KEYCORP /NEW/, 10-K filed on 2/22/2023
Annual Report
v3.22.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2022
Feb. 20, 2023
Jun. 30, 2022
Entity Information [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Entity File Number 1-11302    
Entity Registrant Name KeyCorp    
Entity Incorporation, State or Country Code OH    
Entity Tax Identification Number 34-6542451    
Entity Address, Address Line One 127 Public Square,    
Entity Address, City or Town Cleveland,    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 44114-1306    
City Area Code 216    
Local Phone Number 689-3000    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 16,069,430,913
Entity Common Stock, Shares Outstanding   931,825,509  
Documents Incorporated by Reference Certain specifically designated portions of KeyCorp’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.    
Entity Central Index Key 0000091576    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
Document Annual Report true    
Document Transition Report false    
Common Shares      
Entity Information [Line Items]      
Title of 12(b) Security Common Shares, $1 par value    
Trading Symbol KEY    
Security Exchange Name NYSE    
Series E Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Perpetual Non-Cumulative Preferred Stock, Series E)    
Trading Symbol KEY PrI    
Security Exchange Name NYSE    
Series F Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series F)    
Trading Symbol KEY PrJ    
Security Exchange Name NYSE    
Series G Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series G)    
Trading Symbol KEY PrK    
Security Exchange Name NYSE    
Series H Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security Cumulative Preferred Stock, Series H)    
Trading Symbol KEY PrL    
Security Exchange Name NYSE    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Cleveland, Ohio
Auditor Firm ID 42
v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Cash and due from banks $ 887 $ 913
Short-term investments 2,432 11,010
Trading account assets 829 701
Securities available for sale 39,117 45,364
Held-to-maturity securities (fair value: $8,113 and $7,665) 8,710 7,539
Other investments 1,308 639
Loans, net of unearned income of $368 and $373 119,394 101,854
Allowance for loan and lease losses (1,337) (1,061)
Net loans 118,057 100,793
Loans held for sale [1] 963 2,729
Premises and equipment 636 681
Goodwill 2,752 2,693
Other intangible assets 94 130
Corporate-owned life insurance 4,369 4,327
Accrued income and other assets 9,223 8,265
Discontinued assets 436 562
Total assets 189,813 186,346
Deposits in domestic offices:    
NOW and money market deposit accounts 86,707 89,207
Savings deposits 7,681 7,503
Certificates of deposit ($100,000 or more) 1,708 1,705
Other time deposits 5,665 2,153
Total interest-bearing deposits 101,761 100,568
Noninterest-bearing deposits 40,834 52,004
Total deposits 142,595 152,572
Federal funds purchased and securities sold under repurchase agreements 4,077 173
Bank notes and other short-term borrowings 5,386 588
Accrued expense and other liabilities 4,994 3,548
Long-term debt 19,307 12,042
Total liabilities 176,359 168,923
EQUITY    
Preferred stock 2,500 1,900
Common Shares, $1 par value; authorized 2,100,000,000 and 2,100,000,000 shares; issued 1,256,702,081 and 1,256,702,081 shares 1,257 1,257
Capital surplus 6,286 6,278
Retained earnings 15,616 14,553
Treasury stock, at cost (323,377,500 and 327,852,311 shares) (5,910) (5,979)
Accumulated other comprehensive income (loss) (6,295) (586)
Total equity 13,454 17,423
Total liabilities and equity $ 189,813 $ 186,346
[1] Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $24 million at December 31, 2022, and $281 million at December 31, 2021
v3.22.4
Consolidated Balance Sheets (Parenthetical) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Fair Value $ 8,113,000,000 $ 7,665,000,000
Financing receivable, unearned income 368,000,000 373,000,000
Aggregate amount of certificates of deposit $ 100,000 $ 100,000
Common shares, par value (in dollars per share) $ 1 $ 1
Common shares, shares authorized (in shares) 2,100,000,000 2,100,000,000
Common shares, shares issued (in shares) 1,256,702,081 1,256,702,081
Treasury stock, shares (in shares) 323,377,500 327,852,311
Residential Mortgage    
Loans held for sale (residential) $ 24,000,000 $ 281,000,000
v3.22.4
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
INTEREST INCOME      
Loans $ 4,241 $ 3,532 $ 3,866
Loans held for sale 56 50 69
Securities available for sale 752 546 484
Held-to-maturity securities 213 185 222
Trading account assets 31 19 20
Short-term investments 97 28 18
Other investments 22 7 6
Total interest income 5,412 4,367 4,685
INTEREST EXPENSE      
Deposits 279 67 347
Federal funds purchased and securities sold under repurchase agreements 41 0 6
Bank notes and other short-term borrowings 90 8 12
Long-term debt 475 221 286
Total interest expense 885 296 651
NET INTEREST INCOME 4,527 4,071 4,034
Provision for credit losses 502 (418) 1,021
Net interest income after provision for credit losses 4,025 4,489 3,013
NONINTEREST INCOME      
Trust and investment services income 526 530 507
Investment banking and debt placement fees 638 937 661
Service charges on deposit accounts 350 337 311
Operating lease income and other leasing gains 103 148 167
Corporate services income 372 288 213
Cards and payments income 341 415 368
Corporate-owned life insurance income 132 128 139
Consumer mortgage income 58 131 176
Commercial mortgage servicing fees 167 160 80
Other income [1] 31 120 30
Total noninterest income 2,718 3,194 2,652
NONINTEREST EXPENSE      
Personnel 2,566 2,561 2,336
Net occupancy 295 300 298
Computer processing 314 284 232
Business services and professional fees 212 227 196
Equipment 92 100 100
Operating lease expense 101 126 138
Marketing 123 126 97
Other expense 707 705 712
Total noninterest expense 4,410 4,429 4,109
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 2,333 3,254 1,556
Income taxes 422 642 227
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,911 2,612 1,329
Income (loss) from discontinued operations 6 13 14
NET INCOME (LOSS) 1,917 2,625 1,343
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 1,917 2,625 1,343
Income (loss) from continuing operations attributable to Key common shareholders 1,793 2,506 1,223
Net income (loss) attributable to Key common shareholders $ 1,799 $ 2,519 $ 1,237
Per Common Share:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ 1.94 $ 2.64 $ 1.26
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0.01 0.01 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [2] 1.94 2.65 1.28
Per Common Share — assuming dilution:      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) 1.92 2.62 1.26
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0.01 0.01 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [2] $ 1.93 $ 2.63 $ 1.27
Weighted-average common shares outstanding (in shares) 924,363 947,065 967,783
Effect of convertible preferred stock (in shares) 0 0 0
Effect of common share options and other stock awards (in shares) 8,696 10,349 7,024
Weighted-average common shares and potential common shares outstanding (in shares) [3] 933,059 957,414 974,807
[1] Net securities gains (losses) totaled $(9) million for the year ended December 31, 2022, $7 million for the year ended December 31, 2021, and $4 million for the year ended December 31, 2020. For 2022, 2021, and 2020, we did not have any impairment losses related to securities.
[2] EPS may not foot due to rounding.
[3] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
v3.22.4
Consolidated Statements of Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Statement [Abstract]      
Net securities gains (losses) $ 9 $ 7 $ 4
v3.22.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 1,917 $ 2,625 $ 1,343
Other comprehensive income (loss), net of tax:      
Net unrealized gains (losses) on securities available for sale, net of income taxes of $1,415, $306, and $(143) (4,492) (970) 452
Net unrealized gains (losses) on derivative financial instruments, net of income taxes of $382, $122, and $(72) (1,212) (388) 226
Net pension and postretirement benefit costs, net of income taxes of $1, $(11), and $(9) (5) 34 34
Total other comprehensive income (loss), net of tax (5,709) (1,324) 712
Comprehensive income (loss) attributable to Key $ (3,792) $ 1,301 $ 2,055
v3.22.4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net unrealized gains (losses) on securities available for sale, tax $ 1,415 $ 306 $ (143)
Net unrealized gains (losses) on derivative instruments, tax 382 122 (72)
Net pension and postretirement benefit costs, tax $ 1 $ (11) $ (9)
v3.22.4
Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Series D Preferred Stock
Series E Preferred Stock
Series F Preferred Stock
Series G Preferred Stock
Series H Preferred Stock
Preferred Stock
Common Shares
Capital Surplus
Retained Earnings
Retained Earnings
Series D Preferred Stock
Retained Earnings
Series E Preferred Stock
Retained Earnings
Series F Preferred Stock
Retained Earnings
Series G Preferred Stock
Retained Earnings
Series H Preferred Stock
Treasury Stock, at Cost
Accumulated Other Comprehensive Income (Loss)
Impact of ASC 326 Adoption
 [1]
Impact of ASC 326 Adoption
Retained Earnings
 [1]
Beginning balance, preferred shares (in shares) at Dec. 31, 2019             1,396,000                        
Beginning balance, common shares (in shares) at Dec. 31, 2019               977,189,000                      
Beginning balance at Dec. 31, 2019 $ 17,038           $ 1,900 $ 1,257 $ 6,295 $ 12,469           $ (4,909) $ 26 $ (230) $ (230)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net income (loss) 1,343                 1,343                  
Other reclassification of AOCI (2)                 (2)                  
Other comprehensive income (loss) 712                               712    
Deferred compensation 4               4                    
Cash dividends declared                                      
Cash dividends declared on common shares (723)                 (723)                  
Cash dividends declared on preferred stock   $ (26) $ (31) $ (24) $ (25)           $ (26) $ (31) $ (24) $ (25)          
Open market common share repurchases (in shares)               (7,151,000)                      
Open market Common Share repurchases (134)                             (134)      
Employee equity compensation program common share repurchases (in shares)               (1,823,000)                      
Employee equity compensation program Common Share repurchases (54)               (18)             (36)      
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               7,558,000                      
Common shares reissued (returned) for stock options and other employee benefit plans 133                             133      
Ending balance, preferred shares (in shares) at Dec. 31, 2020             1,396,000                        
Ending balance, common shares (in shares) at Dec. 31, 2020               975,773,000                      
Ending balance at Dec. 31, 2020 17,981           $ 1,900 $ 1,257 6,281 12,751           (4,946) 738    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net income (loss) 2,625                 2,625                  
Other comprehensive income (loss) (1,324)                               (1,324)    
Deferred compensation 9               9                    
Cash dividends declared                                      
Cash dividends declared on common shares (717)                 (717)                  
Cash dividends declared on preferred stock   (26) (31) (25) (24)           (26) (31) (25) (24)          
Open market common share repurchases (in shares)               (27,346,000)                      
Open market Common Share repurchases (559)                             (559)      
Employee equity compensation program common share repurchases (in shares)               (1,611,000)                      
Employee equity compensation program Common Share repurchases (32)               0             (32)      
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               8,061,000                      
Common shares reissued (returned) for stock options and other employee benefit plans 131               (12)             143      
Common share repurchases under ASR program (in shares)               (26,027,000)                      
Common share repurchases under ASR program (585)                             (585)      
Ending balance, preferred shares (in shares) at Dec. 31, 2021             1,396,000                        
Ending balance, common shares (in shares) at Dec. 31, 2021               928,850,000                      
Ending balance at Dec. 31, 2021 17,423           $ 1,900 $ 1,257 6,278 14,553           (5,979) (586)    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                      
Net income (loss) 1,917                 1,917                  
Other comprehensive income (loss) (5,709)                               (5,709)    
Deferred compensation (6)               (6)                    
Cash dividends declared                                      
Cash dividends declared on common shares (736)                 (736)                  
Cash dividends declared on preferred stock   $ (26) $ (31) $ (24) $ (25) $ (12)         $ (26) $ (31) $ (24) $ (25) $ (12)        
Open market Common Share repurchases 0                                    
Employee equity compensation program common share repurchases (in shares)               (1,736,000)                      
Employee equity compensation program Common Share repurchases (44)                             (44)      
Common shares reissued (returned) for stock options and other employee benefit plans (in shares)               6,211,000                      
Common shares reissued (returned) for stock options and other employee benefit plans 137               24             113      
Issuance of Series H preferred stock (in shares)             600,000                        
Issuance of Series H Preferred stock 590           $ 600   (10)                    
Ending balance, preferred shares (in shares) at Dec. 31, 2022   21,000 500,000 425,000 450,000 600,000 1,996,000                        
Ending balance, common shares (in shares) at Dec. 31, 2022               933,325,000                      
Ending balance at Dec. 31, 2022 $ 13,454           $ 2,500 $ 1,257 $ 6,286 $ 15,616           $ (5,910) $ (6,295)    
[1] Includes the impact of implementing ASU 2016-13.
v3.22.4
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash dividends declared on Common Shares (in dollars per share) $ 0.79 $ 0.75 $ 0.74
Series D Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 50.00 50.00 50.00
Series E Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.531252 1.531252 1.531252
Series F Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.4125 1.4125 1.4125
Series G Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) 1.406252 $ 1.406252 $ 1.406252
Series H Preferred Stock      
Cash dividends declared on Preferred Stock (in dollars per share) $ 0.477917    
v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income (loss) $ 1,917 $ 2,625 $ 1,343
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Provision for credit losses 502 (418) 1,021
Depreciation and amortization expense, net 137 32 111
Accretion of acquired loans 27 24 28
Increase in cash surrender value of corporate-owned life insurance (113) (113) (119)
Stock-based compensation expense 120 104 101
Deferred income taxes (benefit) (27) 146 (191)
Proceeds from sales of loans held for sale 12,496 16,114 14,076
Originations of loans held for sale, net of repayments (10,684) (16,497) (13,856)
Net losses (gains) from sale of loans held for sale (151) (282) (233)
Net losses (gains) on leased equipment 7 (12) (21)
Net securities losses (gains) (9) (7) (4)
Net losses (gains) on sales of fixed assets (7) 18 5
Net decrease (increase) in trading account assets (128) 34 305
Other operating activities, net 382 (615) (893)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 4,469 1,153 1,673
INVESTING ACTIVITIES      
Purchases of intangible assets via acquisitions (12) 0 0
Cash received (used) in acquisitions, net of cash acquired (58) (29) 0
Net decrease (increase) in short-term investments, excluding acquisitions 8,578 5,184 (14,922)
Purchases of securities available for sale (4,473) (28,190) (15,619)
Proceeds from sales of securities available for sale 0 1,375 583
Proceeds from prepayments and maturities of securities available for sale 4,545 7,623 9,923
Proceeds from prepayments and maturities of held-to-maturity securities 2,291 2,889 2,493
Purchases of held-to-maturity securities (3,670) (3) (17)
Purchases of other investments (667) (55) (134)
Proceeds from sales of other investments 17 41 101
Proceeds from prepayments and maturities of other investments 15 26 15
Net decrease (increase) in loans, excluding acquisitions, sales, and transfers (17,649) (4,276) (7,358)
Proceeds from sales of portfolio loans 157 337 211
Proceeds from corporate-owned life insurance 72 72 66
Purchases of premises, equipment, and software (96) (66) (63)
Proceeds from sales of premises and equipment 16 4 0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (10,934) (15,068) (24,721)
FINANCING ACTIVITIES      
Net increase (decrease) in deposits, excluding acquisitions (9,977) 17,290 23,412
Net increase (decrease) in short-term borrowings 8,702    
Net increase (decrease) in short-term borrowings   (218) (113)
Net proceeds from issuance of long-term debt 16,596 1,203 3,607
Payments on long-term debt (8,580) (2,566) (2,508)
Issuance of preferred shares 590 0 0
Open market common share repurchases 0 (559) (134)
Employee equity compensation program Common Share repurchases (44) (32) (36)
Common share purchases under ASR program 0 (585) 0
Net proceeds from reissuance of Common Shares 6 27 8
Cash dividends paid (854) (823) (829)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 6,439 13,737 23,407
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (26) (178) 359
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 913 1,091 732
CASH AND DUE FROM BANKS AT END OF YEAR 887 913 1,091
Additional disclosures relative to cash flows:      
Interest paid 601 363 731
Income taxes paid 292 277 241
Noncash items:      
Reduction of secured borrowing and related collateral 9 9 7
Loans transferred to portfolio from held for sale 105 87 75
Loans transferred to held for sale from portfolio 0 3,403 310
Loans transferred to other real estate owned 6 4 96
CMBS risk retentions 12 28 40
ABS risk retentions 8 11 19
Securities received as consideration $ 0 $ 2,825 $ 0
v3.22.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
1. Summary of Significant Accounting Policies

Organization

We are one of the nation’s largest bank-based financial services companies, providing deposit, lending, cash management, and investment services to individuals and small and medium-sized businesses through our subsidiary, KeyBank. We also provide a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications, and derivatives to middle market companies in selected industries throughout the United States through our subsidiary, KBCM. As of December 31, 2022, KeyBank operated 972 full-service retail banking branches and 1,265 ATMs in 15 states, as well as additional offices, online and mobile banking capabilities, and a telephone banking call center. Additional information pertaining to our two major business segments, Consumer Bank and Commercial Bank, is included in Note 25 (“Business Segment Reporting”).

Use of Estimates

Our accounting policies conform to US GAAP and prevailing practices within the financial services industry. We must make certain estimates and judgments when determining the amounts presented in our consolidated financial statements and the related notes. If these estimates prove to be inaccurate, actual results could differ from those reported.

Principles of Consolidation and Basis of Presentation

The consolidated financial statements include the accounts of KeyCorp and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Some previously reported amounts related to derivative valuations and reserves have been reclassified from Other Income to Corporate Services Income to conform to current reporting practices.

The consolidated financial statements also include the accounts of any voting rights entities in which we have a controlling financial interest and certain VIEs. In accordance with the applicable accounting guidance for consolidations, we consolidate a VIE if we (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary). See Note 13 (“Variable Interest Entities”) for information on our involvement with VIEs.

We use the equity method to account for unconsolidated investments in voting rights entities or VIEs if we have significant influence over the entity’s operating and financing decisions (usually defined as a voting or economic interest of 20% to 50%, but not controlling). Unconsolidated investments in voting rights entities or VIEs in which we have a voting or economic interest of less than 20% generally are carried at fair value or a cost measurement alternative. Investments held by our registered broker-dealer and investment company subsidiaries (principal investing entities and Real Estate Capital line of business) are carried at fair value.

In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users or filed with the SEC.

Cash and Cash Equivalents

Cash and due from banks are considered “cash and cash equivalents” for financial reporting purposes. We do not consider cash on deposit with the Federal Reserve to be restricted.

Loans

Loans held in portfolio, which management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are carried at the principal amount outstanding, net of unearned income, including net deferred loan fees and costs and unamortized premiums and discounts. We defer certain nonrefundable loan origination and
commitment fees, and the direct costs of originating or acquiring loans. The net deferred amount is amortized over the estimated lives of the related loans as an adjustment to the yield.

Accrued interest on loans is included in "other assets" on the balance sheet and is excluded from the calculation of the allowance for credit losses due to our charge-off policy to reverse accrued interest on nonperforming loans against interest income in a timely manner.

Sales-type leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs if certain criteria are met. Direct financing leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs, less unearned income. Unearned income on direct financing leases is amortized over the lease terms using a method approximating the interest method that produces a constant rate of return. Deferred initial direct fees and costs for both sales-type and direct financing leases are amortized over the lease terms as an adjustment to the yield.

Expected credit losses on net investments in leases, including any unguaranteed residual asset, are included in the ALLL. Net gains or losses on sales of lease residuals are included in “other income” or “other expense” on the income statement. Additional information pertaining to the value of lease residuals is provided in Note 10 (“Leases”).

Loans Held for Sale

Loans held for sale generally include certain residential and commercial mortgage loans, other commercial loans, and student loans. Loans are initially classified as held for sale when they are individually identified as being available for immediate sale and a formal plan exists to sell them. Loans held for sale are recorded at either fair value, if elected, or the lower of cost or fair value. Fair value is determined based on available market data for similar assets. When a loan is originated as held-for-sale, origination fees and costs are deferred but not amortized. Upon sale of the loans, deferred origination fees and costs are recognized as part of the calculated gain or loss on sale. Our commercial loans (including commercial mortgage and non-mortgage loans) and student loans, which we originated and intend to sell, are carried at the lower of aggregate cost or fair value. Subsequent declines in fair value for loans held for sale are recognized as a charge to “other income” on the income statement. Consumer real estate - residential mortgages loans have been elected to be carried at fair value. Subsequent increases and decreases in fair value for loans elected to be measured at fair value are recorded to “consumer mortgage income” on the income statement. Additional information regarding fair value measurements associated with our loans held for sale is provided in Note 6 (“Fair Value Measurements”).

We may transfer certain loans to held for sale at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held-for-sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a reduction in the ALLL. When a loan is transferred into the held for sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. We may also transfer loans from held for sale to the loan portfolio held for investment. If a loan held for sale for which fair value accounting was elected is transferred to held for investment, it will continue to be accounted for at fair value in the loan portfolio.

Nonperforming Loans

Nonperforming loans are loans for which we do not accrue interest income, and include both commercial and consumer loans and leases and nonaccruing TDR loans. Nonperforming loans do not include loans held for sale. Once a loan is designated nonaccrual, the interest accrued but not collected is reversed against interest income, and payments subsequently received are applied to principal until qualifying for return to accrual.

We generally classify commercial loans as nonperforming and stop accruing interest (i.e., designate the loan “nonaccrual”) when the borrower’s principal or interest payment is 90 days past due unless the loan is well-secured and in the process of collection. Commercial loans are also placed on nonaccrual status when payment is not past due but we have serious doubts about the borrower’s ability to comply with existing repayment terms. Once a loan is designated nonaccrual (and as a result assessed for impairment), the interest accrued but not collected is reversed against loan interest income, and payments subsequently received are applied to principal. Commercial loans are typically charged off in full or charged down to the fair value of the underlying collateral when the borrower’s payment is 180 days past due.
We classify consumer loans as nonperforming and stop accruing interest when the borrower’s payment is 120 days past due, unless the loan is well-secured and in the process of collection. Any second lien home equity loan with an associated first lien that is 120 days or more past due or in foreclosure, or for which the first mortgage delinquency timeframe is unknown, is reported as a nonperforming loan. Secured loans that are discharged through Chapter 7 bankruptcy and not formally re-affirmed are designated as nonperforming and TDRs. Our charge-off policy for most consumer loans takes effect when payments are 120 days past due. Home equity and residential mortgage loans generally are charged down to net realizable value when payment is 180 days past due. Credit card loans and similar unsecured products continue to accrue interest until the account is charged off at 180 days past due.

Commercial and consumer loans may be returned to accrual status if we are reasonably assured that all contractually due principal and interest are collectible and the borrower has demonstrated a sustained period (generally six months) of repayment performance under the contracted terms of the loan and applicable regulation.
Purchased Loans
Purchased performing loans that do not have evidence of deterioration in credit quality at acquisition are recorded at fair value at the acquisition date. Any premium or discount associated with purchased performing loans is recognized as interest income based on the effective yield method of amortization for term loans or the straight-line method of amortization for revolving loans. The methods utilized to estimate the required ALLL for purchased performing loans is similar to originated loans.
Purchased loans that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed PCD loans. PCD loans are initially recorded at fair value along with an allowance for credit losses determined using the same methodology as originated loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses.
Allowance for Loan and Lease Losses
On January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses: Measurement of
Credit Losses on Financial Instruments, which replaces the incurred-loss methodology that recognized losses when
a probable threshold was met with an expected-loss methodology, specifically, recognizing current expected credit
losses for the remaining life of the asset at the time of origination or acquisition. We estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The ALLL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segments include commercial and consumer. Each of these two segments comprises multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk. The commercial segment is composed of commercial and industrial, commercial real estate, and commercial lease financing loan classes. The consumer lending segment is composed of residential mortgage, home equity, consumer direct, credit card, student lending and consumer indirect loan classes.

The ALLL represents our current estimate of lifetime credit losses inherent in our loan portfolio at the balance sheet date. In determining the ALLL, we estimate expected future losses for the loan's entire contractual term adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications.

The ALLL is the sum of three components: (i) asset specific/ individual loan reserves; (ii) quantitative (formulaic or pooled) reserves; and (iii) qualitative (judgmental) reserves.

Asset Specific / Individual Component

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. We have elected to apply the practical expedient to measure expected credit losses of a collateral dependent asset using the fair value of the collateral, less any costs to sell, when foreclosure is not probable, when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral, and the borrower is experiencing financial difficulty.
Individual reserves are determined as follows:
•For commercial non-accruing loans greater than or equal to a defined dollar threshold, individual reserves are determined based on an analysis of the present value of the loan's expected future cash flows or the fair value of the collateral less costs to sell.
•For commercial non-accruing loans below the defined dollar threshold, an established LGD percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve impairment.
•The population of individually assessed consumer loans includes loans deemed collateral dependent, in addition to all TDRs. The expected loss for these loans is estimated based on the present value of the loan's expected future cash flows, except in instances where the loan is collateral dependent, in which case the loan is written down based on the collateral's fair market value less costs to sell.

Quantitative Component

We use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD
models as well as less complex estimation methods for smaller loan portfolios.
•PD: This component model is used to estimate the likelihood that a borrower will cease making payments as agreed. The major contributors to this are the borrower credit attributes and macro-economic trends. The objective of the PD model is to produce default likelihood forecasts based on the observed loan-level information and projected paths of macroeconomic variables.
•LGD: This component model is used to estimate the loss on a loan once a loan is in default.
•EAD: Estimates the loan balance at the time the borrower stops making payments. For all term loans, an amortization based formulaic approach is used for account level EAD estimates. We calculate EAD using a portfolio specific method in each of our revolving product portfolios. For line products that are unconditionally cancellable, the balances will either use a paydown curve or be held flat through the life of the loan.
Qualitative Component
The ALLL also includes identified qualitative factors related to idiosyncratic risk factors, changes in current economic conditions that may not be reflected in quantitatively derived results, and other relevant factors to ensure the ALLL reflects our best estimate of current expected credit losses. While our reserve methodologies strive to reflect all relevant risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ALLL also includes factors that may not be directly measured in the determination of individual or collective reserves. Such qualitative factors may include:
•The nature and volume of the institution’s financial assets;
•The existence, growth, and effect of any concentrations of credit;
•The volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets;
•The value of the underlying collateral for loans that are not collateral dependent;
•The institution’s lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries;
•The quality of the institution’s credit review function;
•The experience, ability, and depth of the institution’s lending, investment, collection, and other relevant management and staff;
•The effect of other external factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters; and
•Actual and expected changes in international, national, regional, and local economic and business conditions and developments in which the institution operates that affect the collectability of financial assets.
Liability for Credit Losses on Lending-Related Commitments
The liability for credit losses on lending-related commitments, such as letters of credit and unfunded loan commitments, is included in “accrued expense and other liabilities” on the balance sheet. Expected credit losses are estimated over the contractual period in which we are exposed to credit risk via a contractual obligation unless that obligation is unconditionally cancellable by us. The liability for credit losses on lending-related commitments is
adjusted as a provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios.
Allowance for Credit Losses on Other Financial Assets
The allowance for credit losses on other financial assets, such as other receivables and servicing advances, is
determined based on historical loss information and other available indicators. If such information does not indicate
any expected credit losses, Key may estimate the allowance for credit losses on other financial assets to be zero or
close to zero.    
Fair Value Measurements
Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market. Therefore, fair value represents an exit price at the measurement date. We value our assets and liabilities based on the principal or most advantageous market where each would be sold (in the case of assets) or transferred (in the case of liabilities). In the absence of observable market transactions, we consider liquidity valuation adjustments to reflect the uncertainty in pricing the instruments.
Valuation inputs can be observable or unobservable. Observable inputs are assumptions based on market data obtained from an independent source. Unobservable inputs are assumptions based on our own information or assessment of assumptions used by other market participants in pricing the asset or liability. Our unobservable inputs are based on the best and most current information available on the measurement date.
All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that gives the highest ranking to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for Level 2 assets and liabilities are based on one or a combination of the following factors: (i) quoted market prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy ascribed to a fair value measurement in its entirety is based on the lowest level input that is significant to the measurement. Assets and liabilities may transfer between levels based on the observable and unobservable inputs used at the valuation date.
Assets and liabilities are recorded at fair value on a recurring or nonrecurring basis. Nonrecurring fair value adjustments are typically recorded as a result of the application of lower of cost or fair value accounting; or impairment. At a minimum, we conduct our valuations quarterly.
Additional information regarding fair value measurements and disclosures is provided in Note 6 (“Fair Value Measurements”).
Short-Term Investments
Short-term investments consist of segregated, interest-bearing deposits due from banks, the Federal Reserve, and certain non-U.S. banks as well as reverse repurchase agreements and United States Treasury Bills with an original maturity of three months or less.
Trading Account Assets
Trading account assets are debt and equity securities, as well as commercial loans, that we purchase and hold but intend to sell in the near term. These assets are reported at fair value. Realized and unrealized gains and losses on trading account assets are reported in “other income” on the income statement.
Securities
Securities available for sale. Debt securities that we intend to hold for an indefinite period of time but that may be sold in response to changes in interest rates, prepayment risk, liquidity needs, or other factors are classified as available-for-sale and reported at fair value. Realized gains and losses resulting from sales of securities using the specific identification method, are included in “other income” on the income statement. Unrealized holding gains are recorded through other comprehensive income. Unrealized losses in fair value below the amortized cost basis are assessed to determine whether the impairment gets recorded through other comprehensive income or through earnings using a valuation allowance.
For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value in “other income” on the income statement. For debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, the nature of the security, the underlying collateral, and the financial condition of the issuers, among other factors. If this assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for available-for-sale securities is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. Any impairment that has not been recorded through an allowance for available-for-sale securities is recognized in other comprehensive income.
Changes in the allowance for available-for-sale securities are recorded as provision for (or reversal of) credit loss. Losses are charged against the allowance for available-for-sale securities when management believes the uncollectibility of an available-for-sale security is confirmed or when either criteria regarding intent or requirement to sell is met.
“Other securities” held in the available-for-sale portfolio consist of convertible preferred stock of privately held companies. For additional information, refer to Note 7 (“Securities”).
Held-to-maturity securities. Debt securities that we have the intent and ability to hold until maturity are classified as held-to-maturity and are carried at cost and adjusted for amortization of premiums and accretion of discounts using the interest method. This method produces a constant rate of return on the adjusted carrying amount.
The held-to-maturity portfolio is classified by the following major security types: agency residential collateralized mortgage obligations, agency residential mortgage-backed securities, agency commercial mortgage-backed securities, asset backed securities, and other. “Other securities” held in the held-to-maturity portfolio consist of foreign bonds and capital securities. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type. The estimate of expected losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. We do not measure expected credit losses on held-to-maturity securities in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero.

All of our mortgage-backed securities are issued by U.S. government-sponsored enterprises or GNMA, are highly rated by major rating agencies and have a long history of no credit losses. Our asset backed securities consist primarily of senior notes from the sale and securitization of our indirect auto portfolio. Other securities are comprised of State of Israel bonds denominated and paid in U.S. dollars. Israel bonds have a long history of no credit losses. Additionally, as of December 31, 2022, the State of Israel's credit rating is "stable" or “positive” among Fitch, Moody's, and S&P (A+, A1, AA-).
Other Investments
Other investments include equity and mezzanine instruments as well as other types of investments that generally are carried at the alternative cost method. The alternative cost method results in these investments being recorded at cost, less any impairment, plus or minus changes resulting from observable market transactions. Adjustments are
included in “other income” on the income statement. At each reporting period, we assess if these investments continue to qualify for this measurement alternative.
Derivatives and Hedging
All derivatives are recognized on the balance sheet at fair value in “accrued income and other assets” or “accrued expense and other liabilities.” The net increase or decrease in derivatives is included in “other operating activities, net” within the statement of cash flows. Accounting for changes in fair value (i.e., gains or losses) of derivatives differs depending on whether the derivative has been designated and qualifies as part of a hedge relationship, and on the type of hedge relationship. For derivatives that are not in a hedge relationship, any gain or loss, as well as any premium paid or received, is recognized immediately in earnings in “corporate services income” or “other income” on the income statement, depending whether the derivative is for customer accommodation or risk management, respectively. A derivative that is designated and qualifies as a hedging instrument must be designated as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. Changes in the fair value of a hedging instrument are reflected in the same income statement line as the earnings effect of the change in fair value of the hedged item attributable to the hedged risk.
A fair value hedge is used to limit exposure to changes in the fair value of existing assets, liabilities, and commitments caused by changes in interest rates or other economic factors. The change in the fair value of an instrument designated as a fair value hedge is recorded in earnings at the same time as a change in fair value of the hedged item attributable to the hedged risk.
A cash flow hedge is used to minimize the variability of future cash flows that is caused by changes in interest rates or other economic factors. The gain or loss on a cash flow hedge is recorded as a component of AOCI on the balance sheet and reclassified to earnings in the same period in which the hedged transaction affects earnings (e.g., when we incur variable-rate interest on debt, earn variable-rate interest on loans, or sell commercial real estate loans).
A net investment hedge is used to hedge the exposure of changes in the carrying value of investments as a result of changes in the related foreign exchange rates. The gain or loss on a net investment hedge is recorded as a component of AOCI on the balance sheet when the terms of the derivative match the notional and currency risk being hedged. The amount in AOCI is reclassified into income when the hedged transaction affects earnings (e.g., when we dispose or liquidate a foreign subsidiary).
Hedge “effectiveness” is determined by the extent to which changes in the fair value of a derivative instrument offset changes in the fair value, cash flows, or carrying value attributable to the risk being hedged. If the relationship between the change in the fair value of the derivative instrument and the change in the hedged item falls within a range considered to be the industry norm, the hedge is considered “highly effective” and qualifies for hedge accounting. A hedge is “ineffective” if the relationship between the changes falls outside the acceptable range. In that case, hedge accounting is discontinued on a prospective basis. Hedge effectiveness is tested at least quarterly.
We take into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets on the balance sheet and contracts with positive fair values included in derivative liabilities. Derivative assets and derivative liabilities are recorded within “accrued income and other assets” and “accrued expense and other liabilities,” respectively.
Additional information regarding the accounting for derivatives is provided in Note 8 (“Derivatives and Hedging Activities”).
Loan Sales and Securitizations
We sell and at times may securitize loans and other financial assets. We recognize the sale and securitization of loans or other financial assets when the transferred assets are legally isolated from our creditors and the appropriate accounting criteria are met. When we securitize loans or other financial assets, we may retain a portion of the securities issued, including senior interests, subordinated interests, interest-only strips, servicing rights, and other interests, all of which are considered retained interests in the transferred assets. The interests are initially measured at fair value which is based on independent third party market prices or market prices for similar assets.
If market prices are not available, fair value is estimated based on the present value of expected future cash flows using assumptions as to discount rates, interest rates, prepayment speeds, and credit losses. Loans sold or securitized are removed from the balance sheet and a net gain or loss is recorded depending on the fair value of the loans sold and the retained interests at the date of sale. The net gain or loss is recognized in “other income,” “consumer mortgage income,” or “investment banking and debt placement fees” at the time of sale.
Servicing Assets
We service commercial real estate and residential mortgage loans. Servicing assets and liabilities purchased or retained are initially measured at fair value and are recorded as a component of “accrued income and other assets” on the balance sheet. When no ready market value (such as quoted market prices, or prices based on sales or purchases of similar assets) is available to determine the fair value of servicing assets, fair value is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation is based on a number of assumptions, including the market cost of servicing, the discount rate, the prepayment rate, and the default rate.
We account for our servicing assets using the amortization method. The amortization of servicing assets is determined in proportion to, and over the period of, the estimated net servicing income and recorded in either “consumer mortgage income” or “commercial mortgage servicing fees” on the income statement.
Servicing assets are evaluated quarterly for possible impairment. This process involves stratifying the assets based upon one or more predominant risk characteristics and determining the fair value of each class. The characteristics may include financial asset type, size, interest rate, date of origination, term and geographic location. If the evaluation indicates that the carrying amount of the servicing assets exceeds their fair value, the carrying amount is reduced by recording a charge to income in the amount of such excess and establishing a valuation reserve allowance. If impairment is determined to be other-than-temporary, a direct write-off of the carrying amount would be recorded. Additional information pertaining to servicing assets is included in Note 9 (“Mortgage Servicing Assets”).
Leases
For leases where Key is the lessee that have initial terms greater than one year, right-of-use assets and corresponding lease liabilities are reported on the balance sheet. Leases with an initial term of less than one year are not recorded on the balance sheet. Our leases where Key is the lessee are primarily classified as operating leases. Operating lease expense is recognized in "net occupancy" and "equipment" on a straight-line basis over the lease term. For additional information, see Note 10 (“Leases”).

Premises and Equipment
Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. We determine depreciation of premises and equipment using the straight-line method over the estimated useful lives of the particular assets. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or terms of the leases. Premises and equipment are evaluated for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable.
Goodwill and Other Intangible Assets
Goodwill represents the amount by which the cost of net assets acquired in a business combination exceeds their fair value. Goodwill is assigned to reporting units as of the acquisition date based on the expected benefit to such reporting unit from the synergies of the business combination. Goodwill is not amortized. Goodwill is tested at the reporting unit level for impairment, at least annually as of October 1, or when indicators of impairment exist.
We may elect to perform a qualitative analysis to determine whether or not it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. When conducting a qualitative analysis, we evaluate both internal and external factors, including recent performance, updated projections, stock prices and economic conditions. If we elect to bypass this qualitative analysis, or conclude via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a quantitative goodwill impairment test is performed. If the fair value is less than the carrying value, an impairment charge is recorded for the difference.
Beginning January 1, 2021, the amount of capital being allocated to our reporting units as a proxy for the carrying value is based on a combination of regulatory and economic equity. Fair values are estimated using a combination of market and income approaches. The market approach incorporates comparable public company multiples along with data related to recent merger and acquisition activity. The income approach consists of discounted cash flow modeling that utilizes internal forecasts and various other inputs and assumptions. A multi-year internal forecast is prepared for each reporting unit and a terminal growth rate is estimated for each one based on market expectations of inflation and economic conditions in the financial services industry. Earnings projections for reporting units are adjusted for after tax cost savings expected to be realized by a market participant. The discount rate applied to our cash flows is derived from the CAPM. The buildup to the discount rate includes a risk-free rate, 5-year adjusted beta based on peer companies, a market equity risk premium, a size premium and a company specific risk premium. The discount rates differ between our reporting units as they have different levels of risk. A sensitivity analysis is typically performed on key assumptions, such as the discount rates and cost savings estimates.
Other intangible assets with finite lives are amortized on either an accelerated or straight-line basis. We monitor for impairment indicators for goodwill and other intangible assets on a quarterly basis. Additional information pertaining to goodwill and other intangible assets is included in Note 12 (“Goodwill and Other Intangible Assets”).
Business Combinations
We account for our business combinations using the acquisition method of accounting. Under this accounting method, the acquired company’s assets and liabilities are recorded at fair value at the date of acquisition, except as provided for by the applicable accounting guidance, and the results of operations of the acquired company are combined with Key’s results from the date of acquisition forward. Acquisition costs are expensed when incurred. The difference between the purchase price and the fair value of the net assets acquired (including identifiable intangible assets) is recorded as goodwill. Our accounting policy for intangible assets is summarized in this note under the heading “Goodwill and Other Intangible Assets.”
Additional information regarding acquisitions is provided in Note 15 (“Acquisitions and Discontinued Operations”).

Securities Financing Activities

We enter into repurchase agreements to finance overnight customer sweep deposits. We also enter into repurchase and reverse repurchase agreements to settle other securities obligations. We account for these securities financing agreements as collateralized financing transactions. Repurchase and reverse repurchase agreements are recorded on the balance sheet at the amounts that the securities will be subsequently sold or repurchased. Securities borrowed transactions are recorded on the balance sheet at the amounts of cash collateral advanced. While our securities financing agreements incorporate a right of set off, the assets and liabilities are reported on a gross basis. Reverse repurchase agreements and securities borrowed transactions are included in “short-term investments” on the balance sheet; repurchase agreements are included in “federal funds purchased and securities sold under repurchase agreements.” Fees received in connection with these transactions are recorded in interest income; fees paid are recorded in interest expense.

Additional information regarding securities financing activities is included in Note 16 (“Securities Financing Activities”).

Contingencies and Guarantees

We recognize liabilities for the fair value of our obligations under certain guarantees issued. These liabilities are included in “accrued expense and other liabilities” on the balance sheet. If we receive a fee for a guarantee requiring liability recognition, the amount of the fee represents the initial fair value of the “stand ready” obligation. If there is no fee, the fair value of the stand ready obligation is determined using expected present value measurement techniques, unless observable transactions for comparable guarantees are available. The subsequent accounting for these stand ready obligations depends on the nature of the underlying guarantees. We account for our release from risk under a particular guarantee when the guarantee expires or is settled, or by a systematic and rational amortization method, depending on the risk profile of the guarantee. Contingent aspects of certain guarantees are assessed a reserve under CECL if required.
Contingent liabilities may result from litigation, claims and assessments, loss or damage to Key. We recognize liabilities from contingencies when a loss is probable and can be reasonably estimated.
Additional information regarding contingencies and guarantees is included in Note 22 (“Commitments, Contingent Liabilities, and Guarantees”).
Revenue Recognition
We recognize revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Our principal source of revenue is interest income from loans and investments. We also earn noninterest income from various banking and financial services offered through both the Commercial and Consumer banks.
Interest Income. The largest source of revenue for us is interest income. Interest income is primarily recognized on an accrual basis according to nondiscretionary formulas in written contracts, such as loan agreements or securities contracts.
Noninterest Income. We earn noninterest income through a variety of financial and transaction services provided to commercial and consumer clients. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed. In certain circumstances, noninterest income is reported net of associated expenses.
Trust and Investment Services Income. Trust and investment services revenues include brokerage commissions trust and asset management commissions.
Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed.
Trust and asset management services include asset custody and investment management services provided to individual and institutional customers. Revenue is recognized monthly based on a minimum annual fee, and the market value of assets in custody. Additional fees are recognized for transactional activity at a point in time.
Investment Banking and Debt Placement Fees. Investment banking and debt placement fees consist of syndication fees, debt and equity underwriting fees, financial advisor fees, gains on sales of commercial mortgages, and agency origination fees. Revenues for these services are recorded at a point in time, upon completion of a contractually identified transaction, or when an advisory opinion is provided. Investment banking and debt placement costs are reported on a gross basis within other expense on the income statement.
Service Charges on Deposit Accounts. Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. Certain reward costs are netted within revenues from service charges on deposits.
Corporate Services Income. Corporate services income includes various ancillary service revenue including letter of credit fees, loan fees, certain non-hedging derivatives gains and losses, and certain capital market fees. Revenue from these fees is recorded in a manner that reflects the timing of when transactions occur, and as services are provided.
Cards and Payments Income. Cards and payments income consists of debit card, consumer and commercial credit card, and merchant services income. Revenue sources include interchange fees from credit and debit cards processed through card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Certain card network costs and reward costs are netted within interchange revenues. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association network transactions. Merchant services revenue is recognized as transactions occur, or as services are performed.
Corporate-Owned Life Insurance Income. Income from corporate-owned life insurance primarily represents changes in the cash surrender value of life insurance policies held on certain key employees. Revenue is recognized in each period based on the change in the cash surrender value during the period.
Stock-Based Compensation
Stock-based compensation is measured using the fair value method of accounting on the grant date. The measured cost is recognized over the period during which the recipient is required to provide service in exchange for the award. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. Compensation expense related to awards granted to employees is recorded in “personnel expense” on the Consolidated Statements of Income while compensation expense related to awards granted to directors is recorded in “other expense.”
We recognize compensation expense for stock-based, mandatory deferred incentive compensation awards using the accelerated method of amortization over a period of approximately 5 years (the current year performance period and a four-year vesting period, which generally starts in the first quarter following the performance period).
We estimate the fair value of options granted using the Black-Scholes option-pricing model, as further described in Note 17 (“Stock-Based Compensation”). Employee stock options typically become exercisable at the rate of 25% per year, beginning one year after the grant date. Options expire no later than 10 years after their grant date. We recognize stock-based compensation expense for stock options with graded vesting using an accelerated method of amortization.
We use shares repurchased under our annual capital plan submitted to our regulators (treasury shares) for share issuances under all stock-based compensation programs.

Income Taxes

Deferred tax assets and liabilities are determined based on temporary differences between financial statement asset and liability amounts and their respective tax bases, and are measured using enacted tax laws and rates that are expected to apply in the periods in which the deferred tax assets or liabilities are expected to be realized. Deferred tax assets are also recorded for any tax attributes, such as tax credit and net operating loss carryforwards. The net balance of deferred tax assets and liabilities is reported in “Accrued income and other assets” or “Accrued expense and other liabilities” in the consolidated balance sheets, as appropriate. Subsequent changes in the tax laws require adjustment to these assets and liabilities with the cumulative effect included in the provision for income taxes for the period in which the change is enacted. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized.

Earnings Per Share

Basic net income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (e.g., nonvested service-based restricted stock units). Undistributed net losses are not allocated to nonvested restricted shareholders, as these shareholders do not have a contractual obligation to fund the incurred losses. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period.

Diluted net income per common share is calculated using the more dilutive of either the treasury method or the two-class method. The dilutive calculation considers the potential dilutive effect of common stock equivalents determined under the treasury stock method. Common stock equivalents include stock options and service- and performance-based restricted stock and stock units granted under our stock plans. Net income attributable to common shares is then divided by the total of weighted-average number of common shares and common stock equivalents outstanding during the period.
Accounting Guidance Adopted in 2022
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2020-04 and ASU 2021-01 — Reference Rate Reform (Topic 848)March 12, 2020 through December 31, 2024London Interbank Offered Rate (LIBOR), a reference rate presumed to capture bank funding costs, is being phased out and will no longer be published. This transition to alternate rates will impact, among other things, contracts that reference LIBOR. This ASU provides relief from cumbersome accounting consequences for certain qualifying contract modifications undertaken as a result of reference rate reform.Key has established an enterprise-wide program to identify and address all LIBOR related matters.

We have elected to apply certain optional expedients for contract modifications and hedging relationships to derivative instruments impacted by the market-wide discounting transition. These optional expedients remove the requirement to remeasure contract modifications or dedesignate hedging relationships due to reference rate reform. We plan to elect any optional expedients for contract modifications and hedging relationships to any other financial instruments falling under the scope of reference rate reform.
ASU 2020-06, Debt—Debt
with Conversion and Other
Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in
Entity’s Own Equity
(Subtopic 815-40)		January 1, 2022The ASU simplifies the accounting for convertible debt instruments by eliminating the legacy accounting models for convertible instruments with beneficial conversion features or cash conversion features. The guidance also amends the guidance used to determine if a freestanding financial instrument or an embedded feature qualifies for a scope exception from derivative accounting. For freestanding financial instruments and embedded features that have all the characteristics of a derivative instrument and are potentially settled in an entity’s own stock, the guidance simplifies the settlement assessment that entities are required to perform. Also, this update now requires the use of the if-converted method for all convertible instruments and includes the effect of potential share settlement in diluted EPS if the effect is more dilutive. The new guidance
also makes clarifications to the EPS calculation. Further, the ASU expands disclosure requirements.

The guidance should be applied on a modified retrospective or retrospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.

Accounting Guidance Adopted in 2023
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2021-08, Business Combinations
(Topic 805)		January 1, 2023

Early adoption is permitted.		At the acquisition date, an acquirer must account for any acquired revenue contracts in accordance with Topic 606 as if it had originated the contracts (i.e. measure contract assets and liabilities, generally consistent with acquiree's financial statements).

The guidance should be applied on a prospective basis.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-01, Derivatives and Hedging (Topic 815)January 1, 2023

Early adoption is permitted.		This guidance allows entities to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets. It also allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If a breach is anticipated, an entity is required to partially or fully dedesignate a hedged layer or layers until a breach is no longer anticipated. There are additional requirements and enhanced disclosures related to basis adjustments.

The guidance should be applied on a prospective, retrospective or modified retrospective basis depending on the amendment.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326)January 1, 2023

Early adoption is permitted.		The amendments eliminate current Troubled Debt Restructuring (TDR) guidance and instead require entities to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or is a continuation of an existing loan.

Entities must disclose current-period gross write-offs on an amortized cost basis by credit quality indicator and class of financing receivable by year of origination.

The guidance should be applied on a prospective basis except for amendments related to recognition and measurement of TDRs, where a modified retrospective transition method is optional.		The adoption of this guidance did not have a material impact on Key's financial condition or results of operations.
v3.22.4
Earnings Per Common Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Common Share
2. Earnings Per Common Share

Basic earnings per share is the amount of earnings (adjusted for dividends declared on our preferred stock) available to each Common Share outstanding during the reporting periods. Diluted earnings per share is the amount of earnings available to each Common Share outstanding during the reporting periods adjusted to include the effects of potentially dilutive Common Shares. Potentially dilutive Common Shares include stock options and other
stock-based awards. Potentially dilutive Common Shares are excluded from the computation of diluted earnings per share in the periods where the effect would be antidilutive. 

Our basic and diluted earnings per Common Share are calculated as follows:
Year ended December 31,   
Dollars in millions, except per share amounts202220212020
EARNINGS
Income (loss) from continuing operations$1,911 $2,612 $1,329 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Income (loss) from continuing operations attributable to Key1,911 2,612 1,329 
Less: Dividends on preferred stock118 106 106 
Income (loss) from continuing operations attributable to Key common shareholders1,793 2,506 1,223 
Income (loss) from discontinued operations, net of taxes6 13 14 
Net income (loss) attributable to Key common shareholders$1,799 $2,519 $1,237 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)924,363 947,065 967,783 
Effect of common share options and other stock awards8,696 10,349 7,024 
Weighted-average common shares and potential Common Shares outstanding (000) (a)
933,059 957,414 974,807 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$1.94 $2.64 $1.26 
Income (loss) from discontinued operations, net of taxes.01 .01 .01 
Net income (loss) attributable to Key common shareholders (b)
1.94 2.65 1.28 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution1.92 2.62 1.26 
Income (loss) from discontinued operations, net of taxes — assuming dilution.01 .01 .01 
Net income (loss) attributable to Key common shareholders — assuming dilution (b)
1.93 2.63 1.27 
(a)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(b)EPS may not foot due to rounding.
v3.22.4
Restrictions on Cash, Dividends and Lending Activities
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Restrictions on Cash, Dividends, and Lending Activities
3. Restrictions on Cash, Dividends, and Lending Activities
Capital distributions from KeyBank and other subsidiaries are our principal source of cash flows for paying dividends on our common and preferred shares, servicing our debt, and financing corporate operations. Federal banking law limits the amount of capital distributions that a bank can make to its holding company without prior regulatory approval. A national bank’s dividend-paying capacity is affected by several factors, including net profits (as defined by statute) for the previous two calendar years and for the current year, up to the date the dividend is declared.
During 2022, KeyBank paid $475 million in dividends to KeyCorp. At January 1, 2023, KeyBank had regulatory capacity to pay $2.3 billion in dividends to KeyCorp without prior regulatory approval. At December 31, 2022, KeyCorp held $3.2 billion in cash and short-term investments, which can be used to pay dividends to shareholders, service debt, and finance corporate operations.
v3.22.4
Loan Portfolio
 12 Months Ended
Dec. 31, 2022
Financing Receivable, before Allowance for Credit Loss [Abstract]  
Loan Portfolio
4. Loan Portfolio
Loan Portfolio by Portfolio Segment and Class of Financing Receivable (a)
December 31,  
Dollars in millions20222021
Commercial and industrial (b)
$59,647 $50,525 
Commercial real estate:
Commercial mortgage16,352 14,244 
Construction2,530 1,996 
Total commercial real estate loans18,882 16,240 
Commercial lease financing (c)
3,936 4,071 
Total commercial loans82,465 70,836 
Residential — prime loans:
Real estate — residential mortgage21,401 15,756 
Home equity loans7,951 8,467 
Total residential — prime loans29,352 24,223 
Consumer direct loans6,508 5,753 
Credit cards1,026 972 
Consumer indirect loans43 70 
Total consumer loans36,929 31,018 
Total loans (d)
$119,394 $101,854 
(a)Accrued interest of $417 million and $198 million at December 31, 2022, and December 31, 2021, respectively, is presented in "Accrued income and other assets" on the Consolidated Balance Sheets and is excluded from the amortized cost basis disclosed in this table.
(b)Loan balances include $172 million and $139 million of commercial credit card balances at December 31, 2022, and December 31, 2021, respectively.
(c)Commercial lease financing includes receivables of $8 million and $16 million held as collateral for secured borrowings at December 31, 2022, and December 31, 2021, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”).
(d)Total loans exclude loans of $434 million at December 31, 2022, and $567 million at December 31, 2021, related to the discontinued operations of the education lending business.
v3.22.4
Asset Quality
 12 Months Ended
Dec. 31, 2022
Credit Loss [Abstract]  
Asset Quality
5. Asset Quality
ALLL

We estimate the appropriate level of the ALLL on at least a quarterly basis. The methodology is described in Note 1 ("Basis of Presentation and Accounting Policies") under the heading "Allowance for Loan and Lease Losses" of this report.

The ALLL at December 31, 2022, represents our current estimate of lifetime credit losses inherent in the loan portfolio at that date. The changes in the ALLL by loan category for the periods indicated are as follows:

Twelve Months Ended December 31, 2022:
Dollars in millionsDecember 31, 2021ProvisionCharge-offsRecoveriesDecember 31, 2022
Commercial and Industrial $445 $259 $(153)$50 $601 
Commercial real estate:
Real estate — commercial mortgage182 39 (23)5 203 
Real estate — construction29 (2)— 1 28 
Total commercial real estate loans211 37 (23)6 231 
Commercial lease financing32 (2)(2)4 32 
Total commercial loans688 294 (178)60 864 
Real estate — residential mortgage95 94 2 5 196 
Home equity loans110 (14)(1)3 98 
Consumer direct loans105 32 (34)8 111 
Credit cards61 29 (30)6 66 
Consumer indirect loans2 2 (4)2 2 
Total consumer loans373 143 (67)24 473 
Total ALLL — continuing operations1,061 437 
(a)
(245)84 1,337 
Discontinued operations28 (3)(6)2 21 
Total ALLL — including discontinued operations$1,089 $434 $(251)$86 $1,358 
(a)Excludes a provision related to reserves on lending-related commitments of $65 million.

Twelve Months Ended December 31, 2021:
Dollars in millionsDecember 31, 2020ProvisionCharge-offsRecoveriesDecember 31, 2021
Commercial and Industrial $678 $(142)$(174)$83 $445 
Commercial real estate:
Real estate — commercial mortgage327 (114)(40)9 182 
Real estate — construction47 (18)— — 29 
Total commercial real estate loans374 (132)(40)9 211 
Commercial lease financing47 (16)(6)7 32 
Total commercial loans1,099 (290)(220)99 688 
Real estate — residential mortgage102 (12)2 3 95 
Home equity loans171 (57)(9)5 110 
Consumer direct loans128 (2)(29)8 105 
Credit cards87 (7)(27)8 61 
Consumer indirect loans39 (13)(39)15 2 
Total consumer loans527 (91)(102)39 373 
Total ALLL — continuing operations1,626 (381)
(a)
(322)138 1,061 
Discontinued operations36 (6)(4)2 28 
Total ALLL — including discontinued operations$1,662 $(387)$(326)$140 $1,089 
(a)Excludes a credit related to reserves on lending-related commitments of $37 million.
Twelve Months Ended December 31, 2020
Dollars in millionsDecember 31, 2019Impact of ASC 326 AdoptionJanuary 1, 2020Provision Charge-offsRecoveriesDecember 31, 2020
Commercial and industrial$551 $(141)$410 $585   $(351)$34 $678 
Commercial real estate:
Real estate — commercial mortgage143 16 159 184 (19)3 327 
Real estate — construction22 (7)15 32 — — 47 
Total commercial real estate loans165 9 174 216 (19)3 374 
Commercial lease financing35 8 43 38 (35)1 47 
Total commercial loans751 (124)627 839 (405)38 1,099 
Real estate — residential mortgage7 77 84 19 (2)1 102 
Home equity loans31 147 178 (3)(11)7 171 
Consumer direct loans34 63 97 61   (37)7 128 
Credit cards47 35 82 36   (39)8 87 
Consumer indirect loans30 6 36 13 (28)18 39 
Total consumer loans149 328 477 126   (117)41 527 
Total ALLL — continuing operations900 204 1,104 965 
(a)
(522)79 1,626 
Discontinued operations10 31 41 (5)  (5)5 36 
Total ALLL — including discontinued operations$910 $235 $1,145 $960 $(527)$84 $1,662 
(a)Excludes a provision related to reserves on lending-related commitments of $56 million.

As described in Note 1 ("Basis of Presentation and Accounting Policies"), we estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. In our estimation of expected credit losses, we use a two year reasonable and supportable period across all products. Following this two year period in which supportable forecasts can be generated, for all modeled loan portfolios, we revert expected credit losses to a level that is consistent with our historical information by reverting the macroeconomic variables (model inputs) to their long run average. We revert to historical loss rates for less complex estimation methods for smaller portfolios. A 20 year fixed length look back period is used to calculate the long run average of the macroeconomic variables. A four quarter reversion period is used where the macroeconomic variables linearly revert to their long run average following the two year reasonable and supportable period.

We develop our reasonable and supportable forecasts using relevant data including, but not limited to, changes in economic output, unemployment rates, property values, and other factors associated with the credit losses on financial assets. Some macroeconomic variables apply to all portfolio segments, while others are more portfolio specific. The following table discloses key macroeconomic variables for each loan portfolio.
SegmentPortfolio
Key Macroeconomic Variables (a)
CommercialCommercial and industrialBBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, and unemployment rate, Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, and 30 year mortgage rate
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Consumer directUnemployment rate and U.S. household income
Consumer indirectUnemployment rate
Credit cardsUnemployment rate and U.S. household income
Discontinued operationsUnemployment rate
(a)Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle.

In addition to macroeconomic drivers, portfolio attributes such as remaining term, outstanding balance, risk ratings, utilization, FICO, LTV, and delinquency also drive ALLL changes. Our ALLL models were designed to capture the correlation between economic and portfolio changes. As such, evaluating shifts in individual portfolio attributes and macroeconomic variables in isolation may not be indicative of past or future performance.
Economic Outlook

As of December 31, 2022, the outlook is for slow, but positive economic growth over the forecasting horizon. Unemployment is increasing modestly, as job growth moderates, but remains at relatively low levels from an historical perspective. Inflation in the United States is starting to ease as the restrictive monetary policy and higher interest rates are making an impact. Asset prices, including residential and commercial real estate values, are expected to come under pressure. We utilized the Moody’s November 2022 Consensus forecast as our baseline forecast to estimate our expected credit losses as of December 31, 2022. We determined such forecast to be a reasonable view of the outlook for the economy given all available information at year end.

The baseline scenario reflects slow economic growth over the next two years in markets in which we operate. U.S. GDP is expected to contract by 0.1% annualized rate in the fourth quarter of 2022, but grow at an annual rate of approximately 0.4% and 1.4% for 2023 and 2024, respectively. The national unemployment rate forecast is 3.7% in the fourth quarter of 2022, and is expected to increase gradually to 4.5% in the fourth quarter of 2023 and throughout 2024 due to labor supply constraints. The U.S. Consumer Price Index (CPI) annualized rate is expected to decrease to 3.9% in 2023 and further decline to 2.5% in 2024. The national home price index is expected to decline approximately 5% over 2023 and then grow 3% over 2024.

To the extent we identified credit risk considerations that were not captured by the third-party economic forecast, we addressed the risk through management’s qualitative adjustments to the ALLL.

Commercial Loan Portfolio

The commercial ALLL increased by $176 million, or 25.6%, from December 31, 2021, through December 31, 2022. The increase is driven by the change in the economic outlook and loan growth. Asset quality remained strong as of December 31, 2022.

The declining economic outlook primarily contributed to the reserve increase year-over-year. The economic environment was impacted by interest rate increases, lower commercial real estate values, and expectations of lower GDP growth in the second half of the year. As a result, such factors led to a higher commercial reserve at December 31, 2022, than the prior year. In addition, Key’s strong loan growth in 2022 was a contributing factor to the reserve change.

Consumer Loan Portfolio

The consumer ALLL increased $100 million, or 26.8%, from December 31, 2021, through December 31, 2022. The overall increase in the allowance is primarily driven by loan growth and economic forecast changes, partly offset by reductions in qualitative reserves as pandemic-related pressures ease.

Reserve levels reflect the overall declining economic outlook year-over-year. The most meaningful change to the economic forecast is the deterioration in the home price index outlook and elevated interest rates, which contribute to reserve increases for both the residential mortgage and home equity segments. In addition, deterioration in the unemployment rate outlook impacts all consumer portfolios. As it relates to the changes in the ALLL due to portfolio factors, increases are largely driven by targeted growth in the residential mortgage portfolio.

Credit Risk Profile

The prevalent risk characteristic for both commercial and consumer loans is the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms. Evaluation of this risk is stratified and monitored by the loan risk rating grades assigned for the commercial loan portfolios and the refreshed FICO score assigned for the consumer loan portfolios. The internal risk grades assigned to loans follow our definitions of Pass and Criticized, which are consistent with published definitions of regulatory risk classifications. Loans with a pass rating represent those loans not classified on our rating scale for credits, as minimal credit risk has been identified. Criticized loans are those loans that either have a potential weakness deserving management's close attention or have a well-defined weakness that may put full collection of contractual cash flows at risk. Borrower FICO scores provide information about the credit quality of our consumer loan portfolio as they provide an indication as to the likelihood that a debtor will repay its debts. The scores are obtained from a nationally recognized consumer rating agency and are presented in the tables below at the dates indicated.
Most extensions of credit are subject to loan scoring. Loan grades are assigned at the time of origination, verified by credit risk management, and periodically re-evaluated thereafter. This risk rating methodology blends our judgment with quantitative modeling. Commercial loans generally are assigned two internal risk ratings. The first rating reflects the probability that the borrower will default on an obligation; the second rating reflects expected recovery rates on the credit facility. Default probability is determined based on, among other factors, the financial strength of the borrower, an assessment of the borrower’s management, the borrower’s competitive position within its industry sector, and our view of industry risk in the context of the general economic outlook. Types of exposure, transaction structure, and collateral, including credit risk mitigants, affect the expected recovery assessment.

