Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 87

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 8
Chunk 87
---
3,779 Asset and Liability Management Positions    Fair value hedges    Interest rate contract derivatives(448)468 (106)(57)Hedged items447 (469)112 57 Cash flow hedges    Interest rate contract derivatives(53)(42)7 7 Note:  The Company does not exclude components from effectiveness testing for fair value and cash flow hedges. The Company reclassified losses of $7 million into earnings during both the three months ended March 31, 2025 and 2024, as a result of realized cash flows on discontinued cash flow hedges. No amounts were reclassified into earnings on discontinued cash flow hedges because it is probable the original hedged forecasted cash flows will not occur. The table below shows cumulative hedging adjustments and the carrying amount of assets and liabilities currently designated in fair value hedges:  Carrying Amount of the Hedged Assets and LiabilitiesCumulative Hedging Adjustment (Dollars in Millions)March 31, 2025December 31, 2024March 31, 2025December 31, 2024Line Item in the Consolidated Balance Sheet    Available-for-sale investment securities(a)$28,033 $29,005 $(1)$(464)Long-term debt13,210 10,632 150 39 Note:  The table above excludes the cumulative hedging adjustment related to discontinued hedging relationships on available-for-sale investment securities and long-term debt of $(54) million and $(135) million, respectively, at March 31, 2025, compared with $(72) million and $(149) million at December 31, 2024, respectively. The carrying amount of available-for-sale investment securities and long-term debt related to discontinued hedging relationships was $8.1 billion and $14.2 billion, respectively, at March 31, 2025, compared with $6.8 billion and $14.9 billion 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 $19.3 billion, of which $11.1 billion was designated as hedged. At March 31, 2025, the