	9,794	$	451,841

(a) Classified rating on consumer loans primarily based on delinquency status.

(b) At December 31, 2013, $3.7 billion of GNMA loans 90 days or more past due and $2.6 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $3.2 billion and $2.4 billion at December 31, 2012, respectively.

Summary of Impaired Loans by Portfolio Class

 A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows:

(Dollars in Millions)	Period-end Recorded Investment (a)		Unpaid Principal Balance		Valuation Allowance		Commitments to Lend Additional Funds
December 31, 2013
Commercial	$	382	$	804	$	36	$	54
Commercial real estate		693		1,322		51		40
Residential mortgages		2,767		3,492		308		–
Credit card		310		310		87		–
Other retail		391		593		59		14
Total impaired loans, excluding GNMA and covered loans		4,543		6,521		541		108
Loans purchased from GNMA mortgage pools		2,607		2,607		28		–
Covered loans		452		1,008		30		4
Total	$	7,602	$	10,136	$	599	$	112
December 31, 2012
Commercial	$	404	$	1,200	$	40	$	39
Commercial real estate		1,077		2,251		70		4
Residential mortgages		2,748		3,341		415		–
Credit card		442		442		153		–
Other retail		443		486		101		3
Total impaired loans, excluding GNMA and covered loans		5,114		7,720		779		46
Loans purchased from GNMA mortgage pools		1,778		1,778		39		–
Covered loans		767		1,584		20		12
Total	$	7,659	$	11,082	$	838	$	58

(a) Substantially all loans classified as impaired at December 31, 2013 and 2012, had an associated allowance for credit losses. The total amount of interest income recognized during 2013 on loans classified as impaired at December 31, 2013, excluding those acquired with deteriorated credit quality, was $233 million, compared to what would have been recognized at the original contractual terms of the loans of $399 million.

Impaired Loans Average Recorded Investment and Interest Income

Additional information on impaired loans for the years ended December 31 follows:

(Dollars in Millions)	Average Recorded Investment		Interest Income Recognized
2013
Commercial	$	382	$	29
Commercial real estate		889		39
Residential mortgages		2,749		134
Credit card		366		16
Other retail		424		24
Total impaired loans, excluding GNMA and covered loans		4,810		242
Loans purchased from GNMA mortgage pools		1,967		100
Covered loans		561		27
Total	$	7,338	$	369
2012
Commercial	$	470	$	18
Commercial real estate		1,314		43
Residential mortgages		2,717		130
Credit card		510		28
Other retail		301		19
Total impaired loans, excluding GNMA and covered loans		5,312		238
Loans purchased from GNMA mortgage pools		1,448		73
Covered loans		980		29
Total	$	7,740	$	340
2011
Commercial	$	534	$	12
Commercial real estate		1,537		18
Residential mortgages		2,557		100
Credit card		485		15
Other retail		164		5
Total impaired loans, excluding GNMA and covered loans		5,277		150
Loans purchased from GNMA mortgage pools		710		25
Covered loans		780		11
Total	$	6,767	$	186

Loans Modified as TDRs

The following table provides a summary of loans modified as TDRs for the years ended December 31, by portfolio class:

(Dollars in Millions)	Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance
2013
Commercial		2,429	$	166	$	155
Commercial real estate		165		205		198
Residential mortgages		2,179		309		304
Credit card		26,669		160		161
Other retail		4,290		103		102
Total loans, excluding GNMA and covered loans		35,732		943		920
Loans purchased from GNMA mortgage pools		8,878		1,121		1,066
Covered loans		123		94		72
Total loans		44,733	$	2,158	$	2,058
2012
Commercial		4,843	$	307	$	272
Commercial real estate		312		493		461
Residential mortgages		4,616		638		623
Credit card		49,320		241		255
Other retail		10,461		279		275
Total loans, excluding GNMA and covered loans		69,552		1,958		1,886
Loans purchased from GNMA mortgage pools		9,518		1,280		1,245
Covered loans		192		277		263
Total loans		79,262	$	3,515	$	3,394
2011
Commercial		5,285	$	456	$	427
Commercial real estate		506		1,078		1,060
Residential mortgages		3,611		708		704
Credit card		55,951		322		321
Other retail		4,028		73		72
Total loans, excluding GNMA and covered loans		69,381		2,637		2,584
Loans purchased from GNMA mortgage pools		9,569		1,277		1,356
Covered loans		283		604		575
Total loans		79,233	$	4,518	$	4,515

Schedule of Loans Modified as TDRs that have Subsequently been Fully or Partially Charged-Off or Became 90 Days or More Past Due

The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) for the years ended December 31, that were modified as TDRs within 12 months previous to default:

(Dollars in Millions)	Number of Loans		Amount Defaulted
2013
Commercial		642	$	46
Commercial real estate		87		102
Residential mortgages		1,099		163
Credit card		6,640		37
Other retail		1,841		80
Total loans, excluding GNMA and covered loans		10,309		428
Loans purchased from GNMA mortgage pools		4,972		640
Covered loans		63		49
Total loans		15,344	$	1,117
2012
Commercial		859	$	48
Commercial real estate		111		232
Residential mortgages		1,073		146
Credit card		9,774		54
Other retail		1,818		56
Total loans, excluding GNMA and covered loans		13,635		536
Loans purchased from GNMA mortgage pools		1,245		177
Covered loans		68		97
Total loans		14,948	$	810
2011
Commercial		665	$	26
Commercial real estate		64		67
Residential mortgages		623		127
Credit card		7,108		36
Other retail		557		13
Total loans, excluding GNMA and covered loans		9,017		269
Loans purchased from GNMA mortgage pools		857		124
Covered loans		11		26
Total loans		9,885	$	419

Carrying Amount of Covered Assets

The carrying amount of the covered assets at December 31, consisted of purchased impaired loans, purchased nonimpaired loans and other assets as shown in the following table:

	2013								2012
(Dollars in Millions)	Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total		Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total
Commercial loans	$	–	$	32	$	–	$	32	$	–	$	143	$	–	$	143
Commercial real estate loans		738		1,494		–		2,232		1,323		2,695		–		4,018
Residential mortgage loans		3,037		890		–		3,927		3,978		1,109		–		5,087
Credit card loans		–		5		–		5		–		5		–		5
Other retail loans		–		666		–		666		–		775		–		775
Losses reimbursable by the FDIC (a)		–		–		798		798		–		–		1,280		1,280
Unamortized changes in FDIC asset (b)		–		–		802		802		–		–		–		–
Covered loans		3,775		3,087		1,600		8,462		5,301		4,727		1,280		11,308
Foreclosed real estate		–		–		97		97		–		–		197		197
Total covered assets	$	3,775	$	3,087	$	1,697	$	8,559	$	5,301	$	4,727	$	1,477	$	11,505

(a) Relates to loss sharing agreements with remaining terms up to six years.

(b) Represents decreases in expected reimbursements by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. These amounts were presented within the separate loan categories prior to January 1, 2013.

Commercial Loans by Industry Group and Geography Excluding Covered Loans

Commercial Loans by Industry Group and Geography

	2013					2012
At December 31 (Dollars in Millions)	Loans		Percent			Loans		Percent
Industry Group
Manufacturing	$	10,738		15.3	%	$	9,518		14.4	%
Real estate, rental and leasing		6,788		9.7			5,855		8.8
Wholesale trade		6,346		9.1			6,297		9.5
Finance and insurance		5,864		8.4			6,579		9.9
Retail trade		5,401		7.7			4,735		7.2
Healthcare and social assistance		5,048		7.2			4,733		7.1
Public administration		3,934		5.6			4,709		7.1
Professional, scientific and technical services		2,747		3.9			2,185		3.3
Information		2,443		3.5			2,203		3.3
Transport and storage		2,322		3.3			2,549		3.9
Educational services		2,222		3.2			1,964		3.0
Arts, entertainment and recreation		2,214		3.2			2,124		3.2
Mining		2,094		3.0			2,122		3.2
Agriculture, forestry, fishing and hunting		1,508		2.1			1,553		2.4
Other services		1,507		2.1			1,670		2.5
Utilities		1,374		2.0			1,390		2.1
Other		7,483		10.7			6,037		9.1
Total	$	70,033		100.0	%	$	66,223		100.0	%
Geography
California	$	8,748		12.5	%	$	8,081		12.2	%
Colorado		2,970		4.2			2,722		4.1
Illinois		3,539		5.1			3,544		5.3
Minnesota		5,086		7.3			4,720		7.1
Missouri		2,893		4.1			2,922		4.4
Ohio		3,385		4.8			3,240		4.9
Oregon		1,941		2.8			1,792		2.7
Washington		2,823		4.0			2,626		4.0
Wisconsin		2,768		4.0			2,727		4.1
Iowa, Kansas, Nebraska, North Dakota, South Dakota		4,091		5.8			4,244		6.4
Arkansas, Indiana, Kentucky, Tennessee		4,024		5.8			3,545		5.4
Idaho, Montana, Wyoming		1,148		1.6			1,096		1.7
Arizona, Nevada, New Mexico, Utah		2,917		4.2			2,435		3.7
Total banking region		46,333		66.2			43,694		66.0
Florida, Michigan, New York, Pennsylvania, Texas		11,762		16.8			11,082		16.7
All other states		11,938		17.0			11,447		17.3
Total outside Company’s banking region		23,700		33.8			22,529		34.0
Total	$	70,033		100.0	%	$	66,223		100.0	%

Commercial Real Estate by Property Type and Geography Excluding Covered Loans

Commercial Real Estate Loans by Property Type and Geography

	2013					2012
At December 31 (Dollars in Millions)	Loans		Percent			Loans		Percent
Property Type
Business owner occupied	$	11,223		28.1	%	$	11,405		30.9	%
Commercial property
Industrial		1,567		3.9			1,586		4.3
Office		5,173		13.0			4,833		13.1
Retail		4,503		11.3			4,537		12.3
Other commercial		4,253		10.7			3,735		10.1
Multi-family		7,886		19.8			6,857		18.5
Hotel/motel		3,251		8.1			2,569		6.9
Residential homebuilders		1,728		4.3			1,142		3.1
Health care facilities		301		.8			289		.8
Total	$	39,885		100.0	%	$	36,953		100.0	%
Geography
California	$	9,148		22.9	%	$	8,039		21.8	%
Colorado		1,781		4.5			1,644		4.5
Illinois		1,586		4.0			1,555		4.2
Minnesota		2,052		5.2			1,958		5.3
Missouri		1,573		3.9			1,560		4.2
Ohio		1,491		3.7			1,512		4.1
Oregon		1,999		5.0			1,921		5.2
Washington		3,548		8.9			3,586		9.7
Wisconsin		2,410		6.0			2,011		5.4
Iowa, Kansas, Nebraska, North Dakota, South Dakota		2,237		5.6			2,349		6.4
Arkansas, Indiana, Kentucky, Tennessee		1,718		4.3			1,886		5.1
Idaho, Montana, Wyoming		1,265		3.2			1,156		3.1
Arizona, Nevada, New Mexico, Utah		3,214		8.1			2,958		8.0
Total banking region		34,022		85.3			32,135		87.0
Florida, Michigan, New York, Pennsylvania, Texas		3,178		8.0			2,405		6.5
All other states		2,685		6.7			2,413		6.5
Total outside Company’s banking region		5,863		14.7			4,818		13.0
Total	$	39,885		100.0	%	$	36,953		100.0	%

Summary of Nonperforming Assets

Nonperforming Assets (a)

At December 31 (Dollars in Millions)	2013			2012			2011			2010			2009
Commercial
Commercial	$	122		$	107		$	280		$	519		$	866
Lease financing		12			16			32			78			125
Total commercial		134			123			312			597			991
Commercial Real Estate
Commercial mortgages		182			308			354			545			581
Construction and development		121			238			545			748			1,192
Total commercial real estate		303			546			899			1,293			1,773
Residential Mortgages (b)		770			661			650			636			467
Credit Card		78			146			224			228			142
Other Retail
Retail leasing		1			1			–			–			–
Other		190			216			67			65			62
Total other retail		191			217			67			65			62
Total nonperforming loans, excluding covered loans		1,476			1,693			2,152			2,819			3,435
Covered Loans		127			386			926			1,244			1,350
Total nonperforming loans		1,603			2,079			3,078			4,063			4,785
Other Real Estate (c)(d)		327			381			404			511			437
Covered Other Real Estate (d)		97			197			274			453			653
Other Assets		10			14			18			21			32
Total nonperforming assets	$	2,037		$	2,671		$	3,774		$	5,048		$	5,907
Total nonperforming assets, excluding covered assets	$	1,813		$	2,088		$	2,574		$	3,351		$	3,904
Excluding covered assets
Accruing loans 90 days or more past due (b)	$	713		$	660		$	843		$	1,094		$	1,525
Nonperforming loans to total loans		.65	%		.80	%		1.10	%		1.57	%		1.99	%
Nonperforming assets to total loans plus other real estate (c)		.80	%		.98	%		1.32	%		1.87	%		2.25	%
Including covered assets
Accruing loans 90 days or more past due (b)	$	1,189		$	1,323		$	1,753		$	2,184		$	2,309
Nonperforming loans to total loans		.68	%		.93	%		1.47	%		2.06	%		2.46	%
Nonperforming assets to total loans plus other real estate (c)		.86	%		1.19	%		1.79	%		2.55	%		3.02	%

Changes in Nonperforming Assets

(Dollars in Millions)	Commercial and Commercial Real Estate			Credit Card, Other Retail and Residential Mortgages			Covered Assets			Total
Balance December 31, 2012	$	780		$	1,308		$	583		$	2,671
Additions to nonperforming assets
New nonaccrual loans and foreclosed properties		427			977			146			1,550
Advances on loans		46			–			–			46
Total additions		473			977			146			1,596
Reductions in nonperforming assets
Paydowns, payoffs		(266	)		(276	)		(247	)		(789	)
Net sales		(209	)		(151	)		(249	)		(609	)
Return to performing status		(38	)		(166	)		(8	)		(212	)
Charge-offs (e)		(246	)		(373	)		(1	)		(620	)
Total reductions		(759	)		(966	)		(505	)		(2,230	)
Net additions to (reductions in) nonperforming assets		(286	)		11			(359	)		(634	)
Balance December 31, 2013	$	494		$	1,319		$	224		$	2,037

(a) Throughout this document, nonperforming assets and related ratios do not include accruing loans 90 days or more past due.

(b) Excludes $3.7 billion, $3.2 billion, $2.6 billion, $2.6 billion and $2.2 billion at December 31, 2013, 2012, 2011, 2010 and 2009, respectively, of loans purchased from GNMA mortgage pools that are 90 days or more past due that continue to accrue interest, as their repayments are primarily insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

(c) Foreclosed GNMA loans of $527 million, $548 million, $692 million, $575 million and $359 million at December 31, 2013, 2012, 2011, 2010 and 2009, respectively, continue to accrue interest and are recorded as other assets and excluded from nonperforming assets because they are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

(d) Includes equity investments in entities whose principal assets are other real estate owned.

(e) Charge-offs exclude actions for certain card products and loan sales that were not classified as nonperforming at the time the charge-off occurred.

XML

Derivative Instruments - Customer-Related Derivative Positions of Company (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Derivative [Line Items]
Fair Value, Assets	$ 1,349	$ 1,546
Fair Value, Liabilities	1,598	2,178
Customer-Related Positions [Member]
Derivative [Line Items]
Notional Value, Assets	33,286	33,440
Fair Value, Assets	1,215	1,443
Notional Value, Liabilities	33,480	33,013
Fair Value, Liabilities	1,137	1,365
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	11,717	16,671
Fair Value, Assets	600	1,085
Derivative Asset Average Remaining Maturity Period	5 years 1 month 10 days	4 years 9 months 11 days
Notional Value, Liabilities	7,291	1,090
Fair Value, Liabilities	106	15
Derivative Liability Average Remaining Maturity Period	5 years 6 months 26 days	9 years 3 months 18 days
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	6,746	928
Fair Value, Assets	114	14
Derivative Asset Average Remaining Maturity Period	6 years 11 days	11 years 1 month 13 days
Notional Value, Liabilities	12,361	16,923
Fair Value, Liabilities	560	1,042
Derivative Liability Average Remaining Maturity Period	4 years 10 months 24 days	4 years 8 months 27 days
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member]
Derivative [Line Items]
Notional Value, Assets	3,489	3,046
Fair Value, Assets	33	16
Derivative Asset Average Remaining Maturity Period	4 years 6 months 11 days	5 years 2 months 27 days
Notional Value, Liabilities		28
Fair Value, Liabilities
Derivative Liability Average Remaining Maturity Period		4 years 5 months 1 day
Customer-Related Positions [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member]
Derivative [Line Items]
Notional Value, Assets		286
Fair Value, Assets
Derivative Asset Average Remaining Maturity Period		9 months
Notional Value, Liabilities	3,489	2,788
Fair Value, Liabilities	33	16
Derivative Liability Average Remaining Maturity Period	4 years 6 months 11 days	5 years 8 months 5 days
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Options [Member] | Purchased [Member]
Derivative [Line Items]
Notional Value, Assets	364	323
Fair Value, Assets	11	6
Derivative Asset Average Remaining Maturity Period	6 months 11 days	6 months 18 days
Notional Value, Liabilities
Fair Value, Liabilities
Derivative Liability Average Remaining Maturity Period
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Options [Member] | Written [Member]
Derivative [Line Items]
Notional Value, Assets
Fair Value, Assets
Derivative Asset Average Remaining Maturity Period
Notional Value, Liabilities	364	323
Fair Value, Liabilities	11	6
Derivative Liability Average Remaining Maturity Period	6 months 11 days	6 months 18 days
Customer-Related Positions [Member] | Foreign Exchange Rate Contracts [Member] | Forwards, Spots and Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	10,970	12,186
Fair Value, Assets	457	322
Derivative Asset Average Remaining Maturity Period	7 months 2 days	5 months 5 days
Notional Value, Liabilities	9,975	11,861
Fair Value, Liabilities	$ 427	$ 286
Derivative Liability Average Remaining Maturity Period	7 months 13 days	5 months 9 days

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Employee Benefits - Summarizes Changes for All Plan investment Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Detail) (Level 3 [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of period	$ 7	$ 7	$ 8
Unrealized gains (losses) relating to assets still held at end of year		1
Purchases, sales, and settlements, net	(7)	(1)	(1)
Balance at end of period		7	7
Hedge funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Purchases, sales, and settlements, net	103
Balance at end of period	103
Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Balance at beginning of period	3	6	6
Unrealized gains (losses) relating to assets still held at end of year		(2)	(9)
Purchases, sales, and settlements, net	1	(1)	9
Balance at end of period	$ 4	$ 3	$ 6

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Investment Securities - Investment Securities Available for Sale (Parenthetical) (Detail)	Dec. 31, 2013 CreditScore
Investments Debt And Equity Securities [Abstract]
Minimum weighted average credit score of prime securities	725
Maximum loan-to-value of prime securities	80.00%

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Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

 NOTE 15   Earnings Per Share

The components of earnings per share were:

Year Ended December 31 (Dollars and Shares in Millions, Except Per Share Data)	2013			2012			2011
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872
Preferred dividends		(250	)		(238	)		(129	)
Impact of preferred stock redemption (a)		(8	)		–			–
Earnings allocated to participating stock awards		(26	)		(26	)		(22	)
Net income applicable to U.S. Bancorp common shareholders	$	5,552		$	5,383		$	4,721
Average common shares outstanding		1,839			1,887			1,914
Net effect of the exercise and assumed purchase of stock awards		10			9			9
Average diluted common shares outstanding		1,849			1,896			1,923
Earnings per common share	$	3.02		$	2.85		$	2.47
Diluted earnings per common share	$	3.00		$	2.84		$	2.46

(a) Represents stock issuance costs originally recorded in capital surplus upon the issuance of the Company’s Series D Non-Cumulative Perpetual Preferred Stock that were reclassified to retained earnings on the redemption date.

Options outstanding at December 31, 2013, 2012 and 2011, to purchase 5 million, 22 million and 54 million common shares, respectively, were not included in the computation of diluted earnings per share for the years ended December 31, 2013, 2012 and 2011, respectively, because they were antidilutive. Convertible senior debentures outstanding at December 31, 2012 and 2011, that could potentially be converted into shares of the Company’s common stock pursuant to specified formulas, were not included in the computation of dilutive earnings per share for the years ended December 31, 2012 and 2011, because they were antidilutive.

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Leases (Tables)

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Components of Net Investment in Sales-Type and Direct Financing Leases

The components of the net investment in sales-type and direct financing leases at December 31 were as follows:

(Dollars in Millions)	2013			2012
Aggregate future minimum lease payments to be received	$	11,074		$	10,738
Unguaranteed residual values accruing to the lessor’s benefit		783			890
Unearned income		(1,045	)		(1,123	)
Initial direct costs		189			175
Total net investment in sales-type and direct financing leases (a)	$	11,001		$	10,680

(a) The accumulated allowance for uncollectible minimum lease payments was $68 million and $80 million at December 31, 2013 and 2012, respectively.

Minimum Future Lease Payments to be Received from Sales-Type and Direct Financing Leases

The minimum future lease payments to be received from sales-type and direct financing leases were as follows at December 31, 2013:

(Dollars in Millions)
2014	$	3,891
2015		3,240
2016		2,518
2017		826
2018		275
Thereafter		324

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Mortgage Servicing Rights - MSRs and Related Characteristics by Portfolio (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013 BasisPoint Multiple	Dec. 31, 2012 BasisPoint Multiple	Dec. 31, 2011	Dec. 31, 2010
Servicing Assets at Fair Value [Line Items]
Servicing portfolio	$ 226,842	$ 215,637
Fair value	2,680	1,700	1,519	1,837
Value (bps)	118	79
Weighted-average servicing fees (bps)	30	31
Multiple (value/servicing fees)	3.93	2.55
Weighted-average note rate	4.22%	4.54%
Weighted-average age (in years)	2 years 7 months 6 days	2 years 7 months 6 days
Weighted-average expected prepayment (constant prepayment rate)	11.20%	20.10%
Weighted-average expected life (in years)	7 years 1 month 6 days	4 years 2 months 12 days
Weighted-average discount rate	10.20%	10.40%
MRBP [Member]
Servicing Assets at Fair Value [Line Items]
Servicing portfolio	15,896	14,143
Fair value	180	154
Value (bps)	113	109
Weighted-average servicing fees (bps)	39	40
Multiple (value/servicing fees)	2.90	2.73
Weighted-average note rate	4.70%	5.13%
Weighted-average age (in years)	3 years 9 months 18 days	4 years 2 months 12 days
Weighted-average expected prepayment (constant prepayment rate)	13.50%	13.20%
Weighted-average expected life (in years)	6 years 2 months 12 days	6 years 1 month 6 days
Weighted-average discount rate	11.90%	12.10%
Government [Member]
Servicing Assets at Fair Value [Line Items]
Servicing portfolio	41,659	39,048
Fair value	500	314
Value (bps)	120	80
Weighted-average servicing fees (bps)	32	33
Multiple (value/servicing fees)	3.75	2.42
Weighted-average note rate	4.24%	4.57%
Weighted-average age (in years)	2 years 7 months 6 days	2 years 4 months 24 days
Weighted-average expected prepayment (constant prepayment rate)	11.50%	21.20%
Weighted-average expected life (in years)	6 years 10 months 24 days	4 years 2 months 12 days
Weighted-average discount rate	11.20%	11.40%
Conventional [Member]
Servicing Assets at Fair Value [Line Items]
Servicing portfolio	169,287	162,446
Fair value	$ 2,000	$ 1,232
Value (bps)	118	76
Weighted-average servicing fees (bps)	29	30
Multiple (value/servicing fees)	4.07	2.53
Weighted-average note rate	4.17%	4.48%
Weighted-average age (in years)	2 years 6 months	2 years 6 months
Weighted-average expected prepayment (constant prepayment rate)	10.90%	20.40%
Weighted-average expected life (in years)	7 years 2 months 12 days	4 years 1 month 6 days
Weighted-average discount rate	9.80%	10.00%

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Employee Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Plans [Member]
Components Of Net Periodic Benefit Cost
Service cost	$ 168	$ 129	$ 119
Interest cost	170	168	169
Expected return on plan assets	(176)	(191)	(207)
Prior service cost (credit) and transition obligation (asset) amortization	(5)	(4)	(9)
Actuarial loss (gain) amortization	264	161	125
Net periodic benefit cost	421	263	197
Net actuarial gain (loss) arising during the year	555	(567)	(474)
Net actuarial loss (gain) amortized during the year	264	161	125
Net prior service credit (cost) arising during the year
Net prior service cost (credit) and transition obligation (asset) amortized during the year	(5)	(4)	(9)
Total recognized in other comprehensive income (loss)	814	(410)	(358)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	393	(673)	(555)
Postretirement Welfare Plan [Member]
Components Of Net Periodic Benefit Cost
Service cost	3	5	4
Interest cost	4	7	9
Expected return on plan assets	(2)	(2)	(5)
Prior service cost (credit) and transition obligation (asset) amortization	(1)
Actuarial loss (gain) amortization	(9)	(7)	(6)
Net periodic benefit cost	(5)	3	2
Net actuarial gain (loss) arising during the year		24	10
Net actuarial loss (gain) amortized during the year	(9)	(7)	(6)
Net prior service credit (cost) arising during the year	35
Net prior service cost (credit) and transition obligation (asset) amortized during the year	(1)
Total recognized in other comprehensive income (loss)	25	17	4
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$ 30	$ 14	$ 2

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Guarantees and Contingent Liabilities - Company's Representation and Warranty Reserve (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Valuation And Qualifying Accounts [Abstract]
Representation and Warranty Reserve, Beginning Balance	$ 240	$ 160	$ 180
Net realized losses	(115)	(120)	(137)
Change in reserve	(42)	200	117
Representation and Warranty Reserve, Ending Balance	$ 83	$ 240	$ 160

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Stock-Based Compensation

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

  NOTE 17   Stock-Based Compensation

As part of its employee and director compensation programs, the Company may grant certain stock awards under the provisions of the existing stock compensation plans, including plans assumed in acquisitions. The plans provide for grants of options to purchase shares of common stock at a fixed price equal to the fair value of the underlying stock at the date of grant. Option grants are generally exercisable up to ten years from the date of grant. In addition, the plans provide for grants of shares of common stock or stock units that are subject to restriction on transfer prior to vesting. Most stock and unit awards vest over three to five years and are subject to forfeiture if certain vesting requirements are not met. Stock incentive plans of acquired companies are generally terminated at the merger closing dates. Participants under such plans receive the Company’s common stock, or options to buy the Company’s stock, based on the conversion terms of the various merger agreements. At December 31, 2013, there were 54 million shares (subject to adjustment for forfeitures) available for grant under various plans.

Stock Option Awards

The following is a summary of stock options outstanding and exercised under various stock option plans of the Company:

Year Ended December 31	Stock Options/Shares			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic Value (in millions)
2013
Number outstanding at beginning of period		63,171,918		$	28.83
Granted		1,168,011			33.99
Exercised		(17,260,740	)		28.41
Cancelled (a)		(354,424	)		29.22
Number outstanding at end of period (b)		46,724,765		$	29.12		4.4	$	527
Exercisable at end of period		39,556,000		$	29.19		3.8	$	444
2012
Number outstanding at beginning of period		75,823,941		$	27.60
Granted		4,180,492			28.65
Exercised		(15,681,323	)		23.12
Cancelled (a)		(1,151,192	)		24.90
Number outstanding at end of period (b)		63,171,918		$	28.83		4.9	$	196
Exercisable at end of period		50,671,654		$	30.12		4.2	$	92
2011
Number outstanding at beginning of period		85,622,705		$	26.80
Granted		4,063,369			28.66
Exercised		(8,508,107	)		19.49
Cancelled (a)		(5,354,026	)		28.44
Number outstanding at end of period (b)		75,823,941		$	27.60		5.2	$	(42	)
Exercisable at end of period		57,039,334		$	29.14		4.4	$	(120	)

(a) Options cancelled include both non-vested (i.e., forfeitures) and vested options.

(b) Outstanding options include stock-based awards that may be forfeited in future periods. The impact of the estimated forfeitures is reflected in compensation expense.

Stock-based compensation expense is based on the estimated fair value of the award at the date of grant or modification. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model, requiring the use of subjective assumptions. Because employee stock options have characteristics that differ from those of traded options, including vesting provisions and trading limitations that impact their liquidity, the determined value used to measure compensation expense may vary from their actual fair value. The following table includes the weighted average estimated fair value and assumptions utilized by the Company for newly issued grants:

Year Ended December 31	2013			2012			2011
Estimated fair value	$	12.13		$	10.19		$	10.55
Risk-free interest rates		1.0	%		.9	%		2.5	%
Dividend yield		2.6	%		2.6	%		2.5	%
Stock volatility factor		.49			.49			.47
Expected life of options (in years)		5.5			5.5			5.5

Expected stock volatility is based on several factors including the historical volatility of the Company’s stock, implied volatility determined from traded options and other factors. The Company uses historical data to estimate option exercises and employee terminations to estimate the expected life of options. The risk-free interest rate for the expected life of the options is based on the U.S. Treasury yield curve in effect on the date of grant. The expected dividend yield is based on the Company’s expected dividend yield over the life of the options.