Commercial Credit Exposure
Credit Risk Profile by Creditworthiness Category and Vintage (a)
As of December 31, 2022Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20222021202020192018PriorTotal
Commercial and Industrial
Risk Rating:
Pass$11,580 $8,636 $3,540 $2,839 $1,787 $3,307 $25,565 $138 $57,392 
Criticized (Accruing)40 357 131 160 227 205 936 25 2,081 
Criticized (Nonaccruing)34 2 5 4 22 20 87 — 174 
Total commercial and industrial11,654 8,995 3,676 3,003 2,036 3,532 26,588 163 59,647 
Real estate — commercial mortgage
Risk Rating:
Pass4,786 3,817 992 1,853 788 2,578 1,068 67 15,949 
Criticized (Accruing)6 13 20 48 73 175 47 — 382 
Criticized (Nonaccruing)— — 1 1 1 15 3 — 21 
Total real estate — commercial mortgage
4,792 3,830 1,013 1,902 862 2,768 1,118 67 16,352 
Real estate — construction
Risk Rating:
Pass698 895 445 262 107 48 1 — 2,456 
Criticized (Accruing)5 1 5 32 25 4 — 2 74 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction703 896 450 294 132 52 1 2 2,530 
Commercial lease financing
Risk Rating:
Pass1,039 743 509 467 174 947 — — 3,879 
Criticized (Accruing)15 1 9 12 9 10 — — 56 
Criticized (Nonaccruing)— — — — — 1 — — 1 
Total commercial lease financing1,054 744 518 479 183 958 — — 3,936 
Total commercial loans$18,203 $14,465 $5,657 $5,678 $3,213 $7,310 $27,707 $232 $82,465 
(a)Accrued interest of $314 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)
As of December 31, 2022Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20222021202020192018PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$5,205 $8,702 $2,584 $636 $64 $978 $— $— $18,169 
660 to 7491,286 919 282 106 28 260 — — 2,881 
Less than 66041 42 17 14 15 130 — — 259 
No Score62 1 1 1 1 25 1 — 92 
Total real estate — residential mortgage6,594 9,664 2,884 757 108 1,393 1 — 21,401 
Home equity loans
FICO Score:
750 and above146 1,044 736 207 74 617 2,238 398 5,460 
660 to 74983 291 194 79 32 187 974 126 1,966 
Less than 66011 31 25 17 10 81 300 37 512 
No Score7 — — — — 2 4 — 13 
Total home equity loans247 1,366 955 303 116 887 3,516 561 7,951 
Consumer direct loans
FICO Score:
750 and above1,291 1,632 811 351 45 97 102 — 4,329 
660 to 749526 434 229 120 26 41 206 — 1,582 
Less than 66058 63 32 23 7 9 57 — 249 
No Score59 32 22 11 9 22 193 — 348 
Total consumer direct loans1,934 2,161 1,094 505 87 169 558 — 6,508 
Credit cards
FICO Score:
750 and above— — — — — — 524 — 524 
660 to 749— — — — — — 402 — 402 
Less than 660— — — — — — 99 — 99 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 1,026 — 1,026 
Consumer indirect loans
FICO Score:
750 and above— 2 — — — 19 — — 21 
660 to 749— — — — — 15 — — 15 
Less than 660— — — — — 7 — — 7 
No Score— — — — — — — — — 
Total consumer indirect loans— 2 — — — 41 — — 43 
Total consumer loans$8,775 $13,193 $4,933 $1,565 $311 $2,490 $5,101 $561 $36,929 
(a)Accrued interest of $103 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.

Nonperforming and Past Due Loans

Our policies for determining past due loans, placing loans on nonaccrual, applying payments on nonaccrual loans, and resuming accrual of interest for our commercial and consumer loan portfolios are disclosed in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Nonperforming Loans”.

The following aging analysis of past due and current loans as of December 31, 2022, and December 31, 2021, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio(a)
December 31, 2022Current
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans		Total Past
Due and
Non-performing
Loans
Total
Loans (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$59,366 $43 $33 $31 $174 $281 $59,647 
Commercial real estate:
Commercial mortgage16,305 16 2 8 21 47 16,352 
Construction2,530 — — — — — 2,530 
Total commercial real estate loans18,835 16 2 8 21 47 18,882 
Commercial lease financing3,928 3 1 3 1 8 3,936 
Total commercial loans$82,129 $62 $36 $42 $196 $336 $82,465 
Real estate — residential mortgage$21,307 $13 $3 $1 $77 $94 $21,401 
Home equity loans7,804 27 8 5 107 147 7,951 
Consumer direct loans6,478 15 7 5 3 30 6,508 
Credit cards1,007 5 4 7 3 19 1,026 
Consumer indirect loans42 — — — 1 1 43 
Total consumer loans$36,638 $60 $22 $18 $191 $291 $36,929 
Total loans$118,767 $122 $58 $60 $387 $627 $119,394 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $417 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

December 31, 2021Current
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans		Total Past Due and Non-performing Loans
Total
Loans (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$50,226 $19 $49 $40 $191 $299 $50,525 
Commercial real estate:
Commercial mortgage14,174 10 9 7 44 70 14,244 
Construction1,978 — 17 1 — 18 1,996 
Total commercial real estate loans16,152 10 26 8 44 88 16,240 
Commercial lease financing4,061 6 — — 4 10 4,071 
Total commercial loans$70,439 $35 $75 $48 $239 $397 $70,836 
Real estate — residential mortgage$15,669 $7 $3 $5 $72 $87 $15,756 
Home equity loans8,299 21 6 6 135 168 8,467 
Consumer direct loans5,736 8 2 3 4 17 5,753 
Credit cards956 4 3 6 3 16 972 
Consumer indirect loans68 1 — — 1 2 70 
Total consumer loans$30,728 $41 $14 $20 $215 $290 $31,018 
Total loans$101,167 $76 $89 $68 $454 $687 $101,854 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $198 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

At December 31, 2022, the carrying amount of our commercial nonperforming loans outstanding represented 55% of their original contractual amount owed, total nonperforming loans outstanding represented 69% of their original contractual amount owed, and nonperforming assets in total were carried at 77% of their original contractual amount owed.

Nonperforming loans reduced expected interest income by $17 million, $17 million, and $27 million for each of the twelve months ended December 31, 2022, December 31, 2021, and December 31, 2020, respectively.

The amortized cost basis of nonperforming loans on nonaccrual status for which there is no related allowance for credit losses was $277 million at December 31, 2022.
Collateral-dependent Financial Assets

We classify financial assets as collateral-dependent when our borrower is experiencing financial difficulty, and we expect repayment to be provided substantially through the operation or sale of the collateral. Our commercial loans have collateral that includes cash, accounts receivable, inventory, commercial machinery, commercial properties, commercial real estate construction projects, enterprise value, and stock or ownership interests in the borrowing entity. When appropriate we also consider the enterprise value of the borrower as a repayment source for collateral-dependent loans. Our consumer loans have collateral that includes residential real estate, automobiles, boats, and RVs.

There were no significant changes in the extent to which collateral secures our collateral-dependent financial assets during 2022.

TDRs

We classify loan modifications as TDRs when a borrower is experiencing financial difficulties and we have granted a concession without commensurate financial, structural, or legal consideration. Our loan modifications are handled on a case-by-case basis and are negotiated to achieve mutually agreeable terms that maximize loan collectability and meet the borrower’s financial needs.

Commitments outstanding to lend additional funds to borrowers whose loan terms have been modified in TDRs were $10 million and $15 million at December 31, 2022, and December 31, 2021, respectively.

The consumer TDR other concession category in the table below primarily includes those borrowers’ debts that are discharged through Chapter 7 bankruptcy and have not been formally re-affirmed. At December 31, 2022, and December 31, 2021, the recorded investment of consumer residential mortgage loans in the process of foreclosure was approximately $156 million and $104 million, respectively.

The following table shows the post-modification outstanding recorded investment by concession type for our commercial and consumer accruing and nonaccruing TDRs that occurred during the periods indicated:
December 31,
Dollars in millions20222021
Commercial loans:
Extension of Maturity Date$36 $— 
Payment or Covenant Modification/Deferment— 7 
Total$36 $7 
Consumer loans:
Interest rate reduction$13 $7 
Other20 19 
Total$33 $26 
Total TDRs$69 $33 

The following table summarizes the change in the post-modification outstanding recorded investment of our accruing and nonaccruing TDRs during the periods indicated:
December 31,
Dollars in millions20222021
Balance at beginning of the period$220 $363 
Additions79 103 
Payments(45)(217)
Charge-offs(18)(29)
Balance at end of period$236 $220 
A further breakdown of TDRs included in nonperforming loans by loan category for the periods indicated are as follows:
December 31, 2022December 31, 2021
Number  
of Loans  
Pre-modification  
Outstanding  
Recorded  
Investment  
Post-modification  
Outstanding  
Recorded  
Investment  
Number  
of Loans  		Pre-modification  
Outstanding  
Recorded  
Investment  		Post-modification  
Outstanding  
Recorded  
Investment  
Dollars in millions
LOAN TYPE
Nonperforming:
Commercial and industrial27 $60 $45 36 $30 $14 
Commercial real estate:
Real estate — commercial mortgage4 50 13 3 50 25 
Total commercial real estate loans4 50 13 3 50 25 
Total commercial loans31 110 58 39 80 39 
Real estate — residential mortgage238 30 27 220 26 24 
Home equity loans468 32 28 531 36 31 
Consumer direct loans156 2 2 207 3 2 
Credit cards331 2 2 360 2 2 
Consumer indirect loans16 2 1 23 1 1 
Total consumer loans1,209 68 60 1,341 68 60 
Total nonperforming TDRs1,240 178 118 1,380 148 99 
Prior-year accruing: (a)
Commercial and industrial19 — — 11 — — 
Commercial real estate:
Real estate — commercial mortgage— — — 1 — — 
Total commercial loans19 — — 12 — — 
Real estate — residential mortgage425 41 35 455 39 33 
Home equity loans1,547 96 73 1,628 97 75 
Consumer direct loans272 4 3 236 5 3 
Credit cards607 4 2 579 4 2 
Consumer indirect loans95 11 5 139 15 8 
Total consumer loans2,946 156 118 3,037 160 121 
Total prior-year accruing TDRs2,965 156 118 3,049 160 121 
Total TDRs4,205 $334 $236 4,429 $308 $220 
(a)All TDRs that were restructured prior to January 1, 2022, and January 1, 2021, are fully accruing.

Commercial loan TDRs are considered defaulted when principal and interest payments are 90 days past due. Consumer loan TDRs are considered defaulted when principal and interest payments are more than 60 days past due. During 2022, there were twelve commercial loan TDRs and 191 consumer loan TDRs with a combined recorded investment of $12 million that experienced payment defaults after modifications resulting in TDR status during 2021. During 2021, there were seven commercial loan TDRs and 131 consumer loan TDRs with a combined recorded investment of $5 million that experienced payment defaults after modifications resulting in TDR status during 2020.
Liability for Credit Losses on Off Balance Sheet Exposures

The liability for credit losses inherent in unfunded lending-related commitments, such as letters of credit and unfunded loan commitments, and certain financial guarantees is included in “accrued expense and other liabilities” on the balance sheet.

Changes in the liability for credit losses on off balance sheet exposures are summarized as follows:
 Twelve Months Ended December 31,
Dollars in millions20222021
Balance at beginning of period$160 $197 
Provision (credit) for losses on off balance sheet exposures65 (37)
Balance at end of period$225 $160 
v3.22.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements 6. Fair Value Measurements In accordance with GAAP, Key measures certain assets and liabilities at fair value. Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in our principal market. Additional information regarding our accounting policies for determining fair value is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements.”
Assets and Liabilities Measured at Fair Value on a Recurring Basis

Certain assets and liabilities are measured at fair value on a recurring basis in accordance with GAAP. For more information on the valuation techniques used to measure classes of assets and liabilities reported at fair value on a recurring basis as well as the classification of each in the valuation hierarchy, refer to Note 1 ("Basis of Presentation and Accounting Policies") under the heading "Fair Value Measurements" of this report. The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2022, and December 31, 2021.
December 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $698 $— $698 $— $530 $— $530 
States and political subdivisions— 33 — 33 — 96 — 96 
Other mortgage-backed securities— 84 — 84 — 44 — 44 
Other securities— — — — — 13 — 13 
Total trading account securities— 815 — 815 — 683 — 683 
Commercial loans— 14 — 14 — 18 — 18 
Total trading account assets— 829 — 829 — 701 — 701 
Securities available for sale:
U.S. Treasury, agencies and corporations— 9,415 — 9,415 — 9,472 — 9,472 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 16,433 — 16,433 — 21,119 — 21,119 
Agency residential mortgage-backed securities— 3,920 — 3,920 — 5,122 — 5,122 
Agency commercial mortgage-backed securities— 9,349 — 9,349 — 9,651 — 9,651 
Other securities— — — — — — — — 
Total securities available for sale$— $39,117 $— $39,117 $— $45,364 $— $45,364 
Other investments:
Principal investments:
Direct$— $— $1 $1 $— $— $1 $1 
Indirect (measured at NAV) (a)
— — — 34 — — — 45 
Total principal investments— — 1 35 — — 1 46 
Equity investments:
Direct4 — 2 6 24 — 9 33 
Direct (measured at NAV) (a)
— — — 32 — — — 21 
Indirect (measured at NAV) (a)
— — — 4 — — — 5 
Total equity investments4 — 2 42 24 — 9 59 
Total other investments4 — 3 77 24 — 10 105 
Loans, net of unearned income (residential)— — 9 9 — — 11 11 
Loans held for sale (residential)— 24 — 24 — 281 — 281 
Derivative assets:
Interest rate— 301 2 303 — 774 33 807 
Foreign exchange112 24 — 136 71 10 — 81 
Commodity— 1,328 — 1,328 — 1,330 — 1,330 
Credit— — 1 1 — — 1 1 
Other— 13 — 13 — 22 5 27 
Derivative assets112 1,666 3 1,781 71 2,136 39 2,246 
Netting adjustments (b)
— — — (757)— — — (284)
Total derivative assets112 1,666 3 1,024 71 2,136 39 1,962 
Total assets on a recurring basis at fair value$116 $41,636 $15 $41,080 $95 $48,482 $60 $48,424 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$126 $509 $— $635 $75 $513 $— $588 
Derivative liabilities:
Interest rate— 1,307 — 1,307 — 253 — 253 
Foreign exchange107 24 — 131 66 10 — 76 
Commodity— 1,304 — 1,304 — 1,335 — 1,335 
Credit— — 3 3 — 5 7 12 
Other— 5 — 5 — 11 — 11 
Derivative liabilities107 2,640 3 2,750 66 1,614 7 1,687 
Netting adjustments (b)
— — — (1,262)— — — (1,526)
Total derivative liabilities107 2,640 3 1,488 66 1,614 7 161 
Total liabilities on a recurring basis at fair value$233 $3,149 $3 $2,123 $141 $2,127 $7 $749 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet.
(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
Qualitative Disclosures of Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the classes of assets and liabilities reported at fair value on a recurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Securities (includes trading account assets securities available for sale, and U.S. Treasury Bills classified as short-term investments)
Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities. This includes exchange-traded equity securities.
Fair value of level 2 securities is determined by:
• Pricing models (either by a third party pricing service or internally). Inputs include: yields, benchmark securities, bids, offers, actual trade data (i.e., spreads, credit ratings, and interest rates) for comparable assets, spread tables, matrices, high-grade scales, and option-adjusted spreads.
• Observable market prices of similar securities.
Fair value of level 3 securities is determined by:
• Internally developed valuation techniques, principally discounted cash flow methods (income approach).
• Revenue multiples of comparable public companies (market approach).

For level 3 securities, increases (decreases) in the discount rate and marketability discount used in the discounted cash flow models would have resulted in lower (higher) fair value measurements. Higher volatility factors would have further magnified changes in fair value.

The valuations provided by the third-party pricing service are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, and reference data obtained from market research publications. Inputs used by the third-party pricing service in valuing CMOs and other mortgage-backed securities also include new issue data, monthly payment information, whole loan collateral performance, and “To Be Announced” prices. In valuations of securities issued by state and political subdivisions, inputs used by the third-party pricing service also include material event notices. We regularly validate the pricing methodologies of valuations derived from a third-party pricing service to ensure the fair value determination is consistent with applicable accounting guidance and that our assets are properly classified in the fair value hierarchy. To perform this validation, we:

•review documentation received from our third-party pricing service regarding the inputs used in its valuations and determine a level assessment for each category of securities;
•substantiate actual inputs used for a sample of securities by comparing the actual inputs used by our third-party pricing service to comparable inputs for similar securities; and
•substantiate the fair values determined for a sample of securities by comparing the fair values provided by our third-party pricing service to prices from other independent sources for the same and similar securities.

We analyze variances and conduct additional research with our third-party pricing service and take appropriate steps based on our findings.
Level 1, 2, and 3 (primarily Level 2)
Commercial loans (trading account assets)
Fair value is based on:
• Observable market price spreads for similar loans. Valuations reflect prices within the bid-ask spread that are most representative of fair value.
Level 2
Principal investments (direct)
Direct principal investments consist of equity and debt instruments of private companies made by our principal investing entities. Fair value is determined using:
• Operating performance and market multiples of comparable businesses
• Other unique facts and circumstances related to each individual investment
Direct principal investments are accounted for as investment companies in accordance with the applicable accounting guidance, whereby each investment is adjusted to fair value with any net realized or unrealized gain/loss recorded in the current period’s earnings.

We are in the process of winding down our direct principal investment portfolio. As of December 31, 2022, the balance is less than $1 million.
Level 3
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Principal investments (indirect)
Indirect principal investments include primary and secondary investments in private equity funds engaged mainly in venture- and growth-oriented investing. These investments do not have readily determinable fair values and qualify for the practical expedient to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed).
Indirect principal investments are also accounted for as investment companies, whereby each investment is adjusted to fair value with any net realized or unrealized gain/loss recorded in the current period’s earnings.

Under the provisions of the Volcker Rule, we are required to dispose or conform our indirect investments to the requirements of the statute by no later than July 21, 2023. As of December 31, 2022, we have not committed to a plan to sell these investments. Therefore, these investments continue to be valued using the net asset value per share methodology.
NAV

The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at December 31, 2022, as well as financial support provided for the years ended December 31, 2022, and December 31, 2021.
  Financial support provided
  Year ended December 31,
 December 31, 202220222021
Dollars in millionsFair Value
Unfunded
Commitments
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Direct investments$1 $— $— $— $— $— 
Indirect investments (a)
34 9 — — 4 — 
Total$35 $9 $— $— $4 $— 
(a)Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At December 31, 2022, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.

Asset/liability classValuation techniqueValuation hierarchy classification(s)
Other direct equity investments
Fair value is determined using:
• Discounted cash flows
• Operating performance and market/exit multiples of comparable businesses
• Other unique facts and circumstances related to each individual investment
For level 3 securities, increases in the discount rate applied in the discounted cash flow models would negatively affect the fair value. Increases in valuation multiples of comparable companies would positively affect the fair value. Level 1 investments reflect the quoted market prices of the investments available in an active market.
Level 1 and 3
Other direct and indirect equity investments (NAV)
Certain direct and indirect investments do not have readily determinable fair values and qualify for the practical expedient in the accounting guidance that allows us to estimate fair value based upon net asset value per share.
NAV
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Loans held for sale and held for investment (residential)
Residential mortgage loans held for sale are accounted for at fair value. Fair values are based on:
• Quoted market prices, where available
• Prices for other traded mortgage loans with similar characteristics
• Purchase commitments and bid information received from market participants
Prices are adjusted as necessary to include:
• The embedded servicing value in the loans
• The specific characteristics of certain loans that are priced based on the pricing of similar loans. (These adjustments represent unobservable inputs to the valuation but are not considered significant given the relative insensitivity of the value to changes in these inputs to the fair value of the loans.)
Residential loans held for investment: Certain residential loans held for sale contain salability exceptions that make them unable to be sold into the performing loan sales market. Loans in this category are transferred to the held to maturity loan portfolio and are included in “Loans, net of unearned income” on the balance sheet. This type of loan is classified as level 3 in the valuation hierarchy as transaction details regarding sales of this type of loan are often unavailable.
  Fair value is based upon:
• Unobservable bid information from brokers and investors

Higher (lower) unobservable bid information would have resulted in higher (lower) fair value measurements.
Level 1, 2 and 3 (primarily level 2)
Derivatives
Exchange-traded derivatives are valued using quoted prices in active markets and, therefore, are classified as Level 1 instruments.

The majority of our derivative positions are Level 2 and are valued using internally developed models based on market convention and observable market inputs. These derivative contracts include interest rate swaps, certain options, floors, cross currency swaps, credit default swaps, and forward mortgage loan sale commitments. Significant inputs used in the valuation models include:
• LIBOR, SOFR and Overnight Index Swap (OIS) curves, index pricing curves, foreign currency curves
• Volatility surfaces (a three-dimensional graph of implied volatility against strike price and maturity)
We have customized derivative instruments and risk participations that are classified as Level 3 instruments. These derivative positions are valued using internally developed models, with inputs consisting of available market data, including:

• Credit spreads and interest rates

The unobservable internally derived assumptions include:

• Loss given default

• Internal risk assessments of customers
The fair value represents an estimate of the amount that the risk participation counterparty would need to pay/receive as of the measurement date based on the probability of customer default on the swap transaction and the fair value of the underlying customer swap. Therefore, for sold risk participation agreements, a higher loss probability and a lower credit rating would negatively affect the fair value of the risk participations and a lower loss probability and higher credit rating would positively affect the fair value of the risk participations. (For purchased risk participation agreements, higher loss probabilities and lower credit ratings would positively affect the fair value.)
Level 1, 2, and 3 (primarily level 2)
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Derivatives (continued)
We use interest rate lock commitments for our residential mortgage business, which are classified as Level 3 instruments. The significant components of the valuation model include:
 
• Interest rates observable in the market

• Investor supplied prices for similar loans and securities

• The probability of the loan closing (i.e. the "pull-through" amount, a significant unobservable input). Increases (decreases) in the probability of the loan closing would have resulted in higher (lower) fair value measurements.
Valuation of residential mortgage forward sale commitments utilizes observable market prices of comparable commitments and mortgage securities (Level 2).

The fair values of our derivatives include a credit valuation adjustment related to both counterparty and our own creditworthiness. The credit component considers master netting and collateral agreements and is determined by the individual counterparty based on potential future exposures, expected recovery rates, and market-implied probabilities of default.
Level 1, 2, and 3 (primarily level 2)
Liability for short positions
This includes fixed income securities held by our broker dealer in its trading inventory. Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities
Fair value of level 2 securities is determined by:
• Observable market prices of similar securities
• Market activity, spreads, credit ratings and interest rates for each security type
Level 1 and 2
We also make liquidity valuation adjustments to the fair value of certain assets to reflect the uncertainty in the pricing and trading of the instruments when we are unable to observe recent market transactions for identical or similar instruments. Liquidity valuation adjustments are based on the following factors:
 
•the amount of time since the last relevant valuation;
•whether there is an actual trade or relevant external quote available at the measurement date; and
•volatility associated with the primary pricing components.

Changes in Level 3 Fair Value Measurements

The following table shows the change in the fair values of our Level 3 financial instruments measured at fair value on a recurring basis for the years ended December 31, 2022, and December 31, 2021.
 
Dollars in millions
Beginning
of Period
Balance
Gains (Losses) included in
comprehensive income
Gains
(Losses)
Included
in Earnings
 PurchasesSalesSettlementsTransfers Other
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
End of
Period
Balance
Unrealized
Gains
(Losses)
Included in
Earnings
 
Year ended December 31, 2022
Securities available for sale
Other securities$— $— $— 
  
$— $— $— $— $—   $—   $— $—   
Other investments
Principal investments
Direct1 — — — — — — —   —   1 — 
Equity investments
Direct9 — (3)
(c)
— (4)— — — — 2 (3)
Loans held for sale (residential)— — — — — — — — — — — 
Loans held for investment (residential)11 — (3)— (1)— 2 — — 9 — 
Derivative instruments (b)
Interest rate33 — (72)
(d)
2 (2)— — 33 
(e) 
8 
(e) 
2 —   
Credit(6)— 4 
(d)
— — — — —   —   (2)—   
Other (a)
5 — — — — — (5)— — — — 
Dollars in millions
Beginning
of Period
Balance
Gains (Losses) included in comprehensive income
Gains
(Losses)
Included in
Earnings
 PurchasesSalesSettlementsTransfers Other
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
End of
Period
Balance
Unrealized
Gains
(Losses)
Included in
Earnings
Year ended December 31, 2021
Securities available for sale
Other securities$13 $9 $— 
  
$— $— $— $— $—   $(22)  $— $— 
Other investments
Principal investments
Direct1 — — — — — — —   —   1 — 
Equity investments
Direct13 (1)
(c) 
— —   (3)  9 (1)
Loans held for sale (residential)— — — — (1)— 1 — — — — 
Loans held for investment (residential)11 — — — (3)— 1 — — 11 — 
Derivative instruments (b)
Interest rate56 (24)
(d) 
3 (12)— 28 
(e) 
(17)
(e) 
33 
Credit(10)— 3 
(d) 
1 — $— — —     (6)— 
Other (a)
32 — (3)— — — (24)— — 5 — 
 
(a)Amounts represent Level 3 interest rate lock commitments.
(b)Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.
(c)Realized and unrealized gains and losses on principal investments are reported in “other income” on the income statement. Realized and unrealized losses on equity investments are reported in “other income” on the income statement.
(d)Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement.
(e)Certain derivatives previously classified as Level 2 were transferred to Level 3 because Level 3 unobservable inputs became significant. Certain derivatives previously classified as Level 3 were transferred to Level 2 because Level 3 unobservable inputs became less significant.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Certain assets and liabilities are measured at fair value on a nonrecurring basis in accordance with GAAP. The adjustments to fair value generally result from the application of accounting guidance that requires assets and liabilities to be recorded at the lower of cost or fair value, or assessed for impairment. There were no liabilities measured at fair value on a nonrecurring basis at December 31, 2022, and December 31, 2021.

The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2022, and December 31, 2021:
 December 31, 2022December 31, 2021
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $17 $17 $— $— $28 $28 
Accrued income and other assets— — 14 14 — — 80 80 
Total assets on a nonrecurring basis at fair value$— $— $31 $31 $— $— $108 $108 
Qualitative Disclosures of Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the significant classes of assets and liabilities reported at fair value on a nonrecurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Collateral-dependent loansWhen a loan is collateral-dependent, the fair value of the loan is determined based on the fair value of the underlying collateral. Level 3
Commercial loans and student loans held for sale
Through a quarterly analysis of our loan portfolios held for sale, which include both performing and nonperforming commercial loans and student loans, we determine any adjustments necessary to record the portfolios at the lower of cost or fair value in accordance with GAAP. Valuation inputs include:

• Non-binding bids for the respective loans or similar loans

• Recent sales transactions

• Internal models that emulate recent securitizations
Level 2 and 3
Direct financing leases and operating lease assets held for sale
Valuations of direct financing leases and operating lease assets held for sale are performed using an internal model that relies on market data, including:

• Swap rates and bond ratings
• Our own assumptions about the exit market for the leases
• Details about the individual leases in the portfolio
Leases for which we receive a current nonbinding bid, and for which the sale is considered probable, may be classified as Level 2. Valuations of lease and operating lease assets held for sale that employ our own assumptions are classified as Level 3 assets. The inputs based on our own assumptions include changes in the value of leased items and internal credit ratings.
Level 2 and 3
OREO, other repossessed personal properties, and right-of-use assets(a)
OREO, other repossessed properties, and right-of-use assets are valued based on:


• Appraisals and third-party price opinions, less estimated selling costs 


Generally, we classify these assets as Level 3, but OREO and other repossessed properties for which we receive binding purchase agreements are classified as Level 2. Returned lease inventory is valued based on market data for similar assets and is classified as Level 2. 

Level 2 and 3
LIHTC, HTC, and NMTC investments(a)
Valuation of LIHTC, HTC and NMTC involves measuring the present value of future tax benefits and comparing that value against the current carrying value of the investment. Expected future tax benefits are discounted to their present value using discounted cash flow modeling that incorporates an appropriate risk premium. LIHTC and HTC investments are impaired when it is more likely than not that the carrying amount of the investment will not be realized. Level 3
Other equity investments
We have other investments in equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. We have elected to measure these securities at cost less impairment plus or minus adjustments due to observable orderly transactions. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. At each reporting period, we assess if these investments continue to qualify for this measurement alternative.

At December 31, 2022, and December 31, 2021, the carrying amount of equity investments recorded under this method was $249 million and $173 million, respectively. No impairment was recorded for the year ended December 31, 2022.
Level 3
Mortgage Servicing Rights(a)
Refer to Note 9 (“Mortgage Servicing Assets”).Level 3
(a)Asset classes included in “Accrued income and other assets” on the Consolidated Balance Sheets
Quantitative Information about Level 3 Fair Value Measurements

The range and weighted-average of the significant unobservable inputs used to fair value our material Level 3 recurring and nonrecurring assets at December 31, 2022, and December 31, 2021, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) Valuation TechniqueSignificant
Unobservable Input
Range
(Weighted-Average) (b), (c)
Dollars in millions
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Recurring    
Loans, net of unearned income (residential)$9 $11 Market comparable pricingComparability factor
61.00%-86.58% (72.21%)
64.50 - 97.30% (94.24%)
Derivative instruments:
Interest rate2 33 Discounted cash flowsProbability of default
.02 - 100% (8.00%)
.02 - 100% (8.88%)
Loss given default
0 - 1 (.49)
0 - 1 (.50)
Insignificant level 3 assets, net of liabilities(d)1 9 
Nonrecurring   
Collateral dependent loans17 28 Fair value of underlying collateralDiscount Rate
0 - 85.00% (34.00%)
0 - 10.00% (8.00%)
Accrued income and other assets:(e)
OREO and other assets14 13 Appraised valueAppraised valueN/MN/M
(a)Principal investments, direct is excluded from this table as the balance at December 31, 2022, is insignificant (less than $1 million).
(b)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(c)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.
(d)Represents the aggregate amount of level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities.
(e)No mortgage services assets required fair value adjustments as of December 31, 2022. Excludes $67 million pertaining to mortgage servicing assets measured at fair value as of December 31, 2021. Refer to Note 9 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.
Fair Value Disclosures of Financial Instruments

The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at December 31, 2022, and December 31, 2021, are shown in the following table. Assets and liabilities are further arranged by measurement category.
 December 31, 2022
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$829 $— $829 $— $— $—   $829 
Other investments (b)
1,308 4 — 1,234 70 —   1,308 
Loans, net of unearned income (residential) (d)
9 — — 9 — —   9 
Loans held for sale (residential) (b)
24 — 24 — — —   24 
Derivative assets - trading (b)
927 112 1,552 3 — (740)
(f) 
927 
Fair value - OCI
Securities available for sale (b)
39,117 — 39,117 — — —   39,117 
Derivative assets - hedging (b) (g)
97 — 114 — — (17)
(f) 
97 
Amortized cost
Held-to-maturity securities (c)
8,710 — 8,113 — — —   8,113 
Loans, net of unearned income (d)
118,048 — — 112,590 — —   112,590 
Loans held for sale (b)
939 — — 939 — — 939 
Other
Cash and short-term investments (a)
3,319 3,319 — — — — 3,319 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,485 $107 $2,637 $3 $— $(1,262)
(f) 
$1,485 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
3 — 3 — — — 
(f) 
3 
Amortized cost
Time deposits (e)
7,373 — 7,392 — — —   7,392 
Short-term borrowings (a)
9,463 126 9,337 — — —   9,463 
Long-term debt (e)
19,307 12,196 6,685 — — —   18,881 
Other
Deposits with no stated maturity (a)
135,222 — 135,222 — — — 
  
135,222 
December 31, 2021
 Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$701 $— $701 $— $— $— $701 
Other investments (b)
639 24 — 543 72 — 639 
Loans, net of unearned income (residential) (d)
11 — — 11 — — 11 
Loans held for sale (residential) (b)
281 — 281 — — — 281 
Derivative assets - trading (b)
1,887 71 2,096 40 — (320)
(f) 
1,887 
Fair value - OCI
Securities available for sale (b)
45,364 — 45,364 — — — 45,364 
Derivative assets - hedging (b) (g)
75 — 39 — — 36 
(f) 
75 
Amortized cost
Held-to-maturity securities (c)
7,539 — 7,665 — — — 7,665 
Loans, net of unearned income (d)
100,782 — — 100,428 — — 100,428 
Loans held for sale (b)
2,448 — — 2,448 — — 2,448 
Other
Cash and short-term investments (a)
11,923 11,923 — — — — 11,923 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$157 $66 $1,610 $7 $— $(1,526)
(f) 
$157 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
4 — 4 — — — 
(f) 
4 
Amortized cost
Time deposits (e)
3,858 — 3,866 — — — 3,866 
Short-term borrowings (a)
761 75 686 — — — 761 
Long-term debt (e)
12,042 11,813 $705 — — — 12,518 
Other
Deposits with no stated maturity (a)
148,714 — 148,714 — — — 148,714 
Valuation Methods and Assumptions
(a)Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles.
(b)Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” in this Note. Investments accounted for under the cost method (or cost less impairment adjusted for observable price changes for certain equity investments) are classified as Level 3 assets. These investments are not actively traded in an open market as sales for these types of investments are rare. The carrying amount of the investments carried at cost are adjusted for declines in value if they are considered to be other-than-temporary (or due to observable orderly transactions of the same issuer for equity investments eligible for the cost less impairment measurement alternative). These adjustments are included in “other income” on the income statement.
(c)Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets.
(d)The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value.
(e)Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.
(f)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
(g)Derivative assets-hedging and derivative liabilities-hedging includes both cash flow and fair value hedges. Additional information regarding our accounting policies for cash flow and fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging.”
 
We determine fair value based on assumptions pertaining to the factors that a market participant would consider in valuing the asset. A substantial portion of our fair value adjustments are related to liquidity. During 2022 and 2021, the fair values of our loan portfolios generally remained stable, primarily due to sustained liquidity in the loan markets. If we were to use different assumptions, the fair values shown in the preceding table could change. Also, because the applicable accounting guidance for financial instruments excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements, the fair value amounts shown in the table above do not, by themselves, represent the underlying value of our company as a whole.

Discontinued assets - education lending business. Our discontinued assets include government-guaranteed and private education loans originated through our education lending business that was discontinued in September 2009. This portfolio consists of loans recorded at carrying value with appropriate valuation reserves and loans recorded at fair value. All of these loans were excluded from the table above as follows:

•Loans at carrying value, net of allowance, of $434 million ($357 million at fair value) at December 31, 2022, and $567 million ($486 million at fair value) at December 31, 2021; and
•Loans at fair value of $1 million at December 31, 2022, and $2 million at December 31, 2021.

These loans are classified as Level 3 because we rely on unobservable inputs when determining fair value since observable market data is not available.

Short-term financial instruments. For financial instruments with a remaining average life to maturity of less than six months, carrying amounts were used as an approximation of fair values.
v3.22.4
Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities
7. Securities

The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.
 20222021
December 31,
Dollars in millions
Amortized
Cost (a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost(a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$10,044 $— $629 $9,415 $9,573 $— $101 $9,472 
Agency residential collateralized mortgage obligations
20,180 — 3,747 16,433 21,430 99 410 21,119 
Agency residential mortgage-backed securities4,616 — 696 3,920 5,137 37 52 5,122 
Agency commercial mortgage-backed securities 10,712 2 1,365 9,349 9,753 188 290 9,651 
Other securities— — — — — — — — 
Total securities available for sale$45,552 $2 $6,437 $39,117 $45,893 $324 $853 $45,364 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,586 $5 $283 $4,308 $2,196 $33 $— $2,229 
Agency residential mortgage-backed securities181 — 16 165 164 6 — 170 
Agency commercial mortgage-backed securities2,522 1 208 2,315 2,678 118 — 2,796 
Asset-backed securities(b)
1,407 — 96 1,311 2,485 — 31 2,454 
Other securities14 — — 14 16 — — 16 
Total held-to-maturity securities$8,710 $6 $603 $8,113 $7,539 $157 $31 $7,665 
 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2022, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $67 million and $88 million, respectively. At December 31, 2021, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $59 million and $15 million, respectively.
(b)Includes $1.4 billion of securities as of December 31, 2022, and $2.5 billion of securities as of December 31, 2021, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.

The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2022, and December 31, 2021:
 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millionsFair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
December 31, 2022
Securities available for sale:
U.S. Treasury, agencies, and corporations$494 $48 $8,920 $581 $9,414 $629 
Agency residential collateralized mortgage obligations3,114 377 13,317 3,370 16,431 3,747 
Agency residential mortgage-backed securities579 31 3,338 665 3,917 696 
Agency commercial mortgage-backed securities 4,511 282 4,791 1,083 9,302 1,365 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations2,659 178 726 105 3,385 283 
Agency residential mortgage-backed securities165 16 — — 165 16 
Agency commercial mortgage-backed securities2,243 208 — — 2,243 208 
Asset-backed securities1 — 1,309 96 1,310 96 
Other securities10 — 
(a)
4 — 14 — 
Total securities in an unrealized loss position$13,776 $1,140 $32,405 $5,900 $46,181 $7,040 
December 31, 2021      
Securities available for sale:
U.S. Treasury, agencies, and corporations$9,078 $98 $243 $3 $9,321 $101 
Agency residential collateralized mortgage obligations12,603 315 1,255 95 13,858 410 
Agency residential mortgage-backed securities3,793 49 178 3 3,971 52 
Agency commercial mortgage-backed securities 1,645 75 3,834 215 5,479 290 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations96 — 
(b)
— — 96 — 
Asset-backed securities2,450 31 1 — 
(b)
2,451 31 
Other securities15 — 
(b)
— — 15 — 
Total securities in an unrealized loss position$29,680 $568 $5,511 $316 $35,191 $884 
(a)At December 31, 2022, gross unrealized losses totaled less than $1 million for other securities held to maturity with a loss duration of less than 12 months.
(b)At December 31, 2021, gross unrealized losses totaled less than $1 million for other securities held to maturity and agency residential collateralized mortgage obligations held-to-maturity with a loss duration of less than 12 months. At December 31, 2021, gross unrealized losses totaled less than $1 million for asset backed securities held to maturity with a loss duration greater than 12 months or longer.
Based on our evaluation at December 31, 2022, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments.
At December 31, 2022, securities available-for-sale and held-to-maturity securities totaling $12.9 billion were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law.
The following table shows securities by remaining maturity. CMOs, other mortgage-backed securities, and asset-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
 Securities
Available for Sale		Held-to-Maturity
Securities
December 31, 2022
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$1,259 $1,215 $20 $21 
Due after one through five years16,044 14,780 4,834 4,517 
Due after five through ten years21,682 17,970 3,004 2,775 
Due after ten years6,567 5,152 852 800 
Total$45,552 $39,117 $8,710 $8,113 
v3.22.4
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Activities
8. Derivatives and Hedging Activities
We are a party to various derivative instruments, mainly through our subsidiary, KeyBank. The primary derivatives that we use are interest rate swaps, caps, floors, forwards and futures; foreign exchange contracts; commodity derivatives; and credit derivatives. Generally, these instruments help us manage exposure to interest rate risk, mitigate the credit risk inherent in our loan portfolio, hedge against changes in foreign currency exchange rates, and meet client financing and hedging needs. As further discussed in this note:
 
•interest rate risk is the risk that the EVE or net interest income will be adversely affected by fluctuations in interest rates;
•credit risk is the risk of loss arising from an obligor’s inability or failure to meet contractual payment or performance terms; and
•foreign exchange risk is the risk that an exchange rate will adversely affect the fair value of a financial instrument.
At December 31, 2022, after taking into account the effects of bilateral collateral and master netting agreements, we had $97 million of derivative assets and $3 million of derivative liabilities that relate to contracts entered into for hedging purposes. As of the same date, after taking into account the effects of bilateral collateral and master netting agreements and a reserve for potential future losses, we had derivative assets of $927 million and derivative liabilities of $1.5 billion that were not designated as hedging instruments. These positions are primarily comprised of derivative contracts entered into for client accommodation purposes.

Additional information regarding our accounting policies for derivatives is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging.”
Derivatives Designated in Hedge Relationships
Net interest income and the EVE change in response to changes in the mix of assets, liabilities, and off-balance sheet instruments and the associated interest rates tied to each instrument. In addition, differences in the repricing and maturity characteristics of interest-earning assets and interest-bearing liabilities cause net interest income and the EVE to fluctuate. We utilize derivatives that have been designated as part of a hedge relationship in accordance with the applicable accounting guidance to manage net interest income and EVE to within our stated risk tolerances. The primary derivative instruments used to manage interest rate risk are interest rate swaps.
We designate certain “receive fixed/pay variable” interest rate swaps as fair value hedges. These contracts convert certain fixed-rate long-term debt into variable-rate obligations, thereby modifying our exposure to changes in interest rates. As a result, we receive fixed-rate interest payments in exchange for making variable-rate payments over the lives of the contracts without exchanging the notional amounts.
Similarly, we designate certain “receive fixed/pay variable” interest rate swaps as cash flow hedges. These contracts effectively convert certain floating-rate loans into fixed-rate loans to reduce the potential adverse effect of interest rate decreases on future interest income. Again, we receive fixed-rate interest payments in exchange for making variable-rate payments over the lives of the contracts without exchanging the notional amounts.
We designate interest rate floors as cash flow hedges. Interest rate floors also reduce the potential adverse effect of interest rate decreases on future interest income. We receive interest payments when the strike price specified in the contracts falls below a reference rate in exchange for an upfront premium.
We designate certain “pay fixed/receive variable” interest rate swaps as fair value hedges. These swaps convert certain fixed-rate securities into floating rate securities. The swaps reduce the potential adverse effects from higher interest rates on valuations and future interest income.
We designate certain “pay fixed/receive variable” interest rate swaps as cash flow hedges. These swaps convert certain floating-rate debt into fixed-rate debt. We also use these swaps to manage the interest rate risk associated with anticipated sales of certain commercial real estate loans and certain student loans originated through our Laurel Road digital lending business. The swaps protect against the possible short-term decline in the value of the loans that could result from changes in interest rates between the time they are originated and the time they are sold.
Derivatives Not Designated in Hedge Relationships

We may enter into interest rate swap contracts to manage economic risks but do not designate the instruments in hedge relationships. Excluding contracts addressing customer exposures, the amount of derivatives hedging risks on an economic basis at December 31, 2022, was not significant.
Like other financial services institutions, we originate loans and extend credit, both of which expose us to credit risk. We actively manage our overall loan portfolio and the associated credit risk in a manner consistent with asset quality objectives and concentration risk tolerances to mitigate portfolio credit risk. Purchasing credit protection through default swaps enables us to transfer to a third party a portion of the credit risk associated with a particular extension of credit, including situations where there is a forecasted sale of loans. We purchase credit default swaps to reduce the credit risk associated with the debt securities held in our trading portfolio.

We also enter into derivative contracts for other purposes, including:
 
•interest rate swap, cap, and floor contracts entered into generally to accommodate the needs of commercial loan clients;
•energy and base metal swap and option contracts entered into to accommodate the needs of clients;
•foreign exchange forward and option contracts entered into primarily to accommodate the needs of clients; and
•futures contracts and positions with third parties that are intended to offset or mitigate the interest rate or market risk related to client positions discussed above.
Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments
The following table summarizes the fair values of our derivative instruments on a gross and net basis as of December 31, 2022, and December 31, 2021. The change in the notional amounts of these derivatives by type from December 31, 2021, to December 31, 2022, indicates the volume of our derivative transaction activity during 2022. The notional amounts are not affected by bilateral collateral and master netting agreements. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, we do not adjust those derivative assets and liabilities with counterparties. Securities collateral related to legally enforceable master netting agreements is not offset on the balance sheet. Our derivative instruments are included in “accrued income and other assets” or “accrued expenses and other liabilities” on the Consolidated Balance Sheets, as indicated in the following table:
 
 December 31, 2022December 31, 2021
  
Fair Value (a)
 
Fair Value (a)
Dollars in millions
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$41,200 $114 $3 $38,654 $39 $4 
Derivatives not designated as hedging instruments:
Interest rate80,772 189 1,304 72,088 768 249 
Foreign exchange9,507 136 131 9,073 81 76 
Commodity16,176 1,328 1,304 14,151 1,330 1,335 
Credit95 1 3 465 1 12 
Other (b)
940 13 5 3,330 27 11 
Total derivatives not designated as hedging instruments:107,490 1,667 2,747 99,107 2,207 1,683 
Total148,690 1,781 2,750 137,761 2,246 1,687 
Netting adjustments (c)
— (757)(1,262)— (284)(1,526)
Net derivatives in the balance sheet148,690 1,024 1,488 137,761 1,962 161 
Other collateral (d)
— — (5)— (1)— 
Net derivative amounts$148,690 $1,024 $1,483 $137,761 $1,961 $161 
 
(a)We take into account bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities.
(b)Other derivatives include interest rate lock commitments related to our residential mortgage banking activities, forward sales commitments related to our residential mortgage banking activities, forward purchase and sales contracts consisting of contractual commitments associated with “to be announced” securities and when-issued securities, and other customized derivative contracts.
(c)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(d)Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.
Fair value hedges. During the year ended December 31, 2022, we did not exclude any portion of these hedging instruments from the assessment of hedge effectiveness.
The following tables summarize the amounts that were recorded on the balance sheet as of December 31, 2022 and December 31, 2021, related to cumulative basis adjustments for fair value hedges.
December 31, 2022
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment
Interest rate contracts
Long-term debt(b)
$10,411 $(552)
Interest rate contracts
Securities available for sale(c)
405 48 
December 31, 2021
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item (a)
Hedge accounting basis adjustment
Interest rate contracts
Long-term debt(b)
$7,553 $138 
Interest rate contracts
Securities available for sale(c)
6,280 134 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)Basis adjustments related to de-designated hedges that no longer qualify as fair value hedges reduced the hedge accounting basis adjustment by $6 million and $7 million at December 31, 2022 and December 31, 2021, respectively.
(c)These amounts are designated as fair value hedges under the last-of-layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2022 and December 31, 2021 the amortized cost of the closed portfolios used in these hedging relationships was $708 million and $7.7 billion, respectively.

Cash flow hedges. During the year ended December 31, 2022, we did not exclude any portion of these hedging instruments from the assessment of hedge effectiveness.

Considering the interest rates, yield curves, and notional amounts as of December 31, 2022, we expect to reclassify an estimated $665 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI to income during the next 12 months. In addition, we expect to reclassify approximately $3 million of pre-tax net losses related to terminated cash flow hedges from AOCI to income during the next 12 months. These reclassified amounts could differ from actual amounts recognized due to changes in interest rates hedge de-designations and the addition of other hedges subsequent to December 31, 2022. As of December 31, 2022, the maximum length of time over which we hedge forecasted transactions is 5.01 years.
The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the years ended December 31, 2022, December 31, 2021, and December 31, 2020.
Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2022
Total amounts presented in the consolidated statement of income$(475)$4,241 $752 $638 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items690 — (339)— 
Recognized on derivatives designated as hedging instruments(697)— 350 — 
Net income (expense) recognized on fair value hedges$(7)$— $11 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(3)$(146)$— $9 
Net income (expense) recognized on cash flow hedges$(3)$(146)$— $9 
Twelve Months Ended December 31, 2021
Total amounts presented in the consolidated statement of income$(221)$3,532 $546 $937 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items276 — (113)— 
Recognized on derivatives designated as hedging instruments(150)— 113 — 
Net income (expense) recognized on fair value hedges$126 $— $— $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(4)$329 $— $4 
Net income (expense) recognized on cash flow hedges$(4)$329 $— $— 
Twelve Months Ended December 31, 2020
Total amounts presented in the consolidated statement of income$(286)$3,866 $484 $661 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items(177)— — — 
Recognized on derivatives designated as hedging instruments305 — — — 
Net income (expense) recognized on fair value hedges$128 $— $— $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(4)$319 $— $— 
Net income (expense) recognized on cash flow hedges$(4)$319 $— $— 

Net investment hedges. We previously entered into foreign currency forward contracts to hedge our exposure to changes in the carrying value of our investments in foreign subsidiaries as a result of changes in the related foreign exchange rates. We had no activity in net investment hedges for the years ended December 31, 2022, December 31, 2021, and December 31, 2020.

The following table summarizes the pre-tax net gains (losses) on our cash flow and net investment hedges for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, and where they are recorded on the income statement. The table includes net gains (losses) recognized in OCI during the period and net gains (losses) reclassified from AOCI into income during the current period.
Dollars in millionsNet Gains (Losses)
Recognized in OCI		Income Statement Location of Net Gains (Losses)
Reclassified From OCI Into Income		Net Gains
(Losses) Reclassified
From OCI Into Income		Net Gains (Losses) Recognized in Other Income
Twelve Months Ended December 31, 2022
Cash Flow Hedges
Interest rate$(1,660)Interest income — Loans$(146)$— 
Interest rate7 Interest expense — Long-term debt(3)— 
Interest rate11 Investment banking and debt placement fees9 — 
Total$(1,642)$(140)$— 
Twelve Months Ended December 31, 2021
Cash Flow Hedges
Interest rate$(307)Interest income — Loans$329 $— 
Interest rate2 Interest expense — Long-term debt(4)— 
Interest rate10 Investment banking and debt placement fees4 — 
Total$(295)$329 $— 
Twelve Months Ended December 31, 2020
Cash Flow Hedges
Interest rate$628 Interest income — Loans$319 $— 
Interest rate(5)Interest expense — Long-term debt(4)— 
Interest rate(9)Investment banking and debt placement fees— — 
Total$614 $315 $— 

Nonhedging instruments.

The following table summarizes the pre-tax net gains (losses) on our derivatives that are not designated as hedging instruments for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, and where they are recorded on the income statement.
 202220212020
Year ended December 31,
Dollars in millions
Corporate
services
income		Consumer mortgage incomeOther
income		TotalCorporate
services
income		Consumer mortgage incomeOther
income		TotalCorporate
services
income		Consumer mortgage incomeOther
income		Total
NET GAINS (LOSSES)
Interest rate$57 $— $6 $63 $30 $— $2 $32 $32 $— $(10)$22 
Foreign exchange52 — — 52 47 — — 47 41 — — 41 
Commodity23 — — 23 14 — — 14 19 — — 19 
Credit(1)— (39)(40)4 — (36)(32)(4)— (29)(33)
Other— 4 (2)2 — 13 (7)6 — 19 19 38 
Total net gains (losses)$131 $4 $(35)$100 $95 $13 $(41)$67 $88 $19 $(20)$87 
Counterparty Credit Risk
We use several means to mitigate and manage exposure to credit risk on derivative contracts. We enter into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. Additionally, we monitor counterparty credit risk exposure on each contract to determine appropriate limits on our total credit exposure across all product types. We review our collateral positions on a daily basis and exchange collateral with our counterparties in accordance with standard ISDA documentation, central clearing rules, and other related agreements. We hold collateral in the form of cash and highly rated securities issued by the U.S. Treasury, government-sponsored enterprises, or GNMA. Cash collateral netted against derivative assets on the balance sheet totaled $10 million at December 31, 2022, and $100 million at December 31, 2021. The cash collateral netted against derivative liabilities totaled $626 million at December 31, 2022, and $1.1 billion at December 31, 2021.

The following table summarizes the fair value of our derivative assets by type at the dates indicated. These assets represent our gross exposure to potential loss after taking into account the effects of bilateral collateral and master netting agreements and other means used to mitigate risk.
December 31,
Dollars in millions
20222021
Interest rate$136 $696 
Foreign exchange67 31 
Commodity820 1,108 
Credit— — 
Other11 27 
Derivative assets before collateral1,034 1,862 
Plus (Less): Related collateral(10)100 
Total derivative assets$1,024 $1,962 
We enter into derivative transactions with two primary groups: broker-dealers and banks, and clients. Since these groups have different economic characteristics, we have different methods for managing counterparty credit exposure and credit risk.
We enter into transactions with broker-dealers and banks for various risk management purposes. These types of transactions are primarily high dollar volume. We enter into bilateral collateral and master netting agreements with these counterparties. We clear certain types of derivative transactions with these counterparties, whereby central clearing organizations become the counterparties to our derivative contracts. In addition, we enter into derivative contracts through swap execution facilities. Swap clearing and swap execution facilities reduce our exposure to counterparty credit risk. At December 31, 2022, we had gross exposure of $355 million to broker-dealers and banks. We had net exposure of $213 million after the application of master netting agreements and cash collateral, where such qualifying agreements exist. We had net exposure of $212 million after considering $1 million of additional collateral held in the form of securities.

We enter into transactions using master netting agreements with clients to accommodate their business needs. In most cases, we mitigate our credit exposure by cross-collateralizing these transactions to the underlying loan collateral. For transactions that are not clearable, we mitigate our market risk by buying and selling U.S. Treasuries and Eurodollar futures or entering into offsetting positions. Due to the cross-collateralization to the underlying loan, we typically do not exchange cash or marketable securities collateral in connection with these transactions. To address the risk of default associated with these contracts, we have established a CVA reserve (included in “accrued income and other assets”) in the amount of $3 million at December 31, 2022. The CVA is calculated from potential future exposures, expected recovery rates, and market-implied probabilities of default. At December 31, 2022, we had gross exposure of $968 million to client counterparties and other entities that are not broker-dealers or banks for derivatives that have associated master netting agreements. We had net exposure of $812 million on our derivatives with these counterparties after the application of master netting agreements, collateral, and the related reserve.
Credit Derivatives
We are a buyer and, under limited circumstances, may be a seller of credit protection through the credit derivative market. We purchase credit derivatives to manage the credit risk associated with specific commercial lending and swap obligations as well as exposures to debt securities. Our credit derivative portfolio was in a net liability position of $2 million as of December 31, 2022, and $11 million as of December 31, 2021.

Our credit derivative portfolio may consist of the following:

•Single-name credit default swap: A bilateral contract whereby the seller agrees, for a premium, to provide protection against the credit risk of a specific entity (the “reference entity”) in connection with a specific debt obligation. The protected credit risk is related to adverse credit events, such as bankruptcy, failure to make payments, and acceleration or restructuring of obligations, identified in the credit derivative contract.
•Traded credit default swap index: Represents a position on a basket or portfolio of reference entities.
•Risk participation agreement: A transaction in which the lead participant has a swap agreement with a customer. The lead participant (purchaser of protection) then enters into a risk participation agreement with a counterparty (seller of protection), under which the counterparty receives a fee to accept a portion of the lead participant’s credit risk. If the customer defaults on the swap contract, the counterparty to the risk participation agreement must reimburse the lead participant for the counterparty’s percentage of the positive fair value of the customer swap as of the default date. If the customer swap has a negative fair value, the counterparty has no reimbursement requirements. If the customer defaults on the swap contract and the
seller fulfills its payment obligations under the risk participation agreement, the seller is entitled to a pro rata share of the lead participant’s claims against the customer under the terms of the swap agreement.

The following table provides information on the types of credit derivatives sold by us and held on the balance sheet at December 31, 2022, and December 31, 2021. The notional amount represents the amount that the seller could be required to pay. The payment/performance risk shown in the table represents a weighted average of the default probabilities for all reference entities in the respective portfolios. These default probabilities are implied from observed credit indices in the credit default swap market, which are mapped to reference entities based on Key’s internal risk rating. 
 20222021
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$1 15.175.10 %$149 13.863.15 %
Total credit derivatives sold$1 — — $149 — — 
Credit Risk Contingent Features

We have entered into certain derivative contracts that require us to post collateral to the counterparties when these contracts are in a net liability position. The amount of collateral to be posted is based on the amount of the net liability and thresholds generally related to our long-term senior unsecured credit ratings with Moody’s and S&P. Collateral requirements also are based on minimum transfer amounts, which are specific to each Credit Support Annex (a component of the ISDA Master Agreement) that we have signed with the counterparties. In a limited number of instances, counterparties have the right to terminate their ISDA Master Agreements with us if our ratings fall below a certain level, usually investment-grade level (i.e., “Baa3” for Moody’s and “BBB-” for S&P). At December 31, 2022, KeyBank’s rating was “A3” with Moody’s and “A-” with S&P, and KeyCorp’s rating was “Baa1” with Moody’s and “BBB+” with S&P. As of December 31, 2022, the aggregate fair value of all derivative contracts with credit risk contingent features (i.e., those containing collateral posting or termination provisions based on our ratings) held by KeyBank that were in a net liability position totaled $612 million, which includes $243 million in derivative assets, $1.3 billion in derivative liabilities and associated collateral posted. We had $534 million in cash and securities collateral posted to cover those positions as of December 31, 2022. There were no derivative contracts with credit risk contingent features held by KeyCorp at December 31, 2022.

The following table summarizes the additional cash and securities collateral that KeyBank would have been required to deliver under the ISDA Master Agreements had the credit risk contingent features been triggered for the derivative contracts in a net liability position as of December 31, 2022, and December 31, 2021. The additional collateral amounts were calculated based on scenarios under which KeyBank’s ratings are downgraded one, two, or three ratings as of December 31, 2022, and December 31, 2021, and take into account all collateral already posted. A similar calculation was performed for KeyCorp, and no additional collateral would have been required at December 31, 2022, or December 31, 2021. For more information about the credit ratings for KeyBank and KeyCorp, see the discussion under the heading “Factors affecting liquidity” in the section entitled “Liquidity risk management” in Item 7 of this report.
December 31,
Dollars in millions
20222021
Moody’sS&PMoody’sS&P
KeyBank’s long-term senior unsecured credit ratingsA3A-A3A-
One rating downgrade$1 $1 $3 $3 
Two rating downgrades1 1 3 3 
Three rating downgrades1 1 3 3 

KeyBank’s long-term senior unsecured credit rating was three ratings above noninvestment grade at Moody’s and S&P as of December 31, 2022, and December 31, 2021. If KeyBank’s ratings had been downgraded below investment grade as of December 31, 2022, and December 31, 2021, payments of up to $2 million and $4 million, respectively, would have been required to either terminate the contracts or post additional collateral for those contracts in a net liability position, taking into account all collateral already posted. If KeyCorp’s ratings had been downgraded below investment grade as of December 31, 2022, and December 31, 2021, no payments would have been required to either terminate the contracts or post additional collateral for those contracts in a net liability position, taking into account all collateral already posted.
v3.22.4
Mortgage Servicing Assets
 12 Months Ended
Dec. 31, 2022
Servicing Asset [Abstract]  
Mortgage Servicing Assets
9. Mortgage Servicing Assets

We originate and periodically sell commercial and residential mortgage loans but continue to service those loans for the buyers. We also may purchase the right to service commercial mortgage loans for other lenders. We record a servicing asset if we purchase or retain the right to service loans in exchange for servicing fees that exceed the going market servicing rate and are considered more than adequate compensation for servicing. Additional information pertaining to the accounting for mortgage and other servicing assets is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Servicing Assets.”

Commercial

Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows:
Year ended December 31,
Dollars in millions
20222021
Balance at beginning of period$634 $578 
Servicing retained from loan sales106 128 
Purchases38 29 
Amortization(125)(120)
Temporary recoveries (impairments)— 19 
Balance at end of period$653 $634 
Fair value at end of period$997 $789 

The fair value of commercial mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation uses a number of assumptions that are based on current market conditions. The range and weighted-average of the significant unobservable inputs used to determine fair value our commercial mortgage servicing assets at December 31, 2022, and December 31, 2021, along with the valuation techniques, are shown in the following table:
dollars in millionsDecember 31, 2022December 31, 2021
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults0.97 %2.00 %1.07 %1.00 %2.00 %1.13 %
Residual cash flows discount rate8.54 %10.02 %9.48 %7.92 %10.49 %9.44 %
Escrow earn rate5.09 %5.21 %5.17 %1.34 %1.74 %1.34 %
Loan assumption rate— %1.41 %1.12 %— %1.69 %1.37 %
If these economic assumptions change or prove incorrect, the fair value of commercial mortgage servicing assets may also change. Expected credit losses, escrow earn rates, and discount rates are critical to the valuation of commercial mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the commercial mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. A decrease in the value assigned to the escrow earn rates would cause a decrease in the fair value of our commercial mortgage servicing assets. An increase in the assumed default rates of commercial mortgage loans or an increase in the assigned discount rates would cause a decrease in the fair value of our commercial mortgage servicing assets. Prepayment activity on commercial serviced loans does not significantly impact the valuation of our commercial mortgage servicing assets. Unlike residential mortgages, commercial mortgages experience significantly lower prepayments due to certain contractual restrictions impacting the borrower’s ability to prepay the mortgage.

The amortization of commercial mortgage servicing assets is determined in proportion to, and over the period of, the estimated net servicing income. The amortization of commercial servicing assets for each period, as shown in the table at the beginning of this note, is recorded as a reduction to contractual fee income. The contractual fee income from servicing commercial mortgage loans totaled $292 million for the year ended December 31, 2022, $264 million for the year ended December 31, 2021, and $214 million for the year ended December 31, 2020. This fee income was partially offset by $125 million of amortization for the year ended December 31, 2022, $120 million for the year ended December 31, 2021, and $117 million for the year ended December 31, 2020. Both the contractual fee income and the amortization are recorded, net, in “commercial mortgage servicing fees” on the income statement.
Residential

Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Dollars in millions20222021
Balance at beginning of period
$93 $58 
Servicing retained from loan sales
23 43 
Purchases
— — 
Amortization(11)(18)
Temporary recoveries (impairments)1 10 
Balance at end of period$106 $93 
Fair value at end of period
$130 $97 

The fair value of residential mortgage servicing assets is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation uses a number of assumptions that are based on current market conditions. The range and weighted-average of the significant unobservable inputs used to fair value our residential mortgage servicing assets at December 31, 2022 and December 31, 2021, along with the valuation techniques, are shown in the following table:
December 31, 2022December 31, 2021
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed6.10 %41.34 %7.20 %9.65 %49.17 %10.97 %
Discount rate7.50 %8.50 %7.53 %7.50 %11.50 %7.53 %
Servicing cost$62.00 $4,375 $67.05 $62.00 $8,075 $66.94 

If these economic assumptions change or prove incorrect, the fair value of residential mortgage servicing assets may also change. Prepayment speed, discount rates, and servicing cost     are critical to the valuation of residential mortgage servicing assets. Estimates of these assumptions are based on how a market participant would view the respective rates and reflect historical data associated with the residential mortgage loans, industry trends, and other considerations. Actual rates may differ from those estimated due to changes in a variety of economic factors. An increase in the prepayment speed would cause a decrease in the fair value of our residential mortgage servicing assets. An increase in the assigned discount rates and servicing cost assumptions would cause a decrease in the fair value of our residential mortgage servicing assets.

