Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 103

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 103
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 $— $636 $636 Other assets(b)— — 5 5 — — 25 25 (a)Represents the carrying value of loans for which adjustments were based on the fair value of the collateral, excluding loans fully charged-off.(b)Primarily represents the fair value of foreclosed properties that were measured at fair value based on an appraisal or broker price opinion of the collateral subsequent to their initial acquisition. The following table summarizes losses recognized related to nonrecurring fair value measurements of individual assets or portfolios: Three Months Ended March 31(Dollars in Millions)20252024Loans(a)$99 $67 Other assets(b)1 2 (a)Represents write-downs of loans which were based on the fair value of the collateral, excluding loans fully charged-off.(b)Primarily represents related losses of foreclosed properties that were measured at fair value subsequent to their initial acquisition. Fair Value OptionThe following table summarizes the differences between the aggregate fair value carrying amount of the assets and liabilities for which the fair value option has been elected and the aggregate remaining contractual principal balance outstanding: March 31, 2025December 31, 2024(Dollars in Millions)Fair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingFair Value Carrying AmountContractual Principal OutstandingCarrying Amount Over (Under) Contractual Principal OutstandingTotal loans(a)$1,704 $1,695 $9 $2,251 $2,243 $8 Time deposits6,506 6,517 (11)5,754 5,762 (8)Long-term debt645 664 (19)391 409 (18)(a)Includes nonaccrual loans of $1 million carried at fair value with contractual principal outstanding of $1 million at March 31, 2025 and $1 million carried at fair value with contractual principal outstanding of $1 million at December 31, 2024. Includes loans 90 days or more past due of $5 million carried at fair value with contractual principal outstanding of $5 million at March 31, 2025 and $4 million carried at fair value with contractual principal outstanding of $4 million at December 31, 2024. 

U.S. Bancorp63

Fair Value of Financial Instruments The following section summarizes the estimated fair value for financial instruments accounted for at