The following summarizes certain stock option activity of the Company:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Fair value of options vested	$	41	$	49	$	54
Intrinsic value of options exercised		144		143		61
Cash received from options exercised		489		362		165
Tax benefit realized from options exercised		56		75		23

To satisfy option exercises, the Company predominantly uses treasury stock.

Additional information regarding stock options outstanding as of December 31, 2013, is as follows:

	Outstanding Options						Exercisable Options
Range of Exercise Prices	Shares		Weighted- Average Remaining Contractual Life (Years)		Weighted- Average Exercise Price		Shares		Weighted- Average Exercise Price
$11.02 – $15.00		4,661,087		5.1	$	11.39		4,661,087	$	11.40
$15.01 – $20.00		167,391		2.4		19.54		167,391		19.54
$20.01 – $25.00		3,390,179		6.2		23.85		2,216,001		23.84
$25.01 – $30.00		13,108,918		5.2		29.05		8,276,837		29.29
$30.01 – $35.00		17,999,955		3.9		31.97		16,837,858		31.83
$35.01 – $36.25		7,397,235		3.1		36.07		7,396,826		36.07
Total		46,724,765		4.4	$	29.12		39,556,000	$	29.19

Restricted Stock and Unit Awards

A summary of the status of the Company’s restricted shares of stock and unit awards is presented below:

	2013					2012					2011
Year Ended December 31	Shares			Weighted- Average Grant- Date Fair Value		Shares			Weighted- Average Grant- Date Fair Value		Shares			Weighted- Average Grant- Date Fair Value
Nonvested Shares
Outstanding at beginning of period		8,935,743		$	25.04		8,995,295		$	22.46		8,811,027		$	19.74
Granted		3,717,635			33.88		3,085,077			28.70		3,136,086			28.20
Vested		(3,744,411	)		22.17		(2,931,820	)		20.97		(2,552,979	)		20.15
Cancelled		(255,108	)		29.18		(212,809	)		25.01		(398,839	)		22.20
Outstanding at end of period		8,653,859		$	29.96		8,935,743		$	25.04		8,995,295		$	22.46

The total fair value of shares vested was $127 million, $86 million and $72 million for the years ended December 31, 2013, 2012 and 2011, respectively. Stock-based compensation expense was $129 million, $129 million and $118 million for the years ended December 31, 2013, 2012 and 2011, respectively. On an after-tax basis, stock-based compensation was $80 million, $80 million and $73 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, there was $142 million of total unrecognized compensation cost related to nonvested share-based arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 2.4 years as compensation expense.

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Investment Securities - Amount of Gross Gains and Losses Realized through Sales of Available for Sale Investment Securities (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investments Debt And Equity Securities [Abstract]
Realized gains	$ 23	$ 158	$ 11
Realized losses		(99)	(7)
Net realized gains (losses)	23	59	4
Income tax (benefit) on net realized gains (losses)	$ 9	$ 23	$ 2

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Long-Term Debt - Maturities of Long-term Debt Outstanding (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Maturities Of Long Term Debt [Line Items]
2014	$ 4,132
2015	3,013
2016	3,813
2017	2,545
2018	1,534
Thereafter	5,012
Total	20,049	25,516
Parent Company [Member]
Schedule Of Maturities Of Long Term Debt [Line Items]
2014	1,499
2015	1,749
2016	1,940
2017	1,247
2018	1,496
Thereafter	3,485
Total	$ 11,416	$ 12,772

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Netting Arrangements for Certain Financial Instruments - Information on Company's Accounting Netting Adjustments and Items Not Offset in Consolidated Balance Sheet But Available for Offset in Event of Default (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Offsetting [Abstract]
Cash collateral netted against derivative assets	$ 124	$ 79
Derivative assets not subject to netting arrangements	55	260
Cash collateral netted against derivative liabilities	717	1,200
Derivative liabilities not subject to netting arrangements	$ 119	$ 5

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Consolidated Statement of Cash Flows (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating Activities
Net income attributable to U.S. Bancorp	$ 5,836	$ 5,647	$ 4,872
Adjustments to reconcile net income to net cash provided by operating activities
Provision for credit losses	1,340	1,882	2,343
Depreciation and amortization of premises and equipment	297	287	266
Amortization of intangibles	223	274	299
Provision for deferred income taxes	(69)	49	748
(Gain) loss on sale of loans held for sale	(1,044)	(2,889)	(860)
(Gain) loss on sale of securities and other assets	(74)	(242)	(25)
Loans originated for sale in the secondary market, net of repayments	(56,698)	(81,219)	(46,366)
Proceeds from sales of loans held for sale	61,681	82,302	48,094
Other, net	(46)	1,867	449
Net cash provided by operating activities	11,446	7,958	9,820
Investing Activities
Proceeds from sales of available-for-sale investment securities	947	2,060	1,018
Proceeds from maturities of held-to-maturity investment securities	8,587	6,336	1,404
Proceeds from maturities of available-for-sale investment securities	10,147	15,374	12,713
Purchases of held-to-maturity investment securities	(13,218)	(10,247)	(18,500)
Purchases of available-for-sale investment securities	(13,146)	(16,605)	(13,229)
Net increase in loans outstanding	(12,331)	(15,158)	(13,418)
Proceeds from sales of loans	819	1,895	820
Purchases of loans	(2,468)	(2,741)	(3,078)
Acquisitions, net of cash acquired	(58)	94	636
Other, net	(303)	(1,261)	(1,070)
Net cash provided by (used in) investing activities	(21,024)	(20,253)	(32,704)
Financing Activities
Net increase in deposits	12,940	18,050	24,846
Net increase (decrease) in short-term borrowings	1,306	(4,167)	(2,205)
Proceeds from issuance of long-term debt	2,041	4,966	3,611
Principal payments or redemption of long-term debt	(2,883)	(11,415)	(3,300)
Proceeds from issuance of preferred stock	487	2,163	676
Proceeds from issuance of common stock	524	395	180
Redemption of preferred stock	(500)
Repurchase of common stock	(2,282)	(1,856)	(514)
Cash dividends paid on preferred stock	(254)	(204)	(118)
Cash dividends paid on common stock	(1,576)	(1,347)	(817)
Net cash provided by (used in) financing activities	9,803	6,585	22,359
Change in cash and due from banks	225	(5,710)	(525)
Cash and due from banks at beginning of period	8,252	13,962	14,487
Cash and due from banks at end of period	8,477	8,252	13,962
Supplemental Cash Flow Disclosures
Cash paid for income taxes	812	1,469	495
Cash paid for interest	1,759	2,218	2,563
Net noncash transfers to foreclosed property	323	564	702
Noncash transfer of investment securities available-for-sale to held-to-maturity		11,705
Acquisitions
Assets (sold) acquired	126	194	1,761
Liabilities sold (assumed)	(24)	(260)	(2,100)
Net	$ 102	$ (66)	$ (339)

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Consolidated Balance Sheet (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Held-to-maturity securities, fair value	$ 38,368,000,000	$ 34,952,000,000
Securities, pledged as collateral	2,100,000,000	3,500,000,000
Mortgage loans, carried at fair value	3,263,000,000	7,957,000,000
Time deposits	100,000	100,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, share-authorized (actual number of shares)	4,000,000,000	4,000,000,000
Common stock, shares issued (actual number of shares)	2,125,725,742	2,125,725,742
Treasury stock, shares (actual number of shares)	300,977,274	256,294,227
Held-to-maturity Securities [Member]
Securities, pledged as collateral	994,000,000	1,482,000,000
Available-for-Sale Securities [Member]
Securities, pledged as collateral	1,106,000,000	2,042,000,000
Trading Securities [Member]
Securities, pledged as collateral	$ 111,000,000	$ 47,000,000

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Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 10   Intangible Assets

Intangible assets consisted of the following:

	Estimated		Amortization			Balance
At December 31 (Dollars in Millions)	Life (a)		Method (b)			2013		2012
Goodwill				(c	)	$	9,205	$	9,143
Merchant processing contracts		10 years/8 years		SL/AC			229		281
Core deposit benefits		22 years/5 years		SL/AC			135		176
Mortgage servicing rights				(c	)		2,680		1,700
Trust relationships		14 years/6 years		SL/AC			122		149
Other identified intangibles		9 years/5 years		SL/AC			363		400
Total						$	12,734	$	11,849

(a) Estimated life represents the amortization period for assets subject to the straight line method and the weighted average or life of the underlying cash flows amortization period for intangibles subject to accelerated methods. If more than one amortization method is used for a category, the estimated life for each method is calculated and reported separately.

(b) Amortization methods:	SL = straight line method
	AC= accelerated methods generally based on cash flows

(c) Goodwill is evaluated for impairment, but not amortized. Mortgage servicing rights are recorded at fair value, and are not amortized.

Aggregate amortization expense consisted of the following:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Merchant processing contracts	$	64	$	74	$	90
Core deposit benefits		41		60		81
Trust relationships		34		39		35
Other identified intangibles		84		101		93
Total	$	223	$	274	$	299

The estimated amortization expense for the next five years is as follows:

(Dollars in Millions)
2014	$	184
2015		148
2016		119
2017		98
2018		78

The following table reflects the changes in the carrying value of goodwill for the years ended December 31, 2013, 2012 and 2011:

(Dollars in Millions)	Wholesale Banking and Commercial Real Estate		Consumer and Small Business Banking			Wealth Management and Securities Services		Payment Services			Treasury and Corporate Support		Consolidated Company
Balance at December 31, 2010	$	1,605	$	3,535		$	1,463	$	2,351		$	–	$	8,954
Other (a)		–		(21	)		–		(6	)		–		(27	)
Balance at December 31, 2011	$	1,605	$	3,514		$	1,463	$	2,345		$	–	$	8,927
Goodwill acquired		–		–			65		143			–		208
Other (a)		–		–			–		8			–		8
Balance at December 31, 2012	$	1,605	$	3,514		$	1,528	$	2,496		$	–	$	9,143
Goodwill acquired		–		–			37		20			–		57
Other (a)		–		–			–		5			–		5
Balance at December 31, 2013	$	1,605	$	3,514		$	1,565	$	2,521		$	–	$	9,205

(a) Other changes in goodwill include a reclassification from goodwill to covered loans related to an FDIC-assisted acquisition for Consumer and Small Business Banking and the effect of foreign exchange translation for Payment Services.

XML

Short-Term Borrowings - Summary of Short-Term Borrowings (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Short-term Debt [Line Items]
Short-term borrowings	$ 27,608	$ 26,302	$ 30,468
Short-term borrowings, interest rate, at year end	0.52%	0.57%	0.89%
Short-term borrowings, average for the year	27,683	28,549	30,703
Short-term borrowings, interest rate, average for the year	1.29%	1.57%	1.75%
Federal funds purchased [Member]
Short-term Debt [Line Items]
Short-term borrowings	594	950	1,036
Short-term borrowings, interest rate, at year end	0.11%	0.11%	0.11%
Short-term borrowings, average for the year	1,879	1,338	968
Short-term borrowings, interest rate, average for the year	9.72%	15.32%	22.61%
Short-term borrowings maximum month end balance	3,569	2,467	1,172
Securities sold under agreements to repurchase [Member]
Short-term Debt [Line Items]
Short-term borrowings	2,057	3,388	6,986
Short-term borrowings, interest rate, at year end	5.34%	3.26%	3.35%
Short-term borrowings, average for the year	2,403	4,942	7,483
Short-term borrowings, interest rate, average for the year	4.65%	3.52%	3.22%
Short-term borrowings maximum month end balance	3,121	5,922	9,071
Commercial paper [Member]
Short-term Debt [Line Items]
Short-term borrowings	19,400	16,202	15,973
Short-term borrowings, interest rate, at year end	0.11%	0.12%	0.12%
Short-term borrowings, average for the year	17,467	15,806	15,204
Short-term borrowings, interest rate, average for the year	0.12%	0.14%	0.15%
Short-term borrowings maximum month end balance	19,400	17,385	16,768
Other short term borrowings [Member]
Short-term Debt [Line Items]
Short-term borrowings	5,557	5,762	6,473
Short-term borrowings, interest rate, at year end	0.19%	0.29%	0.26%
Short-term borrowings, average for the year	5,934	6,463	7,048
Short-term borrowings, interest rate, average for the year	0.72%	0.72%	0.77%
Short-term borrowings maximum month end balance	$ 6,301	$ 7,443	$ 7,514

XML

Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Variable Interest Entity [Line Items]
Realized federal and state income tax credits on investments	$ 1,500,000,000	$ 883,000,000	$ 756,000,000
Tax advantaged investment costs included in tax expense	604,000,000	482,000,000	278,000,000
Tax advantaged investment costs recognized in income statement	1,200,000,000	1,000,000,000	806,000,000
Decrease in other asset as a result of deconsolidation of VIE'S	4,600,000,000
Decrease in long-term debt as a result of deconsolidation of VIE'S	4,600,000,000
Company's investment in unconsolidated VIEs	957,000,000
Aggregate amount of investments in unconsolidated VIEs	2,600,000,000	1,900,000,000
Unfunded capital commitments related to unconsolidated VIEs	1,700,000,000	1,300,000,000
Company's maximum exposure to unconsolidated VIEs, including any tax implications	7,400,000,000	5,200,000,000
Minimum [Member]
Variable Interest Entity [Line Items]
Aggregate amount of investments in unconsolidated VIEs	1,000,000	1,000,000
Maximum [Member]
Variable Interest Entity [Line Items]
Aggregate amount of investments in unconsolidated VIEs	37,000,000	58,000,000
Tender Option Bond Program [Member]
Variable Interest Entity [Line Items]
Assets related to consolidated VIEs	4,600,000,000	5,300,000,000
Liabilities related to consolidated VIEs	4,600,000,000	5,000,000,000
Community Development and Tax Advantaged Investments [Member]
Variable Interest Entity [Line Items]
Assets related to consolidated VIEs	2,500,000,000	7,100,000,000
Liabilities related to consolidated VIEs	1,800,000,000	5,200,000,000
Aggregate amount of investments in unconsolidated VIEs	2,500,000,000	1,800,000,000
Company's maximum exposure previously recorded tax credits	4,900,000,000	3,300,000,000
Conduit [Member]
Variable Interest Entity [Line Items]
Assets related to consolidated VIEs	$ 116,000,000	$ 144,000,000

XML

Leases - Components of Net Investment in Sales-Type and Direct Financing Leases (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Capital Leases Net Investment In Direct Financing And Sales Type Leases [Abstract]
Accumulated Allowance for uncollectible minimum lease payments	$ 68	$ 80

XML

Employee Benefits - Pension Plans with Benefit Obligations in Excess of Plan Assets (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$ 3,853	$ 4,096
Fair value of plan assets	2,787	2,321
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	3,853	4,096
Accumulated benefit obligation	3,566	3,776
Fair value of plan assets	$ 2,787	$ 2,321

XML

Employee Benefits - Expected Future Benefit Payments (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
2014	$ 169
2015	177
2016	189
2017	200
2018	205
2019 - 2023	1,205
Postretirement Welfare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2014	15
2015	14
2016	13
2017	12
2018	11
2019 - 2023	44
Medicare Part D Subsidy [Member]
Defined Benefit Plan Disclosure [Line Items]
2014	2
2015	2
2016	2
2017	2
2018	2
2019 - 2023	$ 8

XML

Guarantees and Contingent Liabilities - Summary of Contract or Notional Amounts of Letters of Credit (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Standby letters of credit [Member]
Guarantees And Letters Of Credit [Line Items]
Contract or notional amount of letters of credit	$ 16,891
Commercial [Member]
Guarantees And Letters Of Credit [Line Items]
Contract or notional amount of letters of credit	295
Less Than One Year [Member] | Standby letters of credit [Member]
Guarantees And Letters Of Credit [Line Items]
Contract or notional amount of letters of credit	7,778
Less Than One Year [Member] | Commercial [Member]
Guarantees And Letters Of Credit [Line Items]
Contract or notional amount of letters of credit	252
Greater Than One Year [Member] | Standby letters of credit [Member]
Guarantees And Letters Of Credit [Line Items]
Contract or notional amount of letters of credit	9,113
Greater Than One Year [Member] | Commercial [Member]
Guarantees And Letters Of Credit [Line Items]
Contract or notional amount of letters of credit	$ 43

XML

Derivative Instruments - Asset and Liability Management Derivative Positions of Company (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Derivative [Line Items]
Fair Value, Assets	$ 1,349	$ 1,546
Fair Value, Liabilities	1,598	2,178
Asset and Liability Management Positions [Member]
Derivative [Line Items]
Notional Value, Assets	28,119	35,234
Fair Value, Assets	189	363
Notional Value, Liabilities	14,730	26,808
Fair Value, Liabilities	580	818
Asset and Liability Management Positions [Member] | Fair Value Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	500	500
Fair Value, Assets	22	30
Derivative Asset Average Remaining Maturity Period	2 years 1 month 2 days	3 years 1 month 2 days
Notional Value, Liabilities
Fair Value, Liabilities
Derivative Liability Average Remaining Maturity Period
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	7,000	7,000
Fair Value, Assets	26	45
Derivative Asset Average Remaining Maturity Period	10 months 2 days	1 year 10 months 2 days
Notional Value, Liabilities
Fair Value, Liabilities
Derivative Liability Average Remaining Maturity Period
Asset and Liability Management Positions [Member] | Cash Flow Hedges [Member] | Interest Rate Contracts [Member] | Pay Fixed/Receive Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets	772	32
Fair Value, Assets	26
Derivative Asset Average Remaining Maturity Period	6 years 3 months	9 years 10 months 17 days
Notional Value, Liabilities	4,288	4,528
Fair Value, Liabilities	498	718
Derivative Liability Average Remaining Maturity Period	2 years 5 months 16 days	3 years 9 months 15 days
Asset and Liability Management Positions [Member] | Net Investment Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative [Line Items]
Notional Value, Assets		758
Fair Value, Assets		1
Derivative Asset Average Remaining Maturity Period		26 days
Notional Value, Liabilities	1,056
Fair Value, Liabilities	4
Derivative Liability Average Remaining Maturity Period	15 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Receive Fixed/Pay Floating Swaps [Member]
Derivative [Line Items]
Notional Value, Assets		350
Fair Value, Assets		1
Derivative Asset Average Remaining Maturity Period		10 years 2 months 16 days
Notional Value, Liabilities	3,540	3,775
Fair Value, Liabilities	56	14
Derivative Liability Average Remaining Maturity Period	10 years 2 months 19 days	10 years 2 months 16 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Purchased [Member]
Derivative [Line Items]
Notional Value, Assets	2,310	11,164
Fair Value, Assets	9	138
Derivative Asset Average Remaining Maturity Period	26 days	26 days
Notional Value, Liabilities	1,025	2,921
Fair Value, Liabilities	7	13
Derivative Liability Average Remaining Maturity Period	22 days	15 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Futures and Forwards [Member] | Written [Member]
Derivative [Line Items]
Notional Value, Assets	5,234	6,299
Fair Value, Assets	58	18
Derivative Asset Average Remaining Maturity Period	29 days	1 month 10 days
Notional Value, Liabilities	346	12,223
Fair Value, Liabilities	4	57
Derivative Liability Average Remaining Maturity Period	2 months 1 day	1 month 2 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Purchased [Member]
Derivative [Line Items]
Notional Value, Assets	2,300	2,435
Fair Value, Assets
Derivative Asset Average Remaining Maturity Period	26 days	26 days
Notional Value, Liabilities
Fair Value, Liabilities
Derivative Liability Average Remaining Maturity Period
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Interest Rate Contracts [Member] | Options [Member] | Written [Member]
Derivative [Line Items]
Notional Value, Assets	1,902	4,991
Fair Value, Assets	17	123
Derivative Asset Average Remaining Maturity Period	26 days	1 month 13 days
Notional Value, Liabilities	2	4
Fair Value, Liabilities
Derivative Liability Average Remaining Maturity Period	29 days	22 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Foreign Exchange Forward Contracts [Member]
Derivative [Line Items]
Notional Value, Assets	6,813	618
Fair Value, Assets	24	4
Derivative Asset Average Remaining Maturity Period	7 days	11 days
Notional Value, Liabilities	2,121	1,383
Fair Value, Liabilities	4	6
Derivative Liability Average Remaining Maturity Period	7 days	4 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Equity Contracts [Member]
Derivative [Line Items]
Notional Value, Assets	79	31
Fair Value, Assets	3
Derivative Asset Average Remaining Maturity Period	1 year 7 months 13 days	2 years 9 months 18 days
Notional Value, Liabilities		27
Fair Value, Liabilities
Derivative Liability Average Remaining Maturity Period		2 years 5 months 16 days
Asset and Liability Management Positions [Member] | Other Economic Hedges [Member] | Credit Contracts [Member]
Derivative [Line Items]
Notional Value, Assets	1,209	1,056
Fair Value, Assets	4	3
Derivative Asset Average Remaining Maturity Period	4 years 15 days	4 years 6 months 22 days
Notional Value, Liabilities	2,352	1,947
Fair Value, Liabilities	$ 7	$ 10
Derivative Liability Average Remaining Maturity Period	3 years 29 days	3 years 1 month 10 days

XML

Employee Benefits - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Passive global equities [Member]	Dec. 31, 2012 Passive global equities [Member]	Dec. 31, 2013 Active global equities [Member]	Dec. 31, 2012 Active global equities [Member]	Dec. 31, 2013 Mid Small Cap Equity Securities [Member]	Dec. 31, 2012 Mid Small Cap Equity Securities [Member]	Dec. 31, 2013 Emerging markets equities [Member]	Dec. 31, 2012 Emerging markets equities [Member]	Dec. 31, 2013 Real estate equity securities [Member]	Dec. 31, 2012 Real estate equity securities [Member]	Dec. 31, 2013 Debt Securities [Member]	Dec. 31, 2012 Debt Securities [Member]	Dec. 31, 2013 Hedge funds [Member]	Dec. 31, 2013 Private equity securities [Member]	Dec. 31, 2014 Non qualified pension plans [Member] Scenario, Forecast [Member]	Dec. 31, 2013 Qualified pension plans [Member]	Dec. 31, 2012 Qualified pension plans [Member]	Dec. 31, 2014 Qualified pension plans [Member] Scenario, Forecast [Member]	Dec. 31, 2013 Postretirement Welfare Plan [Member]	Dec. 31, 2012 Postretirement Welfare Plan [Member]	Dec. 31, 2014 Postretirement Welfare Plan [Member] Scenario, Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
Qualified employees maximum contribution to defined contribution savings plan allowed in percentage of annual compensation	75.00%
Company contribution to defined savings plan	4.00%
Company contribution, percentage company contribution matches of the employee's percentage contribution matched	100.00%
Employee retirement savings plan matching expenses	$ 118	$ 111	$ 103
Vesting service period for defined benefit pension plan	3 years
Company contributions to pension and postretirement welfare plan																		20	296	35	185	1	1	9
Decrease in Postretirement Welfare Plan Benefit Obligation Due To Plan Amendment																						(35)
Asset allocation for the company's qualified pension plan				35.00%	35.00%	8.00%	25.00%	7.00%	10.00%	5.00%	5.00%	5.00%	5.00%	30.00%	20.00%	5.00%	5.00%
Plan assets of the qualified pension plans that have asset management arrangements with related parties	119	168
Cash collateral for borrowed securities		14
Obligation to return cash collateral		$ 20

XML

Document and Entity Information (USD $) In Billions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Jan. 31, 2014	Jun. 28, 2013
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Trading Symbol	USB
Entity Registrant Name	US BANCORP \DE\
Entity Central Index Key	0000036104
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		1,822,548,514
Entity Public Float			$ 66.7

XML

Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Effect on accumulated postretirement benefit obligation
One percent increase	$ 5	$ 5
One percent decrease	$ (4)	$ (5)
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.97%	4.07%
Rate of compensation increase	4.02%	4.08%
Postretirement Welfare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.93%	3.10%
Rate of compensation increase
Projected Benefit Obligation Assumptions [Member]
Health care cost trend rate for the next year
Health care cost trend rate assumed for next fiscal year	7.50%	8.00%

XML

Short-Term Borrowings (a)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Short-Term Borrowings (a)

 NOTE 11   Short-Term Borrowings (a)

The following table is a summary of short-term borrowings for the last three years:

	2013					2012					2011
(Dollars in Millions)	Amount		Rate			Amount		Rate			Amount		Rate
At year-end
Federal funds purchased	$	594		.11	%	$	950		.11	%	$	1,036		.11	%
Securities sold under agreements to repurchase		2,057		5.34			3,388		3.26			6,986		3.35
Commercial paper		19,400		.11			16,202		.12			15,973		.12
Other short-term borrowings		5,557		.19			5,762		.29			6,473		.26
Total	$	27,608		.52	%	$	26,302		.57	%	$	30,468		.89	%
Average for the year
Federal funds purchased (b)	$	1,879		9.72	%	$	1,338		15.32	%	$	968		22.61	%
Securities sold under agreements to repurchase		2,403		4.65			4,942		3.52			7,483		3.22
Commercial paper		17,467		.12			15,806		.14			15,204		.15
Other short-term borrowings		5,934		.72			6,463		.72			7,048		.77
Total (b)	$	27,683		1.29	%	$	28,549		1.57	%	$	30,703		1.75	%
Maximum month-end balance
Federal funds purchased	$	3,569				$	2,467				$	1,172
Securities sold under agreements to repurchase		3,121					5,922					9,071
Commercial paper		19,400					17,385					16,768
Other short-term borrowings		6,301					7,443					7,514

(a) Interest and rates are presented on a fully taxable-equivalent basis utilizing a tax rate of 35 percent.

(b) Average federal funds purchased and total short-term borrowings rates include amounts paid by the Company to certain corporate card customers for paying outstanding noninterest-bearing corporate card balances within certain timeframes per specific agreements. These activities reduce the Company’s short-term funding needs, and if they did not occur, the Company would use other funding alternatives, including the use of federal funds purchased. The amount of this compensation expense paid by the Company and included in federal funds purchased and total short-term borrowings rates for 2013, 2012 and 2011 was $181 million, $203 million and $218 million, respectively.

