Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 109

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 109
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(Dollars in Millions)Financial  Instruments(b) Collateral  Pledged(c) June 30, 2025Derivative liabilities(d)$7,762 $(4,161)$3,601 $(169)$— $3,432 Repurchase agreements12,859 (5,615)7,244 (208)(7,036)— Securities loaned114 — 114 — (114)— Total$20,735 $(9,776)$10,959 $(377)$(7,150)$3,432 December 31, 2024Derivative liabilities(d)$8,081 $(2,949)$5,132 $(177)$— $4,955 Repurchase agreements7,645 — 7,645 (851)(6,787)7 Securities loaned90 — 90 — (88)2 Total$15,816 $(2,949)$12,867 $(1,028)$(6,875)$4,964 (a)Includes $1.9 billion of cash collateral related receivables that were netted against derivative liabilities at both June 30, 2025 and December 31, 2024. (b)For derivative liabilities this includes any derivative asset fair values that could be offset in the event of counterparty default; for repurchase agreements this includes any reverse repurchase agreement receivables that could be offset in the event of counterparty default; for securities loaned this includes any securities borrowed receivables that could be offset in the event of counterparty default. (c)Includes the fair value of securities pledged by the Company to the counterparty. These securities are included on the Consolidated Balance Sheet unless the Company defaults. 

(d)Excludes $124 million and $79 million at June 30, 2025 and December 31, 2024, respectively, of derivative liabilities not subject to netting arrangements. 

 NOTE 14Fair Values of Assets and LiabilitiesThe Company uses fair value measurements for the initial recording of certain assets and liabilities, periodic remeasurement of certain assets and liabilities, and disclosures. Derivatives, trading and available-for-sale investment securities, MSRs, certain time deposits and structured long-term notes, and substantially all MLHFS are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to