Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 201

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Chunk 201
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565 |                 |            |      — |         |   |  1,350 |         |   |   3,215 |       |   |   4,565 |         |                   |   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 $ 360million and $ 376million at March 31, 2025 and December 31, 2024, respectively. The carrying value of other guarantees was $ 191million and $ 194million at March 31, 2025 and December 31, 2024, respectively.

| 64 |     | U.S. Bancorp |

| NOTE 15 |     | Guarantees and Contingent Liabilities |

Visa 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 March 31, 2025, the Company has sold substantially