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Shareholder' Equity (Tables)
12 Months Ended
Dec. 31, 2021
Federal Home Loan Banks [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 were as follows:
 
     2021      2020  
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  
Series I
                                 30,000        750        5        745  
Series J
     40,000        1,000        7        993        40,000        1,000        7        993  
Series K
     23,000        575        10        565        23,000        575        10        565  
Series L
     20,000        500        14        486        20,000        500        14        486  
Series M
     30,000        750        21        729                              
Series N
     60,000        1,500        8        1,492                              
Total preferred stock
(a)
     225,510      $ 6,576      $ 205      $ 6,371        209,510      $ 6,176      $ 193      $ 5,983  
(a)
The par value of all shares issued and outstanding at December 31, 2021 and 2020, 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  
2021
    28        $ 1,556  
2020
    31          1,661  
2019
    81          4,515  
Reconciliation of Transactions Affecting Accumulated Other Comprehensive Income (Loss) Included in Shareholders' Equity 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
Investment
Securities
Available-For-Sale
    Unrealized Gains
(Losses) on Investment
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  
             
2021
           
Balance at beginning of period
  $ 2,417     $     $ (189)     $ (1,842)     $ (64)     $ 322  
Changes in unrealized gains (losses)
    (3,698)             125       400             (3,173)  
Transfer of securities from
available-for-sale
to
held-to-maturity
    1,289       (1,289)                          
Foreign currency translation adjustment
(a)
                            35       35  
Reclassification to earnings of realized (gains) losses
    (103)       36       14       157             104  
Applicable income taxes
    635       318       (35)       (141)       (8)       769  
   
 
 
 
Balance at end of period
  $ 540     $ (935)     $ (85)     $ (1,426)     $ (37)     $ (1,943)  
   
 
 
 
             
2020
                                               
Balance at beginning of period
  $ 379     $     $ (51)     $ (1,636)     $ (65)     $ (1,373)  
Changes in unrealized gains (losses)
    2,905             (194)       (401)             2,310  
Foreign currency translation adjustment
(a)
                            2       2  
Reclassification to earnings of realized (gains) losses
    (177)             10       125             (42)  
Applicable income taxes
    (690)             46       70       (1)       (575)  
   
 
 
 
Balance at end of period
  $ 2,417     $     $ (189)     $ (1,842)     $ (64)     $ 322  
   
 
 
 
             
2019
                                               
Balance at beginning of period
  $ (946)     $ 14     $ 112     $ (1,418)     $ (84)     $ (2,322)  
Changes in unrealized gains (losses)
    1,693             (229)       (380)             1,084  
Unrealized gains (losses) on
held-to-maturity
investment securities transferred to
available-for-sale
    150       (9)                         141  
Foreign currency translation adjustment
(a)
                            26       26  
Reclassification to earnings of realized (gains) losses
    (73)       (7)       11       89             20  
Applicable income taxes
    (445)       2       55       73       (7)       (322)  
   
 
 
 
Balance at end of period
  $ 379     $     $ (51)     $ (1,636)     $ (65)     $ (1,373)  
(a)
Represents the impact of changes in foreign currency exchange rates on the Company’s investment in foreign operations and related hedges.
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)   2021        2020        2019  
Unrealized gains (losses) on investment securities
available-for-sale
                                  
Realized gains (losses) on sale of investment securities
  $ 103        $ 177        $ 73      Securities gains (losses), net
      (26        (45        (18    Applicable income taxes
   
 
 
      
      77          132          55     
Net-of-tax
Unrealized gains (losses) on investment securities transferred from
available-for-sale
to
held-to-maturity
                                  
Amortization of unrealized gains
    (36                 7      Interest income
      9                   (2    Applicable income taxes
   
 
 
      
      (27                 5     
Net-of-tax
Unrealized gains (losses) on derivative hedges
                                  
Realized gains (losses) on derivative hedges
    (14        (10        (11    Interest expense
      4          3          3      Applicable income taxes
   
 
 
      
      (10        (7        (8   
Net-of-tax
Unrealized gains (losses) on retirement plans
                                  
