U.S. Bancorp (Parent Company) (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Statement of Financial Position of Parent Company Only

Condensed Balance Sheet

At December 31 (Dollars in Millions)	2020		2019
Assets
Due from banks, principally interest-bearing	$	12,279	$	11,583
Available-for-sale investment securities		1,469		1,631
Investments in bank subsidiaries		52,551		48,518
Investments in nonbank subsidiaries		3,286		3,128
Advances to bank subsidiaries		3,850		3,850
Advances to nonbank subsidiaries		1,118		1,465
Other assets		869		1,211
Total assets	$	75,422	$	71,386
Liabilities and Shareholders’ Equity
Short-term funds borrowed	$	–	$	8
Long-term debt		20,924		18,602
Other liabilities		1,403		923
Shareholders’ equity		53,095		51,853
Total liabilities and shareholders’ equity	$	75,422	$	71,386

Condensed Income Statement of Parent Company Only

Condensed Income Statement

Year Ended December 31 (Dollars in Millions)	2020			2019			2018
Income
Dividends from bank subsidiaries	$	1,500		$	7,100		$	5,300
Dividends from nonbank subsidiaries		24			6			6
Interest from subsidiaries		172			317			220
Other income		85			25			33
Total income		1,781			7,448			5,559
Expense
Interest expense		433			551			471
Other expense		140			140			133
Total expense		573			691			604
Income before income taxes and equity in undistributed income of subsidiaries		1,208			6,757			4,955
Applicable income taxes		(78	)		(92	)		(91	)
Income of parent company		1,286			6,849			5,046
Equity in undistributed income of subsidiaries		3,673			65			2,050
Net income attributable to U.S. Bancorp	$	4,959		$	6,914		$	7,096

Condensed Statement of Cash Flows of Parent Company Only

Condensed Statement of Cash Flows

Year Ended December 31 (Dollars in Millions)	2020			2019			2018
Operating Activities
Net income attributable to U.S. Bancorp	$	4,959		$	6,914		$	7,096
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed income of subsidiaries		(3,673	)		(65	)		(2,050	)
Other, net		907			231			359
Net cash provided by operating activities		2,193			7,080			5,405
Investing Activities
Proceeds from sales and maturities of investment securities		258			291			39
Purchases of investment securities		–			(1,013	)		(10	)
Net (increase) decrease in short-term advances to subsidiaries		347			578			(488	)
Long-term advances to subsidiaries		–			(2,600	)		(500	)
Principal collected on long-term advances to subsidiaries		–			2,550			–
Other, net		379			(341	)		304
Net cash provided by (used in) investing activities		984			(535	)		(655	)
Financing Activities
Net increase (decrease) in short-term borrowings		(8	)		8			(1	)
Proceeds from issuance of long-term debt		2,750			3,743			2,100
Principal payments or redemption of long-term debt		(1,200	)		(1,500	)		(1,500	)
Proceeds from issuance of preferred stock		486			–			565
Proceeds from issuance of common stock		15			88			86
Repurchase of common stock		(1,672	)		(4,525	)		(2,822	)
Cash dividends paid on preferred stock		(300	)		(302	)		(274	)
Cash dividends paid on common stock		(2,552	)		(2,443	)		(2,092	)
Net cash used in financing activities		(2,481	)		(4,931	)		(3,938	)
Change in cash and due from banks		696			1,614			812
Cash and due from banks at beginning of year		11,583			9,969			9,157
Cash and due from banks at end of year	$	12,279		$	11,583		$	9,969