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Fair Values of Assets and Liabilities - Estimated Fair Values of Financial Instruments (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010
Financial Assets
Cash and due from banks	$ 8,477		$ 8,252		$ 13,962	$ 14,487
Investment securities held-to-maturity	38,920	[1]	34,389	[1]
Financial Liabilities
Deposits	262,123		249,183
Long-term debt	20,049		25,516
Carrying Amount [Member]
Financial Assets
Cash and due from banks	8,477		8,252
Federal funds sold and securities purchased under resale agreements	163		437
Investment securities held-to-maturity	38,920		34,389
Loans held for sale	5		19
Loans	230,857		218,765
Other financial instruments	2,422		7,367
Financial Liabilities
Deposits	262,123		249,183
Short-term borrowings	26,945		25,901
Long-term debt	20,049		25,516
Fair Value [Member]
Financial Assets
Cash and due from banks	8,477		8,252
Federal funds sold and securities purchased under resale agreements	163		437
Investment securities held-to-maturity	38,368		34,952
Loans held for sale	5		19
Loans	231,480		220,354
Other financial instruments	2,442		7,385
Financial Liabilities
Deposits	262,200		249,594
Short-term borrowings	26,863		25,917
Long-term debt	20,391		26,205
Fair Value [Member] | Level 1 [Member]
Financial Assets
Cash and due from banks	8,477		8,252
Federal funds sold and securities purchased under resale agreements
Investment securities held-to-maturity	2,589		2,984
Loans held for sale
Loans
Other financial instruments
Financial Liabilities
Deposits
Short-term borrowings
Long-term debt
Fair Value [Member] | Level 2 [Member]
Financial Assets
Cash and due from banks
Federal funds sold and securities purchased under resale agreements	163		437
Investment securities held-to-maturity	35,678		31,845
Loans held for sale
Loans
Other financial instruments	1,080		1,228
Financial Liabilities
Deposits	262,200		249,594
Short-term borrowings	26,863		25,917
Long-term debt	20,391		26,205
Fair Value [Member] | Level 3 [Member]
Financial Assets
Cash and due from banks
Federal funds sold and securities purchased under resale agreements
Investment securities held-to-maturity	101		123
Loans held for sale	5		19
Loans	231,480		220,354
Other financial instruments	1,362		6,157
Financial Liabilities
Deposits
Short-term borrowings
Long-term debt

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

XML

Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Deliquency Status (Parenthetical) (Detail) (Government National Mortgage Association [Member], USD $)	Dec. 31, 2013	Dec. 31, 2012
Government National Mortgage Association [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans 30-89 days past due purchased from Government National Mortgage Association mortgage pools whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current	$ 440,000,000	$ 441,000,000
Loans 90 days or more past due purchased from Government National Mortgage Association mortgage pools whose payments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current	$ 3,700,000,000	$ 3,200,000,000

XML

Leases - Components of Net Investment in Sales-Type and Direct Financing Leases (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Capital Leases Net Investment In Direct Financing And Sales Type Leases [Abstract]
Aggregate future minimum lease payments to be received	$ 11,074	$ 10,738
Unguaranteed residual values accruing to the lessor's benefit	783	890
Unearned income	(1,045)	(1,123)
Initial direct costs	189	175
Total net investment in sales-type and direct financing leases	$ 11,001	$ 10,680

XML

Consolidated Statement of Income (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest Income
Loans	$ 10,277	$ 10,558	$ 10,370
Loans held for sale	203	282	200
Investment securities	1,631	1,792	1,820
Other interest income	174	251	249
Total interest income	12,285	12,883	12,639
Interest Expense
Deposits	561	691	840
Short-term borrowings	353	442	531
Long-term debt	767	1,005	1,145
Total interest expense	1,681	2,138	2,516
Net interest income	10,604	10,745	10,123
Provision for credit losses	1,340	1,882	2,343
Net interest income after provision for credit losses	9,264	8,863	7,780
Noninterest Income
Credit and debit card revenue	965	892	1,073
Corporate payment products revenue	706	744	734
Merchant processing services	1,458	1,395	1,355
ATM processing services	327	346	452
Trust and investment management fees	1,139	1,055	1,000
Deposit service charges	670	653	659
Treasury management fees	538	541	551
Commercial products revenue	859	878	841
Mortgage banking revenue	1,356	1,937	986
Investment products fees	178	150	129
Securities gains (losses), net
Realized gains (losses), net	23	59	4
Total other-than-temporary impairment	(6)	(62)	(60)
Portion of other-than-temporary impairment recognized in other comprehensive income	(8)	(12)	25
Total securities gains (losses), net	9	(15)	(31)
Other	569	743	1,011
Total noninterest income	8,774	9,319	8,760
Noninterest Expense
Compensation	4,371	4,320	4,041
Employee benefits	1,140	945	845
Net occupancy and equipment	949	917	999
Professional services	381	530	383
Marketing and business development	357	388	369
Technology and communications	848	821	758
Postage, printing and supplies	310	304	303
Other intangibles	223	274	299
Other	1,695	1,957	1,914
Total noninterest expense	10,274	10,456	9,911
Income before income taxes	7,764	7,726	6,629
Applicable income taxes	2,032	2,236	1,841
Net income	5,732	5,490	4,788
Net (income) loss attributable to noncontrolling interests	104	157	84
Net income attributable to U.S. Bancorp	5,836	5,647	4,872
Net income applicable to U.S. Bancorp common shareholders	$ 5,552	$ 5,383	$ 4,721
Earnings per common share	$ 3.02	$ 2.85	$ 2.47
Diluted earnings per common share	$ 3.00	$ 2.84	$ 2.46
Dividends declared per common share	$ 0.885	$ 0.780	$ 0.500
Average common shares outstanding	1,839	1,887	1,914
Average diluted common shares outstanding	1,849	1,896	1,923

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Loans and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Loans and Allowance for Credit Losses

 NOTE 5   Loans and Allowance for Credit Losses

The composition of the loan portfolio at December 31, disaggregated by class and underlying specific portfolio type, was as follows:

(Dollars in Millions)	2013		2012
Commercial
Commercial	$	64,762	$	60,742
Lease financing		5,271		5,481
Total commercial		70,033		66,223
Commercial Real Estate
Commercial mortgages		32,183		31,005
Construction and development		7,702		5,948
Total commercial real estate		39,885		36,953
Residential Mortgages
Residential mortgages		37,545		32,648
Home equity loans, first liens		13,611		11,370
Total residential mortgages		51,156		44,018
Credit Card		18,021		17,115
Other Retail
Retail leasing		5,929		5,419
Home equity and second mortgages		15,442		16,726
Revolving credit		3,276		3,332
Installment		5,709		5,463
Automobile		13,743		12,593
Student		3,579		4,179
Total other retail		47,678		47,712
Total loans, excluding covered loans		226,773		212,021
Covered Loans		8,462		11,308
Total loans	$	235,235	$	223,329

The Company had loans of $77.2 billion at December 31, 2013, and $74.1 billion at December 31, 2012, pledged at the Federal Home Loan Bank (“FHLB”), and loans of $53.0 billion at December 31, 2013, and $48.6 billion at December 31, 2012, pledged at the Federal Reserve Bank.

The majority of the Company’s loans are to borrowers in the states in which it has Consumer and Small Business Banking offices. Collateral for commercial loans may include marketable securities, accounts receivable, inventory and equipment. For details of the Company’s commercial portfolio by industry group and geography as of December 31, 2013 and 2012, see Table 7 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

For detail of the Company’s commercial real estate portfolio by property type and geography as of December 31, 2013 and 2012, see Table 8 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements. Such loans are collateralized by the related property. The Company has an equity interest in a joint venture, that it accounts for under the equity method, whose principal activities are to lend to entities that develop land, and construct and sell residential homes. The Company provides a warehousing line to this joint venture. Warehousing advances to this joint venture are repaid when the sale of loans is completed or the real estate is permanently refinanced by others. At December 31, 2013 and 2012, the Company had $205 million and $486 million, respectively, of outstanding advances to this joint venture. These advances are included in commercial real estate loans.

Originated loans are reported at the principal amount outstanding, net of unearned interest and deferred fees and costs. Net unearned interest and deferred fees and costs amounted to $556 million at December 31, 2013, and $753 million at December 31, 2012. All purchased loans and related indemnification assets are recorded at fair value at the date of purchase. The Company evaluates purchased loans for impairment at the date of purchase in accordance with applicable authoritative accounting guidance. Purchased loans with evidence of credit deterioration since origination for which it is probable that all contractually required payments will not be collected are considered “purchased impaired loans.” All other purchased loans are considered “purchased nonimpaired loans.”

Changes in the accretable balance for purchased impaired loans for the years ended December 31, were as follows:

(Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	1,709		$	2,619		$	2,890
Purchases		–			13			100
Accretion		(499	)		(437	)		(451	)
Disposals		(172	)		(208	)		(67	)
Reclassifications from nonaccretable difference (a)		258			454			184
Other (b)		359			(732	)		(37	)
Balance at end of period	$	1,655		$	1,709		$	2,619

(a) Primarily relates to changes in expected credit performance.

(b) The amount for the year ended December 31, 2013, primarily represents the reclassification of unamortized decreases in the FDIC asset (which are now presented as a separate component within the covered assets table on page 101), partially offset by the impact of changes in expectations about retaining covered single-family loans beyond the term of the indemnification agreements. The amount for the year end December 31, 2012, primarily represents a change in the Company’s expectations regarding potential sale of modified covered loans at the end of the indemnification agreements which results in a reduction in the expected contractual interest payments included in the accretable balance for those loans that may be sold.

Allowance for Credit Losses The allowance for credit losses reserves for probable and estimable losses incurred in the Company’s loan and lease portfolio, including unfunded credit commitments, and includes certain amounts that do not represent loss exposure to the Company because those losses are recoverable under loss sharing agreements with the FDIC.

Activity in the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial			Commercial Real Estate			Residential Mortgages			Credit Card			Other Retail			Total Loans, Excluding Covered Loans			Covered Loans			Total Loans
Balance at December 31, 2010	$	1,104		$	1,291		$	820		$	1,395		$	807		$	5,417		$	114		$	5,531
Add
Provision for credit losses		312			361			596			431			628			2,328			15			2,343
Deduct
Loans charged off		516			543			502			922			733			3,216			13			3,229
Less recoveries of loans charged off		(110	)		(45	)		(13	)		(88	)		(129	)		(385	)		(1	)		(386	)
Net loans charged off		406			498			489			834			604			2,831			12			2,843
Other changes (a)		–			–			–			–			–			–			(17	)		(17	)
Balance at December 31, 2011	$	1,010		$	1,154		$	927		$	992		$	831		$	4,914		$	100		$	5,014
Add
Provision for credit losses		316			(131	)		446			571			558			1,760			122			1,882
Deduct
Loans charged off		378			242			461			769			666			2,516			11			2,527
Less recoveries of loans charged off		(103	)		(76	)		(23	)		(102	)		(125	)		(429	)		(1	)		(430	)
Net loans charged off		275			166			438			667			541			2,087			10			2,097
Other changes (a)		–			–			–			(33	)		–			(33	)		(33	)		(66	)
Balance at December 31, 2012	$	1,051		$	857		$	935		$	863		$	848		$	4,554		$	179		$	4,733
Add
Provision for credit losses		144			(114	)		212			677			351			1,270			70			1,340
Deduct
Loans charged off		246			92			297			739			523			1,897			37			1,934
Less recoveries of loans charged off		(126	)		(125	)		(25	)		(83	)		(105	)		(464	)		(5	)		(469	)
Net loans charged off		120			(33	)		272			656			418			1,433			32			1,465
Other changes (a)		–			–			–			–			–			–			(71	)		(71	)
Balance at December 31, 2013	$	1,075		$	776		$	875		$	884		$	781		$	4,391		$	146		$	4,537

(a) Includes net changes in credit losses to be reimbursed by the FDIC and for the year ended December 31, 2013, reductions in the allowance for covered loans where the reversal of a previously recorded allowance was offset by an associated decrease in the indemnification asset.

Additional detail of the allowance for credit losses by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans		Total Loans
Allowance Balance at December 31, 2013 Related to
Loans individually evaluated for impairment (a)	$	15	$	17	$	–	$	–	$	–	$	32	$	–	$	32
TDRs collectively evaluated for impairment		19		26		329		87		55		516		4		520
Other loans collectively evaluated for impairment		1,041		700		546		797		726		3,810		5		3,815
Loans acquired with deteriorated credit quality		–		33		–		–		–		33		137		170
Total allowance for credit losses	$	1,075	$	776	$	875	$	884	$	781	$	4,391	$	146	$	4,537
Allowance Balance at December 31, 2012 Related to
Loans individually evaluated for impairment (a)	$	10	$	30	$	–	$	–	$	–	$	40	$	–	$	40
TDRs collectively evaluated for impairment		28		29		446		153		97		753		1		754
Other loans collectively evaluated for impairment		1,013		791		489		710		751		3,754		17		3,771
Loans acquired with deteriorated credit quality		–		7		–		–		–		7		161		168
Total allowance for credit losses	$	1,051	$	857	$	935	$	863	$	848	$	4,554	$	179	$	4,733

(a) Represents the allowance for credit losses related to loans greater than $5 million classified as nonperforming or TDRs.

Additional detail of loan balances by portfolio class was as follows:

(Dollars in Millions)	Commercial		Commercial Real Estate		Residential Mortgages		Credit Card		Other Retail		Total Loans, Excluding Covered Loans		Covered Loans (b)		Total Loans
December 31, 2013
Loans individually evaluated for impairment (a)	$	197	$	237	$	–	$	–	$	–	$	434	$	62	$	496
TDRs collectively evaluated for impairment		155		358		5,064		310		269		6,156		87		6,243
Other loans collectively evaluated for impairment		69,680		39,128		46,090		17,711		47,409		220,018		4,539		224,557
Loans acquired with deteriorated credit quality		1		162		2		–		–		165		3,774		3,939
Total loans	$	70,033	$	39,885	$	51,156	$	18,021	$	47,678	$	226,773	$	8,462	$	235,235
December 31, 2012
Loans individually evaluated for impairment (a)	$	171	$	510	$	–	$	–	$	–	$	681	$	48	$	729
TDRs collectively evaluated for impairment		185		391		4,199		442		313		5,530		145		5,675
Other loans collectively evaluated for impairment		65,863		35,952		39,813		16,673		47,399		205,700		5,814		211,514
Loans acquired with deteriorated credit quality		4		100		6		–		–		110		5,301		5,411
Total loans	$	66,223	$	36,953	$	44,018	$	17,115	$	47,712	$	212,021	$	11,308	$	223,329

(a) Represents loans greater than $5 million classified as nonperforming or TDRs.

(b) Includes expected reimbursements from the FDIC under loss sharing agreements.

Credit Quality The quality of the Company’s loan portfolios is assessed as a function of net credit losses, levels of nonperforming assets and delinquencies, and credit quality ratings as defined by the Company. These credit quality ratings are an important part of the Company’s overall credit risk management process and evaluation of its allowance for credit losses.

The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:

	Accruing
(Dollars in Millions)	Current		30-89 Days Past Due		90 Days or More Past Due		Nonperforming		Total
December 31, 2013
Commercial	$	69,587	$	257	$	55	$	134	$	70,033
Commercial real estate		39,459		94		29		303		39,885
Residential mortgages (a)		49,695		358		333		770		51,156
Credit card		17,507		226		210		78		18,021
Other retail		47,156		245		86		191		47,678
Total loans, excluding covered loans		223,404		1,180		713		1,476		226,773
Covered loans		7,693		166		476		127		8,462
Total loans	$	231,097	$	1,346	$	1,189	$	1,603	$	235,235
December 31, 2012
Commercial	$	65,701	$	341	$	58	$	123	$	66,223
Commercial real estate		36,241		158		8		546		36,953
Residential mortgages (a)		42,728		348		281		661		44,018
Credit card		16,525		227		217		146		17,115
Other retail		47,109		290		96		217		47,712
Total loans, excluding covered loans		208,304		1,364		660		1,693		212,021
Covered loans		9,900		359		663		386		11,308
Total loans	$	218,204	$	1,723	$	1,323	$	2,079	$	223,329

(a) At December 31, 2013, $440 million of loans 30–89 days past due and $3.7 billion of loans 90 days or more past due purchased from Government National Mortgage Association (“GNMA”) mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified as current, compared with $441 million and $3.2 billion at December 31, 2012, respectively.

Total nonperforming assets include nonaccrual loans, restructured loans not performing in accordance with modified terms, other real estate and other nonperforming assets owned by the Company. For details of the Company’s nonperforming assets as of December 31, 2013 and 2012, see Table 16 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:

			Criticized
(Dollars in Millions)	Pass		Special Mention		Classified (a)		Total Criticized		Total
December 31, 2013
Commercial	$	68,075	$	1,013	$	945	$	1,958	$	70,033
Commercial real estate		38,113		616		1,156		1,772		39,885
Residential mortgages (b)		50,152		5		999		1,004		51,156
Credit card		17,733		–		288		288		18,021
Other retail		47,313		27		338		365		47,678
Total loans, excluding covered loans		221,386		1,661		3,726		5,387		226,773
Covered loans		8,160		18		284		302		8,462
Total loans	$	229,546	$	1,679	$	4,010	$	5,689	$	235,235
Total outstanding commitments	$	470,046	$	2,939	$	4,812	$	7,751	$	477,797
December 31, 2012
Commercial	$	63,906	$	1,114	$	1,203	$	2,317	$	66,223
Commercial real estate		34,096		621		2,236		2,857		36,953
Residential mortgages (b)		42,897		18		1,103		1,121		44,018
Credit card		16,752		–		363		363		17,115
Other retail		47,294		36		382		418		47,712
Total loans, excluding covered loans		204,945		1,789		5,287		7,076		212,021
Covered loans		10,786		61		461		522		11,308
Total loans	$	215,731	$	1,850	$	5,748	$	7,598	$	223,329
Total outstanding commitments	$	442,047	$	3,231	$	6,563	$	9,794	$	451,841

(a) Classified rating on consumer loans primarily based on delinquency status.

(b) At December 31, 2013, $3.7 billion of GNMA loans 90 days or more past due and $2.6 billion of restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs were classified with a pass rating, compared with $3.2 billion and $2.4 billion at December 31, 2012, respectively.

For all loan classes, a loan is considered to be impaired when, based on current events or information, it is probable the Company will be unable to collect all amounts due per the contractual terms of the loan agreement. A summary of impaired loans, which include all nonaccrual and TDR loans, by portfolio class was as follows:

(Dollars in Millions)	Period-end Recorded Investment (a)		Unpaid Principal Balance		Valuation Allowance		Commitments to Lend Additional Funds
December 31, 2013
Commercial	$	382	$	804	$	36	$	54
Commercial real estate		693		1,322		51		40
Residential mortgages		2,767		3,492		308		–
Credit card		310		310		87		–
Other retail		391		593		59		14
Total impaired loans, excluding GNMA and covered loans		4,543		6,521		541		108
Loans purchased from GNMA mortgage pools		2,607		2,607		28		–
Covered loans		452		1,008		30		4
Total	$	7,602	$	10,136	$	599	$	112
December 31, 2012
Commercial	$	404	$	1,200	$	40	$	39
Commercial real estate		1,077		2,251		70		4
Residential mortgages		2,748		3,341		415		–
Credit card		442		442		153		–
Other retail		443		486		101		3
Total impaired loans, excluding GNMA and covered loans		5,114		7,720		779		46
Loans purchased from GNMA mortgage pools		1,778		1,778		39		–
Covered loans		767		1,584		20		12
Total	$	7,659	$	11,082	$	838	$	58

(a) Substantially all loans classified as impaired at December 31, 2013 and 2012, had an associated allowance for credit losses. The total amount of interest income recognized during 2013 on loans classified as impaired at December 31, 2013, excluding those acquired with deteriorated credit quality, was $233 million, compared to what would have been recognized at the original contractual terms of the loans of $399 million.

Additional information on impaired loans for the years ended December 31 follows:

(Dollars in Millions)	Average Recorded Investment		Interest Income Recognized
2013
Commercial	$	382	$	29
Commercial real estate		889		39
Residential mortgages		2,749		134
Credit card		366		16
Other retail		424		24
Total impaired loans, excluding GNMA and covered loans		4,810		242
Loans purchased from GNMA mortgage pools		1,967		100
Covered loans		561		27
Total	$	7,338	$	369
2012
Commercial	$	470	$	18
Commercial real estate		1,314		43
Residential mortgages		2,717		130
Credit card		510		28
Other retail		301		19
Total impaired loans, excluding GNMA and covered loans		5,312		238
Loans purchased from GNMA mortgage pools		1,448		73
Covered loans		980		29
Total	$	7,740	$	340
2011
Commercial	$	534	$	12
Commercial real estate		1,537		18
Residential mortgages		2,557		100
Credit card		485		15
Other retail		164		5
Total impaired loans, excluding GNMA and covered loans		5,277		150
Loans purchased from GNMA mortgage pools		710		25
Covered loans		780		11
Total	$	6,767	$	186

Troubled Debt Restructurings In certain circumstances, the Company may modify the terms of a loan to maximize the collection of amounts due when a borrower is experiencing financial difficulties or is expected to experience difficulties in the near-term. The following table provides a summary of loans modified as TDRs for the years ended December 31, by portfolio class:

(Dollars in Millions)	Number of Loans		Pre-Modification Outstanding Loan Balance		Post-Modification Outstanding Loan Balance
2013
Commercial		2,429	$	166	$	155
Commercial real estate		165		205		198
Residential mortgages		2,179		309		304
Credit card		26,669		160		161
Other retail		4,290		103		102
Total loans, excluding GNMA and covered loans		35,732		943		920
Loans purchased from GNMA mortgage pools		8,878		1,121		1,066
Covered loans		123		94		72
Total loans		44,733	$	2,158	$	2,058
2012
Commercial		4,843	$	307	$	272
Commercial real estate		312		493		461
Residential mortgages		4,616		638		623
Credit card		49,320		241		255
Other retail		10,461		279		275
Total loans, excluding GNMA and covered loans		69,552		1,958		1,886
Loans purchased from GNMA mortgage pools		9,518		1,280		1,245
Covered loans		192		277		263
Total loans		79,262	$	3,515	$	3,394
2011
Commercial		5,285	$	456	$	427
Commercial real estate		506		1,078		1,060
Residential mortgages		3,611		708		704
Credit card		55,951		322		321
Other retail		4,028		73		72
Total loans, excluding GNMA and covered loans		69,381		2,637		2,584
Loans purchased from GNMA mortgage pools		9,569		1,277		1,356
Covered loans		283		604		575
Total loans		79,233	$	4,518	$	4,515

Residential mortgages, home equity and second mortgages, and loans purchased from Government National Mortgage Association (“GNMA”) mortgage pools in the table above include trial period arrangements offered to customers during the periods presented. The post-modification balances for these loans reflect the current outstanding balance until a permanent modification is made. In addition, the post-modification balances typically include capitalization of unpaid accrued interest and/or fees under the various modification programs. For those loans modified as TDRs during the fourth quarter of 2013, at December 31, 2013, 416 residential mortgages, 10 home equity and second mortgage loans and 2,536 loans purchased from GNMA mortgage pools with outstanding balances of $58 million, $1 million and $328 million, respectively, were in a trial period and have estimated post-modification balances of $47 million, $1 million and $307 million, respectively, assuming permanent modification occurs at the end of the trial period.

The following table provides a summary of TDR loans that defaulted (fully or partially charged-off or became 90 days or more past due) for the years ended December 31, that were modified as TDRs within 12 months previous to default:

(Dollars in Millions)	Number of Loans		Amount Defaulted
2013
Commercial		642	$	46
Commercial real estate		87		102
Residential mortgages		1,099		163
Credit card		6,640		37
Other retail		1,841		80
Total loans, excluding GNMA and covered loans		10,309		428
Loans purchased from GNMA mortgage pools		4,972		640
Covered loans		63		49
Total loans		15,344	$	1,117
2012
Commercial		859	$	48
Commercial real estate		111		232
Residential mortgages		1,073		146
Credit card		9,774		54
Other retail		1,818		56
Total loans, excluding GNMA and covered loans		13,635		536
Loans purchased from GNMA mortgage pools		1,245		177
Covered loans		68		97
Total loans		14,948	$	810
2011
Commercial		665	$	26
Commercial real estate		64		67
Residential mortgages		623		127
Credit card		7,108		36
Other retail		557		13
Total loans, excluding GNMA and covered loans		9,017		269
Loans purchased from GNMA mortgage pools		857		124
Covered loans		11		26
Total loans		9,885	$	419

In addition to the defaults in the table above, for the year ended December 31, 2013, the Company had a total of 591 residential mortgage loans, home equity and second mortgage loans and loans purchased from GNMA mortgage pools with aggregate outstanding balances of $78 million where borrowers did not successfully complete the trial period arrangement and therefore are no longer eligible for a permanent modification under the applicable modification program.

Covered Assets Covered assets represent loans and other assets acquired from the FDIC, subject to loss sharing agreements, and include expected reimbursements from the FDIC. The carrying amount of the covered assets at December 31, consisted of purchased impaired loans, purchased nonimpaired loans and other assets as shown in the following table:

	2013								2012
(Dollars in Millions)	Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total		Purchased Impaired Loans		Purchased Nonimpaired Loans		Other Assets		Total
Commercial loans	$	–	$	32	$	–	$	32	$	–	$	143	$	–	$	143
Commercial real estate loans		738		1,494		–		2,232		1,323		2,695		–		4,018
Residential mortgage loans		3,037		890		–		3,927		3,978		1,109		–		5,087
Credit card loans		–		5		–		5		–		5		–		5
Other retail loans		–		666		–		666		–		775		–		775
Losses reimbursable by the FDIC (a)		–		–		798		798		–		–		1,280		1,280
Unamortized changes in FDIC asset (b)		–		–		802		802		–		–		–		–
Covered loans		3,775		3,087		1,600		8,462		5,301		4,727		1,280		11,308
Foreclosed real estate		–		–		97		97		–		–		197		197
Total covered assets	$	3,775	$	3,087	$	1,697	$	8,559	$	5,301	$	4,727	$	1,477	$	11,505

(a) Relates to loss sharing agreements with remaining terms up to six years.

(b) Represents decreases in expected reimbursements by the FDIC as a result of decreases in expected losses on the covered loans. These amounts are amortized as a reduction in interest income on covered loans over the shorter of the expected life of the respective covered loans or the remaining contractual term of the indemnification agreements. These amounts were presented within the separate loan categories prior to January 1, 2013.

At December 31, 2013, $5 million of the purchased impaired loans included in covered loans were classified as nonperforming assets, compared with $82 million at December 31, 2012, because the expected cash flows are primarily based on the liquidation of underlying collateral and the timing and amount of the cash flows could not be reasonably estimated. Interest income is recognized on other purchased impaired loans through accretion of the difference between the carrying amount of those loans and their expected cash flows. The initial determination of the fair value of the purchased loans includes the impact of expected credit losses and, therefore, no allowance for credit losses is recorded at the purchase date. To the extent credit deterioration occurs after the date of acquisition, the Company records an allowance for credit losses.

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Investment Securities

12 Months Ended

Dec. 31, 2013

Investments Debt And Equity Securities [Abstract]

Investment Securities

  NOTE 4   Investment Securities

The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows:

	2013												2012
					Unrealized Losses												Unrealized Losses
(Dollars in Millions)	Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value		Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value
Held-to-maturity (a)
U.S. Treasury and agencies	$	3,114	$	5	$	–		$	(79	)	$	3,040	$	3,154	$	27	$	–		$	–		$	3,181
Mortgage-backed securities
Residential
Agency		35,671		187		–			(665	)		35,193		31,064		545		–			(6	)		31,603
Non-agency non-prime (d)		1		–		–			–			1		1		–		–			–			1
Commercial non-agency		–		–		–			–			–		2		–		–			–			2
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		9		–			–			9		7		15		–			–			22
Other		16		4		(1	)		(1	)		18		19		2		(3	)		(1	)		17
Obligations of state and political subdivisions		12		–		–			–			12		20		1		–			–			21
Obligations of foreign governments		7		–		–			–			7		7		–		–			–			7
Other debt securities		99		–		–			(11	)		88		115		–		–			(17	)		98
Total held-to-maturity	$	38,920	$	205	$	(1	)	$	(756	)	$	38,368	$	34,389	$	590	$	(3	)	$	(24	)	$	34,952
Available-for-sale (b)
U.S. Treasury and agencies	$	1,108	$	4	$	–		$	(67	)	$	1,045	$	1,211	$	16	$	–		$	(1	)	$	1,226
Mortgage-backed securities
Residential
Agency		31,633		449		–			(529	)		31,553		28,754		746		–			(5	)		29,495
Non-agency
Prime (c)		486		4		(8	)		(4	)		478		641		3		(16	)		(4	)		624
Non-prime (d)		297		5		(5	)		–			297		372		4		(20	)		(1	)		355
Commercial agency		148		4		–			–			152		185		8		–			–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		20		4		–			–			24		32		10		–			–			42
Other		616		13		–			–			629		579		14		–			(1	)		592
Obligations of state and political subdivisions		5,673		116		–			(51	)		5,738		6,059		396		–			–			6,455
Obligations of foreign governments		6		–		–			–			6		6		–		–			–			6
Corporate debt securities		734		–		–			(94	)		640		814		2		–			(85	)		731
Perpetual preferred securities		205		24		–			(17	)		212		205		27		–			(14	)		218
Other investments		133		28		–			–			161		182		20		–			–			202
Total available-for-sale	$	41,059	$	651	$	(13	)	$	(762	)	$	40,935	$	39,040	$	1,246	$	(36	)	$	(111	)	$	40,139

(a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment.

(b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.

(c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds.

(d) Includes all securities not meeting the conditions to be designated as prime.

(e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.

(f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.

The weighted-average maturity of the available-for-sale investment securities was 6.0 years at December 31, 2013, compared with 4.1 years at December 31, 2012. The corresponding weighted-average yields were 2.64 percent and 2.93 percent, respectively. The weighted-average maturity of the held-to-maturity investment securities was 4.5 years at December 31, 2013, and 3.3 years at December 31, 2012. The corresponding weighted-average yields were 2.00 percent and 1.94 percent, respectively.

For amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale investment securities outstanding at December 31, 2013, refer to Table 13 included in Management’s Discussion and Analysis which is incorporated by reference into these Notes to Consolidated Financial Statements.

Investment securities with a fair value of $17.3 billion at December 31, 2013, and $20.1 billion at December 31, 2012, were pledged to secure public, private and trust deposits, repurchase agreements and for other purposes required by contractual obligation or law. Included in these amounts were securities where the Company and certain counterparties have agreements granting the counterparties the right to sell or pledge the securities. Investment securities delivered under these types of arrangements had a fair value of $2.1 billion at December 31, 2013, and $3.5 billion at December 31, 2012.

