Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions) | Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | ||||||||||
Earnings |
| |||||||||||
1. | Net income attributable to U.S. Bancorp | $ | 1,815 | $ | 5,240 | |||||||
2. | Applicable income taxes, including expense related to unrecognized tax positions | 460 | 1,263 | |||||||||
3. | Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 2,275 | $ | 6,503 | |||||||
4. | Fixed charges: | |||||||||||
a. | Interest expense excluding interest on deposits* | $ | 381 | $ | 983 | |||||||
b. | Portion of rents representative of interest and amortization of debt expense | 29 | 87 | |||||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 410 | 1,070 | |||||||||
d. | Interest on deposits | 491 | 1,263 | |||||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $ | 901 | $ | 2,333 | |||||||
5. | Amortization of interest capitalized | $ | – | $ | – | |||||||
6. | Earnings excluding interest on deposits (3 + 4c + 5) | 2,685 | 7,573 | |||||||||
7. | Earnings including interest on deposits (3 + 4e + 5) | 3,176 | 8,836 | |||||||||
8. | Fixed charges excluding interest on deposits (4c) | 410 | 1,070 | |||||||||
9. | Fixed charges including interest on deposits (4e) | 901 | 2,333 | |||||||||
Ratio of Earnings to Fixed Charges |
| |||||||||||
10. | Excluding interest on deposits (line 6/line 8) | 6.55 | 7.08 | |||||||||
11. | Including interest on deposits (line 7/line 9) | 3.52 | 3.79 |
* | 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 September 30, 2018 | Nine Months Ended September 30, 2018 | ||||||||||
Earnings | ||||||||||||
1. | Net income attributable to U.S. Bancorp | $ | 1,815 | $ | 5,240 | |||||||
2. | Applicable income taxes, including expense related to unrecognized tax positions | 460 | 1,263 | |||||||||
3. | Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 2,275 | $ | 6,503 | |||||||
4. | Fixed charges: | |||||||||||
a. | Interest expense excluding interest on deposits* | $ | 381 | $ | 983 | |||||||
b. | Portion of rents representative of interest and amortization of debt expense | 29 | 87 | |||||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 410 | 1,070 | |||||||||
d. | Interest on deposits | 491 | 1,263 | |||||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $ | 901 | $ | 2,333 | |||||||
5. | Amortization of interest capitalized | $ | — | $ | — | |||||||
6. | Preferred stock dividends | 76 | 210 | |||||||||
7. | Earnings excluding interest on deposits (3 + 4c + 5) | 2,685 | 7,573 | |||||||||
8. | Earnings including interest on deposits (3 + 4e + 5) | 3,176 | 8,836 | |||||||||
9. | Fixed charges excluding interest on deposits, and preferred stock dividends (4c+6) | 486 | 1,280 | |||||||||
10. | Fixed charges including interest on deposits, and preferred stock dividends (4e+6) | 977 | 2,543 | |||||||||
Ratio of Earnings to Fixed Charges and Preferred Dividends |
| |||||||||||
11. | Excluding interest on deposits (line 7/line 9) | 5.52 | 5.92 | |||||||||
12. | Including interest on deposits (line 8/line 10) | 3.25 | 3.47 |
* | Excludes interest expense related to unrecognized tax positions. |
U.S. Bancorp | 77 |