The amortization of residential mortgage servicing assets for December 31, 2022, as shown in the table above, is recorded as a reduction to contractual fee income. The contractual fee income from servicing residential mortgage loans totaled $35 million for the year ended December 31, 2022, $42 million for the year ended December 31, 2021, and $34 million for the year ended December 31, 2020. This fee income was offset by $11 million of amortization for the year ended December 31, 2022, $18 million for the year ended December 31, 2021, and $14 million for the year ended December 31, 2020. Both the contractual fee income and the amortization are recorded, net, in “consumer mortgage income” on the income statement.
v3.22.4
Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases
10. Leases

As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.
Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Operating lease cost$128 $133 
Finance lease cost:
Amortization of right-of-use assets1 2 
Interest on lease liabilities— — 
Variable lease cost24 22 
Total lease cost (a)
$153 $157 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2022, and December 31, 2021

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$139 $141 
Financing cash flows from finance leases1 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$46 $85 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2022 or December 31, 2021.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2022December 31, 2021
Operating lease assetsAccrued income and other assets$525 $595 
Operating lease liabilitiesAccrued expense and other liabilities601 676 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(14)(13)
Property and equipment, net4 5 
Finance lease liabilitiesLong-term debt6 7 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2022December 31, 2021
Weighted-average remaining lease term:
Operating leases6.16.56
Finance leases4.535.33
Weighted-average discount rate:
Operating leases2.78 %2.78 %
Finance leases4.54 %4.50 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2023$134 $2 $136 
2024123 2 125 
2025104 1 105 
202687 — 87 
202772 — 72 
Thereafter137 2 139 
Total lease payments$657 $7 $664 
Less imputed interest56 1 57 
Total$601 $6 $607 
Lessor Equipment Leasing

Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset.

Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2022December 31, 2021
Sales-type and direct financing leases
Interest income on lease receivable$64 $75 
 Interest income related to accretion of unguaranteed residual asset15 16 
Total sales-type and direct financing lease income79 91 
Operating leases
Operating lease income related to lease payments105 127 
Other operating leasing gains and (losses)(2)21 
Total operating lease income and other leasing gains103 148 
Total lease income$182 $239 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Lease receivables$3,170 $3,205 
Unearned income(253)(193)
Unguaranteed residual value472 450 
Deferred fees and costs5 14 
Net investment in sales-type and direct financing leases$3,394 $3,476 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2022, and December 31, 2021, was $270 million and $255 million, respectively.

At December 31, 2022, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2023$902 
2024689 
2025486 
2026388 
2027246 
Thereafter499 
Total lease payments$3,211 
At December 31, 2022, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2023$80 
202467 
202555 
202639 
202726 
Thereafter50 
Total lease payments$318 
The carrying amount of operating lease assets at December 31, 2022 and December 31, 2021, was $505 million and $740 million, respectively.
Leases
10. Leases

As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.
Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Operating lease cost$128 $133 
Finance lease cost:
Amortization of right-of-use assets1 2 
Interest on lease liabilities— — 
Variable lease cost24 22 
Total lease cost (a)
$153 $157 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2022, and December 31, 2021

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$139 $141 
Financing cash flows from finance leases1 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$46 $85 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2022 or December 31, 2021.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2022December 31, 2021
Operating lease assetsAccrued income and other assets$525 $595 
Operating lease liabilitiesAccrued expense and other liabilities601 676 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(14)(13)
Property and equipment, net4 5 
Finance lease liabilitiesLong-term debt6 7 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2022December 31, 2021
Weighted-average remaining lease term:
Operating leases6.16.56
Finance leases4.535.33
Weighted-average discount rate:
Operating leases2.78 %2.78 %
Finance leases4.54 %4.50 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2023$134 $2 $136 
2024123 2 125 
2025104 1 105 
202687 — 87 
202772 — 72 
Thereafter137 2 139 
Total lease payments$657 $7 $664 
Less imputed interest56 1 57 
Total$601 $6 $607 
Lessor Equipment Leasing

Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset.

Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2022December 31, 2021
Sales-type and direct financing leases
Interest income on lease receivable$64 $75 
 Interest income related to accretion of unguaranteed residual asset15 16 
Total sales-type and direct financing lease income79 91 
Operating leases
Operating lease income related to lease payments105 127 
Other operating leasing gains and (losses)(2)21 
Total operating lease income and other leasing gains103 148 
Total lease income$182 $239 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Lease receivables$3,170 $3,205 
Unearned income(253)(193)
Unguaranteed residual value472 450 
Deferred fees and costs5 14 
Net investment in sales-type and direct financing leases$3,394 $3,476 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2022, and December 31, 2021, was $270 million and $255 million, respectively.

At December 31, 2022, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2023$902 
2024689 
2025486 
2026388 
2027246 
Thereafter499 
Total lease payments$3,211 
At December 31, 2022, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2023$80 
202467 
202555 
202639 
202726 
Thereafter50 
Total lease payments$318 
The carrying amount of operating lease assets at December 31, 2022 and December 31, 2021, was $505 million and $740 million, respectively.
Leases
10. Leases

As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.
Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Operating lease cost$128 $133 
Finance lease cost:
Amortization of right-of-use assets1 2 
Interest on lease liabilities— — 
Variable lease cost24 22 
Total lease cost (a)
$153 $157 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2022, and December 31, 2021

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$139 $141 
Financing cash flows from finance leases1 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$46 $85 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2022 or December 31, 2021.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2022December 31, 2021
Operating lease assetsAccrued income and other assets$525 $595 
Operating lease liabilitiesAccrued expense and other liabilities601 676 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(14)(13)
Property and equipment, net4 5 
Finance lease liabilitiesLong-term debt6 7 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2022December 31, 2021
Weighted-average remaining lease term:
Operating leases6.16.56
Finance leases4.535.33
Weighted-average discount rate:
Operating leases2.78 %2.78 %
Finance leases4.54 %4.50 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2023$134 $2 $136 
2024123 2 125 
2025104 1 105 
202687 — 87 
202772 — 72 
Thereafter137 2 139 
Total lease payments$657 $7 $664 
Less imputed interest56 1 57 
Total$601 $6 $607 
Lessor Equipment Leasing

Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset.

Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2022December 31, 2021
Sales-type and direct financing leases
Interest income on lease receivable$64 $75 
 Interest income related to accretion of unguaranteed residual asset15 16 
Total sales-type and direct financing lease income79 91 
Operating leases
Operating lease income related to lease payments105 127 
Other operating leasing gains and (losses)(2)21 
Total operating lease income and other leasing gains103 148 
Total lease income$182 $239 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Lease receivables$3,170 $3,205 
Unearned income(253)(193)
Unguaranteed residual value472 450 
Deferred fees and costs5 14 
Net investment in sales-type and direct financing leases$3,394 $3,476 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2022, and December 31, 2021, was $270 million and $255 million, respectively.

At December 31, 2022, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2023$902 
2024689 
2025486 
2026388 
2027246 
Thereafter499 
Total lease payments$3,211 
At December 31, 2022, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2023$80 
202467 
202555 
202639 
202726 
Thereafter50 
Total lease payments$318 
The carrying amount of operating lease assets at December 31, 2022 and December 31, 2021, was $505 million and $740 million, respectively.
Leases
10. Leases

As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.
Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Operating lease cost$128 $133 
Finance lease cost:
Amortization of right-of-use assets1 2 
Interest on lease liabilities— — 
Variable lease cost24 22 
Total lease cost (a)
$153 $157 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2022, and December 31, 2021

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$139 $141 
Financing cash flows from finance leases1 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$46 $85 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2022 or December 31, 2021.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2022December 31, 2021
Operating lease assetsAccrued income and other assets$525 $595 
Operating lease liabilitiesAccrued expense and other liabilities601 676 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(14)(13)
Property and equipment, net4 5 
Finance lease liabilitiesLong-term debt6 7 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2022December 31, 2021
Weighted-average remaining lease term:
Operating leases6.16.56
Finance leases4.535.33
Weighted-average discount rate:
Operating leases2.78 %2.78 %
Finance leases4.54 %4.50 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2023$134 $2 $136 
2024123 2 125 
2025104 1 105 
202687 — 87 
202772 — 72 
Thereafter137 2 139 
Total lease payments$657 $7 $664 
Less imputed interest56 1 57 
Total$601 $6 $607 
Lessor Equipment Leasing

Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset.

Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2022December 31, 2021
Sales-type and direct financing leases
Interest income on lease receivable$64 $75 
 Interest income related to accretion of unguaranteed residual asset15 16 
Total sales-type and direct financing lease income79 91 
Operating leases
Operating lease income related to lease payments105 127 
Other operating leasing gains and (losses)(2)21 
Total operating lease income and other leasing gains103 148 
Total lease income$182 $239 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Lease receivables$3,170 $3,205 
Unearned income(253)(193)
Unguaranteed residual value472 450 
Deferred fees and costs5 14 
Net investment in sales-type and direct financing leases$3,394 $3,476 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2022, and December 31, 2021, was $270 million and $255 million, respectively.

At December 31, 2022, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2023$902 
2024689 
2025486 
2026388 
2027246 
Thereafter499 
Total lease payments$3,211 
At December 31, 2022, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2023$80 
202467 
202555 
202639 
202726 
Thereafter50 
Total lease payments$318 
The carrying amount of operating lease assets at December 31, 2022 and December 31, 2021, was $505 million and $740 million, respectively.
Leases
10. Leases

As a lessee, we enter into leases of land, buildings, and equipment. Our real estate leases primarily relate to bank branches and office space. The leases of equipment principally relate to technology assets for data processing and data storage. As a lessor, we primarily provide financing through our equipment leasing business.

Lessee

Our leases are classified as either operating or financing and have remaining terms ranging from 1 to 20 years with the exception of certain ground leases that have terms over 30 years. For leases with initial terms greater than one year, a lease liability, measured as the present value of unpaid lease payments, and a corresponding right-of-use asset for the right to use the leased properties are reported on the balance sheet. Lease payments are discounted using Key’s incremental borrowing rate, consistent with what Key would pay to borrow on a collateralized basis over a term similar to each lease. Leases with an initial term of less than one year are not recorded on the balance sheet. The related expense is recognized on a straight-line basis over the lease term.
Certain leases contain options to extend the lease term for up to five years. Some leases give us the option to terminate, for a penalty or at the lessor's discretion. Leases with variable payments are primarily based on adjustments for inflation over the term of the lease based on a contractually defined index. Certain ATM leases include variable payments based on volume of transactions.

Operating lease expense is recognized in "net occupancy" and "equipment" on the income statement. The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Operating lease cost$128 $133 
Finance lease cost:
Amortization of right-of-use assets1 2 
Interest on lease liabilities— — 
Variable lease cost24 22 
Total lease cost (a)
$153 $157 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2022, and December 31, 2021

Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$139 $141 
Financing cash flows from finance leases1 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$46 $85 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2022 or December 31, 2021.

Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2022December 31, 2021
Operating lease assetsAccrued income and other assets$525 $595 
Operating lease liabilitiesAccrued expense and other liabilities601 676 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(14)(13)
Property and equipment, net4 5 
Finance lease liabilitiesLong-term debt6 7 

Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2022December 31, 2021
Weighted-average remaining lease term:
Operating leases6.16.56
Finance leases4.535.33
Weighted-average discount rate:
Operating leases2.78 %2.78 %
Finance leases4.54 %4.50 %

Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2023$134 $2 $136 
2024123 2 125 
2025104 1 105 
202687 — 87 
202772 — 72 
Thereafter137 2 139 
Total lease payments$657 $7 $664 
Less imputed interest56 1 57 
Total$601 $6 $607 
Lessor Equipment Leasing

Leases may have fixed or floating rate terms. Variable payments are based on an index or other specified rate and are included in rental payments. Certain leases contain an option to extend the lease term or the option to terminate at the discretion of the lessee. Under certain conditions, lease agreements may also contain the option for a lessee to purchase the underlying asset.

Interest income from sales-type and direct financing leases is recognized in "interest income — loans" on the statement of income. Income related to operating leases is recognized in “operating lease income and other leasing gains” on the income statement. The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2022December 31, 2021
Sales-type and direct financing leases
Interest income on lease receivable$64 $75 
 Interest income related to accretion of unguaranteed residual asset15 16 
Total sales-type and direct financing lease income79 91 
Operating leases
Operating lease income related to lease payments105 127 
Other operating leasing gains and (losses)(2)21 
Total operating lease income and other leasing gains103 148 
Total lease income$182 $239 

Equipment leasing receivables relate to sales-type and direct financing leases. The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Lease receivables$3,170 $3,205 
Unearned income(253)(193)
Unguaranteed residual value472 450 
Deferred fees and costs5 14 
Net investment in sales-type and direct financing leases$3,394 $3,476 

The residual value component of a lease represents the fair value of the leased asset at the end of the lease term. We rely on industry data, historical experience, independent appraisals and the experience of the equipment leasing asset management team to value lease residuals. Relationships with a number of equipment vendors give the asset management team insight into the life cycle of the leased equipment, pending product upgrades and competing products. Key assesses net investments in leases, including residual values, for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. The carrying amount of residual assets covered by residual value guarantees at December 31, 2022, and December 31, 2021, was $270 million and $255 million, respectively.

At December 31, 2022, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2023$902 
2024689 
2025486 
2026388 
2027246 
Thereafter499 
Total lease payments$3,211 
At December 31, 2022, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2023$80 
202467 
202555 
202639 
202726 
Thereafter50 
Total lease payments$318 
The carrying amount of operating lease assets at December 31, 2022 and December 31, 2021, was $505 million and $740 million, respectively.
v3.22.4
Premises and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Premises and Equipment
11. Premises and Equipment
Premises and Equipment

Premises and equipment at December 31, 2022, and December 31, 2021, consisted of the following:
December 31,
Dollars in millions
Useful life (in years)
20222021
LandIndefinite$114 $118 
Buildings and improvements
15-40
696 680 
Leasehold improvements
1-15
615 616 
Furniture and equipment
2-15
824 814 
Capitalized building leases
   1-14 (a)
18 19 
Construction in processN/A41 70 
Total premises and equipment2,308 2,317 
Less: Accumulated depreciation and amortization(1,672)(1,636)
Premises and equipment, net$636 $681 
(a)Capitalized building and equipment leases are amortized over the lesser of the useful life of asset or lease term.

Depreciation and amortization expense related to premises and equipment for the years ended December 31, 2022, December 31, 2021, and December 31, 2020 was $96 million, $107 million, and $115 million, respectively. This includes amortization of assets under capital leases.

Software

Eligible costs related to computer software developed or obtained for internal use that add functionality, improve efficiency or extend the useful life of a system are capitalized. Amortization of capitalized software begins when it is ready for its intended use, which is after all substantial testing is completed. Capitalized costs are amortized using the straight-line or accelerated method over its useful life. Balances are included in “Accrued income and other assets”.
Key had capitalized software assets, including internally-developed and purchased software and costs associated with certain cloud computing arrangements of $447 million and $321 million and related accumulated amortization of $163 million and $86 million as of December 31, 2022, and December 31, 2021, respectively. This includes in-process software that has not started amortizing. Amortization expense related to internal-use software for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, was $77 million, $66 million, and $49 million, respectively.
v3.22.4
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
12. Goodwill and Other Intangible Assets
Our annual goodwill impairment testing is performed as of October 1 each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Additional information pertaining to our accounting policy for goodwill and other intangible assets is summarized in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Goodwill and Other Intangible Assets.”
For our annual test, we conducted a qualitative test as of October 1, 2022. We evaluated numerous factors including economic trends, market capitalization, financial condition, industry performance and internal projections. We concluded goodwill was not impaired.
Changes in the carrying amount of goodwill by reporting segment are presented in the following table:
Dollars in millionsConsumer BankCommercial BankTotal
BALANCE AT DECEMBER 31, 2020$1,752 $912 $2,664 
AQN Strategies acquisition9 — 9 
XUP acquisition measurement period adjustment— 20 20 
BALANCE AT DECEMBER 31, 20211,761 932 2,693 
XUP acquisition measurement period adjustment— 1 1 
GradFin acquisition58 — 58 
BALANCE AT DECEMBER 31, 2022$1,819 $933 $2,752 

Additional information regarding recent acquisitions is provided in Note 15 (“Acquisitions and Discontinued Operations”).
As of December 31, 2022, we expect goodwill in the amount of $432 million to be deductible for tax purposes in future periods.
There were no accumulated impairment losses related to any of Key’s reporting units at December 31, 2022, December 31, 2021, and December 31, 2020.
The following table shows the gross carrying amount and the accumulated amortization of intangible assets subject to amortization:
 20222021
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$355 $303 $355 $275 
PCCR intangibles16 14 16 13 
Other intangible assets84 44 82 35 
Total$455 $361 $453 $323 

The following table presents estimated intangible asset amortization expense for the next five years.
Estimated
Dollars in millions20232024202520262027
Intangible asset amortization expense $39 $28 $19 $7 $1 
v3.22.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Variable Interest Entities
13. Variable Interest Entities

A VIE is a partnership, limited liability company, trust, or other legal entity that meets any one of the following criteria:
 
•The entity does not have sufficient equity to conduct its activities without additional subordinated financial support from another party.
•The entity’s investors lack the power to direct the activities that most significantly impact the entity’s economic performance.
•The entity’s equity at risk holders do not have the obligation to absorb losses or the right to receive residual returns.
•The voting rights of some investors are not proportional to their economic interests in the entity, and substantially all of the entity’s activities involve, or are conducted on behalf of, investors with disproportionately few voting rights.

Our significant VIEs are summarized below. We define a “significant interest” in a VIE as a subordinated interest that exposes us to a significant portion, but not the majority, of the VIE’s expected losses or residual returns, even
though we do not have the power to direct the activities that most significantly impact the entity’s economic performance.

LIHTC investments. Through KCDC, we have made investments directly and indirectly in LIHTC operating partnerships formed by third parties.  As a limited partner in these operating partnerships, we are allocated tax credits and deductions associated with the underlying properties. We have determined that we are not the primary beneficiary of these investments because the general partners have the power to direct the activities that most significantly influence the economic performance of their respective partnerships and have the obligation to absorb expected losses and the right to receive residual returns. As we are not the primary beneficiary of these investments, we do not consolidate them.

Through KCIC, formed as a wholly-owned subsidiary of KeyBank National Association, we create funds that hold interests in LIHTC investments. KCIC is the managing member of the fund. We have determined that we are not the primary beneficiary of the fund because although we have the power to direct the activities that most significantly influence its economic performance, we do not have benefits that could potentially be deemed significant to the fund. Therefore, we do not consolidate the fund.

Our maximum exposure to loss in connection with these partnerships consists of our unamortized investment balance plus any unfunded equity commitments and tax credits claimed but subject to recapture. We had $1.9 billion and $1.6 billion of investments in LIHTC operating partnerships at December 31, 2022, and December 31, 2021, respectively. These investments are recorded in “accrued income and other assets” on our Consolidated Balance Sheets. We do not have any loss reserves recorded related to these investments because we believe the likelihood of any loss is remote. For all legally binding unfunded equity commitments, we increase our recognized investment and recognize a liability. As of December 31, 2022, and December 31, 2021, we had liabilities of $957 million and $675 million, respectively, related to investments in qualified affordable housing projects, which are recorded in “accrued expense and other liabilities” on our Consolidated Balance Sheets. We continue to invest in these LIHTC operating partnerships.

The assets and liabilities presented in the table below convey the size of KCDC’s direct and indirect investments at December 31, 2022, and December 31, 2021. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2022
LIHTC investments$8,227 $3,091 $2,370 
December 31, 2021
LIHTC investments$7,839 $3,252 $1,985 

We amortize our LIHTC investments over the period that we expect to receive the tax benefits. In 2022, we recognized $190 million of amortization and $187 million of tax credits associated with these investments within “income taxes” on our income statement. In 2021, we recognized $192 million of amortization and $184 million of tax credits associated with these investments within “income taxes” on our income statement.

Principal investments. Through our principal investing entity, KCC, we have made investments in private equity funds engaged in venture- and growth-oriented investing. As a limited partner to these funds, KCC records these investments at fair value and receives distributions from the funds in accordance with the funds’ partnership agreements. We are not the primary beneficiary of these investments as we do not hold the power to direct the activities that most significantly affect the funds’ economic performance. Such power rests with the funds’ general partners. In addition, we neither have the obligation to absorb the funds’ expected losses nor the right to receive their residual returns. Our voting rights are also disproportionate to our economic interests, and substantially all of the funds’ activities are conducted on behalf of investors with disproportionately few voting rights. Because we are not the primary beneficiary of these investments, we do not consolidate them.

Our maximum exposure to loss associated with indirect principal investments consists of the investments’ fair value plus any unfunded equity commitments. The fair value of our indirect principal investments totaled $34 million and $45 million at December 31, 2022, and December 31, 2021, respectively. These investments are recorded in “other investments” on our Consolidated Balance Sheets. Additional information on indirect principal investments is
provided in Note 6 (“Fair Value Measurements”). The table below reflects the size of the private equity funds in which KCC was invested as well as our maximum exposure to loss in connection with these investments at December 31, 2022.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2022
Indirect investments$6,636 $90 $43 
December 31, 2021
Indirect investments$8,437 $178 $57 

Through our principal investing entities, we have formed and funded operating entities that provide management and other related services to our investment company funds, which directly invest in portfolio companies. In return for providing services to our direct investment funds, these entities’ receive a minority equity interest in the funds. This minority equity ownership is recorded at fair value on the entities’ financial statements. Additional information on our direct principal investments is provided in Note 6 (“Fair Value Measurements”). While other equity investors manage the daily operations of these entities, we retain the power, through voting rights, to direct the activities of the entities that most significantly impact their economic performance. In addition, we have the obligation to absorb losses and the right to receive residual returns that could potentially be significant to these entities. As a result, we have determined that we are the primary beneficiary of these funds and have consolidated them since formation. The entities had no liabilities at December 31, 2022, and December 31, 2021, and other equity investors have no recourse to our general credit.

Other unconsolidated VIEs. We are involved with other various entities in the normal course of business which we have determined to be VIEs. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance or hold a variable interest that could potentially be significant. The table below shows our assets and liabilities associated with these unconsolidated VIEs at December 31, 2022, and December 31, 2021. These assets are recorded in “accrued income and other assets,” “other investments,” “securities available for sale,” “held-to-maturity securities,” and “loans, net of unearned income” on our Consolidated Balance Sheets. These liabilities are recorded in “accrued expenses and other liabilities” on our Consolidated Balance Sheets. Of the total balance as of December 31, 2022, $1.4 billion related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans. In addition, where we only have a lending arrangement in the normal course of business with unconsolidated VIEs we present the balances related to the lending arrangements in Note 5 (“Asset Quality”).
Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
December 31, 2022
Other unconsolidated VIEs$1,798 $1 
December 31, 2021
Other unconsolidated VIEs$2,827 $1 
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
14. Income Taxes
Income taxes included in the income statement are summarized below. We file a consolidated federal income tax return.
Year ended December 31,
Dollars in millions
202220212020
Currently payable:
Federal$368 $423 $336 
State80 73 83 
Total currently payable$448 $496 $419 
Deferred:
Federal$(14)$119 $(156)
State(12)27 (36)
Total deferred(26)146 (192)
Total income tax (benefit) expense (a)
$422 $642 $227 
(a)There was income tax (benefit) expense on securities transactions of $2 million in 2022, $(2) million in 2021, and $1 million in 2020. Income tax expense excludes equity- and gross receipts-based taxes, which are assessed in lieu of an income tax in certain states in which we operate. These non-income taxes, which are recorded in “noninterest expense” on the income statement, totaled $33 million in 2022, $33 million in 2021, and $30 million in 2020.
Significant components of our deferred tax assets and liabilities included in “accrued income and other assets” on our Consolidated Balance Sheets, are as follows:
December 31,
Dollars in millions
20222021
Allowance for loan and lease losses$380 $296 
Employee benefits187 203 
Net unrealized securities losses1,959 102 
Federal net operating losses and credits4 6 
Non-tax accruals61 73 
Operating lease liabilities(a)
149 165 
State net operating losses and credits1 1 
Partnership investments90 82 
Other164 184 
Gross deferred tax assets2,995 1,112 
Less: Valuation Allowance11 12 
Total deferred tax assets$2,984 $1,100 
Leasing transactions$521 $521 
State taxes86 28 
Operating lease right-of-use assets (a)
130 145 
Goodwill139 121 
Other86 96 
Total deferred tax liabilities962 911 
Net deferred tax assets (liabilities) (b)
$2,022 $189 
(a)A separate deferred tax asset and liability is recognized for each operating lease item resulting from the adoption of ASC 842 in 2019.
(b)From continuing operations.

We conduct quarterly assessments of all available evidence to determine the amount of deferred tax assets that are more-likely-than-not to be realized, and therefore recorded. The available evidence used in connection with these assessments includes taxable income in prior periods, projected future taxable income, potential tax-planning strategies, and projected future reversals of deferred tax items. These assessments involve a degree of subjectivity and may undergo significant change.

At December 31, 2022, we had net capital loss carryforwards of $11 million for which we have recorded $11 million of valuation allowances. The capital loss carryforward if not utilized, will expire in 2025. Realization of this tax benefit is dependent upon Key's ability to generate sufficient capital gain in an appropriate tax year to offset the capital loss carryforward. Currently, generation of sufficient gain income is uncertain.

At December 31, 2022, we had federal net operating loss carryforwards of $14 million and federal credit carryforwards of $1 million. The federal net operating loss carryforwards are from prior acquisitions by First Niagara and are subject to annual limitations under the tax code and, if not utilized, will expire in the years beginning 2027. The federal credit carryforward consists of general business credits which expire in 2027, under the Internal Revenue Code. We currently expect to fully utilize these losses and credits.

We had state net operating loss carryforwards of $18 million, resulting in a net state deferred tax asset of $1 million.

The following table shows how our total income tax expense (benefit) and the resulting effective tax rate were derived:
Year ended December 31,
Dollars in millions
202220212020
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$490 21.0 %$683 21.0 %$327 21.0 %
Amortization of tax-advantaged investments149 6.4 151 4.6 150 9.7 
Tax-exempt interest income(28)(1.2)(26)(.8)(28)(1.8)
Corporate-owned life insurance income(28)(1.2)(27)(.8)(29)(1.9)
State income tax, net of federal tax benefit53 2.3 79 2.4 37 2.4 
Tax credits(204)(8.8)(218)(6.7)(218)(14.0)
Other(10)(.4)— — (12)(.8)
Total income tax expense (benefit)$422 18.1 %$642 19.7 %$227 14.6 %
Liability for Unrecognized Tax Benefits
The change in our liability for unrecognized tax benefits is as follows:
Year ended December 31,
Dollars in millions		20222021
Balance at beginning of year$50 $58 
Increase for other tax positions of prior years4 — 
Decrease for payments and settlements— — 
Decrease related to tax positions taken in prior years(14)(8)
Balance at end of year$40 $50 

Each quarter, we review the amount of unrecognized tax benefits recorded in accordance with the applicable accounting guidance. Any adjustment to unrecognized tax benefits is recorded in income tax expense. The amount of unrecognized tax benefits that, if recognized, would affect our effective tax rate was $40 million at December 31, 2022, and $50 million at December 31, 2021. It is reasonably possible that the balance of unrecognized tax benefits could decrease in the next twelve months due to examinations by various tax authorities or the expiration of statutes of limitations.

As permitted under the applicable accounting guidance, it is our policy to record interest and penalties related to unrecognized tax benefits in income tax expense. We recorded net interest benefit of $1.5 million, $0.1 million, and $0.2 million in 2022, 2021, and 2020, respectively. We did not recover any state tax penalties in 2022, 2021, or 2020. At December 31, 2022, we had no accrued interest payable, compared to $2 million at December 31, 2021. There was no liability for accrued state tax penalties at December 31, 2022, and December 31, 2021.

There were no unrecognized tax benefits presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, at December 31, 2022 and December 31, 2021, respectively.
We file federal income tax returns, as well as returns in various state and foreign jurisdictions. We are subject to income tax examination by the IRS for the tax years 2016, and 2019 and forward. Currently, we are under IRS audit for tax year 2016. We are not subject to income tax examinations by other tax authorities for years prior to 2014.
Pre-1988 Bank Reserves acquired in a business combination
Retained earnings of KeyBank included approximately $92 million of allocated bad debt deductions for which no income taxes have been recorded. Under current federal law, these reserves are subject to recapture into taxable income if KeyBank, or any successor, fails to maintain its bank status under the Internal Revenue Code or makes non-dividend distributions or distributions greater than its accumulated earnings and profits. No deferred tax liability has been established as these events are not expected to occur in the foreseeable future.
v3.22.4
Acquisitions and Discontinued Operations
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
Acquisitions and Discontinued Operations
15. Acquisitions and Discontinued Operations

Acquisitions

XUP Payments. On November 19, 2021, KeyBank acquired XUP Payments, a B2B focused digital platform. The acquisition was accounted for as a business combination. As a result of the acquisition, we recognized goodwill of $20.6 million and no separately identified intangible assets were recorded. Other acquired assets and liabilities of XUP were immaterial. The valuation was final as of March 31, 2022.

GradFin. On May 2, 2022, KeyBank acquired GradFin, a public service loan forgiveness counseling provider. The acquisition was accounted for as a business combination. Consideration paid totaled $72 million consisting of $62 million in cash and $10 million in contingent consideration. As a result of the acquisition, we recognized goodwill of $58 million and other intangible assets of $12 million, with remaining assets acquired consisting primarily of cash. Other acquired assets and liabilities of GradFin were immaterial. The valuation was final as of September 30, 2022.
Discontinued operations

Discontinued operations includes our government-guaranteed and private education lending business.  At December 31, 2022, and December 31, 2021, approximately $434 million and $567 million, respectively, of education loans are included in discontinued assets on our Consolidated Balance Sheets. Net interest income after provision for credit losses for this business is not material and is included in income (loss) from discontinued operations, net of taxes on the consolidated statements of income.
v3.22.4
Securities Financing Activities
 12 Months Ended
Dec. 31, 2022
Broker-Dealer [Abstract]  
Securities Financing Activities
16. Securities Financing Activities

The following table summarizes our securities financing agreements at December 31, 2022, and December 31, 2021:
 December 31, 2022December 31, 2021
Dollars in millions
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Offsetting of financial assets:
Reverse repurchase agreements$8 $(8)$— $— $11 $(6)$(5)$— 
Securities borrowed— — — — 500 — (500)— 
Total$8 $(8)$— $— $511 $(6)$(505)$— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$71 $(8)$(63)$— $173 $(6)$(167)$— 
Total$71 $(8)$(63)$— $173 $(6)$(167)$— 
(a)Netting adjustments take into account the impact of master netting agreements that allow us to settle with a single counterparty on a net basis.
(b)These adjustments take into account the impact of bilateral collateral agreements that allow us to offset the net positions with the related collateral. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(c)Repurchase agreements are collateralized by mortgaged-backed agency securities and are contracted on an overnight or continuous basis.

As of December 31, 2022, the carrying amount of assets pledged as collateral against repurchase agreements totaled $110 million. Assets pledged as collateral are reported in “available for sale” and “held-to-maturity” securities on the Consolidated Balance Sheets. At December 31, 2022, the liabilities associated with collateral pledged were solely comprised of customer sweep financing activity and had a carrying value of $63 million. The collateral pledged under customer sweep repurchase agreements is posted to a third-party custodian and cannot be sold or repledged by the secured party. The risk related to a decline in the market value of collateral pledged is minimal given the collateral's high credit quality and the overnight duration of the repurchase agreements.

Like other financing transactions, securities financing agreements contain an element of credit risk. To mitigate and manage credit risk exposure, we generally enter into master netting agreements and other collateral arrangements that give us the right, in the event of default, to liquidate collateral held and to offset receivables and payables with the same counterparty.  Additionally, we establish and monitor limits on our counterparty credit risk exposure by product type. For the reverse repurchase agreements, we monitor the value of the underlying securities we received from counterparties and either request additional collateral or return a portion of the collateral based on the value of those securities. We generally hold collateral in the form of highly rated securities issued by the U.S. Treasury and fixed income securities. In addition, we may need to provide collateral to counterparties under our repurchase agreements. With the exception of collateral pledged against customer sweep repurchase agreements, the collateral we pledge and receive can generally be sold or repledged by the secured parties.
v3.22.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
17. Stock-Based Compensation
We maintain several stock-based compensation plans, which are described below. Total compensation expense for these plans was $120 million for 2022, $104 million for 2021, and $101 million for 2020. The total income tax benefit recognized in the income statement for these plans was $29 million for 2022, $25 million for 2021, and $24 million for 2020.
Our compensation plans allow us to grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, or other awards which may be denominated or payable in or valued by reference to our Common Shares or other factors, discounted stock purchases, and deferred compensation to eligible employees and directors. At December 31, 2022, we had 22,313,039 Common Shares available for future grant under our compensation plans. In accordance with a resolution adopted by the Compensation and
Organization Committee of KeyCorp’s Board of Directors, we may not grant options to purchase Common Shares, restricted stock or other shares under any long-term compensation plan in an aggregate amount that exceeds 6% of our outstanding Common Shares in any rolling three-year period.
Stock Options
Stock options granted to employees generally become exercisable at the rate of 25% per year. No option granted by KeyCorp will be exercisable less than one year after, or expire later than ten years from, the grant date. The exercise price is 100-110% of the closing price of our Common Shares on the grant date (or the prior business day if the grant date is not a business day).
We determine the fair value of options granted using the Black-Scholes option-pricing model. This model was originally developed to determine the fair value of exchange-traded equity options, which (unlike employee stock options) have no vesting period or transferability restrictions. Because of these differences, the Black-Scholes model does not precisely value an employee stock option, but it is commonly used for this purpose. The model assumes that the estimated fair value of an option is amortized as compensation expense over the option’s vesting period.
The Black-Scholes model requires several assumptions, which we developed and update based on historical trends and current market observations. Our determination of the fair value of options is only as accurate as the underlying assumptions. The assumptions pertaining to options issued during 2022, 2021, and 2020 are shown in the following table.
Year ended December 31,202220212020
Average option life6.5 years6.6 years6.5 years
Future dividend yield3.01 %3.88 %3.90 %
Historical share price volatility.341 .335 .267 
Weighted-average risk-free interest rate2.0 %0.8 %1.3 %
In 2019, shareholders approved the 2019 Equity Compensation Plan, under which 71,600,000 shares may be issued as equity awards. The Compensation and Organization Committee has authority to approve all stock option grants but may delegate some of its authority to grant awards from time to time. The committee has delegated to our Chief Executive Officer the authority to grant equity awards, including stock options, to any employee who is not designated an “officer” for purposes of Section 16 of the Exchange Act. No more than 3,000,000 Common Shares may be issued under this authority.

The following table summarizes activity, pricing and other information for our stock options for the year ended December 31, 2022:
Number of
Options
Weighted-Average
Exercise Price Per
Option
Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20214,587,632 $16.23 5.1$32 
Granted408,297 28.50 
Exercised(484,521)12.83 
Lapsed or canceled(15,076)15.65 
Outstanding at December 31, 20224,496,332 $17.71 4.8$8 
Expected to vest1,184,816 22.46 7.7— 
Exercisable at December 31, 20223,246,175 $15.84 3.7$8 
(a)The intrinsic value of a stock option is the amount by which the fair value of the underlying stock exceeds the exercise price of the option.
The weighted-average grant-date fair value of options was $5.78 for options granted during 2022, $3.38 for options granted during 2021, and $2.96 for options granted during 2020. Stock option exercises numbered 484,521 in 2022, 2,319,438 in 2021, and 821,916 in 2020. The aggregate intrinsic value of exercised options was $5 million for 2022, $22 million for 2021, and $5 million for 2020. As of December 31, 2022, unrecognized compensation cost related to nonvested options under the plans totaled $1 million. We expect to recognize this cost over a weighted-average period of 2.3 years.
Cash received from options exercised was $6 million, $27 million, and $8 million in 2022, 2021, and 2020, respectively. The actual tax benefit realized for the tax deductions from options exercised was less than $1 million in 2022 and $1 million in 2021.
Long-Term Incentive Compensation Program
Our Long-Term Incentive Compensation Program (the “Program”) rewards senior executives and other employees critical to our long-term financial success. Awards are granted annually in a variety of forms:
 
•deferred cash payments that generally vest and are payable at the rate of 25% per year;
•time-lapsed (service condition) restricted stock units payable in stock, which generally vest at the rate of 25% per year;
•performance units payable in stock, which vest at the end of the three-year performance cycle and will not vest unless Key attains defined performance levels and the service condition is met; and
•performance units payable in cash, which vest at the end of the three-year performance cycle and will not vest unless Key attains defined performance levels and the service condition is met.
During 2022, 30,055 performance units vested that were payable in stock and 2,224,127 performance units vested that were payable in cash. The total fair value of the performance units that vested in stock and cash during 2022 totaled $1 million and $55 million, respectively. During 2021, no performance units vested that were payable in stock and 1,278,629 performance units vested that were payable in cash. The payable in cash fair value of the performance units totaled $23 million.

The following table summarizes activity and pricing information for the nonvested shares in the Program for the year ended December 31, 2022.
 
Vesting Contingent on
Service Conditions
Vesting Contingent on
Performance and Service
Conditions - Payable in Stock
Vesting Contingent on
Performance and Service
Conditions - Payable in Cash
  
Number of
Nonvested
Shares
Weighted-
Average
Grant-Date
Fair Value
Number of
Nonvested
Shares
Weighted-
Average
Grant-Date
Fair Value
Number of
Nonvested
Shares		Weighted-
Average
Grant-Date
Fair Value
Outstanding at December 31, 202112,000,384 $19.00 88,386 $18.47 5,080,523 $23.18 
Granted5,087,882 25.91 — — 2,100,203 17.30 
Vested(4,635,749)19.13 (30,055)17.37 (2,224,127)24.64 
Forfeited(527,732)22.44 — — (48,803)19.29 
Outstanding at December 31, 202211,924,785 $21.56 58,331 $19.02 4,907,796 $17.42 
The compensation cost of time-lapsed and performance-based restricted stock or unit awards granted under the Program is calculated using the closing trading price of our Common Shares on the grant date (or the prior business day if the grant date is not a business day).
Unlike time-lapsed and performance-based restricted stock or units, we do not pay dividends during the vesting period for performance shares or units that may become payable in excess of targeted performance.
The weighted-average grant-date fair value of awards granted under the Program was $23.39 during 2022, $20.06 during 2021, and $18.68 during 2020. As of December 31, 2022, unrecognized compensation cost related to nonvested shares under the Program totaled $101 million. We expect to recognize this cost over a weighted-average period of 2.4 years. The total fair value of shares vested was $144 million in 2022, $105 million in 2021, and $89 million in 2020.
Deferred Compensation and Other Restricted Stock Awards
Our deferred compensation arrangements include voluntary and mandatory deferral programs for Common Shares awarded to certain employees and directors. Mandatory deferred incentive awards vest at the rate of 25% per year beginning one year after the deferral date. Deferrals under the voluntary programs are immediately vested.
We also may grant, upon approval by the Compensation and Organization Committee (or our Chief Executive Officer with respect to their delegated authority), other time-lapsed restricted stock or unit awards under various programs to recognize outstanding performance.
The following table summarizes activity and pricing information for the nonvested shares granted under our deferred compensation plans and these other restricted stock or unit award programs for the year ended December 31, 2022.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20212,948,957 $18.65 
Granted1,255,209 20.11 
Vested(1,128,325)18.57 
Forfeited(52,870)16.96 
Outstanding at December 31, 20223,022,971 $18.82 
The weighted-average grant-date fair value of awards granted was $20.11 during 2022, $21.25 during 2021, and $16.22 during 2020. As of December 31, 2022, unrecognized compensation cost related to nonvested shares granted under our deferred compensation plans and the other restricted stock or unit award programs totaled $21 million. We expect to recognize this cost over a weighted-average period of 2.6 years. The total fair value of shares vested was $21 million in 2022, $16 million in 2021, and $18 million in 2020.
Discounted Stock Purchase Plan
Our Discounted Stock Purchase Plan provides employees the opportunity to purchase our Common Shares at a 10% discount through payroll deductions. Purchases are limited to $10,000 in any month and $50,000 in any calendar year, and are immediately vested. To accommodate employee purchases, we issue treasury shares on or around the fifteenth day of the month following the month employee payments are received. We issued 422,844 Common Shares at a weighted-average cost to employees of $17.46 during 2022, 335,951 Common Shares at a weighted-average cost to employees of $19.28 during 2021, and 500,508 Common Shares at a weighted-average cost to employees of $11.76 during 2020.

Information pertaining to our method of accounting for stock-based compensation is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Stock-Based Compensation.”
v3.22.4
Employee Benefits
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefits
18. Employee Benefits
Pension Plans
Key maintains a cash balance pension plan and other defined benefit plans. These plans are frozen and closed to new employees. We continue to credit participants’ existing account balances for interest until they receive their plan benefits. Plans provide benefits based upon length of service and compensation levels.
Key utilizes its fiscal year-end as the measurement date for its pension and other postretirement employee benefit plans. Actuarial gains and losses are deferred and amortized over the future service periods of active employees. We determine the expected return on plan assets using a calculated market-related value of plan assets. Gain or loss amounts in AOCI are only amortized to the extent that they exceed 10% of the greater of the market-related value or the projected benefit obligation.
Pre-tax AOCI not yet recognized as net pension cost was $385 million at December 31, 2022, and $381 million at December 31, 2021, consisting entirely of net unrecognized losses.
During 2022, 2021, and 2020, we recognized a settlement loss for lump sum payments made under certain pension plans. In accordance with the applicable accounting guidance for defined benefit plans, we performed a remeasurement of the affected plans in conjunction with the settlement and recognized the settlement loss as reflected in the following table.
The components of net pension cost and the amount recognized in OCI for all funded and unfunded plans are as follows:
Year ended December 31,
Dollars in millions
202220212020
Interest cost on PBO$27 $25 $34 
Expected return on plan assets(27)(28)(38)
Amortization of losses15 18 17 
Settlement loss12 9 9 
Net pension cost$27 $24 $22 
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$31 $(19)$(18)
Amortization of gains(27)(27)(26)
Total recognized in comprehensive income$4 $(46)$(44)
Total recognized in net pension cost and comprehensive income$31 $(22)$(22)

The information related to our pension plans presented in the following tables is based on current actuarial reports using measurement dates of December 31, 2022, and December 31, 2021.

The following table summarizes changes in the PBO related to our pension plans. Actuarial gains in 2022 were primarily driven by an increase in discount rate.
Year ended December 31,
Dollars in millions
20222021
PBO at beginning of year$1,156 $1,248 
Interest cost27 25 
Actuarial losses (gains)(133)(31)
Benefit payments(85)(86)
PBO at end of year$965 $1,156 
The following table summarizes changes in the FVA.
Year ended December 31,
Dollars in millions
20222021
FVA at beginning of year$1,096 $1,153 
Actual return on plan assets(138)16 
Employer contributions13 13 
Benefit payments(85)(86)
FVA at end of year$886 $1,096 
The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2022, and December 31, 2021.
December 31,
Dollars in millions
20222021
Funded status (a)
$(78)$(60)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$58 $106 
Current liabilities(13)(14)
Noncurrent liabilities(123)(152)
Net prepaid pension cost recognized (b)
$(78)$(60)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
At December 31, 2022, our primary qualified cash balance pension plan was sufficiently funded under the requirements of ERISA. Consequently, we are not required to make a minimum contribution to that plan in 2023. We also do not expect to make any significant discretionary contributions during 2023.
At December 31, 2022, we expect to pay the benefits from all funded and unfunded pension plans as follows: 2023 — $92 million; 2024— $90 million; 2025 — $88 million; 2026 — $85 million; 2027 — $82 million and $368 million in the aggregate from 2028 through 2032.
The ABO for all of our pension plans was $965 million at December 31, 2022, and $1.2 billion at December 31, 2021. As indicated in the table below, collectively our plans had an ABO in excess of plan assets as follows: 
December 31,20222021
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$828 $137 $991 $166 
ABO828 137 991 166 
Fair value of plan assets886 — 1,096 — 

To determine the actuarial present value of benefit obligations, we assumed the following weighted-average rates.
December 31,20222021
Discount rate4.85 %2.43 %
Compensation increase rateN/AN/A
Weighted-average interest crediting rate3.97 %1.90 %
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202220212020
Discount rate
2.43 %2.05 %2.89 %
Compensation increase rate
N/AN/AN/A
Expected return on plan assets
2.75 %2.75 %3.75 %
We estimate that we will recognize $12 million in net pension cost for 2023.
We estimate that a 25 basis point increase or decrease in the expected return on plan assets would change our net pension cost for 2023 by approximately $2 million. Pension cost also is affected by an assumed discount rate. We estimate that a 25 basis point change in the assumed discount rate would change net pension cost for 2023 by approximately $2 million.
The expected return on plan assets is determined by considering a number of factors, the most significant of which are:
 
•Our expectations for returns on plan assets over the long term, weighted for the investment mix of the assets. These expectations consider, among other factors, historical capital market returns of equity, fixed income, convertible, and other securities, and forecasted returns that are modeled under various economic scenarios.
•Historical returns on our plan assets. Based on an annual reassessment of current and expected future capital market returns, our expected return on plan assets was 4.5% for 2022, 2.75% for 2021 and 3.75% for 2020. We deemed a rate of 4.50% to be appropriate in estimating 2022 pension cost.
The investment objectives of the pension fund are developed to reflect the characteristics of the plan, such as pension formulas, cash lump sum distribution features, and the liability profiles of the plan’s participants. An executive oversight committee reviews the plan’s investment performance at least quarterly, and compares performance against appropriate market indices. The pension fund’s investment objectives are to balance total return objectives with a continued management of plan liabilities, and to minimize the mismatch between assets and liabilities. The following table shows the asset target allocations prescribed by the pension fund’s investment policies based on the plan’s funded status at December 31, 2022.
Target Allocation  
Asset Class2022
Global equity 16 %
Fixed income84 
Total100 %
  
Investments consist of mutual funds, collective investment funds, insurance investments and other assets that invest in underlying assets in accordance with the target asset allocations shown above.
Although the pension funds’ investment policies conditionally permit the use of derivative contracts, we have not entered into any such contracts, and we do not expect to employ such contracts in the future.
The valuation methodologies used to measure the fair value of pension plan assets vary depending on the type of asset, as described below. For an explanation of the fair value hierarchy, see Note 1 (“Summary of Significant Accounting Policies”) under the heading “Fair Value Measurements.”
Mutual funds. Exchange-traded mutual funds listed or traded on securities exchanges are valued at the closing price on the exchange or system where the security is principally traded. These securities are classified as Level 1
because quoted prices for identical securities in active markets are available. Non exchange-traded mutual funds are classified as Level 2.
Collective investment funds. Investments in collective investment funds are valued using the net asset value practical expedient and are not classified within the fair value hierarchy. Fair value is determined based on Key’s proportionate share of total net assets in the fund.
Insurance investment contracts and pooled separate accounts. Deposits under insurance investment contracts and pooled separate accounts with insurance companies do not have readily determinable fair values and are valued using a methodology that is consistent with accounting guidance that allows the plan to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership in partners’ capital to which a proportionate share of net assets is attributed); thus, these investments are not classified within the fair value hierarchy.
Other assets. Other assets include an investment in a multi-strategy investment fund and an investment in a limited partnership. These investments do not have readily determinable fair values and are valued using a methodology consistent with accounting guidance that allows the plan to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership in partners’ capital to which a proportionate share of net assets is attributed); thus, these investments are not classified within the fair value hierarchy.
The following tables show the fair values of our pension plan assets by asset class at December 31, 2022, and December 31, 2021.
December 31, 2022    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $359 $— $359 
Collective investment funds (measured at NAV) (a)
— — — 507 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 20 
Other assets (measured at NAV) (a)
— — — — 
Total net assets at fair value$— $359 $— $886 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.

December 31, 2021    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $454 $— $454 
Collective investment funds (measured at NAV) (a)
— — — 622 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 19 
Other assets (measured at NAV) (a)
— — — 1 
Total net assets at fair value$— $454 $— $1,096 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
Other Postretirement Benefit Plans
We sponsor a retiree healthcare plan in which all employees age 55 with five years of service (or employees age 50 with 15 years of service who are terminated under conditions that entitle them to a severance benefit) are eligible to participate. Participant contributions are adjusted annually. Key may provide a subsidy toward the cost of coverage for certain employees hired before 2001 with a minimum of 15 years of service at the time of termination. We use a separate VEBA trust to fund the retiree healthcare plan.
The components of pre-tax AOCI not yet recognized as net postretirement benefit cost are shown below.
December 31,  
Dollars in millions20222021
Net unrecognized losses (gains)$(9)$(9)
Net unrecognized prior service credit(12)(14)
Total unrecognized AOCI$(21)$(23)
The components of net postretirement benefit cost and the amount recognized in OCI for all funded and unfunded plans are as follows:
December 31,   
Dollars in millions202220212020
Interest cost on APBO$2 $2 $2 
Expected return on plan assets(2)(2)(2)
Amortization of prior service credit(1)(1)(1)
Amortization of gains(1)(1)— 
Net postretirement benefit$(2)$(2)$(1)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$1 $1 $1 
Amortization of prior service credit1 1 — 
Total recognized in comprehensive income$2 $2 $1 
Total recognized in net postretirement benefit cost and comprehensive income$— $— $— 
The information related to our postretirement benefit plans presented in the following tables is based on current actuarial reports using measurement dates of December 31, 2022, and December 31, 2021.
The following table summarizes changes in the APBO. Actuarial losses are a result of asset performance.
Year ended December 31,  
Dollars in millions20222021
APBO at beginning of year$57 $52 
Service cost— — 
Interest cost2 2 
Plan participants’ contributions1 2 
Actuarial losses (gains)(5)11 
Benefit payments(15)(10)
Plan amendments— — 
APBO at end of year$40 $57 
The following table summarizes changes in FVA.
Year ended December 31,  
Dollars in millions20222021
FVA at beginning of year$57 $52 
Employer contributions— — 
Plan participants’ contributions1 2 
Benefit payments(15)(10)
Actual return on plan assets(3)13 
FVA at end of year$40 $57 
The postretirement plans were fully funded at December 31, 2022, and December 31, 2021. Therefore, no liabilities were recognized on our Consolidated Balance Sheets.
There are no regulations that require contributions to the VEBA trust that funds our retiree healthcare plan, so there is no minimum funding requirement. We are permitted to make discretionary contributions to the VEBA trust, subject to certain IRS restrictions and limitations. We anticipate that our discretionary contributions in 2023, if any, will be minimal.
At December 31, 2022, we expect to pay the benefits from other postretirement plans as follows: 2023 — $5 million; 2024 — $5 million; 2025 — $5 million; 2026 — $5 million; 2027 — $4 million; and $20 million in the aggregate from 2028 through 2032.
To determine the APBO, we assumed discount rates of 4.5% at December 31, 2022, and 4.5% at December 31, 2021.
To determine net postretirement benefit cost, we assumed the following weighted-average rates.
Year ended December 31,202220212020
Discount rate4.50 %4.50 %4.50 %
Expected return on plan assets4.50 4.50 4.50 
The realized net investment income for the postretirement healthcare plan VEBA trust is subject to federal income taxes, which are reflected in the weighted-average expected return on plan assets shown above.
Assumed healthcare cost trend rates do not have a material impact on net postretirement benefit cost or obligations since the postretirement plan has cost-sharing provisions and benefit limitations.
We expect to recognize a $2 million credit in net postretirement benefit cost for 2023.
We estimate the expected returns on plan assets for the VEBA trust much the same way we estimate returns on our pension funds. The primary investment objectives of the VEBA trust are to obtain a market rate of return, take into consideration the safety and/or risk of the investment, and to diversify the portfolio in order to satisfy the trust’s anticipated liquidity requirements. The following table shows the asset target allocations prescribed by the trust’s investment policy.
Target Allocation
Asset Class2022
U.S. equity securities64 %
International equity securities16 
Fixed income securities20 
Total100 %
  
Investments consist of mutual funds, collective investment funds and other assets that invest in underlying assets in accordance with the target asset allocations shown above. Exchange-traded mutual funds are valued using quoted prices and, therefore, are classified as Level 1. Investments in collective investment funds are valued using the Net Asset Value practical expedient and are not classified within the fair value hierarchy.
The following tables show the fair values of our postretirement plan assets by asset class at December 31, 2022, and December 31, 2021.
December 31, 2022    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$24 $— $— $24 
Equity — International7 — — 7 
Fixed income — U.S.8 — — 8 
Collective investment funds:
Equity — U.S.(a)
— — — — 
Other assets (measured at NAV)(a)
— — — 1 
Total net assets at fair value$39 $— $— $40 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
December 31, 2021    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$21 $— $— $21 
Equity — International10 — — 10 
Fixed income — U.S.7 — — 7 
Fixed income — International— — — 1 
Collective investment funds:
Equity — U.S. (a)
— — — 17 
Other assets (measured at NAV)— — — 1 
Total net assets at fair value$38 $— $— $57 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 introduced a prescription drug benefit under Medicare and prescribes a federal subsidy to sponsors of retiree healthcare benefit plans that offer prescription drug coverage that is “actuarially equivalent” to the benefits under Medicare Part D. Based on our application of the relevant regulatory formula, we determined that the prescription drug coverage related to our retiree healthcare benefit plan is not actuarially equivalent to the Medicare benefit for the vast majority of retirees. For the years ended December 31, 2022, and December 31, 2021, we did not receive federal subsidies.
Employee 401(k) Savings Plan
A substantial number of our employees are covered under a savings plan that is qualified under Section 401(k) of the Internal Revenue Code. The plan permits employees to contribute from 1% to 100% of eligible compensation, with up to 6% being eligible for matching contributions in 2022. The plan also permits us to provide a discretionary annual profit sharing contribution to eligible employees who have at least one year of service. We did not accrue a profit sharing contribution for 2022. We made contributions of 1% for both 2021 and 2020, on eligible compensation for employees eligible on the last business day of the respective plan years. We also maintain a deferred savings plan that provides certain employees with benefits they otherwise would not have been eligible to receive under the qualified plan once their compensation for the plan year reached the IRS contribution limits. Total expense associated with the above plans was $82 million in 2022, $119 million in 2021, and $106 million in 2020.
v3.22.4
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Short-Term Borrowings
19. Short-Term Borrowings
Selected financial information pertaining to the components of our short-term borrowings is as follows:
December 31,   
Dollars in millions202220212020
FEDERAL FUNDS PURCHASED
Balance at year end$4,006 $— $— 
Average during the year1,490 — 455 
Maximum month-end balance5,872 — 2,285 
Weighted-average rate during the year (a)
2.04 %— %1.24 %
Weighted-average rate at December 31 (a)
4.18 — — 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$71 $173 $220 
Average during the year617 239 215 
Maximum month-end balance1,090 281 267 
Weighted-average rate during the year (a)
1.66 %.02 %.11 %
Weighted-average rate at December 31 (a)
3.74 .01 .04 
OTHER SHORT-TERM BORROWINGS
Balance at year end$5,386 $588 $759 
Average during the year2,963 770 1,452 
Maximum month-end balance11,372 897 4,606 
Weighted-average rate during the year (a)
1.82 %1.08 %0.85 %
Weighted-average rate at December 31 (a)
.50 1.97 .60 
(a)Rates exclude the effects of interest rate swaps and caps, which modify the repricing characteristics of certain short-term borrowings. For more information about such financial instruments, see Note 8 (“Derivatives and Hedging Activities”).
As described below and in Note 20 (“Long-Term Debt”), KeyCorp and KeyBank have a number of programs and facilities that support our short-term financing needs. Certain subsidiaries maintain credit facilities with third parties, which provide alternative sources of funding. KeyCorp is the guarantor of some of the third-party facilities.
Short-term credit facilities. We maintain cash on deposit in our Federal Reserve account, which has reduced our need to obtain funds through various short-term unsecured money market products. This account, which was maintained at $2.2 billion at December 31, 2022, and the unpledged securities in our investment portfolio provide a buffer to address unexpected short-term liquidity needs. We also have secured borrowing facilities at the FHLB and the Federal Reserve Bank of Cleveland to satisfy short-term liquidity requirements. As of December 31, 2022, our unused secured borrowing capacity was $33.8 billion at the Federal Reserve Bank of Cleveland and $6.7 billion at the FHLB.
v3.22.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt
20. Long-Term Debt
The following table presents the components of our long-term debt, net of unamortized discounts and adjustments related to hedging with derivative financial instruments. We use interest rate swaps and caps, which modify the repricing characteristics of certain long-term debt, to manage interest rate risk. For more information about such financial instruments, see Note 8 (“Derivatives and Hedging Activities”). 
December 31,  
Dollars in millions20222021
Senior medium-term notes due through 2033 (a)
$3,789 $2,820 
3.017% Subordinated notes due 2028 (b)
162 162 
6.875% Subordinated notes due 2029 (b)
99 107 
7.75% Subordinated notes due 2029 (b)
112 139 
Other subordinated notes (b)(d)
77 75 
Total parent company4,239 3,303 
Senior medium-term notes due through 2039 (e)
6,411 6,582 
4.39% Senior remarketable notes due 2027 (f)
191 242 
3.40% Subordinated notes due 2026 (g)
555 602 
6.95% Subordinated notes due 2028 (g)
281 299 
3.90% Subordinated notes due 2029 (g)
327 376 
4.90% Subordinated notes due 2032 (g)
685 — 
Secured borrowing due through 2025 (h)
6 13 
Federal Home Loan Bank advances due through 2038 (i)
6,594 604 
Investment Fund Financing due through 2052 (j)
10 10 
Key Govt Finance, Inc. Other Long Term Debt-ASR2 3 
Obligations under Capital Leases due through 2032 (k)
6 8 
Total subsidiaries15,068 8,739 
Total long-term debt$19,307 $12,042 
(a)Senior medium-term notes had a weighted-average interest rate of 2.3134% at December 31, 2022, and 3.2213% at December 31, 2021. These notes had fixed interest rates at December 31, 2022, and December 31, 2021. These notes may not be redeemed prior to their maturity dates.
(b)See Note 21 (“Trust Preferred Securities Issued by Unconsolidated Subsidiaries”) for a description of these notes.
(c)The First Niagara subordinated debt had a weighted-average interest rate of 7.25% at December 31, 2021. This holding matured on December 15, 2021.
(d)The First Niagara variable rate trust preferred securities had a weighted-average interest rate of 6.16% at December 31, 2022, and 1.68% at December 31, 2021. These notes may be redeemed prior to their maturity dates.
(e)Senior medium-term notes had weighted-average interest rates of 5.96406% at December 31, 2022, and 2.116% at December 31, 2021. These notes are a combination of fixed and floating rates. These notes may not be redeemed prior to their maturity dates.
(f)The remarketable senior medium-term notes had a weighted-average interest rate of 4.39% at December 31, 2022, and 3.18% at December 31, 2021. These notes had fixed interest rates at December 31, 2022, and December 31, 2021. These notes may not be redeemed prior to their maturity dates.
(g)These notes are all obligations of KeyBank and may not be redeemed prior to their maturity dates.
(h)The secured borrowing had weighted-average interest rates of 4.445% at December 31, 2022, and 4.445% at December 31, 2021. This borrowing is collateralized by commercial lease financing receivables, and principal reductions are based on the cash payments received from the related receivables. Additional information pertaining to these commercial lease financing receivables is included in Note 4 (“Loan Portfolio”).
(i)Long-term advances from the Federal Home Loan Bank had a weighted-average interest rate of 4.48% at December 31, 2022, and 1.12% at December 31, 2021. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $6.6 billion at December 31, 2022, and $604 million at December 31, 2021.
(j)Investment Fund Financing had a weighted-average interest rate of 1.34% at December 31, 2022, and 1.34% at December 31, 2021.
(k)These are capital leases acquired in the First Niagara merger with a maturity range from March 2022 through October 2032.
At December 31, 2022, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2023$— $3,958 $3,958 
2024— 6,035 6,035 
2025581 1,943 2,524 
2026485 566 1,051 
2027695 1,199 1,894 
All subsequent years2,478 1,367 3,845 

As described below, KeyBank and KeyCorp have a number of programs that support our long-term financing needs.