Actuarial gains (losses) and prior service cost (credit) amortization
    (157        (125        (89    Other noninterest expense
      40          32          22      Applicable income taxes
   
 
 
      
      (117        (93        (67   
Net-of-tax
         
Total impact to net income
  $ (77      $ 32        $ (15   
 
Components of regulatory capital and summary of regulatory capital requirements and ratios
The following table provides a summary of the regulatory capital requirements in effect, along with the actual components and ratios for the Company and its bank subsidiary, at December 31, 2021 and 2020:
 
    U.S. Bancorp             U.S. Bank National Association  
(Dollars in Millions)   2021      2020             2021      2020  
           
Basel III standardized approach:
                      
 
                 
Common shareholders’ equity
  $ 48,547      $ 47,112        
 
   $ 51,465      $ 52,589  
Less intangible assets
                      
 
                 
Goodwill (net of deferred tax liability)
    (9,323      (9,014      
 
     (9,209      (9,034
Other disallowed intangible assets
    (785      (654      
 
     (754      (654
Other
(a)
    3,262        601    
 
 
 
     3,498        1,254  
Total common equity tier 1 capital
    41,701        38,045        
 
     45,000        44,155  
           
Qualifying preferred stock
    6,371        5,983        
 
             
Noncontrolling interests eligible for tier 1 capital
    450        451        
 
     450        451  
Other
(b)
    (6      (5  
 
 
 
     (6      (6
Total tier 1 capital
    48,516        44,474        
 
     45,444        44,600  
           
Eligible portion of allowance for credit losses
    4,081        4,905        
 
     4,081        4,850  
Subordinated debt and noncontrolling interests eligible for tier 2 capital
    3,653        3,223    
 
 
 
     3,600        3,517  
Total tier 2 capital
    7,734        8,128    
 
 
 
     7,681        8,367  
Total risk-based capital
  $ 56,250      $ 52,602    
 
 
 
   $ 53,125      $ 52,967  
           
Risk-weighted assets
  $ 418,571      $ 393,648        
 
   $ 412,979      $ 387,388  
           
Common equity tier 1 capital as a percent of risk-weighted assets
    10.0      9.7      
 
     10.9      11.4
Tier 1 capital as a percent of risk-weighted assets
    11.6        11.3        
 
     11.0        11.5  
Total risk-based capital as a percent of risk-weighted assets
    13.4        13.4        
 
     12.9        13.7  
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)
    8.6        8.3        
 
     8.2        8.4  
Tier 1 capital as a percent of total
on-
and
off-balance
sheet leverage exposure (total leverage exposure ratio)
    6.9        7.3    
 
 
 
     6.6        6.8  
 
     Minimum
(c)
    
Well-
Capitalized
 
Bank Regulatory Capital Requirements
                
Common equity tier 1 capital as a percent of risk-weighted assets
    7.0      6.5 %
(d)
 
Tier 1 capital as a percent of risk-weighted assets
    8.5        8.0  
Total risk-based capital as a percent of risk-weighted assets
    10.5        10.0  
Tier 1 capital as a percent of adjusted quarterly average assets (leverage ratio)
    4.0        5.0
(d)
 
Tier 1 capital as a percent of total
on-
and
off-balance
sheet leverage exposure (total leverage exposure ratio)
    3.0        3.0  
(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., and the portion of deferred tax assets related to net operating loss and tax credit carryforwards not eligible for common equity tier 1 capital. Excludes the impact of the 2020 adoption of accounting guidance related to impairment of financial instruments based on the CECL methodology included in retained earnings.
(b)
Includes the remaining portion of deferred tax assets not eligible for total tier 1 capital.
(c)
The minimum common equity tier 1 capital, tier 1 capital and total risk-based capital ratio requirements reflect a stress capital buffer requirement of 2.5 percent. Banks and financial services holding companies must maintain minimum capital levels, including a stress capital buffer requirement, to avoid limitations on capital distributions and certain discretionary compensation payments.
(d)
A minimum well-capitalized threshold does not apply to U.S. Bancorp for this ratio as it is not formally defined under applicable banking regulations for bank holding companies.