Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Components of Earnings Per Share

The components of earnings per share were:

	Three Months Ended June 30						Six Months Ended June 30
(Dollars and Shares in Millions, Except Per Share Data)	2021			2020			2021			2020
Net income attributable to U.S. Bancorp	$	1,982		$	689		$	4,262		$	1,860
Preferred dividends		(58	)		(72	)		(148	)		(150	)
Impact of preferred stock redemption (a)		—			—			(5	)		—
Earnings allocated to participating stock awards		(10	)		(3	)		(20	)		(8	)
Net income applicable to U.S. Bancorp common shareholders	$	1,914		$	614		$	4,089		$	1,702
Average common shares outstanding		1,489			1,506			1,495			1,512
Net effect of the exercise and assumed purchase of stock awards		1			1			2			1
Average diluted common shares outstanding		1,490			1,507			1,497			1,513
Earnings per common share	$	1.29		$	.41		$	2.73		$	1.13
Diluted earnings per common share	$	1.28		$	.41		$	2.73		$	1.12

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