Global bank note program. On September 28, 2018, KeyBank updated its Bank Note Program authorizing the issuance of up to $20 billion of notes. Under the program, KeyBank is authorized to issue notes with original maturities of seven days or more for senior notes or five years or more for subordinated notes. Notes will be denominated in U.S. dollars. Amounts outstanding under the program and any prior bank note programs are classified as “long-term debt” on our Consolidated Balance Sheets.
In 2020, KeyBank issued the following notes under the 2018 Bank Note Program: on March 10, 2020, $700 million of 1.25% Senior Bank Notes due March 10, 2023; and on December 16, 2020, $750 million Fixed-to-Floating Rate Senior Bank Notes due January 3, 2024 and $350 million Floating Rate Senior Bank Notes due January 3, 2024.
In 2021, KeyBank issued the following notes under the 2018 Bank Note Program: on June 16, 2021, $800 million Fixed-to-Floating Rate Senior Bank Notes due June 14, 2024, and $400 million Floating Rate Senior Bank Notes due June 14, 2024.
On September 29, 2021, KeyBank updated its Bank Note Program authorizing the issuance of up to $20 billion of notes. Under the program, KeyBank is authorized to issue notes with original maturities of seven days or more for senior notes or five years or more for subordinated notes. Notes will be denominated in U.S. dollars. Amounts outstanding under the program and any prior bank note programs are classified as “long-term debt” on our Consolidated Balance Sheets.
On June 14, 2022, KeyBank completed the final remarketing of its Term Enhanced ReMarketable Securities, originally issued in 1998. In connection therewith, KeyBank issued $300 million Fixed Rate Senior Notes due December 14, 2027. Because this issuance was originally authorized under the Bank Note Program in existence in 1998, we would not consider this an issuance against capacity under our current Bank Note Program.
On August 8, 2022, KeyBank issued two notes under the Bank Note Program: $1.25 billion of 4.150% Fixed Rate Senior Bank Notes due August 8, 2025, and $750 million of 4.900% Fixed Rate Subordinated Bank Notes due August 8, 2032.
On November 15, 2022, under the Bank Note Program, KeyBank issued $1.0 billion of 5.850% Fixed Rate Senior Bank Notes due November 15, 2027.
As of December 31, 2022, $17.0 billion remained available for issuance under the Bank Note Program.
KeyCorp shelf registration, including Medium-Term Note Program. On June 9, 2020, KeyCorp updated its shelf registration statement on file with the SEC under rules that allow companies to register various types of debt and equity securities without limitations on the aggregate amounts available for issuance. KeyCorp also maintains a Medium-Term Note Program that permits KeyCorp to issue notes with original maturities of nine months or more.
On February 6, 2020, KeyCorp issued $800 million of 2.25% Senior Notes due April 6, 2027, under the Medium-Term Note Program.
On May 23, 2022, KeyCorp issued $600 million of 3.878% Fixed-to-Floating Senior Notes due May 23, 2025 and $750 million of 4.789% Fixed-to-Floating Senior Notes due June 1, 2033. The fixed rate periods for each issuance are effective through May 23, 2024, and June 1, 2032, respectively.
At December 31, 2022, KeyCorp had authorized and available for issuance up to $3.65 billion of additional debt securities under the Medium-Term Note Program.
Issuances of capital securities or preferred stock by KeyCorp must be approved by the Board and cannot be objected to by the Federal Reserve.
v3.22.4
Trust Preferred Securities Issued by Unconsolidated Subsidiaries
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]  
Trust Preferred Securities Issued by Unconsolidated Subsidiaries
21. Trust Preferred Securities Issued by Unconsolidated Subsidiaries
We own the outstanding common stock of business trusts formed by us that issued corporation-obligated mandatorily redeemable trust preferred securities. The trusts used the proceeds from the issuance of their trust preferred securities and common stock to buy debentures issued by KeyCorp. These debentures are the trusts’ only assets; the interest payments from the debentures finance the distributions paid on the mandatorily redeemable trust preferred securities. The outstanding common stock of these business trusts is recorded in “Other Investments” on our Consolidated Balance Sheets. We unconditionally guarantee the following payments or distributions on behalf of the trusts:
 
•required distributions on the trust preferred securities;
•the redemption price when a capital security is redeemed; and
•the amounts due if a trust is liquidated or terminated.
The Regulatory Capital Rules require us to treat our mandatorily redeemable trust preferred securities as Tier 2 capital.
The trust preferred securities, common stock, and related debentures are summarized as follows:
Dollars in millions
Trust Preferred
Securities,
Net of Discount (a)
Common
Stock
Principal
Amount of
Debentures,
Net of Discount (b)
Interest Rate
of Trust Preferred
Securities and
Debentures (c)
Maturity
of Trust Preferred
Securities and
Debentures
December 31, 2022
KeyCorp Capital I$156 $6 $162 3.017 %2028
KeyCorp Capital II95 4 99 6.875 2029
KeyCorp Capital III108 4 112 7.750 2029
HNC Statutory Trust III20 1 21 4.380 2035
Willow Grove Statutory Trust I20 1 21 4.062 2036
HNC Statutory Trust IV18 1 19 4.603 2037
Westbank Capital Trust II8 — 8 5.717 2034
Westbank Capital Trust III8 — 8 5.717 2034
Total$433 $17 $450 5.321 %— 
December 31, 2021$466 $17 $483 4.271 %— 
(a)The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. Certain trust preferred securities include debt issuance costs and basis adjustments related to fair value hedges totaling $17 million at December 31, 2022, and $52 million at December 31, 2021. See Note 8 (“Derivatives and Hedging Activities”) for an explanation of fair value hedges.
(b)We have the right to redeem these debentures. If the debentures purchased by KeyCorp Capital I, HNC Statutory Trust III, Willow Grove Statutory Trust I, HNC Statutory Trust IV, Westbank Capital Trust II, or Westbank Capital Trust III are redeemed before they mature, the redemption price will be the principal amount, plus any accrued but unpaid interest. If the debentures purchased by KeyCorp Capital II or KeyCorp Capital III are redeemed before they mature, the redemption price will be the greater of: (i) the principal amount, plus any accrued but unpaid interest, or (ii) the sum of the present values of principal and interest payments discounted at the Treasury Rate (as defined in the applicable indenture), plus 20 basis points for KeyCorp Capital II or 25 basis points for KeyCorp Capital III or 50 basis points in the case of redemption upon either a tax or a capital treatment event for either KeyCorp Capital II or KeyCorp Capital III, plus any accrued but unpaid interest. The principal amount of certain debentures includes debt issuance costs and basis adjustments related to fair value hedges totaling $17 million at December 31, 2022, and $52 million at December 31, 2021. See Note 8 for an explanation of fair value hedges. The principal amount of debentures, net of discounts, is included in “long-term debt” on the balance sheet.
(c)The interest rates for the trust preferred securities issued by KeyCorp Capital II and KeyCorp Capital III are fixed. The trust preferred securities issued by KeyCorp Capital I have a floating interest rate, equal to three-month LIBOR plus 74 basis points, that reprices quarterly. The trust preferred securities issued by HNC Statutory Trust III have a floating interest rate, equal to three-month LIBOR plus 140 basis points, that reprices quarterly. The trust preferred securities issued by Willow Grove Statutory Trust I have a floating interest rate, equal to three-month LIBOR plus 131 basis points, that reprices quarterly. The trust preferred securities issued by HNC Statutory Trust IV have a floating interest rate, equal to three-month LIBOR plus 128 basis points, that reprices quarterly. The trust preferred securities issued by Westbank Capital Trust II and Westbank Capital Trust III each have a floating interest rate, equal to three-month LIBOR plus 219 basis points, that reprices quarterly.  The total interest rates are weighted-average rates.
v3.22.4
Commitments, Contingent Liabilities and Guarantees
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingent Liabilities and Guarantees
22. Commitments, Contingent Liabilities, and Guarantees
Commitments to Extend Credit or Funding
Loan commitments provide for financing on predetermined terms as long as the client continues to meet specified criteria. These agreements generally carry variable rates of interest and have fixed expiration dates or termination clauses. We typically charge a fee for our loan commitments. Since a commitment may expire without resulting in a loan, our aggregate outstanding commitments may significantly exceed our eventual cash outlay.
Loan commitments involve credit risk not reflected on our Consolidated Balance Sheets. We mitigate exposure to credit risk with internal controls that guide how we review and approve applications for credit, establish credit limits and, when necessary, demand collateral. In particular, we evaluate the creditworthiness of each prospective borrower on a case-by-case basis and, when appropriate, adjust the allowance for credit losses on lending-related commitments. Additional information pertaining to this allowance is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Liability for Credit Losses on Lending-Related Commitments,” and in Note 5 (“Asset Quality”).
We also provide financial support to private equity investments, including existing direct portfolio companies and indirect private equity funds, to satisfy unfunded commitments. These unfunded commitments are not recorded on our Consolidated Balance Sheets. Additional information on principal investing commitments is provided in Note 6 (“Fair Value Measurements”). Other unfunded equity investment commitments at December 31, 2022, and December 31, 2021, related to tax credit investments and were primarily attributable to LIHTC investments. Unfunded tax credit investment commitments are recorded on our Consolidated Balance Sheets in “other liabilities.” Additional information on LIHTC commitments is provided in Note 13 (“Variable Interest Entities”).
The following table shows the remaining contractual amount of each class of commitment related to extending credit or funding principal investments as of December 31, 2022, and December 31, 2021. For loan commitments and commercial letters of credit, this amount represents our maximum possible accounting loss on the unused commitment if the borrower were to draw upon the full amount of the commitment and subsequently default on payment for the total amount of the then outstanding loan.
December 31,
Dollars in millions
20222021
Loan commitments:
Commercial and other$58,269 $54,614 
Commercial real estate and construction4,037 3,180 
Home equity9,346 8,888 
Credit cards7,424 7,217 
Total loan commitments79,076 73,899 
Commercial letters of credit86 79 
Purchase card commitments875 771 
Principal investing commitments9 12 
Tax credit investment commitments958 679 
Total loan and other commitments$81,004 $75,440 

Legal Proceedings

Litigation. From time to time, in the ordinary course of business, we and our subsidiaries are subject to various litigation, investigations, and administrative proceedings. Private, civil litigation may range from individual actions involving a single plaintiff to putative class action lawsuits with potentially thousands of class members. Investigations may involve both formal and informal proceedings, by both government agencies and self-regulatory bodies. These matters may involve claims for substantial monetary relief. At times, these matters may present novel claims or legal theories. Due to the complex nature of these various other matters, it may be years before some matters are resolved. While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information presently known to us, we do not believe there is any matter to which we are a party, or involving any of our properties that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on our financial condition. We continually monitor and reassess the potential materiality of these litigation matters. We note, however, that in light of the inherent uncertainty in legal proceedings there can be no assurance that the ultimate resolution will not exceed established reserves. As a result, the outcome of a particular matter, or a combination of matters, may be material to our results of operations for a particular period, depending upon the size of the loss or our income for that particular period.
Guarantees
We are a guarantor in various agreements with third parties. The following table shows the types of guarantees that we had outstanding at December 31, 2022. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees.”
December 31, 2022Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
 
Financial guarantees:
Standby letters of credit$4,960 $92 
Recourse agreement with FNMA6,774 28 
Residential mortgage reserve3,302 13 
Written put options (a)
3,695 243 
Total$18,731 $376 
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.

We determine the payment/performance risk associated with each type of guarantee described below based on the probability that we could be required to make the maximum potential undiscounted future payments shown in the preceding table. We use a scale of low (0% to 30% probability of payment), moderate (greater than 30% to 70% probability of payment), or high (greater than 70% probability of payment) to assess the payment/performance risk, and have determined that the payment/performance risk associated with each type of guarantee outstanding at December 31, 2022, is low.

Standby letters of credit. KeyBank issues standby letters of credit to address clients’ financing needs. These instruments obligate us to pay a specified third party when a client fails to repay an outstanding loan or debt instrument or fails to perform some contractual nonfinancial obligation. Any amounts drawn under standby letters of credit are treated as loans to the client; they bear interest (generally at variable rates) and pose the same credit risk
to us as a loan. At December 31, 2022, our standby letters of credit had a remaining weighted-average life of 1.8 years, with remaining actual lives ranging from less than 1 year to as many as 11.9 years.

Recourse agreement with FNMA. At December 31, 2022, the outstanding commercial mortgage loans in this program had a weighted-average remaining term of 7.5 years, and the unpaid principal balance outstanding of loans sold by us as a participant was $22.0 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 31% of the principal balance of loans outstanding at December 31, 2022. FNMA delegates responsibility for originating, underwriting, and servicing mortgages, and we assume a limited portion of the risk of loss during the remaining term on each commercial mortgage loan that we sell to FNMA. We maintain a reserve for such potential losses in an amount that we believe approximates the fair value of our liability in addition to the expected credit loss for the guarantee as described in Note 5 (“Asset Quality”).
Residential Mortgage Banking. We often originate and sell residential mortgage loans and retain the servicing rights. Our loan sales activity is generally conducted through loan sales in a secondary market sponsored by FNMA and FHLMC and through the issuance of GNMA mortgage backed securities. Subsequent to the sale of mortgage loans, we do not typically retain any interest in the underlying loans except through our relationship as the servicer of the loans.
As is customary in the mortgage banking industry, we, or banks we have acquired, have made certain representations and warranties related to the sale of residential mortgage loans (including loans sold with servicing rights released) and to the performance of our obligations as servicer. The breach of any such representations or warranties could result in losses for us. Our maximum exposure to loss is equal to the outstanding principal balance of the sold loans; however, any loss would be reduced by any payments received on the loans or through the sale of collateral.
At December 31, 2022, the unpaid principal balance outstanding of loans sold by us was $11.0 billion. The maximum potential amount of undiscounted future payments that we could be required to make under this program, as shown in the preceding table, is equal to approximately 30% of the principal balance of loans outstanding at December 31, 2022. 
Our liability for estimated repurchase obligations on loans sold, which is included in other liabilities on our Consolidated Balance Sheets, was $13 million at December 31, 2022.

Written put options. In the ordinary course of business, we “write” put options for clients that wish to mitigate their exposure to changes in interest rates and commodity prices. At December 31, 2022, our written put options had an average life of 1.8 years. These instruments are considered to be guarantees, as we are required to make payments to the counterparty (the client) based on changes in an underlying variable that is related to an asset, a liability, or an equity security that the client holds. We are obligated to pay the client if the applicable benchmark interest rate or commodity price is above or below a specified level (known as the “strike rate”). These written put options are accounted for as derivatives at fair value, as further discussed in Note 8 (“Derivatives and Hedging Activities”). We mitigate our potential future payment obligations by entering into offsetting positions with third parties.
Written put options where the counterparty is a broker-dealer or bank are accounted for as derivatives at fair value but are not considered guarantees since these counterparties typically do not hold the underlying instruments. In addition, we are a purchaser and seller of credit derivatives, which are further discussed in Note 8.

Other Off-Balance Sheet Risk
Other off-balance sheet risk stems from financial instruments that do not meet the definition of a guarantee as specified in the applicable accounting guidance, and from other relationships.
Indemnifications provided in the ordinary course of business. We provide certain indemnifications, primarily through representations and warranties in contracts that we execute in the ordinary course of business in connection with loan and lease sales and other ongoing activities, as well as in connection with purchases and sales of businesses. We maintain reserves, when appropriate, with respect to liability that reasonably could arise as a result of these indemnities.
Intercompany guarantees. KeyCorp, KeyBank, and certain of our affiliates are parties to various guarantees that facilitate the ongoing business activities of other affiliates. These business activities encompass issuing debt, assuming certain lease and insurance obligations, purchasing or issuing investments and securities, and engaging in certain leasing transactions involving clients.
v3.22.4
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income
23. Accumulated Other Comprehensive Income

Our changes in AOCI for the years ended December 31, 2022, and December 31, 2021, are as follows:
Dollars in millions
Unrealized gains
(losses) on securities
available for sale
Unrealized gains
(losses) on derivative
financial instruments
Foreign currency
translation
adjustment
Net pension and
postretirement
benefit costs
Total
Balance at December 31, 2020$567 $476 $— $(305)$738 
Other comprehensive income before reclassification, net of income taxes
(965)(137)— 14 (1,088)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
(5)(251)— 20 (236)
Net current-period other comprehensive income, net of income taxes(970)(388)— 34 (1,324)
Balance at December 31, 2021$(403)$88 $— $(271)$(586)
Other comprehensive income before reclassification, net of income taxes
(4,492)(1,319)— (25)(5,836)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
— 107 — 20 127 
Net current-period other comprehensive income, net of income taxes(4,492)(1,212)— (5)(5,709)
Balance at December 31, 2022$(4,895)$(1,124)$— $(276)$(6,295)
(a)See table below for details about these reclassifications.


Our reclassifications out of AOCI for the years ended December 31, 2022, and December 31, 2021, are as follows:
Twelve Months Ended December 31,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20222021
Unrealized gains (losses) on available for sale securities
Realized gains$— $7 Other income
— 7 
Income (loss) from continuing operations before income taxes
— 2 Income taxes
$— $5 Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(146)$329 Interest income — Loans
Interest rate(3)(4)Interest expense — Long-term debt
Interest rate9 4 Investment banking and debt placement fees
(140)329 
Income (loss) from continuing operations before income taxes
(33)78 Income taxes
$(107)$251 Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(15)$(18)Other expense
Settlement loss(12)(9)Other expense
Amortization of prior service credit1 1 Other expense
(26)(26)
Income (loss) from continuing operations before income taxes
(6)(6)Income taxes
$(20)$(20)Income (loss) from continuing operations
v3.22.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Shareholders' Equity
24. Shareholders' Equity
Comprehensive Capital Plan

As part of our previous 2021 capital plan, which was effective through the third quarter of 2022, the Board had authorized the repurchase of up to $1.5 billion of our Common Shares. In September 2022, the Board approved the extension of the previous authorization through the third quarter of 2023. As of December 31, 2022, approximately $790 million remained available for repurchase under the authorization.

During 2021, we repurchased a total of $1.1 billion of Common Share under our previous capital plan authorizations. Of the total common shares repurchased throughout 2021, $585 million were part of an ASR program entered into with Goldman Sachs & Co. LLC (Goldman Sachs) and $559 million were repurchased in the open market. In addition, $32 million in repurchase activity was related to employee equity compensation programs.

Under the ASR program, we made a cash payment of $585 million to Goldman Sachs and received an initial delivery of 23.6 million shares of our common stock from Goldman Sachs based on the then current market price of $19.87 as of September 10, 2021. As previously reported during the third quarter of 2021, there was a $117 million reduction to our capital surplus balance, which reflected the value of common stock held back by Goldman Sachs pending final settlement of the ASR program. On December 21, 2021, we received a final delivery of 2.5 million of our common shares from Goldman Sachs based on the volume-weighted average share price of our common stock during the term of the ASR agreement, less a discount, and other adjustments provided for by the agreement. The volume-weighted share price less discount totaled $22.48 for the total 26 million common shares purchased between the up front delivery and the final settlement.

During 2022, no common shares were repurchased under the previous or current authorization. Activity was limited to $44 million in repurchases related to employee equity compensation programs.

Consistent with our capital plan, the Board declared a quarterly dividend of $.195 per common share for the first three quarters in 2022. During the fourth quarter of 2022, the Board declared a dividend of $.205 per common share. These quarterly dividend payments brought our annual dividend to $.79 per common share for 2022.
Preferred Stock

The following table summarizes our preferred stock at December 31, 2022:
Preferred stock seriesAmount outstanding (in millions)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary share2022 dividends paid per depositary share
Fixed-to-Floating Rate Perpetual Noncumulative Series D$525 21,000 $1 $25,000 1/25th$1,000 $50.00 
Fixed-to-Floating Rate Perpetual Noncumulative Series E500 500,000 1 1,000 1/40th25 1.531252 
Fixed Rate Perpetual Noncumulative Series F425 425,000 1 1,000 1/40th25 1.412500 
Fixed Rate Perpetual Noncumulative Series G450 450,000 1 1,000 1/40th25 1.406252 
Fixed Rate Perpetual Noncumulative Series H600 600,000 1 1,000 1/40th25 0.477917 

Capital Adequacy
KeyCorp and KeyBank (consolidated) must meet specific capital requirements imposed by federal banking regulators. Sanctions for failure to meet applicable capital requirements may include regulatory enforcement actions that restrict dividend payments, require the adoption of remedial measures to increase capital, terminate FDIC deposit insurance, and mandate the appointment of a conservator or receiver in severe cases. In addition, failure to maintain a “well capitalized” status affects how regulators evaluate applications for certain endeavors, including acquisitions, continuation and expansion of existing activities, and commencement of new activities, and could make clients and potential investors less confident. As of December 31, 2022, KeyCorp and KeyBank (consolidated) met all regulatory capital requirements.
KeyBank (consolidated) qualified for the “well capitalized” prompt corrective action capital category at December 31, 2022, because its capital and leverage ratios exceeded the prescribed threshold ratios for that capital category and
it was not subject to any written agreement, order, or directive to meet and maintain a specific capital level for any capital measure. Since that date, we believe there has been no change in condition or event that has occurred that would cause the capital category for KeyBank (consolidated) to change.
BHCs are not assigned to any of the five prompt corrective action capital categories applicable to insured depository institutions. If, however, those categories applied to BHCs, we believe that KeyCorp would satisfy the criteria for a “well capitalized” institution at December 31, 2022, and since that date, we believe there has been no change in condition or event that has occurred that would cause such capital category to change.
Because the regulatory capital categories under the prompt corrective action regulations serve a limited supervisory function, investors should not use them as a representation of the overall financial condition or prospects of KeyBank or KeyCorp.
At December 31, 2022, Key and KeyBank (consolidated) had regulatory capital in excess of all current minimum risk-based capital (including all adjustments for market risk) and leverage ratio requirements as shown in the following table.
 ActualTo Meet Minimum
Capital Adequacy
Requirements		To Qualify as Well 
Capitalized Under Federal
Deposit Insurance Act
Dollars in millionsAmountRatioAmountRatioAmountRatio
December 31, 2022
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$20,776 12.79 %$12,998 8.00 %N/AN/A
KeyBank (consolidated)19,903 12.39 12,850 8.00 $16,063 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$17,225 10.60 %$9,748 6.00 %N/AN/A
KeyBank (consolidated)16,801 10.46 9,638 6.00 $12,850 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$17,225 8.88 %$7,759 4.00 %N/AN/A
KeyBank (consolidated)16,801 8.78 7,657 4.00 $9,572 5.00 %
December 31, 2021
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$18,030 12.49 %$11,552 8.00 %N/AN/A
KeyBank (consolidated)17,211 12.21 11,274 8.00 $14,093 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$15,549 10.77 %$8,664 6.00 %N/AN/A
KeyBank (consolidated)15,143 10.75 8,456 6.00 $11,274 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$15,549 8.47 %$7,344 4.00 %N/AN/A
KeyBank (consolidated)15,143 8.37 7,241 4.00 $9,051 5.00 %
v3.22.4
Business Segment Reporting
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Business Segment Reporting
25. Business Segment Reporting

The following is a description of the segments and their primary businesses at December 31, 2022.

Consumer Bank

The Consumer Bank serves individuals and small businesses throughout our 15-state branch footprint as well as healthcare professionals nationally through our Laurel Road digital brand by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, mortgage and home equity, student loan refinancing, credit card, treasury services, and business advisory services. In addition, wealth management and investment services are offered to assist institutional, non-profit, and high-net-worth clients with their banking, trust, portfolio management, charitable giving, and related needs.
Commercial Bank

The Commercial Bank is an aggregation of our Institutional and Commercial operating segments. The Commercial operating segment is a full-service corporate bank focused principally on serving the borrowing, cash management, and capital markets needs of middle market clients within Key’s 15-state branch footprint. It is also a significant, national, commercial real estate lender and third-party servicer of commercial mortgage loans and a special servicer of CMBS. The Institutional operating segment operates nationally in providing lending, equipment financing, and banking products and services to large corporate and institutional clients. The industry coverage and product teams have established expertise in the following sectors: Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology. The operating segment includes the KBCM platform which provides a broad suite of capital markets products and services including syndicated finance, debt and equity capital markets, derivatives, foreign exchange, financial advisory, and public finance. Additionally, KBCM provides fixed income and equity sales and trading services to investor clients.

Other

Other includes various corporate treasury activities such as management of our investment securities portfolio, long-term debt, short-term liquidity and funding activities, and balance sheet risk management, our principal investing unit, and various exit portfolios as well as reconciling items, which primarily represent the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also include intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations.

The table on the following page shows selected financial data for our major business segments for the years ended December 31, 2022, 2021, and 2020.

The information was derived from the internal financial reporting system that we use to monitor and manage our financial performance. GAAP guides financial accounting, but there is no authoritative guidance for “management accounting” — the way we use our judgment and experience to make reporting decisions. Consequently, the line of business results we report may not be comparable to line of business results presented by other companies.

The selected financial data is based on internal accounting policies designed to compile results on a consistent basis and in a manner that reflects the underlying economics of the businesses. In accordance with our policies:
 
•Net interest income is determined by assigning a standard cost for funds used or a standard credit for funds provided based on their assumed maturity, prepayment, and/or repricing characteristics.
•Indirect expenses, such as computer servicing costs and corporate overhead, are allocated based on assumptions regarding the extent that each line of business actually uses the services.
•The consolidated provision for credit losses is allocated among the lines of business primarily based on their actual net loan charge-offs, adjusted periodically for loan growth and changes in risk profile. The amount of the consolidated provision is based on the methodology that we use to estimate our consolidated ALLL. This methodology is described in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Allowance for Loan and Lease Losses.”
•Capital is assigned to each line of business based on economic equity.
 
Developing and applying the methodologies that we use to allocate items among our lines of business is a dynamic process. Accordingly, financial results may be revised periodically to reflect enhanced alignment of expense base allocation drivers, changes in the risk profile of a particular business, or changes in our organizational structure.
Year ended December 31,
Consumer BankCommercial Bank
Dollars in millions202220212020202220212020
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,419 $2,359 $2,403 $1,867 $1,650 $1,725 
Noninterest income
995 1,067 999 1,600 1,990 1,524 
Total revenue (TE) (a)
3,414 3,426 3,402 3,467 3,640 3,249 
Provision for credit losses
193 (118)284 317 (279)741 
Depreciation and amortization expense
87 84 77 113 134 144 
Other noninterest expense
2,618 2,307 2,185 1,621 1,731 1,606 
Income (loss) from continuing operations before income taxes (TE)
516 1,153 856 1,416 2,054 758 
Allocated income taxes (benefit) and TE adjustments
124 277 203 270 412 107 
Income (loss) from continuing operations
392 876 653 1,146 1,642 651 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
392 876 653 1,146 1,642 651 
Less: Net income (loss) attributable to noncontrolling interests
— — — — — — 
Net income (loss) attributable to Key
$392 $876 $653 $1,146 $1,642 $651 
AVERAGE BALANCES (b)
     
Loans and leases
$41,315 $39,422 $37,842 $69,549 $60,486 $64,543 
Total assets (a)
44,395 42,637 41,152 80,068 70,051 74,225 
Deposits
90,008 88,352 79,528 54,672 55,598 47,145 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$52 $39 $40 $4 $12 $1 
Net loan charge-offs (b)
83 126 135 84 81 308 
Return on average allocated equity (b)
11.13 %24.54 %18.97 %12.59 %19.22 %12.99 %
Return on average allocated equity
11.13 24.54 18.97 12.59 19.22 12.99 
Average full-time equivalent employees (c)
8,041 8,000 8,186 2,454 2,370 2,291 
Year ended December 31,OtherKey
Dollars in millions202220212020202220212020
SUMMARY OF OPERATIONS
Net interest income (TE)$268 $89 $(65)$4,554 $4,098 $4,063 
Noninterest income123 137 129 2,718 3,194 2,652 
Total revenue (TE) (a)
391 226 64 7,272 7,292 6,715 
Provision for credit losses(8)(21)(4)502 (418)1,021 
Depreciation and amortization expense71 80 82 271 298 303 
Other noninterest expense(100)93 15 4,139 4,131 3,806 
Income (loss) from continuing operations before income taxes (TE)428 74 (29)2,360 3,281 1,585 
Allocated income taxes (benefit) and TE adjustments55 (20)(54)449 669 256 
Income (loss) from continuing operations373 94 25 1,911 2,612 1,329 
Income (loss) from discontinued operations, net of taxes6 13 14 6 13 14 
Net income (loss)379 107 39 1,917 2,625 1,343 
Less: Net income (loss) attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to Key$379 $107 $39 $1,917 $2,625 $1,343 
AVERAGE BALANCES (b)
Loans and leases$438 $361 $304 $111,302 $100,269 $102,689 
Total assets (a)
61,423 66,231 46,678 185,886 178,919 162,055 
Deposits2,182 1,085 613 146,862 145,035 127,286 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$198 $63 $120 $254 $114 $161 
Net loan charge-offs (b)
(6)(23)1 161 184 444 
Return on average allocated equity (b)
17.74 %1.69 %.27 %12.97 %14.79 %7.54 %
Return on average allocated equity18.02 1.93 .42 13.01 14.86 7.62 
Average full-time equivalent employees (c)
7,165 6,604 6,349 17,660 16,974 16,826 
(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States.
(b)From continuing operations.
(c)The number of average full-time equivalent employees was not adjusted for discontinued operations.
v3.22.4
Condensed Financial Information of the Parent Company
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of the Parent Company
26. Condensed Financial Information of the Parent Company
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20222021
ASSETS
Cash and due from banks$3,146 $2,293 
Short-term investments15 24 
Securities available for sale— — 
Other investments78 77 
Loans to:
Banks250 50 
Nonbank subsidiaries16 16 
Total loans266 66 
Investment in subsidiaries:
Banks13,033 17,019 
Nonbank subsidiaries928 1,015 
Total investment in subsidiaries13,961 18,034 
Goodwill167 167 
Corporate-owned life insurance209 212 
Derivative assets111 76 
Accrued income and other assets248 309 
Total assets$18,201 $21,258 
LIABILITIES
Accrued expense and other liabilities$508 $532 
Long-term debt due to:
Subsidiaries450 483 
Unaffiliated companies3,789 2,820 
Total long-term debt4,239 3,303 
Total liabilities4,747 3,835 
SHAREHOLDERS’ EQUITY (a)
13,454 17,423 
Total liabilities and shareholders’ equity$18,201 $21,258 
(a)See Key’s Consolidated Statements of Changes in Equity.

CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202220212020
INCOME
Dividends from subsidiaries:
Bank subsidiaries$475 $1,925 $1,250 
Nonbank subsidiaries100 50 — 
Interest income from subsidiaries4 1 4 
Other income7 36 8 
Total income586 2,012 1,262 
EXPENSE
Interest on long-term debt with subsidiary trusts19 13 18 
Interest on other borrowed funds130 65 114 
Personnel and other expense101 101 63 
Total expense250 179 195 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries336 1,833 1,067 
Income tax (expense) benefit60 38 38 
Income (loss) before equity in net income (loss) less dividends from subsidiaries396 1,871 1,105 
Equity in net income (loss) less dividends from subsidiaries1,521 754 238 
NET INCOME (LOSS)1,917 2,625 1,343 
Less: Net income attributable to noncontrolling interests— — — 
NET INCOME (LOSS) ATTRIBUTABLE TO KEY$1,917 $2,625 $1,343 
.
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202220212020
OPERATING ACTIVITIES
Net income (loss) attributable to Key$1,917 $2,625 $1,343 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)6 (22)2 
Stock-based compensation expense117 9 11 
Equity in net (income) loss less dividends from subsidiaries(1,521)(754)(238)
Net (increase) decrease in other assets23 13 (66)
Net increase (decrease) in other liabilities(24)48 12 
Other operating activities, net(480)(414)131 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES38 1,505 1,195 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(26)(15)(7)
Proceeds from sales, prepayments and maturities of securities available for sale— — — 
Net (increase) decrease in loans to subsidiaries(200)— — 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(226)(15)(7)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt1,350 — 800 
Payments on long-term debt— (997)(1,003)
Repurchase of Treasury Shares(44)(1,176)(170)
Net cash from the issuance (redemption) of Common Shares and preferred stock590 — — 
Cash dividends paid(855)(823)(829)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES1,041 (2,996)(1,202)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS853 (1,506)(14)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR2,293 3,799 3,813 
CASH AND DUE FROM BANKS AT END OF YEAR$3,146 $2,293 $3,799 
KeyCorp paid interest on borrowed funds totaling $137 million in 2022, $130 million in 2021, and $204 million in 2020.
v3.22.4
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
27. Revenue from Contracts with Customers

The following table represents a disaggregation of revenue from contracts with customers, by line of business, for the twelve months ended December 31, 2022, and December 31, 2021:
Year ended December 31,20222021
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$403 $69 $472 $417 $67 $484 
Investment banking and debt placement fees— 430 430 — 586 586 
Services charges on deposit accounts211 139 350 201 136 337 
Cards and payments income177 154 331 181 226 407 
Other noninterest income11 — 11 7 2 9 
Total revenue from contracts with customers$802 $792 $1,594 $806 $1,017 $1,823 
Other noninterest income (a)
$1,001 $1,234 
Noninterest income from other segments (b)
123 137 
Total noninterest income$2,718 $3,194 
(a)Noninterest income considered earned outside the scope of contracts with customers.
(b)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 25 (“Business Segment Reporting”) for more information.

We had no material contract assets or contract liabilities for the twelve months ended December 31, 2022, and December 31, 2021.
v3.22.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Use of Estimates Our accounting policies conform to US GAAP and prevailing practices within the financial services industry. We must make certain estimates and judgments when determining the amounts presented in our consolidated financial statements and the related notes. If these estimates prove to be inaccurate, actual results could differ from those reported.
Principles of Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of KeyCorp and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Some previously reported amounts related to derivative valuations and reserves have been reclassified from Other Income to Corporate Services Income to conform to current reporting practices.

The consolidated financial statements also include the accounts of any voting rights entities in which we have a controlling financial interest and certain VIEs. In accordance with the applicable accounting guidance for consolidations, we consolidate a VIE if we (i) a variable interest in the entity; (ii) the power to direct activities of the VIE that most significantly affect the entity’s economic performance; and (iii) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE (i.e., we are considered to be the primary beneficiary). See Note 13 (“Variable Interest Entities”) for information on our involvement with VIEs.

We use the equity method to account for unconsolidated investments in voting rights entities or VIEs if we have significant influence over the entity’s operating and financing decisions (usually defined as a voting or economic interest of 20% to 50%, but not controlling). Unconsolidated investments in voting rights entities or VIEs in which we have a voting or economic interest of less than 20% generally are carried at fair value or a cost measurement alternative. Investments held by our registered broker-dealer and investment company subsidiaries (principal investing entities and Real Estate Capital line of business) are carried at fair value.

In preparing these financial statements, subsequent events were evaluated through the time the financial statements were issued. Financial statements are considered issued when they are widely distributed to all shareholders and other financial statement users or filed with the SEC.
Cash and Cash Equivalents Cash and due from banks are considered “cash and cash equivalents” for financial reporting purposes. We do not consider cash on deposit with the Federal Reserve to be restricted.
Loans Loans held in portfolio, which management has the intent and ability to hold for the foreseeable future or until maturity or payoff, are carried at the principal amount outstanding, net of unearned income, including net deferred loan fees and costs and unamortized premiums and discounts. We defer certain nonrefundable loan origination and
commitment fees, and the direct costs of originating or acquiring loans. The net deferred amount is amortized over the estimated lives of the related loans as an adjustment to the yield.

Accrued interest on loans is included in "other assets" on the balance sheet and is excluded from the calculation of the allowance for credit losses due to our charge-off policy to reverse accrued interest on nonperforming loans against interest income in a timely manner.

Sales-type leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs if certain criteria are met. Direct financing leases are carried at the aggregate of the lease receivable, estimated unguaranteed residual values, and deferred initial direct fees and costs, less unearned income. Unearned income on direct financing leases is amortized over the lease terms using a method approximating the interest method that produces a constant rate of return. Deferred initial direct fees and costs for both sales-type and direct financing leases are amortized over the lease terms as an adjustment to the yield.
Expected credit losses on net investments in leases, including any unguaranteed residual asset, are included in the ALLL. Net gains or losses on sales of lease residuals are included in “other income” or “other expense” on the income statement.
Loans Held for Sale Loans held for sale generally include certain residential and commercial mortgage loans, other commercial loans, and student loans. Loans are initially classified as held for sale when they are individually identified as being available for immediate sale and a formal plan exists to sell them. Loans held for sale are recorded at either fair value, if elected, or the lower of cost or fair value. Fair value is determined based on available market data for similar assets. When a loan is originated as held-for-sale, origination fees and costs are deferred but not amortized. Upon sale of the loans, deferred origination fees and costs are recognized as part of the calculated gain or loss on sale. Our commercial loans (including commercial mortgage and non-mortgage loans) and student loans, which we originated and intend to sell, are carried at the lower of aggregate cost or fair value. Subsequent declines in fair value for loans held for sale are recognized as a charge to “other income” on the income statement. Consumer real estate - residential mortgages loans have been elected to be carried at fair value. Subsequent increases and decreases in fair value for loans elected to be measured at fair value are recorded to “consumer mortgage income” on the income statement. Additional information regarding fair value measurements associated with our loans held for sale is provided in Note 6 (“Fair Value Measurements”). We may transfer certain loans to held for sale at the lower of cost or fair value. If a loan is transferred from the loan portfolio to the held-for-sale category, any write-down in the carrying amount of the loan at the date of transfer is recorded as a reduction in the ALLL. When a loan is transferred into the held for sale category, we stop amortizing the related deferred fees and costs. The remaining unamortized fees and costs are recognized as part of the cost basis of the loan at the time it is sold. We may also transfer loans from held for sale to the loan portfolio held for investment. If a loan held for sale for which fair value accounting was elected is transferred to held for investment, it will continue to be accounted for at fair value in the loan portfolio.
Nonperforming Loans
Nonperforming loans are loans for which we do not accrue interest income, and include both commercial and consumer loans and leases and nonaccruing TDR loans. Nonperforming loans do not include loans held for sale. Once a loan is designated nonaccrual, the interest accrued but not collected is reversed against interest income, and payments subsequently received are applied to principal until qualifying for return to accrual.

We generally classify commercial loans as nonperforming and stop accruing interest (i.e., designate the loan “nonaccrual”) when the borrower’s principal or interest payment is 90 days past due unless the loan is well-secured and in the process of collection. Commercial loans are also placed on nonaccrual status when payment is not past due but we have serious doubts about the borrower’s ability to comply with existing repayment terms. Once a loan is designated nonaccrual (and as a result assessed for impairment), the interest accrued but not collected is reversed against loan interest income, and payments subsequently received are applied to principal. Commercial loans are typically charged off in full or charged down to the fair value of the underlying collateral when the borrower’s payment is 180 days past due.
We classify consumer loans as nonperforming and stop accruing interest when the borrower’s payment is 120 days past due, unless the loan is well-secured and in the process of collection. Any second lien home equity loan with an associated first lien that is 120 days or more past due or in foreclosure, or for which the first mortgage delinquency timeframe is unknown, is reported as a nonperforming loan. Secured loans that are discharged through Chapter 7 bankruptcy and not formally re-affirmed are designated as nonperforming and TDRs. Our charge-off policy for most consumer loans takes effect when payments are 120 days past due. Home equity and residential mortgage loans generally are charged down to net realizable value when payment is 180 days past due. Credit card loans and similar unsecured products continue to accrue interest until the account is charged off at 180 days past due.

Commercial and consumer loans may be returned to accrual status if we are reasonably assured that all contractually due principal and interest are collectible and the borrower has demonstrated a sustained period (generally six months) of repayment performance under the contracted terms of the loan and applicable regulation.
Purchased Loans
Purchased performing loans that do not have evidence of deterioration in credit quality at acquisition are recorded at fair value at the acquisition date. Any premium or discount associated with purchased performing loans is recognized as interest income based on the effective yield method of amortization for term loans or the straight-line method of amortization for revolving loans. The methods utilized to estimate the required ALLL for purchased performing loans is similar to originated loans.
Purchased loans that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed PCD loans. PCD loans are initially recorded at fair value along with an allowance for credit losses determined using the same methodology as originated loans. The sum of the loan's purchase price and allowance for credit losses becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses.
Allowance for Loan and Lease Losses We estimate the ALLL using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The ALLL is measured on a collective (pool) basis when similar risk characteristics exist. Our portfolio segments include commercial and consumer. Each of these two segments comprises multiple loan classes. Classes are characterized by similarities in initial measurement, risk attributes, and the manner in which we monitor and assess credit risk. The commercial segment is composed of commercial and industrial, commercial real estate, and commercial lease financing loan classes. The consumer lending segment is composed of residential mortgage, home equity, consumer direct, credit card, student lending and consumer indirect loan classes.
The ALLL represents our current estimate of lifetime credit losses inherent in our loan portfolio at the balance sheet date. In determining the ALLL, we estimate expected future losses for the loan's entire contractual term adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications.

The ALLL is the sum of three components: (i) asset specific/ individual loan reserves; (ii) quantitative (formulaic or pooled) reserves; and (iii) qualitative (judgmental) reserves.

Asset Specific / Individual Component

Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. We have elected to apply the practical expedient to measure expected credit losses of a collateral dependent asset using the fair value of the collateral, less any costs to sell, when foreclosure is not probable, when repayment of the loan is expected to be provided substantially through the operation or sale of the collateral, and the borrower is experiencing financial difficulty.
Individual reserves are determined as follows:
•For commercial non-accruing loans greater than or equal to a defined dollar threshold, individual reserves are determined based on an analysis of the present value of the loan's expected future cash flows or the fair value of the collateral less costs to sell.
•For commercial non-accruing loans below the defined dollar threshold, an established LGD percentage is multiplied by the loan balance and the results are aggregated for purposes of measuring specific reserve impairment.
•The population of individually assessed consumer loans includes loans deemed collateral dependent, in addition to all TDRs. The expected loss for these loans is estimated based on the present value of the loan's expected future cash flows, except in instances where the loan is collateral dependent, in which case the loan is written down based on the collateral's fair market value less costs to sell.

Quantitative Component

We use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD
models as well as less complex estimation methods for smaller loan portfolios.
•PD: This component model is used to estimate the likelihood that a borrower will cease making payments as agreed. The major contributors to this are the borrower credit attributes and macro-economic trends. The objective of the PD model is to produce default likelihood forecasts based on the observed loan-level information and projected paths of macroeconomic variables.
•LGD: This component model is used to estimate the loss on a loan once a loan is in default.
•EAD: Estimates the loan balance at the time the borrower stops making payments. For all term loans, an amortization based formulaic approach is used for account level EAD estimates. We calculate EAD using a portfolio specific method in each of our revolving product portfolios. For line products that are unconditionally cancellable, the balances will either use a paydown curve or be held flat through the life of the loan.
Qualitative Component
The ALLL also includes identified qualitative factors related to idiosyncratic risk factors, changes in current economic conditions that may not be reflected in quantitatively derived results, and other relevant factors to ensure the ALLL reflects our best estimate of current expected credit losses. While our reserve methodologies strive to reflect all relevant risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between estimates and actual outcomes. We provide additional reserves that are designed to provide coverage for losses attributable to such risks. The ALLL also includes factors that may not be directly measured in the determination of individual or collective reserves. Such qualitative factors may include:
•The nature and volume of the institution’s financial assets;
•The existence, growth, and effect of any concentrations of credit;
•The volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets;
•The value of the underlying collateral for loans that are not collateral dependent;
•The institution’s lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries;
•The quality of the institution’s credit review function;
•The experience, ability, and depth of the institution’s lending, investment, collection, and other relevant management and staff;
•The effect of other external factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters; and
•Actual and expected changes in international, national, regional, and local economic and business conditions and developments in which the institution operates that affect the collectability of financial assets.
Liability for Credit Losses on Lending-Related Commitments The liability for credit losses on lending-related commitments, such as letters of credit and unfunded loan commitments, is included in “accrued expense and other liabilities” on the balance sheet. Expected credit losses are estimated over the contractual period in which we are exposed to credit risk via a contractual obligation unless that obligation is unconditionally cancellable by us. The liability for credit losses on lending-related commitments is adjusted as a provision for credit losses. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated useful life. Consistent with our estimation process on our loan and lease portfolio, we use a non-DCF factor-based approach to estimate expected credit losses that include component PD/LGD/EAD models as well as less complex estimation methods for smaller portfolios.
Allowance for Credit Losses on Other Financial Assets
The allowance for credit losses on other financial assets, such as other receivables and servicing advances, is
determined based on historical loss information and other available indicators. If such information does not indicate
any expected credit losses, Key may estimate the allowance for credit losses on other financial assets to be zero or
close to zero.
Fair Value Measurements
Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants in the principal market. Therefore, fair value represents an exit price at the measurement date. We value our assets and liabilities based on the principal or most advantageous market where each would be sold (in the case of assets) or transferred (in the case of liabilities). In the absence of observable market transactions, we consider liquidity valuation adjustments to reflect the uncertainty in pricing the instruments.
Valuation inputs can be observable or unobservable. Observable inputs are assumptions based on market data obtained from an independent source. Unobservable inputs are assumptions based on our own information or assessment of assumptions used by other market participants in pricing the asset or liability. Our unobservable inputs are based on the best and most current information available on the measurement date.
All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that gives the highest ranking to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest ranking to unobservable inputs (Level 3). Fair values for Level 2 assets and liabilities are based on one or a combination of the following factors: (i) quoted market prices for similar assets or liabilities; (ii) observable inputs, such as interest rates or yield curves; or (iii) inputs derived principally from or corroborated by observable market data. The level in the fair value hierarchy ascribed to a fair value measurement in its entirety is based on the lowest level input that is significant to the measurement. Assets and liabilities may transfer between levels based on the observable and unobservable inputs used at the valuation date.
Assets and liabilities are recorded at fair value on a recurring or nonrecurring basis. Nonrecurring fair value adjustments are typically recorded as a result of the application of lower of cost or fair value accounting; or impairment. At a minimum, we conduct our valuations quarterly.
Short-Term Investments Short-term investments consist of segregated, interest-bearing deposits due from banks, the Federal Reserve, and certain non-U.S. banks as well as reverse repurchase agreements and United States Treasury Bills with an original maturity of three months or less.
Trading Account Assets Trading account assets are debt and equity securities, as well as commercial loans, that we purchase and hold but intend to sell in the near term. These assets are reported at fair value. Realized and unrealized gains and losses on trading account assets are reported in “other income” on the income statement.
Securities and Other Investments
Securities available for sale. Debt securities that we intend to hold for an indefinite period of time but that may be sold in response to changes in interest rates, prepayment risk, liquidity needs, or other factors are classified as available-for-sale and reported at fair value. Realized gains and losses resulting from sales of securities using the specific identification method, are included in “other income” on the income statement. Unrealized holding gains are recorded through other comprehensive income. Unrealized losses in fair value below the amortized cost basis are assessed to determine whether the impairment gets recorded through other comprehensive income or through earnings using a valuation allowance.
For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value in “other income” on the income statement. For debt securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized costs, the nature of the security, the underlying collateral, and the financial condition of the issuers, among other factors. If this assessment indicates a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for available-for-sale securities is recorded for the credit loss, limited by the amount that the fair value is less than the amortized costs basis. Any impairment that has not been recorded through an allowance for available-for-sale securities is recognized in other comprehensive income.
Changes in the allowance for available-for-sale securities are recorded as provision for (or reversal of) credit loss. Losses are charged against the allowance for available-for-sale securities when management believes the uncollectibility of an available-for-sale security is confirmed or when either criteria regarding intent or requirement to sell is met.
“Other securities” held in the available-for-sale portfolio consist of convertible preferred stock of privately held companies. For additional information, refer to Note 7 (“Securities”).
Held-to-maturity securities. Debt securities that we have the intent and ability to hold until maturity are classified as held-to-maturity and are carried at cost and adjusted for amortization of premiums and accretion of discounts using the interest method. This method produces a constant rate of return on the adjusted carrying amount.
The held-to-maturity portfolio is classified by the following major security types: agency residential collateralized mortgage obligations, agency residential mortgage-backed securities, agency commercial mortgage-backed securities, asset backed securities, and other. “Other securities” held in the held-to-maturity portfolio consist of foreign bonds and capital securities. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type. The estimate of expected losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. We do not measure expected credit losses on held-to-maturity securities in which historical credit loss information adjusted for current conditions and reasonable and supportable forecasts results in an expectation that nonpayment of the amortized cost basis is zero.

All of our mortgage-backed securities are issued by U.S. government-sponsored enterprises or GNMA, are highly rated by major rating agencies and have a long history of no credit losses. Our asset backed securities consist primarily of senior notes from the sale and securitization of our indirect auto portfolio. Other securities are comprised of State of Israel bonds denominated and paid in U.S. dollars. Israel bonds have a long history of no credit losses. Additionally, as of December 31, 2022, the State of Israel's credit rating is "stable" or “positive” among Fitch, Moody's, and S&P (A+, A1, AA-).
Other Investments
Other investments include equity and mezzanine instruments as well as other types of investments that generally are carried at the alternative cost method. The alternative cost method results in these investments being recorded at cost, less any impairment, plus or minus changes resulting from observable market transactions. Adjustments are
included in “other income” on the income statement. At each reporting period, we assess if these investments continue to qualify for this measurement alternative.
Derivatives and Hedging
All derivatives are recognized on the balance sheet at fair value in “accrued income and other assets” or “accrued expense and other liabilities.” The net increase or decrease in derivatives is included in “other operating activities, net” within the statement of cash flows. Accounting for changes in fair value (i.e., gains or losses) of derivatives differs depending on whether the derivative has been designated and qualifies as part of a hedge relationship, and on the type of hedge relationship. For derivatives that are not in a hedge relationship, any gain or loss, as well as any premium paid or received, is recognized immediately in earnings in “corporate services income” or “other income” on the income statement, depending whether the derivative is for customer accommodation or risk management, respectively. A derivative that is designated and qualifies as a hedging instrument must be designated as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation. Changes in the fair value of a hedging instrument are reflected in the same income statement line as the earnings effect of the change in fair value of the hedged item attributable to the hedged risk.
A fair value hedge is used to limit exposure to changes in the fair value of existing assets, liabilities, and commitments caused by changes in interest rates or other economic factors. The change in the fair value of an instrument designated as a fair value hedge is recorded in earnings at the same time as a change in fair value of the hedged item attributable to the hedged risk.
A cash flow hedge is used to minimize the variability of future cash flows that is caused by changes in interest rates or other economic factors. The gain or loss on a cash flow hedge is recorded as a component of AOCI on the balance sheet and reclassified to earnings in the same period in which the hedged transaction affects earnings (e.g., when we incur variable-rate interest on debt, earn variable-rate interest on loans, or sell commercial real estate loans).
A net investment hedge is used to hedge the exposure of changes in the carrying value of investments as a result of changes in the related foreign exchange rates. The gain or loss on a net investment hedge is recorded as a component of AOCI on the balance sheet when the terms of the derivative match the notional and currency risk being hedged. The amount in AOCI is reclassified into income when the hedged transaction affects earnings (e.g., when we dispose or liquidate a foreign subsidiary).
Hedge “effectiveness” is determined by the extent to which changes in the fair value of a derivative instrument offset changes in the fair value, cash flows, or carrying value attributable to the risk being hedged. If the relationship between the change in the fair value of the derivative instrument and the change in the hedged item falls within a range considered to be the industry norm, the hedge is considered “highly effective” and qualifies for hedge accounting. A hedge is “ineffective” if the relationship between the changes falls outside the acceptable range. In that case, hedge accounting is discontinued on a prospective basis. Hedge effectiveness is tested at least quarterly.
Offsetting Derivative Positions We take into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets on the balance sheet and contracts with positive fair values included in derivative liabilities. Derivative assets and derivative liabilities are recorded within “accrued income and other assets” and “accrued expense and other liabilities,” respectively.
Loan Sales And Securitizations We sell and at times may securitize loans and other financial assets. We recognize the sale and securitization of loans or other financial assets when the transferred assets are legally isolated from our creditors and the appropriate accounting criteria are met. When we securitize loans or other financial assets, we may retain a portion of the securities issued, including senior interests, subordinated interests, interest-only strips, servicing rights, and other interests, all of which are considered retained interests in the transferred assets. The interests are initially measured at fair value which is based on independent third party market prices or market prices for similar assets. If market prices are not available, fair value is estimated based on the present value of expected future cash flows using assumptions as to discount rates, interest rates, prepayment speeds, and credit losses. Loans sold or securitized are removed from the balance sheet and a net gain or loss is recorded depending on the fair value of the loans sold and the retained interests at the date of sale. The net gain or loss is recognized in “other income,” “consumer mortgage income,” or “investment banking and debt placement fees” at the time of sale.
Servicing Assets
We service commercial real estate and residential mortgage loans. Servicing assets and liabilities purchased or retained are initially measured at fair value and are recorded as a component of “accrued income and other assets” on the balance sheet. When no ready market value (such as quoted market prices, or prices based on sales or purchases of similar assets) is available to determine the fair value of servicing assets, fair value is determined by calculating the present value of future cash flows associated with servicing the loans. This calculation is based on a number of assumptions, including the market cost of servicing, the discount rate, the prepayment rate, and the default rate.
We account for our servicing assets using the amortization method. The amortization of servicing assets is determined in proportion to, and over the period of, the estimated net servicing income and recorded in either “consumer mortgage income” or “commercial mortgage servicing fees” on the income statement.
Servicing assets are evaluated quarterly for possible impairment. This process involves stratifying the assets based upon one or more predominant risk characteristics and determining the fair value of each class. The characteristics may include financial asset type, size, interest rate, date of origination, term and geographic location. If the evaluation indicates that the carrying amount of the servicing assets exceeds their fair value, the carrying amount is reduced by recording a charge to income in the amount of such excess and establishing a valuation reserve allowance. If impairment is determined to be other-than-temporary, a direct write-off of the carrying amount would be recorded.
Leases For leases where Key is the lessee that have initial terms greater than one year, right-of-use assets and corresponding lease liabilities are reported on the balance sheet. Leases with an initial term of less than one year are not recorded on the balance sheet. Our leases where Key is the lessee are primarily classified as operating leases. Operating lease expense is recognized in "net occupancy" and "equipment" on a straight-line basis over the lease term.
Premises and Equipment Premises and equipment, including leasehold improvements, are stated at cost less accumulated depreciation and amortization. We determine depreciation of premises and equipment using the straight-line method over the estimated useful lives of the particular assets. Leasehold improvements are amortized using the straight-line method over the shorter of their useful lives or terms of the leases. Premises and equipment are evaluated for impairment whenever events or circumstances indicate that the carrying value of the asset may not be recoverable.
Goodwill and Other Intangible Assets
Goodwill represents the amount by which the cost of net assets acquired in a business combination exceeds their fair value. Goodwill is assigned to reporting units as of the acquisition date based on the expected benefit to such reporting unit from the synergies of the business combination. Goodwill is not amortized. Goodwill is tested at the reporting unit level for impairment, at least annually as of October 1, or when indicators of impairment exist.
We may elect to perform a qualitative analysis to determine whether or not it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. When conducting a qualitative analysis, we evaluate both internal and external factors, including recent performance, updated projections, stock prices and economic conditions. If we elect to bypass this qualitative analysis, or conclude via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, a quantitative goodwill impairment test is performed. If the fair value is less than the carrying value, an impairment charge is recorded for the difference.
Beginning January 1, 2021, the amount of capital being allocated to our reporting units as a proxy for the carrying value is based on a combination of regulatory and economic equity. Fair values are estimated using a combination of market and income approaches. The market approach incorporates comparable public company multiples along with data related to recent merger and acquisition activity. The income approach consists of discounted cash flow modeling that utilizes internal forecasts and various other inputs and assumptions. A multi-year internal forecast is prepared for each reporting unit and a terminal growth rate is estimated for each one based on market expectations of inflation and economic conditions in the financial services industry. Earnings projections for reporting units are adjusted for after tax cost savings expected to be realized by a market participant. The discount rate applied to our cash flows is derived from the CAPM. The buildup to the discount rate includes a risk-free rate, 5-year adjusted beta based on peer companies, a market equity risk premium, a size premium and a company specific risk premium. The discount rates differ between our reporting units as they have different levels of risk. A sensitivity analysis is typically performed on key assumptions, such as the discount rates and cost savings estimates.Other intangible assets with finite lives are amortized on either an accelerated or straight-line basis. We monitor for impairment indicators for goodwill and other intangible assets on a quarterly basis.
Business Combinations We account for our business combinations using the acquisition method of accounting. Under this accounting method, the acquired company’s assets and liabilities are recorded at fair value at the date of acquisition, except as provided for by the applicable accounting guidance, and the results of operations of the acquired company are combined with Key’s results from the date of acquisition forward. Acquisition costs are expensed when incurred. The difference between the purchase price and the fair value of the net assets acquired (including identifiable intangible assets) is recorded as goodwill. Our accounting policy for intangible assets is summarized in this note under the heading “Goodwill and Other Intangible Assets.”
Securities Financing Activities We enter into repurchase agreements to finance overnight customer sweep deposits. We also enter into repurchase and reverse repurchase agreements to settle other securities obligations. We account for these securities financing agreements as collateralized financing transactions. Repurchase and reverse repurchase agreements are recorded on the balance sheet at the amounts that the securities will be subsequently sold or repurchased. Securities borrowed transactions are recorded on the balance sheet at the amounts of cash collateral advanced. While our securities financing agreements incorporate a right of set off, the assets and liabilities are reported on a gross basis. Reverse repurchase agreements and securities borrowed transactions are included in “short-term investments” on the balance sheet; repurchase agreements are included in “federal funds purchased and securities sold under repurchase agreements.” Fees received in connection with these transactions are recorded in interest income; fees paid are recorded in interest expense.
Contingencies and Guarantees We recognize liabilities for the fair value of our obligations under certain guarantees issued. These liabilities are included in “accrued expense and other liabilities” on the balance sheet. If we receive a fee for a guarantee requiring liability recognition, the amount of the fee represents the initial fair value of the “stand ready” obligation. If there is no fee, the fair value of the stand ready obligation is determined using expected present value measurement techniques, unless observable transactions for comparable guarantees are available. The subsequent accounting for these stand ready obligations depends on the nature of the underlying guarantees. We account for our release from risk under a particular guarantee when the guarantee expires or is settled, or by a systematic and rational amortization method, depending on the risk profile of the guarantee. Contingent aspects of certain guarantees are assessed a reserve under CECL if required.Contingent liabilities may result from litigation, claims and assessments, loss or damage to Key. We recognize liabilities from contingencies when a loss is probable and can be reasonably estimated.
Revenue Recognition
We recognize revenues as they are earned based on contractual terms, as transactions occur, or as services are provided and collectability is reasonably assured. Our principal source of revenue is interest income from loans and investments. We also earn noninterest income from various banking and financial services offered through both the Commercial and Consumer banks.
Interest Income. The largest source of revenue for us is interest income. Interest income is primarily recognized on an accrual basis according to nondiscretionary formulas in written contracts, such as loan agreements or securities contracts.
Noninterest Income. We earn noninterest income through a variety of financial and transaction services provided to commercial and consumer clients. Revenue is recorded for noninterest income based on the contractual terms for the service or transaction performed. In certain circumstances, noninterest income is reported net of associated expenses.
Trust and Investment Services Income. Trust and investment services revenues include brokerage commissions trust and asset management commissions.
Revenue from trade execution and brokerage services is earned through commissions from trade execution on behalf of clients. Revenue from these transactions is recognized at the trade date. Any ongoing service fees are recognized on a monthly basis as services are performed.
Trust and asset management services include asset custody and investment management services provided to individual and institutional customers. Revenue is recognized monthly based on a minimum annual fee, and the market value of assets in custody. Additional fees are recognized for transactional activity at a point in time.
Investment Banking and Debt Placement Fees. Investment banking and debt placement fees consist of syndication fees, debt and equity underwriting fees, financial advisor fees, gains on sales of commercial mortgages, and agency origination fees. Revenues for these services are recorded at a point in time, upon completion of a contractually identified transaction, or when an advisory opinion is provided. Investment banking and debt placement costs are reported on a gross basis within other expense on the income statement.
Service Charges on Deposit Accounts. Revenue from service charges on deposit accounts is earned through cash management, wire transfer, and other deposit-related services as well as overdraft, non-sufficient funds, account management and other deposit-related fees. Revenue is recognized for these services either over time, corresponding with deposit accounts’ monthly cycle, or at a point in time for transactional related services and fees. Certain reward costs are netted within revenues from service charges on deposits.
Corporate Services Income. Corporate services income includes various ancillary service revenue including letter of credit fees, loan fees, certain non-hedging derivatives gains and losses, and certain capital market fees. Revenue from these fees is recorded in a manner that reflects the timing of when transactions occur, and as services are provided.
Cards and Payments Income. Cards and payments income consists of debit card, consumer and commercial credit card, and merchant services income. Revenue sources include interchange fees from credit and debit cards processed through card association networks, merchant services, and other card related services. Interchange rates are generally set by the credit card associations and based on purchase volumes and other factors. Interchange fees are recognized as transactions occur. Certain card network costs and reward costs are netted within interchange revenues. Merchant services income represents account management fees and transaction fees charged to merchants for the processing of card association network transactions. Merchant services revenue is recognized as transactions occur, or as services are performed.
Corporate-Owned Life Insurance Income. Income from corporate-owned life insurance primarily represents changes in the cash surrender value of life insurance policies held on certain key employees. Revenue is recognized in each period based on the change in the cash surrender value during the period.
Stock-Based Compensation
Stock-based compensation is measured using the fair value method of accounting on the grant date. The measured cost is recognized over the period during which the recipient is required to provide service in exchange for the award. We estimate expected forfeitures when stock-based awards are granted and record compensation expense only for awards that are expected to vest. Compensation expense related to awards granted to employees is recorded in “personnel expense” on the Consolidated Statements of Income while compensation expense related to awards granted to directors is recorded in “other expense.”
We recognize compensation expense for stock-based, mandatory deferred incentive compensation awards using the accelerated method of amortization over a period of approximately 5 years (the current year performance period and a four-year vesting period, which generally starts in the first quarter following the performance period).
We estimate the fair value of options granted using the Black-Scholes option-pricing model, as further described in Note 17 (“Stock-Based Compensation”). Employee stock options typically become exercisable at the rate of 25% per year, beginning one year after the grant date. Options expire no later than 10 years after their grant date. We recognize stock-based compensation expense for stock options with graded vesting using an accelerated method of amortization.
We use shares repurchased under our annual capital plan submitted to our regulators (treasury shares) for share issuances under all stock-based compensation programs.
Income Taxes Deferred tax assets and liabilities are determined based on temporary differences between financial statement asset and liability amounts and their respective tax bases, and are measured using enacted tax laws and rates that are expected to apply in the periods in which the deferred tax assets or liabilities are expected to be realized. Deferred tax assets are also recorded for any tax attributes, such as tax credit and net operating loss carryforwards. The net balance of deferred tax assets and liabilities is reported in “Accrued income and other assets” or “Accrued expense and other liabilities” in the consolidated balance sheets, as appropriate. Subsequent changes in the tax laws require adjustment to these assets and liabilities with the cumulative effect included in the provision for income taxes for the period in which the change is enacted. A valuation allowance is recognized for a deferred tax asset if, based on the weight of available evidence, it is more-likely-than-not that some portion or all of the deferred tax asset will not be realized.
Earnings Per Share
Basic net income per common share is calculated using the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each share of common stock and participating securities according to dividends declared (distributed earnings) and participation rights in undistributed earnings. Distributed and undistributed earnings are allocated between common and participating security shareholders based on their respective rights to receive dividends. Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are considered participating securities (e.g., nonvested service-based restricted stock units). Undistributed net losses are not allocated to nonvested restricted shareholders, as these shareholders do not have a contractual obligation to fund the incurred losses. Net income attributable to common shares is then divided by the weighted-average number of common shares outstanding during the period.

