Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions) | Three Months Ended March 31, 2018 | |||||||
Earnings |
| |||||||
1. | Net income attributable to U.S. Bancorp | $ | 1,675 | |||||
2. | Applicable income taxes, including expense related to unrecognized tax positions | 362 | ||||||
3. | Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 2,037 | |||||
4. | Fixed charges: | |||||||
a. | Interest expense excluding interest on deposits* | $ | 278 | |||||
b. | Portion of rents representative of interest and amortization of debt expense | 29 | ||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 307 | ||||||
d. | Interest on deposits | 345 | ||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $ | 652 | |||||
5. | Amortization of interest capitalized | $ | – | |||||
6. | Earnings excluding interest on deposits (3 + 4c + 5) | 2,344 | ||||||
7. | Earnings including interest on deposits (3 + 4e + 5) | 2,689 | ||||||
8. | Fixed charges excluding interest on deposits (4c) | 307 | ||||||
9. | Fixed charges including interest on deposits (4e) | 652 | ||||||
Ratio of Earnings to Fixed Charges |
| |||||||
10. | Excluding interest on deposits (line 6/line 8) | 7.64 | ||||||
11. | Including interest on deposits (line 7/line 9) | 4.12 |
* | Excludes interest expense related to unrecognized tax positions. |
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in Millions) | Three Months Ended March 31, 2018 | |||||||
Earnings | ||||||||
1. | Net income attributable to U.S. Bancorp | $ | 1,675 | |||||
2. | Applicable income taxes, including expense related to unrecognized tax positions | 362 | ||||||
3. | Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 2,037 | |||||
4. | Fixed charges: | |||||||
a. | Interest expense excluding interest on deposits* | $ | 278 | |||||
b. | Portion of rents representative of interest and amortization of debt expense | 29 | ||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 307 | ||||||
d. | Interest on deposits | 345 | ||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $ | 652 | |||||
5. | Amortization of interest capitalized | $ | – | |||||
6. | Preferred stock dividends | 70 | ||||||
7. | Earnings excluding interest on deposits (3 + 4c + 5) | 2,344 | ||||||
8. | Earnings including interest on deposits (3 + 4e + 5) | 2,689 | ||||||
9. | Fixed charges excluding interest on deposits, and preferred stock dividends (4c+6) | 377 | ||||||
10. | Fixed charges including interest on deposits, and preferred stock dividends (4e+6) | 722 | ||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends |
| |||||||
11. | Excluding interest on deposits (line 7/line 9) | 6.22 | ||||||
12. | Including interest on deposits (line 8/line 10) | 3.72 |
* | Excludes interest expense related to unrecognized tax positions. |
U.S. Bancorp | 73 |