Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 118

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 118
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. The aggregate carrying amount of these equity investments was $173 million and $159 million at September 30, 2025 and December 31, 2024, respectively, and reflect no impairment or observable price change adjustment at both September 30, 2025 and December 31, 2024. The Company did not record any adjustments for observable price changes during the first nine months of 2025 and 2024.  (a)Primarily represents the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance. 

68U.S. Bancorp

The following table presents the changes in fair value for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):Three Months Ended September 30 (Dollars in Millions)Beginning of Period BalanceNet Gains (Losses) Included in Net IncomePurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period2025Mortgage servicing rights$3,305 $(88)(a)$— $1 $71 (c)$— $3,289 $(88)(a)Net derivative assets and liabilities(107)(403)(b)193 (2)— 389 70 152 (d)2024Mortgage servicing rights$3,326 $(212)(a) $— $1 $72 (c)$— $3,187 $(212)(a)Net derivative assets and liabilities(2,303)651 (e)264 (9)— 585 (812)1,438 (f)Nine Months Ended September 30 (Dollars in Millions)Beginning of Period BalanceNet Gains (Losses) Included in Net Income PurchasesSalesIssuancesSettlementsEnd of Period BalanceNet Change in Unrealized Gains (Losses) Relating to Assets and Liabilities Held at End of Period2025Mortgage servicing rights$3,369 $(276)(a)$— $2 $194 (c)$— $3,289 $(276)(a)Net derivative assets and liabilities(1,800)(584)(g)914 (4)1 1,543 70 1,351 (h)2024Mortgage servicing rights$3,377 $(194)(a)$1