The following table provides information about the amount of interest income from taxable and non-taxable investment securities:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Taxable	$	1,375	$	1,515	$	1,517
Non-taxable		256		277		303
Total interest income from investment securities	$	1,631	$	1,792	$	1,820

The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:

Year Ended December 31 (Dollars in Millions)	2013		2012			2011
Realized gains	$	23	$	158		$	11
Realized losses		–		(99	)		(7	)
Net realized gains (losses)	$	23	$	59		$	4
Income tax (benefit) on net realized gains (losses)	$	9	$	23		$	2

The Company conducts a regular assessment of its investment securities with unrealized losses to determine whether investment securities are other-than-temporarily impaired considering, among other factors, the nature of the investment securities, credit ratings or financial condition of the issuer, the extent and duration of the unrealized loss, expected cash flows of underlying collateral, the existence of any government or agency guarantees, market conditions and whether the Company intends to sell or it is more likely than not the Company will be required to sell the investment securities.

The following table summarizes other-than-temporary impairment by investment category:

	2013								2012									2011
Year Ended December 31 (Dollars in Millions)	Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)	$	(6	)	$	2	$	(4	)	$	(12	)	$	(9	)	$	(21	)	$	(3	)	$	(5	)	$	(8	)
Non-prime (b)		(8	)		6		(2	)		(33	)		21			(12	)		(24	)		(23	)		(47	)
Commercial non-agency		–			–		–			(1	)		(1	)		(2	)		–			–			–
Other asset-backed securities		–			–		–			(1	)		1			–			(4	)		3			(1	)
Obligations of state and political subdivisions		–			–		–			–			–			–			(4	)		–			(4	)
Perpetual preferred securities		–			–		–			(27	)		–			(27	)		–			–			–
Total available-for-sale	$	(14	)	$	8	$	(6	)	$	(74	)	$	12		$	(62	)	$	(35	)	$	(25	)	$	(60	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

The Company determined the other-than-temporary impairment recorded in earnings for debt securities not intended to be sold by estimating the future cash flows of each individual investment security, using market information where available, and discounting the cash flows at the original effective rate of the investment security. Other-than-temporary impairment recorded in other comprehensive income (loss) was measured as the difference between that discounted amount and the fair value of each investment security. For perpetual preferred securities determined to be other-than-temporarily impaired, the Company recorded a loss in earnings for the entire difference between the securities’ fair value and their amortized cost.

The following table includes the ranges for significant assumptions used for those available-for-sale non-agency mortgage-backed securities determined to be other-than-temporarily impaired:

	Prime (a)									Non-Prime (b)
	Minimum			Maximum			Average			Minimum			Maximum			Average
December 31, 2013
Estimated lifetime prepayment rates		7	%		18	%		15	%		4	%		9	%		5	%
Lifetime probability of default rates		3			7			5			7			12			9
Lifetime loss severity rates		30			50			48			50			65			58
December 31, 2012
Estimated lifetime prepayment rates		6	%		22	%		14	%		3	%		10	%		6	%
Lifetime probability of default rates		3			6			4			3			10			7
Lifetime loss severity rates		40			50			47			45			65			56

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Changes in the credit losses on debt securities (excluding perpetual preferred securities) are summarized as follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	134		$	298		$	358
Additions to Credit Losses Due to Other-than-temporary Impairments
Credit losses on securities not previously considered other-than-temporarily impaired		–			6			7
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized		14			41			28
Total other-than-temporary impairment on debt securities		14			47			35
Other Changes in Credit Losses
Increases in expected cash flows		(2	)		(15	)		(21	)
Realized losses (a)		(23	)		(39	)		(73	)
Credit losses on security sales and securities expected to be sold		(7	)		(157	)		(1	)
Balance at end of period	$	116		$	134		$	298

(a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents.

At December 31, 2013, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2013:

	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Held-to-maturity
U.S. Treasury and agencies	$	1,085	$	(79	)	$	–	$	–		$	1,085	$	(79	)
Mortgage-backed securities
Residential agency		23,922		(647	)		373		(18	)		24,295		(665	)
Other asset-backed securities		–		–			10		(2	)		10		(2	)
Obligations of state and political subdivisions		3		–			–		–			3		–
Other debt securities		–		–			12		(11	)		12		(11	)
Total held-to-maturity	$	25,010	$	(726	)	$	395	$	(31	)	$	25,405	$	(757	)
Available-for-sale
U.S. Treasury and agencies	$	849	$	(59	)	$	93	$	(8	)	$	942	$	(67	)
Mortgage-backed securities
Residential
Agency		14,015		(484	)		1,056		(45	)		15,071		(529	)
Non-agency (a)
Prime (b)		65		(1	)		182		(11	)		247		(12	)
Non-prime (c)		74		(1	)		57		(4	)		131		(5	)
Other asset-backed securities		23		–			3		–			26		–
Obligations of state and political subdivisions		1,479		(51	)		10		–			1,489		(51	)
Corporate debt securities		223		(5	)		418		(89	)		641		(94	)
Perpetual preferred securities		–		–			116		(17	)		116		(17	)
Total available-for-sale	$	16,728	$	(601	)	$	1,935	$	(174	)	$	18,663	$	(775	)

(a) The Company has $17 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if economic conditions worsen. Additionally, deterioration in home prices may increase the severity of projected losses.

(b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(c) Includes all securities not meeting the conditions to be designated as prime.

The Company does not consider these unrealized losses to be credit-related. These unrealized losses primarily relate to changes in interest rates and market spreads subsequent to purchase. A substantial portion of investment securities that have unrealized losses are either corporate debt issued with high investment grade credit ratings or agency mortgage-backed securities. In general, the issuers of the investment securities are contractually prohibited from prepayment at less than par, and the Company did not pay significant purchase premiums for these investment securities. At December 31, 2013, the Company had no plans to sell investment securities with unrealized losses, and believes it is more likely than not it would not be required to sell such investment securities before recovery of their amortized cost.

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Income Taxes - Significant Components of Company's Net Deferred Tax Asset (Liability) (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred Tax Assets
Allowance for credit losses	$ 1,722	$ 1,756
Accrued expenses	485	476
Pension and postretirement benefits	277	523
Securities available-for-sale and financial instruments	172
Stock compensation	165	183
Federal, state and foreign net operating loss carryforwards	72	60
Partnerships and other investment assets	646	395
Other deferred tax assets, net	179	180
Gross deferred tax assets	3,718	3,573
Deferred Tax Liabilities
Leasing activities	(2,872)	(2,792)
Mortgage servicing rights	(835)	(490)
Goodwill and other intangible assets	(666)	(565)
Loans	(211)	(168)
Fixed assets	(147)	(201)
Securities available-for-sale and financial instruments		(232)
Other deferred tax liabilities, net	(210)	(361)
Gross deferred tax liabilities	(4,941)	(4,809)
Valuation allowance	(82)	(84)
Net Deferred Tax Asset (Liability)	$ (1,305)	$ (1,320)

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Employee Benefits

12 Months Ended

Dec. 31, 2013

Compensation And Retirement Disclosure [Abstract]

Employee Benefits

 NOTE 16   Employee Benefits

Employee Retirement Savings Plan The Company has a defined contribution retirement savings plan that covers substantially all its employees. Qualified employees are allowed to contribute up to 75 percent of their annual compensation, subject to Internal Revenue Service limits, through salary deductions under Section 401(k) of the Internal Revenue Code. Employee contributions are invested at their direction among a variety of investment alternatives. Employee contributions are 100 percent matched by the Company, up to four percent of an employee’s eligible annual compensation. The Company’s matching contribution vests immediately. Beginning with the 2013 matching contribution paid in January 2014, the matching contribution will be invested in the same manner as an employee’s future contribution elections. Previously, the matching contribution was initially invested in the Company’s common stock, and the employee was able to reinvest the matching contribution among various investment alternatives. Total expense for the Company’s matching contributions was $118 million, $111 million and $103 million in 2013, 2012 and 2011, respectively.

Pension Plans The Company has tax qualified noncontributory defined benefit pension plans that provide benefits to substantially all its employees. Participants receive annual cash balance pay credits based on eligible pay multiplied by a percentage determined by their age and years of service. Participants also receive an annual interest credit. Employees become vested upon completing three years of vesting service. For participants in the plan before 2010 that elected to stay under their existing formula, pension benefits are provided to eligible employees based on years of service, multiplied by a percentage of their final average pay. Additionally, as a result of plan mergers, a portion of pension benefits may also be provided using a cash balance benefit formula where only interest credits continue to be credited to participants’ accounts.

In general, the Company’s qualified pension plans’ funding objectives include maintaining a funded status sufficient to meet participant benefit obligations over time while reducing long-term funding requirements and pension costs. The Company has an established process for evaluating all of the plans, their performance and significant plan assumptions, including the assumed discount rate and the long-term rate of return (“LTROR”). Annually, the Company’s Compensation and Human Resources Committee (the “Committee”), assisted by outside consultants, evaluates plan objectives, funding policies and plan investment policies considering its long-term investment time horizon and asset allocation strategies. The process also evaluates significant plan assumptions. Although plan assumptions are established annually, the Company may update its analysis on an interim basis in order to be responsive to significant events that occur during the year, such as plan mergers and amendments.

The Company’s funding policy is to contribute amounts to its plans sufficient to meet the minimum funding requirements of the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act, plus such additional amounts as the Company determines to be appropriate. The Company made contributions of $296 million and $35 million to its main pension plan in 2013 and 2012, respectively, and anticipates making contributions of $185 million to its main pension plan in 2014. Any contributions made to the qualified plans are invested in accordance with established investment policies and asset allocation strategies.

In addition to the funded qualified pension plans, the Company maintains non-qualified plans that are unfunded and provide benefits to certain employees. The assumptions used in computing the accumulated benefit obligation, the projected benefit obligation and net pension expense are substantially consistent with those assumptions used for the funded qualified plans. In 2014, the Company expects to contribute $20 million to its non-qualified pension plans which equals the 2014 expected benefit payments.

Postretirement Welfare Plan In addition to providing pension benefits, the Company provides health care and death benefits to certain former employees who retired prior to January 1, 2014. Employees retiring after December 31, 2013 are not eligible for retiree health care benefits. This plan change decreased the plan’s benefit obligation by $35 million during 2013, which will be amortized as a reduction to plan expense over the remaining life of the plan participants. The Company expects to contribute $9 million to its postretirement welfare plan in 2014.

The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans:

	Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012
Change In Projected Benefit Obligation
Benefit obligation at beginning of measurement period	$	4,096		$	3,261		$	142		$	170
Service cost		168			129			3			5
Interest cost		170			168			4			7
Participants’ contributions		–			–			10			10
Plan amendments		–			–			(35	)		–
Actuarial loss (gain)		(388	)		681			(2	)		(26	)
Lump sum settlements		(34	)		(33	)		–			–
Benefit payments		(117	)		(110	)		(24	)		(26	)
Federal subsidy on benefits paid		–			–			2			2
Benefit obligation at end of measurement period (a)	$	3,895		$	4,096		$	100		$	142
Change In Fair Value Of Plan Assets
Fair value at beginning of measurement period	$	2,321		$	2,103		$	105		$	120
Actual return on plan assets		343			305			–			–
Employer contributions		318			56			1			1
Participants’ contributions		–			–			10			10
Lump sum settlements		(34	)		(33	)		–			–
Benefit payments		(117	)		(110	)		(24	)		(26	)
Fair value at end of measurement period	$	2,831		$	2,321		$	92		$	105
Funded (Unfunded) Status	$	(1,064	)	$	(1,775	)	$	(8	)	$	(37	)
Components Of The Consolidated Balance Sheet
Current benefit liability	$	(20	)	$	(23	)	$	–		$	–
Noncurrent benefit liability		(1,044	)		(1,752	)		(8	)		(37	)
Recognized amount	$	(1,064	)	$	(1,775	)	$	(8	)	$	(37	)
Accumulated Other Comprehensive Income (Loss), Pretax
Net actuarial gain (loss)	$	(1,333	)	$	(2,152	)	$	75		$	84
Net prior service credit (cost)		16			21			34			–
Recognized amount	$	(1,317	)	$	(2,131	)	$	109		$	84

(a) At December 31, 2013 and 2012, the accumulated benefit obligation for all pension plans was $3.6 billion and $3.8 billion, respectively.

The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31:

(Dollars in Millions)	2013		2012
Pension Plans with Projected Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	3,853	$	4,096
Fair value of plan assets		2,787		2,321
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
Projected benefit obligation	$	3,853	$	4,096
Accumulated benefit obligation		3,566		3,776
Fair value of plan assets		2,787		2,321

The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans:

	Pension Plans									Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Components Of Net Periodic Benefit Cost
Service cost	$	168		$	129		$	119		$	3		$	5		$	4
Interest cost		170			168			169			4			7			9
Expected return on plan assets		(176	)		(191	)		(207	)		(2	)		(2	)		(5	)
Prior service cost (credit) and transition obligation (asset) amortization		(5	)		(4	)		(9	)		(1	)		–			–
Actuarial loss (gain) amortization		264			161			125			(9	)		(7	)		(6	)
Net periodic benefit cost	$	421		$	263		$	197		$	(5	)	$	3		$	2
Other Changes In Plan Assets And Benefit Obligations
Recognized In Other Comprehensive Income (Loss)
Net actuarial gain (loss) arising during the year	$	555		$	(567	)	$	(474	)	$	–		$	24		$	10
Net actuarial loss (gain) amortized during the year		264			161			125			(9	)		(7	)		(6	)
Net prior service credit (cost) arising during the year		–			–			–			35			–			–
Net prior service cost (credit) and transition obligation (asset) amortized during the year		(5	)		(4	)		(9	)		(1	)		–			–
Total recognized in other comprehensive income (loss)	$	814		$	(410	)	$	(358	)	$	25		$	17		$	4
Total recognized in net periodic benefit cost and other comprehensive income (loss) (a)(b)	$	393		$	(673	)	$	(555	)	$	30		$	14		$	2

(a) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the pension plans that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2014 are $158 million and $(5) million, respectively.

(b) The pretax estimated actuarial loss (gain) and prior service cost (credit) for the postretirement welfare plan that will be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2014 are $(6) million and $(3) million, respectively.

The following table sets forth weighted average assumptions used to determine the projected benefit obligations at December 31:

	Pension Plans						Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2013			2012
Discount rate (a)		4.97	%		4.07	%		3.93	%		3.10	%
Rate of compensation increase (b)		4.02			4.08			*			*
Health care cost trend rate for the next year (c)								7.50	%		8.00	%
Effect on accumulated postretirement benefit obligation
One percent increase							$	5		$	5
One percent decrease								(4	)		(5	)

(a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plans, non-qualified pension plans and postretirement welfare plan of 14.6, 11.5, and 6.4 years, respectively, for 2013, and 15.9, 12.2 and 7.2 years, respectively, for 2012.

(b) Determined on an active liability weighted basis.

(c) The rate is assumed to decrease gradually to 5.0 percent by 2019 and remain at this level thereafter.

* Not applicable

The following table sets forth weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:

	Pension Plans									Postretirement Welfare Plan
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Discount rate (a)		4.07	%		5.07	%		5.66	%		3.10	%		4.30	%		4.90	%
Expected return on plan assets (b)		7.50			8.00			8.25			1.50			2.25			3.50
Rate of compensation increase (c)		4.08			4.05			4.02			*			*			*
Health care cost trend rate (d)
Prior to age 65											8.00	%		8.00	%		8.00	%
After age 65											8.00			12.00			14.00
Effect on total of service cost and interest cost
One percent increase										$	–		$	–		$	–
One percent decrease											–			–			–

(a) The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plans, non-qualified pension plans and postretirement welfare plan of 15.9, 12.2 and 7.2 years, respectively, for 2013, and 14.8, 11.4 and 7.7 years, respectively, for 2012.

(b) With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group LTROR information.

The Company determined its 2013 expected long-term rates of return reflecting current economic conditions and plan assets. The decrease in the pension plans’ LTROR is primarily due to an increase in the debt securities target asset allocation from 10 percent as of December 31, 2011, to 30 percent as of December 31, 2013.

(c) Determined on an active liability weighted basis.

(d) The pre-65 and post-65 rates are both assumed to decrease gradually to 5.00 percent by 2019 and remain at that level thereafter.

* Not applicable

Investment Policies and Asset Allocation In establishing its investment policies and asset allocation strategies, the Company considers expected returns and the volatility associated with different strategies. An independent consultant performs modeling that projects numerous outcomes using a broad range of possible scenarios, including a mix of possible rates of inflation and economic growth. Starting with current economic information, the model bases its projections on past relationships between inflation, fixed income rates and equity returns when these types of economic conditions have existed over the previous 30 years, both in the U.S. and in foreign countries. Estimated future returns and other actuarially determined adjustments are also considered in calculating the estimated return on assets.

Generally, based on historical performance of the various investment asset classes, investments in equities have outperformed other investment classes but are subject to higher volatility. In an effort to reduce volatility, while recognizing the long-term up-side potential of investing in equities, the Committee increased the target asset allocation to 30 percent debt securities for the Company’s qualified pension plans at December 31, 2013. The remaining target asset allocation at December 31, 2013 was 35 percent passively managed global equities, 8 percent actively managed global equities, 7 percent mid-small cap equities, 5 percent emerging markets equities, 5 percent real estate equities, 5 percent hedge funds and 5 percent private equity. The target asset allocation at December 31, 2012 was 35 percent passively managed global equities, 25 percent actively managed global equities, 10 percent mid-small cap equities, 5 percent emerging markets equities, 5 percent real estate equities, and 20 percent debt securities.

At December 31, 2013 and 2012, plan assets of the qualified pension plans included asset management arrangements with related parties totaling $119 million and $168 million, respectively.

Under a contractual agreement with U.S. Bancorp Asset Management, Inc., an affiliate of the Company, certain plan assets were lent to qualified borrowers on a short-term basis in exchange for investment fee income. These borrowers collateralized the loaned securities with either cash or non-cash securities. In 2013, the qualified pension plan discontinued its participation in the securities lending program. Cash collateral held at December 31, 2012 totaled $14 million, with an obligation to return the cash collateral of $20 million.

In accordance with authoritative accounting guidance, the Company groups plan assets into a three-level hierarchy for valuation techniques used to measure their fair value based on whether the valuation inputs are observable or unobservable. Refer to Note 21 for further discussion on these levels.

The assets of the qualified pension plans include investments in equity and U.S. Treasury securities whose fair values are determined based on quoted prices in active markets and are classified within Level 1 of the fair value hierarchy. The qualified pension plans also invest in collective investment and mutual funds whose fair values are determined using the net asset value provided by the administrator of the fund and are classified as Level 2. In addition, the qualified pension plans invest in debt securities and foreign currency transactions that are valued using third party pricing services and are classified as Level 2. In 2012, the qualified pension plan invested in a money market mutual fund with cash collateral from its securities lending arrangement, whose fair value was determined based on quoted prices in markets that are less active and was classified as Level 2. The qualified pension plans invest in hedge funds and private equity funds whose fair values are determined using the net asset value provided by the fund administrators. The Company’s ability to redeem at net asset value is currently restricted, and accordingly, the investments in hedge and private equity funds are classified as Level 3. Additionally, the qualified pension plans invest in limited partnership interests, and in debt securities whose fair values are determined by the Company by analyzing the limited partnerships’ audited financial statements and by averaging the prices obtained from independent pricing services, respectively. These securities are classified as Level 3.

The following table summarizes the plan investment assets measured at fair value at December 31:

Pension Plans

Postretirement Welfare Plan

2013

2012

2013

2012

(Dollars in Millions)

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Level 1

Level 1

Cash and cash equivalents

$

62

$

–

$

–

$

119

$

–

$

–

$

92

$

105

Debt securities

217

343

–

151

114

7

–

–

Corporate stock

Domestic equity securities

217

–

–

275

–

–

–

–

Mid-small cap equity securities (a)

148

–

–

173

–

–

–

–

International equity securities

229

–

–

285

–

–

–

–

Real estate equity securities (b)

137

–

–

132

–

–

–

–

Collective investment funds

Domestic equity securities

–

538

–

–

400

–

–

–

Mid-small cap equity securities (c)

–

58

–

–

59

–

–

–

Emerging markets equity securities

–

58

–

–

61

–

–

–

International equity securities

–

472

–

–

362

–

–

–

Mutual funds

Money market

–

–

–

–

7

–

–

–

Debt securities

–

177

–

–

129

–

–

–

Emerging markets equity securities

–

75

–

–

71

–

–

–

Hedge funds (d)

–

–

103

–

–

–

–

–

Other

–

(7

)

4

–

(7

)

3

–

–

Total (e)

$

1,010

$

1,714

$

107

$

1,135

$

1,196

$

10

$

92

$

105

(a) At December 31, 2013 and 2012, securities included $141 million and $164 million in domestic equities, respectively and $7 million and $9 million in international equities, respectively.

(b) At December 31, 2013 and 2012, securities included $67 million and $66 million in domestic equities, respectively, and $70 million and $66 million in international equities, respectively.

(c) At December 31, 2013 and 2012, securities included $26 million and $24 million in domestic equities, respectively, $22 million and $16 million in international equities, respectively, and $10 million and $19 million in cash and cash equivalents, respectively.

(d) This category consists of several investment strategies diversified across several hedge fund managers.

(e) Total investment assets of the pension plans exclude obligations to return cash collateral to qualified borrowers of $20 million at December 31, 2012, under security lending arrangements.

The following table summarizes the changes in fair value for all plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31:

	2013							2012						2011
(Dollars in Millions)	Debt Securities			Hedge Funds		Other		Debt Securities			Other			Debt Securities			Other
Balance at beginning of period	$	7		$	–	$	3	$	7		$	6		$	8		$	6
Unrealized gains (losses) relating to assets still held at end of year		–			–		–		1			(2	)		–			(9	)
Purchases, sales, and settlements, net		(7	)		103		1		(1	)		(1	)		(1	)		9
Balance at end of period	$	–		$	103	$	4	$	7		$	3		$	7		$	6

The following benefit payments are expected to be paid from the retirement plans for the years ended December 31:

(Dollars in Millions)	Pension Plans		Postretirement Welfare Plan (a)		Medicare Part D Subsidy Receipts
2014	$	169	$	15	$	2
2015		177		14		2
2016		189		13		2
2017		200		12		2
2018		205		11		2
2019 – 2023		1,205		44		8

(a) Net of expected retiree contributions and before Medicare Part D subsidy.

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Long-Term Debt

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Long-Term Debt

 NOTE 12   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		2013		2012
U.S. Bancorp (Parent Company)
Subordinated notes		Fixed		2.950	%		2022	$	1,300	$	1,300
		Fixed		7.500	%		2026		199		199
Medium-term notes		Fixed		1.650% - 4.200	%		2014 - 2022		8,750		10,600
		Floating		.728	%		2018		500		–
Junior subordinated debentures		Fixed		3.442	%		2016		500		500
Capitalized lease obligations, mortgage indebtedness and other (b)									167		173
Subtotal									11,416		12,772
Subsidiaries
Subordinated notes		Fixed		6.300	%		2014		963		963
		Fixed		4.950	%		2014		1,000		1,000
		Fixed		4.800	%		2015		500		500
		Fixed		3.778	%		2020		500		500
		Floating		.524	%		2014		373		373
Federal Home Loan Bank advances		Fixed		1.250% - 8.250	%		2014 - 2026		13		16
		Floating		.238% - .505	%		2014 - 2022		4,579		4,579
Bank notes		Floating		–	%		2046 - 2048		142		143
Capitalized lease obligations, mortgage indebtedness and other (b)									563		4,670
Subtotal									8,633		12,744
Total								$	20,049	$	25,516

(a) Weighted-average interest rates of Federal Home Loan Bank advances and fixed-rate medium-term notes were .28 percent and 2.78 percent, respectively.

(b) Other includes consolidated community development and tax-advantaged investment VIEs, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments.

During 2012, the Company elected to redeem $2.7 billion of junior subordinated debentures issued to five wholly-owned unconsolidated trusts that had interest payable at fixed rates ranging from 6.30 percent to 6.63 percent. There were no issuances of junior subordinated debentures in 2013 or 2012.

The Company has arrangements with the Federal Home Loan Bank and Federal Reserve Bank whereby the Company could have borrowed an additional $69.7 billion and $60.9 billion at December 31, 2013 and 2012, respectively, based on collateral available.

Maturities of long-term debt outstanding at December 31, 2013, were:

(Dollars in Millions)	Parent Company		Consolidated
2014	$	1,499	$	4,132
2015		1,749		3,013
2016		1,940		3,813
2017		1,247		2,545
2018		1,496		1,534
Thereafter		3,485		5,012
Total	$	11,416	$	20,049

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Loans and Allowance for Credit Losses - Summary of Impaired Loans by Portfolio Class (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Financing Receivable, Impaired Loans [Abstract]
Interest income recognized on impaired loans	$ 233
Interest income that would have been recognized on impaired loans at original contractual loan terms	$ 399

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Premises and Equipment

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Premises and Equipment

 NOTE 8   Premises and Equipment

Premises and equipment at December 31 consisted of the following:

(Dollars in Millions)	2013			2012
Land	$	529		$	534
Buildings and improvements		3,256			3,222
Furniture, fixtures and equipment		2,593			2,543
Capitalized building and equipment leases		103			97
Construction in progress		24			42
		6,505			6,438
Less accumulated depreciation and amortization		(3,899	)		(3,768	)
Total	$	2,606		$	2,670

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Derivative Instruments - Summary of Gains (Losses) Recognized in Earnings for Fair Value Hedges, Other Economic Hedges and Customer-Related Positions (Parenthetical) (Detail) (Asset and Liability Management Positions [Member], Fair Value Hedges [Member], USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain losses on items hedged by fair value hedges	$ 8	$ (3)	$ 29
Foreign Exchange Cross-Currency Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain losses on items hedged by fair value hedges	$ 0	$ (44)	$ 72

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Significant Accounting Policies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 Business Segment
Significant Accounting Policies Additional Information [Line Items]
Number of reportable operating segments	5
Number of Businesses Wealth Management and Securities Services	5
Threshold limit for equity investments accounted for as available for sale securities	20.00%
Minimum ownership percentage for significant influence under equity method investments	20.00%
Maximum ownership percentage for significant influence under equity method investments	50.00%
Minimum ownership percentage required to treat Limited Partnerships and Limited Liability Companies as equity method investments	5.00%
Number of loan portfolio segments	3
Impairment loan threshold for allowance in which loans are individually analyzed	$ 5
Minimum period for non collection of principal and interest placed on nonaccrual status for commercial loans	90 days
Minimum period beyond which revolving consumer lines and credit cards are charged off	180 days
Minimum period beyond which loans secured by 1-4 Family Properties are charged down to fair value of the collateral securing the loan less costs to sell	180 days
Minimum period beyond which other retail loans not secured by 1-4 family properties are charged off	120 days
Maximum restructuring period under credit card loan financial difficulty modifications	60 months
Maximum restructuring period under credit card loan temporary financial hardship modifications	Up to 12 months
Amortization Period For Unrealized Difference Between Actual Experience and Expected Returns Of Pension Assets	12 years
Junior Lien [Member]
Significant Accounting Policies Additional Information [Line Items]
Number of past days for nonaccrual status	120 days
First Lien [Member]
Significant Accounting Policies Additional Information [Line Items]
Number of past days for nonaccrual status	180 days
Commercial Lending Segment [Member]
Significant Accounting Policies Additional Information [Line Items]
Number of classes of loans	2
Commercial Lending Segment [Member] | Maximum [Member]
Significant Accounting Policies Additional Information [Line Items]
Period for capturing full economic cycle in the evaluation	13 years
Consumer Lending Segment [Member]
Significant Accounting Policies Additional Information [Line Items]
Number of classes of loans	3
Covered loan segment [Member]
Significant Accounting Policies Additional Information [Line Items]
Number of classes of loans	1
Furniture and Equipment [Member] | Minimum [Member]
Significant Accounting Policies Additional Information [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture and Equipment [Member] | Maximum [Member]
Significant Accounting Policies Additional Information [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Building [Member]
Significant Accounting Policies Additional Information [Line Items]
Property, Plant and Equipment, Useful Life	40 years

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Fair Values of Assets and Liabilities - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value Disclosures [Abstract]
Fair value measurement transfers from one level to another	$ 0	$ 0	$ 0
Mortgage loans held for sale measured at fair value gain (loss)	(335)	287	15
Standby Letters of Credit and Unfunded Commitments [Member]
Fair Value Disclosures [Abstract]
Carrying value of guarantee obligations	382	415
Other Guarantees [Member]
Fair Value Disclosures [Abstract]
Carrying value of guarantee obligations	$ 278	$ 452
Minimum [Member]
Fair Value Disclosures [Abstract]
Assumed credit valuation adjustment as percentage of underlying fair value of underlying derivative contracts	0.00%
Maximum [Member]
Fair Value Disclosures [Abstract]
Assumed credit valuation adjustment as percentage of underlying fair value of underlying derivative contracts	100.00%
Average [Member]
Fair Value Disclosures [Abstract]
Assumed credit valuation adjustment as percentage of underlying fair value of underlying derivative contracts	7.00%

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Shareholders' Equity - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended										12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Series H [Member]	Dec. 31, 2012 Series F [Member]	Dec. 31, 2012 Series G [Member]	Dec. 31, 2011 Series A [Member]	Dec. 31, 2010 Series A [Member]	Dec. 31, 2006 Series A [Member]	Dec. 31, 2008 Series D [Member]	Dec. 31, 2006 Series B [Member]	Dec. 31, 2013 Series D [Member]
Class of Stock [Line Items]
Number of common stock shares authorized	4,000,000,000	4,000,000,000
Number of preferred stock shares authorized	50,000,000	50,000,000
Number of common stock shares outstanding	1,800,000,000	1,900,000,000
Number of common stock share for future issuance	106,000,000
Preferred Stock, Shares Issued				20,000	44,000	43,400	6,764	5,746		20,000	40,000
Liquidation preference per share				$ 25,000	$ 25,000	$ 25,000	$ 100,000	$ 100,000	$ 100,000	$ 25,000	$ 25,000
Preferred stock dividend rate fixed percentage				5.15%	6.50%	6.00%	3.50%	3.50%			3.50%
Redemption period of preferred stock				90 days	90 days	90 days
Preferred stock redemption date				Jul. 15, 2018	Jan. 15, 2022	Apr. 15, 2017
Preferred stock dividend rate variable percentage					4.468%	4.86125%	1.02%	1.02%	1.147%		0.60%
Preferred stock dividend rate period					Three-month LIBOR plus	Three-month LIBOR plus	Three-month LIBOR plus	Three-month LIBOR plus	Three-month LIBOR plus		Three-month LIBOR plus
Minority interest preferred stock, shares issued									5,000
Impact of preferred stock redemption	$ 8											$ 8
Remaining authorized share repurchase amount	$ 488

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Leases

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Leases

 NOTE 6   Leases

The components of the net investment in sales-type and direct financing leases at December 31 were as follows:

(Dollars in Millions)	2013			2012
Aggregate future minimum lease payments to be received	$	11,074		$	10,738
Unguaranteed residual values accruing to the lessor’s benefit		783			890
Unearned income		(1,045	)		(1,123	)
Initial direct costs		189			175
Total net investment in sales-type and direct financing leases (a)	$	11,001		$	10,680

(a) The accumulated allowance for uncollectible minimum lease payments was $68 million and $80 million at December 31, 2013 and 2012, respectively.

