US BANCORP \DE\USB

US BANCORP \DE\ Debt Disclosure

10-KFiled Feb 20, 20242 min read
NOTE 14 Long-Term Debt
Long-term debt (debt with original maturities of more than one year) at December 31 consisted of the following:
(Dollars in Millions)Rate Type
Rate(a)
Maturity Date20232022
U.S. Bancorp (Parent Company)
Subordinated notesFixed3.600 %2024$1,000 $1,000 
Fixed7.500 %2026199 199 
Fixed3.100 %20261,000 1,000 
Fixed3.000 %20291,000 1,000 
Fixed4.967 %20331,300 1,300 
Fixed2.491 %20361,300 1,300 
Medium-term notesFixed
.850% - 6.787%
2024 - 2034
26,618 18,468 
Other(b)
1,915 2,716 
Subtotal34,332 26,983 
Subsidiaries
Federal Home Loan Bank advancesFixed
1.860% - 8.250%
2025 - 2026
9,051 2,051 
Floating
6.080% - 6.100%
2025 - 2026
3,000 3,000 
Bank notesFixed
2.050% - 5.550%
2025 - 2032
2,289 4,800 
Floating
—% - 5.398%
2046 - 2062
1,324 1,352 
Other(c)
1,484 1,643 
Subtotal17,148 12,846 
Total$51,480 $39,829 
(a)Weighted-average interest rates of medium-term notes, Federal Home Loan Bank advances and bank notes were 3.89 percent, 4.94 percent and 3.27 percent, respectively.
(b)Includes $2.1 billion and $2.9 billion at December 31, 2023 and 2022, respectively, of discounted noninterest-bearing additional cash received by the Company upon close of the MUB acquisition to be delivered to MUFG on or prior to December 1, 2027, discounted at the Company’s 5-year unsecured borrowing rate as of the acquisition date, as well as debt issuance fees and unrealized gains and losses and deferred amounts relating to derivative instruments.
(c)Includes consolidated community development and tax-advantaged investment VIEs, finance lease obligations, debt issuance fees, and unrealized gains and losses and deferred amounts relating to derivative instruments.

The Company has arrangements with the Federal Home Loan Bank and Federal Reserve Bank whereby the Company could have borrowed an additional $215.8 billion and $114.8 billion at December 31, 2023 and 2022, respectively.
Maturities of long-term debt outstanding at December 31, 2023, were:
(Dollars in Millions)
Parent Company
Consolidated
2024$5,475 $6,663 
20252,030 6,559 
20263,906 13,381 
20274,763 4,796 
20283,824 3,835 
Thereafter14,334 16,246 
Total$34,332 $51,480 

Historical Timeline

Fiscal YearFiled
2023Feb 20, 2024Showing above
2022Feb 27, 2023
2021Feb 22, 2022
2020Feb 23, 2021
2019Feb 20, 2020
2018Feb 22, 2019
2017Feb 22, 2018
2016Feb 23, 2017
2015Feb 25, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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