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U.S. Bancorp (Parent Company)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
U.S. Bancorp (Parent Company)
     
  
NOTE 24
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Balance Sheet
 
                 
At December 31 (Dollars in Millions)
 
2019
 
    
2018
 
 
 
 
Assets
 
 
 
 
    
 
 
 
Due from banks, principally interest-bearing
 
$
11,583
 
    
$
9,969
 
Available-for-sale
securities
 
 
1,631
 
    
 
921
 
Investments in bank subsidiaries
 
 
48,518
 
    
 
47,549
 
Investments in nonbank subsidiaries
 
 
3,128
 
    
 
2,568
 
Advances to bank subsidiaries
 
 
3,850
 
    
 
3,800
 
Advances to nonbank subsidiaries
 
 
1,465
 
    
 
2,543
 
Other assets
 
 
1,211
 
    
 
813
 
 
 
 
 
 
Total assets
 
$
71,386
 
    
$
68,163
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
 
    
 
 
 
Short-term funds borrowed
 
$
8
 
    
$
–
 
Long-term debt
 
 
18,602
 
    
 
16,291
 
Other liabilities
 
 
923
 
    
 
843
 
Shareholders’ equity
 
 
51,853
 
    
 
51,029
 
 
 
 
 
 
Total liabilities and shareholders’ equity
 
$
71,386
 
    
$
68,163
 
 
 
 
 
 
 
 
 
 
 
 
         
 
 
 
 
 
 
 
 
Condensed Income Statement
 
                         
Year Ended December 31 (Dollars in Millions)   2019        2018        2017  
       
Income
                              
Dividends from bank subsidiaries
   $ 7,100        $ 5,300        $ 4,800  
Dividends from nonbank subsidiaries
     6          6          5  
Interest from subsidiaries
     317          220          159  
Other income
     25          33          41  
   
 
 
  
Total income
     7,448          5,559          5,005  
       
Expense
                              
Interest expense
     551          471          402  
Other expense
     140          133          124  
   
 
 
  
Total expense
     691          604          526  
   
 
 
  
Income before income taxes and equity in undistributed income of subsidiaries
     6,757          4,955          4,479  
Applicable income taxes
     (92 )         (91 )         (176 ) 
   
 
 
  
Income of parent company
     6,849          5,046          4,655  
Equity in undistributed income of subsidiaries
     65          2,050          1,563  
   
 
 
  
Net income attributable to U.S. Bancorp
   $ 6,914        $ 7,096        $ 6,218  
 
 
 
Condensed Statement of Cash Flows
 
                         
Year Ended December 31 (Dollars in Millions)
 
2019
 
    
2018
 
    
2017
 
 
 
 
 
Operating Activities
 
 
 
 
    
 
 
 
    
 
 
 
Net income attributable to U.S. Bancorp
 
$
6,914
 
    
$
7,096
 
    
$
6,218
 
Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
    
 
 
 
    
 
 
 
Equity in undistributed income of subsidiaries
 
 
(65
) 
    
 
(2,050
) 
    
 
(1,563
) 
Other, net
 
 
231
 
    
 
359
 
    
 
(125
) 
 
 
 
 
 
Net cash provided by operating activities
 
 
7,080
 
    
 
5,405
 
    
 
4,530
 
 
 
 
 
Investing Activities
 
 
 
 
    
 
 
 
    
 
 
 
Proceeds from sales and maturities of investment securities
 
 
291
 
    
 
39
 
    
 
100
 
Purchases of investment securities
 
 
(1,013
) 
    
 
(10
) 
    
 
(844
) 
Net (increase) decrease in short-term advances to subsidiaries
 
 
578
 
    
 
(488
) 
    
 
(790
) 
Long-term advances to subsidiaries
 
 
(2,600
) 
    
 
(500
) 
    
 
–
 
Principal collected on long-term advances to subsidiaries
 
 
2,550
 
    
 
–
 
    
 
500
 
Other, net
 
 
(341
) 
    
 
304
 
    
 
(12
) 
 
 
 
 
 
Net cash used in investing activities
 
 
(535
) 
    
 
(655
) 
    
 
(1,046
) 
 
 
 
 
Financing Activities
 
 
 
 
    
 
 
 
    
 
 
 
Net increase (decrease) in short-term borrowings
 
 
8
 
    
 
(1
) 
    
 
(21
) 
Proceeds from issuance of long-term debt
 
 
3,743
 
    
 
2,100
 
    
 
3,920
 
Principal payments or redemption of long-term debt
 
 
(1,500
) 
    
 
(1,500
) 
    
 
(1,250
) 
Proceeds from issuance of preferred stock
 
 
–
 
    
 
565
 
    
 
993
 
Proceeds from issuance of common stock
 
 
88
 
    
 
86
 
    
 
159
 
Repurchase of preferred stock
 
 
–
 
    
 
–
 
    
 
(1,085
) 
Repurchase of common stock
 
 
(4,525
) 
    
 
(2,822
) 
    
 
(2,631
) 
Cash dividends paid on preferred stock
 
 
(302
) 
    
 
(274
) 
    
 
(284
) 
Cash dividends paid on common stock
 
 
(2,443
) 
    
 
(2,092
) 
    
 
(1,928
) 
 
 
 
 
 
Net cash used in financing activities
 
 
(4,931
) 
    
 
(3,938
) 
    
 
(2,127
) 
 
 
 
 
 
Change in cash and due from banks
 
 
1,614
 
    
 
812
 
    
 
1,357
 
Cash and due from banks at beginning of year
 
 
9,969
 
    
 
9,157
 
    
 
7,800
 
 
 
 
 
 
Cash and due from banks at end of year
 
$
11,583
 
    
$
9,969
 
    
$
9,157
 
 
 
 
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 minimum capital constraints for all national banks.