Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 82

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 82
---
, who were employed by us on December 31, 2024. We considered any person to whom we delivered a Form W-2 Wage and Tax Statement (Form W-2) for services performed in 2024 to be a U.S.-based employee, which includes full-time, part-time, and temporary workers. For purposes of determining the compensation paid to the employees under consideration, we used earnings subject to Medicare tax as reported in Box 5, “Medicare wages and tips,” on each employee’s 2024 Form W-2. We did not annualize the compensation of anyone who was employed by us for only part of the year. As allowed by Item 402(u) of Regulation S-K, we are using the same median employee for our 2024 pay ratio disclosure as we used for our 2023 pay ratio disclosure because there has been no change in our employee population or employee compensation arrangements that we believe would significantly impact the pay ratio disclosure. In accordance with the “ de minimis” exemption provided in Item 402(u) of Regulation S-K, we excluded from consideration all of our non-U.S. employees. As of December 31, 2024, the last business day of the year, we had 3,367 non-U.S. employees, representing approximately 4.8% of our total U.S. and non-U.S. workforce of approximately 70,263 active employees on that date. The excluded employees worked in the following jurisdictions: Poland (1,169), Ireland (1,147), United Kingdom (509), Canada (194), Spain (142), Lithuania (60), Luxembourg (54), Germany (49), Norway (25), Sweden (17), and Cayman Islands (1). We determined our median employee’s total compensation in the same manner that we determined the CEO’s compensation for purposes of this pay ratio disclosure.

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 73 | ​ |

TABLE OF CONTENTS Executive compensation

Pay versus performance As required by Section 953(a) of the Dodd-Frank Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain company financial performance metrics. For further information concerning our compensation philosophy and how we align executive compensation with company financial performance, refer to the “Compensation discussion and analysis”, beginning on page 42 of this proxy statement. The following table provides information showing the relationship during 2024,