The minimum future lease payments to be received from sales-type and direct financing leases were as follows at December 31, 2013:

(Dollars in Millions)
2014	$	3,891
2015		3,240
2016		2,518
2017		826
2018		275
Thereafter		324

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Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities

12 Months Ended

Dec. 31, 2013

Transfers And Servicing [Abstract]

Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities

 NOTE 7   Accounting for Transfers and Servicing of Financial Assets and Variable Interest Entities

The Company transfers financial assets in the normal course of business. The majority of the Company’s financial asset transfers are residential mortgage loan sales primarily to government-sponsored enterprises (“GSEs”), transfers of tax-advantaged investments, commercial loan sales through participation agreements, and other individual or portfolio loan and securities sales. In accordance with the accounting guidance for asset transfers, the Company considers any ongoing involvement with transferred assets in determining whether the assets can be derecognized from the balance sheet. Guarantees provided to certain third-parties in connection with the transfer of assets are further discussed in Note 22.

For loans sold under participation agreements, the Company also considers whether the terms of the loan participation agreement meet the accounting definition of a participating interest. With the exception of servicing and certain performance-based guarantees, the Company’s continuing involvement with financial assets sold is minimal and generally limited to market customary representation and warranty clauses. Any gain or loss on sale depends on the previous carrying amount of the transferred financial assets, the consideration received, and any liabilities incurred in exchange for the transferred assets. Upon transfer, any servicing assets and other interests that continue to be held by the Company are initially recognized at fair value. For further information on MSRs, refer to Note 9. On a limited basis, the Company may acquire and package high-grade corporate bonds for select corporate customers, in which the Company generally has no continuing involvement with these transactions. Additionally, the Company is an authorized GNMA issuer and issues GNMA securities on a regular basis. The Company has no other asset securitizations or similar asset-backed financing arrangements that are off-balance sheet.

The Company is involved in various entities that are considered to be VIEs. The Company’s investments in VIEs are primarily related to investments promoting the development of affordable housing, community development and renewable energy sources. Some of these investments support the Company’s regulatory compliance with the Community Reinvestment Act. The Company’s investments in these entities are designed to generate a return primarily through the realization of federal and state income tax credits, and other tax benefits, over specified time periods. The Company realized federal and state income tax credits related to these investments of $1.5 billion, $883 million and $756 million for the years ended December 31, 2013, 2012 and 2011, respectively. These tax credits are recognized as a reduction of tax expense or, for certain investments, as a reduction to the related investment asset. The Company also recognized, in its Consolidated Statement of Income, $1.2 billion, $1.0 billion and $806 million of costs related to these investments for the years ended December 31, 2013, 2012 and 2011, respectively, of which $604 million, $482 million and $278 million, respectively, was included in tax expense and the remainder was included in noninterest expense.

During 2013, the Company transferred its control over the most significant activities of certain community development and tax-advantaged investment VIEs to a third party manager. The third party manager provides a guarantee to these VIEs related to the occurrence of certain tax credit recapture events and, therefore, has an obligation to absorb certain losses that could potentially be significant to the VIEs. Previously, the Company consolidated these VIEs because it had a controlling financial interest in the entities. After the transfer of control to the third party manager, the Company no longer had a controlling financial interest and deconsolidated the VIEs. The deconsolidation resulted in a decrease in both assets and liabilities, primarily other assets and long-term debt, respectively, of approximately $4.6 billion. The deconsolidation, and remeasurement of the Company’s investment in these unconsolidated VIEs to fair value, did not materially impact the Company’s Consolidated Statement of Income. The total amount of the Company’s investment in the VIEs was $957 million at December 31, 2013 and is reported in other assets.

In addition, the Company sponsors entities to which it transfers tax-advantaged investments. At December 31, 2013, approximately $2.5 billion of the Company’s assets and $1.8 billion of its liabilities included on the Consolidated Balance Sheet were related to community development and tax-advantaged investment VIEs which the Company has consolidated, primarily related to these transfers. These amounts compared to $7.1 billion and $5.2 billion, respectively, at December 31, 2012, which included VIEs related to these asset transfers and, also, the VIEs for which control transferred in 2013. The majority of the assets of these consolidated VIEs are reported in other assets, and the liabilities are reported in long-term debt and other liabilities. The assets of a particular VIE are the primary source of funds to settle its obligations. The creditors of the VIEs do not have recourse to the general credit of the Company. The Company’s exposure to the consolidated VIEs is generally limited to the carrying value of its variable interests plus any related tax credits previously recognized or sold to others with a guarantee.

In addition, the Company sponsors a conduit to which it previously transferred high-grade investment securities. The Company consolidates the conduit because of its ability to manage the activities of the conduit. At December 31, 2013, $116 million of the held-to-maturity investment securities on the Company’s Consolidated Balance Sheet were related to the conduit, compared with $144 million at December 31, 2012.

The Company also sponsors a municipal bond securities tender option bond program. The Company controls the activities of the program’s entities, is entitled to the residual returns and provides credit, liquidity and remarketing arrangements to the program. As a result, the Company has consolidated the program’s entities. At December 31, 2013, $4.6 billion of available-for-sale securities and $4.6 billion of short-term borrowings on the Consolidated Balance Sheet were related to the tender option bond program, compared with $5.3 billion of available-for-sale securities and $5.0 billion of short-term borrowings at December 31, 2012.

The Company is not required to consolidate VIEs in which it has concluded it does not have a controlling financial interest, and thus is not the primary beneficiary. In such cases, the Company does not have both the power to direct the entities’ most significant activities and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIEs. The Company’s investments in these unconsolidated VIEs generally are carried in other assets on the Consolidated Balance Sheet. The Company’s investments in unconsolidated VIEs at December 31, 2013 ranged from less than $1 million to $37 million, with an aggregate amount of $2.6 billion, net of $1.7 billion of liabilities recorded primarily for unfunded capital commitments of the Company to specific project sponsors. The Company’s investments in unconsolidated VIEs at December 31, 2012, ranged from less than $1 million to $58 million, with an aggregate amount of $1.9 billion, net of liabilities of $1.3 billion recorded primarily for unfunded capital commitments. While the Company believes potential losses from these investments are remote, the Company’s maximum exposure to loss from these unconsolidated VIEs was $7.4 billion at December 31, 2013 and $5.2 billion at December 31, 2012. The maximum exposure to loss was primarily related to community development tax-advantaged investments and included $2.5 billion at December 31, 2013 and $1.8 billion at December 31, 2012, on the Company’s Consolidated Balance Sheet, and $4.9 billion at December 31, 2013 and $3.3 billion at December 31, 2012, of previously recorded tax credits which remain subject to recapture by taxing authorities based on compliance features required to be met at the project level. The remaining amounts related to investments in private investment funds and partnerships for which the maximum exposure to loss included amounts recorded on the Consolidated Balance Sheet and any unfunded commitments. The maximum exposure was determined by assuming a scenario where the separate investments within the individual private funds become worthless, and the community-based business and housing projects and related tax credits completely fail and do not meet certain government compliance requirements.

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Stock-Based Compensation - Stock Options Outstanding Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Options, Shares	46,724,765
Outstanding Options, Weighted average remaining contractual Life (Years)	4 years 4 months 24 days
Outstanding Options, Weighted Average Exercise Price	$ 29.12
Exercisable Options, Shares	39,556,000
Exercisable Options, Weighted Average Exercise Price	$ 29.19
Exercise Prices Range $11.02-$15.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit of Exercise Prices	$ 11.02
Upper range limit of Exercise Prices	$ 15.00
Outstanding Options, Shares	4,661,087
Outstanding Options, Weighted average remaining contractual Life (Years)	5 years 1 month 6 days
Outstanding Options, Weighted Average Exercise Price	$ 11.39
Exercisable Options, Shares	4,661,087
Exercisable Options, Weighted Average Exercise Price	$ 11.40
Exercise Prices Range $15.01-$20.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit of Exercise Prices	$ 15.01
Upper range limit of Exercise Prices	$ 20.00
Outstanding Options, Shares	167,391
Outstanding Options, Weighted average remaining contractual Life (Years)	2 years 4 months 24 days
Outstanding Options, Weighted Average Exercise Price	$ 19.54
Exercisable Options, Shares	167,391
Exercisable Options, Weighted Average Exercise Price	$ 19.54
Exercise Prices Range $20.01-$25.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit of Exercise Prices	$ 20.01
Upper range limit of Exercise Prices	$ 25.00
Outstanding Options, Shares	3,390,179
Outstanding Options, Weighted average remaining contractual Life (Years)	6 years 2 months 12 days
Outstanding Options, Weighted Average Exercise Price	$ 23.85
Exercisable Options, Shares	2,216,001
Exercisable Options, Weighted Average Exercise Price	$ 23.84
Exercise Prices Range $25.01-$30.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit of Exercise Prices	$ 25.01
Upper range limit of Exercise Prices	$ 30.00
Outstanding Options, Shares	13,108,918
Outstanding Options, Weighted average remaining contractual Life (Years)	5 years 2 months 12 days
Outstanding Options, Weighted Average Exercise Price	$ 29.05
Exercisable Options, Shares	8,276,837
Exercisable Options, Weighted Average Exercise Price	$ 29.29
Exercise Prices Range $30.01-$35.00 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit of Exercise Prices	$ 30.01
Upper range limit of Exercise Prices	$ 35.00
Outstanding Options, Shares	17,999,955
Outstanding Options, Weighted average remaining contractual Life (Years)	3 years 10 months 24 days
Outstanding Options, Weighted Average Exercise Price	$ 31.97
Exercisable Options, Shares	16,837,858
Exercisable Options, Weighted Average Exercise Price	$ 31.83
Exercise Prices Range $35.01-$36.25 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit of Exercise Prices	$ 35.01
Upper range limit of Exercise Prices	$ 36.25
Outstanding Options, Shares	7,397,235
Outstanding Options, Weighted average remaining contractual Life (Years)	3 years 1 month 6 days
Outstanding Options, Weighted Average Exercise Price	$ 36.07
Exercisable Options, Shares	7,396,826
Exercisable Options, Weighted Average Exercise Price	$ 36.07

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U.S. Bancorp (Parent Company) - Additional Information (Detail)	Dec. 31, 2013
Receivables
Loan Limits to the company or individual affiliate	10.00%
Maximum limit of loans to the Company and all affiliates	20.00%

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Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Mortgage Servicing Rights

  NOTE 9   Mortgage Servicing Rights

The Company serviced $226.8 billion of residential mortgage loans for others at December 31, 2013, and $215.6 billion at December 31, 2012. The net impact included in mortgage banking revenue of fair value changes of MSRs due to changes in valuation assumptions and derivatives used to economically hedge MSRs were net gains of $192 million, $102 million and $183 million for the years ended December 31, 2013, 2012 and 2011, respectively. Loan servicing fees, not including valuation changes, included in mortgage banking revenue, were $754 million, $720 million and $651 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows:

(Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	1,700		$	1,519		$	1,837
Rights purchased		8			42			35
Rights capitalized		769			957			619
Changes in fair value of MSRs
Due to fluctuations in market interest rates (a)		617			(249	)		(619	)
Due to revised assumptions or models (b)		33			(21	)		33
Other changes in fair value (c)		(447	)		(548	)		(386	)
Balance at end of period	$	2,680		$	1,700		$	1,519

(a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.

(b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes.

(c) Primarily represents changes due to realization of expected cash flows over time (decay).

The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments as of December 31 follows:

	2013																		2012
(Dollars in Millions)	Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps			Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps
MSR portfolio	$	(435	)	$	(199	)	$	(93	)	$	82		$	154		$	287		$	(370	)	$	(217	)	$	(118	)	$	126		$	249		$	480
Derivative instrument hedges		399			194			91			(82	)		(157	)		(301	)		473			249			124			(121	)		(243	)		(486	)
Net sensitivity	$	(36	)	$	(5	)	$	(2	)	$	–		$	(3	)	$	(14	)	$	103		$	32		$	6		$	5		$	6		$	(6	)

The fair value of MSRs and their sensitivity to changes in interest rates is influenced by the mix of the servicing portfolio and characteristics of each segment of the portfolio. The Company’s servicing portfolio consists of the distinct portfolios of government-insured mortgages, conventional mortgages and Mortgage Revenue Bond Programs (“MRBP”). The servicing portfolios are predominantly comprised of fixed-rate agency loans with limited adjustable-rate or jumbo mortgage loans. The MRBP division specializes in servicing loans made under state and local housing authority programs. These programs provide mortgages to low-income and moderate-income borrowers and are generally government-insured programs with a favorable rate subsidy, down payment and/or closing cost assistance.

A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows:

	2013												2012
(Dollars in Millions)	MRBP			Government			Conventional (b)			Total			MRBP			Government			Conventional (b)			Total
Servicing portfolio	$	15,896		$	41,659		$	169,287		$	226,842		$	14,143		$	39,048		$	162,446		$	215,637
Fair value	$	180		$	500		$	2,000		$	2,680		$	154		$	314		$	1,232		$	1,700
Value (bps) (a)		113			120			118			118			109			80			76			79
Weighted-average servicing fees (bps)		39			32			29			30			40			33			30			31
Multiple (value/servicing fees)		2.90			3.75			4.07			3.93			2.73			2.42			2.53			2.55
Weighted-average note rate		4.70	%		4.24	%		4.17	%		4.22	%		5.13	%		4.57	%		4.48	%		4.54	%
Weighted-average age (in years)		3.8			2.6			2.5			2.6			4.2			2.4			2.5			2.6
Weighted-average expected prepayment (constant prepayment rate)		13.5	%		11.5	%		10.9	%		11.2	%		13.2	%		21.2	%		20.4	%		20.1	%
Weighted-average expected life (in years)		6.2			6.9			7.2			7.1			6.1			4.2			4.1			4.2
Weighted-average discount rate		11.9	%		11.2	%		9.8	%		10.2	%		12.1	%		11.4	%		10.0	%		10.4	%

(a) Value is calculated as fair value divided by the servicing portfolio.

(b) Represents loans sold primarily to GSEs.

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Investment Securities - Investment Securities Available for Sale (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	$ 41,059		$ 39,040
Available-for-sale securities, Unrealized Gains	651		1,246
Available-for-sale securities, Unrealized Losses Other-than-Temporary	(13)		(36)
Available-for-sale securities, Unrealized Losses Other	(762)		(111)
Available-for-sale securities, Fair Value	40,935	[1]	40,139	[1]
U.S. Treasury and agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	1,108		1,211
Available-for-sale securities, Unrealized Gains	4		16
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other	(67)		(1)
Available-for-sale securities, Fair Value	1,045		1,226
Collateralized Debt/Loan Obligation Asset-Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	20		32
Available-for-sale securities, Unrealized Gains	4		10
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other
Available-for-sale securities, Fair Value	24		42
Asset Backed Securities Other [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	616		579
Available-for-sale securities, Unrealized Gains	13		14
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other			(1)
Available-for-sale securities, Fair Value	629		592
Obligations of state and political subdivisions [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	5,673		6,059
Available-for-sale securities, Unrealized Gains	116		396
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other	(51)
Available-for-sale securities, Fair Value	5,738		6,455
Obligations of foreign governments [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	6		6
Available-for-sale securities, Unrealized Gains
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other
Available-for-sale securities, Fair Value	6		6
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	734		814
Available-for-sale securities, Unrealized Gains			2
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other	(94)		(85)
Available-for-sale securities, Fair Value	640		731
Perpetual preferred securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	205		205
Available-for-sale securities, Unrealized Gains	24		27
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other	(17)		(14)
Available-for-sale securities, Fair Value	212		218
Other Investment [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	133		182
Available-for-sale securities, Unrealized Gains	28		20
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other
Available-for-sale securities, Fair Value	161		202
Agency [Member] | Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	31,633		28,754
Available-for-sale securities, Unrealized Gains	449		746
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other	(529)		(5)
Available-for-sale securities, Fair Value	31,553		29,495
Agency [Member] | Commercial [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	148		185
Available-for-sale securities, Unrealized Gains	4		8
Available-for-sale securities, Unrealized Losses Other-than-Temporary
Available-for-sale securities, Unrealized Losses Other
Available-for-sale securities, Fair Value	152		193
Residential Non-Agency Prime [Member] | Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	486		641
Available-for-sale securities, Unrealized Gains	4		3
Available-for-sale securities, Unrealized Losses Other-than-Temporary	(8)		(16)
Available-for-sale securities, Unrealized Losses Other	(4)		(4)
Available-for-sale securities, Fair Value	478		624
Residential Non-Agency Non-Prime [Member] | Residential [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, Amortized Cost	297		372
Available-for-sale securities, Unrealized Gains	5		4
Available-for-sale securities, Unrealized Losses Other-than-Temporary	(5)		(20)
Available-for-sale securities, Unrealized Losses Other			(1)
Available-for-sale securities, Fair Value	$ 297		$ 355

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Employee Benefits - Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of measurement period	$ 4,096	$ 3,261
Service cost	168	129	119
Interest cost	170	168	169
Participants' contributions
Plan amendments
Actuarial loss (gain)	(388)	681
Lump sum settlements	(34)	(33)
Benefit payments	(117)	(110)
Federal subsidy on benefits paid
Benefit obligation at end of measurement period	3,895	4,096	3,261
Balance at beginning of period	2,321	2,103
Actual return on plan assets	343	305
Employer contributions	318	56
Participants' contributions
Lump sum settlements	(34)	(33)
Benefit payments	(117)	(110)
Balance at end of period	2,831	2,321	2,103
Funded (Unfunded) Status	(1,064)	(1,775)
Current benefit liability	(20)	(23)
Noncurrent benefit liability	(1,044)	(1,752)
Recognized amount	(1,064)	(1,775)
Net actuarial gain (loss)	(1,333)	(2,152)
Net prior service credit (cost)	16	21
Recognized amount	(1,317)	(2,131)
Postretirement Welfare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of measurement period	142	170
Service cost	3	5	4
Interest cost	4	7	9
Participants' contributions	10	10
Plan amendments	(35)
Actuarial loss (gain)	(2)	(26)
Lump sum settlements
Benefit payments	(24)	(26)
Federal subsidy on benefits paid	2	2
Benefit obligation at end of measurement period	100	142	170
Balance at beginning of period	105	120
Actual return on plan assets
Employer contributions	1	1
Participants' contributions	10	10
Lump sum settlements
Benefit payments	(24)	(26)
Balance at end of period	92	105	120
Funded (Unfunded) Status	(8)	(37)
Current benefit liability
Noncurrent benefit liability	(8)	(37)
Recognized amount	(8)	(37)
Net actuarial gain (loss)	75	84
Net prior service credit (cost)	34
Recognized amount	$ 109	$ 84

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Loans and Allowance for Credit Losses - Impaired Loans Average Recorded Investment and Interest Income (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	$ 7,338	$ 7,740	$ 6,767
Interest Income Recognized	369	340	186
Commercial [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	382	470	534
Interest Income Recognized	29	18	12
Commercial Real Estate [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	889	1,314	1,537
Interest Income Recognized	39	43	18
Residential Mortgages [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	2,749	2,717	2,557
Interest Income Recognized	134	130	100
Credit Card [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	366	510	485
Interest Income Recognized	16	28	15
Other Retail [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	424	301	164
Interest Income Recognized	24	19	5
Total Impaired Loans, Excluding GNMA and Covered Loans [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	4,810	5,312	5,277
Interest Income Recognized	242	238	150
Loans Purchased from GNMA Mortgage Pools [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	1,967	1,448	710
Interest Income Recognized	100	73	25
Covered Loans [Member]
Financing Receivable, Impaired [Line Items]
Average Recorded Investment	561	980	780
Interest Income Recognized	$ 27	$ 29	$ 11

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Investment Securities - Additional Information (Detail) (USD $) In Billions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Investments Debt And Equity Securities [Abstract]
Weighted-average maturity of the available-for-sale investment securities (in years)	6 years	4 years 1 month 6 days
Weighted-average yields of available-for-sale investment securities	2.64%	2.93%
Weighted-average maturity of the held-to-maturity investment securities (in years)	4 years 6 months	3 years 3 months 18 days
Weighted-average yields of held-to-maturity investment securities	2.00%	1.94%
Fair value of securities pledged	$ 17.3	$ 20.1
Fair value of securities pledged as collateral where counterparty has right to repledge or resell	$ 2.1	$ 3.5

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Intangible Assets - Changes in Carrying Value of Goodwill (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 9,143	$ 8,927	$ 8,954
Goodwill acquired	57	208
Other	5	8	(27)
Goodwill, Ending Balance	9,205	9,143	8,927
Wholesale Banking and Commercial Real Estate [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,605	1,605	1,605
Goodwill acquired
Other
Goodwill, Ending Balance	1,605	1,605	1,605
Consumer and Small Business Banking [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	3,514	3,514	3,535
Goodwill acquired
Other			(21)
Goodwill, Ending Balance	3,514	3,514	3,514
Wealth Management and Securities Services [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	1,528	1,463	1,463
Goodwill acquired	37	65
Other
Goodwill, Ending Balance	1,565	1,528	1,463
Payment Services [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	2,496	2,345	2,351
Goodwill acquired	20	143
Other	5	8	(6)
Goodwill, Ending Balance	2,521	2,496	2,345
Treasury and Corporate Support [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance
Goodwill acquired
Other
Goodwill, Ending Balance

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Investment Securities - Investment Securities Held to Maturity (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	$ 38,920	[1]	$ 34,389	[1]
Held-to-maturity securities, Unrealized Gains	205		590
Held-to-maturity securities, Unrealized Losses Other-than-Temporary	(1)		(3)
Held-to-maturity securities, Unrealized Losses Other	(756)		(24)
Held-to-maturity securities, Fair Value	38,368		34,952
U.S. Treasury and agencies [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	3,114		3,154
Held-to-maturity securities, Unrealized Gains	5		27
Held-to-maturity securities, Unrealized Losses Other-than-Temporary
Held-to-maturity securities, Unrealized Losses Other	(79)
Held-to-maturity securities, Fair Value	3,040		3,181
Collateralized Debt/Loan Obligation Asset-Backed Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost			7
Held-to-maturity securities, Unrealized Gains	9		15
Held-to-maturity securities, Unrealized Losses Other-than-Temporary
Held-to-maturity securities, Unrealized Losses Other
Held-to-maturity securities, Fair Value	9		22
Asset Backed Securities Other [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	16		19
Held-to-maturity securities, Unrealized Gains	4		2
Held-to-maturity securities, Unrealized Losses Other-than-Temporary	(1)		(3)
Held-to-maturity securities, Unrealized Losses Other	(1)		(1)
Held-to-maturity securities, Fair Value	18		17
Obligations of state and political subdivisions [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	12		20
Held-to-maturity securities, Unrealized Gains			1
Held-to-maturity securities, Unrealized Losses Other-than-Temporary
Held-to-maturity securities, Unrealized Losses Other
Held-to-maturity securities, Fair Value	12		21
Obligations of foreign governments [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	7		7
Held-to-maturity securities, Unrealized Gains
Held-to-maturity securities, Unrealized Losses Other-than-Temporary
Held-to-maturity securities, Unrealized Losses Other
Held-to-maturity securities, Fair Value	7		7
Other debt securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	99		115
Held-to-maturity securities, Unrealized Gains
Held-to-maturity securities, Unrealized Losses Other-than-Temporary
Held-to-maturity securities, Unrealized Losses Other	(11)		(17)
Held-to-maturity securities, Fair Value	88		98
Agency [Member] | Residential [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	35,671		31,064
Held-to-maturity securities, Unrealized Gains	187		545
Held-to-maturity securities, Unrealized Losses Other-than-Temporary
Held-to-maturity securities, Unrealized Losses Other	(665)		(6)
Held-to-maturity securities, Fair Value	35,193		31,603
Residential Non-Agency Non-Prime [Member] | Residential [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost	1		1
Held-to-maturity securities, Unrealized Gains
Held-to-maturity securities, Unrealized Losses Other-than-Temporary
Held-to-maturity securities, Unrealized Losses Other
Held-to-maturity securities, Fair Value	1		1
Non-Agency [Member] | Commercial [Member]
Schedule of Held-to-maturity Securities [Line Items]
Held-to-maturity securities, Amortized Cost			2
Held-to-maturity securities, Unrealized Gains
Held-to-maturity securities, Unrealized Losses Other-than-Temporary
Held-to-maturity securities, Unrealized Losses Other
Held-to-maturity securities, Fair Value			$ 2

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

XML

Fair Values of Assets and Liabilities - Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis (Detail) (Fair Value, Measurements, Nonrecurring [Member], USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	$ 128	$ 140
Other assets	150	194
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans
Other assets
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans
Other assets
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans	128	140
Other assets	$ 150	$ 194

XML

Leases - Minimum Future Lease Payments to be Received from Sales-Type and Direct Financing Leases (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Capital Leases Future Minimum Payments Receivable [Abstract]
2014	$ 3,891
2015	3,240
2016	2,518
2017	826
2018	275
Thereafter	$ 324

XML

Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Level 3 [Member] | Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value		$ 7	$ 7	$ 8
Level 3 [Member] | Hedge funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	103
Level 3 [Member] | Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	4	3	6	6
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	2,831	2,321	2,103
Pension Plans [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	1,010	1,135
Pension Plans [Member] | Level 1 [Member] | Cash and cash equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	62	119
Pension Plans [Member] | Level 1 [Member] | Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	217	151
Pension Plans [Member] | Level 1 [Member] | Domestic equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	217	275
Pension Plans [Member] | Level 1 [Member] | Mid Small Cap Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	148	173
Pension Plans [Member] | Level 1 [Member] | International equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	229	285
Pension Plans [Member] | Level 1 [Member] | Real estate equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	137	132
Pension Plans [Member] | Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	1,714	1,196
Pension Plans [Member] | Level 2 [Member] | Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	343	114
Pension Plans [Member] | Level 2 [Member] | Collective investment funds domestic equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	538	400
Pension Plans [Member] | Level 2 [Member] | Collective investment fund mid-small cap equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	58	59
Pension Plans [Member] | Level 2 [Member] | Collective investment fund emerging markets equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	58	61
Pension Plans [Member] | Level 2 [Member] | Collective investment funds international equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	472	362
Pension Plans [Member] | Level 2 [Member] | Money market [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value		7
Pension Plans [Member] | Level 2 [Member] | Debt securities mutual funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	177	129
Pension Plans [Member] | Level 2 [Member] | Emerging markets equity mutual fund securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	75	71
Pension Plans [Member] | Level 2 [Member] | Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	(7)	(7)
Pension Plans [Member] | Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	107	10
Pension Plans [Member] | Level 3 [Member] | Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value		7
Pension Plans [Member] | Level 3 [Member] | Hedge funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	103
Pension Plans [Member] | Level 3 [Member] | Other [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	4	3
Postretirement Welfare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	92	105	120
Postretirement Welfare Plan [Member] | Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	92	105
Postretirement Welfare Plan [Member] | Level 1 [Member] | Cash and cash equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	$ 92	$ 105

XML

Investment Securities (Tables)

12 Months Ended

Dec. 31, 2013

Investments Debt And Equity Securities [Abstract]

Investment Securities

Available-for-Sale										Held-to-Maturity
At December 31, 2013 (Dollars in Millions)	Amortized Cost		Fair Value		Weighted- Average Maturity in Years		Weighted- Average Yield (e)				Amortized Cost		Fair Value		Weighted- Average Maturity in Years		Weighted- Average Yield (e)
U.S. Treasury and Agencies
Maturing in one year or less	$	28	$	28		.3		4.44	%		$	1,811	$	1,814		.2		1.01	%
Maturing after one year through five years		32		33		2.7		3.11				80		81		1.4		1.36
Maturing after five years through ten years		347		331		8.1		2.59				1,163		1,085		8.5		2.05
Maturing after ten years		701		653		14.7		2.39				60		60		11.3		1.75
Total	$	1,108	$	1,045		11.9		2.52	%		$	3,114	$	3,040		3.6		1.42	%
Mortgage-Backed Securities (a)
Maturing in one year or less	$	226	$	231		.6		2.63	%		$	9	$	9		.6		2.77	%
Maturing after one year through five years		13,864		13,752		3.9		2.16				22,441		22,217		3.7		2.30
Maturing after five years through ten years		16,000		16,007		5.9		1.91				12,424		12,159		5.7		1.66
Maturing after ten years		2,474		2,490		13.1		1.20				798		809		12.8		1.24
Total	$	32,564	$	32,480		5.5		1.97	%		$	35,672	$	35,194		4.6		2.05	%
Asset-Backed Securities (a)
Maturing in one year or less	$	–	$	–		–		7.65	%		$	–	$	–		–		–	%
Maturing after one year through five years		272		282		4.1		1.31				11		14		3.4		.79
Maturing after five years through ten years		364		371		7.6		2.57				4		4		7.1		.94
Maturing after ten years		–		–		17.6		5.15				1		9		20.8		.76
Total	$	636	$	653		6.1		2.03	%		$	16	$	27		5.0		.82	%
Obligations of State and Political Subdivisions (b) (c)
Maturing in one year or less	$	70	$	70		.4		6.16	%		$	–	$	–		.4		7.48	%
Maturing after one year through five years		4,671		4,772		2.6		6.72				3		3		2.0		9.52
Maturing after five years through ten years		445		438		6.6		5.80				2		2		7.3		7.85
Maturing after ten years		487		458		20.8		6.25				7		7		12.2		2.64
Total	$	5,673	$	5,738		4.5		6.60	%		$	12	$	12		8.9		5.02	%
Other Debt Securities
Maturing in one year or less	$	6	$	6		.2		1.16	%		$	6	$	6		.5		1.60	%
Maturing after one year through five years		–		–		–		–				76		76		1.9		1.12
Maturing after five years through ten years		–		–		–		–				24		13		6.8		.98
Maturing after ten years		734		640		21.5		2.71				–		–		–		–
Total	$	740	$	646		21.4		2.70	%		$	106	$	95		2.9		1.12	%
Other Investments	$	338	$	373		18.9		2.88	%		$	–	$	–		–		–	%
Total investment securities (d)	$	41,059	$	40,935		6.0		2.64	%		$	38,920	$	38,368		4.5		2.00	%

(a) Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities anticipating future prepayments.

