Company: USB-PA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000036104-25-000064
Chunk: 122

Company: US BANCORP \DE\
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 122
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13,419 Long-term debt(e)61,127 — 60,837 — 60,837 57,611 — 56,441 — 56,441 Other(f)4,628 — 1,399 3,229 4,628 5,220 — 1,369 3,851 5,220 (a)Excludes mortgages held for sale for which the fair value option under applicable accounting guidance was elected. (b)Includes investments in Federal Reserve Bank and FHLB stock and tax-advantaged investments. (c)Excludes time deposits for which the fair value option under applicable accounting guidance was elected. (d)Excludes the Company’s obligation on securities sold short required to be accounted for at fair value per applicable accounting guidance.(e)Excludes structured long-term notes for which the fair value option under applicable accounting guidance was elected. (f)Includes operating lease liabilities and liabilities related to tax-advantaged investments.

The fair value of unfunded commitments, deferred non-yield related loan fees, standby letters of credit and other guarantees is approximately equal to their carrying value. The carrying value of unfunded commitments, deferred non-yield related loan fees and standby letters of credit was $374 million and $376 million at September 30, 2025 and December 31, 2024, respectively. The carrying value of other guarantees was $179 million and $194 million at September 30, 2025 and December 31, 2024, respectively. 

70U.S. Bancorp

 NOTE 15Guarantees and Contingent LiabilitiesVisa Restructuring and Card Association Litigation The Company’s Payment Services business issues credit and debit cards and acquires credit and debit card transactions through the Visa U.S.A. Inc. card association or its affiliates (collectively “Visa”). In 2007, Visa completed a restructuring and issued shares of Visa Inc. common stock to its financial institution members in contemplation of its initial public offering (“IPO”) completed in the first quarter of 2008 (the “Visa Reorganization”). As a part of the Visa Reorganization, the Company received its proportionate number of shares of Visa Inc. common stock, which were subsequently converted to Class B shares of Visa Inc. (“Class B shares”). As of September 30, 2025, the Company has sold substantially all of its Class B shares.Vis