Shareholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

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:

	2014								2013
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 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		20,000		500		13		487
Total preferred stock(a)		159,910	$	4,936	$	180	$	4,756		159,910	$	4,936	$	180	$	4,756

(a) The par value of all shares issued and outstanding at December 31, 2014 and 2013, 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
2014		54	$	2,262
2013		65		2,336
2012		59		1,878

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
2014
Balance at beginning of period	$	(77	)	$	70		$	(261	)	$	(743	)	$	(60	)	$	(1,071	)
Changes in unrealized gains and losses		764			–			(41	)		(733	)		–			(10	)
Other-than-temporary impairment not recognized in earnings on securities available-for-sale		1			–			–			–			–			1
Foreign currency translation adjustment		–			–			–			–			(4	)		(4	)
Reclassification to earnings of realized gains and losses		(3	)		(30	)		186			144			–			297
Applicable income taxes		(293	)		12			(56	)		226			2			(109	)
Balance at end of period	$	392		$	52		$	(172	)	$	(1,106	)	$	(62	)	$	(896	)
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 available-for-sale securities 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	)

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 (loss) and into earnings for the years ended December 31, is as follows:

	Impact to Net Income						Affected Line Item in the Consolidated Statement of Income
(Dollars in Millions)	2014			2013
Unrealized gains (losses) on securities available-for-sale
Realized gains (losses) on sale of securities	$	11		$	23		Total securities gains (losses), net
Other-than-temporary impairment recognized in earnings		(8	)		(14	)
		3			9		Total before tax
		(1	)		(4	)	Applicable income taxes
		2			5		Net-of-tax
Unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity
Amortization of unrealized gains		30			59		Interest income
		(12	)		(22	)	Applicable income taxes
		18			37		Net-of-tax
Unrealized gains (losses) on derivative hedges
Realized gains (losses) on derivative hedges		(186	)		(192	)	Net interest income
		71			74		Applicable income taxes
		(115	)		(118	)	Net-of-tax
Unrealized gains (losses) on retirement plans
Actuarial gains (losses), prior service cost (credit) and transition obligation (asset) amortization		(144	)		(249	)	Employee benefits expense
		56			96		Applicable income taxes
		(88	)		(153	)	Net-of-tax
Total impact to net income	$	(183	)	$	(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)	2014			2013
Basel III transitional standardized approach/Basel I:
Common shareholders’ equity	$	38,723		$	36,357
Less intangible assets
Goodwill (net of deferred tax liability)		(8,403	)		(8,343	)
Other disallowed intangible assets		(165	)		(708	)
Other(a)		701			636
Total common equity tier 1 capital		30,856
Qualifying preferred stock		4,756			4,756
Noncontrolling interests eligible for tier 1 capital		408			688
Total tier 1 capital		36,020			33,386
Eligible portion of allowance for credit losses		3,957			3,734
Subordinated debt and noncontrolling interests eligible for tier 2 capital		3,215			2,299
Other		16			(79	)
Total tier 2 capital		7,188			5,954
Total risk-based capital	$	43,208		$	39,340
Risk-weighted assets	$	317,398		$	297,919
Basel III transitional advanced approaches:
Common shareholders’ equity	$	38,723
Less intangible assets
Goodwill (net of deferred tax liability)		(8,403	)
Other disallowed intangible assets		(165	)
Other(a)		701
Total common equity tier 1 capital		30,856
Qualifying preferred stock		4,756
Noncontrolling interests eligible for tier 1 capital		408
Total tier 1 capital		36,020
Eligible portion of allowance for credit losses		1,224
Subordinated debt and noncontrolling interests eligible for tier 2 capital		3,215
Other		16
Total tier 2 capital		4,455
Total risk-based capital	$	40,475
Risk-weighted assets	$	248,596

Note: December 31, 2014 amounts calculated under the Basel III transitional standardized and advanced approaches, with the Company being evaluated for capital adequacy against the approach that is most restrictive. December 31, 2013 amounts calculated under Basel I.

(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

_TABLE 22    REGULATORY CAPITAL RATIOS

	U.S. Bancorp						U.S. Bank National Association
At December 31 (Dollars in Millions)	2014			2013			2014			2013
Basel III transitional standardized approach/Basel I:
Common equity tier 1 capital(a)	$	30,856					$	32,381
Tier 1 capital		36,020		$	33,386			32,789		$	30,167
Total risk-based capital		43,208			39,340			40,008			36,392
Risk-weighted assets		317,398			297,919			313,261			293,335
Common equity tier 1 capital as a percent of risk-weighted assets(a)		9.7	%					10.3	%
Tier 1 capital as a percent of risk-weighted assets		11.3			11.2	%		10.5			10.3	%
Total risk-based capital as a percent of risk-weighted assets		13.6			13.2			12.8			12.4
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)		9.3			9.6			8.6			8.8
Basel III transitional advanced approaches:
Common equity tier 1 capital(a)	$	30,856					$	32,381
Tier 1 capital		36,020						32,789
Total risk-based capital		40,475						37,299
Risk-weighted assets		248,596						245,007
Common equity tier 1 capital as a percent of risk-weighted assets(a)		12.4	%					13.2	%
Tier 1 capital as a percent of risk-weighted assets		14.5						13.4
Total risk-based capital as a percent of risk-weighted assets		16.3						15.2

BANK REGULATORY CAPITAL REQUIREMENTS

	Minimum			Well- Capitalized
2014
Common equity tier 1 capital as a percent of risk-weighted assets		4.0	%		*
Tier 1 capital as a percent of risk-weighted assets		5.5			6.0	%
Total risk-based capital as a percent of risk-weighted assets		8.0			10.0
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)		4.0			5.0
2013
Tier 1 capital as a percent of risk-weighted assets		4.0	%		6.0	%
Total risk-based capital as a percent of risk-weighted assets		8.0			10.0
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)		4.0			5.0

* Not applicable.

Note: December 31, 2014 amounts calculated under the Basel III transitional standardized and advanced approaches, with the Company being evaluated for capital adequacy against the approach that is most restrictive. December 31, 2013 amounts calculated under Basel I.

(a) Beginning January 1, 2014, the regulatory capital requirements effective for the Company include a common equity tier 1 capital as a percent of risk-weighted assets ratio.