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U.S. Bancorp (Parent Company)
12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
U.S. Bancorp (Parent Company)
  
NOTE 25
 
 
U.S. Bancorp (Parent Company)
 
Condensed Balance Sheet
 
At December 31 (Dollars in Millions)             2021        2020  
       
Assets
                             
Due from banks, principally interest-bearing
             $ 8,369        $ 12,279  
Available-for-sale
investment securities
               1,209          1,469  
Investments in bank subsidiaries
               51,432          52,551  
Investments in nonbank subsidiaries
               3,632          3,286  
Advances to bank subsidiaries
               9,600          3,850  
Advances to nonbank subsidiaries
               707          1,118  
Other assets
               898          869  
              
 
 
 
Total assets
             $ 75,847        $ 75,422  
              
 
 
 
       
Liabilities and Shareholders’ Equity
                             
Long-term debt
             $ 18,902        $ 20,924  
Other liabilities
               2,027          1,403  
Shareholders’ equity
               54,918          53,095  
              
 
 
 
Total liabilities and shareholders’ equity
 
 
 
 
     $ 75,847        $ 75,422  
Condensed Income Statement
 
Year Ended December 31 (Dollars in Millions)   2021        2020        2019  
       
Income
                             
Dividends from bank subsidiaries
  $ 7,000        $ 1,500        $ 7,100  
Dividends from nonbank subsidiaries
    2          24          6  
Interest from subsidiaries
    112          172          317  
Other income
    46          85          25  
   
 
 
 
Total income
    7,160          1,781          7,448  
       
Expense
                             
Interest expense
    348          433          551  
Other expense
    154          140          140  
   
 
 
 
Total expense
    502          573          691  
   
 
 
 
Income before income taxes and equity in undistributed income of subsidiaries
    6,658          1,208          6,757  
Applicable income taxes
    (53        (78        (92
   
 
 
 
Income of parent company
    6,711          1,286          6,849  
Equity in undistributed income of subsidiaries
    1,252          3,673          65  
   
 
 
 
Net income attributable to U.S. Bancorp
  $ 7,963        $ 4,959        $ 6,914  
Condensed Statement of Cash Flows
 
Year Ended December 31 (Dollars in Millions)   2021        2020        2019  
       
Operating Activities
                             
Net income attributable to U.S. Bancorp
  $ 7,963        $ 4,959        $ 6,914  
Adjustments to reconcile net income to net cash provided by operating activities
                             
Equity in undistributed income of subsidiaries
    (1,252        (3,673        (65
Other, net
    (85        907          231  
   
 
 
 
Net cash provided by operating activities
    6,626          2,193          7,080  
       
Investing Activities
                             
Proceeds from sales and maturities of investment securities
    200          258          291  
Purchases of investment securities
                      (1,013
Net (increase) decrease in short-term advances to subsidiaries
    411          347          578  
Long-term advances to subsidiaries
    (7,000                 (2,600
Principal collected on long-term advances to subsidiaries
    1,250                   2,550  
Other, net
    (269        379          (341
   
 
 
 
Net cash provided by (used in) investing activities
    (5,408        984          (535
       
Financing Activities
                             
Net increase (decrease) in short-term borrowings
             (8        8  
Proceeds from issuance of long-term debt
    1,300          2,750          3,743  
Principal payments or redemption of long-term debt
    (3,000        (1,200        (1,500
Proceeds from issuance of preferred stock
    2,221          486           
Proceeds from issuance of common stock
    43          15          88  
Repurchase of preferred stock
    (1,250                  
Repurchase of common stock
    (1,555        (1,672        (4,525
Cash dividends paid on preferred stock
    (308        (300        (302
Cash dividends paid on common stock
    (2,579        (2,552        (2,443
   
 
 
 
Net cash used in financing activities
    (5,128        (2,481        (4,931
   
 
 
 
Change in cash and due from banks
    (3,910        696          1,614  
Cash and due from banks at beginning of year
    12,279          11,583          9,969  
   
 
 
 
Cash and due from banks at end of year
  $ 8,369        $ 12,279        $ 11,583  
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.​​​​​​​