Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 97

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 97
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3)Actuarial loss (gain) amortization1 2 3 7 Net periodic benefit cost(a)$9 $4 $27 $12 

(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 EndedSeptember 30Nine Months EndedSeptember 30(Dollars in Millions)2025202420252024FederalCurrent$332 $144 $588 $645 Deferred88 79 441 261 Federal income tax420 223 1,029 906 StateCurrent100 105 287 214 Deferred4 22 123 22 State income tax104 127 410 236 Total income tax provision$524 $350 $1,439 $1,142 A reconciliation of expected income tax expense at the federal statutory rate of 21 percent to the Company’s applicable income tax expense follows:  Three Months EndedSeptember 30Nine Months EndedSeptember 30(Dollars in Millions)2025202420252024Tax at statutory rate$532 $435 $1,467 $1,218 State income tax, at statutory rates, net of federal tax benefit119 106 330 289 Tax effect ofTax credits and benefits, net of related expenses(115)(140)(381)(284)Revaluation of tax related assets and liabilities(a)— — 72 — Exam resolutions(1)(1)(1)(98)Tax-exempt income(39)(38)(112)(105)Other items28 (12)64 122 Applicable income taxes$524 $350 $1,439 $1,142 (a)California enacted legislation resulting in a decrease to the Company’s state effective tax rate, requiring the Company to revalue its state deferred tax assets and liabilities. As a result of this revaluation, the Company recorded an estimated net tax expense of $72 million in the second quarter of 2025.The Company’s income tax returns are subject to review and examination by federal, state, local and foreign government authorities. On an ongoing basis, numerous federal, state, local and foreign examinations are in progress and cover multiple tax years. As of September 30, 2025, federal tax examinations for all years ending through