Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 101

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 101
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Agency— 7,351 — — 7,351 Non-agency— 6 — — 6 Asset-backed securities— 7,165 — — 7,165 Obligations of state and political subdivisions— 9,552 — — 9,552 Other— 250 — — 250 Total available-for-sale23,891 62,101 — — 85,992 Mortgage loans held for sale— 2,251 — — 2,251 Mortgage servicing rights— — 3,369 — 3,369 Derivative assets27 5,208 1,202 (2,979)3,458 Other assets420 1,769 — — 2,189 Total$24,338 $71,329 $4,571 $(2,979)$97,259 Time deposits$— $5,754 $— $— $5,754 Long-term debt— 391 — — 391 Derivative liabilities27 5,131 3,002 (2,949)5,211 Short-term borrowings and other liabilities(a)475 1,460 — — 1,935 Total$502 $12,736 $3,002 $(2,949)$13,291 Note:  Excluded from the table above are equity investments without readily determinable fair values. The Company has elected to carry these investments at historical cost, adjusted for impairment and any changes resulting from observable price changes for identical or similar investments of the issuer. The aggregate carrying amount of these equity investments was $166 million and $159 million at March 31, 2025 and December 31, 2024, respectively, and reflect no impairment or observable price change adjustment at both March 31, 2025 and December 31, 2024. The Company did not record any adjustments for observable price changes during the first three 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. 

62U.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