Diluted net income per common share is calculated using the more dilutive of either the treasury method or the two-class method. The dilutive calculation considers the potential dilutive effect of common stock equivalents determined under the treasury stock method. Common stock equivalents include stock options and service- and performance-based restricted stock and stock units granted under our stock plans. Net income attributable to common shares is then divided by the total of weighted-average number of common shares and common stock equivalents outstanding during the period.
Accounting Guidance Adopted
Accounting Guidance Adopted in 2022
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2020-04 and ASU 2021-01 — Reference Rate Reform (Topic 848)March 12, 2020 through December 31, 2024London Interbank Offered Rate (LIBOR), a reference rate presumed to capture bank funding costs, is being phased out and will no longer be published. This transition to alternate rates will impact, among other things, contracts that reference LIBOR. This ASU provides relief from cumbersome accounting consequences for certain qualifying contract modifications undertaken as a result of reference rate reform.Key has established an enterprise-wide program to identify and address all LIBOR related matters.

We have elected to apply certain optional expedients for contract modifications and hedging relationships to derivative instruments impacted by the market-wide discounting transition. These optional expedients remove the requirement to remeasure contract modifications or dedesignate hedging relationships due to reference rate reform. We plan to elect any optional expedients for contract modifications and hedging relationships to any other financial instruments falling under the scope of reference rate reform.
ASU 2020-06, Debt—Debt
with Conversion and Other
Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in
Entity’s Own Equity
(Subtopic 815-40)		January 1, 2022The ASU simplifies the accounting for convertible debt instruments by eliminating the legacy accounting models for convertible instruments with beneficial conversion features or cash conversion features. The guidance also amends the guidance used to determine if a freestanding financial instrument or an embedded feature qualifies for a scope exception from derivative accounting. For freestanding financial instruments and embedded features that have all the characteristics of a derivative instrument and are potentially settled in an entity’s own stock, the guidance simplifies the settlement assessment that entities are required to perform. Also, this update now requires the use of the if-converted method for all convertible instruments and includes the effect of potential share settlement in diluted EPS if the effect is more dilutive. The new guidance
also makes clarifications to the EPS calculation. Further, the ASU expands disclosure requirements.

The guidance should be applied on a modified retrospective or retrospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.

Accounting Guidance Adopted in 2023
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2021-08, Business Combinations
(Topic 805)		January 1, 2023

Early adoption is permitted.		At the acquisition date, an acquirer must account for any acquired revenue contracts in accordance with Topic 606 as if it had originated the contracts (i.e. measure contract assets and liabilities, generally consistent with acquiree's financial statements).

The guidance should be applied on a prospective basis.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-01, Derivatives and Hedging (Topic 815)January 1, 2023

Early adoption is permitted.		This guidance allows entities to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets. It also allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If a breach is anticipated, an entity is required to partially or fully dedesignate a hedged layer or layers until a breach is no longer anticipated. There are additional requirements and enhanced disclosures related to basis adjustments.

The guidance should be applied on a prospective, retrospective or modified retrospective basis depending on the amendment.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326)January 1, 2023

Early adoption is permitted.		The amendments eliminate current Troubled Debt Restructuring (TDR) guidance and instead require entities to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or is a continuation of an existing loan.

Entities must disclose current-period gross write-offs on an amortized cost basis by credit quality indicator and class of financing receivable by year of origination.

The guidance should be applied on a prospective basis except for amendments related to recognition and measurement of TDRs, where a modified retrospective transition method is optional.		The adoption of this guidance did not have a material impact on Key's financial condition or results of operations.
v3.22.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
Accounting Guidance Adopted in 2022
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2020-04 and ASU 2021-01 — Reference Rate Reform (Topic 848)March 12, 2020 through December 31, 2024London Interbank Offered Rate (LIBOR), a reference rate presumed to capture bank funding costs, is being phased out and will no longer be published. This transition to alternate rates will impact, among other things, contracts that reference LIBOR. This ASU provides relief from cumbersome accounting consequences for certain qualifying contract modifications undertaken as a result of reference rate reform.Key has established an enterprise-wide program to identify and address all LIBOR related matters.

We have elected to apply certain optional expedients for contract modifications and hedging relationships to derivative instruments impacted by the market-wide discounting transition. These optional expedients remove the requirement to remeasure contract modifications or dedesignate hedging relationships due to reference rate reform. We plan to elect any optional expedients for contract modifications and hedging relationships to any other financial instruments falling under the scope of reference rate reform.
ASU 2020-06, Debt—Debt
with Conversion and Other
Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in
Entity’s Own Equity
(Subtopic 815-40)		January 1, 2022The ASU simplifies the accounting for convertible debt instruments by eliminating the legacy accounting models for convertible instruments with beneficial conversion features or cash conversion features. The guidance also amends the guidance used to determine if a freestanding financial instrument or an embedded feature qualifies for a scope exception from derivative accounting. For freestanding financial instruments and embedded features that have all the characteristics of a derivative instrument and are potentially settled in an entity’s own stock, the guidance simplifies the settlement assessment that entities are required to perform. Also, this update now requires the use of the if-converted method for all convertible instruments and includes the effect of potential share settlement in diluted EPS if the effect is more dilutive. The new guidance
also makes clarifications to the EPS calculation. Further, the ASU expands disclosure requirements.

The guidance should be applied on a modified retrospective or retrospective basis.		The adoption of this accounting guidance did not have a material effect on our financial condition or results of operations.

Accounting Guidance Adopted in 2023
StandardDate of AdoptionDescriptionEffect on Financial Statements or Other Significant Matters
ASU 2021-08, Business Combinations
(Topic 805)		January 1, 2023

Early adoption is permitted.		At the acquisition date, an acquirer must account for any acquired revenue contracts in accordance with Topic 606 as if it had originated the contracts (i.e. measure contract assets and liabilities, generally consistent with acquiree's financial statements).

The guidance should be applied on a prospective basis.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-01, Derivatives and Hedging (Topic 815)January 1, 2023

Early adoption is permitted.		This guidance allows entities to apply the same portfolio hedging method to both prepayable and nonprepayable financial assets. It also allows multiple hedged layers to be designated for a single closed portfolio of financial assets or one or more beneficial interests secured by a portfolio of financial instruments. If a breach is anticipated, an entity is required to partially or fully dedesignate a hedged layer or layers until a breach is no longer anticipated. There are additional requirements and enhanced disclosures related to basis adjustments.

The guidance should be applied on a prospective, retrospective or modified retrospective basis depending on the amendment.		The adoption of this guidance did not have a material impact on Key’s financial condition or results of operations.
ASU 2022-02, Financial Instruments—Credit Losses (Topic 326)January 1, 2023

Early adoption is permitted.		The amendments eliminate current Troubled Debt Restructuring (TDR) guidance and instead require entities to apply the loan refinancing and restructuring guidance to determine whether a modification results in a new loan or is a continuation of an existing loan.

Entities must disclose current-period gross write-offs on an amortized cost basis by credit quality indicator and class of financing receivable by year of origination.

The guidance should be applied on a prospective basis except for amendments related to recognition and measurement of TDRs, where a modified retrospective transition method is optional.		The adoption of this guidance did not have a material impact on Key's financial condition or results of operations.
v3.22.4
Earnings Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Common Share
Our basic and diluted earnings per Common Share are calculated as follows:
Year ended December 31,   
Dollars in millions, except per share amounts202220212020
EARNINGS
Income (loss) from continuing operations$1,911 $2,612 $1,329 
Less: Net income (loss) attributable to noncontrolling interests— — — 
Income (loss) from continuing operations attributable to Key1,911 2,612 1,329 
Less: Dividends on preferred stock118 106 106 
Income (loss) from continuing operations attributable to Key common shareholders1,793 2,506 1,223 
Income (loss) from discontinued operations, net of taxes6 13 14 
Net income (loss) attributable to Key common shareholders$1,799 $2,519 $1,237 
WEIGHTED-AVERAGE COMMON SHARES
Weighted-average Common Shares outstanding (000)924,363 947,065 967,783 
Effect of common share options and other stock awards8,696 10,349 7,024 
Weighted-average common shares and potential Common Shares outstanding (000) (a)
933,059 957,414 974,807 
EARNINGS PER COMMON SHARE
Income (loss) from continuing operations attributable to Key common shareholders$1.94 $2.64 $1.26 
Income (loss) from discontinued operations, net of taxes.01 .01 .01 
Net income (loss) attributable to Key common shareholders (b)
1.94 2.65 1.28 
Income (loss) from continuing operations attributable to Key common shareholders — assuming dilution1.92 2.62 1.26 
Income (loss) from discontinued operations, net of taxes — assuming dilution.01 .01 .01 
Net income (loss) attributable to Key common shareholders — assuming dilution (b)
1.93 2.63 1.27 
(a)Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
(b)EPS may not foot due to rounding.
v3.22.4
Loan Portfolio (Tables)
 12 Months Ended
Dec. 31, 2022
Financing Receivable, before Allowance for Credit Loss [Abstract]  
Schedule of Loans by Category
December 31,  
Dollars in millions20222021
Commercial and industrial (b)
$59,647 $50,525 
Commercial real estate:
Commercial mortgage16,352 14,244 
Construction2,530 1,996 
Total commercial real estate loans18,882 16,240 
Commercial lease financing (c)
3,936 4,071 
Total commercial loans82,465 70,836 
Residential — prime loans:
Real estate — residential mortgage21,401 15,756 
Home equity loans7,951 8,467 
Total residential — prime loans29,352 24,223 
Consumer direct loans6,508 5,753 
Credit cards1,026 972 
Consumer indirect loans43 70 
Total consumer loans36,929 31,018 
Total loans (d)
$119,394 $101,854 
(a)Accrued interest of $417 million and $198 million at December 31, 2022, and December 31, 2021, respectively, is presented in "Accrued income and other assets" on the Consolidated Balance Sheets and is excluded from the amortized cost basis disclosed in this table.
(b)Loan balances include $172 million and $139 million of commercial credit card balances at December 31, 2022, and December 31, 2021, respectively.
(c)Commercial lease financing includes receivables of $8 million and $16 million held as collateral for secured borrowings at December 31, 2022, and December 31, 2021, respectively. Principal reductions are based on the cash payments received from these related receivables. Additional information pertaining to this secured borrowing is included in Note 20 (“Long-Term Debt”).
(d)Total loans exclude loans of $434 million at December 31, 2022, and $567 million at December 31, 2021, related to the discontinued operations of the education lending business.
v3.22.4
Asset Quality (Tables)
 12 Months Ended
Dec. 31, 2022
Credit Loss [Abstract]  
Schedule of Financing Receivable, Allowance for Credit Loss The changes in the ALLL by loan category for the periods indicated are as follows:
Twelve Months Ended December 31, 2022:
Dollars in millionsDecember 31, 2021ProvisionCharge-offsRecoveriesDecember 31, 2022
Commercial and Industrial $445 $259 $(153)$50 $601 
Commercial real estate:
Real estate — commercial mortgage182 39 (23)5 203 
Real estate — construction29 (2)— 1 28 
Total commercial real estate loans211 37 (23)6 231 
Commercial lease financing32 (2)(2)4 32 
Total commercial loans688 294 (178)60 864 
Real estate — residential mortgage95 94 2 5 196 
Home equity loans110 (14)(1)3 98 
Consumer direct loans105 32 (34)8 111 
Credit cards61 29 (30)6 66 
Consumer indirect loans2 2 (4)2 2 
Total consumer loans373 143 (67)24 473 
Total ALLL — continuing operations1,061 437 
(a)
(245)84 1,337 
Discontinued operations28 (3)(6)2 21 
Total ALLL — including discontinued operations$1,089 $434 $(251)$86 $1,358 
(a)Excludes a provision related to reserves on lending-related commitments of $65 million.

Twelve Months Ended December 31, 2021:
Dollars in millionsDecember 31, 2020ProvisionCharge-offsRecoveriesDecember 31, 2021
Commercial and Industrial $678 $(142)$(174)$83 $445 
Commercial real estate:
Real estate — commercial mortgage327 (114)(40)9 182 
Real estate — construction47 (18)— — 29 
Total commercial real estate loans374 (132)(40)9 211 
Commercial lease financing47 (16)(6)7 32 
Total commercial loans1,099 (290)(220)99 688 
Real estate — residential mortgage102 (12)2 3 95 
Home equity loans171 (57)(9)5 110 
Consumer direct loans128 (2)(29)8 105 
Credit cards87 (7)(27)8 61 
Consumer indirect loans39 (13)(39)15 2 
Total consumer loans527 (91)(102)39 373 
Total ALLL — continuing operations1,626 (381)
(a)
(322)138 1,061 
Discontinued operations36 (6)(4)2 28 
Total ALLL — including discontinued operations$1,662 $(387)$(326)$140 $1,089 
(a)Excludes a credit related to reserves on lending-related commitments of $37 million.
Twelve Months Ended December 31, 2020
Dollars in millionsDecember 31, 2019Impact of ASC 326 AdoptionJanuary 1, 2020Provision Charge-offsRecoveriesDecember 31, 2020
Commercial and industrial$551 $(141)$410 $585   $(351)$34 $678 
Commercial real estate:
Real estate — commercial mortgage143 16 159 184 (19)3 327 
Real estate — construction22 (7)15 32 — — 47 
Total commercial real estate loans165 9 174 216 (19)3 374 
Commercial lease financing35 8 43 38 (35)1 47 
Total commercial loans751 (124)627 839 (405)38 1,099 
Real estate — residential mortgage7 77 84 19 (2)1 102 
Home equity loans31 147 178 (3)(11)7 171 
Consumer direct loans34 63 97 61   (37)7 128 
Credit cards47 35 82 36   (39)8 87 
Consumer indirect loans30 6 36 13 (28)18 39 
Total consumer loans149 328 477 126   (117)41 527 
Total ALLL — continuing operations900 204 1,104 965 
(a)
(522)79 1,626 
Discontinued operations10 31 41 (5)  (5)5 36 
Total ALLL — including discontinued operations$910 $235 $1,145 $960 $(527)$84 $1,662 
(a)Excludes a provision related to reserves on lending-related commitments of $56 million.
Schedule of Significant Macroeconomic Variables of Loan Portfolios The following table discloses key macroeconomic variables for each loan portfolio.
SegmentPortfolio
Key Macroeconomic Variables (a)
CommercialCommercial and industrialBBB corporate bond rate (spread), fixed investment, business bankruptcies, GDP, industrial production, and unemployment rate, Producer Price Index
Commercial real estateProperty & real estate price indices, unemployment rate, business bankruptcies, GDP, SOFR
Commercial lease financingBBB corporate bond rate (spread), GDP, and unemployment rate
ConsumerReal estate — residential mortgageGDP, home price index, unemployment rate, and 30 year mortgage rate
Home equityHome price index, unemployment rate, and 30 year mortgage rate
Consumer directUnemployment rate and U.S. household income
Consumer indirectUnemployment rate
Credit cardsUnemployment rate and U.S. household income
Discontinued operationsUnemployment rate
(a)Variables include all transformations and interactions with other risk drivers. Additionally, variables may have varying impacts at different points in the economic cycle.
Schedule of Financing Receivable Credit Quality Indicators
Credit Risk Profile by Creditworthiness Category and Vintage (a)
As of December 31, 2022Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and Internal Risk Rating
Dollars in millions20222021202020192018PriorTotal
Commercial and Industrial
Risk Rating:
Pass$11,580 $8,636 $3,540 $2,839 $1,787 $3,307 $25,565 $138 $57,392 
Criticized (Accruing)40 357 131 160 227 205 936 25 2,081 
Criticized (Nonaccruing)34 2 5 4 22 20 87 — 174 
Total commercial and industrial11,654 8,995 3,676 3,003 2,036 3,532 26,588 163 59,647 
Real estate — commercial mortgage
Risk Rating:
Pass4,786 3,817 992 1,853 788 2,578 1,068 67 15,949 
Criticized (Accruing)6 13 20 48 73 175 47 — 382 
Criticized (Nonaccruing)— — 1 1 1 15 3 — 21 
Total real estate — commercial mortgage
4,792 3,830 1,013 1,902 862 2,768 1,118 67 16,352 
Real estate — construction
Risk Rating:
Pass698 895 445 262 107 48 1 — 2,456 
Criticized (Accruing)5 1 5 32 25 4 — 2 74 
Criticized (Nonaccruing)— — — — — — — — — 
Total real estate — construction703 896 450 294 132 52 1 2 2,530 
Commercial lease financing
Risk Rating:
Pass1,039 743 509 467 174 947 — — 3,879 
Criticized (Accruing)15 1 9 12 9 10 — — 56 
Criticized (Nonaccruing)— — — — — 1 — — 1 
Total commercial lease financing1,054 744 518 479 183 958 — — 3,936 
Total commercial loans$18,203 $14,465 $5,657 $5,678 $3,213 $7,310 $27,707 $232 $82,465 
(a)Accrued interest of $314 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
Consumer Credit Exposure
Credit Risk Profile by FICO Score and Vintage (a)
As of December 31, 2022Term LoansRevolving Loans Amortized Cost BasisRevolving Loans Converted to Term Loans Amortized Cost Basis
Amortized Cost Basis by Origination Year and FICO Score
Dollars in millions20222021202020192018PriorTotal
Real estate — residential mortgage
FICO Score:
750 and above$5,205 $8,702 $2,584 $636 $64 $978 $— $— $18,169 
660 to 7491,286 919 282 106 28 260 — — 2,881 
Less than 66041 42 17 14 15 130 — — 259 
No Score62 1 1 1 1 25 1 — 92 
Total real estate — residential mortgage6,594 9,664 2,884 757 108 1,393 1 — 21,401 
Home equity loans
FICO Score:
750 and above146 1,044 736 207 74 617 2,238 398 5,460 
660 to 74983 291 194 79 32 187 974 126 1,966 
Less than 66011 31 25 17 10 81 300 37 512 
No Score7 — — — — 2 4 — 13 
Total home equity loans247 1,366 955 303 116 887 3,516 561 7,951 
Consumer direct loans
FICO Score:
750 and above1,291 1,632 811 351 45 97 102 — 4,329 
660 to 749526 434 229 120 26 41 206 — 1,582 
Less than 66058 63 32 23 7 9 57 — 249 
No Score59 32 22 11 9 22 193 — 348 
Total consumer direct loans1,934 2,161 1,094 505 87 169 558 — 6,508 
Credit cards
FICO Score:
750 and above— — — — — — 524 — 524 
660 to 749— — — — — — 402 — 402 
Less than 660— — — — — — 99 — 99 
No Score— — — — — — 1 — 1 
Total credit cards— — — — — — 1,026 — 1,026 
Consumer indirect loans
FICO Score:
750 and above— 2 — — — 19 — — 21 
660 to 749— — — — — 15 — — 15 
Less than 660— — — — — 7 — — 7 
No Score— — — — — — — — — 
Total consumer indirect loans— 2 — — — 41 — — 43 
Total consumer loans$8,775 $13,193 $4,933 $1,565 $311 $2,490 $5,101 $561 $36,929 
(a)Accrued interest of $103 million, presented in “Accrued income and other assets” on the Consolidated Balance Sheets, was excluded from the amortized cost basis disclosed in this table.
Schedule of Past Due Loans Including Current Loans The following aging analysis of past due and current loans as of December 31, 2022, and December 31, 2021, provides further information regarding Key’s credit exposure.
Aging Analysis of Loan Portfolio(a)
December 31, 2022Current
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans		Total Past
Due and
Non-performing
Loans
Total
Loans (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$59,366 $43 $33 $31 $174 $281 $59,647 
Commercial real estate:
Commercial mortgage16,305 16 2 8 21 47 16,352 
Construction2,530 — — — — — 2,530 
Total commercial real estate loans18,835 16 2 8 21 47 18,882 
Commercial lease financing3,928 3 1 3 1 8 3,936 
Total commercial loans$82,129 $62 $36 $42 $196 $336 $82,465 
Real estate — residential mortgage$21,307 $13 $3 $1 $77 $94 $21,401 
Home equity loans7,804 27 8 5 107 147 7,951 
Consumer direct loans6,478 15 7 5 3 30 6,508 
Credit cards1,007 5 4 7 3 19 1,026 
Consumer indirect loans42 — — — 1 1 43 
Total consumer loans$36,638 $60 $22 $18 $191 $291 $36,929 
Total loans$118,767 $122 $58 $60 $387 $627 $119,394 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $417 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.

December 31, 2021Current
30-59
Days Past
Due (b)
60-89
Days Past
Due (b)
90 and
Greater
Days Past
Due (b)
Non-performing
Loans		Total Past Due and Non-performing Loans
Total
Loans (c)
Dollars in millions
LOAN TYPE
Commercial and industrial$50,226 $19 $49 $40 $191 $299 $50,525 
Commercial real estate:
Commercial mortgage14,174 10 9 7 44 70 14,244 
Construction1,978 — 17 1 — 18 1,996 
Total commercial real estate loans16,152 10 26 8 44 88 16,240 
Commercial lease financing4,061 6 — — 4 10 4,071 
Total commercial loans$70,439 $35 $75 $48 $239 $397 $70,836 
Real estate — residential mortgage$15,669 $7 $3 $5 $72 $87 $15,756 
Home equity loans8,299 21 6 6 135 168 8,467 
Consumer direct loans5,736 8 2 3 4 17 5,753 
Credit cards956 4 3 6 3 16 972 
Consumer indirect loans68 1 — — 1 2 70 
Total consumer loans$30,728 $41 $14 $20 $215 $290 $31,018 
Total loans$101,167 $76 $89 $68 $454 $687 $101,854 
(a)Amounts in table represent amortized cost and exclude loans held for sale.
(b)Accrued interest of $198 million presented in “Accrued income and other assets” on the Consolidated Balance Sheets is excluded from the amortized cost basis disclosed in this table.
(c)Net of unearned income, net of deferred fees and costs, and unamortized discounts and premiums.
Schedule of Post-Modification Outstanding Recorded Investment by Concession Type for Our Commercial Accruing and Nonaccruing TDRs
December 31,
Dollars in millions20222021
Commercial loans:
Extension of Maturity Date$36 $— 
Payment or Covenant Modification/Deferment— 7 
Total$36 $7 
Consumer loans:
Interest rate reduction$13 $7 
Other20 19 
Total$33 $26 
Total TDRs$69 $33 
Summary Of Post-Modification Outstanding Recorded Investment, Accruing And Nonaccruing TDRs
The following table summarizes the change in the post-modification outstanding recorded investment of our accruing and nonaccruing TDRs during the periods indicated:
December 31,
Dollars in millions20222021
Balance at beginning of the period$220 $363 
Additions79 103 
Payments(45)(217)
Charge-offs(18)(29)
Balance at end of period$236 $220 
Schedule of Breakdown of Nonperforming TDRs by Loans Category
A further breakdown of TDRs included in nonperforming loans by loan category for the periods indicated are as follows:
December 31, 2022December 31, 2021
Number  
of Loans  
Pre-modification  
Outstanding  
Recorded  
Investment  
Post-modification  
Outstanding  
Recorded  
Investment  
Number  
of Loans  		Pre-modification  
Outstanding  
Recorded  
Investment  		Post-modification  
Outstanding  
Recorded  
Investment  
Dollars in millions
LOAN TYPE
Nonperforming:
Commercial and industrial27 $60 $45 36 $30 $14 
Commercial real estate:
Real estate — commercial mortgage4 50 13 3 50 25 
Total commercial real estate loans4 50 13 3 50 25 
Total commercial loans31 110 58 39 80 39 
Real estate — residential mortgage238 30 27 220 26 24 
Home equity loans468 32 28 531 36 31 
Consumer direct loans156 2 2 207 3 2 
Credit cards331 2 2 360 2 2 
Consumer indirect loans16 2 1 23 1 1 
Total consumer loans1,209 68 60 1,341 68 60 
Total nonperforming TDRs1,240 178 118 1,380 148 99 
Prior-year accruing: (a)
Commercial and industrial19 — — 11 — — 
Commercial real estate:
Real estate — commercial mortgage— — — 1 — — 
Total commercial loans19 — — 12 — — 
Real estate — residential mortgage425 41 35 455 39 33 
Home equity loans1,547 96 73 1,628 97 75 
Consumer direct loans272 4 3 236 5 3 
Credit cards607 4 2 579 4 2 
Consumer indirect loans95 11 5 139 15 8 
Total consumer loans2,946 156 118 3,037 160 121 
Total prior-year accruing TDRs2,965 156 118 3,049 160 121 
Total TDRs4,205 $334 $236 4,429 $308 $220 
(a)All TDRs that were restructured prior to January 1, 2022, and January 1, 2021, are fully accruing.
Schedule of Changes in Liability for Credit Losses on Off-Balance Sheet Exposures
Changes in the liability for credit losses on off balance sheet exposures are summarized as follows:
 Twelve Months Ended December 31,
Dollars in millions20222021
Balance at beginning of period$160 $197 
Provision (credit) for losses on off balance sheet exposures65 (37)
Balance at end of period$225 $160 
v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis The following tables present assets and liabilities measured at fair value on a recurring basis at December 31, 2022, and December 31, 2021.
December 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Dollars in millions
ASSETS MEASURED ON A RECURRING BASIS
Trading account assets:
U.S. Treasury, agencies and corporations$— $698 $— $698 $— $530 $— $530 
States and political subdivisions— 33 — 33 — 96 — 96 
Other mortgage-backed securities— 84 — 84 — 44 — 44 
Other securities— — — — — 13 — 13 
Total trading account securities— 815 — 815 — 683 — 683 
Commercial loans— 14 — 14 — 18 — 18 
Total trading account assets— 829 — 829 — 701 — 701 
Securities available for sale:
U.S. Treasury, agencies and corporations— 9,415 — 9,415 — 9,472 — 9,472 
States and political subdivisions— — — — — — — — 
Agency residential collateralized mortgage obligations— 16,433 — 16,433 — 21,119 — 21,119 
Agency residential mortgage-backed securities— 3,920 — 3,920 — 5,122 — 5,122 
Agency commercial mortgage-backed securities— 9,349 — 9,349 — 9,651 — 9,651 
Other securities— — — — — — — — 
Total securities available for sale$— $39,117 $— $39,117 $— $45,364 $— $45,364 
Other investments:
Principal investments:
Direct$— $— $1 $1 $— $— $1 $1 
Indirect (measured at NAV) (a)
— — — 34 — — — 45 
Total principal investments— — 1 35 — — 1 46 
Equity investments:
Direct4 — 2 6 24 — 9 33 
Direct (measured at NAV) (a)
— — — 32 — — — 21 
Indirect (measured at NAV) (a)
— — — 4 — — — 5 
Total equity investments4 — 2 42 24 — 9 59 
Total other investments4 — 3 77 24 — 10 105 
Loans, net of unearned income (residential)— — 9 9 — — 11 11 
Loans held for sale (residential)— 24 — 24 — 281 — 281 
Derivative assets:
Interest rate— 301 2 303 — 774 33 807 
Foreign exchange112 24 — 136 71 10 — 81 
Commodity— 1,328 — 1,328 — 1,330 — 1,330 
Credit— — 1 1 — — 1 1 
Other— 13 — 13 — 22 5 27 
Derivative assets112 1,666 3 1,781 71 2,136 39 2,246 
Netting adjustments (b)
— — — (757)— — — (284)
Total derivative assets112 1,666 3 1,024 71 2,136 39 1,962 
Total assets on a recurring basis at fair value$116 $41,636 $15 $41,080 $95 $48,482 $60 $48,424 
LIABILITIES MEASURED ON A RECURRING BASIS
Bank notes and other short-term borrowings:
Short positions$126 $509 $— $635 $75 $513 $— $588 
Derivative liabilities:
Interest rate— 1,307 — 1,307 — 253 — 253 
Foreign exchange107 24 — 131 66 10 — 76 
Commodity— 1,304 — 1,304 — 1,335 — 1,335 
Credit— — 3 3 — 5 7 12 
Other— 5 — 5 — 11 — 11 
Derivative liabilities107 2,640 3 2,750 66 1,614 7 1,687 
Netting adjustments (b)
— — — (1,262)— — — (1,526)
Total derivative liabilities107 2,640 3 1,488 66 1,614 7 161 
Total liabilities on a recurring basis at fair value$233 $3,149 $3 $2,123 $141 $2,127 $7 $749 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet.
(b)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
Fair Value Measurement Inputs and Valuation Techniques
The following table describes the valuation techniques and significant inputs used to measure the classes of assets and liabilities reported at fair value on a recurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Securities (includes trading account assets securities available for sale, and U.S. Treasury Bills classified as short-term investments)
Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities. This includes exchange-traded equity securities.
Fair value of level 2 securities is determined by:
• Pricing models (either by a third party pricing service or internally). Inputs include: yields, benchmark securities, bids, offers, actual trade data (i.e., spreads, credit ratings, and interest rates) for comparable assets, spread tables, matrices, high-grade scales, and option-adjusted spreads.
• Observable market prices of similar securities.
Fair value of level 3 securities is determined by:
• Internally developed valuation techniques, principally discounted cash flow methods (income approach).
• Revenue multiples of comparable public companies (market approach).

For level 3 securities, increases (decreases) in the discount rate and marketability discount used in the discounted cash flow models would have resulted in lower (higher) fair value measurements. Higher volatility factors would have further magnified changes in fair value.

The valuations provided by the third-party pricing service are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, and reference data obtained from market research publications. Inputs used by the third-party pricing service in valuing CMOs and other mortgage-backed securities also include new issue data, monthly payment information, whole loan collateral performance, and “To Be Announced” prices. In valuations of securities issued by state and political subdivisions, inputs used by the third-party pricing service also include material event notices. We regularly validate the pricing methodologies of valuations derived from a third-party pricing service to ensure the fair value determination is consistent with applicable accounting guidance and that our assets are properly classified in the fair value hierarchy. To perform this validation, we:

•review documentation received from our third-party pricing service regarding the inputs used in its valuations and determine a level assessment for each category of securities;
•substantiate actual inputs used for a sample of securities by comparing the actual inputs used by our third-party pricing service to comparable inputs for similar securities; and
•substantiate the fair values determined for a sample of securities by comparing the fair values provided by our third-party pricing service to prices from other independent sources for the same and similar securities.

We analyze variances and conduct additional research with our third-party pricing service and take appropriate steps based on our findings.
Level 1, 2, and 3 (primarily Level 2)
Commercial loans (trading account assets)
Fair value is based on:
• Observable market price spreads for similar loans. Valuations reflect prices within the bid-ask spread that are most representative of fair value.
Level 2
Principal investments (direct)
Direct principal investments consist of equity and debt instruments of private companies made by our principal investing entities. Fair value is determined using:
• Operating performance and market multiples of comparable businesses
• Other unique facts and circumstances related to each individual investment
Direct principal investments are accounted for as investment companies in accordance with the applicable accounting guidance, whereby each investment is adjusted to fair value with any net realized or unrealized gain/loss recorded in the current period’s earnings.

We are in the process of winding down our direct principal investment portfolio. As of December 31, 2022, the balance is less than $1 million.
Level 3
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Principal investments (indirect)
Indirect principal investments include primary and secondary investments in private equity funds engaged mainly in venture- and growth-oriented investing. These investments do not have readily determinable fair values and qualify for the practical expedient to estimate fair value based upon net asset value per share (or its equivalent, such as member units or an ownership interest in partners’ capital to which a proportionate share of net assets is attributed).
Indirect principal investments are also accounted for as investment companies, whereby each investment is adjusted to fair value with any net realized or unrealized gain/loss recorded in the current period’s earnings.

Under the provisions of the Volcker Rule, we are required to dispose or conform our indirect investments to the requirements of the statute by no later than July 21, 2023. As of December 31, 2022, we have not committed to a plan to sell these investments. Therefore, these investments continue to be valued using the net asset value per share methodology.
NAV
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Other direct equity investments
Fair value is determined using:
• Discounted cash flows
• Operating performance and market/exit multiples of comparable businesses
• Other unique facts and circumstances related to each individual investment
For level 3 securities, increases in the discount rate applied in the discounted cash flow models would negatively affect the fair value. Increases in valuation multiples of comparable companies would positively affect the fair value. Level 1 investments reflect the quoted market prices of the investments available in an active market.
Level 1 and 3
Other direct and indirect equity investments (NAV)
Certain direct and indirect investments do not have readily determinable fair values and qualify for the practical expedient in the accounting guidance that allows us to estimate fair value based upon net asset value per share.
NAV
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Loans held for sale and held for investment (residential)
Residential mortgage loans held for sale are accounted for at fair value. Fair values are based on:
• Quoted market prices, where available
• Prices for other traded mortgage loans with similar characteristics
• Purchase commitments and bid information received from market participants
Prices are adjusted as necessary to include:
• The embedded servicing value in the loans
• The specific characteristics of certain loans that are priced based on the pricing of similar loans. (These adjustments represent unobservable inputs to the valuation but are not considered significant given the relative insensitivity of the value to changes in these inputs to the fair value of the loans.)
Residential loans held for investment: Certain residential loans held for sale contain salability exceptions that make them unable to be sold into the performing loan sales market. Loans in this category are transferred to the held to maturity loan portfolio and are included in “Loans, net of unearned income” on the balance sheet. This type of loan is classified as level 3 in the valuation hierarchy as transaction details regarding sales of this type of loan are often unavailable.
  Fair value is based upon:
• Unobservable bid information from brokers and investors

Higher (lower) unobservable bid information would have resulted in higher (lower) fair value measurements.
Level 1, 2 and 3 (primarily level 2)
Derivatives
Exchange-traded derivatives are valued using quoted prices in active markets and, therefore, are classified as Level 1 instruments.

The majority of our derivative positions are Level 2 and are valued using internally developed models based on market convention and observable market inputs. These derivative contracts include interest rate swaps, certain options, floors, cross currency swaps, credit default swaps, and forward mortgage loan sale commitments. Significant inputs used in the valuation models include:
• LIBOR, SOFR and Overnight Index Swap (OIS) curves, index pricing curves, foreign currency curves
• Volatility surfaces (a three-dimensional graph of implied volatility against strike price and maturity)
We have customized derivative instruments and risk participations that are classified as Level 3 instruments. These derivative positions are valued using internally developed models, with inputs consisting of available market data, including:

• Credit spreads and interest rates

The unobservable internally derived assumptions include:

• Loss given default

• Internal risk assessments of customers
The fair value represents an estimate of the amount that the risk participation counterparty would need to pay/receive as of the measurement date based on the probability of customer default on the swap transaction and the fair value of the underlying customer swap. Therefore, for sold risk participation agreements, a higher loss probability and a lower credit rating would negatively affect the fair value of the risk participations and a lower loss probability and higher credit rating would positively affect the fair value of the risk participations. (For purchased risk participation agreements, higher loss probabilities and lower credit ratings would positively affect the fair value.)
Level 1, 2, and 3 (primarily level 2)
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Derivatives (continued)
We use interest rate lock commitments for our residential mortgage business, which are classified as Level 3 instruments. The significant components of the valuation model include:
 
• Interest rates observable in the market

• Investor supplied prices for similar loans and securities

• The probability of the loan closing (i.e. the "pull-through" amount, a significant unobservable input). Increases (decreases) in the probability of the loan closing would have resulted in higher (lower) fair value measurements.
Valuation of residential mortgage forward sale commitments utilizes observable market prices of comparable commitments and mortgage securities (Level 2).

The fair values of our derivatives include a credit valuation adjustment related to both counterparty and our own creditworthiness. The credit component considers master netting and collateral agreements and is determined by the individual counterparty based on potential future exposures, expected recovery rates, and market-implied probabilities of default.
Level 1, 2, and 3 (primarily level 2)
Liability for short positions
This includes fixed income securities held by our broker dealer in its trading inventory. Fair value of level 1 securities is determined by:
• Quoted market prices available in an active market for identical securities
Fair value of level 2 securities is determined by:
• Observable market prices of similar securities
• Market activity, spreads, credit ratings and interest rates for each security type
Level 1 and 2
The following table describes the valuation techniques and significant inputs used to measure the significant classes of assets and liabilities reported at fair value on a nonrecurring basis, as well as the classification of each within the valuation hierarchy.
Asset/liability classValuation techniqueValuation hierarchy classification(s)
Collateral-dependent loansWhen a loan is collateral-dependent, the fair value of the loan is determined based on the fair value of the underlying collateral. Level 3
Commercial loans and student loans held for sale
Through a quarterly analysis of our loan portfolios held for sale, which include both performing and nonperforming commercial loans and student loans, we determine any adjustments necessary to record the portfolios at the lower of cost or fair value in accordance with GAAP. Valuation inputs include:

• Non-binding bids for the respective loans or similar loans

• Recent sales transactions

• Internal models that emulate recent securitizations
Level 2 and 3
Direct financing leases and operating lease assets held for sale
Valuations of direct financing leases and operating lease assets held for sale are performed using an internal model that relies on market data, including:

• Swap rates and bond ratings
• Our own assumptions about the exit market for the leases
• Details about the individual leases in the portfolio
Leases for which we receive a current nonbinding bid, and for which the sale is considered probable, may be classified as Level 2. Valuations of lease and operating lease assets held for sale that employ our own assumptions are classified as Level 3 assets. The inputs based on our own assumptions include changes in the value of leased items and internal credit ratings.
Level 2 and 3
OREO, other repossessed personal properties, and right-of-use assets(a)
OREO, other repossessed properties, and right-of-use assets are valued based on:


• Appraisals and third-party price opinions, less estimated selling costs 


Generally, we classify these assets as Level 3, but OREO and other repossessed properties for which we receive binding purchase agreements are classified as Level 2. Returned lease inventory is valued based on market data for similar assets and is classified as Level 2. 

Level 2 and 3
LIHTC, HTC, and NMTC investments(a)
Valuation of LIHTC, HTC and NMTC involves measuring the present value of future tax benefits and comparing that value against the current carrying value of the investment. Expected future tax benefits are discounted to their present value using discounted cash flow modeling that incorporates an appropriate risk premium. LIHTC and HTC investments are impaired when it is more likely than not that the carrying amount of the investment will not be realized. Level 3
Other equity investments
We have other investments in equity securities that do not have readily determinable fair values and do not qualify for the practical expedient to measure the investment using a net asset value per share. We have elected to measure these securities at cost less impairment plus or minus adjustments due to observable orderly transactions. Impairment is recorded when there is evidence that the expected fair value of the investment has declined to below the recorded cost. At each reporting period, we assess if these investments continue to qualify for this measurement alternative.

At December 31, 2022, and December 31, 2021, the carrying amount of equity investments recorded under this method was $249 million and $173 million, respectively. No impairment was recorded for the year ended December 31, 2022.
Level 3
Mortgage Servicing Rights(a)
Refer to Note 9 (“Mortgage Servicing Assets”).Level 3
(a)Asset classes included in “Accrued income and other assets” on the Consolidated Balance Sheets
The range and weighted-average of the significant unobservable inputs used to fair value our material Level 3 recurring and nonrecurring assets at December 31, 2022, and December 31, 2021, along with the valuation techniques used, are shown in the following table:
Level 3 Asset (Liability) Valuation TechniqueSignificant
Unobservable Input
Range
(Weighted-Average) (b), (c)
Dollars in millions
December 31, 2022December 31, 2021December 31, 2022December 31, 2021
Recurring    
Loans, net of unearned income (residential)$9 $11 Market comparable pricingComparability factor
61.00%-86.58% (72.21%)
64.50 - 97.30% (94.24%)
Derivative instruments:
Interest rate2 33 Discounted cash flowsProbability of default
.02 - 100% (8.00%)
.02 - 100% (8.88%)
Loss given default
0 - 1 (.49)
0 - 1 (.50)
Insignificant level 3 assets, net of liabilities(d)1 9 
Nonrecurring   
Collateral dependent loans17 28 Fair value of underlying collateralDiscount Rate
0 - 85.00% (34.00%)
0 - 10.00% (8.00%)
Accrued income and other assets:(e)
OREO and other assets14 13 Appraised valueAppraised valueN/MN/M
(a)Principal investments, direct is excluded from this table as the balance at December 31, 2022, is insignificant (less than $1 million).
(b)The weighted average of significant unobservable inputs is calculated using a weighting relative to fair value.
(c)For significant unobservable inputs with no range, a single figure is reported to denote the single quantitative factor used.
(d)Represents the aggregate amount of level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant. The amount includes certain equity investments and certain financial derivative assets and liabilities.
(e)No mortgage services assets required fair value adjustments as of December 31, 2022. Excludes $67 million pertaining to mortgage servicing assets measured at fair value as of December 31, 2021. Refer to Note 9 (“Mortgage Servicing Assets”) for significant unobservable inputs pertaining to these assets.
Schedule of Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided
The following table presents the fair value of our direct and indirect principal investments and related unfunded commitments at December 31, 2022, as well as financial support provided for the years ended December 31, 2022, and December 31, 2021.
  Financial support provided
  Year ended December 31,
 December 31, 202220222021
Dollars in millionsFair Value
Unfunded
Commitments
Funded
Commitments
Funded
Other
Funded
Commitments
Funded
Other
INVESTMENT TYPE
Direct investments$1 $— $— $— $— $— 
Indirect investments (a)
34 9 — — 4 — 
Total$35 $9 $— $— $4 $— 
(a)Our indirect investments consist of buyout funds, venture capital funds, and fund of funds. These investments are generally not redeemable. Instead, distributions are received through the liquidation of the underlying investments of the fund. An investment in any one of these funds typically can be sold only with the approval of the fund’s general partners. At December 31, 2022, no significant liquidation of the underlying investments has been communicated to Key. The purpose of funding our capital commitments to these investments is to allow the funds to make additional follow-on investments and pay fund expenses until the fund dissolves. We, and all other investors in the fund, are obligated to fund the full amount of our respective capital commitments to the fund based on our and their respective ownership percentages, as noted in the applicable Limited Partnership Agreement.
Schedule of Change in Fair Values of Level 3 Financial Instruments
The following table shows the change in the fair values of our Level 3 financial instruments measured at fair value on a recurring basis for the years ended December 31, 2022, and December 31, 2021.
 
Dollars in millions
Beginning
of Period
Balance
Gains (Losses) included in
comprehensive income
Gains
(Losses)
Included
in Earnings
 PurchasesSalesSettlementsTransfers Other
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
End of
Period
Balance
Unrealized
Gains
(Losses)
Included in
Earnings
 
Year ended December 31, 2022
Securities available for sale
Other securities$— $— $— 
  
$— $— $— $— $—   $—   $— $—   
Other investments
Principal investments
Direct1 — — — — — — —   —   1 — 
Equity investments
Direct9 — (3)
(c)
— (4)— — — — 2 (3)
Loans held for sale (residential)— — — — — — — — — — — 
Loans held for investment (residential)11 — (3)— (1)— 2 — — 9 — 
Derivative instruments (b)
Interest rate33 — (72)
(d)
2 (2)— — 33 
(e) 
8 
(e) 
2 —   
Credit(6)— 4 
(d)
— — — — —   —   (2)—   
Other (a)
5 — — — — — (5)— — — — 
Dollars in millions
Beginning
of Period
Balance
Gains (Losses) included in comprehensive income
Gains
(Losses)
Included in
Earnings
 PurchasesSalesSettlementsTransfers Other
Transfers
into
Level 3
 
Transfers
out of
Level 3
 
End of
Period
Balance
Unrealized
Gains
(Losses)
Included in
Earnings
Year ended December 31, 2021
Securities available for sale
Other securities$13 $9 $— 
  
$— $— $— $— $—   $(22)  $— $— 
Other investments
Principal investments
Direct1 — — — — — — —   —   1 — 
Equity investments
Direct13 (1)
(c) 
— —   (3)  9 (1)
Loans held for sale (residential)— — — — (1)— 1 — — — — 
Loans held for investment (residential)11 — — — (3)— 1 — — 11 — 
Derivative instruments (b)
Interest rate56 (24)
(d) 
3 (12)— 28 
(e) 
(17)
(e) 
33 
Credit(10)— 3 
(d) 
1 — $— — —     (6)— 
Other (a)
32 — (3)— — — (24)— — 5 — 
 
(a)Amounts represent Level 3 interest rate lock commitments.
(b)Amounts represent Level 3 derivative assets less Level 3 derivative liabilities.
(c)Realized and unrealized gains and losses on principal investments are reported in “other income” on the income statement. Realized and unrealized losses on equity investments are reported in “other income” on the income statement.
(d)Realized and unrealized gains and losses on derivative instruments are reported in “corporate services income” and “other income” on the income statement.
(e)Certain derivatives previously classified as Level 2 were transferred to Level 3 because Level 3 unobservable inputs became significant. Certain derivatives previously classified as Level 3 were transferred to Level 2 because Level 3 unobservable inputs became less significant.
Schedule of Assets and Liabilities Measured at Fair Value on Nonrecurring Basis The following table presents our assets measured at fair value on a nonrecurring basis at December 31, 2022, and December 31, 2021:
 December 31, 2022December 31, 2021
Dollars in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
ASSETS MEASURED ON A NONRECURRING BASIS
Collateral-dependent loans$— $— $17 $17 $— $— $28 $28 
Accrued income and other assets— — 14 14 — — 80 80 
Total assets on a nonrecurring basis at fair value$— $— $31 $31 $— $— $108 $108 
Schedule of Fair Value Disclosures of Financial Instruments
The levels in the fair value hierarchy ascribed to our financial instruments and the related carrying amounts at December 31, 2022, and December 31, 2021, are shown in the following table. Assets and liabilities are further arranged by measurement category.
 December 31, 2022
  Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$829 $— $829 $— $— $—   $829 
Other investments (b)
1,308 4 — 1,234 70 —   1,308 
Loans, net of unearned income (residential) (d)
9 — — 9 — —   9 
Loans held for sale (residential) (b)
24 — 24 — — —   24 
Derivative assets - trading (b)
927 112 1,552 3 — (740)
(f) 
927 
Fair value - OCI
Securities available for sale (b)
39,117 — 39,117 — — —   39,117 
Derivative assets - hedging (b) (g)
97 — 114 — — (17)
(f) 
97 
Amortized cost
Held-to-maturity securities (c)
8,710 — 8,113 — — —   8,113 
Loans, net of unearned income (d)
118,048 — — 112,590 — —   112,590 
Loans held for sale (b)
939 — — 939 — — 939 
Other
Cash and short-term investments (a)
3,319 3,319 — — — — 3,319 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$1,485 $107 $2,637 $3 $— $(1,262)
(f) 
$1,485 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
3 — 3 — — — 
(f) 
3 
Amortized cost
Time deposits (e)
7,373 — 7,392 — — —   7,392 
Short-term borrowings (a)
9,463 126 9,337 — — —   9,463 
Long-term debt (e)
19,307 12,196 6,685 — — —   18,881 
Other
Deposits with no stated maturity (a)
135,222 — 135,222 — — — 
  
135,222 
December 31, 2021
 Fair Value
Dollars in millions
Carrying
Amount
Level 1Level 2Level 3
Measured
at NAV
Netting
Adjustment
 Total
ASSETS (by measurement category)
Fair value - net income
Trading account assets (b)
$701 $— $701 $— $— $— $701 
Other investments (b)
639 24 — 543 72 — 639 
Loans, net of unearned income (residential) (d)
11 — — 11 — — 11 
Loans held for sale (residential) (b)
281 — 281 — — — 281 
Derivative assets - trading (b)
1,887 71 2,096 40 — (320)
(f) 
1,887 
Fair value - OCI
Securities available for sale (b)
45,364 — 45,364 — — — 45,364 
Derivative assets - hedging (b) (g)
75 — 39 — — 36 
(f) 
75 
Amortized cost
Held-to-maturity securities (c)
7,539 — 7,665 — — — 7,665 
Loans, net of unearned income (d)
100,782 — — 100,428 — — 100,428 
Loans held for sale (b)
2,448 — — 2,448 — — 2,448 
Other
Cash and short-term investments (a)
11,923 11,923 — — — — 11,923 
LIABILITIES (by measurement category)
Fair value - net income
Derivative liabilities - trading (b)
$157 $66 $1,610 $7 $— $(1,526)
(f) 
$157 
Fair value - OCI
Derivative liabilities - hedging (b) (g)
4 — 4 — — — 
(f) 
4 
Amortized cost
Time deposits (e)
3,858 — 3,866 — — — 3,866 
Short-term borrowings (a)
761 75 686 — — — 761 
Long-term debt (e)
12,042 11,813 $705 — — — 12,518 
Other
Deposits with no stated maturity (a)
148,714 — 148,714 — — — 148,714 
Valuation Methods and Assumptions
(a)Fair value equals or approximates carrying amount. The fair value of deposits with no stated maturity does not take into consideration the value ascribed to core deposit intangibles.
(b)Information pertaining to our methodology for measuring the fair values of these assets and liabilities is included in the sections entitled “Qualitative Disclosures of Valuation Techniques” and “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” in this Note. Investments accounted for under the cost method (or cost less impairment adjusted for observable price changes for certain equity investments) are classified as Level 3 assets. These investments are not actively traded in an open market as sales for these types of investments are rare. The carrying amount of the investments carried at cost are adjusted for declines in value if they are considered to be other-than-temporary (or due to observable orderly transactions of the same issuer for equity investments eligible for the cost less impairment measurement alternative). These adjustments are included in “other income” on the income statement.
(c)Fair values of held-to-maturity securities are determined by using models that are based on security-specific details, as well as relevant industry and economic factors. The most significant of these inputs are quoted market prices, interest rate spreads on relevant benchmark securities, and certain prepayment assumptions. We review the valuations derived from the models to ensure that they are reasonable and consistent with the values placed on similar securities traded in the secondary markets.
(d)The fair value of loans is based on the present value of the expected cash flows. The projected cash flows are based on the contractual terms of the loans, adjusted for prepayments and use of a discount rate based on the relative risk of the cash flows, taking into account the loan type, maturity of the loan, liquidity risk, servicing costs, and a required return on debt and capital. In addition, an incremental liquidity discount is applied to certain loans, using historical sales of loans during periods of similar economic conditions as a benchmark. The fair value of loans includes lease financing receivables at their aggregate carrying amount, which is equivalent to their fair value.
(e)Fair values of time deposits and long-term debt are based on discounted cash flows utilizing relevant market inputs.
(f)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The net basis takes into account the impact of bilateral collateral and master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Total derivative assets and liabilities include these netting adjustments.
(g)Derivative assets-hedging and derivative liabilities-hedging includes both cash flow and fair value hedges. Additional information regarding our accounting policies for cash flow and fair value hedges is provided in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Derivatives and Hedging.”
v3.22.4
Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Details of Securities The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.
 20222021
December 31,
Dollars in millions
Amortized
Cost (a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost(a)
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$10,044 $— $629 $9,415 $9,573 $— $101 $9,472 
Agency residential collateralized mortgage obligations
20,180 — 3,747 16,433 21,430 99 410 21,119 
Agency residential mortgage-backed securities4,616 — 696 3,920 5,137 37 52 5,122 
Agency commercial mortgage-backed securities 10,712 2 1,365 9,349 9,753 188 290 9,651 
Other securities— — — — — — — — 
Total securities available for sale$45,552 $2 $6,437 $39,117 $45,893 $324 $853 $45,364 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,586 $5 $283 $4,308 $2,196 $33 $— $2,229 
Agency residential mortgage-backed securities181 — 16 165 164 6 — 170 
Agency commercial mortgage-backed securities2,522 1 208 2,315 2,678 118 — 2,796 
Asset-backed securities(b)
1,407 — 96 1,311 2,485 — 31 2,454 
Other securities14 — — 14 16 — — 16 
Total held-to-maturity securities$8,710 $6 $603 $8,113 $7,539 $157 $31 $7,665 
 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2022, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $67 million and $88 million, respectively. At December 31, 2021, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $59 million and $15 million, respectively.
(b)Includes $1.4 billion of securities as of December 31, 2022, and $2.5 billion of securities as of December 31, 2021, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2022, and December 31, 2021:
 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millionsFair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
Fair Value
Gross
Unrealized
Losses
December 31, 2022
Securities available for sale:
U.S. Treasury, agencies, and corporations$494 $48 $8,920 $581 $9,414 $629 
Agency residential collateralized mortgage obligations3,114 377 13,317 3,370 16,431 3,747 
Agency residential mortgage-backed securities579 31 3,338 665 3,917 696 
Agency commercial mortgage-backed securities 4,511 282 4,791 1,083 9,302 1,365 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations2,659 178 726 105 3,385 283 
Agency residential mortgage-backed securities165 16 — — 165 16 
Agency commercial mortgage-backed securities2,243 208 — — 2,243 208 
Asset-backed securities1 — 1,309 96 1,310 96 
Other securities10 — 
(a)
4 — 14 — 
Total securities in an unrealized loss position$13,776 $1,140 $32,405 $5,900 $46,181 $7,040 
December 31, 2021      
Securities available for sale:
U.S. Treasury, agencies, and corporations$9,078 $98 $243 $3 $9,321 $101 
Agency residential collateralized mortgage obligations12,603 315 1,255 95 13,858 410 
Agency residential mortgage-backed securities3,793 49 178 3 3,971 52 
Agency commercial mortgage-backed securities 1,645 75 3,834 215 5,479 290 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations96 — 
(b)
— — 96 — 
Asset-backed securities2,450 31 1 — 
(b)
2,451 31 
Other securities15 — 
(b)
— — 15 — 
Total securities in an unrealized loss position$29,680 $568 $5,511 $316 $35,191 $884 
(a)At December 31, 2022, gross unrealized losses totaled less than $1 million for other securities held to maturity with a loss duration of less than 12 months.
(b)At December 31, 2021, gross unrealized losses totaled less than $1 million for other securities held to maturity and agency residential collateralized mortgage obligations held-to-maturity with a loss duration of less than 12 months. At December 31, 2021, gross unrealized losses totaled less than $1 million for asset backed securities held to maturity with a loss duration greater than 12 months or longer.
Schedule of Securities by Maturity
The following table shows securities by remaining maturity. CMOs, other mortgage-backed securities, and asset-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
 Securities
Available for Sale		Held-to-Maturity
Securities
December 31, 2022
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Dollars in millions
Due in one year or less$1,259 $1,215 $20 $21 
Due after one through five years16,044 14,780 4,834 4,517 
Due after five through ten years21,682 17,970 3,004 2,775 
Due after ten years6,567 5,152 852 800 
Total$45,552 $39,117 $8,710 $8,113 
v3.22.4
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments
The following table summarizes the fair values of our derivative instruments on a gross and net basis as of December 31, 2022, and December 31, 2021. The change in the notional amounts of these derivatives by type from December 31, 2021, to December 31, 2022, indicates the volume of our derivative transaction activity during 2022. The notional amounts are not affected by bilateral collateral and master netting agreements. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow us to settle all derivative contracts with a single counterparty on a net basis and to offset the net derivative position with the related cash collateral. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, we do not adjust those derivative assets and liabilities with counterparties. Securities collateral related to legally enforceable master netting agreements is not offset on the balance sheet. Our derivative instruments are included in “accrued income and other assets” or “accrued expenses and other liabilities” on the Consolidated Balance Sheets, as indicated in the following table:
 
 December 31, 2022December 31, 2021
  
Fair Value (a)
 
Fair Value (a)
Dollars in millions
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Notional
Amount
Derivative
Assets
Derivative
Liabilities
Derivatives designated as hedging instruments:
Interest rate$41,200 $114 $3 $38,654 $39 $4 
Derivatives not designated as hedging instruments:
Interest rate80,772 189 1,304 72,088 768 249 
Foreign exchange9,507 136 131 9,073 81 76 
Commodity16,176 1,328 1,304 14,151 1,330 1,335 
Credit95 1 3 465 1 12 
Other (b)
940 13 5 3,330 27 11 
Total derivatives not designated as hedging instruments:107,490 1,667 2,747 99,107 2,207 1,683 
Total148,690 1,781 2,750 137,761 2,246 1,687 
Netting adjustments (c)
— (757)(1,262)— (284)(1,526)
Net derivatives in the balance sheet148,690 1,024 1,488 137,761 1,962 161 
Other collateral (d)
— — (5)— (1)— 
Net derivative amounts$148,690 $1,024 $1,483 $137,761 $1,961 $161 
 
