10-KPeriod: FY2008

US BANCORP \DE\ Annual Report, Year Ended Dec 31, 2008

Filed March 2, 2009For Securities:USBUSB-PHUSB-PPUSB-PRUSB-PQUSB-PSUSB-PA

Summary

This 10-K filing for U.S. Bancorp for the fiscal year ended December 30, 2008, was filed on March 1, 2009. It incorporates by reference significant portions of the company's 2008 Annual Report, particularly detailing business operations, risk factors, properties, and financial statements. Notably, the filing describes U.S. Bancorp's extensive facilities, including owned and leased operational centers and branches. A key aspect highlighted is the company's capital covenant structure, which involves various trusts and preferred stock issuances designed to maintain certain capital ratios and satisfy regulatory requirements. The filing also details share repurchase activity during the fourth quarter of 2008, indicating a pause or reduction in buybacks due to market conditions and the initiation of a new, smaller repurchase program. The document also lists the company's executive officers and details various equity compensation plans and agreements.

Financial Highlights

38 data points
Beta

Net Income

$2.95B

EPS (Diluted)

$1.61

Total Assets

$265.91B

Cash & Equivalents

$6.86B

Free Cash Flow

$5.31B

Financial Statements
Beta
Interest Expense$4.69B
Net Income$2.95B
EPS (Basic)$1.62
EPS (Diluted)$1.61
Shares Outstanding (Basic)1.74B
Shares Outstanding (Diluted)1.76B

Key Highlights

  • 1The filing is heavily reliant on incorporation by reference to the company's 2008 Annual Report for detailed information on business, risk factors, and financial performance.
  • 2U.S. Bancorp maintains a substantial physical footprint with a total of 1,457 owned and 1,536 leased facilities as of December 31, 2008.
  • 3The company has entered into 'Replacement Capital Covenants' related to various capital securities and preferred stock issuances, designed to restrict repayment or redemption of these securities under certain conditions.
  • 4Share repurchases in Q4 2008 were 14,145 shares, with the company transitioning from a large ($150 million) to a smaller ($20 million) repurchase authorization.
  • 5Information on executive officers, including the CEO Richard K. Davis and CFO Andrew Cecere, is provided, along with details on their roles and tenure.
  • 6The company details its equity compensation plans, including stock incentive plans and deferred compensation plans, with figures on outstanding and available securities as of December 31, 2008.

Frequently Asked Questions

The Replacement Capital Covenants are designed to benefit holders of specified long-term indebtedness. They generally restrict U.S. Bancorp and its subsidiaries from repaying, redeeming, or purchasing certain capital securities (like Trust Preferred Securities and Preferred Stock) before a specified date, unless specific conditions are met, including the proceeds from the sale of qualifying securities and prior regulatory approval.

In the fourth quarter of 2008, U.S. Bancorp repurchased a total of 14,145 shares of its common stock. The company also announced a new Board-approved authorization to repurchase up to 20 million shares through December 31, 2010, which replaced a prior larger authorization.

The 10-K filing heavily incorporates by reference the company's 2008 Annual Report. Specifically, detailed financial statements, including the Consolidated Balance Sheet, Statement of Income, Statement of Shareholders' Equity, and Statement of Cash Flows, along with related notes and supplementary data, can be found within that referenced Annual Report, as indicated in Item 8 and Item 15 of this 10-K.

Based on the provided text, there were no legal proceedings (Item 3) and no unresolved staff comments (Item 1B) at the time of this filing.