(b) Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, yield to maturity if purchased at par or a discount.

(c) Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and contractual maturity for securities with a fair value equal to or below par.

(d) The weighted-average maturity of the available-for-sale investment securities was 4.1 years at December 31, 2012, with a corresponding weighted-average yield of 2.93 percent. The weighted-average maturity of the held-to-maturity investment securities was 3.3 years at December 31, 2012, with a corresponding weighted-average yield of 1.94 percent.

(e) Average yields are presented on a fully-taxable equivalent basis under a tax rate of 35 percent. Yields on available-for-sale and held-to-maturity investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity. Average yield and maturity calculations exclude equity securities that have no stated yield or maturity.

	2013					2012
At December 31 (Dollars in Millions)	Amortized Cost		Percent of Total			Amortized Cost		Percent of Total
U.S. Treasury and agencies	$	4,222		5.3	%	$	4,365		5.9	%
Mortgage-backed securities		68,236		85.3			61,019		83.1
Asset-backed securities		652		.8			637		.9
Obligations of state and political subdivisions		5,685		7.1			6,079		8.3
Other debt securities and investments		1,184		1.5			1,329		1.8
Total investment securities	$	79,979		100.0	%	$	73,429		100.0	%

Investment Securities Held to Maturity and Available for Sale

The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities at December 31 were as follows:

	2013												2012
					Unrealized Losses												Unrealized Losses
(Dollars in Millions)	Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value		Amortized Cost		Unrealized Gains		Other-than- Temporary (e)			Other (f)			Fair Value
Held-to-maturity (a)
U.S. Treasury and agencies	$	3,114	$	5	$	–		$	(79	)	$	3,040	$	3,154	$	27	$	–		$	–		$	3,181
Mortgage-backed securities
Residential
Agency		35,671		187		–			(665	)		35,193		31,064		545		–			(6	)		31,603
Non-agency non-prime (d)		1		–		–			–			1		1		–		–			–			1
Commercial non-agency		–		–		–			–			–		2		–		–			–			2
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		9		–			–			9		7		15		–			–			22
Other		16		4		(1	)		(1	)		18		19		2		(3	)		(1	)		17
Obligations of state and political subdivisions		12		–		–			–			12		20		1		–			–			21
Obligations of foreign governments		7		–		–			–			7		7		–		–			–			7
Other debt securities		99		–		–			(11	)		88		115		–		–			(17	)		98
Total held-to-maturity	$	38,920	$	205	$	(1	)	$	(756	)	$	38,368	$	34,389	$	590	$	(3	)	$	(24	)	$	34,952
Available-for-sale (b)
U.S. Treasury and agencies	$	1,108	$	4	$	–		$	(67	)	$	1,045	$	1,211	$	16	$	–		$	(1	)	$	1,226
Mortgage-backed securities
Residential
Agency		31,633		449		–			(529	)		31,553		28,754		746		–			(5	)		29,495
Non-agency
Prime (c)		486		4		(8	)		(4	)		478		641		3		(16	)		(4	)		624
Non-prime (d)		297		5		(5	)		–			297		372		4		(20	)		(1	)		355
Commercial agency		148		4		–			–			152		185		8		–			–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		20		4		–			–			24		32		10		–			–			42
Other		616		13		–			–			629		579		14		–			(1	)		592
Obligations of state and political subdivisions		5,673		116		–			(51	)		5,738		6,059		396		–			–			6,455
Obligations of foreign governments		6		–		–			–			6		6		–		–			–			6
Corporate debt securities		734		–		–			(94	)		640		814		2		–			(85	)		731
Perpetual preferred securities		205		24		–			(17	)		212		205		27		–			(14	)		218
Other investments		133		28		–			–			161		182		20		–			–			202
Total available-for-sale	$	41,059	$	651	$	(13	)	$	(762	)	$	40,935	$	39,040	$	1,246	$	(36	)	$	(111	)	$	40,139

(a) Held-to-maturity investment securities are carried at historical cost or at fair value at the time of transfer from the available-for-sale to held-to-maturity category, adjusted for amortization of premiums and accretion of discounts and credit-related other-than-temporary impairment.

(b) Available-for-sale investment securities are carried at fair value with unrealized net gains or losses reported within accumulated other comprehensive income (loss) in shareholders’ equity.

(c) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads). When the Company determines the designation, prime securities typically have a weighted average credit score of 725 or higher and a loan-to-value of 80 percent or lower; however, other pool characteristics may result in designations that deviate from these credit score and loan-to-value thresholds.

(d) Includes all securities not meeting the conditions to be designated as prime.

(e) Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.

(f) Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.

Amount of Interest Income from Taxable and Non-Taxable Investment Securities

The following table provides information about the amount of interest income from taxable and non-taxable investment securities:

Year Ended December 31 (Dollars in Millions)	2013		2012		2011
Taxable	$	1,375	$	1,515	$	1,517
Non-taxable		256		277		303
Total interest income from investment securities	$	1,631	$	1,792	$	1,820

Amount of Gross Gains and Losses Realized through Sales of Available for Sale Investment Securities

The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:

Year Ended December 31 (Dollars in Millions)	2013		2012			2011
Realized gains	$	23	$	158		$	11
Realized losses		–		(99	)		(7	)
Net realized gains (losses)	$	23	$	59		$	4
Income tax (benefit) on net realized gains (losses)	$	9	$	23		$	2

Summary of Other than Temporary Impairment by Investment Category

The following table summarizes other-than-temporary impairment by investment category:

	2013								2012									2011
Year Ended December 31 (Dollars in Millions)	Losses Recorded in Earnings			Other Gains (Losses) (c)		Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total			Losses Recorded in Earnings			Other Gains (Losses) (c)			Total
Available-for-sale
Mortgage-backed securities
Non-agency residential
Prime (a)	$	(6	)	$	2	$	(4	)	$	(12	)	$	(9	)	$	(21	)	$	(3	)	$	(5	)	$	(8	)
Non-prime (b)		(8	)		6		(2	)		(33	)		21			(12	)		(24	)		(23	)		(47	)
Commercial non-agency		–			–		–			(1	)		(1	)		(2	)		–			–			–
Other asset-backed securities		–			–		–			(1	)		1			–			(4	)		3			(1	)
Obligations of state and political subdivisions		–			–		–			–			–			–			(4	)		–			(4	)
Perpetual preferred securities		–			–		–			(27	)		–			(27	)		–			–			–
Total available-for-sale	$	(14	)	$	8	$	(6	)	$	(74	)	$	12		$	(62	)	$	(35	)	$	(25	)	$	(60	)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Losses represent the non-credit portion of other-than-temporary impairment recorded in other comprehensive income (loss) for investment securities determined to be other-than-temporarily impaired during the period. Gains represent recoveries in the fair value of securities that had non-credit other-than-temporary impairment during the period.

Summary of Ranges used in Valuation of Non-Agency Mortgage-Backed Securities Other than Temporarily Impaired

The following table includes the ranges for significant assumptions used for those available-for-sale non-agency mortgage-backed securities determined to be other-than-temporarily impaired:

	Prime (a)									Non-Prime (b)
	Minimum			Maximum			Average			Minimum			Maximum			Average
December 31, 2013
Estimated lifetime prepayment rates		7	%		18	%		15	%		4	%		9	%		5	%
Lifetime probability of default rates		3			7			5			7			12			9
Lifetime loss severity rates		30			50			48			50			65			58
December 31, 2012
Estimated lifetime prepayment rates		6	%		22	%		14	%		3	%		10	%		6	%
Lifetime probability of default rates		3			6			4			3			10			7
Lifetime loss severity rates		40			50			47			45			65			56

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Changes in Credit Losses on Debt Securities

Changes in the credit losses on debt securities (excluding perpetual preferred securities) are summarized as follows:

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	134		$	298		$	358
Additions to Credit Losses Due to Other-than-temporary Impairments
Credit losses on securities not previously considered other-than-temporarily impaired		–			6			7
Decreases in expected cash flows on securities for which other-than-temporary impairment was previously recognized		14			41			28
Total other-than-temporary impairment on debt securities		14			47			35
Other Changes in Credit Losses
Increases in expected cash flows		(2	)		(15	)		(21	)
Realized losses (a)		(23	)		(39	)		(73	)
Credit losses on security sales and securities expected to be sold		(7	)		(157	)		(1	)
Balance at end of period	$	116		$	134		$	298

(a) Primarily represents principal losses allocated to mortgage and asset-backed securities in the Company’s portfolio under the terms of the securitization transaction documents.

Gross Unrealized Losses and Fair Value of Company's Investments with Unrealized Losses

At December 31, 2013, certain investment securities had a fair value below amortized cost. The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2013:

	Less Than 12 Months					12 Months or Greater					Total
(Dollars in Millions)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Held-to-maturity
U.S. Treasury and agencies	$	1,085	$	(79	)	$	–	$	–		$	1,085	$	(79	)
Mortgage-backed securities
Residential agency		23,922		(647	)		373		(18	)		24,295		(665	)
Other asset-backed securities		–		–			10		(2	)		10		(2	)
Obligations of state and political subdivisions		3		–			–		–			3		–
Other debt securities		–		–			12		(11	)		12		(11	)
Total held-to-maturity	$	25,010	$	(726	)	$	395	$	(31	)	$	25,405	$	(757	)
Available-for-sale
U.S. Treasury and agencies	$	849	$	(59	)	$	93	$	(8	)	$	942	$	(67	)
Mortgage-backed securities
Residential
Agency		14,015		(484	)		1,056		(45	)		15,071		(529	)
Non-agency (a)
Prime (b)		65		(1	)		182		(11	)		247		(12	)
Non-prime (c)		74		(1	)		57		(4	)		131		(5	)
Other asset-backed securities		23		–			3		–			26		–
Obligations of state and political subdivisions		1,479		(51	)		10		–			1,489		(51	)
Corporate debt securities		223		(5	)		418		(89	)		641		(94	)
Perpetual preferred securities		–		–			116		(17	)		116		(17	)
Total available-for-sale	$	16,728	$	(601	)	$	1,935	$	(174	)	$	18,663	$	(775	)

(a) The Company has $17 million of unrealized losses on residential non-agency mortgage-backed securities. Credit-related other-than-temporary impairment on these securities may occur if there is further deterioration in the underlying collateral pool performance. Borrower defaults may increase if economic conditions worsen. Additionally, deterioration in home prices may increase the severity of projected losses.

(b) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(c) Includes all securities not meeting the conditions to be designated as prime.

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Income Taxes - Reconciliation of Changes in Federal, State and Foreign Unrecognized Tax Position Balances (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Uncertainties [Abstract]
Balance at beginning of period	$ 302	$ 479	$ 532
Additions for tax positions taken in prior years	44	73	24
Additions for tax positions taken in the current year		5	2
Exam resolutions	(56)	(245)	(70)
Statute expirations	(26)	(10)	(9)
Balance at end of period	$ 264	$ 302	$ 479

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U.S. Bancorp (Parent Company) (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Statement of Financial Position of Parent Company Only

Condensed Balance Sheet

At December 31 (Dollars in Millions)	2013		2012
Assets
Due from banks, principally interest-bearing	$	8,371	$	3,630
Available-for-sale securities		463		425
Investments in bank subsidiaries		37,558		38,007
Investments in nonbank subsidiaries		1,546		1,445
Advances to bank subsidiaries		2,250		6,173
Advances to nonbank subsidiaries		1,534		1,404
Other assets		1,628		1,550
Total assets	$	53,350	$	52,634
Liabilities and Shareholders’ Equity
Short-term funds borrowed	$	138	$	134
Long-term debt		11,416		12,772
Other liabilities		683		730
Shareholders’ equity		41,113		38,998
Total liabilities and shareholders’ equity	$	53,350	$	52,634

Condensed Income Statement of Parent Company Only

Condensed Statement of Income

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Income
Dividends from bank subsidiaries	$	6,100		$	250		$	1,500
Dividends from nonbank subsidiaries		9			4			7
Interest from subsidiaries		118			96			101
Other income		66			149			134
Total income		6,293			499			1,742
Expense
Interest expense		325			393			425
Other expense		81			122			79
Total expense		406			515			504
Income (loss) before income taxes and equity in undistributed income of subsidiaries		5,887			(16	)		1,238
Applicable income taxes		(88	)		(85	)		(83	)
Income of parent company		5,975			69			1,321
Equity in undistributed income (losses) of subsidiaries		(139	)		5,578			3,551
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872

Condensed Statement of Cash Flows of Parent Company Only

Condensed Statement of Cash Flows

Year Ended December 31 (Dollars in Millions)	2013			2012			2011
Operating Activities
Net income attributable to U.S. Bancorp	$	5,836		$	5,647		$	4,872
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed (income) losses of subsidiaries		139			(5,578	)		(3,551	)
Other, net		(40	)		(35	)		12
Net cash provided by operating activities		5,935			34			1,333
Investing Activities
Proceeds from sales and maturities of investment securities		75			979			297
Purchases of investment securities		(118	)		(35	)		(36	)
Equity distributions from subsidiaries		12			845			77
Net (increase) decrease in short-term advances to subsidiaries		4,543			207			(4,613	)
Long-term advances to subsidiaries		(750	)		(500	)		–
Other, net		(9	)		(22	)		(3	)
Net cash provided by (used in) investing activities		3,753			1,474			(4,278	)
Financing Activities
Net increase (decrease) in short-term borrowings		4			105			(31	)
Proceeds from issuance of long-term debt		1,500			3,550			2,426
Principal payments or redemption of long-term debt		(2,850	)		(5,412	)		(851	)
Proceeds from issuance of preferred stock		487			2,163			676
Proceeds from issuance of common stock		524			395			180
Redemption of preferred stock		(500	)		–			–
Repurchase of common stock		(2,282	)		(1,856	)		(514	)
Cash dividends paid on preferred stock		(254	)		(204	)		(118	)
Cash dividends paid on common stock		(1,576	)		(1,347	)		(817	)
Net cash provided by (used in) financing activities		(4,947	)		(2,606	)		951
Change in cash and due from banks		4,741			(1,098	)		(1,994	)
Cash and due from banks at beginning of year		3,630			4,728			6,722
Cash and due from banks at end of year	$	8,371		$	3,630		$	4,728

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Shareholders' Equity

12 Months Ended

Dec. 31, 2013

Equity [Abstract]

Shareholders' Equity

 NOTE 14   Shareholders’ Equity

At December 31, 2013 and 2012, the Company had authority to issue 4 billion shares of common stock and 50 million shares of preferred stock. The Company had 1.8 billion shares and 1.9 billion shares of common stock outstanding at December 31, 2013 and 2012, respectively. The Company had 106 million shares reserved for future issuances, primarily under stock option plans, at December 31, 2013.

The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock was as follows:

	2013								2012
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
Series F		44,000		1,100		12		1,088		44,000		1,100		12		1,088
Series G		43,400		1,085		10		1,075		43,400		1,085		10		1,075
Series H		20,000		500		13		487		–		–		–		–
Total preferred stock (a)		159,910	$	4,936	$	180	$	4,756		159,910	$	4,936	$	167	$	4,769

(a) The par value of all shares issued and outstanding at December 31, 2013 and 2012, was $1.00 per share.

During 2013, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series H Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series H Preferred Stock”). The Series H Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 5.15 percent. The Series H Preferred Stock is redeemable at the Company’s option, in whole or in part, on or after July 15, 2018. The Series H Preferred stock is redeemable at the Company’s option, in whole, but not in part, prior to July 15, 2018 within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series H Preferred Stock as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve.

During 2012, the Company issued depositary shares representing an ownership interest in 44,000 shares of Series F Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series F Preferred Stock”), and depositary shares representing an ownership interest in 43,400 shares of Series G Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series G Preferred Stock”). The Series F Preferred Stock and Series G Preferred Stock have no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to 6.50 percent from the date of issuance to, but excluding, January 15, 2022, and thereafter at a floating rate per annum equal to three-month LIBOR plus 4.468 percent for the Series F Preferred Stock, and 6.00 percent from the date of issuance to, but excluding, April 15, 2017, and thereafter at a floating rate per annum equal to three-month LIBOR plus 4.86125 percent for the Series G Preferred Stock. Both series are redeemable at the Company’s option, in whole or in part, on or after January 15, 2022, for the Series F Preferred Stock and April 15, 2017, for the Series G Preferred Stock. Both series are redeemable at the Company’s option, in whole, but not in part, prior to January 15, 2022, for the Series F Preferred Stock and prior to April 15, 2017, for the Series G Preferred Stock, within 90 days following an official administrative or judicial decision, amendment to, or change in the laws or regulations that would not allow the Company to treat the full liquidation value of the Series F Preferred Stock or Series G Preferred Stock, respectively, as Tier 1 capital for purposes of the capital adequacy guidelines of the Federal Reserve Board.

During 2010, the Company issued depositary shares representing an ownership interest in 5,746 shares of Series A Preferred Stock to investors, in exchange for their portion of USB Capital IX Income Trust Securities. During 2011, the Company issued depositary shares representing an ownership interest in 6,764 shares of Series A Preferred Stock to USB Capital IX, thereby settling the stock purchase contract established between the Company and USB Capital IX as part of the 2006 issuance of USB Capital IX Income Trust Securities. The preferred shares were issued to USB Capital IX for the purchase price specified in the stock forward purchase contract. The Series A Preferred stock has a liquidation preference of $100,000 per share, no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of three-month LIBOR plus 1.02 percent or 3.50 percent. The Series A Preferred Stock is redeemable at the Company’s option, subject to prior approval by the Federal Reserve Board.

During 2008, the Company issued depositary shares representing an ownership interest in 20,000 shares of Series D Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series D Preferred Stock”). In conjunction with the issuance of the Series H Preferred Stock, the Company redeemed at par value all shares of the Series D Preferred Stock during 2013. The Company included an $8 million loss in its computation of earnings per diluted common share for 2013, which represents the stock issuance costs recorded in capital surplus upon the issuance of the Series D Preferred Stock that were reclassified to retained earnings on the redemption date.

During 2006, the Company issued depositary shares representing an ownership interest in 40,000 shares of Series B Non-Cumulative Perpetual Preferred Stock with a liquidation preference of $25,000 per share (the “Series B Preferred Stock”). The Series B Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. Dividends, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to the greater of three-month LIBOR plus .60 percent, or 3.50 percent. The Series B Preferred Stock is redeemable at the Company’s option, subject to the prior approval of the Federal Reserve Board.

During 2013, 2012 and 2011, the Company repurchased shares of its common stock under various authorizations approved by its Board of Directors. As of December 31, 2013, the approximate dollar value of shares that may yet be purchased by the Company under the current Board of Directors approved authorization was $488 million.

The following table summarizes the Company’s common stock repurchased in each of the last three years:

(Dollars and Shares in Millions)	Shares		Value
2013		65	$	2,336
2012		59		1,878
2011		22		550

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:

(Dollars in Millions)	Unrealized Gains (Losses) on Securities Available-For-Sale			Unrealized Gains (Losses) on Securities Transferred From Available-For-Sale to Held-To-Maturity			Unrealized Gains (Losses) on Derivative Hedges			Unrealized Gains (Losses) on Retirement Plans			Foreign Currency Translation			Total
2013
Balance at beginning of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
Changes in unrealized gains and losses		(1,223	)		–			37			590			–			(596	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		8			–			–			–			–			8
Foreign currency translation adjustment		–			–			–			–			(34	)		(34	)
Reclassification to earnings of realized gains and losses		(9	)		(59	)		192			249			–			373
Applicable income taxes		468			22			(86	)		(317	)		14			101
Balance at end of period	$	(77	)	$	70		$	(261	)	$	(743	)	$	(60	)	$	(1,071	)
2012
Balance at beginning of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)
Changes in unrealized gains and losses		715			–			(74	)		(543	)		–			98
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		12			–			–			–			–			12
Transfer of securities from available-for-sale to held-to-maturity		(224	)		224			–			–			–			–
Foreign currency translation adjustment		–			–			–			–			14			14
Reclassification to earnings of realized gains and losses		15			(51	)		211			150			–			325
Applicable income taxes		(199	)		(66	)		(52	)		150			(5	)		(172	)
Balance at end of period	$	679		$	107		$	(404	)	$	(1,265	)	$	(40	)	$	(923	)
2011
Balance at beginning of period	$	(213	)	$	–		$	(414	)	$	(803	)	$	(39	)	$	(1,469	)
Changes in unrealized gains and losses		920			–			(343	)		(464	)		–			113
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		(25	)		–			–			–			–			(25	)
Foreign currency translation adjustment		–			–			–			–			(16	)		(16	)
Reclassification to earnings of realized gains and losses		31			–			222			110			–			363
Applicable income taxes		(353	)		–			46			135			6			(166	)
Balance at end of period	$	360		$	–		$	(489	)	$	(1,022	)	$	(49	)	$	(1,200	)

Additional detail about the impact to net income for items reclassified out of accumulated other comprehensive income and into earnings for the year ended December 31, 2013, is as follows:

(Dollars in Millions)	Impact to Net Income			Affected Line Item in the Consolidated Statement of Income
Unrealized gains (losses) on securities available-for-sale
Realized gains (losses) on sale of securities	$	23		Total securities gains (losses), net
Other-than-temporary impairment recognized in earnings		(14	)
		9		Total before tax
		(4	)	Applicable income taxes
		5		Net-of-tax
Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains		59		Interest income
		(22	)	Applicable income taxes
		37		Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges		(192	)	Net interest income
		74		Applicable income taxes
		(118	)	Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization		(249	)	Employee benefits expense
		96		Applicable income taxes
		(153	)	Net-of-tax
Total impact to net income	$	(229	)

Regulatory Capital The measures used to assess capital by bank regulatory agencies include two principal risk-based ratios, Tier 1 and total risk-based capital. Tier 1 capital is considered core capital and includes common shareholders’ equity plus qualifying preferred stock, trust preferred securities and noncontrolling interests in consolidated subsidiaries (subject to certain limitations), and is adjusted for the aggregate impact of certain items included in other comprehensive income (loss). Total risk-based capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. Both measures are stated as a percentage of risk-adjusted assets, which are measured based on their perceived credit risk and include certain off-balance sheet exposures, such as unfunded loan commitments, letters of credit, and derivative contracts. The Company is also subject to a leverage ratio requirement, a non risk-based asset ratio, which is defined as Tier 1 capital as a percentage of average assets adjusted for goodwill and other non-qualifying intangibles and other assets.

For a summary of the regulatory capital requirements and the actual ratios as of December 31, 2013 and 2012, for the Company and its bank subsidiary, see Table 22 included in Management’s Discussion and Analysis, which is incorporated by reference into these Notes to Consolidated Financial Statements.

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

(Dollars in Millions)	2013			2012
Tier 1 Capital
Common shareholders’ equity	$	36,357		$	34,229
Qualifying preferred stock		4,756			4,769
Noncontrolling interests, less preferred stock not eligible for Tier 1 capital		688			685
Less intangible assets
Goodwill (net of deferred tax liability)		(8,343	)		(8,351	)
Other disallowed intangible assets		(708	)		(829	)
Other (a)		636			700
Total Tier 1 Capital		33,386			31,203
Tier 2 Capital
Eligible portion of allowance for credit losses		3,734			3,609
Eligible subordinated debt		2,299			2,953
Other		(79	)		15
Total Tier 2 Capital		5,954			6,577
Total Risk Based Capital	$	39,340		$	37,780
Risk-Weighted Assets	$	297,919		$	287,611

(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.

Noncontrolling interests principally represent third party investors’ interests in consolidated entities, including preferred stock of consolidated subsidiaries. During 2006, the Company’s banking subsidiary formed USB Realty Corp., a real estate investment trust, for the purpose of issuing 5,000 shares of Fixed-to-Floating Rate Exchangeable Non-cumulative Perpetual Series A Preferred Stock with a liquidation preference of $100,000 per share (“Series A Preferred Securities”) to third party investors. Dividends on the Series A Preferred Securities, if declared, will accrue and be payable quarterly, in arrears, at a rate per annum equal to three-month LIBOR plus 1.147 percent. If USB Realty Corp. has not declared a dividend on the Series A Preferred Securities before the dividend payment date for any dividend period, such dividend shall not be cumulative and shall cease to accrue and be payable, and USB Realty Corp. will have no obligation to pay dividends accrued for such dividend period, whether or not dividends on the Series A Preferred Securities are declared for any future dividend period.

The Series A Preferred Securities will be redeemable, in whole or in part, at the option of USB Realty Corp. on each fifth anniversary after the dividend payment date occurring in January 2012. Any redemption will be subject to the approval of the Office of the Comptroller of the Currency.