(a)We take into account bilateral collateral and master netting agreements that allow us to settle all derivative contracts held with a single counterparty on a net basis, and to offset the net derivative position with the related cash collateral when recognizing derivative assets and liabilities. As a result, we could have derivative contracts with negative fair values included in derivative assets and contracts with positive fair values included in derivative liabilities.
(b)Other derivatives include interest rate lock commitments related to our residential mortgage banking activities, forward sales commitments related to our residential mortgage banking activities, forward purchase and sales contracts consisting of contractual commitments associated with “to be announced” securities and when-issued securities, and other customized derivative contracts.
(c)Netting adjustments represent the amounts recorded to convert our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance.
(d)Other collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The other collateral consists of securities and is exchanged under bilateral collateral and master netting agreements that allow us to offset the net derivative position with the related collateral. The application of the other collateral cannot reduce the net derivative position below zero. Therefore, excess other collateral, if any, is not reflected above.
Schedule of Pre-Tax Net Gains (Losses) on Fair Value Hedges
The following tables summarize the amounts that were recorded on the balance sheet as of December 31, 2022 and December 31, 2021, related to cumulative basis adjustments for fair value hedges.
December 31, 2022
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item(a)
Hedge accounting basis adjustment
Interest rate contracts
Long-term debt(b)
$10,411 $(552)
Interest rate contracts
Securities available for sale(c)
405 48 
December 31, 2021
Dollars in millionsBalance sheet line item in which the hedge item is included
Carrying amount of hedged item (a)
Hedge accounting basis adjustment
Interest rate contracts
Long-term debt(b)
$7,553 $138 
Interest rate contracts
Securities available for sale(c)
6,280 134 
(a)The carrying amount represents the portion of the asset or liability designated as the hedged item.
(b)Basis adjustments related to de-designated hedges that no longer qualify as fair value hedges reduced the hedge accounting basis adjustment by $6 million and $7 million at December 31, 2022 and December 31, 2021, respectively.
(c)These amounts are designated as fair value hedges under the last-of-layer method. The carrying amount represents the amortized costs basis of the prepayable financial assets used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. At December 31, 2022 and December 31, 2021 the amortized cost of the closed portfolios used in these hedging relationships was $708 million and $7.7 billion, respectively.
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location
The following tables summarize the effect of fair value and cash flow hedge accounting on the income statement for the years ended December 31, 2022, December 31, 2021, and December 31, 2020.
Location and amount of net gains (losses) recognized in income on fair value and cash flow hedging relationships
Dollars in millionsInterest expense – long-term debtInterest income – loansInterest Income - securitiesInvestment banking and debt placement fees
Twelve Months Ended December 31, 2022
Total amounts presented in the consolidated statement of income$(475)$4,241 $752 $638 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items690 — (339)— 
Recognized on derivatives designated as hedging instruments(697)— 350 — 
Net income (expense) recognized on fair value hedges$(7)$— $11 $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(3)$(146)$— $9 
Net income (expense) recognized on cash flow hedges$(3)$(146)$— $9 
Twelve Months Ended December 31, 2021
Total amounts presented in the consolidated statement of income$(221)$3,532 $546 $937 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items276 — (113)— 
Recognized on derivatives designated as hedging instruments(150)— 113 — 
Net income (expense) recognized on fair value hedges$126 $— $— $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(4)$329 $— $4 
Net income (expense) recognized on cash flow hedges$(4)$329 $— $— 
Twelve Months Ended December 31, 2020
Total amounts presented in the consolidated statement of income$(286)$3,866 $484 $661 
Net gains (losses) on fair value hedging relationships
Interest contracts
Recognized on hedged items(177)— — — 
Recognized on derivatives designated as hedging instruments305 — — — 
Net income (expense) recognized on fair value hedges$128 $— $— $— 
Net gain (loss) on cash flow hedging relationships
Realized gains (losses) (pre-tax) reclassified from AOCI into net income
Interest contracts$(4)$319 $— $— 
Net income (expense) recognized on cash flow hedges$(4)$319 $— $— 
Schedule of Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location The following table summarizes the pre-tax net gains (losses) on our cash flow and net investment hedges for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, and where they are recorded on the income statement. The table includes net gains (losses) recognized in OCI during the period and net gains (losses) reclassified from AOCI into income during the current period.
Dollars in millionsNet Gains (Losses)
Recognized in OCI		Income Statement Location of Net Gains (Losses)
Reclassified From OCI Into Income		Net Gains
(Losses) Reclassified
From OCI Into Income		Net Gains (Losses) Recognized in Other Income
Twelve Months Ended December 31, 2022
Cash Flow Hedges
Interest rate$(1,660)Interest income — Loans$(146)$— 
Interest rate7 Interest expense — Long-term debt(3)— 
Interest rate11 Investment banking and debt placement fees9 — 
Total$(1,642)$(140)$— 
Twelve Months Ended December 31, 2021
Cash Flow Hedges
Interest rate$(307)Interest income — Loans$329 $— 
Interest rate2 Interest expense — Long-term debt(4)— 
Interest rate10 Investment banking and debt placement fees4 — 
Total$(295)$329 $— 
Twelve Months Ended December 31, 2020
Cash Flow Hedges
Interest rate$628 Interest income — Loans$319 $— 
Interest rate(5)Interest expense — Long-term debt(4)— 
Interest rate(9)Investment banking and debt placement fees— — 
Total$614 $315 $— 
Schedule of Pre-Tax Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments
The following table summarizes the pre-tax net gains (losses) on our derivatives that are not designated as hedging instruments for the years ended December 31, 2022, December 31, 2021, and December 31, 2020, and where they are recorded on the income statement.
 202220212020
Year ended December 31,
Dollars in millions
Corporate
services
income		Consumer mortgage incomeOther
income		TotalCorporate
services
income		Consumer mortgage incomeOther
income		TotalCorporate
services
income		Consumer mortgage incomeOther
income		Total
NET GAINS (LOSSES)
Interest rate$57 $— $6 $63 $30 $— $2 $32 $32 $— $(10)$22 
Foreign exchange52 — — 52 47 — — 47 41 — — 41 
Commodity23 — — 23 14 — — 14 19 — — 19 
Credit(1)— (39)(40)4 — (36)(32)(4)— (29)(33)
Other— 4 (2)2 — 13 (7)6 — 19 19 38 
Total net gains (losses)$131 $4 $(35)$100 $95 $13 $(41)$67 $88 $19 $(20)$87 
Schedule of Fair Value of Derivative Assets by Type The following table summarizes the fair value of our derivative assets by type at the dates indicated. These assets represent our gross exposure to potential loss after taking into account the effects of bilateral collateral and master netting agreements and other means used to mitigate risk.
December 31,
Dollars in millions
20222021
Interest rate$136 $696 
Foreign exchange67 31 
Commodity820 1,108 
Credit— — 
Other11 27 
Derivative assets before collateral1,034 1,862 
Plus (Less): Related collateral(10)100 
Total derivative assets$1,024 $1,962 
Schedule of Credit Derivatives Sold and Held
The following table provides information on the types of credit derivatives sold by us and held on the balance sheet at December 31, 2022, and December 31, 2021. The notional amount represents the amount that the seller could be required to pay. The payment/performance risk shown in the table represents a weighted average of the default probabilities for all reference entities in the respective portfolios. These default probabilities are implied from observed credit indices in the credit default swap market, which are mapped to reference entities based on Key’s internal risk rating. 
 20222021
December 31,
Dollars in millions
Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk 		Notional
Amount		Average
Term
(Years)		Payment /
Performance
Risk
Other$1 15.175.10 %$149 13.863.15 %
Total credit derivatives sold$1 — — $149 — — 
Schedule of Credit Risk Contingent Feature
The following table summarizes the additional cash and securities collateral that KeyBank would have been required to deliver under the ISDA Master Agreements had the credit risk contingent features been triggered for the derivative contracts in a net liability position as of December 31, 2022, and December 31, 2021. The additional collateral amounts were calculated based on scenarios under which KeyBank’s ratings are downgraded one, two, or three ratings as of December 31, 2022, and December 31, 2021, and take into account all collateral already posted. A similar calculation was performed for KeyCorp, and no additional collateral would have been required at December 31, 2022, or December 31, 2021. For more information about the credit ratings for KeyBank and KeyCorp, see the discussion under the heading “Factors affecting liquidity” in the section entitled “Liquidity risk management” in Item 7 of this report.
December 31,
Dollars in millions
20222021
Moody’sS&PMoody’sS&P
KeyBank’s long-term senior unsecured credit ratingsA3A-A3A-
One rating downgrade$1 $1 $3 $3 
Two rating downgrades1 1 3 3 
Three rating downgrades1 1 3 3 
v3.22.4
Mortgage Servicing Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Servicing Asset [Abstract]  
Schedule of Changes in Carrying Amount of Mortgage Servicing Assets
Changes in the carrying amount of commercial mortgage servicing assets are summarized as follows:
Year ended December 31,
Dollars in millions
20222021
Balance at beginning of period$634 $578 
Servicing retained from loan sales106 128 
Purchases38 29 
Amortization(125)(120)
Temporary recoveries (impairments)— 19 
Balance at end of period$653 $634 
Fair value at end of period$997 $789 
Changes in the carrying amount of residential mortgage servicing assets are summarized as follows:
Dollars in millions20222021
Balance at beginning of period
$93 $58 
Servicing retained from loan sales
23 43 
Purchases
— — 
Amortization(11)(18)
Temporary recoveries (impairments)1 10 
Balance at end of period$106 $93 
Fair value at end of period
$130 $97 
Schedule of Range and Weighted-Average of Significant Unobservable Inputs The range and weighted-average of the significant unobservable inputs used to determine fair value our commercial mortgage servicing assets at December 31, 2022, and December 31, 2021, along with the valuation techniques, are shown in the following table:
dollars in millionsDecember 31, 2022December 31, 2021
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowExpected defaults0.97 %2.00 %1.07 %1.00 %2.00 %1.13 %
Residual cash flows discount rate8.54 %10.02 %9.48 %7.92 %10.49 %9.44 %
Escrow earn rate5.09 %5.21 %5.17 %1.34 %1.74 %1.34 %
Loan assumption rate— %1.41 %1.12 %— %1.69 %1.37 %
The range and weighted-average of the significant unobservable inputs used to fair value our residential mortgage servicing assets at December 31, 2022 and December 31, 2021, along with the valuation techniques, are shown in the following table:
December 31, 2022December 31, 2021
Valuation Technique
Significant
Unobservable Input
RangeWeighted-AverageRangeWeighted-Average
Discounted cash flowPrepayment speed6.10 %41.34 %7.20 %9.65 %49.17 %10.97 %
Discount rate7.50 %8.50 %7.53 %7.50 %11.50 %7.53 %
Servicing cost$62.00 $4,375 $67.05 $62.00 $8,075 $66.94 
v3.22.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Components of Lease Expense The components of lease expense are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Operating lease cost$128 $133 
Finance lease cost:
Amortization of right-of-use assets1 2 
Interest on lease liabilities— — 
Variable lease cost24 22 
Total lease cost (a)
$153 $157 
(a)Short-term lease cost was less than $1 million for both the twelve months ended December 31, 2022, and December 31, 2021
Information pertaining to the lease term and weighted-average discount rate is summarized as follows:
December 31, 2022December 31, 2021
Weighted-average remaining lease term:
Operating leases6.16.56
Finance leases4.535.33
Weighted-average discount rate:
Operating leases2.78 %2.78 %
Finance leases4.54 %4.50 %
Summary of Cash Flows Related to Leases
Cash flows related to leases are summarized as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$139 $141 
Financing cash flows from finance leases1 2 
Right-of-use assets obtained in exchange for lease obligations: (a)
Operating leases$46 $85 
(a)There were no right-of-use assets obtained in exchange for finance lease obligations for either the twelve months ended December 31, 2022 or December 31, 2021.
Summary of Additional Balance Sheet Information Related to Leases
Additional balance sheet information related to leases is summarized as follows:
Dollars in millionsBalance sheet classificationDecember 31, 2022December 31, 2021
Operating lease assetsAccrued income and other assets$525 $595 
Operating lease liabilitiesAccrued expense and other liabilities601 676 
Finance leases:
Property and equipment, grossPremises and equipment$18 $18 
Accumulated depreciationPremises and equipment(14)(13)
Property and equipment, net4 5 
Finance lease liabilitiesLong-term debt6 7 
Finance Lease, Maturities of Lease Liabilities
Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2023$134 $2 $136 
2024123 2 125 
2025104 1 105 
202687 — 87 
202772 — 72 
Thereafter137 2 139 
Total lease payments$657 $7 $664 
Less imputed interest56 1 57 
Total$601 $6 $607 
Lessee, Operating Lease, Maturities of Lease Liabilities
Maturities of lease liabilities are summarized as follows:
Dollars in millionsOperating LeasesFinance LeasesTotal
2023$134 $2 $136 
2024123 2 125 
2025104 1 105 
202687 — 87 
202772 — 72 
Thereafter137 2 139 
Total lease payments$657 $7 $664 
Less imputed interest56 1 57 
Total$601 $6 $607 
Operating Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2022December 31, 2021
Sales-type and direct financing leases
Interest income on lease receivable$64 $75 
 Interest income related to accretion of unguaranteed residual asset15 16 
Total sales-type and direct financing lease income79 91 
Operating leases
Operating lease income related to lease payments105 127 
Other operating leasing gains and (losses)(2)21 
Total operating lease income and other leasing gains103 148 
Total lease income$182 $239 
Sales-type Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2022December 31, 2021
Sales-type and direct financing leases
Interest income on lease receivable$64 $75 
 Interest income related to accretion of unguaranteed residual asset15 16 
Total sales-type and direct financing lease income79 91 
Operating leases
Operating lease income related to lease payments105 127 
Other operating leasing gains and (losses)(2)21 
Total operating lease income and other leasing gains103 148 
Total lease income$182 $239 
Direct Financing Lease, Lease Income The components of equipment leasing income are summarized in the table below:
Dollars in millionsDecember 31, 2022December 31, 2021
Sales-type and direct financing leases
Interest income on lease receivable$64 $75 
 Interest income related to accretion of unguaranteed residual asset15 16 
Total sales-type and direct financing lease income79 91 
Operating leases
Operating lease income related to lease payments105 127 
Other operating leasing gains and (losses)(2)21 
Total operating lease income and other leasing gains103 148 
Total lease income$182 $239 
Composition of Net Investment in Sales-Type and Direct Financing Leases The composition of the net investment in sales-type and direct financing leases is as follows:
Dollars in millionsDecember 31, 2022December 31, 2021
Lease receivables$3,170 $3,205 
Unearned income(253)(193)
Unguaranteed residual value472 450 
Deferred fees and costs5 14 
Net investment in sales-type and direct financing leases$3,394 $3,476 
Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases
At December 31, 2022, minimum future lease payments to be received for sales-type and direct financing leases are as follows:
Dollars in millionsSales-type and direct financing lease payments
2023$902 
2024689 
2025486 
2026388 
2027246 
Thereafter499 
Total lease payments$3,211 
Minimum Future Lease Payments to be Received for Operating Leases
At December 31, 2022, minimum future lease payments to be received for operating leases are as follows:
Dollars in millionsOperating lease payments
2023$80 
202467 
202555 
202639 
202726 
Thereafter50 
Total lease payments$318 
v3.22.4
Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Premises and Equipment
Premises and equipment at December 31, 2022, and December 31, 2021, consisted of the following:
December 31,
Dollars in millions
Useful life (in years)
20222021
LandIndefinite$114 $118 
Buildings and improvements
15-40
696 680 
Leasehold improvements
1-15
615 616 
Furniture and equipment
2-15
824 814 
Capitalized building leases
   1-14 (a)
18 19 
Construction in processN/A41 70 
Total premises and equipment2,308 2,317 
Less: Accumulated depreciation and amortization(1,672)(1,636)
Premises and equipment, net$636 $681 
(a)Capitalized building and equipment leases are amortized over the lesser of the useful life of asset or lease term.
v3.22.4
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in Carrying Amount of Goodwill
Changes in the carrying amount of goodwill by reporting segment are presented in the following table:
Dollars in millionsConsumer BankCommercial BankTotal
BALANCE AT DECEMBER 31, 2020$1,752 $912 $2,664 
AQN Strategies acquisition9 — 9 
XUP acquisition measurement period adjustment— 20 20 
BALANCE AT DECEMBER 31, 20211,761 932 2,693 
XUP acquisition measurement period adjustment— 1 1 
GradFin acquisition58 — 58 
BALANCE AT DECEMBER 31, 2022$1,819 $933 $2,752 
Gross Carrying Amount and Accumulated Amortization of Intangible Assets
The following table shows the gross carrying amount and the accumulated amortization of intangible assets subject to amortization:
 20222021
December 31,
Dollars in millions
Gross Carrying
Amount		Accumulated
Amortization
Gross Carrying
Amount
Accumulated
Amortization
Intangible assets subject to amortization:
Core deposit intangibles$355 $303 $355 $275 
PCCR intangibles16 14 16 13 
Other intangible assets84 44 82 35 
Total$455 $361 $453 $323 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense The following table presents estimated intangible asset amortization expense for the next five years.
Estimated
Dollars in millions20232024202520262027
Intangible asset amortization expense $39 $28 $19 $7 $1 
v3.22.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Variable Interest Entities Information
The assets and liabilities presented in the table below convey the size of KCDC’s direct and indirect investments at December 31, 2022, and December 31, 2021. As these investments represent unconsolidated VIEs, the assets and liabilities of the investments themselves are not recorded on our Consolidated Balance Sheets.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2022
LIHTC investments$8,227 $3,091 $2,370 
December 31, 2021
LIHTC investments$7,839 $3,252 $1,985 
The table below reflects the size of the private equity funds in which KCC was invested as well as our maximum exposure to loss in connection with these investments at December 31, 2022.
 Unconsolidated VIEs
Dollars in millions
Total
Assets
Total
Liabilities
Maximum
Exposure to Loss
December 31, 2022
Indirect investments$6,636 $90 $43 
December 31, 2021
Indirect investments$8,437 $178 $57 
Other unconsolidated VIEs
Dollars in millionsTotal AssetsTotal Liabilities
December 31, 2022
Other unconsolidated VIEs$1,798 $1 
December 31, 2021
Other unconsolidated VIEs$2,827 $1 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income Taxes Included in Income Statement
Income taxes included in the income statement are summarized below. We file a consolidated federal income tax return.
Year ended December 31,
Dollars in millions
202220212020
Currently payable:
Federal$368 $423 $336 
State80 73 83 
Total currently payable$448 $496 $419 
Deferred:
Federal$(14)$119 $(156)
State(12)27 (36)
Total deferred(26)146 (192)
Total income tax (benefit) expense (a)
$422 $642 $227 
(a)There was income tax (benefit) expense on securities transactions of $2 million in 2022, $(2) million in 2021, and $1 million in 2020. Income tax expense excludes equity- and gross receipts-based taxes, which are assessed in lieu of an income tax in certain states in which we operate. These non-income taxes, which are recorded in “noninterest expense” on the income statement, totaled $33 million in 2022, $33 million in 2021, and $30 million in 2020.
Schedule of Significant Components of Deferred Tax Assets and Liabilities Included in "Accrued Income and Other Assets" and "Accrued Expense and Other Liabilities"
Significant components of our deferred tax assets and liabilities included in “accrued income and other assets” on our Consolidated Balance Sheets, are as follows:
December 31,
Dollars in millions
20222021
Allowance for loan and lease losses$380 $296 
Employee benefits187 203 
Net unrealized securities losses1,959 102 
Federal net operating losses and credits4 6 
Non-tax accruals61 73 
Operating lease liabilities(a)
149 165 
State net operating losses and credits1 1 
Partnership investments90 82 
Other164 184 
Gross deferred tax assets2,995 1,112 
Less: Valuation Allowance11 12 
Total deferred tax assets$2,984 $1,100 
Leasing transactions$521 $521 
State taxes86 28 
Operating lease right-of-use assets (a)
130 145 
Goodwill139 121 
Other86 96 
Total deferred tax liabilities962 911 
Net deferred tax assets (liabilities) (b)
$2,022 $189 
(a)A separate deferred tax asset and liability is recognized for each operating lease item resulting from the adoption of ASC 842 in 2019.
(b)From continuing operations.
Schedule of Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate The following table shows how our total income tax expense (benefit) and the resulting effective tax rate were derived:
Year ended December 31,
Dollars in millions
202220212020
AmountRateAmountRateAmountRate
Income (loss) before income taxes times 21% statutory federal tax rate$490 21.0 %$683 21.0 %$327 21.0 %
Amortization of tax-advantaged investments149 6.4 151 4.6 150 9.7 
Tax-exempt interest income(28)(1.2)(26)(.8)(28)(1.8)
Corporate-owned life insurance income(28)(1.2)(27)(.8)(29)(1.9)
State income tax, net of federal tax benefit53 2.3 79 2.4 37 2.4 
Tax credits(204)(8.8)(218)(6.7)(218)(14.0)
Other(10)(.4)— — (12)(.8)
Total income tax expense (benefit)$422 18.1 %$642 19.7 %$227 14.6 %
Schedule of Change in Liability for Unrecognized Tax Benefits
The change in our liability for unrecognized tax benefits is as follows:
Year ended December 31,
Dollars in millions		20222021
Balance at beginning of year$50 $58 
Increase for other tax positions of prior years4 — 
Decrease for payments and settlements— — 
Decrease related to tax positions taken in prior years(14)(8)
Balance at end of year$40 $50 
v3.22.4
Securities Financing Activities (Tables)
 12 Months Ended
Dec. 31, 2022
Broker-Dealer [Abstract]  
Summarized Securities Financing Agreements
The following table summarizes our securities financing agreements at December 31, 2022, and December 31, 2021:
 December 31, 2022December 31, 2021
Dollars in millions
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Gross Amount
Presented in
Balance Sheet
Netting
Adjustments (a)
Collateral (b)
Net
Amounts
Offsetting of financial assets:
Reverse repurchase agreements$8 $(8)$— $— $11 $(6)$(5)$— 
Securities borrowed— — — — 500 — (500)— 
Total$8 $(8)$— $— $511 $(6)$(505)$— 
Offsetting of financial liabilities:
Repurchase agreements (c)
$71 $(8)$(63)$— $173 $(6)$(167)$— 
Total$71 $(8)$(63)$— $173 $(6)$(167)$— 
(a)Netting adjustments take into account the impact of master netting agreements that allow us to settle with a single counterparty on a net basis.
(b)These adjustments take into account the impact of bilateral collateral agreements that allow us to offset the net positions with the related collateral. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(c)Repurchase agreements are collateralized by mortgaged-backed agency securities and are contracted on an overnight or continuous basis.
v3.22.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Assumptions Used in Options Pricing Model The assumptions pertaining to options issued during 2022, 2021, and 2020 are shown in the following table.
Year ended December 31,202220212020
Average option life6.5 years6.6 years6.5 years
Future dividend yield3.01 %3.88 %3.90 %
Historical share price volatility.341 .335 .267 
Weighted-average risk-free interest rate2.0 %0.8 %1.3 %
Activity, Pricing and Other Information for Stock Options
The following table summarizes activity, pricing and other information for our stock options for the year ended December 31, 2022:
Number of
Options
Weighted-Average
Exercise Price Per
Option
Weighted-Average
Remaining Life (in years)
Aggregate
Intrinsic
Value(a)
Outstanding at December 31, 20214,587,632 $16.23 5.1$32 
Granted408,297 28.50 
Exercised(484,521)12.83 
Lapsed or canceled(15,076)15.65 
Outstanding at December 31, 20224,496,332 $17.71 4.8$8 
Expected to vest1,184,816 22.46 7.7— 
Exercisable at December 31, 20223,246,175 $15.84 3.7$8 
(a)The intrinsic value of a stock option is the amount by which the fair value of the underlying stock exceeds the exercise price of the option.
Activity and Pricing Information for Nonvested Shares in Long-Term Incentive Compensation Program
The following table summarizes activity and pricing information for the nonvested shares in the Program for the year ended December 31, 2022.
 
Vesting Contingent on
Service Conditions
Vesting Contingent on
Performance and Service
Conditions - Payable in Stock
Vesting Contingent on
Performance and Service
Conditions - Payable in Cash
  
Number of
Nonvested
Shares
Weighted-
Average
Grant-Date
Fair Value
Number of
Nonvested
Shares
Weighted-
Average
Grant-Date
Fair Value
Number of
Nonvested
Shares		Weighted-
Average
Grant-Date
Fair Value
Outstanding at December 31, 202112,000,384 $19.00 88,386 $18.47 5,080,523 $23.18 
Granted5,087,882 25.91 — — 2,100,203 17.30 
Vested(4,635,749)19.13 (30,055)17.37 (2,224,127)24.64 
Forfeited(527,732)22.44 — — (48,803)19.29 
Outstanding at December 31, 202211,924,785 $21.56 58,331 $19.02 4,907,796 $17.42 
Activity and Pricing Information for Nonvested Shares Granted Under Deferred Compensation Plans and Other Restricted Stock Awards The following table summarizes activity and pricing information for the nonvested shares granted under our deferred compensation plans and these other restricted stock or unit award programs for the year ended December 31, 2022.
Number of
Nonvested
Shares
Weighted-Average
Grant-Date
Fair Value
Outstanding at December 31, 20212,948,957 $18.65 
Granted1,255,209 20.11 
Vested(1,128,325)18.57 
Forfeited(52,870)16.96 
Outstanding at December 31, 20223,022,971 $18.82 
v3.22.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Net Pension Cost and Amount Recognized in OCI for All Funded and Unfunded Plans The components of net pension cost and the amount recognized in OCI for all funded and unfunded plans are as follows:
Year ended December 31,
Dollars in millions
202220212020
Interest cost on PBO$27 $25 $34 
Expected return on plan assets(27)(28)(38)
Amortization of losses15 18 17 
Settlement loss12 9 9 
Net pension cost$27 $24 $22 
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$31 $(19)$(18)
Amortization of gains(27)(27)(26)
Total recognized in comprehensive income$4 $(46)$(44)
Total recognized in net pension cost and comprehensive income$31 $(22)$(22)
Changes in PBO Related to Pension Plans
The following table summarizes changes in the PBO related to our pension plans. Actuarial gains in 2022 were primarily driven by an increase in discount rate.
Year ended December 31,
Dollars in millions
20222021
PBO at beginning of year$1,156 $1,248 
Interest cost27 25 
Actuarial losses (gains)(133)(31)
Benefit payments(85)(86)
PBO at end of year$965 $1,156 
Changes in FVA
The following table summarizes changes in the FVA.
Year ended December 31,
Dollars in millions
20222021
FVA at beginning of year$1,096 $1,153 
Actual return on plan assets(138)16 
Employer contributions13 13 
Benefit payments(85)(86)
FVA at end of year$886 $1,096 
Funded Status of Pension Plans Recognized in Balance Sheets
The following table summarizes the funded status of the pension plans, which equals the amounts recognized in the balance sheets at December 31, 2022, and December 31, 2021.
December 31,
Dollars in millions
20222021
Funded status (a)
$(78)$(60)
Net prepaid pension cost recognized consists of:  
Noncurrent assets$58 $106 
Current liabilities(13)(14)
Noncurrent liabilities(123)(152)
Net prepaid pension cost recognized (b)
$(78)$(60)
(a)The shortage of the FVA under the PBO.
(b)Represents the accrued benefit liability of the pension plans.
Plans ABO in Excess of Plan Assets As indicated in the table below, collectively our plans had an ABO in excess of plan assets as follows: 
December 31,20222021
Dollars in millionsCash Balance Pension PlanOther Defined Benefit PlansCash Balance Pension PlanOther Defined Benefit Plans
PBO$828 $137 $991 $166 
ABO828 137 991 166 
Fair value of plan assets886 — 1,096 — 
Weighted-Average Rates to Determine Actuarial Present Value of Benefit Obligations
To determine the actuarial present value of benefit obligations, we assumed the following weighted-average rates.
December 31,20222021
Discount rate4.85 %2.43 %
Compensation increase rateN/AN/A
Weighted-average interest crediting rate3.97 %1.90 %
Weighted-Average Rates to Determine Net Pension Cost
To determine net pension cost, we assumed the following weighted-average rates.
Year ended December 31,
202220212020
Discount rate
2.43 %2.05 %2.89 %
Compensation increase rate
N/AN/AN/A
Expected return on plan assets
2.75 %2.75 %3.75 %
Asset Target Allocations Prescribed by Pension Funds' Investment Policies The following table shows the asset target allocations prescribed by the pension fund’s investment policies based on the plan’s funded status at December 31, 2022.
Target Allocation  
Asset Class2022
Global equity 16 %
Fixed income84 
Total100 %
  
Fair Values of Pension Plan Assets by Asset Category
The following tables show the fair values of our pension plan assets by asset class at December 31, 2022, and December 31, 2021.
December 31, 2022    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $359 $— $359 
Collective investment funds (measured at NAV) (a)
— — — 507 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 20 
Other assets (measured at NAV) (a)
— — — — 
Total net assets at fair value$— $359 $— $886 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.

December 31, 2021    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Fixed income — U.S.$— $454 $— $454 
Collective investment funds (measured at NAV) (a)
— — — 622 
Insurance investment contracts and pooled separate accounts (measured at NAV) (a)
— — — 19 
Other assets (measured at NAV) (a)
— — — 1 
Total net assets at fair value$— $454 $— $1,096 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
Pre-tax AOCI Not Yet Recognized as Net Postretirement Benefit Cost
The components of pre-tax AOCI not yet recognized as net postretirement benefit cost are shown below.
December 31,  
Dollars in millions20222021
Net unrecognized losses (gains)$(9)$(9)
Net unrecognized prior service credit(12)(14)
Total unrecognized AOCI$(21)$(23)
Net Postretirement Benefit Cost and Amount Recognized in OCI for All Funded and Unfunded Plans
The components of net postretirement benefit cost and the amount recognized in OCI for all funded and unfunded plans are as follows:
December 31,   
Dollars in millions202220212020
Interest cost on APBO$2 $2 $2 
Expected return on plan assets(2)(2)(2)
Amortization of prior service credit(1)(1)(1)
Amortization of gains(1)(1)— 
Net postretirement benefit$(2)$(2)$(1)
Other changes in plan assets and benefit obligations recognized in OCI:
Net (gain) loss$1 $1 $1 
Amortization of prior service credit1 1 — 
Total recognized in comprehensive income$2 $2 $1 
Total recognized in net postretirement benefit cost and comprehensive income$— $— $— 
Changes in APBO
The following table summarizes changes in the APBO. Actuarial losses are a result of asset performance.
Year ended December 31,  
Dollars in millions20222021
APBO at beginning of year$57 $52 
Service cost— — 
Interest cost2 2 
Plan participants’ contributions1 2 
Actuarial losses (gains)(5)11 
Benefit payments(15)(10)
Plan amendments— — 
APBO at end of year$40 $57 
Change in FVA (Other Post Retirement Benefit Plan Assets)
The following table summarizes changes in FVA.
Year ended December 31,  
Dollars in millions20222021
FVA at beginning of year$57 $52 
Employer contributions— — 
Plan participants’ contributions1 2 
Benefit payments(15)(10)
Actual return on plan assets(3)13 
FVA at end of year$40 $57 
Weighted-Average Rates to Determine Net Postretirement Benefit Cost
To determine net postretirement benefit cost, we assumed the following weighted-average rates.
Year ended December 31,202220212020
Discount rate4.50 %4.50 %4.50 %
Expected return on plan assets4.50 4.50 4.50 
Asset Target Allocations Prescribed by Trusts' Investment Policies The following table shows the asset target allocations prescribed by the trust’s investment policy.
Target Allocation
Asset Class2022
U.S. equity securities64 %
International equity securities16 
Fixed income securities20 
Total100 %
  
Fair Values of Pension Plan Assets by Asset Category
The following tables show the fair values of our postretirement plan assets by asset class at December 31, 2022, and December 31, 2021.
December 31, 2022    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$24 $— $— $24 
Equity — International7 — — 7 
Fixed income — U.S.8 — — 8 
Collective investment funds:
Equity — U.S.(a)
— — — — 
Other assets (measured at NAV)(a)
— — — 1 
Total net assets at fair value$39 $— $— $40 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
December 31, 2021    
Dollars in millionsLevel 1Level 2Level 3Total
ASSET CLASS
Mutual funds:
Equity — U.S.$21 $— $— $21 
Equity — International10 — — 10 
Fixed income — U.S.7 — — 7 
Fixed income — International— — — 1 
Collective investment funds:
Equity — U.S. (a)
— — — 17 
Other assets (measured at NAV)— — — 1 
Total net assets at fair value$38 $— $— $57 
(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets presented elsewhere within this footnote.
v3.22.4
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Components of Short-Term Borrowings
Selected financial information pertaining to the components of our short-term borrowings is as follows:
December 31,   
Dollars in millions202220212020
FEDERAL FUNDS PURCHASED
Balance at year end$4,006 $— $— 
Average during the year1,490 — 455 
Maximum month-end balance5,872 — 2,285 
Weighted-average rate during the year (a)
2.04 %— %1.24 %
Weighted-average rate at December 31 (a)
4.18 — — 
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
Balance at year end$71 $173 $220 
Average during the year617 239 215 
Maximum month-end balance1,090 281 267 
Weighted-average rate during the year (a)
1.66 %.02 %.11 %
Weighted-average rate at December 31 (a)
3.74 .01 .04 
OTHER SHORT-TERM BORROWINGS
Balance at year end$5,386 $588 $759 
Average during the year2,963 770 1,452 
Maximum month-end balance11,372 897 4,606 
Weighted-average rate during the year (a)
1.82 %1.08 %0.85 %
Weighted-average rate at December 31 (a)
.50 1.97 .60 
(a)Rates exclude the effects of interest rate swaps and caps, which modify the repricing characteristics of certain short-term borrowings. For more information about such financial instruments, see Note 8 (“Derivatives and Hedging Activities”).
v3.22.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Components of Long-Term Debt
The following table presents the components of our long-term debt, net of unamortized discounts and adjustments related to hedging with derivative financial instruments. We use interest rate swaps and caps, which modify the repricing characteristics of certain long-term debt, to manage interest rate risk. For more information about such financial instruments, see Note 8 (“Derivatives and Hedging Activities”). 
December 31,  
Dollars in millions20222021
Senior medium-term notes due through 2033 (a)
$3,789 $2,820 
3.017% Subordinated notes due 2028 (b)
162 162 
6.875% Subordinated notes due 2029 (b)
99 107 
7.75% Subordinated notes due 2029 (b)
112 139 
Other subordinated notes (b)(d)
77 75 
Total parent company4,239 3,303 
Senior medium-term notes due through 2039 (e)
6,411 6,582 
4.39% Senior remarketable notes due 2027 (f)
191 242 
3.40% Subordinated notes due 2026 (g)
555 602 
6.95% Subordinated notes due 2028 (g)
281 299 
3.90% Subordinated notes due 2029 (g)
327 376 
4.90% Subordinated notes due 2032 (g)
685 — 
Secured borrowing due through 2025 (h)
6 13 
Federal Home Loan Bank advances due through 2038 (i)
6,594 604 
Investment Fund Financing due through 2052 (j)
10 10 
Key Govt Finance, Inc. Other Long Term Debt-ASR2 3 
Obligations under Capital Leases due through 2032 (k)
6 8 
Total subsidiaries15,068 8,739 
Total long-term debt$19,307 $12,042 
(a)Senior medium-term notes had a weighted-average interest rate of 2.3134% at December 31, 2022, and 3.2213% at December 31, 2021. These notes had fixed interest rates at December 31, 2022, and December 31, 2021. These notes may not be redeemed prior to their maturity dates.
(b)See Note 21 (“Trust Preferred Securities Issued by Unconsolidated Subsidiaries”) for a description of these notes.
(c)The First Niagara subordinated debt had a weighted-average interest rate of 7.25% at December 31, 2021. This holding matured on December 15, 2021.
(d)The First Niagara variable rate trust preferred securities had a weighted-average interest rate of 6.16% at December 31, 2022, and 1.68% at December 31, 2021. These notes may be redeemed prior to their maturity dates.
(e)Senior medium-term notes had weighted-average interest rates of 5.96406% at December 31, 2022, and 2.116% at December 31, 2021. These notes are a combination of fixed and floating rates. These notes may not be redeemed prior to their maturity dates.
(f)The remarketable senior medium-term notes had a weighted-average interest rate of 4.39% at December 31, 2022, and 3.18% at December 31, 2021. These notes had fixed interest rates at December 31, 2022, and December 31, 2021. These notes may not be redeemed prior to their maturity dates.
(g)These notes are all obligations of KeyBank and may not be redeemed prior to their maturity dates.
(h)The secured borrowing had weighted-average interest rates of 4.445% at December 31, 2022, and 4.445% at December 31, 2021. This borrowing is collateralized by commercial lease financing receivables, and principal reductions are based on the cash payments received from the related receivables. Additional information pertaining to these commercial lease financing receivables is included in Note 4 (“Loan Portfolio”).
(i)Long-term advances from the Federal Home Loan Bank had a weighted-average interest rate of 4.48% at December 31, 2022, and 1.12% at December 31, 2021. These advances, which had fixed interest rates, were secured by real estate loans and securities totaling $6.6 billion at December 31, 2022, and $604 million at December 31, 2021.
(j)Investment Fund Financing had a weighted-average interest rate of 1.34% at December 31, 2022, and 1.34% at December 31, 2021.
(k)These are capital leases acquired in the First Niagara merger with a maturity range from March 2022 through October 2032.
Scheduled Principal Payments on Long-Term Debt
At December 31, 2022, scheduled principal payments on long-term debt were as follows:
Dollars in millionsParentSubsidiariesTotal
2023$— $3,958 $3,958 
2024— 6,035 6,035 
2025581 1,943 2,524 
2026485 566 1,051 
2027695 1,199 1,894 
All subsequent years2,478 1,367 3,845 
v3.22.4
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Other Disclosure [Abstract]  
Schedule Of Capital Securities Issued By Unconsolidated Subsidiaries
The trust preferred securities, common stock, and related debentures are summarized as follows:
Dollars in millions
Trust Preferred
Securities,
Net of Discount (a)
Common
Stock
Principal
Amount of
Debentures,
Net of Discount (b)
Interest Rate
of Trust Preferred
Securities and
Debentures (c)
Maturity
of Trust Preferred
Securities and
Debentures
December 31, 2022
KeyCorp Capital I$156 $6 $162 3.017 %2028
KeyCorp Capital II95 4 99 6.875 2029
KeyCorp Capital III108 4 112 7.750 2029
HNC Statutory Trust III20 1 21 4.380 2035
Willow Grove Statutory Trust I20 1 21 4.062 2036
HNC Statutory Trust IV18 1 19 4.603 2037
Westbank Capital Trust II8 — 8 5.717 2034
Westbank Capital Trust III8 — 8 5.717 2034
Total$433 $17 $450 5.321 %— 
December 31, 2021$466 $17 $483 4.271 %— 
(a)The trust preferred securities must be redeemed when the related debentures mature, or earlier if provided in the governing indenture. Each issue of trust preferred securities carries an interest rate identical to that of the related debenture. Certain trust preferred securities include debt issuance costs and basis adjustments related to fair value hedges totaling $17 million at December 31, 2022, and $52 million at December 31, 2021. See Note 8 (“Derivatives and Hedging Activities”) for an explanation of fair value hedges.
(b)We have the right to redeem these debentures. If the debentures purchased by KeyCorp Capital I, HNC Statutory Trust III, Willow Grove Statutory Trust I, HNC Statutory Trust IV, Westbank Capital Trust II, or Westbank Capital Trust III are redeemed before they mature, the redemption price will be the principal amount, plus any accrued but unpaid interest. If the debentures purchased by KeyCorp Capital II or KeyCorp Capital III are redeemed before they mature, the redemption price will be the greater of: (i) the principal amount, plus any accrued but unpaid interest, or (ii) the sum of the present values of principal and interest payments discounted at the Treasury Rate (as defined in the applicable indenture), plus 20 basis points for KeyCorp Capital II or 25 basis points for KeyCorp Capital III or 50 basis points in the case of redemption upon either a tax or a capital treatment event for either KeyCorp Capital II or KeyCorp Capital III, plus any accrued but unpaid interest. The principal amount of certain debentures includes debt issuance costs and basis adjustments related to fair value hedges totaling $17 million at December 31, 2022, and $52 million at December 31, 2021. See Note 8 for an explanation of fair value hedges. The principal amount of debentures, net of discounts, is included in “long-term debt” on the balance sheet.
(c)The interest rates for the trust preferred securities issued by KeyCorp Capital II and KeyCorp Capital III are fixed. The trust preferred securities issued by KeyCorp Capital I have a floating interest rate, equal to three-month LIBOR plus 74 basis points, that reprices quarterly. The trust preferred securities issued by HNC Statutory Trust III have a floating interest rate, equal to three-month LIBOR plus 140 basis points, that reprices quarterly. The trust preferred securities issued by Willow Grove Statutory Trust I have a floating interest rate, equal to three-month LIBOR plus 131 basis points, that reprices quarterly. The trust preferred securities issued by HNC Statutory Trust IV have a floating interest rate, equal to three-month LIBOR plus 128 basis points, that reprices quarterly. The trust preferred securities issued by Westbank Capital Trust II and Westbank Capital Trust III each have a floating interest rate, equal to three-month LIBOR plus 219 basis points, that reprices quarterly.  The total interest rates are weighted-average rates.
v3.22.4
Commitments, Contingent Liabilities and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments to Extend Credit or Funding The following table shows the remaining contractual amount of each class of commitment related to extending credit or funding principal investments as of December 31, 2022, and December 31, 2021. For loan commitments and commercial letters of credit, this amount represents our maximum possible accounting loss on the unused commitment if the borrower were to draw upon the full amount of the commitment and subsequently default on payment for the total amount of the then outstanding loan.
December 31,
Dollars in millions
20222021
Loan commitments:
Commercial and other$58,269 $54,614 
Commercial real estate and construction4,037 3,180 
Home equity9,346 8,888 
Credit cards7,424 7,217 
Total loan commitments79,076 73,899 
Commercial letters of credit86 79 
Purchase card commitments875 771 
Principal investing commitments9 12 
Tax credit investment commitments958 679 
Total loan and other commitments$81,004 $75,440 
Guarantees The following table shows the types of guarantees that we had outstanding at December 31, 2022. Information pertaining to the basis for determining the liabilities recorded in connection with these guarantees is included in Note 1 (“Summary of Significant Accounting Policies”) under the heading “Contingencies and Guarantees.”
December 31, 2022Maximum Potential Undiscounted Future PaymentsLiability Recorded
Dollars in millions
 
Financial guarantees:
Standby letters of credit$4,960 $92 
Recourse agreement with FNMA6,774 28 
Residential mortgage reserve3,302 13 
Written put options (a)
3,695 243 
Total$18,731 $376 
(a)The maximum potential undiscounted future payments represent notional amounts of derivatives qualifying as guarantees.
v3.22.4
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Changes in AOCI
Our changes in AOCI for the years ended December 31, 2022, and December 31, 2021, are as follows:
Dollars in millions
Unrealized gains
(losses) on securities
available for sale
Unrealized gains
(losses) on derivative
financial instruments
Foreign currency
translation
adjustment
Net pension and
postretirement
benefit costs
Total
Balance at December 31, 2020$567 $476 $— $(305)$738 
Other comprehensive income before reclassification, net of income taxes
(965)(137)— 14 (1,088)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
(5)(251)— 20 (236)
Net current-period other comprehensive income, net of income taxes(970)(388)— 34 (1,324)
Balance at December 31, 2021$(403)$88 $— $(271)$(586)
Other comprehensive income before reclassification, net of income taxes
(4,492)(1,319)— (25)(5,836)
Amounts reclassified from accumulated other comprehensive income, net of income taxes (a)
— 107 — 20 127 
Net current-period other comprehensive income, net of income taxes(4,492)(1,212)— (5)(5,709)
Balance at December 31, 2022$(4,895)$(1,124)$— $(276)$(6,295)
(a)See table below for details about these reclassifications.
Reclassifications Out of AOCI
Our reclassifications out of AOCI for the years ended December 31, 2022, and December 31, 2021, are as follows:
Twelve Months Ended December 31,Affected Line Item in the Consolidated Statement of Income
Dollars in millions20222021
Unrealized gains (losses) on available for sale securities
Realized gains$— $7 Other income
— 7 
Income (loss) from continuing operations before income taxes
— 2 Income taxes
$— $5 Income (loss) from continuing operations
Unrealized gains (losses) on derivative financial instruments
Interest rate$(146)$329 Interest income — Loans
Interest rate(3)(4)Interest expense — Long-term debt
Interest rate9 4 Investment banking and debt placement fees
(140)329 
Income (loss) from continuing operations before income taxes
(33)78 Income taxes
$(107)$251 Income (loss) from continuing operations
Net pension and postretirement benefit costs
Amortization of losses$(15)$(18)Other expense
Settlement loss(12)(9)Other expense
Amortization of prior service credit1 1 Other expense
(26)(26)
Income (loss) from continuing operations before income taxes
(6)(6)Income taxes
$(20)$(20)Income (loss) from continuing operations
v3.22.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Stockholders Equity
The following table summarizes our preferred stock at December 31, 2022:
Preferred stock seriesAmount outstanding (in millions)Shares authorized and outstandingPar valueLiquidation preferenceOwnership interest per depositary shareLiquidation preference per depositary share2022 dividends paid per depositary share
Fixed-to-Floating Rate Perpetual Noncumulative Series D$525 21,000 $1 $25,000 1/25th$1,000 $50.00 
Fixed-to-Floating Rate Perpetual Noncumulative Series E500 500,000 1 1,000 1/40th25 1.531252 
Fixed Rate Perpetual Noncumulative Series F425 425,000 1 1,000 1/40th25 1.412500 
Fixed Rate Perpetual Noncumulative Series G450 450,000 1 1,000 1/40th25 1.406252 
Fixed Rate Perpetual Noncumulative Series H600 600,000 1 1,000 1/40th25 0.477917 
Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios
At December 31, 2022, Key and KeyBank (consolidated) had regulatory capital in excess of all current minimum risk-based capital (including all adjustments for market risk) and leverage ratio requirements as shown in the following table.
 ActualTo Meet Minimum
Capital Adequacy
Requirements		To Qualify as Well 
Capitalized Under Federal
Deposit Insurance Act
Dollars in millionsAmountRatioAmountRatioAmountRatio
December 31, 2022
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$20,776 12.79 %$12,998 8.00 %N/AN/A
KeyBank (consolidated)19,903 12.39 12,850 8.00 $16,063 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$17,225 10.60 %$9,748 6.00 %N/AN/A
KeyBank (consolidated)16,801 10.46 9,638 6.00 $12,850 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$17,225 8.88 %$7,759 4.00 %N/AN/A
KeyBank (consolidated)16,801 8.78 7,657 4.00 $9,572 5.00 %
December 31, 2021
TOTAL CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$18,030 12.49 %$11,552 8.00 %N/AN/A
KeyBank (consolidated)17,211 12.21 11,274 8.00 $14,093 10.00 %
TIER 1 CAPITAL TO NET RISK-WEIGHTED ASSETS
Key$15,549 10.77 %$8,664 6.00 %N/AN/A
KeyBank (consolidated)15,143 10.75 8,456 6.00 $11,274 8.00 %
TIER 1 CAPITAL TO AVERAGE QUARTERLY TANGIBLE ASSETS
Key$15,549 8.47 %$7,344 4.00 %N/AN/A
KeyBank (consolidated)15,143 8.37 7,241 4.00 $9,051 5.00 %
v3.22.4
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Financial Information of Business Groups
Year ended December 31,
Consumer BankCommercial Bank
Dollars in millions202220212020202220212020
SUMMARY OF OPERATIONS
Net interest income (TE)
$2,419 $2,359 $2,403 $1,867 $1,650 $1,725 
Noninterest income
995 1,067 999 1,600 1,990 1,524 
Total revenue (TE) (a)
3,414 3,426 3,402 3,467 3,640 3,249 
Provision for credit losses
193 (118)284 317 (279)741 
Depreciation and amortization expense
87 84 77 113 134 144 
Other noninterest expense
2,618 2,307 2,185 1,621 1,731 1,606 
Income (loss) from continuing operations before income taxes (TE)
516 1,153 856 1,416 2,054 758 
Allocated income taxes (benefit) and TE adjustments
124 277 203 270 412 107 
Income (loss) from continuing operations
392 876 653 1,146 1,642 651 
Income (loss) from discontinued operations, net of taxes
— — — — — — 
Net income (loss)
392 876 653 1,146 1,642 651 
Less: Net income (loss) attributable to noncontrolling interests
— — — — — — 
Net income (loss) attributable to Key
$392 $876 $653 $1,146 $1,642 $651 
AVERAGE BALANCES (b)
     
