Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 185

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Chunk 185
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 compared with $ 6.8billion and $ 14.9billion at December 31, 2024, respectively.

(a) Includes amounts related to available-for-sale investment securities currently designated as the hedged item in a fair value hedge using the portfolio layer method. At March 31, 2025, the amortized cost of the closed portfolios used in these hedging relationships was $ 19.3billion, of which $ 11.1billion was designated as hedged. At March 31, 2025, the cumulative amount of basis adjustments associated with these hedging relationships was $ 204million. At December 31, 2024, the amortized cost of the closed portfolios used in these hedging relationships was $ 17.5billion, of which $ 11.6billion was designated as hedged. At December 31, 2024, the cumulative amount of basis adjustments associated with these hedging relationships was $ 13million.

| 54 |     | U.S. Bancorp |

The table below shows the gains (losses) recognized in earnings for other economic hedges and the customer-related positions:

| (Dollars in Millions)                    
 Asset and Liability Management Positions 
 Other economic hedges                    
 Interest rate contracts                  |     | Location of Gains (Losses)                
 Recognized in Earnings                    | Three Months Ended 
 March 31           |     | 2025 |   |     | 2024 |
|:-----------------------------------------|:----|:------------------------------------------|:-------------------|----:|:-----|:--|----:|:-----|
| Futures and forwards                     |     | Mortgage banking revenue                  | $                  |  24 |      | $ | -12 |      |
| Purchased and written options            |     | Mortgage banking revenue                  |                    |  30 |      |   |  39 |      |
| Swaps                                    |     | Mortgage banking revenue/Interest expense |                    |  56 |      |   | -86 |      |
| Foreign exchange forward contracts       |     | Other noninterest income                  |                    |   2 |      |   |   4 |      |
| Equity contracts                         |     | Compensation expense                      |                    | -19 |      |   |   — |      |
| Credit contracts                         |     | Capital markets revenue                   |                    |  17 |      |   |  -2 |      |
|