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Shareholders' Equity - Impact to Consolidated Statement of Income for Items Reclassified out of Accumulated Other Comprehensive Income and into Earnings (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized gains (losses) on sale of securities	$ 23	$ 59	$ 4
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income	12,285	12,883	12,639
Gains (Losses) on derivative hedges	10,604	10,745	10,123
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization	(1,140)	(945)	(845)
Total securities gains (losses), net	9	(15)	(31)
Applicable income taxes	(2,032)	(2,236)	(1,841)
Net income	5,732	5,490	4,788
Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	(229)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities Available-For-Sale [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Realized gains (losses) on sale of securities	23
Other-than-temporary impairment recognized in earnings	(14)
Total securities gains (losses), net	9
Applicable income taxes	(4)
Net income	5
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Securities Transferred From Available For Sale to Held To Maturity [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Interest income	59
Applicable income taxes	(22)
Net income	37
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Derivative Hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Gains (Losses) on derivative hedges	(192)
Applicable income taxes	74
Net income	(118)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) on Retirement Plans [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization	(249)
Applicable income taxes	96
Net income	$ (153)

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Derivative Instruments

12 Months Ended

Dec. 31, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments

  NOTE 19   Derivative Instruments

In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value in other assets or in other liabilities. On the date the Company enters into a derivative contract, the derivative is designated as either a hedge of the fair value of a recognized asset or liability (“fair value hedge”); a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”); a hedge of the volatility of an investment in foreign operations driven by changes in foreign currency exchange rates (“net investment hedge”); or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations (“free-standing derivative”). When a derivative is designated as a fair value, cash flow or net investment hedge, the Company performs an assessment, at inception and, at a minimum, quarterly thereafter, to determine the effectiveness of the derivative in offsetting changes in the value or cash flows of the hedged item(s).

Fair Value Hedges These derivatives are interest rate swaps the Company uses to hedge the change in fair value related to interest rate changes of its underlying fixed-rate debt. Changes in the fair value of derivatives designated as fair value hedges, and changes in the fair value of the hedged items, are recorded in earnings. All fair value hedges were highly effective for the year ended December 31, 2013, and the change in fair value attributed to hedge ineffectiveness was not material.

Cash Flow Hedges These derivatives are interest rate swaps the Company uses to hedge the forecasted cash flows from its underlying variable-rate loans and debt. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income (loss) until the cash flows of the hedged items are realized. If a derivative designated as a cash flow hedge is terminated or ceases to be highly effective, the gain or loss in other comprehensive income (loss) is amortized to earnings over the period the forecasted hedged transactions impact earnings. If a hedged forecasted transaction is no longer probable, hedge accounting is ceased and any gain or loss included in other comprehensive income (loss) is reported in earnings immediately, unless the forecasted transaction is at least reasonably possible of occurring, whereby the amounts remain within other comprehensive income (loss). At December 31, 2013, the Company had $261 million (net-of-tax) of realized and unrealized losses on derivatives classified as cash flow hedges recorded in other comprehensive income (loss), compared with $404 million (net-of-tax) at December 31, 2012. The estimated amount to be reclassified from other comprehensive income (loss) into earnings during the next 12 months is a loss of $117 million (net-of-tax). This amount includes gains and losses related to hedges that were terminated early for which the forecasted transactions are still probable. All cash flow hedges were highly effective for the year ended December 31, 2013, and the change in fair value attributed to hedge ineffectiveness was not material.

Net Investment Hedges The Company uses forward commitments to sell specified amounts of certain foreign currencies, and occasionally non-derivative debt instruments, to hedge the volatility of its investment in foreign operations driven by fluctuations in foreign currency exchange rates. The ineffectiveness on all net investment hedges was not material for the year ended December 31, 2013. There were no non-derivative debt instruments designated as net investment hedges at December 31, 2013 or 2012.

Other Derivative Positions The Company enters into free-standing derivatives to mitigate interest rate risk and for other risk management purposes. These derivatives include forward commitments to sell to-be-announced securities (“TBAs”) and other commitments to sell residential mortgage loans, which are used to economically hedge the interest rate risk related to residential mortgage loans held for sale (“MLHFS”) and unfunded mortgage loan commitments. The Company also enters into interest rate swaps, forward commitments to buy TBAs, U.S. Treasury futures and options on U.S. Treasury futures to economically hedge the change in the fair value of the Company’s MSRs. The Company also enters into foreign currency forwards to economically hedge remeasurement gains and losses the Company recognizes on foreign currency denominated assets and liabilities. In addition, the Company acts as a seller and buyer of interest rate derivatives and foreign exchange contracts for its customers. To mitigate the market and liquidity risk associated with these customer derivatives, the Company historically has entered into similar offsetting positions with broker-dealers. In 2014, the Company began to instead actively manage the risks from its exposure to these customer-related positions on a portfolio basis by entering into other derivative or non-derivative financial instruments that partially or fully offset the exposure from these customer-related positions. The Company also has derivative contracts that are created through its operations, including commitments to originate MLHFS.

For additional information on the Company’s purpose for entering into derivative transactions and its overall risk management strategies, refer to “Management Discussion and Analysis — Use of Derivatives to Manage Interest Rate and Other Risks” which is incorporated by reference into these Notes to Consolidated Financial Statements.

The following table summarizes the asset and liability management derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
December 31, 2013
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	22		2.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		772		26		6.25		4,288		498		2.46
Receive fixed/pay floating swaps		7,000		26		.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		–		–		–		1,056		4		.04
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		2,310		9		.07		1,025		7		.06
Sell		5,234		58		.08		346		4		.17
Options
Purchased		2,300		–		.07		–		–		–
Written		1,902		17		.07		2		–		.08
Receive fixed/pay floating swaps		–		–		–		3,540		56		10.22
Foreign exchange forward contracts		6,813		24		.02		2,121		4		.02
Equity contracts		79		3		1.62		–		–		–
Credit contracts		1,209		4		4.04		2,352		7		3.08
Total	$	28,119	$	189			$	14,730	$	580
December 31, 2012
Fair value hedges
Interest rate contracts
Receive fixed/pay floating swaps	$	500	$	30		3.09	$	–	$	–		–
Cash flow hedges
Interest rate contracts
Pay fixed/receive floating swaps		32		–		9.88		4,528		718		3.79
Receive fixed/pay floating swaps		7,000		45		1.84		–		–		–
Net investment hedges
Foreign exchange forward contracts		758		1		.07		–		–		–
Other economic hedges
Interest rate contracts
Futures and forwards
Buy		11,164		138		.07		2,921		13		.04
Sell		6,299		18		.11		12,223		57		.09
Options
Purchased		2,435		–		.07		–		–		–
Written		4,991		123		.12		4		–		.06
Receive fixed/pay floating swaps		350		1		10.21		3,775		14		10.21
Foreign exchange forward contracts		618		4		.03		1,383		6		.01
Equity contracts		31		–		2.80		27		–		2.46
Credit contracts		1,056		3		4.56		1,947		10		3.11
Total	$	35,234	$	363			$	26,808	$	818

The following table summarizes the customer-related derivative positions of the Company:

	Asset Derivatives						Liability Derivatives
(Dollars in Millions)	Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years		Notional Value		Fair Value		Weighted-Average Remaining Maturity In Years
December 31, 2013
Interest rate contracts
Receive fixed/pay floating swaps	$	11,717	$	600		5.11	$	7,291	$	106		5.57
Pay fixed/receive floating swaps		6,746		114		6.03		12,361		560		4.90
Options
Purchased		3,489		33		4.53		–		–		–
Written		–		–		–		3,489		33		4.53
Foreign exchange rate contracts
Forwards, spots and swaps		10,970		457		.59		9,975		427		.62
Options
Purchased		364		11		.53		–		–		–
Written		–		–		–		364		11		.53
Total	$	33,286	$	1,215			$	33,480	$	1,137
December 31, 2012
Interest rate contracts
Receive fixed/pay floating swaps	$	16,671	$	1,085		4.78	$	1,090	$	15		9.30
Pay fixed/receive floating swaps		928		14		11.12		16,923		1,042		4.74
Options
Purchased		3,046		16		5.24		28		–		4.42
Written		286		–		.75		2,788		16		5.68
Foreign exchange rate contracts
Forwards, spots and swaps		12,186		322		.43		11,861		286		.44
Options
Purchased		323		6		.55		–		–		–
Written		–		–		–		323		6		.55
Total	$	33,440	$	1,443			$	33,013	$	1,365

The table below shows the effective portion of the gains (losses) recognized in other comprehensive income (loss) and the gains (losses) reclassified from other comprehensive income (loss) into earnings (net-of-tax) for the years ended December 31:

	Gains (Losses) Recognized in Other Comprehensive Income (Loss)									Gains (Losses) Reclassified from Other Comprehensive Income (Loss) into Earnings
(Dollars in Millions)	2013			2012			2011			2013			2012			2011
Asset and Liability Management Positions
Cash flow hedges
Interest rate contracts (a)	$	25		$	(46	)	$	(213	)	$	(118	)	$	(131	)	$	(138	)
Net investment hedges
Foreign exchange forward contracts		(45	)		(19	)		34			–			–			–
Non-derivative debt instruments		–			20			–			–			–			–

Note: Ineffectiveness on cash flow and net investment hedges was not material for the years ended December 31, 2013, 2012 and 2011.

(a) Gains (Losses) reclassified from other comprehensive income (loss) into interest income on loans and interest expense on long-term debt.

The table below shows the gains (losses) recognized in earnings for fair value hedges, other economic hedges and the customer-related positions for the years ended December 31:

(Dollars in Millions)	Location of Gains (Losses) Recognized in Earnings		2013			2012			2011
Asset and Liability Management Positions
Fair value hedges (a)
Interest rate contracts		Other noninterest income	$	(9	)	$	3		$	(36	)
Foreign exchange cross-currency swaps		Other noninterest income		–			42			(69	)
Other economic hedges
Interest rate contracts
Futures and forwards		Mortgage banking revenue		615			437			23
Purchased and written options		Mortgage banking revenue		243			854			456
Receive fixed/pay floating swaps		Mortgage banking revenue		(322	)		175			518
Pay fixed/received floating swaps		Mortgage banking revenue		–			–			1
Foreign exchange forward contracts		Commercial products revenue		49			(63	)		(81	)
Equity contracts		Compensation expense		2			2			1
Credit contracts		Other noninterest income/expense		6			(8	)		–
Customer-Related Positions
Interest rate contracts
Receive fixed/pay floating swaps		Other noninterest income		(361	)		(118	)		302
Pay fixed/receive floating swaps		Other noninterest income		378			124			(317	)
Foreign exchange rate contracts
Forwards, spots and swaps		Commercial products revenue		51			50			53

(a) Gains (Losses) on items hedged by interest rate contracts and foreign exchange forward contracts, included in noninterest income (expense), were $8 million and zero for the year ended December 31, 2013, respectively, $(3) million and $(44) million for the year ended December 31, 2012, respectively, and $29 million and $72 million for the year ended December 31, 2011, respectively. The ineffective portion was immaterial for the years ended December 31, 2013, 2012 and 2011.

Derivatives are subject to credit risk associated with counterparties to the derivative contracts. The Company measures that credit risk using a credit valuation adjustment and includes it within the fair value of the derivative. The Company manages counterparty credit risk through diversification of its derivative positions among various counterparties, by entering into master netting arrangements and, where possible, by requiring collateral arrangements. A master netting arrangement allows two counterparties, who have multiple derivative contracts with each other, the ability to net settle amounts under all contracts, including any related collateral, through a single payment and in a single currency. Collateral arrangements require the counterparty to deliver, on a daily basis, collateral (typically cash or U.S. Treasury and agency securities) equal to the Company’s net derivative receivable. For highly-rated counterparties, the collateral arrangements may include minimum dollar thresholds, but allow for the Company to call for immediate, full collateral coverage when credit-rating thresholds are triggered by counterparties.

The Company’s collateral arrangements are predominately bilateral and, therefore, contain provisions that require collateralization of the Company’s net liability derivative positions. Required collateral coverage is based on certain net liability thresholds and contingent upon the Company’s credit rating from two of the nationally recognized statistical rating organizations. If the Company’s credit rating were to fall below credit ratings thresholds established in the collateral arrangements, the counterparties to the derivatives could request immediate full collateral coverage for derivatives in net liability positions. The aggregate fair value of all derivatives under collateral arrangements that were in a net liability position at December 31, 2013, was $1.0 billion. At December 31, 2013, the Company had $792 million of cash posted as collateral against this net liability position.

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Guarantees and Contingent Liabilities - Summary of Lease Commitments (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Capital Leases
Capital Leases, 2014	$ 9
Capital Leases, 2015	8
Capital Leases, 2016	8
Capital Leases, 2017	6
Capital Leases, 2018	6
Capital lease, Thereafter	25
Total minimum capital lease payments	62
Less amount representing interest	23
Present value of net minimum lease payments	39
Operating Leases
Operating Leases, 2014	244
Operating Leases, 2015	215
Operating Leases, 2016	182
Operating Leases, 2017	154
Operating Leases, 2018	116
Operating Leases, Thereafter	474
Total minimum operating lease payments	$ 1,385

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Mortgage Servicing Rights - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Transfers And Servicing Of Financial Assets [Abstract]
Company serviced residential mortgage loan for others	$ 226,800,000,000	$ 215,600,000,000
Gain/Loss on the fair value of mortgage servicing rights and fair value changes of derivatives used to offset MSR	192,000,000	102,000,000	183,000,000
Loan servicing fees	$ 754,000,000	$ 720,000,000	$ 651,000,000

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Fair Values of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Valuation Assumption Ranges for Level 3 Available-for-Sale Investment Securities

The following table shows the significant valuation assumption ranges for Level 3 available-for-sale investment securities at December 31, 2013:

	Minimum			Maximum			Average
Residential Prime Non-Agency Mortgage-Backed Securities (a)
Estimated lifetime prepayment rates		6	%		20	%		13	%
Lifetime probability of default rates		–			7			4
Lifetime loss severity rates		25			65			42
Discount margin		2			5			4
Residential Non-Prime Non-Agency Mortgage-Backed Securities (b)
Estimated lifetime prepayment rates		2	%		10	%		6	%
Lifetime probability of default rates		4			12			8
Lifetime loss severity rates		15			70			54
Discount margin		1			6			3
Other Asset-Backed Securities
Estimated lifetime prepayment rates		6	%		6	%		6	%
Lifetime probability of default rates		5			5			5
Lifetime loss severity rates		40			40			40
Discount margin		7			7			7

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

Valuation Assumption Ranges for MSRs

The following table shows the significant valuation assumption ranges for MSRs at December 31, 2013:

	Minimum			Maximum			Average
Expected prepayment		10	%		21	%		11	%
Discount rate		10			13			10

Valuation Assumption Ranges for Derivative Commitments

The following table shows the significant valuation assumption ranges for the Company’s derivative commitments to sell, purchase and originate mortgage loans at December 31, 2013:

	Minimum			Maximum			Average
Expected loan close rate		43	%		100	%		80	%
Inherent MSR value (basis points per loan)		48			221			124

Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the balances of assets and liabilities measured at fair value on a recurring basis:

(Dollars in Millions)	Level 1		Level 2		Level 3		Netting			Total
December 31, 2013
Available-for-sale securities
U.S. Treasury and agencies	$	7	$	1,038	$	–	$	–		$	1,045
Mortgage-backed securities
Residential
Agency		–		31,553		–		–			31,553
Non-agency
Prime (a)		–		–		478		–			478
Non-prime (b)		–		–		297		–			297
Commercial
Agency		–		152		–		–			152
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		24		–		–			24
Other		–		566		63		–			629
Obligations of state and political subdivisions		–		5,738		–		–			5,738
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		631		9		–			640
Perpetual preferred securities		–		212		–		–			212
Other investments		141		20		–		–			161
Total available-for-sale		148		39,940		847		–			40,935
Mortgage loans held for sale		–		3,263		–		–			3,263
Mortgage servicing rights		–		–		2,680		–			2,680
Derivative assets		–		889		515		(599	)		805
Other assets		143		588		–		–			731
Total	$	291	$	44,680	$	4,042	$	(599	)	$	48,414
Derivative liabilities	$	–	$	1,647	$	70	$	(1,192	)	$	525
Short-term borrowings (c)		112		551		–		–			663
Total	$	112	$	2,198	$	70	$	(1,192	)	$	1,188
December 31, 2012
Available-for-sale securities
U.S. Treasury and agencies	$	491	$	735	$	–	$	–		$	1,226
Mortgage-backed securities
Residential
Agency		–		29,495		–		–			29,495
Non-agency
Prime (a)		–		–		624		–			624
Non-prime (b)		–		–		355		–			355
Commercial
Agency		–		193		–		–			193
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		–		42		–		–			42
Other		–		577		15		–			592
Obligations of state and political subdivisions		–		6,455		–		–			6,455
Obligations of foreign governments		–		6		–		–			6
Corporate debt securities		–		722		9		–			731
Perpetual preferred securities		–		218		–		–			218
Other investments		187		15		–		–			202
Total available-for-sale		678		38,458		1,003		–			40,139
Mortgage loans held for sale		–		7,957		–		–			7,957
Mortgage servicing rights		–		–		1,700		–			1,700
Derivative assets		–		572		1,234		(418	)		1,388
Other assets		94		386		–		–			480
Total	$	772	$	47,373	$	3,937	$	(418	)	$	51,664
Derivative liabilities	$	–	$	2,128	$	55	$	(1,549	)	$	634
Short-term borrowings (c)		50		351		–		–			401
Total	$	50	$	2,479	$	55	$	(1,549	)	$	1,035

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

Changes in Fair Value for All Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31:

(Dollars in Millions)	Beginning of Period Balance		Net Gains (Losses) Included in Net Income			Net Gains (Losses) Included in Other Comprehensive Income (Loss)			Purchases		Sales			Principal Payments			Issuances			Settlements			End of Period Balance		Net Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Still Held at End of Period
2013
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	624	$	(6	)	$	8		$	–	$	–		$	(148	)	$	–		$	–		$	478	$	9
Non-prime (b)		355		(13	)		17			–		(20	)		(42	)		–			–			297		17
Asset-backed securities
Other		15		3			1			51		–			(7	)		–			–			63		–
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,003		(16	)(c)		26	(f)		51		(20	)		(197	)		–			–			847		26
Mortgage servicing rights		1,700		203	(d)		–			8		–			–			769	(g)		–			2,680		203	(d)
Net derivative assets and liabilities		1,179		(18	)(e)		–			1		(5	)		–			–			(712	)		445		(321	)(h)
2012
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	803	$	(10	)	$	91		$	–	$	(109	)	$	(151	)	$	–		$	–		$	624	$	65
Non-prime (b)		802		(24	)		228			–		(562	)		(89	)		–			–			355		80
Commercial non-agency		42		1			–			–		(38	)		(5	)		–			–			–		–
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		120		13			(8	)		–		(104	)		(21	)		–			–			–		–
Other		117		7			–			3		(93	)		(19	)		–			–			15		2
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		1,893		(13	)(i)		311	(f)		3		(906	)		(285	)		–			–			1,003		147
Mortgage servicing rights		1,519		(818	)(d)		–			42		–			–			957	(g)		–			1,700		(818	)(d)
Net derivative assets and liabilities		1,228		2,398	(j)		–			3		(5	)		–			–			(2,445	)		1,179		150	(k)
2011
Available-for-sale securities
Mortgage-backed securities
Residential non-agency
Prime (a)	$	1,103	$	6		$	4		$	–	$	(115	)	$	(195	)	$	–		$	–		$	803	$	(4	)
Non-prime (b)		947		(7	)		1			–		(13	)		(126	)		–			–			802		1
Commercial non-agency		50		3			(3	)		–		(4	)		(4	)		–			–			42		(2	)
Asset-backed securities
Collateralized debt obligations/Collateralized loan obligations		135		13			5			–		–			(33	)		–			–			120		5
Other		133		10			(7	)		5		–			(24	)		–			–			117		(7	)
Corporate debt securities		9		–			–			–		–			–			–			–			9		–
Total available-for-sale		2,377		25	(l)		–	(f)		5		(132	)		(382	)		–			–			1,893		(7	)
Mortgage servicing rights		1,837		(972	)(d)		–			35		–			–			619	(g)		–			1,519		(972	)(d)
Net derivative assets and liabilities		851		1,550	(m)		–			1		(8	)		–			–			(1,166	)		1,228		442	(n)

(a) Prime securities are those designated as such by the issuer at origination. When an issuer designation is unavailable, the Company determines at acquisition date the categorization based on asset pool characteristics (such as weighted-average credit score, loan-to-value, loan type, prevalence of low documentation loans) and deal performance (such as pool delinquencies and security market spreads).

(b) Includes all securities not meeting the conditions to be designated as prime.

(c) Approximately $(14) million included in securities gains (losses) and $(2) million included in interest income.

(d) Included in mortgage banking revenue.

(e) Approximately $(149) million included in other noninterest income and $131 million included in mortgage banking revenue.

(f) Included in changes in unrealized gains and losses on securities available-for-sale.

(g) Represents MSRs capitalized during the period.

(h) Approximately $(340) million included in other noninterest income and $19 million included in mortgage banking revenue.

(i) Approximately $(47) million included in securities gains (losses) and $34 million included in interest income.

(j) Approximately $359 million included in other noninterest income and $2.0 billion included in mortgage banking revenue.

(k) Approximately $(109) million included in other noninterest income and $259 million included in mortgage banking revenue.

(l) Approximately $(31) million included in securities gains (losses) and $56 million included in interest income.

(m) Approximately $716 million included in other noninterest income and $834 million included in mortgage banking revenue.

(n) Approximately $262 million included in other noninterest income and $180 million included in mortgage banking revenue.

Adjusted Carrying Values for Assets Measured at Fair Value on Nonrecurring Basis

The following table summarizes the balances of assets measured at fair value on a nonrecurring basis as of December 31:

	2013								2012
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Loans (a)	$	–	$	–	$	128	$	128	$	–	$	–	$	140	$	140
Other assets (b)		–		–		150		150		–		–		194		194

(a) Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition.

Losses Recognized Related to Nonrecurring Fair Value Measurements of Individual Assets or Portfolios

The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios for the years ended December 31:

(Dollars in Millions)	2013		2012		2011
Loans (a)	$	83	$	68	$	177
Other assets (b)		96		160		316

(a) Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.

(b) Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition.

Differences Between Aggregate Fair Value, Carrying Amount of MLHFS and Aggregate Unpaid Principal Amount

The following table summarizes the differences between the aggregate fair value carrying amount of MLHFS for which the fair value option has been elected and the aggregate unpaid principal amount that the Company is contractually obligated to receive at maturity as of December 31:

	2013							2012
(Dollars in Millions)	Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal			Fair Value Carrying Amount		Aggregate Unpaid Principal		Carrying Amount Over (Under) Unpaid Principal
Total loans	$	3,263	$	3,195	$	68		$	7,957	$	7,588	$	369
Nonaccrual loans		9		14		(5	)		8		13		(5	)
Loans 90 days or more past due		–		–		–			2		3		(1	)

Estimated Fair Values of Financial Instruments

The estimated fair values of the Company’s financial instruments as of December 31, are shown in the table below:

	2013										2012
	Carrying Amount		Fair Value								Carrying Amount		Fair Value
(Dollars in Millions)			Level 1		Level 2		Level 3		Total				Level 1		Level 2		Level 3		Total
Financial Assets
Cash and due from banks	$	8,477	$	8,477	$	–	$	–	$	8,477	$	8,252	$	8,252	$	–	$	–	$	8,252
Federal funds sold and securities purchased under resale agreements		163		–		163		–		163		437		–		437		–		437
Investment securities held-to-maturity		38,920		2,589		35,678		101		38,368		34,389		2,984		31,845		123		34,952
Loans held for sale (a)		5		–		–		5		5		19		–		–		19		19
Loans (b)		230,857		–		–		231,480		231,480		218,765		–		–		220,354		220,354
Other financial instruments		2,422		–		1,080		1,362		2,442		7,367		–		1,228		6,157		7,385
Financial Liabilities
Deposits		262,123		–		262,200		–		262,200		249,183		–		249,594		–		249,594
Short-term borrowings (c)		26,945		–		26,863		–		26,863		25,901		–		25,917		–		25,917
Long-term debt		20,049		–		20,391		–		20,391		25,516		–		26,205		–		26,205

(a) Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected.

(b) Excludes loans measured at fair value on a nonrecurring basis.

(c) Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.

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Long-Term Debt - Summary of Long-term Debt (Detail) (USD $) In Millions, unless otherwise specified			12 Months Ended									12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended		12 Months Ended			12 Months Ended		12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012 Junior subordinated debentures [Member]	Dec. 31, 2013 Parent Company [Member]	Dec. 31, 2012 Parent Company [Member]	Dec. 31, 2013 Parent Company [Member] Capitalized lease obligations, mortgage indebtedness and other [Member]	Dec. 31, 2012 Parent Company [Member] Capitalized lease obligations, mortgage indebtedness and other [Member]	Dec. 31, 2013 Subsidiaries [Member]	Dec. 31, 2012 Subsidiaries [Member]	Dec. 31, 2013 Subsidiaries [Member] Capitalized lease obligations, mortgage indebtedness and other [Member]	Dec. 31, 2012 Subsidiaries [Member] Capitalized lease obligations, mortgage indebtedness and other [Member]	Dec. 31, 2013 Fixed Rate [Member] Parent Company [Member] Subordinated notes [Member]	Dec. 31, 2012 Fixed Rate [Member] Parent Company [Member] Subordinated notes [Member]	Dec. 31, 2013 Fixed Rate [Member] Parent Company [Member] Subordinated notes two [Member]	Dec. 31, 2012 Fixed Rate [Member] Parent Company [Member] Subordinated notes two [Member]	Dec. 31, 2013 Fixed Rate [Member] Parent Company [Member] Medium-term notes [Member]	Dec. 31, 2012 Fixed Rate [Member] Parent Company [Member] Medium-term notes [Member]	Dec. 31, 2013 Fixed Rate [Member] Parent Company [Member] Junior subordinated debentures [Member]	Dec. 31, 2012 Fixed Rate [Member] Parent Company [Member] Junior subordinated debentures [Member]	Dec. 31, 2013 Fixed Rate [Member] Subsidiaries [Member] Subordinated notes three [Member]	Dec. 31, 2012 Fixed Rate [Member] Subsidiaries [Member] Subordinated notes three [Member]	Dec. 31, 2013 Fixed Rate [Member] Subsidiaries [Member] Subordinated notes four [Member]	Dec. 31, 2012 Fixed Rate [Member] Subsidiaries [Member] Subordinated notes four [Member]	Dec. 31, 2013 Fixed Rate [Member] Subsidiaries [Member] Subordinated notes five [Member]	Dec. 31, 2012 Fixed Rate [Member] Subsidiaries [Member] Subordinated notes five [Member]	Dec. 31, 2013 Fixed Rate [Member] Subsidiaries [Member] Subordinated notes six [Member]	Dec. 31, 2012 Fixed Rate [Member] Subsidiaries [Member] Subordinated notes six [Member]	Dec. 31, 2013 Fixed Rate [Member] Subsidiaries [Member] Federal Home Loan Bank advances [Member]	Dec. 31, 2012 Fixed Rate [Member] Subsidiaries [Member] Federal Home Loan Bank advances [Member]	Dec. 31, 2013 Floating Rate [Member] Parent Company [Member] Medium-term notes [Member]	Dec. 31, 2013 Floating Rate [Member] Subsidiaries [Member] Subordinated notes seven [Member]	Dec. 31, 2012 Floating Rate [Member] Subsidiaries [Member] Subordinated notes seven [Member]	Dec. 31, 2013 Floating Rate [Member] Subsidiaries [Member] Federal Home Loan Bank advances [Member]	Dec. 31, 2012 Floating Rate [Member] Subsidiaries [Member] Federal Home Loan Bank advances [Member]	Dec. 31, 2013 Floating Rate [Member] Subsidiaries [Member] Bank notes [Member]	Dec. 31, 2012 Floating Rate [Member] Subsidiaries [Member] Bank notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Stated Percentage												2.95%		7.50%				3.442%		6.30%		4.95%		4.80%		3.778%				0.728%	0.524%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum			6.30%													1.65%												1.25%					0.238%
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum			6.63%													4.20%												8.25%					0.505%
Debt Instrument Maturity Year, start												Jan. 01, 2022		Jan. 01, 2026		Jan. 01, 2014		Jan. 01, 2016		Jan. 01, 2014		Jan. 01, 2014		Jan. 01, 2015		Jan. 01, 2020		Jan. 01, 2014		Jan. 01, 2018	Jan. 01, 2014		Jan. 01, 2014		Jan. 01, 2046
Debt Instrument Maturity Year, End												Dec. 31, 2022		Dec. 31, 2026		Dec. 31, 2022		Dec. 31, 2016		Dec. 31, 2014		Dec. 31, 2014		Dec. 31, 2015		Dec. 31, 2020		Dec. 31, 2026		Dec. 31, 2018	Dec. 31, 2014		Dec. 31, 2022		Dec. 31, 2048
Long-term debt	$ 20,049	$ 25,516		$ 11,416	$ 12,772	$ 167	$ 173	$ 8,633	$ 12,744	$ 563	$ 4,670	$ 1,300	$ 1,300	$ 199	$ 199	$ 8,750	$ 10,600	$ 500	$ 500	$ 963	$ 963	$ 1,000	$ 1,000	$ 500	$ 500	$ 500	$ 500	$ 13	$ 16	$ 500	$ 373	$ 373	$ 4,579	$ 4,579	$ 142	$ 143

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Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2013

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		2013		2012
U.S. Bancorp (Parent Company)
Subordinated notes		Fixed		2.950	%		2022	$	1,300	$	1,300
		Fixed		7.500	%		2026		199		199
Medium-term notes		Fixed		1.650% - 4.200	%		2014 - 2022		8,750		10,600
		Floating		.728	%		2018		500		–
Junior subordinated debentures		Fixed		3.442	%		2016		500		500
Capitalized lease obligations, mortgage indebtedness and other (b)									167		173
Subtotal									11,416		12,772
Subsidiaries
Subordinated notes		Fixed		6.300	%		2014		963		963
		Fixed		4.950	%		2014		1,000		1,000
		Fixed		4.800	%		2015		500		500
		Fixed		3.778	%		2020		500		500
		Floating		.524	%		2014		373		373
Federal Home Loan Bank advances		Fixed		1.250% - 8.250	%		2014 - 2026		13		16
		Floating		.238% - .505	%		2014 - 2022		4,579		4,579
Bank notes		Floating		–	%		2046 - 2048		142		143
Capitalized lease obligations, mortgage indebtedness and other (b)									563		4,670
Subtotal									8,633		12,744
Total								$	20,049	$	25,516

(a) Weighted-average interest rates of Federal Home Loan Bank advances and fixed-rate medium-term notes were .28 percent and 2.78 percent, respectively.