Loans and leases
$41,315 $39,422 $37,842 $69,549 $60,486 $64,543 
Total assets (a)
44,395 42,637 41,152 80,068 70,051 74,225 
Deposits
90,008 88,352 79,528 54,672 55,598 47,145 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$52 $39 $40 $4 $12 $1 
Net loan charge-offs (b)
83 126 135 84 81 308 
Return on average allocated equity (b)
11.13 %24.54 %18.97 %12.59 %19.22 %12.99 %
Return on average allocated equity
11.13 24.54 18.97 12.59 19.22 12.99 
Average full-time equivalent employees (c)
8,041 8,000 8,186 2,454 2,370 2,291 
Year ended December 31,OtherKey
Dollars in millions202220212020202220212020
SUMMARY OF OPERATIONS
Net interest income (TE)$268 $89 $(65)$4,554 $4,098 $4,063 
Noninterest income123 137 129 2,718 3,194 2,652 
Total revenue (TE) (a)
391 226 64 7,272 7,292 6,715 
Provision for credit losses(8)(21)(4)502 (418)1,021 
Depreciation and amortization expense71 80 82 271 298 303 
Other noninterest expense(100)93 15 4,139 4,131 3,806 
Income (loss) from continuing operations before income taxes (TE)428 74 (29)2,360 3,281 1,585 
Allocated income taxes (benefit) and TE adjustments55 (20)(54)449 669 256 
Income (loss) from continuing operations373 94 25 1,911 2,612 1,329 
Income (loss) from discontinued operations, net of taxes6 13 14 6 13 14 
Net income (loss)379 107 39 1,917 2,625 1,343 
Less: Net income (loss) attributable to noncontrolling interests— — — — — — 
Net income (loss) attributable to Key$379 $107 $39 $1,917 $2,625 $1,343 
AVERAGE BALANCES (b)
Loans and leases$438 $361 $304 $111,302 $100,269 $102,689 
Total assets (a)
61,423 66,231 46,678 185,886 178,919 162,055 
Deposits2,182 1,085 613 146,862 145,035 127,286 
OTHER FINANCIAL DATA
Expenditures for additions to long-lived assets (a), (b)
$198 $63 $120 $254 $114 $161 
Net loan charge-offs (b)
(6)(23)1 161 184 444 
Return on average allocated equity (b)
17.74 %1.69 %.27 %12.97 %14.79 %7.54 %
Return on average allocated equity18.02 1.93 .42 13.01 14.86 7.62 
Average full-time equivalent employees (c)
7,165 6,604 6,349 17,660 16,974 16,826 
(a)Substantially all revenue generated by our major business segments is derived from clients that reside in the United States. Substantially all long-lived assets, including premises and equipment, capitalized software, and goodwill held by our major business segments, are located in the United States.
(b)From continuing operations.
(c)The number of average full-time equivalent employees was not adjusted for discontinued operations.
v3.22.4
Condensed Financial Information of the Parent Company (Tables)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheets
CONDENSED BALANCE SHEETS
December 31,
Dollars in millions
20222021
ASSETS
Cash and due from banks$3,146 $2,293 
Short-term investments15 24 
Securities available for sale— — 
Other investments78 77 
Loans to:
Banks250 50 
Nonbank subsidiaries16 16 
Total loans266 66 
Investment in subsidiaries:
Banks13,033 17,019 
Nonbank subsidiaries928 1,015 
Total investment in subsidiaries13,961 18,034 
Goodwill167 167 
Corporate-owned life insurance209 212 
Derivative assets111 76 
Accrued income and other assets248 309 
Total assets$18,201 $21,258 
LIABILITIES
Accrued expense and other liabilities$508 $532 
Long-term debt due to:
Subsidiaries450 483 
Unaffiliated companies3,789 2,820 
Total long-term debt4,239 3,303 
Total liabilities4,747 3,835 
SHAREHOLDERS’ EQUITY (a)
13,454 17,423 
Total liabilities and shareholders’ equity$18,201 $21,258 
(a)See Key’s Consolidated Statements of Changes in Equity.
Condensed Statements of Income
CONDENSED STATEMENTS OF INCOME
Year ended December 31,
Dollars in millions202220212020
INCOME
Dividends from subsidiaries:
Bank subsidiaries$475 $1,925 $1,250 
Nonbank subsidiaries100 50 — 
Interest income from subsidiaries4 1 4 
Other income7 36 8 
Total income586 2,012 1,262 
EXPENSE
Interest on long-term debt with subsidiary trusts19 13 18 
Interest on other borrowed funds130 65 114 
Personnel and other expense101 101 63 
Total expense250 179 195 
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries336 1,833 1,067 
Income tax (expense) benefit60 38 38 
Income (loss) before equity in net income (loss) less dividends from subsidiaries396 1,871 1,105 
Equity in net income (loss) less dividends from subsidiaries1,521 754 238 
NET INCOME (LOSS)1,917 2,625 1,343 
Less: Net income attributable to noncontrolling interests— — — 
NET INCOME (LOSS) ATTRIBUTABLE TO KEY$1,917 $2,625 $1,343 
.
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
Year ended December 31,
Dollars in millions202220212020
OPERATING ACTIVITIES
Net income (loss) attributable to Key$1,917 $2,625 $1,343 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes (benefit)6 (22)2 
Stock-based compensation expense117 9 11 
Equity in net (income) loss less dividends from subsidiaries(1,521)(754)(238)
Net (increase) decrease in other assets23 13 (66)
Net increase (decrease) in other liabilities(24)48 12 
Other operating activities, net(480)(414)131 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES38 1,505 1,195 
INVESTING ACTIVITIES
Net (increase) decrease in securities available for sale and in short-term and other investments(26)(15)(7)
Proceeds from sales, prepayments and maturities of securities available for sale— — — 
Net (increase) decrease in loans to subsidiaries(200)— — 
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES(226)(15)(7)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt1,350 — 800 
Payments on long-term debt— (997)(1,003)
Repurchase of Treasury Shares(44)(1,176)(170)
Net cash from the issuance (redemption) of Common Shares and preferred stock590 — — 
Cash dividends paid(855)(823)(829)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES1,041 (2,996)(1,202)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS853 (1,506)(14)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR2,293 3,799 3,813 
CASH AND DUE FROM BANKS AT END OF YEAR$3,146 $2,293 $3,799 
v3.22.4
Revenue from Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table represents a disaggregation of revenue from contracts with customers, by line of business, for the twelve months ended December 31, 2022, and December 31, 2021:
Year ended December 31,20222021
Dollars in millionsConsumer BankCommercial BankTotal Contract RevenueConsumer BankCommercial BankTotal Contract Revenue
NONINTEREST INCOME
Trust and investment services income$403 $69 $472 $417 $67 $484 
Investment banking and debt placement fees— 430 430 — 586 586 
Services charges on deposit accounts211 139 350 201 136 337 
Cards and payments income177 154 331 181 226 407 
Other noninterest income11 — 11 7 2 9 
Total revenue from contracts with customers$802 $792 $1,594 $806 $1,017 $1,823 
Other noninterest income (a)
$1,001 $1,234 
Noninterest income from other segments (b)
123 137 
Total noninterest income$2,718 $3,194 
(a)Noninterest income considered earned outside the scope of contracts with customers.
(b)Other includes other segments that consists of corporate treasury, our principal investing unit, and various exit portfolios as well as reconciling items which primarily represents the unallocated portion of nonearning assets of corporate support functions. Charges related to the funding of these assets are part of net interest income and are allocated to the business segments through noninterest expense. Reconciling items also includes intercompany eliminations and certain items that are not allocated to the business segments because they do not reflect their normal operations. Refer to Note 25 (“Business Segment Reporting”) for more information.
v3.22.4
Summary of Significant Accounting Policies (Details)
 12 Months Ended
Dec. 31, 2022
segment
machine
state
branch
Dec. 31, 2021
Accounting Policies [Line Items]    
Number of retail branches | branch 972  
Number of automated teller machines | machine 1,265  
Number of states with automated teller machines | state 15  
Number of business segments 2  
Number of days to designate the loan as nonaccrual for commercial loan payment due period 90 days  
Number of days to designate commercial loans will be charged off in full or charged down to the fair value of the underlying collateral payment due period 180 days  
Number of days to designate the loan as nonaccrual for consumer payment due period 120 days  
Second lien home equity loan with associated first lien due period 120 days  
Number of days to designate the charge-off policy for most consumer loans taking effect, payment due period 120 days  
Number of days to designate home equity and residential mortgage loans to get charged down to the fair value of the underlying collateral payment due period 180 days  
Number of days to designate charge-off policy for credit card loans and similar unsecured products taking effect, payment due period 180 days  
Threshold period to return to accrual status 6 months  
Number of loan segment portfolios 2  
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expense and other liabilities Accrued expense and other liabilities
Amortization period of stock-based compensation awards 5 years  
Vesting period for compensation cost 4 years  
Stock Options    
Accounting Policies [Line Items]    
Options expiration years 10 years  
Stock Options | One year after the grant date    
Accounting Policies [Line Items]    
Rate at which employee stock options granted to be exercisable 25.00%  
v3.22.4
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
EARNINGS      
Income (loss) from continuing operations $ 1,911 $ 2,612 $ 1,329
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
Income (loss) from continuing operations attributable to Key 1,911 2,612 1,329
Less: Dividends on preferred stock 118 106 106
Income (loss) from continuing operations attributable to Key common shareholders 1,793 2,506 1,223
Income (loss) from discontinued operations, net of taxes 6 13 14
Net income (loss) attributable to Key common shareholders $ 1,799 $ 2,519 $ 1,237
WEIGHTED-AVERAGE COMMON SHARES      
Weighted-average common shares outstanding (in shares) 924,363 947,065 967,783
Effect of common share options and other stock awards (in shares) 8,696 10,349 7,024
Weighted-average common shares and potential common shares outstanding (in shares) [1] 933,059 957,414 974,807
EARNINGS PER COMMON SHARE      
Income (loss) from continuing operations attributable to Key common shareholders (in dollars per share) $ 1.94 $ 2.64 $ 1.26
Income (loss) from discontinued operations, net of taxes (in dollars per share) 0.01 0.01 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [2] 1.94 2.65 1.28
Income (loss) from continuing operations attributable to Key common shareholders - assuming dilution (in dollars per share) 1.92 2.62 1.26
Income (loss) from discontinued operations, net of taxes — assuming dilution (in dollars per share) 0.01 0.01 0.01
Net income (loss) attributable to Key common shareholders (in dollars per share) [2] $ 1.93 $ 2.63 $ 1.27
[1] Assumes conversion of Common Share options and other stock awards and/or convertible preferred stock, as applicable.
[2] EPS may not foot due to rounding.
v3.22.4
Restrictions on Cash, Dividends and Lending Activities (Details) - USD ($)
$ in Millions
 12 Months Ended
Jan. 01, 2023
Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]    
Short-term investments held for discharge of obligations   $ 3,200
KeyBank (consolidated)    
Restricted Cash and Cash Equivalents Items [Line Items]    
Dividends paid by non banking subsidiaries   $ 475
KeyBank (consolidated) | Subsequent Event    
Restricted Cash and Cash Equivalents Items [Line Items]    
Capacity to pay dividends $ 2,300  
v3.22.4
Loan Portfolio (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 119,394 $ 101,854
Discontinued Operations | Education Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 434 567
Commercial Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 82,465 70,836
Accrued interest 314  
Commercial Loans | Commercial and industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 59,647 50,525
Accrued interest 417 198
Commercial Loans | Commercial mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 16,352 14,244
Commercial Loans | Construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,530 1,996
Commercial Loans | Total commercial real estate loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 18,882 16,240
Commercial Loans | Commercial lease financing    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 3,936 4,071
Commercial Loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 172 139
Commercial Loans | Collateral pledged    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 8 16
Consumer Loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 36,929 31,018
Accrued interest 103  
Consumer Loans | Real estate — residential mortgage    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 21,401 15,756
Consumer Loans | Home equity loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 7,951 8,467
Consumer Loans | Total residential — prime loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 29,352 24,223
Consumer Loans | Consumer direct loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 6,508 5,753
Consumer Loans | Credit cards    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 1,026 972
Consumer Loans | Consumer indirect loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 43 70
Consumer Loans | Commercial credit card    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 1,026 $ 972
v3.22.4
Asset Quality - Changes in Allowance for Loan and Lease Losses by Loan Category (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 1,061 $ 1,626 $ 900
Provision 437 (381) 965
Charge-offs (245) (322) (522)
Recoveries 84 138 79
Ending balance 1,337 1,061 1,626
Total ALLL, including discontinued operations, beginning balance 1,089 1,662 910
Total provision, including discontinued operations 434 (387) 960
Total charge-offs, including discontinued operations (251) (326) (527)
Total recoveries, including discontinued operations 86 140 84
Total ALLL, including discontinued operations, ending balance 1,358 1,089 1,662
Provision (credit) for losses on off balance sheet exposures 65 (37) 56
Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     204
Total ALLL, including discontinued operations, beginning balance     235
Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     1,104
Total ALLL, including discontinued operations, beginning balance     1,145
Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 688 1,099 751
Provision 294 (290) 839
Charge-offs (178) (220) (405)
Recoveries 60 99 38
Ending balance 864 688 1,099
Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     (124)
Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     627
Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 373 527 149
Provision 143 (91) 126
Charge-offs (67) (102) (117)
Recoveries 24 39 41
Ending balance 473 373 527
Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     328
Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     477
Commercial and industrial | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 445 678 551
Provision 259 (142) 585
Charge-offs (153) (174) (351)
Recoveries 50 83 34
Ending balance 601 445 678
Commercial and industrial | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     (141)
Commercial and industrial | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     410
Commercial mortgage | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 182 327 143
Provision 39 (114) 184
Charge-offs (23) (40) (19)
Recoveries 5 9 3
Ending balance 203 182 327
Commercial mortgage | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     16
Commercial mortgage | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     159
Construction | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 29 47 22
Provision (2) (18) 32
Charge-offs 0 0 0
Recoveries 1 0 0
Ending balance 28 29 47
Construction | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     (7)
Construction | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     15
Total commercial real estate loans | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 211 374 165
Provision 37 (132) 216
Charge-offs (23) (40) (19)
Recoveries 6 9 3
Ending balance 231 211 374
Total commercial real estate loans | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     9
Total commercial real estate loans | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     174
Commercial lease financing | Commercial Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 32 47 35
Provision (2) (16) 38
Charge-offs (2) (6) (35)
Recoveries 4 7 1
Ending balance 32 32 47
Commercial lease financing | Commercial Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     8
Commercial lease financing | Commercial Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     43
Real estate — residential mortgage | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 95 102 7
Provision 94 (12) 19
Charge-offs 2 2 (2)
Recoveries 5 3 1
Ending balance 196 95 102
Real estate — residential mortgage | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     77
Real estate — residential mortgage | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     84
Home equity loans | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 110 171 31
Provision (14) (57) (3)
Charge-offs (1) (9) (11)
Recoveries 3 5 7
Ending balance 98 110 171
Home equity loans | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     147
Home equity loans | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     178
Consumer direct loans | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 105 128 34
Provision 32 (2) 61
Charge-offs (34) (29) (37)
Recoveries 8 8 7
Ending balance 111 105 128
Consumer direct loans | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     63
Consumer direct loans | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     97
Credit cards | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 61 87 47
Provision 29 (7) 36
Charge-offs (30) (27) (39)
Recoveries 6 8 8
Ending balance 66 61 87
Credit cards | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     35
Credit cards | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     82
Consumer indirect loans | Consumer Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 2 39 30
Provision 2 (13) 13
Charge-offs (4) (39) (28)
Recoveries 2 15 18
Ending balance 2 2 39
Consumer indirect loans | Consumer Loans | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     6
Consumer indirect loans | Consumer Loans | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     36
Discontinued Operations      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance 28 36 10
Provision (3) (6) (5)
Charge-offs (6) (4) (5)
Recoveries 2 2 5
Ending balance $ 21 $ 28 36
Discontinued Operations | Impact of ASC 326 Adoption      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     31
Discontinued Operations | Adjusted balance      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance     $ 41
v3.22.4
Asset Quality - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income (residential) $ 119,394 $ 101,854  
Percentage of carrying amount of our commercial nonperforming loans outstanding 55.00%    
Percentage of nonperforming loans outstanding face value 69.00%    
Percentage of loans held for sale and other nonperforming assets 77.00%    
Net reduction to interest income $ 17 17 $ 27
Commitments outstanding to lend additional funds to borrowers 10 15  
Financial receivable, modifications, subsequent default, recorded investment 12 5  
Commercial Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income (residential) 82,465 70,836  
Accrued interest $ 314    
TDRs, period for default (in days) 90 days    
Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income (residential) $ 36,929 31,018  
Accrued interest $ 103    
TDRs, period for default (in days) 60 days    
Continuing Operations | Commercial Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Increase (decrease) in ALLL $ 176    
Increase (decrease) in ALLL (as a percent) 25.60%    
Continuing Operations | Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Increase (decrease) in ALLL $ 100    
Increase (decrease) in ALLL (as a percent) 26.80%    
Real estate — residential mortgage | Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income (residential) $ 21,401 $ 15,756  
Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loans | loan 191 131  
Commercial Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Number of loans | loan 12 7  
Nonperforming      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income (residential) $ 387 $ 454  
Nonperforming loans on nonaccrual status with no allowance 277    
Nonperforming | Commercial Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income (residential) 196 239  
Nonperforming | Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income (residential) 191 215  
Nonperforming | Real estate — residential mortgage | Consumer Loans      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Loans, net of unearned income (residential) 77 72  
Real estate — residential mortgage      
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Financial receivable, modifications, subsequent default, recorded investment $ 156 $ 104  
v3.22.4
Asset Quality - Commercial Credit Exposure (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
Four years prior $ 0  
Total loans 119,394 $ 101,854
Commercial Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 18,203  
One year prior 14,465  
Two years prior 5,657  
Three years prior 5,678  
Four years prior 3,213  
Prior 7,310  
Revolving Loans Amortized Cost Basis 27,707  
Revolving Loans Converted to Term Loans Amortized Cost Basis 232  
Total loans 82,465 70,836
Accrued interest 314  
Commercial Loans | Commercial and industrial    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 11,654  
One year prior 8,995  
Two years prior 3,676  
Three years prior 3,003  
Four years prior 2,036  
Prior 3,532  
Revolving Loans Amortized Cost Basis 26,588  
Revolving Loans Converted to Term Loans Amortized Cost Basis 163  
Total loans 59,647 50,525
Accrued interest 417 198
Commercial Loans | Commercial and industrial | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 11,580  
One year prior 8,636  
Two years prior 3,540  
Three years prior 2,839  
Four years prior 1,787  
Prior 3,307  
Revolving Loans Amortized Cost Basis 25,565  
Revolving Loans Converted to Term Loans Amortized Cost Basis 138  
Total loans 57,392  
Commercial Loans | Commercial and industrial | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 40  
One year prior 357  
Two years prior 131  
Three years prior 160  
Four years prior 227  
Prior 205  
Revolving Loans Amortized Cost Basis 936  
Revolving Loans Converted to Term Loans Amortized Cost Basis 25  
Total loans 2,081  
Commercial Loans | Commercial and industrial | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 34  
One year prior 2  
Two years prior 5  
Three years prior 4  
Four years prior 22  
Prior 20  
Revolving Loans Amortized Cost Basis 87  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 174  
Commercial Loans | Commercial mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 4,792  
One year prior 3,830  
Two years prior 1,013  
Three years prior 1,902  
Four years prior 862  
Prior 2,768  
Revolving Loans Amortized Cost Basis 1,118  
Revolving Loans Converted to Term Loans Amortized Cost Basis 67  
Total loans 16,352 14,244
Commercial Loans | Commercial mortgage | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 4,786  
One year prior 3,817  
Two years prior 992  
Three years prior 1,853  
Four years prior 788  
Prior 2,578  
Revolving Loans Amortized Cost Basis 1,068  
Revolving Loans Converted to Term Loans Amortized Cost Basis 67  
Total loans 15,949  
Commercial Loans | Commercial mortgage | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 6  
One year prior 13  
Two years prior 20  
Three years prior 48  
Four years prior 73  
Prior 175  
Revolving Loans Amortized Cost Basis 47  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 382  
Commercial Loans | Commercial mortgage | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 1  
Three years prior 1  
Four years prior 1  
Prior 15  
Revolving Loans Amortized Cost Basis 3  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 21  
Commercial Loans | Construction    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 703  
One year prior 896  
Two years prior 450  
Three years prior 294  
Four years prior 132  
Prior 52  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 2  
Total loans 2,530 1,996
Commercial Loans | Construction | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 698  
One year prior 895  
Two years prior 445  
Three years prior 262  
Four years prior 107  
Prior 48  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 2,456  
Commercial Loans | Construction | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 5  
One year prior 1  
Two years prior 5  
Three years prior 32  
Four years prior 25  
Prior 4  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 2  
Total loans 74  
Commercial Loans | Construction | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Prior 0  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 0  
Commercial Loans | Commercial lease financing    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,054  
One year prior 744  
Two years prior 518  
Three years prior 479  
Four years prior 183  
Prior 958  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,936 $ 4,071
Commercial Loans | Commercial lease financing | Pass    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,039  
One year prior 743  
Two years prior 509  
Three years prior 467  
Four years prior 174  
Prior 947  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 3,879  
Commercial Loans | Commercial lease financing | Criticized (Accruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 15  
One year prior 1  
Two years prior 9  
Three years prior 12  
Four years prior 9  
Prior 10  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 56  
Commercial Loans | Commercial lease financing | Criticized (Nonaccruing)    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 1  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans $ 1  
v3.22.4
Asset Quality - Consumer Credit Exposure (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Credit Quality Indicator [Line Items]    
Four years prior $ 0  
Total loans 119,394 $ 101,854
Consumer Loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 8,775  
One year prior 13,193  
Two years prior 4,933  
Three years prior 1,565  
Four years prior 311  
Prior 2,490  
Revolving Loans Amortized Cost Basis 5,101  
Revolving Loans Converted to Term Loans Amortized Cost Basis 561  
Total loans 36,929 31,018
Accrued interest 103  
Consumer Loans | Real estate — residential mortgage    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 6,594  
One year prior 9,664  
Two years prior 2,884  
Three years prior 757  
Four years prior 108  
Prior 1,393  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 21,401 15,756
Consumer Loans | Real estate — residential mortgage | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 5,205  
One year prior 8,702  
Two years prior 2,584  
Three years prior 636  
Four years prior 64  
Prior 978  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 18,169  
Consumer Loans | Real estate — residential mortgage | FICO Score, 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,286  
One year prior 919  
Two years prior 282  
Three years prior 106  
Four years prior 28  
Prior 260  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 2,881  
Consumer Loans | Real estate — residential mortgage | FICO Score, Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 41  
One year prior 42  
Two years prior 17  
Three years prior 14  
Four years prior 15  
Prior 130  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 259  
Consumer Loans | Real estate — residential mortgage | FICO Score, No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 62  
One year prior 1  
Two years prior 1  
Three years prior 1  
Four years prior 1  
Prior 25  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 92  
Consumer Loans | Home equity loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 247  
One year prior 1,366  
Two years prior 955  
Three years prior 303  
Four years prior 116  
Prior 887  
Revolving Loans Amortized Cost Basis 3,516  
Revolving Loans Converted to Term Loans Amortized Cost Basis 561  
Total loans 7,951 8,467
Consumer Loans | Home equity loans | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 146  
One year prior 1,044  
Two years prior 736  
Three years prior 207  
Four years prior 74  
Prior 617  
Revolving Loans Amortized Cost Basis 2,238  
Revolving Loans Converted to Term Loans Amortized Cost Basis 398  
Total loans 5,460  
Consumer Loans | Home equity loans | FICO Score, 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 83  
One year prior 291  
Two years prior 194  
Three years prior 79  
Four years prior 32  
Prior 187  
Revolving Loans Amortized Cost Basis 974  
Revolving Loans Converted to Term Loans Amortized Cost Basis 126  
Total loans 1,966  
Consumer Loans | Home equity loans | FICO Score, Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 11  
One year prior 31  
Two years prior 25  
Three years prior 17  
Four years prior 10  
Prior 81  
Revolving Loans Amortized Cost Basis 300  
Revolving Loans Converted to Term Loans Amortized Cost Basis 37  
Total loans 512  
Consumer Loans | Home equity loans | FICO Score, No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 7  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 2  
Revolving Loans Amortized Cost Basis 4  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 13  
Consumer Loans | Consumer direct loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,934  
One year prior 2,161  
Two years prior 1,094  
Three years prior 505  
Four years prior 87  
Prior 169  
Revolving Loans Amortized Cost Basis 558  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 6,508 5,753
Consumer Loans | Consumer direct loans | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 1,291  
One year prior 1,632  
Two years prior 811  
Three years prior 351  
Four years prior 45  
Prior 97  
Revolving Loans Amortized Cost Basis 102  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 4,329  
Consumer Loans | Consumer direct loans | FICO Score, 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 526  
One year prior 434  
Two years prior 229  
Three years prior 120  
Four years prior 26  
Prior 41  
Revolving Loans Amortized Cost Basis 206  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,582  
Consumer Loans | Consumer direct loans | FICO Score, Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 58  
One year prior 63  
Two years prior 32  
Three years prior 23  
Four years prior 7  
Prior 9  
Revolving Loans Amortized Cost Basis 57  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 249  
Consumer Loans | Consumer direct loans | FICO Score, No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 59  
One year prior 32  
Two years prior 22  
Three years prior 11  
Four years prior 9  
Prior 22  
Revolving Loans Amortized Cost Basis 193  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 348  
Consumer Loans | Commercial credit card    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 0  
Revolving Loans Amortized Cost Basis 1,026  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1,026 972
Consumer Loans | Commercial credit card | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 0  
Revolving Loans Amortized Cost Basis 524  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 524  
Consumer Loans | Commercial credit card | FICO Score, 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 0  
Revolving Loans Amortized Cost Basis 402  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 402  
Consumer Loans | Commercial credit card | FICO Score, Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 0  
Revolving Loans Amortized Cost Basis 99  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 99  
Consumer Loans | Commercial credit card | FICO Score, No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 0  
Revolving Loans Amortized Cost Basis 1  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 1  
Consumer Loans | Consumer indirect loans    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 2  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 41  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 43 $ 70
Consumer Loans | Consumer indirect loans | FICO Score, 750 and above    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 2  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 19  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 21  
Consumer Loans | Consumer indirect loans | FICO Score, 660 to 749    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 15  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 15  
Consumer Loans | Consumer indirect loans | FICO Score, Less than 660    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 7  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans 7  
Consumer Loans | Consumer indirect loans | FICO Score, No Score    
Financing Receivable, Credit Quality Indicator [Line Items]    
Current 0  
One year prior 0  
Two years prior 0  
Three years prior 0  
Four years prior 0  
Prior 0  
Revolving Loans Amortized Cost Basis 0  
Revolving Loans Converted to Term Loans Amortized Cost Basis 0  
Total loans $ 0  
v3.22.4
Asset Quality - Aging Analysis of Past Due and Current Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Past Due [Line Items]    
Total loans $ 119,394 $ 101,854
Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 387 454
Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 122 76
Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 58 89
Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 60 68
Financial Asset, Not Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 118,767 101,167
Financial Asset, Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 627 687
Commercial Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 82,465 70,836
Accrued interest 314  
Commercial Loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 196 239
Commercial Loans | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 59,647 50,525
Accrued interest 417 198
Commercial Loans | Commercial and industrial | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 174 191
Commercial Loans | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 16,352 14,244
Commercial Loans | Commercial mortgage | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 21 44
Commercial Loans | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 2,530 1,996
Commercial Loans | Commercial Real Estate : Construction | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Commercial Loans | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 18,882 16,240
Commercial Loans | Commercial real estate loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 21 44
Commercial Loans | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 3,936 4,071
Commercial Loans | Commercial lease financing | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 1 4
Commercial Loans | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 172 139
Commercial Loans | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 62 35
Commercial Loans | Financial Asset, 30 to 59 Days Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 43 19
Commercial Loans | Financial Asset, 30 to 59 Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 16 10
Commercial Loans | Financial Asset, 30 to 59 Days Past Due | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Commercial Loans | Financial Asset, 30 to 59 Days Past Due | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 16 10
Commercial Loans | Financial Asset, 30 to 59 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 3 6
Commercial Loans | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 36 75
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 33 49
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 2 9
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 17
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 2 26
Commercial Loans | Financial Asset, 60 to 89 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 1 0
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 42 48
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 31 40
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 8 7
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 1
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 8 8
Commercial Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 3 0
Commercial Loans | Financial Asset, Not Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 82,129 70,439
Commercial Loans | Financial Asset, Not Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 59,366 50,226
Commercial Loans | Financial Asset, Not Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 16,305 14,174
Commercial Loans | Financial Asset, Not Past Due | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 2,530 1,978
Commercial Loans | Financial Asset, Not Past Due | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 18,835 16,152
Commercial Loans | Financial Asset, Not Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 3,928 4,061
Commercial Loans | Financial Asset, Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 336 397
Commercial Loans | Financial Asset, Past Due | Commercial and industrial    
Financing Receivable, Past Due [Line Items]    
Total loans 281 299
Commercial Loans | Financial Asset, Past Due | Commercial mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 47 70
Commercial Loans | Financial Asset, Past Due | Commercial Real Estate : Construction    
Financing Receivable, Past Due [Line Items]    
Total loans 0 18
Commercial Loans | Financial Asset, Past Due | Commercial real estate loans    
Financing Receivable, Past Due [Line Items]    
Total loans 47 88
Commercial Loans | Financial Asset, Past Due | Commercial lease financing    
Financing Receivable, Past Due [Line Items]    
Total loans 8 10
Consumer Loans    
Financing Receivable, Past Due [Line Items]    
Total loans 36,929 31,018
Accrued interest 103  
Consumer Loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 191 215
Consumer Loans | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 21,401 15,756
Consumer Loans | Real estate — residential mortgage | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 77 72
Consumer Loans | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7,951 8,467
Consumer Loans | Home equity loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 107 135
Consumer Loans | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 6,508 5,753
Consumer Loans | Consumer direct loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 3 4
Consumer Loans | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 1,026 972
Consumer Loans | Commercial credit card | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 3 3
Consumer Loans | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 43 70
Consumer Loans | Consumer indirect loans | Nonperforming    
Financing Receivable, Past Due [Line Items]    
Total loans 1 1
Consumer Loans | Financial Asset, 30 to 59 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 60 41
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 13 7
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 27 21
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 15 8
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 5 4
Consumer Loans | Financial Asset, 30 to 59 Days Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 1
Consumer Loans | Financial Asset, 60 to 89 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 22 14
Consumer Loans | Financial Asset, 60 to 89 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 3 3
Consumer Loans | Financial Asset, 60 to 89 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 8 6
Consumer Loans | Financial Asset, 60 to 89 Days Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7 2
Consumer Loans | Financial Asset, 60 to 89 Days Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 4 3
Consumer Loans | Financial Asset, 60 to 89 Days Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 18 20
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 1 5
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5 6
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 5 3
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 7 6
Consumer Loans | Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 0 0
Consumer Loans | Financial Asset, Not Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 36,638 30,728
Consumer Loans | Financial Asset, Not Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 21,307 15,669
Consumer Loans | Financial Asset, Not Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 7,804 8,299
Consumer Loans | Financial Asset, Not Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 6,478 5,736
Consumer Loans | Financial Asset, Not Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 1,007 956
Consumer Loans | Financial Asset, Not Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans 42 68
Consumer Loans | Financial Asset, Past Due    
Financing Receivable, Past Due [Line Items]    
Total loans 291 290
Consumer Loans | Financial Asset, Past Due | Real estate — residential mortgage    
Financing Receivable, Past Due [Line Items]    
Total loans 94 87
Consumer Loans | Financial Asset, Past Due | Home equity loans    
Financing Receivable, Past Due [Line Items]    
Total loans 147 168
Consumer Loans | Financial Asset, Past Due | Consumer direct loans    
Financing Receivable, Past Due [Line Items]    
Total loans 30 17
Consumer Loans | Financial Asset, Past Due | Commercial credit card    
Financing Receivable, Past Due [Line Items]    
Total loans 19 16
Consumer Loans | Financial Asset, Past Due | Consumer indirect loans    
Financing Receivable, Past Due [Line Items]    
Total loans $ 1 $ 2
v3.22.4
Asset Quality - Post-Modification Outstanding Recorded Investment by Concession Type for Our Commercial Accruing and Nonaccruing TDRs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Total commercial and consumer TDRs $ 69 $ 33
Commercial Loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Extension of Maturity Date 36 0
Payment or Covenant Modification/Deferment 0 7
Total 36 7
Consumer Loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Interest rate reduction 13 7
Other 20 19
Total $ 33 $ 26
v3.22.4
Asset Quality - Summary of Post-Modification Outstanding Recorded Investment TDRs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Financing Receivables, Modifications, Rollforward [Roll Forward]    
Balance at beginning of the period $ 220 $ 363
Additions 79 103
Payments (45) (217)
Charge-offs (18) (29)
Balance at end of period $ 236 $ 220
v3.22.4
Asset Quality - Breakdown of Nonperforming TDRs by Loans Category (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 4,205 4,429
Pre-modification   Outstanding   Recorded   Investment   $ 334,000,000 $ 308,000,000
Post-modification   Outstanding   Recorded   Investment   $ 236,000,000 $ 220,000,000
Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 2,965 3,049
Pre-modification   Outstanding   Recorded   Investment   $ 156,000,000 $ 160,000,000
Post-modification   Outstanding   Recorded   Investment   $ 118,000,000 $ 121,000,000
Nonperforming    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 1,240 1,380
Pre-modification   Outstanding   Recorded   Investment   $ 178,000,000 $ 148,000,000
Post-modification   Outstanding   Recorded   Investment   $ 118,000,000 $ 99,000,000
Commercial Loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 19 12
Pre-modification   Outstanding   Recorded   Investment   $ 0 $ 0
Post-modification   Outstanding   Recorded   Investment   $ 0 $ 0
Commercial Loans | Commercial and industrial | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 19 11
Pre-modification   Outstanding   Recorded   Investment   $ 0 $ 0
Post-modification   Outstanding   Recorded   Investment   $ 0 $ 0
Commercial Loans | Commercial mortgage | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 0 1
Pre-modification   Outstanding   Recorded   Investment   $ 0 $ 0
Post-modification   Outstanding   Recorded   Investment   $ 0 $ 0
Commercial Loans | Nonperforming    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 31 39
Pre-modification   Outstanding   Recorded   Investment   $ 110,000,000 $ 80,000,000
Post-modification   Outstanding   Recorded   Investment   $ 58,000,000 $ 39,000,000
Commercial Loans | Nonperforming | Commercial and industrial    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 27 36
Pre-modification   Outstanding   Recorded   Investment   $ 60,000,000 $ 30,000,000
Post-modification   Outstanding   Recorded   Investment   $ 45,000,000 $ 14,000,000
Commercial Real Estate Portfolio Segment | Nonperforming | Commercial mortgage    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 4 3
Pre-modification   Outstanding   Recorded   Investment   $ 50,000,000 $ 50,000,000
Post-modification   Outstanding   Recorded   Investment   $ 13,000,000 $ 25,000,000
Commercial Real Estate Portfolio Segment | Nonperforming | Commercial real estate loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 4 3
Pre-modification   Outstanding   Recorded   Investment   $ 50,000,000 $ 50,000,000
Post-modification   Outstanding   Recorded   Investment   $ 13,000,000 $ 25,000,000
Consumer Loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 2,946 3,037
Pre-modification   Outstanding   Recorded   Investment   $ 156,000,000 $ 160,000,000
Post-modification   Outstanding   Recorded   Investment   $ 118,000,000 $ 121,000,000
Consumer Loans | Real estate — residential mortgage | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 425 455
Pre-modification   Outstanding   Recorded   Investment   $ 41,000,000 $ 39,000,000
Post-modification   Outstanding   Recorded   Investment   $ 35,000,000 $ 33,000,000
Consumer Loans | Home equity loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 1,547 1,628
Pre-modification   Outstanding   Recorded   Investment   $ 96,000,000 $ 97,000,000
Post-modification   Outstanding   Recorded   Investment   $ 73,000,000 $ 75,000,000
Consumer Loans | Consumer direct loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 272 236
Pre-modification   Outstanding   Recorded   Investment   $ 4,000,000 $ 5,000,000
Post-modification   Outstanding   Recorded   Investment   $ 3,000,000 $ 3,000,000
Consumer Loans | Credit cards | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 607 579
Pre-modification   Outstanding   Recorded   Investment   $ 4,000,000 $ 4,000,000
Post-modification   Outstanding   Recorded   Investment   $ 2,000,000 $ 2,000,000
Consumer Loans | Consumer indirect loans | Prior-year accruing    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 95 139
Pre-modification   Outstanding   Recorded   Investment   $ 11,000,000 $ 15,000,000
Post-modification   Outstanding   Recorded   Investment   $ 5,000,000 $ 8,000,000
Consumer Loans | Nonperforming    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 1,209 1,341
Pre-modification   Outstanding   Recorded   Investment   $ 68,000,000 $ 68,000,000
Post-modification   Outstanding   Recorded   Investment   $ 60,000,000 $ 60,000,000
Consumer Loans | Nonperforming | Real estate — residential mortgage    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 238 220
Pre-modification   Outstanding   Recorded   Investment   $ 30,000,000 $ 26,000,000
Post-modification   Outstanding   Recorded   Investment   $ 27,000,000 $ 24,000,000
Consumer Loans | Nonperforming | Home equity loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 468 531
Pre-modification   Outstanding   Recorded   Investment   $ 32,000,000 $ 36,000,000
Post-modification   Outstanding   Recorded   Investment   $ 28,000,000 $ 31,000,000
Consumer Loans | Nonperforming | Consumer direct loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 156 207
Pre-modification   Outstanding   Recorded   Investment   $ 2,000,000 $ 3,000,000
Post-modification   Outstanding   Recorded   Investment   $ 2,000,000 $ 2,000,000
Consumer Loans | Nonperforming | Credit cards    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 331 360
Pre-modification   Outstanding   Recorded   Investment   $ 2,000,000 $ 2,000,000
Post-modification   Outstanding   Recorded   Investment   $ 2,000,000 $ 2,000,000
Consumer Loans | Nonperforming | Consumer indirect loans    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Number   of Loans   | loan 16 23
Pre-modification   Outstanding   Recorded   Investment   $ 2,000,000 $ 1,000,000
Post-modification   Outstanding   Recorded   Investment   $ 1,000,000 $ 1,000,000
v3.22.4
Asset Quality - Changes in Liability for Credit Losses on Lending Related Commitments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of period $ 160 $ 197  
Provision (credit) for losses on off balance sheet exposures 65 (37) $ 56
Balance at end of period $ 225 $ 160 $ 197
v3.22.4
Fair Value Measurements - Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities $ 829 $ 701
Securities available for sale 39,117 45,364
Loans, net of unearned income (residential) 119,394 101,854
Derivative assets 1,781 2,246
Netting adjustments (757) (284)
Total derivative assets 1,024 1,962
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 2,750 1,687
Netting adjustments (1,262) (1,526)
U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,415 9,472
Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,920 5,122
Mortgage-backed securities | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,349 9,651
Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 815 683
Commercial loans 14 18
Total trading account assets 829 701
Securities available for sale 39,117 45,364
Total other investments 77 105
Loans, net of unearned income (residential) 9 11
Loans held for sale (residential) 24 281
Derivative assets 1,781 2,246
Netting adjustments (757) (284)
Total derivative assets 1,024 1,962
Total assets on a recurring basis at fair value 41,080 48,424
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 2,123 749
Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 16,433 21,119
Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 698 530
Securities available for sale 9,415 9,472
Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 33 96
Securities available for sale 0 0
Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 13
Securities available for sale 0 0
Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,349 9,651
Fair Value, Recurring | Principal investments: Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 1 1
Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 35 46
Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 6 33
Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 42 59
Fair Value, Recurring | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 84 44
Fair Value, Recurring | Mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,920 5,122
Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 635 588
Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 2,750 1,687
Netting adjustments (1,262) (1,526)
Total derivative liabilities 1,488 161
Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 303 807
Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,307 253
Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 136 81
Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 131 76
Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 1,328 1,330
Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,304 1,335
Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 1 1
Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 3 12
Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 13 27
Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 5 11
Level 1 | Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Commercial loans 0 0
Total trading account assets 0 0
Securities available for sale 0 0
Total other investments 4 24
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 0 0
Derivative assets 112 71
Netting adjustments 0 0
Total derivative assets 112 71
Total assets on a recurring basis at fair value 116 95
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 233 141
Level 1 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Principal investments: Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 1 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 1 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 4 24
Level 1 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 4 24
Level 1 | Fair Value, Recurring | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Level 1 | Fair Value, Recurring | Mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 1 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 126 75
Level 1 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 107 66
Netting adjustments 0 0
Total derivative liabilities 107 66
Level 1 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 1 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 112 71
Level 1 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 107 66
Level 1 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 1 | Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 1 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 1 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 2 | Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 815 683
Commercial loans 14 18
Total trading account assets 829 701
Securities available for sale 39,117 45,364
Total other investments 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale (residential) 24 281
Derivative assets 1,666 2,136
Netting adjustments 0 0
Total derivative assets 1,666 2,136
Total assets on a recurring basis at fair value 41,636 48,482
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 3,149 2,127
Level 2 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 16,433 21,119
Level 2 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 698 530
Securities available for sale 9,415 9,472
Level 2 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 33 96
Securities available for sale 0 0
Level 2 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 13
Securities available for sale 0 0
Level 2 | Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 9,349 9,651
Level 2 | Fair Value, Recurring | Principal investments: Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 0 0
Level 2 | Fair Value, Recurring | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 84 44
Level 2 | Fair Value, Recurring | Mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 3,920 5,122
Level 2 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 509 513
Level 2 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 2,640 1,614
Netting adjustments 0 0
Total derivative liabilities 2,640 1,614
Level 2 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 301 774
Level 2 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,307 253
Level 2 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 24 10
Level 2 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 24 10
Level 2 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 1,328 1,330
Level 2 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 1,304 1,335
Level 2 | Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 2 | Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 5
Level 2 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 13 22
Level 2 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 5 11
Level 3 | Fair Value, Recurring    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Commercial loans 0 0
Total trading account assets 0 0
Securities available for sale 0 0
Total other investments 3 10
Loans, net of unearned income (residential) 9 11
Loans held for sale (residential) 0 0
Derivative assets 3 39
Netting adjustments 0 0
Total derivative assets 3 39
Total assets on a recurring basis at fair value 15 60
LIABILITIES MEASURED ON A RECURRING BASIS    
Total liabilities on a recurring basis at fair value 3 7
Level 3 | Fair Value, Recurring | Agency residential collateralized mortgage obligations    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | U.S. Treasury, agencies and corporations    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | States and political subdivisions    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Other securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Agency commercial mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Principal investments: Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 1 1
Level 3 | Fair Value, Recurring | Principal Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 1 1
Level 3 | Fair Value, Recurring | Equity Investments, Direct    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 2 9
Level 3 | Fair Value, Recurring | Equity Investments    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 2 9
Level 3 | Fair Value, Recurring | Mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Total trading account securities 0 0
Level 3 | Fair Value, Recurring | Mortgage-backed securities | Agency residential mortgage-backed securities    
ASSETS MEASURED ON A RECURRING BASIS    
Securities available for sale 0 0
Level 3 | Fair Value, Recurring | Short positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Short positions 0 0
Level 3 | Fair Value, Recurring | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 3 7
Netting adjustments 0 0
Total derivative liabilities 3 7
Level 3 | Fair Value, Recurring | Interest rate    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 2 33
Level 3 | Fair Value, Recurring | Interest rate | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Foreign exchange    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 3 | Fair Value, Recurring | Foreign exchange | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Commodity    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 0
Level 3 | Fair Value, Recurring | Commodity | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Level 3 | Fair Value, Recurring | Credit    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 1 1
Level 3 | Fair Value, Recurring | Credit | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 3 7
Level 3 | Fair Value, Recurring | Other    
ASSETS MEASURED ON A RECURRING BASIS    
Derivative assets 0 5
Level 3 | Fair Value, Recurring | Other | Long positions    
LIABILITIES MEASURED ON A RECURRING BASIS    
Derivative liabilities 0 0
Measured at NAV | Fair Value, Recurring | Principal investments: Indirect | Variable Interest Entity, Not Primary Beneficiary    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 34 45
Measured at NAV | Fair Value, Recurring | Equity Investments, Direct, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments 32 21
Measured at NAV | Fair Value, Recurring | Equity Investments, Indirect, NAV    
ASSETS MEASURED ON A RECURRING BASIS    
Total other investments $ 4 $ 5
v3.22.4
Fair Value Measurements - Fair Value of Direct and Indirect Investments, Related Unfunded Commitments and Financial Support Provided (Details) - Principal Investments - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value $ 35  
Unfunded Commitments 9  
Funded Commitments 0 $ 4
Funded Other 0 0
Direct investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 1  
Unfunded Commitments 0  
Funded Commitments 0 0
Funded Other 0 0
Indirect Investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Fair Value 34  
Unfunded Commitments 9  
Funded Commitments 0 4
Funded Other $ 0 $ 0
v3.22.4
Fair Value Measurements - Change in Fair Values of Level 3 Financial Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Other securities    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance $ 0 $ 13
Gains (Losses) included in comprehensive income 0 9
Gains (Losses) Included in Earnings 0 0
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 (22)
End of Period Balance 0 0
Unrealized Gains (Losses) Included in Earnings 0 0
Other investments    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance 9 13
Gains (Losses) included in comprehensive income 0
Gains (Losses) Included in Earnings (3) (1)
Purchases 0
Sales (4)
Settlements 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 (3)
End of Period Balance 2 9
Unrealized Gains (Losses) Included in Earnings (3)  
Other investments | Principal investments: Direct    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance 1 1
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 0
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 1 1
Unrealized Gains (Losses) Included in Earnings 0 0
Interest rate    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance 33 56
Gains (Losses) included in comprehensive income 0
Gains (Losses) Included in Earnings (72) (24)
Purchases 2 3
Sales (2) (12)
Settlements 0
Transfers Other 0 0
Transfers into Level 3 33 28
Transfers out of Level 3 8 (17)
End of Period Balance 2 33
Unrealized Gains (Losses) Included in Earnings 0
Credit    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance (6) (10)
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 4 3
Purchases 0 1
Sales 0 0
Settlements 0 0
Transfers Other 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0
End of Period Balance (2) (6)
Unrealized Gains (Losses) Included in Earnings 0 0
Other    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance 5 32
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 (3)
Purchases 0 0
Sales 0 0
Settlements 0 0
Transfers Other (5) (24)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 0 5
Unrealized Gains (Losses) Included in Earnings 0 0
Loans held for sale (residential)    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance 0 0
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings 0 0
Purchases 0 0
Sales 0 (1)
Settlements 0 0
Transfers Other 0 1
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 0 0
Unrealized Gains (Losses) Included in Earnings 0 (1)
Loans held for investment (residential)    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning of Period Balance 11 11
Gains (Losses) included in comprehensive income 0 0
Gains (Losses) Included in Earnings (3) 0
Purchases 0 0
Sales (1) (3)
Settlements 0 0
Transfers Other 2 1
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
End of Period Balance 9 11
Unrealized Gains (Losses) Included in Earnings $ 0 $ 0
v3.22.4
Fair Value Measurements - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Equity securities without readily determinable fair value $ 249,000,000 $ 173,000,000
Impairment on equity securities without readily determinable fair value 0  
Loans, net of unearned income (residential) 119,394,000,000 101,854,000,000
Discontinued Operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 434,000,000 567,000,000
Loans carried at fair value 1,000,000 2,000,000
Carrying Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 118,048,000,000 100,782,000,000
Loans carried at fair value 9,000,000 11,000,000
Carrying Amount | Discontinued Operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 434,000,000 567,000,000
Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 112,590,000,000 100,428,000,000
Loans carried at fair value 9,000,000 11,000,000
Estimate of Fair Value Measurement | Discontinued Operations | Education Lending    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Loans, net of unearned income (residential) 357,000,000 486,000,000
Fair Value, Recurring    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities measured at fair value on non recurring basis 2,123,000,000 749,000,000
Loans, net of unearned income (residential) 9,000,000 11,000,000
Fair Value, Nonrecurring | Estimate of Fair Value Measurement    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Liabilities measured at fair value on non recurring basis $ 0 $ 0
v3.22.4
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans $ 17 $ 28
Accrued income and other assets 14 80
Total assets on a recurring basis at fair value 31 108
Level 1    
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans 0 0
Accrued income and other assets 0 0
Total assets on a recurring basis at fair value 0 0
Level 2    
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans 0 0
Accrued income and other assets 0 0
Total assets on a recurring basis at fair value 0 0
Level 3    
ASSETS MEASURED ON A NONRECURRING BASIS    
Collateral-dependent loans 17 28
Accrued income and other assets 14 80
Total assets on a recurring basis at fair value $ 31 $ 108
v3.22.4
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ 1,024,000,000 $ 1,962,000,000
Mortgage servicing assets excluded from OREO 0 67,000,000
Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 1,024,000,000 1,962,000,000
Other investments 77,000,000 105,000,000
Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 17,000,000 28,000,000
Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Insignificant level 3 assets, net of liabilities 1,000,000 9,000,000
Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets 3,000,000 39,000,000
Other investments 3,000,000 10,000,000
Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 17,000,000 28,000,000
Principal investments: Direct | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 1,000,000 1,000,000
Principal investments: Direct | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Other investments 1,000,000 1,000,000
Market comparable pricing | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential) 9,000,000 11,000,000
Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans 17,000,000 28,000,000
Appraised value | Level 3 | Fair Value, Nonrecurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
OREO and other assets 14,000,000 13,000,000
Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets $ 2,000,000 $ 33,000,000
Comparability factor | Market comparable pricing | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential), measurement input 0.6100 0.6450
Comparability factor | Market comparable pricing | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential), measurement input 0.8658 0.9730
Comparability factor | Market comparable pricing | Level 3 | Fair Value, Recurring | Weighted-Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Loans, net of unearned income (residential), measurement input 0.7221 0.9424
Probability of default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.0002 0.0002
Probability of default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 1 1
Probability of default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted-Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.0800 0.0888
Loss given default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0 0
Loss given default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 1 1
Loss given default | Interest rate | Discounted cash flows | Level 3 | Fair Value, Recurring | Weighted-Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative assets, measurement input 0.49 0.50
Discount rate | Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring | Minimum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans, measurement input 0 0
Discount rate | Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring | Maximum    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans, measurement input 0.8500 0.1000
Discount rate | Fair value of underlying collateral | Level 3 | Fair Value, Nonrecurring | Weighted-Average    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Collateral dependent loans, measurement input 0.3400 0.0800
v3.22.4
Fair Value Measurements - Fair Value Disclosures of Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Trading account assets $ 829 $ 701
Derivative assets 1,024 1,962
Securities available for sale 39,117 45,364
Held-to-maturity securities 8,710 7,539
Loans, net of unearned income (residential) 119,394 101,854
Loans held for sale, carrying amount [1] 963 2,729
LIABILITIES    
Long-term debt, carrying amount 19,307 12,042
Carrying Amount    
ASSETS    
Trading account assets 829 701
Other investments 1,308 639
Loans, net of allowance 9 11
Loans held for sale (residential) 24 281
Securities available for sale 39,117 45,364
Held-to-maturity securities 8,710 7,539
Loans, net of unearned income (residential) 118,048 100,782
Loans held for sale, carrying amount 939 2,448
Cash and short-term investments 3,319 11,923
LIABILITIES    
Time deposits, carrying amount 7,373 3,858
Short-term borrowings, carrying amount 9,463 761
Long-term debt, carrying amount 19,307 12,042
Deposits with no stated maturity 135,222 148,714
Estimate of Fair Value Measurement    
ASSETS    
Trading account assets 829 701
Other investments 1,308 639
Loans, net of allowance 9 11
Loans held for sale (residential) 24 281
Securities available for sale 39,117 45,364
Held-to-maturity securities 8,113 7,665
Loans, net of unearned income (residential) 112,590 100,428
Loans held for sale, carrying amount 939 2,448
Cash and short-term investments 3,319 11,923
LIABILITIES    
Time deposits 7,392 3,866
Short-term borrowings 9,463 761
Long-term debt 18,881 12,518
Deposits with no stated maturity 135,222 148,714
Estimate of Fair Value Measurement | Level 1    
ASSETS    
Trading account assets 0 0
Other investments 4 24
Loans, net of allowance 0 0
Loans held for sale (residential) 0 0
Securities available for sale 0 0
Held-to-maturity securities 0 0
Loans, net of unearned income (residential) 0 0
Loans held for sale, carrying amount 0 0
Cash and short-term investments 3,319 11,923
LIABILITIES    
Time deposits 0 0
Short-term borrowings 126 75
Long-term debt 12,196 11,813
Deposits with no stated maturity 0 0
Estimate of Fair Value Measurement | Level 2    
ASSETS    
Trading account assets 829 701
Other investments 0 0
Loans, net of allowance 0 0
Loans held for sale (residential) 24 281
Securities available for sale 39,117 45,364
Held-to-maturity securities 8,113 7,665
Loans, net of unearned income (residential) 0 0
Loans held for sale, carrying amount 0 0
Cash and short-term investments 0 0
LIABILITIES    
Time deposits 7,392 3,866
Short-term borrowings 9,337 686
Long-term debt 6,685 705
Deposits with no stated maturity 135,222 148,714
Estimate of Fair Value Measurement | Level 3    
ASSETS    
Trading account assets 0 0
Other investments 1,234 543
Loans, net of allowance 9 11
Loans held for sale (residential) 0 0
Securities available for sale 0 0
Held-to-maturity securities 0 0
Loans, net of unearned income (residential) 112,590 100,428
Loans held for sale, carrying amount 939 2,448
Cash and short-term investments 0 0
LIABILITIES    
Time deposits 0 0
Short-term borrowings 0 0
Long-term debt 0 0
Deposits with no stated maturity 0 0
Estimate of Fair Value Measurement | Measured at NAV    
ASSETS    
Other investments 70 72
Not Designated as Hedging Instrument | Carrying Amount    
ASSETS    
Derivative assets 927 1,887
LIABILITIES    
Derivative liabilities 1,485 157
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement    
ASSETS    
Derivative assets 927 1,887
Derivative assets, netting adjustment (740) (320)
LIABILITIES    
Derivative liabilities 1,485 157
Derivative liabilities, netting adjustment (1,262) (1,526)
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 1    
ASSETS    
Derivative assets 112 71
LIABILITIES    
Derivative liabilities 107 66
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 2    
ASSETS    
Derivative assets 1,552 2,096
LIABILITIES    
Derivative liabilities 2,637 1,610
Not Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 3    
ASSETS    
Derivative assets 3 40
LIABILITIES    
Derivative liabilities 3 7
Designated as Hedging Instrument | Carrying Amount    
ASSETS    
Derivative assets 97 75
LIABILITIES    
Derivative liabilities 3 4
Designated as Hedging Instrument | Estimate of Fair Value Measurement    
ASSETS    
Derivative assets 97 75
Derivative assets, netting adjustment (17) 36
LIABILITIES    
Derivative liabilities 3 4
Derivative liabilities, netting adjustment 0  
Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 1    
ASSETS    
Derivative assets 0 0
LIABILITIES    
Derivative liabilities 0 0
Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 2    
ASSETS    
Derivative assets 114 39
LIABILITIES    
Derivative liabilities 3 4
Designated as Hedging Instrument | Estimate of Fair Value Measurement | Level 3    
ASSETS    
Derivative assets 0 0
LIABILITIES    
Derivative liabilities $ 0 $ 0
[1] Total loans held for sale include Real estate — residential mortgage loans held for sale at fair value of $24 million at December 31, 2022, and $281 million at December 31, 2021
v3.22.4
Securities - Details of Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
SECURITIES AVAILABLE FOR SALE    
Total $ 45,552 $ 45,893
Gross Unrealized Gains 2 324
Gross Unrealized Losses 6,437 853
Securities available for sale 39,117 45,364
HELD-TO-MATURITY SECURITIES    
Total 8,710 7,539
Gross Unrealized Gains 6 157
Gross Unrealized Losses 603 31
Fair Value $ 8,113 $ 7,665
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued income and other assets Accrued income and other assets
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] Accrued income and other assets Accrued income and other assets
Available-for-sale securities, accrued interest $ 67 $ 59
Held-to-maturity securities, accrued interest 88 15
U.S. Treasury, agencies, and corporations    
SECURITIES AVAILABLE FOR SALE    
Total 10,044 9,573
Gross Unrealized Gains 0 0
Gross Unrealized Losses 629 101
Securities available for sale 9,415 9,472
Agency residential collateralized mortgage obligations    
SECURITIES AVAILABLE FOR SALE    
Total 20,180 21,430
Gross Unrealized Gains 0 99
Gross Unrealized Losses 3,747 410
Securities available for sale 16,433 21,119
HELD-TO-MATURITY SECURITIES    
Total 4,586 2,196
Gross Unrealized Gains 5 33
Gross Unrealized Losses 283 0
Fair Value 4,308 2,229
Agency residential mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Total 4,616 5,137
Gross Unrealized Gains 0 37
Gross Unrealized Losses 696 52
Securities available for sale 3,920 5,122
HELD-TO-MATURITY SECURITIES    
Total 181 164
Gross Unrealized Gains 0 6
Gross Unrealized Losses 16 0
Fair Value 165 170
Asset-backed securities    
HELD-TO-MATURITY SECURITIES    
Total 1,407 2,485
Gross Unrealized Gains 0 0
Gross Unrealized Losses 96 31
Fair Value 1,311 2,454
Securities related to purchase of senior notes 1,400 2,500
Other securities    
SECURITIES AVAILABLE FOR SALE    
Total 0 0
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Securities available for sale 0 0
HELD-TO-MATURITY SECURITIES    
Total 14 16
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Fair Value 14 16
Mortgage-backed securities | Agency commercial mortgage-backed securities    
SECURITIES AVAILABLE FOR SALE    
Total 10,712 9,753
Gross Unrealized Gains 2 188
Gross Unrealized Losses 1,365 290
Securities available for sale 9,349 9,651
HELD-TO-MATURITY SECURITIES    
Total 2,522 2,678
Gross Unrealized Gains 1 118
Gross Unrealized Losses 208 0
Fair Value $ 2,315 $ 2,796
v3.22.4
Securities - Available for Sale Securities (Unrealized Loss Position) (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Held-to-maturity securities:    
Temporarily impaired securities, fair value, less than 12 months $ 13,776 $ 29,680
Temporarily impaired securities, gross unrealized losses, less than 12 months 1,140 568
Temporarily impaired securities, fair value, 12 months or longer 32,405 5,511
Temporarily impaired securities, gross unrealized losses, 12 months or longer 5,900 316
Temporarily impaired securities, fair value 46,181 35,191
Temporarily impaired securities, gross unrealized losses 7,040 884
Securities pledged to secure securities sold under repurchase agreements 12,900  
U.S. Treasury, agencies and corporations    
Securities available for sale:    
Fair value, less than 12 months 494 9,078
Gross unrealized losses, less than 12 months 48 98
Fair value, 12 months or longer 8,920 243
Gross unrealized losses, 12 months or longer 581 3
Fair value 9,414 9,321
Gross unrealized losses 629 101
Agency residential collateralized mortgage obligations    
Securities available for sale:    
Fair value, less than 12 months 3,114 12,603
Gross unrealized losses, less than 12 months 377 315
Fair value, 12 months or longer 13,317 1,255
Gross unrealized losses, 12 months or longer 3,370 95
Fair value 16,431 13,858
Gross unrealized losses 3,747 410
Held-to-maturity securities:    
Fair value, less than 12 months 2,659 96
Gross unrealized losses, less than 12 months 178 0
Fair value, 12 months or longer 726 0
Gross unrealized losses, 12 months or longer 105 0
Fair value 3,385 96
Gross unrealized losses 283 0
Agency residential mortgage-backed securities | Maximum    
Held-to-maturity securities:    
Gross unrealized losses   1
Agency commercial mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 4,511 1,645
Gross unrealized losses, less than 12 months 282 75
Fair value, 12 months or longer 4,791 3,834
Gross unrealized losses, 12 months or longer 1,083 215
Fair value 9,302 5,479
Gross unrealized losses   290
Held-to-maturity securities:    
Fair value, less than 12 months 2,243  
Gross unrealized losses, less than 12 months 208  
Fair value, 12 months or longer 0  
Gross unrealized losses, 12 months or longer 0  
Fair value 2,243  
Gross unrealized losses 208  
Asset-backed securities    
Held-to-maturity securities:    
Fair value, less than 12 months 1 2,450
Gross unrealized losses, less than 12 months 0 31
Fair value, 12 months or longer 1,309 1
Gross unrealized losses, 12 months or longer 96 0
Fair value 1,310 2,451
Gross unrealized losses 96 31
Other securities    
Held-to-maturity securities:    
Fair value, less than 12 months 10 15
Gross unrealized losses, less than 12 months 0 0
Fair value, 12 months or longer 4 0
Gross unrealized losses, 12 months or longer 0 0
Fair value 14 15
Gross unrealized losses 0 0
Other securities | Maximum    
Held-to-maturity securities:    
Gross unrealized losses 1  
Mortgage-backed securities | Agency residential mortgage-backed securities    
Securities available for sale:    
Fair value, less than 12 months 579 3,793
Gross unrealized losses, less than 12 months 31 49
Fair value, 12 months or longer 3,338 178
Gross unrealized losses, 12 months or longer 665 3
Fair value 3,917 3,971
Gross unrealized losses 696 $ 52
Held-to-maturity securities:    
Fair value, less than 12 months 165  
Gross unrealized losses, less than 12 months 16  
Fair value, 12 months or longer 0  
Gross unrealized losses, 12 months or longer 0  
Fair value 165  
Gross unrealized losses 16  
Mortgage-backed securities | Agency commercial mortgage-backed securities    
Securities available for sale:    
Gross unrealized losses $ 1,365  
v3.22.4
Securities - Securities by Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Securities Available for Sale, Amortized Cost    
Due in one year or less $ 1,259  
Due after one through five years 16,044  
Due after five through ten years 21,682  
Due after ten years 6,567  
Total 45,552 $ 45,893
Securities Available for Sale, Fair Value    
Due in one year or less 1,215  
Fair Value of Securities Available for sale, Due after one through five years 14,780  
Due after one through five years 17,970  
Due after ten years 5,152  
Total 39,117 45,364
Held-to-Maturity Securities, Amortized Cost    
Due in one year or less 20  
Due after one through five years 4,834  
Due after five through ten years 3,004  
Due after ten years 852  
Total 8,710 7,539
Held-to-Maturity Securities, Fair Value    
Due in one year or less 21  
Due after one through five years 4,517  
Due after five through ten years 2,775  
Due after ten years 800  
Total $ 8,113 $ 7,665
v3.22.4
Derivatives and Hedging Activities - Additional Information (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
derivative
rating
Dec. 31, 2021
USD ($)
rating
Credit Derivatives [Line Items]    
Derivative assets after effects of bilateral collateral and master netting agreements $ 97,000,000  
Derivative liabilities after effects of bilateral collateral and master netting agreements 3,000,000  
Derivative assets not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses 927,000,000  
Derivative liabilities not designated as hedging instruments after effects of bilateral collateral and master netting agreements, and a reserve for potential future losses 1,500,000,000  
Reclassify of after-tax net losses on derivative instruments from AOCI $ (665,000,000)  
Length of time hedge in cash flow hedge 12 months  
Reclassification of net losses related to terminated cash flow hedges from AOCI to income $ (3,000,000)  
Maximum length of time over which forecasted transactions are hedged, years 5 years 3 days  
Cash collateral netted against derivative assets $ (10,000,000) $ 100,000,000
Collateral netted against derivative liabilities 626,000,000 1,100,000,000
Gross exposure on derivatives, after taking into account the effects of bilateral collateral and master netting agreements 355,000,000  
Net exposure on derivatives, after taking into account, the effects of bilateral collateral and master netting agreements 213,000,000  
Over-collateralization on derivatives to broker-dealers and banks, after the application of master netting agreements and collateral 212,000,000  
Additional collateral held in the form of securities 1,000,000  
Default reserve associated with uncollateralized contracts 3,000,000  
Gross exposure on derivatives after taking into account effects of master netting agreements 968,000,000  
Net exposure on derivatives with clients after application of master netting agreements collateral and related reserve 812,000,000  
Net liability position totaled $ 2,000,000 $ 11,000,000
Number of credit risk derivatives held | derivative 0  
KeyBank (consolidated)    
Credit Derivatives [Line Items]    
Net liability position totaled $ 612,000,000  
Derivative assets included in net liability position 243,000,000  
Derivative liabilities included in net liability position 1,300,000,000  
Cash and securities collateral posted $ 534,000,000  
KeyBank (consolidated) | Unsecured Debt    
Credit Derivatives [Line Items]    
Number of ratings above noninvestment | rating 3 3
KeyBank (consolidated) | Maximum | Unsecured Debt    
Credit Derivatives [Line Items]    
Payments to terminate contracts $ 2,000,000 $ 4,000,000
Key Corp    
Credit Derivatives [Line Items]    
Additional collateral held in the form of securities $ 0  
v3.22.4
Derivatives and Hedging Activities - Fair Values, Volume of Activity and Gain (Loss) Information Related to Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value [Line Items]    
Notional Amount $ 148,690 $ 137,761
Derivative assets, fair value 1,781 2,246
Derivative assets, netting adjustments (757) (284)
Derivative assets, fair value 1,024 1,961
Derivative liabilities, fair value 2,750 1,687
Derivative liabilities, netting adjustments (1,262) (1,526)
Derivative liabilities, fair value 1,483 161
Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 107,490 99,107
Derivative assets, fair value 1,667 2,207
Derivative liabilities, fair value 2,747 1,683
Interest rate | Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 41,200 38,654
Derivative assets, fair value 114 39
Derivative liabilities, fair value 3 4
Interest rate | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 80,772 72,088
Derivative assets, fair value 189 768
Derivative liabilities, fair value 1,304 249
Foreign exchange | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 9,507 9,073
Derivative assets, fair value 136 81
Derivative liabilities, fair value 131 76
Commodity | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 16,176 14,151
Derivative assets, fair value 1,328 1,330
Derivative liabilities, fair value 1,304 1,335
Credit | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 95 465
Derivative assets, fair value 1 1
Derivative liabilities, fair value 3 12
Other | Not Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Notional Amount 940 3,330
Derivative assets, fair value 13 27
Derivative liabilities, fair value 5 11
Net derivatives in the balance sheet    
Derivatives, Fair Value [Line Items]    
Notional Amount 148,690 137,761
Derivative assets, fair value 1,024 1,962
Derivative liabilities, fair value 1,488 161
Other collateral    
Derivatives, Fair Value [Line Items]    
Derivative assets, fair value 0 (1)
Derivative liabilities, fair value $ (5) $ 0
v3.22.4
Derivatives and Hedging Activities - Cumulative Basis Adjustments on Fair Value Hedges (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value [Line Items]    
Securities available for sale $ 39,117 $ 45,364
Long-term Debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 10,411 7,553
Hedge accounting basis adjustment (552) 138
Securities available for sale | Interest rate    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged item 405 6,280
Hedge accounting basis adjustment 48 134
Securities available for sale 708 7,700
Not Designated as Hedging Instrument | Long-term Debt | Interest rate    
Derivatives, Fair Value [Line Items]    
Hedge accounting basis adjustment $ (6) $ (7)
v3.22.4
Derivatives and Hedging Activities - Effect of Fair Value and Cash Flow Hedges on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]      
Interest expense — Long-term debt $ (475) $ (221) $ (286)
Interest income — Loans 4,241 3,532 3,866
Interest Income - securities 752 546 484
Investment banking and debt placement fees 638 937 661
Investment banking and debt placement fees | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Net income (expense) recognized on fair value hedges   0  
Investment banking and debt placement fees | Cash Flow Hedging      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Net income (expense) recognized on cash flow hedges 9    
Interest rate | Interest expense – long-term debt | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items 690 276 (177)
Recognized on derivatives designated as hedging instruments (697) (150) 305
Net income (expense) recognized on fair value hedges (7) 126 128
Interest rate | Interest expense – long-term debt | Cash Flow Hedging      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income (3) (4) (4)
Net income (expense) recognized on cash flow hedges (3) (4) (4)
Interest rate | Interest income — Loans | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items 0 0 0
Recognized on derivatives designated as hedging instruments 0 0 0
Net income (expense) recognized on fair value hedges 0 0 0
Interest rate | Interest income — Loans | Cash Flow Hedging      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income (146) 329 319
Net income (expense) recognized on cash flow hedges (146) 329 319
