Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 96

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 96
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 Data)2025202420252024Net income attributable to U.S. Bancorp$1,815 $1,603 $3,524 $2,922 Preferred dividends(70)(75)(165)(177)Earnings allocated to participating stock awards(12)(10)(23)(18)Net income applicable to U.S. Bancorp common shareholders$1,733 $1,518 $3,336 $2,727 Average common shares outstanding1,559 1,560 1,559 1,560 Net effect of the exercise and assumed purchase of stock awards— 1 1 — Average diluted common shares outstanding1,559 1,561 1,560 1,560 Earnings per common share$1.11 $.97 $2.14 $1.75 Diluted earnings per common share$1.11 $.97 $2.14 $1.75 

Options outstanding at June 30, 2025 to purchase 1 million common shares for the three and six months ended June 30, 2025, and outstanding at June 30, 2024 to purchase 1 million common shares for the three and six months ended June 30, 2024 were not included in the computation of diluted earnings per share because they were antidilutive. 

U.S. Bancorp55

NOTE 10Employee BenefitsThe components of net periodic benefit cost for the Company’s pension plans were:  Three Months Ended June 30Six Months Ended June 30(Dollars in Millions)2025202420252024Service cost$53 $54 $106 $109 Interest cost102 94 205 188 Expected return on plan assets(146)(146)(293)(292)Prior service cost (credit) amortization(1)(1)(2)(2)Actuarial loss (gain) amortization1 3 2 5 Net periodic benefit cost(a)$9 $4 $18 $8 

(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 EndedJune 30Six Months EndedJune 30(Dollars in Millions)2025202420252024FederalCurrent$