Business Context and Reporting Period
This Form 8-K Current Report was filed by U.S. Bancorp on December 9, 2020. The filing addresses a specific corporate action regarding the redemption of preferred stock rather than reporting periodic financial results.
Key Financial Metrics
The filing does not provide comprehensive financial metrics such as revenue, profit, cash flow, margins, or total debt. The only specific financial data disclosed relates to the redemption of Series H Non-Cumulative Perpetual Preferred Stock:
- Shares Redeemed: 20,000 shares of Series H Preferred Stock (and corresponding depositary shares).
- Redemption Price: $25,000 per share of Series H Preferred Stock ($25 per depositary share).
- Total Redemption Value: $500,000,000 (20,000 shares x $25,000).
- Dividend Payment: A regular quarterly dividend of $321.88 per share ($0.32188 per depositary share) for the period October 15, 2020, to January 15, 2021, will be paid separately.
Material Changes
The material change reported is the scheduled redemption of all outstanding Series H Preferred Stock. This action reduces the company's preferred equity capital outstanding. The redemption is set to occur on January 15, 2021.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of general business risks. The primary contingency noted is the execution of the redemption on the specified date, contingent upon the Deposit Agreement dated May 2, 2013.
Key Facts for Investor Verification
- Verify the record date for the final dividend payment is December 31, 2020.
- Confirm the redemption date of January 15, 2021, and the exclusion of unpaid dividends from the redemption price.
- Note that the redemption price of $25,000 per share is fixed and does not include the separate quarterly dividend payment.
- Check subsequent filings to confirm the completion of the redemption and the removal of the Series H Preferred Stock from the balance sheet.