Interest rate | Interest Income - securities | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items (339) (113) 0
Recognized on derivatives designated as hedging instruments 350 113 0
Net income (expense) recognized on fair value hedges 11 0 0
Interest rate | Interest Income - securities | Cash Flow Hedging      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income 0   0
Net income (expense) recognized on cash flow hedges 0   0
Interest rate | Investment banking and debt placement fees | Fair Value Hedging      
Gain (Loss) on Fair Value Hedges Recognized in Earnings [Abstract]      
Recognized on hedged items 0 0 0
Recognized on derivatives designated as hedging instruments 0 0 0
Net income (expense) recognized on fair value hedges 0   0
Interest rate | Investment banking and debt placement fees | Cash Flow Hedging      
Cash Flow Hedges Derivative Instruments at Fair Value, Net [Abstract]      
Realized gains (losses) (pre-tax) reclassified from AOCI into net income $ 9 4 0
Net income (expense) recognized on cash flow hedges   $ 0 $ 0
v3.22.4
Derivatives and Hedging Activities - Derivative Instrument Cash Flow Hedge Earning Recognized by Income Statement Location (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI $ (1,642) $ (295) $ 614
Net Gains (Losses) Reclassified From OCI Into Income (140) 329 315
Net Gains (Losses) Recognized in Other Income 0 0 0
Interest income — Loans | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI (1,660) (307) 628
Net Gains (Losses) Reclassified From OCI Into Income (146) 329 319
Net Gains (Losses) Recognized in Other Income 0 0 0
Interest expense — Long-term debt | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI 7 2 (5)
Net Gains (Losses) Reclassified From OCI Into Income (3) (4) (4)
Net Gains (Losses) Recognized in Other Income 0 0 0
Investment banking and debt placement fees | Interest rate | Cash Flow Hedges      
Derivatives, Fair Value [Line Items]      
Net Gains (Losses) Recognized in OCI 11 10 (9)
Net Gains (Losses) Reclassified From OCI Into Income 9 4 0
Net Gains (Losses) Recognized in Other Income $ 0 $ 0 $ 0
v3.22.4
Derivatives and Hedging Activities - Pre-Tax Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ 100 $ 67 $ 87
Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 63 32 22
Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 52 47 41
Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 23 14 19
Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (40) (32) (33)
Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 2 6 38
Corporate services income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 131 95 88
Corporate services income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 57 30 32
Corporate services income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 52 47 41
Corporate services income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 23 14 19
Corporate services income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (1) 4 (4)
Corporate services income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 4 13 19
Consumer mortgage income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Consumer mortgage income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 4 13 19
Other income      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (35) (41) (20)
Other income | Interest rate      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 6 2 (10)
Other income | Foreign exchange      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Other income | Commodity      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) 0 0 0
Other income | Credit      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) (39) (36) (29)
Other income | Other      
Derivative Instruments, Gain (Loss) [Line Items]      
Total net gains (losses) $ (2) $ (7) $ 19
v3.22.4
Derivatives and Hedging Activities - Fair Value of Derivative Assets by Type (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 1,034 $ 1,862
Plus (Less): Related collateral (10) 100
Total derivative assets 1,024 1,962
Interest rate    
Credit Derivatives [Line Items]    
Derivative assets before collateral 136 696
Foreign exchange    
Credit Derivatives [Line Items]    
Derivative assets before collateral 67 31
Commodity    
Credit Derivatives [Line Items]    
Derivative assets before collateral 820 1,108
Credit    
Credit Derivatives [Line Items]    
Derivative assets before collateral 0 0
Other    
Credit Derivatives [Line Items]    
Derivative assets before collateral $ 11 $ 27
v3.22.4
Derivatives and Hedging Activities - Credit Derivatives Sold and Held (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Credit Derivatives [Line Items]    
Notional Amount $ 1 $ 149
Payment / Performance Risk 0.00% 0.00%
Other    
Credit Derivatives [Line Items]    
Notional Amount $ 1 $ 149
Average Term (Years) 15 years 2 months 1 day 13 years 10 months 9 days
Payment / Performance Risk 5.10% 3.15%
v3.22.4
Derivatives and Hedging Activities - Credit Risk Contingent Feature (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value $ 1  
One rating downgrade | S&P    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 1 $ 3
One rating downgrade | Moody’s    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 1 3
Two rating downgrades | S&P    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 1 3
Two rating downgrades | Moody’s    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 1 3
Three rating downgrades | S&P    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value 1 3
Three rating downgrades | Moody’s    
Credit Derivatives [Line Items]    
Additional collateral aggregate fair value $ 1 $ 3
v3.22.4
Mortgage Servicing Assets - Changes in Carrying Amount of Mortgage Servicing Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Agency commercial mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period $ 634 $ 578
Servicing retained from loan sales 106 128
Purchases 38 29
Amortization (125) (120)
Temporary recoveries (impairments) 0 19
Balance at end of period 653 634
Fair value at end of period 997 789
Agency residential mortgage-backed securities    
Servicing Asset at Amortized Cost, Balance [Roll Forward]    
Balance at beginning of period 93 58
Servicing retained from loan sales 23 43
Purchases 0 0
Amortization (11) (18)
Temporary recoveries (impairments) 1 10
Balance at end of period 106 93
Fair value at end of period $ 130 $ 97
v3.22.4
Mortgage Servicing Assets - Schedule of Range and Weighted-Average of Significant Unobservable Inputs (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Agency commercial mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 0.97% 1.00%
Residual cash flows discount rate 8.54% 7.92%
Escrow earn rate 5.09% 1.34%
Loan assumption rate 0.00% 0.00%
Agency commercial mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 2.00% 2.00%
Residual cash flows discount rate 10.02% 10.49%
Escrow earn rate 5.21% 1.74%
Loan assumption rate 1.41% 1.69%
Agency commercial mortgage-backed securities | Weighted-Average    
Servicing Assets at Fair Value [Line Items]    
Expected defaults 1.07% 1.13%
Residual cash flows discount rate 9.48% 9.44%
Escrow earn rate 5.17% 1.34%
Loan assumption rate 1.12% 1.37%
Agency residential mortgage-backed securities | Minimum    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 7.50% 7.50%
Prepayment speed 6.10% 9.65%
Servicing cost $ 62.00 $ 62.00
Agency residential mortgage-backed securities | Maximum    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 8.50% 11.50%
Prepayment speed 41.34% 49.17%
Servicing cost $ 4,375 $ 8,075
Agency residential mortgage-backed securities | Weighted-Average    
Servicing Assets at Fair Value [Line Items]    
Residual cash flows discount rate 7.53% 7.53%
Prepayment speed 7.20% 10.97%
Servicing cost $ 67.05 $ 66.94
v3.22.4
Mortgage Servicing Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Agency commercial mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income $ 292 $ 264 $ 214
Amortization of mortgage servicing rights 125 120 117
Agency residential mortgage-backed securities      
Servicing Assets at Fair Value [Line Items]      
Contractual fee income 35 42 34
Amortization of mortgage servicing rights $ 11 $ 18 $ 14
v3.22.4
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Lessee, Lease, Description [Line Items]    
Lease renewal term 5 years  
Carrying amount of residual assets covered by residual value guarantees $ 270 $ 255
Carrying amount of operating lease assets $ 505 $ 740
Leases, Excluding Ground Leases | Minimum    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 1 year  
Leases, Excluding Ground Leases | Maximum    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 20 years  
Ground Leases    
Lessee, Lease, Description [Line Items]    
Lessee, lease term of operating or financing leases 30 years  
v3.22.4
Leases - Components of Lease Expense and Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating lease cost $ 128 $ 133
Finance lease cost:    
Amortization of right-of-use assets 1 2
Interest on lease liabilities 0 0
Variable lease cost 24 22
Total lease cost 153 157
Short-term lease cost (less than $1 million) $ 1 $ 1
v3.22.4
Leases - Summary of Cash Flows Related to Leases (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 139,000,000 $ 141,000,000
Financing cash flows from finance leases 1,000,000 2,000,000
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases 46,000,000 85,000,000
Finance leases $ 0 $ 0
v3.22.4
Leases - Summary of Additional Balance Sheet Information (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating lease, right-of-use asset, statement of financial position [Extensible List] Accrued income and other assets Accrued income and other assets
Operating lease assets $ 525 $ 595
Operating lease, liability, statement of financial position [Extensible List] Accrued expense and other liabilities Accrued expense and other liabilities
Operating lease liabilities $ 601 $ 676
Finance leases:    
Finance lease, right-of-use asset, statement of financial position [Extensible List] Premises and equipment Premises and equipment
Property and equipment, gross $ 18 $ 18
Accumulated depreciation (14) (13)
Property and equipment, net $ 4 $ 5
Finance lease, liability, statement of financial position [Extensible Enumeration] Long-term debt Long-term debt
Finance lease liabilities $ 6 $ 7
v3.22.4
Leases - Summary of Information Pertaining to Lease Term and Weighted-Average Discount Rate (Details)
Dec. 31, 2022
Dec. 31, 2021
Weighted-average remaining lease term:    
Operating leases 6 years 1 month 6 days 6 years 6 months 21 days
Finance leases 4 years 6 months 10 days 5 years 3 months 29 days
Weighted-average discount rate:    
Operating leases 2.78% 2.78%
Finance leases 4.54% 4.50%
v3.22.4
Leases - Summary of Maturities of Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Operating Leases    
2023 $ 134  
2024 123  
2025 104  
2026 87  
2027 72  
Thereafter 137  
Total lease payments 657  
Less imputed interest 56  
Total 601 $ 676
Finance Leases    
2023 2  
2024 2  
2025 1  
2026 0  
2027 0  
Thereafter 2  
Total lease payments 7  
Less imputed interest 1  
Total 6 $ 7
Total    
2023 136  
2024 125  
2025 105  
2026 87  
2027 72  
Thereafter 139  
Total lease payments 664  
Less imputed interest 57  
Total $ 607  
v3.22.4
Leases - Components of Equipment Leasing Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Sales-type and direct financing leases      
Interest income on lease receivable $ 64 $ 75  
Interest income related to accretion of unguaranteed residual asset 15 16  
Total sales-type and direct financing lease income 79 91  
Operating leases      
Operating lease income related to lease payments 105 127  
Other operating leasing gains and (losses) (2) 21  
Total operating lease income and other leasing gains 103 148 $ 167
Total lease income $ 182 $ 239  
v3.22.4
Leases - Composition of Net Investment in Sales-Type and Direct Financing Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Lease receivables $ 3,170 $ 3,205
Unearned income (253) (193)
Unguaranteed residual value 472 450
Deferred fees and costs 5 14
Net investment in sales-type and direct financing leases $ 3,394 $ 3,476
v3.22.4
Leases - Minimum Future Lease Payments to be Received for Sales-Type and Direct Financing Leases (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Sales-type and direct financing lease payments  
2023 $ 902
2024 689
2025 486
2026 388
2027 246
Thereafter 499
Total lease payments $ 3,211
v3.22.4
Leases - Minimum Future Lease Payments to be Received for Operating Leases (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Leases [Abstract]  
2023 $ 80
2024 67
2025 55
2026 39
2027 26
Thereafter 50
Total lease payments $ 318
v3.22.4
Premises and Equipment - Schedule of Premises and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Leases $ 18 $ 18
Total premises and equipment 2,308 2,317
Less: Accumulated depreciation and amortization (1,672) (1,636)
Premises and equipment, net 636 681
Land    
Property, Plant and Equipment [Line Items]    
Premises and equipment 114 118
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 696 680
Buildings and improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 15 years  
Buildings and improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 40 years  
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 615 616
Leasehold improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 1 year  
Leasehold improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 15 years  
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 824 814
Furniture and equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 2 years  
Furniture and equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 15 years  
Capitalized building leases    
Property, Plant and Equipment [Line Items]    
Leases $ 18 19
Capitalized building leases | Minimum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 1 year  
Capitalized building leases | Maximum    
Property, Plant and Equipment [Line Items]    
Useful life (in years) 14 years  
Construction in process    
Property, Plant and Equipment [Line Items]    
Premises and equipment $ 41 $ 70
v3.22.4
Premises and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 96 $ 107 $ 115
Capitalized computer software 447 321  
Capitalized computer software, accumulated amortization 163 86  
In-process software amortization expense $ 77 $ 66 $ 49
v3.22.4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Line Items]      
Expected deductible goodwill for tax purpose $ 432,000,000    
Accumulated impairment loss $ 0 $ 0 $ 0
v3.22.4
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Nov. 19, 2021
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Roll Forward]      
Beginning balance   $ 2,693.0 $ 2,664.0
Ending balance   2,752.0 2,693.0
AQN Strategies      
Goodwill [Roll Forward]      
Goodwill acquired     9.0
XUP      
Goodwill [Roll Forward]      
Goodwill acquired $ 20.6    
Measurement period adjustments   1.0 20.0
GradFin acquisition      
Goodwill [Roll Forward]      
Goodwill acquired   58.0  
Consumer Bank      
Goodwill [Roll Forward]      
Beginning balance   1,761.0 1,752.0
Ending balance   1,819.0 1,761.0
Consumer Bank | AQN Strategies      
Goodwill [Roll Forward]      
Goodwill acquired     9.0
Consumer Bank | XUP      
Goodwill [Roll Forward]      
Measurement period adjustments   0.0 0.0
Consumer Bank | GradFin acquisition      
Goodwill [Roll Forward]      
Goodwill acquired   58.0  
Commercial Bank      
Goodwill [Roll Forward]      
Beginning balance   932.0 912.0
Ending balance   933.0 932.0
Commercial Bank | AQN Strategies      
Goodwill [Roll Forward]      
Goodwill acquired     0.0
Commercial Bank | XUP      
Goodwill [Roll Forward]      
Measurement period adjustments   1.0 $ 20.0
Commercial Bank | GradFin acquisition      
Goodwill [Roll Forward]      
Goodwill acquired   $ 0.0  
v3.22.4
Goodwill and Other Intangible Assets - Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Line Items]    
Gross Carrying Amount $ 455 $ 453
Accumulated Amortization 361 323
Core deposit intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 355 355
Accumulated Amortization 303 275
PCCR intangibles    
Goodwill [Line Items]    
Gross Carrying Amount 16 16
Accumulated Amortization 14 13
Other intangible assets    
Goodwill [Line Items]    
Gross Carrying Amount 84 82
Accumulated Amortization $ 44 $ 35
v3.22.4
Goodwill and Other Intangible Assets - Future Amortization Expense of Finite-Lived Intangible Assets (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2023 $ 39
2024 28
2025 19
2026 7
2027 $ 1
v3.22.4
Variable Interest Entities - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]    
Total Assets $ 189,813,000,000 $ 186,346,000,000
Total Liabilities 176,359,000,000 168,923,000,000
Fair Value, Recurring    
Variable Interest Entity [Line Items]    
Other investments 77,000,000 105,000,000
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 1,798,000,000 2,827,000,000
Total Liabilities 1,000,000 1,000,000
Variable Interest Entity, Not Primary Beneficiary | Qualified affordable housing projects investment    
Variable Interest Entity [Line Items]    
Total Liabilities 957,000,000 675,000,000
Variable Interest Entity, Not Primary Beneficiary | Other Unconsolidated Variable Interest Entities    
Variable Interest Entity [Line Items]    
Other investments 1,400,000,000  
Variable Interest Entity, Not Primary Beneficiary | Accrued Income And Other Assets    
Variable Interest Entity [Line Items]    
Total Assets 1,900,000,000 1,600,000,000
Variable Interest Entity, Not Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
Amortization of investment 190,000,000 192,000,000
Tax credit of investment 187,000,000 184,000,000
Variable Interest Entity, Primary Beneficiary | Investments    
Variable Interest Entity [Line Items]    
Total Liabilities 0 0
Measured at NAV | Variable Interest Entity, Not Primary Beneficiary | Fair Value, Recurring | Principal investments: Indirect    
Variable Interest Entity [Line Items]    
Other investments $ 34,000,000 $ 45,000,000
v3.22.4
Variable Interest Entities - Variable Interest Entities Information (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity [Line Items]    
Total Assets $ 189,813 $ 186,346
Total Liabilities 176,359 168,923
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Total Assets 1,798 2,827
Total Liabilities 1 1
Variable Interest Entity, Not Primary Beneficiary | LIHTC Investments    
Variable Interest Entity [Line Items]    
Total Assets 8,227 7,839
Total Liabilities 3,091 3,252
Maximum Exposure to Loss 2,370 1,985
Variable Interest Entity, Not Primary Beneficiary | Principal investments: Indirect    
Variable Interest Entity [Line Items]    
Total Assets 6,636 8,437
Total Liabilities 90 178
Maximum Exposure to Loss $ 43 $ 57
v3.22.4
Income Taxes - Income Taxes Included in Income Statement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Currently payable:      
Federal $ 368 $ 423 $ 336
State 80 73 83
Total currently payable 448 496 419
Deferred:      
Federal (14) 119 (156)
State (12) 27 (36)
Total deferred (26) 146 (192)
Total income tax expense (benefit) 422 642 227
Income tax (benefit) expense on securities transactions 2 (2) 1
Equity and gross receipts based taxes assessed in lieu of income tax recorded in noninterest expense $ 33 $ 33 $ 30
v3.22.4
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Allowance for loan and lease losses $ 380 $ 296
Employee benefits 187 203
Net unrealized securities losses 1,959 102
Federal net operating losses and credits 4 6
Non-tax accruals 61 73
Operating lease liabilities 149 165
State net operating losses and credits 1 1
Partnership investments 90 82
Other 164 184
Gross deferred tax assets 2,995 1,112
Less: Valuation Allowance 11 12
Total deferred tax assets 2,984 1,100
Leasing transactions 521 521
State taxes 86 28
Operating lease right-of-use assets 130 145
Goodwill 139 121
Other 86 96
Total deferred tax liabilities 962 911
Net deferred tax assets (liabilities) $ 2,022 $ 189
v3.22.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Taxes [Line Items]      
Net capital loss carryforwards $ 11,000,000    
Valuation allowances 11,000,000 $ 12,000,000  
Credit carryforward 4,000,000 6,000,000  
Deferred tax asset 2,984,000,000 1,100,000,000  
Unrecognized tax benefits 40,000,000 50,000,000 $ 58,000,000
Net interest expense (benefit) 1,500,000 100,000 200,000
Recovery of penalties related to unrecognized tax benefits in income tax expense 0 0 $ 0
Accrued interest payable 0 2,000,000  
Accrued state tax penalties 0 0  
Reduction in federal tax credit carryforward 0 $ 0  
First Niagara Bank, N.A.      
Income Taxes [Line Items]      
Allocated bad debt deductions for which no income taxes have been recorded 92,000,000    
Federal      
Income Taxes [Line Items]      
Federal net operating loss carryforwards 14,000,000    
Credit carryforward 1,000,000    
State      
Income Taxes [Line Items]      
State net operating loss carryforwards 18,000,000    
Deferred tax asset 1,000,000    
Maximum      
Income Taxes [Line Items]      
Valuation allowances $ 11,000,000    
v3.22.4
Income Taxes - Total Income Tax Expense (Benefit) and Resulting Effective Tax Rate (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amount      
Income (loss) before income taxes times 21% statutory federal tax rate $ 490 $ 683 $ 327
Amortization of tax-advantaged investments 149 151 150
Tax-exempt interest income (28) (26) (28)
Corporate-owned life insurance income (28) (27) (29)
State income tax, net of federal tax benefit 53 79 37
Tax credits (204) (218) (218)
Other (10) 0 (12)
Total income tax expense (benefit) $ 422 $ 642 $ 227
Rate      
Federal income tax rate (as a percent) 21.00% 21.00% 21.00%
Amortization of tax-advantaged investments (as a percent) 6.40% 4.60% 9.70%
Tax-exempt interest income (as a percent) (1.20%) (0.80%) (1.80%)
Corporate-owned life insurance income (as a percent) (1.20%) (0.80%) (1.90%)
State income tax, net of federal tax benefit (as a percent) 2.30% 2.40% 2.40%
Tax credits (as a percent) (8.80%) (6.70%) (14.00%)
Other (as a percent) (0.40%) 0.00% (0.80%)
Total income tax expense (benefit) (as a percent) 18.10% 19.70% 14.60%
v3.22.4
Income Taxes - Change in Liability for Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]    
Balance at beginning of year $ 50 $ 58
Increase for other tax positions of prior years 4 0
Decrease for payments and settlements 0 0
Decrease related to tax positions taken in prior years (14) (8)
Balance at end of year $ 40 $ 50
v3.22.4
Acquisitions and Discontinued Operations (Details) - USD ($)
$ in Millions
May 02, 2022
Nov. 19, 2021
Dec. 31, 2022
Dec. 31, 2021
Discontinued Operations | Government Guaranteed Loans        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Loans included in divestiture     $ 434.0 $ 567.0
XUP        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Goodwill acquired   $ 20.6    
GradFin        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Goodwill acquired $ 58.0      
Business combination, consideration transferred 72.0      
Cash payment 62.0      
Contingent consideration 10.0      
Intangible assets acquired $ 12.0      
v3.22.4
Securities Financing Activities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements $ 0 $ 0
Securities borrowed 0 0
Total offsetting of financial assets 0 0
Repurchase agreements 0 0
Total offsetting of financial liabilities 0 0
Other collateral    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements 0 (5)
Securities borrowed 0 (500)
Total offsetting of financial assets 0 (505)
Repurchase agreements (63) (167)
Total offsetting of financial liabilities (63) (167)
Federal Agency CMOs    
Securities Financing Transaction [Line Items]    
Assets pledged as collateral 110  
Liabilities associated with collateral pledged 63  
Gross Amount Presented in Balance Sheet    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements 8 11
Securities borrowed 0 500
Total offsetting of financial assets 8 511
Repurchase agreements 71 173
Total offsetting of financial liabilities 71 173
Netting Adjustments    
Securities Financing Transaction [Line Items]    
Reverse repurchase agreements (8) (6)
Securities borrowed 0 0
Total offsetting of financial assets (8) (6)
Repurchase agreements (8) (6)
Total offsetting of financial liabilities $ (8) $ (6)
v3.22.4
Stock-Based Compensation - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation expense for stock-based compensation plans $ 120,000,000 $ 104,000,000 $ 101,000,000  
Total income tax benefit recognized for stock-based compensation plans $ 29,000,000 $ 25,000,000 $ 24,000,000  
Common shares available for future grant under compensation plans (in shares) 22,313,039      
Maximum percentage of outstanding common stock that may be granted as options 6.00%      
Rolling period in which a certain percentage of common stock cannot be granted as options 3 years      
Exercise rate of stock options granted to employees 25.00%      
Vesting period for compensation cost 4 years      
Authorized number of shares that may be issued as equity awards (in shares)       71,600,000
Common shares, shares issued (in shares) 1,256,702,081 1,256,702,081    
Weighted-average grant-date fair value of options (in dollars per share) $ 5.78 $ 3.38 $ 2.96  
Number of options, exercised (in shares) 484,521      
Total intrinsic value of exercised options $ 5,000,000 $ 22,000,000 $ 5,000,000  
Cash received from options exercised 6,000,000 27,000,000 $ 8,000,000  
Actual tax benefit realized for tax deductions from options exercised $ 1,000,000 $ 1,000,000    
Mandatory deferred incentive awards, vesting rate (as a percent) 25.00%      
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common shares, shares issued (in shares)       3,000,000
Stock Options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Options expiration years 10 years      
Number of options, exercised (in shares) 484,521 2,319,438 821,916  
Unrecognized compensation cost related to nonvested options expected to vest $ 1,000,000      
Weighted-average period 2 years 3 months 18 days      
Stock Options | Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise price (as a percent) 100.00%      
Vesting period for compensation cost 1 year      
Stock Options | Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Exercise price (as a percent) 110.00%      
Options expiration years 10 years      
Deferred Cash Awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage 25.00%      
Restricted Stock Unit        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting percentage 25.00%      
Equity Based Performance Stock Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 3 years      
Cash Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Vesting period 3 years      
Deferred Compensation Plans and Other Restricted Stock Award        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted-average grant-date fair value granted (in dollars per share) $ 20.11 $ 21.25 $ 16.22  
Deferred Compensation Plans        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to nonvested options expected to vest $ 21,000,000      
Weighted-average period 2 years 7 months 6 days      
Fair value of units/shares vested $ 21,000,000 $ 16,000,000 $ 18,000,000  
Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Unrecognized compensation cost related to nonvested options expected to vest $ 101,000,000      
Weighted-average period 2 years 4 months 24 days      
Fair value of units/shares vested $ 144,000,000 $ 105,000,000 $ 89,000,000  
Weighted-average grant-date fair value granted (in dollars per share) $ 23.39 $ 20.06 $ 18.68  
Discounted Stock Purchase Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Employee discount on the purchase of stock through discounted stock purchase plan 10.00%      
Purchases are limited to any month $ 10,000      
Purchases are limited to any calendar year $ 50,000      
Issuance of common shares (in shares) 422,844 335,951 500,508  
Weighted-average cost of common shares issued under the plan (in dollars per share) $ 17.46 $ 19.28 $ 11.76  
Vesting Contingent on Performance and Service Conditions - Payable in Stock | Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of performance units vested (in shares) 30,055      
Weighted-average grant-date fair value granted (in dollars per share) $ 0      
Vesting Contingent on Performance and Service Conditions - Payable in Stock | Long-Term Incentive Compensation Program | Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of units/shares vested $ 1,000,000      
Vesting Contingent on Performance and Service Conditions - Payable in Cash | Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of performance units vested (in shares) 2,224,127      
Weighted-average grant-date fair value granted (in dollars per share) $ 17.30      
Vesting Contingent on Performance and Service Conditions - Payable in Cash | Long-Term Incentive Compensation Program        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of performance units vested (in shares)   1,278,629    
Vesting Contingent on Performance and Service Conditions - Payable in Cash | Long-Term Incentive Compensation Program | Performance Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of units/shares vested $ 55,000,000 $ 23,000,000    
v3.22.4
Stock-Based Compensation - Assumptions Used in Options Pricing Model (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]      
Average option life 6 years 6 months 6 years 7 months 6 days 6 years 6 months
Future dividend yield (as a percentage) 3.01% 3.88% 3.90%
Historical share price volatility (as a percentage) 0.341% 0.335% 0.267%
Weighted-average risk-free interest rate (as a percentage) 2.00% 0.80% 1.30%
v3.22.4
Stock-Based Compensation - Activity, Pricing and Other Information for Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Number of Options    
Outstanding, beginning balance (in shares) 4,587,632  
Granted (in shares) 408,297  
Exercised (in shares) (484,521)  
Lapsed or canceled (in shares) (15,076)  
Outstanding, ending balance (in shares) 4,496,332 4,587,632
Expected to vest (in shares) 1,184,816  
Exercisable, ending balance (in shares) 3,246,175  
Weighted-Average Exercise Price Per Option    
Outstanding, beginning balance (in dollars per share) $ 16.23  
Granted (in dollars per share) 28.50  
Exercised (in dollars per share) 12.83  
Lapsed or canceled (in dollars per share) 15.65  
Outstanding, ending balance (in dollars per share) 17.71 $ 16.23
Expected to vest (in dollars per share) 22.46  
Weighted-average exercise price per option exercisable, ending balance (in dollars per share) $ 15.84  
Weighted-average remaining life, outstanding (in years) 4 years 9 months 18 days 5 years 1 month 6 days
Expected to vest, weighted-average remaining life (in years) 7 years 8 months 12 days  
Weighted-average remaining life, exercisable (in years) 3 years 8 months 12 days  
Aggregate intrinsic value outstanding $ 8 $ 32
Expected to vest, aggregate intrinsic value 0  
Aggregate intrinsic value exercisable $ 8  
v3.22.4
Stock-Based Compensation - Activity and Pricing Information for Nonvested Shares in Long-Term Incentive Compensation Program (Details) - Long-Term Incentive Compensation Program
 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Vesting Contingent on Service Conditions  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 12,000,384
Granted (in shares) | shares 5,087,882
Vested (in shares) | shares (4,635,749)
Forfeited (in shares) | shares (527,732)
Outstanding, ending balance (in shares) | shares 11,924,785
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 19.00
Granted (in dollars per share) | $ / shares 25.91
Vested (in dollars per share) | $ / shares 19.13
Forfeited (in dollars per share) | $ / shares 22.44
Outstanding, ending balance (in dollars per share) | $ / shares $ 21.56
Vesting Contingent on Performance and Service Conditions - Payable in Stock  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 88,386
Granted (in shares) | shares 0
Vested (in shares) | shares (30,055)
Forfeited (in shares) | shares 0
Outstanding, ending balance (in shares) | shares 58,331
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 18.47
Granted (in dollars per share) | $ / shares 0
Vested (in dollars per share) | $ / shares 17.37
Forfeited (in dollars per share) | $ / shares 0
Outstanding, ending balance (in dollars per share) | $ / shares $ 19.02
Vesting Contingent on Performance and Service Conditions - Payable in Cash  
Number of Nonvested Shares  
Outstanding, beginning balance (in shares) | shares 5,080,523
Granted (in shares) | shares 2,100,203
Vested (in shares) | shares (2,224,127)
Forfeited (in shares) | shares (48,803)
Outstanding, ending balance (in shares) | shares 4,907,796
Weighted-Average Grant-Date Fair Value  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 23.18
Granted (in dollars per share) | $ / shares 17.30
Vested (in dollars per share) | $ / shares 24.64
Forfeited (in dollars per share) | $ / shares 19.29
Outstanding, ending balance (in dollars per share) | $ / shares $ 17.42
v3.22.4
Stock-Based Compensation - Activity and Pricing Information for Nonvested Shares Granted Under Deferred Compensation Plans and Other Restricted Stock Awards (Details) - Deferred Compensation Plans and Other Restricted Stock Award - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Number of Nonvested Shares      
Outstanding, beginning balance (in shares) 2,948,957    
Granted (in shares) 1,255,209    
Vested (in shares) (1,128,325)    
Forfeited (in shares) (52,870)    
Outstanding, ending balance (in shares) 3,022,971 2,948,957  
Weighted-Average Grant-Date Fair Value      
Outstanding, beginning balance (in dollars per share) $ 18.65    
Granted (in dollars per share) 20.11 $ 21.25 $ 16.22
Vested (in dollars per share) 18.57    
Forfeited (in dollars per share) 16.96    
Outstanding, ending balance (in dollars per share) $ 18.82 $ 18.65  
v3.22.4
Employee Benefits - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]        
Pre-tax AOCI not yet recognized as net pension cost   $ 385 $ 381  
Accumulated benefit obligation for all pension plans   $ 965 $ 1,200  
Percentage increase or decrease in expected return on plan assets   0.25%    
Estimated increase or decrease in net pension cost   $ 2    
Percentage increase or decrease in assumed discount rate   0.25%    
Estimated change in net pension cost due to discount rate   $ 2    
Expected return on plan assets (as a percent)   2.75% 2.75% 3.75%
Expected return on plan assets on estimating 2020 pension cost (as a percent)   4.50%    
Employer contribution to saving plan   6.00%    
Employer discretionary contribution, required service period   1 year    
Employer discretionary contribution percentage     1.00% 1.00%
Total expenses associated with saving plan   $ 82 $ 119 $ 106
Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2023   92    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2024   90    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2025   88    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2026   85    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2027   82    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2027 through 2031   368    
Accumulated benefit obligation for all pension plans   828 991  
Net pension cost (benefit)   $ 27 $ 24 $ 22
Expected return on plan assets (as a percent)   4.50% 2.75% 3.75%
Discount rate   4.85% 2.43%  
Other Postretirement Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Pre-tax AOCI not yet recognized as net pension cost   $ (21) $ (23)  
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2023   5    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2024   5    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2025   5    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2026   5    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2027   4    
Benefits expected to be paid from all funded and unfunded pension plans/other postretirement plans in 2027 through 2031   20    
Net pension cost (benefit)   $ (2) $ (2) $ (1)
Expected return on plan assets (as a percent)   4.50% 4.50% 4.50%
Age of employees under condition one   55 years    
Period of service under condition one   5 years    
Age of employees under condition two   50 years    
Period of service under condition two   15 years    
Minimum period of service at the time of termination hired before 2001   15 years    
Discount rate   4.50% 4.50%  
Forecast | Pension Plan        
Defined Benefit Plan Disclosure [Line Items]        
Net pension cost (benefit) $ 12      
Minimum        
Defined Benefit Plan Disclosure [Line Items]        
Employees contribution to saving plan   1.00%    
Maximum        
Defined Benefit Plan Disclosure [Line Items]        
Employees contribution to saving plan   100.00%    
v3.22.4
Employee Benefits - Net Pension Cost and Amount Recognized in OCI for All Funded and Unfunded Plans (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]      
Interest cost $ 27 $ 25 $ 34
Expected return on plan assets (27) (28) (38)
Amortization of losses 15 18 17
Settlement loss 12 9 9
Net postretirement benefit 27 24 22
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 31 (19) (18)
Amortization of gains (27) (27) (26)
Total recognized in comprehensive income 4 (46) (44)
Total recognized in net pension cost and comprehensive income $ 31 $ (22) $ (22)
v3.22.4
Employee Benefits - Changes in PBO Related to Pension Plans (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
APBO at beginning of year $ 1,156 $ 1,248  
Interest cost 27 25 $ 34
Actuarial losses (gains) (133) (31)  
Benefit payments (85) (86)  
APBO at end of year $ 965 $ 1,156 $ 1,248
v3.22.4
Employee Benefits - Changes in FVA (Details) - Pension Plan - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
FVA at beginning of year $ 1,096 $ 1,153
Actual return on plan assets (138) 16
Employer contributions 13 13
Benefit payments (85) (86)
FVA at end of year $ 886 $ 1,096
v3.22.4
Employee Benefits - Funded Status of Pension Plans Recognized in Balance Sheets (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]    
Funded status $ (78) $ (60)
Net prepaid pension cost recognized consists of:    
Noncurrent assets 58 106
Current liabilities (13) (14)
Noncurrent liabilities (123) (152)
Net prepaid pension cost recognized $ (78) $ (60)
v3.22.4
Employee Benefits - Plans ABO in Excess of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]    
ABO $ 965 $ 1,200
Pension Plan    
Defined Benefit Plan Disclosure [Line Items]    
PBO 828 991
ABO 828 991
Fair value of plan assets 886 1,096
Other Defined Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
PBO 137 166
ABO 137 166
Fair value of plan assets $ 0 $ 0
v3.22.4
Employee Benefits - Weighted-Average Rates to Determine Actuarial Present Value of Benefit Obligations (Details) - Pension Plan
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Discount rate 4.85% 2.43%
Weighted-average interest crediting rate 3.97% 1.90%
v3.22.4
Employee Benefits - Weighted-Average Rates to Determine Net Pension Cost (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Retirement Benefits [Abstract]      
Discount rate 2.43% 2.05% 2.89%
Expected return on plan assets 2.75% 2.75% 3.75%
v3.22.4
Employee Benefits - Asset Target Allocations Prescribed by Pension Funds' Investment Policies (Details)
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]  
Total target allocation 100.00%
Global equity  
Defined Benefit Plan Disclosure [Line Items]  
Total target allocation 16.00%
Fixed income securities  
Defined Benefit Plan Disclosure [Line Items]  
Total target allocation 84.00%
v3.22.4
Employee Benefits - Fair Values of Pension Plan Assets by Asset Category (Details) - Pension Plan - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 886 $ 1,096 $ 1,153
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 359 454  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 1 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 359 454  
Level 2 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 359 454  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Measured at NAV | Collective Investment Funds (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 507 622  
Measured at NAV | Insurance investment contracts and pooled separate accounts (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 20 19  
Measured at NAV | Other assets (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 0 $ 1  
v3.22.4
Employee Benefits - Pre-tax AOCI Not Yet Recognized as Net Postretirement Benefit Cost (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]    
Total unrecognized AOCI $ 385 $ 381
Other Postretirement Benefit Plans    
Defined Benefit Plan Disclosure [Line Items]    
Net unrecognized losses (gains) (9) (9)
Net unrecognized prior service credit (12) (14)
Total unrecognized AOCI $ (21) $ (23)
v3.22.4
Employee Benefits - Net Postretirement Benefit Cost and the Amount Recognized in OCI for All Funded and Unfunded Plans (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]      
Interest cost on APBO $ 2 $ 2 $ 2
Expected return on plan assets (2) (2) (2)
Amortization of prior service credit (1) (1) (1)
Amortization of gains (1) (1) 0
Net postretirement benefit (2) (2) (1)
Other changes in plan assets and benefit obligations recognized in OCI:      
Net (gain) loss 1 1 1
Amortization of prior service credit 1 1 0
Total recognized in comprehensive income 2 2 1
Total recognized in net postretirement benefit cost and comprehensive income $ 0 $ 0 $ 0
v3.22.4
Employee Benefits - Changes in APBO (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
APBO at beginning of year $ 57 $ 52  
Service cost 0 0  
Interest cost 2 2 $ 2
Plan participants’ contributions 1 2  
Actuarial losses (gains) (5) 11  
Benefit payments (15) (10)  
Plan amendments 0 0  
APBO at end of year $ 40 $ 57 $ 52
v3.22.4
Employee Benefits - Change in FVA (Other Post Retirement Benefit Plan Assets) (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
FVA at beginning of year $ 57 $ 52
Employer contributions 0 0
Plan participants’ contributions 1 2
Benefit payments (15) (10)
Actual return on plan assets (3) 13
FVA at end of year $ 40 $ 57
v3.22.4
Employee Benefits - Weighted-Average Rates to Determine Net Postretirement Benefit Cost (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 2.43% 2.05% 2.89%
Expected return on plan assets 2.75% 2.75% 3.75%
Other Postretirement Benefit Plans      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 4.50% 4.50% 4.50%
Expected return on plan assets 4.50% 4.50% 4.50%
v3.22.4
Employee Benefits - Asset Target Allocations Prescribed by Trusts' Investment Policies (Details)
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 100.00%
Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 100.00%
U.S. equity securities | Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 64.00%
International equity securities | Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 16.00%
Fixed income securities  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 84.00%
Fixed income securities | Other Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Target allocation 20.00%
v3.22.4
Employee Benefits - Fair Values of Postretirement Plan Assets by Asset Category (Details) - Other Postretirement Benefit Plans - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 40 $ 57 $ 52
Fair Value, Inputs, Level 1, 2 and 3 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 24 21  
Fair Value, Inputs, Level 1, 2 and 3 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 7 10  
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 8 7  
Fair Value, Inputs, Level 1, 2 and 3 | Fixed income — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   1  
Fair Value, Inputs, Level 1, 2 and 3 | Defined Benefit Plan, Collective Investment Funds, Equity, US      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 17  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 39 38  
Level 1 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 24 21  
Level 1 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 7 10  
Level 1 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 8 7  
Level 1 | Fixed income — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 1 | Defined Benefit Plan, Collective Investment Funds, Equity, US      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 2 | Fixed income — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 2 | Defined Benefit Plan, Collective Investment Funds, Equity, US      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Equity — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Equity — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Fixed income — U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Level 3 | Fixed income — International      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets   0  
Level 3 | Defined Benefit Plan, Collective Investment Funds, Equity, US      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets 0 0  
Measured at NAV | Other assets (measured at NAV)      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets $ 1 $ 1  
v3.22.4
Short-Term Borrowings - Components of Short-Term Borrowings (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Short-term Debt [Line Items]      
Balance at year end, securities sold under repurchase agreements $ 0 $ 0  
FEDERAL FUNDS PURCHASED      
Short-term Debt [Line Items]      
Balance at year end, federal funds purchase 4,006 0 $ 0
Average during the year 1,490 0 455
Maximum month-end balance $ 5,872 $ 0 $ 2,285
Weighted-average rate during the year 2.04% 0.00% 1.24%
Weighted-average rate at year end 4.18% 0.00% 0.00%
SECURITIES SOLD UNDER REPURCHASE AGREEMENTS      
Short-term Debt [Line Items]      
Average during the year $ 617 $ 239 $ 215
Maximum month-end balance $ 1,090 $ 281 $ 267
Weighted-average rate during the year 1.66% 0.02% 0.11%
Weighted-average rate at year end 3.74% 0.01% 0.04%
Balance at year end, securities sold under repurchase agreements $ 71 $ 173 $ 220
OTHER SHORT-TERM BORROWINGS      
Short-term Debt [Line Items]      
Average during the year 2,963 770 1,452
Maximum month-end balance $ 11,372 $ 897 $ 4,606
Weighted-average rate during the year 1.82% 1.08% 0.85%
Weighted-average rate at year end 0.50% 1.97% 0.60%
Balance at year end, other short-term borrowings $ 5,386 $ 588 $ 759
v3.22.4
Short-Term Borrowings - Narrative (Details)
$ in Billions
Dec. 31, 2022
USD ($)
Short-term Debt [Line Items]  
Deposits with the federal reserve $ 2.2
Federal Reserve Bank of Cleveland  
Short-term Debt [Line Items]  
Unused secured borrowing capacity 33.8
Federal Home Loan Bank of Cincinnati  
Short-term Debt [Line Items]  
Unused secured borrowing capacity $ 6.7
v3.22.4
Long-Term Debt - Components of Long-Term Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Finance lease liabilities $ 6 $ 7
Total long-term debt 19,307 12,042
Senior Medium-Term Notes Due Through 2021    
Debt Instrument [Line Items]    
Senior medium-term notes $ 3,789 $ 2,820
Long-term debt weighted average interest rate (as a percent) 2.3134% 3.2213%
Other Subordinated Notes    
Debt Instrument [Line Items]    
Long-term debt weighted average interest rate (as a percent) 6.16% 1.68%
Senior Medium-Term Notes Due Through 2039    
Debt Instrument [Line Items]    
Senior medium-term notes $ 6,411 $ 6,582
Long-term debt weighted average interest rate (as a percent) 5.96406% 2.116%
4.39% Senior Remarketable Notes Due 2027    
Debt Instrument [Line Items]    
Long-term debt weighted average interest rate (as a percent) 4.39% 3.18%
Secured Borrowing Due Through 2025    
Debt Instrument [Line Items]    
Secured borrowing due through 2025 $ 6 $ 13
Long-term debt weighted average interest rate (as a percent) 4.445% 4.445%
Federal Home Loan Bank Advances Due Through 2038    
Debt Instrument [Line Items]    
Federal home loan bank advances due through 2038 $ 6,594 $ 604
Long-term debt weighted average interest rate (as a percent) 4.48% 1.12%
Investment Fund Financing Due Through 2052    
Debt Instrument [Line Items]    
Investment fund financing due through 2052 $ 10 $ 10
Long-term debt weighted average interest rate (as a percent) 1.34% 1.34%
Key Government Finance Incorporated Other Long Term Debt ASR    
Debt Instrument [Line Items]    
Key Govt Finance, Inc. Other Long Term Debt-ASR $ 2 $ 3
Obligations Under Capital Lease Due Through 2032    
Debt Instrument [Line Items]    
Finance lease liabilities 6 8
Real Estate Loans and securities pledged $ 6,600 604
Subordinated Notes | 3.017 Percent Subordinated Notes Due 2028    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 3.017%  
Subordinated long-term notes $ 162 162
Subordinated Notes | 6.875 Percent Subordinated Notes Due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 6.875%  
Subordinated long-term notes $ 99 107
Subordinated Notes | 7.75% Subordinated Notes Due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 7.75%  
Subordinated long-term notes $ 112 139
Subordinated Notes | Other Subordinated Notes    
Debt Instrument [Line Items]    
Subordinated long-term notes $ 77 75
Subordinated Notes | 4.39% Senior Remarketable Notes Due 2027    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 4.39%  
Subordinated long-term notes $ 191 242
Subordinated Notes | 3.40% Subordinated Notes Due 2026    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 3.40%  
Subordinated long-term notes $ 555 602
Subordinated Notes | 6.95% Subordinated Notes Due 2028    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 6.95%  
Subordinated long-term notes $ 281 299
Subordinated Notes | 3.90% Subordinated Notes Due 2029    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 3.90%  
Subordinated long-term notes $ 327 376
Subordinated Notes | 4.90% Subordinated Notes Due 2032    
Debt Instrument [Line Items]    
Debt instrument interest rate (as a percent) 4.90%  
Subordinated long-term notes $ 685 $ 0
Subordinated Notes | 7.25% Subordinated notes due 2021    
Debt Instrument [Line Items]    
Long-term debt weighted average interest rate (as a percent)   7.25%
Key    
Debt Instrument [Line Items]    
Total long-term debt 4,239 $ 3,303
Subsidiaries    
Debt Instrument [Line Items]    
Total long-term debt $ 15,068 $ 8,739
v3.22.4
Long-Term Debt - Scheduled Principal Payments on Long-Term Debt (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]  
2023 $ 3,958
2024 6,035
2025 2,524
2026 1,051
2027 1,894
All subsequent years 3,845
Key  
Debt Instrument [Line Items]  
2023 0
2024 0
2025 581
2026 485
2027 695
All subsequent years 2,478
Subsidiaries  
Debt Instrument [Line Items]  
2023 3,958
2024 6,035
2025 1,943
2026 566
2027 1,199
All subsequent years $ 1,367
v3.22.4
Long-Term Debt - Narrative (Details) - USD ($)
 12 Months Ended
Sep. 28, 2018
Dec. 31, 2022
Nov. 15, 2022
Aug. 08, 2022
Jun. 14, 2022
May 23, 2022
Jun. 16, 2021
Dec. 16, 2020
Mar. 10, 2020
Feb. 06, 2020
Debt Instrument [Line Items]                    
Bank note, maximum issuable amount $ 20,000,000,000                  
Senior notes available for future issuance   $ 17,000,000,000                
Floating Rate Senior Bank Notes Due 2025                    
Debt Instrument [Line Items]                    
Issuance of senior notes       $ 1,250,000,000            
Debt instrument interest rate (as a percent)       4.15%            
Floating Rate Subordinated Bank Notes Due 2025                    
Debt Instrument [Line Items]                    
Issuance of senior notes       $ 750,000,000            
Debt instrument interest rate (as a percent)       4.90%            
Floating Rate Senior Bank Notes Due 2027                    
Debt Instrument [Line Items]                    
Issuance of senior notes     $ 1,000,000,000              
Debt instrument interest rate (as a percent)     5.85%              
3.878% Senior Notes Due 2025                    
Debt Instrument [Line Items]                    
Issuance of senior notes           $ 600,000,000        
Debt instrument interest rate (as a percent)           3.878%        
4.789% Senior Notes Due 2033                    
Debt Instrument [Line Items]                    
Issuance of senior notes           $ 750,000,000        
Debt instrument interest rate (as a percent)           4.789%        
Senior Notes                    
Debt Instrument [Line Items]                    
Original maturity of bank note 7 days                  
Subordinated Notes                    
Debt Instrument [Line Items]                    
Original maturity of bank note 5 years                  
1.25% Senior Bank Notes Due 2023                    
Debt Instrument [Line Items]                    
Issuance of senior notes                 $ 700,000,000  
Debt instrument interest rate (as a percent)                 1.25%  
Fixed-to-Floating Rate Senior Bank Notes due 2024                    
Debt Instrument [Line Items]                    
Issuance of senior notes             $ 800,000,000 $ 750,000,000    
Floating Rate Senior Bank Notes Due 2024                    
Debt Instrument [Line Items]                    
Issuance of senior notes             $ 400,000,000 $ 350,000,000    
Floating Rate Senior Bank Notes Due 2027                    
Debt Instrument [Line Items]                    
Issuance of senior notes         $ 300,000,000          
Medium-Term Notes                    
Debt Instrument [Line Items]                    
Debt term   9 months                
Additional debt securities authorized and available for issuance under note program   $ 3,650,000,000                
2.250% Senior Notes Due 2027                    
Debt Instrument [Line Items]                    
Issuance of senior notes                   $ 800,000,000
Debt instrument interest rate (as a percent)                   2.25%
v3.22.4
Trust Preferred Securities Issued by Unconsolidated Subsidiaries (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Common Stock $ 1,257 $ 1,257
Debentures adjustments related to financial instrument hedging 17 52
KeyCorp Capital I    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount 156  
Common Stock 6  
Principal amount of debentures, net of discount $ 162  
Interest rate of trust preferred securities and debentures 3.017%  
KeyCorp Capital II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 95  
Common Stock 4  
Principal amount of debentures, net of discount $ 99  
Interest rate of trust preferred securities and debentures 6.875%  
KeyCorp Capital III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 108  
Common Stock 4  
Principal amount of debentures, net of discount $ 112  
Interest rate of trust preferred securities and debentures 7.75%  
HNC Statutory Trust III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 20  
Common Stock 1  
Principal amount of debentures, net of discount $ 21  
Interest rate of trust preferred securities and debentures 4.38%  
Willow Grove Statutory Trust I    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 20  
Common Stock 1  
Principal amount of debentures, net of discount $ 21  
Interest rate of trust preferred securities and debentures 4.062%  
HNC Statutory Trust IV    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 18  
Common Stock 1  
Principal amount of debentures, net of discount $ 19  
Interest rate of trust preferred securities and debentures 4.603%  
Westbank Capital Trust II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 8  
Common Stock 0  
Principal amount of debentures, net of discount $ 8  
Interest rate of trust preferred securities and debentures 5.717%  
Westbank Capital Trust III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 8  
Common Stock 0  
Principal amount of debentures, net of discount $ 8  
Interest rate of trust preferred securities and debentures 5.717%  
Business Trusts    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Trust preferred securities, net of discount $ 433 466
Common Stock 17 17
Principal amount of debentures, net of discount $ 450 $ 483
Interest rate of trust preferred securities and debentures 5.321% 4.271%
Treasury Rate | KeyCorp Capital II    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.20%  
Treasury Rate | KeyCorp Capital III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.25%  
London Interbank Offered Rate (LIBOR) | KeyCorp Capital I    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.74%  
London Interbank Offered Rate (LIBOR) | HNC Statutory Trust III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 1.40%  
London Interbank Offered Rate (LIBOR) | Willow Grove Statutory Trust I    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 1.31%  
London Interbank Offered Rate (LIBOR) | HNC Statutory Trust IV    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 1.28%  
London Interbank Offered Rate (LIBOR) | Westbank Capital Trust II and III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 2.19%  
Debt Instrument, Redemption, Period Five | Treasury Rate | Keycorp Capital II and III    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Basis spread on variable rate 0.50%  
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Commitments to Extend Credit or Funding (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Guarantor Obligations [Line Items]    
Total loan commitments $ 79,076 $ 73,899
Commercial letters of credit 86 79
Purchase card commitments 875 771
Principal investing commitments 9 12
Tax credit investment commitments 958 679
Total loan and other commitments 81,004 75,440
Commercial and other    
Guarantor Obligations [Line Items]    
Total loan commitments 58,269 54,614
Commercial real estate and construction    
Guarantor Obligations [Line Items]    
Total loan commitments 4,037 3,180
Home equity    
Guarantor Obligations [Line Items]    
Total loan commitments 9,346 8,888
Credit cards    
Guarantor Obligations [Line Items]    
Total loan commitments $ 7,424 $ 7,217
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Guarantees (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments $ 18,731
Liability Recorded 376
Written Put Options  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,695
Liability Recorded 243
Standby letters of credit  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 4,960
Liability Recorded 92
Recourse agreement with FNMA  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 6,774
Liability Recorded 28
Residential mortgage reserve  
Guarantor Obligations [Line Items]  
Maximum Potential Undiscounted Future Payments 3,302
Liability Recorded $ 13
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Written Put Options  
Commitments Contingencies And Guarantees [Line Items]  
Weighted average life of written put options 1 year 9 months 18 days
Standby letters of credit  
Commitments Contingencies And Guarantees [Line Items]  
Remaining weighted-average life of standby letters of credit in years 1 year 9 months 18 days
Underwriting And Servicing Program  
Commitments Contingencies And Guarantees [Line Items]  
Weighted-average remaining term for outstanding commercial mortgage loans in years 7 years 6 months
Unpaid principal balance outstanding of loans sold $ 22,000
Maximum potential amount of undiscounted future payments that could be required, percentage of principal balance of loans outstanding 31.00%
Residential mortgage reserve  
Commitments Contingencies And Guarantees [Line Items]  
Unpaid principal balance outstanding of loans sold $ 11,000
Maximum potential amount of undiscounted future payments that could be required, percentage of principal balance of loans outstanding 30.00%
Liability for estimated repurchase obligations on loans sold $ 13
Minimum | Standby letters of credit  
Commitments Contingencies And Guarantees [Line Items]  
Remaining actual life letters of credit in years 1 year
Minimum | Low  
Commitments Contingencies And Guarantees [Line Items]  
Guarantee obligations, probability of payment 0.00%
Minimum | Moderate  
Commitments Contingencies And Guarantees [Line Items]  
Guarantee obligations, probability of payment 30.00%
Minimum | High  
Commitments Contingencies And Guarantees [Line Items]  
Guarantee obligations, probability of payment 70.00%
Maximum | Standby letters of credit  
Commitments Contingencies And Guarantees [Line Items]  
Remaining actual life letters of credit in years 11 years 10 months 24 days
Maximum | Low  
Commitments Contingencies And Guarantees [Line Items]  
Guarantee obligations, probability of payment 30.00%
Maximum | Moderate  
Commitments Contingencies And Guarantees [Line Items]  
Guarantee obligations, probability of payment 70.00%
v3.22.4
Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 17,423 $ 17,981 $ 17,038
Other comprehensive income before reclassification, net of income taxes (5,836) (1,088)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 127 (236)  
Total other comprehensive income (loss), net of tax (5,709) (1,324) 712
Ending balance 13,454 17,423 17,981
Unrealized gains (losses) on securities available for sale      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (403) 567  
Other comprehensive income before reclassification, net of income taxes (4,492) (965)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 0 (5)  
Total other comprehensive income (loss), net of tax (4,492) (970)  
Ending balance (4,895) (403) 567
Unrealized gains (losses) on derivative financial instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 88 476  
Other comprehensive income before reclassification, net of income taxes (1,319) (137)  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 107 (251)  
Total other comprehensive income (loss), net of tax (1,212) (388)  
Ending balance (1,124) 88 476
Foreign currency translation adjustment      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 0 0  
Other comprehensive income before reclassification, net of income taxes 0 0  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 0 0  
Total other comprehensive income (loss), net of tax 0 0  
Ending balance 0 0 0
Net pension and postretirement benefit costs      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (271) (305)  
Other comprehensive income before reclassification, net of income taxes (25) 14  
Amounts reclassified from accumulated other comprehensive income, net of income taxes 20 20  
Total other comprehensive income (loss), net of tax (5) 34  
Ending balance (276) (271) (305)
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (586) 738 26
Total other comprehensive income (loss), net of tax (5,709) (1,324) 712
Ending balance $ (6,295) $ (586) $ 738
v3.22.4
Accumulated Other Comprehensive Income - Reclassifications Out of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income [1] $ 31 $ 120 $ 30
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 2,360 3,281 1,585
Income taxes 422 642 227
Interest income — Loans 4,241 3,532 3,866
Interest expense — Long-term debt (475) (221) (286)
Investment banking and debt placement fees 638 937 661
Other expense 2,566 2,561 2,336
Income (loss) from continuing operations 1,911 2,612 $ 1,329
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on securities available for sale      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other income 0 7  
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 0 7  
Income taxes 0 2  
Income (loss) from continuing operations 0 5  
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries (140) 329  
Income taxes (33) 78  
Income (loss) from continuing operations (107) 251  
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments | Interest rate      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest income — Loans (146) 329  
Interest expense — Long-term debt (3) (4)  
Reclassification out of Accumulated Other Comprehensive Income | Unrealized gains (losses) on derivative financial instruments | Interest rate | Investment banking and debt placement fees      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Investment banking and debt placement fees 9 4  
Reclassification out of Accumulated Other Comprehensive Income | Net pension and postretirement benefit costs      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries (26) (26)  
Income taxes (6) (6)  
Income (loss) from continuing operations (20) (20)  
Reclassification out of Accumulated Other Comprehensive Income | Net pension and postretirement benefit costs | Amortization of losses      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense (15) (18)  
Reclassification out of Accumulated Other Comprehensive Income | Net pension and postretirement benefit costs | Settlement loss      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense (12) (9)  
Reclassification out of Accumulated Other Comprehensive Income | Net pension and postretirement benefit costs | Amortization of prior service credit      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Other expense $ 1 $ 1  
[1] Net securities gains (losses) totaled $(9) million for the year ended December 31, 2022, $7 million for the year ended December 31, 2021, and $4 million for the year ended December 31, 2020. For 2022, 2021, and 2020, we did not have any impairment losses related to securities.
v3.22.4
Shareholders' Equity - Comprehensive Capital Plan (Details) - USD ($)
$ / shares in Units, shares in Millions
 3 Months Ended 12 Months Ended
Dec. 21, 2021
Sep. 10, 2021
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Common shares repurchased, value               $ 0 $ (559,000,000) $ (134,000,000)
Payment for shares under ASR                 (585,000,000)  
Cash payment for ASR program               $ 0 $ 559,000,000 $ 134,000,000
Cash dividends declared on Common Shares (in dollars per share)     $ 0.205 $ 0.195 $ 0.195 $ 0.195   $ 0.79 $ 0.75 $ 0.74
Treasury Stock, at Cost                    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Common shares repurchased, value                 $ (559,000,000) $ (134,000,000)
2021 Repurchase Authorization                    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Authorized amount of share repurchases     $ 1,500,000,000         $ 1,500,000,000    
Remaining authorized amount     $ 790,000,000         790,000,000    
Common shares repurchased, value               0    
2020 Capital Plan Authorization                    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Common shares repurchased, value                 (1,100,000,000)  
Open Market Share Repurchases                    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Common shares repurchased, value                 (559,000,000)  
Employee Equity Compensation Programs                    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Common shares repurchased, value               $ (44,000,000) $ (32,000,000)  
ASR Share Repurchase Program                    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]                    
Cash payment for ASR program   $ 585,000,000                
Initial shares repurchased (in shares)   23.6                
Initial price per share (in dollars per share)   $ 19.87                
Reduction to capital surplus balance             $ 117,000,000      
Final shares repurchased (in shares) 2.5                  
Average price per share (in dollars per share) $ 22.48                  
Share purchased between up front delivery and final settlement (in shares) 26.0                  
v3.22.4
Shareholders' Equity - Schedule of Preferred Stock (Details)
Dec. 31, 2022
USD ($)
$ / shares
shares
Series D Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 525,000,000
Preferred stock, shares authorized (in shares) | shares 21,000
Preferred stock, shares outstanding (in shares) | shares 21,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 25,000
Depository Shares, Series D  
Class of Stock [Line Items]  
Depository receipt ratio 0.04
Preferred stock, liquidation preference (in dollars per share) $ 1,000
Dividend payable per share (in dollars per share) $ 50.00
Series E Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 500,000,000
Preferred stock, shares authorized (in shares) | shares 500,000
Preferred stock, shares outstanding (in shares) | shares 500,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 1,000
Depository Shares, Series E  
Class of Stock [Line Items]  
Depository receipt ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) $ 25
Dividend payable per share (in dollars per share) $ 1.531252
Series F Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 425,000,000
Preferred stock, shares authorized (in shares) | shares 425,000
Preferred stock, shares outstanding (in shares) | shares 425,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 1,000
Depository Shares, Series F  
Class of Stock [Line Items]  
Depository receipt ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) $ 25
Dividend payable per share (in dollars per share) $ 1.412500
Series G Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 450,000,000
Preferred stock, shares authorized (in shares) | shares 450,000
Preferred stock, shares outstanding (in shares) | shares 450,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 1,000
Depository Shares, Series G  
Class of Stock [Line Items]  
Depository receipt ratio 25,000.000
Dividend payable per share (in dollars per share) $ 1.406252
Series H Preferred Stock  
Class of Stock [Line Items]  
Preferred stock, amount outstanding | $ $ 600,000,000
Preferred stock, shares authorized (in shares) | shares 600,000
Preferred stock, shares outstanding (in shares) | shares 600,000
Preferred stock, par value (in dollars per share) $ 1
Preferred stock, liquidation preference, value | $ $ 1,000
Depository Shares, Series H  
Class of Stock [Line Items]  
Depository receipt ratio 25,000.000
Preferred stock, liquidation preference (in dollars per share) $ 25
Dividend payable per share (in dollars per share) $ 0.477917
v3.22.4
Shareholders' Equity - Key's and KeyBank's Actual Capital Amounts and Ratios, Minimum Capital Amounts and Ratios (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Key    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total capital to net risk-weighted assets, actual amount $ 20,776 $ 18,030
Tier 1 capital to net risk-weighted assets, actual amount 17,225 15,549
Tier 1 capital to average quarterly tangible assets, amount $ 17,225 $ 15,549
Total capital to net risk-weighted assets, actual ratio 0.1279 0.1249
Tier 1 capital to net risk-weighted assets, actual ratio 0.1060 0.1077
Tier 1 capital to average quarterly tangible assets, actual ratio 0.0888 0.0847
Total capital to net risk-weighted assets, to meet minimum capital adequacy requirements, amount $ 12,998 $ 11,552
Tier 1 capital to net risk-weighted assets, to meet minimum capital adequacy requirements, amount 9,748 8,664
Tier 1 capital to average quarterly tangible assets to meet minimum capital adequacy requirements, amount $ 7,759 $ 7,344
Total capital to net risk-weighted assets, to meet minimum capital adequacy requirements, ratio 0.0800 0.0800
Tier 1 capital to net risk-weighted assets, to meet minimum capital adequacy requirements, ratio 0.0600 0.0600
Tier 1 capital to average quarterly tangible assets to meet minimum capital adequacy requirements, ratio 0.0400 0.0400
KeyBank (consolidated)    
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]    
Total capital to net risk-weighted assets, actual amount $ 19,903 $ 17,211
Tier 1 capital to net risk-weighted assets, actual amount 16,801 15,143
Tier 1 capital to average quarterly tangible assets, amount $ 16,801 $ 15,143
Total capital to net risk-weighted assets, actual ratio 0.1239 0.1221
Tier 1 capital to net risk-weighted assets, actual ratio 0.1046 0.1075
Tier 1 capital to average quarterly tangible assets, actual ratio 0.0878 0.0837
Total capital to net risk-weighted assets, to meet minimum capital adequacy requirements, amount $ 12,850 $ 11,274
Tier 1 capital to net risk-weighted assets, to meet minimum capital adequacy requirements, amount 9,638 8,456
Tier 1 capital to average quarterly tangible assets to meet minimum capital adequacy requirements, amount $ 7,657 $ 7,241
Total capital to net risk-weighted assets, to meet minimum capital adequacy requirements, ratio 0.0800 0.0800
Tier 1 capital to net risk-weighted assets, to meet minimum capital adequacy requirements, ratio 0.0600 0.0600
Tier 1 capital to average quarterly tangible assets to meet minimum capital adequacy requirements, ratio 0.0400 0.0400
Total capital to net risk-weighted assets, to qualify as well capitalized under federal deposit insurance act, amount $ 16,063 $ 14,093
Tier 1 capital to net risk-weighted assets, to qualify as well capitalized under federal deposit insurance act, amount 12,850 11,274
Tier 1 capital to average quarterly tangible assets to qualify as well capitalized under federal deposit insurance act, amount $ 9,572 $ 9,051
Total capital to net risk-weighted assets, to qualify as well capitalized under federal deposit insurance act, ratio 0.1000 0.1000
Tier 1 capital to net risk-weighted assets, to qualify as well capitalized under federal deposit insurance act, ratio 0.0800 0.0800
Tier 1 capital to average quarterly tangible assets to qualify as well capitalized under federal deposit insurance act, ratio 5.00% 5.00%
v3.22.4
Business Segment Reporting - Narrative (Details)
Dec. 31, 2022
branch
Consumer Bank  
Segment Reporting Information [Line Items]  
Number of state branch network 15
v3.22.4
Business Segment Reporting - Financial Information of Business Groups (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
employee
Dec. 31, 2021
USD ($)
employee
Dec. 31, 2020
USD ($)
employee
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 4,554 $ 4,098 $ 4,063
Noninterest income 2,718 3,194 2,652
Total revenue (TE) 7,272 7,292 6,715
Provision for credit losses 502 (418) 1,021
Depreciation and amortization expense 271 298 303
Other noninterest expense 4,139 4,131 3,806
Income (loss) from continuing operations before income taxes (TE) 2,360 3,281 1,585
Allocated income taxes (benefit) and TE adjustments 449 669 256
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,911 2,612 1,329
Income (loss) from discontinued operations, net of taxes 6 13 14
NET INCOME (LOSS) 1,917 2,625 1,343
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 1,917 2,625 1,343
AVERAGE BALANCES      
Loans and leases 111,302 100,269 102,689
Total assets 185,886 178,919 162,055
Deposits 146,862 145,035 127,286
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 254 114 161
Net loan charge-offs $ 161 $ 184 $ 444
Return on average allocated equity (as a percentage) 12.97% 14.79% 7.54%
Return on average allocated equity (as a percentage) 13.01% 14.86% 7.62%
Average full-time equivalent employees | employee 17,660 16,974 16,826
Operating Segments | Consumer Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 2,419 $ 2,359 $ 2,403
Noninterest income 995 1,067 999
Total revenue (TE) 3,414 3,426 3,402
Provision for credit losses 193 (118) 284
Depreciation and amortization expense 87 84 77
Other noninterest expense 2,618 2,307 2,185
Income (loss) from continuing operations before income taxes (TE) 516 1,153 856
Allocated income taxes (benefit) and TE adjustments 124 277 203
INCOME (LOSS) FROM CONTINUING OPERATIONS 392 876 653
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 392 876 653
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 392 876 653
AVERAGE BALANCES      
Loans and leases 41,315 39,422 37,842
Total assets 44,395 42,637 41,152
Deposits 90,008 88,352 79,528
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 52 39 40
Net loan charge-offs $ 83 $ 126 $ 135
Return on average allocated equity (as a percentage) 11.13% 24.54% 18.97%
Return on average allocated equity (as a percentage) 11.13% 24.54% 18.97%
Average full-time equivalent employees | employee 8,041 8,000 8,186
Operating Segments | Commercial Bank      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 1,867 $ 1,650 $ 1,725
Noninterest income 1,600 1,990 1,524
Total revenue (TE) 3,467 3,640 3,249
Provision for credit losses 317 (279) 741
Depreciation and amortization expense 113 134 144
Other noninterest expense 1,621 1,731 1,606
Income (loss) from continuing operations before income taxes (TE) 1,416 2,054 758
Allocated income taxes (benefit) and TE adjustments 270 412 107
INCOME (LOSS) FROM CONTINUING OPERATIONS 1,146 1,642 651
Income (loss) from discontinued operations, net of taxes 0 0 0
NET INCOME (LOSS) 1,146 1,642 651
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 1,146 1,642 651
AVERAGE BALANCES      
Loans and leases 69,549 60,486 64,543
Total assets 80,068 70,051 74,225
Deposits 54,672 55,598 47,145
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 4 12 1
Net loan charge-offs $ 84 $ 81 $ 308
Return on average allocated equity (as a percentage) 12.59% 19.22% 12.99%
Return on average allocated equity (as a percentage) 12.59% 19.22% 12.99%
Average full-time equivalent employees | employee 2,454 2,370 2,291
Other      
Segment Reporting Information [Line Items]      
Net interest income (TE) $ 268 $ 89 $ (65)
Noninterest income 123 137 129
Total revenue (TE) 391 226 64
Provision for credit losses (8) (21) (4)
Depreciation and amortization expense 71 80 82
Other noninterest expense (100) 93 15
Income (loss) from continuing operations before income taxes (TE) 428 74 (29)
Allocated income taxes (benefit) and TE adjustments 55 (20) (54)
INCOME (LOSS) FROM CONTINUING OPERATIONS 373 94 25
Income (loss) from discontinued operations, net of taxes 6 13 14
NET INCOME (LOSS) 379 107 39
Less: Net income (loss) attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 379 107 39
AVERAGE BALANCES      
Loans and leases 438 361 304
Total assets 61,423 66,231 46,678
Deposits 2,182 1,085 613
OTHER FINANCIAL DATA      
Expenditures for additions to long-lived assets 198 63 120
Net loan charge-offs $ (6) $ (23) $ 1
Return on average allocated equity (as a percentage) 17.74% 1.69% 0.27%
Return on average allocated equity (as a percentage) 18.02% 1.93% 0.42%
Average full-time equivalent employees | employee 7,165 6,604 6,349
v3.22.4
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
ASSETS      
Cash and due from banks $ 887 $ 913  
Short-term investments 2,432 11,010  
Securities available for sale 39,117 45,364  
Other investments 1,308 639  
Goodwill 2,752 2,693 $ 2,664
Corporate-owned life insurance 4,369 4,327  
Derivative assets 1,024 1,962  
Accrued income and other assets 9,223 8,265  
Total assets 189,813 186,346  
LIABILITIES      
Accrued expense and other liabilities 4,994 3,548  
Total long-term debt 19,307 12,042  
Total liabilities 176,359 168,923  
EQUITY      
Shareholder's equity 13,454 17,423  
Total liabilities and equity 189,813 186,346  
Key      
ASSETS      
Cash and due from banks 3,146 2,293  
Short-term investments 15 24  
Securities available for sale 0 0  
Other investments 78 77  
Total loans 266 66  
Total investment in subsidiaries 13,961 18,034  
Goodwill 167 167  
Corporate-owned life insurance 209 212  
Derivative assets 111 76  
Accrued income and other assets 248 309  
Total assets 18,201 21,258  
LIABILITIES      
Accrued expense and other liabilities 508 532  
Subsidiaries 450 483  
Total long-term debt 4,239 3,303  
Total liabilities 4,747 3,835  
EQUITY      
Shareholder's equity 13,454 17,423  
Total liabilities and equity 18,201 21,258  
Key | Banks      
ASSETS      
Total loans 250 50  
Investment in subsidiaries 13,033 17,019  
Key | Nonbank subsidiaries      
ASSETS      
Total loans 16 16  
Investment in subsidiaries 928 1,015  
Key | Unaffiliated companies      
LIABILITIES      
Total long-term debt $ 3,789 $ 2,820  
v3.22.4
Condensed Financial Information of the Parent Company - Condensed Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]      
Other income [1] $ 31 $ 120 $ 30
Total interest income 5,412 4,367 4,685
Interest on long-term debt with subsidiary trusts 475 221 286
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 2,360 3,281 1,585
Income tax (expense) benefit (422) (642) (227)
NET INCOME (LOSS) 1,917 2,625 1,343
Less: Net income attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 1,917 2,625 1,343
Key      
Condensed Financial Statements, Captions [Line Items]      
Interest income from subsidiaries 4 1 4
Other income 7 36 8
Total interest income 586 2,012 1,262
Interest on long-term debt with subsidiary trusts 19 13 18
Interest on other borrowed funds 130 65 114
Personnel and other expense 101 101 63
Total expense 250 179 195
Income (loss) before income taxes and equity in net income (loss) less dividends from subsidiaries 336 1,833 1,067
Income tax (expense) benefit 60 38 38
Income (loss) before equity in net income (loss) less dividends from subsidiaries 396 1,871 1,105
Equity in net income (loss) less dividends from subsidiaries 1,521 754 238
NET INCOME (LOSS) 1,917 2,625 1,343
Less: Net income attributable to noncontrolling interests 0 0 0
NET INCOME (LOSS) ATTRIBUTABLE TO KEY 1,917 2,625 1,343
Key | Banks      
Condensed Financial Statements, Captions [Line Items]      
Bank/nonbank subsidiaries 475 1,925 1,250
Key | Nonbank subsidiaries      
Condensed Financial Statements, Captions [Line Items]      
Bank/nonbank subsidiaries $ 100 $ 50 $ 0
[1] Net securities gains (losses) totaled $(9) million for the year ended December 31, 2022, $7 million for the year ended December 31, 2021, and $4 million for the year ended December 31, 2020. For 2022, 2021, and 2020, we did not have any impairment losses related to securities.
v3.22.4
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income (loss) attributable to Key $ 1,917 $ 2,625 $ 1,343
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred income taxes (benefit) (27) 146 (191)
Stock-based compensation expense 120 104 101
Other operating activities, net 382 (615) (893)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 4,469 1,153 1,673
INVESTING ACTIVITIES      
Net decrease (increase) in short-term investments, excluding acquisitions 8,578 5,184 (14,922)
Proceeds from sales, prepayments and maturities of securities available for sale 4,545 7,623 9,923
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (10,934) (15,068) (24,721)
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt 16,596 1,203 3,607
Payments on long-term debt (8,580) (2,566) (2,508)
Repurchase of Treasury Shares 0 (559) (134)
Cash dividends paid (854) (823) (829)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 6,439 13,737 23,407
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS (26) (178) 359
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 913 1,091 732
CASH AND DUE FROM BANKS AT END OF YEAR 887 913 1,091
Key      
OPERATING ACTIVITIES      
Net income (loss) attributable to Key 1,917 2,625 1,343
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Deferred income taxes (benefit) 6 (22) 2
Stock-based compensation expense 117 9 11
Equity in net (income) loss less dividends from subsidiaries (1,521) (754) (238)
Net (increase) decrease in other assets 23 13 (66)
Net increase (decrease) in other liabilities (24) 48 12
Other operating activities, net (480) (414) 131
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 38 1,505 1,195
INVESTING ACTIVITIES      
Net decrease (increase) in short-term investments, excluding acquisitions (26) (15) (7)
Proceeds from sales, prepayments and maturities of securities available for sale 0 0 0
Net (increase) decrease in loans to subsidiaries (200) 0 0
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (226) (15) (7)
FINANCING ACTIVITIES      
Net proceeds from issuance of long-term debt 1,350 0 800
Payments on long-term debt 0 (997) (1,003)
Repurchase of Treasury Shares (44) (1,176) (170)
Net cash from the issuance (redemption) of Common Shares and preferred stock 590 0 0
Cash dividends paid (855) (823) (829)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 1,041 (2,996) (1,202)
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS 853 (1,506) (14)
CASH AND DUE FROM BANKS AT BEGINNING OF YEAR 2,293 3,799 3,813
CASH AND DUE FROM BANKS AT END OF YEAR $ 3,146 $ 2,293 $ 3,799
v3.22.4
Condensed Financial Information of the Parent Company - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 601 $ 363 $ 731
Key      
Condensed Financial Statements, Captions [Line Items]      
Interest paid $ 137 $ 130 $ 204
v3.22.4
Revenue from Contracts with Customers (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers $ 1,594,000,000 $ 1,823,000,000  
Other noninterest income 1,001,000,000 1,234,000,000  
Noninterest income 2,718,000,000 3,194,000,000 $ 2,652,000,000
Contract assets 0 0  
Contract liabilities 0 0  
Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 472,000,000 484,000,000  
Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 430,000,000 586,000,000  
Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 350,000,000 337,000,000  
Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 331,000,000 407,000,000  
Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 11,000,000 9,000,000  
Operating Segments | Consumer Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 802,000,000 806,000,000  
Noninterest income 995,000,000 1,067,000,000 999,000,000
Operating Segments | Consumer Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 403,000,000 417,000,000  
Operating Segments | Consumer Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 0  
Operating Segments | Consumer Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 211,000,000 201,000,000  
Operating Segments | Consumer Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 177,000,000 181,000,000  
Operating Segments | Consumer Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 11,000,000 7,000,000  
Operating Segments | Commercial Bank      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 792,000,000 1,017,000,000  
Noninterest income 1,600,000,000 1,990,000,000 1,524,000,000
Operating Segments | Commercial Bank | Trust and investment services income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 69,000,000 67,000,000  
Operating Segments | Commercial Bank | Investment banking and debt placement fees      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 430,000,000 586,000,000  
Operating Segments | Commercial Bank | Services charges on deposit accounts      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 139,000,000 136,000,000  
Operating Segments | Commercial Bank | Cards and payments income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 154,000,000 226,000,000  
Operating Segments | Commercial Bank | Other noninterest income      
Disaggregation of Revenue [Line Items]      
Total revenue from contracts with customers 0 2,000,000  
Other      
Disaggregation of Revenue [Line Items]      
Noninterest income $ 123,000,000 $ 137,000,000 $ 129,000,000
v3.22.4
Label Element Value
Accounting Standards Update [Extensible Enumeration] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2016-13 [Member]