(b) Other includes consolidated community development and tax-advantaged investment VIEs, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments.

Maturities of Long-term Debt Outstanding

Maturities of long-term debt outstanding at December 31, 2013, were:

(Dollars in Millions)	Parent Company		Consolidated
2014	$	1,499	$	4,132
2015		1,749		3,013
2016		1,940		3,813
2017		1,247		2,545
2018		1,496		1,534
Thereafter		3,485		5,012
Total	$	11,416	$	20,049

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Long-Term Debt - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Debenture redeemed	$ 2,883,000,000	$ 11,415,000,000	$ 3,300,000,000
Junior subordinated debentures [Member]
Debt Instrument [Line Items]
Debenture redeemed		2,700,000,000
Fixed rate interest payable for junior subordinated debentures, minimum		6.30%
Fixed rate interest payable for junior subordinated debentures, maximum		6.63%
Issuance of junior subordinate debenture	0	0
Federal Home Loan Bank And Federal Reserve Bank [Member]
Debt Instrument [Line Items]
Unused Borrowing Capacity under Federal Home Loan Bank and Federal Reserve Bank	$ 69,700,000,000	$ 60,900,000,000

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Consolidated Statement of Comprehensive Income (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 5,732	$ 5,490	$ 4,788
Other Comprehensive Income (Loss)
Changes in unrealized gains and losses on securities available-for-sale	(1,223)	715	920
Other-than-temporary impairment not recognized in earnings on securities available-for-sale	8	12	(25)
Changes in unrealized gains and losses on derivative hedges	37	(74)	(343)
Foreign currency translation	(34)	14	(16)
Changes in unrealized gains and losses on retirement plans	590	(543)	(464)
Reclassification to earnings of realized gains and losses	373	325	363
Income taxes related to other comprehensive income	101	(172)	(166)
Total other comprehensive income (loss)	(148)	277	269
Comprehensive income	5,584	5,767	5,057
Comprehensive (income) loss attributable to noncontrolling interests	104	157	84
Comprehensive income attributable to U.S. Bancorp	$ 5,688	$ 5,924	$ 5,141

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Loans and Allowance for Credit Losses - Carrying Amount of Covered Assets (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Covered Assets [Line Items]
Purchased Impaired Loans	$ 3,775	$ 5,301
Purchased Nonimpaired Loans	3,087	4,727
Other Assets	1,697	1,477
Covered loans	8,462	11,308
Total covered assets	8,559	11,505
Commercial [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans	32	143
Other Assets
Covered loans	32	143
Commercial Real Estate [Member]
Covered Assets [Line Items]
Purchased Impaired Loans	738	1,323
Purchased Nonimpaired Loans	1,494	2,695
Other Assets
Covered loans	2,232	4,018
Residential Mortgages [Member]
Covered Assets [Line Items]
Purchased Impaired Loans	3,037	3,978
Purchased Nonimpaired Loans	890	1,109
Other Assets
Covered loans	3,927	5,087
Credit Card [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans	5	5
Other Assets
Covered loans	5	5
Other Retail [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans	666	775
Other Assets
Covered loans	666	775
Losses Reimbursable by FDIC [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans
Other Assets	798	1,280
Covered loans	798	1,280
Unamortized Changes in FDIC asset [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans
Other Assets	802
Covered loans	802
Covered Loans [Member]
Covered Assets [Line Items]
Purchased Impaired Loans	3,775	5,301
Purchased Nonimpaired Loans	3,087	4,727
Other Assets	1,600	1,280
Covered loans	8,462	11,308
Foreclosed Real Estate [Member]
Covered Assets [Line Items]
Purchased Impaired Loans
Purchased Nonimpaired Loans
Other Assets	97	197
Total covered assets	$ 97	$ 197

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Restrictions on Cash and Due from Banks

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Restrictions on Cash and Due from Banks

  NOTE 3   Restrictions on Cash and Due from Banks

The Federal Reserve Bank requires bank subsidiaries to maintain minimum average reserve balances, either in the form of cash or reserve balances held with the Federal Reserve Bank. The amount of those required reserve balances were approximately $1.8 billion and $1.7 billion at December 31, 2013 and 2012, respectively. At December 31, 2013 and 2012, the Company held $1.9 billion and $.9 billion, respectively, of balances at the Federal Reserve Bank. These balances are included in cash and due from banks on the Consolidated Balance Sheet.

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U.S. Bancorp (Parent Company) - Condensed Statement of Financial Position of Parent Company Only (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
Assets
Available-for-sale securities	$ 40,935	[1]	$ 40,139	[1]
Other assets	26,096	[1]	29,675	[1]
Total assets	364,021		353,855
Liabilities and Shareholders' Equity
Short-term funds borrowed	27,608		26,302		30,468
Long-term debt	20,049		25,516
Other liabilities	12,434		12,587
Shareholders' equity	41,113		38,998
Total liabilities and equity	364,021		353,855
Parent Company [Member]
Assets
Due from banks, principally interest-bearing	8,371		3,630
Available-for-sale securities	463		425
Other assets	1,628		1,550
Total assets	53,350		52,634
Liabilities and Shareholders' Equity
Short-term funds borrowed	138		134
Long-term debt	11,416		12,772
Other liabilities	683		730
Shareholders' equity	41,113		38,998
Total liabilities and equity	53,350		52,634
Bank Subsidiaries [Member] | Parent Company [Member]
Assets
Investments in subsidiaries	37,558		38,007
Advances to subsidiaries	2,250		6,173
Non-bank Subsidiaries [Member] | Parent Company [Member]
Assets
Investments in subsidiaries	1,546		1,445
Advances to subsidiaries	$ 1,534		$ 1,404

[1] Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

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Fair Values of Assets and Liabilities - Differences Between Aggregate Fair Value, Carrying Amount of MLHFS and Aggregate Unpaid Principal Amount (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Fair value carrying amount, total loans	$ 3,263	$ 7,957
Fair value carrying amount, nonaccrual loans	9	8
Fair value carrying amount, loans 90 days or more past due		2
Aggregate unpaid principal, total loans	3,195	7,588
Aggregate unpaid principal, nonaccrual loans	14	13
Aggregate unpaid principal, loans 90 days or more past due		3
Carrying amount over (under) unpaid principal, total loans	68	369
Carrying amount over (under) unpaid principal, nonaccrual loans	(5)	(5)
Carrying amount over (under) unpaid principal, loans 90 days or more past due		$ (1)

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Shareholders' Equity - Regulatory Capital Ratios (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Tier 1 capital	$ 33,386	$ 31,203
Total risk-based capital	39,340	37,780
Tier 1 capital	4.00%
Total risk-based capital	8.00%
Leverage	4.00%
Tier 1 capital	6.00%
Total risk-based capital	10.00%
Leverage	5.00%
Total U.S. Bancorp [Member]
Tier 1 capital	33,386	31,203
As a percent of risk-weighted assets	11.20%	10.80%
As a percent of adjusted quarterly average assets (leverage ratio)	9.60%	9.20%
Total risk-based capital	$ 39,340	$ 37,780
As a percent of risk-weighted assets	13.20%	13.10%
U.S. Bank National Association [Member]
As a percent of risk-weighted assets	10.30%	10.60%
As a percent of adjusted quarterly average assets (leverage ratio)	8.80%	9.00%
As a percent of risk-weighted assets	12.40%	12.70%

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Loans and Allowance for Credit Losses - Summary of Loans by Portfolio Type and Company's Internal Credit Quality Rating (Parenthetical) (Detail) (Government National Mortgage Association [Member], Trouble Debt Restructure [Member], USD $) In Billions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Government National Mortgage Association [Member] | Trouble Debt Restructure [Member]
Financing Receivable, Recorded Investment [Line Items]
Restructured GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified with a pass rating	$ 2.6	$ 2.4
GNMA loans 90 days or more past due whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, were classified with a pass rating	$ 3.7	$ 3.2

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Long-Term Debt - Summary of Long-term Debt (Parenthetical) (Detail)	Dec. 31, 2013
Federal Home Loan Bank advances [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	0.28%
Fixed Rate [Member] | Medium-term notes [Member]
Debt Instrument [Line Items]
Weighted-average interest rate	2.78%

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Investment Securities - Summary of Other Than Temporary Impairment by Investment Category (Detail) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Other Gains (Losses)	$ 8	$ 12	$ (25)
Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings	(14)	(74)	(35)
Other Gains (Losses)	8	12	(25)
Total Available for sale other-than-temporary impairment	(6)	(62)	(60)
Available-for-Sale Securities [Member] | Residential Non-Agency Prime [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings	(6)	(12)	(3)
Other Gains (Losses)	2	(9)	(5)
Total Available for sale other-than-temporary impairment	(4)	(21)	(8)
Available-for-Sale Securities [Member] | Residential Non-Agency Non-Prime [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings	(8)	(33)	(24)
Other Gains (Losses)	6	21	(23)
Total Available for sale other-than-temporary impairment	(2)	(12)	(47)
Commercial Non-Agency Mortgage-Backed Securities [Member] | Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings		(1)
Other Gains (Losses)		(1)
Total Available for sale other-than-temporary impairment		(2)
Perpetual preferred securities [Member] | Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings		(27)
Other Gains (Losses)
Total Available for sale other-than-temporary impairment		(27)
Other Asset-Backed Securities [Member] | Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings		(1)	(4)
Other Gains (Losses)		1	3
Total Available for sale other-than-temporary impairment			(1)
Obligations of state and political subdivisions [Member] | Available-for-Sale Securities [Member]
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Losses Recorded in Earnings			(4)
Other Gains (Losses)
Total Available for sale other-than-temporary impairment			$ (4)

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Netting Arrangements for Certain Financial Instruments

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Netting Arrangements for Certain Financial Instruments

  NOTE 20   Netting Arrangements for Certain Financial Instruments

The majority of the Company’s derivative portfolio consists of bilateral over-the-counter trades. However, due to legislative changes effective during 2013, certain interest rate swaps and credit contracts need to be centrally cleared through clearinghouses. In addition, a portion of the Company’s derivative positions are exchange-traded. These are predominately U.S. Treasury futures or options on U.S. Treasury futures. Of the Company’s $109.6 billion of total notional amount of derivative positions at December 31, 2013, $8.3 billion related to those centrally cleared through clearinghouses and $3.6 billion related to those that were exchange-traded. Irrespective of how derivatives are traded, the Company’s derivative contracts include offsetting rights (referred to as netting arrangements), and depending on expected volume, credit risk, and counterparty preference, collateral maintenance may be required. For all derivatives, fair value is determined daily and, depending on the collateral maintenance requirements, the Company and a counterparty may receive or deliver collateral, based upon the net fair value of all derivative positions between the Company and the counterparty. Collateral is typically cash, but securities may be allowed under collateral arrangements with certain counterparties. Receivables and payables related to cash collateral are included in other assets and other liabilities on the Consolidated Balance Sheet, along with the related derivative asset and liability fair values. Any securities pledged to counterparties as collateral remain on the Consolidated Balance Sheet. Securities received from counterparties as collateral are not recognized on the Consolidated Balance Sheet, unless the counterparty defaults. Securities used as collateral can be sold, re-pledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party. Refer to Note 19 for further discussion of the Company’s derivatives, including collateral arrangements.

As part of the Company’s treasury and broker-dealer operations, the Company executes transactions that are treated as securities sold under agreements to repurchase or securities purchased under agreements to resell, both of which are accounted for as collateralized financings. Securities sold under agreements to repurchase include repurchase agreements and securities loaned transactions. Securities purchased under agreements to resell include reverse repurchase agreements and securities borrowed transactions. For securities sold under agreements to repurchase, the Company records a liability for the cash received, which is included in short-term borrowings on the Consolidated Balance Sheet. For securities purchased under agreements to resell, the Company records a receivable for the cash paid, which is included in other assets on the Consolidated Balance Sheet.

Securities transferred to counterparties under repurchase agreements and securities loaned transactions continue to be recognized on the Consolidated Balance Sheet, are measured at fair value, and are included in investment securities or other assets. Securities received from counterparties under reverse repurchase agreements and securities borrowed transactions are not recognized on the Consolidated Balance Sheet unless the counterparty defaults. Under all transactions, the fair values of the securities are determined daily, and additional cash is obtained or refunded to counterparties where appropriate. The securities transferred under repurchase and reverse repurchase transactions typically are U.S. Treasury securities or agency mortgage-backed securities. The securities loaned or borrowed are typically high-grade corporate bonds traded by the Company’s broker-dealer. The securities transferred can be sold, repledged or otherwise used by the party in possession. No restrictions exist on the use of cash collateral by either party.

The Company executes its derivative, repurchase/reverse repurchase and securities loaned/borrowed transactions under the respective industry standard agreements. These agreements include master netting arrangements that allow for multiple contracts executed with the same counterparty to be viewed as a single arrangement. This allows for net settlement of a single amount on a daily basis. In the event of default, the master netting arrangement provides for close-out netting, which allows all positions with the defaulting counterparty to be terminated and net settled with a single payment amount.

The Company has elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of the majority of its derivative counterparties, excluding centrally cleared derivative contracts due to current uncertainty about the legal enforceability of netting arrangements with the clearinghouses. The netting occurs at the counterparty level, and includes all assets and liabilities related to the derivative contracts, including those associated with cash collateral received or delivered. The Company has not elected to offset the assets and liabilities under netting arrangements for the balance sheet presentation of repurchase/reverse repurchase and securities loaned/borrowed transactions.

The following tables provide information on the Company’s netting adjustments, and items not offset on the Consolidated Balance Sheet but available for offset in the event of default:

	Gross		Gross Amounts Offset on the			Net Amounts Presented on the		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)	Recognized Assets		Consolidated Balance Sheet (a)			Consolidated Balance Sheet		Financial             Instruments (b)			Collateral Received (c)			Net Amount
December 31, 2013
Derivative assets (d)	$	1,349	$	(599	)	$	750	$	(21	)	$	–		$	729
Reverse repurchase agreements		87		–			87		(59	)		(28	)		–
Securities borrowed		723		–			723		–			(698	)		25
Total	$	2,159	$	(599	)	$	1,560	$	(80	)	$	(726	)	$	754
December 31, 2012
Derivative assets (d)	$	1,546	$	(418	)	$	1,128	$	(148	)	$	–		$	980
Reverse repurchase agreements		363		–			363		(44	)		(319	)		–
Securities borrowed		368		–			368		–			(356	)		12
Total	$	2,277	$	(418	)	$	1,859	$	(192	)	$	(675	)	$	992

(a) Includes $124 million and $79 million of cash collateral related payables that were netted against derivative assets at December 31, 2013 and 2012, respectively.

(b) For derivative assets this includes any derivative liability fair values that could be offset in the event of counterparty default; for reverse repurchase agreements this includes any repurchase agreement payables that could be offset in the event of counterparty default; for securities borrowed this includes any securities loaned payables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities received by the Company from the counterparty. These securities are not included on the Consolidated Balance Sheet unless the counterparty defaults.

(d) Excludes $55 million and $260 million of derivative assets centrally cleared or otherwise not subject to netting arrangements at December 31, 2013 and 2012, respectively.

	Gross		Gross Amounts Offset on the			Net Amounts Presented on the		Gross Amounts Not Offset on the Consolidated Balance Sheet
(Dollars in Millions)	Recognized Liabilities		Consolidated Balance Sheet (a)			Consolidated Balance Sheet		Financial                 Instruments (b)			Collateral Pledged (c)			Net Amount
December 31, 2013
Derivative liabilities (d)	$	1,598	$	(1,192	)	$	406	$	(21	)	$	–		$	385
Repurchase agreements		2,059		–			2,059		(59	)		(2,000	)		–
Securities loaned		–		–			–		–			–			–
Total	$	3,657	$	(1,192	)	$	2,465	$	(80	)	$	(2,000	)	$	385
December 31, 2012
Derivative liabilities (d)	$	2,178	$	(1,549	)	$	629	$	(148	)	$	–		$	481
Repurchase agreements		3,389		–			3,389		(44	)		(3,345	)		–
Securities loaned		–		–			–		–			–			–
Total	$	5,567	$	(1,549	)	$	4,018	$	(192	)	$	(3,345	)	$	481

(a) Includes $717 million and $1.2 billion of cash collateral related receivables that were netted against derivative liabilities at December 31, 2013 and 2012, respectively.

(b) For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default.

(c) Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults.

(d) Excludes $119 million and $5 million of derivative liabilities centrally cleared or otherwise not subject to netting arrangements at December 31, 2013 and 2012, respectively.

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Earnings Per Share - Components of Earnings Per Share (Detail) (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Abstract]
Net income attributable to U.S. Bancorp	$ 5,836	$ 5,647	$ 4,872
Preferred dividends	(250)	(238)	(129)
Impact of preferred stock redemption	(8)
Earnings allocated to participating stock awards	(26)	(26)	(22)
Net income applicable to U.S. Bancorp common shareholders	$ 5,552	$ 5,383	$ 4,721
Average common shares outstanding	1,839	1,887	1,914
Net effect of the exercise and assumed purchase of stock awards	10	9	9
Average diluted common shares outstanding	1,849	1,896	1,923
Earnings per common share	$ 3.02	$ 2.85	$ 2.47
Diluted earnings per common share	$ 3.00	$ 2.84	$ 2.46

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Guarantees and Contingent Liabilities - Additional Information (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Guarantees And Contingent Liabilities (Textual) [Abstract]
Liability related to remaining Visa Litigation, carrying amount	$ 41,000,000
Total rental expense for operating leases	311,000,000	295,000,000	291,000,000
Representation and warranty reserve	83,000,000	240,000,000	160,000,000	180,000,000
Loss contingency range of possible loss maximum	200,000,000
Securities lending indemnifications [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	5,261,000,000
Carrying amount
Collateral held	5,397,000,000
Tender option bond program guarantee [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	4,575,000,000
Carrying amount
Collateral held	4,604,000,000
Standby letters of credit [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	16,891,000,000
Approximate weighted-average term of potential future payments guaranteed under standby letter of credit arrangements	21 months
Carrying amount	71,000,000
Collateral held
Third-party borrowing arrangements [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	12,000,000
Carrying amount
Collateral held
Asset sales [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	3,656,000,000
Carrying amount	185,000,000
Collateral held
Reserve for potential loss related to sale or syndication of tax-advantage investments	102,000,000
Representation and warranty reserve	83,000,000	240,000,000
Decrease in representation and warranty due to settlement on loans sold to the Federal Home Loan Mortgage Corporation (Freddie Mac) between 2000 and 2008	157,000,000
Unresolved representation and warranty claims	89,000,000	131,000,000
Merchant processing [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	83,496,000,000
Carrying amount	69,000,000
Collateral held	648,000,000
Value of airline tickets purchased to deliver at future date	5,200,000,000
Company held collateral in escrow deposits, letters of credit and indemnities from financial institutions and liens on various assets	538,000,000
Company held collateral in merchant escrow deposits	23,000,000
Liability primarily related to airline processing arrangements	58,000,000
Merchant escrow deposits held as collateral related to unresolved charge-backs	87,000,000
Recorded liability for potential losses related to unresolved charge-backs	11,000,000
Contingent consideration arrangements [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	12,000,000
Carrying amount	12,000,000
Collateral held
Minimum revenue guarantees [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	12,000,000
Carrying amount	12,000,000
Collateral held
Other [Member]
Guarantees And Contingent Liabilities (Textual) [Abstract]
Maximum potential payments	468,000,000
Carrying amount
Collateral held

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Employee Benefits - Summary of Plan Investment Assets Measured at Fair Value (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Obligation to return cash collateral		$ 20
Mid Small Cap Equity Securities [Member] | Level 1 [Member] | Domestic equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	141	164
Mid Small Cap Equity Securities [Member] | Level 1 [Member] | International equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	7	9
Real estate equity securities [Member] | Level 1 [Member] | Domestic equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	67	66
Real estate equity securities [Member] | Level 1 [Member] | International equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	70	66
Collective investment fund mid-small cap equity securities [Member] | Level 2 [Member] | Domestic equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	26	24
Collective investment fund mid-small cap equity securities [Member] | Level 2 [Member] | International equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	22	16
Collective investment fund mid-small cap equity securities [Member] | Level 2 [Member] | Cash and cash equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	$ 10	$ 19

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Employee Benefits - Weighted Average Assumptions to Determine Projected Benefit Obligations (Parenthetical) (Detail) (Projected Benefit Obligation Assumptions [Member])	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Plan Disclosure [Line Items]
Assumed rate decrease	5.00%
Health care cost trend rate to decrease Period	2019
Postretirement Welfare Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Assumed plan duration	6 years 4 months 24 days	7 years 2 months 12 days
Qualified pension plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Assumed plan duration	14 years 7 months 6 days	15 years 10 months 12 days
Non qualified pension plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Assumed plan duration	11 years 6 months	12 years 2 months 12 days

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Loans and Allowance for Credit Losses - Composition of Loan Portfolio (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Accounts Notes And Loans Receivable Classified [Abstract]
Commercial	$ 64,762	$ 60,742
Lease financing	5,271	5,481
Total commercial	70,033	66,223
Commercial Real Estate
Commercial mortgages	32,183	31,005
Construction and development	7,702	5,948
Total commercial real estate	39,885	36,953
Residential mortgages	37,545	32,648
Home equity loans, first liens	13,611	11,370
Total residential mortgages	51,156	44,018
Credit card	18,021	17,115
Retail leasing	5,929	5,419
Home equity and second mortgages	15,442	16,726
Revolving credit	3,276	3,332
Installment	5,709	5,463
Automobile	13,743	12,593
Student	3,579	4,179
Total other retail	47,678	47,712
Total loans, excluding covered loans	226,773	212,021
Covered loans	8,462	11,308
Total loans	$ 235,235	$ 223,329

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Fair Values of Assets and Liabilities - Valuation Assumption Ranges for Derivative Commitments (Detail)	Dec. 31, 2013
Minimum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected loan close rate	43.00%
Inherent MSR value (basis points per loan)	0.48%
Maximum [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected loan close rate	100.00%
Inherent MSR value (basis points per loan)	2.21%
Average [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Expected loan close rate	80.00%
Inherent MSR value (basis points per loan)	1.24%

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Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Changes in Fair Value of Capitalized MSRs

Changes in fair value of capitalized MSRs for the years ended December 31, are summarized as follows:

(Dollars in Millions)	2013			2012			2011
Balance at beginning of period	$	1,700		$	1,519		$	1,837
Rights purchased		8			42			35
Rights capitalized		769			957			619
Changes in fair value of MSRs
Due to fluctuations in market interest rates (a)		617			(249	)		(619	)
Due to revised assumptions or models (b)		33			(21	)		33
Other changes in fair value (c)		(447	)		(548	)		(386	)
Balance at end of period	$	2,680		$	1,700		$	1,519

(a) Includes changes in MSR value associated with changes in market interest rates, including estimated prepayment rates and anticipated earnings on escrow deposits.

(b) Includes changes in MSR value not caused by changes in market interest rates, such as changes in cost to service, ancillary income, and discount rate, as well as the impact of any model changes.

(c) Primarily represents changes due to realization of expected cash flows over time (decay).

Sensitivity to Changes in Interest Rates to Fair Value of MSR's Portfolio and Related Derivative Instruments

The estimated sensitivity to changes in interest rates of the fair value of the MSRs portfolio and the related derivative instruments as of December 31 follows:

	2013																		2012
(Dollars in Millions)	Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps			Down 100 bps			Down 50 bps			Down 25 bps			Up 25 bps			Up 50 bps			Up 100 bps
MSR portfolio	$	(435	)	$	(199	)	$	(93	)	$	82		$	154		$	287		$	(370	)	$	(217	)	$	(118	)	$	126		$	249		$	480
Derivative instrument hedges		399			194			91			(82	)		(157	)		(301	)		473			249			124			(121	)		(243	)		(486	)
Net sensitivity	$	(36	)	$	(5	)	$	(2	)	$	–		$	(3	)	$	(14	)	$	103		$	32		$	6		$	5		$	6		$	(6	)

MSRs and Related Characteristics by Portfolio

A summary of the Company’s MSRs and related characteristics by portfolio as of December 31 follows:

	2013												2012
(Dollars in Millions)	MRBP			Government			Conventional (b)			Total			MRBP			Government			Conventional (b)			Total
Servicing portfolio	$	15,896		$	41,659		$	169,287		$	226,842		$	14,143		$	39,048		$	162,446		$	215,637
Fair value	$	180		$	500		$	2,000		$	2,680		$	154		$	314		$	1,232		$	1,700
Value (bps) (a)		113			120			118			118			109			80			76			79
Weighted-average servicing fees (bps)		39			32			29			30			40			33			30			31
Multiple (value/servicing fees)		2.90			3.75			4.07			3.93			2.73			2.42			2.53			2.55
Weighted-average note rate		4.70	%		4.24	%		4.17	%		4.22	%		5.13	%		4.57	%		4.48	%		4.54	%
Weighted-average age (in years)		3.8			2.6			2.5			2.6			4.2			2.4			2.5			2.6
Weighted-average expected prepayment (constant prepayment rate)		13.5	%		11.5	%		10.9	%		11.2	%		13.2	%		21.2	%		20.4	%		20.1	%
Weighted-average expected life (in years)		6.2			6.9			7.2			7.1			6.1			4.2			4.1			4.2
Weighted-average discount rate		11.9	%		11.2	%		9.8	%		10.2	%		12.1	%		11.4	%		10.0	%		10.4	%

(a) Value is calculated as fair value divided by the servicing portfolio.

(b) Represents loans sold primarily to GSEs.

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Junior Subordinated Debentures

12 Months Ended

Dec. 31, 2013

Text Block [Abstract]

Junior Subordinated Debentures

NOTE 13   Junior Subordinated Debentures

As of December 31, 2013, the Company sponsored, and wholly owned 100 percent of the common equity of, USB Capital IX, a wholly-owned unconsolidated trust, formed for the purpose of issuing redeemable Income Trust Securities (“ITS”) to third party investors, originally investing the proceeds in junior subordinated debt securities (“Debentures”) issued by the Company and entering into stock purchase contracts to purchase preferred stock in the future. During 2010, the Company exchanged depositary shares representing an ownership interest in its Series A Non-Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) to acquire a portion of the ITS issued by USB Capital IX and retire a portion of the Debentures and cancel a pro-rata portion of stock purchase contracts. During 2011, USB Capital IX sold the remaining Debentures, originally issued by the Company to the trust, to investors to generate cash proceeds to purchase the Company’s Series A Preferred Stock pursuant to the stock purchase contracts. As part of this sale, a consolidated subsidiary of the Company purchased $176 million of the Debentures, which effectively retired the debt. The Company classifies the remaining $500 million of debentures at December 31, 2013 and 2012, as long-term debt. As of December 31, 2013 and 2012, $676 million of the Company’s Series A Preferred Stock was the sole asset of USB Capital IX. The Company’s obligations under the transaction documents, taken together, have the effect of providing a full and unconditional guarantee by the Company, on a junior subordinated basis, of the payment obligations of the trust.

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Intangible Assets - Estimated Amortization Expense (Detail) (USD $) In Millions, unless otherwise specified	Dec. 31, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
2014	$ 184
2015	148
2016	119
2017	98
2018	$ 78