Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 81

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 81
---
 (losses) on retirement plansActuarial gains (losses) and prior service cost (credit) amortization1 — Other noninterest expense— — Applicable income taxes1 — Net-of-taxTotal impact to net income$(127)$(120) 

U.S. Bancorp49

NOTE 9Earnings Per ShareThe components of earnings per share were:  Three Months EndedMarch 31(Dollars and Shares in Millions, Except Per Share Data)20252024Net income attributable to U.S. Bancorp$1,709 $1,319 Preferred dividends(95)(102)Earnings allocated to participating stock awards(11)(8)Net income applicable to U.S. Bancorp common shareholders$1,603 $1,209 Average common shares outstanding1,559 1,559 Net effect of the exercise and assumed purchase of stock awards1 — Average diluted common shares outstanding1,560 1,559 Earnings per common share$1.03 $.78 Diluted earnings per common share$1.03 $.78 

Options outstanding at March 31, 2025 to purchase 1 million common shares for the three months ended March 31, 2025, and outstanding at March 31, 2024 to purchase 1 million common shares for the three months ended March 31, 2024 were not included in the computation of diluted earnings per share because they were antidilutive. 

NOTE 10Employee BenefitsThe components of net periodic benefit cost for the Company’s pension plans were:  Three Months Ended March 31(Dollars in Millions)20252024Service cost$53 $55 Interest cost103 94 Expected return on plan assets(147)(146)Prior service cost (credit) amortization(1)(1)Actuarial loss (gain) amortization1 2 Net periodic benefit cost(a)$9 $4 

(a)Service cost is included in compensation and employee benefits expense on the Consolidated Statement of Income. All other components are included in other noninterest expense on the Consolidated Statement of Income. 

NOTE 11Income TaxesThe components of income tax expense were:  Three Months EndedMarch 31(Dollars in Millions)20252024FederalCurrent$(1)$180 Deferred328 133 Federal income tax327 313 StateCurrent97 21 Deferred19 13